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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 _ _ •! 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 .... .... — 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 favorable fact is the unusually good weather. Its continuance will mean much. Meanwhile many consumers are buying out¬ side of their stipulated zone and are paying the extra fee for shipment. They simply have to have the iron. No. 2X Philadelphia, $38 85; No. 2 Valley furnace, $34. Coke deliveries are quicker and the quality is better. STEEL output has decreased in Pennsylvania owing to the epidemic of influenza. It has curtailed the output in eastern Pennsylvania and now the Pittsburgh district com¬ plains of its severity. Yet the largest corporation reports 92.7% of blast furnace capacity in operation and 100% of ingot capacity, against 92 and 97.8% respectively in the preceding week. Meanwhile Washington and also French centres are clamoring for steel. To supply France the mills will have to concentrate on rails, shell steel, barbed wire and steel for cars. In fact the Allies are buying more heavily in spite or recent successes. General Pershing puts in an urgent call for cars. It is stated that 40,315 cars are now wanted in addition to the recent award of about 24,000. The increased order calls for about 350,000 tons of steel. Unfilled tonnage of the leading company fell off 461,138 tons in September, as compared with August. tons da3r a more ports. certificates still rather OILS.—Linseed continues Pennsylvania dark $4 00 South Lima Corning Wooster Thrall Btrawn De Soto North Lima Sat. Tues. Mon. Wed. 2 77 Indiana 1 40 Princeton 2 85 Somerset, 32 2 58 Ragland 2 25 Electra 2 25 Moran 2 15 Plymouth 2 38 $2 38 Illinois, 2 28 2 42 deg.. 2 60 1 2 2 2 above degrees Kansas and homa 30 _$2 42 Galveston Texas City Port Arthur, &c_ New Orleans Mobile. Pensacola Jacksonville Savannah Brunswick Charleston _ _ Wilmington N orfolk 9,277 8,960 5,244 1,047 6,707 i Fri. Thurs. scarce. lower; city raw, carloads, $178@$1 80; five-barrels, $1 81@$1 85 Lard, prime, edible, $2 50. Cocoanut, Ceylon, barrels, 16^@10%c.; Cochin, 173^@17%c. Soya bean, 1834@183^c. Corn oil, crude, barrels, 17%@18c. Cod, domestic, $1 45@$1 50. Spirits of turpentine, 54@54 3^c. Strained rosin, common to good, $15 20@$15 30. Prime crude, Southwest, 17.50c. PETROLEUM contnues nrm; refined in barrels, cargo, $15 50@$16 50; bulk, New York, $8 25@$9 25; cases, New York, $19 25@$20 25 Gasoline steady; motor gasoline, in steel barrels, to garages, 24He.; to consumers, 26 He.; gas machine, 41 He. After next Sunday, Oct. 13, there will be no further autoless Sundays, unless new requirements arise. Meanwhile new field production is going ahead with a keen spirit, due to the increased consumption. Cabell Crichton COTTON Friday Night, Oct. 11 1918. THE MOVEMENT OF THE CROP, as indicated by our telegrams from the South to-night, is given belov/. For the week ending this evening the total receipts have reached 169,334 bales, against 159,431 bales last week and 156,587 bales the previous week, making the total receipts since Aug. 1 1918 1,024,106 bales, against 1,310,785 bales for the same period of 1917, showing a decrease since Aug. 1 1918 of 286,679 bales. 18,883 7,268 3.665! 5.003 219 219 5,684 2,857 6,957 1,237 9,348 7,424 41,364 588 407 5,549 9,911 8,187 7,378 1,144 1,242 1,940 1,529 1,246 1,303 686 1,434 1,288 617 2,567 753 1,175 1,913 _ _ 8,089 _ioo "ioo 5,792 41,108 1,000 1,000 1,995 7,888 1,013 6,000 1,5341 9,882 4,291 391 194; 194 lOi 246 188j 188 . 121 7 60 48 Philadelphia Totals this week. The 53.056 1,953, N’port News,&c. New York. Boston Baltimore Total. 25,443 31,000 38,973 26,142 21,3511 26,425 169,334 following shows the week’s total receipts, the total the stocks to-night, compared with since Aug. 1 1918 and last year: Okla¬ 25 Caddo, La., light. 25 Caddo, La., heavy 25 Canada 33 Healdton Henrietta 2 25 1918. 2 25 1 55 2 78 145 2 25 TOBACCO has been quiet but firm. In fact some think it is too firm in the face of an unprecedented crop. And some look for an easing of prices before very long. Banks hare helped farmers, however, to a noteworthy degree, and some are therefore in a position to hold, at least for a time. For Sumatra a good demand has prevailed and dwindling supplies have naturally favored holders. On the 21st inst. 12,000 bales will be allotted. Havana is in fair demand and steady. The tobacco crop in the United States has been mostly cut and housed, and the weather conditions during the past week were favorable for maturing it. COPPER market is dull, pending the outcome of the meeting to be held Nov. 1 to establish a new price. Labor continues scarce and the demands made by the Government are, of course, heavy. The September output of refined Receipts to This Week. Oct. 11. 53,056 Galveston Texas City Pt. Arthur, &c New Orleans Mobile Pensacola Jacksonville Savannah Brunswick Charleston '219 41,364 8,089 "166 41,108 1,000 7,888 Wilmington 6,000 9,882 Norfolk N’port News, &c. 1917. Since Aug 1 1918. Since Aug 1 1917. 440,197 1,614 1,770 203,027 26,211 278 44.835 2,253 385 234,608 14,300 31,549 24,465 2,000 41.423 6,000 1,721 6,108 31,588 4,636 475,250 1,738 9,305 207,634 25,507 1,155 10,168 326,864 49,000 50,077 22,087 44,618 882 104 931 267 323 4,869 34,485 19,274 30.164 2,528 194 New York Boston Baltimore This | Week. Stock. 76,662 1917. 260,420 6,504 139.496 248,851 21,146 95.493 10,514 110 10,054 231,648 3,000 44,166 41,018 62,546 2,227 6,500 141,036 10,000 32,737 48,396 28,666 77,524 13,800 6,316 8,235 82,432 8,858 22,324 5,013 169,334 1,024,106 207,029 1,310.785 1,035,338! 633.692 '246 188 1,739 10,379 1,392; 1918. Philadelphia ! ■ copper, including electrolytic, Lake and casting, is estimated at 170,000,000 lbs. This compares with 175,000,000 lbs. estimated for August, and 165,000,000 lbs. in September 1917. Estimates for nine months of 1918 total 1,770,000,000 lbs., against 1,896,000,000 lbs. in 1917, a decrease of 126,000,000 lbs. In order to equal last year’s output, produc¬ tion during the last three months of the current year must average in the neighborhood of 210,000,000 lbs. 'Tin quiet at 80H@82Hc., pending Government action. Supplies are short. Lead dull at 8.05@8.90c. Labor continues scarce and only Government contracts be cared for. The demand for prime can Spelter inactive at 9.25@9.30c. Western continues light. PIG IRON production is increasing. This is naturally very gratifying. In fact, the total for September of 113,942 Totals In order that we comparison may be made with other years, give below the totals at leading ports for six seasons: Receipts at— 1918. Galveston 1917. 3,076 3,180 207,029 322,759 275,396; 199.397 485,092 New Orleans. Mobile Savannah Brunswick 41,364 8,089 Charleston,&c 7,888 6,000 9,882 44,835 2,253 41,423 6.000 17,271 __ N’port N.,&c. 194 534 All others Total this wk. 169,334| 100.735 24,790 49,215 2,309 44,876 7,000 18,20-4 7,388 6,108 4,636 70.353 3,183 50,995 3,000 10,235 5,600 30,430 of 17,803 104 Since Aug. 1. 1,024,106 1.310,785 1,897,355 The exports 1913. 6,962 278 Wilmington 131,843 10,158 1914. 7,459 76,662 219 Norfolk 1915. 133,083 29,387 55.388 18,267 128,580 23,700 32,001 26,402 22,852 1,349 14,083 53,056 TexasCity.&c. 41.108 1,000 1916. 1,590.209 89,002 17,303 22,529 5,033 34,995 623 11,677 3,075 12,180 1 802,021 2,628,371 for the week ending this evening reach a total 115,158 bales, of which 91,381 were to Great Britain, Oct. 12 THE CHRONICLE 1918.] 12,276 to France and 11,501 to other destinations. for the week and since Aug. 1 1918 are as follows: Week endino Oct. 11 Exported to— Export Exports from— Great Britain. France. Galveston.. Texas City. Other. Total. Great Britain. 52,943 52,943 France. NewOrleans Mobile Savannah 24,858 33,560 8,702 . Brunswick New- York. Boston Baltimore.. Philadel’la. Pacific ports . 11,560 11,501 3,574 212,252 12,200 130 130 173,241 11,866 105,801 89,268i 11,8661 57,020 26,953 40,007; 34,200 31,594 25,646 80,675! 9,026! 59,784' | 4,240 1 2,020 26,635 Total. Other. 70,373 12,200 141,879! Pt.Arth.,&c 2,020 | 7,387i 9701 j 25,358 1 ...... clear that peace would be a bearish argument. trary, they think that From Aug. 1 1918 to Oct. 11 1918. Exported to— * 1918. 1489 9,026 166,105 4,240 7.387 970 25,358 On the con¬ return of peace is bound to bring about more settled conditions in the cotton trade of the world, and that if cotton is worth the present price, with the business restricted in the various ways by the unavoidable conditions of war, the price will ad¬ vance when the world’s trade in cotton is untrammeled. They look for larger exports after the declaration of peace. The shipment of men and munitions a from the United States will stop. That will release a good deal of ocean tonnage. The armies across the water can¬ not return at once. That would not be prudent. It is assumed, at any rate, that they will return very gradually. Meanwhile, shipbuilding in the United States and Great Britain is going ahead by leaps and bounds. American ships will be seen on the seven seas for many a generation to come. A new era has dawned for American trade on land and sea. The country has made an immense stride ahead; Total 1917- 94,347 8,320 21,872 124,539 687,792! 174,938 304,3701,067,100 Total 1916. 126,713 17,084 42,706 186,503 it is building even more ships than Great Britain. All this 609,288:, 162,118 413,1921,184,593 means that the supply of ocean tonnage is steadily being In addition to above exports, our telegrams to-night also increased. Why should not civilian commerce benefit from give us the following amounts of cotton on shipboard, not it as soon as the fighting stops? Such are some of the cleared, at the ports named. We add similar figures for queries that are being put in these momentous times. The New York. fact is emphasized, too, that this is the fourth short crop in succession. And if the war should continue beyond On Shipboard, Not Cleared for— planting time next spring, which to some seems at least Ger¬ Other Coast¬ Great i Leaving possible, even if not altogether probable, where is Stock. Total. Oct. 11 at— the labor to come from to plant a big crop? Britain.j France. many. Cont’t. wise. Failing an adequate labor supply the world would have another 206.654 8.321 9,000 53.766 Galveston* 36,445; 208,851 12,000 7,000 40,000 New Orleans*. 12,000! 9,000 and a fifth short American crop staring it in the face. And 211,648 8,000 20,000 5,000 Savannah * 7,000 Total.... 91,381 12,276 .11,501115,158 116,866 364,427! 247,283 728,576 „ ------ Charleston Mobile Norfolk New York * Other ports*. 5,606 _ Total 1918. Total 1917._ Total 1916.. . * 1,000 5,934! 3,666 3,000 — 72,379 56,257 j 12,000 — 7.000 80,6351 40,327 28,321 19,352 35,951 i 43,166 11,000 6,000 15.212 61,946 66.524 83,037 25,600 138,300 15,090 97,698 30,705 187,618 897,038 535,994 841,252 600 6 000 1,000 5,934 600 Estimated. Speculation in cotton for future delivery has kept within contracted limits, but there has been selling enough to cause a decline of approximately $10 a bale. Peace talk is now hailed as a bearish factor by very many of the trade. Peace, it is argued, will mean the cancellation of very many Gov¬ contracts. At. the same time, these reasoners doubt whether business can be resumed on a normal peace basis at once. They think the dislocation of the cotton trade of the world has gone too far for that. They maintain, in other words, that the restoration to normal conditions must be gradual. They do not look for any immediate and de¬ ernment Much tonnage would be needed to transport portions of the armies to their homes. That would necessarily militate more or less seriously against a return to anything like pre-war exports. Germany is sup¬ posed to have more or less cotton stored in Spain. It has been using substitutes for several years, and for a while, it is supposed, could continue to use them. What will be the trade status, moreover, of the Central Powers after the return of peace nobody now knows. Meanwhile, two things are clear. First, stocks in this country are large; second, the weather is good and the cotton crop is steadily increasing.. In fact, the weather at the South is unusually good for this time of the year. Certainly it is in marked contrast with that which prevailed a year ago. Then the South was attacked by a general and unusually early killing frost, which cut off itps hard to say. how much cotton/* But the quantity was certainly large. The early frost also tended to lower the grade. The scarcity of white cotton last season was one of the outstanding features. Undoubtedly it had much to do with the great advance in prices. For the mills, though they must have it in filling Government contracts and they paid any price to get it. Ofjate, the decline in the stock market has had more or less effect. On the 14th inst. the usual Census figures will appear giving the consumption for the month of September. Some think that they are more likely to be bearish than otherwise. Wall Street and^local traders have been free sellers. Liverpool at times has sold heavily. Finally, there has been a steady pressure of .Southern hedge\selling. Reports, from time to tims, have'"given the impression fthat Southern farmers, despairing of higherfprices,’‘withlthe Government inquiring into.;conditions existing'in the’Jcotton trade, have been more disposed to sell, especially in'the Atlantic States. But there has'also been free selling elseqhere in the South, it is said. New Orleans spot prices in two days dropped 188 points. Receipts have been ^increasing, exports have, for the most part, been light, stocks^are pihng up at the South, bull speculation is absent and j in a word most'of the talk bas been in a bearish strain and Tnost .of the news has been re¬ garded as backing it up. On the other hand, it is quite as clear that the technical position of late has improved. With pretty much everybody looking for lower prices, this could hardly fail to be the case. Recent liquidation has cided increase in exports. been pretty thorough. In fact not a few who were formerly bullish are on the other side of the market. And these include some influential people. This means that the ten¬ dency has been to accumulate The sudden rise on a good-sized short interest. Thursday’afternoon emphasized this Also the French Commission is believed to have been buying December quite freely. Recently Japanese in¬ terests were good buyers. And,^moreover, some are not so point this country raises about 62^% of the world’s yield. Lat¬ terly, too, there has been some increase in exports. If an armistice is granted to Germany it would include the U-boats. They would have to stop sinking merchant shipping. That of itself would be a gain for the world’s trade in cotton. To-day prices advanced on trade buying and covering, which offset considerable Liverpool and Southern selling. Of late Italy as well as France, it seems, has been buying. The stock of American in Liverpool gained 39,000 bales during the week. Spinners were said to be more disposed to buy at around 30c. The official quotation for middling upland cotton in the New York market each day for the past week has been: Oct. 5 to Oct. 11— Mon. 33.15 Sat. Middling uplands 33.10 NEW YORK Tues. 32.50 Wed. Thurs. 