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1y.
TWO
Bank &
SECTIONS
SECTION
ONE
Quotation Section
Railway & Industrial Section
Electric
Railway Earnings Section
Bankers* Convention Section
State and
COMPANY, NEW YORK.
COPYRIOHTEO IN 1917 BY WILLIAM B. DANA
NO. 2729.
OCTOBER 13 1917.
financial
jfmanrial
Jfuiancial
THE FARMERS'
LOAN & TRUST
City Section
ENTERED AS SECOND-CLASS MATTER JUNE 23, 1879, ATTHE POST OFFICE AT NEW YORK, NEW YORK, UNDER THE ACT OF MARCH 3, 1879.
NEW YORK,
VOL. 105
Railway Section
THE
HARVEY FISK & SONS
COMPANY
62 Cedar St.
LIBERTY
BANK
NATIONAL
NEW YORK
Foreign Exchange, Cable Transfers,
OF NEW YORK
Travelers'Letters of Credit
BROADWAY and CEDAR ST
UNITED STATES BONDS
The
Company Is
moneys
a
legal depositary for
paid into Court, and Is author-*
Ized to act
as
other
fiduciary capacities.
Acts
as
NEW YORK CITY BONDS
Executor, Administrator,
Trustee, Guardian, Receiver, and in all
Trustee under
Mortgages made
AND OTHER CHOICE
Capital
INVESTMENT SECURITIES
-
-
$3,000,000.00
-
4,000,000.00
Surplus & Profits
by Railroad and other Corporations, and
Transfer Agent and Registrar of Stocks
as
and Bonds.
Receives deposits upon Certificates of
The National Park Bank
Deposit, or subject to check, and allows
Interest
of New York
daily balances.
on
Manages Real Estate and lends money
bond
on
and
Will act
any
mortgage.
Agent in the transaction of
as
approved financial business.
Depositary for Legal Reserves of State
Street,
Corner William
NEW
CapitalSurplus & Undivided Profits Deposits (Sept. 11,1917)
>
Banks and also for moneys of the City
$5,000,000 00
17,000,000 00
174,000,000 00
-
-
YORK
27 Austin Friars, LONDON, E. w.
HARRIS, FORBES & CO., Inc.
BOSTON
President
RICHARD DELAFIELD
Fiscal Agent for States, Counties and
Vice-Presidents
Cities.
16-22 WILLIAM STREET
Pine
Organized 1856
of New York.
,
Harris, Forbes & Co
'
GILBERT G. THORNS
JOHN C. VAN CLEAP
WILLIAM O. JONES
MAURICE H. EWER
Act
.
fiscal agents for munici¬
palities
and corporations and
deal in Government, munici¬
pal, railroad and public utility
SYLVESTER W.LABROT
GEORGE H. KRETZ
475 FIFTH AVENUE
as
BONDS
Cashier
FOR
INVESTMENT
ERNEST V. CONNOLLY
NEW YORK
List
on
Assistant Cashiers
LONDON
PARIS
WILLIAM A. MAIN
FRED'K O. FOXCROFT
J. EDWIN PRO VINE
WILLIAM E. DOUGLAS
Application
Cable Address SABA, NEW YORK
HENRY It. SPARKS
BYRON P. BOBBINS
PERCY J. EBBOTT
•Established
1874.
Edward B. Smith & Co
John L. Williams & Sons
Established
1892
BANKERS
Corner
8th and
Main
BANKERS
Streets
Established 1810
RICHMOND, VA.
Members New
Baltimore Correspondents:
MIDDENDORF, WILLIAMS & CO., Inc.
GARFIELD
Bank
National
NATIONAL BANK
York
and
Philadelphia
Stock Exchanges
The Mechanics and Metals
1411 Chestnut Stbbbt, Philadelphia
30
New York
Street
Pine
Fifth Avenue Building
Corner Fifth Ave. and 23rd St., New York.
Capital, $1,000,000
of the
City of New York
Surplus, $1,000,000
RtXEL W. POOR, President.
Capital
HORACE F. POOR, Vice-President.
-
-
$6,000,000 J
-
of the
ARTHUR W. SNOW, 2d V.-Pres. & Cashier.
JOHN
W.
$9,000,000
Surplus and Profits
RALPH T. THORN, Asst. Cashier.
The Chase National Bank
City of New York
United States Depository
PEDDIE, Asst. Cashier.
Deposits Sept. 11,1917
-$187,000,000
-
Foreign Exchange Department
THE
Capital.
Surplus and Profits (Earned)
Deposits, Sept 11th 1917 - -
-
-
-
r
$10,000,000
12,623,000
302,027,000
OFFICERS
AMERICAN EXCHANGE
A.
NATIONAL BANK
NEW YORK
'
'
*
1
■
.
Resources
over
BARTON HEPBURN.
