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financial

The

oimnerria
INCLUDING
Bank &

Quotation Section
Railway Earnings Section
VOL. 107

Railway & Industrial Section

Electric

Bankers' Convention Section

State and

SATURDAY, OCTOBER 12 1918

<Pue Cfmmitle.
For One Year
For Six Months

Subscription—Payable

Week

t-

in Advance
$10 00
q 00
13 00

European Subscription (including postage)
European Subscription six months (including postage)
7 60
Annual Subscription in London (including postage)
£2 14 s.
Six Months Subscription in London (including postage)
£1 11s.
Canadian Subscription (including postage)
$11 60
Subscription includes following Supplements—
Bank and Quotation (monthly) Railway and Industrial (3 times yearly)
Railway Earnings (monthly)
Electric Railway (3 times yearly)
State and City (semi-annually)
Bankers’ Convention (yearly)

Terms of Advertising—Per Inch Space
$4 20
22 00

) Three
Months (13 times)
six Montha

50 00

Standing .Business
Business cards
Cards <
standing

(26 times)
v TwelveMonths (52 times)
Chicago Office—39 South La Salle Street, Telephone Majestic7396.
London Office—Edwards & Smith, 1 Drapers’ Gardens, E. C.

29 00
87 00

Chicago
Cincinnati
Cleveland
Detroit
Milwaukee

Dayton
Evansville
Fort Wayne
Akron

Lexington
Rockford

Youngstown
Canton

South Bend

Mansfield

Jacksonville, Ill.
Danville
Lima.

Lansing
Ann Arbor

Adrian.
Owensboro

CLEARING HOUSE RETURNS.
The following table, made up by telegraph, &c., Indicates.that the total bank
clearings of all the clearing houses of the United States for the week ending to-day
have been $5,427,652,669, against $7,063,851,201 last week and $5,378,277,807
thelcorresponding week last year.

New

1918.

York

Chicago

Philadelphia
Boston
Kunaaw

City

St. Louis
San > Francisco

Pittsburgh
Detroit
Baltimore
New Orleans
Eleven elties, 5 days
Other

cities, 5 days

Total all cities, 5 days
ah

$2,795,522,944
428,540,604
320,155,583
252,191,945
173,393,084
138,565,269
103,088,840
105,210,652
59,033,781
56,901,301
52,425.248

$2,104,268,114
332,820,989
218,681,475
148,956,313
146,196,090
123,518,716
70,124,682
47,757,608
31,936,176
30,355,123
34,887,749

+ 32.9
+ 28.8
+ 46.4
+ 69.2
+ 18.6
+ 12.2
+ 47.0
+ 120.3
+ 84.8
+ 87.5
+ 50.3

$4,485,029,251
942,623,418

$3,289,503,035
790,869,481

+ 36.3
+ 19.2

$5,427,652,669

$4,080,372,516
1,297,905,291

+ 33.0

$5,427,652,669

$5,378,277,807

+ 9.2

cities, 1 day

Total all cities for week

Per
Cent.

1917.

1917.
$

New York.

$

3,787,091,993 3,712,596,998
429,928,167
366,507,819
141,000,000
79,678,999
81,167,176
54,524,209
25,472,082
22,836,546
5,191,247
5,782,088
14,842,776
12,000,000
8,328,622
9,099,827
5,145,622
3,573,399
5,500,000
6,061,739
3,005,823
2,991,524
3,463,642
3,882,643
2,347,748
2,498,121
4,880,173
4,619,474
1,313,678
1,434,663
3,000,000
2,763,798
2,452,326
2,461,255
1,748,859
1,392,399
890,500
1,126,200
1,000,000
1,200,000
1,045,332
947,387
2,800,000
3,080,171
366,226
605,357

Philadelphia
Pittsburgh
Baltimore
Buffalo

Albany
Washington
Rochester
Scranton

Syracuse
Reading
Wilmington
Wilkes-Barre

Wheeling
York
Trenton
Erie
Chester

Binghamton
Greensburg
Altoona
Lancaster
Montclair

Middle. 4,531,981,992 4,300,442,229

-

Springfield
Portland
Worcester

Fall River
New Bedford...
Lowell

Holyoke
Bangor.
Tot. New

Eng.

315,837,225
11,474,700
9,114,228
6,095,112
4,358,842
3,000,000
4,224,813
2,225,112
2,380,129
1,130,552
850,000
739,571

361,430,284

241,557,045
11,383,600
9,635,597
5,787,013
4,262,556
3,750,000
4,107,393
2,224,299
1,509,498

Kansas

City
Minneapolis

Inc. or
Dec.

—

—44.4

466.933

467,524

+5.4 4,280,391,613 3,172,849,397
+ 25.6
+ 0.8

1,224,010
960,675
980.245

—11.5

—24.6

966,750

297,381,931

+ 21.5

—5.4

+ 5.3
+ 2.3
—20.0
+ 2.8
+ 0.04
+ 57.7
—7.7

282.840,344

.

173.626,456
8,324,800
11,023,901
4,308,259
3,299,399
2,150,000
2,846,276
1,437,039
1,234,501
906,058
757,186
512,057

210,425,932

"Commercial and Miscellaneous News "

+9.6

698,678,910

508,816,154

114,390,565
31,243,000
50,115,921
33,370,384
14,540,832
6,278,191
10,000,000
7,500,000
4,951,032
1,989,347
1,386,475
3,100,000
1,949,672
970,403
925,000
634,884
964,092

100,969,143
29,367,000
26,652,964
20,186,021
16,000,000
3,719,574
8,300,000
6,640,021
4,331,238
2,107,748
1,495,992
2,840,858
1,960,774
1,037,021
972,808
600,000
721,453

+ 13.3
+ 6.4
+ 88.0
+ 65.3

+ 5.8
+33.7

79,352,772
25,864,554
20,483,918
16,746,904
13,633,753
2,470,552
6,672,687
5,242,473
2,885,522
2,133,805
1,352,949
1,590,750
1,417,905
963,605
714,878
657,614
620,062

58.086,334
20,495,060
12,532,065
14,770,896
7,500,000
2,102,091
4,830,138
4,011,485
2,657,313
2,072,155
903,305
1,322,341
1,176,507
856,280
593,730
338,951
483,664

284,316,798

226,902,615

+ 25.3

182,704,703

134,732,315

201,080,246
64,697,440
56,000,000
18,889,472
19,105,892
16,112,835
23,876,122
10,397,556
9,160,105
9,054,287
4,711,102
2,638,771
3,700,000
2,288,105
2,500,000
608,546
801,262

167,101,603 + 20.3
45,489,589 + 42.2
42,000,000 + 33.3
+ 17.5
16,080,391
23,379,169 —18.3
14,497,966 + 11.1
9,716,027 + 145.7
+ 9.2
9,519,828
+ 9.5
8,369,753
7,279,885 + 24.4
—7.9
5,116,191
—1.4
2,677,402
3,105,938 + 19.1
—14.2
2,667,333
2,236,625 + 11.8
—3.5
932,449
608,616 + 31.7
+ 4.4
677,784
2,359,680 —38.1
—0.4
2,490,966
1,585,860 + 49.7

83,453,737
35,086,169
23,516,198
11,826,196
10.658,645
7,968,449
10,409,766
6,242,665
4,083,106
4,071,919
2,516,931
1,607,090
1,867,718
2,385,549
1,940,716
763,701
392,348
419,492
1,993,716
1,535.764
1,096,055
254,851
214,878,543

—9.1

+ 68.8
+ 20.5
+ 33.0
+ 14.3
—5.6
—7.3

+ 9.2
■—0.6
—6.4
—4.9

Hastings
Biilings

600,000

620,488

1,637,160

1,667,408

—3.3
—1.8

454,881,414

370,180,951

+ 22.8

285,088,277

160,951,442
49,785,553
20,115,511
21,000,000
10,000,000
53.989,069
67,041,867
18.500,000
12,056,149
16,605,515
18,624,139
8,343,987
5,696,546
10,462,862
6,000,000
4,645.405
4,000,000
3,206,032
5,253,236
1,557,926
12,748,126
3,133,857
2,502,126
494,861!

140,690,973 + 14.4
44,094,593 + 12.9
17,500,000 + 15.0
18,780,284 + 11.8
+ 9.9
9,100,000
33,418,060 + 61.6
41,374,746 + 62.0
11,059,233 + 67.3
14,337,133 —16.0
—1.8
16,910,876
11,961,828 + 55.7
6,626,055 + 25.9
+ 7.1
5,316,891
4,097,838 + 155.5
5,000,000 + 20.0
4,042,439 + 14.9
+ 12.9
3,543,902
2,839,673 + 12.9
4,051,293 + 29.7
1,371,077 + 13.6
8,926,952 + 42.8
2,000,000 + 56.7
3,100,000.
23.9
465,900;
+6.2
780,298 —10.3
2,565,255 + 17.0
6,617,059
+16.4
22,675,983 + 29.5
H.4
3,790,862

121,118,239
32,356,667
15,960,727
18,776,981
5,777,554
20,651,005
29,710,566
13,734,922
10,607,057
12,467.842
9,409,257!
5,079,711
4,275,663!
2,951,786
5,153,128
3,000,000

+25.7

355,242,518

1916.

$
$
%
+ 2.0 3,787,735,173 2,802,358,350
+ 17.3
207,011,979
299,817,146
+ 77.0
74,386,650
59,512,709
+ 42.3
40,395,269
41,104,779
+ 11.5
19,859,181
16,756,906
—10.2
5,679,967
6,263,806
+ 23.7
8,511,742
10,473,550
—8.5
7,694,178
5,456,821
+ 44.0
3,932,718
3,722,547
—9.3
3,608,9.50
5,030,599
+ 0.5
2,204,194
2,589,247
—10.8
2,885,864
3,520,879
—6.0
2,035,002
2,058,861
+ 5.7
2,523,977
3,765,266
—8.4
978,467
1,208,471
+ 8.5
2,333,549
2,053,936
0.4
1,276,235
1,646,847
+ 25.6
1,471,314
1,202,374
—21.0
961,000
883,300
—16.7
936,492
779,702
+ 10.4
694,381
491,357
—9.1
2,072.815
2,440,002

793,739,788

—1.4
—5.0
—35.1
—4.0
+ 1.7
—7.9

1,460,392
2,481,115
2,373,239

Sioux City
Wichita
Lincoln

—

707,761

Tot. oth. West

St. Louis.
New Orleans
Houston
Louisville
Galveston
Richmond
Atlanta

Memphis
Savannah
Fort Worth
Nashville
Norfolk

Birmingham
Little Rock—

Jacksonville
Charleston
Knoxville
Chattanooga
.

Mobile
Oklahoma
Macon.
Austin
.

..

.

.

—

_

Vicksburg
Jackson

Muskogee
Tulsa
Dallas

Shreveport
Total Southern

Total all
Outside N. Y,

1915.

—40.6
+ 36.0
+ 20.4
+ 47.6
—12.4
+ 11.3
+ 23.9
+ 29.4
+ 7.4
+ 14.1
+ 13.0
—29.9
+ 2.0
+ 15.1

51,481,731
29,059,258
14,862,000
10,479,600
9,701,783
5,459,804
4,810,849
3,561,643
2,836,222
2,138,417
1,417,975
6,934,000
992,985
1,868,092
4,259,287
3,200,000
1,079,619
1,216,026
748,286
1,322,378
1,242,588
1,019,770
434,969
606,005
775,000
980,116
570,668
88,231
606,235

Fremont
Waterloo
Helena
Aberdeen

St. Joseph.
Duluth
Des Moines

Fargo
Colorado Springs
Pueblo

1915.

$

124,246,039
36,573,391
29,795,802
18,061,033
16,323,701
10,619,151
8,512,565
7,728,892
5,758,238
6,053,590
3,753,884
2,109,303
2,424,129
2,094,154
1,881,567
873,590
627,324
646,849
2,016,153
2,226,091
1,081,661
607,429
1,073,741

Omaha
St. Paul
Denver

Topeka
Davenport
Cedar Rapids...

235,566,763
11,334,900
11,452,023
5,415,392
4,393,949
3,450.000
4,143,172
2,164,562
1,792,819
1,089,864
1,070,150

Soli.—For Canadian clearings see




Long Beach

.

1918.

Boston
Providence
Hartford
New Haven

Fresno
Stockton
Pasadena
Yakima
Reno

5.

Clearings mt—

Total

Sacramento
San Diego
San Jose

Total Pacific..

The full details for the week covered by the above will be given next Saturday.
We cannot furnish them to-day, clearings being made up by the clearing houses
at noon on Saturday, and hence in the above the last day of the week has to be in
all cases estimated, as we go to press Friday night.
Detailed figures for the week ending Oct. 5 show:
Week ending r"

Spokane
Oakland

1916.

$
333,478,838
29,401,650
37,667,907
31,391,127
16,894,062
8,736,976
7,228,400
8,060,992
3,730,063
3,905,444
2,581,619
1,800,047
1,461,178
1,408,855
2,488,000
861,158
843,775
2,180,441
2,098,339
747,613
882,482
556,318
708,227
823,896
601,131
292,396
573,758
576,618
1,029,931
428,736
67,667
308,661

San Francisco
Los Angeles
Seattle
Portland
Salt Lake City..
Tacoma

Columbus
Toledo
Peoria
Grand Rapids

%
+2.3
+52.0
+ 22.1
+ 36.9
+ 10.7
—1.2
+ 13.9
+ 32.2
+ 10.1
+ 13.1
+ 19.3
+22.7

447,999,537
38,070,350
63,340,029
47,876,188
24,816,888
11,079,947
12,053,100
10,150,022
4,000,000
4,848,336
3,716,417
2,290,376
1,500,164
1,853,352
5,280,000
708,539
1,162,869
3,937,824
3,152,796
968,079
963,802
660,263
1,120,714
2,585,748
640,858
434,234
630,047
750,000
1,108,498
546,236
54,111
379,586

509,974,978

869,977,749

....

Springfield, Ohio
Quincy

Addresses of both. Office of the Company.

$

Tot .Mid .West.

Indianapolis

Inc. or
Dec.

1917.

39,027,034
80,984,239

Decatur

Published every Saturday morning by WILLIAM B. DANA COMPANY.
Jacob Seibert Jr.. President and Treasurer; Arnold G. Dana, Vice-President and

Clearings—Returns by Telegraph.
Week ending Oct. 12.

ending October 5.

59,334,441
98,901,863
70,470,426
32,166,817
14,680,000
11,938,100
12,821,217
6,013,750
5,441,119
4,250,710
3,480,371
2,107,890
1,346,886
4,500,000
953,299
1,900,000
3,922,349
1,900,000
1,468,747
1,464,933
1,104,063
1,157,599
1,382,813
1,263,442
562,410
650,980
884,378
1,107,023
400,000
90,000
697,991

Bloomington....

WILLIAM B. DANA COMPANY, Publishers,
Front* Pine and Oepeyster Sts.* New York*

1918.

$
521,614,132

Springfield, Ill

Transient matter per inch space (14 agate lines)
r Two Months
(8 times)

Secretary.

NO. 2781

Clearings at—■

PUBLISHED WEEKLY.

Terms of

Railway Section
City Section

700,000
3,000,000
7,699,793

29,358,1531
3,790,862!
561,262,267

446,652,317

.

2,.508,473
2,370,919
2,412,232
1,300.000
7,080,714

8,141,321
4,200,000
360,375
666,371
1,865,174
3,826,864
17,504,970

787.825

85,476,841
18,640,835
10,290,749
16,030.909
5,318,215
10,917,443
18,886,395
6,880,625
7,682,251
9,295,683
7,488,766
4,574,076
2,766,570
2,674,264
2,595,600
2,569,738
2,941,478
1,858,863
2,370,622
1,095,341
2,942,700
4,663,512
2,259,575
367,346
429,698
741,530
1,456,014

233,315,521

7,063^851,204 6,435,522,218j +9.8 6^084,946,365 4,469,917,912
3,276759^211 2.722,f>23,220i ~~+20?i 27297,2TO92 1,667,559,562

1404

THE CHRONICLE

[Vol. 107.

lodged hereafter exclusively in the German Parlia¬
ment, so that it will no longer be possible for a
Accompanying this issue of the “Chronicle,” we Hohenzollern to disturb the peace of the whole
world.
are sending to our subscribers throughout the world
a copy of our “American Banked Convention Sec¬
Gold and silver production in the United States in
tion”—a supplement to our weekly issue, reporting
the
calendar year 1917, according to the final com¬
the proceedings of the annual convention of the
American Bankers’ Association held at Chicago, two pilation issued this week by the Bureau of the Mint
weeks ago. The convention was largely attended by and the. Geological Survey, jointly, was in each case
the representative banking interests of the United less than the reduced totals indicated by the pre¬
States, Canada and Europe, and its sessions took on liminary estimate given out at the close of the year.
the serious aspects of a war convention. Its dis¬ Of gold, this final statement makes the yield from
cussions were of pertinent interest at this time, the mines of the country 4,051,440 fine ounces,
dealing principally with war problems and the press¬ valued at $83,750,440, which beside being 427,617
ing financial and economic questions of the day. By fine ounces, or $8,839,860 below the result for 1916,
delaying a week in issuing our year book of the is smaller than in all preceding years back to and in¬
largest convention of bankers in this country (or, cluding 1905. Losses from 1916 are to be noted in
for that matter, in the world), we are able to in¬ all the States except Arizona, with the most note¬
clude some papers and addresses which were not worthy declines in Colorado and Nevada.
The silver output in the early approximation was
previously available.
!
stated at 74,244,500 ounces, but it is now lowered to
71,740,362 ounces, an aggregate 2,674,440 ounces un¬
THE FINANCIAL SITUATION.
der the 1916 product and below 1916 and 1915 as well.
Whether peace be actually in prospect or not, all Due, however, to the appreciably higher price ruling
the markets, commercial as well as financial, have for the metal, the value of the year’s yield was de¬
the present week been discounting the coming of
cidedly greater than in 1916—$59,078,100, compar¬
peace.
This is true of the grain markets, where ing with only $48,953,000, with the average New
there has been a big decline in the price of corn; it is York price $.8235 and $.65784, respectively. Con¬
true of the cotton market, where, however, there is sidered from the
viewpoint of values, therefore,
a diversity of opinion as to the precise effect that
every State of important production did better in
peace is going to have upon the course of prices of 1917 than in 1916, notwithstanding the fact that
the staple; and it is pre-eminently true of the stock only in Arizona and Montana was there a quanti¬
market. In this last instance, the stocks which have tative increase.
been enjoying huge profits as a result of the war, have
The United States grain crop report for Oct. 1
sharply declined, while stocks of companies whose
activities have been restricted or hampered by reason was issued by, the Department of Agriculture on
of the war, and which, therefore, will be benefited by Tuesday last, and its main feature is the raising of
the return of peace, have advanced in an equally note¬ the estimates of yield of the various leading cereals,
worthy fashion, though yesterday afternoon share increasing to that extent our ability to furnish food
properties displayed great strength all around on supplies to our allies In Europe. The especially
the theory that peace—a victorious peace, as far as satisfactory feature of the situation is the forecasted
the United States is concerned—would mean some augmentation in the wheat yield, even though the
1,000-million-bushel mark has not been realized.
general benefits in which all alike must participate.
In the meantime the President’s reply to the Ger¬ The new figure of production arrived at—918,924,man peace proposal has encountered some expressions
000 bushels—is a little more than 20 million bushels
of dissatisfaction. The great majority of persons in excess of that promulgated a month earlier, and
throughout the length and breadth of the land would when allowance is made for the anticipated saving
have been better pleased had the President turned of 30,000,000 bushels or more through closer extrac¬
the proposition down with a curt refusal, the same tion from the grain in making flour, and the conserva¬
as he did in the Austrian case.
But during the whole tion of a considerable amount of wheat through the
of the time since the outbreak of the great conflict use of substitutes, in this country, it is not difficult
in 1914, Mr. Wilson has displayed rare tact and to realize that practically this year’s crop is the equiv¬
skill, as well as infinite patience, and though there alent of a 1,000-million-bushel outturn in any earlier
have been many occasions when his action did not year. That the grain this year is up to the average
command approval at the time, subsequent events in quality is, moreover, not a matter of negligible
always demonstrated the wisdom of his course. It importance.
will probably be so on this occasion. His search¬
Officially explaining this Oct. 1 report, the De¬
ing inquiry, intended to test German sincerity, will, partment says in part: “Crop prospects generally
we are inclined to think, meet with a response which
materially improved during September. Moisture
will show that Germany is prepared to yield com¬ was sufficient and farm work was favored. Though
pliance to all the American conditions, including killing frosts were earlier than usual over large areas
evacuation of invaded territory. The question will of the Northern States, relatively small damage was
then arise whether in the long run the ruling au¬ done, considering the total United States crops.
thorities in Germany can be trusted to carry out Corn in the main belt matured earlier than usual as
the terms of the arrangement.
On that point there a result of summer heat and droughty periods, most
is, and will continue to be, much distrust. It seems of it safely, except in extreme northern areas. Spring
to us a long step towards the removal of such dis¬ wheat is turning out better than expected, except in
trust would be for the President to insist that for the the Pacific Northwest.
Oats, too, are turning out
future the power to declare war must be taken out well above the earlier hope, and barley and rice show
ofkthe hands of the Kaiser—that this power must be gains over last month’s outlook.” Altogether, the




OUR CONVENTION NUMBER.

Oct. 12 1918.]

THE CHRONICLE

1405

tentative estimates of production of the five
leading new office. “These principles,” he said, “were
cereals, as will be observed below, give an aggregate
firmly established by the agreement of the federated
of 5,486 million bushels, or
only 180 million bushels Government (the German States) and the leaders
less than in 1917, and 799 million bushels
more than
of the majority parties in this honorable house
in 1916.
before I consented to assume the duties of Chancellor.
In corn, an improvement in condition of 1.2
points They contain, therefore, not only my own confession
is reported during
September, but the general status of political faith, but that of an
overwhelming
of the crop on Oct. 1 was
only 68.6% of a normal, proportion of the German people’s
representatives—
against 75.9 a year ago and a ten-year average of that is of the
German nation which has constituted
75.0.
The yield per acre is estimated at 23.9 bush¬ the
Reichstag on the basis of a general, equal and
els, which for the area already harvested or to be har¬ secret
franchise, and according to their will. Only
vested is expected to
give a total crop of 2,717,775,- the fact that I know the conviction and will of the
000 bushels, against the record
product%i 3,159 mil¬ majority of the people are back of me has given me
lion bushels last year. The most notable
additions strength to take
upon myself the conduct of the
to production as a result of the
favorable September Empire’s affairs in this hard and
earnest time in
conditions are in Missouri, Illinois, Ohio and Ken¬ which
we are
living.” The new Chancellor then

tucky. Compared with 1917, the especially striking
losses in yield are in Missouri, Nebraska, Illinois and
Kansas—in all 355 million bushels.

Reflecting the better

average

return from the

spring-wheat harvest, the yield of that grain is now
estimated at 16.1 bushels per acre,
promising, there¬
fore, a crop of 363,199,000 bushels, which is by some
11 million bushels a new high
record, and 130 million
bushels in excess of 1917. Quality, moreover, is
above the average—94.8, against 92.7 last
year.
The winter wheat approximation,
however, stands
at

555,725,000 bushels, against 418 million bushels

last year.
Combining the two varieties, we have
a total
production of 918,924,000

went

on

to state that

only if the people take active
of the word in deciding
their destiny—in other
words, if responsibility also
estends to the majority of their
freely elected political
leaders—can the leading statesman
confidently
assume his part of the
responsibility in the service
of folk and Fatherland.
“My resolve to do this has
been especially lightened by the fact that
prominent
leaders of the laboring class have found their
way
into the new Government to the
highest offices of
the Empire.
I see therein a sure guarantee that
the new Government will be
supported by the firm
confidence of the broad masses of the people without
whose full support the whole
undertaking would be
part in the broadest

sense

bushels, which,
exceeding 1917 by 267 million bushels, falls 107 mil¬ condemned in advance to failure. Hence what I
lions below the high record
aggregate of 1915.
say to-day is said not only in my own name, but in
A crop of oats second
the
name of the German
only to that of 1917 is indi¬
people.” Then followed a
cated by this latest report.
The yield per acre is long address setting forth an acceptance of the
announced as 34.5 bushels, and this on the
acreage answer of “the former Imperial Government” to
planted points to an aggregate product of 1,535,297,- Pope Benedict’s note of
Aug. 1 1917, and an un¬
000 bushels, a total
comparing with 1,587 million conditional acceptance of the Reichstag’s resolution
bushels last year and 1,252 millions in 1916.
The of July 19, the same year.
He further declared
quality of this cereal is high. The barley crop is now willingness to join a general league of
nations, based
estimated at 2363^ million bushels, against 209 mil¬ on the “foundation of
equal rights for all, both
lion bushels in 1917; rye, 76^8 millions,
against 60 strong and weak.” He conceded that the solution
millions; rice, 42 millions, against 36 millions, and of the Belgian question lay in the complete re¬
buckwheat, 19 millions, against 17 millions. The fol¬ habilitation of Belgium, particularly of its independ¬
lowing furnishes a summary of the five leading ence and territorial integrity. An effort, he added,
grain crops:
should also be made to reach an
understanding on the
Production—
Estimated.
——-Final
of
Previous
question
indemnity.
He
attempted
to explain
(000,000s omitted.) 1918.
1917.
1916.
1915.
Records.
Winter wheat...bush. 556
418
away
and,
in
481
fact, promised modifications of the
6?3
685 (1914)
Spring wheat
363
Corn
Oats

Barley
Rye

233

156

352

2,718
1,535

3,159
1,587

2,567
1,252

237
77

2,995
1,549

209
60

182
49

229
54

5,486

5,666

4,687

5,852

352 (1915)
3,159 (1917)
1*549 (1915)
229 (1915)
54 (1915)

Russian treaties and declared that the
ment should be one of peace.

new

Govern¬

Any critical analysis of the appointment of Prince
Max, of his speeches and of the remarkable develop¬
Tobacco now promises a record
crop and potatoes ments which came with such pellmell rapidity
hardly
a larger yield than
predicated Sept. 1.
can fail to suggest the view that the entire movement
was ingeniously
staged for the purpose as noted
As was widely surmised, the appointment of Prince above of
creating a Government with which the
Maximilian to succeed Dr. von Hertling as
Allied
Governments
could be induced to deal in the
Imperial
German Chancellor, proved to be a definite
step matter of peace terms and a prompt ending of the
in the most determined peace “offensive” that war.
This obviously is the idea which President
Berlin has as yet undertaken.
There has been no Wilson had in mind when answering a formal note
waste of precious time in
attempting to present the from the new Chancellor received here on Monday
semblance of a form of representative Government
requesting the President of the United States, “to
with which the Allies would negotiate.
As soon as take in hand the restoration of peace, acquaint all
the appointment was announced the Prince himself the
belligerent States of this request and invite them
delivered two speeches appealing for support and to send
plenipotentiaries for the purpose of opening
outlining his policy, which as explained in the negotiations.” The presentation of this note to
Reichstag (apparently on Saturday), resolved itself our State Department through the Swiss Government
into a decision for a more popular form of Govern¬ followed a
proclamation issued by the Kaiser (on
ment.
He submitted to the Reichstag,
Sunday)
“publicly
to the Germany army and navy in which,
and without delay” the principles
upon which he after announcing that the Macedonian front had
proposed to conduct the grave responsibilities of his crumbled, he declared that he had decided in accord,
Total bushels




6,028

[Vol. 107.

THE CHRONICLE

1406

with his allies to “offer” peace again to the enemy,
but he would “only[extend my hand for an honorable

The President
cant

concluded with the following signifi¬

request:

feels that he is justified in
It is to be noted that there was no tone
of humiliation or defeat in the Kaiser’s proclamation. asking whether the Imperial Chancellor is speaking
merely for the constituted authorities of the Empire
Troops of all the German*States, he said, were doing who have
so far conducted the war.
He deems the
their part and were heroically defending the Father- answer to these
questions vital from every point
land on foreign soil.
“My navy,” he continued, of view7.”
“is holding its own against the united enemy naval
The German Chancellor’s response to this state¬
forces and is unwaveringly supporting the army in
ment will, of course, be attended by momentous
its difficult struggle. The eyes of those at home rest events.
The German press suggests that the reply
with pride and admiration on the army and navy.
may contain a counter-proposition for a withdrawal
I express to you the[thanks*of myself and the Fatherof the Allies from German colonies.
This, of course,
land.” The Kaiser concluded as follows: “Whether would
permit the President to terminate all discus¬
arms will be lowered is still a question.
Until then sion by a demand for unconditional surrender. In
we must not slacken.
We must as heretofore exert this he would have accomplished what he obviously
all our strength unwearily to hold our ground
had in mind, namely the removal of the claim which
against the onslaught of our enemies. The hour is the old German leaders were endeavoring to make use
grave, but, trusting in your strength and in God’s of that the Allies w7ould not talk peace but w7ere in¬
grac'ous help, we feel ourselves to be strong enough tent upon the destruction of the Fatherland. Such a
to defend our beloved Fatherland.”
cry could hardly fail to bolster up the morale of the.
The official note dispatched by Prince Max to German
army as wrell as German civilians, which is
President Wilson through the Swiss Government is
so rapidly crumbling in anticipation of another win¬
so short that it may be given in full here:
ter of desolation and suffering.

peace.”

“The German Government requests the President
of the United States to take in hand the restoration
of peace, acquaint all the belligerent States of this

request and invite them to send

plenipotentiaries for

the purpose of opening negotiations.
“It accepts the program set forth by the President
of the United States in his Message to Congress on
Jan. 8 and in his later pronouncements, especially
his speech of Sept. 27, as a basis for peace negotia¬
tions.
“With a view to avoiding further bloodshed, the
German Government requests the immediate con¬
clusion of an armistice on land and water and in
the air.”
was almost as short.
It
the same curt tone as in the case of
the recent Austrian note, saying there was nothing
to discuss.
It did not demand unconditional sur¬
render as the price of an armistice.
The President

The

reply of the President

did not

assume

recognized the trap that had been set and skilfully
countered by forcing upon the militarist leaders of
the Central Powers the necessity of answering cer¬
tain questions concerning their own honesty of pur¬
pose.
Mr. Wilson places them in a most uncom¬
fortable and embarrassing situation in the event
that their answers are not of such a character as to
tend toward peace on our terms.
The text of the
President’s note appears in full on a subsequent page.

desired, he said, in order that the reply should
candid and straightforward as the momentous
interests involved required, to assure himself of the
exact meaning of the note of the Imperial Chancellor.
Therefore, he asked, did the Chancellor mean that
“the Imperial German Government accept the terms
laid down by the President in his address to the
Congress of the United States on the eighth of
January last and the subsequent addresses, and that
its object in entering into discussions would be only
to agree upon the practical details of their applica¬
He

be

as

tion?”

The President then in brief stated that he

would not feel at liberty to “propose a cessation of
arms to the Governments with which the Govern¬
ment of the United States is associated

against the
Central Powders so long as the armies of those Powers
re upon their soil,” and added that the good faith
any discussion would manifestly depend upon the
nsent of the Central Powers immediately to withw their forces everywhere from invaded territory.
,




“The President also

Among the changes in the German Government
to which Prince Max referred wTas the appointment
of Dr. W. F. Solf, the German Colonial Secretary, to

Imperial Foreign Secretaryship. Matthias Erzberger, the Centrist leader, has been appointed
Secretary of State. Herr Bauer, Socialist member of
the Reichstag, has been named Secretary of State
for the Imperial Labor Office.
Dr. Eduard David, a
Socialist member of the Reichstag, has been ap¬
pointed German Under Secretary for Foreign Affairs.
General Groner has been appointed to succeed
General von Stein, resigned, as Prussian Minister
of War.
Phillip Scheidemann, Vice-Presidnet of the
Reichstag, and leader of the German Majority
Social Democrats, has been appointed Secretary of
State without portfolio.
Meanwhile, Baron von
Hussarek, the Austrian Prime Minister, handed his
resignation in the name of the entire Cabinet to
Emperor Charles on Saturday last. His successor
has not been announced, or it may possibly be Prof.
Heinrich Lammasch, wTith whom negotiations are
understood to be under way to bring about a great
pacifist manifestation and who is one of Austria’s
foremost peace advocates.
Reports from Swiss and
German papers indicate that a great political dis¬
turbance is under way in Austria-Hungary.
The
semi-official Wolff Bureau of Berlin has made public
President Wilson’s reply to the peace proposals of
Prince Maximilian, the Imperial German Chancellor,
with the following note appended:
“The official text of the reply is still awaited, but
the reply shows that further declarations from the
German Government are necessary.
To that end
careful consideration by the Government is necessary.
“A reply to the President’s final question has been
given by the speech in the Reichstag on Oct. 5 by
President Fchrenbach, w7ho, in the name of the Ger¬
man
nation, declared the Reichstag approves the
peace offer and makes it its owrn.”
Emperor William has summoned the sovereigns
the

of all the German Federal States to Berlin for a

answering President Wilson’s
note, according to a Cologne dispatch. Rumors
consultation

before

proposed abdication of the
prominently mentioned in
Germany as successor to the throne in case the
Kaiser abdicates, diplomats’ cables declare.

have been current of the
Kaiser.

Prince Eitel is

Oct. 12

1918.]

THE CHRONICLE

The advances of the Allied armies have been so
uniform and steady this week that the question of
voluntary German withdrawals from French and

Belgian territory is each day becoming a matter of
decreasing importance. The German armies are
retreating almost en masse, prisoners are being taken
by thousands, and huge amounts of supplies of arms
and ammunition are beng either destroyed or left
behind. In a sense, therefore, the continued en¬
forced departure to positions behind the Rhine
would be of greater advantage to us than a volun¬
tary retirement, which would mean the safe removal
of all enemy troops and munitions.
That demoral¬
ization has seized both the armed forces and the
civilian population of Germany as well as Austria-

Hungary there no longer appears reason to doubt,
after making liberal allowance for a natural de¬

even

gree of exaggeration in the accounts cabled to this
side. As was the case last week, it is again only pos¬
sible in attempting any outline review of the military

operations, to enumerate some of the mor,e impor¬
tant objectives which have been attained.
The
week’s events have been altogether too momentous
to allow anything but the merest mention.
Yester¬
day’s press advices indicate that the Germans will
have to evacuate St. Gobain forest almost immedi¬

ately.

They

are

already leaving the Chemin des

Dames under the pressure of converging attacks west
and south. The Hunding line, behind Laon, be¬
tween the rivers Serre and

Sissonne,has been turned,

making the German situation in the Laon area most
difficult. In the Champagne, the French and Amer¬
icans, joining forces north of Argonne forest in the
Grand Pre Gap, have occupied the station of that
name, while patrols are said to have entered the town
itself.
On the River Meuse, northwest of Verdun,
the Americans have cleared out a little pocket in
the direction of Sivry, which has held them up a
long time. A great battle is in progress between
British and German troops in Phirion, on a front of
nearly thirty miles. The British are gaining all
along the line, there being virtually no infantry op¬
position. The only resistance of importance comes
from enemy machine guns, the bulk of the enemy
artillery having apparently already been withdrawn
out of range.
The high ground on the 8-mile front

1407

Abesnes-Lez-Aubert, and east of Rieux.

Thence

the line runs along the Erclin River, including Navaes and Thun-St. Martin and north and well east
of Estrun and along the line of the Sensee Canal
south of

Hem-Lenglet and Fressies.
American troops operating with the British on
the front southeast of Cambrai completed on Thurs¬
day night the capture of Vaux-Andigny and St.
Soutlet. An American bombing expedition consist¬
ing of more than 350 machines on Wednesday
dropped 32 tons of explosives on German canton¬
ments in the area between Wavrille and
Danvillers,
about 12 miles north of Verdun.

This marks

one

of

high spots in the air fleet operations of the war.
Twelve enemy machines were destroyed and only
one Entente plane failed to return.
In France and Belgium in three
weeks, five
important cities which had 6been in German hands
for four years have been recaptured.
These include
Dixmude, Armentieres, Lens, Cambrai and St.
Quentin, while Lille, Douai and Valenciennes
seemingly are all but captured. Serbia shortly is to
be reclaimed and the Turks will soon be
entirely out
of the Holy Land. In their retreat the Germans are
leaving the country devastated, burning towns and
cities as they proceeds Before evacuating Cambrai
they are reported to have systematically mined the
entire area, blowing up vast portions after the
British troops have entered. The French Govern¬
ment has issued a solemn warning to
Germany and
her allies that the devastation of territory from which
they retreat will be punished inexorably. The warn¬
ing says the German people who share in the crimes
will bear the consequences with the authors and
that those who order the devastation will be held

responsible morally, penally, and pecuniarily. It is
added that France is now discussing with her allies
the steps to be taken.
Evacuation by the Germans
of the Belgium coast region is also proceeding.
The
work of removing telephone lines between the fron¬
tier and the coast was begun early in the week.
Large stores of material at Knokke near the coast
five miles from the Dutch border have been set on
fire and many factories have been undermined in

preparation for their quick destruction.

between St. Hilaire and Le Cateau to the southeast
was found to be alive with machine
guns when the
British approached and the cavalry patrols were held

Confidential information of a reliable official
nature has reached Washington, according to the

Oise and then

it of the various local Governments and other im¬

correspondent of the New York “Times” at that
up for some time.
North of the Le Cateau-St. Hil¬ centre, indicating that the Russian people as a nation
aire line the Germans are in headlong flight, accord¬ will swing back into line in steady and valuable
ing to airplane observers. A deep salient has been support of the Allies and of the aims which the latter
seek to achieve in the great war.
The Russian
forced at Douai and the evacuation of that city
is
one of the near
probabilities. Cambrai has finally Embassy at Washington has been notified by the
been evacuated and British troops have advanced newly formed Russian Provisional Government
well beyond that position. There are in this loca¬ which wras created by the State Convention at Ufa,
tion nowhere any signs that the Germans intend mak¬ that it had actually taken over the reins of power
ing a determined stand. But the British are going in succession to the Provisional Government of 1917.
Russian diplomats throughout the world have been
slower now, as it is impossible for the vast
organiza¬
tions in the rear of their armies to keep pace with the similarly notified and the facts are being communi¬
advances. Latest reports indicate the following to cated to the Entente Governments for their infor¬
be substantially the present battle line of the French mation. The character of the Cabinet, or direc¬
troops. They are occupying the line of the River torate, as it has been called, the representation in

joining up with the British east of
Fontaine-Notre Dame, the line thence running east
of Beauthroux, east of Seboncourt; east of VauxAndigny through St. Benin, east of Le Cateau, west
of Montay, south of Neuvilly, east of Inchy,
east of
Bethencourt, east of Prayelle, southwest of Quievy,
well east of Bevillers, in front of St. Hilaire, east of




portant national elements and information reaching
Washington as to the character of the support it is
receiving, all indicate that there is a strong trend in
Russia toward a new era, and that a really repre¬
sentative and constructive national Government
appears

to have been initiated at Ufa.

[Vol. 107.

THE CHRONICLE

1408

Gratifying results are attending the campaign for
London, as at home here, the important devel¬
opments suggesting prospects of peace earlier than increasing the sales of British war bonds although
has heretofore been considered probable have been the move did not get into its full strength until the
attended by more or less active liquidation of securi¬ beginning of the current week. The sales last week
ties of corporations which had been making large through the banks amounted to £22,042,000, which
In

profits from war orders. The liquidation in this
respect has been contributed by large interests. It
has been persistent, though kept more or less under
control, selling pressure being withdrawn wrhen the
supply showed evidence of causing large declines
in quotations, only to be resumed whenever the power
of absorption returned.
It may hardly be said that
buying of the so-called peace stocks at the British
centre has developed on a scale corresponding to
that on the New York Stock Exchange. French
and Russian bonds are strong.
Mexican Govern¬
ment

securities

also have been firm

on

rumors,

wholly unconfirmed, asserting that back unpaid
coupons are to be cared for.
Many of the British
industrial companies aire said to be arranging for
new capital issues to be distributed as soon as Treas¬
ury restrictions become relaxed.
A Chinese Govern¬
ment loan of £600,000, bearing 8% and to be offered
at 105, is to be sold soon.
This loan, which is re¬
deemable at par in ten years, was arranged by the
Marconi Company in connection with wireless in¬
stallation, including telephones, for the Chinese
The issue has been sanctioned by
Government.
the Treasury and Foreign Office. At the moment
there is no encouragement to believe that security
issues except of the most urgent character will be
authorized by the Treasury. The list of capital
issues for September quarter compiled by the
“Economist” and received by cable shows an aggre¬
gate of £329,315,000, of which £293,868,000 repre¬
sented war bonds and £22,600,000 war savings
certificates.
One reason for the restraint upon pur¬
chases of investment stocks is the aggressive war
bond campaign which has been in progress through¬

with £20,930,000 the week preceding, mak¬
ing the aggregate of the sales to Oct. 5 £1,108,431,000.
The Post Office reports for the week ending
Sept. 28 indicated sales of bonds amounting to
£459,000, bringing the total through that source
up to £38,953,000.
The previous week’s record by
the Post Office was £463,000. War savings cer¬
tificates of £1 each disposed of in the week of Sept. 28
totaled £2,613,000, making the aggregate ultimate
compares

indebtedness under this head £241,277,000.
British

returns for the week

revenue

ending Octo¬

falling off, while expenses were
heavily increased. As a result, there was a deficit
in the Exchequer balance of no less than £5,199,000.
Sales of Treasury bills continue to mount, and the
total of Treasury bills outstanding registered a gain
oyer the week preceding of over £5,000,000.
Ex¬
penditures for the wreek totaled £61,411,000 (against
£46,780,000 for the week ended Sept. 27), while the
total outflow, including repayments of Treasury bills
and other items, amounted to £147,129,000, against
£340,735,000 a week ago. Receipts from all sources
were £141,931,000, as contrasted with £343,644,000
the previous week.
Of this total, revenues con¬
tributed £11,897,000, compared with £13,394,000
last week; war savings certificates totaled £1,700,000,
against £1,200,000, and other debts incurred £6,376,000, against £8,814,000. War bonds were
£17,607,000, against £22,182,000, while advances
amounted to £14,000,000, in comparison with £222,ber 5 indicated

a

167,000 a week ago.

New issues of Treasury bills

equaled £90,231,000. Last week the total was
£75,549,000. Treasury bills outstanding now amount
to
out the week.
£1,114,202,000, against £1,108,504,000.
Ex¬
While there seems agreement at the British centre chequer balances aggregate £9,699,000, which com¬
that peace is at last within calling distance, there pares with £14,898,000 in the week preceding.
does not appear the same degree of confidence which
In Paris there appears greater distrust of the peace
is displayed in some financial quarters here that the
ending of hostilities is a matter of immediate possi¬ proposals that have come forward from the Teutonic
bility. The London markets, to quote one London Allies than is the case either in Britain or America.
correspondent, do not believe that the German pro¬ France, it is said, regards the appointment as
posal can bring immediate peace because it is recog¬ German Chancellor of Prince Max of Baden as an
nized that there will be no compromise with the entirely negligible matter. It is recalled in the
German militarism. British consols closed yesterday French press that the Prince used to denounce mili¬
at 601/2, comparing with 62% one week ago and tarism and Pan-Germanism at Hague conferences,
58% a fortnight ago. The new British 5s finished but utterances since the war began have tended to
at 96 against 95% a week ago and the 4%s at show that he was at heart of the military party.
100% compared with 100%. The “Economist’s” Reference is made to a recent speech in which he
index number of commodity prices at the end of declared that the present German regime was the
September was 6238, which compared with 6267 best governmental system in the world. He said
at the end of August, thus showing a reduction of nothing of peace before the beginning of the German
29 points from what was in fact the high level.
The defeat in July.
The capture of Lens and its many coal mines has
number for July was 6128. The current figure
represents an increase of 183.1% from the basic been attended wTith great satisfaction because of the
number of 2200, representing the average prices promise of a better supply of fuel this winter than
of the commodities in question for the five-year last. The past two winters will, a Paris correspond¬
period of 1901-05. During the month of September ent says, remain as a nightmare for many years to
cereals and meat declined 41 points to 1246%; other come in the recollection of thousands of Parisians.
foods were 4% points higher at 779%; textiles did The Germans before leaving Lens are reported to
not change from 1920; minerals were % a point have flooded the mines and ruined the machinery.
off at 889 and miscellaneous heavy articles were There still remains, however, ample time to make
1 point lower at 1396.
repairs and secure some results before the winter
rigors actually set in. Another source of cheerful-




Oct. 12 1918.]

THE CHRONICLE

is the fact that at last Rheims is
subject to enemy shellfire.
The French
ness

no

Under-Secretary of State

Merchant Marine

set forth

French

on

1409

longer cies which have recently become so marked in money
and banking circles throughout the
country.

of

the

Thursday the

new

program for shipping
vessels to be built represent a

construction. The
tonnage of 1,500,000
as a first
part of the work. The Government will
itself place orders for these
vessels, which in part
will replace vessels
torpedoed. “We must be able
to double the
strength of our merchant fleet as it
existed before the
war/’ said the Under-Secretary.
“Moreover, the Government will order the con¬

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

Berlin, Vienna and Copenhagen; 6% in Petrograd
and Norway; 6J^% in Sweden and
in Switzer¬
land, Holland and Spain. In London the private
bank rate has not been
changed from 3 17-32%
for sixty-day and ninety-day
bills. Money on call
in London remains as heretofore at
3%. No reports
have been received by cable of open market rates
giant steamships to compete both in at other European
centres, so far as we have been
in speed with the
biggest vessels of the able to ascertain.

struction of
comfort and
kind afloat.”

The Under-Secretary will ask if
necessary for an appropriation of 2,000,000,000 francs
from Parliament.
If the German peace drive is
primarily bogus and
insincere it is one comfort to know that if it is de¬

ceiving anybody, it is deceiving most of. all the

German capitalists. There can be no
question as to
the fact that a panic of no inconsiderable
proportion
has arisen in financial circles at the

large German
being offered on markets
devoid of anything like adequate
powers of absorp¬
tion. Dispatches by way of Zurich for instance
centres.

Securities

are

quote such

a conservative paper as the Munich
“Post” as declaring that steps taken
by the large
banks to check the panic in the German stock ex¬

changes have had only a temporary effect. Pro¬
vincial capitalists, the paper
declares, have thrown
blocks of stocks upon the market where there were
few purchasers for securities. “It is a
genuine crash
this time,” the paper
says, and adds that “munition
shares such as Daimler are not
quoted in Berlin
for there are no buyers.”
Under date of last Tues¬
day a Geneva dispatch states that an indescribable

Another substantial

gain

shown in the Bank
England’s gold holdings this week, the total
being
£951,331. Note circulation also expanded, viz.,
£543,000; hence there was an increase in total reserve
of £408,000.
The proportion of reserve to liabilities
advanced to 17.33%,
comparing with 16.91% last
week and 20% a year ago. There was a
reduction
of £2,197,000 in public
deposits, although other de¬
posits increased £459,000 and Government securities'
expanded £1,572,000. Loans (other securities) de¬
creased £4,215,000.
The Bank of England’s stock
of gold on hand now stands at
£73,109,006, as com¬
pared with £55,488,759 in 1917 and
£55,696,429
the year before. Reserves
aggregate £28,762,000,
against £32,260,444 last year and £37,292,359 in
1916.
Loans total £95,511,000. A
year ago they
amounted to £88,944,306 and in 1916
£102,773,484.
Clearings through the London banks for the week
was

of

£462,970,000,

were

as

against £455,690,000

a

week

and £381,980,000 last year. Our special cor¬
respondent is no longer able to give details of the
ago

gold

Bank

movement into and out of the Bank for the

week, inasmuch

the Bank has

discontinued
panic, without precedent, broke out on the Berlin such reports. We
append
a tabular statement of
Stock Exchange on
Monday, according to the comparisons:
“Neueste Nachrichten” of Munich.
BANK OF ENGLAND’S
Shipping and
COMPARATIVE STATEMENT.
armament company shares
1918.
1917.
1916.
especially were affected.
1915.
1914.
Oct. 9.
Oct. 10.
Oct. 11.
The panic has followed
Oct. 13.
Ocl. 14.
widely current reports of the
£
£
£
£
£

complete failure of the German internal loan. While
preceding loans, quoting the Zurich dispatch,
explanatory articles with a mass of propogandists’
appeals were published declaring that victory and
peace were near, the current “slogans”
published in
Germany regarding the loan are declared to have
for the

the

character of

as

Circulation..

02,796,000 41,678,315 36,854,070 32,560,455
34,667,285
28,327,000 42,186,150 55,135,356 70,859,619
23,732,448
131,585,000 119,625,251 109,360,502 97,907,026
138,828,702
Government securs. 59,243,000 58,271,720
42,188,051
25,969,825 27,571,087
Other securities
95,511,000 88,944,306 102,773,484 114,706,690
108.715,087
Reserve notes & coin 28,762,000
32,260,444 37,292,359 45,845,002 43,018,105
Coin and bullion
73,109,006 55,488,759 55,696,429 59,955,457
59,235,390
Public deposits
Other deposits

Proportion of
to

reserve

liabilities

Bank rate

17.30%
5%

19.90%

22.67%

5%

6%

27.16%
5%

26.46%
5%

resignation and despair. News¬
for instance, are publishing poetry
The Bank of France in its
declaring
weekly statement shows
that Germany’s hour of
destiny has arrived and that a further gain in its
gold
item, the week’s increase
each person is obliged to take his share in
Germany’s being 641,575 francs. This brings the total gold
martyrdom. The argument is that if Germany fails
holdings up to 5,439,270,575 francs, of which
and falls in ruins the
population also falls in ruins;
2,037,108,500 francs are held abroad. In 1917, at
hence it becomes necessary to subscribe to
the loan this
time, the Bank’s gold holdings amounted to
to save the country.
On the other hand, Hun¬
5,322,715,964 francs (including 2,037,108,434 francs
gary’s eighth loan, which has just been distributed, held
abroad), while in 1916 the total stood at 4,is reported to have secured a
high record total of 856,533,925 francs
(including 674,558,075 francs
subscriptions, namely 3,860,000,000 crowns ($790,- held
abroad). During the week silver was increased
000,000), bringing the total of all the loans in ex¬
by
245,000
francs, Treasury deposits were swollen
cess of $3,000,000,000.
Our State Department has
by
francs and advances rose 9,698,000
21,363,000
received word that a bank syndicate has
been francs. On the other
hand, bills discounted and
formed in Frankfort, Germany,
including eight of general deposits fell off 34,120,000 francs and
the largest private banks in that
city, its purpose 129,928,000
being to counteract the growing influence of the recorded an francs, respectively. Note circulation
expansion of 314,569,000 francs, bring¬
great banks centralized in Berlin. A similar
syndi¬ ing the total outstanding up to 30,539,744,000 francs.
cate has been organized in
Cologne and it is under¬ This compares with
21,607,953,420 francs in 1917
stood that other bank centres will fall
into line as a and with
francs in 1916.t On July 30
17,028,893,710
natural result of the general concentration
tenden¬ 1914, just prior to the outbreak of
war, the total was
papers,




Comparisons of the various
items with the statement of last week and corres¬
ponding dates in 1917 and 1916 are as follows:
FRANCE’S COMPARATIVE STATEMENT.
6,683,184,785 francs.

Gold Holdings—

Oct. 10 1918.

Oct. 11 1917.

Oct. 12 1916.

Francs.

Francs.

Francs.

Francs.

Inc.
641,575
No change

Abroad

3,402,162,075 3,285,607,479 4,181,975,850
2,037,108,500 2,037,108,434
674,558,075

641,575 5,439,270,575
245,000
320,297,000
34,120,000
867,983,000
9,698,000
854,139,000
Note circulation...Inc.314,569,000 30,539,744,000
97,403,000
Treasury deposits..Inc. 21,363,000
General deposits...Dec 129,928,000
2,899,424,000
Inc.
...Inc.
Bills (Uncounted... Dec.
Advances
Inc.
Total

Silver

5,322,715,964 4,856,533,925
259,043,373
332,286,549
592,104,905
435,227,455
1,127,399,928 1,190,193,476
21,607,953,420 17,028,893,710

25.315.363

Yl of 1% higher, or
quoted on demand loans

at

Status as of

Changes
for Week.

all-industrials are quoted
6K%. A rate of 434% is still

mixed collateral loans, as

to

BANK OF

In France

[Vol. 107

THE CHRONICLE

1410

48,297,502

2,821,695,574 2,345,844,131

Saturday’s bank statement of New York Clearing
and trust companies, which will be
found in more complete form on a later page of this
issue, reflected in no small measure the results of
Government financing, there having been a huge
increase of $130,542,000 in loans coincidental with
an
increase in Government deposits from $171,600,000 to $316,798,000, while reserves were re¬
duced. Net demand deposits declined $12,538,000
House banks

for bankers’ acceptances.
As
might be expected during the distribution of the
Liberty Loan, the market is more or less of a nominal
affair, and whatever business is passing is transacted
by means of demand loans.
Six per cent remains
as heretofore the nominal figure for all maturities
from sixty days to six months, but no time loans are
being negotiated, so far as can be learned. Last
year sixty and ninety days loans were quoted at
53^@6% per annum, with four, five and six months

In time

at

money

change has been noted.

no

5%%.

Mercantile paper was in fair demand, although
the volume of transactions was not large. Sales
were made at 6%, which is still the figure quoted
for sixty and ninety days’ endorsed bills receivable
and six months’ names of choice character, also for
names less well known, without discrimination.
Banks’ and bankers’ acceptances have ruled firm

and moderately active.
Some buying was noted for
$3,753,124,000 (Government deposits deducted). account of New York, Chicago and Boston banks.
Net time deposits, however, increased $138,000 to The
aggregate of this business, however, was small
$151,809,000. Cash in vaults (members 1 of the in volume. Quotations continue without variation.
Federal Reserve Bank) expanded $286,000 to $100,- Rates in detail are as follows:
Spot Delivery
Delivery
272,000 (not counted as reserve). The reserve in
Ninety
Sixty
within
Thirty
the Federal Reserve Bank of member banks declined
Days.
Days.
Days.
30 Days.
Eligible bills of member banks
454 bid
4 54 @4 5* 4 54 @4 5* 4 5* @4
$11,973,000 to $514,426,000. Reserves in own vaults Eligible bills of non-member banks -4%@4544 4%@445*fe454 ' 454 bid
Ineligible bills
554@454 554 @454 654@454
6 bid
(State banks and trust companies) decreased $593,000
No changes in rates, so far as our knowledge goes,
to $10,367,000, although reserves in other deposi¬
have been made the past week by the Federal Re¬
tories (State banks and trust companies) increased
serve banks.
Prevailing rates for various classes of
$834,000 to $8,713,000. Circulation totals $35,665,000, a decrease of $5,000. Aggregate reserves paper at the different Reserve banks are shown in the
following:
were reduced $11,732,000 to $533,506,000, as against
DISCOUNT RATES OF FEDERAL RESERVE BANKS.
$574,318,000 a year ago. As a result of a contraction
1
3
of $1,610,280 in reserve required, the decline in
I 8
CLASSES
3
surplus totaled $10,121,720. This loss brings the
8
I
OF
1 I §
§
amount of excess reserves down to $36,704,010 (not DISCOUNTS AND LOANS 1
k
S3
New
San
counting $100,272,000 cash in vaults held by these
I
Discounts—
banks), and compares with $83,989,550 held at the Within 15 days, lncl. member
4
4
454 454 4 \ 45*
4
4
45* 45* 4
! 4
banks’ collateral notes
45* 55* 45* 5
45*
5
45*
45*
45*
454
45*
same time in 1917, on the basis of 13% reserves in
16 to 60 days' maturity
i 454
5
55* 5
45* 45* 45* 5
61 to 90 days’ maturity
j 454 45* 45* 45* 5
both instances for member banks of the Federal Agricultural and live-stock
554 554 554 554 55* 554
5
5
55* 55* 5
to

•

York. Philadep. Clevand. Richmond.

<3

e

1

Chicago.

c

a

|

Dal s.

|

*

Reserve

paper over

system.

In money circles there is no feature of particular
interest to note.
Supplies of funds at 6% are avail¬

and at times
during the week have, in fact, been greater than the
demand has shown ability to absorb. The Comp¬
troller of the Currency in a report on the results of
the last bank call as of Aug. 31 shows that the re¬

able

on

sources

call for all legitimate purposes,

of the national banks

were on

that date at

highest point yet touched in the history of the
country, for the corresponding season of the year,
the total being $18,043,605,000, which is greater by
$1,500,000,000 than at any previous time. On May
1 1917, immediately preceding the launching of the
first Liberty Loan, the resources of the national
banks, the Comptroller shows, were $16,144,403,000.
The amount of Liberty bonds and certificates of in¬
debtedness which the Government has sold and
collected for since that date (exclusive of certificates
of indebtedness paid off during this period) is $14,275,000,000. Further extracts from the Comptroll¬

the

er’s report appear on a subsequent page
issue of the “Chronicle.”

Referring to

money

of to-day’s

rates in greater detail, loans

call continue to rule at the fixed rate of 6%, which
was the only rate named on each day of the week
at which renewals were negotiated.
This applies
on




Franciso.

!5

90 days

Secured by U. S. certificates
of Indebtedness or Lib-!
erty Loan bonds—
Within 15 days. Including
member
banks’
eral notes
!
16 to 90 days’ maturity
j
Trade Acceptances—
1 to 60 days’ maturity
61 to 90 days’ maturity

collat-j

1

|
45*
45* 4
45*
454 45* 45* 454 45* 45* 45* 45* 45* 45* 45*
4

4

4
454
454

4

4

4

4

4

4

1

454 ! 454 454 4125 454 454 454 454 45* 454 4*4a
!
454 i 454 454 1 454 454 454 454 454 45*. 454 45*

with the loan operations
special rediscount rates for bankers'

*
Rate of 3 to 454% for 1-day discounts In connection
of the Government.
On Oct. 1 the following
acceptances were established: Maturities up to
61 to 90 days, 454%.
a 15 days and under 45*%.
b Rate for trade acceptances maturing within 15 days
Note 1. Acceptances purchased in open market,
Note 2. Rates for commodity paper have been merged

16 days, 4%; 16 to 60 days, 45*%;

maturities.

454 %•
minimum rate 4%.
with those for commercial

paper of corresponding
Note 3. In case the 60-day trade acceptance
count rate, trade acceptances maturing

rate Is higher than the 15-day dis¬
within 15 days will be taken at the lower rate.
Note 4. Whenever application Is made by member banks for renewal of 15-day
paper, the Federal Reserve banks may charge a rate not exceeding that for 90-day
paper

of the same class.

Sterling exchange remains
alteration, the fact that rates
the news from the front from
ciable influence. Referring to
those on Saturday as compared
ago were a shade
4 753^@4 7552H,

without important
are pegged prevents
exerting any appre¬
the day-to-day rates,
with Friday of a week

firmer, and demand advanced to
and cable transfers to 4 7655@

remained stationary at 4 73@
733^. Monday’s market was quiet and totally
failed to reflect the new Austrian peace note promul¬
gated on Sunday; quotations continued at 4 753^@
4 75523^ for demand, 4 7655@4 76 9-16 for cable
transfers and 4 73@4 73Y for sixty days. Inter¬
national banking interests adopted a waiting attitude

4 76
4

9-16; sixty days

Oct. 12

1918.]

THE CHRONICLE

Tuesday pending the announcement of President
Wilson’s reply to Germany’s peace offer, and
trading

on

quoted at

1411
low

20.30 for

sight bills—another
low record. As was the case the week preceding,
was reduced to
negligible proportions; demand bills international bankers continue to offer freely bills
were a shade easier at 4 75
7-16@4 75%, although on neutral countries, though no buying power is
cable transfers and sixty days remained
unchanged. discernible in any direction, and it is freely predicted
On Wednesday trading was as dull as
ever; the under¬ that rates for neutral remittances will continue to
tone was firm with demand maintained at 4 75
7-16@ decline until even more normal levels have been
4 75%, cable transfers at 4
7655@4 76 9-16 and reached.
sixty days 4 73@4 73%; the publication of the
Bankers’ sight on Amsterdam closed at 43%, against
President’s note was well received, but actual
46; cables at 44, against 46%; commercial sight
quotations were unaffected. No increase in activity at 43 7-16, against 45 15-16, and commercial
sixty
developed on Thursday; quotations which were days at 43 1-16, against 45 9-16 a week ago. Swiss
largely nominal continued pegged at the levels of exchange finished at 4 82 for bankers’ sight bills
the day previous. On Friday the market ruled and 4 80 for cables.
Last weekHhe close was 4 66
quiet but steady and still unchanged; an influence and 4 64. Copenhagen checks closed at 27.30 and
of dulness was the approaching holiday.
Closing cables 27.60, against 28.80 and 29.10. Checks on
quotations were 4 73@4 73% for sixty days, 4 75 7-16 Sweden finished at 29.70 and cables at
30.00,
@4 75% for demand and 4 7655@4 76 9-16 for against 31.70 and 32.00, while checks on Norway
cable transfers. Commercial sight bills finished at closed at 27.50 and cables
27.80, against 29.00 and
4 75%@4 75%, sixty days at 4 72@4 72%, ninety 29.50 the week
previous. Spanish pesetas finished
days at 4 70%@4 70%, documents for payment at 20.65 for checks and 20.75 for cables. This com¬
(sixty days) 4 71%@4 71%, seven-day grain bills pares with 21.20 and 20.75 last week.
at 4 74%@4 74%.
With regard to South American
Cotton and grain bills for
quotations, the
payment closed at 4 75%@4 75%. There were no check rate on Argentina again declined, this time to
imports or exports of gold reported during the 44.35 and 44.50 for cables, against 44.60 and 44.75.
week.
The situation in Continental exchange remains
without essential alteration from that noted a week

Quotations have been well maintained at all
Entente centres, although as heretofore
explained, the pooling of interests by these Govern¬
ments and the rigid supervision exercised over all
exchange dealings have tended to prevent a full
response, to the spectacular international events now
transpiring, and the Allied exchanges have remained
almost stationary in the face of sensational declines
in rates on the neutral centres. The gratifying war
news has produced a firmness of undertone, despite
a disposition in some quarters to refrain from even
ago.

of

the

routine commitments until the results of President
Wilson’s reply to Prince Maximilian’s request for an
armistice became known.
French exchange ruled

as

as

new

For Brazil the rate for checks was further advanced
and closed at 24.35 and cables 24.50, as compared

with 23.85 and 24.00 on Friday of a week ago. The
Chilian rate remains at 15 13-32 and for Peru 57.
Far Eastern rates are as follows: Hong Kqng,

83@83%, against 85%@85%; Shanghai, 128@
128%, against 130@130%; Yokohama, 54.35@54%,
against 54%@54%; Manila, 50@50% (unchanged);
Singapore, 56@56% (unchanged); Bombay, 36%
@37 (unchanged), and Calcutta (cables) 35.73
(unchanged).
The New York

Clearing House banks, in their
operations with interior banking institutions, have
gained $1,244,000 net in cash as a result of the cur¬
rency movements for the week ending Oct. 11.
Their receipts from the interior have aggregated
$7,103,000, while the shipments have reached $5,859,000. Adding the Sub-Treasury and Federal Re¬
serve operations, which together occasioned a loss

firm, at a small fraction below last week’s levels.
Lire remain, as heretofore, at the official figure
previously arranged, while rubles are still dead¬
locked and entirely nominal. The official London of $75,668,000, the combined result of the flow of
check rate on Paris closed at 26.22, against 26.07 money into and out of the New York banks for the
last week.
In New York sight bills on the French week appears to have been a loss of $74,424,000, as
centre finished at 5.48%, against 5.47%; cables at follows:
5.47%, against 5.46%; commercial sight at 5.49,
Week ending Oct. 11.
Into
Out of
Net Change in
Banks.
Banks.
Bank Holdings.
against 5.48%, and commercial sixty-days at 5.53%,
interior movement
$7,103,000
$5,859,000 Gain SI,244,000
against 5.53% last week. Lire closed at 6.37 for Banks’
Sub-Treasury and Federal Reserve
i
operations
1
34,608,000
110,330,000 Loss 75,608,000
bankers’ sight bills and 6.35 for cables, the same as
Total* $41,771,000 $110,195,000 Loss $74,424,000
last week.
Rubles have not been changed from 14 for
checks and 15 for cables. Greek exchange continues
The following table indicates the amount of bullion
to be quoted at 5.13% for checks and 5.12% for in the principal European banks:
!

'

^

cables.

Oct. 10 1918.

Gold.

Violent

fluctuations, accompanied by further sharp
declines and alternate partial rallies, again featured
this week’s operations in the neutral exchanges,
clearly demonstrating that these centres are already
discounting peace. Swiss francs continued their
downward course, breaking at one time to 4 84 for
checks. This compares with a parity of 5 19%
francs to the dollar in normal times.
Dutch guilders
suffered a decline to 43 for checks—a drop of 3 cents
for the week.
The par is 40.2c. to the florin.
Scandinavian rates ranged from 30 to 80 points
below last week’s final figures, while pesetas were




£

j

Silver,
£

j

Oct. 11 1917.

1

Total.
£

I

Gold.

Silver,

£

£

j

Total.
£

England..

73,109.000
73,109,000 55,488,759
55,488,759
130,080,483 12,800,000148,880,483 131,424,320 10,390,000141,814,320
Germany. 122,372,000
5,785,250128,157,850120,207,500
5,157,250125,364,750
Russia
129,050,000 12,375,000 142,025,000 129,520,000 12,370,000 141,890,000
Aus-Hunc 11.008,000
2,289,000 13.297,000 12.678,000
2,800,000 15,478,000
Spain
87,907,000 26,192,000114,099,000 77,024,000 29,385,000100,409,000
‘ 32,728,000 3,088,000 35,810,000 38,440,000 2,587,000 41,027,000
Italy
N ether l’ds 59,030,000
600,000 59,630,000 56,198,000
614,700 50,812,700
Nat. Bel.h 15,380,000
600,000 15,980,000 15,380,000
600,000 15,980,000
S witz'land 15,301,000
13,867,000
j 15,301,000 13,867,000
Sweden
14,662,000
...I 14,662,000 11,363,000
! 11,363,000
Denmark. 10,366,000
131,000 10,497,000 10,794,000
157,000 10,951,000
Norway..
6,748,000
! 6,748,000 7,142,000
7,142,000
Francea-.

Tot. week.714,354,089

63,860,250778,214,339 679,526,579 64,060,950743,587.529
Prev.week708,332,045 63,870,950772,202,995 679,407,391 64,008,000743.415,391
a

held
*

c

Gold holdings of the Bank of France this year are exclusive of
abroad.
No figures reported since October 29 1917.
Figures for 1918 those given by "British Board of Trade Journal"

1917; figures for 1917 estimated on the basis of the Dec. 7 1917 totals,
h August 6 1914 In both years.

£81,484,340

for Dec. 7

[Vol. 107.

THE CHRONICLE

1412

But the Allied public did not lose

negotiations.”
GERMANY’S APPEAL FOR TERMS.

respect the appeal of the new German
Chancellor, that the President of the United States
arrange with its allies for negotiations of peace with
the Central Powers, entirely fulfilled popular ex¬
pectations. The German Government was unques¬
tionably acquainted with the proposal for a secret
peace conference, made by Austria on Sept. 14.
When it chose to represent itself as not a participant
in that futile effort, the inference was unavoidable,
In

one

only that the statesmen at Berlin did not wish
the risk of sharing the rebuff which that pro¬
posal was sure to encounter, but that they were
planning to keep their own hands out of it, with a
view to a later proposal on their own account. Such
a proposal Germany made last Sunday, Oct. 6—less
not

to

run

than three weeks after Mr. Wilson’s rejection of the
Austrian appeal.
But if the fact of a new request for peace by Ger¬
many was no surprise, the form of it was at least such
as to turn interest and curiosity in somewhat new

directions.

That President Wilson’s

reply to Ger¬

have taken a different
of the proposal from
Vienna was a necessary result of the changed form
It was not a necessary indi¬
of the German note.
cation that the German proposal would be enter¬

many last Wednesday should
form from his curt rejection

tained. Both the German Chancellor’s note and
the President’s reply indicate merely that the

placing a final ultimatum before Ger¬
many has arrived.
The appeal for peace is forwarded by Prince
Maximilian of Baden, who was appointed Imperial
Chancellor on Friday of last week, Oct. 4, to succeed
the unlucky von Hertling. The new Chancellor,
a moderate in politics and an opponent of “PanGermanism,” promptly effected a species of Par¬
liamentary reform—necessarily made up only of
promises but including responsibility of ministers
to the Reichstag and of franchise reform.
The
Kaiser’s assent, framed in language not unlike a
groan, was formally published.
Apparently Prince Max, as the Germans call him,
held the opinion that the fact of Mr. Wilson’s state¬
ment of formal stipulations, on which assent to peace
would be conditioned, made it more feasible to appeal
moment for

much time before it put the searching questions: first,
how much or how little was signified by accepting cer¬

tain stipulations as “a basis” for negotiations; second,
what situation would be created, and which belliger¬
ent’s interests would be

promoted, by suspending

hostilities before, not after, final agreement on the
terms? For the German note requested “immediate

conclusion of an armistice,” but merely suggested
deliberate action in “opening negotiations.”

quite unanimous judgment of this country
expressed by numerous speeches in the United
States Senate on Monday. As to the “basis” for
negotiation, Senator Poindexter pointed out that
acceptance of such a proposal would mean “Germany,
a great, armed nation, with her unconquered army
on her interior lines of defense, negotiating with the
United States from that citadel of strength as to
The

was

propositions of the President, if any,
she would agree to.” The request for an armistice
“for the purpose of entering on a discussion,” Senator
Brandegee declared, “is a mere trap to divide and
separate the Allies.”
President Wilson’s reply to Germany on Wednes¬
day went straight to the point in both particulars.
An armistice, under existing conditions, cannot even
be discussed.
The State Department’s communi¬
which

one

of the

cation thus dismisses it:
“The President feels bound to say, with regard to
the suggestion of an armistice, that he would not
feel at liberty to propose a cessation of arms to the
Governments with which the Government of the
United States is associated against the Central

the armies of those Powers are
upon their soil.
The good faith of any discussion
would manifestly depend upon the consent of the
Central Powers immediately to withdraw their
forces everywhere from invaded territory.”
Powers,

so

long

as

“Does the Imperial Chan¬

But this is not all.

mean,” the President proceeds, “that the
Imperial German Government accepts the terms
laid down by the President in his address to the
Congress of the United States on the 8th of January
last and in subsequent addresses, and that its object
in entering into discussions would be only to agree
upon the practical details of their application?”
To anwer this, Berlin must openly assert or relin¬
to the Government of the United States than to quish any reservation contained in the phrase, “a
basis for peace negotiations.”
It is a vital and
that of England, or of France, or of Italy.
His
note of Oct. 6, therefore, was transmitted to Wash¬ searching question, which Germany cannot now
evade.
But more than this: The United States
ington by the Swiss Ambassador. This was its
Government “is justified in asking whether the
proposal:
Imperial Chancellor is speaking merely for the con¬
“German Government requests the President of stituted authorities of the
Empire who have so
the United States to take in hand the restoration of

acquaint all the belligerent States of this
request, and invite them to send plenipotentiaries
for the purpose of opening negotiations.
“It accepts the program set forth by the President
peace,

of the United States in his message to Congress on
Jan. 8, and in his later pronouncements, especially
his speech of Sept. 27, as a basis for peace negotia¬
tions.
“With a view to avoiding further bloodshed, the
German Government requests the immediate con¬
clusion of an armistice on land and water and in
the air.”

apparent, on the most cursory reading,
that this German proposal differed in only two re¬
spects from that of Austria. It did not ask for a
It

was

“confidential and unbinding” conference, and it ac¬

cepted Mr. Wilson’s




program

“as

a

basis for

peace

cellor

far conducted the war.”

IJere is the plainest of reminders of Mr. Wilson’s
declaration of Sept. 27, that the Governments
of Germany and Austria “have convinced us that
they are without honor and do not intend justice”;
that “we cannot ‘come to terms’ with them”; that
“we cannot accept the word of those who forced the
war on us.”
The new German Chancellor may, and
possibly will, reply that he represents the German
people, not the Emperor. His speech to the Reichs¬
tag last Saturday was framed with a view to this
impression; it was addressed more to the Allied
own

Governments than to the German
It declared the
“not

only

that of

new

Chancellor’s purposes contain

confession of political faith, but
overwhelming portion of the German

my own

an

people.

Oct. 12

1918.]

THE CHRONICLE

people’s representatives.” With the day of the
Imperial decree for parliamentary responsibility
“began a new epoch in Germany’s internal history.”
But these are as yet only declarations of
purpose.
There has been no appeal to the voice of the German

1413

maintaining their

sense of wrong were prospering
homes.
The French temper at first, and then the
quick

in their

new

prosperity of the supposedly crushed

enemy,

led

Bismarck to proclaim his regret that he had let her
electorate. The new Chancellor must show his off so
easily. He should have insisted upon his
credentials, and it is difficult to see how that can be first demands of an
indemnity of ten millards of
done without the repudiation of
Hhfienzollern su¬ francs with the surrender of the great fortress of
premacy.
But he must also

the

equally grave ques¬
tion, whether he accepts Mr. Wilson’s stipulations
in advance, or not. These
conditions, which
answer

Prince Max would have made the “basis of
peace
negotiations,” include not merely the evacuation
of

Belgium, Northern France, and Russia, but the
“righting of the wrong done to France by Prussia
in 1871 in the matter of
Alsace-Lorraine,” the erection
of an independent Polish State,
autonomy for the
peoples of Austria-Hungary, “readjustment of the
frontiers of Italy along clearly recognizable lines of
nationality.” If these broad concessions were offerred by the German Government, there
would
remain

for a peace conference the questions of
restitution and reparation. A government which

imposed

Russia, and is collecting from her six
of “indemnity for war
damage”—
presumably in the short campaign of 1914 in East
Prussia—can hardly evade a
reckoning for the
wholesale destruction and plundering of four
years
in France, in Belgium, in Serbia, on the
ocean, and
billion

on

marks

in the present retreat of Ludendorff’s
army.
We should pronounce the German Government’s

even

acquiescence in these terms impossible if it were not
for the plain evidence that
Imperial Germany im¬
plicitly admits its own desperate military and political
situation.
Outright refusal, with the position what
it is on the Western front, would mean invasion of
Germany at no very distant date. Mr. Wilson
stipulates withdrawal of Germany’s armies from all
foreign territory before granting even an armistice.
If this were refused, the terms accorded to
Bulgaria,
of disbanding the army itself, would
naturally be

substituted.
Mr. Wilson has himself insisted that
“guaranties
of good faith must be placed in the Allies’
hands;”
that is one of the stipulations to which Berlin must

assent, if it accepts the President’s proposals in any

other form than as a “basis for peace
negotiations.”
The military situation being such that

practically obliged to accept

Germany is

Belfort, and should have kept the German army
longer than two years on French soil after the
surrender. So strong was this feeling that France
greatly feared a second attack as early as 1874-5.
Besides the wound in her heart and the
prolonged
danger of further aggression, intensified by the
rapid fortification of her lost territory and its steady
repopulation with Germans, France had lost one
of her two great coal fields in the
region around
Briey dominated by Metz and a great number of
even

varied and extensive textile industries which
of prime importance to
France, as well as

were

constituting

the chief source of the wealth of Alsace-Lorraine.
All this she had so completely
put out of her mind
that when her great novelist Rene Bazin felt moved
to see if he could not complete and make
permanent
the pacific relation which after some

thirty years
by himself going to Alsace and living
among the people that he might interpret to them
their feelings and convince them of their best inter¬
ests, two years’ residence in which he got into touch
with people of every class,
completely changed his
point of view and convinced him that the local
had grown up,

of wrong was so universal and so
deep and the
gulf between them and their conquerors so real that
time could not change the feelings or desires of the
natives and his clear duty was to state their case to
the world.
Thereupon he wrote to that end his
sense

powerful novel “Les Oberle,” over which France,
despite her strong resolve of patience and peace,
heaved a great sigh and knew that the end was
not

yet.

Then

the

morning of August 2 1914 came the
before any declaration of war, that German
troops were pouring into Luxemburg, to be followed
immediately by the rush upon Belgium. The two
lines of attack were directed at the quick
possession
of both of the French great
mining fields, that of
Briey, and of Lens in Flanders. Besides most of
France’s coal, Germany quickly boasted that she
on

news,

held then three-fourths of all the French

smelting

terms, furnaces, destroying, as she supposed, any possi¬
her Government may at once
yield compliance with bility of French defense; and she has held those
all these conditions, but the
pill will be a bitter one mines and furnaces until to-day.
for the Kaiser to swallow.
Now, with the inevitable and rapidly developing
peace on any

defeat of the armies of the Central

THE RIGHTS OF FRANCE AS A BASIS
OF PEACE.
Of the three great nations, the
original Allies,
France is the one which has suffered the most and
the longest. Since 1871 she has carried Alsace-

Lorraine

her heart.

At first she burned with a
feeling of unutterable revenge. In time the strong
French common sense and clarity of
vision, coupled
with her rapid material recuperation,
on

Powers, arid the
that, in consequence of President Wilson’s
power of clear statement and the whole-hearted way
in which the people are standing behind him, America
is assigned the leading place in the diplomacy of the
Allies, the danger is that we think in too general
terms or fix our thoughts upon the more obvious
aspects of the situation.
We set out to deliver Belgium.
We were brought
to it by the sinking of the Lusitania and the bold
announcement that the pledge over the Sussex that
no more unarmed
ships would be attacked and sunk
without warning, was meant only to hoodwink us
until Germany had completed a sufficient number of
submarines. But from the response of the first
fact

wrought by
steady industry of her
people, led her to accept the situation, at least so
far as to live at peace with her neighbors.
Mean¬
while 400,000 Alsatians, impelled by their own feel¬
ings and the steady pressure of the German ad¬ French soldier to the order for
mobilization, no
ministration, had come over the border and while Frenchman offering his life with a heroism and comthe indomitable courage and




1414b

[Vol. 107.

THE CHRONICLE
individuals look upon

themselves, their

resources

pleteness of devotion that has not faltered for a single and abilities.
hour, has had any other thought than that the fight
Our- boasted wealth has been heralded to the
was for the redemption of Alsace or the ruin of
world.
And whether it be one hundred and fifty
France.
We have put ourselves alongside France
or two hundred and fifty billions matters not so
and have made her cause ours, as completely as we
much as that we are financially strong enough to
have assumed Belgium’s.
We have keen sympathy
for Belgium, it is genuine and without reserve; but carry forward an undertaking our Government has
for France we have a debt of gratitude as well.
It projected on a gigantic scale, and planned so care¬
All understand and
has stood for more than a century; it has been con¬ fully that it insures victory.
firmed in many ways, and indeed enlarged by many appreciate what our failure in this Fourth Loan
would mean to our own armies, and to the armies
a grateful obligation.
No right is more just, none and Governments of our enemies, but failure would
is more honorable, none has been more bravely
acknowledged, than that of France to the first place actually lessen the values of everything that we
have as a proposition in finance.
We have set the
in our thoughts and the foremost place in our de¬
measure of our ability and we must live up to it.
mands to-day.
And this is an added reason why the corporation
Belgium must be evacuated absolutely, and, as far
and individual should bend to the common task, and
as possible, restored and recompensed; and Alsace
do as much as is consistent with individual energy,
must be freed and set at once, and wholly and un¬
effort and safety.
alterably, in the arms of France; both these as the
These loans have all been made popular, have been
first and absolute conditions of peace, and to be done
laid upon the voluntary effort of the citizens. It is
as the acts of a defeated or capitulated army, recog¬
nizing that undevastated towns and unrobbed important that they be kept so, for industry and
credit are more free under this plan than any other.
civilians are their best plea for consideration.
But if failure ensues anywhere along the line, it may
be necessary to create arbitrarily by Governmental
A LAST WORD ON THE WAR LOAN.
power a huge pool of existent credits upon which to
It has been partially done in other
We shall not have occasion, in an argumentative lay war loans.
we should avoid such a necessity here.
way, to advert again to the present war loan.
One countries,
Other nations have gathered together the securities
week more remains. And its oversubscription should
of their subjects and brought them to us as pledges
be accomplished. The funds are needed—are, in
for loans; we cannot go to them in like manner.
fact, appropriated, and must be met. It need not
We can depend alone on ourselves.
And it is better
now be stated that the enterprise upon which the
that individuals hold their securities, even though
nation has entered .will take no backward step.
There are some phases of the subject, we feel, they pledge them as borrowers in order to subscribe,
than that the Government hold them.
however, may be stressed more than they have been.
It is not only patriotic, therefore, it is politic,
And first, our financial standing before the world is
that the people absorb these loans.
We are not
at stake, and failure to meet this loan would affect
doubting it will be done—but it is never unwise to
us adversely in all the great financial centres, and
look possible consequences in the face.
Not only
would directly influence our foreign trade after the
is it incumbent on every corporation, firm and indi¬
It is simply “good business” to float the loan
war.
vidual to do a part, but doing a part they receive
promptly and easily.
the benefit of the prestige the whole gives us in the
We have never felt that abounding boastfulness
which has characterized much of the comment on exchanges and marts of the world. If we are to do

must not
Foreign trade always reacts on domestic,
and thus, though debts should be avoided where
possible and always sap the strength of the debtor,
yet, viewed in this light alone, every dollar subscribed
mete estimates, with the wish father to the thought.
Real wealth is the finished product, not the latent. to this present war loan is a bid for—an earnest of—
In metals and minerals we do not “know how rich future prosperity.
we are”—yet we have not now too much copper to
RECONSTRUCTION AFTER THE WAR.
use, or too much coal to burn.
Years of toil and time
Last week a joint resolution was offered in the
are necessary to bring our real wealth into being.
To count it now as available for use in immediate Senate by Mr. Weeks of Massachusetts and in the
war is premature.
True, _we are mortgaging our House by Mr. Madden of Illinois, both Republicans,
latent, our potential wealth, but our ability to con¬ for a joint Congressional Committee on Recon¬
When peace comes, said the Senator,
vert it into use by means of credit is not unlimited. struction.
And as long as we adhere to the method of popular Great Britain will be ready to act promptly in
subscription we are compelled to utilize largely our inaugurating policies, having already made some
powers inhering in real wealth widely diffused among preparations, and unless this country bestirs itself
we shall lose a great part of the commercial and trade
the people.
We have not felt, as some seem to have believed, advantages obtained early in the war and shall
that there were large amounts of idle, floating capital, encounter confusion whereby time will be wasted.
waiting, like air, to rush into this vacuum of war So Mr. Weeks would have a committee of six from
need. In fact, it must be pumped in. It must be each branch of Congress, with power to appoint sub¬
taken from possible enterprises in other directions; committees upon questions that may be assigned to
it must be secured out of the willingness of current them and also employ experts for collecting informa¬
industry in the hands of corporations and individuals tion and assisting with advice. The subjects pro¬
to mortgage its future, to draw upon a possible posed are: Problems affecting labor; affecting capital
potential power, as these several corporations and and credit; affecting public utilities; relating to

financial ability as a people. We are not un¬
mindful of our vast resources, but a major portion
of them are undeveloped, are potential rather than
actual. Figures of national wealth have often been
our




a

greater foreign trade

fail

now.

after the

war, we

Oct. 12 1918.]

THE CHRONICLE

demobilization; affecting foreign trade; those
ing the continuance

of

1415

affect¬ yet hardly needs any
qualifying. Now the most
serious problem here is whether this course is
to
stand; is Government to keep on, to lay hold of more
and more, or to stop
where it is now; or, on the other
hand, is it to “unscramble” as rapidly as possible and
to restore the former freedom of
individual action
which has made the
country what it has become ?
There is but one sound answer to this
question:
Government should withdraw to its own
lines, yet

existing industries and the
establishment of new;
relating to agriculture;
production and distribution of fuel; relating to
ship¬
ping; housing conditions and the disposition of
houses built by Government
during the war; exist¬
ing war legislation, “with reference to its repeal,
extension, or amendment;” “and in general all
matters necessarily
arising” during the change from
back to peace.

war

And each of these twelve (ex¬
cept the last five) has a batch of subdivisions.
On the

following day

Mr. Overman of North
months
Carolina, some
ago the President’s agent
and sponsor upon the bill for
increasing certain
executive powers, presented in the Senate
what
is accepted as the Administration’s

project to the
end, taking the form of a bill. The particular
subjects enumerated are fewer in number and less

same

minute in the details mentioned than in Senator
Weeks’s resolution, but may be considered to cover

substantially the
some

for

same

ground.

material differences.

There are, however,
The Weeks plan calls

joint Congressional committee of twelve,
equally divided between the two houses and between
the two parties; the other calls for a
committee of
five only, of whom not more than three shall
be
“members of the same political
party,” and as the
five are to be appointed and confirmed in the
regular
manner this means that the
majority would be
nominally Democratic. By the Weeks plan, the
selection would be made “by the
respective caucuses
of the two parties in each
House,” and would include
Congressmen only, while by the other plan they
might include a Congressman or two but presumably
a

would not.
The Overman bill names two
years after the
the term to be covered by the “Federal

war as

Commission
Reconstruction” and gives it
“authority to employ
and fix the compensation of such
economists, in¬
on

vestigators, special experts, clerks, and other em¬
ployees as it may from time to time find necessary

for

the

performance of its duties.” By
plan, we may therefore expect a cumbrous and
costly addition to the already long list of commissions,
charged with the duty (performed in its own time
and manner) of
studying, recommending and re¬
porting to Congress, on a range of topics appallingly
broad and covering almost
every interest and every
function in the whole work and life of the
country.
The one plan proposes action
by Congress and at
the initiative of
Congress; the other, an Executive
action through outsiders,
by express authority of
proper

either

Congress. Nobody can well overestimate, and
certainly no careful man can forget or be indifferent
about, the vast and unprecedented problems which
will arise in what is
conveniently called “reconstruc¬
tion;” we had them directly after the Civil
War,
difficult, sectional, and bitterly partisan, and now
there will be an international contest for
trading posi¬
tions, added to the other questions of policy which
will be a task for the strongest
We cannot escape all these

in all countries.
problems; we cannot afford
to entirely defer them as
bridges to be crossed when
we reach
them; but we shall be wise if we proceed
only on very broad and careful lines and
manage
to avoid commitments
prematurely. Government
here has pushed into
everything, doing the most
unheard-of things, assuming the most
men

undreamed-of
laying a hard hand upon every operation of
production and trade; the statement sounds
broad,
powers,




there will

certainly be

struggle before that can be
started, so heavy will be the
pressure for socializing expansion.
The objection
alike to both these
proposals is that they contemplate
more intervention
by politicians, whereas the true
course is to leave business men
to care for and push
business; interrupted by war, this should be firmly
and as speedily as
possible restored when peace

accomplished

a

or even

returns.

As

ground for preferring appointment of the
commissioners in the usual manner, Senator Overman
said the subject is one for Executive
and not for
Congressional consideration. He will not find gen¬
eral assent to this. The Executive will
always have
his power to
“recommend;” whatever the slow and

clumsy body to be created has to suggest is to be
reported directly to Congress, by either plan; no
step can, be taken on any of the multitudinous
topics
to be covered,
except by legislative action; and we
are brought once more to the
question of how much
Congress will and should have to do with all these
problems that are to come up. Is Congress to be¬
come once more, as it was when it
was composed of
stronger men, a controlling, an initiative, and a
co-ordinate part of Government, or will it continue
enfeebled, a sort of echo or formally-ratifying attach¬
ment to one supreme
function, under a still unaltered
constitution which provides for distributed
and
balanced powers. This question,
as we have said
before, is practical, not academic; has it gone out
of mind by just a permitted default?
Perhaps the appearance of the Weeks-0verman
proposition is fortunate and timely just now, as
again calling us to note the importance of elevating

the standard of ability,
independence, and manhood
the next Congress. And the
day of election
is now only three weeks from next
in

Tuesday.

CHANGING ONE ARISTOCRACY FOR
NOT DEMOCRACY.

ANOTHER,

A man is fully entitled to pride in his achievement
who has “come up out of the ranks.” We
picture
a “self-made” man as one who has
overcome great

obstacles, who from poverty and lowly station, by
industry and the development of innate, but latent,
ability, has attained place, wealth and power. What
we do not always
perceive is that inherited wealth
and position are not only a
responsibility but often
a handicap.
Born to “the purple,” a young man,
according to standards we somehow tacitly accept
when we point to a “rise in the world,” has
less in¬
centive to drudging toil than one not so favored at
birth. He already has, by ordinary
worldly esti¬
mates, all that the poor young man seeks to gain.
If he have real native manhood he becomes a
public
benefactor by the wise use of his advantages and
possessions. If he is a “slacker,” adversity might
have caused self-development, and again it might
not; he may be doomed by nature to become a
worthless spendthrift, one of the “idle rich.” Neces¬
sity is the mother of many a good fortune. The fact

1416

[Vol 107.

THE CHRONICLE

that may be. Though a millionaire many times
rightly appreciate is that neither poverty
over, he seems to wish to be classed still with the
nor. wealth, failure or success, make a man—only
workingmen. Apparently his words raise a pre¬
the use of faculties in the light of circumstances
sumption that he yet feels the “sting” of contrasted
does this.
in the days when he toiled in the shops.
Many things are predicted to come out of the war. positions
But if his millions are really to make no difference
One of these is a “new social era.”
But if our
in him what “sting” can there be about them for
republic houses a real democracy now, it is difficult the fellows who still work in the shops? And would
to see what violent change is to come.
Yet, there
it not seem from his, and other similar, talk, that
seems to be a persistent idea afloat that “labor” is
“labor” wants all that the rich man has, and yet
to attain a new position—the laboring man is to
refuses to give up the high and holy dignity of labor
“come into his own.”
But how? Will he cease to

we

do not

Will all laboring men become
so-called capitalists and cease to work ? Do not men
of wealth labor for long hours, in addition to carrying

be

a

laboring man?

heavy load of responsibility, now? Measured by
the standard of actual toil, where is this alleged
“aristocracy of wealth”? Aside from men entitled
by age to retire from active life, is not the number
of those who simply live off this so-called “unearned
income” very small? Why, then, suppose a condi¬
tion that does not and cannot exist? There can be
no aristocracy of any kind in a pure democracy.
Why talk of an impending change—as if to say that
in the future there is to be a new form of aristocracy
—the “aristocracy of labor”? Why not define the
a

sake, even though it has nothing? If
honest labor for every man with the best means at
hand is the test of true democracy and true man¬

for its

own

hood, what difference can it make how wealth is
distributed so that it is employed in useful indus¬
tries? Ownership of wealth does not make a man;
effort for some good that develops self and benefits
mankind, does. What'change then do we need in
our present social era?
In a recent address Mr. Schwab is reported as
saying:
“We

are

about to enter,

already entered, a new

if indeed we have not

social

era

for the future—

of which few persons to-day ever dreamed was
possible. It is an era which means
tocracy of the future will not be one of
or
birth, but of the man who does
fellowmen and his country. It will be a truer life
of democracy than in the past.
There will be
one

that the aris¬

of labor instead?
wealth
We have been fed in the past on many false ideas.
something for his
One of these is: “There is always room at the top”;
meaning by the top the pinnacle of position, power
no sharp distinctions between rich and poor.”
and wealth. On the contrary, in this sense the social
“I don't want to be regarded as a Socialist, for I
structure has the shape of a pyramid, and the “room” want to
keep what is justly mine as long as possible.
is at the bottom.
In a single generation, with a I mean that the merely rich man will have no credit
four-year term of office, it is possible for six men to in the community if he is of no use to the world.
become a President of the United States. If our The true aristocrat will be the man of integrity,
domestic or national wealth is really a boasted two having in his heart the love of his fellows, possessing
a sturdy character.
Such a man will have his place
hundred and fifty billions, and Mr. Rockefeller is in
on
the pedestal of aristocracy. May this social
a way of becoming a billionaire, there is room for
era go on and bring us greater happiness, and when
two hundred and forty-nine others, and no more.
fully attained it will give us a life worth living.”
And two hundred and fifty billions divided equally
But when all distinctions between wealth and
among one hundred millions would not make much
poverty are wiped out, there will be no aristocracy,
difference to the “very poor.” Another hoary adage
but universal democracy instead.
There will be
is: “There is no excellence without great labor.”
no “pedestal” of aristocracy to place any man on.
Intrinsically this is true, but it is coupled with an¬ The
poor will love the rich; and the rich will love
other legend, “Merit will win”—which is untrue.
the poor.
And to reach this general level of good¬
Merit alone can win, but that is no sign that it
will it is probable the poor man has as far to go as
always will. Again we delight in saying “circum¬ the rich man—for usually it is the former who sees
true democracy

do not make men,” but men make circum¬
the odious spectre of the “aristocracy of the rich,”
stances.
We take a deal of pride in this because and the rich man is not troubled much about the
we
have a free democracy for effort, and we
aristocracy of the poor. What now most concerns
condemn the “slacker” who hides behind the excuse
him is the creation of an aristocracy of the poor—
of preventing “circumstances.” But is not man
of workingmen who refuse equality of opportunity
compelled to live in *his environment? Are there and social status and arrogate to themselves the
not social, economic, political and commercial cur¬
right to own the “unearned increment,” the right
rents which he does not individually create and can¬
stances

personally control? Why not deduce this truth
out of all these half-truths, out of this seeming con¬
flict between a vague aristocracy and an undefined
democracy, and say that the true man is he who does
his best, with the natural talents given him, by way
of self-development, always remembering his respon¬
sibility for and duty to his fellows—say, that labor
actuated by love is the criterion of the only success

not

collectively all wealth because forsooth they
“produced” it. Now Mr. Schwab is a “workingman” and a “millionaire” combined, and he is doing
a vast and useful work in the world, but this same

to

own

condition cannot come to every man.

Yet it is

possible to some men, and in striving to attain it,
the incentive exists for all men.
But he who fails,
though he strives, is entitled to the social sanction,
Governmental protection, and democratic regard
that can come to every man ? The trouble with the
of his fellows. And if this be true the thing we need
new era projected is that we are thinking of new and
most is not an aristocracy of any kind, rich or poor,
radically changed conditions and not to placing a but a
democracy in which every man will be regarded
proper estimate on the means and opportunities we
by every other man on the merits of his efforts and
now have, and which cannot be abrogated—labor is
character.
the law of life, and love is the law of labor.
We need not change our “social era” as regards
Mr. Charles M. Schwab may be recognized as a
herald of the new “social era” to come—whatever ownership and opportunity at all, we only need to




Oct. 12 1918.]

THE CHRONICLE

change ourselves, and quit hating

1417

because the property for the proprietors, as well as to give
them established returns upon their securities.” So
Mr. Vail reports, and he expresses himself as entirely
satisfied. In similar, although less extended terms,
seeing Mr. Carlton of the Western Union says the
spectres of “aristocracies” where they do not exist. company’s representatives received the utmost
And Mr. Schwab is proof himself that
they do not. courtesy “and at all times have been impressed with
a man

he is very rich or looking with contempt
upon a
man because he is
very poor.
The matter is not
a fault of the natural laws of our individual
and
social development, but because we are

He created his fortune and he is entitled to it—
and a “new social era” which would
prevent a similar
career would be the worst
thing that could happen
to the poor man.
The last thing we want is some

the evident desire to secure the ultimate facts in the
situation and to provide for those interested in the

property all that Congress contemplated in the joint

resolution providing for a just compensation;.
legislative hocus pocus that will try to set up an viewed in every aspect, the contract is a fair one to
aristocracy of the poor in the place of an aristocracy the telegraph company and the Government, and
of the rich it proposes to
the arrangement has been reached through
destroy.
the pur¬
suit of a broad policy by both parties.”
1
CONTRAST BETWEEN GOVERNMENT ACTION
But on Sept. 11 the Committee of
Seventy of the
IN

WIRE CONTROL AND IN RAILROAD
CONTROL.

“A

.

.

National Association of Owners of Railroad Securi¬
ties pronounced the contract draft submitted “un¬

mutually satisfactory agreement” with Post¬ satisfactory and unacceptable,” and instructed Coun¬
sellor Untermyer to see the Director-General and
ask his co-operation in getting a judicial and authori¬
the telephone and telegraph systems.
For the tative construction of the two fundamental provi¬
owners are provided payment of interest and
existing sions which are in doubt and dispute. On last
amortization charges on all obligations of the Bell Wednesday a special meeting of the committee was
system in public hands, including the convertible held to receive his report, which in substance was
6% bonds of August 1 last, “dividends at the existing that the Director declines this request, because the
rate” on outstanding stock in public hands, and pay¬ contract is a mere tender,
subject to the decision of
ment of any charges or interest or other costs on new the roads, and
any which do not choose to accept it
securities or capital issued in discharging or extending ought to beJeft> entirely free to refuse. The
meeting,
attended
obligations.
License
and
rental
contracts
present
by a majority of the members, passed a reso¬
are to be continued, and all taxes shall be
lution
that
inasmuch as “this Association and the
paid by the
Government.
Extensions made to meet abnormal bondholders of the respective companies have no
conditions and without approval of the Bell system voice in the management of the railroads and the
shall be appraised by the Inter-State Commerce bondholders must depend for their protection
upon
Commission at the end of the term of control and the trustees of their respective mortgages,” it is for
their appraised value shall be paid for in annual 5% those trustees to look after their trusts. Two weeks
installments; those made with money furnished by ago, a Washington dispatch quoted the Director as
the Government and with approval of the system having said that in view of the high interest rates
shall be paid for in like installments after the term of demanded because of war conditions, he would
lend,
control.
up to July 1, at 6%, and on safe and reasonable se¬
Two days later, a similar announcement of agree¬ curity, “such funds as may be
necessary to pay off
ment with the Western Union was made.
Govern¬ maturing issues of mortgage, equipment, or deben¬
ment is to pay interest on outstanding bonds,
divi¬ ture bonds.” The resolution by the Committee, pre¬
dends and interest due on stocks and bonds of sub¬ ceded by the remark above quoted, calls on trustees
sidiary companies, all taxes and operating charges of railroad mortgages “to investigate the law and
on the property, and 8 millions a
year in addition, the facts appertaining to the effect of the operating
“thus assuring the present rate of dividend on the contract on the rights of the
bondholders, and take
stock.”
The company will loan without interest such action as is necessary or proper for the
protec¬
$1,600,000 annually toward financing approved tion of the interests of the bondholders represented
additions or extensions, any further sums required by them respectively as trustees.”
therefor to be furnished by Government; if new
To this Mr. Warfield adds for the public that in
securities have to be issued by the company the the opinion of counsel and others the Federal control
Government is to pay the interest, dividends, or law must eventually be construed by the
courts,
other costs of such as may be issued in exchange, “and that this may be
necessitated, in due course,
discharge, or renewal of existing obligations.
through the applications of the trustees of mortgages
A state of feeling, most desirable to have and
securing issues of bonds of railroads affected through
pleasant to read, is reported as existing between the the operation of the contract.” Those roads, he
Department and both systems. There was “pains¬ thinks, must now choose between (1) making the
taking and exhaustive discussion and a frank ex¬ contract on the terms offered; (2) applying to the
change of views as to what constitutes a just and Board of Referees provided for in the control law
fair compensation.
the representatives of to fix their just compensation (with the right of
the Bell system throughout the negotiations found appeal therefrom to the Court of
Claims) and make
nothing but helpfulness; asking no more than they a contract on the basis of the findings by those
thought ought to be paid by the Government, they referees; or (3) proceed independently of the control
found an intent and desire to pay all that ought to be law to seek their
just compensation from the Court
from the first exchange of views of Claims, without reference at all to the Board of
paid.
until the close the Bell representatives were met
by Referees. The counsel of each road being aware
the Postmaster-General and his representatives in a of this situation, it is
supposable that the oppor¬
spirit of absolute fairness and with an earnest desire tunity of deciding will be offered at the stockhold¬
to preserve the service to the public and preserve ers’
meeting. Mr. Warfield adds that the Commaster-General Burleson is announced by President
Vail upon the relations between the Government and

.

.




.

.

.

THE CHRONICLE

1418

concerning the contract draft
seem strengthened and justified by the recent tele¬
phone contract as published, for that secures in¬
terest to bondholders and to stockholders the full
dividends regularly declared, besides covering just
mittee’s contentions

be

[Vol. 107.

shaped, from this time forward, so as to agree
promise.

with fulfilment of the

CANADA’S FIFTH WAR LOAN.
Ottawa, Can., October 10.

After a diverting little passage-at-arms between
arrangements regarding improvements and better¬
ments made during the control term, whether made the Finance Minister and a host of advisers on bond
with or without consent of the companies.
“These taxation, the campaign for the October war loan of
300 millions is already exerting its magic on public
are the things/’ he adds, “that we have continuously
contended for in the case of the railroad contract enthusiasm. This will make Canada’s fifth war
during all the negotiations with respect to it but loan, and if nothing more than the amount asked for
is raised the total of domestic loans to cover,
which have been denied to the security holders.”
Having done its utmost for the owners of the prop¬ military expenditures will have reached 1,050
erties, the Association is thus obliged to report back millions. There is no reason to doubt that, as in

for themselves as may previous calls, the Government treasury will be
appear best. The Director-General, some weeks ago, deluged with subscriptions well beyond the mark set.
The ascending scale of Government war demands
and accompanying the offering of the contract
draft, plainly intimated that the roads ought to be and the readiness of the Canadian public to out¬
satisfied, since in no event could they be in so bad match them is instructive not only as concerns the
a
plight as the impending one from which the country’s remarkable ability to provide huge sub¬
seizure had saved them, and that roads which hold scriptions from its own savings, but in the unyielding
out are likely to fare the worse; at the meeting on buoyancy of Canadian Government securities and
Wednesday he was said to have assured the Asso¬ the contagious effect of the bond-buying idea.
In 1915 the Government first issued a war loan of
ciation’s counsel that roads which do decline accept¬
50
millions and received 113 millions from 24,800
ance “will receive just treatment;” but this is a
general promise, and it is already provided that such subscribers. In September 1916 100 millions were
roads will have 10% of their just compensation held asked for and 201 millions sent in. Six months later,
in March 1917, 150 millions were called for and 254
back, with liberty to go to court for the rest.
In November 1917 the
One might conjecture that Mr. Burleson’s grati- millions came as a reply.
dollar
150
million
loan
met
with
419 millions of sub¬
i cation over achieving a long-cherished dream of his
of attaching all wire communication to the postal scriptions, the latter sum coming from 820,000 per¬
sons.
These sums already have been spent on the
ystem makes him agreeably disposed; yet perhaps
In addition, the
t is unprofitable to conjecture the reasons for the war machine of 450,000 men.
only too-evident contrast between the situation as country has given a credit of 500 millions to the
to the roads and that as to the wires.
Yet, while Imperial Government for the purchase in Canada of
The banks have advanced
the text of the agreement is not given in full, Mr. munitions and food.
Canada
Vail says the principles adopted as a basis of com¬ another 200 millions for similar purposes.
pensation were that any compensation agreed on was to also has handed over to war relief work more than
A consequence of all this effort in the
be deemed as being “for an emergency period and not 90 millions.
in any way as establishing the value of the property;” raising of money has been to engender a spirit of
that operation is to be continued efficiently and the remarkable self-confidence that must bear happily
property is to be “fully maintained so as to be upon the country’s future.
turned back to the company as good as when re¬
CANADA DEVELOPING A CHEMICAL
ceived.”
Mr.
Carlton says the Government
INDUSTRY.
provides for maintenance in efficiency “and the
Ottawa, Can., October 10.
return of the property in such a condition on the
Through the paternal coaxing of the Imperial
termination of Federal control.” This does not in
Munitions
Board, Canada is slowly but most surely
distinct terms promise such return, yet Mr. Vail’s
certificate that he found a disposition “to preserve coming into possession of an extensive chemical in¬
the service for the public and preserve the property dustry which, unlike munitions manufacture, is
for the proprietors” implies its return to their hands, expressly designed to outlast the war. For the
and the implication is clear throughout his statement reason that the domestic market for dyes is incon¬
siderable, the investment requirements, enormous,
that he understands .and expects this.
So in this case we appear to have a degree of and the technical problems most intricate, Canada
never pried into the business of dye manufacture.
assurance which is lacking as to the railroads of an
intention (not as yet quietly abandoned, even un¬ To-day, however, a beginning has been made in
consciously) to return the property. We are brought several parts of the Dominion, and notably at
Walkerville, Ont., where a firm of distillers" will
anew to the very serious and crucial question whether
there is, in Washington, and also (which is of more shortly be able to turn out benzol, toluol and zylol,
consequence) among the people, the intent that this well-known “intermediates” or ingredients in the
operation shall be a war emergency only, and shall making of dyes. The process is that named after
positively cease when the war ceases; whether the the inventor, Dr. Ramage, of Edinburgh, Scotland,
“21 months after” shall be firmly adhered to, or a radically new method which ultimately wTill be
shall be suffered to become just the preparation for placed at the disposal of the British and Allied dye
a permanent condition.
The importance of this is industries. For the immediate future, the Walkernot a matter of the future only, it is of the present also; ville concern will be occupied by the needs of the
for in order to lessen the difficulties of return and Imperial Munitions Board, but any excess produc¬
avoid the ease of sliding away from return at all it is tion will be made available to the general trade. It is
important, if not indispensable, that the handling noteworthy that this richly-backed Canadian firm
of the oroperty *
the consideration for its owners does not ^ ^ud to restrict itself to intermediates.
to them




that they must act

Oct. 12 1918.]

THE CHRONICLE

It will produce complete colors as soon as the firm’s
experience and market conditions warrant and
thereafter will widen the range of colors so as to
meet the ordinary demands of the textile trade.
Of more importance to the conduct of the war has
been the manufacture of acetone from calcium car¬

1419

since the roads did not then have higher
schedules of rates as a favoring feature. Never¬
year,

theless, the gain in gross then amounted to $39,771,575, which was attended, however, by an
augmentation in expenses of $44,440,403, leaving,
therefore, a dimunition in the net of $4,668,828.
That is, with roughly 12% increase in gross
earnings
there was over 21% addition to
expenses, with the
result of a loss in net of nearly 4%. Of
course,
comparison then was .with heavily enlarged net

bide—a wholly new development in the annals of
chemical industry—and more recently the
sequel to
this process, the production of acetic acid. In this
novel and most successful
enterprise the Shawinigan
Water & Power Co., of
Shawinigan Falls, Quebec,
has joined hands with the

as

well

Imperial Munitions Board. gains in

Some months ago the Government of the United
States turned in orders to the
Shawinigan plant
which made necessary an immediate

as

no

gross

small

in 1916.
measure

But these antecedent
reflected a recovery of

previous losses, or the absence of previous growth.
For August 1916 the improvement
aggregated $54,673,436 in gross and $26,373,215 in net.
This,
moreover, followed $5,272,843 increase in^gross and
$10,039,578 increase in net in 1915. Prior to 1915,
however, the returns were poor or indifferent for
several years.
Thus, in August 1914 there was a loss
of $11,326,412 in gross, though
accompanied by
a trifling
gain in the net.
In August 1913 our
compilation registered a gain of $4,342,006 in the
gross, but attended by an increase of $13,448,176 in
expenses, thus producing a loss in net of $9,106,170.
In August 1912 the results were
very satisfactory,
there having then been $25,860,384 gain in
gross and
$11,425,466 gain in net. This, though, in turn
followed a falling off in both gross and net earn¬
ings in August 1911, but not a very large falling
off in either case, the decrease then
having been
$1,967,695 in gross and $595,069 in net.
In
August 1910 there was also a decrease in net, due
entirely to augmented expenses, the addition to the
gross having been no less than $18,279,972, but
expenses having risen $18,939,835, hence causing
a loss in net of
$659,863. In August of the year
before (1909) there was material improvement
in both gross and net, but here
again the improve¬
ment was related to an unfavorable
showing in
the preceding year.
In other words, the improve¬
ment followed from the circumstance that in
1908,
succeeding the panic of 1907, there had been tre¬
mendous losses. According to the tabulations of
the Inter-State Commerce Commission, the
gain
for August 1909 reached $29,682,863 in
gross and
$15,065,001 in net. In August 1908 the decrease in
gross by the figures of the Inter-State Commerce
Commission was $34,366,578, and in net $9,222,389.
In the table we now present we furnish the
August
comparisons back to 1896. For 1910, 1909 and

doubling of the
Deliveries will be made to
the United States authorities
early in October. The
writer is informed that the output of this
plant from
October onward will exceed the combined
outputs
of all other plants in the world under the old
process.
productive machinery.

RAILROAD GROSS AND NET EARNINGS FOR
AUGUST.
Our

August compilation of the gross and net
earnings of United States railroads is of the same
striking character as was that for the tnonth of July.
The large adyances in railroad rates, both
passenger
and freight, along with the continued
activity of
trade, has brought about an increase in the gross
earnings of the roads of very noteworthy propor¬
tions. On the other hand, the huge increases in
railroad wages authorized by the Director-Gen¬
eral of Railroads, combined with the higher costs
of fuel, materials and supplies and the rise in
opera¬
ting costs generally has caused an augmentation in
expenses hardly less marked than the improvement
in the gross revenue.
The consequence is that only
a relatively small part of the latter has been carried
forward as gains in the net revenues.
Stated in exact figures, aggregate gross earnings
in
August this year were $498,269,356, as against
only $362,509,561 in August last year, the increase
therefore being no less than $135,759,795, or 37.45%.
At the same time, however, the augmentation in
expenses reached $111,447,037, the ratio of addition
here being over 45%. Accordingly the increase in
1908 we use the Inter-State Commerce Commission’s
net earnings was only $24,312,758.
In other words, totals, but for the
preceding years we give the
after allowing for the increase in
expenses, only a results just as registered by our own tables each
little over 24 million dollars out of the
nearly 136 year—a portion of the railroad mileage of the coun¬
million dollars improvement in the gross
earnings try being always unrepresented in the totals, owing
was left as a
gain in the net. While this is by no to the refusal of some of the roads in those days to
furnish monthly figures for publication.
means to be looked
upon as inconsequential, being
in ratio slightly over 20%, it illustrates the diffi¬
Gross Earnings.
Net Earnings.
culties under which the railroads are
Year
Year
Inc.
Year
Year
( + ) or
laboring by
\ Inc. ( + ) or
Given.
Dec. (—).
Preceding.
Given.
Preceding. ' Dec. (—).
reason of the steadily
rising costs of operation. The August.
$
$
$
$
..
.6
8
unfortunate
feature9
is that this
j 52 ,240,197
rise in 1
,319,991 —3,079,794
,418 ,959! 19 ,023.398| —1,604 ,439
operating
...7981
66 ,842.723
,687,815 + 8,154,908
,228 ,6201 19 ,592,169; + 4,636 ,451
.
.
8981
77 ,846,913
costs
can
,324,949 + 1,521,964
—247 ,221
,942 ,601 28 ,189,822
hardly be considered as having1
reached
..998
81 ,952,795'
,965,451 + 10,987,344
,730 ,968; 25 ,200,009! + 4,530 ,959
1 92
.
0091
its .
full limit,
,067,4231
,191,125
+
6,876,298
31
,118
,216
,032,3601
+2,183
,758
particularly
in view
of the further
ad¬
...1
0
9
1
108 ,575,332
,440,678 + 12,134,654 40 ,548 ,771 34 ,210,061 + 6,338 ,710
.
.in
2091
105 ,390,629] 102 ,111,428 + 3,279,201 35 ,928 ,409 37 ,776,146 —1,847 ,737
vances
wages that
are being
announced
from
..3
0
9
1
121 ,050,739105 ,267,446 + 15,783,293 41
,282 ,319; 35 ,747,474 + 5,534 ,845
..
.
091
119 ,821,635:119 ,665,743
+ 155,892 43 ,168 ,250 40 ,913,469* + 2,254 ,781
time
to 4
time.
In
tabular
form
the
August
com¬
..509
1
125 ,099,694 114 ,112,603 + 10,987,091: 43 ,201 ,744; 40 ,480,712! + 2,721 ,032
..6091
137 ,589,560122 ,898,468 + 14,691,092' 48
,074 ,911: 42 ,719,768! + 5,355 ,143
parisons
are as follows:
144 ,913,337128 ,178,064 + 16,735,273
..
.7
091
.629 ,104 44 ,849,985)
+ 779 ,119
1

...8091
August—909
Inc. ( +
) or Dec. (—).
...
1
183 Roads—
1918.
1917.
Amount.
%
...019
1
Miles of road.
230,743
230,015
+728
00.32
...1191
Gross earnings..
$498,209,356
$362,509,561
+$135,759,795
37.45
...2191
Operating expenses
355,842,238 244,395,201
+111,447,037
45.60
...
31
9
1
...4191
Net earnings.
S142.427.118 $118,114,360
+$24,312,758
20.58
..51
9
1
..6191
...71
91
expenses
year
...8191

The great increase in
the present
derives additional significance because of the promin¬
ence of the increase in expenses in the year
preceding.
In August last year the gain in the gross

earnings

was

naturally much smaller than it is the present




206 755,864 241 ,122,442 —34,366,578
236 559,877 206 ,877,014 + 29,682,863
254 ,005,972 235 ,726,000 + 18,279,972
243 ,816,494 245 ,784,289 —1,967,695
276 ,927,416251 ,067,032
;+25,860,384 99
259 835,029 255 ,493,023 + 4,342,006 83
269 593,4461280 ,919,858 —11,326,412 87
279 891,224:274 ,618,381 + 5,272,843 99
333 460,457278 ,787,021 + 54,673,436 125
373, 326,711 333 ,555,136; + 39,771,575121
198, 269,3361362 ,509,561] + 135759705 142

1

,028 ,707
,384 ,539!
,517 ,075'
,224 ,971;
,143 ,971'
,143 ,024
,772 ,384

84 251,096
-9,222 ,389
75 ,319,5381 + 15,065 ,001
—659 ,863
90 ,176,937
—595 ,069
86 ,820,040*
87 ,718,505 + 11,425 .466
92 ,249,194 —9,106 ,170
+ 471 ,544
87 ,300,840
713 ,187' 89 ,673,609 + 10,039 ,578
837, ,849: 99 464,634 + 26,373 ,215
230, 736,125 ,899,564 —4,668 ,828
427,
,758

Note.—In 1896 the number of roads included for the month of August was 127:
1897, 135:in 1898, 138:In 1899, 113: in 9100, 129: in 1901, 116:in 1902,105; in
1903, 114: in 1904, 100: in 1905. 95; in 1906, 91; in 1907. 86; in 190S, the returns
were based on 231,220 miles; in 1909 on 247,544 miles; in 1910 on 238,493 miles; in
1911 on 230,536 miles: in 1912 on 239,230 miles; in 1913 on 219,492 miles; In 1914
on 240,831 miles; in 1915 on 247,809 miles; in 1916 on
245,516 miles; in 1917 on
247,099 miles; in 1918 on 230,743 miles.
ifll
n

As far

as

the separate roads are

concerned, this

year’s additions to expenses were of such magnitude
that in a number of cases they overtopped the gains
in the gross earnings, leaving the net earnings actually

smaller than a year ago. We may mention as in¬
stances the Chicago Rock Island & Pacific, which
with $2,753,365 gain in gross earnings reports $986,902 loss in net; the Chicago & North Western, which
with $3,180,220 gain in gross has $476,443 loss in
net, and the Denver & Rio Grande, which with $657,630 addition to gross has suffered $471,704 decrease
in net. The Erie belongs in the same class, having
added $3,717,796to gross,but losing $464,543in net.
The Great Northern with $912,387 improvement in
But
gross, suffered a loss of $934,874 in net.
roads with smaller net are not after all a numerous
class. By far the greater number of the companies
included in our compilation, which is based entirely
on the returns filed with the Inter-State Commerce
Commission at Washington—and embraces there¬
fore all roads whose aggregate gross revenues reach
over $1,000,000 a year—register very substantial
additions to net revenues as well as to gross.
As far as the great Eastern trunk lines are con¬
cerned there are none which have suffered a reduction
in their net, aside from the Erie, already mentioned.
Thus the Baltimore & Ohio has increased its gross

do not show the total for any system, we have combined the
separate roads, so as to make the results conform as nearly as possible to
those given in the statements furnished by the companies themselves.
a This Is the result for the Pennsylvania RR., together with the Pennsyl¬
vania Company, and the Pittsburgh Cincinnati Chicago & St. Louis, the

returns

Michigan Central, the “Big
New York Central System, the result Is a gain of
PRINCIPAL CHANGES IN

New York Central
Baltimore & Ohio
Southern Pacific (8)

_

Southern Railway
Union Pacific (3)
Louisville & Nashville._
Erie (2)

_

Chicago Burl & Quincy.
N Y New Haven & Hart
Atch Top & Santa Fe(3)
Chicago & Northwest_
Cleve Cine Chic & St L.
Chesapeake & Ohio
Chicago Milw & St Paul
Chicago R I & Pac (2)
_

_

_

Norfolk & Western
Illinois Central

Michigan Central
Northern Pacific
Lehigh Valley
Atlantic Coast Line
Boston & Maine
Delaware Lack & West.
Wabash
Missouri Pacific

Philadelphia & Reading
Seaboard Air Line
Central RR of N J
Duluth Missabe & Nor.
Chic & Eastern Illinois.
Nashville Chatt & St L

Pittsburgh & Lake Erie
Great Northern
Delaware & Hudson
Chicago & Alton
N Y Chicago & St Louis
Missouri Kan & Texas.
Texas & Pacific
Pere Marquette
Denver & Rio Grande.
Yazoo & Miss Valley

_

Long Island
Chicago Great Western
Cine New Orl & Tex Pac

Elgin Joliet & Eastern.
Central of Georgia

_

Buffalo Roch & Pittsb.

Hocking Valley
St Louis Southwest (2)

_

3,513,068 Wheeling & Lake Erie.
3,252,106 Richm Fred & Potom..
3,180,220 El Paso Southwestern.

_

_

2,919,262 New Orl & Northeastern
2,811,017 i Western Maryland
2,807,308 Mobile & Ohio

2,753,365
2,588,329
2,493,904
2,467,918
2,270,861
2,185.118
2,088,350

Virginian

Toledo & Ohio Central.
Kanawha & Michigan.
Western Pacific
Los Angeles & Salt Lake
Cumberland Valley
_

Lehigh & New England
2,074,208 Toledo St Louis & West

1,802,386
1,633,781
1,612,981
1,538,934
1,430,930
1,393,395
1,239,625

Grand Trunk Western.
N Y Phila & Norfolk.
N Y Susq & Western
Tennessee Central
Lake Erie & Western.
Chic T II & South East

985,702
959,530
944,946
912,387
871,351
842,035
808,645
803,669

N Y Ontario & Western

__

_

Georgia.
Washington Southern

.

_

Northwestern Pacific__
Atlantic City

Minneapolis & St Louis
Duluth So Shore & Atl.
Kansas City Southern.
St Louis Mer Bdg & Ter
_

728,591, Detroit Tol & Ironton..
| Internat Great North..

669,315
657,630
642,745
634,687
623,738
598,472

Bangor & Aroostook
Monongahela
Central New England.

_

Florida East Coast

Monongahela Connect.

Increases.

2,404,329 Atlantic City
1,938,948 Georgia
61,915,762 Duluth So Sh & Atl
1,772,695 Toledo St Louis & West.

_

1,370.506 Chicago Ind & Louisville
1,127,614 Chic Terre II & Southe..
1,075,865 ; St Louis Southwest (2)__
1,041,971 Kanawha & Michigan

575,322 Atlanta Birm & Atlantic
102,146
570,036
529,933
115
rds.
Representing
in our compilation.$132,167,034
513,142
486,060

Note.—All the figures in the above are on the basis of the returns filed
with the Inter-State Commerce Commission,
AVliere, however, these

137,838
133,100
122,745

120,825
120,560
120,297

114,723

110,289

103,403
100,999

1,011,881

Chicago Burl & Quincy.
Boston & Maine
Atch Topeka & S Fe (3)
Southern Railway
Northern Pacific
Pennsylvania (3)
Chic Milw & St Paul
Central RR of New Jer._
Pittsburgh & Lake Erie.
Lehigh Valley
Michigan Central
New York Chic & St L__
Duluth & Iron Range
Nashv Chatt & St Louis.
Chicago & Alton
Yazoo & Miss Valley

161,234
160,104
145,413
142,365
135.112
133,536
127.743
121,866
119.749
109.805

New Orleans Tex & Mex

1,493,042

Duluth Missabe & Nor..
Atlantic Coast Line
Norfolk & Westerns

$451,277
441,394
435,747
433,041
418.749
377.685
371,906
365,820
355,299
320,009
312,612
305,838
302,383
302.111
299.743
288,695
285,252
285,179
283,771
266,035
258.686
246,992
240,157
239,869
237,847
223,689
219,078
217,340
213.159
197,824
189,441
185,051
180,762
168,713
165,773

$152,791

$2,608,839 Bessemer &; Lake Erie
2,451,369 Washington Southern

Chesapeake & Ohio
N Y N H & Hartford...

Increases.

St P Minn & Om__
&9,467,940 Minn St Paul & S S M.
6,689,412 Maine Central
5,464,488 Duluth & Iron Range..
5,365,284 Mo K & Tex of Texas..
5,329,065 Chic Indianap & Louisv
4,102,408 N O Tex & Mexico (3).
3,717,796 Alabama Great South.
3,635,588 Colorado & Southern (2)

a$ 14,434,051 Chic

Pennsylvania (3)

$16,717,308.

NET EARNINGS IN AUGUST.

Tnrrpn

Union Pacific 03)-Southern Pacific (8)
Baltimore & Ohio
Louisville & Nashville
New York Central
Cleve Cine Chic & St L_

AUGUST.

IN

Increases.

L. $2,249,236 increase.
New York Central
roads, like the
Four,” &c., the whole going to form the

pany $2,117,865 increase and the P. C. C. & St.
b These figures cover merely the operations of the
itself.
Including the various auxiliary and controlled

by $6,689,412 and its net by $2,404,329. The Penn¬
sylvania on the lines directly operated reports $14,434,051 addition to gross, while the gain in the net
is only $748,921; the New York Central (excluisve of
the auxiliary and controlled roads) reports a gain in
gross of $9,467,940, of which $1,915,762 was carried
over as a gain in the net; the New York New Haven
& Hartford has added $3,513,068 to gross and $1,370,506 to net; while the Boston & Maine has in¬
creased its gross by $2,074,208 and its net by $997,922.
Many Western, Southwestern and Pacific
roads are distinguished in the same way and the
Southern roads are also to be mentioned as a rule
for satisfactory increases in net, though exceptions
are found in a few cases, notably the Seaboard Air
Line. Both the Southern Pacific and the Union
Pacific have large gains in net as well as in gross and
the same is true of the Southern roads, of which the
Louisville & Nashville and the Southern Railway
may be mentioned as types.
In the following we
show all changes for the separate roads for amounts
in excess of $100,000, whether increases or decreases,
and in both gross and net.
PRINCIPAL CHANGES IN GROSS EARNINGS

$10,066,950 increase, the Pennsylvania Com¬

Pennsylvania RR. reporting

the




[Vol. 107

THE CHRONICLE

1420

_

997,922

961,166

_

in

i

our

compilation..$33,374,120

938,6571
755,440;

T) perpn <?P9

$986,902

a748,921 Chicigo R I & Pac (2)

601,780)

Great Northern
Pere Marquette
Missouri Kansas & Texas
Grand Trunk Western__

480,440

Denver & Rio Grande
Erie (2)

713,227

526,977
489,181
483,945 Chicago & North Western

560,841

544,244
514,409

476,443

471,704

464,543

391,746
331,893 Minneap & St Louis
309,487 Chicago & Eastern Ill
292,502 Seaboard Air Line

413,946
384,765

270,550 Western Maryland
263,971 San Ant & Aransas Pass.
233,874 Wheeling & Lake Erie
232,010 Kansas City Southern
231,096 Mo Kan & Tex of Texas.

Wabash
Rich Fred & Potomac
El Paso Southwestern
Western Pacific

934,874

348,007
303,689
203,553

190,464
186,572

180,722
Chicago Great Western.
171,376
Hocking Valley
225,918 Norfolk Southern
133,933
Elgin Joliet & Eastern._
222,902 Chicago Junction
126,737
Central of Georgia
219,717 Texas & Pacific
112,878
Long Island
199,606 Internat & Great Nor
102,011
Illinois Central
195,958 Indiana Harbor Belt
188,677
Chic St Paul Minn & Om
Representing 23 roads
Lehigh & New England.
160,797
in our compilation.. $7,812,613
155,369
Cumberland Valley.
a This is the result for the Pennsylvania RR., together with the Pennsyl¬
vania Company and the Pittsburgh Cincinnati Chicago & St. Louis,
Pennsylvania RR. reporting $1 202,877 increase, the Pennsylvania Com¬
_

the

St. L. $192,426 increase.
of the New York Central
controlled roads, like the
Four,” &c., the whole going to form the New

pany $646,382 decrease, and the P. C. C. &
b These figures merely cover the operations
itself.
Including the various auxiliary and

Michigan Central, the “Big
York Central System,

the result is a gain of $4,706,667.

according
location, the generally favorable character
of the exhibits stands plainly revealed.
In the mat¬
ter of the gross, Southern roads and those in the
eastern half of the country north of the Ohio and
When the roads

are

arranged in

groups,

to their

Potomac rivers rather have

the advantage over other

and divisions, at least as far as the ratio of
improvement is concerned. In the net, the New
England group and the Southern group register the
largest percentages of increase. In the case of the
Southwestern group the percentage of improvement
is quite small, though this group also has a smaller
ratio of improvement in the gross than the rest, im¬
paired crop prospects, because of drouth, being evi¬
dently the explanation. Our summary by groups is

groups

as

follows:
SUMMARY BY GROUPS.
Gross Earnings

1917.
$
$
Group 1 ( 7 roads), New England...,21,995,461
15,702,322
Group 2 (32 roads), East & Middle..142,050,755 101,131,652
Group 3 (27 roads), Middle W est
62,736,637 45,315,063
Groups 4 & 5 (34 roads), Southern
68,420,870 44,362,047
Groups 6 & 7 (28 roads), Northwest .106,059,740
80,826,286
Groups 8 & 9 (44 roads), Southwest
69,632,406 54,778,830
Group 10 (11 roads), Pacific Coast
27,373,487 20,393,361
Section

or

1918.

Group.

August—

_

.498,269,356 362,509,561 +135,759,795 37.45

Total (183 roads)

:

Mileage
August—
Group No. 1
Group No. 2..
Group No. 3
Groups Nos. 4 & 5..
Groups Nos. 6 & 7..
Groups Nos. 8 & 9..
Group No. 10
.

Total

Inc.{ + ) or Dec.(—).
f
%
+ 6,293,139 40.08
+ 40,919,103 40.46
+ 17,421,574 38.44
+ 24,058,823 54.23
+ 25,233,454 31.22
+ 14,853,576 27.12
+ 6,980,126 34.23

1918.
7,219
28,120
21,622
37,894
65,815
54,112
15,961

1917.
7,262
27,697
21,653
37,802
65,760
53,994
15,847

1918.

$

6,828.863
36,226,930
17,132,388
21.412.89S
32,512,444
16,786,591
11,527,004

Net Earnings

1917.

8

4,485,017
29,584,113
14,474,873
13,997,013
27,824,129
19,033,998
8,715,217

Inc.{ + )or Dec.{—)

S
%
+2,343,846 52.26
+6,642,817 22.45
+2,657,515 18.36
+7,415,885 52.98
+4,688,315 16.83
—2,247,407 11.81
+2,811,787 32.26

230,743 230,015 142,427,118 118,114,360 +24,312,758

20.58

NOTE.—Group 1. Includes all of the New England States.
Group II. Includes all of New York and Pennsylvania except that portion west
of Pittsburgh and Buffalo; also all ol New Jersey, Delaware and Maryland, and
the extreme northern portion of West Virginia.
Group III. Includes all of Ohio and Indiana; all of Michigan except the northern
peninsula, and that portion of New York and Pennsylvania west of Buffalo and
Pittsburgh.
Groups IV. and V. combined Include the Southern States south of the Ohio and
east of the Mississippi R ver.
Groups VI. and VII. combined Include the northern peninsula of Michigan, all of
Minnesota, Wisconsin, Iowa and Illinois; all of South Dakota and North Dakota
and Missouri north of St. Louis and Kansas City; also all of Montana, Wyoming
and Nebraska, together with Colorado north of a line parallel to the State line
passing through Denver.
Groups VI11. and IX. combined Include all of Kansas, Oklahoma, Arkansas and
Indian Territory, Missouri south of St. Louis and Kansas City; Colorado south
of Denver, the whole of Texas and the bulk of Louisiana; and that portion of
New Mexico north of a line running from the northwest corner of the State through
Santa Fe and east of a line running from Santa Fe to El Paso.

GroupX. Includes all of Washington, Oregon, Idaho, California, Nevada, Utah
and Arizona and the western part of New Mexico.

Oct. 12

1918.]

THE CHRONICLE

The conditions affecting the revenues and traffic
of the roads were on the whole highly encouraging*
The volume of traffic was very large, Government
war

operations alone serving in

no

small degree to

make it so.
It should be remembered that aside
from the transportation of materials and supplies for
Government use, the troop movement to the vari¬
ous encampments
throughout the country must cut

1421

against 11,759, and at Omaha 10,653
8,451.

cars,

against

In the South the cotton movement in

August is
large and the present year was smaller
than usual.
The shipments overland for the even
month were only 91,238 bales, against 153,519 bales
in August 1917 and 63,519 bales in August 1916, while
at the Southern outports the receipts were 208,387
bales, against 263,776 bales in August 1917 and 328,201 bales in August 1916.
never

very

figure in the traffic of the roads. The fur¬
nishing of food and other supplies to these encamp¬
ments in like manner serves to expand the volume of RECEIPTS OF COTTON AT SOUTHERN PORTS IN AUGUST AND FROM
JANUARY 1 TO AUGUST 31 1918, 1917 AND 1916.
transportation. As it happens, the Western grain
movement in August also proved of large volume,
Since January 1.
August.
Ports.
particularly in the case of wheat. With a fixed price
1918.
1917.
1918.
1917.
1916.
j 1916.
prevailing for wheat, the movement of that cereal Galveston
bales 104,745 96,166 122,347
991,460 1,160,366
671,965
612
City, &c__;
2,254
reached unprecedented proportions.
3,925
75,697
65,423
180,475
For the five Texas
New Orleans
37,635 46,930 51,387
862,197
562,910
681,916
weeks ending Aug. 31 the receipts at the Western Mobile.
5,833 25,086
5,410
42,167
44,392
123,025
140
143
Pensacola, &c
1,875
23,177
26.40S
57,409
primary markets aggregated no less than 90,433,000 Savannah
46,748 63,380 66,651
500,602
275,134
456,385
Brunswick
5,800 23,000 10,500
104,370
51,900
101,132
bushels, as against only 22,850,000 bushels in the Charleston
2,081
4,426
5,687
49,069
46,219
78,077
Georgetown
101
corresponding five weeks of last year and 59,032,000 Wilmington
29
301
9,289
36,821
9,741
93,687
Norfolk
3,272
20,984
27,314
in 1916.
112,731
211,988
360,874
The oats receipts for the same five weeks
273
269
Newport News, &c
5,872
3,308
4,007
55,291
were 46,955,000 bushels as against 35,331,000 bush¬
Total
208,387 263,776 328,201 2,431,859'2,339,827 3,348,738
els, and the corn receipts were 18,210,000 bushels,
against 14,031,000 bushels. Adding rye and barley,
©ttwenl Events a tut Bisctisstotrs
the latter of which showed diminished receipts, the
aggregate for the five cereals combined reached
CONTINUED OFFERING OF BRITISH TREASURY
161,412,000 bushels, against 79,776,000 bushels in
BILLS.
the corresponding period of the preceding year.
In
J.
P.
this
week disposed of the usual offer¬
Morgan
&
Co.
the following we show the details of. the Western
ing of ninety-day British Treasury bills on the same discount
grain movement in own usual form:
basis which has
no mean

...

prevailed in recent weeks, namely, 6%.

The bills

WESTERN FLOUR AND GRAIN RECEIPTS.

are

dated Oct. 8.

Five weeks

Flour.

Wheat.

Corn.

Oats.

end.Aug.31.
Chicago—

(bbls.)

(bush.)

(bush.)

(bush.)

Barley.
(bush.)

Rye.
(bush.)

1918
1917
Milwaukee—1918
1917
Si. Louis—
1918
1917
Toledo—
1918
1917
Detroit—
1918.
1917
Cleveland *—

743,000
500,000

25,939,000
3,221,000

5,977,000
4,372,000

24,200,000
16,000,000

1,416,000
1,695,000

731,000
370,000

67,000
99,000

2,671,000
214,000

741,000
822,000

3,938,000
2,949,000

410,000
1,265,000

77,000
98,000

383,000
377,000

15,560,000
5,188,000

1,249,000
1,803,000

3,577,000
5,668,000

47,000
164,000

56,000
84,000

3,413,000
1,093,000

198,000
57,000

2,012,000
164,000

150,000

186,000

31,000

285,000
204,000

217,000
105,000

713,000
417,000

1918.41,000
1917
59,000

2,866,000
49,000

1,916,000
147,000

2,334,000
520,000

3,000
23,000

6,000
20,000

1,817,000
181,000

2,094,000
2,791,000

1,558,000
3,008,000

58,000
361,000

21,000
57,000

171,000
529,000

2,000

2,000

30,000
28,000

344,000

56,000

13,245,000
6,282,000

667,000
214,000

3,251,000
1,828,000

1,880,000
2,238,000

771,000
789,000

18,382,000
5,454,000

1,917,000
667,000

2,850,000
2,721,000

6,084,000
435,000

3,234,000
3,051,000

2,492,000
2,028,000

90,433,000
22,850,000

18,210,000
14,031,000

46,955,000
35,331,000

31,823,000
24,036,000

67,841,000
54,383,000

91,705,000 10,500,000 2,178,000
75,459,000 12,275,000 2,843,000

Bulgaria’s withdrawal from the war and subsequent peace developments
played havoc with Scandinavian shipping stocks. Norwegian papers
estimate that 100 war millionaires have been wiped out by the break in
Norwegian shipping securities alone.
In a single day it is estimated that the value of Norwegian shipping stocks
declined 100,000,000 kroners, or about $33,000,000.
These losses were
chiefly on securities of small companies operating one or two ships, whose
stocks have been selling as high as 400 because of stiff freight rates.
Many
stocks of this character have dropped in value 50%.