32.05 32.40 Fri. 32.60 QUOTATIONS FOR 32 YEARS. The quotations for middling upland at New York Oct. 11 for each of the past 32 years have been as follows: 1918.C.. 1917 1916 1915 1914 1913 1912 1911 ...32.60 ...27.65 ...17.55 --.12.50 1910.C 1909 ...14.75 1902_c ...13.65 1901 9.10 1900 -.11.75 1899 ...11.40 1898 1908 1907 1906 ...13.70 1905 ...11.00 1904 9.75 ... 8.85 8.44 ..10.69 7.25 5.38 6.44 7.94 9.12 -.-10.25 ...10.55 9.60 1903 ... 1897 1896 1895 1894.C ._ 1893. 1892.. 1891.. ... ... on ... 8.38 8.06 8.75 10.38 10.62 9.81 9.44 1890.. ... 1889.. 1888.. 1887.. ... ... ... MARKET AND SALES AT NEW YORK. The total sales of cotton on the spot each day during the week at New York are indicated in the following statement. For the convenience of the reader we also add columns which show at a glance how the market for spot and futures closed on days. same Futures Market Closed. Spot Market Closed. Saturday Monday Tuesday’ Wednesday. Thursday.. Friday - Quiet 25 pts dec Quiet 5 pts adv Quiet 65 pts dec Quiet 45 pts dec Quiet 35 pts adv Quiet 20 pts adv SALES. Spot. Steady Steady Barely steady. Contract * _ _ _ _ 700 700 100 100 100 100 900 900 _ Steady Steady Barely steady. Total. _ Total FUTURES.—The highest, lowest and closing prices at New York for the past week have been as follows: Saturday, Monday, Tuesday, Wed’ day, Thursd’y, Oct. 5. October— Range Closing November— Range December— Range Closing January— Range Closing.... February— Range Closing . 7. Oct. 8. Oct. 9. Oct. 10. — 30.90-.35 30.55 31.28 — 30.75 — — 30.14 — 30.30 — —1 30.30-.65 30.30-135 30.65 — 31.17-.60 31.00.90 30.75475 29.89495 29.69-.50 30.23-.90 29.69-175 31.35-.37 31.28-.35 30.75-.78 30.14-.19 30.40-.50 30.65-.69 — 30.87-.25 30.71-.70 30.12435 29.37-.35 39.25-.05 29.80-.48 29.25-175 31.05-.08 30.90-.94 30.12-.17 29.G3-.68 30.00-.05l30.18-.20 — 30.95 —■ 30.86 — 30.07 — 29.50 — 29.85 — 30.05 — 30.78-.22 30.58-.35 29.93425 29.24-.20 29.05-.85 29.65-.28 29.05-125 30.86-.88 30.78-.85 29.93-.00 29.45-.47 29.83-.85 30.00-.14 — April— ' Range Closing May— Range Closing. July— Range Closing.... August— 30.85 — 30.75 — 29.95 — 29.40 — 29.78 — 29.95 — — 30.72-. 12 30.50-.22 30.00-115 29.15-.06 29.OO-.70 29.58-.15 29.00-115 30.78-.80 30.70-.75 29.90-.00 29.35-.37 29.70-.73 29.90 — — ... — 30.65 I 31o. 30.45-.15 30.00-.73 29.25-.00 29.00-.40 29.68-.95 29.00-115 30.60 — 29.80 — 29.28 — 29.58-.62 29.80 — — — — Closing.... 30.30 i 320. Week. — March— Range Closing Range Friday, Oct. 11. 31.73-.05 31.63-.30 31.25435 30.50-.45 30.42-.28 30.96-.40 30.42405 31.85-.8S 31.88-.90 31.25-.30 30.80 — 31.10-.20 31.35-.38 31.45 Closing Oct — < 30c. 30.10-.40 29.00439 30.20 — 29.00-.20 28.78 — 28.80-.35 28.45-140 28.45 28.85-.15 29.25-.35 _ — _ ~ THE CHRONICLE 1490 THE VISIBLE SUPPLY OF COTTON to-night, as made by cable and telegraph, is as follows. Foreign stocks, as well^s the afloat, are this week’s returns, and consequently all foreign figures are brought down to Thursday evening. But to make the total the complete figures for to-night (Friday), we add the item of exports from the United States, including in it the exports of Friday only. up Oct. Stock Stock Stock 11— at Liverpool at London at Manchester bales. 1918. 1917. 1916. 1915. 184/KM) 316,000 19.000 30,000 559,000 31,000 48,000 932,000 71,000 17,000 56,000 Total Great Britain Stock at Hamburg Stock at Bremen Stock at Havre Stock at Marseilles Stock at Barcelona Stock at Genoa Stock at Trieste 257,000 365,000 113,000 134,000 1,000 4.000 52.000 22,000 15,000 51,000 638.000 1,054,000 *1,000 *1,000 *1.000 *2,000 158,000 201,000 6,000 3,000 49,000 72,000 161,000 99,000 *1,000 *1,000 8,000 [Vol. 107 OVERLAND MOVEMENT FOR THE WEEK AND SINCE AUG. 1.—We give below a statement showing the overland movement for the week and since Aug. 1, as made up from telegraphic reports Friday night. The results for the Aug. 1 in the last two years are as follows: week and since 1918 Oct. 11, Week. 8,313 -.12,597 303 98 Shipped— Via St. Louis Via Mounds, &c Via Rock Island Week. 35,888 47,507 al7,432 6,162 .- Total Continental stocks 151,000 408,000 16,000 199,000 Egypt, Brazil, Ac. .afloat for Eur’pe 62,000 Stock in Alexandria, Egypt 165,000 Stock in Bombay, India *670,000 Stock in U. S. ports Stock in U. 8. interior towns U. S. exports to-day 1,035,338 942,219 33,560 198.000 387,000 9,981 981 27,734 83,760 10,216 15,099 61,387 102,167 228,354 51,211 357,398 13,510 86,451 11,567 61,434 5,459 1,278 8,310 2,710 86,511 15,047 169,759 Leaving total net overland *__ --35,881 141,843 36,164 187,639 Louisville Cincinnati Virginia points 1,498 3,794 -- -.11,988 other routes, &c -- -- Total visible supply 3.531,117 3,097,429 3,996,431 4,703,779 Of the above, totals of American and other descriptions are as follows: American— 419 000 205,000 Liverpool stock .bales. 89,000 682,000 Manchester stock 45 000 22,000 39.000 33,000 Continental stock *134,000 *168,000 *304 000 *302,000 American afloat for Europe 467 948 451.000 534,392 199,000 U. S. port stocks 633,692 1,028 870 1,153,945 1,035,338 U. S. interior stocks 964 982 544,591 834,620 942,219 U. 8. exports to-day 21 631 19.146 18,822 33,560 Total American East Indian, Brazil, &c.— 2,466,117 2,043,429 3,251,431 3,564,779 Liverpool stock London stock. Manchester stock Continental stock. India afloat for Europe Egypt, Brazil, &c., afloat Stock in Alexandria, Egypt Stock in Bombay, India Total East India, &c Total American 95,000 17,000 23,000 * 17.000 111,000 19,000 8,000 *30 000 140,000 31,000 3.000 *83 000 16,000 62,000 165,000 *670,000 46,000 55,000 85,000 *700,000 35,000 27,000 80,000 346.000 250,000 71,000 12 000 *77,000 56,000 30,000 170.000 473,000 1,065,000 1.054,000 745.000 1,139,000 2,466,117 2,043,429 3,251,431 3,564,779 Total visible supply. 3,531,117 3.097,,429 3,996,431 4,703.779 07d. 10.lid. 7.23d. Addling upland, Liverpool Middling 22.02d. 20.0 .65c. 12.45c. 17.60c. Middling [iddling upland, New York 32.60c. 27.t 33.00d. 16.28d. 10.40d. Egypt, good brown, Liverpool 33.35d. 10-lOd. 28.00d. 14-OOd. Peruvian, rough good, Liverpool- 33.13d. 6.85d. 20 30d. 9.50d. Broach, fine, Liverpool 23.50d. 20.48d. 6.97d. 9.52d. Tinnevelly, good, Liverpool 23.75c. * Total to be deducted * Continental imports for past week Towns. Receipts. Ship¬ Slocks Receipts. Week, Ala., Eufaula.. Montgomery. Selma Ark., Helena.. Little Rock.. Pine Bluff... Ga., Albany j 200! 5,044 3,518 1,000 5,519 3,200 800 Athens Atlanta 9,846 9,172 24,939 Augusta Columbus Macon Rome La., Shreveport Mias.,Columbus Clarksdale Greenwood Meridian Natchez Vicksburg Yazoo City.. Mo., St. Louis. N.C.,Gr’nsboro Raleigh 5,250 9,000 4,021 7,000 1,520 13,397 8,346 1,334 3,423 1,154 1,500 8,162 500 428 O., Cincinnati. Okla., Ardmore Chickasha Hugo 2,000 Oklahoma.... 900 S.C., Greenville 2,500 Greenwood— 700 2,000 2,007 Season. Week. 2,348 33,863 26,420 3,342 2,602 2,616 24,813 11,765 2,902 1,371 700 600 5,984 26,310 3,367 35,740 7,368 116,037 25,632 17,500 1,300 41,618 4,000 11,440 1,948 34,974 3,000 991 6,916 31,097 1,048 35,322 4,631 8,355 14,083 1,727 269 5,067 900 8,058 32,804 8,313 400 5,127 450 1,904 1,900 11,531 7,868 8,285 3,900 8,102 3,540 1,000 2,323 200 900 400 11. Week. Season. 297 1,793 18,087' 3,912 2,329 13,005 2,362 1,970 15,967 7,681 19,000 8,116 794 2,937 25,887 5,869 9,675 24,002 100,239 30,029 4,175 11,250 24,887 5,743 1,692 10,050 26,853 10,150 361 3,522 31,849 6,950 7,000 29,125 1,533 6,334 7,329 3,922 4,58.) 1,350 2,589 12,178 10,611 17,465 365 4,569 1,964 22,008 15,273 4,197 15,272 17,283 9,018 19,239 35,048 155,288 10,652 43,408 5,216 46,290 1,762 22,477 19,604 8,039 17,112 ments. Stocks Oct. Week. 12. 4,567 9,410 120,109 2,631 2,162 137 2,427 1,428 621 3,515 4,986 2,565 423 3,865 878 7,343 45 581 1,444 841 366 510 162 4,722 17,432 1,169 149 332 955 300 12,212 1,140 24,032 6,250 6,702 5,723 3,338 15,625 2,086 64,516 4,976 7,708 3,433 2,200 13,060 3,000 3,887 1,026 2,150 4,958 600 966 148 598 530 2,754 400 1917 Since Week. Takings. Receipts at ports to Oct. 11 Aug. 1. 1,024,106 141,843 Since Week. 872,000 207,029 36,164 88,000 290,215 75,649 2,037,949 245,603 331,193 105,426 Came into sight during week..365,864 Total in sight Oct. 11. 2,283,552 169,334 Net overland to Oct. 11 35,881 Southern consumption to Oct. 11a 85,000 Total marketed Interior stocks in excess Nor. a Aug. 1. 1.310.785 187,639 927,000 2,425,424 189,649 436,619 spinners’takings to Oct. 11. 31,935 273,551 2,615,073 34,942 310,319 These figures are consumption; takings not available. Movement into sight in previous Week— 1916—Oct. 13 1915—Oct. 15. 1914—Oct. 16 years: Bales. Since Aug. 1— 594,743 1916—Oct. 13... 463,465 1915—Oct. 15... 394,670 1914—Oct. 16... Bales. .3,531,268 2,758,027 .1,930,800 QUOTATIONS FOR MIDDLING COTTON AT OTHER MARKETS.—Below are the closing quotations of middling cotton at Southern and other principal cotton markets for each day of the week: Closing Quotations for Middling Cotton Saturday. Monday. Tuesday. Wed'day. Thursd'y. 33.10 32.63 30.63 31.25 31.50 31.00 31.25 32.50 33.40 31.18 32.00 31.70 32.75 32.50 33.10 32.75 30.85 31.50 32.00 31.00 31.25 32.50 Norfolk Baltimore Philadelphia Augusta Memphis Dallas Houston Little Rock on— 33.25 31.25 32.50 _ 32.75 32.50 32.60 32.00 31.25 29.63 31.25 32.63 30.63 31.25 31.25 Friday. 32.00 32.25 30.75 30.25 30.50 30.25 30.00 30.25 30.75 29.63 30.00 — 31.25 32.50 32.75 30.89 32.00 31.15 32.25 32.50 30.00 32.50 32.30 30.50 31.50 30.60 31.75 31.50 29.75 32.25 31. .50 32.85 30.57 31.50 31.00 32.25 31.50 32.65 30.12 31.50 30.80 32.25 31.50 NEW ORLEANS CONTRACT MARKET.—'The 12 1917. Ship¬ ments. Revised. 1918 Wilmington Movement to Oct. a In Sight and Spinners' 1915. 1918. -- 17,038 66,270 foregoing shows the week’s net overland movement has been 35,881 bales, against 36,164 bales for the week last year, and that for the season to date the aggregate net over¬ land exhibits a decrease from a year ago of 45.796 bales. Galveston New Orleans Mobile Savannah Charleston Movement to Oct. 11 1,021 The have been 23,000 bales. The„above figures for 1918 show an increase over last week of 151,231 bales, a gain of 433,688 bales over 1917, a decrease of 465,314 bales from 1916 and a loss of 1,172,662 bales from AT THE INTERIOR TOWNS the movement—that is, the receipts for the week and since Aug. 1, the shipments for the week and the stocks to-night, and the same items for the corresponding period of the previous year—is set out in detail below. 300 22,136 Including movement by rail to Canada, Week ending Oct. 11. Estimated. 1.348 -- Total gross overland -.38,591 Deduct shipments— Overland to N. Y., Boston, &c_ 434 Between interior towns 1,395 881 Inland, &c., from South 379,000 563,000 1,025,000 1,433,000 46,000 35.000 56,000 451,000 534,392 467.948 55,000 27,000 30,000 85,000 170,000 80,000 *700,000 346,000 473,000 633,692 1,028,870 1,153,945 544,591 834,620 964,982 19,146 20.631 18,822 Since Aug. 1. *128,212 44,977 300 8,565 11,790 Via Via Via Via _ -- Total European stocks India cotton afloat for Europe Amer. cotton afloat for Europe.. 1917 Since Aug. 1. 1,703 16,257 3,933 5,279 13,231 14,536 2,757 9,437 18,502 93,054 8,782 10,302 3,207 25,139 1,628 21,154 15,000 7,784 9,105 2,993 7,111 1,250 944 109 19,700 5,000 5,620 2,966 2,715 7,800 1,187 56,284 closing quotations for leading contracts in the New Orleans cotton market for the past week have been as follows: Saturday, Monday, Tuesday Oct. 5. October December 30.45-.49 30.15-.18 30.09-.12 30.06 — 30.10 — January March May Oct. 8. Oct. 7. j Wed'day, | Quiet Steady Oct. 10. Friday, Oct. 11. 30.25-.30 29.85-.90 29.11-. 19 30.05-.10 29.60.66 28.84-187 29.80-.85 29.20.33 28.56-.57 29.75-.80 29.32 —28.51 — 29.70 — 29.29 -28.44-.48 29.70 —! 29.75 — 29.48-.55 29.53-.57 29.24-.29 29.25-.30 29.15-.20 29.16-.28 29.05-. 12,29.06-. 10 Quiet Quiet j Steady Steady 1 Steady Tone— Spot Options Thursd’y, Oct. 9. Steady Steady Quiet Steady Steady EXPORTS OF COTTON GOODS FROM GREAT BRITAIN.—Below we give the exports of cotton yarn, goods, &c., from Great Britain for the month of August and since Aug. 1 in 1918 and 1917, as compiled by us from the British Board of Trade returns. It will be noticed that have reduced the movement all to pounds. Yarn <t* Thread. Cloth. we Total of All. 000’s omitted. 1918. lbs. August. 9,665 ; 1917. ! lbs. 18,766 1918. 1917. , yards, j yards. 267,620! 469,083 j 1918. 1917. 1918. lbs. lbs. lbs. 50,022 87,679 59,687 j Stockings and socks 1917. lbs. 106,445 134 127 4,4181 3,789 64,2391 110,361 3,914 103,454 21,435 228,595 19,037 284 128 184 42 156 800 1.912 3,101 1,091: 934 500 13,822 4,963 9,050 2,506 1,329 4,107 22,663 7,502 2,543 11,416 714 5,263 3,319 9,058 507,517 47,304 226,306 88,635 25,082 3,992 7,549 2,695 18,528 1,500 1,291 3,936 7,715 12,752 10,403 40,427 15,275 608,602 11,203 1,618 2,368 6,340 3,395 81,516 2,488 14,021 592 1,853 2,868 4,736 12,164 4,360 119,337 3,413 1,235 United Kingdom during August 64,239,000 pounds of manu¬ factured cotton, against 110,361,000 pounds last year, a decrease of 46,122,000 pounds. Total, 41 towns237,724 1,296,388162,075942,219 279,4111,457,767173,985544,591 WEATHER REPORTS BY TELEGRAPH.—Our tele¬ Tenn.,Memphis 22,541 Nashville __ Tex., Abilene.. 700 Brenham Clarksville Dallas 2,025 Honey Grove. Houston Paris San Antonio. 1,000 _ 2,038 1,352 63,572 4,216 1,900 8,854 569 The above totals show that the interior stocks have in¬ creased during'the week 75,649 bales and are to-night 397,628 than at the same time last year. The receipts at all town have been 41,687 bales less than the same week last year. bales more Sundry articles _ _ _ Total exports of cotton manufactures The foregoing shows that there was exported from the graphic reports from the South this evening indicate that the weather has continued favorable quite generally during the week, and that picking has progressed very satisfactorily. In Texas picking is about completed in most sections and in some other States the bulk of the crop has been gathered. Oct. 12 1491 THE CHRONICLE 1918.] Galveston, Tex.—Picking still continues and is about com¬ pleted in most sections. Late fruitage will be made in a few localities. We have had rain on one day during the week, the precipitation reaching eight hundredths of an inch. Average thermometer 78, highest 84, lowest 72. Abilene, Tex.