$130,000,000
Francis Ralston
Welsh,
CHARLES D. SMITH,
WILLIAM P. HOLLY,
CHARTER NO.
BONDS
OF RAILROAD, GAS AND
LIGHT AND POWER
ELECTRIC
COMPANIES
1
ACCOUNTS
INVITED
SOUTH
FOURTH STREET
PHILADELPHIA
Asst. Cashier
Asst. Cashier
Asst. Cashier
ROBERT I. BARR,
Asst. Cashier
Asst. Cashier
SEWALL S. SHAW,
* Asst. Cashier
DIRECTORS
Frank A. Sayles
Charles M. Schwab
Henry W. Cannon
Hepburn
Albert H. Wiggin
A. Barton
Samuel H. Miller
Edward R, Tinker
Guy E. Tripp
Henry B. Endicott
James N. Hill
Edward J. Nichols
Daniel O. Japkling
New comb Carlton
Frederick H. Ecker
John J. Mitchell
109-111
Asst. Cashier
GEO. H. SAYLOR,
M. HADDEN HOWELL,
S. FRED TELLEEN,
First National Bank
Philadelphia, Pa.
Chairman
ALBERT H. WIGGIN,
President
SAMUEL H. MILLER,
Vice-President
EDWARD R. TINKER.
Vice-President
CARL J. SCHMIDLAPP, Vice-President
GERHARD M. DAHL,
Vice-President
ALFRED O. ANDREWS,
Cashier
CHARLES O. SLADE,
Asst. Cashier
EDWIN A. LEE,
Asst. Cashier
WILLIAM E. PURDY,
Asst. Cashier
.
CHRONICLE
THE
II
[vOL. 105.
Snbeltment ©ouaejJ anli Bratoert of Jforefgtt exchange
MORGAN & CO. Maitland,
J. P.
Wall Street,
Corner of Broad
Coppell/a Co.
52 WILLIAM STREI
NEW YORK
NEW YORK
DBEXEZi
&
PHILADELPHIA
CO.,
Orders executed for all Investment Securities.
Act as agents of Corporations and negotiate and
Corner of Sth and Chestnut Streets
issue
morgan, grenfell&co., london
Loans.
BUla of Exchange,
Letters
No. 22 Old Broad Street
of Credit
on
eorganTharjes
paris
ccl,
&
J. & W. Seligman & Co.
Telegraphic Transfers,
N2 1 William Street-
.
,
& Smiths Bank, Limited.
London.
Union of London
31 Boulevard Haussmann
NEW YORK
.
Messrs. Mallet Freres & Cie, Paris,
Banco Nacional de Mexico,
And Its Branches.
Securities bought and sold on Commission.
Foreign Exchange, Commercial Credits.
Agents for the Bank of Australasia.
Cable Transfers.
Circular Letters for Travelers, available
parts of the world.
In
al'
TRAVELERS' LETTERS OP CREDIT
Available throughout the United States
Brown
Brothers
PHILA.
NEW
59
&
Co
BOSTON
YORK
Wall Street
Belmont & Co.
August
\
Members N.Y., Phlla. & Boston Stock Exchanges
43 EXCHANGE PLACE,
New York, Philadelphia, Boston and Baltimore
New
Members
NEW YORK.
Stock
York
{Alez.Brown ASons) Connected by private wires
Securities
Investment
sold
on
bought
Agents
and
of
porations,
received
Banks,
on
favorable terms.
Miranda!®
of the
33 Pine Street, New York
London, Paris and Vienna.
Cor¬
Individuals
Bankers,
Firms and
Exchange.
Correspondents
Messrs. ROTHSCHILD
Commission.
Accounts
and
Investment Securities
ISSUE LETTERS OF CREDIT
Cer¬
for Travelers
i
tificates of Deposit.
Available in all
Foreign
Exchange, Domestic and
Foreign Collections, Cable Trans¬
parts of
the
Members
world.
New York Stock
Draw bills of Exchange and make Telegraphic
Transfers to EUROPE. Cuba, and the
other West Indies, Mexico and California.
fers.
Buy and sell Securities
Travelers' Letters of Credit.
orders for the purchase
Bonds and Stocks.
Execute
Commercial Letters of Credit for the
and
sale
of
I
Commission and act
financing of exports and imports.
Agents " for
BROWN, SHIPLEY & CO., LONDON
Exchange
Lawrence Turnure & Co.
as
on
Fiscal
Corporations
Correspondents of
London & South Western Bk., Ltd., London
64«66 Wall
Grenville Kane
Jordaan & Cie, Paris
Russo-Asiatic Bank, Hong
New York
T. Suffern Taller
...
Street,
Kong
James G. Wallace
Investment securities bought and sold on com¬
mission.
Travelers'
credits, available through¬
out the United States, Cuba, Puerto Rico, Mexico,
Central America and Spain. Make collections In and
issue drafts and cable transfers on above countries.