3,558,000
6,115,000

9,568,000
9,260,000

20,139,000
16,163,000

RUSSIA

25,443,000
23,385,000

17,982,000
16,763,000

22,791,000
20,118,000

590,000
515,000

271,000
252,000

4,789,000
2,372,000

2,101,000
1,884,000

5,050,000
1,514,000

1,057,000

336,000

620,000
1,521,000

3,230,000
2,273,000

2,410,000
2,317,000

3,000
1,000

3,000

3,180,000
440,000

3,968,000
1,636,000

5,358,000
2,470,000

45,000
60,000

29,000
130,000

2,714,000
1,489,000

24,309,000
23,956,000

12,958,000
10,089,000

620,000
1,640,000

261,000
207,000

1,457,000
7,133,000

167,000
13,000

399,000
322,000

902.000

1,762,000

86,000
479,000

41,951,000
54,919,000

13,444.000
6,341,000

25,593,000 17,957,000 5,462,000
10,926,000 9,810,000 2,576,000

33,292,000
26,214,000

29,462,000
8,968,000

10,597,000
6,655,000

10,914,000
9,107,000

37,703,000
20,133,000

15,352,000
10,236,000

Peoria—
1918
1917
Duluth—
1918...
1917

253,000
167,000

Minneapolis—
1918-.1917
Kansas City—
1918
1917
Omaha—
1918.
1917
Total of AU—
1918
1,487,000
1917
1,233,000

3,966,000 1,848,000
6,090,000 1,474,000

Aug. 31.
Chicago—

Milwaukee—
1918
562,000
1917
673,000
St. Louis—
1918
1,992,000
1917
2,457,000
Toledo—
1918
1917
Detroit—
1918
65,000
1917
209,000
Cleveland *—
1918
384,000
1917
436,000
Peoria—

1918-... 1,333,000
1917-... 1,241,000
Duluth—
1918
1917

additional

29,000

5,677,000 1,291,000
8,285,000
940,000

BREAK

IN NORWEGIAN SHIPPING STOCKS WITH
BULGARIA'S WITHDRAWAL FROM WAR.

The

following Associated Press dispatch from Stockholm

the 7th, regarding the effect of Bulgaria’s withdrawal
from the war on Norwegian shipping stocks, has appeared
in the daily papers:
on

Including Indianapolis in

August,

as

it

happened, was also of larger proportions. At Chi¬
cago the receipts comprised 20,214 carloads, against
16,451 in August 1917; at Kansas City, 13,623 cars,




OF

WAR

dispatch of Oct. 2 reported the arrival at

the German frontier of the second shipment of gold from
Russia to Germany and its taking over by an official of the
Reichsbank.
London advices on Sept. 11 stated that the
first portion of the war indemnity to Germany was sent
from Moscow to Berlin on Sept. 7.
It was said to have
amounted to 250,000,000 rubels, one half in gold and the
remainder in notes.
RUSSIA'S PAPER CURRENCY.

“Evening Post” of Oct. 5 we take
with reference to Russia’s paper currency:

From the New York

the following

1918.

The Western live stock movement in

SECOND INSTALLMENT
INDEMNITY TO GERMANY.

PAYS

An Amsterdam

Total of All—
1918
9,679,000 159,741,000 209,775,000 212,352,000 37,351,000 9,917,000
1917
11,509,000 156,731,000 145,610,000 146,269,000 34,348,000 7.427,000
*

of

$5,000,000 was extended to
Belgium by the United States on Oct. 10, making the total
credits established for that country $171,020,000.
The
total credits to the Allies established by the United States
since this country’s entry into the war now amount to
$7,220,476,666, apportioned as follows: Great Britain,
$3,745,000,000; France, $2,065,000,000; Italy, $860,000,000;
Russia, $325,000,000; Belgium, $171,020,000; Greece, $15,790,000; Cuba, $15,000,000; Serbia, $12,000,000; Roumania,
$6,666,666; Liberia, $5,000,000.

Minneapolis—
1918
1917
Kansas City—
1918
1917
Omaha—
1918
1917

credit

have

Jan.1 to

1918.... 5,343,000
1917
6,464,000

NEW CREDIT TO BELGIUM.
An

When the Bolsheviki gained control of the Russian Government they
immediately ceased publishing statements of the Imperial Bank of Russia.
In the last weekly statement published—that of Oct. 29 1C17—the bank’s
note circulation stood at 17,900,000,000 rubles, or $9,180,000,000.
On
Aug. 1 1914 it was 2,260,000,000 rubles, or $1,160,000,000.
What have the Bolsheviki done in the way of increasing it?
No official
statement has been published; but the Moscow newspaper, “Utro Rossiji,”
at the end of last March, or five months after the Bolsheviki revolution,
printed the following extract from a report made by the Bolshovik Com¬
missary Angarski to the Moscow' Soviet:
“Currency has been changed from an instrument of exchange Into a
source of State revenue,
inasmuch as the Government has practically
nothing with which to cover its expenditure except what it is able to get
from the printing press.
Since last November the Government has issued

THE CHRONICLE

1422

7,000,000,000 rubles in paper money, or, in other words, our system of
State finance consists merely in distributing paper currency received by
from

us

Petrograd.

“In the

period November-March the receipts for revenue of the State
have been wholly insignificant.
They totalled altogether 9,000.000 rubles
The reason for the smallness of the receipts is that in this transition stage
have not been able to enjoy the confidence of employers and capitalists.”
Angarski reported that whereas in August of last year seventy-three
savings banks of Moscow and district received 22,000,000 rubles in de¬
posits and paid out 18,000,000 rubles in November, 1917, the same banks
received deposits of 3,000,000 rubles and paid out 30,000,000 rubles.
He
added that the Bolshevik Government could not expect to obtain money
from direct taxes, because “every town and every district is now levying
its own taxes as it pleases,” and added: “We must levy indirect taxes in
order to get hold of the money hidden away by the peasants.”
we

PANIC ON GERMAN EXCHANGES WITH BULGARIA'S
SURRENDER.
Associated Press dispatches from Zurich on Oct. 10 report
that the “measures taken by the great banks to stop a panic
in the German stock exchanges had but a
effect,

temporary

according to the ‘Post,’ of Munich.”

The Zurich dispatch

further states:
Provincial capitalists took a certain time to grasp what was transpiring
and then threw blocks of stock on the market.
There w'ere no purchasers
for these securities, and the “Post” says “it is a genuine crash this time.”
Munition stocks such
no

as

Daimler

are

not quoted at

Berlin, for there

fact that both Germany and Austria-Hungary had made large advances
to Bulgaria for the conduct of military operations.
According to the Vienna “Neue Freie Presse” the first loan was for

250,000,000 francs, made in August 1915, immediately before Bulgaria’s
entrance into the war.
Another loan, of 500,000,000 francs, was made in
1916.
There were two other advances in 191G and 1917, carrying the total
above 1,000,000,000 francs.
In addition to money, the Central Powers
delivered large quantities of war material to Bulgaria.
The German loans are guaranteed by the Bulgarian tobacco receipts,
but the Austrian loans are secured only by Bulgarian paper.

SOUTH GERMAN BANK SYNDICATE.

The following from the Stockholm Svenska Handelstidning of Aug. 28, transmitted by Commercial Agent Norman
L. Anderson at Stockholm, Sweden, Sept. 25, appeared in
“Commerce Reports” of Oct. 4:
A bank syndicate has been formed in Frankfort, Germany, comprising
eight of the largesc private banks in that city. The purpose of this syndi¬
cate is to counteract the growing influence of the great banks centralized
in Berlin.
The same kind of syndicate has been formed in Cologne.
The “Kolnische Zeitung” beleives that other bank centres will follow the
example of Frankfort and Cologne, as a nautral result of the general con¬
centration tendencies whi< h have recently become marked in money and
banking circles, not only all over Germany but also in other countries.

GERMAN MINES SEIZED.

are

buyers.

On

Sept. 28 London cables credited a dispatch from the
Hague to the Central News Agency as stating that a panic
prevailed on the Berlin Stock Exchange on that day as a a
result of the events in Bulgaria.
This was followed by the
following advices contained in an Amsterdam dispatch of
Oct. 3:
The Berlin Boerse suffered a further bad slump yesterday owing to the
absence of reliable news from the Balkans.
Many stocks were stricken
from the official list as unquotable.
On the Budapest Boerse a reassuring
message from Premier Wekerle
read.
It stated that, whatever happened, the frontiers of the coun¬
try was safe.
The precautionary measure fixing minimum prices accord¬
ingly was withdrawn.
This, however, did not prevent a further severe
was

slump.

On Oct. 6 the Geneva cables said:
An indescribable panic, without precedent, broke out on the Berlin Stock
Exchange yesterday, according to the “Neueste Nachrichten” of Munich.
Shipping and armament company shares especially were affected.

Still further reports of unloading were made known as
follows in Berne cablegrams of Oct. 10, printed in the daily
papers
There

here yesterday:

persistent rumors among the working classes in Germany,
according to advices received here, that Germany s Imperial bonds may
are

become valueless.
The rumors have their basis in the repeated Entente victories.
The
people of numerous towns are said to be unloading their war loans at

extraordinarily low prices, and

a panic seems imminent.
The German newspapers are publishing long appeals in endeavors to
tranquillize public feeling. It is recommended above all other methods
that persons who desire to sell Government bonds do so
through banks,
which are ready always to advance cash
upon bonds in the usual way.
The public is further advised to remember that the German
Empire guar¬

Associated Press advices from London, Oct. 2, said:
Seizure by a British expedition of German mining property and other
development plants in Spitzoergen, including a big wireless installation
outfit, is reported by the “Express,” with the intimation that the work of
developing immensely rich iron and coal deposits is proceeding. It is said
they will be of the greatest importance to Great Britain and the Allies.
The expedition to Spitzbergen sailed a few months ago under the
protection
of the British navy.
Sir Ernest Shackleton, the Antartic explorer, was the

commander, but he

Peasants and small business people, say the appeals, should be the last
dispose of their bonds, because at the moment of demobilization they
will be able to buy useful articles of all sorts.
When that time comes
buyers paying with national bonds, it is asserted, will receive preference.
The document on which the appeals are based calls
upon Germans to
show their patriotism and also their opposition to the
propagation of
rumors about war bonds, which are
causing great injury to the

Empire.

As

showing the contrast between the previous conditions
and those now existing on the German stock
markets, we
print the following special correspondence from Zurich,
Switzerland, received by the New York “Evening Post”
under date of Aug. 24 and printed in its issue of Oct. 5:
The bad news on the Western front has had the effect of
diverting hun¬
dreds of millions of liquid money prepared for the next war loan to the
pur¬
chase of other securities.
The characteristic symptom of an unsound situa¬
tion, namely, the preference given to securities of companies in reconstruc¬
tion or non-dividend-paying concerns, was to be noticed.
Nevertheless, the first two weeks of August saw quite an exceptional
boom.
The outside public, the unprofessional speculators,
purchased shares
at fantastic rates.
Rises of 20 or 30% in one day have not been
excep¬
tional.
The specialties have been the so-called
“Nevenwerte,” that is,
securities of smaller firms.
Dealings on provincial stock exchanges like
Hamburg, Munich, Frankfort, Leipzig, Breslau, Essen, were extremely
lively. The prices in these markets compared with those at Berlin have not
kept parity, as arbitrage was completely lacking; since the arbitrage profit

is far smaller than the stamp duty.
The economic consequences of this anarchy in the stock
market are for
the moment not perceptible.
It is to be expected that in many of the
smaller companies the influence of these fantastic wild
buyers as share
owners will induce the management to
pay dividends proportionate to the
fantastic prices of the securities.
In war times, when money plays no role
at all, any uividend can be distributed.
But the sound tendency of ac¬

cumulating reserves for peace times is hampered through great masses of
new shareholders, who have no real or
permanent interest in the business of

the companies.

was

subsequently obliged to leave to take

up

other

duties.

His successor, F. W. S. Jones, who returned to London yesterday, gave
enthusiastic description of the vast mineral wealth which has hitherto
been merely tapped to a limited extent by British, German, Swedish and

an

Norwegian companies.
The expedition, Mr. Jones said, took a large number of miners, an enor¬
mous quantity of mining material, and supplies sufficient for three years,
and work is now going on on a large scale.
Captain Will, who was with
Shacklecon in the Antarctic, is in charge of operations. Mr. Jones says
the expedition met with considerable difficulties and dangers, including
encounters with eight German submarines.

INCREASED NOTE CIRCULATION OF THE BANK OF
ALGERIA.
Consul Arthur C. Frost, at Algeries, has forwarded to the
Department of Commerce the following advices under date
of Aug. 16, this information appearing in “Commerce
Reports” of Sept. 27:
The note circulation of the Bank of Algeria, which by decree of May 28
1918 has been increased to 700,000,000 francs ($135,100,000), has again
been increased to 800,000,000 ($154,400,000), according to an announce¬
ment from Paris dated

antees the loans.

to

[Vol. 107

against 14 1918.

MONETARY CIRCULATION IN SPAIN.
From “Commerce

Reports” of Sept. 26 we take the follow¬
ing advices received from Consul-General C. B. Hurst at
Barcelona under date of Aug. 26:
Up to the present time the Bank of Spain has been able to issue bank
only to the amount of about $540,000,000, and the notes in circu¬

notes

lation have now almost attained that figure, so that the bank is obliged to
make payments in silver.
In order to avoid this inconvenience the bank
has been authorized to issue notes up to $630,000,000, provided it has a
sufficient gold guaranty for the increase.
On the other hand, the bank will reduce from 2% to 1% the interest

Treasury loans, and these loans may be increased from $13,500,000 to
$27,000,000. The bank will chiefly purchase gold coin susceptible of
circulation in Spain.
on

ITALIAN CURRENCY EXPANSION.
With regard to the expansion in Italian currency, the New
York “Tribune” of Oct. 8 said:
At the end of

July 1914 the circulation of Government notes in Italy
500,000,000 of not as guaranteed by a reserve of 142,000,000 in
gold, a proportion of 26% reserve to the actual circulation. At the end
of May 1918 the circulation of Government notes was
composed of 1,937,000,000 of notes, guaranteed by a reserve of 166,000,000 in gold, a pro¬
portion of 8lA% reserve to the circulation, and of 134,000,000 of Treasury
notes guaranteed by a reserve of 66,000,000 in silver, a
proportion of 49%
reserve to the circulation; or, in all, 2,071,000,000
of Treasury notes,
guaranteed by a reserve of 232,000,000 between gold and silver, which

consisted of

results in

a

proportion of 11% reserve to the circulation.

JAPANESE GOVERNMENT'S
ARRANGEMENT
SETTLEMENT OF
TRADE
BALANCES.
In

an

item with reference to

an

FOR

arrangement made by the

Japanese Government for the purchase of trade balances
EFFECT OF BULGARIAN SURRENDER ON GERMANY'S held by U. S. agencies of Japanese banking institutions, the
New York “Tribune” of Sept. 21 said:
FINANCES.
Regarding the effect of Bulgaria’s surrender on German to Finding it impossible to transfer their large balances in the United States
Japan because of the strict embargo on gold exports, the leading Japanese
finances Zurich dispatches of Oct. 4 said:
banking institutions which maintain agencies in this country have entered
The defection of Bulgaria is having a serious effect

pires for financial




as

well

as

on

the Central Em¬

political and military reasons, because of the

into an arrangement with the Imperial Japenese Government whereby
the latter is to purchase a portion of such balances, paying for the same in

Oct. 12

1918.]

THE CHRONICLE

Japanese funds in Japan. Announcement to this effect was made yester¬
day by Akira Den, financial commissioner of the Japanese Government in
New York.
To provide for the purchase of such balances a loan of 100,000,000 yen ($50,000,000) has just been floated in Japan. Details of the
operation are given in the following cablegram from the Imperial Japanese
Government received here yesterday:
Trade

Settlement[Hard.

Since the United States prohibited the export of gold last September
settlement of the trade balance in favor of Japan has become very difficult.
The amount of the exchange bills owned by the Yokahoma Specie Bank
alone reached as much as 600,000,000 yen ($300,000,000).
How to meet
this problem has become one of the vital problems of Japan.
Such being
the case, the Japanese Government has issued Exchequer bonds amount¬

ing to 100,000,000 yen ($50,000,000)', in addition to the same amount of
Exchequer bonds which was issued on Aug. 3 of this year, for the purpose
of buying the credits held by the
Japanese exchange banks. Of the above
Exchequer bonds, however, only 50,000,000 yen ($25,000,000) will be used
for this purpose.
In order to make further investigations into this
problem, the Japanese
Government established on Sept. 16 a foreign exchange commission, which
is composed of prominent Government officials and
representative business

people.

Japanese bankers said yesterday that the action of the Japanese Govern¬
ment would save their

agencies here from great embarrassment.
“We have
been building up balances in the United States ever since last September,”
said one danker, “but have been unable to get our funds to
Japan because
we have not been permitted to
ship gold by the United States Govern¬
ment.”
Another bankers estimated that the Japanese Government now
has approximately $200,000,000 to its credit on deposit in this country.
British Deals

with^Japan

Prior to the entrance of the United States into the war there were two
occasions when the British Government successfully negotiated with Japan
and obtained

Japanese balances in New York in return for British Ex¬
chequer bonds sold in Japan.
Before the embargo on gold went into effect in September 1917, Japanese
interests were drawing gold out of the United States at the rate of $5,000,000

a

week.

CHINESE

GOVERNMENT

LOAN.

&
fnSB

The

following information with regard to the proposed
Chinese Government loan is from a special London cable to
the “Journal of Commerce and Commercial Bulletin”
Oct. 10, and published in that paper yesterday:

on

6i»The Chinese Government
loan of £600,090 bearing 8% and to be
offered at 105, is to be sold here.
This loan, which is redeemable at par
in ten years, was arranged by the Marconi
Company in connection with
wireless installation, including telephones, to the Chinese Government.
The issue has been sanctioned by the Treasury and Foreign Office.
It
will be marketed through Birch Crist, who, it will be recalled, in 1912
issued the $5,000,000 Chinese loan in defiance of the Foreign Office and of
the Five Powers’ international banking group.

URCHIN A PLANS GOLD NOTE

$ 1 3Tg
The “Financial America” of Scpt7*3(Tis authority for tlie

following:

placed under the direct control of the bureau.

It will be established for

years.

CHINESE
In

a

GOVERNMENT PROPOSES EMBARGO
SILVER AND COPPER EXPORTS.

copyright cable from Peking

on

ON

Sept. 29, the New

York “Times” said:
The

application of the Chinese Government for an embargo on the ex¬
port of silver and copper is being favorably considered by the diplomatic
body.
Authority is awaited from the interested Governments.
Under the

The New York “Times” in its issue of Oct. 6 points out
that the annual report of the Bank of the Netherlands dis¬
closes that the bank has prevailed upon Scandinavian bankB
to

forego their policy of accepting gold only at

a

discount.

The “Times” says this policy of the Scandinavians had been
in force for nearly two years, and it was only after long ne¬

gotiations that they abandoned it, partially, at least, in
Netherlands, which took the ground
that “it would be a very pernicious measure for internationale
gold policy if banks of issue were to attribute a lower value
to gold.”
The New York “Evening Post” of Sept. 28 gave the follow¬
ing from the Bank of Netherlands’ report on the subject of
gold depreciation:
favor of the Bank of

We

unable to share the opinion of certain parties that gold has depre¬
Many facts contradict thk opinion, and, besides Sweden, there
was in the end no country which
during the past year held this view,
apart from the utterances of a few sporadic private persons abroad and in
are

ciated.

this country.
On the contrary, we possess numerous proofs that the groat States about
us, and also the Unitod States of America, continue to adhere with firm
conviction to the gold basis.
Should a change in the world’s opinion on
this point set in, we shall pay keen attention to it, but this is certainly not

I would therefore be a great folly for the Netherlands to
yet the case.
accept the depreciation of gold on very one-sided and incomplete theoretical
grounds, as certain theoreticians a outrance, also in this country, would
wish to be done.
On the contrary, the remarkable phenomenon may be observed that gold,
far as this is obtainable in the limited amounts still in possession of the

as

public, is being paid for, in this and other neutral countries, as a high
agio, even of 40 to 50%, and during the past few weeks even to 100 and
125% over and above the currency price. English and American bank¬
notes and paper money of small denominations also make higher prices,
although not so much as the gold. We have therefore before us again a
special phenomenon to which in itself alone we must not attach too great
importance, at least not when considering the complicated gold problem.
The cause is probably that in various parts of Russia, afflicted with
revolution, in parts of the Balkans and in Asia Minor, gold money and the
paper currency of other countries enjoy greater confidence than their own
greatly depreciated media of payment. The same case has repeatedly
occurred in history, that when one’s own circulation media are greatly
depreciated, money from other countries with steadier currencies is preferred
even though a considerable agio had to be paid for such circulation media.

CONTROL OF IMPORTS IN AUSTRALIA.

merce

yesterday (Oct. 11) the “Journal of Com-

said:

Australia is about to put into effect the license system for the control
imports, it was announced to-day by W. A. Watt, the Treasurer of the
Commonwealth. The Cabinet had approved the principle, he said, and
the details were being framed.
The sugar production of the Commonwealth during the present season
has been reduced because of the unusual climatic conditions to the actual

of

With a view to facilitating foreign trade, the Peking Government has
recently promulgated by a Presidential mandate the gold note regulations
and the convertible note regulations, to be put in force on the
day of their
issue.
According to those regulations. China has authorized certain banks
named by the Currency Bureau to issue gold notes.
The unit of the gold
note has been fixed at gold yen, one gold yen containing
0.752318 gramme
of pure gold which will be decimalized.
Until gold coin is ready the note
will be only for domestic circulation and for
drawing a bill of exchange.
The note will not be convertible until then.
Gold equivalent to the
amount of the noi,e issued will be reserved and the
standing amount will
be officially announced every ten days.
The organization of the Currency Bureau consists of nine articles.
It
belongs to the direct control of the Premier and supervises the currency
system covering the whole country.
It will have one controller, one presi¬
dent and one advisor.
The office of controller will be assumed by the
Minister of Finance, while the advisor will be hired from abroad.
Besides
these the bureau will have one honorary advisor.
The chiefs of the Gov¬
ernment Printing Plant and tne Mint and
supervisors of banks will be
ten

BANK OF NETHERLANDS AND THE PRACTICE OF
THE DUTCH BANKS OF ACCEPTING GOLD AT A
DISCOUNT.

In its issue of

ISSUE.

1423

new

certificate of the

arrangement the export of silver is permitted under the

Inspector-General of Customs.

CHINA'S CAMPAIGN IN BEHALF OF U. S. FOURTH
LIBERTY LOAN.

According to cable advices from Shanghai on Oct. 2, Amer¬
ica’s Fourth Liberty Loan campaign has been indorsed by
most of the Chinese Chambers of Commerce, and is being

promoted by the most extensive advertising campaign in
the history of China.
These cable advices also said: * jEjjffYTfr
In Shanghai the subscriptions at the end of the second day amounted to
$250,000.
Many prominent Chinese newspapers devote their leading edi¬
torials to the opening of the drive.
The “Eastern Times” says:
“Since China is sharing in the advantages of American leadership, the
Chinese should share the expense.”

“The loan,” says the “Republican News,” “deserves the enthusiastic
support of all Chinese, who thus can show their love of liberty and justice.”




requirements for consumption.
The Government, therefore, has decided
to import 10,000 tons as a margin of safety.
Announcement was made by Treasurer Watt that it was probable ar¬
rangements would be made to permit the export to Great Britain of a lim¬
ited quantity of Australian sole leather.

W.

ITALY'S COTTON 'FINANCING PLANS.
^

,

A

' 1

i

•

-i,

.

Washington dispatch, appearing in the “Financial

America” of Oct. 3 stated that “prospective conditions in
the textile industry in Italy are such that manufacturers
and newspapers are urging the Government to take steps
such as importing large quantities of raw cotton, centralizing
all demands in a purchase bureau, and developing cotton
growing in African colonies which may be expected to afford
some relief to the spinners after the war.”
On the 5th
inst. the New York “Times” had the following to say in

the matter:
It

was learned yesterday that the Italian Government has ordored that
financing of Italy’s 1918-1919 cotton requirements be done entirely
through New York, substituting dollar credits for sterling credits, thereby
opening the way for broadening the exchange flow between New York
and Genoa and Rome by mwe than $50,000,000.
It is understood that a
group of Italian banks, probably acting through the central agency at Rome,
is negotiating credits with banks here, against which ninety-day bills,
payable in dollars, will be drawn to finance the cotton movement.
The details of the plan have not been announced, but some bankers
assume that an arrangement will be made which wiil keep lire bills off the
local market for the time being.
Later there will be a movement of credits
in this direction.
As the whole operation is expected to be handled through
the foreign exchange division of the Federal Reserve Bank, however, it is

the

not believed there will be any undue strain on the market.

Exports of cotton from the United States to Italy last year aggregated
$50,000,000, and in the year before was approximately $60,000,000.
Spain is expected to draw more heavily on American cotton supplies this
year than last, provided sufficient shipping space is available to carry the
staple across from American ports during the late autumn and winter
months.
The credit recently arranged by the United States Government
with Spanish banks for the purpose of facilitating exports of Spanish goods
to the American forces in France will be partly liquidated.
It Is under"
stood, through shipments of cotton to be worked up in Spanish mills.
Switzerland is another neutral nation in Europe which is counting on sub¬
stantial imports of cotton from the United States in the next few months.
about

CANADA'S FIFTH WAR

LOAN.

Sir Thomas White, Canadian Minister of Finance, in his
speech at Winnipeg on the evening of Oct. 8 announced
the terms of the forthcoming war loan as follows:
Through the prospectus of the Fifth Canadian War Loan the Victory
Loan of 1918—the Dominion of Canada will ask for a minimum amount of
$300,000,000, with the right to accept all or any part of subscriptions in
excess of that sum, to be used for war purposes only, and to be spent wholly
in Canada.
The rate of interest will be 5M% per annum, payable May 1
and Nov. 1, and the denominations $50, $100, $500 and $1,000.
The loan
will be offered in two maturities—five year bonds, due Nov. 1 1923, and
15-year bonds, due

Nov. 1 1933.

price will be 100 and accrued interest for both maturities,
making the income return 5y2% per annum.
Provision is made for pay¬
ment in five installments as follows:
10% on application; 20% Dec. 6
1918; 20% Jan. 0 1919; 20% Feb. 0 1919; 31.16% March 6 1919.
The last
payment of 31.16% covers 30% balance of principal and 1.16% represent¬
ing accrued interest at 5/4% from Nov. 1 to due dates of the respective
As a full half year’s interest will be paid on May 1 1919,
installments.
the cost of the bonds will be 100 and interest.
Payment may be made in
full at the time oi application at 100 without interest, or on any installment
Bearer
due date thereafter with interest accrued at 5/4% per annum.
bonds will be available for delivery at the time of application to suby
scribers desirous of making payment In full.
Bonds registered as to only'
or as to both principal and interest in authorized denominations, will be
delivered to subscribers making payment in full as soon as the required
egistration can be made.
Bonds of this issue will be free from taxation—including any income tax—
imposed in pursuance of legislation enacted by the Parliament of Canada,
and will carry the privilege of conversion into any future domestic issues
of like maturity or longer, issued by the Government, during the remaining
period of the war.
Subscription lists will be open on Oct. 28 1918 and close on or before
The issue

bond of Canada, backed by all its re¬
joined to the industry, intelligence and enterprise of the great
Canadian people?
Over two hundred million dollars of last year’s Vic¬
tory Loan was furnished by eight hundred thousand subscribers of amounts
of five thousand dollars and under.
Subscribers of from five thousand
to one hundred thousand took eighty millions.
Over one nundred millions
were in subscriptions of one hundred thousand and over.
This year we
shall expect at least five hundred million dollars from over a million sub¬
investment for this money than a

sources,

scribers.

issues having been so made that their maturi¬
periods of five, ten, fifteen and twenty years, will give
no serious difficulty to future Governments.
To have adopted the prin¬
ciple of short-date financing in the expectation that the war would not last
long would have been a fatal error, as. the principal of large issues would
have fallen due at a time when immense sums of new money would be
required.
Short-date financing Is alway dangerous. The way to make
the winter pass quickly Is to discount a three months’ promissory note in
January.
In public finance it is always sounder, when future conditions
are uncertain, to boldly face the interest rates and spread maturities over
long periods.
The outlook for the success of the Victory Loan is most promising.
The savings deposits in our chartered banks materially exceed those at
the same period of last year.
Agriculture is prosperous and business
active.
Wages are high, and there is no unemployment.
The national
spirit is strong and resolute for the continued prosecution of the war.
Canada will never falter until the purpose of the Allies is accomplished,
and Prussian miltarism with all that it stands for, is utterly overthrown.
On all fronts our armies are victorious.
The way may still be long, but the
issue is not in doubt.
We begin to see the goal of all our efforts and sacri¬
fices.
This is in very truth a Victory Loan, and there is no doubt as to the
response to its appeal to the Canadian people.
Canada’s domestic war

ties extended over

The Montreal “Gazette” in its issue of Oct.

the terms of the present
as follows:

Nov. 16 1918.

the Victory Loan cam¬

paign at Winnipeg, made public the following cable dispatch
from Sir Arthur Currie, Commander of the Canadian Corps:
about to launch another Victory Loan campaign, the result of
which will be watched with interest by every Canadian soldier in France.
are

just won our third great battle since Aug. 8, in which the Canadian
Corps has met and defeated forty-seven of Germany’s best divisions, has
captured twenty-eight thousand prisoners and more than five hundred
heavy and field guns, and has liberated sixty-nine towns and villages.
Great as have been the material results, the moral victory is greater.
These remarkable achievements would not have been possible without the
most loyal support and encouragement from home.
A continuance of
that snjjport is imperatively necessary to consummate the final victory
of which we are all confident.
The people of Canada will, I am sure,
respond most generously to jour appeal.
We have

Sir Thomas

White, in the

course

loan with those of previous loans

as

First Victory

bond is to be 15-years instead of 20 years.
The earlier loans were on an ascending rate

of maturity, from 10 years in
and to 20 years in the third, with the fourth,
or First Victory Loan, offering a choice from among 5, 10 and 20-year bonds.
The big demand among the Victory Bonds was for the twenty-year issue,
but a point has now been reached where the Government seems to feel
confident that it can fill its requirements in the money market without
selling Dominion credit on a 5.50% basis for so long as 20 years ahead.
The outstanding 20-year bonds, it may safely be assumed, will be the last
war issue of that maturity; as peace prospects brighten, with the promise
of a return to more normal conditions in the money market, maturities
and interest rates may be expected to contract until a point is reached when
refunding operations will be possible in long-term low-interest-bearing

the first to 15 in the second,

of his address, said in

part:
is an undertaking of the utmost national impbrtance
people of Canada. Its successs is absolutely essential to our con¬
tinued prosecution of the war and the maintenance of prosperity upon
which our war effort necessarily depends.
Canada relies upon the Victory
Loan to enable her to “carry on.”
It is not necessary to speak of the achievements of the Canadian forces
in France.
Their valor has won the admiration of the world and will for
all time shed lustre upon the name of Canada.
We can all hold our heads
higher by reason of what they have done and suffered in Europe. They
saved Calais in 1915, and Calais is the key to the invasion of England.
They have been in the forefront of
They took the famous Vimy Ridge.
the victorious fighting of this summer.
Where they have led victory has
followed.
They were the first to break through the famous Ilindenburg
line.
They were the spearhead of the British attack at Cambrai.
With¬
out boasting, they may be regarded as the most formidable fighting unit
in Europe to-day.
Under Sir Arthur Currie, they are playing a great part
in' crushing the world-menace of German militarism.
Our war effort has been a great undertaking for Canada.
We are
sending our soldiers thousands of miles from their homes in the Dominion,
The Victory Loan

to the

from Nova Scotia to British Columbia.

9 contrasts

the terms go, they are virtually the same as the terms of the
Loan, except for the provision that the price is to be par
“with accrued interest’’ instead of par flat, and that the long maturity
So far

Sir Thomas White, in opening

You

[Vol. 107

THE CHRONICLE

1424

Over 500,000 called to the colors;

securities.

price “with accrued interest,” rather than
reached, It is understood, largely because of the feeling that
the concession of interest given with the first coupon of the earlier loans
was rather wasted as a “selling” point for the bonds.
The general public,
for instance, understood that the price of the First Victory Bonds was
par, just as the prospectus stated.
They were not particularly interested
in technical explanations that they were being given a certain amount
of unearned interest with the first coupon, which reduced the net cost of
the bond to .$98 65 per $100 bond.
Yet this concession of interest worked
out roughly to a cost of about $6,000,000 to the Government.
This,
it was felt, might well be saved, and so the new bonds are being issued on
a straight 5.50% basis, without any “sweetener.”
It will be noted that the Government Is living up to its promise of having
the bonds ready this time for delivery on the spot to any subscriber with
the cash to lay down.
The saving that this will mean in labor for clerical staffs of the finance
department, the banks, and the financial firms handling subscriptions,
should be enoimous.
Besides this obvious advantage, the innovation will
make satisfied subscribers of thousands who fretted over the trouble and
delay of installment payments and exchanging interim for definitive
certificates during the last loan.
There was never any good reason why
the bonds should not be bought with the same readiness as so much mer¬
chandise for which the purchaser wants to pay cash rather than open a
Decision to make the issue

“flat,"

was

400,000 sent overseas—it is a wonderful record for the Dominion,
with its sparse population, of diverse nationality, spread over a country
as large as Europe.
Oar men have had to be raised, equipped, given pre¬
liminary training in camps in Canada, carried overseas, trained specially in
England, and then sent to France. An army constantly requires food,
clothing, ammunition, pay. For these purposes money must be raised.

credit account.

Finance underlies all the operations of war.
To date Canada has spent
about a billion dollars on the war.
The main purpose of the Victory Loan is to raise money for the con¬
tinued prosecution of the war until final victory is achieved.
Money can
be devoted to no higher or nobler purpose than this.
The Victory Loan

paper:

over

is essential that we may carry on the war.
behind the man must be the dollar.
Every

Behind the gun the man, and
Victory bond is a financial sol¬
dier fighting against the Kaiser.
Canada can show the solidarity of her
people and her determination to see the war to a victorious ending by an
overwhelming subscription to the Victory Loan.
Five hundred millions of dollars is the amount required to be raised by
the Canadian Government to carry on Canada’s part in the prosecution of
the war.
The minimum amount which the Minister of Finance asks for
is three hundred million dollars.
The larger amount will be raised if pos¬

Comparisons of leading points of
amount, price, yield, etc., with the
the following table as published in

Amount

(millions,)

Subscribed

1st.

2nd.

3rd.

4th.

5th.

(1915)

(1916)

(1917)

(1917)

(1918)

100

150
183
96

150

300

413

?

100

100

50
79

.

(millions,)..

.

*

Issue price
Issue yield, per cent

-

Subscribers
*

Flat in

case

145

97^
5.42

.

10

Maturity (years)
Interest payable.

./June 1
\Dec. 1
__

this loan in respect to

former loans, appear in
the above quoted news-

-

24,862

97 H
5.30
15

5.61-5.81 T 5.50
5, 15
20
5, 10, 15
June 1
May 1
Mar. 1
5.40

Apr. 1
1

Nov. 1

34,526

40,800

Oct.

of all loans except fifth, latter

Dec.

1

820,035

being “with accrued

Nov. 1
?

interest.”

sible.

Canada to-day is in tne fortunate position of issuing her second Victory
Loan at a time when the securities of the first Victory Loan stand above
their issue price to the public.
The best future customer is the pleased
customer of the past.
What an advantage to Canadian finance after the
war if, as was most probable, every holder of Canadian bonds would see
them quoted on the market at a premium over their issue price.
No mat¬
ter what happened abroad Canada would be in such circumstances able to

her further financing within her own frontiers. The rate of
is most attractive to all. This is a case where
Canada will also benefit himself.
The fact that the great body of Canada’s war loans will be held by
our own people is one of the strongest factors in our economic situation.
If Canada had been obliged to borrow her war expenditure abroad the
result would have been most serious to the future of the Dominion.
Pru¬
dence enjoins i pon all to-day the duty of saving their money for the period
of readju ment which will follow in the wake of the war.
What better
carry

on

interest upon the new loan
each subscriber in helping




COMING ISSUE OF BONDS OF THE
SANTO DOMINGO.

REPUBLIC OF

Through convention with the United States of America
Republic of Santo Domingo will issue approximately
$5,000,000 gold funding bonds through its customs ad¬

the

ministration.
form and may
denominations:

These bonds will be tax-exempt, coupon

be in

any or

all of the following

in

series and

$50, Series C $100,, Series D
$500 and Series M $1,000. They will be dated Jan. 1
1918 and will be payable at par on or before Jan. 1 1938.
Principal and semi-ann. interest (Jan. 1 & July 1) will be
Series

L.

payable either in Santo Domingo City at the main officP
of the designated depository for the Dominion Republic,

Oct. 12

1918.]

the Dominion Republic,
York. An annual appro¬
priation of one-twentieth of the principal amount of the bonds
is made for the sinking fund beginning Jan. 1 1918, but the
Dominican Government may increase its payments into the
fund at its discretion.
Commenting on the loan, the
or

or

at any of its branch offices in
at its office in the City of New

“Wall Street Journal” says:
In 1905 Santo Domingo requested the United States to assist her in
arranging her foreign and domestic debt. In February 1907 the AmericanDominican convention was signed under the terms of which all moneys
realized from customs

by a general receiver named by the
They are applied, first, to the expenses
of the receivership, second, to payment of interest and amortization of a
$20,000,000 bond issue, and, third, the remainder is paid to the Dominican
Government.
It is from this third part of the customs receipts as well as
from internal revenue collections that the provision for the interest and
sinking funds on the new $5,000,000 bond issue is to be made.
The annual report of the receiver of customs for 1917 shows that the
amount paid to the Government for that year was $2,455,784, in addition
to which the Government received from internal revenue $1,226,446,
making total receipts of $3,682,230. The Government of Santo Domingo
had to its credit at the end of 1917 $1,542,960 and on Aug. 31 1918 the
balance in the Government depository was $3,097,533.
Thus the Govern¬
ment is not only meeting its current obligations but is also accumulating
a considerable surplus.
In 1916 the United States established a military government for Santo
Domingo and appointed Rear-Admiral H. S. Knapp Military Governor.
The reforms introduced into the conduct of the country’s affairs by the
Military Governor are reflected in the increase of revenues and the decrease
of administrative expenditures.
In 1907 a loan of $20,000,000 was made to the Dominican Republic
through the assistance of the United States Government. All payments
for interest and sinking fund of this loan had been promptly made.
In
1913 a loan of $1,500,000 was made to Santo Domingo by the National
City Bank of New York, which has been liquidated in full, the final pay¬
ment having been made in November 1917.
The present indebtedness
of Santo Domingo is therefore $20,000,000 plus the amount, yet to be
determined, of the 1918 bond issue.
The latter is to be made to liquidate
all the outstanding claims against the Dominican Republic which have
accumulated since 1907.
These claims are being investigated and adjudi¬
cated by a Claims Commission appointed by the Military Governor who
has given it the powers of a court of last resort.
The American-Dominican convention provides that until the Dominican
Republic has paid the whole amount of its bonds its public debts shall not
be increased except by previous agreement with the United States.
A like
agreement is required for any modification of the import duties, which in
any case cannot be changed unless it is demonstrated to the satisfaction of
the President of the United States that on the basis of exports and imports
of a like amount and like character with those of the two years preceding
that in which it is desired to make such modification, the total net customs
receipts would at such altered rates of duties have been in excess of $2,000,000 in United States gold a year.
The sinking fund provision for the previous $20,000,000 bond issue,
which matures in fifty years from its date, requires payment of at least
1% per annum and interest on bonds held in the sinking fund, but surplus
receipts may be applied by the Dominican Government to the sinking fund
and in any case if the customs revenues shall exceed $3,000,000 in any one
year, one-half of the excess shall be applied to the sinking fund.
At Dec. 31
1917 payments to the sinking fund for this issue had aggregated $6,028,266,
out of which $5,794,250 of the bonds, pair value, had been purchased at a
cost of $5,469,725, leaving the sinking fund balance $558,541.
For the calendar year 1917 gross collections of the customs receivership
amounted to $5,353,163.
Customs expenses amounted to $163,872, the
expenses of the frontier customs service $29,419, and the operation of the
revenue cutter service $29,905.
The service of the existing debt called
for only $1,200,000, but additional payments were made to the sinking
fund representing one-half of the excess of customs receipts over $3,000,000,
to the amount of more than $1,000,000.
The rapid expansion in the foreign trade of the Dominican Republic since
the United States extended its assistance to that country in 1905 is shown
by the following table of annual imports and exports and the balance of
trade in the country’s favor:
are

handled

President of the United States.

Year—
1917
1916
1915
1914
1913
1912
1911

1910
1909
1908

1907
1906
1905

Value

Value

Balance

Imported.
$17,581,814
11,664,430

Exported.
S22.444.580
21,527,873

9,118,514

15,209,061

6,729,007
9,272,278
8,217,898

10,588.787
10,469,947
12.385,248
10,995,546
10,849,623
8,113,690
9,396,487
7,628,356
6,536.376

of Trade.
$4,862,766
9,863,443
6,090,547
3,859.780
1,197,669
4,167,350
4,045,884
4,591,932
3,687.777
4,628,712

6.949.662
6.257.691
4,425,913
4,767,775
4,948,961
4,065,437
2,736,828

6,896,098

2,679,395
2,470,941
4,159,270

following the outbreak of war in Europe witnessed
rapid expansion in Dominican exports and a sharp rise in the trade balance
in Santo Domingo’s favor, but except for those two years the trade balance
was the largest in the history of the republic.
The first two years

a

FINANCIAL AND OTHER CONDITIONS IN RUSSIA
AS SEEN BY JAMES KEELEY.

financial and other conditions in Russia
pictured by James Keeley, former owner of the Chicago
“Herald,” upon his recent return to this country from
Europe where he had undertaken an investigation at the
instance of the Committee on Public Information.
Ac¬
cording to the New York “Times” of Aug. 29 Mr. Keeley
declared that the starvation, misery and disorganization
in Russia would lead Germany soon to attempt the in¬
stallation of a German-picked monarch in that country.
We also take the following from the “Times:”
Mr. Keeley predicted, however, that no German-made Czar would be
The status of

were

able to avert the sufferings




1425

THE CHRONICLE

of hunger that are in store for the Russian people

during the coming winter, and that by next spring the whole peasantry
would turn willingly to the Allies for release from German rule, provided—
and Mr. Keeley emphasized this condition—Siberia were under the con¬
trol of an allied army and revealed a condition or order and comparative
prosperity without famine and pestilence.
Mr. Keeley based his statement of conditions in Russia on information
furnished to him, he said, by eminent Russians, one of whom he believes
will be a potent factor in the regeneration of his distracted country.
“Unless signs and omens fail,’* he went on, “Germany is preparing to
play what she hopes will be a trump card in Russia—and that in the near
future.
By that I mean the restoration of the monarchy with a Czar
chosen in Wilhelmstrasse.
The candidate for this dubious honor has been
picked. He isn’t the Kaiser’s first or second choice, as the crown was in¬
dignantly rejected by several Grand Dukes. But his blood is royal even"
if his reputation is not.”
Germany would find a strong backing for this project, Mr. Keeley said,
in the church, to which the Russian prasants were now turning en masse
for succor from the horrors brought on by the Bolsheviki.
“However,” continued Mr. Keeley, “it is a question whether the de¬
vastation wrought by her intrigue in this section of the former Russian
Life to-day is so appalling
Empire is not so great as to be beyond cure.
as compared with existence under Czardom that a return to ancient con¬
ditions would seem an Elysium to the Ignorant peasantry.
Under royal
rule they had a certain amount of comfort and physical security, even if
circled with needless restrictions and privations.
To the ‘uneducated
masses,’ to quote one of my informants, ‘only one conclusion is indicated—
a return to Czardom as an escape from their present miseries,’ and as a
promise at lease of the safeguard and relative ease enjoyed prior to the
downfall

of the monarchy.
This is what Germany is betting on but the thoroughness of her
devastation may render her calculations in vain.

Famine

an

work of

Actuality.

European Russia, this coming winter, will yes, must be, the world’s mos
awful graveyard.
Famine isn’t a possibility. It is a certainty, to-day
an actuality.
Pestilence is reaping the first crop of a gigantic harvest.
According to my information from a quarter to one-third of the inhabitants
must die before next summer.
There is neither work nor food to support
the population, and to-day the working people are simply predestined
victims of hunger and disease.
Productive labor has been annihilated
and

no

nation

can

live without it.

vanished. Debts have been repudiated, banks
abolished, and the gold reserve of the nation largely stolen. The printing
There
press is the monetary right arm of the Bolshevist Government.
months ago the Trotzkyites had turned out 28,000,000,000 rubles of the
old pattern notes.
The postal service having gone to the scrap heap,
communities finding it difficult to secure supplies of this fiat currency too
to manufacturing their own notes, which are not accepted outside their own
districts or towns.
Travelers, should there be such hardy individuals
in Russia at the present time, would have to pay the cost of exchanging
these notes as they passed from place to place and at a rate of from one-half
All financial system has

two-thirds their face value.

to

Financial
Here is an example of the

Values Gone.

financial catastrophe:
Pre-War.

of a workman In roubles
Cost of pood of wheat (56.1 lbs.)
Daily

wage

♦"According

1 to 1H
1.2 to 1.5

1917.

To-Day,

7)^ to 15 125 to 150
to 8 *300 to 800
6

to locality.

Fuel is
Railroad and inland water travel almost is a thing of the past.
the crux of this situation.
The available supply has disappeared. The
unburned oil fields are not working, and the Bolshevist mind conceiving
the Idea that the plutocrats could not create wealth without coal, flooded
the mines.
Administrative staffs of railroads also were creatures of the
devil, so they were dismissed.
As a result, rolling stock and tracks
rapidly going to pot. Some few railroads are operating but as private
concerns in the hands of enterprising bandits.
Each station has its own
tariff for passengers and freight, payable in the currency of that particular
place. Even if a journey is begun there is no certainty it will end without
additional exactions, as the train crews frequently do a little bit of highway
robbery by threatening .to stop the train In some desolate spot unless
large ransomes are paid.
money

are

Manufacturing at a Standstill.
Manufacturing is at

a

standstill, nine-tenths of the factories having been

Many are heaps of ruins, because they were the property of
the “criminal bourgeois.”
Cotton fabricating practically is a memory,
for this reason:
It was the custom In Russia for banks to buy and hold
cotton for their patrons.
So, the leaders of the New Ideal, believing the
cotton belonged to the money devil, struck a blow at capitalism by burning
all the cotton they could get their hands on.

shut down.

Only 20% of the tillable lands of European

Russia were put Into crops

this year.
As far back as the spring of 1917 the teachings of the
Revolutionists led to the burning and destruction of many of the

Social
large

agricultural estates. Live stock and implements were appropriated.
Equitable division of the loot often caused trouble. A just allotment sel¬
dom could be arrived at. so resort was had to breaking up and dividing
the articles and animals.
Thus If there happened to be only one cow
for four individuals It was cut into four pieces.
A childlike son of the new
freedom went home perfectly happy with two wheels from a reaper.
Commerce, even from the standpoint of 1917, does not exist.
All the
big firms have suspended because of the lack of coal, the impossibility of
getting raw material, and because their factories have been destroyed.
Retail dealers have vanished for the simple reason that their stocks were
confiscated and they cannot get any more.
Such commerce as exists is
in the hands of acquisitive soldiers who have stolen goods and army trans¬
port trucks.
These peripatetic merchants travel the land, buying at
forced sales or stealing when the latter seems more desirable.
So thoroughly have the people of Russia in their blind ignorance de¬
stroyed their country that they have deprived themselves of the means of
rising again when their minds shall have turned from their folly.
These are the conditions a German-made Czar must face.
If ho were
the most benevolent and all-powerful individual in the world he could not
change the inevitable.
Now, suppose early next summer the survivors look to the east and see
a Siberia, under Allied control, that is comparatively prosperous; a Siberia
without famine and pestilence; a Siberia in which order has been restored;
a Siberia in which factories are operating; a Siberia with security for life
and property; a Siberia through which an Allied.army has marched,
which is at the doors of European Russia.
What Is a fair assumption as to the course the people of Russia will

and

take?

EXCHANGE DEALINGS WITH NEUTRAL COUNTRIES.
FACTS DEDUCED FROM QUESTIONNAIRE
ON FOREIGN EXCHANGE BANK.

gleaned from the questionnaire sent out in
August by Senator Robert L. Owen, Chairman of the Senate
Committee on Banking and Currency in connection with his
proposal for the establishment of a Federal foreign exchange
bank are presented by the Federal Reserve Board in its
“Bulletin” for September. As part of the inquiry, F. I.
Kent, Director of the Division of Foreign Exchange, ad¬
dressed seventy-three banking houses, advising them of the
Senate resolution calling upon the Secretary of the Treasury
“to advise the Senate what steps have been taken to protect
the par value of the American dollar in the neutral countries
of Europe, and what is the amount of foreign balances held
in the United States at this time by such neutral nations.”
The Federal Reserve Board announces that as a result of
the request, reports were received showing 26 accounts with
Norway, 24 with Sweden, 25 with Denmark, 39 with Hol¬
land, 37 with Spain and 48 with Switzerland. It is also
stated that the returns indicate that exchange dealings with
Norway, Sweden, Denmark, Holland and Switzerland
rendered gross profits, while the Spanish transactions re¬
sulted in a gross loss. Besides the questionnaire the “Bulle¬
tin” prints as follows the data obtained from the investiga¬
tion made in compliance with the Senate resolution calling
for the volume of transactions and profits earned in certain
neutral exchanges:
The facts

EARNINGS

[Vol. 107

THE CHRONICLE

1436

ON

EXCHANGE

WITH

net balance on April 1, which was the largest held
country.
The net balance in Norway on January I was

PROFITS OR LOSSES, FIRST QUARTER. 1918—EXCHANGE PUR¬
CHASED AND SOLD—EUROPEAN NEUTRAL COUNTRIES.
!

Foreign
Currency.

The July Issue of the

payable in terms of the currency of the neutral nations of Europe which

nave been bought and sold severally by the member banks of the Federal
Reserve system and other banks and banking houses dealing in foreign
exchange in the city of New York from January 1 to April 1 1918, and the
amount of profit in such transactions, and to advise the Senate what steps
have been taken to protect the par value of the American dollar in tne
neutral countries of Europe, and what is the amount of foreign balances
held in the United States at this time by such neutral nations.”
The Secretary of the Treasury has requested the Federal Reserve Board
to obtain this information through the division of foreign exchange.
We
will have to ask you. therefore, to fill out the enclosed form and return to
us.
While a reasonable time wi.l unquestionably be allowed for the

{>reparation
of theasfigures,
should be turned in to the division of
Oreign exchange
quicklyyet
as they
possible.
Very truly yours,
(Signed) FRED I. KENT,
Director, Division of Foreign Exchange.

‘

Explanation of Form for Use in Connection with Exchange Profits of
Countries.

Neutral

As the Senate resolution specifically requires profits on transactions
covering the purchases and sales of commercial and financial exchange in
the currencies of the neutral countries of Europe, it will be necessary to
consider such portion of all balances in the neutral countries of Europe as
were carried over from 1917 where sales were made against them between
January 1 and April 1. For the sake of uniformity ft is desired that the
same rates of exchange be applied as the purchasing value of such balances,
and rates for this purpose

have been decided upon as follows: Denmark,
31 %A\ Holland. 44H; Norway, 33: Spain, 24.50; Sweden, 34H; Switzerland,
4.34.
In

case

more

exchange has been purchased during the period than has

been sold. it is desirable that the value of the balance remaining be figured
by all those concerned at the same rate. Rates for this purpose have been
decided upon as follows: Denmark, 31H: Holland, 46J4; Norway, 32;

Spain. 25Vk\ Sweden, 34; Switzerland, 4.30.
In purchases of exchange, commercial and financial bills are to be divided
as follows: All bills of exchange drawn against exports of commodities from
the United 8tates are to be considered as commercial bills, and all other
exchange purchased as financial bills.
In sales of exchange, commercial and financial bills are to be divided as
oIIowb: AH sales of exchange in payment of imports to the United States
are to be figured as commercial bills, and all other exchange sold as financial

bills.
Deductions for interest must be made on time bills purchased at exact
rates at which they were discounted, or rates at which discount Is expected
in cases where advices have not been received.
When such bills were
allowed to run before discount, or until maturity, the rate of 5% per annum
must be used in figuring deductions.
The rate of 5% must also be used
In covering loss of the use of the funds.
Deductions for overhead charges should be figured as follows: The total
overhead charges of the foreign exchange department should be divided in
such manner as to show the proportionate amount represented by the
transactions of each neutral European country.
Such amount should be
deducted from the gross profits of the respective countries.
Taxes.—As the tax rate for 1918 can not be determined, taxes should be
deducted on the basis of the 1917 rate.
Every institution has undoubtedly
figured the percentage of taxes paid in 1917 to the profits, and this per¬

centage should be used in making the deduction.
RESULTS OF INQUIRY.
As

»

a

result of this request, reports were received showing'accounts with

Norway, 26; Sweden, 24; Denmark, 25; Holland, 39; Spain, 37; and Switzer¬
land, 48.
The returns indicate that exchange dealings with Norway, Sweden,
Denmark, Holland and Switzerland rendered gross profits, while the
Spanish transactions resulted in a gross loss. After making deductions for
discounts on long bills, interest, commissions, etc., overhead charges,
and taxes, it was found that Norway, Sweden, Denmark and Holland
showed net profits and that Switzerland and Spain showed net losses.
The demand for Norwegian, Swedish and Spanish exchanges was greater
than the supply, which resulted in changes from balances at the beginning
of the year to overdrafts on April 1.
The balances with Denmark and Switzerland at the beginning of the
year were increased as the purchases of exchange exceeded the sales.
On
January 1 there was a net overdraft with^ Holland which., changed to a




Sales.

Purchases.

Classification.

COUNTRIES.

shown also In the “Bulletin.”
On June 26 the following instructions were sent to seventy-three banking
houses:
Dear Sirs.—A resolution was recently adopted by the Senate as follows:
“Resolved, That the Secretary of the Treasury is hereby directed to
advise the Senate of the amount severally of commercial and financial bills

about 25% of the sales

during the three months following.
This balance was cleared and
a small overdraft shown at the close of the period.
Norwegian exchange
dropped steadily, with the result that the balance had been taken over at
a higher rate than it was sold.
The average rates for the items shown
indicate that all the profit was earned through finance bills.
Swedish exchange rendered a profit both on finance and commercial
bills.
The balance
The commercial bills furnished a very good profit.
on January 1 and the overdraft on April 1 were both figured at a higher
average rate than the bills were sold.
The calculated annual rate on total
purchases was 0.055% for gross profits and 0.046% for net profits. There
was a one-fourth point drop in Swedish kroner for the period.
Earnings on Danish exchange were very small, amounting to 0.02%
for gross profits and 0.007% for net profits.
The fact that the balance
was figured at a higher rate than the bills were purchased accounts for
about one-fourth of the profit shown.
The close of March saw this ex¬
change down one-fourth point from January 1.
Guilders advanced 2 Y% points from the beginning to close of the period.
The rate at which the balance was figured accounts for about one-fifth
of the gross earnings.
Both finance and commercial bills show profits.
Calculated annual rates of earnings on total purchases show gross profits
0.063% and net profits 0.041%.
From a net balance of $775,000 at the beginning of the year, peseta
accounts fell to an overdraft of $603,000 on April 1.
Pesetas advanced
1
points during the period. The returns indicate that there was a loss
on finance bills while commercial bills furnished a good profit.
Swiss francs strengthened slightly during the three months.
The gross
profits shown were due chiefly to the earnings on commercial bills.
These
earnings were slightly increased by the pfofit derived from the rate at
which the balance was figured and they were reduced through the loss on
finance bills.
Earnings calculated on an annual basis show a gross profit
of 0 008% and net losses of 0.002%.

made

NEUTRAL EUROPEAN

“Bulletin” printed a letter addressed by the Secre¬
tary of the Treasury to the President dealing with the foreign exchange
situation.
Section 2 of that letter advised the President that the banks in
New York City which dealt in neutral European exchange had been re¬
quested to furnish information covering their transactions from January 1
to April 1 1918. as prescribed on forms furnished them a copy of which is

in any neutral European

Foreign
Currency.

Dollars.

Dollars.

1

Norway—
Portion of 1917 balance
used
Financial bills
Commercial bills
Unsold balance purchased

<z64,012 14
1,786,552 66
4,813,682 12 20,727,009 61
416,640 72
155,791 05

021,123 98
6,796,894 38
132,895 74

868,761 03

278,002 68

22,076,423 50

7,068,171 91 22,076,423 50

7,228,916 78

1,904,788 16
18,519,625 88
226,106 39

0976,097 45
652,389 94
6,128,199 08 20,706,163 67
766,625 41
75,537 50

0334,313 37
6,943,765 18
292,026 44

5,413,795 96
15,208,720 87
478,450 15
a975,456 52

during period
Total
Sweden—
Portion of 1917 balance
used
Financial bills
Commercial bills
Unsold balance purchased

during period

i__

al.989,423 82

0398,860 44

during period
Total

■

%

Total
22,639,944 25
Denmark—
Portion of 1917 balance
used
254,953 81
Financial bills
6,849,614 84
Commercial bills
174,914 98
Unsold balance purchased

7,678,344 07

Holland—
Portion of 1917 balance
used
Financial bills
Commercial bills
Unsold balance purchased

m

0312,146 08

240,925 66
20,888,974 14
2,149,410 60
0762,430 42

during period

191,057 72

64,959 60

7,532,530 61 22,639,944 25

7,635,064 59

80,924 46
2,111,665 86
52,491 40

0201,814 97
6.016,656 42
280,668 88

064,076 25
1,859,108 21
87,953 71

0125,641 04

1,179,203 80

371,452 55

7,678,344 07

2,382,590 72

0245,185 83
106,168 05
9,267,826 02 15,911,411 92
939,444 07 3,462,123 28

0108,188 25
7,128,374 94
1,531,144 43

4,423,019 79

2,067,761 71

0676,404 09

2,370,722 76

0355,835 20

24,041,740 82 10,669,273 34 24,041,740 82 10,835,469 33

Total

Spain—
Portion of

1917 balance
0392,845 86
used
4,767,166 25 1,167,892 49 01,603,452 63
Financial bills
65,625,903 14 16,082,751 59 69,417.962 86 16,892,210 96
Commercial bills
796,346 79 4,960,857 34 1,349,800 32
3,245,647 39
M
Unsold balance purchased
129,183 46
501,738 65
0732,663 36
during period
02,845,294 70
Total
76,484,011 48
Switzerland—
Portion of 1917 balance

18,779,654 23 76,484,011 48 18,764,040 60

2,039,995 82

469,851 65

050,755 26

al.959,478 96

0455,677 25

4,360,456 64

011,639 36

71.102.421 05 15.997.471 10 70,216,187 60 15,794,390 79
Financial bills
Commercial bills
8,824,015 52 1,941,879 85 9,298,511 85 2,081,461 20
Unsold balance purchased

during period

83,925,911 35 18,864,879 85 83,925,911 35 18,903,550 77

Total
a

Overdraft.

i

;

Deductions.
•

Country—
Profit
or Loss.

J

Bills.
Interest,

Net

after
Overhead

Charges.

Deductions.

Commis¬
sion, dkc.

Norway
Sweden
Denmark
Holland

Spain
Switzerland

$160,744 87 $1,294
102.533 98 4,206
11,867 96,
871
166,195 99 6,821
*15,613 63 7,040
38,670 92 6,615

■

Profit

Discount,
Long

Gross

*

1,015,059 42

Profit

Taxes,

J

or

Loss.

,

55 $10,966 59 $148,483 731
$374 96 $148,108 77
86,529 90
70
8,949 86
89,377 42! 2,847 52
4,204 12
5,637 56
5,359 20;
20
1,155 08
78 31,414 49 127,959 72 17,649 59 110,310 13
01 24.880 65 *47,534 29
4.044 51 *51,578 80
*188 51! 10,073 08 *10,261 59
93 32,243 50

Loss.

MONTHLY RANGES OF EXCHANGE RATES ON LEADING
MONEY

FOREIGN

CENTRES, QUOTED IN NEW YORK DURING THE THREE
MONTHS ENDING MARCH 1918.
Exchange

January.

February.

March.

at Par.

Low.

High.

Low.

High.

Low.

High.

30.75 32.50 30.125 32.25
Norway...dolls, for 100 krones 26.80
31.50 33
34
Sweden'...
do
26.80
32.50 34.25 32.25 33.50 31.75
30
31.75
Denmark..
do
26.80
30.25 31.75 30.50 31
45.50 44.75
46.75
Holland...dolls, for 100 florins 40.20
43
44.25 44
24.30
25.625
25.25
dolls, f >r 100 pesos. 518.1347 24
Spain
24.40 24
446
448
431.60
451.50
Switzerland.francs for 100 dolls 518.1347 450
435

Oct. 12

1918.]

THE CHRONICLE

NATIONAL BANK RESOURCES AT HIGH PEAK.

According to the analysis of their sworn reports just com¬
pleted, the resources of the national banks of the United
States, at the close of business on Aug. 31 1918, amounted to
$18,043,605,000—exceeding by more than $1,500,000,000
the greatest resources ever shown by the national banks at
this season of the year. In a statement announcing this,
issued by him on Oct. 9, Comptroller of the Currency John
Skelton Williams said:
On

May 1 1917, immediately before the launching of the First Liberty
Loan, the resources of the national banks were $16,144,403,000. The
amount of Liberty bonds and certificates of indebtedness which the Govern
ment has sold and collected for since that date, exclusive of certificates of
indebtedness paid off during this period, is $14,275,000,000.
Subscriptions for the larger portion of all three issues of the Liberty bonds
were placed through the national banks of the
country; and yet their re¬
ports show' that these banks dte to-day in stronger condition and have re¬
sources greater by nearly $2,000,000,000 than
they held before the first
Liberty bond was sold.
The increase over the total resources held June 29 1918 was
$204,103,000.
The increase for the whole country, exclusive of New York City, since June
29 1918, was $307,000,000—New York showing a reduction in this period of

$103,288,000.

Forty reserve and central reserve cities show in each city
increase in resources since the call of June 29, while in twenty-three cities
there w'as a reduction.
The cities whose national banks show an increase in resources since the
last call of approximately $5,000,000 or over were: Kansas City (Mo.),
36 millions; Chicago, 33 millions; Minneapolis and Baltimore, 15 millions
an

each; St. Louis, Richmond and Wichita, 8 millions each; Houston, 7 mil¬
lions; Omaha, 6 millions; Indianapolis, Nashville and Seattle, 5 millions
each.
The
were:

only cities showing a reduction of $5,000,000 or more in resources
New York, 103 millions; Boston, 54 millions; Pittsburgh, 23 millions;

San Francisco, 15 millions; Philadelphia, 9 millions, and Albany, 5 millions.
The total increase in resources in the reserve and central reserve cities

outside of New York City, was $60,000,000.
The net increase in resources
of national banks outside of the reserve cities, was $248,000,000.
In 38 States the country banks increased their resources; in ten States
they show a reduction. The only State in w'hich there was a reduction in
resources of as much as one and three-quarter millions was Connecticut,
where the reduction

was

$10,000,000.

The States in which the increase in

resources of country banks amounted
approximately $5,000,000 or more were: Pennsylvania, 33 millions;
Illinois, 32 millions; Texas, 25 millions; Ohio, 20 millions; Indiana, 18
millions; Kansas, 18 millions; Virginia, New Jersey and California, 11
million each; Iowa, New York and Missouri, 8 millions each; Oklahoma, 6
millions; Nebraska, South Dakota and North Carolina, 5 millions each.
It is particularly noticeable that the increase in national bank resources
is well distributed throughout the whole country and is confined to no
special section.
Loans and discounts on Aug. 31 1918, 9,493 million, a reduction since
June 29 1918 of 126 millions, and an increase as compared with Sept. 11

to

1917 of 438 millions.
Total deposits Aug. 31 1918, 13,885 million, a reduction since June 29
1918 of 135 million, but an increase over Sept. 11 1917 of 651 million.
Bills payable and rediscounts, 1,294 million, an increase since June 29
1918 of 410 million, and an increase over Sept. 11 1917, of 1,008 million;

principally accounted for by increased investment by the banks in United
States

certificates

of indebtedness.

United States bonds and certificates of indebtedness held Aug.
were

31 1918,

2,455 million dollars, an increase over June 29 of 338 million, and

an

increase oyer

Sept. 11 1917 of 1,296 millions. This increase i*5 nearly all
represented by the national banks’ purchases of certificates of indebted¬
ness.
on hand and due from Federal Reserve banks on Aug. 31 1918;
1,671 million dollars, a reduction as compared with June 29 of 24
million, but an actual increase as compared with Sept. 11 1917, of $5,464,000.
The cash which the national banks had on hand and with Federal Re¬
serve banks on Aug. 31 1918, plus their holdings of United States bonds
and certificates of indebtedness,
amounted
to $4,127,309,000.
This
amount, after deducting the United States bonds held as a basis for cir¬
culation, is nearly 25% of the total deposits of all the national banks, but
allowance should of course be made for that portion of the bonds and

Cash

was

certificates of

indebtedness

which may be pledged against bills payable

and rediscounts.

McHUGH CHOSEN PRESIDENT OF THE PRO¬
POSED DISCOUNT CORPORATION OF NEW YORK.

JOHN

Along with the announcement of the election of John
McHugh as President of the proposed Discount Corporation
of New York, the names of those who will serve on the
directorate of the new corporation, as determined by the
subscribing institutions, were also made public on Thursday
of this week.

142?

John McHugh, Vice-President of the Mechanics & Metals National Bank.
Edwin S. Marston, President of the Farmers' Loan & Trust Co.
J. P. Morgan, head of J. P. Morgan & Co.
Seward Prosser, President of the Bankers Trust Co.
Charles H. Sabin, President of the Guaranty Trust Co.
James A. Stillman, Chairman of the Board of the National City Bank.
Eugene V. R. Thayer, President of the Chase National Bank.
James N. Wallace, President of the Central Union Trust Co.

The acceptance

of the presidency by Mr. McHugh will

not, it is announced, in any way interfere with his duties
at the Mechanics & Metals National Bank.

f

The official

statement also says:
A competent staff for the new Corporation will be organized as soon as
practicable. The arranging of all other details, such as location, the
date of opening, etc., will be deferred until legal requirements have been
complied with, and the Capital Issues Committee has approved the issu¬
ance of the Corporation’s stock.
The purpose of the formation of The Discount Corporation of New York
is to develop a broad discount market in this
country, as it is recognized
that, whereas the discount business previous to the war was almost com¬
pletely controlled by Great Britain, there is now an opportunity for the
development of a big business in this connection in the United States, with
New York as one of the principal money markets of the world.
The principal business of the company will consist of the
purchase and

sale of bankers’ and trade acceptances.
The formation of such an organization is deemed of prime importance
at this time, inasmuch as the country is facing the most
important and far-

reaching fiscal problem in its history, namely, that of providing ample
funds for the Government and at the same time caring for the financial
requirements of private business.
In view of this situation, the field for
such an institution at The Discount Corporation of New York is an ex¬
tremely broad one! and its useful and successful operation is assured.
It is
felt that the formation of this Corporation will not only develop the marktet
for bankers’ and trade acceptances, bat will lead to the formation of similar
companies, the need for which is becoming more apparent every day.

H. E.
In

COOPER, OF EQUITABLE TRUST CO., ON GOLD
recent

a

SITUATION.
treatise entitled “The

Gold

Situation,”

Henry E. Cooper, Vice-President of the Equitable Trust
Co. of New York, comments upon this present crisis as
follows:
Of the many financial and economic problems which the international
developments of the last four years have brought to the fore, one of the
gravest is the maintenance of the gold reserve.
For many generations practice has consecrated gold as the ultimate
basis of every transaction involving credit and money.
Sipce the beginnln
of the war, the demand for currency and credit of all sorts has increased In
such a measure that the ratio of gold reserve of the world has fallen far
below that which centuries of banking practice has considered necessary
for national solvency.
But that is not all.

The increased cost of labor, supplies, freight and
Insurance resulting from the war, which has sent skyward the market price
of all commodities, has also manifested itself in the gold-producing industry.
It now costs nearly twice as much to produce gold as in normal times.
The gold miners, the price of whose product—gold—is fixed by an oldestablished international consensus, are thus facing the necessity of either

closing down or working at a loss. The plight of the industry is such that
the British producers have taken up with their Government the question
of readjusting the price of gold, while in our own country a committee of
Congressmen has been appointed to consider ways and means of aiding
the gold miners.
The gold crisis threatens the very foundation of our present credit
structure.
The principal belligerent governments are increasing their in¬
debtedness on an average of about $40,000,000,000 annually, a sum which
represents nearly four times the present estimated value of the total gold
reserve of the world, while their currency circulation, outside of Treasury
notes and other similar tender, stood at over $30,000,000,000 on Dec. 31
1917, and has since then been tremendously expanded.
The importance of the situation has been duly recognized by Secretary
McAdoo, who has informed the American Mining Congress that, next to
food and ammunition, gold is one of the most-needed war essentials.
The
War Industries Board has ruled that the Priorities Committee give all
reasonable priority on material and supplies used in the production of gold.
But more must be done.
An extensive discussion of the gold problem is
necessary to clarify the situation and to reach a national and international
decision

indispensable for the future economic safety of the

world.

CONSIDERATION OF WAR REVENUE BILL BY
FINANCE COMMITTEE.

SENATE

change in the War Revenue bill to bo
the Senate Finance Committee consisted in the
adoption of an amendment on the 4th inst. requiring single
persons with a gross income of $1,000 and married persons
whose gross income is $2,000 to file income tax returns.
The House bill requires returns when the net income ex¬
ceeds $1,000 and $2,000 respectively.
Chairman Simmons
explained that the amendment requiring returns from gross
incomes, instead of net, is designed to give the Treasury
The first material

made by

incorporation of the Discount Corporation, with a
capital of $5,000,000 and a surplus of $1,000,000, was ap¬
proved by State Superintendent of Banks George I. Skinner
in August, and reference was made to the Corporation in
these columns Aug. 17, page 646, and May 11, page 1955.
Department instead of the individual taxpayer the de¬
It purposes to deal in acceptances and commercial paper.
cision regarding deductions and exemptions.
Most of the
The Union Discount Corporation, which is also in process
House provisions exempting certain classes of corporations
of formation, will have for its principal object the trading in
from taxtion were approved by the Committeee on the
acceptance paper arising out of transactions in cotton. 4th and the House definition of net and gross corporation
Detailed fhention of the plans of this company was made
income was adopted, except as to insurance companies.
in these columns Sept. 21, page 1139.
In making known
Upon resuming consideration of the bill on the 8th, the
the perfection of plans for the preliminary organization of
committee reduced the tax of $8 a gallon on distilled spirits
the Discount Corporation of New York, the official state¬
for
The

ment of the 8th

clude the

announced that the directorate would in¬

following welhknown financiers:

James S. Alexander, President of the National Bank of
Francis L. Hine, President of the First National Bank.




Commerce.

used

beverage purposes, as

provided in the House bill,

The doubled rates on beer and wine were
approved. The present rate on spirits for beverage purposes
is $3 20 a gallon, which the committee established as the rate
to $6 40 a

gallon.

THE CHRONICLE

1428

spirits used for non-beverage purposes, such as
the manufacture of perfumes and medicines, instead of the
$4 40 tax proposed by the House on that class.
Reduction
of the beverage rate from $8 to 86 40 a gallon on distilled
spirits, it was stated, is expected to stimulate both con¬
sumption and withdrawal from bonded warehouses, and
thereby increase the 8795,000,000 which the House proposed

for distilled

to raise from this

source.

An amendment affecting the export of distilled spirits
made by the committee provides that such exports shall
be free of tax when sent to any of the Allies, but subject to
taxation if shipped to a neutral country.
The “floor tax”

distilled spirits was reduced by the committee from 82 20
81 per gallon, to conform to the reduction in the manufac¬
turing tax.
The committee increased from 6^ to 8% the rate on oil

on

to

pipe line transportation. The Houes rates of 8% on passen¬
and Pullman transportation were approved on the 8th,
as were the increased rates on the telephone, telegraph, radio
and cable messages, and on private wire systems, except
ger

those used for transmission of news.
On the 9th inst. the Committee cut in half the 10%
taxes fixed by the House on passenger automobiles and

motorcycles. In reducing the tax on passenger automo¬
biles and motorcycles to 5% the Committee fixed the same
on such vehicles as on automobile trucks and tractors.
The 10% tax placed by the House on automobile tires and
accessories also was reduced to 5%.
House taxes of 10%

tax

sporting goods, cameras and photographic supplies were
accepted. The tax on chewing gum, which was made 6%
by the House, was reduced to 4%, but the House levy of
10% on candy was approved. The House provisions levy¬
ing taxes on firearms and ammunition, when sold other than
to the Government, were accepted, as was the provision
levying a 10% tax on yachts and other pleasure boats selling
on

for

than

815.
The House section levying imposts on trunks costing
more than 850 was amended so as to fix this amount at 825,
while for valises and traveling bags 815 was made the mini¬
mum instead of 825.
The committee also agreed to the
more

taxing of

purses

and handbags costing

more

than 85 instead

of 87 50, as fixed by the House.
All of the House provisions
relative to men’s and women’s wearing apparel were accepted

unchanged.

Under this schedule

men,

will be permitted to pay 850 for suits

or

women

and boys

overcoats without

being subject to tax, while women’s dresses costing less than
840 will be exempted. The House proposal to tax women’s
hats costing more than 815 was accepted, but the provision
placing the limitation of 85 for men’s and boys’ hats and 82
for caps was revised so as to make 86 for the former and
84 for the latter.

The tax

on

theatre tickets sold at

news¬

stands, hotels and places other than the theatre in which the
performance is given, was increased by the Committee on
the 9th from 5%, as fixed by the House, to 10%.. The
House tax of 30% on tickets sold for more than 50 cents in
excess of their established price was incresaed to
50% by
the Committee in attempting to reach speculators.
The
House rate of 25% on season tickets at amusement places
was reduced to 20%.
No change was made in the tax of
2 cents for each 10 cents paid as admission to cabarets and
roof gardens.
The Committee reduced from 20% to 10%
the tax on club dues, and eliminated the section placing
similar tax on membership dues of produce exchanges, boards
of trade and similar organizations.
The Committee on the 10th approved the 10% tax on all
articles of jewelry fixed in the House bill.
The additiona
tax of 10% on jewelry containing platinum was stricken out.
Mark Requa, Federal Oil Administrator, yesterday urged
the committee not to impose high taxes on the oil
industry.
He declared that there was a shortage of oil supplies and that
greater production was necessary. The imposition of high
revenue tax, he said, would
discourage prospecting and
production. The committee requested Mr. Requa to sub¬
mit an amendment to the bill providing for a tax of such
proportion as he thought would meet the situation.

OTTO H. KAHN ON PROPOSED TAXATION
PENDING REVENUE BILL.

UNDER

Referring to the taxation proposed under the War Revenue
as passed by the House, Otto H. Kahn, of
Kuhn, Loeb &
Co., speaking at the dinner of the National Industrial Con¬
Bill

ference Board at the Hotel Astor

on Oct. 10, stated that “it
is highly important that taxation should not reach a point
where business would be crippled, cash resources




unduly

[Vol. 107

curtailed and the incentive to maximum effort and enter¬

prise destroyed.”

We quote in part from his remarks

follows:

as

I am in favor of taxation which, first, lays the heaviest burden on those
best able to bear it, and, secondly, raises the largest obtainable amount
revenue with the least economic disturbance and, as far as possible,
with the effect of promoting thrift.
The House bill proposes to raise from income, excess or war profit and

of

inheritance taxes $5,586,000,000 out of an estimated total of $8,182,000,000.
In other words, almost 70% of our stupendous total taxation is to come
from these few sources.
It seems to me that the effect and meaning of this is to penalize capital,
to fine business success, as well as thrift and self-denial practiced in the
.

past, thereby tending to discourage saving.
The House bill fails, on the other hand, to impose certain taxes the effect
of which is to promote saving.
Intentionally or not, yet effectively, it
penalizes certain callings and sections of the country and favors others.

My criticis^n does not refer to the principle of an 80% war profits tax.
beginning advocated a high tax on war profits.
To permit individuals and corporations to enrich themselves out of the
dreadful calamity of war is repugnant to one’s sense of justice and gravely
I have from the very

detrimental to war morale.
I believe the enactment of the proposed 80% war profits tax to be ex¬

pedient, provided that, like in England, the standard of comparison with
pre-war profits is fairly fixed and due and fair allowance made, in deter¬
mining taxable profits, for such bona fide items of depreciation and other
write-offs as a reasonably conservative business man would ordinarily
take into account before arriving at net profits.
The characteristic difference between the House bill and the revenue
measures of Great Britain

(I am no, referring to those of France and Ger¬
because they are incomparably less drastic than ours or Great Brit¬
ain’s;, is. first, that we do not resort to consumption taxes and only to a
limited degree to general stamp taxes, and, secondly, that our income tax on
small and moderate incomes is far smaller, on large incomes somewhat
smaller, and on the largest incomes a great deal heavier.
It is highly important that taxation should not reach a point at which
business would be crippled, cash resources unduly curtailed and the incen¬
tive to maximum effort and enterprise destroyed.
And it must not be for¬
gotten that both theoretically and actually the spending of money by the
many,

Government cannot and does not have the
his funds

same

effect

as

productive use of

by the individual.

It is

an old maxim of taxation that an excessive impost destroys its
productivity.
It attains that inevitable result in a variety of w’ays,
both actual and psychological.
While the House bill imposes luxury and semi-luxury taxes, the prin¬
ciple of which is sound, it fails to resort to consumption taxes of a more

own

general nature.
My advocacy of consumption and similar taxes, such as stamp taxes of
many kinds, is not actuated by any desire to relieve those with large incomes
from the maximum of contribution which may wisely be imposed on them.
I advocate consumption and stamp taxes—such as every other belligerent
country without exception has found it well to impose—because of the wellattested fact that while productive of very large revenues in the aggregate,
they are easily borne, productive of no strain or dislocation, and auto¬
matically collected; and because of the further fact that they tend to
induce economy, than which nothing is more important at this time and
which as far as I can observe is not being practiced by the rank and file of
our people to a degree comparable to what it is in England and France.
And it must be emphasized that the vast possibilities of saving do not rest
with the relatively small number of wealthy people, especially now when
their spending power has been very largely decreased through taxation,
price fixing, contributions to war charities, &c., but with those elements
among the masses of the people whose spending power has been very largely
increased, i. e., the working man and the farmers.
The tendency of the House bill is to rely mostly on heavy taxation—in
some respects unprecedentedly heavy—of a relatively limited selection of
items.
I am—as I have already said—in favor of the highest possible war
profits tax and of at least as high a rate of income and inheritance taxa¬
tion as exist in any other country.
But apart from these and a few other
items which can naturally support very heavy taxation, such, for instance,
as cigars and tobacco, I believe that the maximum of revenue and the mini¬
mum of economic disadvantage and dislocation can be secured not by the
very heavy taxation of a relatively limited selection, but by comparatively"'
light taxation distributed over a vast number of items.
I believe such taxes
would be productive enough to make good the impending revenue losses
from prohibition.
I think, for instance, the imposition of a tax of 1% on
every single purchase exceeding, say, two dollars (the tax to be borne by
the purchaser, not by the seller), would be productive of a large amount of
revenue and be harmful to no one.
A similar tax was imposed in the course
of the Civil War, and appears to have functioned so well and met with such
ready acceptance that it was not repealed until several years after the
close of that war.
A carefully compiled statement issued by the Bankers Trust Company
of New York estimates the total individual incomes of the nation for the
fiscal year ending June 30 1919 at about $53,000,000,000, and calculates
that families with incomes of $15,000 or less receive

$48,250,000,000 of
applying the calculation to families with incomes of $5,000
or less, it is found that they receive $46,000,000,000 of that total.
There is apparently small limit to the zeal of many politicians and others
when it is a question of taxing business and business men, especially
those
guilty of success. We are, I believe, justified in inquiring to what extent
there is a relation between this tendency and political considerations which
that total; or,

ought to be remote from the treatment of economic subjects lsuch as taxa¬
tion.
Let us take, as an instance, the case of the farmer.
I do not pretend to judge whether in these war times the farmers of the
country are bearing an equitable share of taxation in proportion to other
callings or not. I certainly recognize that they are entitled to be dealt
with liberally, even generously, for I know the rigors of the farmer’s life,
the ups and downs of their industry’s productivity, and fully appreciate
that their work lies at the very basis of national existence.
Everything
that can fairly make for the contentment, well-being and prosperity of the
farmer is to be whole-heartedly welcomed and promoted.
Yet, we cannot avoid noticing that the average value of farm lands in
this country is estimated to have increased between 1900 and 1918 more
than 200%, that the value of farm products has been vastly enhanced, but
that, according to the latest published details of income tax returns, the
farmer contributes but a very small percentage to the total income tax
Of twenty-two selected occupations, the farmers’ class con¬
collected.
tributes the least in the aggregate, although it is numerically the largest
class in the country.
Let it be clearly understood that I have not the remotest thought of sug¬
gesting “tax dodging” on the part of the farmers. I know well how fully
they are doing their part towards winning tbr war, and am entirely certain
that they are just as ready to carry patricr pally their due share of the

\

Oct. 12

1918.]

THE CHRONICLE

financial cost of

achieving victory as the splendid voung fellows taken from
farms, many of whom I met in Europe, have been
ready to bear their
full share of the cost in life and limb
of achieving victory.
The point of my question is not the
action and attitude of the farmer.
But here is a great industry
exempt from the excess profit and war profit
tax and apparently not
effectively reacned by the income tax, which is
entirely natural, because in this case the income tax can neither be retained
at the source nor are the
large body of the farmers, many of whom do not
keep and cannot be expected to keep books, in a position to determine their
taxable income.
Is it conceivable that the
politicians who are so rigorous
in their watchfulness that no business
profit shall escape the tax gatherer
would not devise means to
lay an effective tax if the same situation existed
in a business industry?
The point of my question is,
taking the case of the farmers as an instance,
whether in framing our system and method
of taxation, the steady aim has
been to ascertain impartially what is
equitable and wisely productive of
revenue and to act
accordingly, or whether considerations of the antici¬
the

pated effect of taxation measures upon the fortunes of
individual legislators
or of their
party, have been permitted unduly to sway their deliberations
and conclusions.

Turning aside from

this

interrogation mark, I will only add that there
tried and tested and
socially just kind—some of
them applied in this country
during the Civil War and the Spanish War—
which would raise a
very large amoung of revenue and yet would be little
felt by the individual.
Some of them have been suggested to our
legis¬
lators, but have not found favor in their eyes.
Their non-imposition, taken together
with the entire character of our
taxation program, the burden of which falls to an
enormously preponderant
are numerous taxes

of

a

the United States since April 24 1917, or certificates of
indebtedness of the
United States, shall not be considered as
money borrowed in the meaning
of this section: but the total liabilities to
any association, or any person or
of any company,
corporation, or firm, upon any note or notes purchased
or discounted
by such association and secured by such bonds or certificates
of indebtedness, shall not exceed
(except to the extent

permitted by rules
by the Comptroller of the Currency, with the
approval of the Secretary of the Treasury) 10% of such
capital stock and
surplus fund of such association.”
Under authority of Section 5200 R.
S., as amended, the Comptroller
of the Currency, with the
approval of the Secretary of the Treasury, has
prescribed the following regulations:
"Until July 1 1919, or until such later date as
the Comptroller of the
Currency, with the approval of the Secretary of the Treasury, may pre¬
scribe, any national bank may purchase or discount, pursuant to general
or specific
authority conferred upon the officers of the bank by its board
of directors, the note or notes of a
person, firm, company, or corporation,
maturing in not more than six months from the date of such
purchase or
discount, in an amount in excess of 10% of the aggregate amount of the
capital stock, actually paid in and unimpaired, and the
unimpaired surplus
fund of such bank, provided
any such note or notes shall be directly secured
by at least 105% of bonds or certificates of indebtedness of the United
States issued since April 24 1917: That is to
say, there must be pledged as
security for each $100 so loaned at least $105 face value of
Liberty bonds
or
and regulations prescribed

*

certificates of indebtedness.
The amount which a national bank
may
thus lend upon Liberty bonds and
certificates of indebtedness under Section
5200 R. S., as amended Sept. 24 1918, and
pursuant to this regulation, is
in addition to other loans which such
national bank is permitted to
make,
whether or not such other loans be secured in whole
or in part by
Liberty
bonds or certificates of indebtedness.”

extent upon the mainly industrial States
and the business classes, not
only proportionately, which, of course, is just, but
discriminatingly, which
is not just, seems hardly
explainable except on the theory that the intention
of those who were primarily in
charge of framing that program was punitive
and corrective, and that
they were influenced—though I am willing to

JOHN SKELTON

WILLIAMS,
Comptroller of the Currency.
Approved:
W. G. McADOO, Secretary
of the Treasury.

believe unconsciously—by sectional and vocational
partiality.

EFFECT OF PROVISION IN LIBERTY BOND EXEMP¬
TION ACT EXTENDING LOAN LIMITATION OF
NATIONAL BANKS.
Advices to the national banks
concerning the effect of the
provision carried in the newly enacted Liberty Bond
tion Bill

amending the law limiting the

amount of loans
are

con¬

by Comptroller of the
In effect, he
points out the amendment permits national banks, until
July 1 .1919, to lend a single borrower an amount not in
excess of 10% of the bank’s
unimpaired capital and surplus,
whether or not secured in whole or in part
by Liberty bonds

Currency John Skelton Williams

or

certificates of

indebtedness;

this week.

additional amount not in
10% secured by at least a like face amount of
Liberty bonds of certificates of indebtedness and a further
additional amount (no limit) in excess of the sum of the
two
excess

an

of

foregoing amounts (that is, in excess of 20% of the bank’s
unimpaired capital and surplus) which must be directly
secured by at least $105 face amount of
Liberty bonds or

United States certificates of indebtedness for each
$100 of
such loans pursuant to general or
specific authority, con¬
ferred upon the officers of the bank
by its directors. The

following is the letter:

TREASURY

DEPARTMENT.

Washington, Oct. 9 1918.
National Banks:
Section 5200 of the Revised Statutes of the United
States, as amended by
the Supplement to the Second
Liberty Bond Act, approved Sept. 24 1918,
in effect permits any national
bank, in accordance with such amendment
and regulations prescribed
pursuant thereto, to lend a single borrower an
amount in excesss of
10% of such bank’s unimpaired capital and
surplus,
provided such excess is secured by at least a like face
amount of Liberty
bonds or certificates of indebtedness of the
United States.
The power of
national banks to lend upon the
security of Liberty bonds and certificates
of indebtedness has been thus
greatly increased.
Substantially the effect of this amendment and the regulations which
have been prescribed pursuant
thereto is to permit, until July 1 1919,
any
national bank to lend to a
single borrower, upon the conditions indicated
below, as follows:
All

1.

An amount not in

surplus, whether

or

of

10% of the bank’s unimpaired capital and
part by Liberty bonds, or cer¬
permitted by Section 5200, R.S., prior to this

excess

not secured in whole or in

tificates of indebtedness, as
amendment; and
2. An additional amount, not in excess
of 10% of the bank’s
unimpaired
capital and surplus, secured by at least a like face amount of
Liberty oonds
or certificates of
indebtedness, as permitted by this amendment to Section
5200, R. S.; and
3. A further additional amount (no
limit) in excess of
the

sum

of the two

foregoing amounts (that is, in excess of 20% of the bank’s
unimpaired
capital and surplus) which must be directly secured by at least $105
face
amount of Liberty bonds or United States
certificates of indebtedness

for each $100 of such loans, pursuant to general or
specific authority con¬
ferred upon the officers of the bank by its Board of
Directors, as permitted
by the regulations prescribed pursuant to this amendment to
Section 5200,
R.S.
Section 5200 of the Revised Statutes of the United
States,
Section 6 of an Act, entitled “Supplement to the
Second
Act,” approved Sept. 24 1918, reads as follows:

as

amended by

Liberty Bond

“Section 5200.

The total liabilities to any
association, of any person,
or of any company,
corporation or firm for money borrowed,
including
in the liabilities of a company or firm the liabilities of
the several members
thereof, shall at no time exceed 10% of the amount of capital stock of such
association, actually paid in and unimpaired, and 10% of its
unimpaired
surplus fund: provided, however, that (1) the discount of bills or
exchange
drawn in good faith against actually existing

values, (2) the discount of
actually owned by the person, company,
corporation, or firm, negotiating the same, and (3) the purchase or discount
of any note or notes secured by not less than a like
face amount of bonds of
commercial

or




business paper

BONDS SUBSCRIBED FOR BY TRUSTEES
ENJOY TAX

EXEMPTION FEATURES.

The
as

by

Exemp¬

such institutions may make to
any one borrower
tained in a letter addressed to them

1429

Treasury Department

to the tax
a

was requested recently to rule
exemption accorded to Liberty bonds owned

trust under which there

are

On

two

Thursday the following ruling
Loan headquarters in the New York

beneficiaries.
received at Liberty

or more

was

Federal Reserve District:

Fourth Liberty bonds subscribed for by a
trustee, income on which is
regularly or annually distributable to a specific beneficiary, are
regarded
for taxation purposes as bonds of such
beneficiary, and exemptions upon
or in respect of such
bonds apply to total holdings of
beneficiary directly
and through trustee.”

This ruling, as pointed out
by Benjamin Strong, Governor
of the Federal Reserve Bank of New
York and Chairman of
the Liberty Loan Committee of this

district, “permits a
holding of $30,000 principal amount of Fourth Liberty Loan
bonds for each
beneficiary entitled to regular income from a

trust, free from income taxes, excess profits taxes and war
profits taxes, for the period of the war and for two
years
thereafter, with corresponding exemptions as to the other
4% and 434% issues. If none of the earlier 4% and
434%
issues are held, the total
exemption on the Fourth Loan may
be $35,000.”
A copy of this ruling has been sent to all
lawyers and trust
companies in the Second Federal Reserve District, and will
be supplied on application to other
individual fiduciaries.
A study of such funds as trustees
may have available for
investment is earnestly urged by the committee. The Tax
Bureau of the Liberty Loan
Committee, with offices in
Room 2548, No. 120 Broadway, will be
glad to render any
assistance to fiduciaries as prospective subscribers.
PROGRESS OF FOURTH LIBERTY LOAN CAMPAIGN.
The slow progress of the
campaign for subscriptions to the
Fourth Liberty Loan, accounted for
by reasons both of the

epidemic of Spanish influenza and the reassuring conditions
abroad, caused the issuance of an appeal by President
Wilson on Oct. 10 for increased efforts in
bringing about the
success of the loan.
“A single day of relaxation would be,”
says President Wilson, “of tragical damage alike to our¬
selves and to the rest of the world.”
The following is the
President’s appeal:
THE WHITE HOUSE,

Washington, D. C., October 10 1918.
lessened, the importance of this loan,

Recent events have enhanced,
not
and I hope that my fellow

countrymen will let

me say

this to them very

frankly. The best thing that could happen would be that the
not only be fully
subscribed, but very greatly oversubscribed.

loan should
We are in
the midst of the greatest exercise of the
power of this country that has ever
been witnessed or forecast, and a
single day of relaxation in that effort
would be of tragical damage alike to ourselves and to the
rest of the world.
Nothing has happened which makes it safe or possible to do anything but
push our effort to the utmost.
The time is critical and the response must
be complete.

(Signed)

WOODROW WILSON.

On the

day of the issuance of the appeal the Treasury
Department announced that the subscriptions officially
reported to it totaled $2,024,037,050, or a little more than
one-third of the $6,000,000,000 asked for.
This, it was
pointed out, meant that subscriptions averaging $497,000,000 must be obtained daily from that date until Oct. 19,
when the campaign closes.
The subscriptions by districts
on

the 10th

were

announced

as

follows:

Subscriptions

District—
St. Louis..

$174,389,250

Minneapolis
Boston
San Francisco—
Dallas

Chicago

112,266,450
235,472,000
170,038.450
48,680,200
325,294,040

Subscriptions. P.C.
$189,200,750 31
87,176,950 31

District—
Cleveland

P.C

67
53

Richmond

133,704,850

Philadelphia

47
42
38

445,124,000
44,225,000
58,465,500

New York
Atlanta

i Kansas City

37

LOAN COMMITTEE'S APPEAL
LIBERTY LOAN.
The Central Liberty Loan Committee of the New York
Federal Reserve District on the 10th inst. made the following
statement appealing for reserved response to the call for
subscriptions in this district:

CENTRAL

26
25
23
22

subscriptions officially reported to the Federal
Bank up to the close of business on the 10th
amounted to $445,124,750, or 24.7% of the quota. The
percentage of the quota subscribed in the corresponding
Total

Reserve

period of the Third Liberty Loan was 43.9%.
Several appeals on the part of Secretary of the Treasury
McAdoo for increased efforts for an oversubscription to the
loan were made this week, and on Sunday, the 6th inst. he
made a house-to-house call in Washington to secure sub¬
scriptions, his labors resulting in the securing of subscrip¬
tions totaling $1,800,000.
President Wilson, who had
previously subscribed to the extent of $10,000, pledged
The Presi¬
himself for a further subscription of $20,000.
dent has taken these latter on the deferred payment plan.
Secretary McAdoo also secured a subscription of $1,000,000
from B. M. Baruch, Chairman of the War Industries Board;
other large subscribers whom he obtained being J. L. Replogle who agreed to take $100,000 and Eugene Meyer of
the War Finance Corporation who signed for $500,000.
On
the 7th inst. Mr. McAdoo issued a statement saying:
battlefield and peace overtures from our enemies
serve only to emphasize the supreme importance of making the Fourth
Liberty Loan a success in order to keep up the fighting pressure.
Now is the time above all others not to relax but to intensify effort that
the goal for which we are fighting and for which we have already made
such great sacrifices inevitably shall be won.
Our boys in the trenches are not going to stop fighting because the
enemy is on the run.
Now is the time to fight harder and to keep moving
until the victory is clinched.
There is more reason than ever to put the
Fourth Liberty Loan over the top.
Our victories on the

On the 9th

a

Treasury Department statement

said:

Doubtless there are many subscriptions that have not been reported,
but it is certain that even if all of these were included in the official returns
the loan would not be one-half subscribed as it should be.
The very latest returns received at the Treasury Department up to the
close of business to-day show total subscriptions of $1,791,463,200.
This
is an increase of only about $200,000,000 over yesterday's report.
There is no use in denying, or attempting to camouflage the fact, that

Liberty Loan committees throughout the country are confronted with a
serious situation.
If the loan is to be subscribed, a daily average of $467,The total amount of
000,000 must be raised between now and Oct. 19.
subscriptions to date is equal only approximately to the New York
district quota.

Cognizant of the fact that the loan never can succeed at its present
speed, canvassers throughout the country are stating plainly to all citizens
that they must buy bonds in larger amounts than they have heretofore.
Wealthy persons must go deeper into their capital, or extend their credit
and not depend upon current incomes alone to pay their bonds.
People
of moderate means and small means must pledge their future earnings in
greater degree.
Persons who heretofore have not bought bonds must
patriotically get behind their country. Wherever possible persons of
moderate means must increase their subscriptions.

A further

appeal

was

issued

as

follows

on

the 10th by Secre¬

tary McAdoo:
The brilliant victories of our

British, American and French forces yes¬

terday should impel every patriotic American immediately to double his
subscription to Liberty bonds.
That is the way to put the Fourth Liberty
Loan over quickly, and that is the b<st way to strengthen the fighting power
of these brave men who are moving with such irresistible dash and success
against the Huns.
Let every one double his subscription to-dav; let every
one who has not subscribed make his subscription to-day.
Don’t put it
off.
Let our boys and our comrades in the battle line know that we are
fighting with the same enthusiasm and determination here as they are over
there, and more than all that we appreciate, as well as glory, in what they
are doing, not by words, but bv deeds.

“Double the Third” has been adopted as a slogan in many
districts to stimulate subscribers to do twice as much as

they

did in

the last loan.

Benjamin Strong, Gover¬

Federal Reserve Bank and Chairman of the
Loan Committee, in urging this in astatement on the

nor

of

the

9th, said:
Many subscribers to this loan have not realized the magnitude of the
this district.
It Is not going to be suf¬
One billion eight hundred million, our
quota, is double the amount allotted to us in the Third Loan.
We must
“double the Third.”
This means that the district as a whole and every

task which confronts the people of
ficient simply to “buy a bond.”

possible individual in the district must “double up.”

There

were

reports

on

the 10th inst. of the possibility of

the extension of the campaign because of the influenza epi¬
demic.
Local banking institutions have pledged themselves to
assist subscribers in

purchasing bonds and to make loans
freely on bonds subscribed through them in order that each
possible subscriber, even though without funds now avail¬
able, may make an adequate subscription. The rate of
interest on such loan for tho period of 90 days will be 4 3<4 %—
the same rate of interest received by subscribers from the
Government on the bonds. These loans, it is stated, will
not interfere with a borrower’s line of credit.




[Vol. 107

THE CHRONICLE

1430

LIBERTY

FOR FOURTH

5.We

New York has never

failed the nation in a great emergency.

The simple

yet momentous question which every one of our citizens mu.it answer
to-day, and answer seriously, is whether or not their great city is to
the nation in this greatest of all moments in tho world’s history.
The
citizens of this district as a whole must equally face this solemn respon¬
sibility.

fail

perfectly clear. The progress of the Fourth Liberty Loan
of grave concern to the Committee. The loan
is dragging beyond the point of slowness.
The present rate of subscription,
unless radically improved, spells failure.
The subscriptions officially reported up to Oct. 10 amount to $443,198,900. This is less than one-quarter of the total of $1,800,006,000
assigned to this district. Nine working days remain.
At the corresponding dates in the Third Loan campaign, that is, nine
days before the end of the third campaign, $468,279,850 were officially
reported, or more than half of the total required.
The citizens of this district must come forward with $1,356,801,100,
or 75.4%, during the next nine days, or $150,755,670 each day.
This is a tremendous task.
B.ut compared with the task of our men
in France, it cannot possibly be too much to ask of us.
Face frankly what the failure of this loan will mean to those boys over
there who rely solely upon us for their support.
Face frankly the effect upon the President's position which will be
brought about by a failure of our people to provide nirn with the necessary
The facts are

up

to this time Is a source

means

of continuing this war.
doubts for a moment

the fundamental patriotism of our people.
patriotism of deeds. Our men in France are
doing their job. The Fourth Liberty Loan is our job.
But twro-thirds
of the campaign has gone and less than a quarter of the money is in hand.
We here at home are squarely confronted with the first real sacrifice which
No

one

be

But this patriotism must

has been asked of us in

a

this war.

solemnity which the seriousness
of the Government, calls upon
This call is specific, immediate and final. It

The Liberty Loan Committee, with the
of the situation demands, now in behalf

people of this district.
points:
1. We must in subscribing to this loan utterly

the

involves five

disregard personal in¬

convenience.

individually and collectively lend at least double the
Third Liberty Loan. .
3. To secure this money, it is imperative that we should if necessary
borrow freely from our banks, which are offering every facility.
2.

We

must

amount that we lent in the

4.

with

We must lend the way our sons are

our

fighting, with our whole

strength,

whole heart.
must do it now.
THE

LIBERTY LOAN COMMITTEE.

BENJAMIN STRONG
Chairman
GEORGE F. BAKER
JAMES S. ALEDANDER
ALLEN B. FORBES
WALTER E. FREW
GATES W. McGARRAH
J. P. MORGAN

SEWARD

JAMES N. WALLACE
ALBERT II. WIGGIN
WILLIAM WOODWARD

FOCII SENDS LIBERTY LOAN

Benjamin Strong, Governor of the

PROSSER

CHARLES II. SABIN
JACOB II. SCHIFF
FRANK A. VANDERLIP
MARTIN VOGEL

MESSAGE.

Federal Reserve Bank,

Second Federal Reserve District, has received from Marshal
Foch the following cablegram:
I am very greatly touched by your felicitations upon the occasion of my
(birthday) anniversary, and I thank you sincerely.
The I’ourth Liberty Loan will be a magnificent success if j'our followcitizens put into the subscriptions the same spirit that your soldiers Put into
the battle.

TELEGRAPH

LARGEST

INSTRUMENT FLASHES

LIBERTY LOAN NEWS.

largest telegraph instrument in, the world began
ticking off Liberty Loan bulletins in front of the Dodge
statue in Herald Square at 12:30 Wednesday afternoon.
As
fast as the bulletins came in they were chalked up on an
immense bulletin board above the statue to inform New
Yorkers how the Fourth Liberty Loan campaign was pro¬
gressing throughout the country.
The instrument, which occupies a platform in front of
the statue, is 1,000 times the size of the ordinary commercial
sounder.
The current which operates it is relayed from
Western Union headquarters in Walker Street through the
Herald Building.
It is synchronized with 33,000 other in¬
struments on the Western Union circuit, so that the news
which comes to it from Liberty Loan headquarters is dupli¬
cated simultaneously in the White House, in all Government
offices and military camps and in every city and town of
any importance from coast to coast.
Following a selection by the band from the Pelham Bay
Naval Training Station, A. C. Kaufmann, commercial gen¬
eral agent for the Western Union, announced that of the
300,000,000 telegrams handled by his company during the
last year, one-seventh related to war business.
The mam¬
The

moth sounder
to come over

its district

then connected up and the bulletins began
the wire.
The first informed New York that
was

was

behind in its quota

for the Fourth Liberty
than $115,000,000

Loan and would have to subscribe more
a

day for the remainder of the campaign.

An immense

0CT. 12

1918.]

THE CHRONICLE

1431

crowd blocked traffic in Herald

Square to watch the first
the wire, which grew in
density during

big gun marched a committee of forty from the Stock Ex¬
change. Arriving at its destination the gun was placed
the course of the afternoon.
on
a platform in front of
the building.
The formal presentation
was made
by Corporal John E. Williams, one of Pershing’s
P RE SI DEN T
CARLTON TELLS HOW TELEGRAPH LINES
wounded soldiers, who lost a hand at
Chateau Thierry.
WILL AID THE LIBERTY LOAN.
Harry
G. Noble, President of the Stock Exchange,
Newcomb Carbon, President of the Western
accepted
Union Tele¬ the gun, and in a brief address said that he
hoped it would
graph Company, in an interview on Oct. 6 outlined the
plans be the inspiration for accelerated bond sales. The
of his company
trophy
to co-operate in the Fourth
Liberty Loan. will remain in its present site during the remainder of the
Mr. Carlton said in part:
bulletins

W

come over

have been through three loans
and the machinery therefore is familiar
I say
“machinery” advisedly, because our employees do not need
to be told what is their
duty.
They do not want to be told.
In fact, they
would resent being told.
You don’t have to tell a
red-blooded American
these days what his
duty is.
Subscribing to Liberty bonds has become as
much a part of our
duties as signing vouchers for rent or
buying groceries.
So we find it
necessary to furnish only the machinery for such
subscrip¬
tions.
Our employees can
buy as many bonds as they wish and liquidate
them on the twelve
payment plan
that is, so much per month.
We
will have honor rolls in
each of our offices
throughout the country, and the
percentage of subscribers in each office will
go on the rolls each day.
Each loan has seen a
steadily increasing list of subscribers. The First
Loan brought in
subscriptions of approximately §800,000. The Second
brought something over
§1,000,000, the Third about §1,500,000. We look
to see this Fourth Loan
top the $2,000,000 mark.
Our employees have
done well, considering their
average salary of §1,200 a year.
We plan to keep the fact of the
Loan before our customers by enclosing
with each telegram delivered
during the Loans pamphlet calling for sub¬
scriptions.
No matter if a man get fifty
telegrams a day, he will find the
little reminder
accompanying each. Millions of these pamphlets are now
being distributed to our districts throughout the
country.
Each of our
offices also will have an easel in
the window, carrying a Liberty Loan
poster.
e

Liberty Loan campaign.

co us.

.

.

.

Co-operating

with the Postal Telegraph and the New York
Telephone
going to string five wires along the blocks in Fifth Avenue,
from 24th to 59th Streets, for the
display of Allied flags.
The entire line
force of the three companies will be
employed, and they will be assisted by
a special detail of
field telephone blue jackets from the Pelham
Bay Naval
Station.
Special permits have been obtained from the city for this
work,
and the police have been
instructed to co-operate in every way, that traffic
may not impede this difficult work.
These wires will support the flags of
the allied nations, and the whole will
furnish a display such as New York
has never before seen.
One word more.
I don’t intend to tell
my employees what to do in this
Fourth Liberty Loan.
There are cycles when the individual may
register
prominently in business and every other activity of human life. But this is
a cycle of mass
psychology. Let the individual have a care how he departs
from such psychology.
Let him sink his identity in service to his nation.
Anything else will be distinguishable in a way as unpleasant as it will be
shameful.
If there is any better
way of sjuichronizing with national ser¬
vice than subscribing to the Fourth
Liberty Loaq, I have yet to hear of it.

Company,

we are

MRS. WILSON SELECTS NAMES FOR TWO SHIPS
TO
AID BOND SALES.
Mrs. Woodrow Wilson, wife of the
President, has selected
the names for the two
ships to be launched at the yards of
the Submarine Boat
Corporation in Newark, N. J., on
Oct. 14 in the presence of the
diplomatic representatives of
the twenty-three Allied nations.
The launching of the ships
is to be made an occasion to accelerate the
Liberty bonds
sales.
The names selected are Allies and
Consort, and were
chosen for their appropriateness of the occasion.
Ad¬
ditional plans for the
launching and the ceremonies to precede
have been made. A special train

bearing the diplomatic

representatives and heads of various departments has been
provided through the joint courtesy of the Fifth Avenue

Association and R. A. C. Smith, and will leave
Washington
at 7:30 o’clock on the
morning of the launching. Charles
M. Schwab, Director-General of the
Emergency Fleet
Corporation, ’will board the train at Philadelphia. Upon

arrival in New York the diplomatic
party will be the guests
of the Fifth Avenue Association at a
luncheon at Delmonico’s.
A special ferry boat will then take the

Newark.

to

return to

party

After the ceremonies the special train will

Washington.

A

stocky 210-millimeter field-mortar which, but

In response to a
suggestion by L. F. Sailer, Deputy Gover¬
of the Federal Reserve Bank of
New York, many of
the banks in this Federal Reserve
District will remain open

nor

to-day (Columbus Day, Oct. 12) for subscriptions to the

Fourth Liberty Loan. The Bond Issue
Division of the
Federal Reserve Bank also will be
open.
Mr. Sailer’s letter
to the banks follows:
Columbus Day—Oct. 12—has been
designated as Lioerty Day,
day special efforts will be made to obtain
subscriptions to the

on which
Fourth Liberty
Loan.
»
It has been suggested, while
ordinarily banking offices and buildings
would be closed in observance of this
legal holiday, that, in view of the
importance of making the day memorable, banks remain
open, say from
ten to three, without
carrying on any regular banking business, but to
such an extent as would
permit of the obtaining and handling
subscriptions
from the many meetings which will be
held on that day.
The Bond Issue Division of the Federal Reserve
Bank will be open to
take care of work in connection with
subscriptions and it is recommended
that the banks throughout the Second
Federal Reserve District follow the

same course.

In view of the fact that the
public has less than a month
in which to avail itself of the
privilege of converting Liberty
Loan 4s into 4^s, the Bond Issue Division will be
open

Columbus Day for conversions as well as for
handling
subscriptions. This conversion takes only a few minutes
under the present system in the Bond Issue Division.
The
offices of the division are on the
twenty-fourth floor of No.
on

120

Broadway.

FRENCH DAY AT ALTAR OF LIBERTY.
The love of Americans for France and their
appreciation
of what she has done and suffered in this
war, was evidenced
on the 3rd inst.
by the size and enthusiasm of the crowd
gathered before the Altar of Liberty, for the dedication of
French Day. General Henri
Claudon, ranking officer of
the French Military Commission, who
represented Ambas¬
sador Jusserand, and the other French officials who took
part in the ceremonies, were cheered all the
way from the
Waldorf along the Avenue of the Allies, to the Altar of
Liberty
at Madison Square.
General Claudon made a
the Altar.

The

people

were

paid

speech from
particularly stirred when he

a tribute to the American forces in France.
He said
the French people realize that this
weapon of General Foch’s
was “the noblest
weapon of them all, and is made of the
hearts of your brave and splendid American

youth.”

a

short

of the Kaiser’s instruments of destruc¬
tion, is now frowning down upon the financial district from
in front of the New York Stock
Exchange, a potent argu¬
ment for the Fourth Liberty Loan.
It was presented to the
Stock Exchange on the 8th inst. at the conclusion of a warone

relic parade, which was the first step in a distribution of war
relics to be features of the loan campaign.
The field mortar

Few people know of the heavy burden of taxation which is
borne by the
French people.
When Americans realize that so much of France has been
devastated, and that so many millions of the population have been drafted
into the ranks of the fighters and the army of munitions
workers, they will
understand how heavy must be the burden of taxation
the
upon

population.

in

numerous

other relics which will be

more than any other nation.
More than 5,000,000
from her population became soldiers.
She has been deprived of 87%
of her iron districts, 87% of her sugar beet
region, and 50% of her coal
mining districts. In addition, she has lost—what the world knows.
How is it that France is able to continue the war?
It is her spirit, and
also because of the generous help given her
by the great nation of America.
men

the tool must be the best.
France has repeatedly increased her budget to better the tool and the
tool of Foch is one that is superior to
any kind that is made.
It is not
made of fine steel, nor or any kind of metal.
It is the noblest weapon of
them all, and is made of the hearts of that brave and

splendid American

youth.

The

ceremonies

for

French

Day really began at the
reception to General Claudon
and his staff and the other members of the
party. Included
in the list was the French Consul General, Gaston Liebert,
three officers from the French warships in the harbor and
American army officers.
Waldorf, where there

displayed

throughout the city. The field mortar, raised on a truck
and guarded by soldiers, was escorted to the Stock
Exchange
from the Altar of Liberty by a company of marines from the
marine barracks at the Brooklyn Navy Yard, headed
by a
marine band, and six mounted policemen.




remaining

France has suffered

was a

captured by American marines at Chateau Thierry late
July, when the American forces aided the French in turn¬
ing back the German hordes at the Marne. It was brought f\vT LIBERTY LOAN SOLICITORS
was

here wdth

In

part he said:

Every American has given his heart to France, and in addition co financial
support and the forwarding of supplies, they are sending their soldiers.
To prepare for splendid work, one must not only be an efficient
worker, but

CAPTURED GERMAN MORTAR GUARDS
STOCK EXCHANGE.
time ago, was

BANKS OPEN FOR LIBERTY BONDS COLUMBUS
DAY.

Following the

HAVE SPECIAL

CREDENTIALS.

Liberty Loan Committee announced on thq (5th
that all solicitors going from door to door who aro authorized
to take money on subscriptions are given credentials with
which they may establish their connection with the organiza¬
tion.
In cases where a person intending to subscribe for a
The

143/5

[Vol. 107.

THE CHRONICLE

Liberty bond is in doubt as to the authority of a salesman
who calls on him, the Liberty Loan Committee advises that
the selling agent should be called upon to identify himself
through the card signed by Benjamin Strong, Chairman oT
the Central Committee, and by other officials of the organiza¬
tion, which is issued only to those canvassars permitted to
accept cash. Most of the canvassers who do not collect
cash when they ask for subscriptions wear the red, white
and blue ribbons and button bearing the word“Volunteer.”

citizens had, during
the $900,000 worth
of bonds they had subscribed and placed them on a great
bonfire, preferring to give their money outright rather than
stultify the spirit with which they gave by holding bonds
against its safe return at a later date.

of which 49% had been killed, and whose
the last Victory Loan in Britain bought

FIFTH AVENUE

APPLAUDS GUNS PERSHING TOOK.

enthusiasm as greeted the entry
first captured war trophies, two 77-milli¬
metre cannon were taken last Monday afternoon from the
MEMBERS OF $10,000 MINIMUM CLUB PLEDGE
First Field Artillery Armory, Broadway and 68th Street, to
MILLIONS.
the Altar of Liberty in Madison Square.
They were es¬
The “Ten Thousand Dollars Minimum Limit Club of the
corted by mounted police under Sergeant G. F. Darrow, the
Second Federal Reserve District” began its campaign for
Fort Hancock Coast Artillery Band and the Fifth Company,
the Fourth Liberty Loan on the 8th inst., and late in the
U. S. Coast Guards, led by Gunner G. R. Squires.
These
afternoon reported that it had recruited seventy-two mem¬
guns were captured at Chateau Thierry by Preshing’s men,
bers and several millions of dollars in subscriptions. Although
and each had been “spiked,” which means in modern war
some members of the club made large subscriptions, the
parlance that the two firing pins had been removed, making
amounts of individual pledges were not made public, on the
them useless until new pins are inserted.
Each gun bears
ground that it was not desirable to draw a distinction between on its barrel the legend “Ultima Ratio Regis” (The Last
the man who subscribed for a million and the man who signed
Argument of a King). The guns were hitched to a motor
up for the minimum.
The club was organized under the truck and two of Pershing’s men sat on each gun carriage.
auspices of the Liberty Loan Committee of the district These men had been sent home, three of them gassed and
following the suggestion of Secretary McAdoo that sub¬ the fourth injured in an accident. They were George F.
scriptions of $10,000 and over should be sought with par¬ Eveleth and F. B. Gatchell of the Engineers, “that band of
ticular energy in this campaign.
Benjamin Strong, Gover¬ sturdy fighters who threw down their picks and shovels and
nor of the Federal Reserve Bank, is honorary president of the
fought the Huns with guns in last spring’s Somme offensive,”
club, and W. II. Remick is President. The Stock Exchange Albert Anderson, 148th Field Artillery, and D. B. Coughlan,
men under the leadership of Seward Prosser, President of
machine gunner of “The Old 69th.”
the Bankers Trust Co., who are conducting a vigorous
drive for large subscriptions, are taking an active part in the
NO PEACE YET WITH GERMANY, SAYS
campaign to swell the membership of the “$10,000 Minimum”
WICKERSIIAM AT LOAN RALLY.
Club.
Many subscriptions of the required amount came in
“I am certain that our answer to Germany will be the same
over the telephone to the Honor Flag Division at Liberty
as
that to Austria-Hungary—unconditional surrender.”
Loan headquarters.
It is this division which is giving out This declaration was made by George W. Wickersham,
membership cards. Among the members enrolled on the ex-Attorney-General of the United States, at the Liberty
first day were bankers on the Central Committee of the
Loan rally at the Sub-Treasury at noon on Oct. 7.
Mr.
Liberty Loan organization and other prominent New Wickersham’s speech, in part, follows:
Yorkers.
Following is the list of members as given out by
The German Chancellor has said that on Sept. 30 there opened a new era
the Honor Flag Division:
for the internal affairs of Germany.
It is for us to tell him that there also
has opened a new era for the external affairs of Germany.
James S. Alexander, President National Bank of Commerce; A. M.
Marshal Foch and General Pershing are forcing back the Huns mile by
Anderson, William B. Anderson, J. J. Bagloy, George F. Baker, Chairman
mile.
Marshal Wilson and General McAdoo are providing the where¬
of the board First National Bank of N. Y.; Dr. II. B. Baruch, Edwin E.
withal.
And it is because the Germans realize that fact that they have
Bemheimer,. Theodore Bernstein, U. N. Bethell, Senior Vice-President
launched the new peace drives.
I am certain that our answer to the
American Telegraph & Telephone Co.; Benjamin Block, Mrs. Benjamin
Huns will be the same as to Austria-Hungary—unconditional surrender.
Block, B; II. Borden, Mrs. B. II. Borden, Benjamin B Bryan, James T.
How can we sit at a peace table with men w'ho boast that troaties are
Bryan, Winthrop Burr, Benjamin B. Bryan Jr., Louis E. Carman, Edwin
merely scraps of paper? How can we treat withia nation that sends out
M. Carter, James C. Colgate, E. C. Converse, Jerome J. Danzig, George
the white flag of surrender and then fires on the men wrho come out to meet
F. Dominick Jr., Alfred Dryer, William J. Ehrich, Allen B. Forbes of
that flag?
No, Germany must learn that he who draws the sw'ord must
Harris, Forbes & Co., Walter E. Frew, President of the Corn Exchange
perish by it.
Bank, If. C. Frick, Dr. Phillip M. Grausman, Benjamin S. Guinness,
We entered this war reluctantly, calmly, without anger, but determined
John A. Hartcorn, Charles S. Ilirsch, Geo. W. Hodges, Frank C. Hollinger.
to end for all time the possibility of a military nation ever again disturbing
Jerome Lewine, Joseph L. Lilionthal, Fred A. Mack, Peter J. Maloney,
the peace of the world for its own aggrandizement.
We will stop only
Mrs. Peter J. Maloney, II. B. March, Sidney H. March, Gates W. Mcwhen the danger of like wars is at an end.
Garrah, President Mechanics & Metals National Bank, Rudolf Metz,
Germany has sinned away its hours of grace.
Now America, embattled,
A. J. Miller, H. H. Moore, J. P. Morgan, H. G. S. Noble, President New
proposes to dictate the terms of peace in Berlin.
And they will be our
York Stock Exchange, E. N. Potter, Steward Prosser, President Bankers
terms, not Germany’s.
Trust Co.; W. II. Remick, Harry L. Reno, Walter T. Rosen, Moritz
Across the seas are 2,000,000 of our soldiers, giving their all.
Here at
Rosenthal, Chas. H. Sabin, President Guaranty Trust Co; Jacob H.
home are 100,000,000, who are showing the world they are all enlisted in
Schiff, Kuhn, Lobe & Co.; Morton L. Schwartz, E. H. H. Simmons, Paul
the war with their money and their services.
Stamm, Louis V. Sterling, Louis N. Stott, Benjamin Strong, B. L. Taylor
The war is not over, despite these pleas for peace.
Though we are
Jr., Mrs. Ernst Thalihann, Paul Tlialmann, Siddell Tilghman, F. D.
starting to win, we have yet a long road to Berlin.
It will require the
Underwood, President Erie Railway; Frank A. Vanderlip, President
combined efforts of all of us and of the Allies to send the Stars and Stripes
National City Bank; Martin Vogel, Assistant Treasurer of the United
and the flags of the Allies to Unter der Linden, so that we may dictate
States; James N. Wallace, President Central Union Trust Co.; George A.
the terms of peace in Berlin.
Wegener, Albert H. Wiggin, Chairman of the board Chase National Bank;
Your dollar and mine must go into the Treasury of the United States,
William Woodward, President Hanover National Bank.
so that the war may be won, and so that we shall continue to enjoy liberty.
So don’t for one moment allow yourselves to be affected by this last peace
$3,500,000 RAISED AT COTTON EXCHANGE RALLY. drive. Treat it as a hopeful indication that the Germans know they are
beaten.
In our own good time, we shall make that knowledge manifest
The Cotton Exchange last Monday afternoon subscribed
to t.He whole world.
one-half of its quota of $7,000,000 for the Fourth Liberty
Loan during a meeting addressed by veterans of the war.
In SOUTH AMERICANS SUBSCRIBE TO LIBERTY LOAN.
The Liberty Loan Club of the National City Bank’s Rio
twenty minutes a total of $3,500,000 was announced by Ar¬
thur Lehman, who presided.
It was the consensus of opin¬ de Janeiro branch had subscribed $190,000 by noon of the
ion of those who spoke that the present German peace move first day of the Fourth Loan drive, according to a cablegram
has been instituted at this time for the express purpose of received by the bank here on the 9th inst.
Another cable¬
slowing up the Fourth Liberty Loan in America. “The gram brought news that the Buenos Aires branch of the bank
Kaiser knows day by day how the subscriptions are coming had received subscriptions of $600,000 the first day of the
in,” said Lieut. Quinney of the Canadian Army, “and there campaign.
is no question but that this move on the part of his Govern¬
HONDURAS TAKES $3,500,000 OF LIBERTY BONDS.
ment is timed to hit the loan campaign right in the middle.’*
The President of Honduras has authorized
the Hon¬
The first s eaker was G. de B. Greene, Chairman of the
duranian Envoy to subscribe for Liberty bonds to the amount
Advisory Trades Committee, who also expressed the opinion
of $3,500,000.
Bonds already have been purchased by the
that the loan stands in danger because of the peace propa¬
entire diplomatic corps of Honduras.
On Honduras Day
ganda let loose at this time by Germany. Sergeant F. W.
alone the subscription list, including $100,000 from the New
Haversack of the 638th Aero Aquadron, who was disablec
York & Honduras Rosario Mining Co., was close to $130,000.
in the fall of a bombing plane near Verdun, spoke next, anc
This company has in its employ more than one hundred
was followed by the Rev. David Hughes, chaplain of the
Americans and some two thousand native Honduranians.
Welsh Fusiliers, who was wounded in France while giving
The employees will be canvassed for subscriptions on the
communion to a dying man. He told of a little town in
usual installment plan.
Wales which had given 75% of its manhood to the service,




Attended by the same

into Paris of the

Oct. 12

1918.]

THE CHRONICLE

SUBSCRIPTIONS TO LIBERTY LOAN IN MANILA.
Cable advices received by the New York
Agency of the
Philippine National Bank, located in the Woolworth Bldg.,
Jndicate that at the mass meeting held on
Sept. 27, marking
the opening of the Fourth
Liberty Loan in Manila. $3,650,000 was subscribed to the Loan.

1433

Transport Service. These will be followed by United States
Marines who were wounded in the heroic struggle at Chateau

Thierry.

They will not march, but will have to ride along
The Marines will be followed by 150 Pershing
veterans, men who are wearing the golden “wounded stripes”
on their arms, and who have taken
part in the work of
driving back the Hun. While these men are proceeding
down the Avenue of the Allies, there will be another parade
GU A TEMALA DAY AT THE ALTAR OF LIBERTY.
in the air.
One hundred aviators will be “in line,” to add
Martin Vogel, Assistant Treasurer of the United States another
thrilling touch to the Hero Parade. So far as is
who presided on the 6th inst. at the Altar of
Liberty, Madi¬ known, this will be the greatest number of aviators ever
son Square, when the
flag of Guatemala was raised with seen in the air together anywhere in the world, including
impressive ceremonies, brought from the crowd a spon¬ the battlefields of France
during the height of the greatest
taneous demonstration of
approval when he declared that struggles. The second division of the parade will be com¬
our answer to
Germany’s peace proposals will be only those posed of 9,000 men from Uncle Sam’s navy. They will
of a conqueror of her armies.
“Our answer is, ‘No—thrice include contingents
from| Pelham Bay from men in service
NO’ ” said the Assistant
Treasurer, after he had informed aboard the United States war vessels and men in the trans¬
those present that Germany’s
peace message is here.
“We’ve port service. A contingent of Marines also will be in this
got you on the run and we will keep you on the run. The division. The Allied
groups^will follow, in the second
only terms we will consider will be those of General Grant— division. Each group will
carry a banner designating the
unconditional and immediate surrender.” Mr.
Vogel then country it represents. It is expected that almost 2,000
reminded all present of the history-making stand of United
fighting men, representing the allies of the United States
States marines at Chateau Thierry, of the mighty sacrifices will be in line.
Italy will be represented by Alpini and Berof our Allies and that the American
people must continue saglieri; France by the Foreign Legion and by sailors from
their efforts to support the fighting men by doing
their part her battleships lying in the Hudson. There will be soldiers
and for them to buy Liberty bonds to the limit of their re¬ and sailors from
Breat Britain, Brazil, Japan, Belgium,
sources.
Greece, Russia, Honduras, Nicaragua, China, Poland, Si¬
“If on Oct. 19, I am unable to join with others in
sending beria, Serbia, Cuba, Hayti, Panama, Montenegro, Portugal
a message to our
troops in France that the Fourth Liberty and Siam. The third division of the parade will be made up
Loan is over-subscribed, I do not wish to be upon this
earth,” of New York State forces, headed by Major-General Dyer,
he said.
“Let us here resolve at this Altar of Liberty that The fourth section of the
parade will be composed of repre¬
we will see that word is sent to France on Oct.
19, that the sentatives of all women’s organizations in war service.
They
American people are rendering proper support to the brave include the National
League for Women’s Service, the police¬
men now fighting so
heroically against the enemy.” In women, the Young Women’s Christian Association, Salva¬
introducing Joaquin Mendez, Minister of Guatemala, and tion Army, Motor Corps of America, and other units
In
the highest representative of that nation at the ceremonies, the fifth and last division there will
be the veterans of the
Mr. Vogel paid a glowing tribute to the little nation which Civil war, both Union and
Confederate; veterans of the
joined in the war against the common enemy on April 22 Spanish war, and representatives of the
Knights of Colum¬
1918.
Mr. Mendez said in part:
bus, Young Men’s Christian Association, Salvation Army,
In this supreme hour ofrthe history of the world, the vehement and firm
Volunteers of America and Young Men’s Hebrew Asso¬
aims of Guatemala are: that from its
flag the
disappear; that its modest
great cause which

word, “Liberty” may never
but sincere services may be of some use in the

defending; that the enemy property in its terri¬
tory may be converted into Liberty bonds; and when we sign a lasting peace
in Berlin, this flag will salute there at the Palace of Potsdam the
flags of the
victorious Allied nations with the same love and the same
unity of prin¬
ciples as it does to-day in New York G'ity.
To place the flag of my country on the Altar of
Liberty when homage
is paid to Guatemala by the
City of New York, is the greatest honor and
pleasure which has been bestowed upon me in my life.
My flag, the most beautiful piece of the always blue sky of my country,
has on its coat-of-arms the motto,
“Liberty.” It is thus the emblem of
that people which hastened to protest against submarine
warfare, to break
off relations with the Kaiser, to declare the existence of a state of war with
Prussian militarism and to declare also that it will maintain that attitude
as long as the violence of the Teutonic
arms threatens the free nations

the route.

ciation.

we are

and scoffs at

humanity.
Very few Germans were able to escape from Guatemala to go and serve
von
Hindenburg. Instead, citizens of my country quickly joined the
Allied lines, and those in the United States have
Some are
registered.
now with Pershing and others in
training in this country.
And in Guate¬
mala a French military mission is
reorganizing the Guatemalan army,
which is always ready to defend the flag, which
flag when placed upon the
Altar of Liberty represents our determination to bind more
closely our
traditional solidarity with the United States of America and
to support the principles of international law and
democracy.

our

decision

FLAG OF HAITI DEDICATED TO CAUSE OF THE

ALLIES.

Impressive ceremonies, held on Oct. 7 at the Garden
Theatre, because of rain in the forenoon, marked the dedi¬
cation of the flag of Hayti to the cause of the Allies.
The
ceremonies in honor of Hayti began with a reception at the
Waldorf Astoria.
Accompanying Solon Menos, the Haytian Minister, to^the Waldorf were Charles Morevia, Consul
General in New York, and Ernest Bastien, the Vice-Consul.
Martin Vogel, Assistant Treasurer of the United
States,
George S. Chappell, Chairman of the Altar of Liberty Com¬
mittee, and several army officers formally received the diplo¬
matic party and guests.
The Haytian Minister said in part:
Twenty-one years ago, over a trivial incident, a diplomatic conflict
broke out between the German Empire and the Republic of
Hayti, which
I represented as Secretary of State for Foreign Relations.
We had been
discussing the case for a few weeks, when suddenly on Dec. 6 1897, two
German

men-of-way appeared before Port-au-Prince and sent forth to the
Hayti an ultimatum, enjoining him to salute the German

President of

PLANS FOR LIBERTY PARADE TO-DAY, OCT. 12.
The Liberty parade, intended to be the most
inspiring

procession that New York has witnessed since the United
States entered the war, will take place to-day,
Liberty Day,
Oct. 12, the anniversary of the
discovery of America. One
of the features of the parade will be a
display of guns cap¬
tured from the Germans by Gen. Pershing’s men. Men
who have faced death

on

a

hundred battlefields will take

part in the procession. From France and Flanders they
come, from the Trentino, the Piave, from Russia and Siberia,
and all those other

corners

of the world where

men

have

fought for freedom against tyranny. There will be Ameri¬
can veterans of this war, of the Civil War and men who
fought in the war with Spain. The line of march will be
from 72d St. and Fifth Ave., south on that thoroughfare
to Washington Square.
Many of the men will be borne
along this route on gun caissons or other martial vehicles,
for their, marching days are over; they have risked their
lives and sacrificed their limbs on the fields of battle.
The
first section of the parade will be made up of United States

military forces, and it is expected that 5,000

men

in khaki

will be in line. These men will be composed of troops who
have almost finished their training and are ready to go to the

front; troops from the nearby forts and




men

in the U. S.

colors within four hours.
The Republic of Hayti

being alone and without any hope of help, and
consequently unable to resist the colossal power of Germany, was com¬
pelled to yield to its demands; and then a Haytian cruiser had to lower the
national colors and to hoist the German flag in firing a salute of 21
guns.
To-day, what do we see? The flag so shamefully humbled—here it is
It is presented and displayed before this crowd of
liberty-loving people.
It is welcomed by the great city, by the great State,
bj the great people of
this great country.
Washed and freed from the old German pollution, it
has received a fresh lustre apd a new consecration.
It is set up and stands
out joyously in this metropolis, greeting its fellow
flags, among which the
Star Spangled Banner waves conspicuously.
The Republic of Hayti is proud and glad of your tokens of friendliness
and solidarity.
For a long while we have had a true and natural admira¬
tion for the people of the United States—the formidable
knight of this age,

.

who combines the infinite resources of his inventive and
practical genius,
with the inexhaustible generosity of the
purest ideal.
We take pleasure and pride in the

friendship of the great Republic whose
disinterestedness in the present circumstances is not questioned by any¬
body, and whose powerful energy astonishes the mind during this extraordnary battle for humanity and justice, for liberty and the independence of
all nations.

We of Hayti are very heartily “doing our bit” in the measure considered
the most timely for the campaign of the Liberty Loan Cammittee.
We
also are interested in its success, for we know that the loan has a destina¬
tion to which no nation associated in the war against
Germany can be in¬

different.
From the very beginning of hostilities, many Haytians, led by their feel¬
ings toward France, hastily volunteered and were enlisted in the For¬
eign Legion. Just now several thousand are expecting a call to flock to the
standard of their own country, which it must be remembered once more was,
after the United States, the first country in Arperica to gain its indepen¬
dence.

THE CHRONICLE

1434
NO PEACE YET,

It brings to the scene a Wilson to occupy the presidency of the greatest,
richest and best organized republic in the world; it brings forth from the
farthermost limits of Wales a Lloyd George, the son of a simple school

SPIRIT OF HONDURAS, AS FLAG IS
RAISED HERE.

“No

in his hand all the pow er and strength of the great British
Empire; it puts at the head of the most idealistic of nations a Clemenceau,
who with a single word defined the so-called German Kultur, and brings
forth many other great men who patriotically and enthusiastically co¬
operate in carrying out this essential work for civilization.
It is necessary, therefore, to recognize the action of that power and to
crush, without mercy, all those who are opposed to its aims.
My country is a small one.
It is now beginning to develop its great
natural resources; but there is not a single Honduran who is not aware
of the sacredness of the cause in which we are allied.
Many of my fellow
citizens are anxious to fight on the battlefields of Europe, and since we
must die in one way or another, there can not be a more glorious death
than that which is met in the defense of the loftiest ideals, which concern
master, and pu.s

is possible now with the German people.
leave the question undecided, and
immunity for horrible crimes com¬
they want peace, let them ask for it as suppli¬

peace

Premature peace would
would be equivalent to

mitted.