—We have had rain on two days the past week, the rainfall being one inch and fifty hundredths of an inch. The thermometer has averaged 79, the highest being Savannah, Ga.—There has been no rain during the week. ranged from 56 to 89, averaging 71. Charleston, S. C.—Dry all the week. Average thermome¬ ter 72, highest 86, lowest 56. Greenwood, S. C.—There has been no rain during the week. The thermometer has averaged 65, the highest being 86 and The thermometer has the lowest 44. Charlotte, N C.—There has been no rain during the week. ranged from 44 to 86, averaging 65. Brenham, Tex.—We have had rain on two days of the Memphis, Tenn.—The week’s rainfall has been two hun¬ past week, the rainfall being two inches and sixteen hun¬ dredths of an inch, on one day. Average thermometer 74, dredths. The thermometer has averaged 79, ranging from highest 88, lowest 58. 65 to 93. The following statement we have also received by tele¬ Brownsville, Tex.—There has been rain on one day during graph, showing the height of the rivers at the points named the week, to the extent of two hundredths of an inch. The at 8 a. m. of the dates given: Oct. 11 1918. Oct. 11 1917. thermometer has anged from 70 to 96, averaging 83. Feet. Feet. Cuero, Tex.—The week’s rainfall has been one inch and New Orleans 4.9 Above zero of gauge. 4.0 Above zero of gauge. 3.4 5.® four hundredths, on two days. Average thermometer 79, Memphis Nashville Above zero of gauge. 6.7 7.7 highwat 94, lowest 64. Shreveport Above zero of gauge. 6.0 *4.4 Above zero of gauge. 6.1 5.9 Dallas, Tex.—There has been no rain during the week. Vicksburg ♦Below The thermometer has averaged 77, the highest being 89 and the lowest 64. WORLD’S SUPPLY AND TAKINGS OF COTTON.— Henrietta, Tex.—We have had no rain the past week. The following brief but comprehensive statements indicate The thermometer has averaged 78, ranging from 61 to 95. at a glance the world’s supply of cotton for the week and Huntsville, Tex.—There has been rain on one day during since Aug. 1 for the last two seasons, from all sources from the week, to the extent of two inches and forty hundredths. which statistics are obtainable* also the takings, or amounts gone out of sight, for the like period. The thermometer has ranged from 63 to 88, averaging 76. Kerrville, Tex.—Dry all the week. Average thermometer 1917. 1918. Cotton Takings. 71, highest 91, lowest 50. Week and Season. Season. Week. | Season. Week. Lampasas, Tex.—There has been rain on two days of the 2,943,093 3,379,886 week, to the extent of thirty-six hundredths of an inch. Visible supply Oct. 4 2,814,776 3,027,450 The thermometer has averaged 80, the highest being 96 Visible supply Aug. 1 436,619 2,615,073 365,864 2,283,552 American in sight to 11 94 and the lowest 64. The thermometer has Oct. and the lowest 66. rain on three days of the being eighty-one hundredths of an thermometer has averaged 76, ranging from Longview, Tex.—We have had past week, the rainfall inch. The 62 to 90. Luting, Tex.—There has been rain on two days during the week, the rainfall being thirty-three hundredths of an inch. The thermometer has ranged from 64 to 92, averaging 78. . Paris, Tex.—We have had no rain the past week. 160,000 24,000 71,000 26,000 3,765,750 5,736,002 3,403,712 5,710,849 3,531,117 3,531,117 3,097,429 3,097,429 306.283 237.283 69,000 2,613,420 2,091,420 522,000 Other India snipm’ts to Oct. 10 Alexandria receipts to Oct. 9 Other supply to Oct. 9 *_. Total supply Deduct— Visible supply Oct. 11 53,000 55,000 2.204.885 1.766.885 234.633 185.633 49,000 Total takings to Oct. 11.a Of which American Of which other 438,000 • Nacogdoches, Tex.—It has rained on three days of the week, the precipitation being two inches and fifty-five hun¬ dredths. Average thermometer 75, highest 90, lowest 59. Palestine, Tex.—We have had rain on three days the past week, the rainfall being seventy-six hundredths of an inch. The thermometer has averaged 77, the highest being 90 and the lowest 64. 7,000 3,000 12,000 2,000 357,000 2,000 33,000 33,000 512,000 Bombay rece pts to Oct. 10 * Embraces receipts in Europe from Brazil, Smyrna, West Indies, Ac. This embraces the total estimated consumption by Southern mills, 827,000 bales in 1918 and 927,000 bales in 1917—takings not being available —and the aggregate amounts taken by Northern and foreign spinners. a 1,332,885 bales in 1918 and 1,686,420 bales in 1917, of 1.164.420 bales American, b Estimated. bales and which 894,885 follow! ing table indicates the actual movement each week from the The plantations. The figures do not include overland receipts RECEIPTS FROM THE PLANTATIONS.—The nor Southern consumption; they are simply a statement of averaged 78, ranging from 62 to 94. San Antonio, Tex.—There has been rain on two days the weekly movement from the plantations of that part of the during tjie week, to the extent of twenty-five hundredths of crop which finally reaches the market through the outports: an inch. The thermometer has ranged from 66 to 98, Receipts from Plantations Slocks at Interior Towns. Week Receipts at Ports. averaging 82. end’g. 1916. 1917. 1918. 1916. 1917. 1918. 1916. 1917. 1918. Weatherford, Tex.—It has been dry all the week. Average thermometer 77, highest 90, lowest 63. Aug. 653,514 244,073 267,293 46,224 62,772 64,574 23— 47.901 75,216 79,181 Ardmore, Okla.—There has been no rain during the week. 626,645 247,888 264,271 49,099 102,930 136,037 30- 75,988 99,115 139,059 The thermometer has averaged 79, the highest being 93 and Sept. 91,190 117,416 248,363 thermometer has the lowest 65. has been no rain during the week. ranged from 61 to 90, averaging 75. Muskogee, Okla.—There The thermometer has Brinkley, Ark.—It has been dry all the week. Average thermometer 73, highest 93, lowest 53. Eldorado, Ark.—There has been rain on three days of the week, to the extent of five inches and thirty-five hundredths. The thermometer has averaged 73, the highest being 93 and the lowest 53. 6_. 13— 2027— Oct. 4„ 11- 89,652 112,138 187,016 104,110 142,060 182,381 139,756 160,421 230,375 156,587 185,430 285,561 628,183 661,407 736,904 808,094 253,166 261,941 287,143 355,449 325,618 411,183 137,334 150,836 267,946 542,558 215,253 185,622 361,750 693,690 227,777 253,736 436,693 159,431 208,398 324,221 169,334 207,209 322,759 866,570 942,219 439,165 544,591 830,921 217,907 292,114 461,452 964,982 244,983 312,455 457,820 The above statement shows: 1.—That the total receipts from the plantations since August 1 1918 are 1,269,709 bales; in 1917 were 1,500,434 bales, and in 1916 were 2,508,603 bales. 2.—That although the receipts at the outports the past week were 169,334 bales, the actual movement days during of an inch. plantations New Orleans, La.—There has been rain on two the week, the rainfall being fifty-one hundredths The thermometer has averaged 78. from 244,983 bales, the balance going to increase Last year receipts from the plan¬ stocks at interior towns. tations for the week were 312,455 bales and for 1916 they were Shreveport, La.—The week’s rainfall has been two inches and two hundredths, on four days. Average thermometer 457,820 bales. 78, highest 91, lowest 65. Greenwood, Miss.—There has been rain on one day of the week, to the extent of sixty hundredths of an inch. The thermometer has averaged 78, the highest being 96 and the lowest 60. Vicksburg, Miss.—We have past week, dredths. 61 to 91. very been weather has been favorable and the been picked. There has been rain on one day during the week, to the extent of one hundredth of The thermometer has ranged from 67 to 88, aver¬ an inch. aging 77. Selma, Ala.—We have had rain on one day during the week, the precipitation reaching ten hundredths of an inch. Average thermometer 71.5, highest 91, lowest 56. Madison, Fla.—We have had rain on two days the past week, the rainfall being fourteen hundredths of an inch. The thermometer has averaged 74, the highest bei^g 91 and the lowest 57. had no rain the past week. averaged 68, ranging from 46 to 89. Augusta, Ga.—We have The 1917. 1918. 32s Cop Twist. robile, Ala.—The received by from Manchester states that the market is quiet with some irregularity. Buying for France has the speciai feature. had rain on four days of the bulk of the crop has MANCHESTER MARKET.—Our report cable to-night the rainfall being two inches and thirty-three hun¬ The thermometer has averaged 76, ranging from thermometer has was 8X lbs. Shirt¬ ings, Common to finest. Aug. (1. 16 52 23 52 X 30 534 Sept @ @ @ s. d. d. 25 3 64 54 X 26 0 55 X 30 0 544 544 5514 55 X @ @ @ @ 56 X 564 56 % 56 4 ® 57 4 30 3 @38 57 30 0 @38 6 13 20 27 Oct 4 ii 30 30 30 30 3 3 3 3 s. d. Col’n Mid. 32s Cop Twist. Upl's d. d. @ Cot'n i Mid. Upl’s s. d.| d. a .d. d. 26*4 14 114 @ 19 0 119.80 @18 6 |18.90 264 14 0 @18 6 118.25 264 14 0 23.09 25*4 @33 3 23.97 25*4 @34 6 @38 7X 25.10 254 @ @ @ @38 10X 24.58 24 @38 10 X 25.10 234 @38 10X 23.34 24 @ @ @ @38 104 23.23; 25 4 @ @17104 17.20 254 13 9 @17 9 13 6 116.95 254 13 74@17104 17.82 264 14 0 10 X 23.43 26 X 22.02 27 6 @ 28 • 55 X 55 84 lbs. Shirtings, Common to finest. SHIPPING NEWS.—In harmony Governmept to observe secrecy as 14 3 284 14 6 @18 6 (S? 1&1.0 j 19.37 20*07 with the desire of the destination of cotton details of shipments are to the leaving United States ports, our usual suspended until further notice. @ 25 THE CHRONICLE 1492 LIVERPOOL.—By cable from Liverpool we have the folSales of the week - - Of which speculators took Of which exporters took Sales, American Actual export - - Forwarded , Total stock Of which American. Total imports of the week Of which American. Sept. 20. 6.000 6,000 Sept. 27. Oct. 4. Oct. 11. 9.000 13,000 14,000 2.000 z.uuu 4.000 4,000 8,000 -.Venn 41.000 41.000 161,000 1 rn 50.100 50 .<00 16.000 10.000 14,0(0 14,000 228,000 165,000 loo,000 35,000 145,000 44,000 13,On 13,000 249,000 181,00 39,000 150,000 50,000 41,000 27,000 231.000 52,000 184,000 89,000 ’?nn ?«r’r$n Amount afloat. Of which American 165,000 The tone of the Liverpool market for spots and futures each day of the past week and the daily closing prices of Saturday. Svol. Market, 12:15 P. M. f 3 t Monday. Tuesday. Wednesday. Thursday. Friday. Quiet. Quiet. Quiet. Quiet. Quiet. 22.83 22.75 22.70 22.39 22.02 23.46 23.38 23.33 23.02 22.65 2,000 2,000 2,000 2,000 2,000 Mld.Upl’ds Good Mid. Uplands HOLI¬ DAY „ Sales Futures. Market \ opened Market, 4 P. M. / ( { 1 Easy, 52 @56 pts. decline. Barely st’y, 36@44 pts. decline. Steady, 4@5 pts. decline. Unsettled, Steady, un¬ Quiet 55@60 pts. changed to 21 @23 pts. 13 pts.adv. advance. decline. Quiet, Weak, 2@4 pts. decline. 77 @ 100 pts. dec. Unsettled Steady, 6 pts. dec. to 16@25 pts. 21 pts.adv. decline. [Von. 107. dency to delay threshing. But on the other hand, the precipitation should prove beneficial 'for early plowing. Arrivals of wheat at French ports continue on a liberal scale. The large needs of the army absorb the major portion of these arrivals. In the United Kingdom scattered rains de¬ layed harvesting only slightly, as a large proportion of the crop had already been securely gathered in good condition. In some sections threshing results have been disappointing, but in the most important growing sections yields have gen¬ erally exceeded expectations. Meanwhile, recent rain has been beneficial for early plowing; the soil in many sections is in good condition. Preparations for the new crop in Italy have been making satisfactory progress? plowing and seeding are in full swing. Wheat cultivation is being con¬ centrated upon the best lands in order that the limited sup¬ plies of chemical manure may be .utilized most profitably, In Sweden the weather is reported to be extremely cold, but preparations are going forward for winter sowings. All crops of the recent harvest are expected to show average yields. Fair progress has been made in plowing and sowing of the new crop in Spain, but the soil would be better for rain. the recent more Growers in some sections seem dissatisfied over requisitions and intimate then* intention not to sow large crops. Moderate supplies remain in Spain. In North Africa threshing operations are now more favorable. Supplies appear to be coming forward with more regularity. In many parts of India soil conditions are reported as favor¬ able; recent rains in some sections have further improved the outlook. Preparations for the new crop continue to progress. Interior reserves of wheat are believed to be of good propor¬ tions, but moderate supply of tonnage has limited ship¬ Wed. Thurs. Frl. Mon. Sat. ! Tues. ments. But wheat is moving to ports for shipment more Oct. 5 12 34: regularly and it is h^ped that clearances will soon improve. to 4 j 1234! 