TAILER&CD
London Bankers:—London
'
Bank, Limited.
Paris Bankers:—Banque
Joint
Stock
Francaise—-Heine
& Co.
Graham, Parso
BANKER
10 Pine Street, New York
435 Chestnut
HEIDELBACH, ICKELHEIMER & CO.
Investment Securities
37 William Street.
and
Government
MEMBERS
Y.
N.
STOCK
Gxecute orders for
Received
on
Subject
to
Deposits,
Bought
and
Draft,
27 Pine
on
Street,
■
•
•
,
of
foreign Exchange, Letters of Credit
Execute orders for purchases and sales
of stocks and bonds.
established
value.
Philadelphia.
24 BROAD
& CO.
STREET, NEW YORK
Members of the New York Stock Exchange.
INVESTMENT SECURITIES
Foreign Exchange bought and sold.
Issue commercial credits in Dollars
China,
Electric
Electric
and
BOISSEVAIN
Members New York Stock Exchange
in
Gas
Cable Address, "Graco,"
<v
Commission,
available
Municipal Bonds
Railroads,
Light and Power Companies
New York
■
of
Railways,
,
Schulz & Ruckgaber
Interest
Securities
Sold
purchase and sale of
Issue Commercial and Travelers' Credits
available in all parts of the world.
YORK
Bankers.
Allowed
Securities
Foreign Exchange Bought and Sold.
69 CEDAR STREET
deposits
EXCHANGE.
Stocks and Bonds,
V
Winslow, Lanier & Co
NEW
StI
PHILADELPHIA
COMMERCIAL DEPARTMENT
FOREIGN
EXCHANGE
MESSRS. PIERSON & CO.
(Successors toAdoIphBoissevain &Co.)
Amsterdam, Holland*
Japan
and East Indies.
Kean, Taylor & Co.
BERTRON, GRISCOM & CO.
York
New
Investment Securities
INVESTMENT SECURITIES
Produce
-
Exchange Bank
1
•
'
.
'
Land Title Building,
Broadway, Corner BEAVER ST.
S Nassau Street
105 So. La Salle St,
NEW YORK
CHICAGO
Capital
•
.
.
40 Wall Street
PHILADELPHIA.
new york;
$1,000,000
.
Surplus and Undivided Profits 1,000,000
Foreign
Exchange
bought
and
sold.
Cable
Transfers.
Commercial and Travelers' Letters of
Credit available in all parts of the world.
ACCOUNTS INVITED.
John Munroe & Co.
NEW YORK
'
ALDRED & CO.
BOSTON
H. AMY
&
CO.
24
Letters of Credit for Travelers
Commercial Credits.
■
Foreign Exchange
Cable Transfers,
44 AND 46 WALL
'
■'
■
MUNROE & CO.,
Transact
Pari?
a
General
'
Exchange Place
New York
Members N. Y* Stock Exchange
ST.,
•
,
Investment and
Exchange Business
'
Stock
Fiscal Agents for
public Utility and Hydro-EIectrto
Companies
Oct. 13
1917.]
in
CHRONICLE
THE
Snbestment anb jf inanetal gooses
Millett, Roe& Hagem
Wm. A. Read & Co.
Lee, Higginson&Co.
INVESTMENT SECURITIES
Investment Securities
BOSTON
?3iw York
h
•
•
.
Chicago
& CO.
BOSTON
PHILADELPHIA
CHICAGO
LONDON. E. &
EXCHANGE
STOCK EXCHANGE
BOSTON
NEW YORK
Lombard Street
80
15 CONGRESS S?
ST.
52 WILLIAM
LONDON
BOSTON
NEW YORK
Second LIBERTY LOAN of 1917
Obligation of the
A Direct
Bears 4% Interest
U. S. Government
:
MEMBERS
NEW YORK STOCK
NASSAU AND CEDAR STREETS
HIGGINSON
%
The
NEW YORK
Company
BOSTON
CHICAGO
National City
'
Free from the Normal Federal Income Tax
and
.
Readily Marketable and Acceptable as
Collateral
Securities
Investment
Local Personal Property Taxes
Goldman, Sachs & Co.
/
"
.
<
National City Bank
•
Building
New York
Hornblower & Weeks
Members of New York & Chicago Stock Exchanges
NEW YORK
42 BROADWAY,
Robinson & Co.
CHICAGO
BOSTON
PORTLAND
DETROIT
PROVIDENCE
U. S. Government Bonds
INCORPORATED
V
Wm. Morris Imbrie & Co.
,
35 Pine St
Franklin Bank BIdg.
PHILADELPHIA
185 Devonshire St
i
New YobII
Place
Members New York Stock Exchange
1
-•
.
4
BOSTON
'
..