If

cants and let

[Vol. 107

them be reconciled to suffer such conditions

them.” This was the message
Gutierrez, Minister from Hon¬
duras, delivered Oct. 8 at the ceremony of raising of the
flag of that Central American republic at the Altar of Lib¬
erty. Senor Gutierrez was unable to leave Washington, the welfare of all nations.
and his statement was read by Rafael Heliodoro Valle,
Fourteen days after war was declared, that is to say, in Aug. 1914,
secretary of a special mission sent by Honduras to the and even before that date, I wrote pamphlets and articles in the newspapers
the Machiavellic and grasping policy of Germany. Who
United States.
Beginning with a reception at the Waldorf, denouncing
would listen to?
It was only the product of my imagination.
the cereomnies continued for two hours.
Shortly before
I affirmed then, before Germany had taken off her mask of hypocrisy,
that she aspired to the domination of the world and that she would not stop
noon, the distinguished guests, who had been greeted by
Martin Vogel, Assistant Treasurer of the United States, and at anything in order to carry out her purposes; that many peoples would
disappear through the hurricane of bullets and fire that would be thrown
George S. Chappell, Chairman of the Altar of Liberty Com¬ upon them; buc that after the storm had passed the sun of justice would
mittee, formed a parade and proceeded down the Avenue of shine on purified nations.
These predictions have already been, in part, fulfilled.
In the midst
the Allies to the Altar of Liberty.
United States soldiers of the smoke of battles, we see the first rays of that sun of justice which
and sailors acted as escort.
Six cadets, three of whom will soon illuminate the entire world.
were in sky-blue uniforms, and three in darker blue attire,
formed a picturesque feature of the procession.
They came JAPAN SENDS MESSAGE OF FRIENDSHIP ON FLAG
from Honduras especially to participate in the ceremony.
DAY IN LIBERTY LOAN.
The flag of Honduras was saluted by thousands along the line
The following message from Japan, emphasizing the
of march.
It is a blue and white flag, the blue running from
amity between that country and the United States and
the staff and the field of white having in its centre five stars.
praising the Liberty Loan campaign, came to C. Yada,
Among those present at the reception and at the Altar were: Japanese Consul General on Oct. 9, from K. Hara, Prime
R. Camilo Diaz, Secretary of the Honduran Legation; Dr.
Minister of Japan:
Policarpo Bonilla, Rafael II. Valle, Medardo Zuniga, Felix
I am glad that one of my first privileges as Prime Minister of Japan is
Canales Salazar, Andres Soriano, Consul-General of Hon¬ to telegraph my earnest wishes for the success of the Flag Day to be held
duras in New York; Emelio V. Soto, Vice-Consul; Mrs. on Oct. 9.
It is a great compliment to Japan, and my countrymen will look forward
Dona Celestina de Soto, widow of Marco de Soto, late Presi¬ to a result which will gratify all concerned and substantially further the
dent of Honduras; Alfonso Guillen Zelaya, Chancellor of the prospects of the Liberty Loan, w'hich has already proved so wonderfully
Honduras Consulate, and Milton H. Gilbert, Vice-Governor- popular.
I feel certain that the close amity which unites the two nations will be
General of the Philippines.
Mr. Zelaya read a cablegram evinced by a generous response to the appeal to be made of Japan’s Day
from Dr. Francisco Bertrand, President of Honduras, in for help to free the world from aggressive tyranny.
which there were words of encouragement for the Allies and
for the success of the Fourth Libert}' Loan.
Mr. Valle, “45 POWERFUL BEHIND BONDS AS BEHIND GUNS,'’
SAYS JAPANESE ENVOY OF AMERICANS.
representing the Minister from Honduras, then read the
latter’s address.
The address in part follows:
“It is a matter for mutual satisfaction to realize that
I have the honor to present to you my country’s flag, sent by my Gov¬
the
American and Japanese troops are fighting to-day shoul¬
ernment from distant shores, In order that it may be joined to those of the
as

the victors may

impose

on

of Don J. Antonio Lopez

*

nations which

der to shoulder in the Siberian field in true brotherhood of

of Central

arms,” said Viscount Kikujiro Ishii, Japanese Ambassador
to the United States, at the celebration in honor of Japanese
Day before the Altar of Liberty in Madison Square on

are now struggling to destroy by force of arms, on the fields
Europe, that terrible feudalism which has been violently born

again.
No institution—be it ever so wicked—can entirely
for some time exercised control over human affairs.

disappear after having

The French Revolu¬
tion pitilessly annihilated the cancer of European feudalism; but there
still remained some roots on grounds which were propitious, and thence
arose the frightful Prussian imperialism against which we are fighting to-day.
There have been tyranny and oppression in all parts of the world.
But
a scientific tyranny, a tyranny based on formulated
principles by the ablest
men of the country, a tyranny subject to mathematical calculations in
order to enslave all

people and for the

purpose

of exploiting them for the

benefit of a certain social class, has never been seen before.
The great crime of Prussia consisted in having been willing to blow out
in a breath the little light that existed in the world, because to suppress
human liberty, by smothering the ideals which lead men to attain superior
standards of life, is to sink the world in darkness.
We have not come into
this world in vain.
We have come to increase that light which consti¬
tutes the argument of history.
That is the reason why there are heroes,

martyrs, inspired
as

men. beloved by all mankind as superior beings, as well
great criminals who are utterly abhorred.
The historical end of all peoples,is well outlined.
Everywhere we tend

to create that which is good, that which is beautiful, that which is true,
in order to offer it to men without distinction of race or nations.
The
German Empire does not know this fact.
For that nation there are only

Germans above all men, and Hohenzollems above all Germans.
There never has been proclaimed a more selfish and cruel policy.
And
this German policy, or rather this Prussian policy, is not a new one, but is
the same old policy.
The patience, meditation and hypocrisy she has em¬
ployed to carry out such a policy are something baffling.

Now, after four years of war, when they are being defeated in all direc¬
tions, and when the castle of their ambition, which was carefully prepared
by their philosophers, politicians and generals during a period of fifty
years of constant effort, crumbles to the ground, still they allow themselves
to be led to the fields of battle to be killed like shoep before the insatiable
Moloch whose Satanic pride does not allow' him to acknowledge his defeat.
And no peace is possible with such people.
A premature peace would
leave the question undecided and would be equivalent to immunity for the
horrible crimes committed.
If they want peace, let them ask for it as
supplicants and let them be reconciled to suffer such conditions as the vic¬
tors may impose on them, trusting to their generosity.
They have not a
single argument to allege in their favor. They have proclaimed brute force
as an absolute principle in government, and that same force has now' turned
against them; an inevitable reaction w'hich they should have taken into
account before breaking the chains which held it.
The cause of progress and civilization does not depend on any man nor
on any people.
If it should suddenly disappear from the earth, and be
left under the power of barbarism, it would again start and take its course,
slowly and laboriously, until it arrived, and even surpassed, its present
stage.
The fact is that that cause has its origin in an immense and invisible
power which rules everything.
Neither Prussia nor Germany, in spite of their wonderful force, in spite
of all their science, and notwithstanding their deceit and perfidy, will ever
be able to destroy such a cause.
At the precise moment when the greatest
dangers threaten that cause, the invisible power to which I have referred
produces
who are destined to save it.




Oct. 9.

The Ambassador continued:

I esteem it

a great honor to be privileged to address you on this aus¬
picious occasion. Some eighteen months ago, America gave to the world
a most profound thrill in decidedly entering into this sacred war in defense
of justice, liberty and humanity.
Since that time your valiant soldiers
at the front have achieved brilliant feats of arms under the masterly leader¬
ship of General Pershing.
You are now going to prove once more to the entire world that the
Americans behind the bonds are just as efficient and powerful as the
Americans behind the guns.
By the previous war loans you have already
shown how immense your monetary resources are; now you have started
the biggest of loans in the annals of world finance.
These mighty enter¬
prises of yours not only call forth the admiration and appreciation of all
your allies, but are bound to create in the mind of our enemy an utter
dismay and discomfiture.
If you are encouraged by the good news now coming daily from the front,
your brothers and sons at the front are equally encouraged and heartened
by the wonderful exhibition at home of your patriotism, power and deter¬
mination.
In contributing your material wealth to the war fund, there¬
fore, you are no less fighting the enemy than are your soldiers at the front.
The enemy is afraid of your financial triumph just as much as the triumph
of your army on the battlefield.
On the occasion of that splendid and cordial reception which you so kindly
extended to me and my associates of the special mission last year—a
reception for which I wish to be permitted to repeat here my heartfelt
thanks—I declared with emphasis that my country was proud to fight
side by side with America and was prepared to exert all her energies to the
best interest of our common cause.
It is a matter for mutual satisfaction
to realize that the American and Japanese troops are fighting to-day shoul¬

der to shoulder in the Siberian field in true brotherhood of arms.

foe from the Maritime Provinces and from
several thousands of the Austro-German prisoners
who, being re-armed, were taking the lead over the Bolshevik troops in
Siberia, have* been recaptured; in less than six weeks opposing armed forces,
worthy of the name, have been completely defeated and scattered away;
your Stars and Stripes and our Rising Sun, together with the colors of the
other Allies, are being received by the Russian inhabitants with open arms
They have swept

away our

the Za-Baikal regions;

everywhere in Eastern Siberia.
The

news

from France and from the Balkans are of an even more

satis¬

The complete surrender of Bulgaria and the German
debacle in the Western batile-fields unmistakably point to the fact that
the general collapse of the enemies has begun.
The final defeat of Germany

factory nature.

and her vassals has now been put beyond all doubt.
Shall we then relax out efforts even in the slightest

degree? I am sure
with me in answering that question in the most emphatic
negative.
Victory must be complete, otherwise it is no victory. Our
enemy had prepared for this war too long and too well to be so easily
you will agree

crushed.
In
some

me tell you of an experience we had
It was after the fall of Port Arthur in 1905,

this connection let
years ago.

in Japan
after the

r

Oct. 121918 ]

THE CHRONICLE

overwhelming victory of Mukden and after the annihilation of the enemy
fleet in the battle of Tsushima that my Government decided to raise a
fresh war loan which was placed in this very market of New York and in
London. This determined step taken by my Government at the eleventh
hour of the Russian war did more than
anything else to convince our then
enemy of the uselessness of continuing the struggle and thus to quicken
the termination of the war.
In subscribing to the Japanese loan of 1905
you
and

materially contributed to the speedy conclusion of the Russian war
consequently to save the lives of perhaps millions of the Japanese and

Russian combatants.
Ladies and gentlemen, I have no doubt but that this Fourth Liberty
Loan of yours, demonstrating as it does the firmest determination of the
great American nation, will prove the most effective and important factor
for the final complete victory of the Allied arms and for the attainment of
the noble and lofty ideals of international justice.

MEXICANS HERE HELP LIBERTY LOAN
CAMPAIGN.
Mexican committee, composed of all the Mexican
factional elements in the Second Federal Reserve District,
has been organized to aid the Liberty Loan
Campaign.

Plans have been made to canvass all Mexicans in the district.
This canvass will be made by personal solicitation, through
the mails and through meetings especially called for Mexicans
and their sympathizers. The committee’s call says:

American must be free and respected by every nation, excempt from every
foreign influence based on force and hateful privilege. We cannot but
acknowledge that the United States' cause touches us very deeply and that
it is our duty to co-operate in the triumph of such an heroic people.
Mexico needs, as does any nation, the international principles of impartial
justice, equality of rights, no intervention and absence of party alliances,
as proclaimed by President Wilson and sustained
by the arms of the United
We call upon our fellow citizens to assist with heart and soul the
States.
magnanimous American people, since their ideas and ours are common.

Efforts also will be made by the Mexican Committee to

organize their countrymen into committees elsewhere in the
United States.
It is hoped that companies doing business
in Mexico will subscribe to the Loan through this committee
and that they will endeavor to arouse enthusiastic support
of the Loan among their employees in Mexico.
The prelimi¬
nary campaign plan carries the indorsement of Alonzo
Mariscal and Pedro del Villar.

EXILED RUSSIAN WAR VETERANS HERE JOIN IN
LOAN DRIVE.

One of the most eager and devoted of the

Liberty Loan
organizations in this city is that of the Voluntary Association
of Russian Army and Navy Officers in the United States,
whose headquarters are in the Flatiron Building. The mem¬
bers of this organization, all soldiers or sailors who have
fought long and hard for the cause of the Allies and to whom
that cause is still uppermost, have formed a Liberty Loan
Committee to do everything in their power for the Fourth
Liberty Loan. This committee consists of the following
Col. L. Sakhrovsky, Chairman; Col. T. Sidorkin, Capt. N.
Vishnevsky, Secretary; Lieut .-Com. A. Procofieff-Seversky
and Lieut. G. Wiren.
These officers are busy canvassing
their members and their members’ families and the entire

colony of Russian exiles in the city in the interest of the loan
and also in arranging for the parade and exercises on Russian
Day, Oct. 16, when the Altar of Liberty will be dedicated
to the great Ally, whose sufferings seem likely to equal those

of the belligerents.

The Voluntary Association of

Russian Officers was formed last April of those military men
who are constantly finding refuge in America from the ex¬
cesses of the Bolsheviki.
It has a membership now of about

115, all veterans of the

war, many

of them helplessly crippled

in the service of civilization and not

few

internationally
Among the latter is Lieut .-Com. Alexander
Procofieff-Seversky, the Russian ace, who lost his left leg
early in the war and continued to fly and fight with a wooden
leg for two years thereafter. Lieut.-Procofieff-Seversky is
a member of the Liberty Loan Committee of his organization.
a

famous.

LOAN

PAGEANT

FOR

ITALIANS

TO

BE

HELD

AT

STADIUM TOMORROW.

One of the

of

a

great flag raising for all the nations allied with the

United States against the Germans. A military atmosphere
will be given the rally by the presence of detachments of
soldiers and sailors from the various training camps and
naval stations in and around New York.
At least several
thousand men from each branch of the service will engage
in the bond selling meeting.
Side by side with these men

will be

delegation of G. A. R. veterans from four or five
posts in Greater New York. The musical program will
a

include, besides the

one

hundred-piece Grenadier band,

a

band from the army and navy.
The Liberty Loan Com¬
mittee will conduct an intensive bond selling campaign.

GRAIN EMBARGO IN WEST.

A

of any

scene

1435

biggest Liberty Loan meetings of the campaign

is to be held to-morrow afternoon (Sunday) in the Stadium
of the New York University, Amsterdam Ave. and 138th St.

It will include a pageant in honor of the veterans of the
Italian army, now visiting this country to help put across
the Fourth Loan, and is under the auspices of the Harlem
Patriotic League and the Foreign Language Division of

The lifting of the embargo against grain shipments, so
far as points east of Pittsburgh, including Virginia, are con¬

cerned,

was

reported on Oct. 2.

With regard to the embargo

in the Southwest markets, the “Wall Street Journal” in
advices from Kansas City, said:
The embargo on the movement of wheat, corn, oats and other cerealB
continues in effect here and at other markets of the winter-wheat belt with
slight modifications. The embargo was ordered Sept. 16 by the United
States Railroad Administration in co-operation with the Food Adminis¬
tration Grain Corporation.
Grain can be moved marketward only after

permit has been granted by the grain control committee. For Kansas
City permits for between 100 and 200 cars are being granted daily.
Ac¬
cording to officials of the Grain Corporation, the number will be increased
as the congestion on railroad tracks and in elevators is relieved.
a

Grain control committees at each of the markets embargoed are made
up
of representatives of the United States Railroad Administration, the Food
Administration Grain Corporation and Boards of Trade.
Permits are

being issued only to consignors.
With no incentive whatever to hold, farmers have literally swamped
terminal markets with wheat.
As holdings of the bread grain at the large
markets increased, it became evident that drastic action would be neces¬
sary to

keep at least part of the wheat at points of origin and to guard against
serious congestion at terminals.
According to a recent investigation by the
Food Administration, farmers in Kansas before Sept.,20 had disposed of
53% of their wheat holdings. In other States the movement was com¬
paratively heavier.
Members of the Kansas City Board of Trade have stated that the present
acute situation would not have occurred had the Grain Corporatiin made
provision for a small monthly storage fee to farmers for carrying grain.
Under such arrangement, farmers would have been glad to hold their wheat
until it was actually needed.
Instead, the Government wheat buyers
have been compelled to take millions of bushels, place the grain in ele¬
vators, pay
a storage charge of 1 cent a bushel each month, and clog
With the price on a minimum basis, practically fixed, the farmer
markets.
has no way of offsetting shrinkage, interest, storage, and other charges
incurred in holding wheat.
Stocks of wheat in public elevators in Kansas City amount to approxi¬
mately 14,000,000 bushels, a new high record total. The entire holdings
of grain in local elevators is approximately 18,000,000 bushels, while the
capacity is not more than 24,000,000 bushels. * On June 30, just before the
movement of new-crop wheat began, Kansas City elevators held less than
50,000 bushels. A year ago holdings totaled 583,577 bushels.
Local receipts show the effect of the embargo on the movement of wheat
to terminal markets.
Arrivals here have diminished from a total of more
than 2,000 cars a week to less than 200 weekly.
On a crop of 600,000,000
bushels of winter wheat, weekly arrivals of 200 cars make a surprisingly

small

total.
Wheat receipts here in September decreased 9,290,700
bushels compared with August, amounting to only 6,897,150 bushels.
It is not known how long the embargo will remain in force, though all

restrictions

on the movement of coarse grains will be lifted within a short
Preparations are being made by both rail and food officials to
remedy the situation in coarse grain as soon as possible in order to take
care of the movement of new crop com.
The new com already is moving
to market in a small way, and soon will assume large proportions.
In
wheat, however, the opinion prevails that restrictions will be continued
indefinitely, owing to the desire of the Government to maintain a supply
of the bread grain in producing regions to meet the needs of interior mills.
Some students of the wheat situation believe the present embargo on the
movement of wheat to markets is a part of the plan of the Food Adminis¬
tration to carry over a reserve of 200,000,000 bushels of wheat into the

time.

next crop year.

Railroads have achieved the seemingly impossible in handling the grain

of the winter-wheat belt.
Few complaints have been made of car
shortage, despite the eagerness of farmers to ship their grain.
Naturally, large sums of money are tied up in the record holdings of wheat
here and at other markets, for the combined visible supply of wheat in the
United States to-day is the heaviest on record.
crops

The embargo for Western cities, ordered Sept. 16, was
made effective Sept. 18.
The official notice said:
Effective Sept. 18 because of rapid approach to limit of grain storage
capacity primary markets due to advanced movement of wheat and antici¬
pated heavy movement of wheat and other grains, it becomes necessary
to place embargo against all shipments of all grain consigned or reconsigned
to Duluth, Minneapolis, St. Paul, Milwaukee, Chicago, St. Louis, Peoria,
Kansas City, St. Joseph, Omaha and Council Bluffs, and to regulate future
shipments of grain to these markets on permit basis, such permits to be
issued in co-operation with the Food Administration.
Applica ion may
be made by shipper or agent at point of origin.
Such requests transmitted
to designated grain control committee of each market, which will approve
such requests as can be given storage, notifying the agent of point of origin
that shipments may be made accordingly.

MODIFICATION OF CORN IMPORTS RULING.

the Liberty Loan Committee.
The feature of the program
will be a flower shower, in which two thousand or more
women and girls will participate.
Another feature will be a

from the River Plate district of corn upon the condition
that shipment shall be made from River Plate ports; that

reproduction of the Avenue of the Allies. All who attend
requested to carry or wear the American flag. It is the
purpose of those in charge to make the big Stadium the

shipped shall be purchased by and for the account
Corporation, and that
such shipments shall have been agreed upon jointly by the

are




The War Trade Board has authorized the

the

corn

of the Food Administration Grain

importation

Administration and the United States
This rule modifies the recent list of re¬

RESTRICTIONS ON GRAIN DEALERS PROFITS.

United States Food

Shipping Board.
stricted imports.

following restrictions on grain dealers’ profits were
by John J. Stream, Chairman of the Coarse
Grain Committee of the Federal Food Admimstration:
The

announced
———————————

CHICAGO BOARD OF

t“

TRADE'S RULING AS TO GRAIN

IN CARS ON

TRACKS.

proposed amendment to the Board of Trade rules
making grain in car lots on track deliverable at any time
during the month in case of emergency, has been adopted,
it was announced Oct. 3, by a vote of 265 to 172.
The

MAXIMUM GRAIN PRICE ABOLISHED
BOARD OF TRADE.

Cash grain dealers 3% on their annual turnover of business up to $300,000, and 2% in excess of $300,000.
Food manufacturers \2A% gross
and 6% net.
Wholesale food dealers and jobbers 15% gross and 4% net.
Feed retailers, 15% gross and 6% net.
It was announced that any profit
in excess of these limits will be considered as profiteering.
“Big profits,” Mr. Steram said, “causes unrest and the idea is to have
co-operation and a tranquility of feeling."
Grain exchanges have been notified to clean house and keep operations
of their members within reasonable bounds, or they will have to suffer.

BY CHICAGO

meeting of the directors of the Chicago Board of
Trade on Sept. 28, it was decided to abolish maximum prices
At

a

OCTOBER MILK PRICES—REDUCTION IN PROPOSED

grain or provisions futures and to permit all contracts to
to maturity.
This action was taken at the request of
the U. S. Food Administration, which was represented at
the meeting of the directors of the Board of Trade by John
J. Stream, Chairman of the Coarse Grain Committee of the
Federal Food Administration. In reporting the action of
the Board]of Trade, the “Chicago Herald and Examiner”
stated that it was “one of the most important since the war,
and is a big victory for those members of the exchange wh o
have held right along that buyers and sellers should be
obliged to live up to their contracts, except where it is shown
there is evidence of manipulation.”
The same paper fur¬
on

run

ther said:
present there are no maximum prices on grain futures,
pork, lard and ribs.
This ruling does not apply to the

At
on

but there are
contracts for

provisions for the balance of this year, but it means that January
and subsequent deliveries can be traded in without maximum

products
price re¬

strictions.

Section 1 of Rule 23, by which, in case of default, a com¬
appointed to fix a settlement price, based on the true commercial
value of the commodity on the day of maturity of the contract, will be in
full force and effect, irrespective of Section 3 of Rule 23, the w'ar emergency
From

now on

mittee is

measure.

This rule also calls for a

penalty of not less than 5% nor more than 10%
which the seller must pay to the purchaser

of the value of the commodity,
In

case

of default.

The official announcement

as

printed in the “Herald and

Examiner” follows:
The board of directors has been instructed by the United States Food
Administration to refrain in the future from exercising its powers to pro¬
hibit trading for present or future delivery in any of the commodities
traded in on this exchange, and also its power to fix a maximum price for

such commodity, in accordance with Section 3 of Rule 23 of the rules
that all contracts are permitted to run to
maturity without such interference, except at the request of the United

any

INCREASE OF TWO CENTS A T INSTANCE OF
HERBERT HOOVER.
An increase of 1 ^ cents per quart in the price of milk to
the consumer was announced on Oct. 3 by the New York
Milk Conference Board, Inc., the new price of 17Hcents for
Grade A milk (comparing with 16 cents for August and

September) and 15 K cents for Grade B milk, being made
effective Oct. 4, and continuing until the end of the month.
An increase of two cents for October had been agreed upon
by the distributers and producers on Sept. 20. Following
the announcement of this agreement Federal Food Adminis¬
trator Hoover called upon the New York Federal Food
Board to arrange for a conference looking to a reduction in
the proposed increase.
It was at the conclusion of this con¬
ference on the 3rd inst., after a three-days’ session, that
announcement was made of the acceptance of the suggestion
made by Food Administrator Hoover that the dealers limit
the increase in the price to consumers to 1^ cents a quart,
over the September price.
In the case of Grade A pint
bottles the price of which for September and August had been
9 cents, the retail charge from Oct. 4 to 15 is fixed at 9^
cents, while for the period from Oct. 16 to 31 it is to be 10
cents.
The October price of 15 K cents for Grade B bottled
milk per quart to consumers compares with 14 cents for
August and September; for Grade B pint bottles the price to
consumers is 824 cents from Oct. 4 to 15 and 9 cents from
Oct. 16 to 31; for August and September the price had been
8 cents.
The following announcement of the new prices was
made by the New York Milk Conference Board, Inc.,
through its Secretary I. Elkin Nathans, on the 4th inst.:

of this association, and to see
States Food Administration.

instructed that if it
maturity of contract, or at any time during the current
month, that there does exist any account or accounts having contracts of
sale, or any account or accounts having contracts of purchase, for the pur¬
pose of manipulation, or without being eligible for a license, or upon the
receiving or delivering of the commodities called for by such contracts,
without actually having possession of a United States Food Administra¬
The United States Food Administration has further

be disclosed at the

tion license.

And, further, on contracts of sale, the ability and facility for making
delivery as contemplated by contract, and also on contracts of purchase,
a lawful purpose in the receiving of the commodity called for, such purpose
being the filling of contracts of sale actually made in conformity with the
law grain for feeding purposes, but not beyond the sixty-day requirement,
grain for manufacturing purposes, but not incommensurate with the busi¬
ness requirements, a reasonable amount for a reasonable time for the actual
necessities, of the holder of a contract of purchase and his dependents, or
for the requirements of grain and provision merchants in the proper con¬
duct and for the purposes of the business but not incommensurate with their
requirements for distribution for consumptive purposes—such condition
or

conditions would be considered a violation of the food control law.

On the 7th inst. Mr. Stream

was quoted as saying:
The desire of the Food Administration is that there should be a normal

speculative trading in the coarse grains futures. The specula¬
tors should confine their operations to the deferred futures and leave trad¬
ing in a current future to those who desire to take a delivery or who are in a
There should be deliveries
position to make deliveries on their sales.
on all sales of current futures and by having the trade in the current month
confined to practically a cash basis the market will be kept in good shape.

volume of

There should be

no

wild advances or declines in value.

PERMITS FOR SHIPMENTS OF GRAIN

TO CHICAGO

TO BE APPEALED FOR BY SHIPPER.
At

a

[Vol. 107.

THE CHRONICLE

1436

conference between the Grain Control Committee

of the United States Railroad

Administration, the “to arrive”

committee of the Chicago Board of Trade and representatives
of the Federal Food Administration on Sept. 26, it was
decided that all applications for permits to ship grain to

Chicago must be made by the shipper and not the Chicago
consignee. An announcement concerning the new rule was
issued as follows by the Grain Control Committee:
All permits to ship grain to Chicago heretofore issued are valid, and
fhippers will be permitted under such permits to ship to any consignee at
Chicago regardless of name of consignee on permit.
Applications hereto¬
fore made for permits by consignee and not yet issued are canceled.
No
applications will hereafter be received from Chicago consignees. Applica¬
tions for permits to ship grain to Chicago must be made on proper blanks
by the shipper and filed with the railroad station agent, who will mail the
same to the Chicago Grain Control Committee.




We regret to announce that an

increase in price paid to producers for

beginning Oct. 1 necessitates a corresponding increase in city milk
prices. The entire increase represents such added cost only and no profit
to distributors.
These prices, approved by the U. S. Food Adminis¬
tration, still leave milk the cheapest of essential foods, and are as follows:
Grade A bottled milk, retail, quarts
173^c.
Grade A bottled milk, retail, pints
/Oct. 4 to 15
9Mc.
\Oct. 1G to 31
10c.
Grade B bottled milk, retail, quarts
153^c.
Grade B bottled milk, retail, pints
8Mc.
/Oct. 4 to 15
\Oct. 16 to 31
9c.

milk

Grade B bottled milk, to stores, quarts
Grade B bottled milk, to stores, pints
Grade B bottled milk, by stores,
Grade B bottled milk, by stores,

Loose milk, to stores, quarts
Loose milk, by stores, quarts
Loose milk, wholesale (Grade

quarts
pints

/Oct. 4 to 15
\Oct. 16 to 31
/Oct. 4 to 15
\Oct. 16 to 31

(Grade B)

(GradeB)

...

B), 10 gallons or over, to restaurants,
hotels, ice cream parlors, clubs, &c
Loose milk, wholesale (Grade B) under 10 gallons

At the

same

14J/£c.
llAc.
8c.
153^c.
8Kc.
9c.

ll%c.
12J^c.
12c.
12U2C.

time the message of Food Administrat or

Hoover to Dr. Clyde L. King, who
at last week’s conference, was made

represented Mr. Hoove*
public as follows:

questions have arisen concerning the price of milk to producer
city and State of New York. An advance in price has
been announced by the producers that would increase the price to the con¬
sumer in New York City 2 cents per quart now over the September price,
with an arrangement contemplated that may mean still further increase
during the coming months.
I fear such an increase might produce a detri¬
mental effect not only in the interest of the consumer but also in the long
run in the best interest of the dairymen themselves.
Upon the price suggested by the producers and in the methods used in
reaching that price, differences of opinion have arisen between the pro¬
ducers and the distributers.
On these differences and as to future prices
I understand that both parties are ready hereafter during the period of the
war to abide by the judgment of the Food Administration.
I now ask the producers to agree to a price of $3 57 per cwt. for the
month of October for 3% milk subject to previously existing freight and
butter fat differentials.
I ask the dealers not to increase the price to the
consumer over 1 y2 cent per quart over the September price for milk with
the* same differentials as to the different grades of milk as heretofore.
The price suggested to the producer is a compromise between the dif¬
ferences upon which representatives of dealers and farmers did not agree.
The acceptance of this request will not only be a material assistance to
our war efforts at this time but will give to the producers, the distributers
and the Food Administration an opportunity to review all these matters
in the light of all the facts and in the light of the interests of all.
I shall ask representatives of farmers and dealers to attend a conference
on this subject in the very near future.
Serious

and consumer in the

The following is the letter of acceptance to Mr. Hoover
by the New York Milk Conference Board, Inc.:

Oct. 12 1918.]

Your letter of even date, referring to prices to be paid to producers and
to be charged to consumers of milk in this territory for the month of October

1918, was presented by Dr. Clyde L. King.
The representatives of the buyers of milk, fully appreciating the diffi¬
culties of che situation, and with.a desire to aid the Food Administration in
a reasonable solution of the
problem, believe the course suggested is under
the circumstances wise, and is the best that reason and deliberation have
evolved.
We, therefore, cheerfully and without reservation agree with the
request, and will at once comply with aU of Its provisions.
We will advise our members to promptly post notices to producers in line

therewith, understanding that the prices named
producers as of October 1 and to consumers

The resolutions

are
as

to become effective to

of October 4.

adopted by the Dairymen’s League set out:

Whereas, Herbert Hoover, Food Administrator for the United States,
has requested this organization to agree to a price of $3 57 a hundred for
the month of October for 3% milk, subject to previously existing freight
and butter fat differentials, and
Whereas, He states that the acceptance of this request by producers will
be

a

material assistance to his war efforts;

This statement is to

us

imperative and is interpreted as a mandate, as
interest must be subordinate to winning

every personal and organization
the war; Therefore, be it

Resolved, That

we advise our members to

comply with such request.

Commenting upon the high milk prices, the New York
*'‘Evening Post” of Oct. 4 said:
If high prices can encourage milk production in this section, the dairy
industry should not be declining. The October retail prices for Grade A
milk, bottled, is to be 17M cents a quart; for Grade B milk, 15H cents.
Two years ago milk at 9 or 10 cents a quart was not looked upon as cheap,
and last year an advance to 14 cents a quart evoked many protests.
Dairy¬
men who complained that better prices were required to make che business
profitable should not hesitate now to keep their heifer calves. In 1917 it
was noted that the customary fall and winter shortage of milk was little
observable, and the inference was drawn that not only had the new prices
decreased consumption, but they had encouraged production.
There was
the additional factor that pasturage was remarkably good last year.
Ob¬
servations extending over a considerable period are required to show that
there is a definite increase in dairying, but we have reason to hope that the
close of the war will se^ much more of it than the beginning.
The monthly
ixing of prices has given the necessary guarantee of liberal rewards.

MAXIMUM PRICES OF SHOES FIXED AT $12 UNDER
AGREEMENT WITH WAR INDUSTRIES BOARD.
Under

agreement entered into between representatives
industry and the War Industries Board shoes are
to be standardized as to quality and style at prices ranging
from S3 to S12 for men and women.
The prices will fal
into three general classes, as follows: Class A, from S9 to $12;
Class B, $6 to $8 50; Class C, $3 to $5 50.
Proportionate
prices for youths’ and children’s shoes have been fixed in
an

of the shoe

The announcement relative to the

each of the three classes.

price regulations issued by the War Industries Board on
Oct. 2 stated that the cutting of shoes under the new schedule
would begin Oct. 15, and that it was expected that first de¬
liveries would be made within from thirty to sixty days
after that date.
to retailers to

It

was

added that time would be allowed

dispose of present stocks at present prices.

on the 9th inst. the Board in
reporting satisfactory progress in establishing the new price
schedule stated that by Nov. 1 many stores would have on
their shelves the new classified shoes, in addition to their
present stocks at present prices. This statement also said:

In

a

further announcement

for spring delivery, so it follows that there
portion of the product offered for sale to the spring trade
at a price in excess of $12.
To permit these articles to be cleaned out and
also to permit the disposal of the present stocks priced above the top maxi¬
mum, it has been agreed that those retailers specializing in high-priced
goods shall be given until June 1 to liquidate all their stock above the
Class A (S9-S12) maximum.
In this connection the Board desires to call the public’s attention to the
fact that, up to the time limit set, no restriction whatever is placed upon
either the sale or purchase of there high-priced goods.
On the contrary,
those who can afford to buy them may be quite free to do so, since by so
doing they will be co-operating in the liquidation of the high-priced stocks
now on hand, which, were they not disposed of, w'ould work a groat hard¬
ship to the trade. The public’s attention is directed to the fact that there
would be no economic purpose served should the public fail to co-operate
in the assimilation of the stocks on hand up to June 1 that do not fall within
Orders

will

be

a

now

in the factory are

certain

the range limits.

following is the announcement made on the 2d inst.
by the Board, through its Chairman, B. M. Baruch:
The

The

prices of shoes

are

to be regulated.

Through the patriotic co-operation of the entire

boot and shoe industry,

participated in by the tanner, the manufacturer, the jobber, and the retailer,
the Chairman of the War Industries Board is able to announce that an
agreement has been reached whereby the public cost of shoes will be sta¬
bilized within a range of prices calculated to give a satisfactory quality on
a reasonable profit.
The prices are arranged in three classes, each one of which having a
“spread’’ from a maximum to a minimum. The first is Class “C,” in
which the prices will run from $3 to $5 50; the second is Class “B,” in
which the prices will run from $6 to $8 50; the third is Class “A’’, in which
the prices will run from $8 50 to $12.
There is no restriction imposed upon
sales below the lowest minimum, but there is a regulation prohibiting the
sale above the top price of $12 for high shoes and $11 for low cuts.
Each shoe sold to the public will be plainly stamped with its class letter,
indicating the price group in which it belongs, and also with a serial number
showing the manufacturer who made it.
This measure will enable the
public to determine at once the price to be paid, and, in the event of ques¬
tion, the manufacturer producing it.
The program of styles and colors will remain practically the same as an¬
nounced by the Conservation Division on June 28 of this year, in which the




1437

THE CHRONICLE
many

fashions theretofore prevailing in the shoe trade were heavily re¬

stricted to certain standardized styles.
It should be understood that the step toward price

control has been taken

by the industry itself, and has not been imposed by the War Industries
Board.
The Chairman, Mr. Baruch, accepted the offer in the spirit in
which it was made, as indicating the willingness on the part of the industry
to render public service and assume its part of the burden imposed by the
war.

The details as worked out by the war service committees of the boot and
shoe industry, operating in conjunction with C. F. C. Stout, Chief of the
Division of Hide, Leather and Tanning Materials, provide that all shoes cut
in the factories after Oct. 15 shall be upon the regulated basis, except in
those instances where continuing contracts require time to convert the raw
material into the finished product.
In these exceptional cases special

permission must be applied for to the Shoe Section of the War Industries
Board, which, upon satisfactory evidence, will grant licenses permitting
the manufacturers’ obligation to be discharged by an extension of time.
In no case, however, will such an extension be permitted to run beyond
Jan. 1.
By that time no ready-made shoe will be produced to retail at a
higher cost than $12 for high shoes and $11 for low cubs.
It should be said
in this connection that the instances where special license will be required
are few and far between, amounting to little more than 1% of the entire
industrial output.
It is expected that within thirty days from Oct. 15 the new types of classi¬
fied shoes will be ready for sale to the pubUc.
In fact, information in pos¬
session of the War Industries Board shows that some of the manufacturers
are now at work upon the manufacture of the regulated article.

Within sixty to ninety days substantially 95% of all retailers’ stocks will
fall within the new price limits.
For the purpose of permitting those retailers who specialize in high-priced

goods to dispose of the orders now in work, which will be delivered in March
for the spring trade, it has been found necessary, for the purpose of doing
justice to this class of dealer, to allow them sufficient length of time to
“clean out” those goods which range above $12 in price.
A special agree¬
ment has been reached on this point whereby every retailer in America
pledges himself to dispose of every pair "of high or low shoes retailing above
the new maximum by June 1 of next year.
After that time it will not be
possible to buy a pair of ready-made shoes for more than $12 and between
that time and now the quantity of this class of goods will be dependent
entirely upon the stocks manufactured previous to the issuance of the
present regulations.
The “spreads” have been carefully worked out so that the entire output
has been divided to fall into those classes in which the demand is propor¬
tionately great. Under this system it will be found that Class C. which
ranges from $3 to $5 50, would include about 28% of the output; Class B,
ranging from $6 to $8 50, would include 54%; and Class A, from $9 to
$12,. about 18%. The middle class supplies the greatest bulk of shoe
buyers. The medium-priced shoes has long been the biggest seller on the
industry. Under the agreement the prices figured have been for men’s
and women’s high and low shoes.
The children’s and infants’ shoes are
grouped within the limits of the three classes, but at prices less than the
ones specified.
Accordingly, in Class A, where the men’s and women’s
will nm from $9 to $12, children’s shoes (technically known as boys’,
misses’, and youths’) will run from $6 50 to $7 and $8; the “little gents’,”,
from $5 to $6; the infants’ from $4 to $5; the babies’, from $2 to $3 50.
The same proportionate reduction in price is to be found in each of the
other two classes.
The booc and shoe industry approximates its annual sales at something
in the neighborhood of $1,500,000,000.
It is one of the most complex
activities the War Industries Board has been called upon to deal with, and
the problems involved have been simplified very largely by the support and

co-operation that the retailers and manufacturers have shown in attempt¬
ing the proposition of regulating the industry. In accepting the agree¬
ment the Chairman wrote as follows:

“The action of the boot and shoe manufacturers, wholesalers, and re¬
tailers, in regard to establishing lower prices, is, I think, very commend¬
able and is a step in the right direction that should meet with your heaj^y
co-operation.
Of course, it is understood that the quality and workman¬
ship of the shoes are to be maintained to the fullest degree consistent with
the price schedule.
The success or failure of the enterprise is going to
depend in a large measure on the shoe people themselves, supported by
the public.
It must be understood that conditions may cause a revision
of prices, in which even; further study will be given the subject.”
The operations ot the new regulations have been placed in the hands of
war service committee of the shoe manufacturers and a committee of the
shoe retailers.
The first committee consists of J. F. McElain, of Boston,
Chairman; J. Henry Selz, Chicago; Frank R. Briggs, Boston; F. A. Miller,
Columbus; H. W. Cook, Syracuse; Emil Weil, Brooklyn. The retailers’
committee consists of John Slater, New York; J. P. Orr, Cincinnati; John
O’Connor, Chicago; A. H. Gueting, Philadelphia; Warner Dyck, Atlanta,
and Joseph Berberich, Washington.

Some of the details of the agreement entered
trade are announced as follows by the Board:

into with the

DETAILS OF AGREEMENT.

[This appears in all agreements signed by the different elements of the
industry.)
1. To release capital, labor, transportation, coal, fuel and productive
power from their nonessential use in the industry and to apply the same to
economic production of only such manufactures as are essential and
necessary.
2. To have the technical skill and the

patriotic service of the man en¬
gaged in the industry itself accomplish these ends by co-operation with
each other.and with the Government.
3. To eliminate the demand for highly expensive and extravagant
materials and manufactures.

Pledges of agreement have been signed by the manufacturers,

whole¬

salers and retailers.
Each parallels the other.
The retailers’ agreement,
which is typical of all, follows, in full.
The price schedule shows the indi¬

vidual selling price of all the different types of footwear.

It reads:

Pledges of Shoe Retailers.

(we) in the spirit of loyalty and patriotic service to our Government in
meeting all of the exigencies of the war, as applied to its prosecution, and
service of the people, do pledge ourselves:
I. To carry and sell to the public at all times during the war only such
footwear of a standard character as will su:t the needs and demands of
the people.
II. Such shoes to be sold at prices that will prove economical and safe¬
guard them against extravagance during the period of the war.
III. Prices shall be based upon cost, plus transportation charges, plus
a normal percentage of profit.
IV. These prices will fall into three general classes and include shoes
I

for all purposes:

1438

THE CHRONICLE
Class C.

This line embraces service shoes and semi-dress shoes.
Men’s and women’s $3 00 or as near this price as possible but not to
exceed $ 5 50
Boys’ (sizes 2IA-51A) $2 50 or as near this price as possible but not to
exceed $4*
Misses’ (sizes 11-2), $2 50 or as near this price as possible but not to
exceed ^4 00
Youths’ (sizes 12-2), $2 50 or as near this price as possible but not to
exceed
00
Little gents’ (sizes 9-13), $2 00 or as near this price as possible but not
to exceed $3 00.
Childs’ (sizes 8-11), $2 or as near this price as possible but not to exceed
$3 00.
Infants’ (sizes 5-8), $1 75 or as near this price as possible, but not to
exceed $2 00.
Babies’ (sizes 0-6), $0 75 or as near this price as possible but not to
exceed $1 50.
Ctass B.
This line embraces stylish and serviceable shoes of the best type for
business or dress.
Men’s and women’s S6 00, or as near this price as possible, but not to
exceed
50
Boys’ (. izes 2H-5K). $4 50, or as near this price as possible, but not to
exceed $6 00.
Youths' (sizes 12-2) $4 50, or as near this price as possible, but not to
exceed $6 00.
Misses’ (sizes 11-2), $4 50, or as near this price as possible, but not to
exceed $6 00.
Little gents’ (sizes 9-13) $3 00, or as near this price as possible, but not
to exceed $4 50.
Child’s (sizes 8-11) $3 00, or as near this price as possible, but not to
exceed $4 50.
Infants’ (sizes 5-8) $2 50, or as near this price as possible, but not to
exceed $3 50.
Babies’ (sizes 0-8) $1 75, or as near this price as possible, but not to
exceed $2 50.
Class A.
This line embraces shoes of the finer materials and superior shoemakingMen’s and women’s boots $9 00, or as near this price as possible, but not
to exceed $12 00; for low shoes, $11 00.v
Boys’ (sizes 2K-5W, $6 50 to $8 00.
Misses’ (sizes 11-2), $6 50 to $7 00.
Youths’ (sizes 12-2), $6 50 to $7 00.
Little gents’ (sizes 9-13), $5 00 to $6 00.
Child’s (sizes 8-11), $5 00 to $6 00.
Infants’ (sizes 5-8), $4 00 to $5 00.
Babies' (sizes 0-6), $2 00 to $3 50.
Class X.
This class is created to

provide

a

special manufacturing permit by the

War Industries Board for the following essential footwear: (a) Officers'
footwear, (b) high-top lumberman’s boots, (c) such custom boots as
require special lasts and special measurements for each individual pur¬
chaser, (d) any other essential footwear which may not fall within the
price limitations of the regulations.
V. In order to follow out the spirit of this undertaking, we further agree
to market our present stocks at

prices that shall be based upon cost, plus
normal percentage of profits, and to have all our sales fall within the
price limitations at as early a date as possible.
VI. For the period of the war we pledge ourselves to eliminate the sale
Of all low shoes at a higher retan price than $11 and all boots at a highe-

a

retail

price than

$12.

VII. We agree to carry in our store, prominently displayed, a placard
to be issued by the War Industries Board, which will clearly state that I

(we) have entered into this agreement, and which will exhibit
replica of the above-stated classes and prices.

on

its face

a

Date:
Name of company or firm.

Signed by individual

or

by

Officer

or

company or firm.

The Board in its announcement also said:
Mr. Stout, in commenting on the agreement, pointed out that its strength
lay in the spirit of help and co-operation demonstrated by the industry.
In' the event of there being violation of the regulations by a retailer the
remedy lies in the refusal of the manufacturer to sell him further orders.
In the case of a manufacturer who fails to live up to the agreement, his
raw supplies will be cut off.
There will be a specially designed and official placard in every retailer’s
store showing precisely the price range in each class.
The letter in the
shoe will show, when looked for in the sign, just what its price should be.

AMENDMENT BY, COTTON EXCHANGE OF RULES
LIMITING FLUCTUATIONS IN FUTURES.
An amendment to the rules of the New York Cotton
Exchange placing an immediate limit of two cents a pound
on fluctuations in the
price of future contracts in any one

day, instead of the limit of three cents a pound now in effect,
was adopted by the Board of
Managers of the Exchange on
the 5th inst.
The new ruling will continue in force for the
period of the war. Announcement of its adoption was
made

as

follows:

To the Members of the New York Cotton
Exchange:
The Board of Managers to-day adopted the

following amendment to
Rule 30, to be in full force and effect on and after Tuesday, Oct.
15 1918:
Strike out the word “three” wherever it occurs in Rule 30 and
substitute
therefor the word “two.”
Rule 30, as thus amended, reads as follows:
“Rule 30. To avoid abnormal fluctuations of
price caused by conditions
created by the European war, and injurious
speculation incident thereto
trades for future delivery in any month shall,
during any one day, not be
made at prices varying more than two cents per
pound above or below the
closing bid price of such month of the preceding business session of the
Exchange.
shall
trades
Nor
in any month be made in anv one
advance of more than two cents per pound above the lowestday at an
previous
price of such month on that date, or at a decline of more than two cents
per pound below the highest previous price of such month on that day.
“For the purpose of this rule the closing bid
price shall be not less than
the minimum price prescribed herein.
This rule shall be in effect during
the period of the war and for such period after the declaration of
peace as
the Board of Managers may hereafter determine.”

Upon the adoption of the above amendment the Board of Managers
the following resolution:
Whereas, the Cotton Committee appointed by the President and War

passed

Industries Board have recommended to the Board of Managers of the
New York Cotton Exchange that they take steps to place
immediately
a limit of two cents per pound on fluctuations in the
price of future con¬
tracts in any one

day, instead of a limit of three cents per pound now
effect; and
Whereas, the Board of Managers has adopted a rule in accordance with
this recommendation, which rule, under this wording of our by-laws, cannot
ake effect until October 15; and




[Vol. 107.

Whereas, the Board of Managers wishes to comply immediately with
the recommendation of the said Cotton Committee;
Therefore, be it resolved. That any trading in future contracts on the
floor of this Exchange at a fluctuation in price exceeding the limits named
in Rule 30. as this day amended, will be considered conduct detrimental
to the best interests of the Exchange and to the welfare of the United
States and will be dealt with under Section 92 of the by-laws of the Ex¬

change.

ANNOUNCEMENT OF WAR INDUSTRIES BOARD CON¬
CERNING POSTPONEMENT OF PRICE REVISIONS
ON COTTON GOODS.
The War Industries Board in announcing on Sept. 26 that
the Price Fixing Committee had postponed until Nov. 16
the revision of prices on cotton goods, said:
At

meeting of the price-fixing committee of the War Industries Board
manufacturing industry, on Wednesday, Sept. 25 1918,
owing to the failure of a large number of cotton mills to submit their cost
sheets within the period requested, the price-fixing committee felt com¬
pelled to postpone any revision of prices until Nov. 16 1918.
In readjusting certain parties, however, to make them conform more
nearly to their basic relations, the following changes were made in TnaTimnm
prices, taking effect Oct. 1 1918 and subject to revision with other cotton
products on Nov. 16 1918:
Wide and sail duck, 37 Vi % discount from standard list.
Standard army duck, 31 lA% discount from standard list.
Hose and belting duck, 62?% % per pound.
Ten-ounce hose duck, 64%% per pound.
Single-filling duck: Class A, 28A cents per yard, card basis; Class B,
28 cents per yard, card basis; Class C, 27 H cents per yard, card basis.
a

with the cotton

These classifications are described as follows:
Class A—To be duck made of white cotton without waste or strips, and
counting not under 80 by 28.
Also, qualities equal to Magnolia and
Lindale to be in this class.
Class B—To be duck of all clean cotton, and counting not under 72 by 28.
This class is recognized as the standard grade of single-filling duck.
Class C—To be duck made to count not under 72 by 28, and

containing
25% of waste or strips.
Double-filling duck—Class A, counting not under 80 by 28, 30H cents
per yard, card basis.
Class B—Counting not under 72 by 28, 30 cents
per yard, card basis.
As the stabilization of cotton is a vitally important factor in the stabiliz¬
ation of cotton products, it is hoped that the special committee appointed
by the President for the purpose of stabilizing the raw material will greatly
assist the solving of the cotton-products problems on Nov. 16.
not over

DEVELOPMENTS

GROWING OUT OF REPORTS
COTTON PRICE FIXING..

OF

A statement to the effect

that, according to reports re¬
by the War Industries Board on Oct. 9 from a com¬
mittee of the Board investigating the cotton situation,
apparently no necessity exists for fixing cotton prices, was
ceived

contained in press advices from Washington this week.
The “Journal of Commerce’’ on the 10th had the following

in
inquiry:
to say
On

a

Washington account dated Oct. 9 of the pending

the

strength of preliminary reports made to the War Industries
inquiring into the cotton situation to deter¬
regulatory action by the Government, some
officials of the Board declared on the 9th inst. no necessity exists for any
price-fixing action. This opinion, they were frank to admit, is contrary
to that held when the Department of Agriculture forecast several weeks
ago a short cotton crop tins year.
■.
Board by its two committees
mine the need and extent of

Price-fixing agitation, they added, or at least a large part of the rumor
a step would be taken, was started for political reasons alone,
but from indications of the reports filed by the Government investigators
the need of such a stringent step is non-existent.
Whether this predicted
verdict will actually be made will depend entirely upon whether the whole
investigation bears out the expectation that regulatory action by the
Government in the form of price-fixing will not be necessary.
Many troubles of growers, manufacturers and other members of the
industry and trade have been removed voluntarily by the responsible per¬
sons officials declared, when it was seen that the forthcoming Government
that such

,

action would be aimed at those.
of cotton

The removal of other faults in the system

growing and distribution is expected

as

the Board’s inquiry pro¬

gresses.

Because of the extremely important character of the work being done
by the Board’s committee investigating distribution problems and their
solution, officials declared that in all probability that committee will be
retained at its task permanently, or at least for the duration of the war.
The task of correcting the faults of the cotton distributing system is tre¬
mendous and important, with the constant presentation of new faults
arising from time to time that need consideration by an impartial body
for solution, according to the opinion held.
One tangible result of the Board’s cotton inquiry thus far disclosed is the
growing widespread substitution by manufacturers of low-grade cotton in¬
stead of high-grade cotton, as formerly insisted upon, so far as possible.
The further adoption of the use of the low-grade product by manufacturers
is expected as soon as they can be induced to lower their requirements in
view of the present emergency in the industry.

Following the price-fixing program put into effect in regard to shoes, the
finished product expected to be taken up by the War Industries
Board for like action is clothing.
In addition to ordering that a survey
be made of the trade for the collection of data upon which to base plans,
suggestions have been asked of clothing wholesalers and retailers for the
formulation of such a price-fixing program V ^
next

_

On this project of the Board,

however, officials apparently are divided in
Some officials hold that price-fixing action on the finished product
opinion.
is necessary to keep prices at a reasonable level and to prevent a further
inflation of clothing prices as a part of the constant ascension of values.
Others hold that price-fixing action on clothing w*ould not accomplish a
reduction in present values as its object in view of the comparatively low
prices being charged.
Determination of this question probably will.not be
made until the survey just begun by the Board has been completed and its
report submitted.
,

Oct. 12

1918.]

THE CHNICROLE

On Sept. 27 the Cotton Committee of the War Industries
Board, in announcing that it would not recommend that a
price be fixed on raw cotton at the present time said:
1. The committee will not recommend that a price be
fixed on raw
cotton at the present time; nor will it so recommend in any event before
sufficient time has elapsed to test the effect as a stabilizing influence of the
work assigned to the Committee on Cotton Distribution, unless in the
meantime unexpected changes occur in the cotton market of such violence
as to threaten the welfare of legitimate interests.
2. The Committee on Cotton Distribution has been organized, and has
been directed to effect as quickly as possible an equitable distribution of
cotton

as to quantity and also as to
grade among both domestic and foreign
manufacturers, with a special view to providing for the proper utilization
of the surplus of grades below middling.
Note.—It is planned to accomplish this distribution by regulations apply¬
ing to foreign and domestic manufacturers without interference with the
usual trading between farmers and buyers or merchants.
3. All purchases both for foreign and for domestic consumption will con¬
tinue to be made at market prices through the marketing and distributing
agencies commonly used, unless and until the Cotton Committee shall
determine and announce that a necessity has arisen for making a change.
In view of this announcement the Cotton Committee hopes that agencies
engaged in the cotton industry' will proceed in the normal transaction of
business without uncertainty or hesitation.
THOMAS WALKER PAGE,

Chairman.

At the

same

time the Committee made the

following

an¬

nouncement:
The public and in particular the cotton
dence to unauthorized reports, rumors,
come from the Cotton Committee or the
All authentic information will be
tion.
Thomas Walker Page, Chairman of the
J. Brand, Chairman of the Committee on

Gov.

mittee

interests are w'amed against cre¬
and information purporting to
Committee on Cotton Distribu¬

published over the signature of
Cotton Committee, or Charles
Cotton Distribution.

Hobby of Texas in presenting
on

on

Oct. 1 to the Com¬

Cotton his views of the cotton situation with

reference to

price fixing stated that the people of Texas be¬
a war measure, price fixing becomes neces¬
sary the price should be at least thirty-five cents a pound.
Any price less than that, he told the Committee, would be
a hardship on cotton
growers, owing to the increased cost
of production, and the general economic situation in the
lieve that if, as

South.
The “Wall Street Journal” of Sept. 30 reported that
Senator Hoke Smith in a letter to M. H. Rothschild & Co.
with regard to cotton price fixing said:
I do not think any authority exists in the Government to fix the
price
cotton.
The War Industries Board has no control whatover of the
subject.
Of course if the Government should really act as buying agent
on

for foreign manufacturing interests it could say what it was willing to pay
and the farmers coukl accept or refuse, as they saw fit.
My own judg¬
ment is that the War Industries Board will find this course impracticable
and will be compelled to let purchasers go on practically as they have done

1439

dentially informed

me that whether I made a
good speech or a bad one,
wouldn’t know the difference.
am really glad of an
opportunity to come before you and present one
phase of the problem which we here have to meet. It is a
phase of the
problem which we cannot solve, but you must
for

you
I

solve
us.
As you
are aware, the War Industries Board is
an executive function
established by the President for the
puipose of carrying out the war pro¬
gram, and to carry it out with as little dislocation of
the civilian needs as is
necessary.
The war program has become so huge that there is
a question
if it be possible to
carry it out, and at the same time
carry out the civilian
needs.
There is only one solution for it, and that is to
support the Army
first and to give to the civilian needs
what is left.
If that had not been
done, the great successes of our forces to-day and their efforts
would have

probably

been
It

impossible.

is

,

in connection with the

supplying of the civilian

your support and co-operation and advice.
It is a
before, you can solve and you have to solve for

volves, of course, the question of prices, but above and all
equitaole distribution of whatever is left.

on

Oct. 3 that individual cotton manufacturers would not be

required to use specific amounts of cotton of grades below
middling. Provision is however contemplated, it is stated,
that the industry as a whole makes arrangements for taking
the proportion of those grades “determined upon as fair
and equitable for American mills.”
This statement, it is
reported, was made in a telegram to Rufus R. Wilson,
Secretary of the National Association of Cotton Manufac¬
turers, in reply to a query sent by Mr. Wilson as to the pro¬
posed plan of distribution to American mills.
Mr. Brand is
Chairman of the committee which will make Government

PROPOSED

INSTRUCTIONS TO RETAIL STORES CONCERNING
CONSERVATION OF PAPER.
Last week (page 1334) we referred to the order directing
retail stores to discontinue the unnecessary wrapping of
merchandise and to reduce their consumption of wrapping

bags,

boxes, office stationery, &c. Instruc¬
as follows by the War

INSTRUCTIONS TO RETAIL MERCHANTS AND THEIR
EMPLOYEES.
Under date of Sept. 26 1918 the Chairman of the War Industries Board
issued the following notice to retail merchants:
Notice to Retail Merchants.
Paper conservation Ls essential as a war measure.
Every retail store Ls,
therefore, directed to discontinue the unnecessary wrapping of merchandise
and to reduce its

consumption of wrapping paper, bags, paper boxes, office
stationery, etc., to that which Is absolutely necessary.
WAR INDUSTRIES BOARD,
B. M. BARUCH, Chairman.
The co-operation of the public in complying with this ruling can be
countedfuponjif they are properly informed that it is necessary as a war
measure.^To secure thLs co-operation—
1. Place placards in your store.
2. Use gummed labels on packages, etc.
3. Incorporate slogans in your newspaper advertising.
The War Industries Board has designed a placard which each store
should use.
The placard carries the text of the order and urges co-opera¬
tion of the public.
It Is an 11 by 14-inch poster, printed on four-ply card¬

board.

The

wording Is

follows:

as

Paper Conservation

OF

RETAIL

Government control was conveyed to the National Retail
Dry Goods Association in session in Washington on Oct.
3.
The meeting, which was held at the call of the Chamber
of Commerce of the United States, was addressed by B. M.
Baruch, Chairman of the War Industries Board, who pro¬
posed that the association organize a war service committee
to represent it in matters affecting interests of its members
arising before the War Industries Board and other Govern¬
ment agencies.
In part Mr. Baruch said:
Chairman and Gentlemen.

gentlemen who represent you talk
body of men that I have ever met.

I think that

We

are

on

War Measure.

complying with this .request and ask

your

local printer to be placed

A

Suggested Label.

Don't

In

Waste Paper.
compliance with the Government’s order,
wrapping

have discontinued the unnecessary
of merchandise.
You are urged to co-operate.
wre

(Dealer’s imprint.)
Don’t waste paper by using a larger*label than necessary.
of your labels to this office.

Send several

Wrapping Paper.
In addition to the discontinuance of unnecessary

wrapping, your con¬
sumption of wrapping paper can be reduced by the following methods:
1. Do not use more paper than necessary to wrap merchandise.
2. Do not use heavier paper than necessary.
Consult yourj paper ^dealer
as to the most serviceable and economical grade.
3. Use the old paper taken from parcels delivered to you.
4. Use newspapers when possible.
Tissue Paper.
You can reduce your consumption of tissuo paper as follows:
1. Eliminate as far as possible the use of tissuelpaper for packing.

association and the

line entirely different from any other
I have often heard of a man who could

a

a bird out of a tree, but I never met him until I met your committee
the other day.
They induced me to break a rule that I had held all my
life, and that w'as never to attempt to make a speecn; but they also confi¬

a

your

bundles, package goods, etc.

talk




a

The War Indtistries Board directs all stores to reduce the consumption
of wrapping paper, bags, paper boxes, stationery, etc., to that which Is

The information that the matter of the regulation and
distribution of dry goods was about to be placed under

Mr.

paper

Don't Waste Paper.
Every store should order gummed labels from

CONTROL
DRY GOODS.

an

war.
You know what our answer has been; and I want to ask you
gentlemen in tackling this problem to go at it in the same spirit, so that
when the doubters say that it can’t be done, you gentlemen will answer
them and say, “Here, it has been done.”

co-operation.

GOVERNMENTAL

means

into the

absolutely necessary.

purchases of cotton.

it

price is a price something like the normal profits in normal times. I know
you will all say that these are abnormal times.
They are, and we have
got to do abnormal and new things.
We are just about to put into effect a regulation for the
distribution and
price control of shoes. After chat will have to come the regulation and
distribution of most all of the things which you gentlemen have to deal
with; and so we are going to ask you to form a war service committee to
take this problem and wrestle with it, and solve it for us.
I don’t want you
to say it can’t be done, because it must be done.
It is unthinkable that
only the man with the longest pocket book can get the things that he needs.
When we first came down here and the war started,
Germany said that
“it can’t be done.’’
Our answer was a million men on last July tbe Fourth.
They cold us that we couldn’t get the munitions, and that we couldn’t get

tions in the matter have been issued
Industries Board:

assurance

I said

We have wrestledwith this problem
for a longtime, and I confess that we
haven’t yet found the solution of it.
The only solution that looks feasible
to me is to pass it on to you—that is what we
call “passing the buck’’—
and let you solve it.
I haven’t any suggestions to make to you.
I am only
telling you what I want you to do, and that is to take this
material, this
manufactured product, from the manufacturer who, to some
extent,
has his prices regulated and the limited
amounts allocated to him, and we
want you to take that product and distribute it in
some fair and equitable
way, seeing that, as far as possible, each individual gets his share and
gets
it at a price that is fair.
When it comes to the question of what is a fair
price, that is very difficult to answer. I should say, roughly, that a fair

paper,

Department of Agriculture is said to have given

as

It is not the sole
your problem—and

is equally
that is to so distribute what is left after
the war needs are met that the
civilian population will feel that
they have had a square deal. That in¬

If cotton, on account of the shortage of crop, should run
away in price,
it is quite probable that say at forty cents a pound, the
representatives of

Charles J. Brand, Chief of the Bureau of Markets of the

us.

problem of the War Industries Board—it

before.

foreign governments, acting through our Government, might announce
that they would pay no more for middling cotton.
The Cotton Com¬
mittee appointed by the War Industries Board, will undoubtedly arrange
a distribution of lower grades and
require foreign manufacturers to take
their proportion of the lower grades so that all spinable cotton will be
used.
It will certainly require all the spinable cotton we have produced
to meet the world’s demand during the next year.

needs that we need

problem that,

Paper Boxes.
Your consumption of paper

^

1

Eliminate the ..holiday

boxes

can be reduced by.the}following methods
box for Christmas gifts.

possible.

2. Eliminate boxes for candy as far as
3. Use lighter weight boxes.
4. Use old boxes for delivery and have
for further use.
A

[Vol. 107

THE CHRONICLE

1440

your

Paper Bags.
considerable saving in paper bags can

delivery man return them

be made by the

methods:
1. Reduce the number of sizes of bags to as
2. Don’t use a larger size than necessary.
3. Don’t use bags for vegetables and other
market baskets.
Grocers should urge the use

following

Exporters are requested to file their applications with the Bureau of
Exports, War Trade Board, Washington, D. C.
A limited amount of cargo space may be available for shipments from
the Pacific Coast direct to Vladivostok, and in allocating space preference
will be given to material covered by licenses issued on and after Oct. 7
1918, under conditions which the War Trade Board in Washington is pre¬
pared to define and discuss with exporters, giving due consideration to

few as possible.

particular transactions in question.
consideration of applications, exporters are re¬
quested to state definitely on each application whether or not the material
is made up and ready for shipment, and if so the location thereof.
the

In order to facilitate the

articles if customers bring

of the market basket.

Office Stationery.

following

Your consumption of office stationery can be reduced by the
methods:
1. Use lighter weight paper and smaller size envelopes.
2. Write on both sides of the paper for long letters.
3. Use Yi and
sheets of correspondence paper for short letters.
4. Use the backs of letters for carbons.
5. Make use of spoiled sheets and backs of envelopes for scratch
Keep the pulp and paper section of the War Industries Board

BY WAR

FURNITURE CONSERVATION ANNOUNCED
INDUSTRIES BOARD.

general conservation program for the furniture industry,

A

covering material, labor, transportation and capital, was
announced on Sept. 17 by the conservation division of the
regarding the steps you are taking, methods used, and any further sugges¬
War Industries Board after conferences with represen¬
tions as to how paper can be saved in retail stores.
tatives of the manufacturers.
The schedules issued deal
with household chairs, upholstered furniture, parlor frame
INSTRUCTIONS TO POSTMASTERS CONCERNING
furniture, case goods, dining-room furniture, bedroom fur¬
NEW PUBLICATIONS.
niture, dining tables, and library, parlor and bedroom
In advices to postmasters concerning the Government’s
tables. The reductions in the number of styles tnade will,
edict prohibiting the establishment of new publications
according to an announcement made by B. M. Baruch,
during the war, Third Assistant Postmaster-General Dock¬ Chairman of the War Industries Board, save material and
ery calls attention to the ruling of the War Industries Board release
capital now tied up in large and varied stocks, and
to the effect that “a publication cannot increase its issues as
there will be a lessened demand on transportation space
a monthly changing to a weekly or a weekly to a daily.”
through new packing regulations. The Conservation Di¬
The following are the advices sent to the postmasters:
vision makes a special appeal to retailers for co-operation in
OFFICE THIRD ASSISTANT POSTMASTER-GENERAL.
making the schedules acceptable. The following letter in
Washington, Sept. 24 1918.
Postmasters will bring to the special attention of all publishers applying
the matter has been sent to all manufacturers:
pads.
advised

for the second-class mail privilege at their offices the following rulings of
the War Industries Board:
“Because of the absolute necessity of curtailing the use of paper, the
paper section of the War Industries Board has ruled that during
the war no newspapers shall be established.’’
This ruling was made by the Industries Board on August 5 1918 for
daily and Sunday newspapers, but has since been extended to apply to
other publications, except in the case of magazines issued weekly or less
often where “it can be shown that such publication is an absolute neces¬
sity,” and except in the case of country weekly newspapers “for which
arrangements have been made and plants purchased previous to the Issuing
of this order” or where “it can be shown that a new newspaper is a neces¬

pulp and

sity.”
In this connection the War Industries Board states:
“This ruling has been further interpreted that a publication
Increase its issues as a monthly changing to a weekly or a weekly to a

Inquiries as to whether a new publication may be established
addressed to the War Industries Board, pulp and paper section,

copy
Board.

country’s

In the present emergency it is of primary importance that the
be used to full advantage and that we husband our supplies

resources

daily.’ ’

Washing¬
of a new publication as
the publisher to submit
of the authority for its issuance received from the War Industries
The postmaster should send such copy with the application to the

Third Assistant Postmaster-General, Division of Glassification.
A. M. DOCKERY,
Third Assistant Postmaster-General.

TO BE

The supply of shirt boards for the laundry industry is to be
curtailed under the paper conservation program being put
into effect by the War Industries Board through its Pulp
and Paper Section and Conservation Division. B. M.

capacity. This division, in co-operation with numerous industries, has
put into effect plans of economy in order that materials and equipment can
be saved and the amount of capital invested in manufacturers’ and dealers’

Restricted

use

of snirt boards by the

laundries will be permitted because
of the shirt saves

of steel.

While board mills have been making shirt boards for some time only as
side runs, or to obviate re-running of stock through the beaters, the pulp
and paper

section believes it advisable to issue these regulations on the

subject to become effective Oct. 1:
1. No board mill shall be permitted to manufacture shirt boards other
than

as

side

runs

2. Such side runs shall

only be delivered for laundry

in cases where
the Government or the more essential industries do not require same.
3. Where a board mill finds it utterly impossible to avoid a side run in
the form of shirt boards, the sale of same as shirt boards shall be encouraged
rather than the re-running of such stocks through the beaters.
Such use
by laundries in limited quantities and for certain purposes is recognized as
assisting in the conservation of pins and the consequent saving in steel.

MOHAIR, CAMEL’S HAIR, &c., TO BE

use is not absolutely essential.
The elimination of all unnecessary
burlap, which is urgently required for war purposes, is desirable. In ad¬
dition, it is essential that care be exercised in the packing of all merchan¬
dise for shipment, not only to reduce the amount of space in freight pack¬
ages, but adequately to protect the goods from danger of injury in transit.
The inclosed program has been drawn up with the assistance and advice
of representatives of all branches of the industry. It will be made effective
unless substantial reasons are immediately presented to show that by
some modification the needs of the Government can be met more effectually.
While part of this schedule is not effective until Jan. 1 1919, it is under¬
stood, of course, that as rapidly as possible all manufacturers will put into
effect the provisions in this schedule.
We will be glad to receive any
suggestions that you may have to submit whereby greater economies can
be brought about.
Will you please acknowledge this letter promptly, assuring this division

of your

CONDITIONED.

applica¬
mohair,
camel’s hair, alpaca, cashmere, or other similar hairs will
only be considered when evidence is filed with the applica¬
tion showing that the commodity to be manufactured from
the material to be exported is to be imported into the United
of the United States Government

use

co-operation.
CONSERVATION DIVISION,
WAR INDUSTRIES BOARD.

The

following

or some

department thereof.
EXPORTS TO RUSSIA.
Announcement that
a

new

applications will now be considered
exportation of all commodities to Russia is made in
ruling (257) of the War Trade Board. The an¬

nouncement says:




the conservation schedules^announced:
Upholstered-Furniture Manufacturers.

The number of patterns manufactured to be reduced in all lines at
least 50% on active patterns as of July 1 1917.
It is understood that this
does not mean that a reduction to less than 50 patterns per $100,000 of
1.

output must be made by any manufacturer.
Any difference
or wood is to be construed as constituting a pattern.
2.

No

new

in size, style,

for the duration
schedule necessitate

patterns to be made by any manufacturer

of the war, except in cases where the provisions of this
the substitution of new patterns for those at present in

use/

All metal-wheel casters to be elimated.
4. Wood dowels to be substituted for metal screws wherever possible.
5. Colors of leather to be limited to black and one shade of brown or tan.
6. Colors of imication leather to be limited to black and one shade of
3

brown

or

tan.

be made and packed with detachable
legs where practical, and as far as possible with detached backs and ends.
8; The piano-box style of crate to be used in packing all over-stuffed
7. All over-stuffed davenports to

davenports.
9. All over-stuffed chairs and rockers to be made and packed

and rockers, to
tical.

with de¬

suites, sofas, divans, chairs

be made either partial or completely K. D.,

wherever prac¬

11. All couches, lounges and day beds to be made and packed K. D.
12. Wherever possible all goods to be packed and shipped in pairs.

small as safe packing will permit.
1919, in so far as it applies to
production of patterns not conforming to this program. It is understood
that this permits the completion of work in process at this date.
13. All dimensions of crates to be as

14. This schedule to take effect Jan. 1

Schedule For Parlor Frame Furniture Manufacturers.
1. The number of patterns manufactured to
least 50% of active patterns as of July 1 1917.
does not

for the

are

Schedule For

tachable legs and runners where practical.
10. All semi-upholstered furniture, including

The War Trade Board on Oct. 7 announced that
tions for licenses to export rags consisting of wool,

States for the

making.

its

use

LICENSES FOR THE EXPORTATION OF RAGS OF WOOL,

can materially reduce the
Furthermore, each manufac¬
metal of any sort for any purpose where

of furniture

It is believed that manufacturers
number of patterns they are now
turer should discontinue the use of

Baruch, Chairman of the War Industries Board, in announc¬
ing this says:
their use in preventing crumpling and holding the shape
the use of pins, with the result that there is conservation

of

material, equipment and capital to aid in carrying on the war.
In addi¬
tion, it is imperative to conserve every available cubic inch of car-carrying

stocks be reduced.

should be

SUPPLY OF SHIRT BOARDS FOR LAUNDRIES
CURTAILED.

To

cannot

ton, D. C.
When application Ls made for entry
second-class matter, the postmaster should request
a

BOARD, CONSERVATION DIVISION,
Washington, Sept. 16 1918.
Furniture Manufacturers.
WAR INDUSTRIES

mean

that

a

be reduced in ail lines at

It is understood that this

reduction to less than 50 patterns per $100,000 of

output must be made by any manufacturer.
Any difference in size, style,
or wood is to be construed as constituting a pattern.
2. No new patterns to be made by any manufacturer for the duration of
the war, except in cases where the provisions of this schedule necessitate
the substitution of new patterns for those at present in use.
3. All metal wheel casters to be eliminated.
4. Wood dowels to be substituted for metal screws wherever possible.
•

Oct. 12
5.
and

All over-stuffed davenport frames to be made
as

far

as

7.

runners.

All couch, lounge, and day-bed frames to be made K.
All semi-upholstered furniture frames, including sofas,

D.

8.
divans, chairs,
and rockers to be made K. D. wherever practical.
9. Wherever possible all goods to be packed and shipped in pairs.
10. All dimensions of crates to be as small as safe packing will permit.
11. This schedule to take effect Jan. 1 1919, in so far as it applies to

production of patterns not conforming to this program.
It is
that this permits the completion of work in process at this date.
Schedule For Household Chair Manufacturers.

understood

at least 50%
this does not
mean that a reduction to less than 30 patterns per $100,000 of output must
be made by any manufacturer.
Any difference in size, style, or wood is to
on

1. The number of patterns manufactured to be reduced
active patterns as of July 1 1917.
It is understood that

be construed

constituting a pattern.
patterns to be made by any manufacturer for the duration
of the war, except in cases where the provisions of this schedule necessitate
the substitution of new patterns for those at present in use.
3. All metal wheel casters to be eliminated.
2. No

4.

as

All springs to

be eliminated from slip-seat diners.

All springs in

tan.

7. The colors of imitation leather to be limited to black and one
of brown

or

shade

tan.

chairs to be discontinued.
dressing-table chairs to be discontinued.
10. Woods to be used are divided into six classes—Class 1, oak, ash,
chestnut, elm; Class 2, beech, birch, maple, rock elm; Class 3, mahogany;
Class 4. walnut; Class 5, gum; Class 6, white maple.
Each manufacturer to use not more than 4 of the above classes.
11. All short-post chairs, both in the white and finished, to be made
and shipped K. D.
12. All long or continuous post chairs when shipped in the white to be
made and shipped K. D.
13. When packed in crates all chairs to bo nested in pairs and as many
pairs packed together in same crate as practical.
14. All dimensions of crates to be as small as safe packing will permit.
15. This schedule to take effect Jan. 1 1919, in so far as it applies to pro¬
duction of patterns not conforming to this program.
It is understood
that this permits the completion of work in process at this date.
Schedules For Case Goods Manufacturers.
8.

The manufacture of arm dining-room

9.

The manufacture of

be reduced in all lipes at
It is understood that this
does not mean that a reduction to less than six suites per $100,000 of out¬
put must bo made by any manufacturer.
Any difference in size, style,

1. The number of patterns manufactured to
least 50% on active patterns as of July 1 1917.

or

wood is to be construed as constituting a pattern.
No new patterns to be made by any manufacturer

for the duration
of the war, except in cases where the provisions of this schedule necessi¬
tates the substitution of new patterns for those at present in use.
3. All metal pulls, trimmings, drawer locks, drawer guides, metal dustproof bottoms, and metal-wheel casters to be eliminated.
4. All dust proof bottoms to be eliminated except on the bottom frame.

Schedule For

at least 50%
this does not
mean that a reduction to less than 30 patterns per $100,000 of output must
be made by any manufacturer.
Any difference in size, style, or wood is
to be construed as constituting a pattern.
2. No new patterns to be made by any

3.

tan.

8.

All colors of imitation leather to be limited to

brown

or

black and

one

shade of

40

nches, 44 inches, 48 inches, 54 inches, 66 inches, 72 inches.
11. China closets to be limited to the following widths: 30 inches, 34
nches, 38 inches, 42 inches, 46 inches, 50 inches.
12. Serving tables to bo limited to the following lengths: 34 inches, 38
nches, 42 inches, 46 inches.
13. Dining-table tops to be
limited to the following sizes extreme
measurement: 42 inches, 48 inches, 54 inches, 60 inches.
It is understood
that this does not mean extended lengths.
14. Chairs.
The manufacture of dining-room arm chairs to be dl-

have no projection

top backs to be packed in same package.
packed for shipment to have no projection above the
top, and top backs to be packed in same package.
17
Serving tables packed for shipment to have no projection above the
top.
Serving tables without stretchers to have legs detached. Serving
tables with stretchers or shelves to be made with detachable ends; legs,
shelves and centre stretchers to be packed flat and all parts packed in the
above the top, and
16. China closets

same

18.
so

package.
Dining tables.

that

All dining tables without stretchers to be constructed
packed in the space between the rims

legs can be detached and

wherever

possible.

Dining tables having stretchers to be packed with

tops detached: legs to be nested.
top and pedestal to be detached.
19.

Wherever

All pedestal tables to be K. D.; base,

possible all goods to be packed and shipped in pairs.

20. All dimensions of crates to be as
Bedroom

small as safe packing will permit.

Furniture.

reduced at least 25%
beveled mirrors to be discontinued.
23. Dressers and bureaus to be limited to the following sizes: 36, 40, 44,
48 and 52 inches.
24. Vanity dressers to be limited to the following sizes:
40, 44, 48
21.

size

to be discontinued.

tables to be discon¬

6. Not more than 15 regular patterns of pillar or platform tables to be
continued by each manufacturer, and all special patterns to be discon¬
tinued.

7. Each manufacturer to restrict his production of leg patterns in com¬
turned 5-leg tables to three sizes and not more than four styles.
8. Each manufacturer to eliminate all leg sizes above 4 inches in com¬

mon

turned

mon

leg tables.

Each manufacturer to limit the sizes of dining tables tops
measurement to 42 inches, 48 inches, 54 inches, and 60 inches.
It
stood that this does not mean extended lengths.
9.

extreme
is under¬

10. Forty-two-inch oak tables to be made in plain oak only.
Forty-eight-inch oak tables to be made in plain or quartered oak.
12. Fifty-four-inch and 60-inch oak tables to be made in quartered oak
11.

only.
13. Each manufacturer to eliminate all plank or double tops in all plain
oak patterns.
v
14. The use of all metal rim fastoners, motal top, and base locks, metal
wheel casters, metal dowel pins, and metal parts on drop-leg attachments
to

be discontinued.

Wood dowels to bo substituted for metal screws wherever possible.

15.

16. All dining tables without stretchers to be constructed so
can
be detached and packed in the space between the rims

that legs

wherever
possible. Dining tables having stretchers to be packed with tops de¬
tached; legs to be nested.
All pedestal tables to be K. D.; base, top, and
pedestal

to

be detached.

17. Wherever possible all goods to bo packed and shipped in pairs.
18. All dimensions of crates to be as small as safe packing will permit.
19. This schedule to take effect Jan. 1 1919, in so far as it applies to

production of patterns not conforming to this program.
It is understood
that this permits the completion of work in process at this date.
Schedule For Library, Parlor and Bedroom Table

9. The use of mirrors to be eliminated entirely.
10. Sideboards and buffets to be limited to the following lengths:

continued.
15. Sideboards and buffets packed for shipment to

or square pillar tables to be made only in the following
Six inches, ? inches, 8 inches, 9 inches, and 10 inches.

4. The manufacture of all 6-inch round-pillar tables
5. The manufacture of all octagon and shaped pillar
tinued.

tan.

Dining-Room Furniture.

necessitate

Round

pillars:

be eliminated.
6. Wood dowels to be substituted for metal screws wherever possible.
7. All colors of leather to be limited to black and one shade of brown
or

manufacturer for the duration

of the war, except in cases where the provisions of this schedule
the substitution of new patterns for those at present in use.

drawer linings to

All

Dining-Table Manufacturers.

1. The number of patterns manufactured to be reduced
on active patterns as of July 1 1917.
It is understood that

2.

5.

packed for shipment to have no

projection above the top, and where practical toilets to be packed in the
same package.
33. Toilet tables and writing tables when packed for shipment to have
no projection above the top.
When made with four legs without stretchers,
legs to be packed detached. When made with stretchers, to be made with
detachable ends and packed under body of case; centre stretchers to be
packed flat.
Triplicate-mirror toilet tables to be packed with rail under mirror de¬
tached; end mirrors to be folded against the centre mirror and packed
lengthwise on top of case; all to be packed in one package.
34. Wardrobes to be made of K. D. construction and packed K. D.
when shipped.
35. Wherever possible all goods to be packed and shipped in pairs.
36. All dimensions of crates to be as small as safe packing will permit.
37. This schedule to take effect Jan. 1 1919, in so far as it applies to
production of patterns not conforming to this program.
It is understood
that this permits the completion of work in process at this date.

new

other types of chairs and rockers to be eliminated as far as possible.
5. Wood dowels to be substituted for metal screws wherever possible.
6. The colors of leather to be limited to black and one shade of brown
or

32. Chifforobes and dresser-robes when

with detachable legs

possible with detached backs and ends.

6. All over-stuffed chair and rocker frames to be made with detachable

legs and

1441

THE CHRONICLE

1918.]

Manufacturers.

1. The number of patterns manufactured to be reduced at least 50%
on active patterns as of July 1 1917.
It is understood that this does not mean that a reduction to less than
50 patterns per $100,000 of output must be made by any manufacturer.

Any difference in size, style, or wood is to be construed as constituting
pattern.
2. No new patterns to be made by any manufacturer for the duration of
the war, except in cases where the provisions of this schedule necessitate
the substitution of new patterns for those at present in use.
3. All metal corner blocks or irons, metal drawers, drawer slides, drawer
locks, feet, and metal wheel casters to be eliminated.
4. All dust-proof bottoms to be eliminated except on bottom frame.
5. Wood dowels to be substituted for metal screws wherever possible.
a

6.

Library and davenport tables to be made only in the following sizes:

36 inches, 42 inches, 45 inches, 48 inches, 54 inches, 60 inches, 66 inches,
72 inches.
7. Parlor and bedroom tables to be made only In the following sizes:
16 inches, 20 inches, 24 inches, 30 inches.
8. Library, c^avenport, parlor, and bedroom tables with four or more
logs without stretchers to be packed for shipment with legs detached.
Tables with four legs with stretchers to bo packod with legs and trotchers
detached.
Tables with solid ends with or without stretchers or shelf to be
packed ends and stretchers detached. Tables with one or more pedestals
to be packed with top and pedestals detached.
9. All parts to bo packed in one package.
10. All goods to be packed and shipped in pairs, wherever possible.
11. All dimensions of crates to be as small as safe packing will permit.
12. This schedule to take effect Jan. i 1919, in so far as it applies to
production of patterns not conforming to this program.
It Is understood
that this permits the completion of work in process at this date.

The use of all mirror plate to be

22. The use of

and 52 im hes.

Chiffoniers and chifforettes to be limited to the following sizes:
30, 34, 38, and 42 inches.
26. Chifforobes and dresser-robes to be limited to the following sizes:
40, 44, and 48 inches.
27. Toilet tables and writing tables to be limited to the following sizes
32, 36, 40. and 44 inches.
28. Wardrobes to be limited to the following sizes: 28, 32, 36, 40, 44,
25.

and bureaus when packed for shipment to have no projec¬
and where practical toilets to be packed in same package.
Vanity dressers to be packed with pedestal ends together and mirrors
Dressers

tion above the top

30.

detached.
31. Chiffoniers and

chifforettes when packed for shipment to have no

projection above thp top
same package.




PETROLEUM INDUS¬
GOVERNMENT.

TRY TO CO-OPERATE WITH THE

Speaking at the convention of tho Independent Oil Men’s
Association at tho Hotel Biltmoro, New York, on Oct. 10,
A. C. Bedford, Chairman of the Standard Oil Co. of New

Jersey, and Chairman of tho
Service Committee, said in part:
The most striking

National. Petroleum War

characteristic of America’s prosecution of the war is
in which tho war is supported by every section

the whole-hearted manner

and 48 inches.

29<

A. C. BEDFORD ON EFFORTS OF

and where practical toilets to bo packed in the

of our people, based on
Tho
early
peace is to be found in the fact that throughout this land of ours at this
moment there is no thought from any responsible quarter of withholding
any sacrifice or effort which may be necessary to effect this result.
All
the American people are absolutely and completely in this war to the very
of the

population.

Those who predicted a division

social lines of cleavage havo been overwhelmingly rebuked.
surest reason now for expecting a complete victory and a reasonable

racial

or

THE CHRONICLE

1443

end.
We are a* an absolute unit behind the President in his demand that
nothing short of a complete surrender of our enemies can be acceptable.
If I may be permitted to speak for a moment on behalf of that industry
with which I am most familiar, may I refer to the manner in which the
men

of the

please,

petroleum industry have rallied ’round the flag?
Here, if you
an industry which had been the battle-ground for some of the

was
bitterest commercial controversies which had ever aroused the attention
of the American people.
It is

On the one hand, it is speculative, it involves
the taking of great risks, and the highways of its progress have been strewn
w'ith innumerable wrecks and losses.
On the other hand, the very life of a
community oftentimes depends upon its uninterrupted operations; and
some of those w ho have taken big chances in its developments have realized
great fortunes as a result.
But when America entered the war, it became clear, and increasingly
important as the months went by, that nothing less than the complete,
urgent and unified effort of the whole industry could be equal to the
demands of our Government and of our allies for petroleum products with
which to prosecute this war.
Here, then, was a very real problem.
To take over the whole oil indus¬
try and operate it as a Government function for the period of the war
war clearly presented obstacles and difficulties, w'hich seemed insuperable.
How, then, could the situation be met?
The result must be attained
immediately.
The answer which has been worked out has been so simple that it seems
hard to roalize that the difficulties at the outset appeared so great.
It was apparent to the Fuel Administration last winter, that the ad¬
ministration of the questions relating to the petroleum industry were so
vital as to warrant the creation of a separate division for that purpose.
Mr. Mark L. Kequa was selected by Dr. Garfield to take charge of that
division as its General Director.
The first act of Mr. Requa was to request
that a committee, representative of the petroleum industry as a whole,
should be created, with which he might confer and might have as the
point of contact between the industry and the Government.
It was the theory that this committee should command the complete
confidence of all factors in the industry and that those factors should be
prepared to accept the advice of the committee.
It was the view of the
Government that unity of policy and effort by the industry must be ob¬
tained and obtained immediately, or the Government itself would have to
step in and immediately assert its power of eminent domain.
I* Here was a situation of infinite delicacy.
It involved conferences be¬
tween men who had been the most vigorous competitors.
It involved
relationships of confidence and mutual respect on the part of the Govern¬
ment officers and leaders of the industry.
It involved complete confidence
toward the leaders and subordination of selfish interests on the part of
factors in the industry which might at times be actually hurt by the opera¬
tion of a unified effort.
It involved support, oi an absolutely voluntary
character on the part of thousands of men in the industry w'hose daily
bread might sometimes be affected by the decisions made or by the policies
a

carious

industry.

recommended.
If any point in this most delicate fabric should give way, there would
be nothing but disaster for the whole scheme.
It wras clear and it still is
clear that only one kind of cement could hold this structure together.
That cement was loyalty and patriotism on the part of everybody con¬

cerned; loyalty which knew' no self when in the presence of the national
purpose.
That this

plan has worked well is a fact which constitutes its own tribute
loyalty of the men of the petroleum industry. Ours is no kid-glove
business; it involves wrestling with realities.
Those who have built up
this industry are men who have been forced into contact against very stern
to the

factors.

My association, as Chairman of the National Petroleum War Service
Committee, with the men throughout the industry has been an experience
of ever-widening revelation of the robustness and the vigor of the men
this industry has produced.
It is these men, not given to sentimentalism,
who hav^ without stint given of themselves, of their time and of their
resources to make the contribution by the petroleum industry toward the
winning of this war as whole-hearted in spirit as it has been vital in effect.
There would be no gain in taking time at this moment to detail the
numerous problems which have been attacked and met by the industry in
the various crises of this war.
Mention should be made, however, of the
fact that the industry has, so far, failed to meet no call which has been
made upon it by the Government and by our Allies for war purposes;
and in

no case

has the Government called upon us to adhere in any matter

policy for the conduct of our industry without finding an unbroken
phalanx of support to that policy.
While speaking of the loyalty of the men of the petroleum industry, may
I not conclude, as a petroleum man, with an expression of admiration
for the manner in which the American peoplo have co-operated with this
industry. It is my feeling that this country has witnessed no more inspiring
demonstration of loyalty than was given by our people in its voluntary
fulfillment of the request of the Fuel Administration that the use of motor
cars be given up on Sundays.
Nothing in this war has more wonderfully shown the power of public
opinion, no voluntary act has more completely demonstrated the will of
the people that nothing, howrever infinitesimal, should be permitted to
i nterfere with the winning of this war absolutely and completely at the
earliest possible moment.
One of our newspapers recently instituted a genial inquiry into the
authorship of the “gasless” Sunday. The truth is that this, like so many
other steps in this war, was an evolution.
The fact that, sooner or later, it
might be necessary to take measures, as had been done in other countries,
of

4

to

conserve gasoline, has, of course, been discussed for many months.
When the necessity to realize a large, immediate saving culminated in a
request by Dr. Garfield, head of the United States Fuel Administration,
that motor cars be not used at all on Sundays, it was but a natural
develop¬
ment of an immense amount of discussion and consideration on the part of
a considerable group of men, all of them
eager to accomplish a necessary
result in a manner involving the least interference with public comfort and
convenience.
The “gasless” Sunday idea was thus the thought not of any one man,
but of the members of the Fuel Administration, the leading factors in the

petroleum industry, and numerous others who were consulted. There was
some question at first as to whether or not a definite order should be made
by the Government prohibiting the use of motor cars on Sunday.
The
Fuel Administration decided, however, to make the observance
voluntary
and to appeal to the people as a matter of patriotism rather than as a
matter of law.

The wisdom of that decision has been wonderfully justified

by the event.
If anything could have been needed to demonstrate the
unity of our
country this incident of the gasolineless Sunday had provided it.
We
the
have here
most Interesting and gratifying spectacle of the
complete
accord and co-operation on the part of the Government, the producers of
petroleum and the consumers of the product.




[Vol. 107

I can make no statement which, for the petroleum industry, is more full
of meaning, than to assert once again that whether this war lasts a long
time or whether it is soon to end, every resource, every man, and every
energy of the petroleum industry
that is, that this war shall be won

is dedicated to but one supreme end,
a victory complete and overwhelm¬

with

ing.

CONSUMPTION OF IRON AND STEEL BY FARM
IMPLEMENT INDUSTRY ORDERED CURTAILED.
The

agricultural implement and farm operating equip¬
industry has been directed by Priorities Commis¬
sioner Judge Edwin B. Parker to use 25% less iron and steel
during the year beginning Oct. 1 1918 than it did in the cor¬
responding twelve months beginning Oct. 1 1917. This
it is stated will effect a saving in iron and steel for the direct
war program of about 500,000 tons.
The announcement
made by the War Industries Board says

ment

The farm tractor situation presents one

of the most striking illustrations
flexibility in the plan for curtailment, although it is
probable that producers of other products may also require similar treat¬
ment, continues the Priorities Commissioner.
Special rulings governing the output of farm tractors restrict makers who
produced less than 10 tractors last year to the production of not more than
10 tractors the coming year; makers who produced and had in field opera¬
tion 10 and less than 50 tractors may not produce over 50 tractors; makers
who produced and sold 50 or more tractors will have their consumption of
iron and steel reduced 25%
Signed pledges will be exacted from the manufacturers to use materials on
hand that may come into their possession for the manufacture of tractors
and farm operating equipment and parts, to reduce the tonnage of iron and
steel as directed, to comply with the regulations of the Conservation Di¬
vision of the War Industries Board as to economies and substitutions, and
to produce only the more essential farm operating equipment and parts
and to distribute the products only for essential uses.
After an announcement that the greatly enlarged war program will ab¬
sorb the greater portion of the iron and steel production of the nation, that
of the necessity for

reductions in allotments of iron and steel to industries is necessary to pre¬
vent the industrial consumption from obstructing the war program, and
that adjustments are

being made after careful surveys that the most vital
supplied, Judge Parker says to the Agricultural
Implement and Farm Operating Equipment Industry;
“Yours is clearly not only an essential bat an indirect war industry and
will be dealt with as such.
The nation must produce a maximum of foods
and feeds, but through rigid economies and increased efficiency of the
farmers, the dealers, and the manufacturers this production must be ac¬
complished with a reduced consumption of materials and labor required to
meet the war program.
Speaking generally, the use of modern farm im¬
plements conserves labor, but it must be constantly borne in mind that the
time element is more controlling now in connection with any conservation
The results must be practically immediate in
program than ever before.
order to contribute to the industrial drive which must sustain the military
drive on the battle fields of Europe.
The use of a machine, in the manu¬
facture of which large quantities of material and labor are consumed, may
be economically sound and in normal times its manufacture and use should
be stimulated; but if its production at this crisis requires more labor than
will be saved in one season’s use, it should—generally speaking—be sub¬
stituted by other machines or implements in order to accomplish the im¬
civilian demands may be

mediate conservation of labor and materials.
“Your industry is so large, so varied, and so important that the Priori¬
ties Division must in the future, as in the past, avail itself of the efficient
and patriotic assistance of your Farm Implements Committee in ad¬

ministering the program here outlined. It will also with confidence rely
upon the whole-hearted co-operation of each member of your industry with
such committee and with this division in determining upon a manufacturing
program and a basis for the distribution of your products which will result
in a maximum conservation of labor and materials and a maximum pro¬
duction of foods and feeds, being assured that when the war shall have been
won the problems which now confront us will have been solved.”

Following is the ruling of the Priorities Division:
Reference herein will be made to periods of 12 months each; that from
Oct. 1 1917 to Sept. 30 1918, will be designated “First Period.”
A careful
survey of your industry in connection with the urgent war requirements
has led to the decision that in the public interest your iron and steel con¬
sumption for the second period should be 75% of your consumption during
the first period, when it approximated 2,000,000 tons of iron and steel.
The effect of a release of 25% of your consumption during the past 12
months will be immediately felt on the war program.
It is with confidence
that the War Industries Board relies upon your indispensable Industry
lending the same whole-hearted and patriotic assistance in accomplishing
these economies that it has always rendered in response to previous ap¬

peals.

While the importance of your industry and your place in the pro¬
for the production of food for this nation and its Allies can hardly be
overstated, yet the supreme concern at this critical period is that every
possible contribution be made immediately and enthusiastically to the
end that the war may be shortened and the victory made decisive.
The necessity of reducing the allotments of iron and steel to your indus¬
try places upon you and the farm-implements committee the responsi¬
bility of so applying the curtailment that your more essential products
shall be produced in sufficient quantities to meet all legitimate demands
for them and that your less essential products shall be produced in greatly
diminished quantities or not at all.
The Priorities Division does not under¬
take to direct you in the formulation or execution of a program of such re¬
sponsibility. This is your problem. You are equipped to solve it; and with
your experience and ripe judgment you will, through teamwork, so adjust
your manufacturing program and utilize the curtailed allotment of materials
that the theoretical injury may not prove real.
The plans for curtailment must, among other things, take account of the
varying situation of the manufacturers who have been in production for
considerable periods, as contrasted with those whose production period
has been relatively so short that they are still virtually in the experimental
stage.
To apply to both of such groups an arbitrary percentage tonnage
allotment plan would be inequitable.
For your guidance you are advised that the Priorities Division has de¬
gram

cided:

(a) That the tractor makers who have produced less than 10 tractors
during the “first period” are in the primary experimental stage, and that
they are not to produce over 10 tractors during the “second period.”
(&) That the tractor makers wrho have produced and had in field operation
10 or more, and less than 50, tractors during the “first period” are in the
secondary development stage, and that they are not to produce over 50
tractors during the “second period.”

Oct. 12

1918.]

THE CHRONICLE

(c) That makers of products other than farm

tractors whose

ment situation shall be
in the preceding

develop'

comparable to those of the tractor makers described
paragraphs are to produce according to the same rules.
(d) That the tractor makers who have produced and sold 50 or more
tractors during the ‘‘first period” and all other manufacturers
of farm-oper¬
ating equipment who are past their primary and secondary development
stages will receive during the ‘‘second period” not exceeding 75% of their
consumption of iron and steel during the ‘‘first period.”

UNITED STATES STEEL PRODUCTS COMPANY WILL
DISTRIBUTE ALL PIG TIN.
B. M. Baruch, Chairman of War Industries Board, an¬
nounced, according to the “Official Bulletin” of Oct. 3, that
under the recent decision of the War Industries Board to
take control of the domestic pig tin situation by a license
sys¬

tem, the United States Steel Products Co. only will be
granted import licenses, this company to act under Govern¬
ment direction and in the interest of consumers.
The “Bul¬
letin” in its announcement said:
All
ture

users and dealers in
pig tin will be licensed, and will secure their fu¬
requirements of pig tin from the United States Steel Products Co.,

which will make distribution under the direction of the War Industries

Board.
The Inter-Allied Tin Execution, who will carry out the terms and
agree¬
ments of the Inter-Allied Pig Tin Pool
recently arranged in London, will
control the buying price in each producing market.
The War Industries
Board will control the prices and terms under which the pig tin is to be sold
to the domestic users and dealers.

Preliminary to the issuance of licenses to the users and dealers in pig tin,
inventory of stocks on hand and contracts unfilled by the two thousand
odd individuals and plants affected is being made by the Tin Section of the
an

War Industries Board.
stocks

on

hand to

If necessary, there will be a redistribution of the
equalize them according to essential uses.

GOVERNMENT REQUISITIONS CLINICAL
THERMOMETERS.
The War Department, in announcing on Oct. 3 that it
had made requisition upon on placed compulsory orders
with eighteen thermometer manufacturers for approximately

668,000 clinical thermometers, said:
As the result of an

investigation by the War D epartment into the thermom¬
industry, following the failure of the Medical Department to secure
clinical thermometers, which are urgently needed and which they were
unable to get, except at what were considered exorbitant prices, the War
Department, through the General Staff, has made requisition upon or
placed compulsory orders with 18 thermometer manufacturers of the
United States for approximately 668,000 clinical thermometers.
Under these orders the War Department will not only take the entire
stock of clinical thermometers now manufactured, but will keep the fac¬
tories producing in large quantities for 20 w eeks.
The compulsory order
specifies that the entire quantity must be delivered by Feb. 10 1919.
The investigation made by the military authorities developed the fact
that there would not have been any difficulty in securing the needed
thermometers had it not been for the apparent combination of glass blowers
and the thermometer manufacturers’ association, whereby no manufac¬
eter

turer not

a

member of the association could

secure

the blank tubes for their

manufacture.

The price of clinical thermometers has advanced in the past year from
25 cents and 30 cents to 60 cents and 65 cents each.
The Government ascertained that the manufacturers pay $40 per gross
to the glass blowers for the tubes on the condition that they sell only to
members of the manufacturers’ association.
Such an arrangement
it impossible for independent manufacturers to secure tubes except

made
when

glass blowers violated their agreement with the manufacturers.
It was
learned that a penalty had been provided for between the glass blowers
and the manufacturers in the event that any glass bloAver sold to other than
association members.

The penalty was a fine of $100 for each offense.
In view of the urgent need for these thermometers it was decided by the
General Staff that instead of seeking redress through the courts, the output
of the factories, as well as the existing stock, should be taken over under

granted to the military by recent legislation. This has been done.
The prices which the manufacturers will be paid for these thermometers
will be determined by the War Department board of appraisers.
The manufacturers upon whom requisition and compulsory orders have
power

been served

are as follows:
Wm. Katz, Brooklyn, N. Y.; Samuel Landauer, New York City; Randall
Faichney Co., Watertown, N. Y.; National Thermometer Co., New
York City; E. Kessling Thermometer Co., Brooklyn, N. Y.; Nernberg

Thermometer Co., New York City; Becton Dickinson Co., Rutherford,
N. J.; E. J. Dunbar Co., New York City; Lewis Iienn, Brooklyn, N. Y.;
Fruehuef Mfg. Co., Richmond Hiil, N. Y.; Union Clinical Thermometer
Co., New York City; Sterling Thermometer Co., Brooklyn, N. Y.; C. J.

Tagliabue Mfg. Co., Brooklyn, N. Y.; Wilson & Wilson, Boston, Mass.;
McGregor Instrument Co., Needham, Mass.; New York Thermometer Co.,
New York City; A. & P. Pecorella, Brooklyn, N. Y.; Albert Scherror,
Brooklyn, N. Y.
_______________________

SUNDAY MOTOR RESTRICTIONS TO CONTINUE.
It was announced on the 10th inst. that the “motorless”

Sunday program was about to be abandoned in favor of a
new plan for restricting the use of gasolino
by automobiles.
Oil Administrator Mark Requa yesterday informed the
Senate Finance Committee which is considering the War
Revenue Bill that while a new plan by which gasoleneless
Sundays can be abandoned is under consideration, it has
not been entirely worked out, and it is proposed to
request
automobile owners to restrict the use of gasolene at all
times as much as possible and use it only when necessity re¬
quires. The U. S. Fuel Administration in announcing on Oct.
4 that the restrictions against Sunday motoring would not be
lifted for the present issued a statement saying:
Gasolineless Sundays request by the United States Fuel Administration
Mississippi River will continue for the present.

of all citizens east of the




1443

In connection with a suggestion from Governor Samuel McCall of Mas¬
sachusetts that restrictions be removed from Sunday automobiling as a
for

ameliorating the epidemic of Spanish influenza prevalent in the
Fuel Administrator Harry A. Garfield {made public an
opinion from Brig. Gen. Charles Richard, Acting Surgeon General, U.
S. A., that automobiling would not influence the
epidemicjme way or the
means

eastern

Stater

,

other.
Statistics

on the available supply of gasoline also were made
public
showing the great saving already effected by the “gasolineless Sundays,”
and the necessity for it continuance.
The Surgeon General’s letter said:
“Replying to your telephone message concerning telegram received by
you from Gov. McCall, of Massachusetts, advising that the restriction
in the use of gasoline by automobiles on Sundays
be repealed for the present,

in view of the

epidemic of influenza now existing there, I beg to inform you
opinion that the release of the restriction will have little if
any influence on the spread of the disease.
“There is no reason to suppose that people are more disposed to crowd
in houses by reason of the restriction in the use of
gasoline than on other
days.”
The grand total of available gasoline in the United States outside of
California for the week ending Sept. 23, Mr. Garfield
announced, was
3,302,000 barrels of motor gasoline and 281,000 barrels of aviation gasoline.
This is a decrease from a stock of about 11,000,000 barrels on
April 1 and
8,000,000 barrels on Aug. 1.
A notable saving by the public was announced as a result of the almost
universal compliance with the request of the Administration for
gasoline¬
less Sundays.
Approximately 500,000 barrels, or 10 shiploads, have been
shipped, which could not otherwise have been sent abroad, and in addition
gasoline stocks available for shipment overseas have gained between
150,000 and 200,000 barrels, it was announced.
On the showing of the sharp decrease in the available
supply and the
“Splendid savings effected, Dr. Garfield stated that the request would co'■inue in force for the present.
that it is my

W. C. DE LANOY RESIGNS AS HEAD OF WAR RISK
INSURANCE BUREAU—ACCEPTS POST WITH

RAILROAD ADMINISTRATION.
William C. De Lanoy, who was made Director of the War
Risk Insurance Bureau with its creation in 1914, has
resigned
because of the strain of the duties upon his health. Secre¬

tary McAdoo in accepting the resignation offered Mr. DeLanoy the position of Manager of the section of Marine In¬
surance of the Railroad
Administration, and this post Mr.
De Lanoy has accepted. Following are copies of Mr. De
Lanoy’s resignation and the Secretary’s acceptance:
LETTER TO SECRETARY McADOO.

October 5 1918.
Hon. William G.

McAdoo, Secretary of the Treasury, Washington, D. C.
My Dear Mr. Secretary.—On Sept. 2 1914 you appointed me Director of

the Bureau of War Risk Insurance to care for war risk insurance on
hulls
and cargoes of American vessels.
I organized and started the office with
an assistant and three clerks.

Shortly after the entrance of the United States into the war, Congress
a new division of the bureau to insure
masters, officers and crews

created

of the American Merchant Marine.
the force to about 30 people.

This rendered necessary

increasing

On Oct. 6 1917, by enactment Congress further created the
military and
naval division of the bureau, and for the past year I have devoted

myself,
regardless of hours and without thought of my health, to developing and
perfecting its organization, which now comprises nearly 14,000 employees.
I feel that the time has now arrived when I may
properly consider the
imperative demands of my own health and strength, and therefore ask with
regret to be relieved of my duties as Director of the Bureau of War Risk
Insurance at your earliest convenience.
The pleasure and honor of serving under your direction for the past four
years I value beyond price.
Faithfully yours,
WILLIAM C. DE LANOY, Director.
SECRETARY McADOO’S LETTER.

October 5 1918.
Dear Air. De

Lanoy.—I have

your

letter of Oct. 5, in which

you tender
your resignation as Director of the Bureau of War Risk Insurance.
I need
not tell you how genuinely I regret that you feel impelled to offer
your

resignation, but I well understand that the exactions of this great business,
which has grown with such extraordinary rapidity in number of
employees
and in the amount of insurance involved, have boon a heavy tax upon your
I would not, of course, have you continue at the risk of your
strength.
health, and feel obliged, therefore, to comply with your request and accept
your resignation.
1 want to congratulate you warmly on the adinirablo Avork you have done
for your country since you came to Washington in 1914 to take charge of
and develop an entirely new business for the Government of the United
States—that of Avar-risk insurance.
You have performed your duties with
unusual devotion and unselfishness, and the success of this great work is’
due in largo measure to your intelligence and untiring efforts.
As you knoAV, I have a great responsibility in the administration of the
railroads of the United States and of the coastwise shipping.
I have been
obliged to create a section of marine insurance in the Railroad Adminis¬
tration, and I wonder if you tvould be Avilling to accept the direction of this
marine insurance section.
The work will not be so exacting as the director¬
ship of the Bureau of War-Risk Insurance, and I believe that you would
not find it an undue tax upon your strength and energios.
With hearty good wishes and assurance of my high esteem, I am.
Cordially yours,
W. G. McADOO.
WILLIAM C. DE LANOY, Esq., Director Bureau of War Risk Insurance,

Washington, IJ. C.

11,000,000

TONS OF COAL MUST BE SHIPPED

TO

FRANCE IN NEXT 12 MONTHS.

According to “Anthracite News” of Philadelphia, General
Pershing has just cabled the Government for 900,000 tons
of coal per month.
This means that 11,000,000 tons must
go to France in the next 12 months.
Coal exports show for
seven months, January to July inclusive,
10,935,337 tons
shipped overseas.

The

new

[Vol. 107

THE CHRONICLE

1444

Pershing order, which must be met, calls for

6,000 locomotives, 60,000 railroad cars

and enough rails to

build 2,400 miles of line.
This order multiplies the Govern¬
ment estimate on locomotives by four and adds 10,000 to
the car number. As the Allies penetrate further more track¬

and rails must be laid to bring up troops to the front and
supplies. American en¬
gineers are doing this work principally. More coal—anthra¬
cite and bituminous—and more coke is urgently^needed,
it is stated, for coke ovens, blast furnaces, steel/mills and
locomotive works on this side of the Atlantic ocean.
age

facilitate the movement of army

MODIFICATION OF RULING CONCERNING MAXI¬
MUM PRICES FOR SULPHURIC AND NITRIC ACIDS.

Supplementing the announcement, published in our issue
Saturday last, page 1336, concerning the maximum prices
agreed on for sulphuric and nitric acid, the War Industries
Board has issued the following statement:

regulations provide that they will be organized, armed, and equipped
infantry regiments. Companies will, if practicable, be composed of
members of the same race, which will also be true so far as practicable of
battalions and regiments.
At present there wUl be no units larger than
regiments.
After regiments have been formed and assigned to divisions, a sufficient
number of officers and enlisted men will be retained in replacement and
training camps to provide for the training of replacements, the units being
limited by this consideration.
The field officers of these regiments will, so far as practicable, be provided
according to the rules now' governing the designation of field officers for
regiments of infantry.
Officers now holding commissions in the Army who desire transfer to units
of the Slavic Legion may, in the discretion of the Secretary of War, be so
transferred, provided that, if of rank beiow field officers, they speak the
language of the units to which they desire transfer and are otherwise quali¬
The

as

fied.

The members of the legion will be permitted to make allotments and
participate in the War Risk Insurance without restriction to the citizen¬
ship of the allottees or.beneficiaries.

of

Committee of the War Industries Board wishes to
modify its ruling of Sept. 26 so as to read “The maximum prices for acid
below 92% II2S04 shall be figured on the price for 60 deg. Be.
Sulphuric
acid and above 92% II2S04 on the basis of 66deg. Be. sulphuric acid.
The Price-Fixing

JOINT CONTROL OF ALLIES’ ECONOMIC RESOURCES
NOW IN OPERATION.

Centralized control of the economic resources of all the
nations fighting Germany has at last been acheived, ac¬

cording to Washington advices, dated Oct. 2. No public
announcement has as yet been made, and not all of the de¬
tails have been worked out; but agreement on the main
points has been reached between President Wilson’s socalled War Cabinet and the Allied Missions

now

in this

country, and the new program has been approved by the
President and the Premiers of the Entente nations. Some
of the details and the fact that the new plan is already in

operation became known, it is said, through developments
in Paris and London. As outlined in the dispatch referred
to, the plan involves the following:
Co-ordination

is

built

around

the

five

Inter-Allied

Councils—War,

Shipping, Munitions, Food and Finance. Under these special bodies com¬
pletion of a common economic and industrial program is now being under¬
taken, principally in London and Paris, and limited to the following cases:
“Where two or more Governments are interested in supplies which must be
transported overseas to supplement deficiencies in local production, or
or where several sources of supplies should be agreed upon, together with
the allotment and method of their distribution

or

utilization,

or

where there

might without agreement be competition between Governments in pro¬
curing supplies or a wasteful duplication of productive effort.
Subordinate to the Inter-Allied Councils are being organized commodity
committees or executives.
While the Inter-Allied Councils are composed
of men of so-called Ministerial or Cabinet rank, the Committees will be
made up of men of lesser position, but experts in their particular commodi¬
ties.
The committees will deal directly with virtually all materials and com¬
modities for the prosecution of the war.
These include nitrates, tungsten,
and tin, international pooling agreements for which have recently been
effected in Paris and London, non-ferrous metals, iron and steel, hides and

leather, rubber, w'ool, and all other raw materials or manufactured products
of which there may be a shortage, or where competitive and shipping con¬
ditions, and the local production and distribution situation make control
desirable.
Pooling agreements for these latter will be effected as the ne¬

cessity arises.
The committees will be responsible to the five Inter-Allied Councils. Any
differences arising as to the allocation of ships or material or other matters
of a serious or vital nature, on which the members of the Inter-Allied Coun¬
cils are unable to agree, will be submitted to President Wilson and the Pre¬
miers of the Allied nations for settlement.
Food control already has been centred in London, following Food Ad¬
ministrator Hoover’s recent visit abroad to attend the Inter-Allied Con¬
ference in London.
One of the results of his trip, it became known to-day,
the perfection of the President’s plan for centralized control, and its
acceptance by England, France and Italy.

was

The Munitions Council meets in Paris with twro American representatives,
Assistant Secretary of War Stettinius for the War Department, and L. L.
Summers of the War Industries Baord, personal representative of Chair¬
man

LABOR'S PLACE IN WAR.
[From “Leslie’s Weekly,” issue of Oct. 5 1918.]

The New York “Financial Chronicle”

questions the wis¬
American labor mission to the Labor and
Socialist Conference at London, and the assumption on the
part of labor as such to declare when and how peace shall
come.
“This action of the American Federation of Labor,”
says the “Chronicle,” “is not in line with the highest and
best in patriotism.”
It is well enough to keep labor in
line in the primary task of winning the war, but it is not
flattering to labor that efforts have to be made to keep it in
dom of

sending

an

line.
If

a

certain element

in

British labor is inclined toward

“compromise peace” which will leave unsettled the funda¬
if this element has to be nursed
along and handled with gloves, it is to their credit neither
as workingmen nor as British citizens, particularly the latter.
The prime interest of every man in this war should be as a
citizen of a nation arraj'ed against the arch enemy of a free
civilization, and not as a labor unionist or a banker or a
member of a professional class.
The American delegation
has presented to the London Labor and Socialist Conference
the fourteen paragraphs laid down by President Wilson as
the conditions of peace.
It is a good thing to have labor
adopt these principles, but only as it would be a good thing
to have a conference of clergymen or an association of
bankers give them their indorsement.
More significant than all else is the proposal of the Ameri¬
a

mental issues of the war,

can

Labor Mission that there shall be

at the

a

world labor congress

time and

place as the peace conference, and “also
direct official representation of workers in the official dele¬
gations of each of the belligerents formulating the peace
treaty.” If labor wants to hold a world congress at the
same time and place as the peace conference, there can be
no objection.
If labor can arrange the transportation and
secure a suitable hall and other accommodations, why not?
Bankers and lawyers, physicians and clergymen, manufac¬
turers and merchants might each hold a world congress at
the same time and place.
Why not? But when labor
talks about introducing labor delegations from all belligerent
Powers in the peace conference itself, it invokes a class
spirit which must have no place in settling the issues of the
same

war.

The

working people in all the Allied countries are neither
loyal not less loyal in their support of the war than the
rest of the population, but organized labor should be made to
understand that the peace conference will not be composed
if class representatives but solely of representatives of the
belligerent Powers.
more

Baruch of that organization

NEW SCHEMES OF CITY TAXATION.

SLAVIC LEGION FOR U. S. ARMY NOW BEING
ORGANIZED.
Under rules made public by General Peyton C. March,
Chief of Staff, on Oct.4, organization of the Slavic
Legion,
authorized by Congress last spring, is to be undertaken at

According to

bulletin of the Advisory Council of Real

a

Estate Interests, the forthcoming preliminary report of the
committee appointed by the National Tax Association to
prepare a

plan of

will contain

a

some

model system of State and local taxation
novel recommendations.

Professor Bul¬

with the prospect that eventually 350,000 to 500,000 lock, the State Tax Commissions and others on the com¬
men will be added to the American
army.
The Slavic mittee join in the recommendation. The committee, it is
Legion is to be made up of Jugo-Slavs, Czecho-Slovaks, and stated, favors reaching personal taxable ability by a personal
Ruthenians (Ukrainians), not citizens of the United States income tax, in preference to the poll tax, levy upon actual
and not subject to the draft.
Enlistment of coal miners is net fortune (the European net property tax), or the presump¬
specifically prohibited, however, owing to the large number tive income tax, which is determined according to rent paid
of Slavs nominally of Austrian nationality who are
employed or other like indicia. “It should be collected only from
in the mines. The men are to be trained at Camp Wads¬ persons where domiciled (not from business concerns), on
worth, Spartanburg, S. C., and their officers will be trained their entire income from all sources (no exemption except
at Camp Lee.
As outlined in a special dispatch to the New interest on Federal bonds and Federal salaries as provided
York “Times” on Oct. 4, the War Department’s
regula¬ in the Federal Constitution), income being defined as un¬
tions provide:
derstood by accountants, with lowest possible exemption of
once,




Oct. 12 1918.]

THE CHRONICLE

not over $600 for single
person, $1,200 for husband and wife
and $200 each for not over three
dependents. The rate
to be the same for all kinds of
income, and progressing from
not less than 1% (minimum
$1) to not over

6%, the latter
rate applying on income in excess of
$5,600. Administra¬
tion should be centralized in the
State, upon basis of indi¬
vidual returns.”
The bulletin proceeds as follows:
The properly tax would be confined to
tangibles, real estate and per¬
sonalty being classified for different rates, that on personalty to be not over
1%.
The general property tax is declared “most difficult and even im¬
possible’’ to collect on personalty, even if full valuatioh~of all
property is
obtained.
Intangibles are not to be taxed that unjust double taxation
thereby may be avoided also because the income therefrom is better reached
through the personal income tax.
The business tax should be levied on net
income derived on
business

within the State at perhaps
2% but not exceeding 5%, not progressive as
to higher incomes, and regardless of
whether or not incorporated.
This
tax should be administered
by the State, divided with localities according
to legislative determination, and be in
lieu of all multifarious license and
other charges.
Other special forms of taxation are recognized
as neces¬
sary and proper but as not pertaining to the main
system here outlined.
Such other taxes are on
inheritances, banks, forest lands, and mines. In
summary the report says:

“This system will satisfy every legitimate claim of
any American State.
provides that all persons shall be taxed fairly and fully at their places of
domicile for the personal benefits they derive from the Government.
It

It

provides that all tangible property which any State may desire to tax shall
be taxed fully at its situs for the governmental
services it there receives.
It eliminates the taxation of intangible
property, as property, because such
taxation cannot be carried out without

a large amount of unjust double
And, finally, it provides a method by which any State which
desires to tax business may do so in a fair and effective manner.”
Secondly, the combination of these taxes “will give better results than
any one tax, however levied, which is made to yield the same amount of

taxation.

With the best drawn law and the very best of
administration,
there will always be a certain amount of
inequality in the operation of

revenue.

any

tax.

By the mere lawr of probability, it must happen that the
inequalities arising under the three separate taxes will not all be concen¬
trated at the same point, and that some of them will
to a certain extent
compensate for others.”
Thirdly, this system “will bring about heavier taxation of funded (or
’unearned’) incomes than unfunded, without requiring the States to under¬
take the very difficult task of
differentiating the rates of their income
.

.

.

taxes.”

Finally, although prescribing “certain lines of action which must be
followed if inter-State comity is to be bbserved, it admits of considerable
elasticity at other points.
The committee favors a partial separation of the sources of State and
local income, but finds “no exjjerience to justify the belief
that, if States
turn over to the local governments
independent sources of revenue, and
adopt the theory that local taxation is an affair of purely local interest,
we

shall

have a satisfactory administration of the tax laws
by local
Also, “the abolition of the direct State tax upon property tends

ever

officials.”

a desirable check
upon State expenditures.”
Correspondence concerning copies of the complete report should be
addressed to the National Tax Association, A. E.
Holcomb, Treasurer,
195 Broadway, Newr York.

to remove

PROPOSAL TO CHARGE OFFICE TENANTS FOR

ELECTRIC LIGHTS.
The New

meeting

on

Building Managers’ Association, at a
the 8th inst., unanimously recorded itself in

clause in future leases under which
charged for the use of electric lights, in¬
stead of this being included in the rental charge.
The object
of this, it is said, is to minimize the waste of electric current.
The New York “Evening Post” of the 9th inst., in
reporting
tenants

are

Association,

says:

Unanimous adoption of the plan to charge tenants direct for electric
was voted, following the presentation of fads on this
problem gath¬
ered throughout the United States and Canada
by a special committee
comprising J. Clydesdale Cushman, Chairman; Clarence T. Coley and
Lee T. Smith.
Mr. Cushman submitted data
affecting the principal cities,
showing that where tenants were charged individually for current con¬

light

sumed there was

light

was

50% less

current used than in cities where

a

flat rate for

included in this rent.

It was announced at the meeting that the
Equitable Building Corpo¬
ration, regardless of whatever action the Building Managers’ Association
may take, had already ordered the installing of meters in the
Equitable
Building.
With this precedent, and the unanimous vote for direct pay¬
ment, tenants of New York office buildings
may look forward with confi¬
dence to being called upon in the near future
to pay for electric current.
It was explained that this step would
yield no profit to owners, but it would

compel

consumers to economize

by cutting off all unnecessary light.

AGREEMENT REACHED ON GOVERNMENT CONTROL
OF AMERICAN TELEPHONE & TELEGRAPH
CO.
Pres. Theodore N. Vail on Sept. 6 announced that a
mutu¬

ally satisfactory agreement had been reached with the
Postmaster-General in regard to the compensation the com¬
pany is to receive from the Government, while the com¬
pany’s system is under Federal control.
The agreement provides for the payment
of the interest
and existing amortization'charges on all
outstanding securi¬
ties of the Bell system held by the
public, including the
recent issue of 6% convertible bonds.
It also specifies that
the payment of dividends‘at'the existing rates
upon the stock
of the companies shall_be continued.
President Vail’s state¬
ment follows:
After extended conferences between the representatives of the
PostmasterGeneral and of the Bell system, covering—that there
might be no mis¬
understanding—painstaking and exhaustive discussion and a frank ex¬




The representatives of the Bell system throughout the
negotiations found
nothing but helpfulness; asking no more than they thought ought to be paid
by the Government, they found an intent and desire to pay all that ought
to be paid, and for the
protection of the property to do all that ought to be
done and all that has been done in the
past.
In taking over the property
the Postmaster-General also desires to
give continuity to the service, and
as far as consistent with
Government operation, to the personnel which
has brought this property to its
present degree of efficiency.
From the first exchange of views until the close the Bell
representatives
were met by the Postmaster-General and
his representatives in a spirit
of absolute fairness and with

an earnest desire to preserve the service to
the public, and preserve the property for the
proprietors as well as to give
them established returns on their securities.

For the security holders is provided:
The principles adopted as a basis of compensation
were:
Any compensation fixed for the period of control was to be considered as
compensation for an emergency period and not in any way considered as
establishing a value for the property.
The operation of the property is to be continued on a basis of
efficiency
relatively equal to that of the past.
The property is to be fully maintained so as to be turned
back to the
company as good as when received.
Appropriation from current revenue for maintenance, depreciation and
obsolescence to be the same as the past—an average of
5.72% on the fixed
capital—amortization - f intangible capital to be relatively equal to the
past.
All unexpended balances from both to be invested in the
plant of the
system.
Charges against the depreciation reserve to be in accordance
with the rules of the Inter-State Commerce
Commission.
Employees’ pensions, disability benefits and death benefits now in
operation to be continued.
All taxes, municipal. State or Federal, to be
paid,
by the companies, by the Government.

or

reimbursed if paid

The license and rental contracts between the American
Telephone &
Telegraph Co. and the licensee companies to be continued and the American
Telephone & Telegraph Co. is to give such advice and assistance as the

Postmaster-General may require, is to maintain its scientific, technical
and
engineering departments, its patent protection for the benefit of the
property in the same manner as heretofore.
The Postmaster-General
to have the benefit during the
period of control, in the operation of the
wire system, of all inventions, discoveries, and ideas which
may now or
hereafter be controlled by the Bell system.
These provisions are for the protection of the property, the service
and
the art, and provide for the continuation of the service and for the
continual
development of the art, as well as the protection of the developed situation,
and are for the full protection of the public in its service and the
proprietors
in the property and development.
For the security holders is provided:
(a) Payment of the interest and existing amortization charges on all
outstanding securities or obligations of the Bell system in the hands of the
public, including the 6% convertible bonds issued Aug. 1 1918.
(b) Payment of dividends at the existing rate upon the share capital of
the Bell system outstanding in the hands of the
public.
(c) Payment of any charges, interest, dividends or other costs on new
securities or share capital issued in discharge, conversion or renewal or
extension of present obligations.
For extension to property:
As provided above,
of the system.

unexpended depreciation shall be invested in property

American Telephone and Telegraph Co. surplus shall be invested in its
property.

Surplus profits from operation

may

be invested by the Postmaster-

If securities or capital can be issued at fair terms the Bell
system wil
issue its securities if desired, but the nominal value of the securities shal
not exceed 80% of the amount expended in tho
property.
Extensions to its property made with the

a

to be

the action of the

change of views, what constitutes a just compensation for the supervision,
possession, control, and operation of the Bell system taken over under the
proclamation of the President of the United States, has been agreed upon.

General.

York

favor of the insertion of

1445

approval of the Bell system

by

money furnished by the Postmaster-General shall be paid for in install¬
ments of 5% per annum after the period of control ceases.

Extensions by tne Postmaster-General to meet abnormal conditions and
made without the approval of the system shall be appraised by the InterState Commerce Commission at the end of the period of control and their
value to the system as appraised shall bo paid for in installments of 5% p. a.
The whole basis of the negotiation on both sides was to ask no more than
was right, to grant all that was right, and to protect a great
property and a

great service to tho public in

every possible way.
closing: The public should bear in mind that we are in he midst of
very abnormal times.
Scarcity of labor, high costs of living, and great
increases in demands on the service, which are congested and not well
distributed, will create conditions which it will be difficult for the telephone
systems to meet, no matter how much charges and wages are increased, and
some consideration must be given before criticism is indulged in.
*

In

This
on

answers

the payment of the regular 8% per annum

the stock of the parent company and the dividends of the

subsidiary companies of the Bell system at the customary
rates.
In instances where a majority of stock is not held
in any company, generally classed as a subsidiary, the
status of such remains yet to be determined.
RAILROAD ADMINISTRATION TO MAKE LOANS TO
RAILROADS AT 6% TO MEET MATURING
OBLIGATIONS.
In furtherance of efforts on the part of the Railroad
Administration to stabilize interest rates, Director-General
of Railroads McAdoo announced on Oct. 6 that all railroadsunder Government control having maturing mortgages to
meet between now and July 1 1919 and who found it im

practicable to obtain the
at

a

rate

the

necessary money

for their renewal

Director-General would feel warranted in

accepting, would be advanced the needed funds at 6% by
the Railroad Administration.
The following is the an¬
nouncement made by Director-General of Railroads McAdoo:
Believing that it will be for the general welfare and a factor in beneficially
stabilizing money rates, the Director-General announces that as to all rail¬
road mortgage bond issues which may mature between the present time
and July 1 1919, where railroad companies may find it impracticable to

renewal of their maturing bonds at a rate of interest
Director-General may feel warranted in approving, he will lend
to all such railroad companies on safe and reasonable security at the rate
of 6% per annum such funds as may be necessary to pay off their maturing
issuai of mortgage, equipment, or debenture bonds.
The aid thus rendered by the Director-General to maintain on a moderate
basis the rates of interest which railroads may be required to pay on loans
must not be interpreted by them, as relieving them of the duty and respon¬
sibility of using their best efforts to provide for their own financial needs as
occasions arise, but is intended to give them assurance that the money
required for their legitimate needs, and for which they can offer satis¬
factory security, can be obtained without their being required to pay
obtain money for the

which the

exorbitant or unreasonable rates or commissions.
While the co-operation which the Government has

received and is receiv¬

ing from the bankers, capitalists, and investors of the country generally,
in the huge task of financing the war and of providing for vast credits
imperatively demanded for our requirements and for our allies, has been
admirable, at the same time there has been a tendency on the part of some
bankers and money lenders to demand exorbitant rates on railroad loans
which are fully protected, and for which there is no justification.
Through the War Finance Corporation, Farm Loan Banks, and in other
ways, the powers of the Government have been exercised for the stabiliza¬
tion of interest rates and the prevention of excessive charges for the use
of money.
There is sufficient capital and credit in this country at present
to meet legitimate needs if carefully conserved and used, and there is no
reason why excessive rates should be demanded where the security afforded
is sound and condition and character of the borrower entitle him to credit.
The manner in which interest rates on the London market have been
regulated and kept within reasonable bounds furnishes an interesting study,
and has been a potent factor in the successful financing of Great Britain’s
war

necessities.

FIXED

RATE

OF

BANK DEPOSITS
ADMINISTRATION.

INTEREST ON

TO CREDIT OF RAILROAD

companies in the United States will
required to pay a fixed rate of interest on funds
held to the credit of the Railroad Administration of the
various Federal Treasurers.
The rates will be 2% on de¬
mand deposits and 3% on time deposits.
A circular an¬
nouncing this has been issued as follows by Director-Gen¬
All banks and trust

in future be

eral

[Vol. 107

THE CHRONICLE

1446

McAdoo:

daylight-saving plan, the clocks are turned ahead one hour,"
“Now let us see how that works during the winter months.
“On Nov. 1 the sun rises at 6:32, normal time.
If the clock were turned
ahead one hour, the sun-rising time would be 7:32.
Work starts at 7 or
7:30 or 8 o-cloek for the laboring people.
These people would have to get
up at least an hour or two oefore starting work—that is, they would have
to get up in pitch darkness.
On Dec. 1 the sun rises at 7:08 o’clock, normal
time.
Under our daylight-saving plan, it would rise at 8:08 o’clock, or
after most of the people of the country had started work.
On Jan. 1 the
sun rises at 7:30, normal time.
Under the daylight plan it would rise an
hour later.
The W'hole country would be required to work in darkness or
semi-darkness for half an hour.
It is a ridiculous scheme.
“At the convention of the National Daylight Association, held in the
Hotel Astor a year ago and attended by representatives from all over the
country, a vote was taken on whether to extend the measure to apply to
the whole year.
The vote was unanimously against it.
“We have the experience of twelve European countries to back us in our
present daylight-saving i>lan.
All these countries have found that the
scheme of turning the clock ahead for one hour during spring and summer
and going back to normal in the months of short days is a complete success.
Not one of them has adopted the measure for the whole year.
“This proposed indefinite continuation of daylight saving is vicious.
Our
old bill provides for automatic resumption of daylight saving every spring,
following its discontinuance in the fall. The new measure attempts the
impossible. The loss of gas and electric light in the morning will offset any
possible gain in the afternoon during the winter months. Besides this
loss, there will be the discomfort and inconvenience of arising before day¬
light during the coldest months of the year."
“Under

our

he continued.

The “Post,’ also

In which funds of the United States
Railroad Administration or of the various Federal treasurers are deposited
will be notified that in future they will be required to pay interest at the
All banks and trust companies

following rates:
On deposits payable by check on

demand, 2% per annum.
deposits payable after thirty days from date or after thirty days’
notice, 3% per annum.
These rates will apply to all railroad deposits in all banks, except in
special cases where, because of the smallness of the account or the par¬
ticularly fluctuating character of the balance, it may be considered proper
not to require the payment of interest.
An investigation recently made shows that the rates of interest allowed
by banks which pay interest on railroad deposits has ranged all the way from
2% to 5% per annum, and the higher rates paid have been used by some
banks as an excuse for excessive rates charged to customers.
The Director-General expects banks designated as railroad depositaries
to observe faithfully the interest laws of their respect States and not to
charge rates of interest in excess of those permitted by law.
It is of great importance to the public welfare, to the financing of the
war, and to the commerce of the nation that interest rates throughout
the country shall be kept at a moderate level ot within a reasonable range.
On time

lighting experts

gathered in New York City for the Convention of the
Illuminating Engineering Society, agreed that no practical
benefit could be gained by Senator Calder’s bill replacing
the daylight saving law by one which would keep the clocks
advanced one hour throughout the entire year.
The order
of Director-General McAdoo directing the turning back of
the clocks

on

Oct. 27 is

as

follows:

GENERAL ORDER NO. 45.
On

the recommendation

of the Committee on

Transportation of the

following instructions, in connection
and w'atches on Sunday, Oct. 27 1918,
provided in the Federal law “To save daylight and to provide

Ainerican Railway Association, the
with changing the hands of the clocks
at 2 a. m., as

Circular No. 5.

reported yesterday that

standard time for the United States,” are hereby issued:
First.
At 2 a. m., present standard time, Sunday,

Oct. 27 1918, all

dispatchers’ offices and in all other offices open
at that time, must be turned back one hour, to indicate 1a.m.
Employees
in every open office must, as soon as the change has been made, compare
time with the train dispatcher.
Clocks and watches in all offices at the
first opening at or after the time the change becomes effective must be
turned back to conform to the new standard time, and employees before
assuming duties in such offices must, after the change is made, compare
time with the train dispatcher.
Second.
Each railroad will issue necessary instructions and arrange for
such supervision and check of the watches of its employees as to insure that
they have been properly changed to conform to the new standard time.
Third.
Regular trains must be held to conform to schedules after change
clocks and w'atches in train

in time.

Owing to the varying conditions which will prevail on the rail¬
it is not advisable to issue a uniform rule or order
to cover other details involved in the movement of trains at the period the
change in standard time becomes effective.
Therefore, each railroad must
adopt such measures as may be necessary to properly safeguard the move¬
ment of its trains on the road at the time of the change.
W. G. McADOO, Director-General of Railroads.
Fourth.

roads of the United States,

W. G. McADOO.

TURNING BACK OF CLOCKS IN FRANCE

ORDER DIRECTING TURNING BACK OF RAILROAD
TIME PIECES OCT. 27—SENATE PASSES BILL FOR
CONTINUANCE OF DAYLIGHT SAVING PLAN.
An order

directing the turning back of railroad clocks and

watches at 2 a. m., Oct. 27, has been issued by DirectorThis is in conform¬
General of Railroads W. G. McAdoo.

AND GREAT

BRITAIN.
The daylight-saving plan which had been in effect this year
in France since March 10, was discontinued on Oct. 6. Last
year

(1917) it had been in operation from April 1 until Oct. 7,

while in 1916 it had been in force from June 14 until Oct. 7.
In Great Britain the clocks were put back on Sept. 29.

ity with the time fixed in the Daylight Saving Bill, which They had been put forward on March 24. Last year’s
became a law on March 31, and called for the setting ahead period of daylight saving in Great Britain extended from
of all time pieces in the country for seven months, or from April 8 until Sept. 17.
the last Sunday in March (which was March 31, Easter
Sunday) until the last Sunday in October (Oct. 27). On
ATTITUDE OF RAILROAD SECURITY OWNERS
the 10th inst. the Senate passed a bill providing for the con¬
TOWARD RAILROAD CONTRACT—NO CON¬
tinuance of the daylight saving law until rescinded by
TRACTS SIGNED.
Congress. The bill was introduced by Senator Calder.
That the National Association of Owners of Railroad Se¬
The continuance of the extra hour of daylight is said to bo
curities is still opposed to the form of contract which the
favored by B. M. Baruch, Chairmah of the War Industries
Government jiroposes to execute with the railroads is indi¬
Board in the interest of fuel economy. With regard to Senator
cated in a resolution adopted by the Association’s Financial
Calder’s proposed that the present arrangement be con¬
Committee of Seventy on Oct. 9.
This resolution sets out
tinued, Marcus M. Marks, who was prominent in the
that “in the light of the two fundamental objections to the
movement for the adoption of the daylight saving system
for the summer period, is quoted to the following effect in operating contract that have been urged by the Association,
the trustees of railroad mortgages are hereby requested to
the New York “Evening Post” of Oct. 9:
“You simply cannot save daylight before there is any daylight. To use investigate the law and facts appertaining to the effect
of the operating contract on the rights of the bondholders
a homely figure, any person of sound sense will agree that in this climate
light underwear and linen dusters are raiments of comfort in summer.
whose bonds are secured by mortgage of which they are re¬
But it does not follow that we should be compelled to wear them in the
spectively the trustees, and that such trustees take such
middle of January.
“if Senator Calder’s bill is passed by Congress, we shall simply see the action as is necessary or proper for the protection of the in¬
whole measure repealed within a few weeks or months.
The working peo¬
terests of the bondholders represented by them respectively
ple will never stand for it. Organized labor will demand and force its re¬
and
as trustees.”
The following is the resolution in full:
peal. The working people are the ones that have to get up early in the
morning.

If the Calder bill passes, they will have to get up in pitchdarkness throughout the winter.
They will have to burn gas or electric

Whereas at a meeting of the Financial Committee of Seventy of
National Association of Owners of. Railroad Securities, held on Sept.

Their light bills will increase unnecessarily.*’
Mr. Marks said that making the daylight-saving plan a year-around
measure would be excellent for the electric-light and gas companies, but
It would not benefit anybody else.

adopted instructing counsel to arrange, if possible,
for the co-operation of the Director-General in the institution of a suit to
obtain an authoritative construction of two fundamental provisions of the
Federal Control Act which authorized a contract to be made on behalf of

light mornings.