4 4 1234 4 1234 12H1 12 34 1234,1 4 Oct. 11. p. m. p. m.;p. m.p. m.p. m. p. m. p. m. p. m. p. m. p. m. p. in. p. m. In Argentina the weather is clear and warm, but rain threat¬ in the north. ens Moisture in some sections, however, is d. d. d. ! d. d. 1 d. d. d. New Contracts. | d. d. i d. 1 d. 22.63 22.76:22.87 22.74 22.38 21.97 22.4022.18 22.16 21.93 October now needed after the period of dry, warm weather. Clear¬ 22.24 22.34,22.44 22.31 21.9121.4221.75 21.61 21.67 21.43 HOLINovember ances are decreasing. Prices have been erratic, moving DAY. 21.94 22.02122.1221.98 21.52 21.02 21.28 21.1521.22 20.99 December in 21.74 21.78121.89 21.75 21.23 20.75 20.96 20.84 20.92 20.68 an undecided January manner, owing to political devel¬ !i 121.67 21.53 20.96 20.53 20.6020.47 20.55 20.31 February opments. The movement of wheat to the ports continues on a smaller scale. Argentine tonnage has not increased to any extent, but a fair number of sailers has been BREADSTUFFS available. In Australia recent precipitation has been well Friday Night, Oct. 11 1918. distributed over a wide area, which proved beneficial to the Flour has remained quiet. Supplies are more than ample soil. The wheat crop is generally regarded as favorable. and buyers evidently looking for lower prices are holding Recent reports have mentioned satisfactory growth, though aloof. Many are puzzled at the plentifulness of flour among on a smaller acreage than last season. Portions of the stock consumers, in spite of the Government regulation providing remaining from previous harvests have been damaged by that they shall not hold more than sixty days’ supply. But, vermin, but the construction,of silos is making fair progress of course, the fact that substitutes must be used in part and it is believed that a large portion of this wheat is safe. means that flour supplies will last longer than in ordinary Shipbuilding is more active, moreover, and clearances have Under the circumstances it may take some weeks times. latterly shown improvement; yet there is still a liberal longer to reduce supplies of flour to a point where buyers amount of wheat available for shipment. will re-enter the market on a scale worth while. Meanwhile DAILY CLOSING PRICES OF WHEAT IN NEW YORK. Sat. Man. Tues. Wed. Thvrs. Fri. the trade has to face the consequences of overstocking. No. 2 red cts_237^ 237 H 237 M 237 237K 2373^ Present receipts, however, are only moderate and another No. 1 spring 24033 24034 24034 24034 24034 24034 Indian corn has continued to decline, partly on }var news suggestive fact is that the quantity of flour in transit from the mills is believed to be small. Corn flour is in steady and peace talk. One of the latest developments was the demand; it is more popular, for the time being, at any rate, fall of the Turkish Cabinet amid great disorder at Constan¬ than other substitutes. The question of the feed trade tinople. The capture of Beirut, the strategic base of all the attracts more or less interest. To insure better distribution Austro-Turkish operations in Syria, it is believed, will lead of feed it is suggested in some quarters that the Food Ad¬ Turkey to shortly sue for peace. All this has caused very ministration may have to raise the prices of feed. If they heavy selling and a sharp fall in prices. Cash markets are raised, however, it is contended that flour will have to be have weakened. Farmers have been offering their old corn reduced in similar ratio. heavily. Evidently they have been caught napping. Not Wheat represents a total crop, according to the latest only is the cash demand light now, but it looks to many as Government report, of 918,924,000 bushels, in all of spring though it is not likely to increase in the near future. Also and winter, against 650,828,000 bush, in 1917, 636 millions the crop gained during September nearly 46,000,000 bushels, in 1916 and 1,025 millions in 1915, which is the high record or in exact figures 45,935,000 bushels. It is estimated in the crop in American history. In other words, the present crop latest Government report at 2,717,775,000 bushels, against is next to the largest ever known. It includes 555,725,000 3,159,494,000 bushels last year, 2,567 millions in 1916 bush, of winter, against 418,070,000 bush, last year, and and 2,995 millions in 1915. The present crop is somewhat 481 millions in 1916. The high record on winter wheat larger, in other words, than in 1916, 1914, 1913 and 1911, yield was 684,990,000 bush, in 1914, and the next highest but it was exceeded last year, in 1915, 1912, when it was 638 millions in 1915, so that the present yield is the third 3,124,746,000 bushels, and also in 1910. But, on the highest on record. The present spring wheat crop is 363,- whole, it is turning out rather better than at one time 199,000 bush., which is the highest on record, the nearest seemed likely. Moreover, the quality is far superior to that approach to it being in 1915, when the total was 357 million of last year. That is, the quantity of merchantable corn is bushels. But while the total crop is now put at 918,924,000 really much larger than in 1917. So that, to all intents and bush., a good many think this estimate is too low. In the purposes, the crop is larger than last year. And the visible end, they look for a total of something like 950,000,000 bush. supply, though it decreased 8,000 bushels, as against an Meanwhile the visible supply continues to increase largely increase in the same week last year of 90,000 bushels, is week by week. Last week the increase, it is true, was not 5,503,000 bushels, against 1,226,000 a year ago. Buying is so great as it was in a number of previous weeks. Still it being largely confined to shorts. At the same time, there was no less than 7,285,000 bush., bringing the total up to has been considerable new selling for a decline. Holders 97,886,000 bush., against 7,812,000 bush, last year. The have thrown over their holdings in alarm at the general out¬ total in Canada is 6,046,000 bush., against 1,160,000 bush, look. What will be the ultimate effect of President Wilson’s a year ago. The Canadian increase last week was 2,192,000 latest note remains to be seem. Meanwhile not only is the bush. All this shows that Canada is waking up. A dispatch cash demand small, but corn meal is dull. Exporters are from Mr. Hoover to the Food Administration Grain Corpor¬ indifferent. Apparently the Government has bought very ation says: “Enlarged demands by General Pershing for little of late. Certainly its buying has not been on a material, resulting from the progress on the Western front sufficient scale to act as a support to prices. Later the has necessitated a temporary diversion of grain ships to his larger receipts and reports that Chicago has added to service. This temporarily curtails wheat movements from the storage room, together with the capture of the seaboard and has filled our seaboard and terminal ele¬ Cambrai, and the fact that some Vienna newspapers were vators and this checks the movement. It is reported that reported to be advocating peace at any price, led to heavy some farmers have become panicky and are selling wheat at selling and a new low level for the season. John J. Stream less than the Government price. There is no occasion for says it is the desire of the Food Administration that there this if holders will have a little patience. The wheat will shall be a normal volume of speculation in coarse grains. all be moved and a full price secured by every grower.” Speculators, he adds, should confine operations to deferred Advices from France state that unsettled weather futures and leave trading in current futures to those who has prevailed over a wide area. Rains had a ten¬ desire to take delivery or are in a position to make deliveries Prices of futures at Liverpool for each day are given below. ! ! , . > Oct. 12 1918.] on their sales. current THE CHRONICLE There should be deliveries on all sales of 1493 CORN.—It was generally warm and dry in the Central and Southern States and com ripened rapidly, and that which had been cut, cured and dried satisfactorily. The crop is mostly ripened, South, and cutting and harvesting made excellent except in parts of the progress in most dis¬ tricts; husking was begun in some sections. There was very little^frost damage during the week. Broom com is mostly harvested. futures, and by having trade in the current month confined to practically a cash basis the markets will be kept in good shape and there should be no wild advances or de¬ clines. On the other hand, rallies from time to time must be expected on the technical position if for no other reason. The demand for a show of hands by the Central Powers some think may prolong the war and thus bring about a rally in the prices of war commodities. Besides, the actual visible supply after all is, to say the least/not very large. The re¬ WINTER WHEAT.—The week was favorable for cipal winter wheat States, except that this work was seeding in the prin¬ delayed in Oklahoma and the western portions of Kansas and Nebraska by lack of moisture. Seeding is well advanced in most central and northern dsitricts; the early sown wheat is up to a good stand generally and is coming nicely, except where moisture Is needed. Good rains during the week improved the soil condition in the Far Northwest and seeding is now making rapid progress in that section. The soil continues too dry, however, for satisfactory ger¬ mination and growth in the North Central States and also in the western portions of the plains area, most of Oklahoma and western Texas. including The threshing of spring grains although this work has been delayed by rain in oprtions of thecontinued, Rocky Mountain district and Far North¬ west. Reports continue of increased wheat acreage, except in some lo¬ calities where rain has been insufficient. RYE.—Rye seeding progressed satisfactorily, except in the North Cen¬ tral States, where the soil Is too dry, and the early sown grain is making newal of Government buying may at any time have a more less bracing effect. Advices from Great Britain state that the situation remains about unchanged; supplies are moderate and allocations continue light and insufficien or to satisfy prevailing demands. They notice that crop ac¬ America show improvement. Holders of old good growth in most localities. corn appear more willing to sell, but shipments have been AGRICULTURAL DEPARTMENT’S OCTOBER RE¬ disappointing. Some increase in this direction, however, is soon looked for. Liberal quantities of good quality corn PORT.—The report of the Department of Agriculture for Oct. 1 respecting cereal are available in crops in the United States was issued Argentina and prices are still moderate. South African clearances continuecomparatively on Oct. 8 as follows: light and the The Crop Reporting Board of the Bureau floating quantity is comparatively small. To-day prices following of Crop Estimates makes the estimates from reports of its eased a little and then rallied correspondents and agents: of com on Oct. 1 at 68.6. against 1H to 2c. on covering. Prices onCondition 67.4 on Sept. 1 last, 75.9 Oct. 1 declined 18c. during the week, and 75.0 the ten-year average Oct. 1. The indicated pro¬ ending 15He. lower on Dec. duction of1917, corn this year is 2,717,775,000 bushels, DAILY counts from CLOSING PRICES OP CORN IN NEW YORK. Sat. Mon. Tues. Wed. Thurs. Fri. No. 3 yellow cts_161}* 156}* 155}* 1545* 152 152 DAILY CLOSING PRICES OP CORN FUTURE3 IN CHICAGO. Sat. Mon. Tues. Wed. Thurs. Fri. Oct. del. in elev. (new contract) cts.130 121 119}* 116 116}* 117}* Nov. del. in elev. (new contract)._ 129}* 122}* 118}* 114}* 1125* 114}* Dec. del. in elev. (new contract)..1285* 1211185* 113}* 110}* 113 Oats have declined, but they have shown more strength than corn owing to the fact that there has at times been considerable demand. The domestic cash demand has been fair and the export demand has been large enough to act as a brake on any downward tendency. The seaboard and domestic shipping demand, in any case, has had a ing effect. Moreover oats are still more or less steady¬ popular with those who believe they are relatively too low as com¬ pared with corn. Later on oats declined in sympathy with corn, the weakness of which offset reports that the Gov¬ ernment had bought 1,500,000 bush, on the 8th inst. On the other hand, the latest Government crop estimate was larger than some had looked for. The gain during Sep¬ tember was 57,949,000 bush., bringing the total up to 1,535,297,000 bush., against 1,587,286,000 last year, 1,251,837,000 in 1916, and 1,549 millions in 1915. The present crop is thus the third largest on record. But many look for a large foreign market for some years to come. Even in the event of an early peace the armies could not be immediately returned to their homes. And the Army demand counts for much in the present consumption as everybody knows. There was a decrease last week in the visible supply of 1,479,000 bush., but the total is 24,678,000 bush., against 14,697,000 a year ago. Although there is a steady American and foreign demand, it is believed that exports may slacken for a time to give wheat the benefit for a certain period of the supply of ocean tonnage. To¬ day oats declined early and advanced later with a fair cash demand. Dec. is 6c. lower for the week. The Government is said to be making fair purchases of rye and barley. DAILY CLOSING PRICES OF OATS IN NEW YORK. Sat. Mon. Tues. Wed. Thurs. Fri. Standards.cts. .84-84}* 82}*-83}* 82-82}* 80}*-81}* 79 79}* No. 2 white 84-84}* 82}*-83}* 82-82}* 80}*-81 }* 79}* 80 DAILY CLOSING PRICES OF OATS FUTURES IN CHICAGO. Sat. Mon. Tues. Wed. Thurs. Fri. Oct. del. in elev. (new contract).cts 705* 685* 685* 67 665* 665* Nov. del. in elev. (new contract)__ 705* 685* 675* 655* 645* 655* Dec. del. in elev. (new contract)__ 71 685* 67}* 653* 64}* _ The following 645* are closing quotations: 494,000 bushels in 1917 and 2,566,927,000 bushels compared with 3,159,in 1916. The report as of Sept. 1 last showed an indicated production of 2,672,000,000 bushels. The quality of spring wheat this year is placed at 94.8, against 92.7 last year. The indicated production of spring wheat this year is 363 199 000 bushels, against 232,758,000 bushels in 1917 and 155,765,000 bushels in 1916. The indicated yield of winter wheat this year is 555,725,000 bushels contrasted with 418,070,000 bushels in 1917 and 480,553,000 bushels in 1916. The indicated production of all wheat this is given as 918,920 000 bushels, against 650,828,000 bushels in 1917 year and 636,318,000 bushels in. 1916. The quality of oats this year is 93.6, indicated production of oats this year iscompared with 95.1 in 1917 The with 1,587,286,000 bushels in 1917 and 1,535,297,000 bushels compared 1,251,837,000 bushels in 1916. UNITED STATES CROP SUMMARY OCT. 1. Yield per Acre. Condition 1918. 1917. Oct. 1. bush. bush. Acreage, 10-yr. Indi¬ Dec. Acres, Crop— 1918. Aver. cated. (jest.) 1918. Winter wheat *15.3 15.2 36,392,000 Spring wheat *16.1 12.6 All wheat 22.489,000 *15.6 14.2 Corn 58,881,000 68.6 75.0 23.9 26.4 113,835,000 Oats *34.5 36.4 44.475,000 Barley *26.0 23.7 9,108,000 Rye *14.1 14.7 5,435,000 Buckwheat 75.6 78.6 18.6 17.4 White potatoes 1,045,000 73.7 72.8 95.1 100.8 4,113,000 Sweet Potatoes 77.4 81.2 89.1 91.4 Flak 959,000 70.8 74.1 7.9 4.7 1,967,000 Rice 85.4 85.2 37.4 37.6 1,120.000 Tobacco, lbs 87.4 82.2 870.9 827.1 1,452,000 Cotton, lbs x54.4 X65.0 154.1 159.7 e37,073,000 Hay— . ■ Tame, tons Wild, tons Sugar beets, tons Kaffirs Wheat, bushels— Winter Spring All Corn, bushels Oats, bushels Barley, bushels Rye, bushels Buckwheat, bushels Potatoes— White, bushels Sweet, bushels Flax, bushels Rice, bushels Tobacco, lbs Cotton, bales. Spring --S10 75@$11 10 35© 10 10 75© 11 8 50© 9 Winter Kansas Rye flour Corn goods, all sacks 100 lbs. White $4 15 © Bolted 3 72}*© Corn flour 4 65 @ 5 00 Rice flour, spot and to arrive per lb. nom. 25! 50 25 50 Apples— Barley flour (to arrive). $8 40©9 00 Tapioca flour nom. Total crop, Com. crop, Hominy Yellow granulated Barley goods—Portage barley: No. 1 6 Noe. 2. 3 and 4 5 Nos. 2-0 and 3-0 6 00@6 No. 4-0 6 Oats goods—Carload, spot de¬ livery No. 2 No. 1 No. 1 Corn— No. 4 No. 2 No. 3 No. 4 red spring Northern mixed yellow yellow yellow Argentine 1 62 1 52 1 42 ‘ nom. Barley— Feeding Malting Rye— Western 00 25 15 25 10 00 GRAIN. Oats— $2 37}* Standard 2 40}* No. 2 white. 2 39}* No. 3 white. No. 4 white. Wheat— $4 20 3 97}* .... 79}* 80 79 78 }* 1 11 1 14 1 77 WEATHER BULLETIN FOR THE WEEK ENDING OCT. 8.—The influences of weather on the crops as sum¬ marized in the weather bulletin issued by the Department of xigriculture for the week ending Oct. 8 were as follows: COTTON.