26 Exchange
NEW YORK
-")
Investment Securities
Chandler & Gompahy
IIIIII
W
^
■■■ i
in
M
ii
i mi I —
Investment Securities
Government
(Established 1882)
and
Loans, Municipal
Railroad
Securities
Bonbright & Compaq
Incorporated
High Grade Industrials
61
NEW YORK
BROADWAY,
208 South La Salle St.,
25
NASSAU
Chicago
STREET,
NEW
YORK
CHICAG©
DETROIT
BOSTON
PHILADELPHIA
PARIS
LONDON
William P.
Frazierg-Gx
Securities
Investment
W. C. Langley &
PHILADELPHIA
211 E. German Street,
Baltimore.
New York.
Bonbright & C®r
PUBLIC UTILITY SECURITIES
Co.
Liberty Loan Bonds
Broad and SanSom Streets,
15 Broad Street,
Bonbright &. Co.
SiMON BORG & co.,
115
Broadway, New York City
•
Members
of New York Stock Exchange
No. 46 Cedar Street
■
•
New York
HALSEY, STUART & CO.
Incorporated—Successors to
N.
HALSEY
W.
&
CO.
CHICAGO
CHICAGO
NEW
PHILADELPHIA
YORK
BOSTON
DETROIT
ST.
MILWAUKEE
LOUIS
Government, Municipal, Railroad
and
Public Utility
Fiscal Agents for Cities
Bonds.
and Corporations.
Hemphill, White<3& Chamberlain
New York Stock
Members
t.
HOLTZ & co.
Exchange
Fidelity BIdg.
37 Wall Street
MUNICIPAL AND RAILROAD
Buffalo
New York
H.
HIGH-GRADE
INVESTMENT SECURITIES
BONDS
Investment Securities
FOR INVESTMENT
MUNICIPAL AND
PUBLIC UTILITY
BONDS
HARPER
& TURNER
INVESTMENT
BANKERS
STOCK EXCHANGE
WALNUT STREET
39 SOUTH
LASALLE STREET
CHICAGO
I
BUILDING
Colgate, Parker & C&
ABOVE BROAD
PHIi.ADCL.PHIA
Members Philadelphia
Stock Exchange
49 Wall Street, New Yotk
it
JffttancisI
Electric
Jftnantial
financial
FINANCE
WE
f
ESTABROOK & GO.
Light, Power and Street
Railway Enterprises with records
of
[Vol. 105.
THE CHRONICLE
established
Members New York and Boston
chase
Stock Exchanges
earnings
INVESTMENT
a
SECURITIES
BONDS
WE OFFER
Bankers
and
Investment
Public
Proven
15 State Street,
Dealers
24 Broad Street,
Securities
Utility
company
BOSTON
-
NEW YORK
19 CONGRESS ST..
BOSTON
Correspondence Solicited
HARTFORD
BALTIMORE
(SPRINGFIELD
ELECTRIC BOND & SHARE CO(Paid-Up Capital and Surplus, $21,000,000)
71
Ervin a Company
BROADWAY, NEW YORK
Prudence
Members
New
MUNICIPAL AND RAILROAD
York
Stock
Demands
Exchange
Philadelphia Stock Exchange
that
BONDS
BONDS
^121
For Conservative Investment
FOR
INVESTMENT
A
Drexel Bldg.,
601 Trinity Bldg..£S
.
Telephone Sector 3061
Write
R. L. Day & Co.
35
sult
milNVESTMENT BANKERS
Members
u
n7 Y.
and Phlla.
Stocir
.
,
con¬
Depart¬
'N. Y. Stock Exchange
N. Y. Cotton Exchange
Members N. Y. Coffee & Sugar Exchange
N. Y. Produce Exchange
Chicago Board of Trade
Exchanges
R.C. Megargel & Co.
Members of
York Stock
Exchangee
and
A. A. Hotisman & Co.
Established 1866
REMICK, HODGES & CO.
New
call
Service
h r f. bac h ma n & co.
Correspondenta
sm
or
our
ment.
Congress St., Boston
New York
study of their status
NOW may prevent losses
later.
NEW YORK
PHILADELPHIA^
do not neglect
investments.
you
your
20
1612 Chestnut St..
61 Broadway,
PHILADELPHIA
NEW YORK
Broad
Street, New York
Branch Office—25 West 33d
St.
c. i. hudson & co.
Investment
No.
66 BROADWAY,
NEW YORK
Members
New York, Philadelphia
Chicago Stock Exchanges
Securities
and
Eligible to Secure Postal
TELEPHONE RECTOR 7401
Savings Deposits
W
ML.
3
Municipal Bonds
EXEMPT FROM FEDERAL INCOME TAX
Miscellaneous Securities
27 Pine Street,
New York
in all Markets
PRIVATE WIRES
TO
William R.foropton (o.