1918,

a

resolution

was

the
11

Oct. 12

1918.)

THE CHRONICLE

the Government with the railroads for their control and
operation during
the period prescribed by the Act; and

Whereas counsel reports that after full discussion of the above
proposal
with the Director-General, and of the effect of the contract in
its present
form on railroad credit nad on the railroad
properties and their securities,
and after full consideration of the said
proposal, the Director-General
decided to withhold his co-operation in the
inauguration and prosecution
of such suit on the ground,
among others, that the railroad contract was
a mere tender for the roads that
might elect to avail themselves of such
tender and that there was no reason
why the railroads that found their
interests would be best subserved by
relying on their legal rights should
not be entirely free to do so; and
Whereas it further appears from the report of counsel of his interview
with the Director-General that the railroads that believed their interest
would be best subserved by relying
upon their legal rights would receive
just treatment, and would be paid for the use of their property as contem¬
plated by the law under which the Government assumed control of their
properties pending the determination of their legal rights; and
Whereas this Association and the bondholders of the
respective companies
have no voice in the management thereof and the
bondholders must depend
for their protection upon the trustees of their
respective mortgages in ac¬
cordance with the state of facts in each case, therefore be it

Resolved, That in the light of the two fundamental objections to the
operating contract that have been urged by the Association, the trustees
of railroad mortgages are hereby
requested to investigate the law and facts
appertaining to the effect of the operating contract on the rights of the

bondholders whose bonds are secured by mortgages of which
they are
respectively the trustees and to take such action as is necessary or proper
for the protection of the interests of the bohdholders
represented bv them
respectively as trustees, and be it further
Resolved, That a copy of this resolution be sent to the trust companies
acting as trustees of railroad mortgages; also to the directors of the railroads.

In

statement

correcting an impression which had gained
ground that the Association had accepted the contract,
S. Davies Warfield, President of the organization, on the
10th inst., said:
a

It is necessary to correct statements made by one portion of this morn¬
press in connection with the proceedings of the financial committee
of seventy of the association at its meeting held
yesterday.
One statement said that the committee “decided
unanimously to recom¬
mend that the railroad rental contract as it stands at
present be accepted
by the railroads and virtually abandon its plans for a suit to test Federal
control.’’
The action of the committee was in all respects
directly the

ing’s

opposite. At its meeting on Sept. 11 the Committee of Seventy adopted
resolutions stating that the contract was “unsatisfactory and
unacceptable,”
and instructed counsel to see Director-General McAdoo and ask his co¬

operation in securing an authoritative construction of the two disputed
fundamental provisions of the contract.
The position of the committee
is the same to-day as outlined in the resolution then
passed.
The meeting yesterday was called to receive the report of Mr.
Untermyer
of counsel, who saw Mr. McAdoo.
For reasons stated in the resolution
adopted yesterday Mr. McAdoo felt that he must withhold Ms co-operation.
The resolution of yesterday contained among other recitals, the follow¬

ing:
“

Whereas, This association and the bondholders of the respective com
anies have no voice in the management of the railroads, and the bondolders must depend for their protection upon the trustees of their
respec¬
tive mortgages in accordance with the state of facts in each case.”
This recital made it perfectly clear that the association was not in a
position to control the action of the railroads, notwithstanding its dis¬
approval of the contract.
Therefore a specific resolution was passed
calling upon the trustees of railroad mortgages to investigate “the law and
facts appertaining to the effect of the
operating contract on the rights of
the bondholders" and “take such action

as

is necessary or proper for the

protection of the interests of the bondholders represented by them respec¬
tively as trustees.” A copy of the resolutions was ordered forwarded to
the trustees of railroad mortgages and directors of the railroads.
TMs was the only course left open at this time.
The association has
through the press and in notices to the railroads and its members called
attention to its serious objection to two of the fundamental
provisions of
the contract.
It is the opinion of our counsel and others that the Federal
control Act
must

eventually be construed by the courts, and that this may be necessi¬
tated, in due course* through the applications of the trustees of mortgages
securing issues of bonds of railroads affected through the operation of the
contract.

The railroads have

now

before them the choice of action between three

plans: (1) To make a contract on the terms now offered by the Government;
(2) apply to the board of referees, provided for in the Federal Control Act,
to fix their just compensation (with the
right of appeal from the decision
of said board to the Court of Claims) and make a contract
on the basis of
such findings; or (3) to proceed
independently of the Federal Control Act
to obtain their just compensation in the Court of Claims
without reference
to said board of referees.
This is well known by

the counsel and directors of every railroad, and
it is assumed that at the
meetings of their stockholders there will be pre¬
sented the opportunity of
deciding under which of the three plans their
properties shall be operated.

1447

to be operated by the Government as long as the war lasts and for twentyone months thereafter, until all of the roads
agree to take new equipment
which the Government has recently purchased.
That rolling stock was

distributed pro rata among the carriers.
Some of the railroads, however,
have all but refused to take their share as allotted
by the Government.
Inasmuch as the railroads complained from the housetops for several
years of their poor credit, and hence their inability to buy much-needed

equipment,

some criticism has been heard of the present attitude of the
carriers in objecting to take the freight cars and locomotives wMch have
been purchased with the credit of the Government behind each
purchase.
Some of the railroads objecting to the Government car and locomotive

allotments take the stand that the

cars and

locomotives already owned are
Others are objecting on the grounds
of the existing high prices for cars and motive
power.
now

on

the tracks of other roads.

Besides the roads referred to in

our issue of Saturday last
(page 1344), which have indicated their acceptance of the
contract, the directors of the Atchison Topeka & Santa Fe
RR. have voted to recommend its acceptance to their stock¬
holders. The Pennsylvania RR. has called a special meeting

of its stockholders

on

Oct. 30 to take action in the matter.

REPORT ON OPERATION OF RAILROADS FOR FIRST
SEVEN MONTHS UNDER GOVERNMENT CONTROL.
A report of the work of the U. S. Railroad Administration
seven months of its
existence, to July 31 1918,
presented to President Wilson by Director-General of Rail¬
roads W. G. McAdoo on Sept. 3 was made
public Sept. 9.
The report briefly describes the American

for the first

transportation
including a steam railway mileage (all tracks)
of 397,014 miles, owned, or controlled by 2,905
companies,
employing 1,700,814 persons. Their property also com¬
prised various boat and steamship lines engaged in coast¬
wise transportation and navigating an inland
waterways
system which included some 57 canals, 3,057 miles in length,
as well as many thousand miles of
navigable rivers, lakes,
bays, sounds and inlets. Of the 2,905 railway companies,
185 operated major systems, each of which had an annual
operating revenue of $1,000,000 or more, 221 were switching
or terminal companies, 1,434 were
plant facility roads con¬
structed primarily to serve some particular factory or indus¬
try, and 765 are what have come to be described as “short¬
line” railways, dependent upon one or more of the
larger
systems through connection. It is explained that many of
the smaller properties included in this description of the
plexus of transportation which came under Mr. McAdoo’s
control Jan. 1 1918 have since been relinquished as not
essential to the purposes that the President’s proclamation
and the enabling legislation had in view, but that it is the
declared policy of the Railroad Administration to deal equi¬
tably with the relinquished properties in so far as it may
have any relation to them.
Elaborate traffic statistics are adduced by Mr. McAdoo
in support of his claim with regard to the intensified em¬
ployment of equipment. According to these statistics, both
the carload and the trainload have been substantially in¬
creased, and by “re-routing” the distance that freight must
be hauled between many important centres has been greatly
shortened.
In one instance, it is stated, 880 miles have been
thus saved, aud in many other cases the saving runs from
100 to 500 miles.
As one example of the economy that has
thus been made possible he mentions the fact that recently
during a period of about 60 days some 8,999 cars were re¬
routed in a certain Western territory so as to effect a saving
in the mileage traveled by each car of 195 miles, equal to a
system

as

total of 1,754,805 car-miles.
The abandonment of competition,

the consolidation of

ticket offices and the resultant economy are treated in the

report, in which it is explained that since there is

longer
traffic between the vari¬
Our contentions with respect to this contract are
both strengthened and
ous divisions of the Government'railroad
system the solici¬
justified by the recently announced telephone contract.
If our informa¬
tation of traffic and the special exploitation of passenger
tion is correct, that contract secures not
only to the bondholders their in¬
terest, but the stockholders are to receive the full dividends
routes have been discontinued.
This policy has involved
regularly
declared by these companies.
It also provides that expenditures made
a relinquishment of the soliciting forces hitherto employed
upon
their properties for betterments, improvements and
additions during Fed¬
eral control will be paid by the
Government, the companies to be given by the railroads and has made it possible to consolidate the
twenty years for the repayment thereof, and in case the
separate ticket offices formerly maintained in the larger
companies have not
consented to the improvements, only at their
appraised value after Federal
cities.
The saving that will be effected as a result is esti¬
control.
These are the things that we have
continuously contended for in
mated
at
the case of the railroad contract during all the
$23,566,633, $12,000,000 of which is accounted
negotiations with respect to
it, but which have been denied to the security holders.
for by the closing of “off line” offices, while $4,425,000 will
be saved through the consolidation of “on line” ticket offices.
The New York “Evening Post” of last night,
in stating that
The saving in advertising is estimated at $7,000,000.
no contracts had yet been
Rail¬
signed, said:
road time-tables have also been abridged and simplified.
Contrary to the prevailing belief, no railroad contracts have been
signed,
according to statements made to-day in railway circles. Atchison, New
Another chapter deals with the elimination of unnecessary
York Central, Northwestern and a few other railroads
have done' their
Between many important cities a dupli¬
passenger trains.
part, it was stated, but to complete the transaction the contracts had
to be
cate and elaborately equipped passenger service was formerly
signed by the Government. Railway men stated to-day that several
con¬
tracts signed by the railroads had been in
Washington for a fortnight or maintained by competing roads.
Where this service was in
more, but for some reason not yet explained the G
ernment had not seen
excess of the demand it has been reduced by the abandon¬
fit to affix its signature.
In
was

some

railroad quarters it was hinted to-day that the
Government
on the contracts under which the carriers are

withholding its signature




competition for freight

ment of

no

or passenger

one or more trains.
Other unnecessary passenger
trains have also been annulled.
In the district west of the

1448

THE CHRONICLE

[Vol. 107.

Mississippi River an aggregate passenger-train mileage of tural, as it is impossible to say whether the higher rates
21,000,000 miles a year has been thus done away with. In charged will have the effect of reducing the traffic. He adds
the Eastern district unessential passenger trains that used that thus far such an effect has not been noticeable, at least
in the case of the passenger traffic and explains that the
to travel 26,420,000 miles per annum have also been elimi¬
nated.
Through travel is being directed to the natural increased travel that is noticeable in many parts of the
routes.
The hauling of special trains or needless private country is due to higher wages paid to workers who are con¬
stantly changing their places of employment as well as to
cars has been discouraged, and the schedules are being re¬
vised, so that closer connections can be made. Railroad the travel of the soldiers who have been granted a special
tickets between points reached by more than one road are rate of 1 cent per mile when on furlough, and the journeys
honored by any route, and a universal mileage book good made by friends and relatives of the men who are visiting
The tax upon the passenger
in the hands of bearer upon any Government-controlled road the various cantonments.
service
has
also
been
greatly
increased by the movement
is now to bo had.
It is sold in units of 500 and 1,000 miles at
of
troops
on
from
and Navy Departments.
orders
the
War
3 cents per mile, plus the Government tax of 8%.
The
During July over 1,100,000 men were moved on such orders
coupons it contains are also good at their face value for excess
and an aggregate of about 6,455,558 troops had been moved
baggage charges. Another reform that is being worked out
Government account between May 1 1917 and July 31
for
is the consolidation of passenger terminals.
The most con¬
1918.
Of this number nearly 68% were carried between
spicuous case in which it has been applied is the use of the
Jan. 1 and July 1 1918.
Pennsylvania Terminal in New York for through trains via
“Store-door” delivery as adopted in New York and Phila¬
.the Baltimore & Ohio between Washington and New York.
delphia
and as it may be extended to other cities is dealt
The report asserts that in reorganizing the operating force
another chapter in which the stimulant of higher
with
in
still
it has been possible without any impairment of efficiency
demurrage rates in intensifying the use of freight cars is
to reduce both the number of officers required and the aggre¬
also discussed. Further mention of this is made in to-day’s
gate of the salaries paid them. A table is submitted showing
The stand¬
that under private control 2,325 officers drawing salaries issue of the “Chronicle” under a separate head.
ardization
of
and
locomotives,
which
freight
cars
by
about
of $5,000 a year or over were employed.
The aggregate of
12
types
of
each
wall
the
two
or
three
thousand
supersede
their salaries was $21,320,187.
Under Government control
1,925 officials are employed, drawing salaries of $5,000 a types formerly in use is also discussed in Mr. McAdoo’s
year or over.
The aggregate of their salaries is $16,705,298, report. The expenditure of nearly a billion dollars for im¬
provements and betterments, financial advances to the rail¬
and the saving shown amounts to $4,614,889 per annum.
This total includes the officers of the various regional dis¬ roads which aggregated $203,714,050 up to July 31, the
tricts as well as those of the central administration in Wash¬ economies made possible by a consolidation of the purchasing
ington. A reduction in the legal expenses of the railroads departments of the various railroads under the direction of
amounting to approximately $1,500,000 annually has also, the Division of Finance and Purchases, are also subjects
With regard to the coal
the report states, been effected by the elimination of a num¬ dealt with at length in the report.
ber of men formerly employed in the legal departments, movement the report says:
Just ab present strenuous efforts are being made to speed up the move¬
a reduction in the salaries of others and the transfer of the
ment of coal so as to preclude the recurrence of the distressing experience
general counsel of various roads from the operating pay-roll of last year. In both the production and transportation of coal 1917 was
record year.
Including bituminous, lignite and anthractie the produc¬
to the pay-rolls of the corporations.
It is believed that ation
was 650,000,000 tons.
Of this some 11,563,056 cars, containing about
efficiency has in no respect been lessened.
558,000,000 tons, were transported by the railways. The balance was
With regard to the salaries paid, the report says:
either consumed or converted into coke at the mines or near by.
During
the bad weather in January 1918, when the railroads were practically at
Under private control salaries as high as $100,000 per annum were paid
a standstill, there was a reduction of 79,131 cars in the number of cars of
to officers of railroad corporations.
Under Government control the coal loaded and moved as compared with the year 1917. Notwithstanding
highest salaries paid are to the regional directors (of whom there are but
the continued bad weather in February 1918, the railroads got on their
seven) and these salaries range from $40,000 to $50,000 per annum,.
This feet and increased over February 1918 31,250 carloads of coal. In March
reduced compensation has been fixed for Regional Directors notwithstand¬
the increase was 46,613; in April, 73,408; in May, 84,998; in June, 88,840,
ing the increased responsibilities and duties of these directors as compared
and for the first four weeks of July, 113,198 cars.
It will be seen, there¬
with those of the Presidents of the larger railroad corporations.
fore, that for the last six months the increase in coal carried by the railways
The reduction of $4,61^,889 per annum in the aggregate of the salaries
has been 437,976 cars of coal—equal to about 21,998,800 tons.
paid to the more responsible officials has not been effected by forcing the
One of the great advantages of Government control is that the trans¬
experienced men appointed by the United States Railroad Administration
portation facilities of the country can be concentrated upon the quick per¬
to accept salaries incommensurate with their responsibilities, although in
formance of an urgent duty.
The energies of the Railroad Administra¬
numerous instances these salaries are substantially loss than those they
tion are now being largely devoted to moving the coal mined as rapidly
had been earning as officers of the railroads or could earn in private em¬
as the Fuel Administration can deliver it.
ployment.
I have felt that it was not only equitable but necessary that
Of late cars have frequently been supplied to the coal mines, more rapidly
they should be justly remunerated, and that the rewards of brains, indus¬
than they have been able to load them and it is probable that adequate
try and loyalty should be sufficient to continually attract able men to the
service of the railroads as their life's work.
It is not a question merely of transportation for the fuel requirements of the nation will be available
provided the coal production during the warm weather can be maintained
operating the railroads during the period of the war—this requires, it is
at a point that will fully employ the cars requisitioned.
The country has
the
best
talent
that
can
secured
if
the
present
de¬
true,
be
extraordinary
been led to believe that coal production is limited entirely by transportation
mands are to bo met—but it is a question of the post-bellum period as well,
and that any shortage is due to the railroads.
This is erroneous. The
when railroad work must continue to be sufficiently attractive to draw
maintenance of an adequate coal supply depends in the first instance upon
constantly to it men of the right quality and calibre.
Unless the ranks are
production which in turn is restricted by shortages of labor and other
uninterruptedly recruited with such men it will be impossible to maintain
causes aside from transportaiont.
the efficient organizations which are essential to the successful manage¬
Under the caption “Results thus far secured” mention is
ment and operation of the railroads of the country.
The salaries paid under Government control to the higher officers should
made of the speed with which transcontinental movement
be sufficient to make the juniors realize that the promotions and rewards
of lumber for ships, aeroplanes and other Government re¬
of a railroad career are still worth working for, and that they will be com¬
mensurate with those of private enterprise and industry.
quirements, not including those of the railroads, was made
Altogether 177,000,000
The various advances made in the wages of railroad em¬ between January and July 1918.
ployees since Mr. McAdoo took charge are dealt with at feet were shipped from the Pacific Coast to the Atlantic or
length. It is explained that the recommendations of the intermediate points and, when speed was essential, delivery
Railroad Wage Commission of which Secretary Lane was on the Eastern seaboard was made within 15 days after
Chairman, have been accepted in so far as the percentages shipment.
Mr. McAdoo’s view of the future i3 optimistic.
He says
of advance recommended were concerned, but that Mr.
that
there
is
good
for
that
substantial
ground
believing
McAdoo found himself unable to acquiesce in the suggestion
of the commission that no change in working hours should progress has been made “in accelerating the movement of
be made during the continuance of the war, and that he has traffic and employing the available equipment more inten¬
therefore recognized the principle of the basic eight-hour sively,” and that ho is confident that the railroads will
day in railroad service as a matter of justice. The advance shortly be in a condition to meet any demands that may be
of 25% in freight rates and the establishment of a minimum made upon them if the needed motive power already ordered
passenger rate of 3 cents per mile is likewise discussed at can he secured and the skilled labor necessary is not withdrawn
These,
length in a paragraph which also deals with the super from the railroads for military and other purposes.
charges of one-quarter and one-half cent per mile now made- he says, are very serious phases of the railway problem.
for transportation in tourist and Pullman cars respectively.
Mr. McAdoo asserts that the general advance in freight and
“STORE DOOR DELIVERY” AND INTENSIFIED USE
passenger rates has been necessary to provide for the in¬
OF FREIGHT CARS.
crease in wages allowed and the rising costs of operations
The following on the subject of “store door delivery” is
generally, and while he adds that it is assumed that these
from the report of Director-General of Railroads
advances will increase the net operating revenue of the rail¬ taken
McAdoo dealing with the first seven months* operation of
roads by an amount about equal to the greater cost of opera¬
the railroads:
tion, he says that this assumption is more or less conjec¬




/

Oct. 12

1918.]

On Jan. 1 1917 the railways of the United States owned about 2,400,000
freight cars. Delay in loading and unloading these cars and their use
by both shippers and consignees as warehouses has very seriously dimin¬
ished the carrying capacity of the roads.
If each car makes one trip a
month only and is loaded and unloaded so as to save one day a month of
the time that it was formerly idle, the result would be equivalent to an
addition of 80,000 cars to the aggregate equipment.
Probably there is an unnecessary delay of more than one day a month
in loading and unloading cars.
To diminish this delay the free time
hitherto allowed for loading and unloading has been shortened and a cumu¬
lative increase in the demurrage charge hitherto made for unnecessary use
has been ordered, so as to free the rolling stock for transportation more
promptly than formerly. As prompt unloading of cars upon their arrival
at public terminals presupposes that congestion at the terminals shall be
avoided, what is known as the “store door” system of freight delivery
has been introduced in Philadelphia and New York and will probably be
extended to other large cities.
In Philadelphia, through the co-operation
between the carriers, the commercial bodies, and the truckmen, it was
established on May 1 and has proved itself effective in clearing the stations
for inbound package freight 24 hours earlier than usual.
It has recently
been inaugurated in New York, wnere the usual notice to consignees to
come and get their freight is no longer given.
In lieu thereof immediate
delivery of the goods is made by drays, thus doing away with free time at
terminals.
A reasonable charge for this service is to be paid by the con¬
signees to the drayage companies employed.
If the plan shall vindicate the claims of iis authors, the congestion of
inbound freight, which has hitherto prevented the prompt unloading of
cars, will be a thing of the past, and it is suggested that ultimately it may
be possible to collect outgoing freight by the same trucks which deliver to
stores and factories incoming freight hauled from the terminals.

James S. Harlan, a member of the Inter-State

Commerce
Commission, who has been in charge of the installation of
the system of “store door” delivery of freight in New York,
in

a

statement issued said in part:

On every hand the plan is receiving cordial co-operation and
and

approva1

being made in forming an organization. The public
of store door delivery as a war measure, and as one
that must be taken to put the railroad facilities of this port in condition
during the fall and winter to meet the extraordinary burdens that will
progress is
realizes the necessity

fall

rapid

on

them.

There

seems to be an impression among receivers of freight that the store
delivery will not apply to carload traffic. This is an error.
It is
not our purpose to extend the traffic service to carload traffic received on
public team tracks, but carload traffic received at freight piers will neces¬
sarily come under the store door service.
The underlying purpose of this service is to keep the piers free at all times
from freight accumulations.
Manifestly this purpose cannot be accom¬
plished unless carload freight is included in the general store door service.
In general that service will extend to all freight arriving at railroad piers
on Manhattan Island south of Fifty-ninth Street.
Some difficult questions
have been suggested as to carload freight and it is my earnest desire to
take a practical view of these matters, so as to produce the least possible
disturbance to the receiving of freight.

dorr

Austro-Hungarian Minister at Stockholm had been
charged to request the Swedish Government to transmit to
President Wilson a proposal to conclude an immediate
armistice “with him and his allies,” and to start without
delay negotiations for peace. As forwarded by the Havas
agency, the text of the Austrian proposal was as follows:
the

only defensive
put an end to
the bloodshed and conclude an honorable peace, proposes by presentation
to President Wilson to conclude immediately with him and his allies a
general armistice on land, on Sea and in the air, and start without delay
The

been put
operation in New York. It w'as first scheduled to go
into effect Aug. 15, but the date was later fixed as Sept. 1;
a further postponement has been found necessary.
TEUTONIC NATIONS AGAIN MOVE FOR PEACE—ASK

ARMISTICE AND ACCEPT WILSON’S PRINCIPLES
AS BASIS FOR DISCUSSION.

by the whole trend of recent develop¬

ments, Germany, Austria and Turkey, at the beginning of
the week, joined in another effort to get their adversaries to
consent to enter into peace

negotiations. This time they
appeal to President Wilson to take steps toward
bringing about a general armistice preparatory to peace
negotiations, at the same time declaring their willingness to
accept “as a basis of negotiations” the peace principles
anunciated by the President in his address to Congress on
Jan. 8 last, and in subsequent addresses, especially his speech
in New York on Sept. 27.
To this appeal President Wilson, in a note to the German
Government, has replied by asking for more definite infor¬
united in

an

mation

as to what the German Government means when
it says it “accepts” the peace principles laid down by the

President, and also asking in whose

name

the German

Chancellor was speaking.
As to an armistice, the President
declines to suggest a cessation of hostilities to this coun¬

try’s associates in the war against the Central Powers “so
long as the armies of those Powers are upon their soil.”
“The good faith of any discussion would manifestly depend,”
the President continued, “upon the consent of the Central
Powers immediately to withdraw their forces everywhere
from invaded territory.”
Thus the President’s reply, with¬
out actually shutting the door to peace negotiations, throws
upon Germany the burden of proving the sincerity of her
profession by making in advance an important beginning
toward undoing the wrong she has committed.
A renewal of the Teutonic “peace offensive” had been
expected, following the summary rejection of Austria’s
invitation to a “non-binding” discussion of terms, especially
in view' of the collapse of Bulgaria, the destruction of the
Turkish armies in Palestine, and the continued success of

Austro-Hungarian

monarchy,

which

has

made

warfare and has borne witness several times to its desire to

negotiations for peace.
These negotiations will be based on the fourteen points in President
Wilson’s message of Jan. 8 and the four points of his speech of Feb. 12

(Feb. 11) 1918, and those equally of Sept. 27 1918.

The

day’s dispatches clearly foreshadowed similar
On Oct. 6 Associated
Press dispatches from Amsterdam announced that the newly
appointed Imperial German Chancellor, Prince Max of
Baden, had forwarded to President Wilson, through the
Swiss Government, a note of similar import to the Austrian
same

action by Germany and Turkey.

communication.
The official text of the German note was delivered to
President Wilson on Oct. 7 by the Charge d’Affaires ad
interim of the Swiss Legation, and did not differ materially
from the earlier versions carried in press cablegrams.
It

accompanied by an explanatory letter from the Swiss
Charge reading as follows:

was

From the

Charge d’Affaires, ad interim, of Switzerland, in charge of

German interests in the United States:

LEGATION OF

SWITZERLAND.

Washington, D. C., Oct. 6 1918.
Department of German Interests.
Mr. President.—I have the honor to transmit herewith, upon instruction
from my Government, the original text of a communication from the
German Government, received by this legation late this afternoon from the
Swiss Foreign Office.
An English translation of this communication is also enclosed.
The
German original text, however, is alone to be considered as authoritative.
Please accept, Mr. President, the assurances of my highest consideration..,
F. OEDERL1N,
Charge d’Affaires, ad interim, of Switzerland, in Charge
of German Interests in the United States.

The note from Prince Max of Baden read:
Mr.

It is proper to state that the system has not yet

in

As foreshadowed

1449

THE CHRONICLE

Woodrow Wilson, President of the United States, Washington.
(Enclosure.)

Translation

of communication

from

the

German Government

to

the

President of the United States, as transmitted by the Charge d’Affaires a. i.
of

Switzerland,

on

Oct. 6 1918.

The German Government requests the
Amorica to take steps for the restoration

President of the United States of

of peace, to notify all belligerents
of this request, and to invite them to delegate plenipotentiaries for the
purpose of taking up negotiations.
The German Government accepts, as
a basis for the peace negotiations, the program laid down by the President
of the United States in his message to Congress of Jan. 8 1918, and in his
subsequent pronouncements, particularly in his address of Sept. 27 1918.
In order to avoid further bloodshed, the German Government requests to
bring about the immediate conclusion of a general armistice on land, on
water, and in the air.
MAX, PRINCE OF BADEN,
Imperial Chancellor.

The Turkish Government’s peace note was forwarded
through the Spanish Government, and is said to have been

similar in all essentials to the German and Austrian com¬

munications.
Of the three communications received, President Wilson
has chosen to make his preliminary reply to that from Ger¬
many, as

As in the

the dominating Power in the Teutonic alliance.
case of the Austrian proposals of Sept. 14, the
had the press versions of the German note before

President
him some hours before the official text was delivered.
From
the nature of the communication, however, it was im¬

possible for him to make reply in the same curt fashion
as in the previous instance, when his answer was announced
within twenty-five minutes of the receipt of the official text
The present note was not a general
invitation dispatched to all the belligerents, but a request
to President Wilson personally that he take up with the
of the Austrian note.

the question of arranging peace. Before
making a formal reply, therefore, it was important to con¬
sult the Governments of the other countries involved.
Presumably this was done, but as a matter of fact, the com¬
munication which the President sent to Berlin through the
Swiss Government was not a “reply” to the German pro¬
posals, but merely a request for further information pre¬
liminary to making a reply.
President Wilson’s note, which was very brief, consisted
of only three points.
In the first, ho asked the Imperial
Chancellor point blank what he meant when he said Ger¬
many accepted the principles laid down in the President s
the Entente assaults on the West front.
The first intima¬ speeches, and whether its object in entering into negotia¬
tion of the new peace offer came on Oct. 5, when dispatches tions would be only to agree upon the practical details of
from Berne to the Havas Agency at Paris announced that their application.




Entente powers

THE CHRONICLE

1450

armistice, the President “would
liberty to propose a cessation of arms to the

As to the request
not feel at

for

an

Governments with which the Government of the United
States is associated against the Central Powers so long as
the armies of those Powers are upon their soil.”
And to
make this point even stronger, President Wilson added:

good faith of any discussion would manifestly depend
upon the consent of the Central Powers immediately to
withdraw their forces everywhere from invaded territory.”
The last point raised by the President is in many respects
the most important, involving as it does the whole ques¬
tion' of who in Germany can be trusted to conclude an
honorable and lasting peace. “The President also feels,”
the note recites, “that he is justified in asking whether the
Imperial Chancellor is speaking merely for the constituted
authorities of the Empire, who have so far conducted the
“The

war.”
The President has all

along insisted and nowhere more
strongly than in his address of Sept. 27, that the rulers of
Germany could not be trusted, and that no “bargained
peace” could be made with them. Much significance,
therefore, is attached to the President’s final query, es¬
pecially in view of the fact that the speech of the new Ger¬
man
Chancellor, outlining the proposed changes in the
Government under the Emperor’s decree of Sept. 30, had
already been published when the President’s reply was
written.
The full text of President Wilson’s note will be found in

th«

item

below.

TEXT OF PRESIDENT WILSON'S REPLY TO GERMAN
PEACE PLEA.

The text of the communication in reply to the

German

note, handed on Oct. 8 to Frederick Oederlin, Charge
d*Affaires ad interim of the Swiss Legation at Washington,
peace

was as

follows:

I have the honor to acknowledge on behalf of the President your
note of Oct. 6, enclosing the communication from the German Government
to the President; and X am instructed by the President to request you to
make the following communication to the Imperial German Chancellor:
Sir.

Before making

reply to the request of the Imeprial German Government,

and in order that that

reply shall be as candid and straightforward as the
require, the President of the United States
deems it necessary to assure himself of the exact meaning of the note of the
Imperial Chancellor. Does the Imperial Chancellor mean that the Im¬
perial German Government accepts the terms laid down by the President
in his address to the Congress of the United States on the 8th of January
last and in subsequent addresses and that its object in entering into dis¬
cussions would be only to agree upon the practical details of their applica¬
momentous intersts involved

tion ?
The President feels bound to say with regard to the suggestion of an
armistice that he would not feel at liberty to propose a cessation of arms
t* the Governments with which the Government of the United States is
associated against the Central Powers so long as the armies of those Powers

their soil. The good faith of any discussion would manifestly
the consent of the Central Powers immediately to withdraw
their forces everywhere from invaded territory.
are

upon

depend

upon

The President also feels that he is justified in asking whether the Im¬
perial Chancellor is speaking merely for the constituted authorities of the
empire who have so far conducted the war. He doems the answer to these
questions vital from every point of view.
Accept, sir, the renewed assurance of my high consideration.
ROBERT

KAISER'S

LANSING.

PROCLAMATION TO ARMY AND
ANNOUNCING OFFER OF PEACE.

NAVY

Emperor William on Oct. G issued a proclamation to the
German army and navy in which, after announcing that
the Macedonian front had crumbled, he declared that he
had decided, in accord with his allies, to offer peace again to
the enemy.
The text of the proclamation read:
For months past the enemy with enormous exertions and almost without
in the fighting has stormed against your lines.
In weeks of the

pause

struggle, often without repose, you have had to persevere * and resist a
numerically far superior enemy. Therein lies the greatness of the task
which has been set for you and which you are fulfilling.
Troops of all the
German States are doing their part and are heroically defending the Fatherland on foreign soil.
Hard is the task.
My navy is holding its own against the united enemy naval forces and is
unwaveringly supporting the army in its difficult struggle.
The eyes of those at home rest with pride and admirat ion on the deeds
of the army and navy.
I express to you the thanks of myself and the
Fatherland.
The collapse of the Macedonian front has occurred in the midst of the
hardest struggle.
In accord with our allies I have resolved once more to
offer peace to the enemy, but I will only extend my hand for an honorable

We owe that the heroes who have laid down their lives
Fatherland, and we make that our duty to our children

peace.

Whether

will be lowered is still

a question.
Until then we must
must, as hitherto, exert ail our strength unweariiy to
ground against the onslaught of our enemies.
arms

not slacken.

hold our

for the

We

The hour is grave but, trusting in your strength and in God’s gracious
our beloved Father-

help, we feel ourselves to be strong enough to defend
land.




[Signed] WILHELM.

TEXT OF

[Vol. 107
NEW GERMAN CHANCELLOR'S AD¬
THE REICHSTAG ON
PEACE NEGOTIATIONS.

THE

DRESS TO

on

The full text of the address delivered before the Reichstag
Oct. 5 by Prince Maximilian of Baden, the new German

Chancellor, was given as follows in Associated Press dis¬
patches sent by way of Copenhagen on Oct. 6:
In accordance with the

imperial decree of Sept. 30 the German Empire

has undergone a basic alteration of its political leadership.
As successor to Count Georg F. von Hertiing, whose services in behalf
of the fatherland deserve the highest acknowledgment, I have been sum¬
moned

by the Emperor to lead the new Government.
In accordance with the Governmental method now introduced, I submit
to the Reichstag, publicly and without delay, the principles upon which
I propose to conduct

the grave responsibilities of the office.
These principles were firmly established by the agreement of the federat¬
ed Governments and the leaders of the majority parties in this honorable
House before I decided to assume the duties of Chancellor.
They contain,
therefore, not only my own confession of political faith, but that of an
overwhelming portion of the German peoples’ representatives, that is of
the German nation, which has constituted the Reichstag on the basis of a
general, equal and secret franchise and according to their will.
Only the
fact that I know the conviction and will of the majority of the people are
back of me has given me strength to take upon myself the conduct of the
empire's affairs m this hard and earnest time in which we are living.
One man’s shoulders would be too weak to carry alone the tremendous
responsibility which falls upon the Government at present. Only if the
people take active part, in the broadest sense of the word, in deciding their
destinies; in other words, if responsibility also extends to the majority
of their freely elected political leaders, can the leading statesman confi¬
dently assume his part of the responsibility in the service of folk and fatherland.

My resolve to do this has been especially lightened for me by the fact that
prominent leaders of the laboring class have found a way in the new Gov¬
ernment to the highest offices of the empire.
I see therein a sure guarantee
that the new Government will be supported by the firm confidence of the
broad masses of the people, without whose true support the whole under¬
taking would be condemned to failure in advance.
Hence, what I say
to-day 1 say is not only in my own name and those of my official helpers,
but in the name of the German people.
The program of the majority parties upon which I take my stand con¬
tains, first, an acceptance of the answer of the former Imperial Govern¬
ment to Pope Benedict's note of Aug. 1 1916, and an unconditional ac¬
ceptance of the Reichstag resolution of July 19, the same year.
It further
declares willingness to join a general league of nations based on the foun¬
dation of equal rights for all, both strong and weak.
It considers this solution of the Belgian question to lie in the complete
rehabilitation (wiederherstelling) of Belgium, particularly of its inde¬
pendence and territorial integrity. An effort shall also be made to reach
an understanding on the question of indemnity.
The program will not permit the peace treaties hitherto concluded to be a
hindrance to the conclusion of

a

general peace.

Its

particular aim is that popular representative bodies shall be formed
immediately on a broad basis in the Baltic provinces, in Lithuania and Po¬
land.
We will promote the realization of necessary preliminary con¬
ditions therefor without delay by the introduction of civilian rule.
All
these

lands

shall

regulate their constitutions

and their

relations

with

neighboring peoples without external interference.
In the matter of international policies 1 have taken a clear stand through
the manner in which the formation of the Government wras brought about.
Upon my motion leaders of the majority parties were summoned for direct
advice.
It was my conviction, gentlemen, that unity of imperial leader¬
ship should be assured not only through mere schismatic party allegiance
by the different members of the Government. I considered almost still
more important the unity of ideas.
I proceeded from this viewpoint and have, in making my selections, laid
greatest weight on the fact that the members of the new Imperial Govern¬
ment stand on a basis of a just peace of justice, regardless of the war situa¬
tion, and that they have openly declared this to be their standpoint at the
time when we stood at the height of our military successes.
I am convinced that the manner in which imperial leadership is now
constituted with co-operation of the Reichstag is not something ephe¬
meral, and that when peace comes a Government cannot again be formed
which does not find support in the Reichstag and does not draw its leaders
therefrom

The war has conducted us beyond the old multifarious and disrupted
party life which made it so difficult to put into execution a uniform and
decisive political wish.
The formation of a majority means the formation
of

a political will, and an indisputable result of the war has been that in
Germany, for the first time, great parties have joined together in a firm,
harmonious program and have thus come into position to determine for
themselves the fate of the people.
This thought will never die.
This development will never be retracted,
and I trust that so long as Germany’s fate is ringed about by
dangers
those sections of the people outside the majority paroles and whose repre¬
sentatives do not belong to the Government will put aside all that separates
us and will give the Fathonand what is the Fatherland s.
This development necessitates an alteration of our constitution’s
provi¬
sions along the linos of the imperial decree of Sept. 30, which shall make it
possible tiiat those members of the Reichstag who entered the Government
will retain their seats in the Reichstag.
A bill to this end has been sub¬
mitted to the Federal States and will
immediately be made the object

of their consideration and decision.

Gentlemen, let us remember the w'ords spoken by the Emperor on Aug.
1914, which I permitted myself to paraphrase last December at Karls¬
ruhe:
“There are, in fact, parties, but they are all German parties.”
Political developments in Prussia, the principal German Federal
State0
must proceed in the spirit of these words of the
Emperor, and the messag^
of the King of Prussia promising the democratic franchise must be fulfille
quickly and completely.
I do not doubt also that those Federal State
whicn still lag behind in the development of their constitutional conditionwill resolutely follow Prussia’s
example.
For the present, as the example of all belligerent States demonstrates,
the extraordinary powers which a condition of siege compels cannot be
dispensed with, but close relations betwreen the military and civilian author¬
ities must be established which will make it
possible that in all not purely
military questions, and hence especially as to censorship and right of assem¬
blage, the attitude of the civilian executive authorities shall make itself
4

t

heard and that final decision shall be placed under the

Chancellor’s

re¬

sponsibility.
To this end the order of the Emperor will be sent to the military com¬
With Sept. 30, the day of the decree, began a new epoch in

manders.

Oct. 12 1918.]

THE CHRONICLE

Germany’s internal history.
are

The internal policy whose basic principles
therein laid down is of deciding importance on the question of
peace

or war.

j

The striking force which the Government has in its
strivings for peace
depends on whether it has behind it the united, firm and unshakable will
of the people.
Only when our enemies feel that the German people stand
united back of their chosen leaders—then
only can words become deeds.
At the peace negotiations the German Government
w'ill use its efforts
to the end that the treaties shall contain
provisions concerning the protec¬
tion of labor and insurance of
laborers, which provisions shall oblige the
treaty making States to institute in their respective lands within a
pre¬
scribed time a minimum of similar, or at least
equally, efficient institutions
for the security of life and health as for the care of laborers in
the case of

illness, accident

or

invalidism.

Of direct

importance are the conclusions which the Government in the
brief span of its existence has been able to draw from the situation in
which
it finds itself and to apply
practically to the situation. More than four
years of bloodiest struggle against a world of
numerically superior enemies
are behind us, years full of the hardest
battles and most painful sacrifices.
Nevertheless, we are of strong heart and full of confident faith in our
strength, resolved to bear still heavier sacrifices for our honor and freedom
and for the happiness of our
posterity, if it caimot be otherwise.
W e remember with
deep and warm gratitude our brave troops, w'ho under

splendid leadership have accomplished almost superhuman deeds through¬
out the whole war and whose
past deeds are a sure guarantee that the fate
of us all will also in future be in good and
dependable hands in their keeping.
For months a continuous, terrible and murderous battle has been
raging
in the West.
Thanks to the incomparable heroism of our army, which will
live as an immortal, glorious page in the
history of the German people for
all times, the front is unbroken.
This proud consciousness
permits us to look to the future with confi¬
dence.
But, just because we are inspired by this feeling and the convic¬
tion that it is also our duty to make certain that the
bloody struggle be
not protracted for a single day beyond the moment when a close of
the
war seems possible to us which does not affect our
honor, I have, therefore,
not waited until to-day to take a step to further the idea of
peace.
Supported by the consent of ail duly authorized persons in the empire,
and by consent of all our allies acting in concert with
us, I sent on the night
of October 4-5, through the mediation of
Switzerland, a note to the Presi¬
dent of the United States in which 1 requested him to take
up the bringing
about of peace and to communicate to this end with all the
belligerent
States.

The note will reach

1451

I here unshakably adhere to the federative basis of the
Empire as a
Federal State whose individual members determine their internal consti¬
tutional life in complete independence—a right to which Alsace-Lorraine
also has a full claim.

BULGARIAN KING ABDICATES IN FAVOR OF HIS
SON, FOLLOWING SURRENDER TO ENTENTE.
The collapse of Bulgaria and the unconditional surrender
to the Entente armies

was

quickly followed by the abdica¬

tion of King Ferdinand in favor of his son, who on Oct. 3
mounted the throne under the name of Boris III.
The
new King in a manifesto to the
people called attention to
the fact that he was born in Bulgaria and belongs to the
othodox faith.
He promised to respect the constitution
and called on the people to rally around the throne.
King

Ferdinand, in abdicating the throne, according to
patch from Sofia, issued the following manifesto:

dis¬

a

By reason of a succession of circumstances which have occurred is my
kingdom and which demand from each citizen such sacrifice, even t® the
surrendering of one’s self for the wellbeing of all, I desire to give as the first
example the sacrifice of myself.
Despite the sacred ties which for thirty-two years have bound me so
firmly to this country, for whose prosperity and greatness I have given all
my powers, I have decided to renounce the royal Bulgarian crown in favor
of my eldest son, His Highness the Prince Royal Boris of Timovo.
I call upon all faithful subjects and true patriots to unite as one man
about the throne of King Boris, to lift the country from its difficult situa¬
tion and to elevate new Bulgaria to the height to which it is
predestined.

The abdication of King Ferdinand was announced by
Premier Malinoff at a crowded session of the Bulgarian

Parliament, at which the Premier said:
We know of the profound misery which has overwhelmed the
country
and we deplore it.
We know the wrong was due largely to not receiving
succor from our allies, but this is past and our
duty now is to repair as

far as

Washington to-day

or to-morrow.

It is directed to

the President of the United States because he, in his
message to Congress
January 8 1918, and in his later proclamations, particularly in his New
York speech of September 27, proposed a program for a
general peace
wich we can accept as a basis for negotiations.
I have taken this step not only for the salvation of
Germany and its
allies but of all humanity, which has been suffering for
years through the
war.

I have taken it also becau:>e I believe the

thoughts regarding the future
proclaimed by Mr. Wilson are in
accord with the general ideas cherished by the new German Government
and with it the overwhelming majority of our
people.
So far as I am personally concerned, in earlier
speeches to other assem¬
blages my hearers will testify that the conception which 1 ho.d of a future
peace has undergone no change since I was entrusted with the
leadership
of the empire’s affairs.
I see, hence, no distinction whatever between the national and
interna¬
tional mandates of duty in respect of peace.
For me the deciding factor
is soleiy that all participants shall with
equal honesty acknowledge these
mandates as binding and respect them as is the case with me and with

well-being of the nation which

were

the other members of our new Government.
And so with an inner peace, which my clear conscience as a man and as
a servant of the
people gives me, and which rests at the same time upon
firm faith in this great and true people,
this people capable of every devo¬

tion, and

upon their glorious armed power I await the outcome of the
first action which 1 have taken as the leading statesman of the
empire.
Whatever this outcome may be I know it will find Germany
firmly
resolved and united either for an upright peace whicn rejects every selfish

violation of the rights of others or for a closing of the struggle for life and
death to which our people would be forced without our own fault if the
answer to our note of the Powers
opposed 'to us should be dictated by a
will to destroy us.
I do not despair over the thought that this second alternative
may
come.
I know the greatness of the mighty powers yet possessed by our
people and I know that the incontrovertible conviction that they were

only fighting for our life as a nation would double these powers.
I hope, however, for the sake of all mankind, that the President of the
United States will receive our offer as we mean it.
Then the door would
be opened to a speedy, honorable peace of justice and reconciliation for
us as well as for our
opponents.

The Imperial decree of Sept. 30, referred to in the Chan
cellor’s opening paragraph, was contained in the Kaiser’s
letter accepting the resignation of Count von Hertling, that

part of the letter reading

as

possible the results of the national catastrophe.

The Premier asked for

a

secret session of the Chamber

to

permit of the widest explanations regarding the armistice.
He was opposed by the Socialists, but a secret meeting
finally was voted. After a session lasting five hours, at
which all the party leaders were heard, the Chamber, it is
said, unanimously adopted the report on the conclusion of
the armistice with the Entente Powers.

Immediately following his abdication the former King
Ferdinand left Bulgaria, and was reported as arriving at
Vienna on Oct. 3.
On his way through Budapest, accord¬
ing to

press

dispatches from Basel, Switzerland, the fallen

monarch told the Bulgarian Consul there that he intended
in the future to devote himself to his favorite pursuits,

chiefly to botany. He denied playing a double game, and
said he had always wished to remain faithful to his allies.
Continuing he said:
But unexpected circumstances which transformed the situation com¬
pelled my abdication and forced me to quit Bulgaria in the interests of the
people. They were unwilling to continue tne war and there was oppo¬
sition between them and

unwilling to be

an

mo.

Serious troubles broke out in Sofia.

I

was

obstacle to the general desire for peace, ro I left.

Formal denial of statements made in the German press
that the Bulgarian peace proposals were made without the
consent of all sections of the people was made in King Fer¬

dinand’s speech before the Sobranje,

garian semi-official
a Sofia dispatch.

organ

according to the Bul¬
“Preporetz,” which is quoted in

The first decree signed by the new King was one pro¬
viding for the demobilizing of the Bulgarian army. Semi¬
official advices from Sofia said that the Bulgarian press
counted on the Entente nations not to betray their ele¬
vated principles of international justice and to take into ac¬
count Bulgaria’s territorial claims when peace is nego¬

tiated.

follows:

I desire that the German people shall
co-operate more effectively than
hitherto in deciding the fate fo the Fatherland.
It is therefore my will that
the men who have been borne up by the people’s trust shall in a wide extent
co-operate in the right and duties of government. I beg of you to terminate
your work by continuing to conduct the Government’s business and
pre¬
paring the way for measures decided by me until I have found a successor

GERM ANTS

CONSTITUTIONAL CIIANGES—SOCIAL-

ISTS TAKEN INTO MINISTRY.,
On

Monday (Oct. 7) the German Chancellor appeared
Reichstag and made his first public address since
The letter in full was given in our issue of last week,
assuming office, outlining his policies and formally announ¬
page
1346.
On the following day (Oct. 1) Vice-Chancellor von
cing the new peace offer. We give the address in full in
Payer called together the leaders of the Reichstag parties another column of to-day’s issue. The Chancellor gave first
and outlined the plan for reorganizing the
Ministry, which place in his address to what he described as “a basic altera¬
involved changes in certain articles in the constitution, also tion” of the political leadership of the German Empire.
“In
accordance
with
the
Imperial
decree
of
Sept.
30,”
he
began,
given in our last week’s issue.
President Wilson’s speech of Jan. 8 1918 was given in full “the German Empire has undergone a basic alteration of its
in our issue for Jan. 12, page 148.
The address delivered political leadership.” After eulogizing former Chancellor
von Hertling, Prince Maximilian continued:
at New York on Sept. 27 was printed in the “Chronicle”
In accordance with the governmental method now introduced, I submit to
for Sept. 28, page 1238.
the Reichstag publicly and without delay, the principles upon which I pro¬
According to an Amsterdam dispatch dated Oct. 6, the pose to conduct the grave responsibilities of the office.
These principles w'ere firmly established by the agreement of the fed¬
version of Chancellor Maximilian’s speech received here
erated Governments and the leaders of the majority part ies in this honorable
says that the Prince, in referring to the message of the King
House before I decided to assume the duties of Chancellor.
They contain,
of Prussia in promising a democratic franchise, declared:
therefore, not only my own confession of political faith, but that ef an
for you.




before the

*

overwhelming portion of the German peoples’
the German nation, which has constituted the

representatives, that is, o

Reichstag on the basis of a

general, equal and secret franchise, and according to their will.
Only the
fact that I know the conviction and will of the majority of the people are
back of me has given me strength to take upon myself conduct of the Em¬
pire’s affairs in this hard and earnest time in which we are living.

Further

on

in his address the Chancellor

dence that the

expressed confi¬

change thus instituted would prove perma¬

nent, saying:
I

am

convinced that the manner in

which Imperial leadership is now con¬

something ephemeral,
Government cannot again be formed which
Reichstag and does not draw its leaders

stituted, with co-operation of the Reichstag, is not
and that when peace comes a
does not find support in the

AUSTRIAN EXPLANATION OF PEACE MOVE AS A
LOGICAL DEVELOPMENT OF PREVIOUS
SIMILAR MOVEMENTS.

in the

circles.” The article claims that the peace offer was not
forced by military necessity, but was a logical development
of peace plans.
As quoted
from Amsterdam on Oct. 7 it

promised that the Prussian franchise
quickly and that those Federal
States that still lag behind jn thier constitutional develop¬
ment will rapidly follow Prussia’s example.
“With Sept. 30”
(the date of the Emperor’s decree), the Chancellor declared,
“began a new epoch in Germany’s internal history.”
The new policy thus initiated is interpreted as being
closely connected with the Teutonic peace offensive. Both
The Chancellor also

reform would be fulfilled

President Wilson and the Entente Governments have

re¬

peatedly announced that they would not make peace with
the German Government as formerly constituted, but would
only deal with the representatives of the German people.
Hence, in order to get a hearing for their new peace propo¬
sals, it was necessary to set up a form of parliamentary gov¬
ernment.
It is pointed out, however, that the changes so
far announced, while a step in the direction of parliamentarization, are not only not complete, but are to a large degree
vitiated by being handed down from above.
What the
Emperor has “granted” the Emperor can also take away,
and this is not the first time in German history that the peo¬
ple have been promised a truly representative government.
In line with the changes thus promised by the new Chan¬
cellor, the reorganized Ministry contains, according to press
cables, two Socialists; Herr Bauer, Socialist member of the
Reichstag, has been named Secretary of State for the newdy
organized Imperial Labor Office, and Dr. Edward David,
Socialist leader in the Reichstag, has been appointed Under
Secretary for Foreign Affairs. Mathias Erzberger, the Cen¬
trist leader, has been appointed Secretary of State wuthout
portfolio. Dr. Solf, German Colonial Secretary, has been
appointed Imperial Foreign Secretary, but will continue dur¬
ing the war to act also as Colonial Secretary.
It was also announced in Amsterdam dispatches on Oct. 6
that the next issue of the “Imperial Law Gazette” "would
contain a decree by the Kaiser dated Oct. 4, addressed to the
Imperial Chancellor, and reading:
On your proposal I decree that the social and political affairs of the
Empire, which heretofore have pertained to the Imperial Economic Min¬
istry, shall henceforth be dealt with by a special central authority, under
the name of the Imperial Labor Minister, under dircet control of the Im¬
perial Chancellor.
You will have to provide for the allocation of work for
the officials requisite in virtue of this decree.

“Germania,” organ of the Centrist
Amsterdam dispatch on Oct. 8, said
that the inner Cabinet of Prince Maximilian of Baden is
composed of Friedrich von Payer, the Vice-Chancellor;
Adolf Grober, the Centrist leader; Mathias Erzberger,
another Centrist chief; Philipp Schiedemann, Socialist, and
Herr Friedberg, Vice-President of the Prussian State Minis¬
try. The Cologne “Volkzeitung” says that Karl Trimborn,
Centrist, has been appointed Minister of the Interior.
The Berlin newspaper
as

quoted in

an

to labor and Socialist sentiment
of the Chancellor’s speech, referred
to above, in which the promise is held out that at the final
peace conference the German Government wrill use its efforts
to see that the treaties shall contain provisions concerning
the protection of labor, social insurance, &c.
The passage
in question reads:
A

further concession

is contained in

a

passage

At the peace negotiations the German Government will use its efforts
to the end that the treaties shall contain provisions concerning the pro¬
tection of labor and insurance of laborers, which provisions shall oblige
the treaty-making States to institute in their respective lands within a

prescribed time a minimum of similar, or at least equally efficient, institu¬
tions for the security of life and health, as for the care of laborers in the
case

explanation of the steps leading up to the peace
given in an article published
Vienna newspapers and credited to “well-informed

A detailed

offer of the Central Powers was

therefrom.

Party,

[Vol. 107.

THE CHRONICLE

1452

of illness, accident or invalidism.

in Associated Press dispatches
reads as follows:

It is first to be emphasized that this step by Austria-Hungary, Turkey and
Germany is not to be regarded as a decision taken suddenly under the stress
of military events.
It constitutes rather, in the history of our peace policy,
the last link in the chain of logical and continual evolution, regard being
paid at the same time to the latest internal political developments in Ger¬
many.
As is known,

the point of departure of our peace policy was Baron Burian’s
The step then taken was of a very vague charac¬
December, 1916.
The conditions were not described, but only indicated in broad out¬

note of
ter.

lines.
In the course of the

development the conditions have become

dispatch from Amsterdam to the Exchange Telegraph
on Oct. 8 reported that the German Govern¬
ment intends to grant pardons to a number of politicians
imprisoned since the war began, and that a general amnesty
to political prisoners was under consideration.
Among
those soon to be liberated, the dispatch said, are Dr. Karl
Liebknecht and Deputy Wilhelm Dittmann, both leaders
of the Independent, or minority, Socialists, imprisoned on
charges of high treason.




just

Subsequently, the idea of establishing an international court of arbitra¬
discussed, and, further, the prin¬
ciple of freedom of the seas was proclaimed, and, finally, the principle was
set forth that economic wars and economic oppression after the war must be
prevented. Out of these guiding principles has arisen the present program.
All these points, it w ill be recalled, w ere accepted by Count Czernin (for¬
mer Austrian Foreign Minister;, in speeches and interviews, as a suitable
basis for peace negotiations, and finally received the approval also of the
German Reichstag, so that uniformity in the conception of the allies (Teu¬
tonic) thereby found expression.
Then followed the peace note of Pope Benedict, whose proposals and
fundamental ideas were accepted by us as forming an acceptable basis.
Only President Wilson, in his note of Jan. 8 1918, in his fourteen points,
made proposals and proclaimed principles which substantially accorded
with the program of the Central Powers.
Count Czernin and Count von liertling described President Wilson’s
proposals, apart from a reserve regarding certain points, as a suitable basis
for peace.
The Austro-Hungarian delegations and the German Reichstag
have described their attitude toward these proposals in a similar manner.
It should be noted, also, that it was alw ays President Wilson who occupied
himself with a concrete peace program, while the Entente adhered to its
intentions of conquest.
Then came Baron Burian’s last proposal, for a
preliminary discussion by the belligerent Powers.
The proposal was rejected by President Wilson, not, however, with the
intention of cutting off peace discussions, because in his speech of Sept. 27
he again reverted to it and m an objective manner set forth the necessity
of a just peace—a peace that would not be onesided, but just to both sides,
and thus fulfill tne principle of high justice to all.
At this moment of the proclamation of this principle of equal justice for
ali parties it became clear that it was possible in this manner to come near
to attaining peace, because the principle of the elimination of any one-sided
preference provides for the solution of a group of difficult questions.
In the consideration of the further circumstance that, owing to the inter¬
nal political change in Germany, certain difficulties were cleared out of the
way, it became clear that a uniform decision of the Central Powers regard¬
ing peace could be affected. On this day of the new German Government’s
entering ofiice, we are in a position to undertake a step which reaches as
far back as the beginning of 1917.
This step was not born of the events of the moment, but continually had
won its way through in the course of a natural development.
In the circumstances we expect our step win lead to rapprochement and
discusion.
At the same time in expressing this hope we do not know how
the Entente and President Wilson will view' this step.
It is, however, po¬
litically justified on the ground alone that President Wilson represents sole
power and is not politically bound to the Entente.
In a formal manner it is also pointed out that our step is not to be inter¬
preted as a request for mediation.
This is out of the question, as only a neu¬
tral could act as mediator.
We approach President Wilson because the
points formulated by him represent a basis on which we could negotiate.
Our step will assuredly be regarded generally as one of great historic mo¬
ment.
In the note it is expressed with full clearness tnat the much calum¬
niated Central Powers are pursuing no imperialistic policy, and, moreover,
their conditions are in full accord with their program of defense.
Should our proposal not be accepted, then our opponents will have to
undertake full responsibility.
The note is presented separately because the
allies (Teutonic) are represented in America by protecting States—we by
Sweden, Germany by Switzerland.
The note at this moment has already been handed to the American Minis¬
ters at Stockholm and Berne.

[The Burian note of December, 1916, referred to in this “elucidation” was
in which the Austro-Hungarian Government, conjointly with Ger¬
many, Turkey and Bulgaria, addressed the Entente nations through the
neutral Powers, offering to negotiate for peace on terms which w'ere not
stated.]
that

TERMS OF BULGARIAN ARMISTICE.

dispatch received at Amsterdam on Oct. 7 from Sofia,
quotes the Bulgarian semi-official newspaper “Preporetz” as
giving the following as the term 5 of the armistice entered into
between Bulgaria and the Entente countries:
A

The evacuation of the territories

A

tallized.

tion and a reduction of armament was

belonged to Serbia

Co. at London

cry:

During .February, March and April expressions regarding a general and
peace without annexations or compensation came into currency.

occupied by Bulgaria in 1916 which

Greece.
Re-establishment of Bulgarian rule in the portion of former Bulgarian
territory occupied by troops of the Entente, for instance Strumnitza.
Demobilization of the Bulgarian army, except three divisions of in¬
fantry and four regiments of cavalry.
Consignment to the Allied army of the arms, munitions and war mater¬
ials of the demobilized troops.
Capitulation by the Bulgarian units stationed westward of Uskub when
the armistice is signed, the troops to remain guarded by the Entente until
or

further orders.

Departure within a month of German and Austro-Hungarian troops,
military agencies, diplomatic and consular representatives and persons of
those nationalities.

Oct. 12
The Turks
to the

1918.]
were

not mentioned in the

armistice, according

dispatch.

blatt,” notified the Powers with which she had been allied
that they must quit Bulgarian territory within a month.
Most of the Austrians have left Bulgaria, the dispatch added,
and the Germans are leaving.
AUSTRIA PREPARED TO MAKE HEAVY SACRIFICES
TO OBTAIN PEACE.

That Austria, at least, is prepared to go a long way toward
satisfying the demands of the Entente in order to bring about
peace is indicated in recent dispatches from that country.
Count Tiza, the former Premier of Hungary, speaking at the
reform congress at

Budapest, according to Amsterdam dis¬
patches on Oct. 7, is quoted by the Berlin “Vossische Zeitung” correspondent at the Hungarian capital as saying that
autonomy, so far as possible, would be granted to the various
nationalities living in Hungary, that Austrian territory occu¬
pied by Italy would go to Italy, and that parts of Galicia
would be annexed by new Poland.
Count Tiza is reported
by the correspondent to have said:
Bulgaria’s treachery and the situation on the Western front led us to
decide, together with Germany, to undertake these peace steps.
We have
sent a note to President Wilson announcing our acceptance of his fourteen
points.
We will try. so far as possible, to grant autonomy to nationalities
living in Hungary. Austrian territory won by Italy shall fall to Italy and
parts of Galicia shall fall to new Poland.

Oct. 9 reported that

in opening the Aus¬
Deputies Baron von Hussarek, the Aus¬
trian Premier, announced officially that a peaced note had
on

trian Chamber of

been sent to President Wilson and said:
the basis for negotiations indicated by an
important personality in the adverse camp.
It is evidence that the Central
Powers are disposed to adopt a course leading to a pacific end.
But I cannot.deny that this basis requires in many details a modification
of the political ideas which thus far have directed public opinion.
Never¬
theless, I hope this assembly Will approve of the new step leading to an
epoch in which the great peoples of the world will decide their own future.
A response not caking into account our disposition would show a will to
destroy us, and would meet from the Central Powers inflexible resolutions.
In

a measure

the note accepts

A Zurich

dispatch dated Oct. 9, interesting because it had
passed the Austrian censor, quoted the Vienna “Arbiter
Zeitung,” commenting on the peace situation, as saying:
It can and must be obtained. No price is too
their price, whatever it may be.
We must be prepared
to make the sacrifice involved to get peace.
We must renounce our politi¬
We must have peace.

high.

Let

confiding all political affairs to the leading authority of the
Council.

In accordance with the terms of the armistice, Bulgaria on
Oct. 7, according to a Sofia dispatch to the Berlin “Tage-

Vienna advices

1453

THE CHRONICLE

National

principles of the American
armies, (this applies especially to

In accordance with the humanitarian

Constitution, the military practice of our
our army in Russia) is acknowledged.
I once more would express my satisfaction and thanks to the United
States Government and the President for their recognition of our national
cause.
I, of course, know that we also owe a good deal to the American
public opinion and its representatives.

Secretary Lansing bad previously (on May 29 and again
June 28) expressed the sympathy of the United States
with “the nationalistic aspirations” of the Czecho-Slovaks
and Jugo-Slavs, the statement issued on May 29 reading:

on

The Secretary of State desires to announce that the proceedings of the
Congress of Oppressed Races of Austria-Hungary, which was held in Rome
in April, has been followed with great interest by the Government of the
United States, and that the nationalistic aspirations of the Czecho-Slovaks
and the Jugo Slavs for freedom have the earnest sympathy of this Govern¬

•

ment.

Mr.

Lansing’s statement of June 28 read:

Since the issuance by this

Government on May 29 of the statement re¬
garding the nationalistic aspirations for freedom of the Czecho-Slovaks and
.Tugo-Slavs, German and Austrian officials and sympathizers have sought
to

misinterpret and distort its manifest interpretation. In order that there
be no misunderstanding concerning the meaning of the statement, the
Secretary of State has to-day further announced the position of the United

may

States Government to be that all branches of the Slav

race

should be

com¬

pletely freed from German and Austrian rule.

The action

taken

by our State Department is inter¬
being the forerunner of more important steps to be
taken later by the United States and the Allies to expand the
present program for aiding the Czecho-Slovak forces now
operating in Russia and Siberia. In our issue of Sept. 7
(on page 961) we referred to the statement of the AustroHungarian Government repudiating the action of the En¬
tente Governments in extending recognition to the Czecho¬
preted

now

as

slovaks.
The Czecho-Slovaks, including the eight million Czechs
under Austrian rule in

Bohemia, Moravia, and Austrian
Silesia, and the three million Slovaks in the northern part
of Hungary, have been the most bitter antagonists of the
Austrian Government.
An army composed partly of
Czecho-Slovak regiments which went over to Russia and
partly of Czechs and Slovaks living in Russia when the war
broke out did brilliant

fighting, it is said, in the Russian
campaigns, and numbered at one time more than 100,000
men.
Considerable bodies of these troops subsequently
made their way across Russia and, having reached Vladivos¬
tok, defeated the Bolshevist forces there.

us pay

cal and economic ambitions.

SPAIN AND GERMANY REACH AGREEMENT ON

SHIPPING DISPUTE.
London dispatches dated Sept. 24, quoting

the San Sebas¬
“Times,” reported that,
Following similar action by Great Britain, France, Italy through the personal intervention of Maria Christina, the
and Japan, the United States Government has extended Queen Mother, the Spanish Cabinet had accepted Germany’s
formal recognition to the Czecho-Slovak people as a nation compromise proposal, whereby the latter promised to give
and to the Czecho-Slovak National Council as a de facto Spain seven interned German ships and to respect in future
the Spanish flag when flown on vessels exclusively engaged in
belligerent Government. In addition, the United States de¬
Spanish
trade. This would seem to smooth over, for the
clares its willingness to enter into formal relations with the
time being, the crisis which had threatened to result in an
de facto Government thus recognized. A statement issued
open break between Spain and Germany over the question of
by the State Department on Sept. 3 read as follows:
submarine interference with Spanish commerce. As the
The Czecho-Slovak peoples having taken up arms against the German and
Austro-Hungarian Empires, and having placed organized armies in the field
result of the constant sinking of Spanish vessels, more than
which are waging war against those empires under officers of their own na¬
20% of Spain’s merchant tonnage had been destroyed and
tionality and in accordance with the rules and practices of civilized nations;
over a hundred lives sacrificed.
The Spanish Government
and
The Czecho-Slovaks having, in prosecution of their independent purposes
repeatedly protested to Berlin against these outrages, but
in the present war, confided supreme political authority to the Czecho¬
without result. Finally the Spanish Government served
slovak National Council,
notice on Germany that, while neutrality would still be mainThe Government of the United States recognizes that a state of belliger¬
ency exists betw een the Czecho-Slovaks thus orgainzed and the German and
tained, Spain reserved the right to compensate herself, in
Austro-Hungarian Empires.
case of further sinkings, by seizing and using German ships
It also recognizes the Czecho-Slovak National Council as a de facto bel¬
interned in Spanish harbors. This announcement was con¬
ligerent Government, clothed with proper authority to direct the military
and political affairs of the Czecho-Slovaks.
tained in press dispatches from Madrid on Aug. 21, which fur¬
The Government of the United States further delares that it is prepared
ther stated that the Spanish Ambassador at Berlin had been
to enter formally into relations with the de facto Government thus recog¬
nized for the purpose of prosecuting the war against the common enemy,
instructed to inform the German Government of this decision.
the Empires of Germany and Austria-Hungary.
A statement issued after a meeting of the Spanish Cabinet
On Sept. 3 Secretary Lansing received Professor Masaryk, at San Sebastian read as follows:
President of the Czecho-Slovak National Council, and for¬
In the course of the recent meetings held at Madrid the Government
mally conveyed to him the fact that the American Govern¬ considered the international situation. As a consequence of the submarine
campaign more than 20% of our merchaat marine has been sunk, more
ment had taken this important action.
Professor Masaryk than 100 Spanish sailors have perished, a considerable number of sailors
have been wounded, and numbers have been shipwrecked and abandoned.
subsequently issued this statement:
CZECHOSLOVAKS RECOGNIZED BY UNITED STATES
AS NATION AND BELLIGERENT.

Mr. Lansing handed me the declaration to-day at 12 o’clock; I read it and
thanked him very heartily, as indeed I value the American recognition of
army, the National Council, and nation very highly.
Mr. Lansing’s
explanation confirmed what I have read myself in the wording of his declar¬

our

ation.

differs from the French and British in that
right to our independence directly, whereas Mr. Lans¬
ing’s wording recognizes in the first place our army and the National Coun¬
cil.
But speaking of the Czecho-Slovaks, the declaration denotes our whole
nation.
The British text recognizes our National Council as the present
trustee of the future Government; the United States recognizes our Council
directly as the de facto Government.
The United States lays stress on the belligerency and they emphasize the
organization of our nation shown first in mobilizing armies and second in
The American recognition

these recognize the




tian correspondent of the London

Ships needed exclusively for Spanish use have been torpedoed without the
slightest pretext, serious difficulties resulting to navigation.
The Government has believed that it is unable, without failing in its
essential obligations and without setting aside neutrality, to defer the
adoption of measures necessary to guarantee Spanish maritime traffic and
to protect Spanish crews and passengers.
Consequently the Government
has decided to address the Imperial German Government and declare that
owing to reduction of tonnage to its extreme limit, it will be obliged, in
case of new sinkings, to substitute therefor German vessels interned in
This measure does not imply the confiscation of the ships
Spanish ports.
under definite title.
It would be only a temporary solution until the es¬
tablishment of peace when Spanish claims also will be liquidated.
Our Ambassador at Berlin lias received instructions to bring thisjdecision to the notice of the German.Government.
The Spanish Government

#

THE CHRONICLE

1454
does not doubt that the German

Government will appreciate the circum¬

this resolution and will recognize that Spain, in holding
to the neutrality she has practiced since the beginning of the war, has
sacrificed many of her rights and legitimate conveniences when it has been
possible without affecting the dignity of Spain and her national life.
The decision of the Government to assure for itself sufficient tonnage,
which is indispensable to its existence, does not affect its firm resolve to
maintain strict neutrality.
stances determining

Further negotiations followed, with the result indicated
above.
Throughout the difficulties the Spanish Govern¬

pursued an exceedingly cautious policy, making
In consequence
every effort, apparently, to avoid a break.
there has been some very bitter comment in the Spanish press,
and recent dispatches have indicated that anti-German sen¬
timent was spreading rapidly.
The Spanish press has been
sharply divided on the issues of the war, with a strong proment has

German element.
There are said to be 90 German ships in Spanish

voluntarily interned since the beginning of the

harbors,

war.

UNITED STA TES AND PERU REACH AGREEMENT FOR
USE OF GERMAN SHIPS INTERNED AT CALLAO.

Dispatches from Lima

on

Sept. 5 reported that the Peru¬

vian Congress had approved an arrangement reached bet¬
ween the Peruvian and American Governments for the use
of the German vessels interned at Callao.
Ten German
vessels which were interned at Callao were taken over by
the military forces of Peru last June. They are said to in¬
clude six steamers and four sailing vessels, totaling more
than 2.5,000 tons.
Some of the steamers are large vessels

with passenger accommodations, formerly plying between
San Francisco and South American ports and German ports.
When Peru broke off relations with Germany in Oct. 1917,
the Peruvian Congress gave to the President authority to
utilize the German ships if the national necessity demanded
it. It is understood the present contract is entirely a busi¬
ness

agreement and contains no political clauses.

UNITED STATES TO ARBITRATE NICARAGUAHONDURAS BOUNDARY DISPUTE.

Washington dispatches on August 29 reported that
Nicaragua and Honduras had averted their threatened
armed clash over a long-standing boundary dispute by
agreeing, at the request of the United States, to withdraw
all troops from their borders and submit the controversy
to the United States through their Ministers in Washington.
A decision by the King of Spain who had been asked to ar¬
bitrate failed to satisfy Nicaragua, and several weeks ago
Nicaraguan troops were sent to the border to enforce claims
to territory involved.
The understanding at Washington,
it is said, is that discovery of gold along one of the border
rivers is chiefly responsible for the controversy.
CHILI SEIZES GERMAN SHIPS TO PREVENT FURTHER
DAMAGE BY CREWS.

Following the attempt made

on

Sept. 3 by the

crews

of

German vessels interned in Chili to wreck the machinery
of their ships, the Chilean Government on Sept. 26 formally
ordered the naval authorities to occupy with armed forces
all the interned German ships in Chilean harbors.
The
vessels had been closely watched to prevent further damage,
and according to press dispatches there had been much

agitation in Chilean political circles as to whether or not
.the Government should seize the German steamers.
Since shortly after the beginning of the war, it is said,
Chile has been negotiating with Germany for the use of the
steamers.
Germany agreed to give Chile three ships, but
on Sept. 13 it was reported that the Chilean Government
had broken off negotiations concerning the rental of the
interned vessels. An Associated Press dispatch from San¬

tiago

on

Sept. 5 reported:

The attempt of German crews to

Seven of the steamers

damaged.
Four were anchored in the harbor
of Corral, where there is a strong German element; one was at the Port of
Valparaiso, and two, the Karnak, of 7,044 tons gross, and the Thessalia,
of 6,047 tons gross, were lying off Antofagasta, one of the chief nitrate
ports of Chile.
The Government immediately took active measures to prevent depreda¬
tions ordering troops aboard the interned ships to maintain order.
Rear
Admiral Gomez, Director-General of the Chilean ports, instructed the
Captains at all ports where German vessels are interned to guard the ships
with the strictest vigilance.
Further action by the Government has been temporarily blocked as a
rasult of the resignation of the Ministry on Tuesday,
The matter is now




resting until a new Cabinet has been formed. Feeling among the Chilean
people against the German outrage is running high, and this sentiment is
reflected in the editorial columns of the leading newspapers.

ITEMS ABOUT BANKS, TRUST COMPANIES,

trust

ETC.

share of bank stock was sold at auction this
sales were made at the Stock Exchange. No
company stocks were sold.

Only

one

week, and

no

.Shares.
BANK—New York.
1 First National Bank of N. Y

Low.
900

High.
900

Close.
900

Last previous sale.
May 1916— 982

«

With this issue of the “Chronicle,” we are forwarding t©
our subscribers a copy of our “American Bankers’ Ccnvention

Supplement,” our annual report of the war convention
by the American Bankers’ Association at Chicago
Sept. 23-28. The addresses and, proceedings of this war
convention were notable for the striking unity of view and
purpose that our Government should be supported to the
last dollar and man and backed to the limit by all available
held

which the financial institutions control and influ¬
This annual record of the largest gathering of bank¬
ers held in the world is presented to our readers after careful
revision and editing, attractively printed in color.
Every
resources
ence.

American should note with

pride the growth and expansion
banking business in our country, and the stronger
financial standing and increased inportance of the banking
investment firms, proof of which is visually furnished in
the many display announcements advertised in this year’*
book. In fact, the leading foreign banking organizations are
represented in its advertising pages, and like our domesti©
banks they have published striking half-tone illustrations
to add to the interest of their display cards.
of the

♦

The National

City Bank of New York will shortly estab¬
lish an agency at Vladivostok, Russia, for the purpose of
continuing the Russian business of that institution during
the suspension of its Petrograd branch wrhich has been
closed for some time owing to the political chaos in that
country. The capital and resources of the bank, however,
are

said to be intact.
♦

The Central Union Trust Company of Newr York has

joined the

group

of banks and bankers which

owns

the

Mercantile Bank of The Americas.
This group now in¬
cludes Brown Brothers & Company, J. &. W. Seligman
& Co., Guaranty Trust Co., of New York, National Shawmut Bank of

Boston, Anglo and London Paris National

Bank of San Francisco and Hibernia Bank and Trust Com¬
pany

of New Orleans.

At

a

meeting, held

on

Oct. 10,

James N. Wallace, President of the Central Union Trust

Company of New York,

was

elected

a

member of the Board

of Directors of the Mercantile Bank of The Americas.

The

capital and surplus of the bank has been increased to $4,900,000.
4

The Merchants’ National Bank of this
years

ago,

city, founded 115
exhibited several old documents of great his¬

torical interest at the annual convention of the American
Bankers’ Association, held in Chicago Sept. 23 to 28.
Th©

great interest displayed by the bankers attending the con¬
vention has prompted the bank to issue a folder with illustra¬
tions taken from the original ledgers of the Merchants’
Bank in 1803 to show the accounts of the two illustrious

rivals, Alexander Hamilton and Aaron Burr.

The Mer¬

chants’ National Bank is the third oldest bank in New- York.
It was founded in 1803 during the first term of Thomas

Jefferson, the third President of the United States. Its
articles of association were drawm by Alexander Hamilton.
The bank has been located on its present site at 42 Wall
Street since its organization, and during all of that time has
paid semi-annual dividends without interruption.
The President of the institution is ex-United States Sena¬

destroy their interned ships in Chilean

harbors on Tuesday night has caused a sensation and a wave of indignation
has swept through Chile.
The plot to destroy the ships apparently was
carefully planned, as crews in three different ports acted simultaneously,
using dynamite to destroy the machinery of their vessels.
The German steamers interned in Chilean ports number thirty-two,
while the total number of sailing vessels is fifty-seven.
The tonnage of
the steamers and sailing vessels aggregate 230,000.

[Vol. 107

tor Theodore E.

Burton, the Vice-Presidents are Raymond
Harry T. Hall and Frank L. Hilton.
Owen E.
Paynter is Cashier and Irving S. Gregory Asst. Cashier.
The capital, surplus and undivided profits are now $4,E. Jones,

700,000.

-

were

♦

On

Thursday of this week the Guaranty Trust Co. of this
city announced the following appointments: Rowland B.
Randolph, Trust Officer; St. George Brooke Tucker, Assist¬
ant Treasurer, and Austin L. Babcock and Albert Hopkins
as

Assistant Secretaries.
•

Owing to the continued growth of its business and the
a more central location, The Morris Plan Co., of

need of

Oct. 12

1918.]

THE CHRONICLE

1455

New York, will

of

261

about two and one-half million dollars to over $14,000,000.
Last March the bank bought the Garfield Building and

remove on Monday, Oct. 14, from 120 to
Broadway, comer of Warran Street. While its Union
Square and Bronx branches handle many of its small loans,
a vast majority of the 85,000 New Yorkers who have bor¬
rowed nearly 812,000,000 on the Morris Plan within less
than four years past, have visited its main office on the
third floor of the Equitable Building. At its new address,
facing the City Hall, the company’s 125 employees will
occpuy the entire second floor.
It is stated that over 20%
of Morris Plan borrowers in New York City are employees
of the City, County, State or National Government.

A

capital and surplus.

plans to

Its

resources

have increased from

the corner at Sixth St. and Euclid Ave. in
It has been located in the Leader-NewBuilding since May 1913. Mr. Paine states that that
increased business of the bank, as well as its anticipated
future growth, especially in connection with its move to the
new location on Euclid Ave., made it necessary to enlarge
the organization, and it was with this end in view that
about

occupy

one

year.

Mr. Shulters was added to the bank’s staff of officers.
Mr.
Shulters since 1887 has been indentified with the natural

pamphlet prepared by the Statistical Department of-

interests of the Standard Oil Co. and since 1902 has been
Ohio
sub¬
excess-profits and war-profits taxes cannot afford to buy less sidiary. He is a member of the Chamber of Commerce and
than 830,000 of the Fourth Liberty Loan bonds.
The the Union Club, and is a director of the East Ohio Gas Co.
values of these exemptions have been worked out in dollars the Connecting Gas Co. and the Guardian Savings & Trust
and cents and in percentages in this pamphlet, which the Co.
The date on which Mr. Shulters is to assume his active
institution has published to help along the loan. The duties at the National City Bank has not been definitely
pamphlet will be mailed to inquirers on application to the announced, but the change, it is stated, will take place in
the Bankers’ Trust Company of this city shows that certain
individuals and corporations subject to substantial surtaxes

Bankers’ Trust Co.

■

near

future.
♦

—

At a meeting of the directors of the Rhode Island Hospital
Trust Co. of Providence on Oct. 8, Horatio A. Hunt was
elected a director to fill a vacancy.
♦

The Naumkeag Trust Co. of Salem, Mass., announces
the death of its President, Eugene J. Fabens, on Sept. 26.
•
.

1

meeting of the directors of the Market Street Nationa
Bank of Philadelphia on Sept. 9, Willis Fleisher was elected
a director to fill the vacancy caused by the resignation of
a

Gustavus W. Cook.
•

Francis A. Lewis, a well-known lawyer and the County
Fuel Administrator of Philadelphia, was recently elected
President of the Real Estate Title Insurance & Trust Co.
of that city to succeed Emil Rosenberger, who has retired
on account of failing health.
Mr. Lewis is a director of the

Philadelphia Saving Fund Society, the Philadelphia Com¬
pany for Guaranteeing Mortgages and the Philadelphia
Contributionship. The Real Estate Title Insurance Sc
Trust Co. has a capital of 81,000,000 with surplus and undi¬
vided profits of $2,052,984 and trust funds amounting to
$17,000,000. It was founded in 1876.
The Industrial Finance

Corporation announces the open¬
Oct. 3, of the Cincinnati Morris Plan Bank, under
the Presidency of Fred A. Geier, President of the Cincinnat
Milling Machine Co. and the management of J. Castle
Ridgway. Its capital is $250,000, and the directorate com¬
prises representative bankers and other business men. Ten
new Morris Plan companies have begun business this year—
three in Texas, two each in Connecticut and Ohio, and one
each in California, Michigan and Maine.
The aggregate
capital of these new companies is $875,000 and that of atf
the companies now operating in 104 cities is $12,459,000.
From March 23 1910 to Sept. 30 1918 Morris Plan loans
throughout the country numbered 545,500 and amounted
to more than $79,000,000.
In New York City alone, in less
than four years, ended Sept. 30, the number was 84,286 and
the amount $11,773,779.
At the present time some 216,000
persons, firms and corporations of small means are borrowing
at the rate of $36,000,000 annually on the Morris Plan.
In its first eleven months, ended Sept. 30, the Morris Plan
Insurance Society issued over 17,000 policies, for about
$2,375,000 of insurance.
ing,

director and the Secretary and Treasurer of the East
Gas Co., the Standard Oil Co.’s largest natural gas
a

the
*—

At

gas

on

The announcement has been made that the directors of the
National City Bank of Cleveland recently advanced C. A.
Paine to the Chairmanship of the bank, in which capacity
he will continue to act as its Chief Executive Officer, and
named H. V. Shulters as President of the institution.
The
announcement was also made that the increase of capitaliza¬
tion from $1,000,000 to $2,000,000 had been fully subscribed
and would become effective Nov. 1 1918.
Mr. Paine, who
is now directing Cleveland’s drive for $113,000,000 of

Matthew Davison Sr., Chairman of the Board of Directors
of the Union Trust & Savings Bank, of Flint, Mich., died

Sept. 29. Mr. Davison was a native of Ireland, but was
brought to Michigan by his parents when an infant. As a
young man he opened a small store in Flint in which be pros¬
pered, retiring in 1883. He then engaged in real estate
business for ten years.
In 1893 Mr. Davison organized,
with others, the Union Trust & Savings Bank, and was
elected its Cashier the following year, a position he held
until 1915 when he resigned on account of failing health,
and was thereupon made Chairman of the Board.
He was
also one of the founders of the Citizens Commercial & Savings
Bank of Flint and of the Alpena County Savings Bank of
Alpena, Mich., and for twenty years was a director of the
Genesee County Savings Bank of Flint.
on

*

At

meeting of the directors of the National Bank
of Commerce in St. Louis, Raymond F. McNally, heretofore
a Vice-President of the bank, was elected a Vice-President
and Cashier to succeed J. A. Lewis, who, as noted in our
issue of Sept. 21, has resigned in order to become a VicePresident of the Irving National Bank of this city. Mr.
McNally, who is prominent in banking circles throughout
Missouri, went to St. Louis in 1916 to become a VicePresident of the Mississippi Valley Trust Co.
Prior to that
a

recent

time he

was

cothe, Mo.

Cashier of the Citizens National Bank of Chilli-

He joined the official staff of the National

Bank of Commerce in February last.
Mr. McNally is a
member of the Executive Council of the Clearing House
Section of the American Bankers’ Association and Treasurer
of the Missouri Bankers’ Association.
;

♦

An announcement was made this week by President John
G. Lonsdale of the National Bank of Commerce in St. Louis
that as a bonus for 1918 every employee of the institution
will receive one month’s salary, to be paid in three install,
ments on Oct. 15, Nov. 15 and Dec. 15.
This plan of dis¬

tribution, Mr. Lonsdale stated, was in lieu of the bank’s
paying the bonus or extra compensation
in a lump sum at a later date.
usual custom of

•

Wright, a Vice-President of the Third National
Louis, and prominent in financial circles in that
city, died in St. Louis on Sept. 26 after a brief illness. Mr.
Wright was born in New York and educated in the public
schools of New York.
After serving in the Civil War he
went to St. Louis and in 1865 established the firm of T.
Wright & Co., cigar manufacturers. Subsequently Mr.
Wright retired from the firm. Among other interests, he
was President of the Chemical Building Co. and the Thomas
Wright Investment Co. He was seventy-eight years of age.
Thomas

Bank of St.

important changes in the personnel of
Dexter-Horton
Trust & Savings Bank mentioned in these columns in our
Liberty bonds, is one of the most experienced and best known issue of Aug. 24, the following supplementary promotions
bankers of the city.
Previous to making his connection have taken place in the official staff of the Dexter-Horton
R. H. MacMichael and C. II. Dodd,
with the National City Bank in 1912, he was the Vice-Presi¬ National Bank:
dent of the Superior Savings & Trust Co., and prior to that Manager of the Bond Department and Manager of the
was Cashier of the Central National Bank.
In the six Credit Department, respectively, have been appointed Viceyears of his Presidency, the National City Bank, which is Presidents of the institution and B. W. Pettit, formerly
Chief Teller, has been made an Assistant Cashier.
Both
now in its seventy-fourth year, increased its capital stock
will
their
Mr.
MacMichael
and
Mr.
Dodd
retain
present
frr** *250,000 to $2,000,000 and will have close to $3,000,00




In addition to the

the Dexter-Horton National Bank and the

positions while at the same time assuming their new duties.
The former is well known in banking circles throughout the
country, having for many years been prominent (serving one
term as President and two terms as a member of the board of
directors) in the American Institute of Banking. He w^ent
to Seattle seven years ago from Pittsburgh, where he had
charge of the Bond Department of the Mellon National
Bank of that city.
Mr. Dodd before going to Seattle was in
the Credit Department of Armour & Co. for a number of
years and was also a member of the board of the Stock Yards
National Bank of East Fort Worth, Texas.
Mr. Pettit
entered the Dexter-Horton National Bank as a boy and for
the past twenty years has been Paying Teller of the insti¬
tution. For a number of years he served as Manager of
the Seattle Clearing House and at one time was President
of the Seattle Chapter of the American Institute of Banking.
ENGLISH FINANCIAL MARKETS—PER CABLE.

daily closing quotations for securities, &c., at London,
reported by cable, have been as follows the past week:
Oct. 5.
Sal.

London,
Week ending Oct. 11—

Oct. 7.
Mon.

_d. 49^
49 X
Holiday 01 A
Holiday 95A
HolidaylOOX
French Rentes (in Paris), fr.
62
French War Loan(inParis) fr.
88.40
Silver, per oz

Consols, 2 X per cents
British, 5 per cents
British, 4 A percents...

The

price of silver in New York

Silver in N. Y., per oz..cts. 101 >4

10154

Oct. 8.
Tues.

49 A
61 A
9b%
10054
62
88.40

on

the

10134

Oct. 9.
Wed.
49A
0114
95J4
lOOVs
62
88.45

same

Oct. 10.
Thurs.
49 A
01A
95 A
10054
62
88.45

Oct. 11.
Fri.
49 A
0014
96
10054
62

10134

9,833,477 tons.
7

Aug.

July
June
May

April
Mar.
Feb.
Jan.
Deo.
Nov.
Oct.

31
31
30
31
30
31
28
31
31
30
31

Sept. 30
Aug.

July
June

31
31
30
31

May
April 30
Mar.
Feb.
Jan.
Deo.
Nov.
Oot.

31
28
31
31
30
31

Sept. 30
Aug. 31
July 31
June

30

May 31
April 30
Mar. 31
Feb. 29
Jan. 31

1918.
1918.
1918.
1918.
1918.

.

Tons.

.

.

.

1915._ .7,806,220
1915-. .7.189,489
1915.. .6,165,452
1915._ .5,317.618
31 1915.. .4.90s.455
31 1915-. .4,928,540
30 1915
.4.678,196
31 1915— .4.264,598
30 1915
.4,162,244
31 1915.. .4.255.749
28 1915
.4,345,371
31 1915
-4.248.571
31 1914
.3,836.643
30 1914.. .3,324.592
31 1914
.3,461.097
30 1914. .3,787,667
31 1914.. .4.213.331
31 1914.. .4,158.589
30 1914.. .4,032,857
31 1914.. .3,998,160
30 1914-. .4.277,068
3 i
•914-. .4.653,825
28 <914.. .5.026,440
31 1914.. .4.613,680
31 1913.. .4,282,108
30 1913.. .4,396.347
31 1913
.4,513,767
30 1913
.5,003,785
31 1913
.5,223,468
31 1913.. .5,399,356
30 1913
.5,807,317
31 1913
.6.324.322
30 1913
-6.978.762

8,297,905]Deo. 31
8,759,042 Nov. 30
31
8,883,801 Got
8,918,806 Sept. 30

8,337,625 4ug.
8,741,882 July
1918.
9,056.404 June
1918.
9,288,453 May
1918.
9,477,853 April
1917.
9,381,718 Mar.
1917.
8,897.106 Feb.
1917.
9.009.675 Jan.
1917.
9,833,477 Dec.
1917. .10,407.049 Nov
1917. .10.844.164 Oct.
1917. .11,383.287 Sept
1917. .11.880,591 Aug
1917. .12,183,083 July
1917. .11,711,644 June
1917. -11.576.697 May
1917- .11,474.054 April
1916. -11.547,286 Mar
1916. .11.058,542 P'eb.
1916. .10.015.260 Jan
1916. -.9.522.584 Dec.
1916. -.9.660.357 Nov
1916. -.9.593,592 Oct.
1916. ..9,640,458 Sept
1916. -.9,937,798 Aug.
1916. -.9,829,551 July
1916. ..9,331,001 June
1916. -.8,568.966 May
1916. -.7.922.767 April
.

.

.

.

.

.

.

.

.

©ommcvciat

_

.

Mar.
Feb.
Jan.
Deo.
Nov.
Oct.

Sept.
Aug.

July
June

31
28
31
31
30
31
30
31
31
30
31

May
April 30
Mar.
Feb.
Jan.
Dec.
Nov.
Oct,

Sept.
Aug.
July
June

May
April
Mar.
Feb.
Jan.
Deo.
Nov.
Oct.

Sept.
Aug.
Julv

31
29
31
31
30
31
30
31
31
30
31
30
31
28
31
31
30
31
30
31
31

Ton t.
1913. -.7,468.956
1913. -.7.656.714
1913. -.7,827,368
1912. -.7.932.164
1912. -.7.852,883
1912. -7,594,381
1912. --6,551,507
1912. -.6,163.375
1912. .-5.957.073
1912. -.5.807,349
1912 _.5,750,9S6
1912. -.5.664,885
1912. ..5,304,841
1912. -.5.454,201
1912. -.5,379,721
1911 ..5,084.765
1911. ..4,141,958
1911. ..3,694,327
1911. .-3.611,315
1911. ..3,695,985
1911 -.3,584,088
1911. ..3.361,087
1911- ..3,113.154
1911 ..3,218,700
1911. -.3.447,301
1911. -.3.400,643
1911. ..3,110,919
1910- -.2,674,750
1910. ..2,760.413
1910. ..2.871,949
1910. -.3,158,106
1910
3,537.128
97 3.0,931
1910
.

_

.

atidJHisceXlatxeoxtslJjems

Auction

Sales.—Among other securities, the following
Stock Exchange were recently sold
Boston and Philadelphia:
By Messrs. Adrian H. Muller & Sons, New York:

not usually dealt in at the
at auction in New York,

Shares.
Stocks.
Per cent.
1 First Nat. Bank of N. Y
900
5 United N.J.RR.& Canal.. .181A

Shares.
Stocks.
20 Cleveland

Brass & Copper
Mills, Inc., preferred
51
5 Public Securities, common..
134

2,850 KensingtonGoldMlnes(Me.),
$10 each

$33 lot

1,000 Alaska United Gold Mining
(W. Va.), $5 each
$275 lot
180 Baling Tie Buckle
38 34
40 Pull-U-Out Sales
$15 lot
10 Cleveland Brass & Copper
Mills, Inc., common
1934
25 Public Securities, preferred.. 20

Per cent.

15 Cleveland Worsted Mills!...10134
Bonds.
$1,000 Mo. Metals Corp. temp.
$500 lot
10-year s. f. 6s
3,000 Kensington
Gold
Mines
conv. 6s,
1917
$10 lot
4,000 Chicago Util. 1st A 5s, 1942\$366
300 Chic. Util. 1st A 5% scrip./
lot

Boston and Philadelphia Sales Postponed.—The auc¬
tion sales usually held weekly in Boston by Messrs. R. L.

Day & Co. and Messrs. Millett, Roe & Hagen, and in Phila¬
delphia by Messrs. Barnes & Lofland, were postponed this
week and will be discontinued until further notice

as

a

co-operation with the efforts of the public health
authorities to abate the epidemic.

measure

of

National Banks.—The following information regarding
national banks is from the office of the Comptroller of the

Currency, Treasury Department:




i

s

;

Winnipeg
Vancouver
Ottawa

Quebec

Total Canada.

Capital
$25,00-<

S

%
+ 3.9
+ 4.6
—20.0
+ 22.7
+ 12.6
+ 1.1
+ 10.3
+ 9.5
+ 32.1

$

280,783,008;

—0.9

226,305,115

—18.1

+ 12.2

+ 8.0
1,719,672
2,869,800 + 23.4
4,954,503f —2.6
—0.8
786,601
1,198,790 —28.3
2,438,788: —20.8
1,641,760 + 24.0
+ 4.5
1,027,881!
747,104; + 28.2
488,015; + 20.7
824,362; —28.4
752,850 + 24.3
647,6011 + 60.8

278,201,447

1915.

—2.5

1,759,788
8,998,212
2,454,116

3,540,374

Kitchener

1916.

669,544:

3,472,074
5,377,860

4,824,632
780,448
859,470
1,932,997
2,034,899
1,074,057
958,300
589,562
590,343
771,119
1,041,686
653,008

Lethbridge
Saskato <n
Moose Jaw

Inc. or
Dec.

80,382,552
54,943,451
41,679,546
7,772,016
5,957,867
4,351,699
2,620,951
4,403,225
2,011,653
4,638,954
2,222,832
1,607,541
2,222,275
3,203,948
662,698
695,413
1,433,986
1,250,943
966,828
584,054
358,436
566,433
617,941
610,657
539,216

88,342,880
63,589,986
65,079,747
10,168,711
6,718,421
4,054,002

56,574,033
39,376,420
44,064,167
6,638,472
4,509,669
3,713,036
2,405,197
3,360,279
1,597,329
3,510,663
2,054,149
1,458,390
1,837,778
2,391,373
631,572
509,392
1,388,172
1,035,464
621,315
531,072
332,616
466,708
427,992

179,435,258

DIVIDENDS.
The

following shows all the dividends announced for the

future by large or important corporations.
Dividends announced this week are printed
Name of

Company.

Railroads (Steam).
Topeka & Santa Fe, com. (quar.)
Chicago & Western Indiana (quar.)
Cleve. Cin. Chic. & St. L.. pref. (quar.).
Delaware Lack. & Wrest. (quar.)
Georgia RR. & Banking (quar.)
Great Northern (quar.)
Joliet & Chicago (quar.)
tKansas City Southern, pref. (quar.)..
Minn. St. Paul & S. S. M. com. & pref.
tNew York Central RR. (quar.)
Norfolk & Western, adj. pref. (quar.)..
Northern Pacific (quar.)
tPere Marquette, prior preferred (quar.)__
Pittsburgh + West Virginia, pref. (quar.).
Reading Company, common (quar.)..
Atch.

Warren RR

in italics.

Per
Cent.

When

Books Closed.

Payable.

Days Inclusive.

1A
l'A

Sept. 30

1A
5

3

l'A
l'A
1

Z'A

IX
1

l'A
l'A
l'A
$1
$1.75

Dec.

Oct.
Oct.
Oct.
Nov.
Oct.
Oct.
Oct.
Nov.
Nov.
Nov.
Nov.
Nov.
Nov.
Oct.

Street & Electric Railways.
Oct.
25c.
Brooklyn City RR. (quar.)
Carolina Power & Light, com. (quar.)
'A Nov.
Nov.
Cities Service, com. & pref. (monthly).
'A
Common (payable in common stock).
Nov.
'A
Duquesne Light, pref. (qu.) (No. 15)..
l'A Nov.
Georgia Ry. & Power, 1st pref. (quar.).
l'A Oct.
Havana Elec. Ry., Lt. <i- Pow., com. & pf.
3
Nov.
2
Oct.
Manchester Trac., Light & Power (qu.)_
Milwaukee Elec. Ry. & Lt., pref. (quar.).
l'A Oct.
Monongahela Val. Tract., common (qu.) 31 Ac. Oct.
Ottumwa Ry. & Light, pref. (quar.)
l'A Oct.
Philadelphia Co., com. (qu.) (No. 148). 75c. Oct.
$1.50 Nov.
6% preferred (quar.) (No. 12)
Philadelphia & Western Ry.. Pref. (qu.) 02 Ac. Oct.
Public Service Corp. of N. J. (quar.)
1
Oct.
Republic Ry. & Light, pref. (quar.)
IX Oct.
Oct.
Scioto Valley Traction, common
(1
United Rys. & Elec. (Balt.), com. (qu.).
50c. Oct.
Oct.
Virginia Railway & Power, common..p $2.51 A
West Penn Power, preferred (quar.).
*1'A Nov.
York (Pa.) Rys., pref. (quar.)
l'A Oct.
..

*

2

Holders
Holders
Holders
Holders
Oct.
2

21
21
15
1
7
15
15
1
19
1
1
30
14
15

Sept.

of rec. Oct. 31a
of rec. Sept. 30a
of rec. Oct.
la
of rec. Oct.
ba
to
Oct. 14

9

to

Holders of rec.

Holders
Holders
Holders
Holders

of
of
of

rec.

Oct. 10
Sept. 27a
Sept.30a
Sept.20a

Oct.
ot rec. Oct.

Sept. 26
Holders
Holders
Holders
Holders

rec.

rec.

to
of
of
of
of

r8a
31a

Oct. 25

Oct. 15a
Nov. 15
Oct. 25a
rec. Oct.
5a

rec.
rec.

rec.

15 Oct.
3
to
Holders of rec.
1
1 Holders of rec.
1 Holders of rec.
1 Holders of rec.
20 Holders of rec.
Oct 26
to
15
15 Holders of rec.
Holders of rec.
31
14 Holders of rec.
15 Holders of rec.
Holders of rec.
31
1
Holders of rec.
15 Holders of rec.
15 Holders of rec.
15 Holders of rec.
15 Holders of rec.
15
Holders of rec.
21
Holders of rec.
1 ♦Holders of rec.
31
Holders of rec.

Oct.
Oct.
Oct.

15
7
15
15

la
Oct.
Oct.
6
Oct. dba
Oct. 10

15
15
15a
Oct. 15a
Oct.
1
Oct. 10a
Nov. 15
la
Oct.
Oct. 21a

Sept. 30a
Sept. 30
Oct.
Oct.

la
la

Sept.30a
Oct.

10a

Sept. 30a
Oct.

10

Sept.28a
Sept.30a
Oct.

Oct.

21
21a

Banks.

$1.75 Oct.
2'A Oct.

City, National (Brooklyn) (quar.)
First National, Brooklyn (quar.)
Mechanics & Metals National
Produce Exchange, New York

(quar.)..

Miscellaneous.
Air Reduction, com. (quar.) (No. 6.)
Cora, (extra pay .In 2d L.L.4A% bds.)
Preferred (quar.)
Alliance Realty (quar.)
Allis Chalmers Mfg., pref. (quar.)
Preferred (acc’t of accumulated divs.)
Am. Agricul. Chem.,com. (qu.) (No.28)
Preferred (quar.) (No. 53)
American Bank Note, com. (quar.)..
Amer. Beet Sugar, com. (quar.)
American Cigar, common (quar.)
American Fork & Hoe, preferred
Amer. Gas & El. pref.
American Clue, common

.

(quar. (No. 47).
.

Common(extra, pay. in Lib.Loan bonds)
Amer. Ice, pref. (quar.)
Preferred (extra)
Am. La France Fire Eng..Inc. .com. (qu.)
Amer. Laundry Mach., common
Preferred (quar.)
Amer. Light & Tract., com. (quar.)
Common (payable in common stock).
Preferred (quar.)..
American Locomotive, preferred (quar.)
American Navigation (quar.)
American Rolling Mill, common (quar.)
.

.

APPLICATIONS FOR CHARTER.
For organization of national banks:
The Redmond National Bank, Redmond, Ore

1917.

%

91,763,240
66,541,056
52,075,841
12,480,670
7,567,600
4,100,000
3,829,032
5,886,276
2,324,478
7,367,477
2,757,076
1,857,806

Peterborough

give comparisons with the previous

Tons.

Sept. 30 1918.

1918.

Medicine Hat

#

we

Week ending October 3.

Clearings at—

Brantford
Fort W'illiam
New Westminster

this time the unfilled tonnage aggregated

following

Canadian Bank Clearings.—The clearings for the week
ending Oct. 3 at Canadian cities, in comparison with the
same wreek in 1917, showr a decrease in
the aggregate of
0.9%.

Brandon

7

In the
months:

VOLUNTARY LIQUIDATIONS.
The Fannin County National Bank of Bonham, Tex.
Expiration
of corporate existence.
Succeeded by the Fannin County Bank
$100,000
of Bonham

Regina

UNFILLED ORDERS OF STEEL CORPORATION.—
The United States Steel Corporation on Thursday, Oct. 10,
issued its regular monthly statement showing unfilled orders
on the books of the subsidiary corporations as of Sept. 30
1918 to the amount of 8,297,905 tons.
This compares with
8,759,042 tons on Aug. 31 last, a decrease of 461,137 tons.
A year ago at

$55,000

London
Victoria
Edmonton

TRADE AND TRAFFIC MOVEMENTS.

$30,00025,000

CHARTERS EXTENDED.
The First National Bank of Milford, Ill.
Charter extended until
close of business on Oct. 7 1938.

Calgary

10134

Okla

Total.

Halifax
Hamilton
St.John

days has been:

10134

CHARTERS ISSUED.
The American National Bank of Fort Towson,
The First National Bank of Burnham, Pa

Canada—
Montreal
Toronto

The
as

[Vol. 107

THE CHRONICLE

1456

Common (extra)
Preferred (quar.)

4
4

Oct.
Oct.

Holders of rec.
Oct.
5
to
Holders of rec.
Holders of rec.

t

Oct.
Oct.
l'A Oct.
l'A Oct.
l'A Oct.
h% Oct.
2
Oct.
1A Oct.
75c. Nov.
2
Oct.

$1
150c.

Nov.
Oct.
Nov.
Nov.
*5
Nov.
*15
1A Oct.
1
Oct.
1A Nov.
l'A Dec.
l'A Oct.
Nov.
2A
f2A Nov.
1A Nov.
IK Oct.
*15c. Oct.
50c. Oct.
25c. Oct.
1A Oct.

1A
3A
l'A

15
15
15
16
15
15
15
15

15
31
1
15
1
1
1
25
25
15
5
15

Holders of
Holders of
Holders of
Holders of
Holders of
Holders of
Holders of
Holders of
Holders of
Holders of
Holders of
Holders of
Holders of
♦Holders of
♦Holders of
Holders of
Holders of
Holders of
Nov. 26
Oct.
6
Oct. 12
Oct. 12
Oct. 12

rec.
rec.
rec.

Sept. 30a
Sept. 30a
Sept. 30a

rec.

Oct.

rec.

Sept. 30a
Sept. 30a
Sept. 26a
Sept.26a

rec.
rec.
rec.

rec.
rec.

rec.
rec.
rec.
rec.
rec.
rec.
rec.
rec.

to
to
to
to
to

1
1
1
21 Sept. 17
to
20 ♦Holders of rec.
Holders
of
rec.
15
15 Holders of rec.
15 Holders of rec.

Nov.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Nov.
Dec.
Oct.
Oct.
Oct.
Oct.

10

la
11
15a
5a
18
26
26
15a
15a
9a
5
15
27
27
27
,

Oct. 15 ’
Oct.

10

Sept. 30a
Sept. 30a
Sept. 30a

Oct. 12

Per
Cent.

Name of Company.
Miscellaneous (Continued).—
Amer. Seeding Mach., com. (quar.)

1

Oct.
1A Oct.
IK Nov.
Nov.
110
olK Nov.
Oct.
2
1
Oct.
IK Oct.
IK Oct.
IK Oct.
Nov.
$2
50c. Oct.
IA Oct.
IK Oct.
IA Nov.

Preferred (quar.)
American Shipbuilding, com. (quar.)..
Com. (extra pay. in 3 A % L. L. bds.).
Preferred (quar.)
Amer. Teieph. & Telegraph (quar.)
Amer. Type Founders, com. (quar.)
Preferred (quar.)
American Woolen, common (quar.)
Preferred (quar.)
Anaconda Copper Mining (quar.)
Arizona Commercial Mining (quar.)

Asbestos Corp. of Can., Ltd., pref.(qu.)
Associated Oil (quar.)
Atlas Powder, pref. (quar.)
Barnhart Bros. & Spindler—
First and second preferred (quar.)
Barrett Co., preferred (quar.)
Bell Telephone of Canada (quar.).
Bell Telephone of Penn. (quar.).

Pref. (extra accouit accumulated di
Brown Shoe, pref. (quar.)
Burns Bros., common (quar.) (No. 21)
Preferred (quar.) (.Vo. 23)
Canada Cement, Ltd., com. (quar.)
Canadian Explosives, Ltd., com.
Common (extra)

'

j

1K
j IK
2

1A
20
1
h3

IK
—

I

2A

j

1K

j

—

1A

(quar.).\

lA

j 11
j 1%

Preferred (quar.)
Carbon Steel, common (quar.)
Extra.
Central Coal & Coke, common

When

Payable.

j,

2

3

(quar.).I

IA

Central Ills. Public Service, pref. (quar.)
Central Leather, common (quar.).
Common (extra)

Chicago Pneumatic Tool (quar.)
Cleveland-Cliffs Iron (quar.)
Cluetl, Peabody & Co., Inc., com. (quar.).
Colorado Fuel & Iron, com. (quar.)
Preferred (quar.)
Colorado Power, common (quar.)
Commonwealth-Edison (quar.)..
Commonwealth Gas & Elec. Cos., pf. (qu.)
Consol. Interstate-Callahan Min. (qu.)
Consolidation Coal (quar.)
Continental Motors Corp., com. (quar.)..
Continental Motors Corp., pref. (quar.)|
Corn Products Rerining, pref. (quar.).-i •

Cudahij Packing, preferred
Delaware Lac. & West. Coal (quar.)
Detroit Edison (quar.)
Detroit Iron
Steel, com. (quar.)
Preferred (quar.)
Distillers Securities Corp. (quar.)

1A
1%
1A

*1A
*1K

Common (extra)......
Preferred (quar.)

j
j

Preferred (quar.) (No. 54)

Electrical Securities, preferred (quar.)__j
Electrical Utilities Corp.,pf.(qu.) (No.34) i
Elk Basin Petroleum (quar.)

Emerson-Brantingham Co., pref
Eureka Pipe Line (quar.)
Fajardo Sugar (quar.)
—
Firestone Tire & Rubber, pref. (quar.)..
Fisher Body Corp., pref. (quar.)
General Electric (quar.)
General Motors, common (quar.)

(quar.)
Gillette Safety Razor (quar.)

!
i

Globe-Wernicke, pref. (quar.)
Goodrich (B. F.) Co., common (quar.).

Granby Cons. Min., Sm. & Pow. (quar.)
Harbison-Walker Refract., pref. (quar.)

Holly Sugar Corp., pref. (quar.)
Homestake Mining (monthly) (No. 530)
Howe Sound Co. (quar.).
j
Idaho Power*pref. (quar.) (No. 8)
_•
Indiana Pipe Line (quar.)
Ingersoll-Rand Co
Inspiration Consol. Copper Co. (quar.)
Int. Agricultural Corp., pref. (quar.)..
Inter. Button Hole Sewing Mach.,(qu.)
Int .Harvester (new company) ,com.(qu.)
International Nickel, preferred (quar.)
International Paper, pref. (quar.)
Jones Bros. Tea, Inc. (quar.)
Kayser (Julius) & Co., 1st & 2d pf. (qu.)
Kelly-Springfield Tire, com. (quar.)
Kelsey Wheel, pref. (quar.) (No. 9)
Kerr Lake Mines, Ltd. (quar.) (No. 5)._
Keystone Telephone, preferred
Kress (S. H.) & Co., com. (quar.)
Lake of the Woods Milling, com. (quar.)
Common (extra)
Preferred (quar.)
Lindsay Light, common (quar.)
Preferred (quar.)
MacAndrews & Forbes, com. (quar.)..
Preferred (quar.)
Manufacturers’ Lt. <& Ht., Pitts, (qu.).
Maple Leaf Milling,Ltd..corn. (quar.)..
Common (extra).
Preferred (quar.)
Massachusetts Gas Cos., com. (quar.)..
Massachusetts Lighting Cos., pf. (qu.).
Mexican Telegraph (quar.)
Miami Copper Co. (quar.)
Michigan Drop Forge, com. (monthly)
Michigan Limestone & Chem., pf. (qu.).
Midvale Steel & Ordnance (quar.)
Midwest Oil, pref. (quar.)
Midwest Refining (quar.) (No. 16)
Mohawk Mining (quar.)
Montreal Telegraph (quar.)
Bonus

National Biscuit, com. (quar.) (No. 81)
Nat. Cloak & Suit, com. (qu.) (No.7)_.
National Fuel Gas (quar.)
National Oil, pref. (quar.)
National Paper & Type, com. (quar.)..

(quar.)

—

Nevada-California Elec. Corp
New York Transit (quar.)

Nlplssing Mines Co., Ltd. (quar.)...
Extra.
North Butte Mining




Oct.
Nov.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Nov.
Nov.
Oct.
Jan.

of
of
of
of

26a

rec.

Oct.

rec.
rec.

Sept. 26a
Sept. 30a

rec.

Oct.

5a

Oct. 14
Oct. 31
Oct. 24
Oct. 31
Oct. 24
Holders of rec. Oct. 21a
Holders of rec. Nov.
1
Holders of rec. Oct. 19
Holders of rec. Sept. 30
Holders of rec. Oct.
3a
Holders of rec. Oct.
3a
Holders of rec. Oct.
3a
Holders of rec. Oct. 10
Holders of rec. Oct. 10
Holders of rec. Sept. 30a
Holders of rec. Sept. 30a
Holders of rec. Sept. 30a
Holders of rec. Sept.30a
Holders of rec. Sept. 30a
Holders of rec. Oct. 10a
Holders of rec. Oct. 10a
Holders of rec. Oct. 15a
Oct. 16
to
Oct. 25
Holders of rec. Oct. 21
5a
Holders of rec. Oct.
5a
Holders of rec. Oct.
Holders of rec. Sept. 30a
Holders of rec. Oct. 15a
la
Holders of rec. Oct.
Holders of rec. Oct. 14a
Holders of rec. Oct. 19a
“Holders of rec. Oct. 21
Holders of rec. Oct. d5
7a
Holders of rec. Oct.
“Holders of rec. Oct. 21
la
Holders of rec. Oct.
Holders of rec. Sept. 30a
Oct.
6
to
Oct. 15
Oct.
6
to
Oct. 15
Holders of rec. Oct.
2a
Holders of rec. Oct.
2a
Holders of rec. Sept. 30
Holders of rec. Oct. 10a
“Holders of rec. Oct. 19
““Holders of rec. Oct. 19

Sept. 14

to
to
to

Holders
“Holdera
“Holders
“Holders

.

Preferred

Extra

30|

15
15
1
15
15
15
15
18
18
15
25
1
1
15
22
2
| Jan.
|Jan. 2
1
iNov.
Nov. 15
;Ocfc.
Nov.
!Nov.
Oct.

Oct.

Holders
Holders
Holders
Holders

(quar.) (No. 48)..

\
ft.

Oct.
Oct.
2
Q2Ac Oct.
50c. Oct.
IK Oct.

Oct.
^ov.
'Jov.
IK
Nov.
1
Oct.
1A
Oct.
*4
20c. Oct.
Nov.
1A
IA | Nov.
$1.25 U Oct.
$1.25'. Nov.
Oct.
IK
Oct.
1A
IK Oct.

1A

—

Pacific Telep. & Teleg., pref. (quar.)..
Packard Motor Car, common (quar.)

Paige-Delroit Motor Car (monthly)
Penmans, Limited, com. (quar.)
Preferred (quar.)
Pennsylvania Salt Mfg
Pierce-Arrow Motor Car, com. (quar.)..
Pittsb. Coal of Pa., com. (quar.)
Preferred (quar.)
j
Pittsb. Coal of N. J., pref. (quar.)
1
Pittsburgh Rolls Corp., common
j
Poole Engineering & Machine (quar.)
!
Prairie Oil & Gas (quar.)..
;
i

Extra
Prairie Pipe Line (quar.)
Procter & Gamble, pref. (quar.).

|
1

Pyrene Manufacturing (quar.) (No. 23)._
Quaker Oats, common (quar.)
Common (special)
^
Preferred (quar.)
Reece Button-Hole Mach.(qu.) (No.130)
Reece Folding Mach, (quar.) (No. 38)..

Republic Iron & St., com.(qu.)(No. 8)..
Russell Motor Car, pref. (quar.)
Shattuck-Arizona Copper (quar.)
Capital distribution (quar.)
Smith (A. O.) Corp., pref. (qu.) (No. 8).

Smith(Howard)Pap.Mills.Ltd.,pf.(qu.)
Southern N. E. Telephone (quar.)
Spring Valley Water (quar.).
Standard Motor Construction
Steel Co. of Canada, com. (quar.)
Preferred (quar.) (No. 29)
Steel Products Co., common (quar.)

(No.7)

Superior Steel, common (quar.)
First and second preferred (quar.)
Swan & Finch Co
Texas Pacific Coal & Oil

(extra)..
Tonopah Mining of Nevada (quar.)
Transue & Williams Steel Forg. (quar.).
Tuckett Tobacco, Ltd., pref. (quar.)
Union Natural Gas Corp. (quar.)
Extra
United Alloy

(quar.)..

Steel Corp. (quar.)

United Cigar Stores, com. (qu.) (No. 24)
United Coal Corp., preferred (quar.)
United Drug first pref.(quar.) (No. 11)
Second preferred (quar.)
United Electric Securities, preferred
United Fruit (quar.) (No. 77)
United Gas Improvement (quar.)
United Paperboard, preferred (auar.)__
U. S. Glass (quar.)
U. S. Industrial Alcohol, pref. (quar.).
U. S. Rubber, 1st pref. (quar.)
U. S. Smelt.,Ref.&Minlng,com. (quar.).
Preferred

(quar.)

U. S. Steamship (bi-monthly)
Extra

United Verde Extension Mining
Extra
Vacuum Oil
Extra
Victor Talking Machine, com.
Preferred (quar.)

(quar.)

(quar.)..

Va.-Carolina Chem.,com.(qu.) (No.
Preferred (quar.)
Warner (Chas.) Co.

45)

(No. 92)
of Del., com. (quar.).

Preferred (quar.)
Western Power Corp., pref. (quar.)
Western States'Gas & Elec., pref. (qu.).
Western Union Tel. (quar.) (No. 198).

Weslinghouse Air Brake (quar.)..
Westinghouse El. & Mfg., com. (quar.).
Preferred (quar.).
Wheeling Mould & Fdy., com. (quar.)..
Common (extra)
Willys-Overland Co., common (quar.)..
Woolworth (F. W.) Co., common (quar.).
*

1
1
1

1

First preferred (quar.)
Second preferred (quar.)

Union Oil of California

Holders
Holders
Holders
Holders

Oct.

IK
1K

(quar.)

Pacific Coast Co., common

Payable.

| Cent.

of Company.

Miscellaneous (Concluded)—
Northern States Power, pref. (quar.) —
Nova Scotia Steel & Coal,Ltd.,ord.(qu.)
Preferred (quar.)..
Ohio Fuel Supply (quar.)
Oklahoma Natural Gas (quar.)
Otis Elevator, common (quar.)
Preferred (quar.)

1
of rec. Oct.
of rec. Nov. 30
of rec. Nov. 30
of rec. Nov. 30
*1A
Holders of rec. Oct. 15
3
“Holders of rec. Nov. 1
*1
Holders of ree. Oct. 12
2
Holders of rec. Oct. 16
1A
Holders of rec. Oct. 22a
1A
Holders of rec. Oct.
5
1 fi
Holders of rec. Oct. 15
12Hc|Nov.
Holders of rec. Oct. 18a
l'K Nov.
Holders of rec. Oct. 15
Nov.
Holders of rec. Oct. 19
2A 'Nov.
Holders
of rec. Oct.
la
Oct.
IA
Holders of rec. Aug. 24a
1K |Nov.
Holders of rec Sept. 14a
Oct.
2
Holders of rec. Oct. 18a
Nov.
3
Holders of rec. Oct. 18a
IA Nov.
Nov. 30 Holders of rec. Nov. 1
$2
Holders of rec. Nov. 1
Nov.
30,
$1
1A Oct. 15 Holders of rec. Sept. 30
1
Nov. 15 Holders of rec. Nov. 5a
Nov.
1 Holders of rec. Oct. 18a
2 A
9a
1A Oct. 19 Holders of rec. Oct.
IK Nov. 1 Holders of rec. Oct. 15
Holders of rec. Oct. 19a
50c. Oct. 25
1
Oct. 15 Holders of rec. Oct.
5c.
IK Nov. li Holders of rec. Oct. 19a
,Nov 15 Holders of rec. Oct. 23
$2
Holders of rec. Oct. 14a
Oct. 31
5
Oct. 28 Holders of rec. Oct. 11a
$2
15
Holders of rec. Oct.
7a
Oct.
IK
1
Oct. 15 Holders of rec. Oct.
1
1K Oct. 25 Holders of rec. Oct. 10a
1A Nov. 1 Holders of rec. Oct. 16
7a
1A Oct. 15 Holders of rec. Oct.
Holders of rec. Oct.
1
50c. j Oct. 15
1
rec.
Holders
of
Oct.
21a
Nov.
1K
1
Holders
rec.
15a
of
Oct.
■Nov.
$1
1K Nov. l: Holders of rec. Oct. 21
2a
25c. Dec. 16, Holders of rec. Dec.
$1.50,Nov. 1 “Holders of rec. Oct. 19
Holders of rec. Oct. 19a
1
Nov. 1
2
Holders of rec. Nov. 23
3
Dec.
9
Oct. 14 Holders of rec. Oct.
2
IK Dec. 2 Holders of rec. Nov. 23
1
50c. Nov. 30 Holders of rec. Nov.
17 Ac Nov. 30 Holders of rec. Nov. 1
2A Oct. 15 Holders of rec. Sept. 30a
1A Oct. 15 Holders of rec. Sept. 30a
2
Oct. 15 Holders of rec. Sept. 30a
3
2A
Oct. 18 Holders of rec. Oct.
Oct. 18 Holders of rec. Oct.
3
1
3
IK Oct. 18 Holders of rec. Oct.
IK Nov. l! Holders of rec. Oct. 15
15
Holders of rec. Sept 25a
1A Oct.
2A
5a
Oct. 15 Holders of rec. Oct.
Nov. 15 Holders of rec. Nov. la
$i
15dNov. 1 Holders of rec. Oct. 15
43 Kc Oct. 15 Holders of rec. Sept. 30a
Holders of rec. Oct. 15a
$1.50 Nov. 1
Oct d 19 Holders of rec. Oct.
2c.
la
Nov. 1
Holders of rec. Oct. 15a
$1
1
Nov.
Holders of rec. Oct. 11a
$2
2
Oct. 15 Holders of rec. Sept. 30a
K Oct. 15 Holders of rec. Sept. 30a
IK Oct. 15 Holders of reo. Sept. 30a
8a
IK Oct. 15 Holders of rec. Oct.
2A
Oct. 15 Holders of rec. Sept. 30a
2
Oct. 15 Holders of rec. Oct.
la
2
Oct. 15 Holders of rec. Sept. 30a
IK Oct. 15 Holders of rec. Sept. 30a
IK Oct. 30 Holders of rec. Sept. 30
4
Oct. 15 Holders of rec. Sept. 21
25c. Oct. 21 Oct.
1
to * Oct. 17
25c. Oct. 21
Oct.
1
to
Oct. 17
25c. Oct. 28, Holders of rec. Oct. 11a

2A
*2A<
*7 A

Edison Elec. Ill., Boston (qu.) (No. 118)
Eisenlohr (OUo) & Bros., Inc., com. (qu.).\
Electric Bond & Share, common (quar.)..

Preferred

Oct.
Oct.
Oct.
Oct.

-j *3A
j $1.25
j
2
1 25c.
j 17AQI
'A

Extra
Dominion Textile. Ltd., pref. (quar.)..■
duPont (E .1.) deNem .&Co. ,deb .stk. (qu.) |
du Pont (E.I.)de Nem.Powd.,com.(qu.) j
Preferred (quar.)
Eastern Steel, com. (quar.)
Eastman Kodak, common (quar.)

‘ii

;Nov.

—

—

15 Holders of rec. Sept. 30a
15 Holders of rec. Sept. 30a
1 Holders of rec. Oct. 15a
1! Holders of rec. Oct. 15a
1 Holders of rec. Oct. 15a
15 Holderq of rec. Sept. 20a
15 Holders of rec. Oct. 10a
15 Holders of rec. Oct. 10a
15 Sept. 17
to
Sept. 26
15 Sept. 17
Sept. 26
to
25 Holders of rec. Oct. 19a
Holders of rec. Oct. 19a
31
1
15 Holders of rec. Oct.
Holders of rec. Sept. 30a
Oct. 20
to
Oct. 31

Nov.
i
Oct. 15
15
Oct.
Oct. 15
Oct. 15
Nov.
1
Nov.
1
Nov.
1
Nov.
Nov.
Oet.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Nov.
Nov.
Oct.
Oct.
,Nov.
Oct.
Oct.
Oct.

IK
IK

Name

Books Closed.
Days Inclusive.

When

Per

Books Closed.
Days Inclusive.

|<

Ian.
Oct.
Oct.
Oct.

1

1A
3
2
5
2
25c.
3
1

Oct.
Oct.

15
31
10

15
1
15
1
25
25
25
1
14
31

311

311

Holders
Holders
Holders
Holders
Holders
Holders
Oct.
1
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Dec. 21
Holders
Holders
Holders
Holders

12
Nov.
1!
Oct. 15
1
Oct. 15
Nov. 30
15
i Oct.

rec. Sept.
rec. Sept.
rec. Sept.
rec. Sept
rec. Oct.
rec. Sept.
rec. Sept.

of
of
of
of
of
of
of
of
of
of

rec.
rec.

rec.

to
of. rec.
of rec.
of rec.
of rec.
of rec.

of rec.
of rec.
of rec.

of rec.
to
of
of
of
of

Sept. 22

rec.

rec.
rec.
rec.

to

30
30a
30a
30a

9a
30
30
Oct. 23a
Oct. 23a
Oct. 23a
Oct. 15
Oct. 15
Sept. 30
Nov. 5
Oct. 21
Sept. 30a
Oct. 15a
Oct. 10a
Oct. 10a
Oct. 10a
1
Jan.
Oct.
8a
Sept. 30a
Sept. 30a
Sept. 30a
Oct.
9
Oct. 31
Oct.
la
Oct.
la
Nov. la
Oct.
1
Oct.
1
Oct. 16a
Oct. 31
Sept. 30a
Sept. 30a
Nov. 1
Oct. 10
Sept. 30a
Sept. 30

Oct. 22
to
Holders of rec.
Holders of rec.
Holders of rec.
1A
Holders of rec.
30c.
10c.
Oct. 15 i Holders of rec.
1
Holders of rec.
Nov.
1A
to
IK I Nov. 1 Oct. 11
25c. Oct. 19; Holders of rec.
25C. Oct. 19
Holders of rec.
IK Nov. 15 Holders of rec.
15
Holders of rec.
IK Oct.
IK Oct. 15 Holders of rec.
1
*
to
Sept. 30 j Sept. 18
2' Holders of rec. Oct.
Dec.
7
$2
1A Nov. 1 Holders of rec. Oct. 10
1K Nov. i Holders of rec. Oct. 10
Oct. 20
Holders ot rec. Oct.
5a
3
1
Holders of rec. Oct. 15a
1A Nov
2
Nov 15 Holders of rec. Nov.
la
1
Holders of rec. Oct.
1
2A
Nov
5
Oct. 30 Holders of rec. Oct. 19a
21!
to
Oct.
1
Oct.
6
15c.
Oct.
$1.25 Oct. 15 Holders of rec. Sept. 30a
IK Oct. 15 Holders of rec. Sept. 30
2A
Oct. 15 Holders of rec. Sept. 30a
to
Oct. 20
1A Oct. 19 Oct. d9
to
Oct. 20
1
Oct. 19 Oct. <29
Holders
of
rec.
Oct.
9a
19
Oct.
$1
Nov 15 Holders of rec. Oct. 30a
2K
to
Oct. 25
IK Oct. 25 Oct. 16
1
Holders of rec. Oct. 15
87 Ac. Nov
1A Dec. 2 Holders of rec. Nov. 15
Nov
1
Holders of rec. Oct. 11a
3 A
Oct. 15 Holders of rec. Sept. 20a
2
15
Holders
of rec. Sept. 30a
Oct.
$1
la
1A Oct. 15 Holders of reo. Oct.
Oct. 25
*1
IK Oct. 15 Holders of rec. Sept. 30a
2
Oct. 31 Holders of rec. Oct. 15a
4a
$1.25 Oct. 15 Holders of rec. Oct.
4a
87Ac Oct. 15 Holders of rec. Oct.
1
Holders of rec. Oct. 18
10c. Nov
1
Holders of rec. Oct. 18
5c. Nov
38
1
Holders of rec. Oct.
50c. Nov
3a
1
Holders of rec. Oct.
25c. Nov
Holders of rec. Oct. 15
3
Oct. 31
2
Oct. 31 Holders of rec. Oct. 15
5
to
Oct.
Oct. 15 Oct.
1
5
5
to
1
Oct.
IK Oct. 15 Oct.
15a
1
Holders of rec. Oct.
1
Nov
7
a
15
Holders
of
rec.
Oct.
2
Oct.

!

!

Oct.
Oct.
Oct.
Oct.
Oct.
Oct.

1

IK
1

IK

IK
$1.75
87 Ac. Oct.
87Ac. 'Oct.
1
3
25c.
2

Nov
Nov
Nov
Dec

15
24
15
15
15
31
31
15
1
1
1
1

Holders
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Oct. 22
Oct. 22
Holders
Holders

of
of
of
of
of
of
of
of

rec.
rec.

rec.
rec.

rec.

Sept.
Sept.
Sept.
Sept.
Sept.

30a
30a
30a
30
20a

Oct. 10a
4a
Oct.
4a
rec. Oct.
Nov. 1
to
Nov. 1
to
of rec. Oct. 21a
of rec. Nov. 11a
rec.

rec.

dividend, b Less
in common

From unofficial sources,
a Transfer books not closed for this
d Correction,
income tax.
e Payable in stock. /Payable

British
stock,

\

1457

THE CHRONICLE

1918.]

g

Payable in scrip,

h On account of

accumulated dividends,

i Payable In

Liberty Loan bonds.
I Red Cross dividend, m Payable in U. S. Liberty Loan
on
4K% bonds,
o Declared 7% payable in quarterly Installments of 1K%
Nov. 1 1918, Feb. 1, May 1 and Aug. 1 1919, to holders of record on Oct. 15
1918, Jan. 15 1919, April 15 1919 and July 15 1919, respectively,
p
stock of Old Dominion Iron & Steel Corp. at rate of one share of Old Dominion
Iron & Steel Corp., par value $3. for each share ol Virginia Ry. & Nav. common
stock,
t Declared 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 notice.

each
Payable in

Statement.—To-day
being a holiday the Clearing House issued the usual weekly
bank statement after the close of business on Friday after¬
We give below the summary of weekly totals for
noon.
New York Clearing

the week ending

House Bank

October 11:

CLEARING HOUSE

MEMBERS, DAILY AVERAGE.

Loans, discounts, investments, &c
Cash in own vaults: Members F. R. Banks.a_
“Reserve in F. R. Bank of Member banks
“Reserve in own vaults: Statebks. & tr. cos.b.
“Res’ve in depositaries: State bks. & tr. cos..
c Net demand deposits
Net time deposits

Circulation

Specie included in a and b,

$59,604,000. c

$4,688,552,000 $33,301,000 increase
102,966,000
2,946,000 increase
520,157,000'
10,425,000
8,548,000
3,741,780,000

10,273,000
138,000
196,000
19,331,000

decrease
decrease
increase
decrease

151,039,000
1,109,000 decrease
35,618,000
43,000 decrease
U. S. deposits deducted, $295,809,000.

“Aggregate reserve
Excess reserve
Decrease

-

CLEARING HOUSE MEMBERS,

7,690,650
ACTUAL CONDITION

Loans, discounts, investments, &c
Cash in own vaults: Members F. R. Banks.a.
“Reserve in F. R. Bank of member banks
“Reserve in own vaults: State bks. & tr. cos.b
“Res’ve in depositaries: State bks. & tr. cos..
c Net time deposits

nS demand deposits:::::

Circulation
Specie IncludedTn a
“Aggregate reserve

:

a’nd¥,'$60,796,000.

Excess reserve..
Increase

530,67o.000
10,308,000
9,820,000
3,772,858,000
147.969.000

35,645,000

c

THIS DAY.

$4,675,745,000 529,635,000 decrease
108,004,000
I’Z9H’999 Jnc^eas®

16*249’999 *ncrea8e
59,000 decrease
-l’i91’999 jncrease
19,734,000 increase
3.840,000 decrease

20,000 decrease

$246,489,000.
J5c?’r«i’7?n

U. S. deposits deducted,

14.860,740

THE CHRONICLE

1458

[Vol. 107

Member Banks of the Federal Reserve System.—Following is the weekly statement issued b> rhe Federal Reserve
Board gi ving the principal items of the resources and liabilities of the Member Banks.
Definitions of the different items con¬
tained in the statement were given in the weekly statement issued under date of Dec. 14 1917 and which
is published in the
“Chronicle” of Dec. 29 1917, page 2523.
STATEMENT SHOWING PRINCIPAL RESOURCE AND LIABILITY ITEMS OF MEMBER BANKS LOCATED IN
CENTRAL RESERVE
AND OTHER SELECTED CITIES AS AT CLOSE OF BUSINESS SEPTEMBER 27 1918.
Large withdrawals of Government deposits,
accompanied by moderate increases In demand deposits, also liquidation in some volume of United
States bonds and Treasury certificates are indicated by the Board’s consolidated
weekly statement of condition on Sept. 27 of 741 member banks In
cities.
leading
The week saw net liquidation of 15.2 millions of U. S. bonds other than circulation bonds, while
Treasury certificates holdings declined 22.4 mil¬
lions.
This decline is due entirely to the reduction of over 45 millions in the certificates holdings
of the Greater New York member banks, the banks
in the interior reporting uniformly small gains for the week.
Loans secured by United States war obligations likewise fell off 11.5
millions, this de¬
crease again being due entirely
to the reduction of the item at the New York banks.
Other loans and investments show a gain of 32.9 million the
central reserve city banks reporting a slightly larger increase under this head.
Of the total loans and investments the combined share of United
States
war obligations and loans secured by such obligations constituted
17.9%, as against 18.2% the week before. For the central reserve city banks this
ratio declined from 20-1 to 19.3%.
During the week the Government withdraw 205.4 millions net from reporting depositary institutions, the banks in the central
reserve cities
ing net withdrawals of 112.6 millions.
Net demand deposits show an aggregate gain of 65.1 millions, largely outside the central reserve cities. report¬
Time
deposits decreased about 36 millions, mainly at the country banks.
Reserve balances with the Federal Reserve banks of all
reporting banks declined
11.6 millions, the decrease being confined, however, to the central reserve city banks.
Cash in vault fell off 9.6 millions, mainly outside the central
reserve cities.
For all reporting banks the ratio of investments to deposits increased from 125.9 to
127.6%, while for the central reserve city banks this ratio shows
rise from 117.5 to 119.2%.
The ratio of combined reserve balances and cash to deposits of all reporting banks increased from 15
to 15.1%.
For
the banks in the central reserve cities, owing to the reduction in their reserve balances this ratio declined from
16.4 to 16.3%.
“Excess reserves” of
all reporting banks work out 83.4 millions, compared with 100.9 millions the week before.
For the central reserve city banks a decrease of
this item
from 77.7 to 56.8 millions is noted
a

1.

Member Banks.

Boston.

Number of reporting banks

New York

PhUadel. Cleveland.

Richm’d.

Atlanta.

Two ciphers (00) omitted

Chicago.

St. Louis

Minneap. Kan. City

42

103

52

85

77

45

99

32

35

14,352,0

50,923,0

11,489,0

42,272,0

24,251,0

14,790,0

18,574,0

17,635,0

6,369,0

$
U. S. bonds to secure circulat’n
Other U. S. bonds. Including

Data for all reporting banka In each district.

$

$

$

$

$

%

$

Dallas.

73

$

San Fran.
*

45

8

$

13,730,0

Total.

53

741

$

17,929,0

$

34,505,0

266,819,0

Liberty

bonds
11,326,0
219,443,0 26,431,0 44,700,0 25,987,0 21,203,0
42,189,0 13,103,0
6,877,0 12,523,0 14,764,0 26,056,0
464,602,0
U. S. certifs. of Indebtedness.- 95,637,0
680,999,0 76,249,0 111,266,0 41,955.0 40,508,0
167,077,0 42,825,0 24,211,0 46,928,0 20,093,0 79,214,0 1,426,962,0
Total U. S securities
121,315,0
951,365,0 114,169,0 198,238,0 92,193,0 76,501,0
227,840,0 73,563,0 37,457,0 73,181,0 52,786,0 139,775,0 2,158,383,0
Loans sec. by U. 8. bonds, Ac_ 41,629,0
204,244,0 45,796,0 36,716,0 20,276,0
9,652,0
69,939,0 15,181,0 12,006,0
4,505,0
5,314,0
9,379,0
474,637,0
All other loans & Investments. 757 ,-692,0 4,300,612,0 620,941,0
,961,056,0 368,419,0 308,896,0 1,450,912,0 376,778,0 286,528,0 461,391,0 185,217,0 542,480,0
10,620,922,0
Reserve with Fed. Res. Bank. 65,159,0
628,734,0 65,596,0 76,371,0 32,485,0 27,046,0
145,019,0
33,400,0 21,819,0 51,710,0 17,617,0 44,928,0 1,209,884,0
Cash In vault
24,045,0
122,523,0 19,479,0 29,389,0 17,485,0 15,229,0
56,398.0 12,2.54,0
8,412,0 15,312,0 11,749,0 22,025,0
354.296,0
Net demand deposits
682,264,0 4,450,844,0 628,748,0 739,310,0 313,515,0 219,300,0 1,083,174,0 256,369.0 199,327,0
383,867,0 153,865,0 407,222,0 9,517,805,0
Time deposits
96,069,0
263,664,0 16,391,0 238,258,0 53,441,0 91,774,0
371,720,0 73,334,0 44,757,0 62,532,0 24,275,0 122,660,0 1.458,875,0
Government deposits
42,709,0
212,234,0 25,742,0 35,917,0 10,920,0
8,180,0
49,272,0 14,680,0 11,006,0 19,395,0
4,533,0
434,588,0
1

Data for banka In each Central Reserve city, banks In all other
Reserve cities and other reporting banks.