—The warm, dry weather of the week throughout the cotton belt made very favorable conditions for picking and ginning the cotton crop and this work made rapid progress; picking is unusually well advanced for the season. Temperature averaged considerably above normal gen¬ erally and verv little rain fell. Under the influence of the more favorable weather, cotton made satisfactory advance during the week in some areas, Earticularly in most in the Carolinas, Northern Alabama,is Arkansas Oklahoma, other sections little improvement reported.andThe outlook ut for a top crop continues unpromising generally. Late cotton is fruiting well in South Carolina, which gives promise of an increased yield in that State if frost is late. In some other localities cotton continues to bloom, but with little prospect of maturing. Reports from Texas indicate but little change in the condition of cotton in that State; new growth is being put on in a few localities, but the late crop will be small even if frost is delayed. The outlook continues promising in California and Arizona, but the lack of machinery is delaying ginning in the last-named State. Hay— 88.7 Oct. 1 1918 Indi ation$. *555,725,000 *363,195,000 *918,920,000 2,717,775,000 *1,535,297,000 *236.505,000 *76,687,000 19,473,000 391,279,000 85,473.000 15.606.000 41,918,000 1,265,362.000 Peaches, bushels Peas, bushels FLOUR 89.6 49.0 bushels barrels Tame, tons Wild, tons Sugar beets, tons Kaffirs, bushels.. Beans, bushels__ 11,818.000 *40,185,000 10,194,000 195,389,000 24,400,000 72,650,000 cl 7,802,000 1.49 53,386.000 15,863,000 .94 9.00 14.7 e689,000 5,114,000 Price Oct. 1 1918. 1917. Cents. Cents. Decrease (est.) 1917. 418,070,000 232,758,000 650,828,000 205.8 159.5 71.0 95.5 154.0 180.0 200.6 175.1 143.6 160.6 380.9 122 1 116.1 308.5 45,066,000 13,281,000 31.8 al85.3 al57.8 23.3 al43.8 al25.0 174,608,000 22,519,000 133.5 411.3 100.8 319.8 3,159,494,000 1,587,286.000 208,975.000 60,145,000 17,460,000 442,536.000 87,141.000 8,473,000 36,278,000 1,196,451,000 11,302,000 *71,555,000 *14.699.000 6.458,000 *1.34 *.93 10.5 14.2 l"l3".9 169.8 154.4 79,528.000 b$18.45 b$13.83 15.402,000 5,980.000 73,866,000 cl4,967,000 a$5.67 a$6.69 * x Preliminary estimate, a Price Sept. 15. Condition Sept. 25. e Planted acreage. b All hay. c Six States, The statements of the movement of breadstuffs to market indicated below are prepared by us from figures collected by the New York Produce Exchange. The receipts at Western lake and river ports for the week ending last Saturday and since Aug. 1 for each of the last three years have been: Receipts at— Flour. Wheal. Corn. Oats. Barley. Rye. bbls.lDGlbs bush. 60 lbs. bush 56 lbs. bush 32 lbs. bush ASlbs. bush.,r>C)lbs. Chicago 245,000 1,595, 000| 2,340,,000 1,661,000 313,000 28,000 Minneapolis 5,249, 000 470 ,000 1,848,000 843,000' 421,000 Duluth 5,500, 000 199,000 90,000 533,000 Milwaukee 16,000 750, 000 91 000 620,000 103,000! 19,000 Toledo 68 000 71, 000 99,000 Detroit 9,000 57, 000 128 000 67,000 Cleveland 21,000 40, 000 41 000 63,000 St. Louis 61,000 172, 000 488 000 402,000 18,000. 6,000 Peoria 58,000 32 000 716 000 202,000 69,000 4,000 Kansas City. 270 ooo. 3,000 172 000 105,000! Omaha.... 302 ,000 853 000 370,000 Inaianapolls 55 000 471 000 347,000 _ .. . Total wk. T8 Same wk. 'IT Same wk. T6 Since Aug.l— 1918 1917 1916 413,000 14,093,000 382,000 6,547,000! 362,000 10,864,000 5,838,000 3,842,000 3,289,000 6,019,000! 1,436,000 14,101,000 3,753,000 8,424,000 3,590,001) 1,011,000 1,354,000 929,000 3,425,000175,984,000 45,678,000 85,319,000 12,767.000 6,807,000 2,927,000; 52,249,000 25,238,000 83,876,00023,656,000 7,321,000 3,651,000113,589,000 36,988,000 76,943,000 24,167,000 6,938,000 Total receipts of flour and grain at the seaboard ports for the week ended Oct. 5 1918 follow: Receipts at— Philadelphia. Baltimore — Boston Total wk. *18 Since Jan. 1’18; Week 1917... Since Jan. 1*17 Flour. Barrels. ; 82.0001 30.00tt 44,000 86.000 15,000 46,000 Wheat. Corn. Oats. Barley. Rye. Bushels. Bushels. Bushels. Bushels. Bushels. 1,672,000 471,000 862,000 107,000 497,000 240,000 3,849,000 303,000 New 632.000 114,000 412,000 58,000 90,000 3,000 213,000 1,000 7,000 2,666 472,000 28,000 6,000 1,000 104,000 1,000 71,000 1,716,000 326,000 99,000 8,059,000 3*767.000 ' 578,000 414,000 4,475,000 153,000 1,955,000 455.000 THE DRY GOODS TRADE 17,000 5,000 19,000 28,000 79,175,000 12,938,000 50,538,000 18,204,000 8,922,000 1-6,524,000 159,523,000 45,120,000117,611,00014.624,000 Receipts do not include through bills of lading. * on [Vol. 107. THE CHRONICLE 1494 grain passing through New Orleans for foreign ports ports for the week statement: Tho exports from the several seaboard ending Oct. 5 are shown in the annexed Exports from Wheat. Corn. Flour. Oats. Bushels. Bushels. Bands. Bushels. Total week. Week 1917 Bushels. Bushels. Bushels. 875 1,992 76,959 65,532 24,234 123,933 36,566 22,863 5,202 2,658,294 154.478 24.234 146,796 97,693 839,693 436,792 82.902 5,987,744'284,673 1482066 117,912 982,447 256,977 1,418,870 New York 1,992 No changes of importance have materialized in the dry goods markets during the past week. Business has con¬ tinued along conservative lines with neither merchants nor manufacturers showing any willingness to make forward commitments. Although little attention has been given to the peace offers of the Central Powers, they resulted in talk of after war developments. Few venture the opinion as to when the war is likely to end, but it is confidently believed that when the end does come, the dry goods trade will again undergo marked changes. The talk of peace has already tended to increase conservatism on the part of both buyers and sellers. Merchants have viewed the steady decline in prices for raw material with favor, and believe that the efforts of the Government to stabilize the situation through official purchasing committees and official dis¬ tributing agencies are beginning to have effect. There is no and since of these exports for the week The destination Peas. Barley, Rye. July 1 1918 is as below: and Since July 1 to— Week Oct. 5 Corn. Wheat. Flour. Exports for Week, Since Week Since Week Since July 1 Oct. 5 July 1 Oct. 5 July 1 York, Friday Night, Oct. 11 1918. longer any talk of advanced prices for the manufactured products when the lists are revised in November. It is generally expected that lower quotations for various lines will be named if the entire list is not revised downward. Since the Department of Agriculture’s estimate for a cotton crop of slightly less than 12,000,000 bales, published a week ago, weather conditions throughout the cotton belt have been very favorable and the crop outlook has greatly im¬ proved, and mills are more confident of securing needed 5,570,429 674,475 243,555 6,849 United Kingdom 578,696 supplies to keep their machinery going. Labor conditions 660,883 1,983,819 10,365,603 2,755 Continent 3,220 2,000 212 at mill centres, however, are becoming more serious, and 7,154 So. & Cent. Amer. 15,464 1,954 40,182 6,080 West Indies especially so since the Spanish influenza has become an Brit.No.Am.Cols. "’150 ""2’,190 epidemic. Merchants in the dry goods trade are continuing 22,946 9,338 Other Countries. to work hard in connection with the new Liberty Loan 154,478 2,191,069 974,720 2,658,294 15,936,032 24,234 Total 839,693 21,4)10,908 436,792 5,849,539 campaign and indications are that their quota will be fully 82,902 1,586,2031 Total 1917 if not over-subscribed. A good inqiury for goods is reported The world’s shipments of wheat and corn for the week for export account. In fact, it exceeds the supply. The ending Oct. 5 1918 and since July 1 1918 and 1917 are majority of merchants are refraining from accepting any shown in the following: more new business until it is definitely settled what prices are to prevail. Most of the sales at present are confined Corn. Wheat. to shipments to France and Great Britain. 01917. 1918. 1918. Exports. | al917. DOMESTIC COTTON GOODS—Although business in Since Since Week Since Week j Since staple cottons continues of limited proportions, there ap¬ Oct. 5. July 1. July 1. Oct. 5. July1. July 1. pears to be more inclination on the part of mills to trade. Bushels. Bushels. Bushels. Bushels. Bushels.’ Bushels. This is believed to be due to expectations that the revision 9,754,000 4,732,000 187,000 North Amer* 4,700,000 50,540,000 84,212,000 of prices to take place in November, will be downward. Russia Danube.... Sales, nevertheless, are confined for the most part to nearby 3,476,666 ”201’, 666 5,364,666 4_,756’,666 delivery, as buyers do not care to anticipate the future. Argentina... f,376,666 47.600.665 580,000 10,380,000 18.942.000 Australia Government demand continues active. The Quartermas¬ 7,616,000 195,000 3,420,000 India 1,136,000 792,000 88,000 610,000 624,000 82,000 Oth. countr’s ter’s Department has issued calls for a very large yardage of duck in addition to other classes of fabrics for various 476,000 10,888,000 15,646,000 Total 6,933,000 112,564,000 114,856,000 Prices for some classes of finished branches of the service. North America.—The Canadian Government has officially prohibited the Issuance of both manifests and exports until after ten days. This Is effective goods have been revised downward, bringing them nearer a Revised. during the continuance of the war. a level with the fixed prices for goods in the gray. Second The quantity of wheat and corn afloat for Europe on dates hands have continued to liquidate fabrics at prices named mentioned was as follows: by the Government. Napped goods are still difficult to procure for civilian use as mills are reported backward in Corn. Wheat. making deliveries for official consumption. It is expected United United that the official control of burlaps will result in a falling off in Total. Total. Kingdom. Continent. Kingdom. Continent. demand for heavy cottons from bagging manufacturers. Bushds. Bushels. Bushels. Bushels. Bushels. Bushels. According to reports, some spring shirtings will be opened Oct. 5 1918.. Not avail able about the middle of November. Gray goods have developed Sept.28 1918.. Not avail able more activity as mills have been more willing to offer goods Oct. 6 1917.. Not avail able 17,783,000 47,060,000 Oct. 7 1916.. for delivery during the remainder of the year. The visible supply of grain, comprising the stocks in WOOLEN GOODS.—Conditions in the markets for wool¬ granary at principal points of accumulation at lake and ens and worsteds continue unchanged, with mills still ac¬ seaboard ports Oct. 5 1918 was as follows: tively engaged on Government work. Production for Gov¬ GRAIN STOCKS. ernment account is said to be in excess of consumption, and Wheat. Oats. Corn. Rye. Barley. it is hoped that some provision will soon be made for the bush. bush. bush. bush. United States— bush. 1,544,000 131,000 New York 22.000 1,148,000 2,000 manufacture of goods for civilian trade. As yet no allot¬ 719,000 4,000 Boston 51,000 Philadelphia 1,518,000 20,000 491.000 66,000 45,000 ments of raw material have been made for the making of 2,033,000 43,000 825,000 4,000 Baltimore 65,000 goods for the ordinary trade. Talk is still current of the Newport News 17,000 612.000 possibility of prices being fixed for clothing within the near 920,000 New Orleans 5,505.000 83,000 Galveston 3,156,000 2,000 future, and a survey of the situation is now being made. 6,926,000 104,000 Buffalo 253,000 1,098.000 406,000 In the dress goods division, it is reported that mills have no Toledo 1,310,000 68,000 71.000 1,387,000 17,000 civilian orders on their books for delivery after the first of Detroit 23,000 71,000 327,000 57,000 Chicago 17,679,000 2,475,000 8.219.000 1,234,000 632,000 the year, and that no provision has been made for spring 170,000 afloat 120,000 fabrics. Second hands, however, are doing a fair business Milwaukee 81,000 2,904,000 87,000 481.000 365,000 17,603,000 212.000 283.000 211,000 in various dress fabrics. Duluth 5,000 The men’s wear trade is at a Bands. Bushels. Bands. Bushels. Bushels. 113,808 36,566 . Bushels. 1,591,499 _ • .... * — - - T “ Minneapolis 10,158.000 28,000 St. Louis Kansas City Peoria 3,759,000 13,603,000 Indianapolis 307.000 120,000 538,000 253,000 620,000 616,000 72,000 Omaha On Lakes On Canal and River 25,000 5,808,000 3,108,000 181,000 2,854,000 1,551,000 1,063,000 179,000 41,000 3,276.000 48,000 659,000 259,000 1,459,000 51,000 63.000 32,000 648.000 _ ... 8,000 48,000 5,503,000 24,678.000 4,723,000 2,550,000 90,601,000 5,511,000 26.157,000 3,829,000 2,679,000 7,812,000 1,226,000 14,697.000 2,224,000 5,252,000 Note.—Bonded grain not included above: Oats, nil, against 207,000 bushels in 1917; and barley, Duluth, 31,000 bushels; total, 31,000, against 208,000 in 1917. Total Oct. 5 1918 Total Sept. 28 1918 Octal Oct. 6 1917 97,886,000 Canadian— Montreal 2,387,000 Ft. William & Pt. Arthur.. 3,391,000 Other Canadian 268,000 5 1918 Total Oct. Total Sept. 28 1918 Total Oct. 6 1917 Summary— American Canadian 5 1918 Total Oct. Total Sept. 28 1918 Oct. Total 6 1917 123,000 ...... 6,046,000 123,000 3,854,000 125,000 6,411,000 31,000 2,564,000 1,812,000 339,000 656.000 5,032,000 6,183,000 3,269,000 150,000 3,000 339,000 341,000 46,000 97,886,000 6,046,000 5,503,000 24,678,000 4,723,000 2,550,000 123,000 5,032,000 339.000 103,932,000 5,626,000 29,710,000 4,723,000 2,889,000 5,636,000 32,340,000 3,979,000 3.020,000 1,257,000 17,966,000 2,227,000 5,296,000 94,455,000 14,223,000 standstill. FOREIGN DRY GOODS.