PRINCIPAL
CITIES
Municipal Bonds
Over
a
Quarter Century in this business
14 Wall Street Jiew York
parkinson & burr
St. Louis
Cincinnati
Chicago
Members of the New York and
Boston Stock Exchanges
53 State Street
7 Wall Street
BOSTON
NEW YORK
Municipal Railroad m
Corporation Bonds
zo Broad Street New York
PHOKE RECTOR 9140--CABLE ADDRESS
List
C
Mountain
States
Telephone
"ORIEHTHEST'
gives current offerings
Pittsburgh
BELL
NEW
SYSTEM
MEXICO,
IN
COLORADa
ARIZONA,
UTAHi
WYOMING, IDAHO AND MONTANA
H. D. Walbridge
BONDS
& Co.
7% STOCK
No Bonds—No Preferred Shares
'
■'
■'
t
■
14 Wall
■
Baker,Aylirtg &Young
Street, New York
BOETTCHER, PORTER
COMPANY
Public Utility Securities
DENVER
BOSTON
PHILADELPHIA
SPRINGFIELD, MASS.
CHICAGO
sls
John Barnham & Co.
ESTABLISHED 1866.
Chicago
i
New York
STERN & SILVERMAN
INCORPORATED
e/hJUbJCddeH&Co
PHILADELPHIA
6 Nassau St., N. Y.
MEMBERS NEW YORK STOCK EXCHANGE!
A.
Deal in
Underlying Railroad Bonds
G.
Becker & Co.
and
FINANCING
COMMERCIAL
Tax-exempt Guaranteed & Preferred
Railroad & Telegraph Co. Stocks
ELECTRIC RAILWAYS
(INCORPORATED)
N.
PAPER
E. Cor. La Salle & Adams Sts.,
Chicago
ENGINEERING
•
Oct. 13
it r*.
1917.]
THE
CHRONICLE
v
Canadian
bank of montreal THE
(Established 1817)
Canadian
CAPITAL
Government and Mnnicipal
REST,
paid
up
-
-
TOTAL
ASSETS
-
-
-
Sir
Frederick
64
5%
J. T.
Montreal
[Agents
London
G. C.
Banking and Exchange business of every de¬
scription transacted with Canada.
LONDON
Place, Pall Mall, S. W#
CASSELS, Manager.
The Bank of
Municipal and
Paid-up
Reserve
Capital
Fund—
Toronto, Ont.
W.
canadian issues
—
T.
OLIVER
1
Travelers'
Securities.
Agents
us
issued if
your name
you
and address.
Bills
Cheques, available in any
part of the world.
Issue Drafts on and make
Collections in all parts of Canada.
Agents for Banco de Londres y Mexico,
Securities
Corporation
limited
MONTREAL, CANADA
on
Canada
New York
meredith & CO.,
12,000,000
110,000.000
West Indian
Agency, 52 Wall Street,
Patterson, Agent.
^ Royal
Bank of Scotland.
Established
Capital Paid Up
Reserve Funds
Total Assets
D. C. Macarow,
Bartlett McLennan,
H. B. MacDougall,
A.E.Holt.
A. Baumgarten,
J. M. Mackie, Manager
112 St. James St.
Montreal
SIR HERBERT S. HOLT,
E. L. PEASE,
President
Vice-Pres. & Man. Director
O. E. NEILL, Gen. Manager
U
Branches throughout the DOMINION OF CAN¬
ADA and NEWFOUNDLAND; in HAVANA and
all principal points In CUBA, PORTO RICO,
A. P. B. Williams, Sec.
DOMINICAN REPUBLIC, COSTA RICA and
VENEZUELA.
Also
in
ANTIGUA,
BAHA¬
MAS, BARBADOS, DOMINICA, GRENADA.
JAMAICA, ST. KITTS, TRINIDAD, BRITISH
46 Threadneedle St.
MONTREAL
1869
$12,911,700
$14,324,000
a—$300,000,000
Head Office
C. B. Gordon, Vice-Pres.
Wm. McMaster,
tbt
THE
Bond Brokers and Financial Agents
O. Meredith, President
C. R. Hosmer,
points favorabls
ROYAL BANK OF CANADA
LIMITED
J.J. Reed,
$6,500,005
-
Correspondents ( London Joint Stock Bank,Lt£
r
In Great Britain
C.
or
H. F.
BOARD OF DIRECTORS,
Royal
CAPITAL-—
negotiated or collected by our branches in
United States.
Correspondence solicited.
Credits and
We shall be pleased to
mail these to you as
will send
Investment
Limited.
Bank,
Head Office, Halifax, N. S.
General Manager's Office, Toronto, Ont.
190 branches throughout Canada,
Newfoundland,
Cuba, Jamaica, Porto Rico, and in Boston, Chi*
cago and New York.
Commercial and Travelers'
Credits Issued, available in all parts of the world.
booklets
descriptive of sound,
Canadian
grade
Scotland,
i
E. 0.
Mexico City and Branches
high
England,
of
RESERVE FUND
P. C. HARRISON /
Buy and Sell Sterling and Continental Exchange
and Cable Transfers.