New York.

Two ciphers

Sept. 27.
Number of reporting banks

Sept. 20.

bonds

U. 8. certifs. of Indebtedness..
Total U. 8. securities
Loans sec. by U. S. bonds, Ac.
All other loans A Investments.
Reserve with Fed. Res. Bank.
Cash In vault
Net demand deposits
Time deposits
Government deposits
Ratio of combined reserve and
cash to total net deposits

Sept. 27.

Sept. 27.

Sept. 27.

Sept. 20.

Other Reserve Cities.

Sept. 27.

Sept. 20.

70

70

42

14

126

126

450

36,729,0

36,679,0

1,119,0

10,535,0

48,383,0

48,387,0

170,049,0

15.6

16.3

16.4

$
U. 8. bonds to secure circulat’n
Other U. 8. bonds, including

Liberty

Chicago. St. Louis. Total Central Res. Cities.

(00) omitted.

$

%

$

$

$

Country Banks.
Sept. 27.

450

$

%

165

$

Total.

Sept. 20.

Sept. 27.

165

Sept. 20.

741

S

741

$

$

170,573,0 48,387,0 48,620,0
266,819,0
267,580,0
198,021,0
198,722,0 15,248,0
8,235,0
221,504,0
227,212,0
198,808,0
205,549,0 44,290,0 47,079,0
464,602,0
479,840,0
645,125,0
690,314,0 90,183,0 32,647,0
767,955,0
812,140,0
566,044,0
542,956,0 92,963,0 94,258,0 1,426,962,0 1,449,354,0
879,875,0
925,715.0 106,550,0 51,417,0 1,037,842,0 1,087,739,0
934,901,0
919,078,0 185,640,0 189,957,0 2,158,383,0 2,196,774,0
185,945,0
199,291,0 52,206,0 11,952,0
250,103,0
255,914,0
199,214,0
199,478,0 25,320,0 30,703,0
474,637,0
486,095,0
3,959,676,0 3,949,669,0 895,326,0 273,422,0 5,128,424,0 5,094,380,0 4,658,768,0 4,670,928,0
833,730,0 822,714,0 10620922,0 10,588,022,0
598,687,0
615,371,0 102,168,0 25,374,0
726.229,0
744,883,0
424,355,0
415,415.0 59,300,0 61,183,0 1,209,884,0 1,221,481,0
110,066,0
111,638,0 33,619,0
6,093,0
149,778,0
151,466,0
167,483,0
174,569,0 37,035,0 37,910,0
354,296,0
363,945,0
4,134,468,0 4,123,290,0 732,076,0 188,823,0 5,055,367.0 5,038,414,0 3,773,240,0 3,725,819.0
689.198,0 688,359,0 9,517,805,0 9,452,692,0
210,334,0
210,801,0 141,813,0 54,210,0
406,357,0
406,895,0
858,389,0
868,770,0 194,129,0 219,165.0 1,458,875,0 1,494,830,0
192,866,0
288,642,0 30,803,0 11,672,0
235,341,0
347,921,0
171,790,0
250,512,0 27,457,0 41,515,0
434,588,0
639,948,0
16.2

The Federal Reserve

16.3

17.1

14.1

13.9

15.1

—

15.0

Banks.—Following is the weekly statement issued by the Federal Reserve

Board on Oct. 5
Substantial increases in the holdings of war paper, i. e.f bills secured
by Liberty bonds and Treasury certificates, more than offset by decreases of
on hand, also further increases in Federal
Reserve note circulation are indicated by the Federal Reserve Board’s
weekly bank statement
issued as at close of busineas on Oct. 4 1918.
INVESTMENTS.—Holdings of war paper increased 34.4 millions, notwithstanding net liquidation of 17.8 millions at the New York bank.
The
largest increases under this head are shown for the Chicago and San Francisco banks. Other discounts on hand
fell off 42.8 millions, all the banks except
those at St. Louis and Kansas City reporting smaller
figures under this head than the week before. Acceptances on hand went up 23.6 millions, Boston
Philadelphia, Cleveland and Chicago reporting considerable additions to their holdings of this class of
paper, of which a portion came from the portfolio
of the New York bank.
An increase of 6.4 millions in United States
short-term securities represents in part 2% Treasury
certificates deposited with
the U. S. Treasurer to secure Federal Reserve bank note circulation.
Total earning assets show an increase for the week of 21.5 millions.
DEPOSITS.—Government deposits were 5.7 millions in excess of the total shown the week
before.
Members’ reserve deposits fell off 38.7 millions
and net deposits, 60.8 millions.
other discounts

RESERVES.—The week saw a considerable flow through the Gold Settlement Fund of
reserves from the interior to New York.
There is also shown
gain of 4.6 millions in gold reserves and of 5.2 millions in total cash reserves.
The banks’ reserve percentage declined slightly from 51.6 to
NOTE CIRCULATION.—Federal Reserve Agents
51.5%.
report a net addition of 89.2 millions to the total of Federal Reserve notes
outstanding. The
banks show an increase for the week of 81.7 millions of Federal
Reserve notes in circulation besides an increase of 4.5 millions in their
aggregate
on
lia¬
bilities
Federal Reserve bank notes in circulation.
a

CAPITAL.—Payment for Federal

sponsible for

an

Reserve bank stock by newly admitted members, largely in the Cleveland and
Chicago districts is mainly re¬
increase of $101,000 in the total paid-in capital shown in this week’s
statement.

The figures of the consolidated statement for the
system as a whole are given in the following table, and in addition we
present the results for each of the seven preceding weeks, together with those of the
corresponding week of last year, thus
furnishing a useful comparison. In the second table we show the resources and liabilities separately for each of the
twelve
Federal Reserve banks.

The statement of Federal Reserve Agents’ Accounts (the third table following) gives details re¬
garding the transactions in Federal Reserve notes between the Comptroller and the Reserve Agents
and between the latter
_

and the Federal Reserve banks.

FEDERAL RESERVE BANK OF NEW YORK.—The
weekly statement issued by the bank sub-divides some certain items that are included,
a more general classification in the
statement prepared at Washington.
Thus, “Other
&c., as of Oct. 4, consisted of “Foreign Govern¬
deposits,
$92,617,103; “Non-member banks deposits,” $5,584,987; and “Due to Wardeposits,
Finance

under
ment

Corporation,” $799,825.

Combined Resources

and

Liabilities

Oct. 4 1918.

RESOURCES.

$

Gold In vault and in transit
Gold settlement fund—F. R. Board
Gold with foreign agencies

373,255,000
419,665,000
5,829,000

op the

Federal Reserve Banks

at

the

Close

op

Business Oct. 4 1918

Sept. 27 1918 Sept. 20 1918. Sept. 13 1918. Sept. 6 1918. Aug. 30 1918. Aug. 23 1918. Aug. 16 1918.
S

$

370,220,000
437,319,000
5,829,000

367,660,000
459,997.000
5,829.000

S

S

386,214,000
465,298,000
5,82*,000

383,228.000
498,531,000
5,830.000

S
384,009,000
520,926,000
5,829,000

$

385.072,000
553,060,000
5,829,000

*

Oct. 5 1917.

S

385,017,000
600,083,000
5,829,000

481.614,000

990,929,000

868,901,000
560,111,000
9,465,000

334,787,000

52,500,000

Total gold held by banks
Gold with Federal Reserve Agents
Gold redemption fund

798,749,000
813,368,000
833,486,000
857,341,000
885.589,000
910.764,000
943,961,000
1,181,485,000 1,161,731,000 1.145,950,000 1,123,132,000 1,087.760,000 1,061.597.000
1,018,767,000
45,200,000
45,714,000
44.122,000
44,086,000
43,634,000
41.433.000
40,323,000

Total gold reserves..
Legal tender notes, silver, Ac

2,025.434,000 2,020,813,000 2,023,558,000 2,024,559,000 2.016,983,000 2,013,794,000
2,003.051,000 1,992.543,000 1,438,477,000
51,937,000

Total reserves
Bills discounted: Secured by Govern¬

2,077,371,000 2,072,176,000 2,076,039,000 2,077,732,000 2,070,494,000 2.066,962.000
2,055,266,000 2,045,523,000 1,486,715,000
1,255,956,000 1,221,533,000 1,146,357,000 \

ment war

51,363,000

obligations

All other
Bills bought In open market

449,077,000
311,990,000

491,897,000
288,391,000

52,481,000

ki q *7qq nrwi

250,032,000

63,173,000

/1613 247

53,511,000

000

239,750,000

233.741.000

53,168,000

52,215,000

961,498.000
40,116,000

52,980,000

1,428,235,000 1,393,795,000 1,285.368.000
232,563,000
236,526,000
212.204.00

Total bills on hand
2,017,023,000 2,001,821,000 1,910,178,000 1,852.997,000 1.775,740,000
1.660,798,000 1,630,321,000 1.497.572,000
U. S. Government long-term securities.
28,289,000
28,545,000
29,022,000
29,563,000
29,768,000
30,350,000
U. S. Government short-term securities
31.497.000
30,624,000
56,514,000
50,098,000
41,878,000
33,777,000
28,030,000
25,772,000
All other earning assets
23,479,000
32,546.000
202,000
102,000
84,000
81,000
75,000
67,000
82,000
62,000
Total earning assets
2,102,028,000 2,080,566,000 1,981,162,000 1,916,418,000 1.833.613,000
Uncollected items (deduct from gross
1,716.987,000 1,684,486,000 1,561,697,000

deposits)

_

5% redemp. fund agst. F. R. bank notes
AH other
Total

resources
resources

Includes amount




704,046,000
2,679,000

13,262,000

654,843,000
2,447,000
12,858,000

'4.817.495.000
formerly shown against items due from

or

2,112,000
12,610.000

1,405.000
13.013,000

642,377,000

568,655,000

601,983,000

623.495.000

1,313,000
12.076,000

1,164,000
11,787,000

958,000
11.294.000

866.000
10.803.000

48,238,000

*>51

AAA

186,162,000

451,413,000
55,727,000
73,632,000
79,000

580,851,000

500,000
574,000

4.726.766.000 4.705.793.000 4.550.873.000 4.365.555.000 4.353.987.000 4.242 384.000 2.301.633.000

due to other Federal Reserve Damn* net

Oct. 12

1918.]

THE CHRONICLE
Oct. 4 1918.

1459
Oct. 5 1917.

Sept. 27 1918. Sept. 20 1918. Sept. 13 1918. Sept. 6 1918. Aug. 30 1918. Aug. 23 1918. Aug. 16 1918.

LIABILITIES.
Capital paid in

9
9
9
9
9
9
9
9
9
78,903,000
78,802,000
78,689,000
78,553.000
61,027,009
76,900,000
78,359,000
78.168,000
77,750,000
1,134,000
1,134,000
1,134,000
1,134,000
1,134,000
1,134,000
1,134,000
1,134,000
Government deposits
197,359,000
191,623,000
169,141,000
206,733.000
86,310,000
197.325.000
173,027,000
95,555,000
104,729,000
Due to members—reserve account
1,496,815,000 1,535,490,000 1,524,528,000 1,469,603,000 1,465,102,000 1,478,639,000 1,459,480,000 1,464,011,000 1,148,887,000
Collection Items
512,227,002
485,059,000
490,265,000
527,752,000
159,258,000
461,640,000
450,947,000
461,202,000
437,885,000
•ther deposits, incl. for. Gov’t credits.
103,907,000
104,385,000
100,173,000
115,302,000
95,029,000
119,960,000
120,300,000
112,597,000
115,234,000

Surplus

Total gross deposits
F. R. notes in actual circulation
F. R. bank notes in circulation, net
All other liabilities

2,310,308,000 2,316,557,000 2,284,107,000 2,319,390.000 2,244,027,000 2,141,553,000 2,196,051,000 2,136,002,000 1,489,484,000
2,431,004,000 2,349,326,000 2,295,031,000 2,245,429,000 2,180,679,000 2,092,708,000 2,032,837,000 L ,985,419,000
740,916,000
40,305,000
35,819,000
liab.
33,208,000
27,672,000
15,167,000
8,000,000
23,964,000
20,687,000
16,864,000
37,732,000
35,857,000
34,597,000
33,615,000
2,206,000
29,351,000
27,702,000
31,710,000
31,305,000

Total liabilities
4,899,386,000 4,817,495,000 4,726,766,000 4,705,793,000
Gold reserve against net deposit liab__
49.7%
48.8%
51.1%
52.9%
Gold res. agst. F. R. notes in act. circ’n
50.5%
51.4%
51.9%
51.9%
Ratio of gold reserves to net deposit and
Fd. Res. note liabilities combined
50.2%
50.3%
51.6%
52.4%
Ratio of total reserves to net deposit and
Fed. Res. note liabilities combined..
51.5%
51.6%
52.9%
53.7%
Ratio of gold reserves to F. R. notes in
actual circulation, after setting aside

35% against net deposit liabilities

62.3%

63.4%

4,559.873,000 4,365,555,000 4.353,987,000 4,242,384,000 2,301,633,000

67 2%

65.6%

55.3%
51.9%

57.9%
52.7%

59.2 %

52.1%

59.2%
50.5%

69.2%
76.8%

53.3%

55.3%

58.7%

57.0%

72.0%

54.9%

56.4%

50.7 %

58.5%

74.4%

69.6%

72.5%

73.7%

70.4%

Distribution by Maturities—
$
s
9
*
9
*
9
9
1-15 days bills discounted and bought. 1,358,365,000 1,323,052,000 1,245,724,000 1,172,359,000 1,159,716,000 1,047,516,000 1,006,967,000
901.700,000
1-15 days U. S. Govt, short-term secs.
9,153,000
14,300.000
13,161,000
7,182.000
17,235,000
5,388,000
4,945,000
4,660,000
1-15 days municipal warrants
31,000
10,000
10,000
16-30 days bills discounted and bought.
175.342,000
192,414.000
194,084,000
184,223,000
144,517,000
141,558,000
151,740,000
169,570,000
16-30 days U. S. Govt, short-term secs.
1,420,000
10,000
298,000
4.414,000
3,722,000
16-30 days municipal warrants
31,000
10,000
34,000
31-60 days bills discounted and bought.
264,546,000
302,709,000
285,806,000
294,595,000
248,807,000
219,928,000 223,723.000 231,550,000
31-60 days U. S. Govt, short-term secs.
4,841,000
467,000
197,000
901,000
4,690,000
4,685,000
1,046,000
4,358,000
31-60 days municipal warrants
9,000
9,000
1,000
33,000
41,000
41,000
41,000
56,000
61-90 days bills discounted and bought
171,434,000
193,457,000
171,718,000
187,668,000
207,398,000
223,655,000
216,473,000
187,526,000
61-90 days U. S. Govt, short-term secs.
5,692,000
669,000
1.716,000
728,000
798,000
1,527,000
771,000
2,123,000
61-90 days municipal warrants
11,000
11,000
11,000
11,000
5,000
10,000
5,000
6,000
Over 90 days bills disc’ted and bought.
12,212,000
25,313,000
12,846,000
14,152,000
28,141,000
15,302,000
25,056,000
22,588,000
Over 90 days U.S. Govt .short-term secs.
35,408,000
34,652,000
27,494,000
19,564.000
15,339,000
13,365,000
16,347,000
8,830,000
Over 90 days municipal warrants
10,000
10,000
10,000
16,000
21,000
16,000
16,000
20,000
Federal Reserve Notes—
Issued to the banks
2,583,418,000';2,494,205,000 2.446,194,000 2,388.863,000 2,319,772,000 2,218,938,000 2,163,837,000 2,118,948,000
Held by banks
151,163,000
143,434,000
126,230,000
139,093,000]
131,000,000
133,529,000

$

228,355,000
53,631,000

104,004,000

,

7,000
64,011,000
10,000
1,412,000

62,606
797,630,000

j 152,414,000| 144,879.000

56,714,000

12,349,326,000

In circulation
2,431,004,000
2,295,031,000 2,245,429,000 2,18O,679,0OC 2,092,708,000 2,032,837,000 1,985,419,000
Fed. Res. Notes (Agents Accounts)—
Received from the Comptroller
3,364,480,000 3,286,140,000 3,229,400,000 3,153,080.00C 3,057,280,000 2,995,480,000 2,940,240,000 2,895,020,000 1,207,940,000
Returned to the Comptroller
546.315.00C
533.070.00C
550,217,000
542,126,000
520.568,000
516,032,000
497,152,000
499.862,000 II 204,280,000

| 740,916,000
1

>*2.443,088,000 2,395,158,000'

2,814,263,000 2,739,825,00C 2,687,274.00C 2,620,010.000 2,536,712,000 2,479,448,000
245.620.00C>, 241,080,00C
231,165,000
230,845,000
216,940,000
260,510.00C

Amount chargeable to Agent
In hands of Agent

2,494,205,000|2,446,194,00(

Issued to Federal Reserve banks.. 2,583,418,000
How Secured—

By gold coin and certificates
By lawful money
By eligible paper
Gold redemption fund

208,239,000

>| 214,239,000! 217.240,00C

219,240,000)

220.239.00C

||

797,630,000

>j 269,911,000

217,238,000

*

2,583,418.000>'2,494,205,00C 2,446,194.00C 2,388,845,000 2,319,772,000) 2,218,938,000 2,163,837,000 2,118,948,000

paper

delivered to F. R. Agent.

1,942,433,000'1,699,364.000 1,864,987,00C

Net amount due to other Federal Reserve banks

Boston.

Two ciphers (00) omitted.
RESOURCES.
Gold coin and certifs. in vault.
Gold settlement fund
Gold with foreign agencies

New York.

b This item includes foreign Government credits

PhUadel. Cleveland

r Revised

RESERVE BANKS
St. Louis

Chicago.

797,630,000
248,912,000

figures.
at

CLOSE of

M inneap

Kan. City

*

9

BUSINESS Oct. 4
Dallas.

San Fran

l*MH

TouU.

2,151,0
16,233,0
233,0

8,225,0
25,064,0
233,0

193,0
21,303,0
291,0

9
6,065.0
6,978,0
204,0

35,699,0
48,967,0
538,0

12,797,0 72,573,0
42,740,0 224,057,0
3,447,0
5,881,0

18,617,0
51,615,0
2,809,0

33,522,0
31,378,0
3,010,0

21,787,0
57,489,0
1,241,0

13,247,0
25,286,0
2,152,0

655,850,0 181,629,0 218,110,0
335,0
44,981,0
460,0

85,204,0
628,0

58,984,0 302,511,0
1,050,0
156,0

73,041,0
780,0

67,910,0
59,0

80,517,0
203,0

40,685,0 135,865,0 2,025,434,0
502,0
198,0
51,937,0

700,831,0 182,089,0 218,445,0

9
157,0

9

%

29,792,0
46,167,0
525,0

6,232,0
29,263,0
204,0

51,403,0
68,460,0
5,265,0

355,223,0 66,678,0 76,484,0
285,627,0 109,451,0 141,479,0
15,000,0
5,500,0
147,0

125,128,0
2,585,0

Total reserves
127,713,0
Bills discounted: Secured by Govt

Total gold reserves.
Legal-tender notes, silver, &c

A llama

Richm’d.

274,210,0
79.002,0
2,011,0

Total gold held by banks
Gold with Federal Res. Agents..
Gold redemption fund

28,657,000

9
26,032,0
45,725,0
816,0

9

9

j

1,797,546.000 1,719,854,000 1.613.814,000 1.573.109,000 1.463,844,000

3,756,0
47,239,0
408,0

.

237,519,666

| 261,543,000

WEEKLY STATEMENT of RESOURCES and LIABILITIES of EACH of the 12 FEDERAL

6

219.239.00C

>]

Total

a

206,030,000

2,388,845,000 2,319,772,000) 2.218.938.00C 2,163,837,00C 2,118,948,000
217,240,000

1,003,660,000

276,210,000; j

1,401,933,000 ,1,332,474,00( 1,300,244,000 1,265,713,000 1,232,012,000 1,157,341,000 1,145,070,000 1,157,450,000
113,060,000>
65.788,000
73,363,00(
70,608,000
60,959,000 j
61,708,000
63,419,000
61,690,000
860,186,000
874,129,00( 858,102.00C 840,104.000 806,830,000 780,650,000 735,109,000 683,301,000

With Federal Reserve Board

Eligible

279,251,000

66,113,0
408,0

9

6,794,0
5,828,0
175,0

9

9

9,648,0
30,750,0
321,0

t

373,255,0
419,665,0
5,829,0

40,719,0
798,749,0
94.936,0 1,181,485,0
210,0
45,200,0

85,832,0

59,140,0 303,561,0

73,821,0

67,969,0

80,720,0

41,187,0 136,063,0 2,077,371,0

54,396,0
30,136,0
52,602,0

52,414,0
18,702,0
4,866,0

49,522,0 187,576,0
30,104,0 66,974,0
7,648,0 34,047,0

54,164,0
27,808,0
4,233,0

23,268,0
34,122,0
115,0

29,647,0
47,658,0
270,0

27,703,0
25,155,0
1,910,0

136,623,0
537,0
2,416,0

758,185,0 130,376.0 137,134,0
1,348,0
1,090,0
1,406,0
8,383,0
25,460,0
4,277,0

75,982,0
1,234,0
1,510,0

87,274,0 288,597,0
581,0
4,519,0
5,112,0
1,991,0
61,0

86,205.0
1,153,0
2,321,0
103,0

57,505,0
116,0
1,030,0

77,575,0
8,867,0
1,083,0

54,768,0 126,799,0 2,017,023,0
3,977,0
3,461,0
28,289,0
1,672,0
1,259,0
56,514,0
38,0
202,0

Total earning assets
139,576,0
Uncollected items (deducted from

785,051,0 136,001,0 146,607,0

78,726,0

89,907,0 298,228,0

89,782,0

58,651,0

87,525,0

60,417,0 131,557,0 2,102,028,0
18,720,0

30,389,0

704,046,0

144,0
1,393,0

100,0
1,326,0

2,679,0
13,262,0

war

76,516,0
13,139,0
46,968,0

obligations

All other
Bills bought in open market

Total bilLs on hand.
U.S. long-term securities
U. S. short-term securities
All other earning assets

gross

deposits)

88,904,0
19,718,0
21,754,0

546,522,0
97,984,0
113,679,0

58,506,0

187,872,0

64,357,0

54,803,0

50,007,0

31,593,0

78,081,0

58,803,0

23,494,0

47,421,0

34,0
837,0

1,174,0
2,233,0

200,0
1,933,0

130,0
776,0

50,0
757,0

57,0
809,0

306,0
1,333,0

22,0
704,0

50,0
197,0

412,0
964,0

65,324,0 1,255,956,0
37,577,0
449,077,0
23,898,0
311,990,0

5% redemption fund against Federal Reserve bank notes
All other resources

Total

326,666,0 1,677,161,0 384,580,0 420,761,0 215,372,0 181,506,0 681,509,0 223,132,0 150,361,0 217,042,0 121,861,0 299,435,0 4,899,386,0

resources

LIABILITIES.

Capital paid in
Surplus
Government deposits

6,580,0

8,805,0

10,959,0
216,0
7,168^0 36,106,0
38,368,0 202,678,0
23,697,0 48,990,0
27,0
1,642,0

3,149,0
40,0

Total gross deposits
163,154,0
F. R. notes in actual circulation. 152,981,0
F. R. bank notes in circ’n—Net.
1,120,0
All other liabilities..
2,756,0

909,657,0 167,639,0 178,496,0 95,962,0 69,260,0 289,416,0 110,938,0
719,317,0 205,191,0 228,809,0 113,258,0 107,013,0 369,597,0 106,462,0
920,0
6,349,0
510,C
2,039,0
305,0
2,420,0
13,342,0
1,488,0
1,124,0
4,972,0
14,012,0
1,968,0
2,612,0 ,1,730,0

22,512,0 24,847,0
89,448,0 115,672,0
55,679,0 37,89^0
79,0

3,600,0

2,897,0
38,0
4,991,0
43,297,0
15,948,0
17,0

3,734,0

Due to members—Reserve acc’t. 100,415,0
Collection items
41,711,0
Oth. deposits incl. for Gov’t cred.

21,028.0

7,362,0

4,001,0
116,0
6,295,0
48,561,0
41,106,0

20,184,0
649,0
30,453,0
638,931,0
141,137,0
99,136,0

75,0

10,870,0
53,719,0
46,042,0
307,0

3,108,0

13_,382,6 9,064,0
58,625,0 ,32,964,0
31,537,0 11,185,0
162,0

64,253.0 103,544,0
81,571,0 99,543,0
8,108,0
242,0
2,247,0
1,360,0

78,903,0
4,524,0
1,134,0
197,359,0
10,643,0
74,137,0 1,496,815,0
17,297,0
512,227,0
2,537,0
103,907,0

53,375,0 104,614,0 2,310,308,0
61,150,0 186,112,0 2,431,004,0
40,305,0
2,992,0
1,958,0
2,227,0
37,732,0
1,236,0

326,666,0 1,677,161,0 384,580,0 420,761,0 215,372,0 181,506,0 *681,509,0 223,132,0 150,361,0 217,042,0' 121,861,0 299,435,0 4,899,386,0
to other Federal Reserve banka.
• Net amount due to other Federal Reserve banks

Total liabilities

•Difference between net amounts due from and net amounts due

STATEMENT OP PEDERAL RESERVE
Two ciphers (00) omitted.

Boston.

New York.

AGENTS

ACCOUNTS

Oct. 4 l«MK

Chicago. St. Louis. Minneap. Kan. City

Atlanta.

PhUadel. Cleveland. Richm’d.

AT Cl OSE OF BUSINESS

Federal Reserve notes—
Received from Comptroller
Returned to Comptroller

9
S
9
9
9
9
9
%
210,300,0 1,136,440,0 280,120,0 277,120,0 156,840,0 158,040,0 461,180,0,136,440,0 104,880,0 135,700,0
41,357,0
257,187,01 49,582,0 24,141,0 29,942,0 22,744,0 32,128,0 22,483,Ol 10,636,0| 21,638,0

Chargeable to F. R. Agent
In hands of F. R. Agent..

168,943,0
11,900,0

Issued to F. R. Bank..
156,983,0
Field by F. R. Agent—
Gold coin and certificates
5,000,0
Gold redemption fund
9,460,0
Gold Sett. Fd., F. R. Board..
54,000,0

Eligible

paper,

min. req’d

88,523,0

Total..'.
j 156,983,0
Amount of eligible paper deliv¬
ered to F. R. Agent
136,623,0
F. R. notes outstanding
156,983,0!
F. R. notes held by banks
4,002,0!
F. R. notes in actual




circula’n.' 152,981.0

879,253,0'230,538,0
92.000,01 13,520,0

San Fran

Total

9*9
91,020,0 216,400.0 3,364,480,0
18,519.0! 13,860,01 550,217,0

252,979,0 126,898,0 135,290,0 429,052,0 113,957,0! 88,244,0 114,062,0
7,920,0
5,290,0
2,200,0
15,620,0
6,800,0 25,105,0 39,820,0

72,501,0 202,540,0 2,814,263,0

82,954,0106,142,0

61,891,0 202,540,0 2,583,418,0

13,102,0

3,129,0
16,300,0 54,360,0
51,576,0 48,653,0

208,239,0
12,081,0:
113,060,0
3,021,0 10,235,0
860,186,0
10,184,0 84,701,0
36,605,0 107,604,0 1,401,933,0

111,757,01. 82,954,0,106,142,0

61,891,0 202,540,0 2,583,418,0

787,253,0 217,018,0 237,359,0 120,098,0 110,191,0 389,232,0 111,757,0

j

158,740,0!

16,813,0
10,457,0 14,666,0
110,000,01 98,994,0 110,000,0
501,626,0 107,567,01 95,880,0

2,503,0
1,608,0
37,670,0
2,984,0
2,567,0 222,449,01 48,631,0
67,451,0 165,175,0; 60,142,0
-

16,887,0

967,0
48,000,0
71,131,0

787,253,0 217,018,0 237,359,0 120,098,0 110,191,0 389,232,0
'

Dallas.

i

j

:

758,185,0 119,936,0 115,409,o! 74,038,o! 78,288,0 288,597,o'
787,253,0 217,018,0 237 !359!o 120!098!0 110,19F0 389,232 |o
67,936,0 11,827,0
8 ,550,01
6,840,01 3,178,0, 19,635,0
v/

^

„

1,976,0|

1

10,610,0]

230,845,0

!

75,077,0’ 51,719,0' 77,575,0 54,768.0 112,218,0 1,942,433,0
.„,

„

„

lilJS^O 82’,95416 lOM^Oi 61.891.0 202,540,0 2.583,418,0
1,383,0, 6,599,0.
5,295,0
741.0 16,428,0 152,414,0

719.317.0 205.191.0 228.809.0 113.258.0 107.013.0 369.597.0 106,462.0

81.571,0

99,543,0 61,150,0 186,112.0 2.431.004.0

THE CHRONICLE

1460
Statement of New York

IVol. 107

City Clearing House Banks and Trust Companies.—The following detailed statement

shows the condition of the New York City Clearing House members for the week ending Oct. 5. The figures for the sep.
arate banks are the averages of the daily results.
In the case of totals, actual figures at end of the week are also given.
The summarized totals, both actual and average, for vieek ending October 11 will be found to-day on page 1457.

NEW YORK WEEKLY CLEARING HOUSE RETURN.
CLEARING HOUSE
MEMBERS.
Week Ending
Sept. 28 1918.

Net

Capital.

(Nat. Banks Au<. 31 j

•{state

Banks June 20V
Co’s June 20]

(Trust
Members of Federal
Reserve Bank.
Bank of NY.NB A.
Bank of Mantiat Co.
Merchant*’ National.
Mech 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...

Metropolitan
Exchange

Corn

Importers A Trad Nat
National Park
East River National.
Second National....
First National
Irving National
N Y County National
Continental
Chase National
Fifth Avenue
Commercial Exch
Commonwealth
Lincoln National
Garfield National
Fifth National
Seaboard National..

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..._
Metropolltan Trust.
Nassau Nat, B’klyn.
Irving Trust Co
Farmers Loan A Tr..
_

Average.

1,000,000

905,100

300,000
5,000,000
25, WO ,000
500, WO
3,500,000
3,000,000
2,550,000
2,000, WO
3,500,000
1,5W,W0
5,000,000
250,000
1,000,000
10.0W.0W
4.5W.W0
1,000,000
1,000,000
10, wo, 000

103,100
5,991,400

200,000
200,000
400,000
1,000,000

1,000,000
250,000
1,000,000
.'5,000,000
1,000,wo
1,000,000
1,500,000
11,250,000
2,000,000

25,000,000
1,000, W0
5,000,000
1,000,000
8,000,000
1,000,000
1,000,000
2,000,000
1,000,000
1,500,000
5,000,000

Legal
Gold.

23,745,300
1,055,300
3,033,500
17,479,400
3,034,900
2,207,700
7,892,800
7,843,600
17,923,800
79,500
4,011,100

31,189, WO
5,828,200
361,900
669, WO
14,591,000
.2,347,800
880,700
811,700

2,ooo,r>w
1,389,000
M 406,800
.3,724,800
4.281.700
974,700
1.292.200
2,227,500
14,842,300
4,791,000
26.725.700
1,288,0W
6.693.200
1,274,400
10.510.700
1,106,900
552,100
4,312,600
1,174,800

1.100.700
10,965,200

Tenders.

Average.

‘

%

2,000, WO
5,374,800
2,500,000
6,769,400
2,000,000
2,743,500
0,000,000 11,020,500
1,500,000
6,744,200
25.0W.000 c52,572,400
3, WO,000
9,557,600

Bank
and
Federal
Reserve
Notes.

Silver.

Ac.

$

$

Additional

National

Loans,
Discounts,
Investments,

Prefits.

Average.

24,000
302, WO
76,OW
7,887,000
263,000
8,237,000
167, WO

31,123,000

570,536,000
82,385,000
18,046,000
3,160,000
121,851 ,W0

Average.
$
100,000
392,000

$

%

46.486.0W
56,571, WO
27,574,000
170,064,000

86, WO
12,000
578, WO
146,000
49, WO
460,000

392,6W, 000
16,386,000
94,152,000
133,745,000 4,133,000
44,174,000
113,000
27,214, WO
662,0W
119,918,000
778,OW
38,406,000
70, WO
202,960,000
48, WO
2,851,000
2,000
19,074,000
57,000
306,328,000
10,000
99,049,000
974, WO
10,794,000
50,OW
6,348,000
29,000
319,489,000 2,600,000
16,755,000
53, WO
5,630,000
48, WO
6,577,000
40,000
17,177,W0.
123,000
11,898, W0
1,000
7,714,000
47,W0
46,056, W0
340,000
70,034,000
151, W0
13,877,000
6,000
15,580,000
12, W0
36,161,000
63, W0
245,253,000
88, W0
60,379,000
355,000
504,226, W0 1,775,000
10,957,000
90,000
87,394,000
20, W0
27,674,000
44, W0
89,867,000
53,000
WO
74,0W
20,464,
14,000
15,546,000
54,143,000
117,000
13,714,000
4,000
40,910, W0
114, W0
140,356,000 3,746, W0

88,000
287. WO

81, WO
114,000
173,000

Average.
$

288,000
87, WO
58,000
170, WO
243,000
252,000
499,000
236, OW
37,000
242,000
141,000
409,000
415,000
105, WO
22,000
745,000
400,000
33,000
19, WO
2,300,000
162,000
39, WO
40,000
354,000
7,000
17,000
271,000
33,000
56, WO
43,000
3.3,000
157, WO
79,000
118.0W
44, WO
34,OW
77,000

18.0W
34, WO
87, WO
186,000
22, WO

Legal
Deposi¬

Legal
Deposi¬

tories.

taries.

Average.
$

Average.

1,264,000

13,069,000

611,000
113,000

1,228,000
1,004,000

1,013,000

34,453,000
2,768,000
747,000
1,172, WO

4 81. WO

94,000
130, WO
884, WO,

with

77,000
88, WO
308,000
54,000
210,OW
251,000
14,000
166,000
53,000
48,000
186,000

480,000,
422,000
480,000
188,OW
459,000
701, WO
363, WO
2,951,000
143,000
677, WO
559,000
17,000
185,000
316,000
582,000
109,000

498,000
59, WO

1,911,000
250,000

on

Oct.

on

Sept. 28

5

4,569,023,000 35,195,000 12,837,000 19,142,000
4,440,114,000:34,898,000112,536,000 18,439,000
4,453,785.000134.975,000112,072,000 19,086,000
4,381,872.000 35,160,WO 12.650.W0 19,209,000

Totals, actual condltl on Sept. 21
Totals, actual condition Sept. 14
State Banks.
Greenwich

Totals, avge for wk

3.750.W0

...

—

1,287,000!
815,000
,917,0001
,652,WO
,057, WO i

,757,000'
,118,000
,317, WO
,204,000
.607.0W
,509,000

,085,0W
,332,000
,291,000
,037,000
,031,000
,532, WO
,302,000
,570,000
,566,000

Average.
S

1,774,WO

794,OW

399,000
11,027,000

1,837,000
3,756, WO

11,492",OW 1,445',666
4.480,000
616,000
5,673, WO
4,7W,W0
50, WO
7,637,000

434,ow
148,000
288,OW
4,904,0W

2,218.000
200,000
985, WO

’

26l’,66o

1,562,000
839, WO
172,000

51,000
4,943, WO
50, WO
650,000
8,291,0W
780, WO
199, WO

11,663, WO

1,100,000

101,000
24,000
19 4, WO

210, WO
398, WO

3,858,000

248,WO
70,000
800, WO
414,OW
398,000

2,145, WO
624,000
475,000

4.699.0W
16,370, WO
7,166,GW
21.196.0W
458, WO
11,335,000
1,657, WO
3,454,000
1,573, WO
1,674,000
1,173,000
635.000

50,OW

1,027,000
8,863, WO

3,652,264,000 151,046, WO 35,661,000

33,098,000 514,426,000
34,113,OW 526,399,000
33,317,000 542,333,000
33,451, WO 499,398,000

3,643,789,000
3,055,672, OW
3,634,803,000
3,609,812,OW

150,724,000
150,564,OW
152,496,000
163,567,000

1,463,000
2,162,000

118,000

639,000
267,000

68,000

15,737,000
4,453,000
20,791,000
31,038,000

4, WO
5, WO

34.666

72,019,000

43,000

73.804.0W
71,989,000
72,350,000
71,183,WO

3,372,000
4,172,000
4,285,000
4,361,000

1,160,000
1,137,000
1,167,000
1,190,WO

1,097, WO
985,000
978,000
930,WO

2,951, WO
2,917,000

161, WO
315, WO
249,000
183,000

72,915,000
71,983,WO
70,857,WO
71,767,WO

43,000

2,870,000
3,012,WO

5,183,000
3,945,000
3,876, WO
3,333,000

5,000,000
4.000,000

Bank.
of Fed eral Reserve
11.834.8W
38,605,000
96,000
5,205,300
23,953,WO
450,000

134,000
187,000

165,000
76,000

531,000
155,000

2,490,000
1,331,000

61,000

302,000

22,648,WO
14,180,000

626,000
433,000

9,000,000

17,040,100

on

35,665,000
35,670.000
35,536,000
35.658, WO

5

43.000

38,000
38.000

Not Mem bets

for wk
on
on

on
on

Oct.

5

Sept. 28
Sept. 21
Sept 14
.

Grand aggregate,avge 205,650,000

62,558,000

546,000

321,000

241,000

686,000

3,821,000

363,000

36,828,000

1,059, WO

62,553,000
62,735,000
62,887, WO
63,319,WO

546,000
545,000

319,000
328,WO
330,000
321,OW

287,WO
216,000
204,000
262,000

635,WO
660,000
774,OW
736,000

3,530,000
3,934,000
3,728,000
3,924,000

674,000
224,OW
191,WO
58,OW

36,420,000
38,007,000
37,982,000
39.701.0W

1,042, WO
1,061,000
1,035, WO
917,000

541,WO
543, WO

369,318 4,655,251,000 39,197,OW 14,101,000 20,641,000 3,6644,000 538,782,000
+ 75,915,000 —496, WO + 214,000 —328, WO -1,601,000 + 12972000

Comparison prev wk

Grand ag’gate. actual
Comparison prev wk.

condition

On Oct.

Grand
Grand
Grand
Grand

condition
condition
condition
condition

Sept. 28__
Sept. 21...
Sept. 14..
Sept. 7.

ag'gate, actual
ag’gate, actual

1,080,000
235,000
582,000
944,000

186,000

Totals, actual condltl

ag’gate, actual
ag’gate, actual

304,000
15,000
435,OW
377,000

4,531,000

Sept.28
Sept. 21
Sept. 14

condltl
condltl
condltl
condltl

3.868.3W

140,000
25, WO
606,000
566,000

2,841,000

on

Trust Companies.
Title Guar A Trust..
Lawyers Title A Tr..

Bank
of Fed eral Reserve
1.403.400
15,343,000
600, WO
810,900
4,872, WO
280,000
1.159,800
991,000
19,927,000
d434,2W
32,925,000 1,589,000

1,131,WO

on

•

Average.
$

33.754.0W
50,689,000
21,279,000
138.676,OW
26,472,000
574,171,000
62,945, WO
14,156, WO
2,608,000
88,804, WO
315,096,000
12,913, WO
76,864,OW
133,637,000
30,411, WO
25,634,000
105,250,000
24,806,000
167,070,000
3,167,WO
14.117.OW
141.01S.W0
96,552,000
10,097,000
5.359.000
281,064,000
17.770.0W
5,253,000
6.502,000
16.926,000
9.415.0W
6,173,000
43.903.0W
62.821.OW
13,461,000
12,714,000
25,715,000
197,097,WO
45,174, OW
366,662,000
8,704,000
62,223,000
22,896,000
51,618,000
14,355,000
12,806,000
32,443, WO
9,431,000
34,981,000
113,012,WO

1,337,000

Oet.

avge

Average.

3,460, WO

on

actual
actual
actual
actual

Deposits.

73,067,000

Totals, actual condltl
Totals, actual condltl
Totals, actual condttl

Totals,

Deposits.

National
Bank
Circula¬
tion.

Not Mem bers

500,000
Bowery
250,000
N Y Produce Exch..
1. W0,000
State
d 2,000,000

Totals,
Totals,
Totals,
Totals,

Net
Time

$

Average for week.. 192,900,000 348,409,700 4,519,626,000 35,191,000 12,443,000 19,2 69, WO 33,117,000 530,430,000

Totals, actual condltl
Totals, actual condltl

Net
Demand

$

2,390,000

153,0001
139,000!

122,000!

2 7, WO

Deposits

5,320,000
122, WO
832, WO
7,940,000
2,922, WO
135,000
487,000 22,244,000
3,946,000
338,000
1,746, WO 102,606,000
538, WO
8,695, WO
103,000
2,196,000
8,000
531,000
1,010,000 12,570,000
1,376,000 41,364,000
275.000
1,631, WO
2,985,000 12,014,000
586,000 22,124,000
292, OW
4,279,000
702, WO
3,537,000
3,880,000 14,198,000
163,000
3,365,000
928, WO 21,863, WO
593,000
35,000
421, WO
2,080,0W
480,WO 19,918,000

242,000
1,78 4,000
345,000
841,000
308,000
204,000
52,000
423,000
572, WO
274,000
927,000
551,000
563,000
536, WO
2,2 55, WO
48,000
2 77, WO
17, WO
249,000
702,000
2,029,000
162,000
14.0W
1,580,000
407,000
77,000
200, WO
255,WO
156,000 i
65,000
118.0W
9,0001
127,000.1
274,000;

3,055,000

Reserve
with

U. 8. deposits deducted, $272,326,WO.

5

549,000 a3,761,111,000 152,148,WO 35,661,000
+ 15,429,000
-281,000
—765, WO
—93,000

4,705,380,000 39,113,000 14,316,000 20,526,000 36,684,000 523,139, WO
+ 130542,000 —502, WO + 315,000 + 886, WO -1,006,000 -11,139,WO

838, WO
+ 299,000

b3,753,124, WO 151,809,WO 35,665,WO
—12.538.0W
+ 138, WO
—5,000

4,574,838,000
4,589,022,000
4,516.374.000
4,548,164.000

539,000
440,000
241,000
1,001. WO

3,765,662,000 151.671.W0 35.670.W0
3,743,642,000 153,569, WO 35,536,000
3,721,280,W0t 164,522,WO 35,658,OW

39,615,WO 14,001,WO 19,640,000
39.801.0W 13,569,000 20,268,0#)
40.064.W0 14,161,WO 20,398, WO
40,190, WO 13.512.W0 19,392, WO

b U. 8. deposits deducted, $316,798,000.

c

37,690,WO
36,961,000
37,199,0W
34,405,WO

534,278, WO
549,937,000
506,655,000
545,880,000

3,765,104.000159.486.00035,613,000

Includes capital set aside for foreign branches, $6,000,000.

d As of Aug. 31 1918

STATEMENTS OF RESERVE POSITION.

Averages.
Cash
Reserve
in Vault.

Members Federal
Reserve Bank
State Bank
Trust companies*
Total
Total
Total
Total
*

Oct.

5.

Sept. 28.
SeptalSept. 14

Reserve

Actual

Inc.

a

Dec.

in

Total

Reserve

Surplus

from

Reserve

Reserve
in

Reserve.

Required.

Reserve.

PreviousiVeek

In Vault.

Depositaries

$

$

$
a

8,769,000
1,794,000
10.563.0W
11,162,000
11,271,000
11,273, WO

Cash

Depositaries

or

530,430,OW 530,430,000 479,325,7W
4,531,WO 13,300,000 12,963,420
3,821,000
5,615,OW
5.524.2W

51.104.3W + 10,120,370
+ 89,680
336,580
90,8 W
+ 160,150

8.580.0W
1,787,000

538.782.0W
525,810,WO
531.399.0W
510.563.0W

51,531,680 + 10,370,2W
41,161,480 —7,951,180
49,112,660 + 19.373,030
29,739,630' —18,708,340

10,367,000
10,960,000
11,149,WO
11.355.0W

549,345, WO
536,972,0W
542,670, WO
521,836. WO

497,813,320
495,810,520
493,557,340
492,096,370

b

Figures.
b

Total
Reserve.

Inc.

or

Dec.

Reserve

Surplus

from

Required.

Reserve.

Previous Week

$

514,426,WO 514,426,WO 478,214,290
5.183.0W 13,763,WO 13.124.7W
3,530,000
5,317,000
5,463,WO

36,211,710 —10,433,010
638,3W
+ 439,240
defl46,W0
—127,950

523,139,000
534,278,0W
549,937,OW
506.655.0W

36,704,010
46,825,730
65,535,170
24,954.220

533,506,WO 496,801,990
545.238.W0 498,412,270
561.086.0W 495,550.830

518,010.000'493,055,780

—10,121,720
—18,709,440
+40,580,950
—33,761.220

Not members of Federal Reserve Bank.

a This Is the reserve required on net demand deposits In the case of State banks and trust
companies, but In the
Includes also amount of reserve required on net time deposits, which was as follows: Oct. 5, $4,531,380;

case

of members of the Federal Reserve

Banks’

Sept. 28, $4,554,930; Sept. 21, $4,636,380; Sept. 14, $4,832,580.
b This Is the reserve required on net demand deposits In the case of State banks and trust
companies, but In the case of members of the Federal Reserve Bank Includes
also amount of reserve required on net time deposits, which waa as follows: Oct. 5, $4,521,720; Sept.
28, $4,516,920; Sept. 21, $4,574,880; Sept. 14, $4,907,010.
c Amount of cash In vault, which Is no longer counted as reserve for members of the
Federal Reserve Bank was as follows*
Oct. 5, $100,020,000; Sept. 28, $101,632,000; Sept. 21, $100,122,W0; Sept. 14, $101,234,WO.
d Amounts of cash In vaults, which Is no longer counted as reserve for members of the Federal
Reserve Bank was as follows*
Oct. 5, $100,272,000; Sept. 28, $99,986,0W; Sept. 21, $99,450,0W; Sept. 14, $100,467,WO.




Oct. 12

1918.]

THE CHRONICLE

The State Banking Department reports weekly figures
showing the condition of State banks and trust companies
in New York City not in the Clearing House, as follows;

1461

STATE BANKS AND TRUST COMPANIES IN NEW YORK CITY.
State Banks.
Oct. 5

SUMMARY OF STATE BANKS AND TRUST COMPANIES IN GREATER
NEW YORK, NOT INCLUDED IN CLEARING HOUSE STATEMENT.
(.Figures Furnished bg State Banking Department.
Oct. 5.

Loans and investments

Specie
Currency and bank notes
Deposits with the F. R. Bank of New York
Total deposits
Deposits, eliminating amounts due from reserve de¬

$717,947,800
10,132,700
14,582,200
59,224,400
776,564,400

positaries and from other banks and trust com¬
panies in N. Y. City, exchanges and U. S. deposits
Reserve on deposits
Percentage of reserve, 21.5%.
RESERVE.
Cash in vaults
Deposits in banks and trust

696,362,000
132,171,600

Total

Dec.
Inc.

8,168,900
3,086,200

Capital
Surplus

Loans and investin’ts

Specie
Currency & bk. notes
Deposits with the F.
R. Bank of N. Y
Deposits
Reserve on deposits.
P. C. reserve to dep.

Trust

$14,207,100
12.476,900

11.24%
9.87%

$26,684,000

21.11%

Companies
$69,732,200 11.19%
35,755,400
5.73%
$105,487,600

16.92%

COMBINED RESULTS OF BANKS AND TRUST COMPANIES IN
GREATER NEW YORK.
(Two ciphers omitted.)

June 8
June 15
June 22
June 29
6
July
July 13
20
July
July 27

Aug.
Aug.
Aug.
Aug.
Aug.
Sept.
Sept.
Sept.
Sept.

3
10
17
24
31
7__
14
21
28
5

Oct.

Loans
and
Investments

Demand
Deposits.

Specie.

Tenders.

Total
Cash in
Vault.

$

$

$

$

S

$

5,255,139,0
5.293.378.3
5,242,919,0
5,147,055,5
5,107,950,8
5,143,094,5
5,089.497,1
5,058,802,7
5,137,068,5
5,231,510,0
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

4,454.909.7
4.473.266.6
4.433.580.1
4.401.117.1
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

169.318.8
168.403.9
169.238.3
169.846.8
167.175.8
167.681.9
163.146.5
162.573.7
162.490.7

570.049,4
581.941.7
594,047,9

Legal

81,594,4
82.146.6
80.450.7
80,119,9
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

87.724.4
86.257.3
88,787,6
89,726,9
88,676,0
89.309.8
87.138.5
87,536,0
88.453.1
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

Reserve in

Deposi¬
taries.

669.593.9

586.136.5
570,046,4
563,383,2
561.439.9
578,552,0

160,390,0 557,064.2

162.708.1
158.979.5
158.188.3
158.412.2
159.383.9
167,004,9
165,439,1
161.405.3

549.748.1
551.742.5
558,574,4
583.554.8
554.898.2
571.118.2
567.573.3
587,014,3

•Included with “Legal Tenders’’ are national bank notes and Fed. Reserve notes
Held by State banka and trust cos., but not those held by Fed. Reserve members.

In addition to the returns of “State banks and trust

40,713,200
582,028,600
94.426.700
21.1%

p. 1975).
The regulations relating to calculating the
amount of deposits and what deductions are permitted in

given in the “Chronicle”

a

series of weeks:

Oct. 5
1918.

Change from

Sept. 28

Sept. 21

previous week.

1918.

1918.

$

S

$

S

Philadelphia Banks.—The Philadelphia Clearing House
ending Oct. 5, with comparative
figures for the two weeks preceding, is as follows. Reserve
requirements for members of the Federal Reserve system
are 10% on demand deposits and
3% on time deposits, all
to be kept with the Federal Reserve Bank.
“Cash in
vaults” is not a part of legal reserve. For trust companies
not members of the Federal Reserve system the reserve
required is 15% on demand deposits and includes “Reserve
with legal depositaries” and “Cash in vaults.”
statement for the week

Week ending Oct. 5 1918.
Two ciphers

(00) omitted.

Sept. 28
Memb'rs of
F. R. Syst.

104,

-

8,499,600
2,374,100
4,022,100
0.1%

Circulation
4,750 000; Dec.
13 000
4 ,763,000
4,750,000
Loans, dlso’ts A Investments. 522,832 000 Inc. 17,920 000 504 ,912,000 503,099,000
Individual deposits. lnoi.U.S. 453,132 000 Inc. 16,131 000 437 ,001,000 443,955,000
Due to banks
124,165 ,000. Inc.
8,411 000 115 ,754,000 116,616,000
Time deposits
183 000
14,534 ,000 Dec.
,717,000 15,037,000
Exchanges for Clear. House. 16,800 ,000:Inc.
2,954 000
,846,000 14,549,000
Due from other banks
881 ,000
80,021 ,000'Inc.
,140,000 83,288,000
Cash in bank A in F.R. Bank 62,663 ,000 Ino.
1,059 ,000
,604,000 64,371,000
Reserve excess in bank and
Federal Reserve Bank....
14,179,000'Dec. 1,007,000' 15,186,000 17,656,000

Res’ve with Fed. Res. Bk.
Res’ve with legal deposit’s
Cash in* vault*
Total reserve A.cash held.
Reserve required
Excess res. & cash in vault

reserves were

3,984,500
190,299,400 Dec.
26,535,200 1,915,992,500 Inc.
1,115,600
284,721,000 Dec.
0.3%
18.7% Dec.

BOSTON CLEARING HOUSE MEMBERS.

com-

presents a statement covering all the institutions of this
olass in the City of New York.
For definitions and rules under which the various items
are made up, see “Chronicle,” V. 98,
p. 1661.
The provisions of the law governing the reserve require¬
ments of State banking institutions as amended
May 22
1917 were published in the “Chronicle” May 19 1917 (V.

p.

Inc.
Inc.
Inc.
Inc.

Clearing House weekly statement for

Capital

April 4 1914 (V. 98,

Differences from
previous week.

Boston Clearing House Banks.—We give below a sum¬
mary showing the totals for all the items in the Boston

Eanies
New York
furnished
City Department,
not in the Clearing
y theinState
Banking
the House”
Department
also

the computation of the

Oct. 5
1918.

$
%
$
$
23.718.700
99,050,000
41,842,100
163,387,000
487.309,900 Inc. 11,819,700 1,951,611,800 Inc. 17,289,500
10,925,400 Dec.
667,700
14,091,900 Dec.
103,300
23,807,600 Dec.
652,400
17,262,700 Dec.
264,000

as of June 20
as of June 20

The averages of the New York City
Clearing House banks
and trust companies combined with those for the State banks
and trust companies in Greater New York
City outside of
the Clearing House are as follows:

Week
Ended—

Differences from
previous week.

1918.

/

State Banks
cos

Differences from
previous week.
Inc.
$323,700
Dec.
21,300
Dec.
307,800
Dec. 3,053,700
Inc.
8,929,600

Trust Companies.

Week ended Oct. 5.

Surplus and profits
Loans, dlso’ts A lnvestm’te
Exchanges for Clear .House
Due from banks
Bank deposits
Individual deposits
Time deposits
Total deposits
U.S. deposits(not Included)

1045).

Trust
Cos.

$27,975,0
76,000,0
620,105,0
26,175,0
134,320,0
161,272,0
465,451,0
4,913,0
631,636,0

1918.

$3,000,0
7,498,0
25,230,0
566,0
11,0
437,0
17,589,0
18,026,0

50,136,0
3,826,0
785,0
4,611,0
2,617,0
1,994,0

16,371,0
66,507,0
46,769,0
19,738,0

•Cash in vault is not counted

as reserve

Sept. 21
1918.

Total.

$30,975,0
83,498,0
645,335,0
26,741,0
134,331,0
161,709,0
483,040,0
4,913,0
649,662,0
34,398,0
50,136,0
3,826,0
17,156,0
71,118,0
49,386,0
21,732,0

$30,975.0
83,455,0
630,491,0
23,261,0
130,247,0
168,839,0
469,569,0
5,007,0
643,415,0
23,347,0
61,634,0
1,728,0
16,869,0
70,231,0
49,417,0
20,814,0

$30,975,0
83,326,0
624,260,0
23,478,0
140,416,0
172,617,0
466,284,0
5,103,0
644,004,0
30,977,0
50,639,0
1,843,0
17,263,0
69,745,0
48,442,0
21,303,0

for F. R. bank members.

:— ■

Non-Member Banks and Trust
Companies.—Following is the report made to the
member institutions which are not included in the
“Clearing House return” on the

Clearing House by clearing
preceding page:

non¬

RETURN OF NON-MEMBER INSTITUTIONS OF NEW YORK CLEARING HOUSE.
Net
1

CLEARING

Capital.

Profits.

Loans,
Discounts,
Investments,

NON-MEMBERS.
Week ending Oct. 5 1918.

[Nat.
banks Aug. 31
State

banks June 20
[Trust cos. June 20

■

Members of
Federal Reserve Bank.

Battery Park Nat. Bank
New Netherland Bank
W. R. Grace A Co.’s bank
Yorkvllle Bank
First Nat. Bank, Brooklyn..
Nat. City Bank, Brooklyn..
First Nat. Bank, Jersey City
Hudson Co. Nat., Jersey City
Total
State Banks.
Not Members of the
Federal Reserve Bank.
Bank of Washington Heights.
Colonial Bank
Columbia Bank
International Bank
Mutual Bank..
Mechanics’ Bank, Brooklyn.
North Side Bank, Brooklyn..

Average.
$

400,000

Total

Grand aggregate

Comparison previous week..
Excess reserve’
Grand aggregate
Grand aggregate
Grand aggregate
Grand aggregate
•

Sept. 28
Sept. 21...
Sept. 14...
Sept. 7...

U. S. deposits deducted,




9

$

Reserve
with

Additional

& Federal
Reserve
Notes.

Legal
Deposi¬

with

taries.

Average.

Average.
$

Bank

Gold.

Average.
$

500,000
100,000
300,000
300,000
400,000
250,000

599,800
204,600
664,500
573,900
681.700
583,400
1,334,600
765,100

11,337,000
3,811,000
4,690,000
7,812,000
7,983,000
6,412,000
8,877,000
4,084,000

8,000
1,000
81,000
59,000

2,450,000

5,407,600

55,006,000

100,000
500,000
1,000.000
500.000
200,000
1.600,000
200,000

478,000
1,040,300
627,100
168,800
654.600
833,900
204.600

2.555,000
10,149,000
13,425,000
5,823,000
8,412,000
25,697,000

12,000
19,000
3,000

Legal
Tenders.

Average.
$
21,000
5,000
2,000
170,000
12,000
23,000

Silver.

Average.
$
24,000

$

Deposits
Legal
Deposi¬

Net
Demand

Time

Natlona
Bank
Circula¬

taries.

Deposits.

Deposits.

tion.

Average.
$

Average.
$

Average.
$

Average.
%

35,000

170,000
4,000

41,000
110,000
49,000
73,000
55,000

130,000
66,000
134,000
264,000
145,000

967,000
625,000
583,000
880,000
814,000
720,000
897,000
282,000

183,000

407,000

387,000

999,000

5,768,000

4,000
334,000

5,508,000

71,000
370,000
664,000
150,000
1,000
121,000
10,000

60,000
444,000
348,000
51,000
134,000
511,000
99,000

155,000
257,000
483,000
402,000
459,000
867,000
264,000

138,000
656,000
765,000
309,000
945,000
2,222,000
263,000

’285’,666

2,305,000
10,936,000
12,743,000
5,296,000
8,107,000
25,404,000
4,984,000

3.907,300

71,569,000

1,387,000

733,000

1,647,000

2,887,000

5,298,000

802,000

69,775,000

1,040,000

500,000
200,000

1,012,400
368,600

8,583,000
8,234,000

364,000
16,000

12,000
21,000

21,000
66,000

95,000
120,000

299,000
513,000

435,000

5,991,000
4,894,000

1,286,000
3,286,000

700.000

1,381,000

87,000

215,000

812,000

435,000

10,885,000

4,572,000

200.000

12,000
77,000
293,000
13,000

16,817.000

380,000

33,000

7,250,000 10,695,900 143,392,000
+ 1.687,000

1,950,000
+ 4,000

1,173.000

7,250,000 10,654,500 141,705,000
7,595,000 11.569,700 140.941.000
7,595,000 11.466.300 139,583,000
7.695.000 11.466.300 138.220,000

1,946,000
1,994,000
2,259.000
2.249.000

increase

$7,973,000.

$225,586

—64,000

1.237,000
1,184,000
1.111.000
1.164.000

2,121,000

69,000
359,000

Net

106,000
154,000

Total
Trust Companies.
Not Members of the
Federal Reserve Bank.
Ham.non Trust Co..Brooklyn
Mechanics’ Tr. Co., Bayonne

&c.

National

'424', 000
474,000
690,000
2,564,000
1,003,000
5,583,000

194,000
196,000
16,000
111,000

7,156,000
4,069,000
2,846,000
4,480,000
5,985,000
5,453,000
7,738,000

86,000
123,000
720,000
3,583,000
492,000
427,000

3,689,00p

329,000

295,000
119,000
392,000
194,000

41,416,000

5,760,000

1,191,000

415,000
160,000
46,000
419,000

4,101,000 11,878,000 6.820,000 8122,076,000 11,372,000
—218,000 —505,000
+ 603,000 —298,000

1,191,000
—11,000

122,294,000 11,877,000
118,563,000 1,867,000
122,701.000 8,241,000
121.648.000 7,958,000

1,202,000
1,143,000
1.202.000
1,204.000

+ 153,000 —529,000

1,968,000
2,221,000
2,775,000
2.798,000

191,000

4,630,000
4,098,000
4,336,000
3,987,000

11,275,000
11,351,000
10.989,000
10.676,000

7,118.000
8,462.000
7,392,000
7,113.000

[Vol. 107.

THE CHRONICLE

1463

428,000 shares on Tuesday, aggregated
nearly twice as much to-day and prices have advanced or
declined according to public estimate regarding the probable
effect of an end of hostilities in Europe.
Therefore railroad
Wall Street, Friday Night, Oct. 11 1918.
and other investment stocks are higher and steel and muni¬
The Money Market and Financial Situation.—The
tion shares have declined heavily.
Baldwin Locomotive
general belief, noted last week, that the great war is nearing dropped over 12 poinst this week, Crucible Steel 7, General
an end was intensified by the news that the Imperial Ger¬
Motors 10, and U. S. Steel over 4.
On the other hand,
man Government is officially asking for an armistice and
Mexican Petroleum advanced nearly 10 points, Am. Sum.
discussion of the peace terms set forth in President Wil¬ Tob. over 5, and other issues in this group from 2 to 4.
Railroad shares have covered a narrower range but prac¬
son’s public addresses.
Its immediate effect in the se¬
tically
all have advanced. Can. Pac. leads with a gain of
curity markets was seen in higher prices for railway and 5
points. U. P. shows a net gain of 3 and So. Pac. 2.
other investment stocks and bonds and decided weakness
For daily volume of business see page 1470.
in the issues of industrial companies which have profited
The following sales have occurred this week of shares not
largely by war orders. Mr. Wilson’s adroit answer to the represented in our detailed list on the pages which follow:
official paper has caused considerable discussion and some
Sales
Range for Week.
Range since Jan. 1.
STOCKS.
difference of opinion as to the wisdom of the President’s
for jWeek endihg Oct. 11.
Lowest.
I Highest.
Lowest.
Week.
Highest.
course; therefore the next communication from Berlin is
totaled less than

%\m\\zv$r (burette.

awaited with unusual interest.
In the meantime intense military activity is reported in
Northeastern France, resulting in a steady advance by the
Allied and American troops and wholesale evacuation and
destruction by the retreating German forces.
Domestic news has been mostly of a favorable

character.

The crop report was more favorable than had been expected.
It is estimated that the wheat yield will be 919,000,000
bushels which is about 45% larger than that of last year.

satisfactorily on acreage
promises to be considerably increased. Corn
improved during September and will be a larger crop than
was anticipated a month ago.
The production of pig iron
is said to have been the largest ever reported, amounting
to nearly 114,000 tons per day, against a little more than
Winter wheat seeding is progressing

which

now

109,000 tons in August.

Batopilas Mining._._20
Bklyn Union Gas
100
Brown Shoe, pref
100
Brunswick Terrn’l__.100
Butterick
100
Calumet A Arizona
10;
Central RR of N J..100
Chic Pneumat Tool. 100

Cluett, Peab’y A Co. 100
Consol Interstate Call 10
Continental Insur..._25i
Elk Horn Coal
50
Federal M A S pref. .100
Fisher Body Corp no par
General Cigar Inc
100'
Preferred
100
Hartman Corp
100
Int Harvest N J pref 100
Int Harvester Corp.. 100
100
Preferred

market at home and abroad is practically

Kelly-Sprlngfield preflOO
Kings Co El L & P..100

unchanged.
Foreign Exchange.—Sterling exchange has shown no
important changes in rates, which still are pegged under the
official stabilization plan. The neutral exchanges have con¬
tinued exceptionally weak and the belligerent Continental
exchanges have ruled dull but steady.'
To-day’s (Friday’s) actual rates for sterling exchange were
4 73@4 73% for sixty days, 4 75 7-16@4 75% for checks
and 4 7655@4 76 9-16 for cables.
Commercial on banks,
sight, 4 75%@4 75%; sixty days, 4 72@4 72%; ninety
days, 4 70@4 70%, and documents for payment (sixty
days), 4 71%@4 71%. 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 53% @5 53% for long and 5 48%@5 49 for short.
Germany bankers’ marks were not quoted. Amsterdam
bankers’- guilders were 42 9-16 for long and 42 15-16 for

Laclede Gas.
100
Liggett A Myers
100
Preferred
100;
Loose-Wiles ls«; pref. 100!
Lorillard (P)
100
Preferred
100:
Manhatt’n (Elev) RylOO

The money

short.

Exchange at Paris on London, 26.22 fr.; week’s range,
and 26.22 fr. low.
Exchange at Berlin on London, not quotable.
The range for foreign exchange for the week follows:

26.07 fr. high

Sixty Days.
4 73%

Sterling Actual—
High for the week

Low for the week
4 73
Paris Bankers' Francs—

5 53%

High for the week

Low for the week
5 53%
Amsterdam Bankers' Guilders—

Checks.
4 7552%
4 75 7-16

Cables.
4 76 9-16
4 7655

5 47%
5 48%

5 46%
5 47%

High for the week

45 5-16

45%

Low for the week

42 9-16

43

-

per $1,000 discount.
per $1,000 premium.

Montreal, $20

State and Railroad Bonds.—Sales of State bonds at the

Board include $1,000 N. Y. Canal 4%s at 106% and $25,000
Virginia 6s, deferred trust receipts, at 70.
The market for railway and industrial bonds has been
moderately active and unusually strong throughout the week.
Of a list of 20 representative issues, two are fractionally
lower and one is unchanged
Inter. Mer. Mar. led the upward movement by an ad¬
vance of 3 points.
So. Pac. con. 4s are 2% points higher,
Consol. Gas 6s 2%, Balt. & Ohio gold 4s and Rubber 5s
2% and Am. Tel. & Tel., Ches. & Ohio and Atch. gen. 4s
are 2 points higher than last week.
U. S. Steel 5s declined
fractionally, in sympathy with the shares, and Inter. Met.
4%s are also lower.
•

United States Bonds.—Sales of Government bonds at the
Board are limited to Liberty Loan 3%s at 99.86 to 100.24,
L. L. 1st 4s at 96.44 to 98.50, L. L. 2d 4s at 96.36 to 97.30,
L. L. 1st 4%s at 96.60 to 99.00, L. L. 2d 4%s at 96.34 to
97.32 and L. L. 3d 4%s at 96.66 to 97.46.
For to-day's prices
range see

Railroad and Miscellaneous Stocks.—On

third

page

a steadily in¬
volume of business the stock market has continued
the movement noted last week.
This movement, which
began soon after the peace proposal from Austria was aug¬
mented by the surrender of Bulgaria and later by a request
for an armistice from Berlin.
The transactions, which

creasing




Preferred

Michigan Central

100
100

100

National Acme
50
National Biscuit
100
Nat Cloak A Suit pf.100;
Nat Rys Mex 2d pref 1001
N O Tex A Mex v t c 100,
N Y Chic & St Louis 100
1st preferred
100
2d preferred
100
New York Dock pref 100
Norfolk & West, pref 100
Nova Scotia S & C.-lOO!
Owens Bottle-Mach._25i
Pacific Tel & Tel
100
Peoria A Eastern
100
Pettibone-Mulliken .100
Pond Creek Coal
10
Savaga Arms Corp.. 100
Standard Milling....100
Preferred
100
Stutz Motor Car no par
Third Avenue Ry
100
Transue A Wms.no par
Underwood
100
100!
Preferred
United Drug
1001
U S Realty A Impt-.lOO,
Wells, Fargo Express 100!

llj

Outside market.—Trading in

Boston, par. St.
San Francisco, par.
Cincinnati, par.

of all the different issues and for the week's
following.

May Dept Stores

500
100
100
100
600i

“curb” securities most of

the week was quiet and uninteresting.
Toward
there was decided improvement, the volume of

46%
43%

Domestic Exchange.—Chicago, par.

Louis, 15@25c.

% per share. j!$ per share. S per share.
S per share.
Oct 11
48
Jan
Oct llj 55
55.
Sept 80
Oct 11
June
Oct 11 85
85
77% Sept. 90
Oct
89
Oct
11
May
94% Mar
90%
90%
llj
June
Jan 103
Oct
9 81
Oct
9 86
86
60 % Oct 10 00% Oct 10 54
Aug
Apr 65
5! 99% June 102
5 101 % Oct
June
100101?* Oct
1
Jan
Oct 10
1 % Oct
1% Mar
700
1
8,
Oct
Oct 111 78
Aug 93
100 93
Oct 11, 93
98
95
Jan
Oct
5s
Oct
96
Apr
150 96
5i
5'
6%
Jan 16% June
500 11 % Oct 10 12% Oct
7% May 11% Feb
600 10*4 Oct 10 11% Oct 11
May
300 66 % Oct
5, 67 % Oct 11, 63%
Jan 71
Feb
Oct ll! 202
Oct 11210
Apr 216
100210
June
68
Oct
70% June
100 09
Oct
5; 69
5jj
45
Jan
56
Feb
Oct
Oct
1
8;
7 51%
1,200 51
June
700
9% Oct 8, 10% oct io; 7% Sept 13
Feb 53% July
50 51 % Oct 10, 51% Oct 10 44
Jan 30% Aug
9 22
8 28% Oct
200 28% Oct
27
Jan 43% Aug
700 38 % Oct 11 39% Oct
Jan 43
June
26
Oct
400 35?* Oct
7 37
34
J&n 58
June
300 45% Oct 11 45% Oct
June
Oct
200 99% Oct
7100
96% Mar 100
37
Mar 48
Oct
Sept
Oct
5 46
300 46
July
300 106
Oct
Sept 112
7106% Oct 10 104
Feb
Mar 72
53
Oct 11
400 68% Oct 11.70
95
May 106% Sept
Oct
Oct
7
100106
7106
87
Oct
Oct
11
Oct
100 87
76% Feb
lli 87
Aug 94%
Oct
240 94% Oct 10! 94% Oct 10 87
Mar
Oct 11
82
July 90
Oct
9 88
1,100 85
Oct
7180
100180
Oct
7'164% Aug 195% Feb
Oct 10,100% June 107% Mar
200104
Oct
9,105
Oct 11 91% Oct 11: 82%
200 91
Jan 91%
Oct
Mar
Oct 11,153
Oct 11,144% Aug 200
300152
Jan 105
Mar
100102% Oct
7102% Oct 7 98
5 94
Mar 100
May
100 95% Oct
5 95% Oct
Jan 54% Sept
Oct
100! 53
Oct
9 53
9 47
Feb
Oct 103
Oct
7 98
Oct
8 98
200 98
Feb 95
June
11 85% Oct 11 85% Oct 11| 80%
33
Oct
5
Jan
May
200 30% Oct
26%
30%
90
Oct
Oct
Oct 11
8105
Aug 105
2,400 94
Oct
Jan 102%
Feb
800 100
8100
Oct 10 100
Oct
9
700
5
Oct
7%
Oct
4% May
9j 6
7 23
Oct
7 17
100 23
Oct
Apr 24?* May
Oct
11
18%
Oct
13% Oct
600; 13% Oct
8j 18%
Oct
7 55
July 55
100 55
Oct
71 55
July
Oct 10 40
200 40
Oct
8; 41
Apr
Octj 42
5 42
Jan 48%
5 48% Oct
100 48% Oct
Oct
Oct 10 69
Oct
5! 71
300 71
Mar
Sept 79
7. 56% July 70
Aug
100 62% Oct
62% Oct
60
Oct 10, 55%
Oct
700 57
Jan 70% Aug
Oct
800 23% Oct
Oct
9; 18% Feb 27
8, 27
Oct
100
5
Oct
8!
5
81 4% Apr
6
Jan
9 j 29%
9 30
Oct
100 30
Oct
Jan 37
May
200 16% Oct
9 16% Oct
9 16%
Oct 20
June
Jan 80% May
700 60% Oct
7 53
5, 61% Oct
84
Jan 118
July
Oct 11
Oct 11117
100117
89
Jan
80
June
Oct
10
Oct
10
84
84
100
37
5i 41 % Oct 11
4,300 38% Oct
Octj 47% Feb
8
5! 20 % Oct
15% Sept 21% Jan
2,600 18% Oct
300; 36% Oct 10 37% Oct 8 36% Oct 42
May
Oct
9 100
105108
Oct
9108
Apr 108
Oct
104
Oct
5
July 112
Feb
Oct
5107
100107
June 72%
Oct
500 70
Oct
9 72% Oct 10 69
8
Mar 21%
Oct
Oct 10! 21% Oct 11
1,500! 17
100 68% Oct 10! 68% Oct 10 63% Sept 83%
Jan

Par. Shares

Adams Express
100
American Express—100
Am Smelt Sec prel ser A
Am Sumatra Tob pi. 100
Associated Oil
1(M)
Barrett, pref
100

the close
business,

increased and substantial advances were recorded in a num¬
ber of issues. Aetna Explosives com. was a weak features

dropping 2 points to 8, the close to-day being at 834- Burns
Bros, after the loss of over a point to 41%, moved up to 44
and ends the week at 43%.
Chevrolet Motor sank from
134 to 127, recovering finally to 137. United Motors moved
irregularly and within a narrow range, despite the announce¬
ment of plans for its absorption by General Motors Corp.
From 31% it sold up to 32% and down to 30%, recovering
finally to 32. Standard Motor Construction lost 1% points
to 8%, the close to-day being at 8%.
An active demand for
Marconi Wireless Tel. of Am. advanced the price from 3%
to 4%, a new high record, the final figure to-day being 4%.
Wright-Martin Aire. com. lost half a point to 6 and finished
to-day at 6%. Oil stocks were more active. Penn-Mex.
Fuel, one of the specially active issues, advanced 8 points
to 43, reacting finally to 41.
Houston Oil com. after a loss
of a point to 77, sold up to 80 and closed to-day at 78%.
Merritt Oil rose from 21 to 22%. Midwest Refining on
few transactions gained 2 points to 117.
Royal Dutch Co.
eased off at first from 69% to 67, then advanced to 70%,
with the final figure to-day at 70.
There were few changes
of importance in mining shares.
In bonds sensational ad¬
vances and heavy trading in Russian Govt, bonds were the
The 63-^s after early loss from 68 to 64 ran up to
feature.
76, while the 5%s lost 2 points at first to 60, then moved
up to 66.
The close to-day was at 76 for the former and
65 for the latter.
The Bethlehem Steel and Armour serial
issues all reached higher figures.
A complete record of “curb” market transactions for the
week will be found on page 1471.

New York Stock

Exchange—Stock Record, Daily, Weekly and Yearly
OCCUPYING TWO PAGES
during the week of otoeke usually inactive,

For record of

HIQH AND LOW BALE PRICES—PER
SHARE, NOT PER CENT.

Saturday
Oct. 5

Monday

Tuesday

Oct. 7

Wednesday

Thursday

Oct. 8

Friday

Oct. 9

Oct. 10

Oct. 11

% per share

$ per share

S per share
87
88
*85
86
*95% 98

S per share

see

SaUsfor

STOCKS

the
Week
Shares

NEW YORK STOCK
EXCHANGE

preceding

page.

PER SHARE
Range since Jan. 1.
On basis of 100-shars lots.

83%

83i2!

*95

98

53l2
•53U

53%

43
168

573s

54

*2312

24*8
4714

*126

25%

*76%
*66
*33

*62i2
*22%
*50
*42

|

*53

53%

*412
*7

57*2
7*2
*23%
4634

76

95
135

76%
95
*120

25%
78

25%

67%'

67%

78

35
80

*33

*62%
*22%

23%
52
48

*108*4 HO
*170

42*4
170

l

5733
8

*94%

*95

44% I
170

*7
46
76

83%

I

185

5*2
8*2’

*50
*42
*108

*170*2
*4*2
*7

83%
99
54
54

437s
17134
57%
7*2
24*8
48*4
76*2
95
137
26
78
68
35
80

23*4
52
48
110
185
6

9078
30i4
96*2
884

39
*18
*51
*7
*20

39
19

38

38

18*4

18*4

55

*51
*7
*20
59
*115

*115" lie
*94
*5U
*10
24

10%
5*2
1034

*934
*5%
*10

24

9034
2934
96*2
8%

5*2

10*4
24%
41

88%
37
39

*11
*18
*30

12
21

88%
*35*2
38*4
11*2
*20
*30

37*2
834

37

38*4
11%
21

27%

87%
28

21%
88*8
277g

68

39%
87g
21%
88*2
28*2

68

68

68

15%

15*2

8%

52

*45

126% 12634
70

20
38

-

49

52

....

36*2
*77

88%
36
*38
*11
*20
31

8%
21%
88*s
2734
67%
15*2
*45

....

37
80
89
36
39
12
23
31

8%
21%
88%
28%
67%
15%
52

127% 128*4
*69*2 70
*8
8*2
15*2 15*4
878
9%
39
39*8
*23*2 25
13
13%

127% 128%
*69% 70
*9
9%
*13% 15%
834
834
38% 38%
24
*23%
1234 13

*22
*18
60

*22
*18
60

*8%
*17
*34

17*2
*47

10
24

49

28
20
60

8%

28

*8%

20
37

*17
*34

17*2
49%

*16
49

•

90%
29%
96%
77g

28
*81
*97
*91

3*2
2

28%
82%
101

*68*2

94
70

*75

95

43%
92*4
84*2

*81
*97

83
100
*90*2 94
69
69
*75
95
43

92%
85*4

92*4

43*2
92%

83

85

*41

42%
90

*53

3%
1%
27%

44

*78
17

86*4
34%

3%
1%
27%

1734
8634
35%
53*2
56%
41*4
77*2
65*2

54%
41*4
*76%
65*4
*98*2 100
*3
3%

*41
*75
17

42
90

17%
86*2
35*4
53%
5634

*3*4
*134
2734
81
*94

*90*2
69%
*75

43%
92%
84*4
*40
*75
17

77%

77

65

*98*2 102
*3

4

4%
8%

185

116
11
5
;

*21

1034
24
58

15%
3034

90%
29%

90%
29%

97

97
8
35
19
55

7%
35
*51

7%
*58%
116

*9%
5%
*10

237g
58

73%
39%
2078

*18
*30

49%

67%
15
52

12634 128%
697g .70
*9
9%
38
*23

*1234
*22

*8%

16

S34
38
24
14
28

8%

20
38

*17
*34

20
38

17%
49%

*16%
487g

17%
487g
57%
3%
1S4

3%

3*4
1%
28
2534 28
81%
80*2 80*2
100
100
5100
2

94
70
95

93

93

68*4

68*4

*75

95

43%
92%
84%

41%
{92*4
80%

43*2
92*4

*41
*75

84

*75

59%
116
*9

13,300
4,000
1,100

1234
*58%
8%
*16
*33

8%
19
36

16%
48%
55

3%
*134
26
80
100
*90
68
*75

68*2
85

42%
92%
83%
41
82

1534
77*2
*33%

55*2
3934
*76%
6234
99*4

17*8
83*4
34*2
52*4
56%
40%
77*2
63%
99*2

3

16%
79
35
53
56%
40
78
63%
99*2

3

*52

55*2
39

*75*2
62%
*99 <;

3%

16%
8%
38%

3*2

16%
9
39

23
13
*21
*19

2334
13%

*58%
8%

60

19
*33

19
38

48

26%

41%
92%
81%

•

49
55

80
100
94

8934
29%
68%

67%

16%

2

22

*15
16
*45 I 52
128 >131
70
70
9
9

16%
3%

38%
1034
2234
47%
9%

88
28

88%
28%
68%
15%

28
20
60

37

834
21%

*45 i 52
1277k 128%.

*22
*19

80%
903s

*20
*30

22

*23

100
100

1,950
600
500
200

10,100

37

1034

2234
47%
8%

69%
9%
16%
834
38%
23%
1234

8,600
1,000
1,700

75%
41%

35%

88%

11

69%
9%
*1534
8%
38%

300

10,300

14

38%

68

7,684
4,420

25
58

14

38%

*14%

6,100
2,830

400

15,800

106% 107
88% 90
435s 43%

*34
*38

87%
2734

200
900

600

35

*21

100
100
20
400

5%
10%

39%

35

8%

100

5934

74

8734
11
*20
*30

4,400
1,200
1,700

116
11

5%
10%
24%
57%

*75

41
*75

34
52

300
400

19%

*20

80%
8834

,

42
90

16*4
80%

11,700
35,900
2,900

55
10
23

*7%

10634 107
88% 883j
43% 4334

36

28

1834

40%
20%

35%

834

700

36

*52

58
74

36%
80%
8834
35%
38%
1034

21%
88%

*34

10%
5%
1034
24%

35%
*78%
8634
35%
38%
1034

8%

*7%

59%

5934

23

9034
30
*96

116

5934

16

6,100

3134
2378
91%
30%
97%
8%

*21

23

5934

15
*45

800
100

22%

30%

7%

5934

8%
21%
8734
27%
677g

8,000

52
42
542
*109
110
*172
185
5
*3%
9
834
15
1534

23

*20

19%

4

77
63

55

4

2034
59%

60

*3

40%

109%

*18%

1834

42
90

*109
*172

19
55
10

60

63%
*99*8

41

83*4
34%
52%

34%

19%

17*4
84*4
35*4
52%
56*4
41*2
77%
63*4
99*2

8234
34%
53*2
54%
40%

8

73%
40%
21%
105
107
88% 8834
43% 4334

*55

3%
*134

22%
907g
29%
96%

60

8%

47%
78%
94%

22%

30:%

2334
*56%
73%
3934
*20%

25

52

31

2034

5%

43%

52
48

185
5

*7

•

42%

23%

30%

59
116
*9
5
*10

88%
85%
98%
55%
54%

94% 9534
*125
134
*125% 135
25
26
2534
2534
26%
7734
77% 77%
7734 79
67
67
67
67% 68
35
*33
35
35
35
80
80
*62%
*62% 80

8%
15%

59%

87%
85%
98%
53%
5434

167% 17234
57% 58%
*7
734
24% 24%
47% 49%
78
7334

7

8%
15%

34
*18
*51

116

5*8

7

*23%
46%
76%
94%

15

37
19
55
10
21

21% 21%
20*4 21
104*4 105
*104% 105
88*4 88%
83% 88%
4334 4378
43% 4334

8734
*35*2
*38*2

*17
*34

96%
8%

40

*78

19*2
62
8%

30

53%
5434
42
42%
167% 170%
57% 57%

8

77
95
135

*21

73%
4034

78

*59*2
*8*4

*4%
8%

z73
40

37%
7934
89%

28

*160

5
8

53%
54%

24%
47%

*108% 110

9034

36*8
*18%

„

25%
77%
66%
*22
*49
*42

29
8

*94
*127

23%

90%
*95*2

*23%
46%
76%

*62%

109
185

*7
15

53%
54%
42%
17034
57% 5734

*33

52
48

*4*2

85
99

*54
42
168

35
80

74*4

36%

*20
*18

67%

74%

37*2

87s
39
25
13%

*22
*49
*42
109
*160

78

*56*2

36
78

8%
38*2
*23*2
*1234

*62%

25%

58

60

70

*33

*52
*7
22
*20
59
59*2
116
*115
11

60

*45"

25%
*77%
67%

10

63

'8714

135

55

63

834

*127

9434

10
24
58

24
*56

5734 5734
74*8 74*2
393s 3934
207g 207s
104
{104
*88
88*2
43% 4334

77

9434

867g

85
*96

*7

23%
4734

22

90*2
30*8
*95i2
8%

22

*76

58
10

*21

22

10

43

16934

*57*2
*7*2
23%
47%

86%
53%

54%

22

*21

31%

8%

168

99
54

{30*4

15%

*95*2

53%
*53%
42%

15%
3034

15Ul
3U2

90*2
29%

*96

87%
85%

8*2
15*2
31%

15%
*3034

*21

867#
85*s

28

19%
8%

16%
48%

3%
134

26*2
80*2
9934
*92%

3%
134
26*2
80*2
9934
94

*66
*75

67
95

4234
92%

4334
92%
84*2

83

41*8

8,000
8,000
400
800

Do
pref
100
9,100 American Can
100
1,750
Do
pref
100
10,500 American Car A Foundry. 100
Do
pref
100

100




American Cotton Ol.

83

16%
78*8
34*2

16*2
79*2
34%

53

53

56*2
39%
77*2
63%
*98*2

59%
40*2
7734

,

65
99
4

100
100
50
50

5
400 St Louis-San Fran tr ctfs. 100
St Louis South western.... 100
”’i00
Do
100
pref
1,700 Seaboard Air Line
100
800
Do
100
pref...
13,250 Southern Pacific Co
100
32,800 Southern Railway
100
1,800
Do
pref
100
300 Texas A Pacific
100
Twin City Rapid Transit. .100
41,200 Union Pacific
100
930
Do
pref
100
200 United Railways Invest.. 100
600
Do
100
pref
1,800 Wabash
.100
2,900
Do
pref A
100
300
Do
pref B
100
2,300 Western Maryland (new) .100
Do
2d pref
100
400 Western Pacific
100
600
Do
preferred
100
700 Wheeling A Lake E Ry..l00
100
Do
preferred
100
Wisconsin Central
100
Industrial A Miscellaneous
300 Advance Rumely
100
1,300
Do
pref
100
200 Ajax Rubberlno
50
3,710 Alaska Gold Mines
10
500 Alaska Juneau Gold Mln’g.10
3,400 Allls-Chalmers Mfg v t C..100
900
Do
preferred v t c
100
650 Amer Agricultural Cbem_.100
200
Do
pref
100
900 American Beet Sugar
100

Do

100

pref..

100

7,600 American Hide A Leather. 100
15,300
Do
pref
100
2,500 American Ice
100
800
Do
preferred
100
46,700 Amer International Corp. 100
7,700 American Linseed
100
700
Do
pref
100
7,200 American Locmotlve ....100
200
Do
pref
100
300 American Malting
100

*126% 145 ~ *126% 145 *126*2 145 *126% 145
*126% 14*5
•■126% 14*5
77% 78%
77% 78
77% 78
76*4 77*2
77
76*8 76%
7734 14,350
*103% 104*2 *103*2 104
103% 104*8 *10334 104*4 103*2 103*2 103% 103*2
630
86
86%
82% 86*4
83*2 85*2
80*2 84*4
80*2 82%
8234 83% 14.800
110
*109*2 •110% 110
109% 109% 108*2 109% 108% 109*2 109% 109%
1,300
*108
111
*108*2 111
*108*4 111
5110
110
*108
111
*108
111
10
109
109*4 108*8 110
108*4 109*2 109 ' 111% 110
111% 110% 11334 26,700
103% 104*2 104% 105*2 105% 107% 107% 109*4 10734 108% 107*2 108% 18,500
171
171
*167
173
*168
173
169% 171% 171% 175
176
178*2
1,500
*94
95
95
95
*94 " 96
94% 94%
*93 * 96
595
95
730
53
53*4 53%
53%
5214 52%
52% 52% *50
53
49
52
5,200
*94
96
*94*2 95% *9434 95*2
94% 94%
94*8 94*8 *94 « 96*2
300
*31
34
*31
34
*31
*31*4 34
34
30*2 31
*30*2 ’ 34
500
15*4 15*4 *15*4 1534
15
15% 15*4
15%
1434 14%
1434 14%
2,400
*51
52
*51
52
5234 *51
51%’ 51% *46*2 5234 *46*2 52
200
69
69
69*8 6934
69*2
69%
67%) 69%
6734 6834
68*8 69*4 37,200
107
103
106
108*2 106% 108
106*4 108
103*2 105% 105*2 107% 11,250
*63
65
63
63 * 63*2
63*8 *63
63
63
64*2
*63
65
600
85
81
80% 85*4
85%
73%’ 7534
82%
7434 82%
74*4 77% 172,300
102
102
102
102
300
*93
1 96
*93
*91
96
95*2 *90
95 i 97
96
9634 9634
300
74
72
72
74%
72*2 72*2
70
71
71% 71%
2,400
73% 74*2
71*4 73*2
72% 73% "70% 73*14
6934 71%
70% 72% 143,700
02
102% 102% 102*2 102% 102*2 102%
102
102% 102
102*8 102%
2.800
25
24
*25% 26
2 3 34
25%
247,
233,,
237,
24*2 24%
237,
725
•Bid and auod prune: no «Uea on thla day,
3 ifix-rigm*.
§ Lam than 100 charea.
.

,

Delaware Lack A Western.50
Denver A Rio Grande..-.100
Do
100
pref
Erie
100
Do
1st pref
100
Do
2d pref
,
100
Great Northern pref
100
Iron Ore properties..No par
Illinois Central
t00
Interboro Cons Corp..No par
Do
100
pref
Kansas City Southern....100
Do
100
pref
Lake
rie A Western
100
Do - pref
100
Lehigh Valley
50
Louisville A Nashville
100
Minneap A St L (new)
100
Missouri Kansas A Texas. 100
Do
pref
100
Missouri Pacific tr ctfs
100
Do
pref tr ctfs
100
New York Central
100
N Y N H A Hartford....100
N Y Ontario A Western.. 100
Norfolk A Western
100
Northern Pacific
100
Pennsylvania
60
Pere Marquette v t c ....100
Do
prior pref v t c
100
Do
pref v t c
100

9,500 Pittsburgh A West Va
100
Do
pref
51,500 Reading
300
Do
1st
pref
300
Do
2d pref

41%

*75

*3%.

4,710

Railroads
Par
Atch Topeka & Santa Fe__100
Do
pref
100
Atlantic Coast Line RR._100
Baltimore & Ohio
100
Do
pref
100
Brooklyn Rapid Transit.. 100
Canadian Pacific
100
Chesapeake & Ohio
100
Chicago Great Western. .100
Do
pref..
100
Chicago Mllw & St Paul.. 100
Do
100
pref
:
Chicago & Northwestern.. 100
Do
pref
100
Chic Rock Isl <fc Pac temp ctfs.
7% preferred temp ctfs
6% preferred temp ctfs
Clev Cln Chic A St Louis.. 100
Do
pref
100
Colorado A Southern
100
Do
1st pref
100
Do
2d pref
100
Delaware A Hudson
100

.

1st pref
100
American Shipbuilding
100
Amer Smelting A Refining.100
Do

Do
pref
Amer Steel Foundries

100

100
American Sugar Refining.. 100
Do
pref
100
Am Sumatra Tobacco....100
Amer Telephone A Teleg.100
American
Tobacco
100
Do
pref (new)
100
Am Woolen of Mass
100
Do
100
pref
Am Writing Paper pref
100
Am Zinc Lead A S
25
Do
pref
25
Anaconda Copper Mining.50
Atl Gulf A W I 88 Line... 100
Do
100
pref
Baldwin Locomotive Wks.100
Do
pref
100
Barrett Co (The)
100
Bethlehem Steel Corp
100
Do
class B common. .100
Do
cum conv 8% pref
Booth Fisheries
No par
a

SCx-dle. and right*.

e

PER SHARE
Range for Previous
Year 1917

Lowest.

Highest.

Lowest.

Highest.

$ per share.

$ per share.
88*2 Octll
85*8 Oct 8
98-% Sept 3
57*4 Sept 4
57*2 Jan 5
48*4 Jan 2
172% Aug24
60% Marl4
834 Jan 2
25% Aug29
54% Sept 7
81*2 Sept 3
95% Octll

% per share

$ per share
107*2 Jan

—

S per share ! $ per share
86% 86 %! 867g 87%

1463

81
80

Mar23
Jan30

89% Apr22
49
53
36
135

Jan24

Apr25
June26
Mar25

49% Janl5
6
Apr 9
18*2 Apr 9
37*4 Apr22
66% April
89*2 Mar25
125
Julyl5
18
Apr22
56% Janl5

137

Janl5
Feb21
58% May 7
18
Apr22
47
Apr 3
40
Apr 4

52
45

100% April
160
Aprl7
2*4 Jan 4
23*8
18*2
86

25%
92

6

Apr23
Janl6
Jan25
Janl5
Janl5
Jan 7

7*4

Jan 5
OctlO

Apr23
Janl5
Jan 2

118

7% Aprl7
4% Jan
6% Jan29
20
41

67%

Janl5
Janl5
Janl5

27

April

Jan22
102
Jan24
81*8 Jan24
43*4 June27

9*2 May
52% Apr 3
30
Apr 6
22% Jan 2

63
41

JanlO

70% Janl5
Janl2
Mar30
9% Apr 3
19
Oct 2
28
Oct 2
7
Aprl7
15% Aprl9
80*2 Jan24

69

Jan 3
JanlS
Apr 9

May 4
39*8 Junel3
109% JanlS
4%
10%

131

7
Apr26
37
Aug 2
20% Janl5
12% Oct 8
20
Jan29
13
Jan 2
46
Jan 3
8
Apr22

11%
44*2
26*2
17*4

17*2 Aprl7
May 2

11

Janl9

18

25% Jan 9
49

Jan 2

1%
1%
17%
72*4

Apr27
Apr 1

JanlS
Jan 4
Jan 2
89% Janl7
64 JunelO
78

49%
65*4
4%
3*2

Septl3
34% Janl5
89% Jan23
68*4 Janl4

106
25
78

Jan 3
Janl6

50

Jan 2

Mayl**
11% JanlO
11% Jsn 2

3834 Jan 16
51*2 Septl3
27

Jan 7

69% Jan 7
63% Janl5
z95

Jan 4

2% Sept28
39
90
73
103
58
98

Sept25
Feb21

May28
Sept25
Jan 15

Janl6

108% Mar23
60% Jan 5
©O s Aug 5
140*2 Jan 5
92% Septl4
44% Janl5
92

Jan 4

20*4 April
12% Janl8
41

z59%
9734
68

66%
93
86
70

6934
96*2
21

Ex-dlvidend

Jan 2
JanlS
Jan 5
Jan 5
Jaul5
Jan 2
Jan 4
OctlO
OctlO
Jan 15
Jan21

Jan 2

Octll
June27

May 7
July 8

JulylS
Sept27
JulylS
July 5
June21

37

May24
86*2 May24
Septl8
Aug27

Feb27
91% May 8

60*4 Mayl7
97
Apr30
88% Sept27
111*2 Sept30
43*4 Aug29
84
May22
22% Sept 4
94% Aug24
36*8 Sept27
54
Sept30
59% Octll
43
Aug 10
81*2 Junel3
7134 May 16
.

100

13*2
58*8
144
86*2

FebIS
Feb 6
Feb 6

Mayl4
Feb 19

10634 Mar 2
92% Sept27
116
Mayl5
113% May 8
145
May24
109% Feb 1
178% Oct 11
99

60%
95%
39%
21%
53%
71*2
120*4

125*2
124*4
172*2
38*2
84%

Dec

137*2 Dec
16
44

Dec
Dec

35*4 Dec
Nov
Oct
Nov

71
51
80
30

44% Nov
41
8ept

46

24

61*4
18
•

87

Nov

167i2 Dec
6

Dec

9%
13*8
18*4
15%
79*4
22%
85*4
5*4
39*2
13%

Dec
Dec
Dec
Dec
Dec
Nov
Deo
Dec
Dec
Nov

Feb23j
May24

Marl2!

Aug28
July 3
July 1!
Mayl6:
Feb 181
65
July 9
101*4 MaylS
102
Sept 7
OctlO
97
96
Mayl6
94
May 16
106% Apr29
28*2 Sept 5

57*2
1517s
238
17
41

34*4
49*4
39%
118*4
38*8
106%
17%
72%
25%
40
Nov
58*2
8*2 Nov
25%
23
Oct
53*4
50% Dec
79*2
103
Dec 13334
6% Dec:
32%
11
3*2 Dec!
7
Nov
20*2
34
19% Nov
61
37*2 Dec:
62*2 Dec 103%
21*2 Sept;
527g
17
Nov
29%
92% Dec 138%
75
Dec
110%
40*4 Dec
57%
12
Dec
36*4
45
Nov
73%
37

Oct

33% Dec

Aug 13

100
101
84

z82

92

Dec!

Mayl5
July 6

Jan 2
June26
Feb 15
32
June22
24*2 June20
64 June27
10*4 Jan 2
22% Febl8
39*2 Jan 3

34

Novi

62%

June27

74% Marll
12
20

35

18*4 Dec
53% Apr
60% Nov

23% Mayl5
40*2 Jan 3
9% Sept 3
23
Sept 3
89% Octll
29% Octll
69*4 Sept 4
19% Feb20
65% Jan31

20% Apr30
Jan21

Oct 5
Oct 1

38*2 June21
81
95
39
40
14

35
35

67
14

Marl4

11% Sept
6*2 Jan
12
Sept 4
26*8 Sept
5934 Sept
76*2 Sept 3
45% May29
23
July 9
108% May 14
91*2 Sept 3
47*4 Jan 2
16% June27

18*4

61

3
Jan 2

35

6*4 Sept20
Septl6
15% Aprl7

18
55
110

Jan

13%
17% Mayl5
Mayl4
2434 May 14
93% Aug27
34% Mayl6
98% Augl3
9% Jan 3
47*2 Jan 3
20 Mayl6
55*8 Aug 14
10*2 Feb 19
23
Sept 4
62% Mar 11

Aprl7

29

45

Octll
Marl4

Decj 100*2 Feb

85

Jan29

115*8 Feb 1
185
Sept 4

Dec

z79% Deci 119
85
38% Dec!
48% Dec|
76%
36
Deci
82
126
Dec: 167%
42
Nov! 65%
6
Decj 14%
17*2 Decj
41*4

27*2 Sept 5
82*4 Sept 5
69*4 Sept 3
33 Mayl4
67
Aug28
23*4 MayJ29

46
26

5
14

75
75

34
12
22

34

7%
16%
7534
21*2
51%
11%
62

Nov
Dec
Dec
Dec

Dec
Dec
Dec
Dec
May
Nov
Dec

101% Dec
69*4 Dec
4*4 Dec
11% Dec
7

Nov

36*4 Dec
18
12
20

Dec
Dec
Dec

10*2
35*2
7*2
16%

Dec
Dec
Dec
Nov

33

Dec

7*2 Nov
19

Oct

45*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
8% July
35
46

Dec
Oct

15% Feb
Feb
46% Dec
48

93

Dec

8% Dec
50
88

Dec
Nov

67% Dec
z99%
50*8
89%
106

Nov
Dec
Nov

Dec!
May
95% Dec
30

123
89

Dec
Dec

37% Feb
Nov

87
17

10*2
39*2
51*8
87%
64
43
93
82

Nov

Dec;
Dec

NOV;
Sept
Feb
Feb
Dec
Dec

66*4 Dec
z66% Dec
93
Dec

Jan
Jan

Jan
Jan

Mar
Jan
Jan
Jan
Jan

Jan
Jan
Feb
June
Apr
Apr
Jan
Jan
Jan

Jan
Mar

Jan
Mar
Jan
Jan

Jan
Jan
Jan
Jan
Mar
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan

Jan
Jan
Jan

Jan
Jan
Jan
Jan
Jan
Jan
Jau
Jan

57
June
35*4 June
68
Jan
104% Jan
Jan
45
45*2 Jan

26%June
32
53
18

39*2
98*2
33%
70*2
19*4

Jan
Jan
Jan

Jan
Mar
Jan
Jan
Jan

95

Jan

149*8

Jan

Jan
11% Jan
23*4 Jan
15*4 Jau
58
Jan
30*2 Jan
23
Apr
Mar
41
18% May
48
July
2278 Jan
50% Jan
54% Jan
85

18*2 Jan
37% Jan
Jan
80
11% Jan
8*s Mar
32% May
86% Mar
95*2 May
103*2 Jan
102% Feb
98
Jan
May
63
lilts June
80% June
118*4 May
50% Jan
101% Jan
17% Mar
75
Jan
167g Aug
55
July
62*4 Aug
29*8 Aug
Nov
75
8234 Jan
10678 Jan
19*4 Mar
71% July
93
Nov
112*4 June
117% Jan
75
June
126% June
121*2 Jan
62*2 Deo
128% Jan
220
Mar
109*4 Jan
58*4 June
100
June
54*2 Mar
41% Jan
72*2 Jan
87
May
121% Jan
66
Jan
76% July
102*2 Jan
136
Jan
515
Jan
156 June

S Before payment of first installment.

during tho wook of stocks

For roeord of

HIGH AND

Monday

Oct. 5.

Oct. 7.

157

159*4
•10*4 10*2
25

24&k

'

60*2
*1324
28*4
1084
*30

34*4

*44
55
*14

45

«

Oct. 8.

55*8
16

4078
20
*61

69*4
103*2
3478
89*2
18*8
39l2

64

*6^

51*4

*50

335s
75*8

34

774

78

185s!

I

36

*

*44

46

55*8

554

59

55*2

34
77*4

51

51

33*4

337s

75
19
27
*75
*75
*64

19
29

*64
30

65
31

64

64

31*8

32*8

30*4

31*2

62

60

54*2

55*4

54*2
14*8
*57%

55*4
14*8
60

33*2
7234
*19
29
*75
77
*64
30
60

61

81
79
65

16

284
50*8
74*2

•71
•98
16
45
*92

20
30
81

77*4
65

28*2
494

*28*2

29

28*2

28*2

48

49

47

49

71

71

*70*4
99*4

*7014

73

1638

434

45

*91
69*2 *57
*102

95

*574
*102

95
59

19*4 20
19*4 194
§1124 112*2
*1124 118
*45

56

39*8
*7*4
*31*4

40*4
7*2
33
99*4
53*4

*98*2
53
*29

*46

39*8
7*2
314
99*4
53*8
29*8
404

30

41

40*4

*98

99

*98

16*2

17

16*4
*50
834

51

*50

83*4
674
96*4

834

69

69

*96*4

99

89

89
122

*88
*119

67*2 67*4
*984 101*2
24

89*4
*100
105

24

*16*4
180

69*4
*92
*71

*98
24

86
90*8
1004 *100

105

*6*2
7
150*2 150*2
14*4 14*4
314 32
*47*2 58
574 59
*91
*39
*96

65*4

96
40
100

17*4
183*8
70
95
75

106
*6

195s
115

4658
39%
75s
31*8

58

40
7*8
31*8
99*4
54*2
29*8
41
98*4
16*4

98
52

7

54

55

575g

60

1958
115*2
4658
397s
758
3138
99*8

29*4
40*3
*98

163s

1478
317«
*52

56*2
*91

92
39
100

39%
*96

*41*4
104*8
*93*2
63*4
1044
434
*41*2
108*4
•1103s

15

44

106*4
94*2
64*4

104*2
43*2
44*2
109*8
110*2

84

84*4

124
54*4

124
547f

*13
*41

70
95
75

44%
95
69

83*2
67*8

19%
116
*46
39

7*2
31

*97*2
52%
2934
40

9834
16*4
50
*83

16

59-%
138

50*2
33%

74
20

73

24

28%
46%
*70
*99
*16
44
*91

*19*2

20

31
*79
*76
*64
31
61
24

31*4
8212

*100

28%
47*2

79
65

73
....

16*2
44
95

107

2834
47-%
*71
*99

15%
44*2
*91

29%
49*4
75

16*8
44%
94

58*8 58%
*103
20
20
19% 19%
116
116
115*2 116
*46
*46
55
55

57*4

1934
116
60

40%
7*2
31

99%
55*2

39%
*7
31
99

58

40%
7%
31%

100*2
64*2 55%

31

30%

31%

40*2
9834
1634
50*2
83%
67%

40
99

40%

16%
z48*2
*8U2

16%
48*2
8312
67%

99

40% 40%
*7*4
7%
3134 3134
99*2 100*2
54% 55%
31% 31%
40*2 41%
*98*4 102
17*4 18*4
49

*81*2
6734

95

1478
32%
5434
58»4
90

40
100

49

83*2
67%

14%
32%

53

51

52

57%

57%

59%

96

6834

*36% 38
100% 101*2

95
72

10214
*104
107
107
*137
142
148
15
*12% 13

96

63*2 635a
104*8 104*2
*4234 4384
*4284 44*2
107

108*8
110*2 110*2
83
13

84
13

64*8

547£

42

98*2 104
94*2 ”94%
62% 63*2
104

42%
*43

1434
34*8

56%

37*2

42

*14*4
33%

52

*37*8

44

1434
33%

67%

40
100
*16% 17
177
181

68*4

*14%
32%

57

*92
72

*92

■

14%
32
*52
55
*92
*39
*96

99

95
75

IO284 105

96

66*2
*95*4

104

4234
44

10434 107%
110*8 110%
81*2 83%
*12% 13*;
5334 64

*91

39%
*96

16%
180

68*8
*92
*71

*36%
101
107
141

96

40
100

16%
187

703S
95
75

38

101%

107
141
*12% 14

43% 43*2
97% 100*2
*93*2 95
61% 63*2
104

104

*4134 43*2
*4234 44
10434 106*2
110*4 110%
81

82

12%

12%

54

54

*92

39%

96

39%

*96

100
16*4
16*2
183*2 18934
70% 71*2
95
*92
75
*71
37U 37*4
10134 10284
*104
143
144
*12% 14
4334 43%
101
104%
94
94
63% 6434
103% 104

42%
*423d

42%
44

105*2 108
110*4 110%

81%
*12

53%

83*4
13*4
35%

*106
110
*106
*106
110
110
*106
110
*105
110
*109
110
*69
72
*69
72
72
*69
70
70
72
*69
91% 945,
89*2 9D?
92% 95*;
92% 935?
88*s 9078
87*8 87*4
427
42%
42% 42%
42% 427?
42% 443?
42l2 42*4
4278 434
62
*59
*59
*59
62
62
62
*59
64
*59
*59
64
47
47
*46
47
47
47
46
46
*45*2 47
*46
47
22
225?
21% 22*
21% 217?
21% 22*?
2178 227{
20*4 214
83* 2 *82
*82
83*
83*
8234 827? *81
8278 827j
*82
834
51
533 1 *51
*52
56
56
5334 53»<
*53
55
*53
55
122
*120
*....
12U
121
t
121
120*4 121*;
118*4 119*2 119*4 120
*112
*112
116
116
*112
116
♦112
116
*112
114
*112
116
55
53
63*2 63* 8
64*8 54*? *53
53
65
54
$156*4 56*4
91
*83
*85
90
*85
89
*83*2 91
91
*84
f*84
91
*64
67* 8 *64
*63*4 66
71
63*4 64*; *6334 66

{,*64
z

68

•Bid and asked price! no sales on this day.
Ex-dlvldend.




STOCKS
NEW YORK STOCK
EXCHANGE

$ per share.
108 Feb
5

200

3,400
300
200

i Less than 100 shares.

100

1,435
49,300
100
100

Lowest.

Highest.

t per share.

9 per share

9 per share

Granby Cons MSA P
100
Greene Cananea Copper. .100
Gulf States Steel tr ctfs__100
Do
1st pref tr ctfs
100
Haskell A Barker Car..No par

Lee Rubber A Tire
No par
Loose-Wiles Biscuit tr ctfs. 100
Do
2d pref
100

7
5

Companies
100
Do
pref
100
Maxwell Motor, Inc
100
Do
1st pref
100
Do
2d pref
100
Mexican petroleum
100
Do
pref
100
Miami Copper
5
Midvale Steel A Ordnance.60
Montana Power
100
Do
pref
100

6

38
96
74

1,300 Nat Conduit A Cable No par
2,600 Nat Enam’g A Stamp’g
100
Do
pref
100
100
National Lead
Do
pref
100
2,300 Nevada Consol Copper....5
100
1,150 New York Air Brake
100;
32,600! Ohio Cities Gas (The).... 25
600 Ontario Silver Mining....100
6
1,000 Pacific Mall SS
3,000 Pan-Am Pet A Trans, pref. 100
700

9,600 People’s G L A C (Chic)-.100
5,800 Philadelphia Co (Plttsb)..60
No par
8,300 Pierce-Arrow M Car
200
Do
pref
100
25
43,900 Pierce Oil Corporation
1,600 Pittsburgh Coal of Pa
100
200
Do
pref
100
100
2,200 Pressed Steel Car
—.

160
Do
pref
100
200 Public Serv Corp of N J..100
500 Pullman Company
100

5,400 Railway Steel Spring
.100
Do
pref
100
5,166 Ray Consolidated Copper. 10
46,500 Republic Iron A Steel....100
Do
pref
100
1,400 Royal Dutch Co ctfs dep.___
.400 Saxon Motor Car Corp
100
2,975 Sears, Roebuck A Co....100
400 Shattuck Ariz Copper
10
27,500 Sinclair Oil A Ref’g...No par
800 Sloss-Sheffleld Steel A Iron 100
56,900 Studebaker Corp (The)..100
100
Do
pref
100
1,200 Superior Steel Corp’n
100
Do
1st
pref
100
600 Tenn Copp A C tr ctfs.No par
50,800 Texas Company (The)
100
16,600 Tobacco Products Corp.. 100
Do
pref
100
100 Union Bag A Paper Corp.100
300 United Alloy Steel....No par
7,400 United Cigar Stores....100
Do
100
pref...
100
1,300 United Fruit
U S Cast I Pipe A Fdy
100
400
Do
pref
100
40,600 U 8 Industrial Alcohol.. 100
200
Do
pref
100
100
8,400 United States Rubber
Do
1st preferred
1,900
100
600 U S Smelting Ref A M
50
Do
pref
60
716,400 United States Steel Corp.100
4,035
Do
pref
—100
6,480 Utah Copper
10
300 Utah Securities v t c
100
2,900 Ylrglnla-Carolina Chem__100
Do
pref
100
l66 Virginia Iron C A C
100
18,900 Western Union Telegraph-100
8,800 Westinghouse Elec A Mfg_50
Do
1st preferred
60
600 White Motor
50
64,900 Wlllya—Overland (The).. 25
400
Do
pref (new)
..100
1,000 Wilson A Co, Ino, v t c
100
1,300 Woolworth (FW)
100
Do
pref
100
1,000 Worthington P A M v t c.100
Do
pref A
100
200
Do
pref B
100

Jan
2
Jan 10
Jan 25

38i2Jan 17
6884 Oct 10
99i2 Aug
34

11
39

Junel9

2534 Oct 11
12734 Jan 7
IO634 Jan 15
753s Oct 10

88

10
38

Jan
Jan

111%Jan
21

Jan 15

8338 Jan
27

2

Jan 15

Junel8;
Oct 111

31*4 Feb 23;
11938 Oct 11!
3138 July 8

Jan 22
Apr 2
Mar25
Oct 10
Apr 2

17% Jan 8
Feb 15
71*4 Junel8

45%Mayl5
6512 Jan 3
51*4 July30
3478 Mayl6
915s May 16
22*4 July30
3134 Oct 10
Oct 10

63

81

57 Jan
4
23i2 Jan 15
61 Apr 24

78*2 Feb 28
65 May28
323* Oct 7
64*4 Feb 8

19
79
87

May27
Jan
5
Jan 15

267sJune 7
43*4 Mar23
June25
Mar 19
13*2 Apr 8
7
37*4 Jan
92
Sept25
43U Jan
7
9934 M ar 2
17*4 Mar25
8
115 Oct
37‘2 Augl6
35*8 Mar25
4*4 Jan 22
64
95

23% Jan 21
86

Jan

8

391*8 Jan 2
21 Apr 12
34 Jan 16
89% Jan 26
15
Septl3
42 Jan 15
7954Jan 2
6678 May28
93
Apr 27
85 Oct
2
100*8 Jan 7
45% Jan 7
65 Jan
2
223g Jan 15
z72%Jan 15
92% Jan 2
70*8 Mar23
484 Aug22
13384 June 8
141*8 Oct 9
25*4 Apr 11
39 Jan 24
337sApr 24
80%July 3
34*4 M ar25
95 Feb 16
1278 Jan 2
13612 Jan 7
48*2 Mar25
z87*4 Mar 19
65 Jan 24
37 Jan
2
83%Mar28
101U Jan
5
116*4 Jan 16
11*8 Apr 6
41
Mar26
98% Oct 9
94 Oct 11
61 Jan 15
z95 Jan 15
32*2 Apr 12
423s Apr 12
86*2 M ar25
108
Mar25
76*4 M ar25
11
Sept 16
33*4 Jan
2
98 Jan 16
50 Jan
5
77*4 Aug 2
38*2 Jan 17
59 Jan 11
36*4 Jan 2
I5I2 Jan 15
3
75 Jan
45*4 Jan
2
110 Mar 25
2
111 Oct
34 Jan
4
85*8 Feb 5
59 Jan 18

Ex-dlv. and rights.

26

Feb

6

13278 Oct 11
100

Oct

5

3318 Jan 31
61
Mayl6
7478 Oct 4
101% July26|
21*8 July 5
64% May20l
99% Feb 20!
61*4 Apr 4!
105% Mayl8j
2178 May 16 i
139

May22'

465s Oct 8!
42*4 May 16;
13

Junel7j

33% Aug 31
lOO^Oct 10
655s Oct 10!
31*4 Oct 111
43i8 Mar l|
99 Oct 10
184 Oct 11
68*4 Feb 28
84
Feb 19
73
Aug 13
100 Aug 5
10912 Mar 5
122

Oct

5

7134 Sept28
1024 Aug 29
264 Mayl6
96

Mayl6

1024 Sept 17
117 Junel7
11

Jan 31

1634 Oct 11
184 Feb 19
39

Feb

55
97
25
56

Dec
Dec
Dec
Nov

524 Jan
42*4 Aug
30*2 Jan
62*4 Jan
101*2 June
1154 Jan

11*4
35*2
2934
255s
76*2

Nov
Nov
Nov
Nov
Dec

76
18

Nov
Feb

Dec

28
118

Feb
Dec

74*2
72*4
324
z91%

Nov
Dec
Dec
Dec

65

Nov
Nov
Nov

34
77

Jan 10
49% July30‘
66*4 May 16:
19
June20,

24% Jan 15
58
41
29
72
12

1

102

65
138

Dec
Nov
Dec
Nov

244 Nov
744 Dec
11*4 May
6*2 Nov

52% Oct 4
101% Oct 11
84
Sept 5
1
52i2 Oct
111% Apr 25

Jan

125*4 Apr

12*4
33*4
10*4
29*2

83

Oct
1
Feb 13

Feb

Jan

88*2 Nov
45*4 Dec

154% Oct 11
164
Aug2l

421*8 Jan

Mackay

a

89

61*2 Jan 15
102%Marl4 zl07 Mar 8
35*2 Mayl6
29U Mar 6
95 Feb 25
68*4 Jan 2
20*4 Oct 11
14l2 Apr 4
47*4 Mayl6
3638 JunelO
5412 May24
3434 Jan 29
38 Oct 11
2834Mar25
82*4 July 15 103% Oct 10
95
Feb 19
65i2 Oct 7
4578 Julyl8
29% Jan 15
103
Oct
3
z90%Jan 7
52 Jan 12
7478 Mayl6
86 Jan 31
91*4 June 4
3378 Feb 20
27% Apr 10
83 Feb 18
78%Mar25
2
64*4 May24
z33 Jan

Gaston W A W Inc..No par
General Electric
100
General Motors Corp
100
Do
pref
100
Goodrich Co (B F)
100
Do
pref
100

t Ex-rights.

Jan
Jan

Year 1917

159*4 Oct
5
127g JulylO
33% May 14
45% May 10
22>8 Oct 1
6514 Oct 1
733s Feb 27

8% Apr 25
16% Jan 2
36i2 Jan 3
12
36

Range for Previous

Highest.

Lowest.

Industr!al&Misc.(Con.) Par
Bums Bros
-.100
Butte Copper A Zinc v t c__5
Butte A Superior Mining.. 10
California Packing....No par
Califomai Petroleum
100
Do
100
pref
Central Leather
100
Do
100
pref
Cerro de Pasco Cop
No par
Chandler Motor Car.
100
Chile Copper
25
Chino Copper
5
Colorado Fuel A Iron
100
Columbia Gas AElec
100
Consolidated Gas ( N Y)_.100
Continental Can, Inc
100
Corn Products Refining. .100
Do
pref
100
Crucible Steel of America. 100
Do
pref
100
Cuba Cane Sugar....No Par
Do
pref
100
Distillers' Securities Corp.100
Dome Mines, Ltd
10

PER SHARE

PER SHARE
Range since Jan. 1.
On basis of \QO-share lots.

...

9,600
31-%
2,500
61%
24*4
2,100
126% 132% 302,800

30*2
60*2

107

50*2
33%
74*4

usually inactive, sea second page preceding.

15,700 Inspiration Cons Copper..20
100 Intemat Agrlcul Corp....100
850
Do
pref
100
1,600 Intern Harvester of N J..100
62,500 Int Mercantile Marine. .100
Do
372,020
pref
100
4,100 International Nickel (The) 2 5
3,300 International Paper
100
Do
100
stamped pref
500 Kelly-Sprlngfleld
Tire
25
No par
6,600 Kennecott Copper.
100
9,200 Lackawanna Steel

*103

*92
*71

*13
*40

15
44

63*4 64*2
1043s 104*2
•41*4 4334
*4U2 44*2
1063s 108*fi
110*4 110*8
84
84*4
*12
13*4
54*8 55*4

51

165s
176
182i2
69*8 70

1005s 105*2
*93

53

29*4
407s
9834
17

165s

37*2 37*2
*37*8 37*2
101*8 102*4 1017s 103*4 102
*100
*102
107
*100
107
1414 1414 141*2 142*4 *140
*13

16

54*4

29*4 30%
116*2 119%
30
30*4
33
33%

50%
33%

500

67
*95
*94
99
99
89
89
90%
90*4 *88
90*4 *89
122
122
*118
124
124
121% 122
67
67
65
65
67%
66
66%
101% *100
101*2
101% *100
101*2 *100
24
24
24
2334 23%
2334
2378 24*4
86*8 88
87
85% 86%
88*2
84% 87*2
101
*99*4 100*2
*99l2 101*2 *991?, 100% *99
107
105
110
104
104
104
10734110
*6
*6
6*2
6*4
65s
6%
634
634
154
155
16234 163*4
157*4 160
158% 162

165s lOSg
180*4 185
69
*92
*70

*57%

138

120*2 129%

*103

*50
83*4 *83
66
68*2
95
96*4
*89
90
*119
122
66
66
*100
102

24*8
89*4
1004
106

*99
16
44
*91

45
95
59

51

152*2 152*4
14*4 1434
32
323s
92
39
*96

73
99*4
16*2

*16
45
*91
*57
*103

z53%
*13*2
59'%

81
79
65

*59
*23

60

500

9,100
1,100
26,900
5,200
4,600
4,290
12,100
4,289
3,900
1,500
1,000
1,442
2,125

44

44

31%

29%

3034

284
474
16

29<%
81
*75
*64

*100

*994
16
45*2

72
*19

600

62,000

5234
100% 101*4
*80% 80%
50*8 50%
69*4 70
98*2

63

50%
33*2

33%
76*4

100

28*4
495s

*60

64
50

*2234 23%
117*4 120%

23*2 24
116*4 120

23*4 24
118*2 12234

45

*62
50

19
27

*724

79

*43

1,250
2,800
35,780
4,200
3,400
6,600
13,800
2,000
12,000

76

76
52

57*4 57*4
*132
138
136*8 137
28
28*8 29*2
2834
116*8
110% 112% 112
30
30
30*8
30*8
33
33%
33*2 34

77*8

79

81

44

300

47*2
10*2 11
25-% 27
152% 154*4
115*2 121%

80*4
50%
69
99*4

44

*14

13434 137
28*8 29
110
113 >8
30*8 30*4
34*2 347s
*60
62

64
52

80*4
50*8
68%

99*2 *_...

16
59

*14

16

77*8
4934

101
80% 81
50
50*8
70
70

51

79%

153
115%
75% 76
51
51
101
101

118

75*2
4934

89*8

26%!

26
150
114

10,400

56%
89*4
29%
79%
48*4

29

10%!

10*8

700

101

101
54

101
55*4
*88% 90%'
29*8 29i4'
78% 79%;
46*2 47%!
53

29%!
7934
46
48%
10*4 10%
26
2634
1495s 149%
112

43%’

101

29%
7934

71
99*2
46

71

42%

*100

101
81

*4978

102%
67*2

43
101
101
52% 56
89
89%1

26%
1495s 149%
120*2 121*4
77*4 78
51
51%
*100
*79

37%

42i2

26

*724

122

67*2

10*41

10*4

20
29
81

*60

99 >s

99*8

*67*2 70
4278 43%
101*8 101*8
547a 563s
89
89
295a 30*81
79*2 79*21
46*4 48 I

*19
*27
*73

604 61*2
23*2 23*4
1184 120*4

41*2
35%

43%

7,000
1,100
1,100
1,250
5,600

19*2 20%
38*2 39
4134 41%
37*2 38
101*4 102%
71% 73
43*4 4334

18% 19%
38*2 38% I
40*2 42 |
36% 37%
102*4 103%
67% 71

19*41
39% |
42*2

18%
39

3978

19
*27
*75

100

\

$ per share
$ per share
$ per share
156*4 158*2 158-% 159
159
156
10
10*4 10*4
10
10*4i
10*2
25 | *2334
24% 24*8
24%
*23
42
41% 42% §42
41 I *4078 41*4!
20
21*4
20
20% 21%
20
20
63
64
63%
*61
63*2
63%
64 |
65
70
65*2
z64%
65*2
68*4
70*4’
104
104 1*10312 105
103*2 *103*2
35
35*41 34% 34% 34*2 34*2 535
91
89*2 89%
9134
88*2 89*2 I
90

43
36
99 *s

60*2 z58% 585s
135*2 *131*2 137
275s 28*2
28*4
10858 1104
HI
30
30*8
30*4
34
34*8
35

*62
*48
34

the
Week
Shares

Friday
Oct. 11.

9 per share
$ per share
157
158*4) 157 158*4
10*2 104 *10*4 10*4
24
2418
24
25 I

4078 41 !
40*4 404
21
21
*194 20*2
*62
61
•61*4 63-4
68*2 69*2'
68*2 684
*1034 108
•103*2 108
354 354
•34*4 35
8978 90*4
89 ’ 90
18*4 19*8
19
194
39*8 40
39*4 39*4
42% 42*4
36
36*2
36*2 37
99
100
98*4 100*2
65*2 69
•65
68
43*4 4378
43*4 43*4
101
zlOl
•102*2 104
53
57*8
58*8 594
*88*4 90*2
293s
29*4,1
294 29*4
797s 7978
79*4 79*4
48
4578 48
49*4
10
10*4
10
10
26 s
267s
27
27*2
150
1514
•147
150
123
121
1224 121
78
78*2
•77*2 79
514 52*4
52
5212
1004 100*2
•100*2 101
79
80
•79*4 81
50*8 50*8 *4978 51
70
7078
71*4 7178
*
99*4
99*4
45
55
•14

Tuesday

\

Thursday
Oct. 10.

Wednesday
Oct. 9.

Sales for

CENT.

PRICES—PER SHARE, NOT PER

LOW SALE

Saturday

9 per share

Record—Concluded—Page 2

New York Stock

1464

5

714May24
6078 Oct 4
Feb 6
4558 May 3
100 Sept27
21 July 6

95

101*2 Nov
27*2 Nov
38

Nov

7*4
26*4
100*4
174
624
24*2
18*2
60*4
364

Nov
Nov
Nov
Dec
Feb
Dec
Nov
Nov
Dec

26
68

Nov

Nov

103s Nov
124 Nov
55
70

Jan
Nov

57*4 Dec
19*8 Nov
49
13
67

Dec
Nov
Dec

844 Nov
25

Nov

39*2
z58*4
95*2
13*2

Dec
Dec
Dec
Dec

24

Feb

90*2 May
374 Dec
99
16
98
39

Dec
Nov
Nov
Dec

314 Oct
35a Nov
18
87
35

Feb
Nov
Dec

share.

June

58

474 Apr
13458 Jan
103*4 June
37*4 July
112*8 Jan
914 July
117*4 Jan
55*4 Jan
94i2 Jan
44*4 Oct
24*4 Jan
41i2 Aug
171*4 Jan
146*8 Jan
93

Jan

6U4

Jan
Jan

112

92*8
47
137
110
40

Jan
Jan
Jan

June
June
66*2 June
214 May
60*2 July
123
Jan
364 Mar
106*2 Oct
47*8 Mar
495s Jan
77*2 June
64i2 Jan
50*8 May
1034 June
30
Jan
27*8 Jan
64
Jan
89*4 Feb
67*2 Jan
61*4 Jan
744 Jan
40
Jan
106*2 Jan
974 June
43*4 Apr
67*2 June
109*4 Jan
117*2 Mar
39 June
46*4 Oct
99*4 July
63*4 Mar
Jan
114
26*8 June
Mar
1156
72*8 Mar
1434 Apr
734 Sept
30*2 June
Jan
98
106*4 Jan

24*2 Dec

42

Jan

Dec
Nov

41*4 June
98*2 Aug

37*2 Dec

64*2 Sept

25
88

74
49
z90
99

106*4
36*4
88*2
194
60
89
59

90
Aug
Dec
Dec
83*4 Jan
Jan
Nov zl07
Jan
Dec 131

Dec 167** Jan
Novi 58 June
Jan
Dec1 101
Novi 3214 Apr
Feb| 94i2 June

Dec
May

44 Nov
123*2 Dec
15

Deo

25*4 Dec
33*2 Nov
335a Nov
85

Nov

30*4 Nov
96
11

Dec
Nov

114*4 Dec
189*4 Oct 11
42*2 Dec
724 Aug 14
z86
Dec
98 Aug 1
69*8 Dec
80 May 13
Dec
34*2
44%MaylO
81*2 Nov
1054 June24
98*4 Dec
110 Julyl8
Dec
1454 Oct 3 zl05
10
Nov
19
May 7
42
Dec
47*4 Feb 1
98*8 Nov
137
May24
Nov
88
99
Mar21
Dec
45
654 Oct 4
91
Dec
1064 July 13
40
Dec
48*4 Feb 19
434
Nov
45*4 Feb 1
79*2 Dec
1164 Aug 28
102*4 Dec
1125s Jan 31
70*4 Dec
87*8 May 16
9*8 Dec
154 Feb 18
Nov
26
564 Aug 26
97
Dec
1094 July 6
46
Feb
734 July27
z76
Dec
955s Apr 15
33*4 Dec
47*2 May 16
52*4 Deo
644 Feb 20
33*4 Nov
47*2 Oct 2
15
Nov
224 Oct 11
69
Nov
83
July23
42
Nov
66*2 May24
994 Dec
1214 Oct 8
Dec
113
115
Sept 9
23** Feb
69 Aug 28
88
Nov
914 Apr 6
60 May
70*8 July26

* Par $10 per

Feb

41

104*4 Mar
275s Mar
63*4 Mar

® Par

1054 May
73*4 Nov
68
Jan
238*4 Jan
29*4 Mar
59*4 Mar
74*4 Mar
110*2 Jan
10858 Jan
51*4 June
102*2 July
19*2 June
243

Jan

80*8 Aug
Mar
Jan
494 June
1274 Aug
120*4 Mar
1544 Jan
24*2 June
Jan
63
171*2 June
106
June
67
Aug
114*4 Jan
67*4 Jan
52*4 Jan
1364 May
121*4 Jan
118*4 May
24*4 Jan
46
May
112*4 Jan
77
Mar
99*4 Jan
56 May
70*8 Jan
62*2 Jan
38*2 Jan
Mar
100
84*4 Mu
151
Jan
126*8 Jan
374 Jon
97*4 Jun®

105
112

63

Jun®

$100 per shar e

Exchange—Bond
Record, Friday,
Weekly and Yearly 1465
changed and prices
interest”—except for interest and defaulted bonds.

New York Stock

In Jan. 1909 the Exchange method of Quoting bonds was

Inter st Period

KBONDS
N. Y. STOCK EXCHANGE
Week Ending Oct. 11.

Range

uonas Sold

or

Last Sale

Ask ZjOw

No.\lo

High

100.24 4 895'

59.86

High

9’
97.20
102.50

Sale

D
N

Sale 56.44
Sale 56.36

98 50 107 93
97.30 3 881 93
99.00 1 397 93.90
93
99.00

98.38
97.30

D

98.40

Sale £16.60

N

97.32

Sale £16.34
97.32 13071;
Sale £16.6 5
97-46:15530
98*4 Aug’18
987* Aug’18
994 May’18
994 May’18
LO64 Oct ’18
106
Sept’18
98
June’18

$ 97.34
98
J
98
J

A
O
S

) M N
L J
D X
Cuba—External debt 5s of 1904 M S
A
J F
) F
A
1 A
Dominion of Canada g 5s._.
O
Do
5 A O
do
Do
1 A
O
do
5 F
5 J
Do

do

....

----

....

1<
{

----

---.

July’18

....

June 18

....

1

....

J

Sept’18

107
107
98

1(

....

99
85
89
100

9878
9912
9934

c

.—

....

99

£
£
£

....

99
85
89

Feb ’15

97*4
954 1850,

87
Sale

85

85

9834

994

68
974
924

68

68

Sale

85
99

67
....

....

Sale

82

J
J X 744
M N
99
99
M N
J
Q
X 51
4 J
D
364
1 A O
974
M S
764

56

N
N
A
r $5to£

Sale
80

97
80

99%

State and

98*4
974
100

84

Sale 98*4
Sale 964
Sale 99%

450

974

Sept’18
Aug’18
994
974
100

....

139
559
700

4Hs Corporate stock...

4% Corporate stock
New 4Hs

reg..

N Y State—4b.

M

934

934

24

M
A

93

934
934
994

2l\
20!

S
93
934
S
93
934
94
O
J
D
98*4 1004
M S
9834 99*4
90
M N
89
90
M N
89
89
M N
M N
87
897*
M N
98*4 994
7 M N
98*4 994
4 M N
794 814
IMS
96
1 J
J
96
101
2 J
J
96
0 J
J
96
98
4 J
J 106
108
5 J
98
J
3 M S
1064 ---5 M S *100
J
1 J
787*
....

....

....

....

....

6s deferred Brown Bros ctfs.

Railroad.
Ann Arbor 1st g 4s
5
Atchison Topeka A Santa Fe—
Gen g 4s
5
5
Registered
5
>5
15
>5
;o
58
>5
>8
Cal-Arls 1st A ref 4^0* A’
52
8 Fe Pres A Ph 1st g 5s._.
12
>2
54
Ala Mid 1st gu gold 5s...
58
58
56
52
54
34
811 Sp Oca A G gu g 4a.__.
18
25
25
18
18
13
15
22
26

Clear A Mah 1st gu g 5s.

Oeat HR A B of Ga coll g 5s.

Leh A Hud Rlv gen gu
N Y A Long Br gen g 4b.

Registered

Q

J

A O
A O
Nov
Nov
M N
J D
J d
M S
J
J
J
J
M
£
M S
M 8
J
D
M N
J
J
J
M N
A C
A C
J
J
J
J
.

Q

J

A

O

Q
..

56

514
82
67
.

_

_

E
J
M N
11 M H
25 J
J
50 M S
53 A G
19 F
/
36 J
E
57 A C
22 A
0
57 M S
57 M N
98 A 0
13 J
J
21 F
A
22 J
0
32 A C
38 J E
45 F ^
45 M M
51 J
E
46 J
J
47 J
J
46 J
J
37 M In
87 J
J
87 Q
J
21 J
J
20 J
J
41 M i
20 Q I f
29 J
J
39 Mb
39 Mb
1

....

17
11
....

....

....

....

May 18

....

74
70

90

84

9Hj
79
784

827* 100
815* 824
764 Sale
957* ....
764 ....

73

SOig
834
77

7378

76

84
84
40

99U

99U
56

815a

98

68
97

82*2
100

954 994
915g 974
9778 100

87*4 9612
877* 96*4
877g 96 U
9314 1017g
93
10178
85
9H*
85
913s
85
9Hs
9034
8fi
93*8 10178
9312 10H*
76
821*
99

9414
981*
94U

99

981*
981*
96
1081*

....

1
—

Dec ’17

30

704

....

91
....

4

72

11
25

74

714
717*
854 Oct ’lg
914 Aug’lg
79

94

....

734 June’lS

824
75

95

....

1074 Sept’18
1044 June’18
1064
1064
1004 June’ 18

72

_

744
717*

....

894
Sept’18
Sept’18
Aug’18
99
994
Sept’18
99
July’18
984 July’18
98*i Aug’18

744
_

5

894
894
904
89*4
98*4
994
80*4

797*
824
804 Apr lg

_

121

100

Sale

70

71*4

97

17]

514~July’18

51ig

June’lg

ii
....

60
—

3

78

1297* Aug ’ll
714
7Hj
107
105
115
July’17
90
105
July’lf
994 May’lg
88
Sale 86*4
88
r
*857* .... 904 Sept’ll
Sale 744
76
76

71

59

79

85*s

791*
71*4

80
76

731*

7312

70

78
87

7H2
82

744
764
834 July’l?
99*4 July 17
804 Oct ’18
74
764
95*4 Aug’lS
78

44

9H*

8734
9U*

79

79

745g

801*

79

85

77
74

955*

8434
821*
95*4

78

78

no

714

8

724

69U

737*

....

—

i
..

J
J

•No price Friday; latest thl« week.




704

694

934
994

907*
887g

9634
9534
95
10134
924
9278
82i2

—

City Securltl#*.
0
4
6
5
3
9
8
7
6
7

..

1!

334 Dec T7

RMS

9 M
1 M
9 F

94U

----

56

40

70
100

----

..

Sale
Sale

9534
85*2
994

324
1

954 Sept’18
924 July’18
84
Apr ’18
40
954
964
944
9434
J?
39|
94
944
101
101*4i 15391
854 Oct ’18
29!
87
857*
23
824
81*4
737* June’18
285
984
994
98*4
994 300

964 Sale
944 Sale
944 Sale
1014 Sale
A X 87
89
J t 87
Sale

1
9
9
9

232

974
94*4

97*4
954

‘‘German stamp'

Tokyo City 5s loan of 1912.

Oct.

Range

Week’s
Range or

Price

Friday

Since
Jan. 1

Last Sale

11.