—Markets for linens remain regards supplies are unchanged, with no new arrivals reported during the week to help relieve the situation. Very few imports are now expected until after the restrictions abroad are removed. The British Govern¬ ment is said to be ordering conservation of raw material for the manufacture of goods for official use, and as the supply of flax will be none too large, no increase in the production of goods for civilian trade is likely. The Irish flax crop, quiet. Conditions as despite the fact that the acreage was increased, according to latest advices, promises to be no better than a year ago. Locally demands for linens has been inactive during the week, as buyers are turning their attention to substitutes. Burlaps rule quiet. Since maximum prices were officially fixed by the Government, light weight at 14.00c. and heavy weights at 16.50c., both buyers and sellers have been holding off for further developments. As a result of the more stringent import restrictions, there is not likely to be any improvement in imports for some time. Oct. 12 Statement of the Ownership, Management, &c., required by the Act of Congress of Aug. 24 1912, of Commercial A Financial Chronicle, published weekly at New York. N. Y., for October 1 1918. State of New York, County of New York, ss.: Before me, a notary public, in and for the State and County aforesaid, personally appeared Jacob Seibert Jr., who having been duly sworn according to law, deposes and says that he Is the editor of the Commercial A Financial Chronicle and that the following Is, to the best of his knowledge and belief, a true statement of the ownership, management, etc., of the aforesaid publication for the date shown in the above caption, required by the Act of August 24 1912, embodied in Section 443, Postal Laws and Regulations, printed on the reverse of this form, to wit: editor, (1.) That the names and addresses of the publisher, editor, managing and business managers are: Publisher, William B. Dana Company, 138 Front St., New York. Editor, Jacob Seibert Jr., 138 Front St., New York. Managing Editor, Jacob Seibert Jr., 138 Front St., New York. Business Managers, George B. Shepherd and W. D. Riggs, 138 Front St., N. Y. (2.) That the owners are (Give names and addresses of individual owners, or If a corporation, give Its name and the names and addresses of stockholders owning or holding 1% or more of the totaJLamount of stock): Owner, William B. Dana Com¬ pany, 138 Front St., New York; Stockholders: Estate of William B. Dana (bene¬ ficiaries, Maria T. Dana and W. S. Dana), Jacob Seibert Jr., Arnold G. Dana, Grace N. Dana, and Albro J. Newton; address of all, 138 Front St., New York. (3.) That the known bondholders, mortagees and other security holders owning of holding 1% or more of the total amount of bonds, mortgages, or other securities are: (If there are none, so state'.) No bonds or mortgages on property, and there¬ fore no "bondholders, mortgagees and other security holders.” (4.) That the two paragraphs next above, giving the names of the owners, stock¬ holders, and security holders, if any, contain not only the list of stockholders and security holders as they appear upon the books of the company, but also, in cases where the -stockholder or security holder appears upon the books of the company as trustee or in any other fiduciary relation, the name of the person or corporation for whom such trustee is acting, is given; also that the said two paragraphs contain statements embracing affiant’s full knowledge and belief as to the circumstances and conditions under which stockholders and security holders who do not appear upon the books of the company as trustees, hold stock and securities in a capacity a bona fide owner; and this affiant has no reason to believe that other person, association, or corporation has any interest, direct or indirect, in the said stock, bonds, or other securities than as so stated by him. other than that of any (Signed) Jacob Seibert Jr., Editor. Sworn to and subscribed before me this 30th day of Sept. 1918. Thomas A. Creegan, Notary Public, Kings County. Certifi¬ cate filed in N. Y. Co. No. 37. (My commission expires March 30 1919.) other non-beverage Article II. an action of the General ment to the Constitution of the reject the people the power to approve or Assembly ratifying any proposed amend¬ United States. (Full text.) The people also reserve to themselves the legislative power of the referen¬ dum on the action of the General Assembly ratifying any proposed amend¬ ment to the Constitution of the United States. No such ratification shall go into effect until ninety days after it shall have been adopted by the General Assembly. When a petition signed by six per centum of the electors of the State as is provided for a referendum petition on laws passed by the General Assembly shall have been filed with the Secretary of State within ninety days after said ratification by the General Assembly, ordering that such ratification be submitted to the electors of the State for their approval or rejection, the Secretary of State shall submit to the electors of the State for their approval or rejection said ratification in the manner provided for the submission by referendum of a law passed by the General Assembly, and said action of the General Assembly ratifying the said amendment to the Constitution of the United States shall not go into effect until and unless approved by a majority of those voting upon the same. All the provisions of this Article on the subject of the referendum upon laws passed by the General Assembly shall apply thereto, so far as the same are applicable, except that the General Assembly may not declare its ratification of a proposed amendment to the Constitution of the United States an emergency not subject to the referen¬ dum. (Republic of).—Bonds to Be Issued.— on a preceding page, we refer to a prospective issue of bonds by this republic. Senate Defeats Suffrage Amendment.—On pages 1340 and 1341 of last week’s issue we gave in detail the Presi¬ dent’s speech before the Senate on behalf of the suffrage Santo Domingo In our “Current Events and Discussions,’’ the amendment—a two-thirds vote being required. NEGOTIATIONS PROPOSALS AND as follows: Settlement this week have been 1387 of last week’s issue we gave in detail the steps taken and those which two committees hope to take in the settlement of the obligations of this concern. The above company has a debt amounting to about $2,300,000 which is now due. The collateral consists of the bonds of the following irrigation districts embraced in the project: Denver-Greeley Valley Irrigation Dist., North Denver Municipal Irrigation Dist. and the Denver-St. Vrain Munici¬ pal Irrigation Dist. It is believed that most of these bonds can be sold to purchasers of the land, the coupons to be used in the payment for their water. Louisville, Ky.—Annexation.—According to local papers the Board of Aldermen on Oct. 5 passed an administration ordinance annexing several square miles of territory and adding nearly 30,000 to the population of the city. The vote was 9 to 1, the only negative vote being registered by Alderman C. D. Morton. New York City.—Increase in City's An increase of $6,300,000 is shown in purposes. Section 1, Referendum provision, reserving to BOND Reservoir & Irrigation Co.—Debt page sale of intoxicants as a beverage are hereby The General Assembly shall enact laws to make this pro¬ vision effective. Nothing herein contained shall prevent the manufacture or sale of such liquors for medicinal, industrial, scientific, sacramental, or prohibited. pass NEWS ITEMS. Proposed.—On Section 9, Article XV. The sale and manufacture for amendment and recorded the action of the Senate the next day (Oct. 1) in failing, by a vote of 53 yeas to 31 nays to J*tatc nird Citij - Jpjejmvhnmt Denver 1495 THE CHRONICLE 1918.] Budget for 1919.— the city’s tentative ALLIANCE, Stark County, Ohio.—BONDS AUTHORIZED.—On Sept. 16 ordinances were passed authorizing the following 534 % coupon bonds: $11,500 street water mains exten. bonds.—V. 107, p. 1399. Duo <#1,000 yearly on Nov. 1 from 1920 to 1930, incl. and $500 Nov. 1, 1931. 11,000 water mains exten. bonds. Due $1,000 yearly on Nov. 1 from 1920 to 1930, incl. Denom. $500. Date Nov. 1 1918. Prin. and at the office of the Sinking Fund Trustees. Chas. semi. ann. int., payable O. Silver is City Clerk. ASHLAND, Ashland County, Wise.—BOND SALE.—The $20,000 5}4% Bold coupon fire hall bonds, offered on Oct. 3—V. 107, p. 1303— were awarded on that day to the Hanchett Bond Co., of Chicago at 101.05 and interest. Due $4,000 yearly from 1923 to 1927, Date Nov. 1 1918. incl. Other Wells-Dickey neapolis Seasongood bidders Co., were: John Nuveen & Co., Chi¬ Min¬ $20,205.00 & Mayer, $20,126.00 cago C. H. Chicago- 20,051.00 Coffin, 20.185.00 Taylor,* Ewart Chicago Cincinnati Stacy & Braun, Toledo. 20,157.08 & Co., 20,029.00 All the above bidders offered accrued interest. BETHESDA, Belmont County, Ohio.—DESCRIPTION OF NOTES.— The two issues of 6% notes, aggregating $27,500 (and not $27,583.99 as first reported) awardod on Aug. 3 to the New First National Bank of Col¬ umbus—V. 107, p. 1399—are in denoms. of $1,000 and $500 and are dated March 15 1918. Int. M. & S. Due March 15 1923. BLACKFOOT, Bingham County, Ida.—BONDS PROPOSED.—The budget over the one for the present year. This, Comptroller Craig stated, in making public the figures on Thursday, is attributable entirely to conditions arising from the war and in spite of the fact that a number of city departments announce decreases in their expenditures. The indications are, he further adds, that the tax rate for 1919 will be lower than the prevailing rate. The Comptroller remarks con¬ cerning proposed increases follow: City Council will probably vote on an ordinance in the near future to issue $95,000 water-works bonds. special police force to protect the Catskill aqueduct, bridges and similar structures against alien the Health Department, enemies. Necessities for hospitals, charitable and other institutions required an increase of approximately $1,000,000, Assessed valuation 1917 (25% These increases are due entirely to emergencies About $2,300,000 is due to the maintenance of a arising from the war. due to the high coast of food, drugs and like supplies. The salaries of the men in the Police and Fire Departments were increased $150, while the salaries of all city employees receiving $1,800 or less were increased $100, and employees of the Street Cleaning Department have received substantially the same increase. These increases were made necessary by the high cost of living, brought on by the war, and aggregate about $4,000,000. Altogether the com¬ , , pensation of about 60,000 employees were affected by these increases. An increase of $260,000 was allowed to the Dock Department for dredging, in order to fit the port for war purposes. The great increase in wages of skilled and unskilled labor by reason of competition of war industries required additional appropriations amounting The unparalleled seventy of the weather last to more than $3,000,000. winter increased the cost of snow removal, so that, with the added cost of disposing of refuse, the requirements is nearly $2,500,000 greater than last year. War materials and supplies have required Long delayed and necessary repairs to ferryboats, public buildings, structures and equipment required additional moneys amounting to more than $500,000. An increase of $950,000 for the Board of Elections has been made necessary by extending the franchise to women. Unprofitable subways add $1,200,000 to last year’s losses of S5,700,000 in interest on the city’s investment in the dual prices for coal, paving and like increased appropriations of fully $800,000. byuvvHif A great part of the foregoing increases is offset by the saving in the more economical administration of the various city departments, in spite of the increases in salaries, show a decreased appropriation from 1918. In other words, a more economical and efficient administration has greatly and held down what otherwise would have been an extraordinary in the budget, due to war causes. Moreover, thousands of employees from the reduced increase various city departments serving in the army and navy are carried on the city payroll and their In spite of families regularly receive their salary under the Fenner Law. the increase of the budget, the indications are that the tax rate for next year will be lower than in Hearings Hall Oct. 15 1918. the tentative budget will be held in the Cityand 16,and on the final budget Oct.23 and24. on Ohio.—Proposed Constitutional Amendments.—In ad dition to the amendment to Section 2 Article XII to be voted on at the general election to be held Nov. 5—V. 107, p. 1303 —the following constitutional amendments will also be voted upon: BOSTON, Mass.—TEMPORARY LOAN.—During September a tem¬ loan of $2,000,000, dated Sept. 3 1918 and maturing Nov. 11 1918 negotiated at a 4.04% interest rate. porary was Dak.—BOND SALE.—The recently voted (V. 106, p. Trust & Savings Bank of Minneapolis. Denom. $1,000 Date Sept. 2 1918. Principal and semi¬ annual interest (M. & N.) payable at. the Bankers National Bank of Minneapolis. Due May 1 1938. Total bonded debt, t 4s issue only. BRADDOCK, County, Emmons No. $3,400 6% tax-free fire-hall equipment bonds 1597) have been purchased by the Bankers $300,000. actual), $78,342. Actual value (estimated), Population, 300. CANISTEO, Steuben County, N. Y.—BONDS PROPOSED.—It Is reported that in order to establish a municipal lighting plant, $15,000 bonds will be issued. CASCADE COUNTY (P. O. Great Falls), Mont.—BONDS AP¬ PROVED.—It is reported that the Capital Issues Committee has approved an Issue of $100,000 road bonds authorized in 1916. The bonds will not be offered until the Liberty Loan campaign is over. CHARLESTON SCHOOL DISTRICT (P. O. Charleston), Kana¬ wha County, W. Va.—BOND SALE.—An issue of $95,000 school bonds, voted at an election held Sept 4 has been purchased by the State of West Virginia. COLUMBUS, Ohio.—BONDS TO BE SOLD.—We are advised that $15,000 light improvement bonds recently authorized (V. 107, p. are issued, tney will be taken oy the Sinking Fund. CRESCENT CITY, Putnam County, If tne 1399) Fla.—BOND OFFERING.— Sealed bids will be received on or before 12 m. Oct. 25 by A. E. Lounds, Town Clerk, for $10,000 6% coupon electric light bonds. Denom. $500. Date Oct. 1 1918. Prin. and semi-ann. int., payable at the office of the Town Treasurer, or at any bank in Putnam County, designated by the the ‘‘Town of Crescent City.” Due $1,000 yearly from 1923 to 1932, incl. Bids must be made on blank form furnished by the Board of Trus¬ tees and accompanied by a certified check for 1-25 of the amount bid, payable to F. L. Bills, Chairman Board of Trustees. Bonded Debt, none. Assessed value, real estate, $136,335. Assess, value, personal, $32,160. Total assess, value (20% actual), $168,495. CRIDERSVILLE, Auglaize County, Ohio,—BONQ ELECTION.— general election to be held Nov. 5 a proposition to issue $1,500 fire equipment bonds will ve voted upon. F. E. Haywood is Mayor. DES MOINES, Polk County, Iowa.—BOND SALE.—The $44,526.37 paving bonds recently authorized—V. 107, p. 1304—have been sold. ENGLEWOOD CLIFFS SCHOOL DISTRICT (P. O. Englewood Cliffs), Bergen County, N. J.—NO BIDS RECEIVED.—No bids were received for the 5Yk% 1-18-year serial coupon (with privilege of registra¬ tion) school bonds not to exceed $18,000, offered on Oct. 8 (V. 107, p. 1304). GALION CITY SCHOOL DISTRICT (P. O. Galion), Crawford At the school for 1949, >unty, Ohio.—BOND SALE.—On Oct. 4 the $75,000 5% coupon inds—V. 107, p. 1208—were awarded to Prudden & Co., of Toledo 5.005 (100.006) interest and blank bonds. Date Sept. 6 1918. Due arly as follows: $1,500 April 1 and $1,000 Oct. 1 from 1920 to Other bidders were: elusive. acy & Braun. Toledo, par less a discount of $2,250. m. R. Compton Co., Cincinnati, par plus a premium of $52.75. 1496 THE CHRONICLE GROVELAND SPECIAL TAX SCHOOL DISTRICT <P. O. T»vare»>, Lake County, Fla. BONUS NOT TO BE RE-OFFERED.—The 7.000 6% school bonds, offered without success on Sept. 16—V. 107, p. 1304— will not be re-offered until after the war. HAMILTON, Butler County, Ohio.