Grant Commercial and
and circulars
of
Bank
TOTAL ASSETS OVER
New York Office: 52 Wall Street,
periodically
Bank
The
(Incorporated 1832)
PAID-UP
£1,000,000 Sterling
£620,000 Sterling
Head Office:
5 Gracechurch
Street, London,
O.
THE BANK OF NOVA SCOTIA
Incorporated by Royal Charter in 1840
New York Agency opened 1843
R. C. Matthews & Co.
issue
The
Established in 1839
i
Street, E.
®
British North America
Corporation Bonds
We
OFFICE—2 Lombard
BANKERS IN GREAT BRITAIN,
Lloyd's
Canadian Government,
,
.
[Agents
Travelers' Cheques and Letters of Credit Issued,
available in all parts of the world.
Offices, 47 Threadneedle St., E. C.
9 Waterloo
)
STEPHENSON,]
Buy and Sell Sterling and Continental Ex¬
change
and
Cable
Transfers.
Collections
made at all points.
MOLINEUXj
Buy and Sell Sterling and Continental Exchange
Transfers; issue Commercial and Trav¬
elers' Credits, available In any part of the world;
issue drafts on and make collections at all points In
the Dominion of Canada and Newfoundland.
London
C. P. R. Building,
C. J.
1
and Cable
14 Wall St., Now York
CX-
Exchange Place
F. B. FRANCIS,
J. A. C. KEMP,
Chicago Branch 108 South La Salle St.
Spokane, Wash.
Mexico, D. F.
Wood, Gundy & Co.
Toronto
New York Office, 16
WALL STREET
R. Y. HEBDEN.
W. A. BOG,
6%
to
Williams-Taylor,
NEW YORK AGENCY
yield from
to
513.500.000
Assistant General Manager: H. V. F. Jones.
General Manager
ing Canadian Government and
515.000,000
-
Prealdent:Slr Edmund Walker,C.V.O.,LL.D.,D
General Manager: Sir John Alrd.
Head Office—Montreal
SIR VINCENT MEREDITH, Bart., President.
We invite correspondence regard¬
OFFICE. TORONTO
PAID-UP CAPITAL
REST
$386,806,887
-
BANK
COMMERCE
HEAD
16,000,000
Bonds
Municipal Bonds
$16,000,000
-
-
CANADIAN
OF
LONDON, E.C.
HONDURAS and BRITISH GUIANA.
LONDON OFFICE—Bank Buildings,
Princes Street, E. O.
Greenshields
&
Company
DALY 8L CO.
R. A.
-
Members Montreal Stock Exchange
Our
Monthly
Review
dian Conditions sent
of
on
CANADIAN
request
ttank of Nova Scotia
V7 St. John Street,
MONTREAL
SECURITIES
Building
TORONTO, ONT.
Government, Municipal
CANADIAN
Municipal and Public Utility
&
Canadian
Bonds
Corporation
Lists
6 COMPANY, LIMITED
£22
ST. JAMES
MERCANTILE
and Corporation Bonds
H
ST. MO NTREAL
TRUST
on
reguest
Government, Municipal
HESBITT. THOMSOU
!1
Agents.
GOVERNMENT, MUNICIPAL
AND CORPORATION BONDS
Cana¬
F. T. WALKER, C. E. MACKENZIE and
R. L, ELLIS,
CANADIAN
Dealers in Canadian Bond Issues
New York Agency—Cor. William & Cedar Sts
A. E. AMES & CO.
74 Broadway,
NEW YORK
OLD..MAMILTON.
Toronto
—————————pwwapu—P—Wl
Will
Mil
'
Montreal
■■
Donmio/! Securities
Adrian H. Muller
&lSon
CORPORATION- LIMITED
TORONTO. JMONTREAJU.ljONDQN.ErtQ
Canadian Securities
auctioneers;
W. GRAHAM BROWNE & co.
Office, No. 55 WILLIAM STREET
Corner
Pine
£ Regular Weekly Sales
fe'.'l
222 St.
Street
Canadian Securities
of
STOCKS and BONDS
EVERY WEDNESDAY
Inquiries Solicited
Exchange Sales Rooms
14-16
Vesey Street
Correspondence Solicited
Kemerer, Matthes & Co.
B. W.
Members Phila. Stock Exchange.
50 Broad
At the
James Street
MONTREAL
Toronto,
Street, New York
Hamilton,
'
London,
Direct Private
Buffalo.
Wires
Phila.
SOUTHERN
Strassburger
INVESTMENT SECURITIES
MONTGOMERY, ALA.
,
[Voi*. 105.
CHRONICLE
THE
VI
7oreign:1
AUSTRALIA & NEW ZEALAND
SOUTH°WALES
HEW
{ESTABLISHED 1817.)
Paid
up
Capital.....