39
--

-

Sale

78

Sale

974
804
694
83
85

90*4

774
767*
112

---.

78*<

....

78
Jan T2

804 Oct ’ lg
734
73*e
83
100

84

80’i

Apr

851*

991*
891*

-

58

731*

785*

37
26

75*4
7578

805*
8312

801*

831*

72

80

76
85

93i2

96i2

924 Mar’i;

804

90

....

—

2
3

84
17

....

934 Aug’lg ;
1014 Nov ’ie
994 Oct ’17
88
May’lg :....
994 Mar’lg
997* June’lg
994 Oct T7;

....

i

....

’

894
80
99

----

88
....

994 101
874
764
804
1004

....

....

97

....

....

1004
90

87

757*

84

84

98
87
65

854
85*4
85*4

86
78
90

2

90
Dec T7

991*

99

997*

1

86

85

83

84

-;100

974 994 98
964 1004 100
.

June lg 1
100

Sept’lg
98
Apr T? 1

1004 Jan ’13
60
Sept’lg

904 Aug’lg 1
8al<8 '954
96
1044 Jan ’17rl

.... .

Du Jan,

91*4

96i*

9914

85

90

90

4 Du April.

#

90

....

....

....

1
...

1
....

84<4

841*

83
100

83
104

100

104

975*
100

914
100

__

....

——

3

1946 J
1989 J
1939 J

.

__

66
80

67i4
94

94*8 1001*

Due May.

Registered

g

52

354

471*

975*
7H*

997*

9934 102
OS's 9934

807*
83
9934 Oct ’18
9734 Sept’18

80
98
97

874
9934

911*

897* Sept’18

897*

945*

91

Mar’18

91

804

824
Aug’18
Sept’18

91
78
25
22
98
72
70

30
30
101
72
70

54
98

604
1001*

3878

994 100

99ig July’18

73
83

73

Sale
Sale

917*
Sale
30

30
284 29
101
100
84i2 72
73
70
75
76
20

73

Aug’18
Fob ’18

70

81

817*

684

Sale
Sale
75

79
78
68
77

817*
70
Sale
—

^

.

.

.

.

.

.

.

....

82
81
89

85

844
Sale

.

824
101
101

1
<
<
<

984
93

1044
—

»

^

1

<

97
96
97

92*4
77
104
53

<

_

^

92*4

]

HO

™

.

92

737*

75

704

"Sale

....

694
96

95
92

A

65

674

F

634

Sale

J

J
M
J •

J

Q
J
J
M

J
J
J
J

J
J

A
Ai

)
)
3

j
->
3
»
1

J
J
4
J
)
J
3
J
j
M
S
j

^
F
F
J

J
9

80
71
77

.

_

_

1
57

74i* Sept’18
974 Aug’18
1017* Sept’17
98

Jan ’18

69

80
01
104

Oct ’18

Sept’18
May’18
1094 Apr ‘16
914 July’18
1034 Apr ’16
954 May’18

704
6434

8312

74
66

774
667*
714

70
80
60

844

97
92

74
78
W
94

954
744
974

984
747*
994
98
100

977*

85

85

814

814

89

89

854
074

854
734

7§7,
79*4
994

854
821*
103

104

944

104

94,«

~95" 904

Jan ’18

100

9218
944
101

100

21,
041*
105

Jan ’17

1004 Aug’18
90
Aug’18
1117* De0 15

744
744
714 May’18
684
704
804 Aug’18
67
96

67
Feb ’18
974 June’17
97
May’18
93
May’18
63
Sept’18

954

1024
08

1024

102t«

73
92

704
93

72

77*4
71**
704
804
671*

98

3

..1

2

.

.

79

974

10

69

704

98
95

954
954
97'* May’18
85
July’18
814 Feb ’18
89
Sept’18
854 Aug’18

684
684
1034 105*4 1037* Oct ’18
88
79
Sept’18
894 Sale 884
894
118
Nov’16
1004
99*4 Oct ’1*
994 100
96
95
May’18
88
67
58
57
July’18
105
1014 103
July’18
624
653*
Sept’18
61
90
May’17
69U
.

*il

1024 May’18
74
Sept’18
92
92

...-

....

Sept’18

Jan ’18
92
97
964

88

....

67
85

79

75i
35

924
944 May’18
1014 Oct ’16
105
Apr '18

75

<

78
66
78
71
75
97

2!

924

....

™

102

Nov’lft

75
734
924 Feb ’16
817*
817*
674
684

100

1004 101
954

.

.

100

91*4
964 103

]

58

814 Oct ’16
824 Oct ’18

83
81

80

N
I

844

Mar117

92

.

Sale

98*4 108
1034
95
964

N

98

964 Jan ’17
97-3* Deo ’16

78

69

76

...

74

99

25

June’18

32

"704 78"

944
924
964
724

21

July’17
9734 Feb ’13

....

.

*1936 Q
J
J
A
Q

14

713*
024
60
02

96

90

95

ioo"

93

93

57
59
102

63
69

1064

814
854

88

99*4

1004

007*

_

_

95

95

58
103
04

58
106

604

....

88

75
65
774
75
654
62
664
6312

994
77*4

Sale
80
85

814
03*4
834
....

.

.

.

•

—

90

Mar’ll
Jan 17

64

654

774 Sept’18
864 Aug’18
837* Mar’17

6334 Sept’18
68

June’18

23

80

654
774
864

'62

'65*

03

68

99

99

40
12

59
13
90

59

654

734 June’17
84

Nov’16

99
87

Deo ’17

Sept’18

884 May’15

85*4
104
684

....

•

.

-

.

....

10?4 Jan ’17
1074 Apr ’17
94
July *08

T

i

J
J
Construction 5s
1923 F
Term A Improvt 4s.__.1923 M
Warren 1st ref gu g 3 5*s__2000 F

>
J
4
7

0

50

3712

3Si2

5714 Sale 5634
574
IOOI4 100i2 100
Sept’18
80
1
Apr ’17
841* Aor ’17

M
4s....1940 M

* Due Aug.

73
Nov’17
Oct ’17
71
73
88>2 Sept’16
97*2 11314 Feb ’15
Sept’18
51i4 51

82i2

56
*12

9
4
sf

h Due July.

84

High NO. Low High
78
72
76i4
Mar’17
40
‘771*
7612
651*
132
82*s
76
82
Apr ’17
Nov’16
Feb ’16
Jan ’13

----

....

A
F
M
J
A
J

dm Jane,

797a

82
28
28
100
73

A
Superior 8bort L 1st 5s g.cl930 M

Cln S A Cl cons 1st g 5s..1923
C C C A I gen cons g 6S..1934
Ind B A W 1st pref 4s
1940
O Ind A W 1st pref 5s...dl938
1st
Peoria A East
cons 48.1940
Income 4s
1990
Cleve Short L 1st gu 45*s___1901
Colorado A Sou 1st g 4s_._.1929
Refund A Ext 4 5*8
1935
Ft W A Den C 1st g 6s...1921
Pas
Conn A
Rlvs 1st g 4b... 1943
Cuba RR 1st 50-year 5s g__.1952
Del Lack A Western—
Morris A Ess 1st gu 35*8.2000
N Y Lack A W 1st 6s
1921

76

Sale
78

51
38

M
A
A
J
1952 M

SprACol Dlv 1st g

Sale

82
67

68

RI Ark A Louis 1st 4^8.. 1934
Burl C R A N 1st g 5s....1934
C RIFAN W 1stgu5s._ 1921
Choc Okla A G gen g 58..01919

Chic T H A So East 1st 5s..1960
Chic A West Ind gen g 6s..? 1932
Consol 50-year 4s
1952
Cln H A D 2d gold 45*s____1937
O Find A Ft W 1st gu 4b g 1923
Day A Mich 1st cona 45*b 1931
Clev Cln Ch A St L gen 4s..1993
20-year deb 4 5*a_..
1931
General 5s Series B
1993
Cairo Dlv 1st gold 4s
1939
Cln W A M Dlv 1st g 4s._1991
St L Div 1st coll tr g 4s
1990

86*4

7612

704
625*

.

Consol gold 5s
Keok A Des Moines 1st 5s 1923
St Paul & K C Sh L 1st 45*8 *41
Chic St P M A O cons 6s....1930
Cons 6s reduced to 3His..1930
Debenture 5s
1930
North Wisconsin 1st 6a...1930
St P A S City 1st g 6s....1919

75

85l2
96*4
843*

Greenbrier Ry 1st gu g 4S.1940
Warm Springs V 1st g 5s. .1941
Chic A Alton RR ref g 3s
1949
Railway 1st lien 3>£s
1950
Chicago Burlington A Quincy—
Denver Div 4s
1922
Illinois Dlv 3^8
1949
Illinois Div 4s
1949
Iowa Div sinking fund 58.1919
1919
Sinking fund 4s
Joint bonds.
See Great North.
Nebraska Extension 4s
1927
Registered
1927
General 4s
1958
Chic A E 111 ref A Imp 4s g._1955
U S Mtg A Tr Co ctfs of dep
1st consol gold 6s
1934 A
General consol 1st 5b
1937 M
U S Mtg A Tr Co ctfs of dep.
Guar Tr Co ctfs of dep
Purch money 1st coal 5s. .1942 F
Chic A Ind C Ry 1st 5s.
1936 J
Chicago Great West 1st 4s..1959 M
Chic Ind A Louisv—Ref 68.1947 J
Refunding gold 5s
1947 J
Refunding 4s Series C____1947 J
Ind A Louisv 1st gu 4s
1956 J
Chic Ind A Sou 50-yr 4s
1956 J
Chic LS A East l8t4Hs----1969 J
Chicago Milwaukee A St Paul—
Gen’l gold 4s Series A
el989 J
el989 Q
Registered
Permanent 4s
1925 J
Gen A ref Ser A 4*^8----<*2014 A
Gen ref conv Ser B 5s
o2014 F
Gen’l gold 3H* Ser B.___el989 J
General 4^s Series C.___cl989 J
1934 J
25-year debenture 4s
Convertible 4Hs
1932 JChic A L Sup Dlv g 5S....1921 J
Chic A Mo Rlv Div 5s
1926 J
Chic A P W 1st g 5s
1921 J
C M A Puget Sd 1st gu 4s.1949 J
Dubuque Dlv 1st s f 6s
1920 J
Fargo A Sou assum g 6s. .1924 J
La Crosse A D 1st 5s
1919 J
Wis A Minn Dlv g 5s
1921 J
Wts Valley Dlv 1st 6s....1920 J
Mllw A Nor 1st ext 4^8—1934 J
Cons extended 4HS----1934 J
Chic A Nor Weet Ex 4s 1886-1926 F
Registered
.1886-1926 F
General gold 3Hs
1987 M
Registered
___z>1987 Q
General 4b
1987 M
Stamped 4e.___
..1987 M
General 5s stamped
1987 M
Sinking fund 6s
1879-1929 A
1879-1929 A
Registered
Sinking fund 5s
1879-1929 A
Registered
1879-1929 A
Debenture 5s
1921 A
Registered
1921 A
Sinking {und deb 5s
1933 M
1933 M
Registered
Des Plaines Val 1st gu 4J^s ’47 M
From Elk A Mo V 1st 6s
1933 A
Man G B A N W 1st 35*8.1941 J
Mllw A S L 1st gu 35*s___ 1941 J
Mil L S A West 1st g 6s... 1921 M
Ext A Imp s f gold 5s
1929 F
Ashland Dlv 1st g 6s
1925 M
Mich Div 1st gold 6s... 1924 J
Mil Spar A N W 1st gu 4s. 1947 M
StLPeoANW 1st gu 58.1948 J
Chicago Rock Ial A Pac—
Railway general gold 4b
1988 J
Registered
1988 J
Refunding gold 48
1934 A
20-year debenture 5s
1932 J

103

991* 1031*

’

---■

F
A
j
J
J

W W Val Dlv 1st g 4s....1940 J
C I St L A C consol 6j__._1920 M
1st gold 4s
A1936 Q

Aug’17l

May’18:
974 JuneT
844 Aug’lg

1014 1024 101

65
80
95

991*

101

994 Sept’18!
91

88

Nov’10;

1034 Feb ’10101
May’18|
1007* Sept’18

87

88

7634

1992j m

Registered

20-year convertible 4 V4s_.1930
30-year conv secured 5s. .1946
Big Sandy 1st 4s
1944
Coal River Ry 1st gu 4s..1945
Craig Valley 1st g 5s
1940

Ask Low
76

Bid

Chesapeake A Ohio (.Con)—
General gold
1992 M

Potts Creek Br 1st 4s
R A A Dlv 1st con g 4s
2d consol gold 4s

93
94

Foreign Government.
F
A
M

■S'©
go

BONDS
N. Y. STOCK EXCHANGE
Week Ending Oct. 11.

Since
Jan. 1

D 1 00.00

Q
Q Fj
1Q F
Q F 1064
Q F 1064
98
Q F
98
Q N
85
Q M
85
Q M
Q F

Registered.

Range

\

E id

U. S. Government.
U S 3^3 Liberty Loan__1932-47 J
U S 4s converted from 1st Lib¬
erty Loan
1932-47 J
U S 4s 2d Liberty Loan.. 1927A2 M
U 3 4Jia
converted from
J
U S 4 Vi a
converted
from
M
M
Q

Week’s

Price

Friday
Oct. 11.

are now—“and

®

J

58
124
83
844
734
97
85

J

71
109
95
92

584

69
Sale
85
87
Sale
994

97

734
Sept’18

85

94

Feb

744

....

k

Due Oct. y Due

834 Sept’18
85

714

85

834
82*4
60

90

804
734
981*

10

744 Sept’18
100
95.

101
90

59
124

12

100

Aug’18
93*4 Jan ’18
1024 Fer> ’08

734
100
95

93*4

754
1024
98

93*4

Nov. ? Due Dec. * Option sale

Week’s

Range or
Last Sale

Oct. 11

94
80s
86 i

J
N
O
70*2
O
N *102*2

1922
1943

1935
Alb <k Susq conv 3Hs.--.1910
Renas A Saratoga 1st 7s. .1921
20-year conv 5s

1939

1923
1955
R!o Gr June 1st gu g 5s—1939
Rio Gr Sou 1st gold 4s.... 1910
Improvement gold 5s
1st A refunding 5s

1910

4s.. 1939
Mtge A coll trust 4a A.. 1919
Det A Mack—1st Hen g 4s.. 1995
Gold 4s...
1995
Det Riv Tun Ter Tun 4 H s-.1991
Dul MLssabe A Nor gen 5s..1941
Dul A Iron Range 1st 5s....1937
Registered
1937
Dul Sou Shore A Atl g 5s
1937

'
j

Low

85i2

94
86’ 2
90

71

7fi

79

i

J
J
D
A
D
J
J
J

57-3$

60
96

65

04
52

J
J
J
J
A
O
O
O
N
J
J
J
O
N
J
N
J
A
A
N
O
D
J

1990
1st consol gen lien g 4s. 1990
Registered
1990
Penn coll trust gold 4s. .1951
50 year conv 4s Ser A.. 1953

64?4
71
70 >8
56 8
■W

"

....

70*8
92*4
—

j
”88"
100
79

.

-

-

-

*4
96

9478
-

—

-

Sale

54

67i2

•>0

55

79*2!

i

..

10

73

....

.

9G«4
97

97
r/i

9*)

93’-2
101

78

7M8

93*g
9312

90*
95
.

24

54

22

73

Juie’16

.

.

.

-

3
4
61

51

09

4912

57 U

.

.

.

-

42

-

-

4978

42'2
4812

50
93

82
-

i

-

79
53

75*4

-

-

65

.

.

-

98*2 100
96
90

1

1

’18

•

.

-

.

.

103

103

85
71

85
81

1

85

:

59*4!

Jj.n

18
81
Dee 06
June 18
j*n ’17
Ian ’17

00

It

|i
i

67

65*2 Sept’18
23*2 Jan ’17,
97
Nov* I 7
8512 J lie’I 7
1
Nov* llj

94

95

----

1
....

60

62

66

....

!

Jijm’FJj
81

8D2

92

Sale

Aug 10
5(02 Oct ’17
8512
933s
94

Sale

93i2
85*4

88

361
50
24

93i2
86I2

J!

gold 5s._hl931|Q

1933!J
1922 IVI

gold 4Hs
'

4U»

1932IJ
1949 M
1934 J

_

_1949 Wfl

92

91-34

9412
93-34

85

90

86*8

89i2

_

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•!
j

----

--

.

74
98

717g Aug’18
85
Sept’18

-

-

-

78

7Ug Aug’18'.

86'2

97

71

’is

Jat)

-

•

>

j

95

98

82

9314 100

86

88

90

87

95i2

97!

57
77

54'4

18!

!

94

....

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—

9l"i4
81*2

'5

Gen sinking fund 4Hs

1 103
2

j

10*

_

.

Trust Cu cert.fs of

l

815* Sept’18
95>2 Mar-16
85’-2 Nov 15!

89

95

1st gold 4s
2d gold 4s
1st ext cold 5s
1st A refunding 4s

1990 J

D

01990 F

A

1941 M
2004 M

flop
1936 J

85i2!

1 U»9 '

tx|

Apr

77
77
74-*
91 **4 108^4 95’s July'18
101*8 103i2 103i2 Sept’18
75
8ept'18
73t2 78
93
92i8 94U 9U2
85
85
85
90'4
68
813a 67H Sept’18
95
Feb’05
95
Aug’18
89is
9778 Mav’16
83'2
10l«2 Julv’18
100*
99
sor *18
93'4 100
84-* 94'2 93i2 Jan ’13
60
July’18
61'*
—

—

,

il

|J

Sept’18

136*4 May 06
95
Sept’18
95
10934 Aug ’16
79*4 69-14 Dec *16
10
712 Oct ’18
Aug’18
7578 76

.

-

-! 100 4 100 4

104 * 105

....■

h

104

83

_

95
93
93
90
....

....

75
73 2
82*
75
90*s
89
92
77
84
80

75
June’18
Aug 17
Fet* ’18
Apr 17

...

73l2
70

78
75
Sale
84

7
22
....

87
77

1

72i2

6

77-is
70

6

73i2

7li«
72

Feb ’18

6934

79

79'2
74
85

86i2
79’**

77

78’-4
83
71

76i2
72

Feb’14

64*4 Sept’18

—

....

63

83’-2

12

Aug

102

64i8

!

5-<,4 Sept’18 ....1
1
Oct ’18
65
1!
65
1
80
June 10

«2

58'4

58'4

62
63

02

N

78*4

Aug’l

....

87

70'*
65
89

>v

98
96
90

87
70’

Nov

78*

No price Friday; latest bi l and asked this w«ek.

79

..

1

94*

98

3
2

85'?!

91

N
A
O
N
S
D
S

2

A
IVI

M
J
M
F
F
F
M
M
M
M
F
J
F
J
A
A
J
J
M
IVI
J

Registered
1929
Rlv A G Dlv 1st g 4s...1933
Verdi V I A W 1st g .53... 1926
Mob A Ohio new gold 0s....1927
1st ext gold 6s
hi927 Q
General gold 4s
1939 M
Montgomery Dlv 1st g 5s. 1947 F
St Loula Div 5s
1...1927 J
St L A Cairo guar g 4s.__.1931 J
Nashv Chatt A St L 1st 5S..1928 A
Jasper Branch 1st g 6S...1923 J
Nat Rys of Mex pr lien 4 H»-1957 J
Guaranteed general 4s
1977 A
Nat of Mex prior lien 4H$
1926 J
1st consol 4s
1951 A
New Orleans Term 1st 4s
1953 J
N O Tex A Mexico 1st 6s
1925 J
Non-cum Income 5a A.. .1935 A
New York Central RR—
Conv deb 6s
1J35 M
Consol 4s Series A
1998 F
Ref A Imp 4 Hs “A”.
.2013 A
New York Cent A Hud Riv—
Mortgage 3 H9
1997 J
Registered
1997 J
Debenture gold 4s
1934 M

70s

70*

80

80

<in

93 • t

Lake Shore coll g 3HS----1998 F
Registered
199,9 jF
Mich Cent coll gold 3 H**- -1998 F

58

6232

Battle Cr A St.ur 1st gu 3s

1934 M

Registered
....

89
93

M
F

.

65*2

1

Feb ' 1

....

F

613s
Sale
Sale
Sale
80
80
89
93
77
88

6534

J

SO *

0512
90

71

..--j

Jun** 1»
----j

o2
Vo ’1
I I 7*2 Mav 1
•0
Jtn
1
Sale 96
96
I 14
Feb ’ 1

76*
76
94
76
59

95

Apr ’17

"OT*
88

75

Ju*\ ’04

72

79*4
78 34

‘96

7H2

i

Nov’15
Jum *17

73*2

64*2

S

73i2
67'2

July’18

83

60
65

7V

s

....

70
76
95 *a Sep ’12
78
77i2
71
MavlS

58

95*
58*4

9’s

75
74

Sept l ~

70'>s
65

95

::._i

Sept’18

80

77

925s

-

Kan City A Pac 1st g 4s. .1990
Mo K AK 1st gu g 53
1942
M K A Okia 1st guar 5s.. 1942
M K A T of T 1st gu g 53.1942
Sher Sh A So 1st gu g 5s
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 5s Ser C..1926
General 4s
1975
Missouri Pac 1st cons g 6s. .1920
40 vear gold loan 4s
1945
3d 7s extended at. 4%
1939
Boonv St L A S 1st 5s gu.1951
Cent Br U P 1st g 4a
” 1948
Pac R of Mo 1st ext g 4a. .1938
2d extended gold 5s
1939
St L Ir M A S gen con g 59.1931
Gen con stamp gu g 5s .1931
Unified A ref gold 4s...1929

....

78
77

7D*
85

86
89
76
85

7
43
3
r....
s....
1
86

74
85

7334

80

7U8
78

78
92

803s
84i2

80'*
9434

Cart A Ad 1st gu g 4s....l981
Gouv A Os we 1st, gu g 5s
1942 J

74's
85

78

N J June R guar 1st 4s

Registered

jj
Registered

1936 jj

1A

|J

iM

....

i....
85
3
?

a

Due Jan.

1999 J
J
1930 J

....

1986* F

90i2

i Due Feb.

N Y A Northern 1st g 5a. 1923 A
a Due June.

A Die July,

a

Dae Sept.

A
A
A
S
N
S
N
A
D
A
J

O
O

101
103
72
74
45?g 45
41
47

101

7178
45
44

'

60

84
Sale

78

45*2
81

83i4

81
92

78

87

87

100

101

irvnu imn

57*8
2

7 t

95i8

....

102
73
90

14
1

83i,
67i4

58U
80**
951*
103l2
75
98
85

681*

4578

99

99

93i2

9312

60

60

101

104

-

.

....

j

j
9

Sept’18
Feb'15
78

96*4

10H2 102**

....

July’18

81
Jan ’17
85i8 NoC17
95
Dee’16

90

95

Oct ’16
Oct ’18
46

45t8

88

71*4
41 '

7934

40

46

75'.

80

8U*
461*
861*

60's

64’*

46

'

....!

1
12
4

40>2

1

32i2

69
341 z
32
40

38*

49i2

62
32
32
40
42

27t2

30

20i2 Sept’18

27io
30 ”

31'2

40

65
32

Sept’18
Sept’18
3ept’18
Aug’18 ...J
Mr. *18
s

■

1 .•

28

35

32
40

32
45
42
34

4!

25

j

16

40

69l2 apr

W
50
Ap-’IS
62
49‘2 Aug ’18
51
Dec’16
40
Jan ’18

52'2
50
84

_

90*
87i2

90'4
85'4
58'^

Sale
1 1)
60

99

2

50
38
62

60
62
62

37
60
50

82
90

82
90

86*%
5712
9834

87*2

60
82

100

58**
983i
July’17
Apr

1

3
_

50
36
60
49

58
37
62

40

40

79

86
92
90

5634

....

1
10
2
170
3

S97s
8 5i 4

98

5934
991*

80

55*8

<

PYb ’13

63
79
85

70
83

7912
100!4 \pr ’18
93’2
93i2

5

78'2

4

90 *

951*

102
80

Jui v" 14
80

4

72 >2

80

8078 Oct ’17
70i8
71

30

66U

72

931?

95

J
J

80

Sale

N

71

Sale

S
D

86
101

J
S

63

A
D
J

j

M ir' 10

75
Nov’|it
91*5 Jnne’17

80

!

.

99

inni> inni.

_

1-^'.

....

7

j
o

93

90

11078
94's
8812

....

N
S

A

92l2

10 93
12, 81

90

June 16
89*2 Apr is
LOO
113
106
L18
110
Ap!7
Sale 92
92
99
L02>2 Mav'16

j 92*2

711»

•! X7o

90'2 Aor *12'
10U2 Aug’18
57's July’18

89
100\i

a

79V

100
Sept* 18
104's Feb ’17

104
100
93*
72U

721«

963g J in ’171 ---j
93
Sept’13
100’g Aug’18

99"

95

100’2
93U

97
75

!

Aug’18

105*8 110* 1197, July'
109 341 94
85i2 Sale 823s

71
97
70

!
1

Aug ’16

94

85

I

3

’ixl

92i2 Apr

I

7212-

85

—

----

95

95

.

71-*
m

74i2
74's!
72'8 Aug ’18;
Jan 'll
103U Apr 18!

72
85

68*

.

95

mtm

_

.

9134

’06

99*4 Oct

7012

1

93
93
94*4 June 16

—

8018

S;
O

Since
Jan. 1

Ho. Low
High1 96
Sept’18 j
102
1
90
Ma-17
997s Sale 99t4
100 1 429 9734100
99
y73g 102
Aug’18
96U 1 >) 1
105
Oct ’13
79
70
70
72>s
70
July’18

72
85

-

*

\

High\

Ask Low
96
100
113

91

N

Range

OS

or

Last Sale

----

s!

Di

fa'I

Week's

Range

_

j
j
D
3
D

.

81*2 July’18

8212

61

1

....

J

N Y B A M B 1st con g 58.1935; A
N Y A R B 1st gold 5s..„1927iM s
J
Nor Sh B 1st con g gu 5s.0l932jQ
M s
D'
Louisville A Naahv gen 63..1930 J
Gold 53
1937 IVI N
J*
Unified gold 4s
1940 J
J
Registered
1940 J
M
N
Collateral trust gold 5s
1931
J
D
E 11 A Nash 1st g 6s
.1919
L Cin A Lex gold 4 Ha
1931 M N
J
NOAM 1st gold 0s
1930 J
J
2d gold 6a
1930 J
A
Paducah A Mem Div 4s..1940 F
M
St Ixiuls Dlv 1st. gold Os
S
1921
2d gold 38..'..”
".1930 M S
Atl Knox A Cin Div 4s... 1955 M N
Atl Knox A Nor 1st g 5s.. 1940 J
D
Render Bdge 1st s f g 6s. .1931 M S
J
Kentucky Central gold 4a. 1987 J
Lex A East 1st 50 yr 5s gu 1905 A
o
L A N A M A M 1st g 4Ha 1945 M s
L A N-South M Joint 4a. .1952 J
J
J
Registered
hl952 Q
N Fla A S 1st gu g 5s
1937 F A
N A C Rrtve ven vu a 4 XCn 194.SIJ
J
A
Pensac A Atl 1st gu g 0s.. 1921 F
A
SAN Ala cons gu g 5s
1930jF
Gen cons gu 50-year 5a. 1903 A O
L A Jeff Bdge Co gu g 4s
1945 M s
Manila RR—Sou lines 4s
1930 M N
M s
Stamned guaranteed
1977 M s
Midland Term—1st s f g 5s 1925 J
D
Minneapolis A St Louis—
D
1st gold 7s
1927 J
Pacific Ext 1st gold 6s
1921 A O
1st consol gold 5s
1934 M N
1st A refunding gold 4a
1949 M S
Ref A ext 50-vr 5s Ser A
1902 Q
F
Dea M A Ft D 1st gu 4s
J
1935 J
D
Iowa Central 1st gold 5s. .1938 J
Refunding gold 4s
1951 IVI 3
MSt PAS3Mcong4slntgu.l93S J
J
1st Chic Term s f 4s
1941 M N
M S S M A A 1st g 4a intgu.’20 J
J
J
Mississippi Central 1st, 5s
1949 J

100*8 LOO'S

68*2:
16;

Dec

50
82

_

77
04

75
85

82

.

84
53

eons

Unined gold 4s.
Debenture gold 5s
20-year p ra deb .5s
1937 M
Guar refunding gold 4s —1949 M

.

.

77i2
97i2

4 100
«...

Sept’18
_il 06?8 Jan 1 7|.
99
99* i 99
103 1 90
Aug ’18

A
D

D
D
D
Registered
J D
Joint 1st ref 5s Series A. 1903 J
D
Mernph Dlv 1st g 4s... 1951 jj
D
Registered
1951 J
D
St Louis Sou 1st gu g 4s..1931 Im S
Ind Ill A Iowa 1st g 4s
J
1950 J
Int A Great Nor 1st g 0s
1919 M N
James Frank A Clear 1st 4s. 1959

.

1

—

1945; M

fie^ifltered

-

Sale
88

oj "73"
o!
N

i

-

.

.

si

J
1952 J
L N O A Texas gold 4s
1953 M N
Registered
1953 M N
Cairo Bridge gold 4S...1950 J
D
Litchfield Dlv 1st gold 3s. 1951 J
J
Louisv Dlv A Term g 3 Ha 1953 J
J!
Registered
.1953 J
Middle Div reg 5s
1921 F
Omaha Dlv 1st gold 3s.
1951' F
A
8t Louis Dlv A Term g 3s. 1951 Ij
J
Cold 3Ha..
1951 J
J
Registered
1951 !j
J
Spring! Dlv 1st g 3H8....1951I J
J
Western lines 1st g 4s._._1951,F
A

|j

63*

78H Oct ’18;.
47121
48V 47*2
48-34 47i2
47i2

7812
1712

ij

Kansas City Sou 1st gold 3s. 1950! A
Registered
1950 A
Ref A lmpt 5s
Apr 1950 J
Kansas City Term 1st 4s...l900jj
Lake Erie A West 1st g
5s..l937j J
2d gold 5s
194l|j
North Ohio 1st guar g5 a.. 1945! A
Leb Val N Y 1st gu g 4H8..1940 J
Registered
...1940 J
Lehigh Val (Pa) cons g 4s..2003'im
General cons 4 Hs
2003|M

8

Oct ’18
June 18
Jail
ISi.
July ‘17,
N'iv 15
Jul ‘

s

100i 1 WPs
69
66*2

ij

Purchased lines 3Hs

Ferry
Gold

....

.

_

_

4s.... 1945]M s!
s;

General gold 4s

j

100’4
78

U1‘4

-

67"

MarlS:

90*8
93*i
99*2

94*4

I
S'

_._1951j

87

iod’21

.

Registered
1951 F
Bel lev A Car 1st 0s
1923 ij
Carb A Shaw 1st gold 4s.. 19321M
Cblc St L A N O gold 5s._195l! J
Registered
1951 J
Cold 3 Ha
1951 J

Dec ’10

56*

1

II

I

IVI
Collateral trust gold 4s... 1952 A
Registered
1952 A
1st refunding 4s
1955 M

Sept’18

Registered
Long Laid 1st

-1

64

o
o

J

70U

48*4

-

-

.

75*2 July’10
Sile 75
76:8
90’4 June’18
May* 18
94i2i >J7

j

1...1951

.

’17;

Sale 63
51
55
70 , 82

69
72

60*2
68
70

-

Price

Friday
Oct. 11

V

jj

Leh A N Y 1st guar g

83

OIU \o'- Hi
39
July 17|

do
Series B
1953' A
4734
50 8
Oen conv 4s Series D
1953 A
85
Chic A Erie 1st gold 5s
1932
Clev A Mahon Vail g os.. 1933
Erie A Jersey 1st s f 0s... 1955
90
Genesee River 1st a f 6s
1957
105
Long Dock consol g 0s.... 1935
99
Coal A RR 1st cur gu 6s. .1922
Dock A Impt 1st ext 5s
82*8
1943
80
N Y A Green L gu g 5s
1940
N Y Susq A W 1st ref 5s.. 1937
70
2d gold 4 Ha
1937
General gold 5s
1940|F
Terminal 1st gold 5s
76*4
1943 M
Mid of N J 1st ext 5a
80
19401A
Wllk A East 1st gu g 5a.. 1942ij
6412
Ev A Ind list cons gu g 0s._ 1920ij
Evansv A T H 1st cons 0s_. 1921 jj
Jj 90
1st general gold 5s
O
1942
Mt Vernon 1st gold 0s
o
1923
Sul! Co Branch 1st g 5s.. 1930
o
Florida E Coast 1st 4Ha---1959
78
D
Fort St IJ D Co 1st g 4Ha.. 1941
J
Ft Worth A Rio Gr 1st g 4s. 1923
”55"
J
Galv llous A Hen 1st 5s.__.1933
o
Great Nor C B A Q col! 4s.. 1921
J
9334
Registered
.h 1921
J
9312
1st A ref 4Ha Series A .1901
J
86i2
Registered
:
1901
J
St Paul M A Man 4s
1933
J
84i4
1st consol g 0s
107
J
1933
•»«•«
1933
J
Registered
92
Reduced to gold 4 Ha-1933
J
J
Registered
85s*
1933
Mont ext 1st gold 4s
81'*
1937; J D
Registered
1937 J
D
80*
Pacific ext guar 4s £._.1940|J
E Minn Nor Dlv 1st g 4s.
75
1943j A
Minn Union 1st g 0s
100 3
1922;J
Mont C 1st gu g 6s
105
J
1937! J
Registered
1937 J
Jj
1st guar gold 5s
1937 '
■*; 93i8
Will A 8 F 1st gold 5s.. 1938 I
D
92*8
Green Bay A W deb ctfs “A”
Feb j
Debenture ctfs "B”
Feb j
7i2
Gulf A 8 I 1st ref A t g 5s. .51952 J
73
J
Hocking Val 1st cons g 4 Ha 1999 ij
75
Registered
1999! J
Col A H V lstftxt g 4s....1948 A
72*2
Col A Tol 1st. exi 4s
19551F
71*8
Houston Belt A Terra 1st 5s. 1937 J
81
J
Illinois Central 1st gold 4s. .1951 J
85
Registered
1951 J
09
1st gold 3Hs
70
1951 J
Registered
1951 J
61-*
Extended 1st gold 3Ha...1951 A o!
03*4
Registered
1)51 A O:
6U*
1st gold 3s sterling
1951 IV! s!
_

68 I
Sept’18
Sept 18
Oct ’13

3

a.

S
ts

jA

Leh Val RR lOvr coll 6s._nl928!
Leh Val Coal Co 1st gu g 5s. 1933 j

imu 1.I3U

....

TS

Bid
Leh V Term Ry 1st gu g 53.. 1941

47!
8

8

High

93*4

79'2
80s
86>i
8G‘4
72*4! 72U Aiig’18
1

Sale
72

O

Registered




.

Sept’13

Sale

68
71

D
D
N
J
O
O
J
N
S
N
S
s
o
D
S

Elgin Joliet A East 1st g 5s.. 1941
Erie 1st consol gold 7s
1920
N Y A Erie 1st ext g Is
1947
2d ext gold 58
1919
3d ext gold 4Hs
1923
4th ext gold 5s
1920
5th ext gold 4s
1928
N Y L E A W 1st g f«l 7s.. 1920
Erie 1st cons g 4s prior
1990

Registered

i

Ho

BONDS
N. Y. STOCK EXCHANGE
Weekending Oct. 11.

Since
Jan 1

Ij

1939

Guaranteed
Rio Gr West 1st gold

Range

i

Denver A Rio Grande—
1st cons g 4s
Consol gold 4Hs

94

96i2
82*2

aa

High

Ask l tow

Bid
Delaware <fc Hudson—
1st lien epulp g 4 H9
1st A ref 4s

13!

Price

Friday

97i2
79'2

78

102“

95
65
9a
90
77

87
78

733*

Sept *15

I01i2 Sept’13

92i2 105*
833s

Dec’13

Mav’13

o@.-

Mar ’i7
Mav 17
Aug 10
Feb 1 <
Aug’18
Aug’18

92i2

o

48

N

9534

A
O

72

21
63

Sale
50

92‘2
4334

92'2
4384

Sale

94
70

96
74

7914

Sale

77i2

7914

70*

Sale

70U

_

1021*

92

95

65

6512

17

9578

991* 104U 11 O'4
30
30 ‘
30
35
90 *

21
63

....

Aug '13
Ju'> ’17
Aug 17

94*»i 100's 9578

O
J
J
o
J
o
J
D

101

1

951* 101

21
60
92
40

21
64

4
4

t> 112
69
77

96
75
85

69

74*4
71U

533
13
4

94U
51

,

J
J

N
N
A
A
A
A
D
J

70*
66 * Aug ’18
77is
77i2

773s

92

63's

63
75

Mav’13
63
Mar 17

j1 96'g

Apr ’17

61

63

69i*

66H
7434

5

’16

6134 Oct ’18

65 4
62

40

♦ii

....

1

8U2
65*2

6!

61

6212

6878

1

81

J
J
J
o

843s

D
D

9554 Nov 10

104

Mav'lo

70’s

89'

Novio

s

73

72

A
N
O

68

92

!

j 72

Sept’13
1
89*2 Feb ’16

0414
92-34
0 Due

!

—

Oct.

80
May 1 7 j
1 95“* June’13 J
»

Option sale.

•
_

!

"BONDS
N. Y. 8TOCK EXCHANGE
Week ending Oct. 11.

[Vol. 107.

Record—Continued—Page 2

New York Bond

1466

79'2

L...

! 9S*

95*8

Oct. 12 1918.]

New York Bond

BONDS
N. Y. STOCK EXCHANGE
Week Ending Oct. 11.
N Y Cent A H R RR (Con.)—
N Y A Pu 1st cons gu g 48.1993
Pine Creek reg guar 6a
1932
R W & O con 1st ext 5s..51922
Rutland 1st con g 4 !*3.__1941

Price

A
J

O
D
O
J
J
J
i

A

J
Og&LCbamlstgu4sg-1948 J
Rut-Canada 1st gu g 4s. 1949 J
St Lawr A A dir 1st g 5s
1996 J
2d gold 6s.
1996 A
Utica A Blk Rlv gu g 4s. .1922 J
Lake Shore gold 3 4*8
1997 J
Registered.
1997 i
Debenture gold 4s
1928 M
25-year gold 4s
1931 HI
Registered
1931 M
K* A A G R 1st gu C 5s
1938 J
Manon C'l RR 1st 5s
1934 J
Pitts A L Erie 2d g 5s...al928 A
Pitts McK A Y 1st gu 6s.. 1932 J
2d guaranteed 6s
1934 J
Michigan Central 5s
1931 M
Registered
1931 Q
4s
1940 J
Registered..
1940 J
J L A 8 1st gold 33^8
1951 M
1st gold 3 4s
1952 M
20-year debenture 4s.
1929 A
N Y Chic A St L 1st g 4s 1937 A
Registered
1937 A
Debenture 4s
1931 M
West Shore 1st 4s guar
2361 J
__

.

Registered

Bid
71
101

_

«.

.

60
70

June’l S
Jan
18
Nov 16
Nov 16

191

103

91*4
70
68

94
.71
73

71
71
87
84

85*2
83*8

_

Apr ‘1.8

91*8
101*2
100*4
88*8

•

Sept’18
l

M

98

J
J
S
N
O
O

4\^a

N
J
A

80*2
80
-

•

-

—

81*4
....

--_“(

-

-

-

-

--

.

_

92

74*2

92
75

72*4
75*2

82

*4

June’08

July’17
78*2 Oct '18
76
So

_

_

_

Oct '18
Nov' 17

64*4

61*2 Oct ’IS
73
71

j

61

74
71
KMT2 Jan T7

80*2

9

71*2

65
80

3

70

76*4

77*8

88

55

55
62

98*8 July’17
81

77

59

86*8

60

91*2 Jan 12
60
July’18

Sale
_

88%

1

Sale

59

-

-

Sept’17
Sept'18
Sept’18
Sept’18

-

-

-

A
J
J
M
J
(W

T7

—_|

55*2

61*8

52
55

51*8
82

61
60
90

Week’s

Range or

Oct. 11

P C C A St L (Con.)
Series G 4s guar
1957 M
Series I cons gu 44s
1963 F
C St L A P 1st cons g 5s__1932
Peoria A Pekin On 1st 6s g._1921

u\
05

Last Sale

!

Bid

Ask Low
High
91
92
Sept’18
93
93
Sept’18
9712 104*8 100*2 May Is

N

i

Since
Jan. 1

No. Low

8912

A

Rang«

887s
93
100

High
91
93

100*2

_._|100 June'17
2d gold 44s
61921
87
Mar’ i 6
Pere Marquette 1st Ser A 5s. 1956
81
80
81
50
793g 82%
1st Series B 4s
60
1956
65
Sept’18
62 >2 66
Philippine Ry 1st 30-yr a f 4sl937
45
_5(j
Oct ’18
44
50
Pitts Sh A L E 1st g 5s
99
1940
Jan ’is
99
99
1st consol gold 5s.
1943
97*4 De- ’174
Reading Co gen gold 4s._._1997
82% Sale: 81*8
25
82i2
80% 86
Registered
j 81*2 June 18
1397
75*8
81*2 81%
Jersey Central coll g 4s...1951
79
82% 81*2 Sept’18
81*4 86
Atlantic City guar 4s g
60
1951
St Jos A Green Isi 1st g 4s.
.1947
63
61%
Aug’18
63
63
St Louis A San Fran (reorg Co) —
Prior Hen Ser A 4s
60
J
Sale 59
1950
92
60
55*2 61
Prior Hen Ser B 5s
J
1950
72% Sale 71
71
72%
66
75
Cum adjust Ser A 6s__._61955 A O
68*2 Sale 68*2
69
14
60
70
Income Series A 6s
61960 Oct
46*2 Sale 46
69
44
54
46*2
St Louts A San Fran gen 6s. 1931 J
J 101
101*4 00*8
100*2 101%
General gold 5s
J
90
93
1931
95
Sept’18
91
971a
St L A S F RR cons g 4s._1996 J
78
May’16
Southw Div 1st g 5s...1947 A
*80
I
90
May’17
K C Ft S A M cons g 63.1928 M
99% 100
100
109
”5 99*8 106la
K C Ft S A M Ry ref g 4sl936 A
67
Sale 65*2
67
9
69
62
K C A M R A B 1st gu 58.1929 A
87
85
h Aug T8
1
85’s 85*8
St L S W 1st g 4s bond ctfs.. 1989 M
65
66*4 66*4
67
17
637r 68*2
2d g 4s Income bond ctts.pl989 J
54%: 55
Aug '18
5012 55
Consol gold 4s
1932 J
59*8 01
59% Oct ’18
57
64
1st terminal A unifying 5s. 1952 J
57
58 V 57
12
57*4
52
59*2
Gray's Pt Ter 1st gu g 5s.. 1947 J
1 98*2 Jan 1-i
S A A A Pass 1st
57 *
gu g 4s._-.1943 J
56
58
5
54*2 60*2
S F A N P 1st sk fd g 5s.__.1919 i
100
June'18
100
100
Seaboard Air Line g 4s
1950 A
80
67
July’18
67
71%
Gold 4s stamped
1950 A
71% 72*4! 72*4
1
72%:
68*2
72%
Adjustment 5s
01949 F
55*4 Sale 55
15
4't
55*4
57%
Refunding 4s
1959 A
59*2 Sale 58*2
8
59*2
51*4 59%
Atl Blrm 30-yr 1st
70
76 I 75
g 4s _el933 M
Mi-’18
78
75
Caro Cent 1st con g 4s
1449 i
64*2 76
75
Juue’is
1 75
77
Fla Cent A Pen 1st g 5s...19is J
99'4 Jun**' 17
1st land grant ext g 5s. 1930 J
90
101
De< ’15
Consol gold 5s
1943 J»
92*2
92*2 Scpt’18
92*2 93%
Ga A Ala Ry 1st con 5s._«1945 J
86%
90*2 June 18
mm'
9012 90*2
Ga Car A No 1st gu g 5s.. 1929 J
87*4
94
June'is
94
95
Seaboard A Roan 1st 5s. .1926 J
87
97
91*4 June'18
91% 91*4
Southern Pacific Co—
Gold 4s (Cent Pac coll)..*1949 J
75*8
70
76
Registered
*1949 J
90
Feb *14 !""l
20 year conv 4s
01929 M
80*2 Sale 78
80*2!! 97 75*2 80*2
20-year conv 5s
1934 J
93% Sale 91*2
93*411 79 86% 95
Cent Pac 1st ref gu g 4s
1949 F
78*2 79
75*2
24
75
82
Registered
...1949 F
87:2 Sepr’16]J ....
Mort guar gold 3 4s..*1929 J
~85 " 86*4! 85 Sept’181
85
88
Through St L 1st «u 4s. 1954 A
70*2 76
7478 Sept’18
71
96
OHASAMAPlst 5s..1931 M
90
101
100
Oct
17
2d exten 5s guar
1931 J
97
96*4 Jau 196*4 "96%
Gila V Q A N 1st gu g 5S..1924 «Vf
93
tOOU Jan i«
Hous E A W T 1st g 5s...1933 rvs
88
95
85*2 July’18
85%
85*2
1st guar 5s red
88
1933 M
103
92
Oct T6
H A T C 1st g 5s lnt gu.
1937 J
112*4
103*2 4u3 '17
Gen gold 4s Int guar... 1921 A
91
92
92
May’is
87
92*2
Waco A N W div 1st g 6s '30 (VI
109*2 N<»v 15
A A N W 1st gu g 5s
93 ” 1101*2 Dec 10
1941 J
Louisiana West 1st 6s
1921 J
98*8
00*4 Oct 1 ? mj
Morgan’s La A T 1st 6s.. 1920 J
10 4%
00
Apr '1 <
100
ioi '
No of Cal guar g 5s
19.>8 A
93*2
02*8 Oct 17
Ore A Cal 1st guar g 5s
1927 J
90’s
96*4 Feb is
93% 96*t
So Pac of Cal—Gu g 5s._. 1937 M
91*2
107*2 Sept’16 ::::
So Pac Coast 1st gu 4s g._1937 J
90 3
93*2 Aug T7
San Fran Terra I 1st 4s. .1950 A
71*4 76
7178
7178
Tex A N O con gold 5s
i
1943 J
80
94
Nov’16
So Pac RR 1st ref 4s
1955 J
78*4 Sale 76*4
27 '75% *82%
79*8
Southern—1st cons g 5s
1994 J
91*2 Sale 89
91 * 2
87
86% 93*4
1
Registered
1994 J
100*4 Aug T6
Develop A gen 4s Ser A... 1959 A
64*4 Sale 62*8
64*4 115 *59
64%
Mob A Ohio coll tr g 4s
1938 M
63
67
65*2 Aug ’IS
65
68*2
Mem Div 1st g 4Hs-5s
1
92
.1496 J
84*4
July’18
87
92
St Louis div 1st g 4s..._.l951 J
65% 66% 66’8
66*8
1, 64*8 69%
Ala Gt Sou 1st cons A 5s. 1943 J
87% 87%
Atl A Chari A L 1st A 4 ^sl944 J
"82"
82*2 Sept’181
82% 82%
1st 30-year 5s Ser B
1944 J
92% Sale 92*4
2
92*2
91
95
Atl A Danv 1st g 4s
70
1948 J
70
Oct ’18
70
70*4
2d 4s__
1943 J
80
Ma<l81*2
Atl A Yad 1st g ftuar 4s..1949 A
75
Feb 17
ETViA Ga Div g ,5s...1930 J
Mar 1 v
92-8 99% 96
96
96
Cono 1st gold 5s
92
1
1956 M
94*2 9178
9178
91*4 97*2
E Tenn reorg lien g 5u
(VI
1933
86
83*2 88
Aug 18
86
86
Ga Midland 1st 3s
45
19 46 A
51
Mar 18 ..._! 51
63
Ga Pac Ry 1st g 6s
..1922 J
100
100*2 103
Sopt'18
100
100%
Knoxv A Ohio 1st g 6s... 1925 J
100
101*2 100
100
98*4 101%
Mob A Bir prior lien g 5s. 1945 J
85
106
89
Sept’16
Mortgage gold 4s.
1945 J
72% 68 Jan 1 - '“-1 *68
68
Rich A Dan deb 5s stmpd.1927 A
95
89*8 102
Jan *
.___! 95
95
Rich A Meek 1st gu 4s
1948 M
73
Sept 12
So Car A Ga 1st g 5s
1
98
99
1919 (VI
98*8 Aug T8
*96% 98*2
Virginia Mid Ser D 4-5s._1921 lit
93
102'? June'l 1
Series E 5s
1926 (VI
92
93
93
Ap-- Is*
93
Series F 5s
• 0
91
1926 M
4*2 D* T6
General 5s.
IVI
90
91
...1936
102
98
July T 8
94*2
Va A So’w'n 1st gu 5s..2003 J
82
81% Sept’18
81% 81%
1st cons 50-year 5a. .1958 A
61
82
67*4 Sept’18
67% 72%
W O A W 1st cy gu 4s
1924 F
937s Vlar’17
Spokane Internat 1st g 5s. .1955 J
81
95*4 Mar’17
Term Asen of St L 1st g 4^s .1992 A
83% 99*2 80
July’18
*85% "86"
1st cons gold 5s
1894-1944 F
95
lei- T8
82% 95
95
95
Gen refund s f g 4s
1953 J
69
Sale 69
69
7
61
82%
St L M Bridge Ter gu g 5s. 1930 A
July
17
99*2
Texas A Pac 1st gold 5s
81
2000 J
80*2
81
79*4 86%
2d gold Income 5a
41
45'
r/2000 Mar
Sept’18
41
46*s
La Div B L 1st g 5s
93
so
1931 J
J
Srt
Kb
W Min W A N W lstgu 5sl930 F
A
10G'2 Nov’Olj
Tol A Ohio Cent 1st gu 5a.. 1935 J
93
J
90
93
88% 9012
Apr is'
Western Div 1st g 5s
100
1935'A O
96
Jan T7|
General gold 5s
90
D
1935! J
Feb 1
73*8 80
Kan A M 1st gu g 4s
1990i A O
69
70
67*2 69
2d 20-year 5s
J
1927 J
SS
*m-4 I >e<- 17
Tol P A W 1st gold 4s
35
52
50
J
1917(J
Tol St L A W pr Hen g 3 ^s.
!
76
80
77*
1925; J
J
67*2 80
50-year gold 4s
1950 A
55
49
53
Oj 48%
!
2 45
Coll trust 4s g Ser A
32
Trust co ctfs of deposit
22
,.|
Tor Ham A Buff 1st g
x,)
65
\ pr
1 ’
4s..ftl946;J D
Ulster A Del 1st cons g 5s..1928; J
87*2 88
"83*"
D|
88
:
i
1st refunding g 4s
1952; A
O
,H
70
Union Pacific 1st g 4s
1947 j J
Sale
86
87
■'45
*8*9'"
86*2
84
J,
Registered
1947 J
84
J;
85*2 83
Aug T8‘
83
86
20-year conv 4s
1927'J
J
9
89
85*4 85*2 84*4
8478'!
S2%
*
1st A refunding 4s
23 1 75
02008;M S'
80*4 Sale 79
80*4
80%
Temp securel 6s July
1928!
104 |
103% Sale 103*4
62 101% 104
Ore RR A Nav con g 4a..l946|J
80
Sale
79
80
1
7, 78% 82*2
D:
1
Ore Short Line 1st g 6s
1922 F
100
100*4 100*2
10t4% 104
1st consol g 58
1946 J
98 j 95-s
94% 97*2
Guar refund 4s
D
_._1929 J
12
81*2 82%' 81
81*2:
80% 85*2
Utah A Nor gold 5s
1926 ;J
J
us
Dec T7|
90*2 98
1st extended 4s
1933 [J
89
89
89*
89
80%
Vandal la cons g 4s Ser A
1955 F
80
Jan TSj
80
80
Consols 4s Series B
1957 M
79 *2
80*s June’is!
80%
80%
!
Vera Cruz A P 1st gu 4XB--1934 J
l
:::;i 35 Sept’17

81%j

"J

~92%

"

60

60

73

i 60

60

45

60

.1

_

13

55*2

.

i

.

....

—

60

!

Aug T3

54*2

Price

Friday

.

...J

106*2 Mhv' 15
S7
July 14

-

50*2

Aug’lS

S3

55

88%

1
1
7

79*8 D‘-r 17
60
Sept’13

74

67

1
J

___

...J

73

_

89

Oct

8 3

.

-.1

59
54

50

717s

5

55

58*2

_

—

81

56
55
59
59
59
54

54

52
-

81

1467

—

-

-

Apr ’18
Feb

Sale
Sale
100

NYWchesABlstserI4^3l946 J

——

_—1

81
68

—

44%

J
M
M

Sepi’17

i

Apr 16
99% Duo ’13
88 8 Feb T4

j

70
57

...

....

i

—

_.

!

-

66

J
F
M
(W

~

Sale

66"
6R4
92*2 June i 7

05

60

50
65

11
1

*8

4tu

106

63%

81*2

Sale 106
122
105*2
105
102*4 1*16
81*4 Sale 80

106
l 105*
v'ov 16 ___.!
Sept’18
105
33
8U4
79
93*2 ' >oc T6
1
76
76
23
71

77*8

123% May’17
117*4 Mnv’!7
104*8 Sept’18

104*8
77%
95*4

76
103
77*2 72

83*2

73

80

80*4
79*8
59%

....

59
56

1

65%
84*2
106

78%

76

85%

6

72

79*8

76(

81
Oct ’18

.1
9

59

84*4
80

83

85%

7U

75

61*2

4

106*4 108*8
65*4 75
S2

93*4
100

.

88

!
I

!

_____

Sale
Sale

82*2

I

Jul'y’is
1

94%
88*4

79*4

86

j

!

—

97
95
76

97*2
•

73*2

-

-

-

75 %
80
79
85

74

74*4
82*8
78's
80
85
93

87*4

_

_

_

_

80

93*8
82*8
82*8
77*2
—

90*4
89*2
89*8

No price Fri lay; l itatt bid and ask«da

8
86
—

—

95

93%
100

8s

88

1 83

90
99
92

92%
85%

-t-

—

1

87
78

Feb '17

84
86

Jiine’18 i
Oct 17 I

15
12

Feb

Oct '12
Feb 17
Apr ’17
90*8 July *2
81
Aug ’18
78
Oct ’18
93
May in

96*8
95*4

98%
9712

7•

78

82 <*
84

84

96*4

96*4

1

....

95

92*2

D»

<

99

99

92*2

90*8 Sept’IS
90*2 Sept’18
91
Sept’18

92

& Dot

Jan*

June’17

’71U ‘81%

'

r

*

*

*

_

_

_

_

....

.

-

-

!

__

.j

..

1 §5
j

—

1

P

_

81
78

78

90*2
91*2

93*2
91%

88
87
91

90*2

81

17
’17

8S% Sept’17
93*2 Sept’18
91*2 June’18:

....

1917jF A!

....

9S34 Apr ’
92

„

__

15

July’18
81U July'17*
37*4 Dec *16i
82% July’18

Dec

-

_

_

.

i-_._
Dec ’17

97%
97*4
97*2 July’18

104
yGU
90*8
8 s *2
88

Sl)1,

—

92

96% May’17
96*4 May’18

89*2
86*2
80*2
72*8
72%
81*4

9

1

I

_

_

-

•

1

84

86^2 89*2 Nov’17
84*2 Sep ’16
92
Aug ’17*
192
Jan ’93

81*8
82%

!

83*4
94*4
86*s

„

-

_

----

85

_____

_

79

78*4
56%

100% 103

.

83*4
94*4
877s

^

_

60*4
61*4 June' 1.
83
82*2
July’18
73*2 81*2 74 Aug '18
101
102
101% July’18
; 100*8
103*4 Sept’17
107
93*2
Ui t '16
69
88% Vi ar ’ 17
59
83
36*2 Dee T6
j 1* '5% 108*2 106*4 July’18
72*4 Sale 65*4
72*4
1
83% sa*2 May' 18
!
100
190*8 Feb '17
95
93*2 July’18
1
99
100
Aug T3
'
i
9712

|

—

_

1031, 1051*

Sept’16
72*4

—

-

105
85

i

76

80
79
59

"6S%
60

60
60

65*4 Oct ’18
81*s June'is

82*4

F

A
N A W Ry 1st cons g 4s.. 1996 A
Registered
1996 A
Div'l 1st lien A gen g 4a. 1944 J
10-25 year conv 4s
1932 J
10-20-year conv 4s
1932 M
10-25-year conv 44s
1938 M
Pocab C A C Joint 4s
1941 J
C C A T 1st guar gold 5s. 1922 J
Solo V A N E 1st gu g 4S..1989 M
Northern Pacific prior lien
railway A land grant g 4s. 1997 Q
Registered..
1997 Q
General lien gold 3s
a2047 Q
Registered
a2047 Q
Ref A Imp 4 4s ser A
2047 J
St Paul-Duluth Div g 4s..1996 J
St P A N P gen gotd 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
Nor Pac Term Co 1st g 6s..1933 J
Oregon-Wash 1st A ref 4s
1961 J
Pacific Coast Co 1st g 5s....1946 J
Paducah A Ills 1st a f 4 4s.. 1955 J
Pennsylvania RR 1st g 4s..1923 Hi
Consol gold 5s
..1919 M
Registered
1919 Q
Consol gold 4s
1943 til
Consol gold 4s
1948 M
Consol 4 v$s
1960 F
General 4 4s
1965 J
Alleg Val gen guar g 4s
1942 M
D R RR A B'ge 1st gu 4s g. 1936 F
Phila Balt A W 1st g 4s. .1943 M
8odus Bay A Sou 1st g 5s. 1924 J
Sunbury A Lewis 1st g 4s. 1936 J
U N J RR A Can gen 4S..1944
Pennsylvania Co—
Guar 1st gold 4 4s
1921
Registered
1921
Guar 3 4a coll trust reg A. 1937
Guar 3 4s coll trust ser B.1941 F
Guar 3 4s trust ctfs C
1942 J
Guar 3 4s trust ctfs D
1944 J
Guar 15-25-year gold 4s. .1931 A
40-year guar 4s ctfs Ser E. 1952 IW
Cln Leb A Nor gu 4s g
1942 M
Cl A Mar 1st gu g 44s...l935lIVI
Cl A P gen gu 4 4* »er A.1942|J
Series B
19421A
Int reduced to 34s.. 1942 A
Series C 3 48r19481M
Series D 3 4*
1950 F
Erie A Pitts gu g 3 48 B..1940 J
8erles C
1940 J
Or R A I ex 1st gu g 4 48.1941 J
Ohio Connect 1st gu 4s
1943 M
Pitts Y A Ash 1st cons 5s. 1927 |M N
Tol W V A O gu 4 48 A..1931 J
J
Series B 4 4s
1933 J
J
Series C 4s
1942 |M S
P C C A St L gu 44s A..1940 A
O
Series B guar
1942; A O
Series C guar
1942 M N
Series D 4s guar
1945 M N
Series E 3 4* guar gold. 1949 F
A
8erles F guar 4a gold
1953 J
D

87%
86*2

7.5

79 5

76
62
74
71

J
J

73

3

84

74*2 Aug '18

78*2
76*4

O
N

72*2

84

87
90
7i*

94%

82

92

72*2

92
70

9

104*2 Dec 15
103
May’17
130*8 Jan '09
123 4 Mnr’12
99*2 Aug '17

-

63
70

May’18
85*8
85*8

83*8 Nov’17
90

60
70
.

....

i

N Y N H A Hartford—
Non-conv deben 4s
1947 M
8
Non-conv deben 3^s
1947 M 8
Non-conv deben 3V$s
1954 A O
Non-conv deben 4s
1955'J
1
Non-conv deben 4s
1956 M N
Conv debenture 3 i^s
1956 J
J
Conv debenture 6s
1948 J
J
Cons Ry non-conv 4s
A
1930 F
Non-conv deben 4s
1954 J
J
Non-conv deben 4s
1955 J
Non-conv deben 4s
1955 A
Non-conv deben 4s
1956 J
Harlem R-Pt Ches 1st 4s. 1954 (VI
B A N Y Air Line 1st 4s..1955 F
Cent New Eng 1st gu 4s.. 1961 J
Hartford St Ry 1st 4s
1930 M
Housatonlc R cons g 5s
1937 M
Naugatuck RR 1st 4s....1954 M
N Y Prov A Boston 4s
1942 A




_

_

82

J
8

BONDS
N. Y. STOCK EXCHANGE
Week Ending Oct. 11

Since
Jan. 1

High No. Low High
J 74*2 Mar’18
72% 74*2
113
May'15
95*2 Oct ’18
95*4 98*4
67*4 Juue’18
67*4 07*4

60
58

J
O
J

Range

Ask Low

*

D
S
N
N

Bond* Sold

or

Last Sale

___

96%
69's

J
D

N Y C Lines eq tr 5s.. 1918-22 M
Equip trust 4Ha.. 1919-1925 J
N Y Connect 1st gu
A.. 1953 F

•

Range

O

2361 J

Boston Terminal 1st 4s
1939
New England cons 5s
1945
Consol 4s
1945
Providence Secur deb 4s.. 1957
Prov A Springfield 1st 5s. 1922
Providence Term 1st 4s
1956
W A Con East 1st 4 4s
1943
N Y O A W ref 1st g 4s
g1992
Registered 85,000 only..01992
General 4s
1955
Norfolk Sou 1st A ref A 5S..1961
Norf A Sou 1st gold 5s
1941
Norf A West gen gold 6s
1931
Improvement A ext g 6s. .1934
New River 1st gold 6S....1932

Week's

Friday
Oct. 11

Record—Continued—Page 3

_

'

....

....

..

....

b Due Fen.

91

91

g D ie June,

)

j___J

i\

L-

1

h D

le

July.

* Due Aug.

o

Due Oct.

p Due Nov.

f Due Dec.

*

Option sale

21

BONDS

Friday
Oct.' 11

N. Y. STOCK EXCHANGE
Week ending Oct. 11.

92

Ask L
Sale
Sale £

8U2

82i2

96

93

Bid

871*

Virginian 1st 5s series A.
Wabash 1st gold 6s
..1939jF
2d gold 5s
.1939 J
Debenture series B
1st lien equip s Id g 5s— .1921 M
1st Hen 50-yr g term 4a. .1954 J

|

_1962 M
.1939 M

!

_

Det A Cb Ext 1st g 5s...,_1941|J
Des Moines Dlv 1st g 4a...19391J

1

Street Railway
Brooklyn Rapid Tran g 5s.-1945
1st refund conv gold 4s—2002
6-year secured notes 5s—1918
Ctfs 3-yr sec 7 % notes op A1921

3-yr 7% secured notes.-51921
Bk Cty 1st cons 4s..1916-1941
Bk Q Co A 8 con gu g 5s..1941
Bklyn Q Co & 8 1st 5s
1941
Bklyn Un El 1st g 4-5S...1950
Stamped guar 4-5s—..1950
Kings County E 1st g 4s. .1949
Stamped guar 4a
1949
Nassau Elec guar

gold 4s. 1951

Chicago Rys 1st 5s
Conn Ry <fe L 1st A ref g

Stamped guar 4*^s

1927
4^81951
1951

Det United 1st cons g 4)48.-1932
Ft Smith Lt A Tr 1st g 5s
1936
Hud A Manhat 5s ser A....1957

8

74'8

7

60
59

Aug’18

e

7
7

8134

82

g

9534

6878
9578

f
£

i

I
,

i

Mar-17
Sept’18
60
Aug T8
725s
May’18

5612
6214

82

57!8

62

90
60

99
70

79!4

84

90

93

Am S3 of W Va 1st 5s..

5512
67U
69U
72

f 6s. 1931
1952

6OI2
67U
73
7714

86

8

Sale
Sale
87

54U
80's

Sale
Sale

74

7612

7534

8512
66

71l2
♦___-

20'4
July’18

19'8

65’s

8OI2
8512

88I2
8512

85
63

8534
77

20
110

4878
1434

624
25

106
83

90
48
77*8

90
574
85

734
74*8

804
82

80

80

55

7912
73U

80U
7312
Sept’18
Juiy’18

5

Niagara Falls Power 1st 5s.
Ref A gen 6s
a
Niag Lock A O Pow 1st 5s..
Nor States Power 25-yr 5s A
Ontario Power N F 1st 5s

76 4

787a Aug T8
May’17

814

8U2 July’18
Aug T7
July’17
Aug ’17
May’17
50 4

50

67

30
35

814

46

54

1734

24

Sept’18

63

70

Nov’16
Aug ’18

624

68

Mar’12
58
354

1

58

J

.

A
A

-

2278

57
35
29

23
77

24
83

,

.

I
f
(

93U
8878

I

3T
6s. .1920

J
f
Syracuse Lighting 1st g 5s..1951 J
Syracuse Light A Power 53.1954 J
Trenton G A El 1st g 5s....ly49 M
Union Eleo Lt A P 1st g 5s..1932 M
Refunding A extension 5s. 1933 M
United Fuel Gas 1st s,f 6S..1936 J
Utah Power A Lt 1st 5s.... 1944 F
Utica Elec L A P 1st g 5s
1950 J
Utica Gaa A Elec ref 5s..-.1957 J
Westchester Ltg gold 53
1950 J

51
50

Mar’18

Aug’18
Aug ’18
July’l*

2218 July’18
22
Sept’18

87
Oct ’18
June’18
90
791*
79’8
97
Feb ’15

1053s
9U2 Aug T8
9334 Sept’18
90
Sept’18
9U2 Apr ’18

9U2
95*2
95i*

94
1 00

85

95

86’>8
86*2
96

loo

73i2
98

90i4
....

86 <2
69

90
78

1

1

1

1

1

1

1

96

...

96!2
78
90

....

83

Aug‘18

June’17
7312
93’8
9812 93
90U
90U
9U2
84
8512 June 18
L04i2 Apr’17
77

91
71
56
58

96

504

554

25
22
22

25
26*2
27

77

8018

85

9534

894

904

75

80

384
95
80
60
60

10538
914 924
9334 954
894 98
914 924
94
94
99

731*

97

994

73

734
984

974
884

943s

85

864

86
68

90
73

87
75
98

87
67

947* Sept’18
961* Aug ’17

944

944

Sale
84

88iS

90

78

78*8

86*4
763s

92’2
80*4

92
....

8S78

100
...

85
91

8014
70

292

Feb ’18
Feb ’13

97
1.10

763s
....

59

92»a Nov’17
9618 Dec ’17
9078 Dec’ 16
90
Dec ’17

905*

.

524
274
904

Sept’15

1

9112

1

77

77

95
100
100
744
96
100
89
94

87
69

July’17
Oct ’18

984 100
714 81

Sept’18
Sept* 17
Apr ’17
Mar’17

July’17
78
90

Oct ’18

84
91

974 M ay’17
75's

84

July’17
933s Oct ’17
924 Sept’17
84
1014 Nov’16
9S4 92
Aug’18
Sale 824
83
101
June’17
894 96
Aug’17
92

105

Sale

.V

j

J
O
j
A
J
O
N

80
80

83>g|

82
1

Feb T8

87l4

90
79

90
93
83

75i8

841t

8978

__l
|

81
58
90
102*8 112
73
83*4
77
9012
74

i

Mar’18

53
85

23
88

8.5
112

191
16

8334
81

Sept’18
Sept’18
j
Sept'18
1
Sept’18
103i2 1497
26
88
!
Sept’18

90i2
90

763s
94i2
89 34
9134

92
75

65

67

90i8

9812

83

8712

85l2

8712

73i2

82l8

...j

i

Jun;’17
763*
77
95
95

14
1
1

9034 Aug T8
91U
92

_

_

Sale

10312

75

85i2

Sept’18

84

95
Sale
95

83
98
97
94

78i2
91
91

_

Apr ’14
June’16

30
28

8U2

i
90]8
1
Oct T6
Oct ’ 17 —__i
4
8412
86'8 Sept’18

86i2

M

j

j

82
100

8634
9914

A
F
J
M
F
A
F

O
A
J
N
A

M
M
A
J
J
F
M
J
M

N
N
O
D
D
A
S
J
N

88

95

90*4

90*4
96*4

133

9078

_

9478
99l2
99i2
84

A
A

J
J
M

M
N Y Air Brake 1st conv 6s..
Pierce 0.1 5-year conv 6s_<
l
10-year conv deb 6s
Sinclair Oil A Refining—
1st 8 f 7s 1920 warrants attach
do
without warrants attach
Standard Milling 1st 5s....1930
The Texas Co conv deb 6s.-1931
Union Bag A Paper 1st 5s.-1930

72
Sale

7512

Sale

8834

_

•

1936
1932

Debenture 5s
a 1926
Cahaba C M Co 1st gu 6s. .1922
Col FAICo gen s f 5s
1943
Col Indus 1st <fc coll 5s gu__1934
Cons Coal of Md lst&ref 5s .1950
Elk Horn Coal conv 6s
1925
Gr Riv Coal <fe C 1st g 6s._/»1919
Ill Steel deb 4)43
1940
Indiana Steel 1st 5s
1952
Jeff A Clear C A I 2d 5s._-_1926
Lackaw Steel 1st g 5s
1923
1st cons 5s series A
1950
Midvale Steel A O conv s f 5sl936
Pleasant Val Coal 1st s f 5s. 1928
Pocah Con Collier 1st s f 5s. 1957
Repub I A S 10-30-yr 5s s f.1940
St L Rock Mt A P 5s stmpd.1955
Tenn Coal I A RR gen 5s. .1951
U S Steel Corp—] coup
d 1963
s f 10-60-yr 5s reg
dl963
Utah Fuel 1st s f 5s
1931
Victor Fuel 1st s f 5s
1953
Va Iron Coal A Coke 1st g 5s 1949

75
71

73
96

M
M
M
J
M

-

_

_

25

1

July’18

59

95
9312
94
99
Sale 10Si2
109
88
88
90
Sale 108
108U
88
85U
85U
120
123
120
Oct ’18
98
97
May’18
94
Aug ’18
97
97
99

2

_

_

7478

33
8
3
5
4

92

81

81
90

95
115
93

107

i 83l2
105*4 123

120
98

92U
9712
9714100

9II4

...»

1

93

32
99

95*4 101
83
85

971*
941*
88
9314
961* 1015*

86

26
23

8412
I

38

83

Aug ’18

83

70
45
59U
11 100
101
141
76
821*
1
921* 98
6
90
97U

59'4
100

82i2
95
9412

I 94U

Sept’18
955*

2

92i2

6^

90i2 Oct ’18

!

81

9U2

98*4

947*

98

92
86

99

78i2

7,
...I

May’18
86U July’18 ....I
i
Dec ’14
9312 82i8 July’18 ....1
5
74
Sale1 73i2
87
j
90
Aug’18
J
95
Aug ’18
96

99

107*4 117
i 86

106
95

96i8
93‘>8
June’18
997g
Aug ’17

7518

19312
1

1

85

94U
90‘2

75
74

6812
j

97U Sept’18
101
9912
83

88

94*4 100

1

_

9712
Sale
Sale

-

•

7512

92i2
90’-8
8OI2
_

-

995s
995s

97U

May’18 --•-1

Sale 96
Sale 92l#
98
90
98
9918 Sale 99
85
82*4
87
83
87
94
90
”5914 Sale 5312
100
Sale 100
8212 Sale 79*4
95
Sale 95
94
9378 94
97
97*4 96i2
9558 Sale 95-1*

_

1

•

86
Mav’17

9312

--

1

95
75

96

J
N
J
D
S
D
A

-

I

•

-

•

^

-

96
Oct ’13

101
85

Coal, Iron & Stool

A Imp 3 f 5s
Buff A Susq Iron a f 5s

_

93i*
9712

1930

1942

_

_

-

'

100

90
109

_

-

Mar’18

85
104
75

66
96
80

108
85
115
115

_

99% Sept’18
9912 Sept’18

9212

Union Oil Co of Cal 1st 5s. .1931
U 8 Realty A I conv deb g 5a 1924
U S Rubber 10-yr col tr 6s. .1918
1st A ref 5s series A
1947
U S Smelt Ref A M conv 6s. 1926
V-Car Chem 1st 15-yr 5s
1923
Conv deb 6s
el924
West Electric 1st 5a Dec
1922

1926

8OI2

86
100

83

80

98i4 101
76
8478 8912
7, 9678 99*8
117
11712
i
71
74l2
25
79
8714
99
IOU4
80
8412
33
93
97U

86-34

81

_

92l2 10012
90 U 100

2

71U Sept’18
86U
87U
99
Sept’18
84
Aug ’18
94
9478

A

O
A
O
A
O
O
D
J
N
N

82
100

Sale
9934
82
Sale

77i2

87U

J

2
45
56

95

99i8

9914
99% 99U
120
11712 Oct T8

117
71

O

A
F
A
F

Beth Steel 1st ext s f 5a
1st & ref 5s guar A

967s 95
Sale 99
Sale 81
Sale 100
Sale 86

9578
991*

Co—

p m

3j1

High
66*4

I

J

20-yr

26

9212 Sept’18
83
8ept’18
8034 Sept’18
81
Sept’18

93i2

Low
60
18
18

5
3

26

82~34

Since

931*
8312

90
85

90

83
73
83
95
94
81
92

86
76
90
95
94

94U
88

96i2
9612

8012

92

8512
92U

871*
98U

86I4

101

85

A
D
D
O

73i2
85i2

O
N
D
O
S
s
J
J
o
J
J
N
N
N
J
S

83l2
93i2
95i8

8412
95

94
82
92

90

95i8

94U

90
Sale

83

90

861$ Oct T8

9312

94
80

"8212

J

8U2

S
D
D
J
J
J

89*4
9U2
9334

J

8634

95

_

"

88

8714
76*8
86*8
90
77

9212
97
97
87

__

l

Feb ’18
22
13

8312
93

8512
97

....1
6

95
89
83

85*2

3
61

J

Oct ’18

80

Apr ’IS
9512 Sept’18

83
93
Sale

Sale
75

86

97
97

97i4

80
86

Sept’18

1

98

92i2

80

971*

74
5
.1

96
96

100

;

83

86

997*

Dec’ 16

i

Jan ’17

994 Nov’15
78
S9pt’18
91

_

Stamped

June’17
Mav’ 18

Sale 1 02»4

92

.

Philadelphia Co conv 5s....1919
Conv deben gold 5s
1922

59

91
9U2
80

105's

COS

go

76
56

25

....

88
77

J
J

Aug’18

-

-

22
147

83-s

Range
Jan. 1

No.

High
60

58
85
87i2 85
112
Sale 109
8334 Sale 79^8
82’a 82i4 80 34
79
83
80:>8
94
107i2 94
94
93U 97
93
87
90
103
Bale 9912
88
Sale 85i2
75
79!8 75
83
94
67
66
69
92
;
90i8
88'8
98
105^2
10012
8314 9314 8912
83
84
85

O
A
N
S

1st lien A ref 6s series C_.
at Enam A Stpg 1st 5s
Nat Starch 20-yr deb 5s

July’17
58
3434 Sale
84
104
9U2 Sale
80
58
57
69
52

Conv deben 5s
Am Cot Oil debenture 5s
Am Hide A L 1st s f g 6s... .1919
Am Sm A R 1st 30-yr 5s ser A d ’47
Am Thread 1st coll tr 4s.--_1919
Am Tobacco 40-year g 6s
1944
1951
Gold 4s
Am Writ Paper 1st a f 5s
1919
Baldw Loco Works 1st 5a.
Cent Foundry 1st s f 6s.--.1931
Cent Leather 20-year g 5s.-1925
Consol Tobacco g 4s
1951
Corn Prod Ref s 1 g 5s
1931

Int Paper

25
25

Ask Low
60
63
Sale 25i8
26
28

M N
O
A
M N
J
J
A
O

5s.
orl 11
5s.

Feb ’17

57

•1

A
1924 F
1931 M

Debenture 5s

8ept’17
Mar’14
11001* June’17

11

90
78
77
79

1932 J
1932 A
1954 M
1941 A O
1943 F A

4)43-..
General Baking 1st 26-jr 6s
Gen Electric deb g 3)48._._1942

85

P

90

O
J
O
O
J
N
O
O
J
N

Manufacturing & Industrial
Am Ag Chem 1st c 5s
1928

E I du Pont Powder

95
80
30

78
94
Sale
Sale
63
99
72

50
21
61

55

•3 -o

6OI4

A

1
Great Falls Pow 1st a f 5s— 1940
Int Mercan Marine s f 6s
1941 A
Montana Power 1st 5s A
1943 J
Morris & Co 1st s f 4Xs_— 1939 J
Mtge Bond (N Y) 4s ser 2__ 1966 A
10-20-yr 5s series 3.__
1932 j
N Y Dock 50 yr 1st g 4s
1951 F

Ontario Transmission 5s._.- 1945
Pub Serv Corp N .1 gen 5s..1959
Tennessee Cop 1st conv 6s. .1925
Wash Water Power 1st 5s. .1939
Wilson A Co 1st 25-yr s f 6s. 1941

66

76

85

7*12

97
96

7812

90
54

963s
8

96

May’18
July’17

J an ’ 14
60

85
——

9812

8712

Sept’18
Sept’18
72 78

78

76

92>4
9434

63
81

76

69

78

72*4

60
20
80

8334

65

80
Oct ’18

*

71

797g

May’12
May'13

63’s

86!8

200

96

F
A
J
A
A
J
M
A

1928

Stamped

60

Week’s

Range or
Last Sale

Bid

S
8
8
‘M N
D
1J
A
O
M
M
M

Chic C A Conn Rys s f 5s
1927
Chic Un Stat’n 1st gu 4 !4s A 1963
Chile Copper 10-yr c-onv 7s. 1923
Rects (part paid) conv 6s ser A
Coll tr A conv 6s ser A__ 1932 A
Computlng-Tab-Rec s f 65.-1941 J
Granby Cons M S A P con 6s A ’28 M

Oct ’17

Sale
88

8078

-

Q

82

60

8178
Sept’18
Sept'18
Aug ’18

Sale £
9 l7a
9!)
1
90
83
82
7012 i

80
80

M

A

12

Oct T7
82
93
Feb 17

l

7234

9534

M I
J
J
M
Eq G L N Y 1st cons g 53.-1932 M
1
Gas A Elec Berg Co c g 5s..1949 J
t
Havana Elec consol g 5s
1952 F
M
] 1
Hudson Co Gas 1st g 5s....1949
Kan City (Mo) Gas 1st g 58.1922 A < )
Kings Co El L A P g 5s....1937 A ' >
Purchase money 6s
1997 A i >
3
Convertible deb 6s
1925 M
J
Ed El Ill Bkn 1st con g 48.1939 J
F
Lac Gas L of St L 1st g 5s..el919 Q
A
)
Ref and ext 1st g 5s
1934
J
Milwaukee Gas L 1st 4s
1927 M
>
Newark Con Gas g 5s
1948 J
®
NYGELHAPg 5s....1948 J
F
k
Purchase money g 4s
1949
J
Ed Elec Ill 1st cons g 5s.. 1995 J
K
NYAQ El LAP 1st con g 5s. 1930 F
Pacific G A El Co—Cal G A E—
Corp unifying A ref 5s...1937 M N
J
Pacific G A E gen A ref 5s..1942 J
Pao Pow A Lt 1st A ref 20-yr
6s International Series
1930 F
Pat A Passaic G A El 5s
1949 M
Peop Gas A C 1st cons g 8s. 1943 A
Refunding gold 5s
1947 M
Ch G-L A Coke 1st gu g 5s 1937 J
Con G Co of Ch 1st gu g 5sl936 J
Ind Nat Gas A Oil 30-yr 5sl936 M
Mu Fuel Gas 1st gu g 5s..1947 M




Jan T8

r

6712

1

M
J
F
F
F
F
J
F
J
J
J
M
F

Gas and Electric Light
Atlanta G L Co 1st g 5s
1947 J
Bklyn Un Gas 1st cons g 5s. 1945 M

♦No price Friday; lataac 011

6

c

j"

Glncln Gas A Elec IstAref 5s 1956
Columbia G A E 1st 5s
1927
Columbus Gas 1st gold 5s..1932
Consol Gas conv deb 6s....1920
Cons Gas ELAP of Balt 5-yr 5s ’21
Detroit City Gas gold 5s... 1923
Detroit Edison 1st coll tr 5s. 1933
1st A ref 5s ser A
51940

l

•

73

Aug’18
60 U

Price

Friday
Oct.

Miscellaneous

Braden Cop M coll tr a
Bush Terminal 1st 4s

Dec T7

r

J

._

,

No. Low
High
10
84U 93
19
90
95*8
1
86! 2
80
90
90
96
100U
65
65

.

Col & 9th Av 1st gu g 5s.-1993 M
Lex Av A P F 1st gq g 6s..1993 M
Met W S El (Chic) 1st g 4s.-1938 F
Mllw Elec Ry A Lt cons g 5s 1926 F
Refunding A exten 4)^8.-1931 J
Minneap St 1st cons g 5s
1919 J
Montreal Tram 1st A ref 5s. 1941 J
New Orl Ry A Lt gen 4Hs._1935 J
N Y Munlclp Ry 1st s f 5s A 1966 J
N Y Rys 1st R E A ref 4s..-1942 J
30-year adj Inc 5s
a 1942 A
N Y State Rys 1st cons 4 Hs. 1962 M
Portland Ry 1st A ref 5s...-1930 M
Portld Ry Lt A P 1st ref 5a. 1942 F
Portland Gen Elec 1st 5s. 1935 J
Bt Joe Ry L H A P 1st g 5s..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
Trl-Clty Ry A Lt 1st s f 5s.. 1923 A
Undergr of London 4^s.--_1933 J

conv s

g
7
g

62!2

69’*2

A
J
J

1948
Income 6s
United Rys Inv 5s Pitts lss._1926
United Rys St L 1st g 4s
1934
St Louis Transit gu 5s
1924
United RRs San Fr s f 4s.
1927
Union Tr (N Y)c ertfs dep
Equit Tr (N Y) inter ctfs....
Va Ry A Pow 1st A ref 6s. -1934

i

82
g
Sale £
99*4 11
98*4 £
62
t

93

Adjust Income 5s
1957
NY4 Jersey 1st 5s
1932 F
Interboro-Metrop coll 4)48.1956 A
Interboro Rap Tran 1st 5s.-1966 J
Manhat Ry (N Y) cons g 4s. 1990 A
Stamped tax-exempt
1990 A
Manila Elec Ry A Lt s f 5s..1953 M
Metropolitan Street Ry—
Bway A 7th Av 1st c g 58.1943 J

Stand Gas A El

Sept’18
Sept’18
Sept’17
Aug T2
Apr T7
Jan T7

77

8U2

4s ’36 IVI

Aug T8

£

70
80
84
69 s
93
100
60
45

Wheeling & L E 1st g 5s.__.1926 A
1928 J
Wheel Dlv 1st gold 5s
Exten A Impt gold 5s._.-1930 F
Refunding 4*^s series A..1966 M
RR 1st consol 4s
1949 iM
Winston-Salem S B 1st 4s.-I960 J
Wls Cent 50-yr 1st gen 4s —1949 J

82

l

8712 102
^

92

i

(
€

^

88

g

96

j

.1941 A
Oin Dlv 1st g 3 i^s
Tol A Ch Dlv 1st g 4s... .1941 IVI
Wash Terml 1st gu 3)^S--- .1945!F
.19451F
lst 40-yr guar 4s
West Maryland 1st g 4s— .1952: A
West N Y & Pa 1st g 5s... .1937 J
..1943;A
Gen gold 4s
pl913 Nov
Income 5s
S
1946 M
Western Pac 1st aer A 5s

Sup & Dul dlv A term 1st

«

Since
Jan. I

High

3*

BONDS
N. Y. STOCK EXCHANGE
Week Ending Oct. 11.

Range

Week’s
Range or
Last Sale

Price

[Vol. 107.

Record—Concluded—Page 4

New York Bond

1468

Mar’17

12

914

974

80

84

Telegraph 3 Telephone
A Tel coll tr 4s.'..1929 J
Convertible 4s
1936 M
convertible
4 )4a
1933 M
20-yr
1946 J
30-yr temp coll tr 5s
Sub rects full pd com 68.1925 J
Cent Dl3t Tel 1st 30-yr 5s. .1943 Q
Commercial Cable 1st g 4s. .2397 Q
Registered
23971J

Am Telep

CumbT&T 1st* gen 5a—.1937jJ
Keystone Telephone 1st 5s.-1935 F
Mich State Teleph 1st 5s
19241M
N Y A N J Telephone 5s g—1920| M
N Y Telep 1st & gen s f 4^s_1939 M
Pacific Tel & Tel 1st 5s ..._1937|J
South Bell Tel AT 1st s f 5s. 19411J
West Union coll tr cur 5s
1938: J
Fd and real est g 4)4s
1950 M
Mut Un Tel gu ext 5s
1941jM
Northwest Tel gu 4)48 g --1934! J

S

99U May’18)

|

831*
8512
82
9Us
86
951*
9334100
98i« 991*

73

1
}

631*

68’s

85

93i8

85U

90
98
89

93
8158
80
8512 Feb ’18
12
90
87i2
67
9U2 I
90’4
100
11623
98

Sale
81
90
Sale

Sale;

,

9812

68U

Nov’17;

68*8 Jan
90

’18!

Sept’18

89U

1
89i4 i
Aug ’18 ....I

9012

'853;

N

95

97

8614

8512

87

89
88

89

90's
87*4
89'2
82U

J
J

N

N

8912
8214

8712
89’-2

89

Sal
Sal
99

J

and asked, a Dae Jan. 4 Dae April, e Due May. g Due June, h Dae July, k Dae Aug. 0 Due Oct. 9 Due

1

86

A
N
N
J

77*8
81*4

80

|

154
5
19
3
39

97
84
87

925*

86

95

87i«

9312

80

88

1IOII2 Sept’,17
94
Nov’16
'

Nov. t Due Deo. » Option sale

OCT.

Sales for
the

SHARE PRICES—NOT PER CENTUM PRICES.

Saturday

Monday

Tuesday

Wednesday

1

OX 5

OX 7

Oct 8

OX 9

j

127
| 127
714 72
884 884
334 34

*1254 127
71

*86

| *162

3312
*162

3
30

*14
*27
*137
*83
*100

--

--

*

30

*14
*27
*137
*83
*100

81

*14
*27
*137
*83
105
56
*105
*72
*78

2

*2

145

106
105
55i2 554
554 57
*105
109
*105
109
*72

*72
*73
2

80

*134
1018
3914

2

1034
3934

*80
*96

85

*22

2*4

*80

90
48
55

*4712
55

*.80

*40
84
100

*80
48
55

*14

108
*64

*2534
134
*12

*434
*153

5534
*149

324
*4l2
*15i2
34

*334
*162
*

*14

24
104
404

40
*83
*100
224 *22
90
90
48
48
55
55

87
103
24
90
48
55

994 100
92
*.80
4

81
82
14

80
*79
14

34

*80
79

338

334

34
*88

86

854

1114

*51
141

*514

1404
4034

1424

404 41
264 263s *26
1074
1083s 1094 1063s 108
1104 *1104
1104 1104 *110
8
74
74
734
74
1
76

*.60
*76

34

34

34

.30
49
16
t

154

154

*.25

.32
26

67
450

*114
464
*234
5

104
*4

*79

*4934
*54
*.65
55
*80
*25

*24
554
*194
*14
*13
*12
*68

84
*134

104
44
83
504

104
*4

*79

■

*494
*54

6

.80

*.65
*55
*30

56
82
26

*25

1
44

*79
*14

35
162
June’18

24
104
404

24
134
414

I01

484
55
100
93

101

87
48

87

484

100
93

100
93

Last Sale 1
*4
44

*34

34

Oct’18

44
44
1094 1104
1094 1104
1074 1084
*49 4
51
944 95

6

*89
87

*884
*

67

1204
95

894
9534
*62
120

98
65

*.60
7634

1

*.15

.40

4834

494

15

15

5

*31?

1

*44
24
24
3 1
*24
554:
554
20
*1934

!

2

*14
*13
*12

144
15
75

1

*68
84
*83s
14 i
134
I

.80

*.40
.75

*65

17
66

*164
654

*234

244

*24

*46
*.65

48 |
.70
4 I

*46

55

*.60

4
*1
.12

*1
*.10
4
4

.14
4
4

*24

24

.94
43

.91
43 1

424
14
*94

4234
14
934
844

44

2s/4 2Vlt
*24
24

2

*24

*1

*1

14

1

14
234
4

5

4

24
*.93
43

*14
94
844

*214
*4

34
44

15
75




*455

460

114
464
*24

114
47
27g

114
464
3

5

5

5

5

104

104

104

104

44

44

*4

434

*54

6
.80
55
82
26
6

6

.80 !

55
*80

55
82

*25

26

*534

iWt !

*.99
*5

lVit

*24
*34

34
44

*4
2

5

6
3

*34

44

*4

5

!

!

*68
*.40
*.75
40
55

*,65
*54
*80
26

534

*5

.8C

24
3
56
20

*24
554
*194
14

1?4
144

*13
*12
*68
834

15
75

84
14
.80
1
40

| *134
*.40

6

24

15
75

834
1334

*394

404

17

*65

164
654

654
2434 j *2.34

164
644

i

*34
*1

14.

.12
5

*.10

.17
5

*434
334
*24

'

.97 i

.94
43
44

434
44
2

1 *14
94
94
844! *83
2
24
24
*24
*1
14
22
214
34
*4
a

l

34
3
.95

434
44
2

94
834
24
24
14
214
*4

I

25
50
.70
4

*1

14

*.10

.17
5

*434
334
*24

378

.93
42 78
44

4278

3
.93

44
2

*178
978
*814

104
8134

2

2

*24
*1

22
*4

2

*14

*.75

*.6o
*34

54

234 |

24
14
22

4

Last
Last
Last

834
134
Last

*.75
40

*52
16
65

*24

34

2

*24
24
234
234
z534 54
Sale 1934 Aug’18
*14
1*4
14
Sale 134 Oct’18
Sale ,12
Aug’18
Sale 68
Sept’18
8 As
8-4
8-4
1334 zl34 1334
S lie .25
Sept’18

3
56

.60

.70

.60

4
*34
Sept’18

434
*334
24

434
4
24

*5

.9.3
43

.93
43

2
Last
Last
22
Last

44
2
10

824

33s
24
.95
*42
44
2

Granby Consolidated

94

pref

*83

1,350

2
Sale 24
Oct’IS
Sale 1
Sept’18
*21
22
22
Sale 14
Sort.18
_

25
25
5

10
10
10
25
25

25
20
10
10

210

303
168
850
181
(

1,615

115
......

Aug 6
Feb20
Janl6

Et-divldaaJ and rights. « Asssssment paid, b Ex Block dividend. 0 Ex-rig & a. 9

784 Jan 2
884 Jan 2
.40 July 1
4
Sept30
99
107

Aprl7

30
148

1024 Nov

38
150
108
140

133

Aug

Nov
834 Dec

Jan30
Mar 6
Jan 3

1164

Jan 9

44
116

81
85

Feb25
Jan 3

83
78

74 Mayl6
Mayl6
May29

1
6

Dec
Dec
June
Dec
Dec
Dec

July
July

83
34
z45

Jan

Jan

135

844 Feb

164 Dec

July 5
Apr 11

Jan

Mar

924 Jan
1004 Mar
64 June
314 July
524 Jan
105
Apr

Dec

85

Jan 8
Oct
4

Feb
Jan

78i2 Mar

214 Sept
904 Oct

JanlO
Oct
9

100

1004 Aug27

954May2l!

2i2 Mar 2J
154 Mar 4
1154 Mayl5
11384 May 9
1094 Oct 9
6O4 May24'
9634 Mar 12,
84
Sept, 18!

Jan 2
June 4

904 Aug 5
454 Jan 8
90

Jan 3

604

Jan 2

76
11
98

Jan 7
Feb’21
Janl5

584

Janl7

21

Jan25

82
18

12
4
134

64
28t 2

144
174
534

Jan’29
Jan31
June21

165

274June27
Janl6
128
27
Aug29
44 Oct 10
12
Apr23
34 Aug23
88
Sept30
z774 Janl5
62

107

Junel7
Junell

88

Janl5

824 July30
56
July 5
102

Jan 7
Jan 3
Jan29

29
11

102
45

Aug30
Jan29

1154 Janl7
384 July 9
2484 Aug 9
87
108
5

Mar25
Mar25
Jan 2

Junel3

Junel4

124 Mar23
41
Jan 2
Jan 5
11
.22 Sept 3
17
Mar25

Janl5

624

Feb28

427

104 June27
434 Mar25
14 AprlO
Jan 2

5

54 Mar25
3

June21

734 Junel4
Janl7

39

54 June21
.40 July23

25

91
70
124

Jan

110

Dec
Dec
Dec

564 Mar
Jan

74

Mayl6
May28
Aug28
Julyl7j
Aug 9

Jan 3
44 July 5
.45 Mayl3
54
Feb27

214 July 3
54
July 6
164 Aug24
.45 Jan 7
33
Mayl4

734 Mayl6
May 2 7
144 Feb 19
50 MaylG
3
8ept30
678 Mar 8
104 Jan 2

485

6

Feb 18

834 Sept 5
Oct

Sept

9

Dec

6
7

1184 Dec

1704 Jan

4

Dec
Dec

10

25

794
1034
44
1
70

Jan
Jan
Mar

68

June

1554 Jan
584 Jan
304 Mar
135 May
Jan

121

878 Jan

44 Jan
108

Jan

114 Jan
14 Jan
70

Mar

414 Jan
73

Jan

154 June
24 Jan
Jan

52

854 Jan

Dec
Dec
Dec
Dec

4
66

Jan

46
16

16278 Apr

Nov
Dec
Dec
Oct
Dec
Dec
Dec

590

Feb

274 Jan
68
3

Jan
Jan

74 Jan
Jan
Mar
Jan

16
9
92

Dec
Dec
Nov
Dec

464 Jan
204 Jan
4

4 Dec

Mar

Nov
Nov
Dec

764 June
94
Apr

44 Apr
14 June

Aug

5

36
6

5
1

14 Aug
57
16

Jan31

64 July
114 Oct

.95 Marl9

Jan
Jan

84 Aug
154 Jan
3
May
54 Mar

Nov
Nov

978 April
174 MaylG

Jan

4*4 Jan
18
5

Oct

14 Dec
44 Nov

Dec
Nov
14 Dec
10
Nov
22
Jan
65
Dec

80

112

1664

394
14 Apr
34 Nov
84 Dec

20

Jan 2

924 Aug
1244 Mar

84 Nov
.25 Dec
124 Dec

Febl8

20

95

Dec
Dec
Nov

55
411
11

Mar
Jan
Mar

81
169

4 Sept
45
11
40

July 3

34 July 8
3
SeptlO
664 May 16
204 Mayl4
24 July 1
174 Mar 7

1004 Mar

Oct
Dec
Dec

1

Jan

102

Dec
Dec
Dec
Jan
Jan
Dec
Nov
Dec
Dec
Dec
Nov

374

Jan
Jan

184 Jan
334 Jan

924 Dec

52
80

Feb 13
Jan 2

204 June
10
226

7

34 Sept20
34 Sept 17

Jan

378 Dec
1334 Dec

35

14 Mayl5
84 Mayl4
34 Mar 5

June

66

554 Feb

1

Feb 19

58

1004 June
75
July
974 Jan
144 Deo
1214 Jan

Dec
Dec
Dec

104 Jan 2

51

6

0ct 11
Jan3C
Aug29
Jan 2
12
Aug2S
65
Aug29
8%, Jan 11
134 Aprl7

60
75
6
88

Mar

14

1264 June
1214 Jan
1284 Jan

3878 Nov
z874 Dec

Jan 3.

5
Jan 2
.80 Septll
5
Mar25
2
Jan 2

194 Janl4

Dec
Dec
1
Dec
74 Dec
90
Nov
Dec
105
96
Dec

71
63
Jan31
110
35
894 MaylG!
60
93
1004 Oct 10;
69
Jan 2
z59
107
1224 Oct 11
29
7
424 Oct
10
1378 Marl6
116
1464 Apr 9
40
524 Aug 7
145 Oct
3 zl05

484
264
1164
1124
84

944 May
1034 Jan
24 Jan

73
88

Mayl6‘

Mayl5

z534
184
14
13>4

25

54 Marl8
924 Feb28

70
84
29

Jan14
794 Oct
1
50

25
5

25

5834
1514 Mayl6i
35
Aug30
64 Feb 6'
18
Julyl9

Jan 3

Mar26
.65
.40 June28

15
25

9!
3

1

25
25
25
5
IOC
100
5

Oct
Oct

83

14 Apr25
.15 Julyll
z47

July 8
Feb 16
Julyl9
Sept 5
Augl9
May 1
May 15

134 Jan25

4June27
71

June 5'

1204

104 MaylS

25

1C
25
Ray Consolidated Copper. 10
St Mary’s Mineral Land.. 25
Santa Fe Gold <fe Copper.. 10
Shannon
1C
South Lake
25
South Utah M&S
5
Superior
25
Superior A Boston Copper. 10
Trinity
25
Tuolumne Copper
1
U S Smelt Refin A Min
50
Do
pref
50
Utab-Apex Mining
5j
Utah Consolidated
5
Utah Copper Co
10
Utah Metal A Tunnel
1
Victoria
25
Winona
25
Wolverine
25
Wvandott
25

125! Pond Creek Coal
135 Quincy

.95

94
834

25

Greene Cananea
100
Hancock Consolidated.... 25
Indiana Mining
25
Island Creek Coal
1
Do
pref
1
Isle Royale Copper
25
Kerr Lake
5
Keweenaw Copper
25
Lake Copper Co
25
La Salle Copper
25
Mason Valley Mine
5
Mass Consol
25

Do

1,715

Jan 2

47

Mar 6

33
46
90
102
25
90
50
62

Feb25
Oct
7

20
80
37

25

365 Mayflower-Old Colony...
50 Michigan
341 Mohwak.
Nevada Consolidated
75 New Arcadian Copper....
New Idria Quicksilver....
New River Company

500
44

3

z884 Junel4

25
25
10

Algomab Mining

20
650
130

Oct

84

5

115 Allouez
310 Amer Zinc, Lead A SmeltDo
3
pref
835 Arizona Commercial
Butte-Balaklava Copper..
5 Butte A Sup Cop (Ltd)
157 Calumet A Arizona
3 Calumet A Hecla
25 Centennial
570 Copper Range Co
100 Daly-West
420 Davis-Daly Copper
465 East Butte Copper Min
100 Franklin

100
25

Septl9

27

100

100 Adventure Con
60 Ahmeek
345 Alaska Gold

2
85
254

Febl9
Jan22

774 Junel8
14 Sept 6
84 Jan22

100

1,460 Ventura Consol Oil Fields.
Mining

54
34
24
43
44
2

100
100
100

pref

140jOsceola

4
4
Last Sale 4
*.10
.17

4.334
*14
*94
*814

Do

56
66

104
53
106
70

100

1,294 United Shoe Mach Corp__ 25
Do
pref...
25
102
8,052 U S Steel Corporation.... 100

41

Sept’18
484

100

Do

*52

164

Julyl9
July 2
824 Aprl8

iOO

100
794 Massachusetts Ga3 Cos
Do
100
pref
58
171 Mergenthaler Linotype
100
New Eng Cotton Yarn
100
Do
pref
.100
593 New England Telephone.. 100
Nova Scotia Steel A C
100
101 Pullman Company
100
Punta
50
Allegre
Sugar
2,120
10
40 Reece Button-Hole
100
1,675 Swift & Co
11 Torrington
25
100
445 United Fruit

109

June 5
Junel7

30
147
85
120
65

25
138

nn rtar

pref
100
40 Amoskeag Manufacturing
Do
100
pref
10 Art Metal Construe Inc
10
10 Atl Gulf A W I S S Lines.. 100
Do
pref
100
1
960 Booth Fisheries
no par
530 Century Steel of Amer Inc. 10
602 Cuban Port Cement
10
150 East Boston Land..
10
225 Edison Electric Ilium
100
696 Fairbanks Co
25
76 General Electric
100
50
2,195 Gorton-Pew Fisheries
255 Iuternat Port Cement
10
Do
pref..
50
580
10
1,375 Island Oil A Trans Corp
McElwain (W H) 1st pref. 100
188j

Aprl5

Sept 9
Aug 9

Jan
Jan
Mar
Mar
Jan

no var

.

*404
164

3

15

223 Amer Agrlcul Chemical
100
Do
32 i
pref
100
Amer Pneumatic Service._ 25
Do
105
pref
50
80 Amer Sugar Refining
100
Do
141
pref
100
2,519 Amer Telep & Tel eg
100
360 American Woolen of Mass. 100

55
16

.75

Jan26

Jan 2

100
40
170

175
79
133
45
213
3
30

Miscellaneous

404

.75

2

104 Mar 1

par

1,100 Mass Electric Cos
100
100
1,227! Do pref stamped
699 NYNH* Hartford
100
10 Northern New Hampshire. 100
164 Old Colony
100
21 Rutland, pref__
100
81 Vermont A Massachusetts. 100
4S3 West End Street
50
Do
134
pref
50

245 Nlpissing Mines
225 North Butte
North Lake
180 OJlbway Mining
135 Old Dominion Co

1

100
100
100

Jan 2
July 11
Jan23

nn var

Chic June Ry A U 8 Y
21
Do
pref
101 Connecticut River
129 Fitchburg pref
Georgia Ry <fc Elec atampd
Do
pref
Maine Central

Sent’18
Spnt.'1 8

65
654
Last Sale 2278
*46
49
49

.60

26
6

Sept'18
54
54

Last Sale i 31o

14
144

*164

*.60

54
*24

Last

.80
1

49

254
*534

2512
534

Last Sale .90

*24
5534

55

50
.70 ;
4

*254
534

3
56
25

53

*24
484

Last Sale 54Oct’18
Last Sale .80 Sept’18
56
56
54
544
*80
81
81
814

Last SaleWto

554

14

aj&el prices.

114
464
278

Oct’IK

84
*134

44
24

68
455

2334
674

Sept’18

84
134

.70
4

*67
455

2334
674

25

Last Sale 50

*13
*12

654
24:4‘
48 I

Oct’18

Last Sale .35

*234

Last Sale 83

14
*24
554
*194
*14

.75
40
55
17

1

504

5

2

*.60

*774 80
34
34
Last Sale .25 Sept’18
484 49
*484 49
144 15
*144 15
*48
514
15
147s 15
154

763.4
34

83

3

144

.99

74

*494

*.99

554
204

74

7G34
34

Do
Dref
Boston A Wore Elec
oref
Do

20

1104
734

*79

i

3

1424 145
4034 41
264 264
1054 108

504 j

534

24

*4

104
44

Sept’18

1224 1224
414 424
13
13
1124 11334

81

*65

I

104

104
44 1

41
134
112
53
1404
4078
264
1064

.99

7634
34

.40
49

1534

1004

Last Sale 64

1214 *120
404 404 *404
*124
134 *13
111
11034 112
112
52
*51
*513s 53
142
140
1404
142
41
404 4078
4Q34
26
264
264
264
1084 10434 10734 10178
*110
1104 *1104
111
74
74
*74
74
1
80

Sept’18
Aug’17
994 1004

*49i<>

.80

82
26

121
121
Last Sale 89
Last Sale 924

98

*.15

*54

5534 !

6

i

664
120

894

334
334
.334
Last Sale 884 Oct’18
884 894
884 904
67
67
674 674

334

*79

"i

154

& j

80
*79

3:4

136
15

764 May29

37
80
19
150

Dec
Dec
704 Dec
15
Dec
Dec
150
2
July
9
June

120
27

June24

135

1224 Aprl7

100
100

Highest

Lowest

Highest.

Lowest.
Railroads
Boston * Albany
Boston Elevated
Boston A Lowell
Boston A Maine
Boston A Providence
Boston Suburban Elec. _no

I

*

34

*4
!

*54
*24

*164

•did

90
102
22
90

100
*92

93

34

*104

Aril*

*.70

6
1
3 !
41?

*394

*4

83

l'At

40
54

234

104
40

48
55

*34
49
*15

104
44

54

*39
54

•

*.60
*76

164

54

l

*84

1
78
33s
.40
49

54

*.40

*34

1034

*88

50
50
15
15
15
15
154
154
*.25
.30
.30
.35
*.25
*.25
*24
*234 25
254 *234 25
67
67
67
*664 674
674
455
455
*450
451
451
*450
124 *114 12
114 114 *11
47
4634 464
464 47 |
464
3
*234
278
24
*234
*234
5
5
*5
54
54
54 !

450
12
47
3
5

*24
*34
*4
2

*.15

*484
*154

6738

54
*1
*5

2

394

83
82

*80

79

*89
85

_

.

854
644

1114 1124

52
141
40*2 41
*264 264

*244

2

*83
102
22

00

93
*.80

1
4

*

52
141

*.15

1034

*994 100

92

3

339

1,824
5

_

_

80
80
80
82
15
1434
1434
1434
108
*104
105
*1054 107
*1044 106
*1064 108
64
Last Sale 6234 July’18
64
*63
65
*63
*63
64
24
25
2434
*244 25
233s 24
254
2334 24
2534
134 134
1334
134 1334
1.34 134
134
134 134
134
12
13
12
124
12
124
134
124 *12
124 124
5
*5
5
*5
54
54
54
54
*434
165
161
164
160
163
161
160
1634
1534 1534
55
554
554 56
564
5134 55
534 554
554 554
150
*148
150
1514 1514
1504 *1504 1514 150
32
3 134
3134 32
31^8 32
3234
324
3 134
3134 324
5
5
5
5
5
5
*44
*44
*44
44
44
*16
*16
164
164 164
164 *154 164
164 164
164
82
82

1123$ 113

*484
*154

23s
40
88
102
24
90
48

48
55

170
Sale
Sale
Sale
Sale
Sale

_

34
162

L44 July’18
44 Nov’16
28
Sept’18
138 Sept’18
83
83
*83
105
105
*1054 112
60
60
60
GO
Last Sale 108 Sept’18
Last Sale 70
Oet’18
Last Sale 79
Oct’ IS

80

*

_

34

Last
Last
Last
Last
Last

L05
60
LOO

40
*83
101
*22

86
63
64
64
*654 67
120
117
117
119
119
120
*884 95
*884 95
*884 95
*
♦
894
894 *
894
91
93
924
944
954 96
*62
65
*60
65
*62
65
*120
*120
*120
39
394
394 424
404 424
13
13
*13
13
13
1334

*.60
76

*162

1314
734

7178

92

*334

145

*14
104

131

*4
*4
44
1094 HO
*1094 HO
*10834 1094 1094 1094
no
1104 10934 10934 no
1104 *1094 1104
1044 1054 1054 10734 1074 1094 10734 10834
53
53
*52
*51
53
*52
534 5334
95
95
95
94
95
954
9434 95

*89

854

92
34
170
3
30

11.

OX.

10.

1314
71*4

130
71
*87

_

104

*991* 100
92
92
1
*.80

92
1

*87

*27
145
*137
*83
L05
105
5334
60
109
*105
*72
80
*78

84
101

224

*4
44
109i2 100i2
109i2 110
10334 1044
534 54
95i2 954

*80
*79

1034
404

104

9934100
*91

92
34
170
3
30

*87
34
*162

OX.

Range for Previous
Year 1917

Range Since Jan. 1.

STOCKS
BOSTON STOCK

Week
Shares.

Friday

Thursday

1314 132
71
7134

714

714

3
*

145

*78

131

129

7134'
88 I
34

1469

BOSTON STOCK EXCHANGE—Stock Record

121918.]

98

Jan

264 Mar
6

Jan

174 Apr
30

Mar

924
94
244
284
278
6734

Mar
Sept
Mar
Jan
Jan
Mar

4June21
39
May28
464 Junell

14 Mar30
454 Jan 3!

.30 Nov
.98 Dec
33
Nov

65

534 Dec :

95

Mar

16
65

Oct

204 Feb20;
78
May 16

Oct

Nov
Nov !
Nov
Dec!

28*4
944
324
894

June
Feb
Apr

46

16
60
20
48
.58

54

!

.25

Feb14

10

Sept30
2134 Mar22
4

4June21
3

AprlO

4 Sept30
.11 Jan23
4

Feb19

14 Augl3
24 Sept23
.85 May 1
30
Aprl3
42
July24

14 May31
84 June25
774 Mar23
14 June 5
24 Aug26
•

1

JanlO

214 Oct 8
.40 Mayl9

Jan 9i

254May23i
57
14

Jan 2

Feb211

54 Jan 2
2
Jan 3;
.20

Jan 8:

64 Mayl5'
44 Sept27;
44 Febl3
1% Aug20
494 Febl9i
46

Jan 2,

24 Feb 81
12
Janl6
854 Oct
1!

3At Apr
3
2

8|

Jan 3
Jan 3
Jan 3

36
1 At Mar 7

Ex-dlvldend. w Half-paid

:

Dec
Oct
.89 Dec i
.10 Dec
34 Dec
34 Dec
3
Nov
1
May
404 Dec

434 Nov
178 Mar

94 Dec
71

Dec

24 Dec
2
2
31
.15

Oct
Oct
Dec
Aug

*

Mar

2

Jan

19
64

Jan
Jan

.31

Jan

164 Mar
84 Jan
84 July
2

At Jan

6734
524
378
214
1184
64
6

Jan
Jan
Sept
Feb
May
Jan
Jan

54 Jan
534 Mar
24 Jan

THE CHRONICLE

1470

Outside Stock Exchanges
Exchange Oct. 5 to Oct. 11, both inclusive:
Friday
Last
Sale
Price.

Bonds—
U 8 Lib Loan 3*48.1932-47
1st Lib Loan 4s. 1932-47
2d Lib Loan 4s.. 1927-42
1st Lib Loan 4 5* s 1932-47
2d Lib Loan 4 3* 8 1927-42
3d Lib Loan 45*8---1928
Am Tel & Tel coll 4s.. 1929
Convertible 6s
1925!
Atch Top & S Fe 4s.. 1995!
Atl G4WI SS L 5s..1959)
Chic June & U S Y 5s. 1940;
4s
1940
Mass Gas 4 *43..
1931
N E Telephone 53
1932!

100
75 J*
91

8254

Punta Alegre Sugar 6s 193li
Swift & Co 1st 5s
1944'
Ventura Oil conv 7s. .1922;
Western Tel & Tel 5s. 19321

Sales
for

Week's Range

1

of Prices.
High.

Range since Jan. 1.

Week.

Low.

99.54 100.20 $50,050
96.24 97.00
16,300
96.14 96.90 32,850
96.50 97.64
6,100
96.24 96.98 104,200
96.14 97.24
79,900
80
805* 11,000
100
98
18,000
80
80
1,000
75
5,000
755*
91
91
2,750
72 5*
72 5*
6,000
82
82 5*
21,000
6,000
86** 86 5*
83
845* 16,000
91
92
4,000
91
91
4,000
83 54
87
3,000

Low.

High.

96.52 Jan
93
June
92.84June
93.64 July
9S.04 July
94.54 Aug
7754 Aug

9454 Sept
80
74 5*

Oct

Sept

8754

Apr
Apr

72 54

8054 Sept
84 54 Aug
77
May
905* Sept
80

Philadelphia Stock Exchange.—The complete record
Philadelphia Stock Exchange from
Oct. 5 to
Oct. 11, 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.
of transactions at the

Boston Bond Record.—Transactions in bonds at Bos¬
ton Stock

Vol. 107

Jan

8254 June

Last
Sale
Price.

102.50 Aug
98
Jan
97.90 Mar
97.64 Oct
96.98 Oct
101
May
83
Jan
100
Oct
84 5*
Feb
79
Jan
92
June
74
May
865* Feb
9154 Feb
Oct
845*
955* Feb
94
May
905* Mar

Chicago

Stock Exchange.—The complete record of
Chicago Stock Exchange from Oct. 5
to Oct. 11, 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.
transactions at the

Sales

Friday!

Par.

Stocks—

American Rys, pref.. .100
Baldwin Locomotive- .100
Elec Storage Battery. .100
.100
General Asphalt
Preferred
.100
..10
Insurance Co of N A..
-.50
Keystone Teleph pref.
Lake Superior Corp.. .100
..50
Lehigh Navigation
..50
Lehigh Valley.
Midvale Steel & Ord.. ..50
Northern Central
..50
Penua Salt Mfg
..50
..50
PennsylvaniaPhila Co (Pitts)
..50
Pref (cumulative 6%) 50
Phila Elec of Pa
..25
Phila Rapid Tran v t r ..50
..50
Philadelphia Traction
..50
Reading
Tono-Belmont Devel. ...1
...1
Tonopah Mining
Union Traction
..50
United Gas Impt
..50
U S Steel Corp
.100
Warwick Iron & Steel. ..10
Wm Cramp & Sons
.100

Week’s Range

of Prices.
Low.
High.
58

58

745*
53?*
335*

81?*

69
26

71
26

475*

475*

17
69

475*
17?*

595*

165*
67?*
595*

t

35
71

_

355*

33
24 '*

32 5*

34

245*
265*
665*
8754
25*
2 5*
375*
63?*

24?*

50

705*
82
44

665*
90

25*
3

38
6454
105
109
8 5*
85*
77
77?*

641*

85*
77

Sept

12

462
539
958
19
211

Jan
Jan

61?*
55

Jan
Jan

435*
67
80

1,430

27

Jan
Jan

4654

3,690

69

3154

1075*

145* May
47
24

4

59?*

Jan
Mar

48

2,311

|
Oct

58?*

876
30

43?*
315*

38

58

179

82

25*

Low.

1,635

54

43?*
315*

90

Range since Jan. 1.

10

47
70 J*
80

265*

for
Week.
Shares.

Sept
Oct
June

435*
2154

200
113
564
365
56
270
610
48
220
893

Apr

29
24

Mar
June

23?*
3:6554

Mar

Sept

71
15-16

Sept

254
365*

July
Aug

3:62 5*

Oct
Mar

8,045

Jan

86?*
754

2,595
235

Apr

74

Jan

High.
80

Feb

100?* May
55?* July
37
72 54
27 54

Oct
Oct

July
57?* Jan
21?* July
70
63

July
Mar

595* May
75
85

Feb

Jan
Jan
Oct

47?*
315*
34
26
30

May
May
Jan

715* Feb
94?* June
35* Mar
4

Jan
Jan
Jan

42 5*
72 54
110 5*

Aug

8?* Mar
955* June

Bonds—
Sales

Friday
Stocks—
Amer

Par.

Last
Sale
Price.

100 j__

Shipbuilding

Preferred
.100
Armour & Co pref.
Booth Fisheries, common

Low.

High.

52

995*

97?*

995*

257

9654

Sept

24

2454
Vs
14J*

25

390

185*

Vs
145*

72
150
360
35
150

Vs

Jan
Aug
June

66
_

109 54
110*4

58 5*

..

Bonds—
Armour & Co 45*s._.1939
Booth Fisheries s f d 6s ’26
Chic City & Con Rys 5s ’27
Chicago Rys 5s..
.1927
Chicago Telephone 5s. 1923
Liberty Loan 3l4s..’32-’47
Liberty Loan 1st 4s.’32-’47
Liberty Loan 2d 4s.’27-*42
Liberty Loan 2d 4 >*s_.
Liberty Loan 3d 4>*s
Wilson & Co 1st 6s
1941

Shares.

87
84 5*

._

Hart.Shuff&M arx.com 100
Illinois Brick.
100
Lindsay Light
.10
Peoples Gas Lt & Coke. 100
Quaker Oats Co..
100
Preferred
100
Sears- Roebuck com
100
Shaw W W common... 100
Stewart-Warner Sp com 100
Swift & Co
100
Union Carbide & Carbon
Co
.(no par)
Ward, Montg & Co, pref..
Wilson & Co common.. 100
Preferred
100

Range since Jan. 1.

for
Week.

of Prices.
Jmw. High.
136 54 138
90
90

..

new..
(no par)
Chic City&C Ry pt sh com
Preferred
Chic Pneumatic Tool.. 100
Chic Rys part ctf * 2”
Commonwealth-Ed Ison 100
Cudahy Pack Co, com. 100
Diamond Match..
100
Hartman Corp.
..100

Week's Range

54
245
95
163

63
11
106

69
11
110

1155* 11654

1,275

107
107
46
46
58 5*
5854
49
49
165* 17
535* 55 54
245
245
95
95

5
75
100
30
30
365
20
25

1505* 164
62

66

135

62}*

1135*

111

5554

54
103

1,446

62

10

6754

2,281
4,488

114

93 54

5* 565*
54 10354
5254 53
93
9354

84

84

895*

895*

5,191
40
60
20

Jan
Mar

12
47 *4
Jan
Jan
8
100
June
107*4 Jan
102
Jan
30
Jan
53
Jan
45
Oct

155* Sept
405* Apr
235
Oct
92 54 Aug
133
June
53?* Jan
47
Jan
102
Aug

475*
100
46
92

Apr
Aug
Jan

Sept

144 5* May
93 54 May
99?* Oct
28

Sept
2?* June
185* July
715* Apr
16
110
117
114
49
67
58
28

June
Oct

Sept
May
Sept

555*
290
100
164
69

64?*

Feb
Jan
Jan
Oct
Mar
Jan
Oct
Mar
Oct

146

Apr

59
110

July
Feb

65»* May
995* Mar

.

55
95

84
89 5*
55 54
95

935*

935*

99.80
96.50
96.50
96.50
96.60
92

99.80
96.50
96.50
96.50
96.70
92

1,000
5,000
31,000
3,000
6,000
100
200
450
350

2,150

1,000

83
Apr
88
Apr
52
Jan
82
June
92 5* June
94
Aug
93.30June
93
June
93.76 Sept
94.70 Aug
92
Oct

85?*

995*

Consol 6s

895* 895*
99?* 99?*
10154 1015*
10054 1005*
905* 91

995*

1923|
1023 j

Registered 6s
Phila Electric 1st 5s..l966|
Small
1966!

9054

4s
19971.
United Rys Invest 5s. 1926

Reading

x

995*

86
86
68
68
102
102
53
52 5*

Eqult I Gas L 5s
1928;
Lake Superior Corp 5s 1924;
Leh C & N cons 4548.1954Lehigh Val 6s ctfs
1928|

gen

94

95

8154

815*

57

57

90
02

5*

Aug

965*

Oct
Jan

95

101.22 Sept
97.50 Jan
97.52 Jan

98.10May
96.70 Oct
Mar
96

of par value.

$1,050

97
Jan
92.80 June
94.30 Sept

350
10,050
1,000
3,000
3,000
1,000
4,000
1,000

9834 Sept
85
Sept
67
Sept
10154 May
Jan
4734
88 5* Sept
9734 Sept
1015* Apr

32,000
3,000
14,000
22,000

100 5*

Apr

895* Sept

700

93

20,000
3,000

July
Sept
Apr

805*
54

102.40 Aug
97.60 May
98.52 May
101
May
Feo
95
73 54 May
102 5* Aug
5954 Aug
Jan
95
Oct
99?*

10154 Oct
101?* July
96
97
85
60

Jan

May
Jan

Jan

Ex-dividend.

Baltimore

Stock

Exchange.—Complete record of the
Exchange from Oct. 5

transactions at the Baltimore Stock
to

Oct. 11, 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.

Feb
Feb

Pittsburgh Stock Exchange.—The complete record of
transactions at the Pittsburgh Stock Exchange from Oct. 5
to Oct. 11, 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

Stocks—

Par.

Atlantic Petroleum
10
Commercial Credit
25
Consol Gas E L & Pow. 100
Consolidation Coal
100
Cosden & Co
5
Preferred
5
Davison Chemical-.no par
Elkhorn Coal Corpn
50
Houston Oil pref tr ctfs 100
Mer & Miners Trans. .100
MtV-Woodb Mills v t r 100
Preferred v t r
100
Northern Central
50

Last
Sale
Price.

Pennsyl Wat & Power. 100
.50
Wash Balt & Annap
50
Wayland Oil & Gas
5

Low.

103 5*
6 5*
3H

.

United Ry & Elec

Sales
Week’s Range

355*

285*
16

205*
29

High.

2
25*
44
44
102 5* 103 54
86
865*
6
65*
3 J*
3?*
3554 36 5*
285* 29
73
75
66
66
16
16
71
71
695* 70
745* 75
20
205*
29
29?*
3
3

for

Range since Jan. 1.

Week.
Shares.

Low.

250
10
345
100
254
115
275
740
375

15*

,

40
94

High.

Sept

35*

Feb

Jan
Jan

45
103 5*
106

July

83}* July
5?* Sept
3 5*
Jan
30
22 J*
64
56

1
10
31
19

145*

Jan
Jan

Apr
Jan
June
Jan

68
69
Aug
60
Jan
17 J* June
24
Jan
3
Apr

176
799
875
100

Oct
Jan
Jan
Jan

85*
4

3954 Aug
305* Aug
805* June
92

175*

Jan

Sept

76
July
74
June
75
Oct
24 5*
Feb

315*
35*

Sept

85

Mar
Feb

Jan

Bonds—

| Friday
1 Last
Stocks—

Par.

Amer Rolling Mill
25
Amer Sewer Pipe
100
Am Wind Glass Mach. 100

50
Preferred
50
La Belle Iron Wks com. 100
Preferred
_100
Lone Star Gas
100
Mfrs Light & Heat
50
Nat Fireproofing com..50
Preferred
50
Ohio Fuel Oil...
1
Ohio Fuel Supply
25
Oklahoma Natural Gas.25
Pittsburgh Brewing com 50
Preferred
50

46

46

'60>

13*4
61

135*
62J4

35*4
98

com

Pittsburgh Coal pref... 100
Pittsb Jerome Cop

Pittsb & Mt Shasta Cop.l
Pittsb Plate Glass com. 100
Riverside East Oil pref. .5
San Toy Mining
i
U S Steel Corp com.... 100
Preferred
.100
West’house Air Brake..50
West’house Elec & Mfg.50

Scrip—
Am Wind Glass Mach..

Bonds—

Indep Brewing 6s.-_.1955
Monon Riv Con C<fcC6s ’49

Week's Range

46

_

134
5
108
115
185

46J*

"io“
42 54
29 5*

15c

90
44

Chicago Ry 1st 5s
1927
City & Suburb 1st 5s. 1922

Sates

Sale
of Prices.
Price. Low.
High.

Columbia Gas & Elec. 100
Farm. Dep. Nat Bank. 100




99.60 99.60
96.32 96.32
96.50 97.10

Friday

.

Indep Brewing

U S Lib Loan 3548.1932-47
2d Lib Loan 4s_. 1927-42
3d Lib Loan 45*8...1928;
Baldwin Locom 1st 5s 1940;

for
Week.
Shares.
180
135
600
70

37
98

10
525
220
30
30
55

134
5

108 54
115
186 54
46*4 47
5

10
14
42

z28?*
234
534
83 34

430

5

25
160
90

1054
14
42

840

54
2934
2 54
5*4

1,066
20
50
20

835*

13c
17c
25c
28c
110
110
2 3*
2 34
8c
8c
105
10834

43,800
2,100

110?* 11054

20
241

90

4254

92 54
44

95.97

97.10

10
40

1,200
720

1,195

Range since Jan. 1.
Low.
43
12 5*
40
28 J*
98

15*
4?*
106
114 5*
95
46
3
7

5*

High.
Aug
Jan
Jan
Jan
Oct
Jan

Sept
Mar

Sept
Jan

Sept

25*
7c

8754
110
90
39

15?*
995*

Aug
Aug

3 5*

9?*
115

1195*
197
53

53*
13 54
16

Sept
Apr
Aug
Mar

May
Oct
Jan

Jan

Sept

Jan

Oct
Jan

Apr

68
37

June

13?* Sept
z40?* Sept
23 July
13* Mar
5
Sept
79?* Apr
13c
21c
107

55

Oct

Jan
Feb
Mar

Aug

2?*
16c
116

34
34
*10.000
106 5* 106 5*
1,000

95.97
34
106

uct

Jan

Apr
Aug

40
112

98>*-

ConsGasEL&P45*s.l935
5% notes.

78
92 54
99

Consol Coal conv 6s.. 1923
Cosden & Co ser A 6s. 1932
Series B 6s.
1932
Ga Sou & Florida 53.. 1945

795*
7954
92

Kirby Lumb Cont 68.1923
Lake Roland El gu 5s.
Norfolk Ry & Lt 5s...
United Ry & El 4s...
Income 4s.

1942

9654
965*

965*
965*

1949
1949

93
74

1949

63?*

93
75
54
74 5*

Funding 5s small
1936
Wash Balt & Ann 5s..1941

74

815*

815*

$6,000
1,000
2,000
7,000
26,000
1,000
3,000
11,000
2,000
1,000
1,000
1,000
16,000
3,000
1,300
1,000

815* Oct
9654 Sept
98
78
90

.

July

100
100

Oct
June

84
95

985*

July

77
78
91
95 5*

June
June
Oct

Apr

965*

Oct

90
71
52

Apr

Sept

73 5*

80

Aug
Aug
Jan

103?*
82?*

Apr
Feb
Jan
Jan
Feb
Jan

83 5*
92 5*
Apr
98 5* June
Oct
9654
94
June
77 5*
Feb
Jan
58 54
Feb
82 5*

83?*

Feb

Jan

7olume of Business at Stock Exchanges
TRANSACTIONS

Feb
Mar
Jan
Feb
Feb

AT THE

NEW

YORK STOCK

EXCHANGE

DAILY. WEEKLY AND YEARLY.

May

Week ending
Oct. 11 1918.

Slocks
Share*

Par

Railroad,
valve

dtc..
Bonds.

State, Mian
dr Portion
Bonds

V s
B ruU

Aug

111** June
97 5* May
47
May
97.20

97
98 5*
79
93
99
79 5*
81
92

Aug
Aug

‘

$r65

815*

97

Jan

46?* June
315* Aug
45* Aug
13
84
1
48c
117

815*

Consolidated Gas 5s. .1939

Oct

Saturday
Monday
Tuesday
Wednesday
Thursday
Friday

242,077; $23,194,700
628,170'

1

424,160'

•

602,834;
612,555:

1

___|

857,475

60,638,000
41,172,500
57,593,000
59,527,675
81,407,000

$771,000
1,999,000
2,258,000
1,550,000
1,979,000

2,393,500

5367,000
1,040,000
1,339,000
1,183,000
1,790,000
1,009,500

$3,122,000
8,198,000
6,838,000
6,240,000
6,564.000
7,430,000

Jan

Apr

Total

i 3,367,271 $323,532,875

$10,950,500

$6,81^,500 $38,392,000

Oct. 12

j

Week ending Oct. 11.

-VUr-i (U
vyrtr

York Slock

Rzchange.

'

1918.

Stocks—No. shares
Par value
Bank shares, par
Bonds.
Government bonds
State,mun., Ac ..bonds
RR. and mlsc. bonds..

3,367,271

1918.

3,396,959

_

$38,392,000
6,818,500
10,950,500

Total bonds

Friday

Jan. 1 to Oct. 11.

1917.

$323,532^87^ $310,510,600

_

1471

THE CHRONICLE

1918.]

Other Oil
Stocks (Con.)

1917.

|

147,510,294
102,825,149
$9,613,035,190 $13,583,263,755

$1,000

*16.700

*87.200

$13,682,500
3,073,500
4,419,500

$886,080,500
195,618,000
221,670,500

$123,324,750
248,703,000
392,966,000

$21,175,500

$56,161,000

$764,993,750

$1,303,369,000

Par

Savoy Oil
Sequoyah Oil A Ref
Sinclair Gulf Corp r
Southwest Oil r
Stanton Oll.r
Texana Oil A Ref.r
Tux yam Star Oll.r
Victoria Oll.r

TRANSACTIONS

AT

BOSTON.

THE

PHILADELPHIA

AND

BALTIMORE EXCHANGES.
1

•

Boston.

Week ending
Oct. 11 1918.

Shares.

Saturday
Monday
Tuesday
Wednesday
Thursday
Friday

\Bond

Shares.

Bond Sales

|

Shares

2,454
6,664
2,808
4,396
4,439
6,525

$4,000!

1,148

29,900
27,350:
24,0001
24,900;

746
326

10,576,

$39,850
59,850
69,800
77,500
132,150
13,750

9,000;

540
975

52,568

$392,900

27,286

$119,150:

4,745

7,131
10,237
8,120
9,562
6,942!

Total

Sales.']

Baltimore.

PhUadelvhla.

|

1,010

Bond Sales

$31,300
28,700
33,000
17,300

$110,300

New York “Curb” Market.—Below we give a record of
the transactions in the outside security market from Oct. 5
to Oct. 11, both inclusive.
It covers the week ending

1
1
1

1A
A

1
10

3

Mines

r

_

organized stock exchanges.

Liberty Sliver (prospt)

86c

Butler.r
1
Jumbo Extension..
.1
Kewanus r
1
La Rose Consol Mines..5

Sales

Friday
Last

11.
Par.

Sale.
Price.

Ordinary bearer
Burnrite Coal Briq.r

100
£1

£1
1

Burns Bros Ice com r .100
Charcoal Iron of Am pf.10

100
Chevrolet Motor
General Asphalt com.r. 100
Int Harvester (new)
Keyst Tire & Rub pref.rlO
LakeTorpe lo Boat.r... 10
Marconi Wirel Tel of Am.5
North Am Pulp A Pap (t)
Penn Seaboard Steel
(+)
Relc Equipment r
10
Smith Motor Truck r
10
Standard Mot Constr.r.10
Submarine Boat v t o..(t)
Thiogen Co of Am r
5
United Motors r__(no par)
U S Steamship
10
Wayne Coal r
5

Week’s Range

of Prices.

19.700

10
54
3

8
54
3
3

3 A
18A 18 A
18 A
18 X
18 A
3A
3A
43 A
41A 44
6A
6A
137
127
137
36
*33
rl04
104
xl04
16
154
4 A
3 A
3A
4M
44
3 A
2 A
49
49 4
49
A
13
13
♦124
7-16
7-16
A
8A
10 A
84
14
13 A
4A
4A
•

32
6

34
64

Wrlght-Martin Alro r..(t)

for
Week.

High. Shares.

Low.

84

Aetna Explos.r
(no par)
Preferred r
^100
Amer A Brit Mfg com. 100
Am Writing Paper com
Brit-Am Tobac ord

5A

30 A

32A

5A
2A

6
3A

6

6A

10
200
700
100

7,800
500

4,830
300

5,400
2,900
200
200
630

38,800
2,100
200

1,745
3,400
3,200
6,500
1,100
25,300
5,000
8,500
10,600

Range since Jan. 1.
Low.
6

A
41A
1
2
14
14

High.
Feb
Jan
Oct
Jan

A Apr
A Apr
1A Aug
18 A June
6 A June
Jan
23 A June
98
Sept
Oct
154
2A
Apr
2 A July
2
Apr
43
May
10 A July

100

A
Sept
Jan
8A
11A Mar
4
Mar
Jan
19 A
Jan
4A
Oct
2A
6
Oct

16 A May
72
May
5
Feb
4 A Aug
18 A Aug
18A Oct
5 A Sept
44 A Sept

7
Feb
144
June
37
July
104
Oct
17 A
Apr
6
May
4A
Oct

4H

Aug

50 A June
13
Oct
2 A
Apr
13A June
20 A May
6 A July
34 A June

3c

34c
A

A

A
1A
44c

1A

Louisiana Consol
Marsh Mining r
Mason Valley

4A
11-16

A

IA
2

■

------

21c
------

5 1-16
------

48c

10c

A
49c

------

3A

40c'

------

34c

33c

1A

1A
10c

7c

8A

5
32c

1

1
Mines.r
1
Pacific Tungsten.r
1
Ray Hercules Mining.r__5
Rochester Combined r
1

Rochester Mines.r
San Toy Mining

1

31c

A
2A

A
3A
15-16
4A

13-16
4
34c
33c
8c
12
71c

a34c

1

Seneca Cop Corp (no par)
1
Silver Canon
Silver Flseue Silver
Silver King of Arizona
Silver Pick Cons.r
Standard Silver-Lead

Stewart
Success Mining

1

15-16

A
7-16
2 Ac

1
1
1
1

3-16
13c
12c
2A

A
14c

1

Tonopah-Belmont Dev r.l
1
Tonopah Extension
Tri-Bullion S A D

1 5-16

1A

9c
r
United Eastern Mining. .1 315-16
12c
U S Lead A Zinc < r. ...1
18c
Ward MId A Milllng.r...l
76c
Washington Gold Quartz. 1
West Eud Consolidated..5
15c
Western Utah Exten 1 r.. 1
10c
Wnlte Caps Mining
10c
Wilbert Mining
1

Debenture 6s r..._1923
Debenture 6s .r
1924
Beth Steel ser 7s r
1919
Serial 7s r
1920
Serial 7s.r
1922
Serial 7s.r
1923
Canada (Dom of) 5s..1919
Canadian Pacific 6s

Cudahy Packing 7s

w

------

98 A

100
97 A

i ’23

Federal Farm Loan 5s
Gen Elec 6% notes.. 1920
1919
6% notes
Interboro RT7s
1921
Russian Govt 04s r..l919
5 4» r
1921

15 H
90

Anglo-Amer Oll.r
£1
Buckeye Pipe Line.r...50
Illinois Pipe Line.r
100
Ohio Oil.r
25
25
Penn-Mex Fuel r
Prairie Oil & Gas r.
100
Prairie Pipe Line.r
100
Southern Pipe Line r__’00

306
41
_

...