—BONDS AUTHORIZED.—On Sept. 18 an ordinance was passed authorizing an issue of 3,112.64 4^% 110-year serial coupon special assessment bonds. Date Oct. 1 1918. Prin. and semi, ann, int., payable at the City Treasurer’s office. Karl E. Krieger is City Clerk. HATTIESBURG, Forest County, Miss.—BOND OFFERING.—Pro¬ posals will be received by the city until 2 p. m. to-day (Oct. 12) for the $25 000 6% 1-20-year serial waterworks, sewer extension, and city hall addition bonds recently authorized—V. 107, p. 623. Denom. $500. Date Oct. 1 1918. Int. semi- ann. (A. & O.), payable at place desired by Durchaser. Cert, check for $500, payable to the “City of Hattiesburg/' required. Bonded debt Oct. 20 1917, $719,500. Sinking Fund, $3,092.44. Assessed valuation, 1917, $8,213,135. Total tax rate (per $1,000), $13.00. HOLT SCHOOL DISTRICT (P. O. Holt), Marshall County, Minn.— BOND SALE—The State of Minnesota has purchased an issue of $6,500 school bonds recently authorized. HUNT COUNTY (P. O. Commerce), Tex.—BONDS DEFEATED.— The question of issuing $200,000 road bonds was defeated at the election, held Sept. 28—V. 107, p. 823. . KING COUNTY (P. O. Seattle), Wash.—BOND ELECTION—A proposition to issue $250,000 deficiency bonds will be voted, on, it is stated, at the general election to be held in November. m KIRKWOOD, Warren County, Ill.—BONDS NOT TO BE OFFERED AT PRESENT.—The $10,000 5% 1 5-year serial street-improvement bonds recently voted (V. 107, p. 1304) will not be offered until May 1 1919. J. R. Hastings is Village Clerk. KITSAP COUNTY SCHOOL DISTRICT NO. 42 (P. O. Port Orch¬ ards), Wash.—BOND SALE.—On Sept. 21 the State of Washington was awarded at par the $23,200 5% 5-15-year school bonds (V. 107, p. 1209). P9 LINCOLN COUNTY (P. O. Libby), Mont.—BOND OFFERING.— C. G. Klenck, County Clerk, will receive bids, it is stated, until 2 p. m Nov. 8 for $48,000 10-20-year (opt.) school bonds at not exceeding 6% int. Certified check for $2,400 required. Interset semi-annual. LONG BEACH, Los Angeles County, Calif.—BOND SALE.—On Oct. 1 the $240,000 5% harbor-improvement bonds (V. 107, p. 1209) were awarded to the Los Angeles Dredging Co. at par and interest. . McALESTER, Pittsburgh County, Okla.—BONDS DEFEATED.— On Oct. 3 the proposition to issue $400,000 water bonds (V. 107, p. 1304) was defeated. These bonds were sold on July 29 (V. 107, p. 622), subject to the result of the above vote. MADISON, Madison County, Fla.—NOTES VOTED.—By a vote of 33 to 6 the proposition to issue $16,500 6% notes carried at the election held Oct. 1 (V. 107, p. 1117). Due $5,500 yearly on July 1 from 1919 to 1921, inclusive. Date of sale not yet determined. MADISON, Lake County, S. D.—DETAILS.—The $150,000 electriciight-plant rebuilding bonds to be voted on Oct. 22 (V. 107, p. 1400) bear 5)4% interest and mature in 25 years. MALTA, Phillips County, Mont.—BONDS OFFERED BY BANKERS. offering to investors at a price to yield6% an issue of $6,100 6% 8-year tax-free light districts Nos. 1,2 and 3 —The Bankers Trust & Savings Bank is bonds. Denoms. $100, $500 and $1,000. Date June 1 1918. Prin. and int. (Jan. 1) payable at the Town Treasurer’s office or may be col¬ lected through the Bankers’ National Bank of Minneapolis. General bonded debt, $37,000. Assessed valuation, $614,898. Actual value ann. (estimated), $2,000,000. MARSHALL COUNTY (P. O. Holly Springs), Miss.—DESCRIPTION OF BONDS.—Additional information is at hand relative to the sale of the $24,000 6% Potts Camp Road District No. 5 bonds recently awarded to Whitaker & Co. of St. Louis (V. 107, p.1400). Denom. $500. Date Dec. 1 1917. Int. J. & D. Due $3,000 1927 and $1,500 yearly from 1928 to 1941, inclusive. MARTINS FERRY, Belmont County, Ohio.—BONDS NOT TO BE ISSUED.—Using newspaper reports wo reported thta this city proposed to issue $500,000 bonds—V. 107, p. 1400. We have since been advised by Wilbert Wood, City Auditor, that the above city does not intend to issue any bonds. MINOT, Ward County, N. D.—BONDS AUTHORIZED.—'The City Commissioners have decided, it is stated, to issue $116,000 5% 20-year water-reservoir bonds for the fire department. Total bonded debt, $174,000; sinking fund, $79,085; net bonded debt, $94,916. Assessed valuation 1917 (25% actual), $3,020,000. Total value (all taxable property), $12,080,000. MISSOULA COUNTY SCHOOL DISTRICT NO. 34 (P. O. Corlett), Mont.—BOND OFFERING.—Proposals will be received by Airs. Laura L. Thieme, District Clerk, until Oct. 15, it is stated, for $2,500 6% 5-10- year bonds. MIZPAH, Koochiching County, Minn.—BOND SALE.—On Oct. 1 $3,000 6% funding bonds were awarded to Charles DIaheim at par. Denom. $500. Date Sept. 1 1918. Int. M. & S. Due $500 yearly from 1923 to 1928, inclusive. MONTANA.—BONDS PURCHASED BY STATE.—The following 6% bonds, aggregating $41,465. were purchased at par by the State of Mon¬ tana during the month of September: Amt. Place Issuing Bonds. Date. Due. Optional. $2,500 Big Horn Co. S.D.No.29 July 1 1918 July 1 1928 July 1 1923’ 4,000 Carbon Co. S. D. No. 2__Aug. 1 1918 Aug. 1 1938 Aug. 1 1928 990 Carbon Co. S. D. No. 62_Aug. 1 1918 Aug. 1 1938 Aug. 1 1928 3,000 Cascade Co. S. D.No.64_Aug. 15 1918 Aug. 15 1933 Aug. 15 1928 1,425 Dawson Co. S. D. No.71-Mar. 16 1918 Mar. 16 1938 Mar. 16 1928 2,000 Fergus Co^ S.D .No. 164-July 15 1918 July 15 1938 July 15 1928 2,000 Flathead Co. S. D.No.36.Sept. 6 1918 Sept. 1 1928 Sept. 1 1923 1,250 Phillips Co. S. D. No. 30-July 26 1918 July 26 1928 July 26 1923 1,800 Prairie Co. S. D. No. 2_.July 15 1918 July 15 1928 July 15 1923 2,000 Hill Co. S. D. No. 1 July 15 1918 July 15 1928 July 15 1923 2,300 Hill Co. S. D. No. 42 Aug. 1 1918 Aug. 1 1938 Aug. 1 1928 800 Hill Co. S. D. No. 79 July 13 1918 July 13 1928 July 13 1926 4,000 Hill Co. S. D. No. 35 Aug. 15 1918 Aug. 15 1932 Aug. 15 1923 1.500 Stillwater & Sweetgrass Cos. S. D. No. 55 Aug. 15 1918 Aug. 15 1938 Aug. 15 1923 2,000 Stillwater Co.S.D.No.30_Aug. 15 1918 Aug. 15 1938 Aug. 15 1923 1,200 Teton Co. S. D. No. 24__Aug. 17 1918 Aug. 17 1928 Aug. 19 19^3 3.500 Teton Co. S. D. No. 34-_Aug. 15 1918 Aug. 15 1933 Aug.15 1923 1,200 Toole Co. S. D. No. 26__Aug. 15 1918 Aug. 15 1938 Aug.15 1933 MT. PLEASANT SCHOOL DISTRICT (P. O. Mt. Pleasant), Henry County, Iowa.—BONDS VOTED.—On Oct. 1 a proposition to issue $90,000 school bonds carried, it is stated, by a vote of 508 to 244. NEBRASKA (State of).—BONDS PURCHASED BY STATE.— During the month of September the following six issues of bonds, aggregating $120,635, were purchased by the State of Nebraska: $13,500 6% Village of Burwell electric-light bonds on a 5H% basis Date Aug. 1 1918. Interest annually on Aug. 1, payable at the County Treasurer’s office. Due Aug. 1 1938, subject to call Aug. 1 1923. 50,000 5 'A % Gage County Consolidated School District No. 162 bonds at par. Date May 15 1918. Interest annually on May 15 payable at the office of the County Treasurer. Due May 15 1943, subject to call on any interest-paying date. 11,000 5H% Grant County School District No. 1 bonds at par. Date July 27 1918. Interest annually on July 1, payable at the office of the County Treasurer. Due July 1 1928. optional after July 27 1923. 14,635 6% Village of Palmer electric-light bonds on 5^% basis. Date July 18 1918. Interest annually on July 18, payable at the office of County Treasurer. Due July 18 1938. subject to call July 18 1923. 29,000 6% Village of Palmer water bonds on basis. Date Interest annually on July 18, pavable at the July 18 1918. office of the County Treasurer. Due July 18 1938,' subject to call July 18 1923. 2,500 [Vol. 107 Red Willow County School District No. 70 bonds basis. Date Aug. 15 1916. Interest annually on payable at the office of the State Treasurer. Sept. 15 as follows: $1,250 1921 and $1,250 1926. 6% on a 5% Sept. 15, Due on NEWCASTLE, Weston County, Wyo.—BOND OFFERING .—Pro posals will be received by R. R. Randall, Town Clerk, until 8 p. m. Oct. 16 for $200,000 6% 15-30-year (opt.) water-works bonds. Denom. $1,000. Int. semi-ann. Certified check for 10% of bid. payable to the “Town of Newcastle," required. Bonds will be sold subject to the approval of the Capital Issues Committee. NEW ORLEANS, La.—BOND OFFERING—A. J. Ricks. Commis¬ sioner of Public Finances, will receive bids until 12 m. Nov. 7 for $600,000 5% railroad bonds, it is stated. Int; semi-ann. Cert, check for ’l% required. NEW PHILADELPHIA, Tuscarawas County, TION OF BONDS.—The $11,550 6% 1-9-ydar serial Ohio.—DESCRIP¬ special assessment bonds, awarded on Sept. 14 to W. L. Slayton & Co. of Toledo at 102 06— V. 107, p. 1400—are described as follows: Denoms 22 for $500 and 1»for $550. Date Sept. 1 1918. NILES, Trumbull County, Ohio.—DESCRIPTION OF BONDS 53^% coupon bonds authorized Sept. 21 are described as follows: The $1,200 filter bed and $10,000 sewer — on $1,200 filter bed bonds. 10,000 Denom. $400. Due Oct. 1 1924 Denom. $1,000. Due $5,000 Oct. 1 i927 and 1928 bonds. inclusive. Date Oct. 1 1918. Prin. and semi-ann. int., payable at City Treasurer’s office. Homer Thomas is City Clerk. sewer NORTH DAKOTA.—BONDS PURCHASED BY STATE.—The follow¬ ing four issues of 4%, building bonds, aggregating $27,200, were purchased during the month of September at par by the State of North Dakota. Amount. Place Issuing Bonds. Date. Maturity. $1.200__Dana S. D. No. 23 Emmons Co._ Aug. 15 1918 Aug. 15 1928 14,000__Fargo S. D., Cass County Mar. 1 1918 Mar. 1 1943 2,000__Herz S. D. No. 1, Grant County.. Aug. 15 1918 Aug. 15 1928 10,000..Montrose S.D.No.37.Bottineau Co. July 15 1918 July 15 1938 NUNDA, Livingston County, N. Y.—BOND OFFERING.—Proposals will be received by the Village Trustees until 9 p. m. Oct. 21 for $10,000 5% 1-10-year serial water-works-purchasing bonds. Denom. $1,000. Date Oct. 15 1918. Int. semi-ann. Payable at the Village Treasurer’s office or in New York City at the option of the purchaser. Certified check for 2% of bonds bid for required. John A. Dake is Village Clerk. ONTARIO COUNTY (P. O. Canandaigua), N. Y.—BOND OFFER¬ ING.—Sealed bids will be received until 10 a. m. Oct. 16 by Peter R. Cole, County Treasurer, for the whole or any part of $15,000 5% highway-impt. bonds. Denom. $1,000. Date Sept. 1 1918. Prin. and semi ann. int. (J. & J.) payable at tne Farmer & Merchants Bank of Geneva. Due on July 1 as follows: $8,000 1927 and $7,000, 1928. Cert, check for 2%, of the amount of bonds bid for, payable to the County Treasurer, required. Bonds to be delivered and paid for on or before Dec. 3 1918, and printed by the purchaser. Purchaser to pay accrued interest. Total bonded debt $211,000. Assess, value, real estate, $44,177,087. Population of county 1915 (Federal Census), 54,628. PIPESTONE COUNTY INDEPENDENT SCHOOL DISTRICT NO. 1 (P. O. Pipestone), Minn.—BOND OFFERING.—Proposals will be received by G. L. Whigam, Clerk of Board of Education, until 8 p. m. to day (Oct. 12) at the Pipestone National Bank of Pipestone for $95,000 10.15 year (opt.) school bonds at not exceeding 6% int. Denom. $500 and Date Nov. 1 1918. $1,000. Prin. and semi-ann. int. (J. & J.), payable at the District Treasurer’s office at Pipestone. Cert, check for 3% of the bonds bid for, required. Purchaser to furnish blank bonds and to pay accrued int. Bonds to be delivered Mar. 1 1919. PONTIAC, Oakland County, Mich.—DESCRIPTION OF BONDS.— hand relative to the sale of the $60,000 6% fire on Sept. 11 to Prudden & Co., of Toledo (V. 107. p. 1401). Denom. $1,000. Date Sept. 15 1918. Int. M. & S. Due $6,000 yearly on Sept. 15 from 1919 to 1928, inclusive. Further details at are department bonds awarded PORT HURON, St. Clair County, Mich.—BOND OFFERING.— George L. Ernst, Commissioner of Finance, will receive proposals, it is stated, until 12 m. Oct. 14 for $55,000 5% 1-10-year serial water bonds. Interest semi-annual. PORTLAND, Ore.—PRICE.—The $25,000 6% street-improvement bonds recently awarded to the Citizens’ Bank of Portland (V. 107, p. 1305) were awarded at 103.00 we are advised. POSEY COUNTY (P. O. Mt. Vernon), Ind.—BONDS AWARDED IN PART.—Of the two issues of \Yi% 10-year bonds, offered on Oct. 3 (V. 107, p. 1210), the $14,000 Robb township bonds were awarded on that day to the First National Bank of New Harmony for $14,002 (100.014) and interest. REEDSBURG, Sauk County, Wise.—BOND SALE.—The $23,000 bonds recently authorized (V. 107, sewer Niebuhr is City Clerk. p. 1210) have been sold. A. F. ROCHESTER, N. Y.—NOTE SALE.—On Oct. 9 an issue of $500,000 school notes to run 4 months from Oct. 14 was awarded to Alexandre <fe Burnett of New York at 4.55% interest. Other bidders, both of New York, were: Int. PremA Int. S. N. Bond & Co Prem. 5.25% $5 00 [Cent. Union Trust Co.6.00% ST. PAUL, Minn.—BOND OFFERING.—Additional information is at hand relative to the offering on Oct. 30 of the $200,000 5% 30-year coupon (with privilege of registration) tax-free sewer refunding bonds (V. 107, p. 1305). Proposals will be received by Jesse Foot, City Comptroller, until 12 m. on that date. Denom. $1,000. Date Dec. 1 1918. Principal and semi-annual interest payable at the City of St. Paul’s financicial agency in New York. Purchaser to states that the tions. city has pay accrued interest. The official circular never defaulted in the payment of any of its obliga¬ Financial Statement of the Bonded Debt of the City of St. Paul Sept. 1 1918. General city and school bonds. $8,628,000 00 Sinking funds available, not including any which are applica¬ ble to water debt only 611,515 73 Net general debt Permanent improvement revolving fund bonds Water bonds Amount in Water Board Sinking Fund Net water debt SALAMANCA, $8,016,484 27 $1 900 000 00 00 363,162 37 $2^407,000 2,043,837 63 Cattaraugus County, N. Y.—BOND SALE.—On 5% bonds, aggregating $39,960 (V. 107, p. 1210) Oct. 7 the two issues of awarded to H. A. Kahler & Co. of New York at 100.59. were SAMPSON COUNTY (P. O. Clinton), No. Caro.—BONDS RE-AD¬ VERTISED.—The $100,000 5% coupon road bonds to be offered on Oct. 14 (V. 107, p. 1401) will be readvertised and offered for sale on Nov. 4. As is well known, the Capital Issues Committee will grant no approval of sales during the Liberty Loan campaign, but advised the city officials that they could proceed with the sale and accept bids conditioned upon their approval being given later. The local authorities decided this course would be unwise, and accordingly are readvertising the bonds as noted above. SEATTLE, Wash.—BOND SALE.—During the month of September the city issued the following 6% bonds at par, aggregating $42,170 07. Dist. Amount. Purpose. Date. Due. 3101 $3,173 03 Sidewalks Sept. 7 1918 Sept. 7 1930 3124 2,869 26 Grade Sept. 7 1918 Sept. 7 1930 3104 31.275 38 Paving Sept. 16 1918 Sej)t. 16 1930 3118 1,162 49 Paving Sept. ^6 1918 Sept. 16 1930 3129 3,689 91 Sewer Sept. 16 1918 Sept. 16 1930 All the above bonds are subject*to call on any int .