LONDON, E. C. 1
Liability of Proprietor*.._ 19,474,9005
(»5=£1)
$52,949,800
Aggregate Assets 31st Mar. 1917...$287,130,048
J. RUSSELL
FRENCH, General Manager
Reserve Fund
$114,739,020
$23,903,960
$20,000,000
Deposits
$912,587,430
Subscribed Capital
Paid-up Capital ?;(
337 BRANCHES and AGENCIES in the Aus¬
tralian States, New Zealand, Fiji, Papua (New
Guinea), and London.
Bank
The
transacts
every
description
of
Australian Banking Business.
Wool and other Produce Credits arranged.
Head Office
GEORGE
Sterling.
£25,000,000
£22,934,100
—.—£3,554,785
£1,150,000
Deposits and Current Accounts,
/
December 31, 1916-.-—
£55,231,863
—
Ovar 1000 Offices in the
SIR FELIX SCHUSTER, Bart., Governor
General Managers
H.
H.
HART
L.
.....£6,000,000Paid-up Capital £2,000,000 [
ToReserve Fund...£1,980,000/gether
£3,980,000
Reserve Liability of Proprietors
£4,000,000
and
Capital
Total
The Bank has 41 Branches In VICTORIA, 39 In
NEW SOUTH WALES, 19 in QUEENSLAND,
14 in SOUTH AUSTRALIA, 22 in WESTERN
AUSTRALIA, 3 in TASMANIA and 44 in NEW
ZEALAND,
: 71 CORNHILL, LONDON, E C.
Manager—A.C.Willis,
Office
Head
■
-
The Union Discount Co.
LTD.
London, England.
ifaibscribed Capital
_ .. u - -~ — deposit & Current Acts** 30-6-16,.$241,722,285
f^aid-up
Reserve
Capital
$5=£1
Fund-...
(5 dollars equal £1)
ffliis Bank has upwards of 500 Offices in
Wales and Channel Islands.
Every kind of
Banking Business transacted.
INTEREST
GIVEN
allowed
that
for
Trust Companies and
Cable
-
-
-
'
W. O. Stevenso®
ITALIANS
BANCA COMMERGIALE
Notice, 4*4
Days'
to 7
Per Cent.
Head Office MILAN
discounts approved bank and
mercantile acceptance^, receives money on de¬
posit at rates advertised from time to time, and
grants loans on approved negotiable securities.
The
Company
$11,640,000
Funds-..—.
Manager
COUNTY &
LONDON
$31,200,000
Paid-up Capital
Reserve
BROAD STREET, E. Cc
London Office, 1 OLD
CHRISTOPHER R. NUGENT. Manager.
:
E. Consolo.
West End Agency and London Office
Italian State Railways, 12 Waterloo
Regent St., 8, W.
of the
Place,
Correspondents to the Italian Treasury*
WESTMINSTER BANK
.BRANCH¥S
Caltanissetta,
Subscribed
In
Invites Correspondence*
Address:"Elmficld London "
Western Union, Peterson's International
Capital £14,000,000*
Paid-up Capital
-
-
£3,500,000
Reserve
-
-
£4,000,000
-
-
Oneglia, Padua, Palermo, Parma, Perugia, Pescara, Piacenza, Pisa, Prato, Reggio Emilia, Rome,
Salerno, Saluzzo, Sant. Agnello, Sampier-d Arena,
Sassari, Savona, Schio, Sestri Ponente, Syracuse,
Termini Imerese, Trapani, Turin, Udine, Venice,
Verona, Vicenza.
Agents in London for
BANQUE FRANCAISE ET ITALIENNE
HEAD OFFICE
Lda.
L'AMERIQUE
V
DU
POUR
LUD,
de Janeiro, San Paulo, Santos
&c. Societa Commerciale d'Oriente, Tripoli.
Buenos Ayres, Rio
E. C. 2.
41, Lothbury, London,
Canelli, Carrara, Catania, Como,
Cremona, Ferrara, Florence, Genoa, Ivrea, Lecce,
Lecco, Leghorn, Lucca, Messina, Naples, Novara,
700,000 Shares of £20 each.
-
ITALY:
IN
Acireale, Alessandria, Ancona, Bari, Bergamo,
Biella, Bologna, Brescia, Busto Arsizio, Cagliari,
LIMITED
for American Banks and
ERNESTO TORNQUIST & CO,
54, Lombard Street, London, E. C.
the
Call 4 Per Cent.
At 3
Codes:
tMbers,
BRITAIN
GREAT
FOREIGN EXCHANGE DEPARTMENT
money
THE
The Bank acts as Agent
£2,200,000
—
IN
BRANCHES
800
STERLING.
England,
FOREIGN EXCHANGE DEPARTMENT
Issues Currency Drafts on all Cities.
Letters of
Credit and Circular Notes payable throughout the
World.
Mail and Telegraphic Transfers.