South Penn Oil

100

r

Standard Oil (Calif) r._100
Standard Oil of N J. r.. 100
Standard Oil of N Y.r.100
Other Oil Stocks.
Amer Ventura Oil r
1
Barnett Oil A Gas r
1
Cosden A Co common r__5

524
268

15A

15
90
150
305
34
500
255
166
255
215
521
260

5,?00

10
70

85
138
290
26
418
249
166
245
210
490

180

248

21
30
85

91
151
308
43
501
255
166
260
215
525
269

11A

6,978
44
10
10

120

Feb

Sept
Sept
Sept
Oct
Jan

Sept
Oct

Sept
June

Sept
Sept

17 A
Jan
100
Feb
192
Jan
365
Jan
43
Oct
526
June
279
May
182
Feb
290
Jan
237
Jan
579
Feb
285
Feb

-

Crystal Oil A Ref

1

r

Esmeralda Oil Corp r
1
Federal Oil r
5
Glenrock Oil r
10
Houston Oil com r____100

1

Imperial Con Oil i. t
Tnternat

Petrol

r

7c
5-16
64

1A

1A

100

3c
2
3A

4c
2A
3A

14,100
3,200
7,600
2,800
400

24

34
78 A
------

10
10
1 3-16
Petroleum.5
Metropolitan
Midwest Refining.r
50
50c
Northwestern Oil, com.r.l
Oklahoma Prod A Ref
5 7 3-16
2A
Okmulgee Prod A Ref
5
Pan Amer Petrol com.r.50
70
Royal Dutch Co new r
64
Sapulpa Refining.r
5




3,500
8,500
3,900

14

3A
22 A

------

—

..

7c
5-16
6A

4c

£1

Island Oi! A Trans r
Merritt Oil Corp.r

6c
3-16
6

80

77
7-16

134
3A

A
13 A
3A
22 A

21
1 A 1 3-16
115
117
48c
50c
7
7A
2
2A
56
55
70 A
67
6A
6A

100

17,000
2,300
4,500
875

1,000
4,900
3,900
110
865

1,500

6c

Jan
*A* Aug
5 A Sept
1
June
3c
Sept
1A Aug
2 A Sept
39 A
Jan
A June
12 A.
Feb
1A Jan
17 A Mar
Jan
A
97
Mar
42c
Sept

04

Apr

1A Sept
40
56
6

Jan

July

Sept

21o
June
1 3-16
Jan
8A
Feb

1A July
5-16 Jan
4
Feb
5
Jan
86 A June
A Sept

14A July
5A Mar
29 A June
1 A
July
120
June
89c
Feb
8
May
11 V* Mar
56
Oct
70 A
Oct
10 A May

41c
35c
2
15c
8 A
35c

A
3c
A
15c
12c

2A
1A

101A
100 A

10c

3A

4

10c
11c

11c

13c
18c
77c
96c
15c

10c
7c

lie
7c

99
98
97
97
98
98

A 100 A
A 98 4
A 9914
A 98
98 A
A 98 A
1004 100,4
100
100)4
99 7/8 100
99 A 1004
97 A
97/,
97 A
97 A
98
1004
lot
1044
99 A 1004
99 A 1004
98 4
98

76
65

64
60

500

4,000
3,500
870

5,400
2,200
200
600

1,200
4,280
200
100

7,600
3,600
2,000
1,000
2,600
1,500
2,000
900
500

13,600
2,600
30,000
500

9,000
9,700
7,900
8,000

A
3 A
15-16
4A
35c
34c
8c
13 A
74c
15-16

9c

75c
95c

..

Bonds—
Armour A Co deb 6s r. 1919
Debenture 6s r..._1920
Debenture 6s.r
1921
Debenture 6s.r
1922

4c

11,900
4,175
1,100
21,200
11,600
79,500
54,000
10,100
18,600
1,700
16,200
6,200
5,400
2,600 1

4

3-16 3-16

5
1

Troy-Arizona

A

4c

Mother Lude.r
1
Mutual Min A Leas pi r 1
Mat Zinc A Lead.r
1

Onoudago

A
54c

A

1

Nixon Nevada
Ohio Copper .r

34c
A

2V4o'2Ue

.

Nlplsslng Mines

‘44c
86c
5A

22c
20c
67c
60c
4 13-16 5A
7-16 7-16
7-16 7-16
47c
49c

1

r

1
5
McKinley-Darragh-Sav. 1

High.

Low.
Oct

6

4 Sept
15
250

Jan

30c

July
June

Sept
A Sept

lo

1A Sept

94 Jan
14 Mar
234 Feb
June
Mar
14 May

58c

24

Mar
Mar

22o

64

76
66

2,100
50C

5,700
200

3,200
15,500
10,600
5,000
2,200
1,300
12,100
1,000
520

4,150
5,000
7,500
5,470
7,000
12,000

4,500
3,000
20,000
12,450
1,000
$51,000
25.000

39,000
16,000
23,000
17,000
4,000
7,000
6,000
138,000
197,000
12,000
120,000
60,000
65,000
52,000
25,000
357,000
220,000

5-16 Apr
34o
July
5
July
3c
July

May
Oct
Aug

70o
86c
6
13c

A Sept
38c
Sept

90c

4o
39o

56o

Oct

May
*4 Sept
14 Ap;
37c
Aug
3c
42c
5-16

44

Oct
Jan

Feb
Aug

44 Mar
4 Oct
7-16 July
A Feb
1A Aug

A June
3-16 June
June
33c
Jan
24
5-16 Apr
7-16 July
47c
Sept

25c
28c
3/J

Jan
Feb
.Tiilv

14

4
14
24
45c
19c

Feb
Mar
Mar
Mar
Jan
Mar
Jan

Sept
Feb

14 July
J&n
24
*74 May
Jan
54
24 July
15-16 June
24 June
3
8ept
1
Sept
Jan
7-16
86c
Sept
5!4 Ang
11-1 ft

Tan

A

Jan
Jan

90o
24n

Feb
Apr
July

11-16
62c
4

Mar
3 U

ft \A

37c
25o
1
7c

Apr

8

Jan

31c

%

Oct
Oct
Jan
Oct

34

Jan

A
2

34c
27c
7c

74

Jan

Feb
Oct

Oct
Jan

Sept
Jan

Jan
Apr

60c
56c

24 Sept
38c
9

Feb

May
Mar

14

1% July
6

24
44
43c
54c
18c

134

'

July
July
Jan

July
May
Jan
Oct

Sept

74c

Sept

A

Mar

1

AUg

7-32

Apr

60c

2Ufi Oct,

%
lie
7o

Oct

Jan
Jan
.Tune

7C
Sept
3
July
9c
Feb
4c
May
Oct
73c
Jan
65c
He
Oct
8 4c Sept
4c

99

Sept
June

974 July
96

Aug

954 July
95
95

4

4

Aug

14 Sept
14
4

4 June
7c

June
June

July
984 July
97
July
96 4 July
Jan
94 4
97
July
Aug
974
984

101 4 June
Jan
98 4
99
Jan
98
Sept
38
Mar
32
Apr

10c

34

Feb
Apr
Jan
Apr
Mar

Jan
14
4 Jan
24o
May
54 Feb
60c

Mar

June
25c
Oct
77c
14 June
23c

4
14c

Sept
Jan
Jan

1004 July
984
994
98

984
984
101

Oct
Oct
Oct
Oct
Oct

Aug

1004 Sept
100

1004
974
984
1004
1064
1014
•1004
984
76
66

Oct
Oct

Aug
Mar
Oct

Aug

May
Apr
Sept
Oct
Oct

*
Odd lots,
t No par value,
t Listed as a prospect. I Listed on the Stock
Exchange this week, where additional transactions will be found,
o New stock,
r Unlisted,
u Ex-cash and stock dividends,
w When Issued,
x Ex-dlvidend.
c Ex-rights,
z Ex-stock dividend.

7A May
3A Sept
11A May

Oil

%
23
3

1A
1A
1A 1 H-16
5
5A
4A
4A
A 11-16
*A 15-16
1/8
1A
2
2A
A
A

CURRENT
—Our subscribers will receive

Former Standard
Subsidiaries.

1A

45c
42c
5c
4c
48c
46c
9-16
A
2
1A
45c
43c
3c
3 Ac

43c
5c
48c

_.

.

permitted to deal only in securities regularly listed—that
Is, securities where the companies responsible for them have
oomplied with certain stringent requirements before being
admitted to dealings. Every precaution, too, is taken to
Insure that quotations coming over the “tape.” or reported
!n 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 may be included, should, hence, always be kept in mind,
particularly as regards mining shares. In the circumstances,
it Is out of the question for any one to vouch for the absolute
trustworthiness of this record of “Curb” transactions, and
we give it for what it may be worth.
are

Stocks—

41c
83c

1
_1

_

Arizona Bing Cop
5
Atlanta Mines.
1
Big Ledge Conner..
5
Boston A Montana Dev..5
Butte-Det Cop A Zinc
1
Caledonia Mining
1
Calumet A Jerome Cop.r 1
Canada Copper Co Ltd..5
Candalarla Sliver.r
1
Cash Boy
1
Cerbat Silver M A M_r__l
Consol Arizona Smelt....5
Consol Copper Mines
5
Cresson Cons Gold MAM 1
1
Denbigh Mines.r
Dundee-Arizona Copper. 1
Eureka Croesus Min r
1
Gibson Cons Copper _r_.l
Golden Rule Mines r
1
Goldfield Consolidated. 10
1
Ha’tle Gold Mln.i.r
Hecla Mining
25c
Iron Blossom
r
10c
Jerome-Verde Copper
1
Jim

only
they

1A
30c
2c
2A

6,900
2,500
1,700
9,500
12,100
2,000
7,875

Range since Jan. 1.

Mining Stocks.
America

It should be understood that no such reliability attaches
to transactions on the “Curb” as to those on the regularly
On the New York Stock Exchange, for instance,
members of the Exchange can engage in business, and

100

7

7-16
A
16 A
18
33c
34c

7-16
18
33c

.

Friday afternoon.

Week ending Oct.

Sales
Week's Range
for
Week.
of Prices.
Low. High. Shares.
7

5
1
(t)

Alaska-Brit Col Metals

DAILY

Last
Sale.
Price.

-

NOTICE

with to-day’s issue of the “Chronicle” a

copy of the “American Bankers’ Convention
souvenir record of the war convention of the

Supplement.”

This annual

American Bankers’ Associa¬
tion, held in Chicago Sept. 23 to 28, is printed in color, and besides the
addresses and proceedings of the 1918 meeting, it contains the display
advertisements of many of the representative and aggressive banking
firms and financial institutions of every important city in the country, as
well as the cards of the great banking organizations of Europe and other
parts of the world.
—The Guaranty Trust Company of this city has published a booklet
in support of the Fourth Liberty Loan.
It is called “The Victory Drive.”
A foreword by Charles II. Sabin, President of the company, sounds the
warning that victory in 1919 is contingent upon the financial support
given to our soldiers in 1918.
There follows a detailed account of the
terms and purposes of the present loan and a resume of certain costs
and gains of the war.
The feature of the booklet is a series of illustrations
showing into what concrete forms of military power the money now sub¬
scribed is to be converted.
Copies of the booklet may be had on applicaion at any office of the Guaranty Trust Company.
—Allen & Peck, Inc., announce the retirement of C. Loomis Allen from
of the firm name to Peck-Shannahan-Cherry,
(engineers and managers of public utilities), with offices at 412-413-414
Syracuse Savings Bank Bldg., Syracuse, N. Y., and 601 Maryland Trust
Bldg., Baltimore, Md.

the firm and the change
Inc.

—Burgess, Lang & Co., Boston, have discontinued their New York
W. B. Smith, 2d, their New York manager for the past eight years,
Is making his temporary headquarters in the office of Carter A Co., 61
Broadway .fthl^lcity.
office.

THE CHRONICLE

GOLD AND SILVER PRODUCTION IN THE UNITED
STATES.—The Bureau of the Mint and the Geological Sur¬

have issued the following joint statement as to the final
figures on the production of gold and silver in the United
States during the calendar year 1917:
vey

Silver.

Gold.
Slate

or

Territory.

Ounces.

Value.

Ounces.

709.729
$14,071,400
2,200
106 i
5,180,600
260,013 j
20,929,400
1,012,401
772,706
15.974,500
314
6,500
754,800
36,511

Alaska
Alabama
Arizona
California
Colorado

Georgia
Idaho
Illinois

1,207,164

...

15

300

177,690
335,361
52,505

3,673,200
6,932,500
1,085,400
10,800
1,687,300
1,446,100

524

Oregon

81,024

Philippine Islands.

69,953

Porto Rico
South Carolina
South Dakota

5
82

11,402,542
7,116

a

63,344
14,555.034
11,217,654
1,535,807
590
172,152
12,715

500
141,800
10,500

403

1,300
488,200
3,700

4,500
266,112
3,400

300
3,700
219,100
2,800

$83,750,700

71,740,362

$59,078,100

179

At the average New

400

563.400
52,200
11,986,100
9.237.700
1.264.700

100

t

UUU

5
63

4,051,440

538

684,225

3,522,100

I

170,383
23,617

Total

9,390,000
5,900

156,800
88,100
484,200
11,002,700

»0

5,500
100

Wyoming

1,735,200
6,004,500

190,382
100,975
587,945
13,360,905

I

267
5

Virginia
Washington

5,733" ■400

100

356,602

Tennessee
Texas
Utah
Vermont

Value.

$994,100

6,962,257
2,107,107
7,291,495

Maryland
Michigan
Missouri
Montana
Nevada
New Mexico
North Carolina

a

I

York dealer’s buying price for the calendar year

1917 of $0.8235

Compared with the 1916 production—gold $92,390,300,
74,414,802 fine ounces—these figures indicate a
reduction in gold output of $8,839,600 and in silver output
and silver

[Vol.107

New York City Realty and

Surety Companies

All prices now dollars per

Alliance R'ity
Amer Surety.
Bond A M G.

Bid
55
54
178

Casualty Co.
City Investing

14"

Preferred..

60

Ask |i
65 ^Lawyers Mtge
59 iMtge Bond..
185 iNat Surety..
75
N Y Title A
19 it
Mtge
67 Ji

share.

Bid
80
80
185

Atk
87
90
189

55

65

Realty Assoc
(Brooklyn)
U 3 Casualty.
US Title Guar
West A Bronx
Title AM G

Bid

Atk

60
175

65
190
60

....

170

150

Quotations for Sundry Securities
All bond prices are

*‘and interest” except where marked “f".

PtfSkart

Standard Oil Stocks

RR. Equipments—PerCt. Basis

!

1473

Par

Bid

Anglo-American Oli new. £i
Atlantic Refining
>00
Borne-Scrymser Co
100
Buokeye Pipe Line Co— 50
Cbeeebrough Mfg new
100
100
Colonial Oil
Continental Oil
100
Crescent Pipe Line Co
60
Cumberland Pipe Line--10o
Eureka Pipe Llue Co
100
Q&Jena-SignaJ Oil 00m... 100

15
935
420
*89
315
10
390
*34
130

180
88
105
100

Atk.

Bid.
6.50
6.60
6.60
6.70
7.50
6.75
6.75
7.50
8.00
8.00
7.00
6.25
6.15
7.25
7.00
6.70
6.70
6.70
6.56
6.50
6.36
6.30
7.00
6.25
6.40
6.40
7.75

;•

1512 !Baltimore A Ohio 4
955

(Buff Rooh A Pittsburgh 4J4*

440
91
330
40
415
38

Equipment 4s
Canadian Pacific 4J4s
Caro Clincfcfleld A Ohio 5s
Central of Georgia 5s

Equipment 4^s
Chicago A Alton 4s
Chicago A Eastern Ill 6y£«
1
Equipment 4H»

140
190
91
115

Chio Ind A Loulsv 4J4s....
iChie St Louis A N O 5s
Chicago A N W 4^a

Ask.

6.00
6.00
6.00
6.25
6.50
6.00
6.00
6.50

7.00
7.00
6.20
5.75
5.85
6.50
6.00
6.00
6.00
6.00
6.00
6.00
5.80
5.80
6.25
5.75
6.00
6.00
6.75

Preferred old
100
105
Preferred new..
155
Illinois Ptpr tone
100 150
Chicago R I A Pac4H»--Colorado A Southern 5c...
Indiana Pip'* Lin* Co
50 *88 : 92
.“.
International Petroleum. LI *!3i4 ’334 Erie 5s
National Transl t Co... 12.60 *13 i 14
Equipment 4^s
195
New York Transit Co
100 185
Equipment 4s
Northern Pipe Line Co.. .100 105 illO
Hocking Valley 4«._
Ohio Oil Co
25 *304 308
Equipment 6s
43
Penn-Mex Fuel Co
26 *41
i Illinois Central 6s
Prairie Oil A Gas
100 500 510
Equipment 4 Me
Kanawha A Michigan 4 H*.
Prairie Pipe Line
100 257 262
Solar Refining
Louisville A Nashville 5s_.
...100 310 320
172
Southern Pipe Line Go-.lOO 167
Michigan Central 5a
Minn StPASSM 4>*9
South Penn Oil
..100 258 262
Southwest Pa Pipe Lines. 100
95
99
Missouri Kansas A Texas 6s.
Standard Oil (California) 100 213
216
Missouri Pacific 6s
7.75; 6.75
6.50 6.00
Standard OH (Indiana).. 100 565 575
Mobile A Ohio 5s
6.50
6.00
475
Standard OH (Kansas)... 100 455
Equipment 4Hs
6.50 6.00
Standard Oil (Kentucky) 100 300 310
New York Central Lines 5s.
6.50 6.00
Standard OH (Nebraska) 100 410 425
Equipment 4^8
6.75 6.10
Standard OH of New Jer.100 520 525
N Y Ontario A West
6.25 5.75
Standard Oli of New Y’k 100 267 272
Norfolk A Western 4H»-6.20 5.75
Standard OH (Ohio)
100 400 410
Equipment 4s
95
6.15
5.70
SwanA ^Inch
90
100
Pennsylvania RR 4M*
6.15 5.70
Lnion Tank Line Co....100
98 100
Equipment 4s
7.40 6.60
Vacuum Oil
St Louis Iron Mt A Sou 5s..
..100 323 328
36
St Louis A San Francisco 6n
7.40 6.60
Washington Oil
10 *32
7.50 7.00
Seaboard Air Line 6s
7.50 7.00
Equipment 4J4*
Ordnance Stocks—Per Snare.
6.38 5.88
Southern Pacific Co 4XS-Aetna Explosives pref
50
60
6.70 6.00
100
[Southern Railway 4^s
American A British Mfg. 100
5
2
7.06 6.00
Toledo A Ohio Central 4s.
35
Preferred
20
100
Tobacco Stocks—Per Ska re.
Atlas Powder oommon
170
Ask.
100 167
Pat Bid.
Preferred
89
87
103
100
Amerloan Cigar oommon. 106
98
Babcock A Wilcox
113
111
90
Preferred
80
100
100
Bliss (E W) Co oommon. 60 *300 350
Amer Machine A Fdry_.10G
70
60
Preferred
Brltlah-Amer Tobao ord..£l *1812 19l2
60 *75
Canada Fdye A Forgings. 100 200 205
Ordinary, bearer
£1 *18i2 1912
Carbon Steel oommon
100 100 110
Conley Foil..
100 I80 210
1 st preferred
100
90
60
90
100
Johnson Tin Foil A Met. 100
70
2d preferred
66
175
MaoAndrows A Forbes.. 100 150
-.100
Colt s Patent Fire Arms
80
90
Preferred
100
58
25 *54
Mfg
Reynolds (R J) Tobaooo.100 280 320
fluPont (E I) de Nemours
B 00m stock
100 230 260
A Co oommon
104
100 275 285
Preferred
100 101
89
88
Debenture stock:
A dividend scrip
94
98
100
92
Eastern Steel
90
94
98
..100
B dividend scrip._
45
35
140
Empire Steel A Iron 00m. 100
110
Young (J 8) Co.".
100
74
78
Preferred
90
95
.100
Preferred
100
Heroulee Powder com
100 220* ,230
109
Preferred
Short-Term Notee-P«f Cent.
..100 105
Am Cot Oil 5s 1919
Nlles-Bement-Pond - oom.100 118 121
.MAS
975g 977*
Preferred
95
7 % notes Sept 1919
9712
100
997g 100
Penn Seaboard Steel (no par) *48*2 50
AmerTelATel 6s lwiy.FAA
99^ 997*
Balto A Ohio 5s 1919 ..JAJ
Pheips-Dodge Corp
106 275
983g 985»
CanAdlAn P^n Hr 1924 MAS 2
Scovlll Manufacturing
]Q0 400 410
30
Thomas Iron..
Del A Hudson 5S 1930 FAA
I
60 *22
975s 977*
Winchester Repeat Arms. 100 600 650
Erie RR 5s 1919
...A-O
963g 96*4
55
Woodward Iron
50
100
Fed Bug Rfg 5s 1920.-.JAJ
9534! 97
Gen Elec 6s 1920
JAJ
9978jl00l*
99*4 100
6% notes (2-yr) '19. JAD
Public Utilities
General Rubber 5s 1918.JAD
99t2 99*4
Amer Gas A Elec 00m
83
97
60 *80
Great Nor 6s 1920
MAI
97*g
Preferred
41
50 *39
99*8 99s*
Hooking Valley 6s 1918 MAN
Amer Lt A Trao 00m.... 100 190 192
99
K C Term Ry 4Hs '18-MAN
99i2
Preferred
94
92
100
P3*2 95 1
JAJ
4XB 1921
Amer Power A Lt com...100
45
40
Laclede Gas L 5s 1919. FAA
9734 98*4
Preferred
70
75
100
99i2
Morgan* Wright 6s Dee 1 '18
Amer Publlo Utilities 00 m 10C
18
N Y Cent 5s 1919...M&S15
985s 99
32
36
Preferred..
10c
Penn Co 4He 1921.. JAD 15
9534 96U
Cities Service Co 00m
242
240
100
Pub Ser Corp N J 5s '19.MAP
94U 95i2
Preferred
74
75
100
Rem Arms U.M.C 5s’19FAA
98i2 99U
Com’w’lth Pow Ry A L.100
21
23
981j 98^8
Southern Ry 5s 1919.-M-8 2
Preferred
41
43
100
Utah Sec Corp 6s ’22.M-S 15
8212 84
Elec Bond A Share pref__100 d90
95
iW’house El A M 6s ’19.F&A
99i2 99*4
Federal Light A Traction.100
7
10
Winches RepArms7s'19.MAH
99U 99i2
Preferred
36
41
100
j.
Qreat West Pow 5s 1946 .JAJ
74
72
Industrial
12
15
Mississippi Rlv Pow oom.100
aud Miscellaneous
Preferred
42
46
215
100
American Brass
100
First Mtge 6s 1951...IAJ
71
73
38
34
; American Chide com..--10C
North’n States Pow oom.100
47
44
63
58
100 125
Preferred
Preferred..
81
83
127
100
'American Hardware
UK)
North Texas Elec Co com 100
60
65
40
Amer Typefounders oom.100
36
Preferred
85
75
70
80
100
!
Preferred
100
Pacific Gas A Eleo 00m..100
95
35
36
|
Borden’e Cond Milk com .109 92
1st preferred
79
81
94
98
100
Preferred
100
Puget Sd TrLAPoom.100
15
10
100 143 148
[Celluloid Company
Preferred
44
65
100
46i2 [Columbia Graphoph Mfg (t) *63
Republic Ry A Light
17
66
19 I !
63
100
Preferred
100
Preferred
32
57
59
: Freeport Texas Co
ion
(t) *30
South Calif Edison com.. 100
3
1
73
100
75i2 i Havana Tobacco Co
5 *
2
Preferred
96
93
100
i Preferred
100
43
Standard Gas A E! (Del). 50
*5
7
1st g 6e June 1 1922.. J-D /38
Preferred
10
11
*22
21
50
|Intercontlnen Rubb com. 100
Tenneseee Ry LAP com 100
1
3
Hntemat Banking Co.--.100 160
Preferred
10
13
62i2
100
! International Salt
100
United One A Elee Corp. 106
68 i2
66
5
7
|
1st gold 5b 1951
A-O
70
1st preferred
38
40
100
iInternational Silver prel.lOC
2d preferred...
89
*86
7
!
0
100
Lehigh Valley Coal Sales. 60
United Lt A Rys 00m
50
54
29
31
100
Otis Elevator common—100
74
76
1st preferred
60
loo
Preferred
100
6D2
Western Power common. 100
12
14
Remington Typewriter—
25
26
Preferred
51
55
Common—
100
100
97
1st preferred
100 94
81
84
2d preferred
100
120
125
Royal Baking Pow com..100
83
90
Preferrt-d.
..10m
8tnger Mfg
160 165 168
1
Tex Par Coal A Oil
100 880 920
.

-

of 2,674,440 fine

f^TOCK

ounces.

OF MONEY IN THE COUNTRY.—The follow-

ing table shows the general stock of money in the country, as
well as the holdings by the Treasury and the amount in cir¬
culation

on

the dates given:
-Stock of Money Oct. 1 ’18
Money in Circulation
in U. S.
Oct. 1 1917.
afield in Treas. Oct. 1 1918.
$
$
$
$

Gold coin (Including bullion
in Treasury)
3 079,094,009 277,628,415
Gold certificates
Standard silver dollars....
374,080,376
Silver certificates

28,769,361

Subsidiary silver
Treasury notes of 1890

232,403,832

5,991,787

United States notes
346,681,016
c2 525,432,760
Federal Reserve notes
Federal Reserve bank notes
42,798,560
National bank notes
721,933,170

8,271,404
38,370,746
224,605
20,989,885

Total

b962, 748,000
693,577,474
740 028,984 1,613,090,529
12 778,240
73,940,150
330, 701,417
477,011,839
202,061,897
226, 412,045
1,936,311
1, 831,358
409,612
338,
340,883,531
2,365, 006,124
706,823,367
42, 573,955
12,333,250
700, 943,285
698,888,106

7,322,423,723 380,246,203 5,721,433,020 4,820,546,454

Population of continental United States estimated at 106,301,000.
per capita, S53 82.

Circulation

a This statement of money held in the Treasury as assets
of the Government
does not Include deposits of public money in Federal Reserve banks and in national
banks and special depositaries to the credit of the Treasurer of the United States,
amounting to $922,938,066,05.

b Includes $431,896,091 07 Federal Reserve Gold Settlement Fund deposited with
Treasurer of the United States.
c

Includes

own

Federal Reserve notes held by Federal Reserve banks.

Note.—On Oct. 1 1918 Federal Reserve banks and Federal Reserve Agents held
against Federal Reserve notes $795,775,890 gold coin and bullion, $197,409,820
gold certificates and $122,050,890 Federal Reserve notes, a total of $1,220,744,500,
against $532,352,400 on Oct. 1 1917.

Now York City Banks and Trust Companies
All prices now

Banks—NY

Atk. 1
Bid.
Banks.
America *
280
495 i Lincoln
Amer Fxch..
223
■Manhattan *. 160
Atlantic
Mech & Met. 285
168
178
Battery Park- 190
200
Merchants
123
400
Bowery •
Metropolitan* 165
Bronx Boro*.
125
175" Mutual*
375
Bronx Nat..
170
New Neth*.. 200
160
New York Co 130
Bryant Park* 145
155
Butch A Drov
New York
18
23
425
Chase
345
355
Pacific *
135
Chat A Phen. 235
Park
245
495
Chelsea Ex *
Prod Exch*... 200
120
Chemical.... 385
200
395
Public
Citizens
212
222
Seaboard
450
City
378
385
Second
400
Coal A Iron.. 208
Sherman
125
Colonial*
1400
State*
100
Columbia*... 155
23d Ward*... 115
165
Commerce
173
176
Union Exch..
145
Comm’l Ex*. 390
United States* 600
410
CommonWash H’ts*.. 275
180
wealth •
190
Westch Ave*. 160
*.
Continental
mo
107
Yorkvllle •
290
Corn Exch*.. 307
315
85
Cosmoplitan *
100
Brooklyn.
Cuba (Bk of). 175
187
Coney Island* 140
East River...
15
18
First
260
Fifth Ave*... 11800 2200
Flatbush
145
215
Fifth
230
Green point
150
First
*
t900
Hillside
110
Garfield
170
185
Homestead *.
Gotham
200
Mechanics’ •_
57
Greenwich*.. 330
340
Montauk •
Hanover
660
675
Nassau
200
Harriman.... 235
245
National City 133
475
490
North Side*.. 175
Imp & Trad..
{Irving (tr
130
People’s
275
certificates) 270
400
390
Liberty
....

...

Ask.
300
167
295
130
175

Empire
Equitable Tr.
Farm L A Tr.

510

Guaranty Tr.

Fidelity
Fulton
Hudson

•

Banks marked with a (•) are State banks,
t Includes one-third sh<*re

ebange this week,
x Ex-rlghts.




Irving

Trust

c

130

Law Tit A Tr
Lincoln Trust
Mercantile Tr
A Deposit

155

Metropolitan.

425
135
108

Bid.
350
370
238
90
290
328
350
200
225
315
135
i See
1 Nat
90
95
195
305

Ask.

360
385
245
100
300
335
365
210
255
320
145

Irving
Bank

97
105

315

-Mutual (West-

Chester)
175
310

165
120
110
62
95
207
138
200
140

105

125

875
590
290
212

900

N

Y Life Ins
A Trust...
N Y Trust...

Scandinavian
155
270

..

..

...

140

215

.

„

Trust Co’s.
New York.
Bankers Trust
Central Union
Columbia
Commercial..

215

4 70

■

-

dollars per share.

Bid.
480
215

..

Title Gu A Tr
Transatlantic
U S Mtg ATr
United States
Westchester..

Brooklyn.
Brooklyn Tr.
Franklin
Hamilton..
Kings County
Manufacturers

People's
Queens Co

t Sale at auction
Irving Trust Co.

400
875
130

600

222"
170
410
900
140

485
225
265

505

620

660

160
280
65

75

or at

235

275

Stock Ex.
Btock

t New

_

_

_

_

j

♦Per share.

/Flat price,

5 Basis.
a

d Purchaser also pays accrued
s Ex-dividend,
y Ex-rlghts.

Nominal,

dividend, e New stock.
(t) Without par value-

Oct. 12

1473

THE CHRONICLE

1918.]

iymtsimml mid gUtitoaxt |iitjeXXi^wtje.

EARNINGS
roads from which regular weekly or monthly returns
for the latest week or month, and the last two
week or month. The returns of the electric rail-

GROSS

RAILROAD

The following table shows the gross earnings of various STEAM
oan be obtained.
The first two columns of figures give the gross earnings
oolumns the earnings for the period from Jan. 1 to and including the latest
tsays are brought together separately on a subsequent page.
Jan. 1 to Latest

Latest Qross Earnings.

ROADS.
Week or
Month.

Current
Year.

Previous
Year.

Current
Year.

Previous
Year.

$

%

$

$

2,962,004
2,563,756
7,942,889
1,589,825 1,524.039
August
2,089,121
523.312
295,397
August
757,793
128,713!
94.085
Birmingham South. August
7,674,120 5,599,912 44.825,716 38,867,210
Boston & Maine
August
399,512! 356,489 14.017,662 11,441,291
Buff Roch & Pittsb 1st wk Oct
220,9081 167,765 1,504,866 1,144,777
Buffalo & Susq RR. August
758,500 33,390,300 30,963,500
Canadian Nor Svst. 1st wk Oct 1,072,900
Canadian Pacific ..1st wk Oct 3,458,000 2,842,000 1125558831110260646
138,455
107,276 1,585,539 1,734,655
Can P Lines in Me. August
466.756
386,553 2,965,102 2,677.049
Caro Clinch & Ohio August
1,888,066 1,318.030 13,204,68l! 9,837,343
Central of Georgia.'August
4,913,656 ,3520,261 28,842,129 24.476,974
Central RR of N J.j August
612,573
490,707 4,004,845 3,635,058
Cent New England- August
457,971
401,200 3,258,982 2,904,583
Central Vermont.,'August
234,677, 180,234 1,555,228 1,258,467
Charleston & W Car July
7,546,976 4,735,959 44,506,790 35,209,723
Ches & Ohio Lines. August
2,752,476 1,910.441 15,234,094 13,421,541
Chicago & Alton
August
14592 194 10956606 90,015,508 79,935,814
Chic Burl & Quincy August
748,485
163,436
122,207
800,805
Ch Det & C G Trk. July
2,841,806 1,856,104 16,691,992 13,716,771
Chicago & East Ill. August
2,092,818 1,469,080 12,216,138 10,682.061
Chicago Great West August
1,199,781
822,096 6,860.861 5,961,596
Chic Ind & Louisv. August
325.474
283.116 2,393,649 2.152,290
Chicago June RR.. August
13308111 10500 802 80,980,099 72,978,913
Chic Milw & St P__ August
13334147 10153 927 78,082.132 69,432,152
Chic & North West. August
221,755
189,726 1,456,267 1,396,677
Chic Peoria & St L_ August
10154796 7,519.819 62,861.462 54,790,108
Chic R I & Pacific. August
417,351
298,963 2,865,265 2,421,284
Chic R I & Gulf. August
2,367,356 1,916,079 15,332,700 13,569,152
Chic StPM & Om. August
557,255
344,096 3,105,900 2,409,211
Chic Terre H & S E August
311,295
218,324 2,027,500 1,779,921
Cin Ind & Western. August
858,361
149,424
109,794
913,606
Coal & Coke
August
127,930
126,522
920,402
Colorado Midland. July
335,000
300,801 9,068,844 7,955,161
Colorado & South. 4th wkSept
722,018
566.747 4,819,947 4,001,116
Ft W & Den City August
608,629
90,446
76,918
728.374
Trin & Brazos Val August
810,143
117.757
104,415
751,988
Colo & Wyoming.
August
765,082
89,199
117,195
635,899
Crip Crk & Col Spgs August
1,017.027
839,815 9,189,284 4.869.773
Cuba Railroad
August
3,817,632 2,946,281 22,276.983 19,6.50,691
Delaware & Hudson August
6,900,082 5,097.696 43,195.651 37,775,422
Del Lack & West.. August
3,096,025 2,438,395 19.061.497 18,033,832
Denv & Rio Grande August
230,785 1,374,932 1,344,172
237,144
Denver & Salt Lake August
946,423
24,953 1,022,588
29,2111
Detroit & Mackinac 3d wk Sept
426,0681 283,703 2,012,403 1,959,110
Detroit Tol & Iront August
166,554; 159,358 1,269,091 1,252,705
Det & Tol Shore L_ August
1,561,640 1,128.599 6,061,025 4,423,645
Duluth & Iron R
August
3,757,830 2,518.205! 13,327,616 8.933.556
Dul Missabe & Nor August
267,5081 114,149! 3,557,809 3,226,120
Dul So Shore & Atl. 4th wkSept
164,800' 162,606! 1,141,833 1,445,916
Duluth Winn & Pac August
688,414
132,836!
91,119
723.324
East St Louis Conn August
2,073,588! 1,498,266 12,233,195 10,583,460
Elgin Joliet & East. August
9,300,262
9,844,866
957.037
1,262,876
El Paso & So West. August
9.818,517 6.426.236 53.857,115 46,141,826
Erie
August
767,792 6.643,206 5,785.805
1,093,307
Chicago & Erie.. August
475,858 6,214,149 5.864,948
595,607
Florida East Coast. August
August
August

Bangor & Aroostook
Belt Ry of Chicago.
Bessemer & L Erie.
Bingham & Garfield

430,640
395,027

3,037,841

297,104
350,520

ROADS.

2,604,763
8,297,340
2,282,073
1,049,811

_

August
Augnst
Monongahela
Monongahela Conn August
Nashv Chatt & St L; August
Nevada-Cal-Oregon 2d wk Sept
August
Nevada Northern.
Newburg & Sou Sh. August
New Orl Great Nor August
New Orl & Nor East August
August
N O Texas & Mex
Beaum S L & W_ August
St L Browns & M August
New York Central- August
Boston & Albany April
Lake Erie & W__ August
Michigan Central August
Cleve C C & St L August
Cincinnati North August
Pitts & Lake Erie August
Tol & Ohio Cent. August
Kanawha & Mich August
N Y Chic & St Louis August
August
N Y N H & Hartf.
N Y Ont & Western August
N Y Susq & West.. August
Norfolk & Western. August
Norfolk Southern. August
August
Northern Pacific
Minn & Internat. August
Northwest’n Pacific August
Pacific Coast Co
August
Pennsylvania RR__ August
August
Balt Ches & Atl.
Cumberland Vail August
August
Long Island
Mary’d Del & Va August
N Y Phila & Norf August
W Jersey & Seasn July
Penn Western Lines August
Grand Rap & Ind August
Pitts C C & St L. August
Penn System—
Missouri Pacific

_

_

_

Fonda Johns &

Glovi August

Fr Smith & Western August
Galveston Wharf.. August

109,738
114,806
51,705
569,709
112.848

103,023
93,626
87,064
371,886
105,334

726,690
810,688
717,612

710,328
665.080
763,769
2,405.639
3.651.638
45,980,789
34,900.487
6,959,585
2.015,444
56,377,774

3.946.947
Georgia Railroad. August
3,819,582
Grand Trunk Pac._ 1st wk Sept
Grand Trunk Syst. 4th wkSept 2,126,177 1,855,133 52,096,659
Grand Trunk Ry 1st wk Sept 1,248,116 1,059,640 39,171,708
1.649,552 1,409,683 7,582.109
Grand Trk West. August
274,888 1.759,411
265,944
Det G FI & Milw. July
9,087.418 8,175,031 57,598.909
Great North System August
247,723 1,546,856 1,495,002
228,292
Gulf Mobile & Nor. August
246,739 1.748,488 1.430.773
258,668
Gulf & Ship Island- August
1.606,675 1,093.533 8.332,765 6,841.351
Hocking Valley
August
10246824 7,752,920 68,422,055 56,707,044
Illinois Central
August
1,172,264 1,037,152 8.449,386 7,563,735
Internat & Gt Nor. August
781.861
805,321
112,839!
118,827
Kan City Mex & Ori August
772,609
844.812
90,570s
97,147
K C Mex & O of Tex August
1,226,967 1,066,863 9.561,842 7,954,675
Kansas City South. August
724,203
790,354
93,880
108,999
Texark & Ft Sm_ August
557.812
575,883
91,135!
107,593
Kansas Citv Term. June
1,520,403
1,521,320
221,485'
237,030
Lehigh & Hud Riv. August
360,302 2,831,071 2,405.005
607.294
Lehigh & New Eng. August
7,051,975 4,866,857 40.977,960 35,261,606
Lehigh Valley
August
1,309,734 1.043.699 9,196.874 8,342,635
Los Ang & Salt L__ August
990,760
160,287 1,127,259
145,428
Louisiana & Arkan. August
182,727' 1.667.681 1,266,762
286.162
Louisiana Ry & Nav July
49,244.083
10873 686 6,771,278 63,377.202
Louisville & Nashv. August
203,304 1,760,713 1.435.639
270,708
Lou Hend & St L__ August
1,728,257 1,292.510 10,481.258 9.329,582
Maine Central
August
270,674 2,194,242 1,863,796
302.848
Midland Valley
August
857,329
897,144
35,553
29,881
Mineral Range
4th wkSept
961,371 7,481.419 7,027,206
1,127,144
M inneap & St Louis August
20.311,451
22.320.179
3,088,470
3,529,864
Minn St P & S S M_ August
525,713
848,025
106,369
129,081
Mississippi Central. August
3,175,057 2,371,388 20,307.283 16.627.308
Missouri Kan & Tex August
1,769,621 1,350,871 12.294.465 9,636,927
Mo K&T Ry of Tex August
963,994
934,222
934,222
154,953
Mo & North Arkan. August
164,821 1,188.804 1,246,418
158.687
Mo Okla & Gulf... August
_

.

AGGREGATE OF GROSS
*

Weekly Summaries.

Current
Year.

%
3d week July
4th week July
1st week Aug
2d week Aug
3d week Aug
4th week Aug
1st week Sept
2d week Sept
3d week Sept
4th week Sept
1st week Oct
•

Method of




(19
(11
(12
(15
(14
(14
(16

roads)
roads)

roads)
roads)
roads)

roads)
roads)
(15 roads)
(14 roads)
(13 roads)

9.777.522
8,715.679
5,812.844
6,168,850
6.102.758
9,306,598

7402.544
6,484,655
7,230.476
9,735.164
4,930.412

Previous
Year.

%
8,935.100
7.973,165
5,045.973
5,610.287
5,299,0.50
7,916.611
5.908.578
5,564.164
6,251,935
8,158,016
3,956.989

(3 roads)
reporting changed figures are now

Increase or
Decrease.

Current
Year.

Week or
Month.

175.326 1,518,520 1,300,998
Alabama & Vicksb. August
213,537
70,717 2,427,780 2,356,120
Ann Arbor
4th. wkSept
92,824
Atch Topeka & S Fe August
15461214 12374162 102780 780 91,263,165
Gulf Colo & S Fe August
1,647,095 1,381,397112,900,290,10,834,487
Panhandle & S Fe August
630,842 3,880,693 4,524,160
530,198
Atlanta Birm & Atl August
420,373i 318,227 2,843,681 2,539,976
Atlanta & West Pt_ August
213,123! 160,037 1,538,464 1,688,739
Atlantic City
708,093
539,380 2,686,271 2,238,292
August
Atlantic Coast Line August
5,444.024 3,355.674 36.526,374 28,618,672
926,429
986,133
122,364
Atlantic & St Lawr_ June
197,384
19559118 12869706 106225 192 85,960,497
Baltimore & Ohio.. August
1,151,638
1,011,222
171,459
B & O Ch Ter RR July
189,446

Jan. 1 to Latest Date.

Latest Gross Earnings.

Date.

_

.

_

Previous
Year.

$
$
%
8,507,547 6,894,566 56,334,002 50,978,116
185,916! 1,961,915 1,415,531
313,659
133,826 1,545,962 1,252,211
243,631
2,264,739 1,305,209 13,438,395 9,615,385

244,946
188,421
10,521
6,761
212,024 1,720,016 1,599,921
290,685
652,044
842,206
88,949
167,214
197,226 1,453,778 1,226,651
219,250
395,237 4,155,303 3,062,408
697,620
894,884
108,800 1,313,236
145,890
627,235
948,627
77,780
121,610
269,607 2,714,349 2,583,844
560,593
31102 238 21634298 180114 566 155306443
2.045.392 1,872,719 6,997,425 6,755,467
724,957 5.925,172 5,427,170
942,297
7,111,090 4,643,172 42,920.224 33.889,492

7,933,327 5,014,065,44,319.039 34,054,367
287,477
237,490! 1,722,699 1,561,579
3,415,464 2,470,518 20,660,672 16.659,945
831,2271 6,315,509 5,032,099
1,116,479
364,175 3,663,733 2,329,339
649,354
1,532,528
13,403,856 11.169,521
2,341,173
11113939 7,600.871 65,695,038 56,045,098
1,303,077 l,113,636i 7,393.590 6,181,345
323,233 2,740,337 2,389,141
546.922
'8,610,301 6,021,972 51,310,742 42,645,801
I 488,381
458,725 3,633,268 3,578,526
9,804,525 7,533,664 60,302,799 57,340.415
742,685
81,650!
715,545
71,302

_

Lines East
Lines West
Lines E & W
Peoria & Pekin Un_
Pere Marquette

Current
Year.

Previous
Year.

May
May
May
August

682,398
528,405
36975 640
197,934
699,904
2,628,653
149,768
775,211
1,291,458
9,832,456
744.922
8,806,666

501,636 3,732,457 3,117,913
497,111
26908690 226180291 190686 863
811,673
857,014
189,732
441,218 3,484.422 3.1Q7.182
993,966 14.742.53 110928,221
641,760
645,034
131,698
537,363 4,631,075 3,607,107
4,610.793
1,072,328 5,266,033
7,714,591 57,670,586 51,397,150
676,300 4,607,411 4,324,650
6,557,430 54,856.567 48.657,920

34178 634 28200869 137033 977 126673981
15109144 14030228 62,878.383 61,431,347
49287 779 42231 098 199912 360 188105327

812,624
828,354
116.702
102.472
2,756,665 2,087,351 17,624.281 15,403,002
August
761,292
896,971
104,047
143,045
Pittsb & Snawmut. August
824,203
881,924
103,381
99,844
Pittsb Shaw & Nor. August
1,065.307
208,591
140,463
Pittsb & West Va__ July
1,286,080
1,563,785
186,470
262,032
August
Port Reading
Reading Co—
7,601,216 6,062,282 52,010,622 44,109,116
Phila & Reading- August
4,543,357 4.175,608 21.411,789 18,757.138
Coal & Iron Co.- May
11462818 10062 833 50.263.813 45.511,853
May
Total both cos
396,995 4,127,794 3,167.558
709,607
Rich Fred & Potom August
217,178 2,298,511 1,615,206
402,228
Wash Southern._ August
403,450 2,948,242 2,843,225
452,079
August
Rutland
165,793 1,744,759 v1.542,070
217,851
St Jos & Grand Isl. August
6,791,512 5,252,903 43.462.857 36,715,480
St Louis-San Fran. August
486,617
614,563
94.489
79,427
Ft W & Rio Gran July
759,126
935,999
97,880
102,337
St L S F of Texas August
364,000 13,969,000 11.764,000
359,000
St Louis Southwest. 3d wk Sept
472,613 4.496,880 3.405,648
650,561
St L S W of Texas August
375.702 2,599,812 2,493,798
365,223
San Ant & Ar Pass. August
3,724,774 2.293,844 24.633,261 19.447.605
Seaboard Air Line.. August
835,925
150.680
85,731| 1,050.791
August
South Buffalo
15745887 11619281 96,710,305 83,323,278
August
Southern Pacific
273,878' 2,930,806 2,947.934
352,414
Arizona & East.. August
2,062,184 1,664.765 13,829,624 12,580,115
Galv Hous & S A. August
645,808! 5,812,721 4,838,238
944,616
Hous & Tex Cent August
149,016 1,318,480 1,174,989
203,726
Hous E & W Tex. August
300,5991 2,833,058 2,214,754
420,858
Louisiana West.. August
5,301,979 4,210,056
544,492
802,350
Morgans La & Tex August
550,318 4,871,424 4.037,493
680,612
Texas & New Orl August
13218912 7,853.628 79.715.755! 56.477.775
Southern Ry Syst__ August
631,833 5.749.576 4.518,443
997,653
Ala Great South. August
1,761,597 1,163,125 9.819.043 8.590,088
CinNO&TexP. August
395,237 4,155,303 3,062,408
697,620
New Orl & Nor E August
1,494,896 1,195,153 9,533.752 8,986,341
Mobile & Ohio.. August
231,281 2,283,024 1,805.004
308,201
Georgia Sou & Fla August
774,354
867,378
111,077
136,619
South Ry in Miss August
591.872
651,523
88.323
87,345
Spokane Internat’l August
3,765.975
645.712 4,544,909
738.963
Spok Port & Seattle July
1,014,004
148,009 1,199,415
219,324
Staten Island R T._ August
93,953
101,589
2,662
4,068
Tenn Ala & Georgia 4th wkSept
165,349 1,924,890 1,158,514
384,427
Tennessee Central- August
332,033 2,460.018 2,574,875
397,766
Term Assn of St L. August
267,463 2,354,925 2,011,829
412,876
St L Mer Bdge T August
608,746 18,903,170 15,891,191
709,156
4th wkSept
Texas & Pacific
843,268
117,103 1,014.278
163,281
Toledo Peor & West August
657,521 5,244,516 4,593.357
897,769
Toledo St L & West August
695,679
679.694
139,563
129.189
August
Ulster & Delaware
10570269 6,874,184 59.330.927 47.141.945
August
Union Pacific
19.545,290
3.306,089! 2,598,091 21.334.801
Oregon Short L__ August
2,726,068 1,801,087 16,685,085 14,039,112
Ore-Wash RR&N August
476.971
482.099
173,599
178,987
Union RR (Balt).. March
586,212 4,310,173 3,816.451
678,763
Augnst
Union RR (Pa)
890,382
159,079
August
Utah
169,259 1,617,166 1,298.213
219,983
Vicks Shreve & Pac August
967,754 7.499,158 6.931.895
1,256,449
August
Virginian RR
5,160.001 3,526.219 29,801.084 26.179.859
August
Wabash RR
1,507.616 1,205,505 9.514,107 8,733.445
Western Maryland. August
1,286,680 1,002.909 7,311,475 6,270.577
August
Western Pacific
166,799 1.512,109 1,038514
192,906
Western Ry of Ala- Augnst
1,446.966 1,146,957 8,558.730 6.949.404
Wheel & Lake Erie. August
667,929
653.236
86.803
104,353
Wich Falls & N W. August
.

Yazoo & Miss

Vail. August

2,155.567 1,512.822 13,824,572 11,141,401

EARNINGS—Weekly and Monthly.
Current
*

%

%
+ 842.422

9.43
+742.514 8.17
+ 766.871 15.19
+565,260 9.96

+803,708 15.17
+ 1.389.987 17.56
+ 1,193,966 20.21
+920,491 16.54
+978,541 15.65
+ 1.577.148 19.33
+ 973,423 24.60

Monthly Summaries.

Cur. Yr. Prev. Yr.
245.967
-247.048
241,621
November. .242,407
247,265
December. .247,988
239,885
January.. -240,046
228.835
February. -230,336
237.463
-238.891
March
April .... ..233,734 232.255
-230.355 228,892
May
219.294
.220,303
June
-231,700 230,570
July
-230,743 230.015
1 August

Mileage.

October

for the Colorado & Southern

.

Railway Company only.

Year.

Previous
Year.

%

389.017.309 345.079.97?
360.062.052 326.757,147
343.875,052 317.836.386
282.394.665 294.002.791
362.761.238 312.276.881
285.776.203 260.627.752
369,409.895 319.274.981
374.237.097 342.146,096
363.165.528 323,163,161
463,684,172 346.022.857
498.269.356 362.509.561

Increase or
Decrease.

>

%

+43.937.332 12.73

+33.304.905 10.19
+26.038.666 8.18

—11,608,128 3 95
+ 50.484.357 18.22
+ 25.148.451! 9.85
+50.134.914 15.70
+ 32.091.001 9.38
+ 40.002.412 12.38
+ 117661315 34.00
+ 135759 795 37.45

THE CHRONICLE

1474

Gross

Latest Gross

Earnings by Weeks.
For the fourth week of September our final statement
covers 13 roads and shows 19.33% increase in the aggregate
over the same week last year.
Fourth Week

Previously reported (6 roads)__
Ann Arbor—
Canadian Northern
Colorado & Southern
Duluth South Shore & Atl
Mineral Range
Tennessee Alabama & Georgia
Texas & Pacific

Total (13 roads)
Net increase (19.33%).

1917.

1918.

of September.

335.000
267.508
35.553
4.068
709.156

9,735,164

8,158,016 1.577,148

92.824

1.359,900

.

ba Railroad—
Aug ’18 1,017,027
’17
839,815
2 mos ’IS 2,093,129
*17 1,583,589

8

Net

Earnings.

Earnings.

Aug ’18
•17
mos *18
’17

Gross Earnings
Current
Previous
Year.
Year.
$
$

Current
Year.

$

Aug

Previous
Year.
$

279,056
709,273
179,068
1,255,696
39,695
219,465
def46,128
356,877
454,917
3,016,636
26,765
234,461

Colorado & Sou System—

Trinity & Brazos Val.Aug
Jan 1 to Aug 31
Colorado & Wyoming__Aug
Jan 1 to Aug 31

90,446
728,373
117,756
751,988
89,199
635,898

Crip Crk & Col Spgs...Aug
Jan 1 to Aug 31
Detroit Toledo & Iront.Aug
426,068
Jan 1 to Aug 31.
2,012,402
Duluth So Sh & Atl
Aug
577,260

76.918 def50,956 defl8,564
608,629 def206,629 def247.135
104,414
46,120
30,453
810,143
191,612
330,839
117,194
34,372
59,788
765,082
248,293
387,822
283.702
113,776
54,402
1,959,110 def272,431
285.615
416,026
220,856
100,032
2,877,016
342,037
578.802
91,119
20,307
20,786
688,415 def91,899
159,811
103,023
43,787
50.498
710,328
311,192
287,166
1,409,682 def282,461
231.947

Jan 1 to Aug 31..
3,116,994
East St L Connect
Aug
132,836
Jan 1 to Aug 31
723,324
Fonda Johns & Glov___Aug
109,737
Jan 1 to Aug 31.
726,689
Grand Trunk Western..Aug 1,649,552
Jan 1 to Aug 31
Illinois Central
Aug 10,246,823 7,752,919
2,397,122
2,201,164
Jan 1 to Aug 31
68,422,055 56,707,043 11,443,104 16,347,219
K C Mex & Or Ry of T.Aug
97,147
90,570 def23,684
1,832
Jan 1 to Aug 31
772,608
844,812 defl39,895 def33.220
Midland Valley
Aug
302,847
270,673
28,903
110J40
Jan 1 to Aug 31.
2,194,242
1,863,795
607,593
535,766

Aug

1 to Aug 31

Mississippi

Central
Aug
Jan 1 to Aug 31..
Missouri Okla & Gulf..Aug
Jan 1 to Zug 31
Monongahela Connect.Aug
Jan 1 to Aug 31
Newburgh & So Sh
Aug
Jan 1 to Aug 31
New Orl Great Nor
Aug
Jan 1 to Aug 31
N Y Susq & West______Aug
Jan 1 to Aug 31
Norfolk Southern
Aug
Jan 1 to Aug 31
Northern Pacific System—
Minneapolis & Intern Aug
Jan 1 to Aug 31
Pennsylvania Sustem—
Maryland Del & Va__Aug
Jan 1 to Aug 31
Monongahela
Aug
Jan 1 to Aug 31

112,389
748,520
129,081
848,025

158,687
1,188,804
243,630
1,545,961

167,213
842,204

219,249
1,453,777
546,922
2,740,337
488,380
3,633,267

71,301
715,545
149,767
645,033

313,658
1,961,905

110,376 def36,572
786,483 defl4,108
106,369
32,186
525,713
237,503
164,820 defl6,860
1,246,417 def219,528
133,825
66.040
1,252,210
225.077
88,949
63,299
652,044
136.838
197,225
86,150
1,226,651
441,353
323,232
152,378
2,389,141
236,423
458,724 defl2.651
3,578,526
344,463
81,649

742,685
131,698
641.760
185,916

1,415,531

Peorta & Pekin Union__Aug
Jan 1 to Aug 31

defl3,884
65,698

15,713
12,225
48,489
142,774
41,907
239,314

defl2,143
128,442
2,187

def7.519
89,344
443,706
78,646
595,104
158,752

1,190,454
11,491
247,363

33.656
35,875
def13,987
95,399
129,411
68.816
625,565
607,640
defl00,042
29,587
def72,906
95,472
2,018,310 1.979,178
10,402,616 14,244,248

102,471
116,702
812,624
828,354
Philadelphia & Reading Aug 7,601,215 6,062,282
Jan 1 to Aug 31
52,010,621 44,109,116
Pittsburgh & Shawmut.Aug
143,044
104.046
21,275
22,775
Jan 1 to Aug 31
896,970
761,291
79,288
196,566
Pitts Shawmut & Nor__Aug
99,843
103,381
def61,802 defl7,557
Jan 1 to Aug 31
881,922
824.203 def358,225 defl28,867
Port Reading.
—Aug
262,031
186,469
122,934
70,132
Jan 1 to Aug 31
1,563,784
1,286,079
430,326
398.285
Richmond-Washington System—
Rich Fred & Potomac Aug
709,606
396,995
405,868
141,896
Jan 1 to Aug 31
4,127.793 3.167.557
1,763.090 1,355,180
Washington South n_Aug
402,228
217,176
234,048
96,211
Jan 1 to Aug 31
2,298,510
1,615,205 1,045,113
764,336
St L-San Fran System—
St L San Fran of Tex.Aug
102,336
97,880
5,361
•
25 697
Jan 1 to Aug 31
395,998
759,126
190,660
76,719

System—

Morgans La & Tex RR &
SS Co.
Aug
Jan 1 to Aug 31
Southern Ry System—
Mobile & Ohio
Aug
Jan 1 to Aug 31.
Southern Ry in Miss.Aug
Jan 1 to Aug 31
Staten Island Rap Tran.Aug
Jan 1 to Aug 31.
Term RR Assn of St L_ _Aug
Jan 1 to Aug 31
St L Mer Bdge Term.Aug
Jan 1 to Aug 31.




4,356
1,386
24,075
2,524
Other
Income.
S

7,810

15,010
126,150
152,179

Latest Gross

Net Earnings

708,092
539.379
412.156
2.686,271
2,238.291
811,862
Bingham & Garfield.Aug
295.396
161,939
323,312
Jan 1 to Aug 31
2,282,074 2,089,121
1,090,115
Buffalo & Susq.
Aug
220,907
167,764
32,557
Jan 1 to Aug 31
1,504,865 1,144,776
103.413
Can Pac Lines in Me...Aug
138,454
107,275 defl8.950
Jan 1 to Aug 31
1,585.539
1,734,653 defl78,705
Chicago & Eastern Ill..Aug 2,841,806 1.856,104
70,152
Jan 1 to Aug 31
16,691.992 13,716,771
1,375,272
Chicago Peoria & St L._Aug
189,726
221,754
20,120
Jan 1 to Aug 31
1,456,267
1,396,677
94,456

Ulster & Delaware
Jan 1 to Aug 31
Union RR of Penn
Jan 1 to Aug 31
Western RR of Ala
Jan 1 to Aug 31
Yazoo & Miss Valley.
Jan 1 to Aug 31

30,457
10,684
3,530
68,744

163,281
117,103
1,014,278
843,268

%

Name of Road

Roads.

Southern Pacific

%

Other
Income.

802,349
5,301,978

544,492
4,210,056

410,334
2,072,090

1,494,895
9,533,751
136.618
867,377
219,324
1,199,415
397,765
2,460.017
412,876
2,354.924
Aug
129,188
679.693
Aug
678,765
4,310,173
Aug
192,906
1,512,110

1,195,153
8,986,341

247,697

__Aug 2,155.566

13,824,511

111,076

774,353
148,009
1,014,005
332,033
2,574.876
267,463
2,011,828
139,563
695.679
586,211

3,816,451
166,798
1,038,514

1,512.821

1,141,401

6691327

31,159

57i341

69,188
146,305
156,511
468,965
129,554
18L068
27,384
14,771
178,855

153|842

41.295

388.760
698,828

Gross
Income.
%

268,763
278,281
675,578
508,437
Total

Income.
$

Fixed

Balance,

Charges.

Surplus.

S

S

107,196
93,886
213,166
188,011
Charges
& Taxes.

320.426

Balance,
Surplus.
%

$

38,267
25,694
129,680
220,923

161,567
184.395
462,412

6,596
8,880
71,481
181,001

31,671
16,814
58,199
39,922

ELECTRIC RAILWAY AND PUBLIC UTILITY COS.

Earnings Monthly to Latest Dates.—The table
following shows the gross and net earnings with charges and
surplus of STEAM railroad and industrial companies re¬
ported this week:

Range

505,913

Gross

Week or
Month.

Company.

Net

Mineral
Jan

264,407
276,895
651,503

$
ledo Peroria & Western

or

Atlantic City
Jan 1 to Aug 31

Net after
Taxes.
%

Earnings.
s

I Increase.

S
$
I
5.926.660 1,004,495
70.717
22,107
1.104.400
255,500
300.801
34,199
114.149
153,359
29,881
5,672
2.662
1.406
608,746
100,410

6.931.155

[Vol. 107

210,119

1,700.528

Alabama Power Co._ August
Amer Power & Lt Co August
Atlantic Shore Ry
August
Bangor Ry <Sc Electric July
Baton Rouge Elec Ry August
Blackstone V G & El. August
Brazilian Trac, L & P August
Brock & Plym St Ry. August

Bklyn Rap Tran Syst
Cape Breton Elec Co
Cent Miss V El Prop.
Chattanooga Ry & Lt
Cities Service Co
Cleve Painesv &. East
Columbia Gas & El
Columbus (Ga) El Co
Colum (O) Ry, P & L
Com’w’th P, Ry & Lt
Connecticut Power Co
Consum Pow (Mich).
Cumb Co (Me) P & L
_

Dayton Pow & Light
Detroit Edison
August
^Detroit United Lines August
Duluth-Superior Trac August
East St Louis & Sub. July
Eastern Texas Elec.. July
El Paso Electric Co.. July
a Federal Lt & Trac.. July
Ft Worth Pow & Lt.
August
g

.

Galv-Hous Elec Co.. August
Grand Rapids Ry Co July
Great West Pow Sys;July

Harrisburg Railways.!July

Havana El Ry, L &
Pj August
Honolulu R T & Land!June
Houghton Co El Co.! August
Houghton Co Tr Co.!August
b Hud & Manhat RRMay
Illinois Traction
’August
Interboro Rap Tran,
jMay
Jacksonville Trac Co. August
Keokuk Electric Co. |August

Key West Electric Co
Lake Shore Elec Ry.
Lewist Aug & Waterv
Long Island Electric.

August
July
July
May
Louisville Railway.. May
Manhat Bdge 3c Line May
Milw El Ry & Lt Go. August
Milw Lt Ht & Tr Co August
Nashville Ry & Light July
Newp N&H Ry.G&E July
Nevada-Cal El Corp. August
N Y & Long Island._ May
N Y & North Shore.. May
N Y & Queens Co
May
New York Railways. May
New England Power. August
Northampton Trac.. July

Northern Ohio Elec..
North Texas Electric
Ocean Electric (L I).
Pacific Gas & Electric
Pacific Power & Lt._
a Paducah Tr & Lt Co
Pensacola Electric Co
Phila Rapid Trandt.
Phila & Western
Portland Gas & Coke
Port (Ore) Ry.L&PCo.
Porto Rico Railways.
g Puget Sd Tr, L & P

Hi 23 909

Tl47!090
39 976

244^095
151 986

1.278!644
59 380

53(L627
55 120

a

Now

covers

2^510
58 651
26§!098
406 327

3,248,817£3.130,602

August
May
August
August
August
August

%
269,049
1131,825
23,054
77.978
23,413
197.612

Jan. 1 to Latest Date.

Previous
Year.

Current
Year.

$

Previous
Year.
S

186,070

1.313,352

864,729

24,863
71.350
18,122
158,136

121 .654
519 .099
171 .235
1,529 .918

177,410
487,735
150,814
1,267,446

/9491000 /8064000 /68649 ,000 /60505.000

12,290
15,509
73 .105
85,683
2761.039 2607,401 12.466 .574 12.201.995
.175
44,716; 39,683,
323
292,145
28.981
26.196!
190 .036
173.802
145.5411 139.345 1.010 .368
714.164
1696.060 1366.660 14.961 .561 12,552,768
57.6571
56.773
313 .850
300.094
185.153| 135,193 1.482 ,307 1.163.355
97,806
87,492
689 ,834
597,191
321,805 320,953 2.446 .337 1.240.299
1793.536 1586.891 12.132 .535 10.859,627
86,563
72,222
626 .688
556,468
519,544 443.626 3.573 .081 3.199.885
313.326 308.5711 1,780 017 1.715,554
779.688 719.936 7,660 .976 7,150,015
1011.279 901.576 8,763 .624 7,776,363
1700,390 1544,248 12,393 ,560 11.654,834
143,302 139.688 1.132 .868 1.042.867
377.497 314,202 2,293 .437 2,058,696
105.879
84,332
644 ,000
542,399
99.958 103,172
730 .202
744,877
278.321 222.773 2.006 .798 1.568,505
107,896
83,567
254,354 183,598 1,743 .374 1,298,706
109.280 113.390
736 .752
758.634
409.300 320,959 2,475 ,841 2,282,646
118,677 105.457
742 .445
665,607
713,637 592,416 5,327 ,811 4,418,945
67,737
60.182
348 .658
346.942
32,234
29.991
267 .837
270,301
27,544
29,134
221 ,658
231,321
421,724 366.582; 2,073 .755 1.858.718
1267,346 1114,511! 9,550 .762 8,677,624
3524.432 3511.496 17.539 .100 17.585.883
84.255
53,176
584 ,972
453,054
23,330
21,480
172 ,068
160.525
17.970
12,405
123 .998
92,071
220.269 171,234 1,179 ,111
985.156
94.087
99,449
480 ,889
498.716
19.131
21,111
80 .330
88.297
326.156 268.675 1.465 .288 1.271.788
12.417
10,542
57 ,575
50,817
720,070 609,745 5,741 ,843 5,107,470
286,606 205.708 1,885 .237 1.438,220
248,491
197,671 1,560 .222 1.400,846
204.947 125,358 1,149 .795
679,005
196.206 185,726 1,481 ,894 1.335.700
40.928
36,654
166 .154
159,837
13.618
14.525
54 .141
60,954
83.921
97,584
358 .846
490,349
1017.842 1045.802 4.679 .714 5.042.054
333,665 199,365 2,162 ,322 1,653.896
21,578
19.059
130 .577
122,831
593.513 527.232 3.468 .309 3,121,605
224,382 210.459 2,036 .848 1,465,566
11.854
10.134
36 .896
34,856
1991,397 1614.988 14.536 .535 12,980.396

167,316

143,612

26.280
23,298
48,779
34,399
2725.191 2436.681
59,268
54.690
144.119 117,812
659.379 511,624
87.255
84.791
1000,340 586,369
445.649 426,115
39,705
36,881
467,825 377,990
57,839
51,185
103,477
86.570
77.890
69,222
18,639
18.841
834.007 700,165
25,600
29,128
89,567
79,321
533,025 471,941
257,750 196,192
330,733 350,327
40,461
37,730
149,763 150,474
237,919 250.676
72.069
72,489
60.725
64,502
54,282
60,290
888,579 983.315
808,224 848,477
665,656 592,903
272.987 113,622
50,632
44.570
93.253
85,985

38,607

31,835

204 534
198,993
319 921
226,042
20,864 946 19,570,543

4,317 018

3.374,684

594 001
6.608 432
3,707 282
167 111
3.484 371
440 507

529.771
5.136,058
3.043,584
563.598

756, 682
312 004
83, 010
5,200 496
104, 205
693, 673

1,593. 223
189. 439
658, 863
1,047. 046
323. 046
280. 371
250, 417

2,489,142
369,565
616.608
313.010
86,764

5,260,176
122,195
672,895

6.472. 755
5,245, 663
1.472, 655
217. 326

1,705,118
180,225
715,193
1,165,959
315,513
307,661
287,556
4,187,820
6,882,599
4,221,470
608,611
204.998

233,112

195,806

3,907, 722

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¬
sents income from all sources,
c These figures are for consolidated com¬
pany.
/ Earnings now given in milreis. g Includes constituent

companies.

Electric Railway and Other Public Utility Net Earn¬

ings.—The following table gives the returns of ELECTRIC
railway and other public utility gross and net earnings with
charges and surplus reported this week:

184,*644
100 167

June

August
August
July
July
July
August
^Republic Ry & Light August
Richmond Lt & RR. May
St L Rocky Mt & Pac August
Santiago El Lt & Tr. August
Savannah Electric Co August
Second Avenue (Rec) May
Southern Boulevard May
Southern Cal Edison. August
Staten Isl Midland.. May
Tampa Electric Co..August
Tenn Ry, Lt & P Co. July
Texas Power & Lt Co August
Third Avenue Rv
May
D D E B & B RR. May
42dStM&StNA Ry May
Union RyCo(NYC) May
Yonkers Railroad. May
N Y City Inter Ry May
Belt Line Ry Corp. May
Third Avenue System July
Twin City Rap Tran. August
Virginia Ry & Power. August
Wash Balt & Annap. July
Westchester Electric. May
York Railways
August
Youngstown & Ohio. July

244 515

2.301 !218

May
August
July
July
August
July
August
July
July
July
August
July
July
August

Earnings.

Current
Year.

Companies.

Gross Earnings—
Current
Previous
Year.
Year.

American Pow & Lt Co.Aug 1,131,825
Aug 1 to Aug 31
12,705,379
Atlantic Shore Ry.b
Aug
23,054
Jan 1 to Aug 31
121.654

%
864,729
10,997,026
24,863
177,410

-Net EarningsCurrent
Previous

Year.

%
408,389
5.067.805
11,111
28.337

Year.

*
366,663
4,754.281
12,456

35,628

Oct. 12

1918.]
Gross
Current

Companies.

Earnings

Year.
$

Net Earnings

Previous

Current

Previous

Year.
S

Year.
S

Year.
$

Brazilian Tr Lt & Pow__Augc9,491,000 c8,064,000 c5.210,000 c4,017,000
Hr Jan 1 to Aug 31
c68.649,000c60,505,000c34,975,000c32,268,000
Iowa Telephone_b
78,162
87,225
July
351,035
338,598
Jan 1 to July 31
712,334
2,495,607 2,356,204
701,592

Nebraska Telephone.b_July
254,266
Jan 1 to July 31
1,743,604
Northwestern Telep.b—July
455,897

M

Jan 1 to

3,672,047
July 31
Santiago El Lt & Tr Co.Aug
57,839
Jan 1 to Aug 31
440,507
South’n New Eng Tel.b. July
427,413
Jan 1 to July 31
3,356,250
Southwest Pow & Lt Co-Aug
475,830
Aug 1 to Aug 31------ 5,275,655
b Net earnings here given are before
v

c

240,896
76,945
1,659.826
534,120
148,917
525,952
3,560,757
1,031,278
23,865
,51,185
369,565
177,898
113,874
418,349
3,176,335
891,180
356,563
152,784
4,487,933 2,066,607
the deduction of taxes,

Aug ’18

Western

12

mos

Gross

Net

Earnings

Earnings.
27.552

59,268
54,690
596,809
557,244

’17
’18
’17

28,901
260.356
279,554

Gross

Net after
Taxes.

Earnings.
«»rt Worth Power
& Lt Co

Havana Elec
Lt & Pow

Ry,

mos

’17
’18
’17

Aug T8
8

mos

’17
'18
'17

-

Kansas Gas & Elec Aug ’18
Co
*17
12 mos ’18

System

Aug '18
'17

8 mos '18
*17

Texas Power & Lt Aug '18
Co
’17
12 mos ’18
18

2,448,734
449,020
428.665
5,487,934
4,886,498

Aug 18
17
12 mos

47,493
27,606
605,518
502,531
73.886
56,125
789,755
815,485
80,892
79,302
906,828
788,476
68,711
77,202
1,051,909
1,032,275
221,904
217,075
2,859.147
2,545.657

167,316
143,612
1,809,771
1,568,850
257,750
196,192
3,007,629

Pacific Power & Lt Aug '18
Co
’17
12 mos '18
’17

Utah Power & Lt
Co
1

2,885,705
2,494,062

1,711,480
333.665
199,365
2,162,322
1,653.896

’17
New England Pow

$
49,270
45,389
580.118
531.077
377,641
323,351

$
107,896
83,567
1,238,061
925,044
713,637
592,461
5,327,811
4,418,945
150,290
108.935
1,925,158

Aug ’18

12

*

61,841
513,670
167,278
880,852
18,473
117,815
105,496
821,194
158,419
2.088,050

18

Fixed Chgs.
& Taxes.

$
14,095
13,018
168,016
151,413
Fixed

Charges.

Balance,
Surplus.
$

13,457
15,883

’18
*17

Aug ’18

104.002

40,332

’17

89.190
1,152.497
1,059,846

Aug ’18

131,076
95.190
1,349,974

31,752
449,179
433,596
21,026
41,250
317,241
432,814
51,986
61,354
713,791
852,816
50.100
190,083
2,668,207
2,921,868

Lt

Aug ’18
’17

12

mos

Knoxville (Tenn)

Ry & Lt Co
(Ark)
Ry & Elec Co

12 mos ’18
*17

Little Rock

’17

12 mos *18
’17

12

(La)
Ry & Lt Co

New Orleas

1,025,424
171,993

Aug ’18
’17

Memphis (Tenn)
Street Ry Co

mos

175,962
2,100,516

’18
’17

2,132,674
683,001
609,920
8,164,104
7.636,820

Aug ’18

’17

12 mos ’18
’17

Balance,
Surplus.

*35,736
15,269
35,278
10,111
Z440.455
141,398
412,477
118,600
Z237.355
143,960
Z175.004
154.568
1,004,020 x\ ,874,179
1,260,058 zl,331,408
13.470
34,023
23.909
3,697
345,412
260,106
245,148
257,383
35,626
38,260
19,568
36,557
487.923
301,832
295.057
520,428
44,141
z37,455
37.090
42,212
470.337
Z437.195
366,539
421,937
113,514
55,219
29,322
47.880
623,402
*428,529
497,952
534,323
*86,258
142,709
*97,882
126,147
1,693,337 *1,266,000
1,372,625 *1.274,514

.

Net Earnings
Current
Previous
Year.
Year.

$
$
66,376
14,598
66,356
46,067
351,256
837,701
823.345
473,128
20,323
7,554
22,869
7,240
248.329
122,285
230,558
137,495
18,870
21,462
17,811
13,941
201,836
247,343
194,225
239,371
2,238
18,788
22,311
18,939
94,097
223,144
221,155
211,659
7,356
44,630
44,664
16,690
536,155
177,636
535,184
317,632
168,323 defll8,223
165,276
24,807
684,608
1,983,599
1,014,403
1,907,465

324,544
def52.247
320,289
146,685
466,974
5,707,992 3,950,227 1,757,765
6,305,623 3,854,520 2,451,103
EXPRESS COMPANIES
—Jan. 1 to Aug. 31—
—Month of August

1,486,638

Aug ’18

Total

80,974
112,423
1,188,957
1,296,473
27,877
30,109
370.614
368,053

310,439
299,599
3,731,653
3.587,029
86,125
68,914
971,135
829,285

’17
12 mos ’18
*17

Houston (Tex)
& Pow Co

Year.

Year.
Aug ’18

272,297

’17 1,338,777
12 mos '18 17,469,881
’17 16,271.081

1918.
Adams Express Co.—
Total from transportation__

$
5,445,681

Express privileges—Dr
_2,718,310
Revenue from transport’n
2,727,371
Oper. other than transport’n
47,670
Total operating revenue.- 2,775,041
3,710,376
Operating expenses
.loss935,535
Net operating re\
_

Uncollec. rev. from trans—

Express taxes

2,745
25,244

1918.

1917
$

4.547,852
2,292,012
2,255,840
63,216
2,319,056
2,398,400
loss79,344
1,220

$
24,511,368
12,229,850
12,281,518
217.897
12,499,415
16,623,089
L4,123,674
13,421

21,541

125,528

1917.
$

21,199,334
10.576,828
10,622,506
269,344
10.891,850
11,220,430

loss328,580
6,135
107,093

.loss963,324 lossl02,105 L4,262,623 loss441,808
Month of May
—Jan. 1 to May 31—
1917.

1918.
$

1918.

1917.

$
$
$
7,985,427 6,780,862 36.515,306 29,951.766
15,059,907
3,917,343
3.368,470
18,161,647
Express privileges—Dr
3,412,392 18,353,659 14,891,859
Revenue from transport’n_ 4,068,084
n
291,133
250,525
1,408,169
1,572,976
Oper. other than transport’n
4,318,609 3,703,525 19.761,828 16,464,835
Total ope
4,251,613 3,448,871 20.368,084 15.771.243
Operating e
66,996
254,654 loss606,256
693,592
Net operating revenue
2,526
6,127
11,939
11,380
Uncollec. rev. from trans
49,093
52,209
231,370
222,740
Express taxes
199,434 loss849.565
12,261
459.472
Operating income
Month of June
—Jan. 1 to June 30—
American Express Co.—
Total from transportation

.

_

.

.

.

.

Canadian Express Co.—
Total from transportation

_

_

1918.

1917.

$
411,384
201,247

$
416,879
206,520

Express privileges—Dr
210,137
Revenue from transport’n
n
13.564
Oper. other than transport’n
223,701
Total operating revenues
262,017
Operating expenses
Net operating revenue— loss41,316
.

-

.

.

.

Uncollec. rev. from trans—

Express taxes

Operating income




210,359
11,848
222,207
205,966
16,241

5

253

5,000

7,000
8,988

loss46,321

Express privileges—Dr
Revenue from transport’nOper. other than transport’n
Total operating revenue.

Uncollec.

rev.

_

from trans

Express taxes

Operating income

Total from

transportation.

.

Oper. other than transport’nl
Total operating revenue.

-

.

Uncollec.

rev.

from trans

Express taxes

Operating income

8,352,353
4,317,649

1,670,756
856,974

9,668,714
4,875,556

986,159
32,096

813,782

4,793,158

.31,313

151,204

175,400

1,018,255
1,045,126

845,095
660,935

4,944,362
4,587,020

4,210,104
3,316,806

loss26,869

184,160

357,342

893,298
1,162
135,404

362

295

919

34,949

70,862

159,175

loss62,180

113,003

Month of May1918.
1917.
$
$

Wells Fargo Express Co.-

Ma^ 31—

1,999,302
1,013,143

197,248
—Jan. 1 to

1918.

4,034,704

756,732

May 31—
1917.
*

6,117,682
3,273,049

5,027,949 28,113,730 23,045,680
2,716,289 14,752,118 12,054,644

2,844,633
107,860

2,311,660 13,361,612 10,991,036
563,641
504,067
123,585

2,952,493
3,103,233

2,435,245 13,865,679 11,554,677
2,277,952 14,412,276 10,881,604

lossl50,740
3,112
63,410

157,293 loss546,595
10.561
1,834
49,150
226,492

673,073
6,795
211,876

loss217,262

106,309 loss783,648

454,402

FINANCIAL REPORTS
Annual Reports.—An index to annual reports of steam
railroads, street railways and miscellaneous companies which
have been published during the preceding month will be given
on the last Saturday of each month.
This index will not
include reports in the issue of the “Chronicle” in which it is
published. The latest index will be found in the issue of
Sept. 28. The next will appear in that of Oct. 26.
Southern Railway Company

(24:th Annual Report Year ended Dec. 31 1917.)
Fairfax Harrison, Richmond, Va., Oct. 8,
in substance:

President
says

In the 23rd annual report for the fiscal year ended June 30 1917 the
operating and financial results for the first six months of the calendar year
1917 were set forth.
This report is now presented for the remaining six
months to Dec. 31 1917, on which date operation of the company’s railroad
property for its own account ceased, and operation for account of the U. S.
Government commenced, by virtue of a proclamation of the President of
the United States under which the Government, as a war measure, assumed
possession and control of all of the important railroads of the country.

In the accounts and statistics exhibited herewith the results for the full
calendar years 1917 and 1916, as well as for the last six months of those
years, are shown for purposes of comparison.

American Cities Company.
Gross Earnings
Current
Previous

Companies.

g

92,340
128,141

After allowing for other income received.

Birmingham (Ala)
Ry & Power Co

Southern Express Co
Total from transportation

Express privileges—Dr

Milreis.

Philadelphia &

1475

THE CHRONICLE

1918.
$

2,556,541
1.211,339
1,345.202
81,178
1.426,380
1,371,015
55,365
1,788
30,000
23.577

1917.
$

2,347,775
1.190.898

1,156,927
69.799

1,226,726
1,120.848

105,878
548

42,000

63,330

INCOME STATEMENT FOR THE SIX MONTHS END. DEC. 31 1917.
Last 6 Mos. 1917.
Last 6 Mos. 1917.
Increase.
Increase.
$1,368,586
$108,785
Operating revs..$49,262,013 59,328,244 Other income
Total gross inc. 16,121,873
2,207,293
Operating expens.32,171,004
6,483,462
Taxes & uncoll.rev. 2,337,722
648,868
746,274 Interest & rentals. 8,207,802
Net income
$7,914,071 $1,558,425
Oper. income..$14,753,287 $2,098,508
It is the purpose of the board of directors to submit to a meeting of the
stockholders for their decision the question of the contract between the
Government and Southern Railway Co. for the temporary use of the com¬
pany’s railroad property when the negotiations concerning it have reached
the point where the board can make a definite recommendation on the

subject.

x

TRAFFIC STATISTICS.
Dec. 31 ’17. June 30 ’17. June 30 ’16. June 30 ’15.
i*7,031
6,979
6,983
6,983

Equipment—

Locomotives
Passenger equipment..

Freight equipment
b.

Marine

equipment.
Operations—

1,750
1,201
49,588
1,880

1,733
1,205
47,891
1,840

1,660
1,142
42,694
1,548

1,666
1,159
48,039
1,438

23

23

22

22

Dec. 31 ’17. Dec. 31 ’16. June 30 ’16 June 30 T5.
Passengers carried
19.886.602
17,240,945
16,790,107 *16.644.097
Passengers car’d 1 m. 1,113,473,875 820,971,160 779.303,021*758,899,016
Av.rev.per pass.p.mile. 2.183 cts.
2.145 cts.
2124 cts. *2.131 cts.
No. tons card. (rev. fr’t). 37,063,095
32,789,479 31,449,887 *25.896.412
Tons card. 1 m.(rev.frt.)6516208,527 5578637,054 5251511.591 *4205792203
*0 962 cts.
0.918 cts.
Av. rev. per ton p. mile.
0.923 cts.
0.897 cts.
*304.60
364.80
Av. rev. tr. load (tons)366.71
388.37
*$1.11471
Rev. per pass. tr. mile._
$1.24541
$1.31851
SI.73196
*$2.93022
Rev. per frt. train mile.
$3.34763
$3.38645
$3.48362
*$8,846
$10,088
$10,516
Operating rev. per mile.
$12,519
x Includes narrow-gauge equipment.
** The statistics for year ending
June 30 1915 are slightly inaccurate due to changes made in later years.
INCOME ACCOUNT FOR YEARS ENDING DEC. 31 AND JUNE 30.
Revenues—
Dec. 31 '17. Dec. 31 ’16. June 30 ’16. June 30 ’15.
Freight..
.$58,450,039 $50,976,995 $47,020,482 $40,458,858
Passenger
24,303,183
17,637,413 16.615.857 16,175,674
Mail express &c
7.470,878
6,571,345
6,005.718
5,318.359
Joint facility
492,469
368,899
355,618
246,619
-----

Total oper. revenues.$90,716,569

Expenses—

$8,175,411
11,183.701
1,904,129
22,751.698
2,038,702
404,168
Cr. 416,694

$8,452,119
10,691.267
2,110.467
22,757.598
2,019.621

expenses.$60,113,598 $49,024,967 $46,041,116
30,602,971 26.529.685 23,956.559
3.096.724
2,916.427
4,143,861
33,567
36,127
29,149

$46,174,711
16.024.799
2,595,828

$26,429,962 $23,399,393 $21,004,005
524,704
519,118
494.259
2.778,830
2,857,346
2,753.600
107,482
46,924
70,421

S13.400.055

$26,749,851 $24,426,031

$16,638,972

$1,778,528

$1,621,040

$9..244.833
14,,656.481
Traffic expenses
1,.996,342
Transportation
31 ,797,038
General expenses
2 ,195,295
M iscell. operations
626,048
Transport’n for invest._ Cr .402,439

Maint. of way, &c
Maint. of equipment

Total oper.
Net earnings
Taxes
Uncollectibles

$75,554,652 $69,997,675 $62,199,510

Operating income
Rents..-.
Divs. & int. received...
Miscellaneous income..

Total gross income—$29,810,162
Deduct—
Other road rentals
$1,103,876
Hire of equipment
176,721
Rent of track, yards, &c.
2.135.500

Separately oper. prop’s_

458,756

Int. on unfunded debt70,482
interest on funded debt- 10,680,242
Int. on equip, obliga’ns.
686,471
Divs. on M. & O. stock
226,008
trust certificates
Preferred divs
(2H %) 1.500,000
Add’ns and betterments.
120,210
Miscellaneous
234,690

Total deductions
Balance, surplus

$9,719,141
11,357,614
1,984,382
23.804,088
2,125,341
468.242
Cr.433,841

$1,068,211

388,229
Cr.244,590

28,916

474.798
2.656,548
107,571

837,616

355,945

679.355

2,025,350
339,285

1,094,905
189,318

1,087,359

663,875

10,329.592
650,629

10,1 8,022
737 785

226.008

226.008

226,008

199,531
165,655

88.195
143,798

77.188
156,976

2,456

10,378,870

$17,302,956 $15,425,186
$12,417,206 $11,324,665

183,609

S15.180.327 *15.115.603
$9,245,704 $1,523,369

BALANCE SHEET DEC. 31 1917 AND JUNE SO 1917.
Dec. 31 T7. June 30 T7.
Dec. 31 '17. June 30 '17.
Liabilities—
$
$
Assets—
$
S
Common stock. 120,000,000 120,000,000
Invest. In road
60,000,000
and equipt. .416,468,542 407,688,152 Preferred stock. 60,000,000
M. & O. cert...
5,650,200
5,650,200
Cash in lieu of
Funded
debt...235,429,500 235,391,500
M. prop. Sold.
5,(KM)
23,341
trusts...
Equip,
17,846,000
19,494,000
708,385 "
607,080
Physical prop’y.
Subsidies
73,220
Invest. In affil. cos—
69,270
Stocks
33,364,004 Loans and bills
33,971,355
455,000
455,000
Bonds
28,300,459 28,062,450
payable
2,206,751
1,989,005
Notes.!
1,852,823 Traffic, &c., bal. 1,982,322
Accts.
&
Advances
wages.
12,521,525
8,330,799
2,503,518
2,366,587
Miscel'neous.
43,9251 Miscell. accounts 1,734,504
924,494
18,825
Other invest
12,089,784 Interest mat’d.
2,932,649
8,255,002
2,875,318
Cash...
74,721
7,553,094 j Div8. acc’d, Ac.
7,445,217
81,576
Time deposit
1,964,070 Interest accrued 1,669,853
1,686,818
1,530,780
2,900,436 Rents accrued..
289,323
309,476
Special deposits.
2,951,473
Loans
A
bills
993,666
758,818
; Expenses accr’d.
receivable
1,146,3501 Other current
1,515,666
liabilities
2,460,196
1,700,200
Traffic, &c., bal.
receivable
3,250,906
1,933,010 Def’d liabilities.
816,545
917,030
Taxes
Bal. from agents
976,848
1,539,079
lnsur.
A conductors.
807,434
reserve..
1,220,422
1,022,891
1,078,561
Miscel. accounts
Oper. reserve..
3,632,224
3,867,659
receivable
7,192,708
6,841,940 Car and ticket
Mat. & supplies. 10,250,688
9,309,593
1,132,085
960,642
mileage susp.
Int.A div.rec..
597,145
577,558 Deprec. on equip. 16,941,357 16,241,089
Oth. cur't assets
2,499,421
527,131 Miscel.
depre¬
195,900
256,500
Liberty bonds..
ciation, &c
1,239,649
1,022,402
Cash & secur. in
lnsur. fund..
Oth. def. assets.

Add. to property

1,022,891

1,078,561
through
in¬
come & surp.
723,446
1,306,907
3,526,652 Reserve for 2 V2 %
dividend
1,500,000

445,065
3,629,976

Unadj’ted debits

Profit

and

1,500,000
37,065,249

535,969,348 525,245,820

Total

107,

1,120,289

loss

43,288,162

surplus
—V.

p.

1385, 1288.

535,969,348 525,245,820

Total

International Agricultural Corporation, New York.

(Ninth Annual Report—Year ended June 30 1918.)
President Stephen B.

Fleming

says

in substance:

The Increasing cost of all raw materials consumed in oar manufactured
goods has caused a substantial increase in our inventories, which is reflec¬

ted in the current liabilities.
Profits shown for the year, after charges for depreciation and reserves
for taxes, other contingencies and for possible losses in the company’s in¬
vestment in the German potash mine, are 81,168,270, which, added to our

surplus account at the beginning of the year, leaves the company with a
surplus as of June 30 1918 of 81,805,082.
Through the operation of the sinking fund, bonds to the extent of
$448,300 were retired during May 1918.
The cost of removing overburden preparatory to mining rock on the
company’s phosphate rock properties has heretofore been carried under
deferred charges.
In anticipation of higher costs and shortage of labor,
the company prepared greater acreages than usual, and this item being
greatly in excess of the amount of former years, is shown under “overburden
removed from uninined phosphate properties.”
*

There was a gratifying increase in the volume of finished fertilizer sold.
The earnings of our phosphate rock properties decreased on account of
war conditions, due to our inability to procure boats for our export business
and the necessity of meeting the higher wages paid throughout the country.
We received our fuil quota of sulphuric acid during the year, and there
was a ready market for the surplus amount not required for our own manu¬
facturing.
Inventories were taken at cost.
At the July meeting of the directors, careful consideration was given to
the financial condition and increased earnings of the company, at which

meeting dividend action was taken commencing payments on the pref.
stock at the rate of 5% per annum, and since June 30 1918 two quarterly,
dividends on this basis have been declared (V. 107, p. 1290, 85).
INCOME

ACCOUNT FOR
1917-18.

YEARS ENDING JUNE 30.
1915-16.
1916-17.
1914-15.
Gross profit on operations$4,504,583
$2,851,408
$2,793,898 $1,844,799
742,595
Operating, &c., expenses. 1,908,860
957,405
1,198,815
Net earnings
.$2,595,723
Div. j’ntly owned corp’ns
130,955

$1,894,003
81,170

$2,051,303
56,475

$645,984
18,000

Gross income
Bond interest

$2,726,678
533,237

$1,975,173
556,629

$2,107,778
581,906

$663,984
616,900

Balance, surplus
$2,193,441
Amort, of bona disc., or¬

$1,418,544

$1,525,872

$47,084

202.052

246.040

207,106

Cr. Ill, 991

Cr.93.864

^

ganization exp., &c
248,508
Profit on bonds purch.*. .0.123,337
Extraordinary exp., &c__
Reserve for contingencies
400,000
Res. for loss, on invest’t.
500,000

Balance,
*

Profit

sur. or
on

339,641

750,000

def.sur$l,168,270 sur$578,483 sr$l,034,054 def$160,022

bonds purchased at a discount and canceled under

of sinking fund.

operation

CONSOLIDATED BALANCE SHEET JUNE 30, INCLUDING AFFILI¬
ATED (i. c., 100% OWNED) COMPANIES.
1918.
11917.
Assets—
$
$
Real eat.,plant,&C.21,769,540 21,869,029
Patents
300
300
Investments
1,772,132 2,956,817
Cash
1,203,502
657,435

Accts., notes, &c.,
rec. (less res’ve).
Inventories
Due from: Jointly
owned corp’s
Other companies
Deferred charges.
Cash in sink. fund.
U.S. Lib. bonds..
Overburden from
unmined
phos.
property

6,369,312
2,688,683
1,451,261
1,135,530
1,523,806
192

75,450

1918.
Liabilities—
$
Preferred stock... 13,055,500
Common stock
7,260,G00
First mtge. bonds. 10,275,600
Bonds assumed on

property purch.
10,000
4,929,256 Accounts payable.
620,664
1,488,832 Loans and notes
payable
3,867,844
1,372,501 Interest on bonds
and
1,114,530
loans
ac¬
2,080,209
crued, &c
473,133
354 Special reserves.. 1,075,857
Surplus
1,805,082

1917.
%

13,055,500
7,303,500
10,723.900
20,000
328,568

3,304,733
212,038
884,214
636,812

454,572

Total

38,444,280 36,469,265

Note.—There

are

on

Total

also contingent liabilities

38,444,280 36,469,265

consisting of endorsements

notes^of^jomtly owned corporations, $355,000, not included above.—

Consolidated Gas Electric Lt. & Power Co. of Baltimore.

CReport for Fiscal Year ending June 30 1918.)
Wagner, Baltimore, Oct. 2 wrote in sub.:

Pres. Herbert A.

Results.—Gross income aggregated $10,619,588, being an Increase of
over 1917; operating expenses and taxes increased 43.20%, so
that net earnings were $4,203,905, an increase of 4.61%.
Fixed charges

24.95%

(includes interest and preferred dividends

on subsidiary companies
issues)
against $1,672,223 in 1917.
The surplus,
paying dividends, was $981,701, contrasting with $1,040 675.
There
were
carried to reserve for depreciation, amortization, &c., $725,000
and to reserve for contingencies, $250,000, leaving net for the year $6 701.
The large increases in gross income from the sale of both
electricity and
gas (amounting to 26.91% and 20.28% respectively) speak for themselves,
and reflect the great industrial expansion of Baltimore under the stress
of war production activities.
Operating expenses have likewise consider¬
ably increased by reason of the growing costs of fuel, gas oil and labor.
Taxes have
materially increased.
The net results considering the
difficult conditions confronting public service companies generally through¬
out, should be quite satisfactory.
.
*
*
^

amounted to $2,071,340,
after




[Vol. 107

THE CHRONICLE

1476

as

The net income available for dividends, depreciation, contingencies
and surplus was 14.82% on the stock, as compared with 15.16 % in 1916-17.
The increase in fixed charges is partly due to the longer interest period
on $8,500,000 5%
Five-Year notes issued on Nov. 15 1916.
Of these
notes, $4,921,504 were issued to retire the 6% pref. stock at 120, while
increasing the fixed charges by $246,225 this decreased the dividend pay¬
ments by a like amount per year.
The balance of the increase in fixed charges represents the interest on
new loans and obligations, including those hereinafter referred to under
“A New Subsidiary Companv,” covering the cost of extensions to plant
and equipment greater than have been made in any one year heretofore
and most of which will not become productive until later in the new year.
The amount set aside for depreciation has been increased in f^ir propor¬

tion to the increase in the business.
Rates.—The increase in electric rates was made effective from Jan. 1
1918 and contributed to a great extent to the favorable showing for the year.
The Public Service Commission of Maryland, in its opinion of Aug. 9

1918, approving this increase in electric power rates,

said in brief:

“Even

required by this company in order
improvements to and extensions to meet the growing demands of
increased population and industrial enterprises.
The money for these
purposes must all come from those who may be found willing to invest their
money in the enterprise upon the faith of receiving a reasonable return
upon their investment.
It is to the direct interest of the public of Baltimore
City and its environs that all these things be done, since they all speak
for adequate service, and unless they are done the company will be unable
to continue to render such adequate service.
Taking 1912 and 1913 at
one end of the scale and 1918 at the other, the company's rate of return
upon its assumed investment has decreased inversely with the increased
cost of coal, oil, labor and materials.
That such conditions cannot be
permitted to continue indefinitely should go without saying.'’
now vast sums

of additional

capital

are

to make

The increased power rates approved by the commission provided an
increased revenue of $317,205 in the last six months of the fiscal year
ended June 30 1918 and, according to estimates, will provide an increase
in revenue of $1,752,732 for the year ending June 30 1919.
Application for permission to increase gas rates is now* pending.
Status.—The conditions facing us early in the year were set forth in a letter
This letter
addressed to the shareholders under date of Nov. 28 1917.
stated tuat as against the expanding demand for service this company
had a contract for a term of years for a controlling amount of hydro-electric
power from the Pennsylvania Water & Power Co., and a contract also for
a term of years with the Bethlehem Steel Co. for a controlling amount of
coke oven gas at a reasonable price from its Sparrows Point plant.
The
company also has secured further protection in the event of increases in
the cost of fuel used in the production of electricity by introducing into its
power contracts an automatic adjustment of the rate, depending upon
the price which the company has to pay for coal.

Properties and Plants.—Ordinary repairs and maintenance expenditures

amounted to $537,564.
In addition, there was set aside out of earnings
for depreciation, amortization, &c., $725,000, or 6.8% of the gross income.
The expenditures for extensions, improvements and betterments to

plants, completed and in the course of completion, as of June 30 last,
aggregated $3,623,239, viz.: Electric properties, $2,929,283; gas properties,
$693,956.
Further additions aggregating $2,225,000 are expected to be
completed within the next six months.
Electric Operations.—The rapid expansion of this branch of your business
appears from the fact that in 1918 there was an increase in the gross income
from sale of electricity of 26.9%; in the amount of electricity sold, kilowatt
hours of 31.0%, and in number of customers from 49,596 to 54,351 or 9.6%.
Contracts for additional industrial power taken from 351 concerns dining
the year caused increases as follows: In existing customers, installations,
15,736 h. p.; due to Isolated plants eliminated, 3,064 h. p.; due to new and
established industries, 22,059 h. p.; total, 40,859 h. p.
In addition to the very large amounts of electric power supplied to
Government contractors for the manufacture of steel, the refining of
copper, the production of munitions, the building of ships, &c.t the com¬
pany has contracted to supply a large amount of power directly to the
U. S. Government, notably 20,000 k. w. to a plant 20 miles from Baltimore,
which is expected to be in full operation this fall.
Our present steam generating capacity, 90,000 h. d., will be further
increased by 53,000 h. p. by additions now nearing completion and a further
increase of 53,000 h. p. under contract for delivery during 1919.
The underground transmission and distribution system has been ex¬
tended by the installation of approximately 40 miles of cable.
Gas Operations.—Gross income from sale of gas increased 20.3%; the
total sales, cubic feet, increased 27.4%, and the customers increased from
132,503 to 137,750 or 4%.
The use of gas for industrial purposes has
increased from 207,667,400 cu. ft. for year 1915-16 to 306,295,300 cu. ft.
(or 48%) in 1916-17 and to 488,608,400 cu. ft. (or 60%) for year 1917-18.
A new and favorable contract with the Bethlehem Steel Co., for coke
oven gas,
covering a long period of years, has been concluded.
The
construction of additional coke ovens at the steel plant is proceeding and
with the new 30-inch pipe line for the transportation of this gas from

Sparrows Point

now

ready

for service, satisfactory provision has been
time to come.

made for increased gas output for some
The system now in use consists of 788

miles of mains and 127,563 service
pipes, there having been added during the past year 13 miles of mains and
1,511 service pipes.
Appliance and Merchandise Sales.—In this line we have done a gross
business for the year of $1,857,730.
New Subsidiary.—Guaranty.—On the initiative of your management
The Consolidated Power Co. of Baltimore,
was organized on Aug. 1 1917,
to undertake the construction of certain generating plants and transmission
lines, as extensions of your electric and gas equipment and facilities.
This new company issued, on Aug. 1 1917, $6,000,000 First Mortgage
5% 20-year bonds, out of a total authorized issue of $15,000,000, a first
lien on all property acquired by the said company.
There were also
issued $5,000,000 Five-Year 6% gold notes secured by the said $6,000,000
bonds.
These notes were sold through a banking syndicate on exception¬
ally good terms considering war conditions.
(V. 105, p. 501.)
This Power company was leased for a term of 25 years by your company,
the lease covering all property, plant and franchises so acquired or to be
acquired. In consideration of this lease your company guarantees both
principal and interest of the notes and bonds of the power company. Thij
method of securing additional capital for the benefit of your company
was found necessary at the time for the reason that, under the terms of
existing mortgages, all of which are closed, your company could not acquire
property on which any newly issued securities could be made first a lien.
All of the preferred stock and common stock of the new company has
been acquired by your company, which will operate the new organization
for all practical purposes as an integral part of your company.
There were also issued by the new Power company ana sold during the 1
year $468,000 Three-Year 6% notes secured by a like amount of bonds
of the new company to pay for a new 6,000,000 cubic foot gas holder.
Comparative Statement of Business—Years 1912, 1917 and 1918.
June 30 Years—
Electric customers
‘
Electric sales in k. w. hours
Gas sales in cubic feet
Gas customers
Gas ranges in use

1917-18.

54,351

1916-17.
49,596

1911-12.

24,351

348,725,511
266,265,000
78,812,729
..6,543,120,100 5.137,562,200 3,378,475,400
137,750

132,503

Not reported.

121,760

106,699
76,171

INCOME ACCOUNT YEARS ENDING JUNE 30.
1917-18.
1916-17.
1915-16.
1914-15.
Income from gas
$4,444,917
Income from electricity.
6,044,633
Other income
130,039
Total gross income...$10,619,589
Oper. expenses & taxes. 6,415,684
Net earnings
$4,203,905
Fixed charges (incl. int.
& pref. div. on sub.
co.

o

issue)

2.071,340

Surplus for divs., &c. $2,132,565
Preferred dividends(6%)
(x)

$3,695,547
4,763,066
40,196
$8,498,809
4,480,165
$4,018,645

1,672,223
$2,346,422
$226,588

Common dividend
(8)1,150,864(7^)1079158
Reserve for conting’cies.
250,000
300,000
Reserve for depreciation,

amortization,

&c

Charged off to bond disc’t
Total deductions
Net surplus.__i,
x

725,000

600,000

_

$2,125,864
$6,701

$2,205,747
$140,675

Preferred stock retired April 2 1917.

$3,583,693

$3,374,916
3,301,200
113,286
$6,789,402
a3,576,583
$3,212,819

1,580,058
$2,003,635
$246,225

1,640,361
$1,572,458
$262,848

(7)885,578

(7)801,781

134,542

47,829

550.000
90,000
$1,906,346
$97,289

460,000

$3,459,871
3,881,666
90,232
$7,431,769
3,848,076

$1,572,458
None

Oct. 12

1918.]

THE CHRONICLE

CONSOLIDATED BALANCE SHEET JUNE 30.
1918.
S

Assets—

1917.
$

Unfinished
plant
investment
375,374
Cash on hand, &c. 2,229,896
Accts. & notes rec.
Mat’ls & supplies.
Work in progress

2,376,415
1,468,838

acc’t of consum.
Sink, fund invest.
Uninvested
Miscellaneous
Consumer’s stock

44,632
50,179
599,863
318,237

subscrip.

1,410,742

Total

tion in

1918.
$

Liabilities—

Property,
plant,
Capital stock
franchises, &c..49,340,464 48,532,623 Funded debt
Investments
2,787,277 2,482,9661 Notes payable

1917.
$

14,385,800 14,385,800
37,795,747 37,827,515
2,985,775
1,400,000

Unpaid wages (not
due)
625,611
43,676
2,053,069' Accounts payable.
406,687
1,434,962 | Acer. bondlnt.,&c.
846,064
1,316,975 ! Deprec.,&c..res’ve 1,587,846
Sund.accruals, &c.
244,466
129,298 Divs. pay. July 1.
287,716
50,179 a Preferred stock.
45,510
25,353 Res’ve for conting.
606,115
331,729 Misc. def’d items.
197,572
Surplus
1,568,946
1,617,162
,

40,911
240,309
682,005

.

61,001,920 58,599,927

Total

1,187,647
194,482
287,716
113,775
489,646
187,875
1,562,245

...61,001,920 58,599,927

*

Standard Milling Company.
{Report for Fiscal Year ending Aug. 31 1918.)
1917-18.

Div.

on

Div.

on com.

pref. stock

(6%)389,161
(10%)483.663

stock

1916-17.

1915-16.

$1,668,298

$1,437,845

(6)389,153
(8)372,990

(6)389,071
(5)229,820

1914-15.
$1,168,069
$65,815
(5)329.128
(3)137,856

Balance, surplus

$1,053,403
$906,155
$818,954
$635,270
In Oct. 1917 a dividend of 8% (4% in cash and 4 % in stock) was declared
on the common stock, payable 1% i n stock and
1% in cash on Nov. 30
1917, Feb. 28, May and Aug. 31 1918.
An extra 2 % cash dividend was paid
in July 1918, making 10% in all—4% stock and 6% cash—for year 1917-18.
CONSOLIDATED

BALANCE
1918.
$

Assets—

SHE. IT

{INCL.

SUB.

Liabilities—
Land, bldgs., ma¬
Preferred stock
chinery, trade¬
Common stock
marks, &c
19,254,574 18,819,692 Bonded debt
Liberty bonds, &c. 1,968,664
149,905 Notes payable
Cash..
517,088 3,036,025 Accounts payableAccounts recelv’le
Acer, int.,tax.,&c.
less reserve
1,543,756 2,720,221 Depreciation, &c.
Inventories
6,195,809 4,414,380 Work’g cap.

Prepaid ins., &c..
Co’s bonds

s.

154,998
105,489

fd.&c

COS.)

1917.
$

AUG.

1918.
$

31.

1917.
$

6,488,000
4,786,515
5,347,000
2,530,000
713,743
306,247
144,915
232,560
3,992,769 2,581,132
res’ve\8,113,909/ 3,000,000
142,370 Profit and loss
/
\ 4,060,506
49,367

6,488,000
5,573,042
4,714,000

Total

29,740,378 29,331,960
Total
29,740,378 29,331,960
[The common stock was increased by the stock dividends to the extent
of about $205,000, while a further $582,000 was issued in exchange for
10-year 6% convertible debenture bonds at par.
On Aug. 31 1918 there
were outstanding $1,448,000 Hecker-Jones 1st 6s,
$2,744,000 co.’s 1st M.
5s and $522,000 Convertible 6s.—Ed.]—V. 106, p. 2763.

American Seeding-Machine Co., Springfield, Ohio.

{Report for Fiscal Year ending June 30 1918.)
Sept. 11, wrote in substance:

Treasurer B. J. Westcott,

Our expectations have in a large measure been realized in the increase in
volume of business and in net profit.
The unusual charge to bad debts
may be explained as due to the charging off of accounts owing from Russia
and other European countries involved in the war.
The inventories stand
at the highest figure in our history, due not only to greatly increased cost
but to extraordinary conditions in the material markets, rendering neces¬

unusually lar^e stocks.
Cash working capital, deducting all reserves
and current liabilities, amounts to $4,856,366, an increase of $311,297
since June 30 1917.
An extra dividend of 1% was paid July 15, but the very unusual trade
and financial conditions prevailing emphasize the importance of preserving
sary

We also recognize the patriotic obligation of in¬
strong cash position.
a substantial part of any surplus earnings in U. S. Liberty bonds.
Since the entry of the United States in the war, only such price advances
have been made as became imperatively necessary from the extraordinary
increase in the cost of material, labor, taxes, &c.
We have not taken any
Government or war orders, believing we can best assist in war work by
confining our activities to the production of farm machinery for this and
allied countries, the business having been given one of the highest classifi¬
a

vesting

cations among “essentials,” and favorable priority position accorded it.
We note with pride the appointment of our President, James A. Carr, as
head of the Division of Allied Purchases, Council of National Defense.

INCOME ACCOUNT FOR

YEARS ENDING JUNE 30.

1917-18.

*1916-17.

191.5-16.

1914-15.

$4,562,246
3,508,792

$3,581,726
2,858,981

$3,682,905
2,989,275

$3,394,067
2,854,972

$1,053,454
$24,123
49,556
55,541
Depreciation, &c
281,017
Pref. dividends (6%)
150,000
Common dividends...(5%)250,000

$722,745
$4,287
51,916

$693,630
$1,039
49,956

$539,095
$2,654

249,953
150,000

217,641
150,000

177,826

(4)200,000

(4)200,000

(4)200,000

Total deductions
$810,237
Balance, sur. or def__sur.$243,217

$656,156
sur.$66,589

Gross

earnings
Operating expenses
Net earnings
Interest
General
Federal

taxes
taxes

46,701

150,000

$618,635
$577,181
sur.$74,995 def.$38,086

BALANCE SHEET JUNE 30.
1918.
S

Assets—

1917.
$

j
j

' v

x

Property account...4,736,356 4,748,721
534,791
388,815 j
Cash
Bills & accts. receiv.1,559,132 1,688,384 j
Inventories
3,387,406 2,672,0581
Cash advances, &c_.
117,164
118,109 Accrued pay-rolls-..
Liberty bonds.
! Divs. pay’le July 15.
108,896
Deferred items
58,926
53,270 Reserves

Total
—V. 106, p.

10,552,670 9,669,357

391.

1918.
S

1917.
Liabilities—
$
Preferred stock
2,500,000 2,500,000
Common stock
5,000,000 5,000,000
Accounts payable
47,352
47,554
Bills payable, banks. 500,000
■

31,183

34,294

Surplus

137,500
87,500
243,913
206,219
2,092,722 1,793,790

Total

10,552,670 9,609,357

American Water Works & Electric Co., Incorporated.

(4th Annual Report—Year ended June 30 1918.)
N. Y., Sept. 19, wrote in subs.:

Pres. H. Hobart Porter,

Income Account.—The company’s proportion of the net income of sub¬
sidiary water companies amounted to $618,953, being a decrease of $69,404,
and its income from other investments, including dividends on preferred
stock of West Penn Traction & Water Power Co. and bank balances ag¬
gregated $861,426 (an increase of $11,767).
This makes a total of $1,480,379.
Expenses and taxes amounted to $84,121 (an increase of $8,687),
and interest and other deductions aggregated $811,073 (decrease $3,274),
so that the net income remaining for dividends, &c., was $585,185, con¬
trasting with $648,235 In 1917.
[The 7% dividends paid on the pref.
sto -k from Aug. 25 1917 to Feb. 15 1918, both inclusive, called for $381,500.]
Subsidiary Water Companies.—This company controls and operates water
works companies in 90 municipalities and communities, serving a popula-




nave

excess of 1,250,000.
In a number of instances increased rates
been secured and other applications are pending.

Earnings of Subsidiary Water Companies for Years ending June 30.
1917-18.
1916-17.
1915-16.
1914-15.

^

Gross

earnings
...$4,973,392 $4,501,306 $4,118,045 $4,173,256
Operating expenses & taxes._ 2,334,323 1,804,132 1,542,580 1,555,933
Net earnings

Deductions—Interest
Deprec’n charges &

__$2,639,069 $2,697,174 $2,575,465 $2,617,323
$1,789,792 $1,808,751 $1,807,728 $1,881,835

amor¬

tized deductions
Other deduc’ns, incl. pro¬
portion of earns, accru’g
to

188,034

138,570

53,125

51,657

42,288

61,497

61,455

37,817

$618,953

$688,357

$653,156

$646,013

minority stockholders

Proportion due American
Water Wks. & Elec. Co.

Funded debt includes: Consol. M. 5% Gas
bonds, due July 1 1939,
$3,400,000: gen. M. 4 y2% Gas bonds, due April 1 1954. $6,100,000; gen. M.
4M % G. & E. bonds, due Feb. 14 1935, $15,000,000: United E. L. & P. Co.
4^% bonds, due May 1 1929, $4,428,000; Consol. M. 5% deb. stock,
Series “A,” $367,747, and 5% conv.
gold notes, due.Nov. 15 1921, $8,500,000.
a Amount of pref. stock
outstanding called for redemption April 2 1917,
including premium and accrued dividends.—V. 107, p. 1387.

fret profits, after int.,&c_$l,931,227
Retire’tpref. stock (1%).

1477

The gross earnings show

substantial increase ($472,086).
The in¬
creases in operating expenses and Federal and local taxes
aggregated $530,191, but there was a marked improvement in this
in
respect
the
latter
part
of the fiscal year.
While it has been necessary to complete many of the
larger items of
a

work previously in
constructipn
been

progress, the construction program has
restricted as far as practicable, owing to war conditions.
For future
replacements and depreciation, there was set aside out of the earnings
above the actual replacements
$112,191, as compared with $73,768 dur¬

ing the previous year.
Refinancing of Subsidiary Water Cos.—During the year $217,500 3d Mtge.
bonds of the Butler Water Co. were
retired, leaving $4,000 outstanding.

The finances of the Clinton Water Works Co. were revised
and the $176 000
2d Mtge. bonds retired.
The finances of the Muncie Water
Works’ Co
were revised and the 2d Mtge. bond issue of
$139,000 was retired
The
finances of the Wichita Water Co. were revised and the 3d Mtge bond
issue
of $273,000 was retired (V. 105. p. 2191).
The East St. Louis & Interurban Water Co. issued
$400,000 2-Year 6%
collateral notes, secured by pledge of its 1st Mtge. &
Refunding 6% bonds
maturing July 1 1942, to further the completion of necessary additions to
the

physical property (V. 105, p. 913, 1001, 1525).
The consolidation of the Guyandotte Water Works Co. and
the Hunt¬
ington Water Co. as the Huntington Water Corporation, and the
retirement
of the bonds of the Guyandotte Co. were
successfully concluded (V. 105
p. 1526).
West Penn Properties—‘West Penn Rys.—West Penn Power Co
—The year
has witnessed a continued activity in all lines of business
in the
District, with consequent growing demands upon the West Penn Pittsburgh
system
The Windsor power station at Beach Bottom, W.
Va., commenced’to
deliver power in Dec. 1917; the full capacity, however,
originally
planned
will not be available until late in 1918.
Coal from an adjacent mine
saves freight charges and insures
continuity of supply. The efficiency of
the large units installed has already been demonstrated.
A steel-tower
transmission line to Washington, Pa., was also
put into service
A new generating station in the
Allegheny Valley is much needed to
supply power to that rapidly-growing territory. The U. S. Government
has recently entered into a contract
materially to assist in the financing of
a 40,000 kilowatt
power station (V. 107, p. 403, 702).
s
Consolidated Income Account of West Penn Rys. Co.
for Year end. June 30.
Gross earnings

Operating

expenses

and taxes

;f’£64.390
$5,658,430
5,387,177 $7,082,123
3,965,493
2,757,725

Net earnings
$3,277,213 $3,116,630 $2,900,705
Less—Fixed charges and amortization
of discount
$1,762,222 $1,920,486'
Dividends applicable to outside stock¬
holders of subsidiaries and in 1916-17
1,938,954
& 1917-18 divs. on pref. stocks
629,483

255.007J

Surplus

$885,508

$941,137

$961,751

The increase in gross earnings is due primarily to the
great
the district served; the earnings have, however, been limited activity in
by the ca¬
pacity of the company’s facilities to meet the requirements in its territoriy
The cost of supplying service, however, has advanced so
rapidly
that it
became necessary to revise the basis of charges for electric
power service
and increase the railway fares in Pennsylvania.
The new rates for power
became effective on Mar. 1 and the increase in fares on
May 11 1918 since
which the net earnings have substantially increased.
[In April 1918 filed
with the Pennsylvania P. S. Comm, a new fare schedule
providing for an
increase in fares from 5 to 6 cents, effective May 11
1918.]
In accordance with the plan for consolidation and
refinancing
of the vari¬
ous West Penn companies, (V. 104,
p. 1704, 2236, 2453; V. 106, p. 716 823)
your company exchanged $1,554,700 of common stock of the West Penn
Railways Co. for an equal amount of 6% pref. stock of the West Penn
Traction & Water Power Co., and an equal amount of common
stoeK.
West Penn Stockholdings of A. W. W. & E. Co.,
Total
June 30 1918—
Owned.
Out.
West Penn Railways Co. preferred stock
$281,750 87,365,300
West Penn Trac. & Water Pow. Co. preferred stock 4,649,500
8,054,700
do
do
do
common stock. 15,898,700
22.054J00
The entire common stock of the West Penn Rys. Co. is now owned
by
the West Penn Traction & Water Power Co.
During the year regular quarterly dividends of 1H % were paid on the
^referred stocks of West Penn Railways and West Penn Traction &
Water
Power Co.
[Quarterly dividend No. 1, 1H% on pref. stock of West Penn Rys. Co.,

paid Sept. 15 1917.
Compare offering of $1,500,900 7% notes of West Penn. Power Co.
V. 106, p. 613, and 1st M. 6s, V. 107, p. 403.]
California Lands.—During the year the company has sold to rice growers
6,238 acres of land, previously considered as grazing lands; 25 additional
acres have been planted in prune trees (V. 105,
p. 1519).
The acreage in
wheat and barley was 3,020, an increase of 730; in corn and
alfalfa, 912,
decrease 303, and in beans and potatoes, none, decrease 190;
total, 3,932
acres, increase 237.
Some 7,700 acres of land have been rented on a crop¬
sharing basis to tenant farmers for rice and grain-growing purposes, and
5,400 acres have been rented for grazing purposes.
On June 30 1918 hogs
on hand numbered 3,237, increase 1,607;
cattle, 289, increase 15; sheep.

was

5,567, increase 1,826.
At organization your company took over California lands
only partially
developed representing a total expenditure of some millions of dollars.
At June 30 1918 your company had advanced an amount of $542,829,
exclusive of interest, a reduction of $10,515 during the year, and for the
calendar year 1918 the cash proceeds from farming, live stock and fruit
raising operations will, it is believed, at least equal the entire operating
and development expenses during the same period, a much earlier achieve¬
ment due to the present extraordinarily high level of prices for live stock,
farm produce, and fruit.
It is believed that the present year marks the
point of conversion of these properties from a construction and develop¬
ment enterprise to a self-sustaining one.
Dividends.—Out of the surplus and net profits four quarterly dividends,
each of IH%, on the first pref. capital stock were
paid during the year.
The directors have also declared the quarterly dividend of 1 % % for the
quarter ending July 27 1918, payable on Aug. 15 to stockholders of record
on Aug. 10.
Addi turns, &c.—The cost of properties and securities owned account
shows a net increase of $82,766, which is made up as follows:
Additions and betterments to plants
$1,452,797
Increase in Am. W. W. & El. Co. bonds in treasury
4,700
Expenditures and adjustments in re property investment
51,539
Less—Am. W. W. & El. Co. bonds loaned to sub. cos. $67,900
Various credits for sale of property, proceeds of sale
of United Coal Corp. securities, doubtful assets
realized, &c_
1,358,370

United Coal Corporation Securities.—The common and preferred stock
of the United Coal Corporation were sold during the year and the proceed
credited to the cost of property account.
Payment therefor was partly
in cash and the balance in notes maturing semi-annually up to July 26 1920.
These notes are secured by the original headings in the United Coal Corp.
stocks.
All matured notes have been
paid and the remainder are shown in
the balance sheet under the heading or temporary investments.

Capital Stock.—In accordance with the plan which was approved by the
on July 14 1917 (V. 104. p. 1803, 766; V. 105, p. 291, (the

stockholders

CONSOLIDATED BALANCE SHEET JUNE 30.

authorized issue of first preferred stock was increased from $5,000,000 to
First preferred stock, $450,000, and common stock, $2,$10 000,000.

000!000,
upon

was

issued in partial satisfaction of the
Authorized.

cumulative pref. stock $10,000,000
Participating pref, 6% stock
10,000,000
First pref. 7%

10,000,000

stock

secure,

Unissued.

Issued.

$4,550,000
800,000

Bonds.—Of the 20-year Collateral Trust bonds, $29,900 were released as
collateral from the bank loans of subsidiary companies and surrendered to

and

owned.*51,900,432 51,823,666

Advances account
Cal. properties542,829
Deferred items to
be amortized-..
630,071
Cash
al ,881,567

Bec’d notes, Ac.

the last appropriation of surplus
of March 15 1915, which called

required under the supplemental indenture
for

total provision of $1,250,000.

a

Special Savings Fund.—Under Art. 6 of said supplemental indenture,

the interest saving of 1 % p. a. through the exchange of our collateral trust
5% bonds for an equal amount of United Water & Light 6% Collateral
Trust notes was to be placed in a special savings account after paying the
expenses incident to making such exchange.
A balance amounting to

553,343;
647,483
1,807,875

Temp'y invest’t in
system obiig’ns,

t/h0 tni-

Special Surplus.—At June 30 1918 there has been set aside $250,000 as

%

$

Assets—

Cost of prop's

$5,450,000
10.000,000
9,200,000

1917.

1918.

accumulated dividends

the first preferred stock to April 27 1917.
Capital Stock Now Authorized and Outstanding.

Common

(Vol. 107

THE CHRONICLE

1478

Sub.waterco.bds.b24,498,500 24,417,500
1,020,594

Notes receivable.]
Accts. receivable^
Acer, int rec
|

City warr. on hd.

830,513<|

j

[

Acer, water chgea.
Materials & supp.
Advanced Interest
and insurance..

379,194
14,055

$63,856 has accordingly been carried to this special fund.

200,301
10,293
651,451
107,036;
10,120i
40,375 I
318,183;

(a) Water Works

Properties—

2,802.26

1,239,100
191,631
2,751.74

90

90

200,610

(b) West Penn (Traction & Power) Properties—
339.25

25,000-volt transm. lines, pole miles
25,000-volt transm. lines, circ.milee
132,000-volt tower line
Cities and communities served

476
730.34
26.13

»

Number of consumers
Kilowatt-hour output

_

322.56

321.88

445.44
628.42

396.56
556.26

403

364

25,875
32,968
323,815,585 318,117,440 186,352,997
34,210

&c., owned

1916-17.
$688,357

861,426

139.266

710,393

713,655

$1,480,379

$1,538,016

$1,366,811

Expenses & taxes, less proportion con¬
tributed by sub. cos. for admin, exp.
and inci. oper. exp. of such cos
Net earnings

Interest

1915-16.

$618,953

,

Total

$653,156

84,121

75.434

67,720

$1,396,258

$1,462,582

$1,299,091

$787,144

$746,508

19,133

12,000
26,933

$719,341
12,000

4,119

19,676

on—

Collateral trust 5% bonds
Collateral trust notes
Balances due subsidiary cos
Bank loans of cos. other than sub¬

sidiary water companies
Miscellaneous
Dividends

on

$203,685

Net income

29,930

28,688

677
9,231
381,500 V.104,p.l803;V.105,p.182

1st pref. stock (7%)__

$509,133

$648,235

LIST OF PRINCIPAL SECURITIES OWNED DIRECTLY OR THROUGH
SUBSIDIARY COMPANIES JUNE 30 1918.

Total

Par Value
Water Supply Companies—
Arkansaw Water Co., Little Rock,
Common

Ark., pref

Owned.

$56,000
1,549,400

Outstanding.

Birmingham Water Works Co., Birmingham, Ala._ 1,829,700
Butler Water Co., Butler. Pa
417,500
Chartiers Valley Water Co., Pittsburgh, Pa
x903,050
438,300
City Water Co. of Chatt., Chattanooga, Tenn., pref.
Common
1,726,500
691,400
City of New Castle Water Co., New Castle, Pa
City Water Co., Marinette, Wis., preferred
*66,000
Common
*200,000
City Water Works Co., Merrill, Wis., pref
*49,000
Common
*125,000
Clinton Water Works Co., Clinton, la
321,000
Connellsville Water Co., Connellsville, Pa
277,000
East St. L. & Inter. Wat Co., East St.L.,111.,pref
427,600
Common
4,750,000
Huntington Water Corp, Huntington, W. Va
227,000

Joplin Water Works Co., Joplin, Mo
Keokuk Waterworks Co., Keokuk, la., pref..:

800,000
*115,000

Common
Kokomo Water Works Co., Kokomo, Ind., pref
Common
Louisiana Water Co., Louisiana, Mo., pref
Common
Middle States Water Works Co., preferred
Common

*600,000

*70,000
*125,000

*13,000

*150,000
617,000
3,319,900
Mingo Junction Water Co., Mingo Junction, O
45,000
Monongahela Val. Wat. Co., Elizabeth, Pa., pref..
15,000
Common
250,000
Mt.Vernon Wat. Wks.Co., Mt.Vernon,Ind., pref..
*32,000
Common
*60,000
Muncie Water Works Co., Muncie, Ind
281,000
Portsm. Berkley & Buff. Wat. Co., Portsmouth, Va.
639,800
Racine Water Co., Racine,Wis
400,000
St. Joseph Water Co., St. Joseph, Mo
3,250,000
So. Pittsburgh Water Co., Pittsburgh, Pa., pref
27,450
Common
1,843,900
Water
Warren
Co., Warren, Pa
114,500
Whitaker Water Co., Pittsburgh, Pa
x5,000
Wichita Water Co., Wichita, Kans
*2,272,000

bfcTotal
cos

Total
*
Owned by Middle States Water Works Co.
x

$56,000
1,549,400
1,829,700
417,500
1,000,000

438,300

1,726,500

691,400
66,000
200,000

49,000
125,000
321,000
277,000

427,600
4,750,000
227,000

Stocks—

2,272,000

Total

Owned.

Outstanding.
$1,000,000 $1,000,000
50,000
50,000
16,000
5,000

16,265,600
7,365,300
8,054,700
22,054,700

$22,953,350
Bonds and Notes (1)

Par Value Owned.

National Securities Corp. Income bonds.
Debentures, &c
Prior lien notes
West Penn Railways Co. note
Miscellaneous




•

458,242

455,233
80,344

57,205.255 56,189,301 |

Total

Total

341,383
444,463
51,344
1,050,000
931,416

100,000
291,214

57,205,255 56,189,301

Including $604,600 Amer. Water Works & Elec. Co. bonds in treasury
and $400,500 Amer. Water Works & Elec. Co. bonds loaned to subsidiary
and allied companies at par.
a Includes in 1918 current checking accounts,
$632,887; with fiscal agents, $385,052, and held by trustees for special
purposes, $863,628.
b In possession of public, c Includes in 1918 bank
loans of sub. water cos. due Feb. 1 1919 and 1920, secured by Amer. Water
Works & Elec. Co. bonds, $170,394, and other loans, $59,250.
d In¬
cludes undistributed surplus applicable to outside stockholders, which in
1917 was included in reserves,
e Capital: Par value of stock outstanding
of the American Water Works & Electric Co.: 1st pref. stock, $5,450,000;
participating pref. stock, $10,000,000, and common stock, $9,200,000;
total, $24,650,000; declared value of capital stock, $10,418,500. V. 107,
*

1381.

Granby Consol. Mining, Smelting & Power Co., Ltd.
(Report for Fiscal Year ending June 30 1918.)
President William H. Nicholls, New York, Sept. 25 1918,
wrote in substance:
The financial condition of the company continues excellent, and the
results are entirely up to expectations, after allowance is made for the
number of extraordinary difficulties imposed by war conditions.
After careful consideration the directors decided that the time had
arrived to write off certain depletion and depreciation charges, in all making

large total {namely $6,031,711, reducing the profit and loss surplus as
of June 30 1917 from $9,434,038 to $3,402,327.]
The smelting and mining operations at Anyox leave no doubt as to the
The directors, therefore,
great value of the deposits of ore at that point.
decided that the time had arrived for insuring a permanent and reliable
supply of coke, thus safeguarding our smelting operations for many years
to come.
We have acquired large coal measures on Vancouver Island,
and are constructing up-to-date by-products coke ovens at Anyox, .vhich
it is hoped, will be in operation before Jan. 1.
This entire enterprise
involves an expenditure of about $3,000,000, of which $1,600,000 has
a

It was not deemed necessary to undertake any special
financing for this purpose.
The condition of our properties is highly satisfactory.
The old Phoenix
mine has been run more from patriotism than hope of profits.
As you
know this mine is approaching exhaustion, but this will have slight effect
upon the future success of the company.
already been paid.

Chgd. to Surp. Acct. ’01 to ’15. Yr. ’15-’I6.
Depletion of ores, Phoenix
and Hidden Crk. mines $3,668,087
$901,364
Deprec. of plant and
equipment at Phoenix,
Grand Fks. & Anyox.
674,954

Amts.

3,609

Other items

1916-17.

Total.

$782,570 x$5,797,697
770,724
230,405

234,014

$3,668,087 $1,579,926
x$783,699 x$6,031,711
previously charged off Mar. 21 1917.
During the year tne bonded debt was reduced from $2,514,400 to $2,039,800 by the retirement of $474,600 bonds.
Tot.
x

now

chgd. to

surp.

After deducting $1,000,000

Data from Man. Dir. F. M. Sylvester, Vancouver, B.C., Sept. 7 1918.

Data from O. B. Smith, Supt. of Mines, Vancouver, B. C., July 11918.

639,800
400,000

$7,890,900 $32,789,400

American Construction & Securities Co
Ajax Farms Corporation
50,000
James Mills Holding Co
50,000
Mt. Vernon Electric Light & Power Co
16,000
Missouri Sewerage Co
5,000
National Securities Corporation
1,002,400
West Penn Railways Co., preferred
281,750
West Penn Traction & Water Power Co., preferred 4,649,500
West Penn Traction & Water Power Co., common. 15,898,700

431,956
385,052

114,500
5,000

281,000

$36,990,900 $63,115,000

Par Value

221,848

3,250,000
250,000
2,750,000

115,000
600,000
70,000
125,000
13,000
150,000
617,000
3,319,900
45,000
15,000
250,000
32,000
60,000

Owned by South Pittsburgh Water Co.

Securities of Electric and Other Companies

239.649

Output.—During the fiscal year there was mined and treated at your
plants 1,501,359 tons of ore, inclusive of 25,722 tons of purchased
ore: producing 44,685,001 lbs. cu., 550,163 ozs. ag., and 30,730 ozs. au.
Reserves.—The ore reserves of your various mines comprise the following:
of a grade 3 to 5%, 64,740 tons; of a grade 2 to 3%, 10,480,150 tons;
of a grade 1 to 2%, 3,017,713 tons; less than 1%, 9,968,605 tons; total,
23,531,208 tons.
Development work at all of the mines has been curtailed considerably
because of lack of labor, though enough diamond drilling and other work
has been carried on to develop ore for immediate requirements of shipments.
At Anyox the general operations, both of the mine and the smelter
departments, are much improved over any previous years.
Coal and Coke.—The necessity of providing a dependable supply of coal
and coke for the operation at Anyox was recognized more than a year ago,
and during the past year a coal area of over 800 acres has been secured
on Vancouver Island, 70 miles of Victoria on the E. & N. RR., at about
7 miles from a good tide water harbor at Ladysmith.
The plant will be
ready to produce 300 to 500 tons of coal by Jan. 1 next.^ At Anyox a
modern by-product coking plant is being erected, which will have a capacity
of 250 to 300 tons of coke for 24 hours.

800,000

$29,100,000 $30,325,600

Bonds—
Bonds and collateral notes of subsid. water

222,641

1,160,112
Special sav. fund.
63,856
Special surplus
350,000
General surplus..
165,214

p.

1917-18.

Accts. payable and
accrued taxes..

2,000

C229.644

Reserves

INCOME ACCOUNT FOR YEARS ENDING JUNE 30.
Co.’s propor. of net earns, of sub. cos
Divs. declared on pref. stock of West
Penn Trac. & Wat. P. Co
Income from bonds, pref. stocks,

co.’s
Consumers’ depos.
water

400,000
6,500

Unpaid dividends-

Daily nominal filter capacity (gal.)__ 162,530,000 153.530,000 150,730,000
Daily nominal distributive pumping
365,800,000 361,800,000 362,300,000
capacity (gal.)_
Water supplied (000s omitted) (gal.)_ 49,410,563
41,919,743 37.528,975
Miles of road owned
Miles of power lines—

trust notes,
of sub. cos
Pur. money mtge.
Bank loans of sub.

Adv. rents, Ac

1916.
1,256,100
189,467
2,716.8
88

1917.

1918.

1,272,900

_

Coll,

13,168 Matured int. pay.
Acer. int. payable.

BUSINESS CONTROLLED—COMMUNITIES SERVED.
Estimated population served
Number of consumers
Miles of pipe
Cities and communities served

1918.
1917.
Liabilities—
%
$
Am. W. W. & El.
Co. capital...elO,418,500
9,518,500
b Subsidiary wat. ]
f
Co.’s stocks—|
Preferred stock)dl,450,295/
223,800
Common stock I
[ 1,014,650
Am. W. W. & El.
Co. coll. tr. bds.16,870,400 16,900,300

$609,800
2,508

12,250
126.000
28,700

$23,732,608

different

Prqduction.—The output of our operating mines for 1917-18 amounted

1,472,368 dry tons of ore at a cost on board cars or barges (including
development, diamond drilling, and waste handled) of $1 46 per ton.
The
ore carried approximately 51,238,406 pounds of copper, or 34.8 pounds
per ton.
Also a gold value of 30,036 ounces, or 0.02 ounces per ton,
silver value of 223,800 ounces, or .152 ounce per ton.
[The Hidden Creek
Mine afforded 31,813,521 pounds of copper, or 36.10% per ton of ore;
Phoenix, 8,582,695 pounds, or 15.62%; Mamie, 87,015 pounds, or 28.05%;
Midas, 1,234,222 lbs., or 56.58%; It, 1,092,316 lbs., or 86.42%.—Ed.)
Reserves.—On July 1 1918 the company has an ore reserve amounting to
23,531,208 tons, containing approximately 688,064,015 lbs. of copper,
265,157 ounces of gold, and 2,238,193 ounces of silver. Of this ore reserve
10,161,729 tons is low-grade ore, containing approximately 149,944,455 lbs.
of copper, 57,901 ounces of gold, and 532,087 ounces of silver, which can
hardly be considered an asset at the present time.
The ore reserve for
smelting operation is, therefore, 13,369,479 tons, containing approximately
538,119,560 lbs. of copper, 207,256 ounces of gold, and 1,706,106 ounces of
silver.
We hope to be able to handle a great deal of the low-grade material
later on by flotation.
The high-grade reserve is partially developed by
drifts, crosscuts and raises, but a large part of it is actually developed only
by diamond drilling, although the reserve will be handled entirely through
adits which are already constructed.
Bonanza Mine
Ore Reserves
Phoenix Mine
Hidden Creek Mine
Anyox, B.C.
July 1 ’18—
Pho nix,B.C.
Anyox, B. C.
High grade, tons.2,824,579 10,480.150—2.29% cu. 414.775—2.66% cu.
Low grade, tons. 207,885
9,759,620—0.73% cu.
It Mine,
Midas Mine
Mamie Mine
Kars an Bay, Alaska
Valdez, Alaska,
Hadley, Alaskat
2,500—5% cu.
High grade, tons.
62,240
115,226—1% cu.
Low grade, tons._
77,898
to

Oct. 12

1918.]

RESULTS FOR YEARS ENDED JUNE 30.
1917-18.
1916-17.
1915-16.

Sales—-V

Copper, fine (lbs.)

44.685.001

41.878,568

42.198.083

Average price received
$0,237
$0.2740
$0.2204
Silver, fine (oz.)
550,163
599,349
487,845
Average price received
$0-922
$0.7100
Gold, fine (oz.).__
30,730
29,821
44,848
Gross inc. from sales...$11,644,311 $12,686,733 $11,370,500
Operating expenses
6,909-854
7.262 880
x7,519,492
Net profit.
$4,124,819 $5,776,879 $4,107,620
Deduct—
Dividends paid...(10%)$1,500,042(9)$1349,962 (6)$899,911
Bond interest
211,532
131,325
213,821
Miscellaneous
450.870
112,551
74 505
Reserve for ore depletion
and plant depre ’n___

Total deductions

2,015,491

$2,930,312
$2,846,567

Total surplus June 30. $3,429,418

year.