-paying date. SHEBOYGAN FALLS, Sheboygan County, Wis.—BONDS PRO¬ POSED.—Frank R. Kroeger, City Clerk, advises us, under date of Oct. 1, Oct. 12 1918.] THE CHRONICLE that street-improvement bonds for the payment of pavement construction will be issued in the near future. now under STAMFORD UNION FREE DISTRICT NO. 4 (P. O. Stamford), Delaware County, SCHOOL N. Y.—BOND SALE.—On $4,500 5% 1-9-year serial Oct. 5 the school bonds (V. 107, p. H. A. Kahler & Co. of New York at 100.63. 1210) were awarded to STANLEY, Mountrail cently the Bankers Trust &County, N. D.— WARRANT SALE.—Re¬ Savings Bank of Minneapolis purchased issue of $7,850 7 an % 1-20-year serial coupon tax-free sewer warrants. $400. Date Oct. 1 1918. Denom Int. ann. payable at the but may be collected City Treasurer’s office, through the Bankers National Bank of Due $400 yearly on Dec. Minneapolis. 1 from $11,000. Special assessment debt1919 to 1938, incl. Total bonded debt (less water debt) valuation 1918 (25% $24,400. Assessed act.) $180,000. Actual value Population (est.) (est.) $750,000. 1,000. TAUNTON, Bristol County, Mass.—LOAN OFFERING.—The Treasurer, it is reported, will receive City bids until 6 p. m. Oct. porary loan of $100,000, issued in 15 for a tem¬ anticipation of revenue, dated Oct. 1918 and maturing Mar. 17 i2 1919. TROY, Miami County, Ohio.—NO SALE—BONDS was made of the $15,000 5H % water-works bondsAUTHORIZED.— offered on Sept.28 p. 1211). Instead, another ordinance was passed issue of $22,500. Chas. F. Rannells, authorizing an City Auditor, advises State Board of Health us that the caused No sale (V. 107, this change. TULSA, Tulsa County, Okla.—BOND OFFERING.—Sealed be received until Oct bids will 18 by Chas. F. Burke, City Auditor, for $575,000 water-works bonds. We were previously advised that the above were disapproved bonds by the Capital Issues Committee. V. 107. p. 1305. WALKER COUNTY (P. O. Hempstead), Tex.—DESCRIPTION OF BONDS.—The $100,000 (not $25,000 as first reported) 5% r^ad bonds, recently awarded Weil, Roth & denom. of $1,000 and are dated Co., of Cincinnati (V 107, p. 140?'' ar« in Oct. 10 1917. Int. A. & O. Due $60,000 yearly on April 10 from 1919 to 1934, inclusive, and $4,000 April 10 1935. WEBSTER GROVES, St. Louis County, Mo.—BOND ELECTION PROPOSED.—We are advised by the City Clerk that the dity will hold an election in the probably near future to vote on a fire-truck bonds. proposition to issue $15,000 WICHITA, Sedgwick County, Kans.—BOND SALE.—The $185,000 sewer bonds recently approved by the , 4 ><• % Capital Issues Committee 1497 (V. 107, p. 1402) have been sold to V. II. Branch of not yet been paid for as the bonds Wichita, but^have have yet to be registered by the State Auditor. WILDWOOD, Cape May County, N. J.—BOND SALE.—On the 5% coupon Oct. 3 (with privilege of registration) water bonds not to exceed, $35,000 (V. 107, p. 1306) were awarded at 100.571 to the Marine National Bank of Wildwood for $35,000 bonds. There WINNEBAGO, were no Faribault other bidders. County, Minn.—BOND SALE.—On Oct. 1 the $5,500 refunding bonds—V. 107, p. 1306—were awarded to the Blue Earth at par for 6s National Bank of Valley Winnebago. Due yearly on July 1 as follows: $1,000 1920 to 1923 and $1,500 1924. WOLF POINT, Sheridan County, Mont.—BOND $25,000 6% 10-20-year (opt.) tax-free sewer bonds offeredSALE.—The (V. 107, p. 530) have been on Sept. 9 awarded to the Bankers Trust & of Minneapolis. Savings Bank Total bonded debt (incl. this debt $17,000. issue) $42,000. Water Net debt $25,000. Assessed valuation 1918 $590,000. Actual value (est.) $1,500,000. CANADA, its Provinces and Municipalities. ARTHUR, Ont.—DEBENTURE OFFERING— ceived until Oct. 14 for Proposals authorized 1118. on BARTON will be re¬ the $8,000 6% 10-year boot-factory ^debentures a vote of 242 “for” to 4 “against^—^-V. 107, p. Sept. 16 by TOWNSHIP (P. O. Bartonville), will be OFFERING.—P.oposais Ont-.—DEBENTURE received until Oct. 21 for the 5H% 20-year debentures: following $55,000 00 hydro-electric debentures—V. 107, p. 1306. Int. March 2 952 69 locai-impt. 1. debentures Denomination to suit purchaser. approved by the Minister of Finance. DEBENTURES PROPOSED.—An issue of probably be offered about the end of the $12,000 6% 10-20-year locals will NEW year. HAMBURG, Ont .—DEBENTURES was passed SepT. authorizing, it is stated, AUTHORIZED.—On an ssue of $15,000 concrete street-paving debentures. ST. JOHN, N. B.—DEBENTURES 16 a by-law that an issue of $65,000 AUTHORIZED.—It is reported 20-year debentures for water-extension authorized. has been NEW LOANS FINANCIAL $25,000.00 CITY OF MINNEAPOLIS Help Win the Victory BONDS •by buying Sealed bids will be received by the Committee Ways and Means of the City Council of the City of Minneapolis, Minnesota, at the office of the undersigned, WEDNESDAY, OCTOBER 16th. 1918, at 3:00 o’clock p. m., for $25,000 00 Workhouse bonds. The above bonds will be dated October 1, 1918, and become due and payable at a time not less than one year nor more than thirty years from the date thereof, as desired the purchaser thereof, and will bear interest by at a rate not ex¬ ceeding four per cent. (4%) per annum, and to be payable semi-annually, and no bid will be entertained for a sum less than 95 per cent of the par value of said bonds and accrued interest upon same to date of delivery, and each proposal or subscription must designate clearly the date on which it is desired that said bonds shall be made payable. The right to reject any or all bids is hereby reserved. on A certified check for Two Per Cent, of the par value of the bonds bid for, made to C. A. Bloomquist, City Treasurer, must accompany each bid. The issuance of these bonds has by the Capital Issues Committee. been approved Circular containing full particulars will be mailed upon application. DAN C. BROWN, City Comptroller, Minneapolis, Minnesota. Liberty Bonds A. B. Leach & Baltimore Acts Scranton as Trustee, Detroit on Minneapolis Milwaukee Company PHILADELPHIA Guardian, Receiver, Chartered 1836 and CAPITAL and SURPLUS, $10,000,000 Transfer Agent. Shelby, Montana Cleveland Pittsburgh Administrator, Mambar of Federal Reserve System Interest allowed Town of Buffalo Girard Trust Executor Registrar $8,000 Co., Inc. Investment Securities 62 Cedar St., New York 105 So. La Salle St., Chicago Philadelphia Boston deposits. E. B. Morris, President WATER BONDS Notice is hereby given that the Council of the Town of Shelby, Montana, will sell at public auction Water Bonds of the Town for $8,000 00 6% Twenty-Year, optional after ten years, interest semi-annually, payable in N. Y. City, the 6TH DAY OF D. NOVEMBER, A. 1918, at ? o’clock p. m., at the office of the Town Clerk. Certified check for $2,000 00 on National Bank as on guarantee. LENA SCIIROER, Clerk. CHRONICLE’S The “Chronicle” offers Public Utilities in growing communi¬ ties operated and expanisve type, These file financed. €J Their securities offered to are a its subscribers be readily adjusted marvel of a new to hold simplicity and In order to introduce this investors. EXPANSIVE BINDERS binder of the sectional superior to the old style binders used for covers can volume, and to FILE new a single many years. copy or a complete convenience. cover, the “Chronicle” will receive orders for them at SI 50, the cost price, and postage 15 cents. Middle West Utilities Co. Suite No. 1500 72 West Adams St* CHICAGO, ILLINOIS WILLIAM B. DANA CO., j» 138 Front Street. New York, 1498 [Voii. 107 CHRONICLE THE ^financial ^financial INSURANCE COMPANY ATLANTIC MUTUAL New York, Janaary 25th, Total Premiums Premiums ... BONDS of its affairs on the marked off from 1st January, 1917, to 31st December, 1917 of the Company received during the year $404,411.15 and Trust Companies, etc 126,991.53 93,474.66 Expenses Losses paid during the year— lie-insurances 503,857.68 $ 840,754.00 .... CORPORATIONS and earning power advertisements, etc $1,913,710.65 - STAATS CO. LOS ANGELES stationery, $ 857,596.09 dividend of interest of Six per cent, on the outstanding certificates of profits will be paid to tb% holders thereof, or their legal representatives, on and after Tuesday the fifth of February next. outstanding certificates of the issues of I > 15 and of 1916 will be redeemed and paid to the holders thereof, or their legal representatives, on and after Tuesday the fifth of February next, from which date all Interest thereon will cease. The certificates to be produce'1 at the time of payment and canceled. dividend of Forty per cent, is declared on the earned u. milums of the Company for the year ending 31st December, 1917, which are entitled to participate in dlvldbhd. for which, upon application, certificates will be issued on and after Tuesday the seventh of May next. G. STANTON FLOYD-JONES, „Secretary. By order of the Board, TRUSTEES. Expenses, substantial assets having WILLIAM R. $2,672,899,20 Premiums officers and clerks, taxe3, Premiums and Returns of Including compensation of Re-Insurance $ 624,877.34 $3,513,653.20 $336,896.32 Less: Salvages MUNICIPALITIES AND of $11,105,619.46 1,135,785.43 $12.241,404.89 $11,171,853.93 Interest on the Investments Interest on Deposits in Banks Rent received less Taxes and Securities Pacific Coast 1918. of the Company, submit tcith the Charter3Ut of December, 1917. the following statement The Company's business has been confined to marine and inland transportation insurance. Premiums on such risks from the 1st January, 1917, to the 31st December, 1917 Premiums on Policies not marked off 1st January, 1917..........— in conformity The Trustees. ANGELES LOS CHICAGO FRANCISCO SAN PASADENA A Specialize in California Municipal and Corporation We The m BONDS A JOHN ANTON A. RAVEN, JOHN J. RIKER, HERBERT L. GRIGGS SAMUEL T. HUBBARD, LEWIS CASS LED YARD, WILLIAM II. LEFFERTS, CHARLES D. LEVERICH, NICHOLAS F. PALMER, EDMUND L. BAYLIES, JOHN N. BEACH, NICHOLAS BIDDLE, JAMES BROWN, CLAFLIN, GEORGE C. CLARK, FREDERIC A. DALLETT, DOUGLAS ROBINSON, JUSTUS RUPERTI WILLIAM JAY 8CHIEFFELIN. SAMUEL SLOAN, WALTER WOOD PARSONS. CHARLES A. PEABODY. WILLIAM R. PETERS, JAMES H. POST, WILLIAM SLOANE. LOUIS STERN, WILLIAM A. STREET. GEORGE E. TURNURE, CLEVELAND H. DODGE. CORNELIUS ELDERT, GEORGE C. VAN TUYL, Jr. RICHARD H. EWART, CHARLES M. PRATT, RICHARD H. WILLIAMS. G. STANTON FLOYD-JONES, DALLAS B. PRATT. 1?HILIP A. S. FRANKLIN. A. A. RAVEN, Chairman of the Board. CORNELIUS ELDERT, President. WALTER WOOD PARSONS, Vice-President. CHARLES E. FAY. 2d Vice-President. WILLIAM D. Bonds and State of New - York $ 1,185,000.00 Stock of the City of New York and Stocks of Trust Companies <k Banks Stocks and Bonds of Railroads A 1,445,550.00 3,287,129.85 305,410.00 Special Deposits In Banks and Trust Companies 3,000.000.00 Real Estate cor. Wall Street, William Street and Exchange Place 3,900,000.0v Other Securities - (held Real Estate on Staten Island under provisions of Chapter 481, Laws of 1887) Premium Notes..----.---..-...-.. Bills Receivable Note Receivable Cash In hands of European to pay losses under In foreign countries Cash in Bank and In Office Statutory Deposit with the - Bankers policies payable 75,000.00 1,009,577.74 1,038,460.86 5,122.26 Unpaid 121.989.96 500.000.00 TermiCom¬ Re¬ FRANCISCO BROWN & CO. DEALERS IN Municipal and Corporation BONDS 183,517.10 turned, Withheld for Unpaid Pre¬ 22.750.10 3.135.96 Withheld at the Source.5,722.590.00 Certificates of Profits Outstanding... California 300 Sansome Street, Corner SAN FRANCISCO. CALIFORNIA Information Furnished on Quotations and Paoiflo Coast 5,318.322.55 Securities Established 1858 598,675.67 2,187,198.87 SUTRO & CO. „ State of Queensland, Australia—... LOS ANGELES 385.667JtSI miums Income Tax — MUNICIPALS Building, SAN F. M. Return Premiums Unpaid Faxes Unpaid —--Premiums on Re-insurance nated Risks Claims not Settled, including pensation, etc Certificates of Profits Ordered ANGELES MOULTON & COMPANY Vice-President. 4,432,959.00 tled in process of Adjustment—_.$ 1,069-550.96 Premiums on Unterminated Risks... Certificates of Profits and Interest 301.406.75 Balance R. H. Title Insurance and Losses Unset¬ Estimated Losses LOS CALIFORNIA LIABILITIES. ASSETS. United States WINTER, 3rd RILEY PERRIN, DRAKE & 4,765.00 $18,041,890,25 $18,041,890.25 INVESTMENT BROKERS Members San Francisco 410 Montgomery St. San Francisco Stock ...$5,318,322.55 Bond Exchange 75,724.0(1 1917, amounted to —$ 1917, amounted to $ 22.201.5fe authorized in New York, on the 31st day of — $ 583.467.kW 1917, amounted to DE WOLFE CO. Insurance Department has estimated the value of the Real Estate on Staten Island the Book Value given above, at $ 63.70*M?y CHAPMAN 351-353 Montgomery Street, Department's other The valuation of Stocks, Bonds and Securities exceeds ...$2,303.887.87 the Company's valuation by brought down Accrued Interest on the 31st day of December, Rents due and accrued on the 31st day of December. Re-insurance due or accrued, in companies Balance and December, Note: The in excess of Insurance dB the bask ‘ ■ .....$8,367,303.84 -r.the balance would be...... SAN FRANCISCO. CALIF. Stocks and Information and Coast $16,400,000 • - Has on hand at all times a variety of ex- cellent securities. Buys and sells Government, Municipal and which concise and that is object is to serve. Ask for It. of a little monthly Magazine will send to you without Charge. It-Is our aim to make it the most valuable pocket edition of financial news Is the name we published. Transacts a Its INDIANAPOLIS Cincinnati Detroit Corporation Bonds. General Trust Business. HARRISON BREED, ELLIOTT & OTTO F. Chicago HAUEISEN A CO< MELLON NATIONAL PITTSBURGH CONDITION AT THE CLOSE OF BANK Securities __ $97,443,557 82 67 11 3,220,802 10 15,402,057 94 and Corporation Bonds & Fletcher-Amer. Bank Bldg., Capital Surplus and Undivided Profits Reserved for Depreciation, etc Borrowed from Federal Reserve Bank Circulating Notes Deposits PITTSBURGH Pittsburgh $6,000,000 00 4,398,817 49 2,101,633 81 1,000,009 00 4,378,700 00 Stocks INDIANAPOLIS $116,066,484 97 LIABILITIES Indianapolis Local Securities Indiana Investment Securities Building, NEWTON TODD BUSINESS AUG. 31 1918 RESOURCES Loans, Bonds and Overdrafts Cash Due from Banks Fletcher Trust 412 Milwaukee Established 1902 Specialists in Local STATEMENT OF Exchange INCOMES Capital, Surplus and Undivided Profits change. Pacific INDIANAPOLIS CHICAGO Pays Interest on Time Deposits, Current and Reserve Accounts. Deals in Foreign Ex- Securities Francisco Stock & Bond Member San till noisTrust& Sarim* s Bank Bonds Quotations on all Securities a CHILDS, KAY & Union Arcade Specialty WOODS PITTSBURGH, PA. Members NEW YORK 98,187,333 67 $116,066,48497 STOCK EXCHANGE PITTSBURGH STOCK CHICAGO BOARD / EXCHANGE OF TRADE