CONSOLIDATED BALANCE SHEET JUNE 30.
1914-15.

[Including companies, see above.]

25.746.059

$0.1587
259,477

26,936
$5,053,887
3.713,329

$1,340,558

270,420
140,973

1918.

Discount

6,587,471

$1,188,237
$2,919,383
3,668,087

$411,393
$929,165
2,738,922

$9,434,038

$6,587,471

$3,668,087

BALANCE SHEET JUNE 30
1918.
S

*917.
Assets—
S
Mines and mineral
lands
b9,100,859 15,038,290

Liabilities—

1918.
%

1917.
$

Capital stk. issued 15,000,420 15,000,420
Funded debt
2,039,800 2,514,400
Realest.,bldgs.,&cc6,119,485 7,277,347 Loans payable
720,649
2,173,207
Stocks and bonds.
579,627
846,763
344,823
610,481 Accounts payableSink, fund invest’t
8,000
60,000 Accrued charges..
348,235
177,334
Cash
Rea.
for
66,897
depletion
Inventories
ore
lands
and
de2,670,533
1,897,972
Accts. receivable. 5,249,657 a4,550,092
prec’n plants
1,256,267
Prepaid charges..
42,785
13,749 Surplus
b3,429,418 b9,434,038
23,837,843 29.447.931

Total

23,837,843 29,447,931

In part assigned in security of loans and accounts payable. $2,597,132.
b The book value of mines and mineral lands was written down by
$6,031,711 as an allowance for exhaustion.
See text above.
c After deducting reserve for depr’n, $2,776,176.—V. 107, p. 1388.
a

Kentucky Securities Corporation and Its Subsidiaries
Kentucky Traction & Terminal Co., Lexington Ice Co,. Inc.,
Lexington Utilities Co., Inc.

(8ih Annual Report—Year ended June 30 1918.)
Pres.P.M. Chandler, Phila., Sept. 30, wrote in substance:
Operations.—Operating costs advanced materially and notwithstanding
($22,236) in the gross receipts, the net earnings of the
railway department showed a decrease of $15,789.
Every' reasonable
economy is in effect and present conditions indicate that the increased
fares now being collected will be sufficient to absorb a substantial proportion
of the increased expenses.
In the city of Lexington, where the company supplies all retail electric
service, there was an increase of 12.5% in the number of customers, 5.2%
in the connected lighting load and 31.5% in the connected power load.
Receipts from sales of electricity under the wholesale contracts to outlying
towns showed an increase of 13.6%.
During the year the power plant generated 20,605,995 k. w. of elec¬
tricity, an increase of 7.9%, and used 36,959 tons of coal, an increase of
34.6%. The larger proportionate use of coal was principally due to the
inferior quality of coal received for a time under the rulings of the Fuel
Administration.
Some readjustments in light and power rates have been
made, which should in part compensate for the increased costs, and there is
a reasonable assurance of a steady supply of good coal at a uniform price.
Ice sales amounted to 29,806 tons, an increase of 33%, which reflects in
part the increased business resulting from the lease of the Consumers Ice
& Cold Storage Co. in May 1917.
Your gas mains in the city of Lexington are leased to the Central Ken¬
tucky Natural Gas Co., for a proportion of the gross receipts from gas sales.
During the year 1917-18, these receipts were $36,533, which, however, is a
very moderate return on the investment.
Financial.—The fixed charges of the system companies increased $43,546,
which is accounted for by a 30% increase in taxes, a 5% increase in interest
and twelve months’ rental of leased property in comparison with only two
months in the preceding year.
During the year there were sold by the system companies $70,000,
Kentucky Traction & Terminal Co. First & Ref. Mtge. 5% bonds ($52,000
issued in exchange for underlying bonds), and $24,600 Kentucky Securities
Corporation pref. stock. The Kentucky Securities Corporation has on
hand available for sale $138,000 Kentucky Traction & Terminal Co. First &
Ref. Mtge. 5% bonds, issued against part of the construction expenditures
the increase of 4.1%

,,

of the year.
There are now $191,000 bonds of the Lexington Ry. Co., held alive in
their sinking fund, $25,000 having been purchased during the past year.
Regular dividends in cash at the rate of 6% per annum have been paid
on

the pref. stock of the Kentucky Securities Corporation.

General.—The gross receipts of the company for the first time exceeded
$1,000,000. The territory directly served Ls largely agricultural and the
present world-wide conditions have meant record-breaking prices for the
standard and staple crops of the Blue Grass region.
The burley, tobacco,
wheat and hemp crops were exceedingly bountiful in quantity and good in
quality. The outlook and condition of the new crops are excellent at the
present time.
The operation of the coal fields in Southeastern Kentucky
and the development in the same locality of important oil fields have been

aggressively continued.

Additions.—During the year the operating companies spent $240,270 on
construction, additions and betterments, but oaly 3% of this sum
was expended after Jan. 1 1918.
The largest item was the installation of a
4,000 k. w. turbo-generator, giving an 80% increase in the generating
equipment of the power station.
new

COMBINED EARNINGS FOR YEARS ENDING JUNE 30.

[Kentucky Tr. & Ter., Lex. Util, and Lex. Ice, excL of inter-co. charges.
Passengers carried*—
1917-18.
Lexington City lines._ 3,959,734
Interurban lines
1,660,133
Other cities
426,624
Operating revenue
$1,021,448
Operating expenses
605,275

1916-17.

1915-16.

1914-15.

4,507,286
1,599,197
438,324
$912,540
480,265

4.389,905
1,482,881
497,054
$850,685
438,163

4,277,241
1,341,452
466,017
$811,629
432,403

$416,173

$432,275
39,289

$412,522
29,206

$379,226
28,289

$441,728
245.576

$407,515
237,230

Net operating revenue.
Miscellaneous income—
Gross income
Fixed charges, &c

45,180

$461,353

Surplus
*

302,454

$158,899

121,694

82,830

416

33,753

Total

$471,564
264,496

$207,068

$196,152

9,426,359 9,069,762

$170,285

Dividends.—Initial div. on pref., 1 H%, paid July 15 1913; mhhh rate
to and incl. July 1916; in Oct. 1916 paid 1H% and J4 of 1% extra
account of accumulations.
In Jan. 1917, 1H% and 1% extra, paying up
all accumulations; since, 1 J4 % quarterly.
[Inserted by Ed.]




75

2,557,000
1,286,000
200,000
255,000
110,794
82,889
32,324
19,333
43,369
275,770

22,086
40,297
237,867

9,426,359 9,069,762

Total

-V. 106, p. 924.

Utah Securities Corporation.
Utah Power & Light Co.—-Utah

Light & Traction Co.

(Report for Fiscal Year ending Dec. 31 1917.)
Mitchell, N. Y., July 17

says in substance:
earnings of the operating subsidiaries of your Com¬
pany for the year 1917, aggregated $6,586,592, an increase of 18% over
1916 and the net earnings (including $82,707 non-operating income) aggre¬
gated $3,581,073, an increase of 15%. The substantial increase in gross
earnings reflects the general prosperity of the territory served, and the
smaller percentage of increase in the net earnings was due principally to
the higher costs of labor, material and taxes incident to the war.
The electric generating plants now operated by our subsidiaries have
an aggregate capacity of 150,472 k.w., all of which,
except 25,565 k.w.,
is hydro-electric.
The use of fuel has been confined principally to such
minor operations as steam heating in Salt Lake, gas generation in Ogden
and the steam supply of certain small districts not connected with the main
hydro-electric systems, and therefore the operating costs of the properties
as a whole have not been very seriously affected by the
higher fuel costs
generally prevailing.
New Plant, &c.—During the latter part of the year the Utah Power &
Light Co. placed in operation the new 7,500 k.w. hydro-electric station
at Cove, Idaho (V. 104, p. 2554).
There has also been completed the
additional 130,000-Volt transmission line, 133 miles in length, from Grace
station to the company’s terminal near Salt Lake City.
The construction
of the Cove station and the building of this additional 130,000-volt trans¬
mission line were made necessary by the steadily increasing demand for
Results.—The gross

electric power.
The Cove station is located on the Bear River, approximately one mile
below the Grace station, and is the fourth generating plant of the Com¬
pany to use the flow of the Bear River—equalized by the stored waters of
the Bear Lake reservoir—the three other stations being Grace, Oneida
and Wheel on.
Prior to America’s entry into the war construction was begun on a 5,500
k.w. unit at the Olmsted, Utah, plant, a 10,000 k.w. unit at the Oneida
station and an 11,000 k.w. unit at the Grace station (both the latter in
Idaho) and while considerable progress had been made on this work it has
been thought best to defer the completion of these three additional hydro¬
electric units until labor and material costs become more nearly normal
and financial conditions are more favorable.
Contracts.—During the year the subsidiary companies closed additional
contracts for the supply of substantial amounts of power, thereby increas¬
ing their connected load from 160,632 k.w. to 187,057 k.w.
Electric cus¬
tomers during the year were increased from 57,245 to 61,188 and gas cus¬
tomers from 2,104 to 2,639.

Gold Notes.—Your company made the final calls for payment on its
Ten-Year 6% Gold Notes during 1917.
All payments were made and
notes therefor in principal amount of $805,500 were delivered to subscrib¬
ers.
No notes were retired in 1917.
The total of the Ten-Year Notes
issued is $27,790,000 and the total retired is $19,518,000, leaving out¬
"
standing $8,272,000.

Financing by Utah Power <ft Light Co.—The Utah Power & Light Co. has

issued to the public during the year $1,261,000 1st Mtge. Bonds and
$1,500,000 Two-Year 6% Secured Gold Notes; also since Jan. 1 1918
$200,000 bonds (making the total bonds now held by the public $20,466,000), and an additional amount of Two-Year 6% Secured Gold Notes in¬
creased the same to $2,050,000 (now secured by deposit of $2,847,000 Utah
Power & Light Co. 1st Mtge. bonds.
(V. 104, p. 1168, 2012; V. 105, p.

608, 1210; V. 106, p. 819, 2764).
UTAH SEC. CORP —PROFIT & LOSS AND INCOME STATEMENTS.

(1) Profit & Loss Acct. Sept. 10 1912 to Dec. 31 1917 and Dec. 31 1916.
Dec. 31 T7 Dec. 31 T6
lnt. & dividends..$5,365,445 $4,542,548
♦Profit realized by

To—

To—

redemption
of
$19,518,000Utah
Sec. Corp. notes. 1,908,099

$783,519

$620,910
3,894,009

Interest on note3_. 4,365,676
Commission
paid
on

1.908,099

$7,273,544 $6,450,648

Total

Dec. 31 T7 Dec. 31 T0

Expenses & taxes.

underwriting
625,203

631,144

.notes

Balance, surplus..$1,493,205 $1,310,525

(2) Earnings of All Properties Now Controlled (Irrespective of the Date of
Acquisition) for Years ending Dec. 31—
1917.

Gross earns, all sources
Net earnings

1916.

(inter-co. chgs. eliminated).$6,586,592

$5,583,396

3,498,366

3,095,022

82,707

29,724

$3,581,073

$3,124,746

T

Other income

:

Total net earnings

(3) Earnings of Utah Pow. & Lt. Co. and Utah Lt. & Trac. for Cal. Years—
Utah Lt. eft Trac. Co.—
1917.
1916.

—Utah Pow. eft Lt. Co.
1916.
1917.

$5,182,517

$4,312,089

Oper. expenses & taxes._ 2,521,910

2,084,451

$1,597,315
1,133,307

$1,455,081
952,909

$2,660,607
84,318

$2,227,638
63,017

$464,008
376,258

$502,172
371,977

$2,744,925
1,005,594
533.433

$2,290,655
895,785
318,633

$840,266
784,920
>23,924

$874,149
776,830

Balance, surplus
$1,205,898
Dividends on pref. stock.
474,054
do
on 2d pref. stock._
x518,385

$1,076,237
320,250
676,988

$31,422

$57,644

30,000

50,000

$1,422

$7,644

Gross

earnings

Net earnings
Other income
Gross income
Bond int. and discount.
Other interest (net)

_

125,000

Depreciation
Balance, after deprec’n
x

Dividends

on

$88,459

$78,999

2d pref. stock paid in 1916 include $411,443

Dividends paid in 1917 Include $172,795 accrued in
1915.
dividends in arrears on the 2d pref. stock were paid in 1917.

39,675

accrued in
1916. All

(4) Combined Net Income All Companies for Calendar Years—
1917.

Calendar Years—
Gross earnings of Utah Securities Corp.,

including
surplus of subsidiary companies accruing to it..
Expenses, including taxes, or Utah Securities Corp.
Net

earnings of Utah Securities Corp.

_

Inc. from all sources accruing to Utah Sec. Corp>_
Deduct—Int. charges on 10-year 6% gold notes.—
_

Combined net income

1916.

$912,726
162,608

$1,031,476

$750,118
deb.5,941

$885,448
111.746

$744,176
471,666

$997,193
543,070

*272.510
$272,510

$454,123

146,028

r-

Includes transfers! &c«

quar.

$
2,052,288
2,154,920

The Electric Bond & Share Co. has favored its friends
with copies of the annual report for 1917 in which Pres. S. Z.

Note.—Action is being taken by the company to determine its liability
inlrespect of the Canadian business profits war tax and income tax on
profits earned since Dec. 31 1914, and for surtax payable under the require¬
ments of Chapter 66 of the Statutes of the Province of British Columbia.
Pending the result of this, no provision has been made for such liability.

quarterly

bonds &

Miscellaneous
Prof. & loss (all cos.)

$8,574,

Includes in 1914-15 foreign ores purchased, $300,959.
As adjusted; see foot-note “b” following balance sheet.

Total

on

stocks
Deferred Items

1917.

1918.
Liabilities—
$
Com. stk.(K.S.Co.) .2,052,288
Pref. stock
(do)
2,179,620
K.T.&T. Co. stock
not owned
75
K.T.&T.lst Ref. 53.2,772,000
Lex. Ry. 1st M. 5s.. 1,254,000
G. & L. Ry. 1st 5s..
198,000
B. G. T. 1st 5s
237,000
Bills & accts. pay’le.
46,547
Notes&sec .loans pay.
261,669
Accrued int., &c
92,218
Accrued div. July 15
32,693

Accident, &c., res’ve

per pound over inventory prices of $118,334; dividends received,
and net returns from rents and commercial enterprises, $113,266x

1917.

Property & invest’fc,
less depreciation..8,986,739 8,778,317
Sink. fd. (Lex’n Ry.)
694
2,956
Treasury bonds
36,000
110,670
Cash on hand
60,234
13,783
Accounts receivable.
46,470
37,216
Materials & supplies.
78,448
51,807
Prepaid operating ex¬
penses
20,994
33,099

x Includes in 1917-18 net returns for metals produced and estimating
copper in transit and on hand at an inventory price of 20-9 cts. per lb.,
$11,404,136; metal inventory of June 30 1917 sold at an advance of 1.4 cts.

y

.

Assets—

1,256,267

$4,097,728
$27,091
z3,402,327

Balance, surplus
Surplus from prev.

1479

THE CHRONICLE

—

.

THE CHRONICLE

1480

BALANCE SHEETS DEC. 31, 1917 (Compare 1916. V. 104, p. 2550.)
Utah Light &
Utah Secur.
Utah P. &
Total, All
Assets—
Corporation. Light Co.a Traction Co. Companies.e

Plants, investm’ts, &c_b$lO,615,180 $69,055,089 $20,871,985 $57,824,266
Guar. Utah Lt. & Trac.
bonds (contra)
12,201,000
321,871
159,181
jrtf
Gash
53,969
537,518
Notes & accts. receiv’le.
582,007
2,460,455
.49,506
832,931
11,493
Accrued interest
210
195,366
787,236
141,343
928,579
Supplies:
2,352
1.336
3,687
Prepaid accounts
Bond discount & expense
2.296,146
2,296,146
Adv. for property con¬
struction under way._
1,840,047
Trust funds & spec. dep_
38,419
13,681
52,100
Investments
502.302
Other assets
29,365
2,123
2,123
_..

$11,475,887 $87,151,447 $21,261,770 $64,819,910

Total..
T

4 n

hi Ji ti

—

First preferred stock
Second preferred stock.
Common stock
f$l,256,020
Utah Pow. & Lt. Co. 7%
cum.

$7,400,000
$1,000,000

8,272,000 h21.766,000
50,000 g7,750,706
41,623
577,792

15,919.000

preferred stock.

Funded debt..
Notes payable
Accounts payable
Guar, Utah Lt. & Trac.
bonds (contra)
Accrued accounts

149,967

12,201,000
918,575

Dividends

payable
Sundry liabilities
Reserves

Surplus

350.000
174,465

261.359

215,897
213,071

983,289

1,493.206

401,188

1,567,351
1,989,594

company,
f Stock, $30,775,100 par value
of Virginia for assets valued at $1,256,020.
Utah
due
Securities Corp.
h First mtge.

cos. of

$1,091,510

$1,106,521

$1,037,451

138,000

777.210
138.000

753,305
138.000

$144,168

$191,311

$146,146

820,400
138,000

809,342

Balance, surplus

$69,48i

EARNINGS OF SUBSIDIARY COMPANIES FOR CALENDAR YEARS.
Cumb. Co. P. & L. —Portland RR. Co.
L. A. & W. St. Rv.
1917.
1916.
1917.
1916.
1917.
1916.

$739,387 $1,185,598 $1,136,204 $898,373 $803,660
258,185
825.101
709.076
665,080
538,546
57,900
52,500
54,900
18,604
14.750

Net, aft. exp.
& taxes...$427,729 $428,702
Deductions
195,472 220,571

$302,597
234,317

Dividends

(5)99,950

1,106,403
129,500
2.763,711
3,884,735

_

Bal.,

__

the latter

outstanding, issued under laws

g Notes payable, $6,577,206,
5% bonds, due Feb. 1 1944,
$22,839,000; less In treasury, $490,000; less pledged or deposited, $2,083,000, which leaves $20,266,000 outstanding; 2-year 6% secured gold notes,
due Aug. 1, 1919, $1,500,000; making a total of $21,766,000.—V. 104, p.

2550.

Cumberland County (Me.) Power & Light Company.

{Report for Fiscal Year ending Dec. 31 1917.)
Portland, Me., July 25,

President William M. Bradley,
wrote in substance:

Results.—The comparative combined results of operations of the company
items of earnings and expenses
eliminated, for the years 1916 and 1917 show an increase in gross income
of $214,930, or 7.5%, with an increase in operating expenses and taxes
accrued of $278,559, or 15.7%, so that the net income decreased $63,629,
or 5.8%, while deductions from income increased $11,058, or 1.4%.
After
meeting the usual pref. stock dividends ($138,000), the surplus for the year
was $69,481, a decrease of $74,687, or 51.8%.
For 1917 there was in¬
cluded in operating expenses for depreciation $218,741, compared with
$207,909 for 1916.
Dividends paid on outstanding pref. stocks of subsidi¬
and Its subsidiaries, with inter-company

companies are included under deductions from income.
General business conditions have been good in the territory served, and
have resulted in a considerable increase in the amount of power sold.
Operating expenses increased, due chiefly to higher wages and to increased
cost of materials of all kinds.
New Plant.—The Great Falls power plant near Hiram on the Saco River
and the transmission line connecting this hydro-electric plant with the
power-generating system of the company at Bonny Eagle were put into
commercial operation on July 12 1917.
A new tie line in Portland, costing
about $60,000,will be completed early in 1918; it will be largely underground.
New Contracts.—On Mar. 7 1917 a contract was entered into with the
Yarmouth Lighting Co. providing for the sale and delivery of electric power
at Yarmouth.
The 10,000-volt distribution line from the North Gorham
hydro-electric plant to Cumberland Center was authorized by the directors
to be extended 5.35 miles to Yarmouth for an expenditure of $19,000.
We have also contracted for the sale of electric power for the operations
of the Cumberland Shipbuilding Co. in South Portland, which has con¬
tracts to construct wooden ships for the Emergency Fleet Corporation.
Portland RR.—The increase in the freight business necessitated the acqui¬
sition of one motor car and two box trail cars and other facilities.
We have
ordered 8 centre entrance passenger trail cars and the large motors and auto¬
matic brake equipment necessary for the motor cars which draw them.
The trail cars will bo placed in operation early in 1918.
The prepayment
ary

Track renewals
system of fare collection has been extended in Portland.
and betterments were unusually heavy on account of municipal impt. work.
Lewiston Augusta A Waterville Street Ry.—An expenditure of $99,000
was authorized to purchase a wharf property in Bath, together
with coal
handling apparatus.
The entire wharf plant is leased to coal operators,
who pay the company 10% per annum on its investment and guarantee a
minimum tonnage of coal to be shipped on our lines.
The large amount of
coal which can be hauled at profitable rates will considerably increase the
net income.
The hauling of coal should commence soon after Mar. 1 1918.
The 9,000 feet of new track on Webber Ave., Lewiston, will be completed
in 1918; the cost will be $36,000, of which $16,000 will be paid by owners
of real estate served by the extension.
The expenditure of $47,000 for
six new centre entrance cars was authorized, but these cars will not be in
service until 1918.
Additional land for car storage cost $15,000, and the
equipment of 18 cars with automatic air brakes cost $6,000, and additional
power equipment is estimated at $9,500.
At June 30 1916 there was charged off to profit and loss $20,980 on ac¬
count of the discount on the 5% gold notes due June 1 1918.
On July 1 1917 the rate of fare between Lewiston and Bath over the line
of the Lewiston Augusta & Waterville St. Ry. was increased from 35 to 50c.
Wages.—A strike in July 1916 cost the company, including loss of reve¬
nue, about $50,000 and was ended by an agreement expiring April 30 1917.
On May 1 1917 new agreements were made to April 30 1918, with adjust¬
ments of working conditions and an increase in wages of 10% per annum.
Dividends.—An initial dividend of 1% was paid on the common stock
Dec. 1 1916, and similar dividends were paid March 1, June 1 and Sept. 1
1917.
Financial conditions existing throughout the country caused by the
war made it necessary to conserve our cash and for this reason no dividend
was paid on the common stock Dec. 1 1917.
[The quarterly dividend on
the pref. stock due May 1 1918 was paid in scrip; on Aug. 1 no distribu¬
tion was made.
No dividends have been paid on the pref. stock of the
Lewiston Augusta & Waterville Street Ry. since Feb. 1 1918.—Ed.]
Railway Receipts.—The Portland RR. Co.’s earnings for the year 1917
fell short $31,670 of the annual rental paid under the lease by the Cumber¬
land County Power & Light Co.
In the case of the L. A. & W. Street Ry.
the surplus earnings available for dividends amounted to $28,000, a less
figure than any year except one since 1910.
The cost of supplies has in¬
creased from 50 to 250% and the rates for labor have increased 19% over
1916 and 35% over 1915.
On the other hand, the light and power prop¬
erties have not suffered correspondingly, a much smaller percentage of the
income being required for labor and materials.
This condition which
became acute during the latter part of 1917 may continue for some time,
in which event it will be necessary to ask for higher rates for passengers and

possibly for transportation of freight, light and power. (V. 107, p. 501.)
Financial.—The companies have financed themselves during the period
by the sale of the following securities:
$370,000 Cumberland County Power & Light Co. First & Ref. M. 5%
gold bonds (V. 104, p. 2235).
100,000 Portland RR. Co. First Lien & Consol. M. 5% gold bonds
(V. 104, p. 2235).
100,000 York County Power Co. First & Ref. M. 5% gold bonds.
During 1918 the following bonds and notes of the Lewiston Augusta &
Waterville Street Ry. will mature:

$372,228 $214,689 $250,364
262,147
186,689
187,773
99,950 (6)36.000
36,000

sur.$232,257 $208,131 def.$31,670

Gross income
Net, after expenses

Deductions
Dividends

Assets—

$10,131 def$8.000

$26,591

-York Pow. Co.- Westbrook Elec. Co.
1917.
1916.
1917.
1916.

and taxes

Balance, sarDius_
CUMBERLAND

Includes balance sheets of the Utah Securities Corp. and its

subsidiary, the Utah Power & Light Co., and the sub.




Net,aft.op.exp.& taxes.$l,027,881

Pref. stock div. (6%)

Deductions (see text)..

7,400,000
45.957,000
1,636,032
686,509

$11,475,887 $87,151,447 $21,261,770 $64,819,910
a Includes the Western Colorado Power Co. with inter-company accounts
eliminated,
b Includes stocks and notes of sub. cos., $10,613,759; cash on
deposit with trustee, $1,421; total, $10,615,180, all deposited as collateral
for 10-year gold notes,
c Includes plants, leaseholds and securities of other
e

INCOME ACCOUNT FOR FISCAL YEARS.
Years ending—
Dec. 31*17. Dec. 31 ’lb June 30 T5. June 30 ’14.
Gross income
$3,081,927
$2,866,997 $2,551,263 $2,447,406
Operating expense
1,909,142
1,646,904
1,331,992
1,303,797
Taxes accrued
144.904
128,583
112,750
106,158

Gross inc...$776,642
Oper. exp... 288,913
Taxes accr’d
60,000

Total.

companies,

$614,000 3-year Collateral Trust 5% notes, guaranteed by Cumberland
County Power & Light Co., due June 1 1918.
[Extended till
June 1 1921 a: 7%.—Ed.]
845,000 Lewiston Brunswick & Bath Street Ry. 1st M. 5% bonds, due
March 1 1918.
[Extended till March 1 1920 at 6%.—Ed.]

$1,256,020

4,937,000
30,000,000

[Vol. 107

CO.

$287,011
$116,032

$261,085

58,696
(6%) 22,980

62,784
22,980

$34,356

$33,778

$119,542

POWER & LIGHT <5o. AND
BINED BALANCE SHEET.

Dec. 31’17 June 30 ’16
$
$

$36,877
$5,539

$33,358

$5,539

$6,311

SUB.

$6,311

COS.

COM¬

*

Dec. 31 ’17 June 30’16
Liabilities {Con.)
$
$
Com. stock Cumb.
Co.P. &L. Co.. 2,696,800
2,696,800
Portland RR. Co. 1,999,000
1,999,000

Plants, prop., &c. 22,770,218 21,469,339
Investments
14,855
31,055
383,468
Supplies
227,436
Bills & accts. rec..
205,571
149,894
L.A.&W.St.Ry.
6,400
6,400
Cash
270,247
667.985 Funded debt:
Special funds
11,184
625,055
C.Co.P.&L.Co. 5,707,000
5,339,000
Suspense accounts
Portland RR. Co. 3,550,000
8,488
5,182
4,050,000
Prepaid accounts.
14,468
9,278
L.A.&W.St.Ry. 3,659,000 3,659,000
Disc, on secs, sold
York
Co. Pow .Co
397,218
378,797
969,000
818,000
Acer. int. & taxes.
152,149
144,384
Total
24,091,917 23,547,822 Bills & accts. pay.
399,442
115,793
Liabilities—
Oper. exp. rea’ves.
55,167
158,848
Pref. stock:
Deprec’n reserve..
685,423
479,107
Cum. Co. P. & L. 2,300,000
2,300,000 Profit & loss, sur_.
929,536
798,490
L.A.&W.St.Ry..
600,000
600,000
York Co.Pow.Co.
383,0T0
Total
383,000
24,' 91,917 23,547,822
—V. 107. p. 501.

Port Arthur

Shipbuilding

uompany,

{Annual Report for the Fiscal

Ltd.^

Year ended June
President James Whalen reports as follows:

30

1918.)

The past year has been one of great activity in shipbuilding and the
plant has been working without interruption on new con¬
struction, and to some extent, on repair work.
During the year, four freight steamers for salt water service, aggregat¬
ing over 15,000 deadweight tons, were completed and delivered to owners
in addition to six trawlers for the Department of Naval Service of Canada.
There are under construction at the present time four freight steamers for
salt water service aggregating approximately 13,500
deadweight tons, one
sea-going tug and eight trawlers.
Contracts for two additional steamers of approximately 3,400 deadweight
tons each, have been secured from the Department of Marine of
Canada,
keels for which will be laid in September.
These two steamers are the
beginning of an extensive program of the Department of Marine, who
propose building 300,000 tons annually, which will keep all Canadian
shipyards working to capacity for some years to come.
Since tne formation of your company in Dec. 1916, $172,902 has been
spent in new construction and betterments which has practically doubled
the capacity of the plant and enables you to increase your employees to
about fiteen hundred.

Port Arthur

INCOME ACCOUNT FOR YEAR ENDED JUNE 30 1918.
Gross profit, after deducting material and labor costs, &c
$796,702
General and administrative expense
130,656

Net, after adding miscellaneous Income $69,507
Bond interest and miscellaneous charges, including
Dominion profit tax

$735,553
estimated

286,711

Net earnings for year

$448,842

CONDENSED BALANCE SHEET,
Assets—
Cash, accountsrec. & mdse...

Victory bonds
Work in process
Real est., bldgs., mach., good¬

'

AS OF JUNE 30 1918.

Liabilities—

$888,379 \ 7% preferred stock
27,480 Common stock
1,894,339 Notes & accounts payable

$1,000,000
1,500,000
368,803
contracts. 1,862,530

Advances on const,
will, &c. (after depreciation) 3,066,436 Dividends payable
Miscellaneous accts., notes &
Dominion profit tax (est.)
prepaid expenses..
137,155 Bonded debt
Miscellaneous reserves

35,000
189,231
570,000

111,020
377,206

Surplus
$6,013,790

$6,013,790

California Wine Association.

{Report for Fiscal Year ending Dec. 31 1917.)
President M. J. Fontana says in substance:
The recent adoption by Congress of a proposed amendment to the Fed¬
eral Constitution looking to the total suppression of the manufacture
and
sale of all alcoholic liquors has brought us to a serious consideration as to
the future course of the corporation.
This amendment is apparently aimed
at the extermination of the wine industry within the next seven
years at
most and not unlikely within a shorter period.
The prohibition propaganda is still being pushed within this State with
increasing vigor.
California wines may not be taken into many counties
and municipalities without the risk of criminal prosecution, and this in a
State which has by its legislation in earlier years invited
people to settle
in it and build up this industry that now
represents investments aggre¬
gating more than $100,000,000 and brings annually into the State more
than $20,000,000.
From the beginning the prohibition leaders would
not tolerate any suggestion that
compensation should be made for the
destruction of this property.
Under these circumstances the directors have reached the decision that
it is to the interest of all stockholders that steps be taken for a
liquidation
of the affairs of the Association.
Already a considerable progress has been
made in this direction.
Lands and buildings no longer needed in wine
making have been sold whenever a price anywhere near satisfactory could
obtained, but always at a great sacrifice upon their original cost.
By this
policy of gradual liquidation, it Is hoped that unnecessary loss may be
avoided as far as possible, and enough saved to reimburse stockholders
in whole or great part for their investment, upon which,
unfortunately,
they have had little or no return for the last ten years.
Great sacrifices are, however, inevitable.
Our expenditure of more
than $1,000,000 in experimenting with the finest varieties of grapes in
order to produce the best wines will go for nothing if prohibition prevails.
The Association also owns more than 8,000 acres of vineyards planted to
wine grapes, the vines of which will be made worthless by prohibition.

191

Oct. 12 1918.]

All the while taxes. Federal and State, are
rapidly
amount paid on this account for the year 1916 was

increasing. The total
$1,791,556.
For 1917
thejtaxes, Federal and those arising in the State of California, are estimated
to reach the sum of
$3,421,885.
So, while the volume of sales uas increased
tney have not grown in proportion with taxation.
The sales have been
greater on account largely of the stoppage by the war of the importation
°f
!vines- The annual expenses have been reduced about $400,000,
although the cost of labor and materials has largely increased.
Net

Preferred

Profits. Dividends. Dividends.
$610,089
532,057
133,072
418,674
854,504

1914
1915
1917

$85,576
85,576
85,576
85,576
85,576

Total

Sur¬

Common

plus.
$524,513
268,198

$178,283

GENERAL INVESTMENT NEWS

Surplus.

trated article describing the construction progress in Alaska
ment’s railroad line between Seward and Anchorage, which

pleted.—V. 107,
See Lake

Assets—
Inventor’s of wines

1916.
$

Liabilities—
Preferred stock
Common stock

1916.
$

1,426,260
6,729,394
4,754,200
2,929,290 Surplus & undi¬
vided profits
318,415
2,789,982
Reserve for depr. 1,163,112
Bonded debt: 5s.. 1,137,000\
6s.
2,489,000/
Total floating lia¬
bilities
132,005
1,755,324
1,768,022 Preferred dividend
85,576
4,679,085
105,477
3,726

and supplies
5,201,485
Accts. & notes rec. 2,795,450
Cash
779,314
Bonds on hand (not
in sinking fund)
197,822

Sk. fd.—Cash and
bonds (oth. than
C. W. A.)
238,182
Plant & prop, accts 1,988,754
Net lnv. in oth.cos. 4,205,001
Exp. paid in adv.
194,446

1,426,260
4,754,200
2,106,629
763,111
3,835,000

.

Miscellaneous
Total

1917.
$

15,600,453 16,665,414

Total

3,694,638
85,576

1917.
$

1916.
$

Plant&prop.accts. 7,523,462
Stocks of other cos.
Liberty Loan bds.
Sinking fund secur¬
ities and cash..
Cash.

Liabilities—
7,729,805
28,145 Preferred stock

52,275

286,004

132,005 Deprec’n reserve. 1,575,624
369,532 Sub. cos. surplus
reserve for depr.
982,717
3,023,020
6,729,394 Bonds 5% (less in
sinking fund).. 1,137,000
111,463 Bonds 6% (less In
treas. & sk. fd.) 2,489,000
4,325 Notes payable
106,211
Current accts. pay. 1,659,206
Div., 1918-1917..
85,576

780,963
2,811,681
5,201,485

Accts. & notes rec.
Wines and supplies

1,426,260

Common stock
4,754,200
C. W. A. surplus. 2,789,982

Expenses

paid in
advance
Items
in
transit
and suspense

195,671

4,235

1,426,260
4,754,200
2,106,629
1,213,982

1,011,405
1,137,000

Atlantic Coast Line Co.—Earnings.—

Total
17,005,776 18,127,690
17,005,776 18,127,690
A financial statement, dated July 1 1918, was submitted by the com¬
pany’s officials in the recent litigation (see item on a following page).
The
statement as cited by a San Francisco paper shows the following items,
which in the aggregate exceed the total shown by $450,000, owing pre¬
sumably to the including of one or m ire gross instead of net items: Cash,
$618,861: notes and accounts receivable, $5,202,103; wine and supplies,
$3,077,818; seasonal production expense, $298,357; plant and equipment,

$2,934,012; stocks of other companies, $3,807,093; work orders, $93,229;
advanced expenses, $183,709; bonds on hand purchased, $1,374,501; out¬
side bonds in cash and sinking fund, $238,918; total, $17,393,601.
The
liabilities are given thus:
Current liabilities, $1,007,323; reserves, $1,~
714,687; bonds outs anding, less converted into stock, $2,846,000.
Total,
$5,568,010. In a recapitulation the total assets are stated as $13,891,979,
less liabilities of $5,568,010, which leaves a balance of $8,323,969.
The company’s assets are said to include $1,200,000 Liberty Loan bonds.
[Certain pref. shareholders and holders of the debenture bonds as¬
serted that various deductions and allowances should be made in deter¬
mining from the foregoing the actual amounts that would be available
in case of liquidation, notably the amount to be paid as war taxes for the
current year.]—V. 105, P- 1587, 179.

National

Copper Co., Balaklala Consolidated
Copper Co., N. Y.
(Report for Year ending June 30 1918.)
Vice-Pres. Wm. A. Kerr, N. Y., Aug. 31, wrote in subst.

The

production of

amounted to 82,876 tons, from which the net
2.29% copper and $1 57 gold and silver, showing
a net operating profit of $199,125.
Income from other sources amounted
to $82,69.
Ore shipments were 25,589 tons under last year .due to the fact that the
mines were shut down at various times owing to labor strikes and shortage
of labor.
Wo now have a full crew and production is averaging 300 tons
per day.
The decrease in net profits is largely accounted for by the decreased ton¬
nage produced, the increased cost of mining, and the reduced price for
copper, an average of 24.01 cents having been received as against 28.79
cents during the previous year.
An extensive development campaign was! carried on with gratifying
results, the sum of $61,996 having oeen expended for that purpose, or
approximately 75 cents per ton, as against 40 cents per ton the previous
year.
Forty-two diamond drill holes were put down aggregating 12,273

recovered values

Bay

Net ore sales
Cost of operations.

_

PROFIT

AND

LOSS

1917-18. 1916-17.
1917-18, 1916-17.
..$547,495 $837,910 Profit for year
$207,393 $453,311
Bal.
of
348,371
393,601
previous year 212,693
79,265

Profit for year

a$l,500,000

Property account

Copper Co.
1917.

1918.

Assets—

$1,500,000

Balaklala Con. Co.
1918.

$1,287,929

Balaklala Consolidated
CoDDerCo.
Ores in transit..
Bills receivable

1917.

Boston Elevated

Demand loans
Cash and accounts rec.

Supplies
ware,

on

_

this company’s
employees, providing that motormen and conductors in service three months
or less shall receive 43 cents an hour; 46 cents an hour is the rate fixed for
those in the company’s employ a year or less, except during the three-months
period; the 48-cent rate is to be paid men who have been employed a year
or more.
An increase of 28% per hour has been granted miscellaneous
employees, for whom the minimum has been fixed at 42 Vi cents an hour.
Under the old scale of wages, motormen and conductors were paid 30Vi
cents to 35M cents an hour.
Two cents an hour has been added to this
scale by the company for the duration of the war.
The 35 H-cent rate was
payable beginning the sixth year of service. The so-called miscellaneous
employees have been receiving a minimum of 32 cents an hour.—V. 107, p.

Canadian Northern Ry.—Directors.—The directors of
this company, now under control of the Canadian Govern¬
ment, are as follows:
D. B. Hanna, President.
A. J. Mitchell, Vice-Prest. in charge of finance and accounts.
Robert Hobson, Prest. Steel Co.,Ltd.
Frank P. Jones, Vice-Prest. and General Manager Canada Cement Co.,
Vice-Chairman of the VTar Trade Board.
E. R. Wood, Prest. Dominion Securities Corp., Ltd.; President Central
Canada Loan & Savs. Co.; Director Canadian Bank of Commerce, Toronto.
R. T. Riley, Vice-Prest. and Chairman Executive Committee Great
West Life Assurance Co.; Director Union Bank of Canada.
C. M. Hamilton, grain grower, Weyburn, Saskatchewan.

Major Graham Bell, Deputy Minister Department of Railways and
Canals, Ottawa.—V. 107, p. 1286.

Canadian Pacific Ry.—New
E. W. Beatty, formerly a
succeed Lord Shaughnessy,
Board.—V. 107, p. 905.

603,215

20,037

20,036

12,000
29,989
10,000

126,192

250,413

150,000
393,855

14,982

10,000

hand—hard¬

fuel, &c

Chicago & Eastern Illinois.—Sale Postponed—Decree.—

which was to have taken place at Danville,
Ill., has been postponed until Dec. 10.
In the U. S. Circuit Court of Appeals at Chicago on Oct. 1, a decision
was handed down written by Judge Alschuler, confirming the decree of
Judge Carpenter in all material respects, modifying the decree, however,
so that the bondholders of the Chicago & Indiana Coal RR., which had
owned the line reaching south from La Crosse, Ind., might have a chance
to bid on about 40 miles of the property known as the Momence State Line,
and further providing that there might be allocated to the Coal Railroad
Co. a proportionate amount of equipment which the bondholders might
purchase if they so desire.—V. 107, p. 1003, 180.
The sale of this property,

Chicago Heights Terminal Transfer RR.—Gen. Mgr.—

The jurisdiction of F. C. Batchelder, General Manager
Ohio Chicago Terminal RR., has been extended over this

Chicago Railways Co —Fare Situation.—

Referring to the proposed fare increase for the Chicago surface lines.
President Busby is quoted as saying: “The recent increases in wages to our
employees made by the National War Labor Board, amounts to $4,200,000
a

year.

make up the difference. Other
operating expenses, due to the greater cost of materials, have increased
half a million dollars a year.
We formerly paid 11c. a lb. for copper; now
we pay 33c. a lb.
Steel car wheels formerly cost $16 25; now they cost
about $42.’’—V.

107,

p.

1286.

Chicago Terre Haute &

Interest amounting to
due Sept. 1 1914 on
Bar gold bonds was paid
lative income mtge. 50-year

Edward H. Lee, formerly Vice-President,
this company.—V. 107, p. 1286, 1191.

Cincinnati Findlay & Fort

15.000
28,548

Cuba

Railroad.—Refunding—New Securities.—

that the $3,000,000 5% notes due Nov. 15 191 Swill
paid off at maturity on or after Nov. 15 1918 at office of Fidelity Trust
In connection with this payment the company will issuo
'o., Phila.
2,000,000 6% notes dated Nov. 15 1918 and due Nov. 15 1920.
The new securities have been underwritten by Drexel & Co., Inna.
We learn officially

e

Denver & Rio Grande

90,086

212,692

The office of this company will
N. Y.—V. 107, p. 1192, 1099.

$3,002,730

$3,001,150

$1,605,313

$1,815,907

'

$2 50).—V. 106, p. 820.




District Court at Cincinnati, O.,

Connecting Terminal RR. (Buffalo).—Federal Manager.
Elisha Lee has been extended over

$1,000,000
603,215

par

Wayne Ry.—Sale Order.—

The jurisdiction of Federal Manager
this company.—V. 70, p. 429.

$1,000,000

Entire issue of the Balaklala

has been elected President of

O.,

$3,000,000

a

the $6,336,055 cumu"

at the First Nationa*
-V. 107, p.1003,82
Compare V. 107, p. 951

„

Bank, N. Y., on Sept. 1 last.

$3,000,000
shares, par $5)
First Nat. Copper Co._
2,730
Unclaimed dividends—
Profit and loss
Total

Southeastern Ry.—Income

Interest.—

$1,815,907

(600,000

provided for in the

That is one reason why the city’s $2,500,000

city ordinance to be voted on, will not

$1,605,313

stock

co.—V.92, p. 394.

Chicago & North Western Ry.—Dividend Paid.—

$3,001,150

Capital

of the Baltimore &

Referring to the declarations of dividends of $2 on the pref. stock and of
$1 75 on the common stock, payable Oct. 1 1918 to holders of record Sept. 5
1918, conditional upon the release of funds by the Director-General of Rail¬
roads, the dividends in question are now paid.—V. 107, p. 1191, 1003.

$3,002,730

Total
Liabilities—

President.—

Vice-President, has been elected President to
who has retired to become Chairman of the

has ordered the foreclosure of a mortgage held by the New York Trust Co.,
against the company, and the sale of the property at Findlay,
on or
about Nov. 15.—V. 107, p. 695, 180.

515.227

170,849

Ry.—Wage Increase.—

Judge Hollister in the United States

750,000
1,706

45,000

Needed.—Re¬

Revenue

Announcement has been made of increases in wages for

$1,218,504

750,000
1,617

Liberty Loan bonds....

Ry.—More

a

106, p. 2122.

Stockholders’

liability
($1 25 per share)
Unpaid assessments

Street

Chicago & Western Indiana RR.—President.—

COMBINED BALANCE SHEET. JUNE 30.
—First Nat.

1916-17.

The company
filing a new
file with the P. S. Commission another tariff revising the fares but to leave
this problem to the trustees who are appointed by the Governor to manage
the property under the legislation passed last winter.—V. 107, p. 1384.

..

Total
$199,124 $444,309
$420,086 $532,576
8,269
9,003 Other deductions
169,884
Divs. paid during year 330,000
150,000
$207,393 $453,311
Total bal., surplus. $90,086 $212,693

Net profit.
Interest received

1917-18.

(12%)-$1,058,400 $1,058,400
419,176 Bal., surplus.13,836,192 13,484,027
$1,405,105 —V. 107, p. 1002.
$1,824,281 Divs.

statement, dated Oct. 11, says in part:
must have a large increase in revenue immediately and I
fare schedule to-day.
It has been my intention not to

am

new

COPPER CO.
ACCOUNT. JUNE 30.

State

ceiver Donham io

ore

CONSOLIDATED

Fiscal Years ended June 30.
1916-17.

Total credits.$l,833,724
Total deduc’s.
424,767
Net income ..$1,408,957

were

feet.

BALAKLALA

Results for

1917-18.

1384, 560.
2,698,000
2,545,215
1,149,422
85,576

Total

First

904

Binghamton (N. Y.) Ry.—Receiver Appointed.—

1916.
$

150,000

1388 in last week’s issue.—V. 107, p.

Judge George W. Ray at a term of United States Court in Auburn
Oct. 8 appointed William G. Phelps as receiver for this company.
V.

15,600,453 16,665,414

1917.
$

on page

on

BALANCE SHEETS DEC. 31 FOR THE ASSOCIATION AND SUB. COS.
Assets—

is now com¬

1383, 1098.

Superior Corp.

BALANCE SHEET DEC. 31.
1917.
$

p.

Algoma Central & Hudson Bay Ry.—Impt. in Earns.—

$1,457,837
1,726,035
1,773,531
2,106,629
2,789,982

47,496
333.098
768,928

ROADS.

RAILROADS, INCLUDING ELECTRIC

Alaska Government Roads.—Construction Progress.—
The “Railway Review’’ in its issue for Oct. 5 1918 published an illus¬

of the Govern¬

INCOME ACCOUNT FOR CALENDAR YEARS.

Calendar
Years-

1481

THE CHRONICLE

515,227
1,150

Consolidated Copper Co. (400,000 shares,

107

n

19K7

1095.

RR.—Removal.—
in future be at Room

Duluth South Shore &

915, 165 Broadway,

Atlantic Ry.—Officers.—

Edward Pennington has been elected President and
to succeed the late A. B. Eldridge as Pres, and James
V. 107, p. 1192.

W. H. lock Sec.,

Clarke as Secy.—

THE CHRONICLE

1482

Galveston-Houston El. Co.—Fare Increase Held Up.—
petitions calling for a referendum on the 6 cent fare in the city of
Houston, Texas, have for the time being postponed the effectiveness of the
proposed 6-cent fare. V. 107, p. 1195, 1100.
Galveston Houston & Henderson RR.—Coupons Paid.—
The

,

The “Chronicle” is informed that the Columbia Trust Co. now has
funds to pay the coupons due Oct. 1 on this company’s first mortgage 5%
V; 102. p. 1987.
bonds.

Georgia Ry. & Power Co.—Appeal in Rate Case.—

This company has filed a bill of exceptions to the recent decision of Judge
George L. Bell of the Fulton Superior Court, contending that the court
erred in handing down a decision refusing to grant the mandamus absolute
to force the Commission to assume jurisdiction in the company’s petition
to increase the street car fare in Atlanta.
The company asks that the case
be reviewed by the Supreme Court.
Compare V. 107, p. 1384, 1003.

Indian Creek & Northern RR.—New Line.—

opening in the Empire tract, since at this point a plant Is being built esti¬
mated to have a capacity of 40 cars of coal a day.
Officers are: J. W.
Devison, Pres.; S. D. Brady, V.-Pres.; M. M. R. Close, Sec. & Treas.

International Traction Co., Buffalo.—Strike.—
Justice Marcus in the Supreme Court of Buffalo on Oct. 9 granted a
writ of mandamus returnable in two days, compelling the company to give
a street car service in Buffalo and vicinity.
In case the cars were not
running in two days, it was stated, the Court would put somebody in
charge who would run them.—V. 107, p. 1384, 803.

Keokuk Union Depot Co.—Federal

Manager.—

Burnham, Federal Manager of the Chicago Burlington & Quincy,

the Quincy Omaha & Kansas City, the Toledo Peoria & Western (west of
Peoria including the Peoria terminals), the Rockport Langdon & Northern,
the Rapid City Black Hills & Western and the Davenport Rock Island &
Northwestern, has had his jurisdiction extended to include the Keokuk
Union Depot.—V. 105. p. 2277.

New Orleans

Ry., Light & Power Co.—Higher Rates.—

An ordinance is now pending before the Commission Council of the City
of New Orleans providing for 6-cent car fares, and a 30% increase in gas
and electric rates, proceeds of which advances will apply to the repayment
of the recent Government loan of $1,000,000 to the co.—V. 107, p. 1101.

New York New Haven & Hartford

RR.—Litigation.—

Judge Julius M. Mayer in the United States District Court at N. Y.
on Oct. 11 issued an order granting a further extension of time for the sale
of the stock that was ordered sold in the dissolution suit of the Government
company from Feb. 1 1919 to Oct. 1 1919.
This action was taken on an application from James L. Doherty of
Springfield, Mass., and three other surviving trustees who were appointed
under the decree of Oct. 17 1914 to hold the stock which comprises 219,189
common and 6.543 preferred shares of the Boston & Maine, 31.065 com¬
mon and 244,939 preferred shares of the Boston Railroad Holding Co.
and a long list of minor holdings of other companies.—V. 107, p. 1385, 906.

against the

N. Y. & North Shore Traction Co.—Possible Sale.—
Negotiations

are said to be pending for the acquisition by the city of
New York of that part of this
company’s property which lies within the
boundaries of the Greater City.
The company was recently refused the

permission to increase fares from 5 to 7 cents.—V. 107,

p.

1193.

New York Philadelphia & Norfolk RR. —Interest Pay't.

This company will pay the semi-annual interest of 4%
bonds due Nov. 1, as registered Oct. 28.—V. 107, p. 507.

New York

on

the income

Railways.—Transfer Petition.—

This company has filed with the New York P. S. Commission a supple¬
mental petition asking for the abrogation of the order requiring the giving
of free transfers and for permission to charge three cents for each transfer
issued, on account of the increase in expenses due to war conditions.—
V. 107, p. 1193, 1101.

Norfolk & Western

Ry.—Treasurer.—

J. 8. Clarke has been appointed Treasurer, succeeding J. B.
is now local Treasurer under Federal control.—V. 107, p. 1385.

Northern Massachusetts Street

Lacy, who

Ry .—Rate Increase.—-

This company has filed with the Ma«s. P. 8. Commission a local and joint
class freight rate and minimum tariff in connection with Fitchburg & Leo¬
minster Street Ry., the Connecticut Valley St. Ry., Baldwin’s Express and
Martin’s Express, which increases rates approximately 25%, bringing them
to a parity with rates of the steam roads.—V. 106, p. 2011.

Northern New Brunswick & Seaboard Ry.—Interest—

No

Operations.—

We are informed that the interest on the ($297,000 1st Mtge. A0/-) bonds
has been paid to July 1918.
In accordance with agreement entered into between Quebec & St. John
Ry., Province of New Brunswick and the Northern New Brunswick &
Seaboard Ry., the rails and fastenings owned by this company have been
loaned to the Quebec & St. John Ry. for the duration of the war, so that
no operations of this line will be curried on until the rails are returned.—
V. 90, p. 1491.

Northern Pacific

Railway.—Government Contract.—

The shareholders will vote Oct. 25 on authorizing the directors of the
company on its own behalf separately, or jointly with any one or more, or
all of its affiliated companies, to wit: Minnesota & International Ry., Big
Fork & International Falls Ry.. Duluth Union Depot & Transfer Co.,
and Gilmore & Pittsburgh RR. Co., Ltd., to execute with the Government
such contract as the board shall deem expedient.—V. 107,
p. 1004, 697.

Pennsylvania RR.—Federal Contract Status.—Pres. Sam¬
a letter to the shareholders
notifying them of the
special meeting Oct. 30 to consider the Federal railroad con¬
tract, says in part:
1
uel Rea in

The precise compensation to be paid your company for the possession
and use of its property has not yet been agreed upon, but vour board has
no reason to anticipate that a serious disagreement will
develop as to this,
and believes that before the meeting of the stockholders is held an agree¬
ment will have been reached with the Director-General, and that conse¬
quently there can be submitted to the meeting the final form of agreement:
Referring to the three years test period and compensation to be paid,
President Rea says:
“In the three years in question and in six months, intervening between
the 30th of June 1917 and the date on which the railroads were taken under
Federal control, large expenditures were made on the Pennsvlvania RR.
and the lines leased to and directly operated by it, for additions, improve¬
ments and equipment, the results of which were reflected in the operating

railway income either not at all

or

for only

a

portion of the three-year

Serlod,
ct will and
be given
your to
board
that theandconsideration
warranted by
thesebelieves
that the compensation
expenditures,
willthe
be
commensurate, therefore, with the value of what was taken over by
the President than it would be if these expenditures were ignored.
“It is not possible to forecast the net income of the company, but the
estimated compensation to be paid by the Government in addition to the
estimated income the company will derive from its investment in the
securities of other companies will, in the opinion of the directors, enable the
company to continue the 6% dividend upon the capital stock, and have a
moderate annual surplus during Federal control.”—V. 107, p. 1385, 1004.
more

Rhode Island Co.—State Tax Not Paid.—-Fares.—
The directors have voted “That the treasurer be instructed not to pay the
State of Rhode Island the tax due Oct. 1 1918, but only to file the required
statement of earnings.”
Compare V. 107, p. 1385, 1193,.




The company has filed with the Rhode Island P. U. Commission sup¬
plementary petitions asking permission to charee one cent for every trans¬
fer issued throughout the system, in order to offset the War Labor Board’s
grant of increased wages to the company’s employees.—V. 107, p. 1385.

St. Louis & Belleville Electric Ry.—No Govt. Control.—

This company

has been relinquished from Federal control.—V.83, p.1690.

St. Louis-San Francisco RR.—President.—
Henry Ruhlender, Chairman of the Board, has been also elected President
of the corporation, with headquarters at New York.—V. 107, p. 1385, 1288.

Salina Northern RR.—Not to Be Junked.—
This company, it Is stated, will not be junked as advertised, in view of
the fact that Government control is understood to be imminent.—V. 105,
p.

499.

San Antonio Public Service Co.—Fare Increase Denied—
Commissioners on Oct. 3 denied the company’s
V. 107,
petition for permission to charge 6 cent fares or eliminate transfers.
The San Antonio City

Construction has been started on this company's new line for the devel¬
opment of coal properfi<is in Monongalia (County.
The road will extend
from the mouth of Indian Creek for a distance of 30 miles.
Connection
will be made with the Monongahela Ry. at Lowesville.
It i.-, planned to
build the road as far as Blacksville, Pa.
By Dec. 1 it is planned to have
the first mile of new road ready for operat ion.
Extension that far will enable
the New England Fuel & Transportation Co. to ship fuel from their first

C. G.

[Vol. 107

p.

1102.

Shelburne Falls & Colvain St. Ry.—Fare Increase.—
This company has increased its fares from 5 to 6 cents, effective Nov. 1.
—

V. 92, p.

189.

Southern Pacific

Co.—Corporate Officers—Director.—

The officers of this company’s corporate organization are as follows:
Julius Kruttschnitt, President and Chairman of the Board, New York;
Paul Shoup, V.-Pres. and Asst, to the Pres., San Francisco, Cal.; W. F.

Herrin, V.-Pres. and Chief Counsel, New York; G. L. King, Asst. Sec.,

Sec. of leased lines and Asst. Treas., San Francisco.
The executive committee has authorized the subscription of $5,000,000
to the Fourth Liberty Loan.
It is announced that Samuel Rea has been elected a director to succeed
W. B. Scott, who resigned about three months ago to become Federal Mgr,
Mr. Rea Is President of the Penna. RR,
of the Loui-iana & Texas Lines.
—V. 107, p. 1386, 1194.

Syracuse & Suburban RR.—Fare Increase.—

The P. S. Commission has authorized this company to increase passenger
rates, putting the cash fares on a basis of 3 cents per mile, with no fare less
than 6 cents.
The new rates are effective Oct. 13.—V. 107, p. 605, 182,

Texas & Pacific

Ry.—New President.—

At a meeting of the directors, the resignation of J. L. Lancaster as Presi¬
dent and director was accepted, Mr. Lancaster having been appointed
Federal Manager under the Railroad Administration.
William Church Osborn was elected President to fill the vacancy caused

by Mr. Lancaster’s resignation.
At the same meeting C. L. Wallace, Assistant to the Receiver,
Vice-President at New Orleans, La.—V. 107. p. 803.

Trenton & Mercer

was

elected

County Traction Corp.—Fares.—

Justice Trenchard in the Supreme Court at Trenton, N. J.. has allowed
the City of Trenton a writ of certiorari to review the action of the P.fcU.
Commission granting this corporation permission to abolish the 6 tickets
for 25c. and the 5c. fare now charged and to put into effect a war emergency
charge of 6c. straight.
The Justice accompanied his allowance of the writ
with the statement that attached to it would be a stay of the Commission’s
order which is effective Oct. 15, unless an arrangement was made whereby
people paying the extra fare should be given a receipt by which they might
be reimbursed later, should the Pnurt. set aside the increase.—V. 107, n.l?«8

United Railways Co., St. Louis.—Settlement Bill Re¬

jected.—Pres. Richard McColloch

Oct. 4 notified Mayor
exercising its rights of
option specified in the ordinance, would not accept the
settlement bill, which passed the Board of Aldermen March
29.
The measure allowed the company a year to decide
whether it would accept or reject the settlement.
on

Kiel of St. Louis that the company,

In the above connection Pres. McColloch is quoted in the St. Louis
“Globe-Democrat” as saying tnat the company did not believe it advisable
to accept the bill for various reasons, mainly because it does not assure
the company a fair return on its investment, based on present conditions,
which have changed materially since the bill was initiated two years ago.
The directors also believe that the company should be permitted to
raise or lower its fare based on the cost of operation.
“A fair valuation of the property, on which it should be permitted to earn
reasonable interest, and a flexible fare based on varying conditions, are all
the company asks.
“One of the fundamentals of this ordinance is a 5-cent fare.
We can¬
not operate on that
basis.
More than 200 cities in the United States
have obtained permission to raise street car fares.
Boston Is paying 7
cents and its companies are asking for an 8-cent fare.
“Chicago elevated lines are asking 7 cents and the surface lines want a 6cent fare.
New York surface lines are asking for a 6-cent rate.
Even
Cleveland has gone to a 5-cent fare and the companies will ask for an in¬
crease.

“Recognition of

a

$60,000,000 valuation by the city Is provided in the

ordinance, subject to change by the P. S. Commission.
The company has
never admitted that $60,000,000 was a fair valuation.”
The rejected “compromise bill” provided:
A franchise until

April 12 1948.
Recognition by the city of $60,000,000 valuation, subject to change by

the P. S. Commission.

City’s sanction of 6% return, cumulative, on this valuation, and return
capital added during life of new franchise.
Exemption from mill tax and all franchise and occupation tax, aggre¬
gating $480,000 a year.
Assurance of minimum fare of 5 cents within city limits, pending any
change by P. S. Commission.
Universal transfers, subject to right of P. S. Commission to curtail
their issuance or authorize a charge for them, in addition to the 5-cent fare.
Liquidation by the company of accrued mill tax ($2,300,000) out of
its share of net earnings above 7% on capital value of $60,000,000.
For fuller data see “Electric Raihvay” Section, page 114.—Y. 107, p.
1386, 1288.
of 7% on new

Virginian Ry.—Death of Vice-President.—

Vice-President Edward E. Kerwin died Sept. 18 last.—V. 106. p.

2651.

Wadley Southern RR.—Federal Manager.—

See Wrightsville &

Tennille RR. below.—V. 106.

p.

2651.

Wrightsville & Tennille RR.—Federal Manager.—

W. A. Winburn has been appointed Federal Manager of this company
and Louisville & Wadley RR., Sylvania Central, and Wadley Southern RR.

(V. 106, p. 2651).—V. 106, p. 1690.

INDUSTRIAL AND MISCELLANEOUS.
Aetna

Explosives Co.—Earnings.—

The receiver’s report

tribution, but

a press

for the

year

ended July 31 is not yet ready for dis¬

report gives the following data:

Profits for quarter ending July 31 1918
_
$1,797,596
Profits for year ending July 31 1918.
$6,828,155
Less—Claims settled, $1,606,666; losses by explosions, $1,132,274; improvements to plants, $316,030; total
3.054,970
Net before taxes (after interest, &c.)
3,773,185
Total surplus
$4,848,823
On July 31, 12 lA% in dividends ($640,999) were accumulated on the
_

_

_

_

$5,232,650 preferred stock outstanding.

The new orders closed this year are stated as follows: France, 875,000
lbs. picric acid: United States, 12,000,000 lbs. smokeless powder; United
States, 7,000,000 lbs. nitrate of ammonia; France, 12,000,000 lbs. picric

acid; United States, 4,500,000 lbs. nitric acid; France, 4,500,000 lbs. picric
acid.

Practically all the $54,000,000 orders closed by Receivers Odell and Holt
completed.—V. 107, p. 907.

in 1917 have been

Oct. 12

1918.]

Alaska Gold Mines Co.—Ore Milled (Tons).—
1918—Sept.—1917.

47.850
—V.

107,

Decrease. I

1918—9

29,978|997,863

177,828
1005, 907.

p.

{os.—1917.

Decrease.

1,707,556

709,693

Algoma Steel Corp.—Operations Since July 1 1918.—

See Lake Superior

Corp.

on page

and that wine-making must likely stop by the end of 1919 at best, and the
general business for which the corporation was formed cease on that ac¬
count.
For this reason a gradual liquidation has been going on, but there
could be no final dissolution until the bonds were out of the way.
During
this period the common stock could only participate in the net earnings
through dividends.”
See “Annual Reports” on a preceding page of this
issue.—V.

1388 in last week’s issue.—V. 107, p.904.

American Druggists Syndicate.—Listed.—

The New York Stock

Exchange has admitted to the list $3,695,760
capital stock on official notice of issuance in exchange for outstanding
with
certificates,
authority to add, prior to July 1 1919, $38,630 of said
capital slock on official notice of issuance in exchange for Aseptic Products
Co. stock, and $6,265,610 of said capital stock on official notice of issuance
all

m accordance with the terms of this application,
amount authorized to be listed $10,000,000.

making the total

Consol. Income Account 6 Mos. end. June 30 1918 and Entire Cal. Year 1917.

Gross

profit
Expenses (including all taxes)
Net profit
—V. 107, p.

$3,364,715
2,227,112

$5,350,441
3,059,113

$1,137,603

$2,291,328

904,643'

1,876,838
$414,490

$232,960

78.

American Metal Co .—Contract, &c., End.—

See Consolidated Interstate-Callahan Mining Co.

below.—V.107,p.292.

Amer.

Telep. & Teleg. Co.—Remuneration Agreement
Arrived at between Company and Federal Authorities, Assuring,
under Government Control, the Usual Dividends on Stock of the
Company and Its Subsidiaries.—
See “Current Events and Discussions”

on a

804, 698.

preceding page.—V. 107,

p.

American Writing Paper Co.—Committee for Exchange

of Bonds.—
A press report from Boston

yesterday stated that a committee repre¬
senting the holders of the first mortgage bonds which mature July 1 1919
has been organized consisting of George C. Lee. Chairman.
Gordon
Abbott, W. Murray Crane, A. Willard Damon. George C. Gill, Henn
Evans, James N. Wallace, Albert H. Wiggin and Melville C. Branch.
This committee, in conjunction with the officers and directord of the
company, has formulated a plan for the exchange of the present bonds into
new bonds which the committee believes will be attractive to the present
holders.
A call for the deposit of the present bonds will probably be made

shortly.—V. 107,

p.

907, 504.

Arizona Copper Co.—Output.—

9Mos. 1918
34,760,700

Sept- 1918.

Production in pounds
—V. 107, p. 1103, 606.

4,330,000

Atlantic Coast Lumber Corporation.—Bond Payment.

J. P. Morgan & Co., sinking fund trustees, were prepared to pay on and
after Oct. 10 1918, to holders of the Series “B” bonds, 5% of the principal
amount thereof.—V.

Atlantic

83, p. 1231.

Refining Co.—Acguisition.—

Interasts allied with this company are reported to have acquired a sub¬
stantial stock interest in the Port Lobos Petroleum Corp. formed in 1915
by James B. Duke and associates, to develope oil and gas leases in Mexico.—
V. 107, p. 292.

Bitter Root Valley Irrigation Co.—Sale Confirmed.—
Judge George M. Bourquin in the U. S. District Court confirmed the
sale of this company’s property to Louis Boisot of Chicago for $100,000.
Compare V. 107, p. 1289.

Boston Woven Hose & Rubber Co.—New President.—
George E. Hall, Vice-Pres., has been elected President to succeed Henry
Sprague, acting President since the resignation of E. P. Spinney.
A sub¬
scription of $200,000 has been made to the Fourth Liberty Loan.—
V. 108, p. 1903.
B.

Bridgeport Projectile Co.—Taken Over.—

The Alien Property Custodian has taken over 19,900 of the
of the capital stock of this company, of Bridgeport, Conn.—V.

1918-Sepf.-1917.
New Cornelia
—V. 107, p. 1103,

Car

holders of record Oct. 23.—Y.

107. p. 293.

Butler Water Co.—3rd

Mtge. Bonds Retired.—

See Amer.Wat.Works & Elec. Co. under

“Reports” above.—V. 85,

p.

602

California Wine Association, San Francisco.—TaxExemption Vote Rescinded—20% Dividend Suit—Ann. Report.

Increase.

9 Months.

3,744,000 1,608,850 2,135,150 36,234,000
606.

Cerro de Pasco Copper Corp.—Production

(in lbs.).—

1918—9 Mos.—1917.
52,575,000
891,000154,262,000

6,150,000
7,041,000
—V. 107, p. 1103, 1006.

Chandler Motor Car Co.—Government Order.—

we understand, will not appeal from the decision as the company
has agreed to take measures to safeguard the bondholders.
These bonds are secured by a mortgage which through oversignt con
tained “no tax-free clause of any kind.”
On Dec. 18 1913 the board of
directors, as then constituted, voted “that this Association pay the income
tax on the interest coupons of both the 5% mortgage bonds and the 6%
debenture bonds,” but this vote has now been rescinded by the new man¬

agement.

This action and the withdrawal of the stock and bonds of the
& Bond Exchange have also drawn

company from the San Francisco Stock
forth protests from the bankers.
President M. J. Fontana has replied

by circular from which the follow¬

are taken:
The vote of the directors on Aug. 29 1918 unanimously rescinded the
resolution of the former management to “pay the income tax on the interest

ing data

coupons of both the 5% mtge. bonds and the 6% debenture bonds,” stating
that the board has recently been apprised of the facts in the case and has

been “advised by its attorney that the said resolution adopted on Doc. 18
1913 was and Is wholly gratuitous and without consideration to this cor¬

poration.”

The board therefore resolved “That no payments of any kind

shall be made hereafter by this Association in the nature of income taxes,
or taxes of any nature, levied or accruing upon the principal or interest of
the outstanding bonds” aforementioned.
On Aug. 29 1918 the directors declared “a dividend of $20 per share from
the surplus profits” upon the common stock payable Sept. 3 1918 to stock¬
holders of record Aug. 29 [“upon presentation of the stock certificates for
endorsement thereon of the payment of the dividend.”] The circular

than ten years next preceding this action but
on this stock, amounting in all to $3 75 a
share, and during this same period an assessment of $10 had been levied
and paid upon the same, leaving the stocknolders at an actual loss of $6 25
per share, besides interest on their investment.
“The Association has a bonded debt of more than $4,000,000 which does
not mature until 1925, and no legal liquidation of its affairs by dissolution
could be made until that debt was paid off; a large portion of the common
stockholders objected, however, to a delay until the net assets could be
distributed to them on a final distribution after satisfying the bondholders.
And as these bonds w ere amply secured and the net earnings much greater
than required for-the resumption of dividends, and had been so for more
than a year this dividend was regularly declared at the meeting on Aug. 29.
“As appears by the annual report of the President for 1917, it has been
recognized for some time by the management that prohibition was inevitable
says in part: “For more
three dividends had been




paid

tractors

reached

quantity production.
It is expected that 1,000 of the Government order
for 3,000 will be delivered by Jan. 1.
(“Iron Age.”).
Current reports state that this company is in receipt of a repeat order
for tractors calling for 1,300 machines, aggregating in value upwards of
$6,000,000.—V. 107, p. 294.
*

Cheboygan Paper Co.—Bond Payment.—

The $100,000 5% bonds due
Nov. 1 1918, payment to be
104, p. 75.

Nov. 1 1918 will be paid off at maturity on
made at office of Empire Trust Co.—Y.

Chicago Pneumatic Tool Co.—Business Status.—Chair¬
of the Board J. R. McGinley is quoted in substance:

man

The board is highly satisfied with the progress that has been made by
the new management of the Chicago Pneumatic Tool Co. in the reconstruc¬
tion of the organization along lines followed by the Bethlehem Steel Corp.,
in accordance with the policy outlined by Mr. Schwab at the time the
present officers of the company were elected.
Although the effect of the plant enlargements, now under way, has not
yet been realized, production with existing facilities has been increased
about 30% .
By Jan. 1 the output of the Detroit and Cleveland plants will
have been doubled, with a 50% further increase at Detroit by March 1.

Important changes in the personnel of the sales and accounting depart¬

the new systems that have been initiated are now effective
and have produced most gratifying results.
Bethlehem methods, as adopted by the Chicago Pneumatic Tool Co.,
ments and

give promise of unprecedented increase in earnings
in the

and

a

deserved confidence

stability and soundness of the organization.—V. 107, p. 1195.

Chile Copper

Co.—Extended Installment Receipts.—

offered the privilege of ex¬
tending the date of payment of the final installment [of 50%1 on account
Holders of extended installment receipts are

of the purchase of this company’s Collateral Trust Gold Bonds, Series A,
from Nov. 29 1918 (the date fixed in the extonded receipt) to May 29 1919.
On surrender of their receipts at the Guaranty Trust Co., 140 Broadway,
N. Y., on or before Nov. 29 1918, the company will pay interest on the
outstanding receipts on Nov. 29 1918, and will continue to allow the
holders of the new receipts interest at the rate of 6% per annum on the first
installment of the purchase price of the bonds.
Holders of extended in¬
stallment receipts electing to pay the final installment on Nov. 29 1918 will,
receive the bonds called for by their receipts (compare V. 104, p. 1147,

1594, 2013).—Y. 107,

p.

1289.

Clinton Water Works Co.—2nd Mtge. Bonds
See Amer.Wat.Works & Elec. Co. under

Cockshutt Plow Co., Ltd.,

Retired.—

“Reports” above.—V.95.p. 1544.

Brantford, Ont.—Earnings.

1917-18.
Net, after deprec.$553,215 $370,745 Conting. reserve.$200,000
500,000
Divs. received
34,965 Mdse, reserve
June 30 Years— 1917-18.

Previous

surplus. 491,786

Gross income
.$1,045,001
—Y. 105, p. 1211.

1916-17.

436,076

Dividends

1916-17.

$200,000
150,000

(4%)__ 258,600

$841,786 Balance, surplus. $86,401 $491,786

Mines, Boston.—Output, dec.—

Robert Linton, Managing Director, reports in substance: “The August
copper production was 1,357.703 lbs.
On the 1,200-foot level two new ore
bodies have been opened to the west, and new ore also has been cut on the
1,100-foot level to the northwest.
The power line connecting Kimberly
with the Nevada Consolidated main transmission line has been installed,
completing the program of construction and equipment planned for
year.—V. 107, p. 607.

this

Consolidated Interstate-Callahan Mining Co., N. Y.

Severed.-—President
circular of Oct. 2 1918, says in

—All Relations with American Metal Co.

In April 1914 this company sold its entire mine and mill
American Metal Co. for a ten-year term, commencing Sept.

bankers,

1,687,000

This company has delivered to the Government 100 caterpillar
of 10 tons capacity for hauling artillery and is understood to have

purchasers in 1913 of $3,000,000 6% debentures, who sought to prevent
the payment of a dividend of 20% on the common stock as possibly preju¬

The

Increase.

Decrease. I

1918—Sept.—1917.

John A. Percival, N. Y., in

parties with whom they placed the bonds.

7,375,164

Lighting & Power Co.—Order.—

The suit referred to last week, as decided on Sept. 23 by Judge Crothers
in favor of the company, was participated in as plaintiffs by a preferred
shareholder and also by banking houses of Sutro & Co. and J. Barth & Co.,

dicial to the interest of the

4 Mos.only

This company is reported to have received an order from one of the
Allied Governments for work in connection with torpedo-boat destroyers.
Details are not available.—V. 106, p. 2652.

Consolidated Copper

extra dividend of

3% on the pref. stock,
along with the regular quarterly dividend of 1 %, both payable Nov. 1 to
an

1387.

.

20,000 shares
105, p. 1711.

(J. G.) Brill Co.—Extra Dividend of 3%.—
The directors have declared

p.

c*

6 Mos. 1918. Cal. Yr. 1917.

■

Sales;
Cost of merchandise

107,

Calumet & Arizona Mining Co.—Production (Lbs.).—
1918-Sepf.-1917.
Decrease. 1918—9 Mos.—1917.
Calumet & Arizona.4,868,000 5,250,000
382,000 38,866,000 44,695,205

and.payment in full, and that it is outstanding in the hands of the public,

a

1483

THE CHRONICLE

brief:
was sold at St.
smelter charges, freight,

product

Louis spelter prices, less certain

output to the
Our

22 1916.

deductions for

&c.
Before the United State.? entered the war
large demand for spelter, and prices rapidly increased, so that
our earnings in 1916 were very large.
As a result of the United States
entering the war, and virtually commandeering all iron and copper, the
galvanizing business in the United States has been practically suspended.
In consequence a large part of the use of spelter has ceased.
Instead of
increasing, as have all items of cost of mining and smelting, the price or
We mention these facts as the reason why this
spelter has decreased.
company
In view of
as not been able to earn and pay larger dividends.
the limited market for spelter, vre have for xhe last few months limited our
production to about one-half of normal.
1
The interests of our shareholders have made it necessary to deny the
Metal Co. any concessions or relief from the conditions of high costs, which
have likewise affected our own operations and we have always insisted that
the Metal Co. fully perform its contract.
The differences in views between
these two companies have been so wide that your directors decided the only
remedy
was
to
dissolve
all
relations
between them.
We have
practical

there

was a

canceled the contract with the Metal Co., in consideration of the surrender
to us of 145,097 shares of the stock of our company.
The Metal Co. is to
pay us at the contract rates for all ores heretofore

shipped, including all

shipments up to and including Sept. 30 1918.
Our company ha, also ac¬
quired the remaining holdings of parties affiliated with the Metal Co.,
Each company has released the
aggregating approximately 21,500 shares.
other from any further liability, and all connection between them has ceased.
Since said adjustment has been consummated, the output of our mines
for the next three months has been sold.
As the result of the foregoing transactions, the total amount of our Issued
and outstanding stock to-day (other than that owned by the company
itself) is 298.303 shares, instead of 464,990 shares.—V. 107, p. oJo. 138<
.

Consolidated Power Co. of

Balt.—Three-Year Notes.—

See Consol. Gas, Elec. Light & Power Co.
above.—V. 107, p. 2097.

Curtiss Aeroplane & Motor

of Baltimore under

“Reports’

Corp.— V.-Pres. dc Director.
Machine Co of Pon¬
director of the Curtiss

Wilson, President of the Wilson Foundry
tiac, Mich., has been elected a Vice-President and a
Co. in charge of production.
C. B.

Balance Sheet as
See balance sheet under

of July 31 1918.—

Willis-Overland Co. below.

V. 107, p. 1387, 406.

THE CHRONICLE

1464

Dayton Power & Light Co.—Listed—Earns.—

The New York Stock Exchange has added to the list $511,500
6%
cumulative preferred stock with authority to add prior to July 1 1919
$24,000 of said stock on official notice of Issuance and payment in full,
making the total amount authorized to be listed $3,498,00 ).
Results for 8 Mos. ended. Aug. 31 1918 and entire Calendar Year 1917.
8 mos. 1918. Year 1917 |
8 mos. 1918 Yearl917
Gross earns..$1,482,311 $1,880,618 I Fixed charges $318,394
$305,979
Net earnings. $439,992
$614,073 (Pref. divs
118,633
177,750
Other income.
20,814
10,333!
-V. 107, p.

' Bal-sur-"

1387.

823,579 $140,677

Distillers Securities Corp.—Sub. Co. Purchase.—

See Kentucky Distilleries & Warehouse Co.
Issue.—V. 107, p. 1387, 1289.

on

1388 in last week’s

page

(E. I) du Pont de Nemours & Co.—Stock Suit Appeal.—

Final argument was heard Oct. 8 in the United States Circuit Court
of
Appeals at Philadelphia in the suit involving the rightful ownership of
stock, valued at the present time at between $55,000,000 and $60,000,000.
—V. 107, p. 1387, 1103.

East

Bay Water Co.—Bond Appication.—

This company has applied to the Calif. RR.
Commission for permission
to issue bonds in the aggregate
$131,967, the proceeds to reimburse the
treasury io.* moneys actually expended in construction.
The company has
expended in the first six months of 1918, $164,959. and the amount of
bonds sought to be issued is
equivalent to 80% of this expenditure.—V.
iVi, p. »uo. o(J8.

Eastman Kodak Co.—Extra Dividend
of 7 14%—
e
^rectors have
declared an extra dividend of 7 lA% on the common
t“e
regular quarterly dividend of 1 ¥> % on the preferred
stocks, all payable Jan. 2 to holders of record
107, p. 406.

i<jwoe 1290.—V.
lilnn 1^°below, and Moline Plow Co. in V. 107, p.
1389.
107, p. 505.
Federal

Shipbuilding Corp. —Delivery.—

coInbariy has delivered the SS. Liberty (9,650 gross tons), the first
-r
contract with the Emergency Fleet Corp. The delivery
m **55
days from the date the contract was signed, which con¬
a

record.—V. 107, p. 406.

General American Tank Car Corp.—Bond Maturity.—
tsj/v.,1 inH?000
JNov. 1 1918 at the bonds, due Nov 1 1918, will be paid off at maturity on
office of

Philadelphia Trust Co

,

Phila.—Y

General Cigar
Company.—Indictments.—
Vu tod States Grand July on Oct. 7, on charges

107,

p

184.

of conspiring to

£hern}an Anti-Trust Law by restricting the importation and
price of Sumatra tobacco, indicted H. Duys & Co., the
^^ar Co., Inc., the American Cigar Co., Inc., the Sumatra Tor!£»®P, ■^orP- and the Sumatra Purchasing Corp., and the following
Pr £bese companies: John H. and Henry M. Duys, Jan H. Nient

A

.Abraham Bijur, Benno Rosenwald, Joseph F. Cullman and Joseph
Jr
Quanjer and Allie L. Sylvester. Other individual
defendants are ^bliam
Nathan and Samuel II. Bijur, Jan II. Kruse, Frederick
Hirschhorn and Hugo Miller.— V.
107, p. 805, 499.
*

General
See United

Motors

Corp.—Acquisition.—

Motors Corp. below.—V, 107, 1388, 1195.

Goodyear Tire

All of the issue of
has been sold to

$15,000,000 8% second preferred stock, it is stated,
stated is widely distributed.. See V.
*

'■ ■•’**••* .1*7*.) •

,

Co,—Pref. Stock Sold—.

investors, and it is

107, p. 1388, 699.

rt>***_

& Rubber

i.

r

r

i-•»..

*r%.

•

.

•

r

fi

^

■r*

w*

rrr-v, w

-

>

a.

Great American Insurance Co.—Stock Increase.—

The stockholders of tals
company will vote Oct. 24 on increasing the
capital stock from $2,000,000 to $5,000,000, to consist of 50,000 shares,
par $100, to be issued at $150 per share.
The proposed increase has been
by the Capital Issues Committee as “not incompatible,” &c.
75%
of the proceeds of the new
stock will be invested in Fourth Liberty Loan
bonds.—V. 106, p. 604.

Great Lakes Transit Co.—Dividends.—
The directors have declared the regular quarterly dividend of $1 75 per
share on pref. and a dividend of $2 per share, payable in Liberty Loan bonds
of third issue, on the 100,000 shares of common stock of no par value, pay¬
able to stock of record Sept. 26.—V. 106, p. 927.

Greene Cananea

Copper Co.—Production in (lbs.).—

1918
Sept.
1917.
!
1918
4,900,000
(Mines closed.) 138,770,000
—V. 107, p. 1104, 608.

9 Mos.

1917.

28,610,000

Humble Oil & Refining Co.—New Stock.—

The shareholders on Sept. 5 voted to issue $90,000 new
capital stock,
par $100.
A plan is being arranged for the sale of this stock to employees
at not less than $250 per share.—V. 106,
p.

Hydraulic Power Co., Niagara Falls, N. Y.—Merger.—
107,

Inspiration Consol. Copper Co.-

p.

1290, 699.

floating of the Fourth Liberty Loan.
“The U. S. Capital Issues Committee in Washington has, however,
adopted the policy not to pass upon the application made to it before the
close of the present Liberty Loan campaign, and your directors have,
therefore, deemed it advisable to postpone the payment of the stock divi¬
dend until the Capital Issues Committee has given its final approval.
The
stock of your company will, therefore, not sell ex-dividend on Oct. 11 1918,
but if, as anticipated, the Capital Issues Committee hands down a favorable
opinion, your directors will then fix a date for the payment of the dividend,
of which due notice will be given.”

Increase in Authorized

Cleveland, O.—Bond Paym't.
p.

Results

1464.

Co.—Earnings.—

p.

1916-17.

1917-18.

1916-17.

.

Net

profits....$238,372 $1,195,895 Balance
$165,693 $1,060,851
Exp., taxes, &c_ 72,679
135.044 Tot. p.&l. sur.$4,169,624 $4,005,596
—V. 106, p. 391.

International Agricultural Corp.—Acid Prices.—

See

“Current Events and

1290, 285.

p.

International Mercantile Marine Co.—Sale Negotiations

President P. A. S. Franklin, after a directors’ meeting during the
past
week, expressed his inability to make a definite announcement at this time
regarding the proposed sale of the company’s British subsidiaries.
It is

1095.

are

progressing.—V. 107,

"“Kansas Electric Utilities Co.—To

p.

1290,

Junk Line.—

This company

has applied to the Kansas P. U. Commission for permission
tojjunk the Parsons Emporia & Lawrence street car system.—Y.107,p.1004.
~

Kennecott Copper

Co.—Copper Output (lbs.)\fZFT" |
Alaska

1918,
1917,
1918,
1917,
—V

September
September
9 months.
9 months
107, p 1196, 1104




(S. H.) Kress & Co.—Sales.—
Increase. I
1918—9 Mos.—1917
Increase.
$538,492 ($13,896,004 $11,220,351 $2,675,653

1918—Sept.—1917
$1,905,167
$1,366,675
V. 107, p. 1104, 610.
—

.

-Third QuarterPeriods end. Sept. 30—
1918.
1917.
Total net earns., all prop-$6,561,518
$7,595,297
Deduct—Int. on bonds & other obligations:
Lackawanna Steel Co.
$233,156
$311,281

43,021

Subsidiary companies.
Rentals and royalties
Balance

$6,285,341

45,575

-Nine Months-

1918.
1917.
$20,744,402 $22,826,995
$699,469
130,682

$933,866
145,604
8,542

$7,238,441 $19,914,251 $21,738,983

Less—Appropriations:
For extinguishment of
mines & min’g invest.
For depr. & accr. renew

Profit before provision for
taxes & spec, conting..
xAppropriation for tax re¬
serve & spec, conting..

$137,907
465,348

$133,133
435,565

$327,197
1,345,677

$340,522
1,381,449

$603,255

$568,698

$1,672,874

$1,721,971

5,682,086

6,669,743

18,241,377

20,017,012

3,750,000

2,422,597

11,250,000

7,267,792

Profit
$1,932,086 $4,247,146 $6,991,377
12.749,220
Unfilled orders, gross tons
791,962
451,405
791,962
451,405
x This is the actual proportion of the total taxes reported and paid for
1917 and will differ from the figures originally reported because of those

being on an estimated basis only.
The net earnings as above are shown “a’ter providing for all expenses,
including ordinary repairs and maintenance, but not taxes, renewal expen¬
ditures and other appropriations for the current year which are separately

deducted below [above].”
Dividends on the $35,097,500 stock were paid as follows: 3% of the
amount distributed in 1917 coming from 1916 earnings: 1917, Mar., 1 M%*.
June 30, 1H% and 2lA% extra; Sept., 1^%; Dec., 1 y2% and 3lA% extra.

1918, Mar.,
106, p. 2233.

\lA%\

June,

llA%

and 2XA%

extra;

Sept.,

1 A%-—V.

Laclede Gas Light Co. (St. Louis).—New Plant.—
Announcement is made that the Austin Co. of Cleveland, O., has been
awarded a contract of $3,830,300 to build steel manufacturing plants for
this company.—V. 107, p. 1104, 806.

Lake of the Woods Milling Co.,

Ltd.—Earnings.—

Results for Fiscal Years ended Aug. 31.

Aug. 31 Years—
Profit for the year
Deduct—
Interest on bonds
Int. on Keewatin Flour
Mills bonds
Pref. dividends (7%)...
Com. dividends (8%)-Extra dividend (4%)
Written off prop, and

1917-18.
x$857,914

1916-17.
$569,748

$54,000

1915-16.

$525,142

1914-15$518,920

$54,000

$54,000

$54,000

105.000
168,000
84,000

105,000
168,0(X)

45,000
105,000
168,000

45,000
105,000
168,000

100,000

100,000

100.000

100,000

$511,000

$427,000

$472,000

$472,000

good-will accounts

5,508,000
7.100,000
46,750,000
59,210,000

SA

(Braden)

6,020,000
4,512,000

55,720,000
46.954,000

Profits in year 1917-18,
other products, $169,394;
V. 107, p. 1388.

100,000 Colt
106. p. 2226.

$346,914
$142,748
$53,142
$46,920
$857,914, include: Milling products, $601,520
dividends from Sunset Mfg. Co., $87,000.—

Machine Co.—Government Order.—

states that this company has taken a Govt, contract for
automatic revolvers, on a percentage profit basis.—V.

Lindsay Light Co.—Fiscal Year Changed.—

The directors on Oct. 7 voted to change the
year, effective Jan. 1 next.—V. 106, p. 2653.

fiscal year to the calendar

Lone Star Gas Co.—Listing—Data.—In connection with
the listing of this company’s stock on the Pittsburgh Stock

Total

~~

11,528,000
11,612,000
102,470,000
106,164,000

company reports as

follows in substance:
Capitalization—

Authorized. Outstanding.

Stock (see capital increase below) (par $100)
$6,000,000
1st M. 6s of 1906, due Aug. 3 1919; 1,250 bonds of
$1,000 each, $800 redeemed to date on each bond

(V. 96, p.

Discussions” in last week’s issue .—V .107.

understood, however, that negotiations

1104, 700, 185.

Exchange, noted in last week’s issue, the

for Fiscal Years ended July 31.

1917-18.

Capital Stock Recorded.—

The company has filed with the authorities at Albany a notice of increase
in the authorized capital stock from $1,500,000 to $2,000,000.—V. 107.

Lanston Monotype

We are officially informed regarding the $250,000 of
6% bonds which
will be due Nov. 1 that a check will be deposited with the Guardian
Savings
& Trust Co. of Cleveland to pay these bonds on Oct. 25.—V.
106,

Intercontinental Rubber

14,344

Keystone Tire & Rubber Co.—Capital IncreaseRescinded.

A press report

Production (lbs.).—

1918
Sept.
1917.
|
19189 Mos.
1917.
7,800,000
2,250,000175,550,000
69,650,000
The large decrease in 1917 was due to labor troubles.
V. 107, p. 1007.

Interlake Steamship Co.,

Increase.

The directors upon recommendation of the Capital Issues Committee
have rescinded their action to increase the stock from $1,500,000 to $2,000,000, which was approved by the stockholders on Aug. 1 and which was to
have been distributed pro rata on Nov. 1 to holders of record Oct. 11 in the
ratio of one share for every three shares.
The directors have authorized a
stock distribution of $225,000, but this will not be made until the Capital
Issues Committee has given its sanction.
A statement given out by the directors says in part:
“At a hearing before the regional U. S. Capital Issues Committee for the
New York district, that committee suggested that the payment of so large
a dividend at this time would not be considered for tne best interests of
the country, especially inasmuch as it might bring on the market $500,000
additional common stock of the company and might interfere with the

Total deductions
Balance, surplus

“Reports” above.—V.105, p.1529.

See Niagara Falls Power Co. below.—V.

_

194.

Huntington Water Co.—Consolidation.—

See Amer.Wat.Works & Elec.Co. under

Decrease. \
1918—9 Mos.—1917.
2,04911,991,317
1.976.973

208.339
210,388
—V. 107. p. 1104, 700.

Lackawanna Steel Co.—Income Account.-

.

stitutes

Mining Co.—Silver Production (in Ozs.).—

Kerr Lake

1918—Sept.—1917.

xrthe
common
inov. ,iu.—V.

A^o-Lite Corporation.—Balance Sheet.—

[Vol. 107

206)

$5,813,400

$1,250,000

$250,000

from the Lone Star Gas Co.
Balance Sheet June 30 1918.—Assets: Pipe lines, gas rights,
and improvements thereon, oil and gas leases, and materials in

lands in fee
storehouses,

Dividends, &c.—Annual rate, 8% (Q.-M.) since June 1917, w'hen raised
to 2%; 1912, 7^%; 1913, 6%; 1914, 6%; 1915, 7y2%; 1916,
6H%: 1917, 8%.
Original capital was $2,500,000; increased in Aug. 1909
to $3,500,000; in 1914 to $4,500,000, when $500,000 was sold to stockhold¬
ers at par and $500,000 Issued as stock dividend of 14 2-7 %; and in 1915 to
$5,000,000, $500,000 being issued as a stock dividend of 11 1-9% July 1915.
Properties.—Located in Texas and Oklahoma.
Owns 525 miles of gas
lines and 50,000 acres of gas territory, of which 7,000 are held in fee simple.
Also owns oil rights in 34,000 acres in Texas and southern Oklahoma.
Business, wholesale producing and transporting gas; in 1918 charter
was amended to engage in oil business.
Over 5O.0O0 consumers are sup¬
plied by the following distributing companies: Dallas Gas Co., Fort Worth
Gas Co., North Texas Gas Co. and Gainesville Gas Co., which obtain gas
from 1

$9,696,493; cash on hand, $14,342; U. S. “Liberty Loan” bonds, $112,500;
accounts receivable, $298,541; total, $10,121,876.
Offsets (aggregating
$10,121,876): Capital stock. $5,000,000; 1st M. bonds, $250,000; notes
payable, $544,500; accounts payable, $194,699; reserve for taxes, $25,430;
reserve for interest, $6,346; reserve for depreciation, $2,686,717; profit
and loss, surplus, $1,414,184.

Oct. 12 1918.]

THE CHRONICLE

President, L. B. Denning; 1st V.-Pres., Fred. M. Lege Jr.;

tj

a

trage,

t08'!* M- w- Bahan; Sec. & Treas., D. L. Cobb; Asst. Sec. & Treas.,
ar .2P* Directors: L. B. Denning, Fred. M. Lege Jr., W. P.
F. L. Chase
w

and M. W. Bahan.

See

earnings, &c., V. 107,

Main Belting Co.—Stock Increased.—
O1'6 stockholders on Oct 8 approved an increase in

...

p.

1388,

the authorized capital
to be in pref. stock.

™“S100.000 to $1,300,000, half of the increase
Compare V. 107. p. 1007.

Massachusetts Lighting Companies.—Bonds.—

O. D. Parker &
Co., Inc., Boston, are offering at prices yielding
from 7.25 to 7.50%,
according to maturity, the total au¬
thorized issue of SI, 160,000
7% serial gold debenture bonds

?aJS^une
* 1918, due in 10 equal annual installments June
1 1919 to
1928, incl.

Colony Trust Co., Boston.
Denom. $1,000,
on or after four years from date of
al.l or part at 103 on any interest date upon 3 months’
^«areTca;iable
Interest without deduction for
any Federal normal income tax
iVy-T
i?1^fte^deductible
at the source not in excess of 2%.—See V.
y0.
f“® ponds are issued to provide funds for the payment of
P^e
note indebtedness of the Massachusetts lighting companies and
H?+»~rovi
for additional funds to pay for necessary extensions and ad¬
ditions.
See V. 107, p. 1196.
antl

«Ip0 c*.

Bonds maturing

1185

Pinal Dome Oil

Co.—Liquidating Dividend.—

This company, whose
properties were acquired by the Union Oil Co. of
Calif, as of June 1 1917 and is now in process of liquidation, has distributed
a liquidating dividend of
6% per share on the outstanding capital stock
(par $1).
The dividend was ordered paid on Sept. 26 to holders of record
of that date.

Pittsburgh Steel Co.—Earnings.—
Sales for—
1918.
1917.
Inc. or Dec.
12 months ending June 30
$37,930,842 $33,066,083 Inc. $4,864,759
Net profits..
*$4,556,443 $7,811,444 Dec. $3,255,001
*
After setting aside $1,238,632 as reserve for depreciation and
depletion
and $2,730,122 for estimated income and war
profits taxes. In 1917 the
amounts so charged were $1,507,279 and $1,823,548, respectively.—V. 106,
p. 2349.

Prairie Pipe Line Co.—New Pipe Line.—

This company has obtained permission from the Oil Division of the U. S.
Fuel Administration to build a 12-inch pipe line from the North Central
Texas fields to a port on the Gulf Coast.
The new pipe line will be more
than 300 miles in length and will require five pumping stations.
The de¬

livery capacity will be 40,000 bbls. daily, and it is estimated the cost will
above $5,000,000.
With the completion of the new line the company

run

1916-17.

will be capable of de¬
livering 240,000 bbls. of oil daily through its various trunk line systems.
The company is now
completing
an 8-inch line between the Banger field
and its trunk line terminal at Cushing, Okla., which will have a capacity
of 20,000 bbls. daily.
For the eight months to Aug. 31 1918 the company’s
shipments were 40,729,558 bbls., compared with 34,186,123 bbls. in the
corresponding period of 1917 and 29,306,691 in 1916, the increase over last
year being 6,043,435 bbls.—V. 106, p. 506.

earns..$1,594,945 $1,427,949 Interest
$145,679 $108,385
Op.exp. & taxes 1,233.113 1,007,586 Net inc.of trustees 73,467
30,633
Other inc. (net)
92,566
89,005
Total net inc.
$454,399
$509,368 Balance, surplus.$382.187 $431,616
mere are outstanding
46,169 shares of common stock of no par value and
w%t/K’efen!ed
stock- expressed value $100, $5,533,100.—V. 106, p. 762;
V. 107.

Twenty ($20,000) Purchase Money Mtge. 5% gold bonds of 1896,
ranging in number from 1 to 1,067, inclusive, have been called for payment
Nov. 1 at 110 and int. ($1,125) at the Central Union Trust Co. of N. Y.
Of the $1,100,000 issued, $432,000 have been retired, including the present
call.—V. 106, p. 934.

a

Earnings.—As reported for

June 30 Yrs.:

1917-18.

Gross

years

ended June 30:

1916-17.

1917-18.

p. 1196.

Rollin Chemical Co.—New

Muncie Water Co.—2d M. Bonds Retired.—

See Amer. Water Works & Elec. Co. under
1545.

.

Roch. & Pittsb. Coal & Iron Co.—Bonds Called.—

“Reports” above.—V. 105,

National Operation Corp. (Bridgeport).—Sucessor.

—

Announcement has been made of the formation of this corporation
which is to supersede the
present management of the Smith & Wesson Co.
and to operate the plant of that
company for the United States Govern¬
ment.
V. 107, p. 1105.)
There had been considerable labor troubles at this plant and after the
War Labor Board settled the controversy the management of the company
refused to accept the terms of settlement.
The company at that time said
that it would rather have the plant turned over to the Government
than to be forced to operate it under the terms
imposed by the award
handed down by the War Labor Board.
Recently the Government took
over the company.
The officers of the new corporation are:
Pres. W. C. Bryant of Bridge¬
port, Conn.; V.Pres. and Gen. Mgr. E. F. Russell; Sec’y and Treas., H.
C. Heiden; board of directors, the foregoing officers and F. A. Merrick.
Mr. Heiden Is the only member of,the new board who has been con¬
nected with the Smith & Wesson Co. in the past.
The corporation was
formed under the direction of officers of the Federal Government.

(Compare

National Utilities Co., N. Y., Columbus.—No

Merger.

Stock, &c.—

The stockholders on Oct. 11 approved a loan from the War Finance
Corp. to the company fo $800,000 and an increase in the capital stock from
$2,000,000 to $2,180,000, by the issue of 1,800 shares of second pref. stock,
Stockholders also voted in favor of the issuance and dis¬
par value $100.
position of $1,100,000 7% mortgage bonds or notes payable Dec. 31 1922,
and the issuance of $600,000 6% notes.
Compare V. 107, p. 1291.

Royal Dutch Co.—Acquisition.—

A press dispatch from Tampico, Mexico, announces the purchase'by
the Dutch Shell interests, operating in the name of the
Tampico-Panuco
Petroleum Co., of the properties of the Tampico-Panuco Oil Fields, Ltd.,
and the Chijoles Oil, Ltd.
include
These
100,000 acres of land which are
held in fee simple, oil leases on other tracts of land, producing wells, storage
tanks and other holdings.
The consideration was not made public. The

purchasing

company is a new one and operates directly under the Bataafsche Petroleum Co., owned by the Dutch Shell interests.
It is announced
that the producing operations upon the land and leases that have just

passed into the hands of the

new company will be conducted by the'Corona
Petroleum Co., another Dutch Shell subsidiary that has been doing devel¬
opment work in the Tampico region for some time.—V. 107, p. 1389, 1381.

Rumford Falls (Me.) Power

Co.—Hydro-Electric Plant—

The “Engineering News Record” in its issue of Oct. 10, publishes an
illustrated article describing the fourth successive hydro-electric plant at

In reply to oar inquiry for details as to a merger of the National Utilities
Co. ana the Oil & Gas Utility Co., V.-Pres. Albert W. Brooks writes: “I
know of no consolidation or plan to consolidate in accordance with the lines
you mention, or in fact on any other basis.” fDoubtless the merger referred
to in these columns last week refers to another enterprise of similar name.]
—V. 107, p. 1389.

Rumford, Me., which is now nearing completion.
Development of the
plant began in 1892, the capacity having been increased from 200 h.p. to
30,000 h.p. in four steps .—V. 100, p. 1353.

New York & Ontario Power Co.—Development Plans.—

The directors have declared a dividend of $1 a share, payable Nov. 1.
The company will also distribute on Nov. 11 to holders of record Oct. 15
sixteen shares of Mayflower Old Colony stock and thirty-six shares of Wi¬

This company has applied to the International Joint Commission at
Ottawa ,for the right to develop additional power from the rapids plants in
connection with the Addington, N. Y., plant.
The company seeks the right to increase the flow of water through to
the darn now constructed on the American side of the river by 30,000 cubic
feet per second, thus enabling the development of approximately 30,000
more horsepower.
The company now has power rights of 100,000 horse¬

power.—V. 96, p. 1160.

The Farmers’ Loan*& Trust Co.. N. Y., as trustee, will, until Nov.
receive tenders for the* sale of $750,000 First & General Mtge. 4H % S.
gold bonds of 1909 at pair and interest.—V. 107, p. 186.

1,
F.

approved the proposed plan for the

the Hydraulic Power Co. and the Niagara Falls Power Co.,
Niagara Falls, N. Y.,
The immediate plans of the merger company acting
in conformity with the urgent call of the War Department for increased
hydro-electric power for war industries, provide for the construction of a
hydro-electric generating plant in the Niagara Gorge to cost about $16,000,000, making a large increase in electric power available for the indus¬
tries in this vicinity, in addition to the estimated 100,000 h.p. available
through the merger.
The initial installation will consist of two 33,000 h.p. generating units.
With proposed construction of diversion channels for water, it is planned
to increase the present power generation in the district covered by the two
companies from 255,000 h.p. to 400,000 h.p. The combined company
will be known as the Niagara Falls Power Co.
Paul A. Schoellkopf will
be Vice-President and General Manager.
Compare V. 107, p. 1291, 909.
merger of

Mfg. Co.—Stock Increases.—

This company, Galion, Ohio, has increased its capital stock from $1,000,000 to $3,000,000.
No announcement has been made as to the purpose of
the increase.

Oklahoma Natural Gas Co.—Segregation.—

The directors of this company have authorized the segregation of the
oil production and gasoline plant from the company.
A new company
with an authorized capital stock of $3,000,000, par $250, will be organized
take
to
over the oil production with leases on 100,000 acres, and the gasoline
plants.
The stock of the new company will be distributed to the present
stockholders of the Natural Gas Co. on the basis of 30% of present hold¬

ings.—V. 107.

p.

1389, 1291.

Old Dominion Co. of
1918—Sept.—1917
2,292,000
1,270.000
V. 107, p. 1197, 701.

Maine.—Output {in Pounds7)—

Increase. |
1918—9 Mos.—1917 Y
1,022,000125,423,500
23,099,000

Increase.
2,324,500

""

Packard Motor Car Co.—Dividend.—
a dividend on the $11,656,930 outstanding com¬
stock, payable Oct. 31 to holders of record Oct. 15.
The company has
paying 2% quar. for some time.—V. 107, p. 1196.

The directors declared

been

Pennsylvania Salt Mfg. Co.—Earnings.—
RESULTS FOR FISCAL YEARS ENDED JUNE 30.
1917-18.
1916-17.
191.5-16.
sale of products

Income
after exp., repairs,
Other income

&c. $1,558,520

Total earnings
Interest on notes

Depreciation
Inc. & exc. profits taxes.
Dividends paid

141,196

$2,380,716
152,731

1914-15.

$2,610,808

$1,115,997

196,738

163,875

$1,699,716

$2,533,447

$2,807,546
$75,892

$1,279,872
$92,246

$250,425
157,344
937,500

447,957
150,000

200,000

200,000

Balance, surplus
$354,446
Total surplus June 30.. $5,412,075
—V. 106, p. 1125.




shares will be paid 214c. for
for each share of Winona.

San

Joaquin Light & Power Co.—Bonds.—

$33,333

has applied to the California RR. Commission for author¬
ity to sell $118,449 Series “C” 6% bonds to reimburse the treasury for cap¬
ital expenditures.
It Is stated that the proposed sale of these bonds will

Kractically
larch 1917exhaust
an 1918.—V.
issue of $1,000,000
authorized
by the company in
and May
107, p. 1102,
611.
This company, it Is stated, will apply to the Georgia RR. Commission
for an increase in the price of gas of 15c. per 1,000 cubic feet.
It is stated
that the company has been operating at a deficit for some months past due
to the high cost of production.—V. 107, p. 409.

Sheffield Condensed Milk

Co., Inc.—New Stock.—

The shareholders will vote Oct. 25 on increasing the authorized'capital
stock from $500,000 to $750,000, the new stock to be 7% cumulative pre¬
ferred stock, redeemable at 102.50 per share.—V. 105, p. 2005.

Smith & Wesson Co.—Successor Co. Formed.—
See National

South

Operation Corp. above.—V. 107,

p.

1105.

Brooklyn Ferry Transportation Co.—Verdict.—

Justice Greenbaum in the

Supreme Court on Oct. 9 set aside a verdict
of $91,482 in favor of the city against the company.
The city sued to
recover, alleging that on Sept. 21 1906 it purchased the defendant’s land
at the foot of 39th St.. Brooklyn, and received a deed guaranteeing the land
free and clear; whereas there was a lien against it of a lease to the Brooklyn
Heights RR. Co.
It cost the city the amount it sued for to clear up this
lease.
The jury rendered a verdict for the city, but the court set it aside,
because the corporation had been dissolved before the action was begun.

Standard Motor Construction Co.—Dividend of

:

(8)600,000

(8)600,000 (10)750.000

$1,302,157
$5,243,661

$1,931,654
$4,201,505

$237,626
$2,508,963

20%.

The directors have voted that

a dividend of 20% on the $1,800,000
outstanding capital sto2k of the company be declared, payable Dec. 2
to holders of record Oct. 7.—V. 106, p. 2565.

Standard Oil Co. of Indiana.—Obituary.—

Lauren J. Drake, President of this company, died at
—V. 107, p. 808.

—

mon

Copper stock, now held in its treasury, for each 100 shares of St.
Mary’s Mineral Land Co. stock held.
Stockholders entitled to fractional
each share of Mayflower-Old Colony and 1 J^c.

nona

Savannah Gas Co.—Rate Increase.—

Niagara Falls Power Co.—Merger Approved.—
The New York P. S. Commission has

North Electric

Mary’s Mineral Land Co.—Dividends.—

This company

New York Telephone Co.—Tenders.—

"

St.

Texas

his home

on

Oct. 10.

Company.—Sulphur Discovery Near Coast.—

The following published data referring to the company’s discovery of
sulphur on its Texas lands near the sea coast is understood to be sub¬

stantially correct: “Undoubtedly the encountering of sulphur in Hoskins
Mound, Brazoria County, Tex., will prove to be important.
Several test
wells have been completed and others are being drilled, but as yet it is im¬
possible to obtain the results of any analysis of the product obtained from
tne completed tests.
The thickness of the sulphur stratum is said to be be¬
tween 70 and 100 feet.
The fact that the property on which sulphur has
been found is only fifteen miles from the proven sulphur beds of the Freeport-Texas Sulphur Co., makes the discovery all the more valuable.—V.
107, p. 1389,1096.

Todd

Shipyards Corp. and Subsidiaries.—Earnings.—

The first report, published this
ended March 31 1918, as follows:

week, shows results for the fiscal year

Net earnings

$11,998,5501 Sinking fund reserves—
ail 4Q1 I Dividends
Reserve for depreciation.
722,5531
Reserve for Fed. taxes.
Balance, surplus
5,865,461 |
Further facts will be cited another week.—V. 107, p. 298.
inforoct.

_

Union Oil Co. of California, Los
9 Months ending Sept. 30 1918.—Extra

$985,809

626,290

$3,316,946

Angeles.—Report for

Dividend.—President

W. L. Stewart in circular of Oct. 5 says

in substance:

from all operations, less general expense, regular taxes.
and employees’ share of profits were approximately:
1918.
9 Months ended Sept. 30—
1917.
Increase.
5,450,000
850,000
Production of crude oU.bbls
6,300.000
Profits earned
Interest charges

Sales
$31,000,000
Profits earned, approximate
$9,700,000
Provision for deprecia’n & depletion.
3,250,000

$25,375,000
$9,050,000
2,250,000

$5,625,000
$650,000
1,000,000

& war tax 6,450,000 $6,800,000 dec$350,000
The provision for depreciation and depletion shows a substantial increase,
which was necessary because of the increased production of crude oil, the
largely increased cost of new additions to plant account, the fact that our
manufacturing plants are being operated under forced conditions.
Production of crude oil by the company and controlled companies com¬
bined approximates 6,300,000 net barrels, an increase over the same period
last year of 850,000 barrles, or 15%.
The figures for last year, however,
do not include the production from the Pinal Dome properties for the period
January to May 1917.
Sales for the nine months aggregate $31,000,000,
an increase in value of $5,625,000, or 22%.
We are carrying a slightly
larger quantity of crude oil in storage than on Jan. 1.
Capital Expenditures approximate $3,400,000, consisting principally of
the cost of new drilling and additions to manufacturing and distributing
Profit, subj. to Fed. income

plants.

o

Exchange of Stock for

Bonds.—The company recently offered to give its

First Lien bonds and cash in exchange for the capital stock of the Newlove
Oil Co. on the basis of approximately $100 per share for the stock.
Under
this offer there have been exchanged 2,375.92 shares, the percentage of
the stock now ownedibeing 96.40%.
Current Assets, consisting of cash, U. 8. Govt, bonds and treasury cer¬

tificates, accounts and bills

receivable, oil inventories and materials and

supplies at Sept. 30 1918, approximate $24,000,000, an increase over Dec.
31 1917 of $2,335,000.
Cash, exchange, treasury certificates and Govt

bonds included above approximate $5,000,000.
Current assets are
about six to one of current liabilities.
The quantity of crude oil in storage
owned Sept. 30 approximates 11,000,000 barrels, and, including
controlled through the agency, about 12,500,000 net barrles, the State

stocks

storage being about 30,500,000 barrels.
Current Liabilities at Sept. 30 1918 approximate

$4,000,000, or approxi¬
Dec. 31 1917. There has been a decrease in
1st M. bonds in the hands of the public of $364,000, and the final install¬
ment of the Coll. Trust Notes sinking fund due May 1 1918 has been met,
thus canceling this liability of $390,000 as at Dec. 31 1917.
Purchase
money obligations were reduced approximately $69,700.
Capital Stock Outstanding at Sept. 30 1918 amounted to $43,567,500.
During the nine months 40,574 shares were issued, of which 39,511.93
represent stock dividend, and 1,062.07 shares were sold to complete frac¬
mately $100,000 less than

on

tional certificates.

Surplus and Operating Reserves at Sept. 30 1918 will approximate $22,100,000, the book value or the stock being about $150 per share, the de¬
from Dec. 31 1917 being due to the greater number of shares out¬
standing and to the decrease in surplus on distribution of stock dividend.
Dividends.—The regular quarterly dividend of $1 50 per share, together
with an extra dividend of $1 per snare, was declared on Oct. 3 1918, payable
on Oct. 19 1918 on stock of record Oct. 9 1918.
The total dividends paid
5

crease

since the

incorporation, including the dividend payable Oct. 19 next, ap¬

United Coal Corp. of
298.

United Gas & Fuel Co. of Hamilton, Ont., Ltd.—
officially that the $942,600 6% bonds due Nov. 1 1918 were

We learn

Bonds will be paid off at maturity on presentation,
refunded July 1 1918.
payment to be made at office of Central Trust Co., Chicago, Ill.
in connection with this payment the company will issue $1,050,000 6%
1st Mtge. bonds dated July 1 and due 5 years from date.
The new se¬
curities are underwritten in Chicago.
They will be subject to call on and
after Dec. 1 next on any int. payment period upon notice at
est at office of Central Trust Co. of Chicago, Ill.
The bankers handling
the extension are Central Trust Co.
A description of the new bonds was
107.
p.
298,
given in V.
186.

101 and inter¬

United Motors Corporation.—Dissolution.—

The stockholders will vote Oct. 30 on a proposition that the corporation
be forthwith dissolved and on an offer received from General Motors Corp.
to acquire the assets and assume the liabilities of the corporation for and
in consideration of 110,164 shares of the common capital stock and 330,492
shares of the preferred capital stock of General Motors Corp.; and of auth¬
orizing the distribution among the stockholders of the assets of the corpora¬
tion remaining after paying or adequately providing for debts.

Pres. Alfred P. Sloan in

the stockholders

as

a

letter dated Oct. 3 1918 writes

follows (in substance):

.

By the terms of the offer, if accepted, a holder of 10 shares of United
Motors Corp. stock will receive upon distribution three shares of General
Motors preferred and one share of General Motors common stock.
In lieu
of fractional shares, cash will be paid on the basis of $80 a share for General
Motors pref. stock and $125 a share for General Motors common stock.
At the present rate of dividends paid by General Motors Corp., viz., 6%
on its preferred and 12% on its common stock, the United Motors stock¬
holders would receive dividends at the rate of $3 a share yearly in respect
of each share of United Motors stock.
If the proposal is accepted, stock¬
holders of United Motors Corp. will also receive the equivalent to dividends
on General Motors stock payable on and after Nov. 1 1918.—V, 106,p.2234

United States Rubber Co.—After War Status.—Pres.
Colt in a statement is quoted as saying in substance:
The rubber industry will be no exception "to other industries engaged in

production of important commodities after the war. There must be a
marked recession in prices paid for labor and material commodities like
cotton.
The stimulation of nigh prices during war brings into the field for
competition after war a number of smaller competitors whose business
may not be as well founded as will be necessary to stand the shock of peace.
A recession in values of foodstuffs, particularly wheat, wiU of course
relieve the workers In all classes from some high prices and make easier
the accepting of lower wages that will prevail; but this same recession, if
it come rapidly, may bring considerable hardship to our farmers if they are
not able immediately to produce at a profit wheat and corn at a figure

demanded by market conditions.
All manufacturers will need ample reserves against recession of value in
materials and finished goods on hand and these reserves must be set aside
during the war to avoid disaster.
Farmers also should be encouraged to
establish reserves through investments in Government securities and to
otherwise build reserves.

Financial Position.—
Vice-Pres. Lester Leland is quoted as saying: “The United States Rub¬
ber Co. is now in the strongest financial position in his history, cash in the
banks for the first time largely exceeding the aggregate floating debt.”
It is understood that approval of the government to the new issue of
$6,000,000 five-year 7% notes to be issued for the partial refunding of the
General Rubber Co. 5s maturing Dec. 1 is expected shortly after the close
of the Liberty Loan campaign.
The issue has been underwritten by Kuhn,
Loeb & Co.
This leaves no further Rubber Co. financing at present in
sight until 1946, when the $2,600,000 Canadian Rubber Co. 6s fall due.

(Compare V. 107, p. 1198, 1008.)

United States Steel Corp.— Unfilled Orders.—
See “Trade & Traffic Movements” on a

preceding page.—V.107 ,p.l389.

Victoria Oil Co.—New President.—
Press reports state

that William N. Schill has been elected I’resident,

succeeding A. A. Reilly, resigned.

(F.) Wesel Manufacturing Co.—Obituary.—

This company announces the death of
and Gen. Mgr., on Sept. 30.—V. 107, p.

Mr. John F. Oltrogge, Vice-Pres.
702.

West Penn Power Co.—Power Plant

Begun.—

Construction has been started on the generating plant at Springdale,
Pa.
It is to cost $5,000,000, of which amount the Federal Government will




own

the plant,

completed Oct. 9 between the Post Office Department and
the company, the Government agrees to pay all interest on
outstanding bonds of the company, all dividend and interest
payments due on stocks and bonds of subsidiary companies,
all taxes and operating charges on the property and in addi¬
tion $8,000,000 annually. This sum insures the present
dividend rate on the company’s stock.
Pres. Newcomb Carleton has issued the following: v
An arrangement

has been reached after extended conferences with the

Postmaster-General and his associates, John C. Koons, First Asst. Post¬
master-General; William H. Lamar, solicitor for the Department; David J.
Lewis, commissioner, and their consultant, Dr. David Friday, which is

entirely satisfactory to the Western Union Telegraph Co.
The agreement relates only to the land lines, and in substance provides
for the payment by the Postmaster-General of all interest on outstanding
bonds of the telegraph company; also all dividends and interest payments
due on the stocks and bonds of subsidiary companies; also all taxes and
operating charges upon the property, and a sum of $8,000,000 per annum,
thus assuring the present rate of dividend.
The contract leaves to the company all its non-operating income and the
income from its eight transatlantic cables.
The Government likewise is to
carry on the plans of the company for pensions for employees, disability
and death benefits, and also maintain all reserves for depreciation and
amortizations upon the same basis as the telegraph company has main¬
tained them.
The Government further provides for the continued main¬
tenance and operation of the property in as efficient a condition as when
taken over and the return of the property to the telegraph company in
such a condition on the termination of Federal control.
The telegraph company will loan each year the sum of $1,600,000 with¬
out interest toward financing approved additions or extensions, funds re¬
quired for these purposes beyond such amount to be furnished by the
Postmaster-General.
If new securities are required to be issued by the
telegraph company the Government pays the interest dividends or other
costs of such securities issued in exchange, discharge or renewal of existing
obligations.
Viewed in every aspect the contract is a fair one to the telegraph com¬
pany and the Government, and the arrangement has been reached through
the pursuit of a broad policy by both parties to the negotiation.
The telegraph company’s representatives were met with the utmost
courtesy by the Government officials, and at all times have been impressed
with the evident desire to secure the ultimate facts in the situation, and to
provide for those interested in the property all that Congress contemplated
in the joint resolution providing for a “just compensation” for the use of
wire properties.—V. 107, p. 1105, 808.

Wichita Water Co.—Third Mtge.
p.

under “Reports” above.—V. 107,

whlsh is to erect and
702.

Western Union Telegraph Co.—Agreement Reached with
Authorities as to Compensation from Government.—All Bond
Interest to be Paid and Also Dividends.—Under an agreement

See Amer. Water Works & Elec.

Pittsburgh.—Sale.—

See Amer. Water Works & Elec. Co.

furnish $2,000,000, and the company,
$3,000,000. Compare V. 107, p. 808,

about $22,100,000.

proximate $42,800,000, while surplus has been increased
—V. 107, p. 910.

p.

[Vol. 107.

THE CHRONICLE

1486

Bonds Retired.—

Co. under “Reports” above.—V. 105,

219.

Willys-Overland Co.—Balance Sheets.—The Moline Plow
Co., in view of the offer made to holders of its $10,000,000
common stock (V. 107, p. 1389), has sent to its stockholders
a circular showing:
Balance Sheets July 31 1918.

Willys-Ov'd Elec.Auto-L. Curtiss AeroCorp.
& Sub. Cos.
plane&M.
$32,027,662 $1,327,922
$6,655,907
12,270,264 12,231,166
969,996

Assets—
Fixed assets
Investments and advances

Inventories, receivables, &c
Cash
Deferred

charges

7,072,869

387,811

13,607

14,059,932

Goodwill
Deferred receivables
Total
Liabilities—
Common stock and scrip
Preferred stock

38,687,463

16 154 156

___

_

196,982

2,013,044
1,871,760

$113,587,288 $20,645,564 $29,022,151

$39,416,285
17,334,300

169,000

$7,229,346

x6,000,000

10,184,617

27,765,267

1,836,347

Surplus and reserves

28,902,436

2,479,871

Funded debt

$1,087,700

4,200,000

Mortgages
Current liabilities.

Total

17,314,462

4,900,000

6,776,829

4,973,005

$113,587,288 $20,645,564 $29,022,151

An arbitrary figure, the 217,540 shares of the Curtiss Co. being carried
its books at $5, but having no par or face value.
The profit and loss
surplus and reserves on July 31 1918, $4,973,005, contrast
$945,974 on Dec. 31 1917.
Compare V. 105, p. 2013.—Ed.
The earnings for the 7 mos. ended July 31 are reported as showing the
x

on

apparently with

following percentages per annum on the pref. stocks; Willys-Overland, 48%;
Electric Auto-Lite, 72%; Curtiss Aeroplane & Motor, 130%.
Average
profits of Willys-Overland in the past two fiscal years were equivalent to
45% on the pref. stock, the fixed assets of the Curtiss Co. include over
$5,000,000 for buildings, on which, it is stated, the U. S. Government has
guaranteed the corporation against loss if sold after the close of the war.
See also further data for Electric Auto-Lite Corp.—V. 105, p. 610;
V. 106, p. 1233, 2125; V. 107, p. 505; for Curtiss Aeroplane Sc Motor Co.,
V. 106, p. 712, 1464, 2013, 2125; V. 107, p. 406, 1387; for Willys-Overland
Co., V. 107, p. 1009, 1105, 1292. 1389.

Yolo Water & Power Co.—Default.—Protective Com¬
mittee.—The below named committee, Edward C. Stokes,

Chairman, gives notice by advertisement on another page
that the interest due July 1 1918 on the First Mtge. 5%
Sink. Fund 40-year gold bonds, due 1952, has not been paid.
Holders of a large number of the bonds have associated themselves with
the undersigned as a committee for the protection of their interests and for
the development of a plan to safeguard the future of the company. Bond¬
holders desiring to join may deposit their bonds with the Franklin Trust
Co. N. Y., depositary.
*
Committee.—Edward C. Stokes, Chairman; Robert S. Hudspeth. Rafael
_

_

„

,

Broadway, N. Y.,, as Secretary.
N. Y.
The enterprise is of great importance to the farmers in Yolo County,
Cal., and to the country at large, as immense quantities of rice are pro¬
duced.
The water supplying the rice farmers and the land is supplied
by the company and far-reaching plans are in contemplation as a result of
which it is expected that the company will become a very much larger and
Gorin, with James F. Collins, 61
Counsel, Clark, Prentice & Roulstone,
R.

stronger enterprise than heretofore.

Default—Committee.—Holders of the First M.5%

bonds,

the interest on which is in default since July 1 1918, are in¬
vited to deposit their bonds with the Empire Trust Co.
N. Y., depositary, in order to protect their interests.
below named committee as of Oct. 7 states:
Steps have been taken to effect a reorganization of the company in pur¬
suance of which a protective committee has been formed in England by
the English bondholders.
In view of this fact and in order that the rights
and interests of the American holders of the above-mentioned bonds may
be protected and advanced, it is desirable that they should unite and co¬
operate.
To that end the undersigned owning or representing large
amounts of said bonds have formed a committee to protect the interest
of the bondholders.
All bonds deposited should have attached thereto
the coupon matured July 1 1918 and all subsequent coupons.
Committee.—Frank D. Wilsey, Pres. N. Y. Boat Oar Co.; Eienry W.
Martin. Martin, Berwin & Co.; Clarence D. Anthony; Charles H. BeUows,
Counsel, with Franklin Berwin, Sec., 31 Nassau St., N. Y.—V.100.p.314.

of
The

Oct. 12

1918.]

THE CHRONICLE

3£he Commercial 3pmc§
COMMERCIAL EPITOME
Friday Night, October 11 1918.
other form of trade activity is the
hundred avenues of industry to supply the

.

Towering above

every

vast business in a
needs of the United States Government and Allied Powers
in these momentous days.
Strictly

subsidiary to this, but
yet here and there straining at the leash, is the civilian
business of the country, which if it had
anything like full
sway would probably be tenfold what it is to-day, or at
any
rate, very much larger than circumstances permit in these
times when the needs of war are

naturally the foremost

consideration. Yet it is undeniable that the
influenza,
epidemic in this country, has also had some effect in slowing
down production and
limiting buying. In the textile
districts production has been more or less

seriously curtailed
Also, in some quarters there is hesi¬
tation about buying freely at this
time, owing to a growing
impression, rightly or wrongly, that peace is not far off.
There is an idea that the world is on the eve of
big events in
by this

cause

alone.

the theatre of war and also in the chancelleries on both sides
of the water.
Finally, warmer weather interferes with the
sale of seasonable goods to a certain extent.
But with it

all, there is

a

note of

optimism, actual

or

latent.

It is felt

that the world is making its way out of the tunnel of war
towards daylight and normal conditions of healthy business.
Prices of foodstuffs show a downward
tendency. Corn
within a week has declined nearly 20 cents a bushel.
Butter
is selling at extravagant prices, but this fact is offset in a

by the increased consumption of substitutes. Non
are being curbed more and more, but the
feeling grows that this restriction may not be of very long
duration.
Cotton has further declined and the crop is
turning out larger than expected. The drift of prices for
cotton goods is believed to be downward,
partly owing to the
fall in raw cotton and partly because of a decrease in the
consumption, traceable to high prices. Collars that used
to sell at 2 for 25 cents, now cost 25 cents
apiece. This
increase of 100%, or something very much like it, runs
through a long list of cotton goods. Crop news is, in the
measure

essential industries

main favorable and winter wheat has started well.
The
weather has been good for curing corn
The crops of wheat,
com and oats are well known to be
larger than were expected
and in addition to cotton the crops of sugar and rice are also
larger than earlier estimates Frost has done little damage
to com and the crop is of better
quality than that of last
year.
Farm work is being pushed under very favorable
circumstances. Wheat exports this week reached the un¬
usual total for these times of 6,624,000 bushels.
Mean¬
while failures are almost incredibly rare. Collections are
good. The rise in peace stocks and railroad shares and
bonds, coincident with peace talk attracts attention in the
commercial world.
Money is tight and speculation small.

strikes occuir, some of which

1487
seem

little better than scandal¬

For instance, 2,000 machinists, polishers
at the E. W. Bliss Co. plant, some of whom

and helpers
receive $120
per week and none less than $40, actually struck on the 9th
inst. for more pay.
The Government, which has restricted
prices on commodities, might do worse than look into such
cases of greed and deal with them in short, stem fashion.
It is of interest to note that shipyards and ordnance plants
of this country alone, according to Chairman Baruch of
the War Industries Board, are short 310,000 men.
With
General Pershing cabling for increasing quantities of steel,
the Railroad Administrate is naturally doing everything
in its power to comply with the military needs of the army,
and it is now said that the rate of pig iron output is about
41,500,000 gross tons a year, and that of steel ingots between
42,000,000 and 44,000,000 tons a year. One of the latest
things which the Government has requisitioned is thermo¬
meters.
The Government seizes the present output and
orders the factories to proceed to produce large quantities
of thermometers for a period of 20 weeks.
The Govern¬
ment has also taken complete control of the brass industry.
The War Industries Board orders that not a pound of new
business shall be accepted by brass manufacturers without
first obtaining the sanction of the Board.
Meanwhile,
there is a shortage of mills.
The movement of wheat con¬
tinues on a very large scale and the visible supply in the
United States is approaching 100,000,000 bushels, or about
fourteen times as large as it was a year ago.
Though the
Government now estimates the wheat crop at 918,924,000
bushels, there is an impression in the grain trade at the West
that it will ultimately turn out to be nearer 950,000,000
bushels, or the second largest on record; that of 1915, when
it was 1,025,801,000 bushels, being the largest ever known.
If the hopes of the wheat merchants are realized, the present
crop will be nearly 300,000,000 bushels larger than the last
one.
The yields of corn and oats have all increased within
a month, and those of barley, rye, beans, buckwheat, flax,
rice, apples and sugar beets are larger than those of last year.
The tobacco crop is one of the largest ever known. There
is some discussion of the effects of peace on general trade.
Peace is felt to be approaching with the possibility that,
events may hasten it very perceptibly during the winter.
House building after peace is declared is expected to increase
greatly; that would effect the steel and lumber trades and
good many other industries. Supplies of cotton goods, the
world over, are down to a minimum; they will be renewed at
the first opportunity.
Construction of all kinds, held up
for several years by the paramount needs of the Govern¬
ment, will, it is believed, be pushed with vigor, perhaps un¬
exampled in American history. And abroad the widely
devastated tracts of country call imperatively for rebuild¬
ing. This will be done the more readily that the merchant
marine of the United States and Great Britain have greatly
increased in the last two years. Non-essential industries
will naturally revive after a period of more or less severe re¬
pression. In short, the industries which serve the needs of
peace in myriad forms, not only in this country but through¬
out the world, with vast populations knit
into closer union
by the war than ever before in human history, will, not im¬
probably, have a trade that will eclipse anything hereto¬

ous.

Taking trade the country over,-the West and the South are
the most favored, owing to the big ruling prices for their
products, and the increased buying power of large sections
of the population.
Building is still restricted by high
prices.
fore known in the annals of the most advanced
of the
Spanish influenza lias reached practically all parts of the globe. Naturally, the increase in business willnations
at first fol¬
United States, and now prevails also in Mexico, South
low the channels of the three primary wants of man, namely,
America, Australia and Africa, as well as Europe. Latterly
But later on, and perhaps with
the death list has been growing at Newr York, both from in¬ food, clothing and shelter.
no great delay, will come the expansion of business in the
fluenza and pneumonia.
In twenty-four hours here 342
fatalities occurred.
In one day the new cases of influenza non-essential yet desirable lines of merchandise throughout
vast ramifications of industry.
In certain other directions
were 3,077.
Yet, less than 2% of New York’s population
has thus far been affected, according to Dr. Copeland, the however, there will be contraction.
STOCKS OF MERCHANDISE IN NEW YORK.
head of the Health Bureau.
Unless certain precautions are
Oct. 1 1918. Sept. 1 1918.
Oct. 1 1917.
observed, he threatens to close theatres. Smoking, he said, Coffee. Brazil
..bags. 1,078.932
998,513
1,421,667
should be absolutely prohibited in all theatres, and also Coffee, Java
mats.
13,837
14,703
13,488
Coffee,
other
bags.
639,993
629,110
676,413
admission beyond the seating capacity. An offending
Sugar
tons.
14,463
55,356
theatre will be promptly closed.
.No.
The epidemic is depleting Hides*
Cotton
bales.
75,046
80,828
72,669
the supply of teachers in the public schools and more women
Manila hemp
bales.
625
are wanted for work in the hospitals.
*
.barrels.
The Board of Health Flour
36,000
24,100
13,200
urges particular attention to light and ventilation of living
♦Not published during the war.
and working quarters, and also heat.
The Fuel adminis¬
LARD continues weak; prime Western, 26.45@26.55c.;
tration, contrary to a popular impression, has not forbidden
refined
to the Continent, 28.75c.; South America, 29.15c.;
heat in apartment houses before Nov. 1.
The Board of
Health, in a statement sets the limit of four weeks as the Brazil, 30.15c. Futures declined, some days partly in
probable duration of the epidemic. Gasolineless Sundays sympathy with a decline in other provisions. At times1
will cease after Oct. 13, but the Fuel Administration advises pork and" ribs have undergone the maximum decline allowed
economy in the use of gasoline.
The recent suspension of in a single day, namely 100 points on pork and 50 points on
ribs.
Moreover hogs and corn declined.
auto traveling on Sunday effected a saving of upward of
Hog receipts
have
been
increasing. It looks as though they would be
700,000 barrels of gasoline. Meanwhile existing supplies
are none too plentiful.
The grand total of available gasoline larger from now on. Packers and shorts have been buying.
in the United States, outside of California, on Sept. 23 was To-day prices advanced, but they are lower for the week.
3,302,000 barrels of motor gasoline and 281,000 barrels of DAILY CLOSING PRICES OF LARD FUTURES IN CHICAGO.
Sat.
Mon.
Tues.
Wed.
Thurs.
Fri.
aviation gasoline. This is a rather startling falling off from October deli very..cts. 26.87
26.20
26.60
26.50
26.10
25.80
the stock of 11,000,000 barrels on April 1 and 8,000,000 November delivery
26.20
25.25
24.95
25.90
25.65
24.65
barrels on Aug. 1.
PORK again lower; mess, $41 50(gy$42 50; clear, $42@$50.
The labor supply of the country is, of
course, steadily decreasing.
Women are now being employed Beef products quiet, but firm; mess, $35@$36; extra India
in the Newark shipyards at electric machines which secure mess, $58@$59.
Cut meats quiet and lower; pickled hams.
the rivet in its socket, and it is then carried forward for sharp¬
10 to 20 lbs., 29pickled bellies, 36@38c.
A Washing¬
ening and oiling. The women make some $7 to $8 a day. ton dispatch says Mr. Hoover states that Government and
A riveter at the South Chicago shipbuilding yard made $64 export buying would absorb about 50% of the hog product
for eight hours work last Sunday.
His two helpers received made in the United States during 1919, and that orders in
The team drove 1,014 rivets writh the Sunday hand would require an additional billion pounds over 1918.
$49 each.
Of course these are unheard-of During the winter fresh pork is to displace beef to a large
scale of 16 cents a rivet.
wages.
Even with wages extraordinarily high, however, extent in training camp rations. November pork ended at
^




THE CHRONICLE

1488

Chicago to-day at $33 27, after touching $32 75 earlier. The
Butter, creamery, 59H@60c.
Cheese, flats, 29@33J^c. Eggs, fresh, 56@57c.
COFFEE higher; No. 7 Rio, 10^c.; No. 4 Santos, 14c.;
fair to good Cucuta, 13M.@14c.
Futures have been prac¬
tically featureless. Offerings have been small. In fact
trade in future has been practically at a standstill.
Stocks
at Brazilian seaports are steadily in reasing.
They are
over double what they wrere a year ago, namely 4,965,000
bags, against 3,394,01X1 this time last year. And to make
matters worse Brazilian freights are firmer to the United
States.
Charters have been placed at the maximum limit
allowed by our Shipping Board.
It looks as though ton¬
nage in Brazilian waters would become scarcer as it is said
decline is $4 for the week.

that the Brazilian Government will refuse to open commer¬
cial credits for importations of merchandise or extend or
Yet recently Santos prices advanced
increase old credits.
noticeably though latterly easier. Here there are said to
be large buying orders at maximum prices, but no sellers.
The Brazilian markets are also strong on the idea that
peace

is drawing nearer.

It is said that the United States

have less than six months supply of coffee, England enough
for three years or more and France and Italy enough for
about a year. To-day trade was deadlocked; so were prices.
October _cts_8.50®
November __8.65@

February

January

cts 9.10®

May

9.25®
9.40®

June

March
April

December—8.80®
9.95®

SUGAR in

Ct8_9.55®
9.70®
9.85®
10.00®

July
August

moderate demand.

Centrifugal, 96-degrees
Offerings of Java sugar have
been large.
It is said that Dutch producers are anxious to
sell.
But the scarcity of ocean tonnage and high freights
militate against business.
It is said that Java has offered
test, 7.28c.; granulated, 9c.

much

as 60,000 tons to be delivered to American Pacific
This is interesting, though it has not been confirmed.
It finds credence, however, in many quarters.
It is also
stated that Pacific Coast refiners are now working up stocks
of Hawaiian sugar, but will close in about three weeks, not
to reopen until the beginning of the new year.
Meanwhile
some look for steady offerings of Java sugar on a more or less
tempting f.o.b. basis. It is supposed that the new Cuban
contract will be ready for signature in a few days and that
its terms will be at once made known,
though there is no
uneasiness on the subject.
Cuban crop advices are favor¬
able.
The International Committee has latterly bought
Cuba at 4.985c., cost and freight.
Meanwhile refiners are
doing very little business, though deliveries are more prompt,
even if not up to the usual
promptness of war times.
October

as

[Vol. 107.

day was the highest on record. It was 4,600'tons a
than the average for August. The increase came
sooner than expected.
It is hoped that it will go on. As it
is, the total for September is 3,418,270 tons. This seems
incredible.
The next highest daily production was 113,189
tons in October 1917.
Last January it was only 77,799 tons
in the severe weather of that period.
And now it is believed
that even the September total will be surpassed in October.
Certainly determined efforts will be made to have it. Mean¬
while, however, allocations are still in force. That is un¬
avoidable, as Government orders increase. A