Ap¬
proved Freight Bills purchased.
Commercial
Credits established available' anywhere, against
Esual shipping documents.
Shipowners' Freight
Remittances and Disbursements to all parts.
FOREIGN BILLS COLLECTED
-
£4,594,443
Paid Up Capital
Reserve Fund.-.-
$10,000,000
8,500,000
4,250,000
4,000,000
HEREBY
IS
OF
£13,500,000
deposit are as follows:
on
At
$8,760,000
$4,000,000
l.L
,
Udisco, London*
Capital Authorized
Capital Subscribed
Capital Paid-Up
Reserve Fund
—
NOTICE
Threadneedle Street,
Head Office: 39
■»
39 CORNHILL.
Telegraphic Address,
Nominal Capital..—
MANAGER
v
LIMITED
Capital Subscribed-!———£12,679,440
of London, Limited
RATES
Established 1834
■
54, Lombard St., London, E. C«
Assistant Manager—W. J. Essame.
He CAPITAL & COUNTIES BANK
R. HOARE
HEAD OFFICE
£7,980,000
Reserves
(Country)
Secretary H.
;
HOLDEN. Bart., Chairman.
H
Sir EDWARD
Issued
and
(Town and Foreign)
THOMAS
E.
BARCLAY & COMPANY
United Kingdom.
CapitalAuthorized
—
LINDSAY ERIC SMITH, Deputy Governor
THE UNION BANK OF AUSTRALIA Limited
Incorporated 1880
_
Troops are stationed In England.
American
STREET, E. C.
Established 1837
>
Authorized Capital
Subscribed Capital
Paid Up Capital —
Reserve Fund
$210,377,630
"
,
ST., LONDON, ENGLAND
THs Bank has Branches la all the Camps where
29, THREADNEEDLE
SYDNEY
2 PRINCES
■
London Office
STREET
(26thJuly, 1917)
Cash Reserve
OFFICE
HEAD
LONDON, E. C. 2
Foreign Branch Office:
t, FINCH LANE,
14,000,000
.....
Head Office:
-
5, THREADNEEDLE STREET,
....$19,474,900
Reserve Fund
Reserve
TH E
LONDON CITY & MIDLAND
UNION OF LONDON & SMITHS BANK
BANK LIMITED
LIMITED
THE
BUENOS AIRES
MADRID2BRANCH
Established 1830
CALLE DE ALCALA
Hong Kong & Shanghai
43.
BANKING
in
establishment
business
Oldest
PARIS
the
River Plate
London
County
& Westminster Bank
up
22, Place Vendome
and Reserve!
Reserve
tteserve
F.imllIn Gold-.fl5.000.000j
i<una|In 8Ilver_ IS.SOO.OOO]
Reserve Liabilities of Proprietors
(Paris) Limited
Capital fully paid
CORPORATION
Paid-up Capital (Hong Kong Currency).—.315,000,000
15,000,000
GRANT DRAFTS, ISSUE LETTERS OF CREDIT
COLLECT BILLS PAYABLE IN
NEGOTIATE OR
/
CHINA,
JAPAN, PHILIPPINES,
TLEMENTS. INDIA
£2,500,209
WADE GARD'NER,
General Financial, Banking and
$33,600,000
——
STRAITS
SET¬
Agent. 36 Wall St
NATIONAL BANK of EGYPT
Head Office—-Cairo.
Commercial Business
Egyptian Law June, 1898,
right to Issue Notes payable at
Established under
with the exclusive
Clermont & Co.
sight to bearer.
£8.000,000
—£1,381,350
fully paid
Reserve Fund-———
Capital,
BANKERS
6 AND 7
LONDON AGENCY
KING WILLIAM ST., LONDON.
The
Anglo-South American
„
E.C.
Bank, Ltd.
GUATEMALA,
National
The
Central America
Discount
ARGENTINA
FRANCE:
CHILE
URUGUAY
Pari.
Gable Address: "Clermont"
Company, Limited
CORNHILL
35
LEU and CO.' BANK
LIMITED
ZURICH
-
SPAIN: Madrid, Bilbao, Barcelona
LONDON. E. C.
$21,166,625
4,233.325
2,250,000
Paid-up Capital
Reserve Fund
CAPITAL &
£6,040,785 @ *5
RESERVES
per
£=$30,203,925
($5=£1 STERLING.)
NOTICE
RATES
000,000
DESCRIPTION of BANKING BUSI¬
on
are
b
Drafts and Letters of Credit issued.
Telegraphic Transfers effected.
Booking and Travel Department*
as
HEAD OFFICE,
follows :
or
14 Days' Notice, 4*4 Per Cent.
Approved bank and mercantile bills discounted.
received on deposit at rates advertised
from time to time and for fixed periods upon
specially agreed terms.
Loans granted on approved negotiable securities,
OLD BROAD STREET,
LONDON,
At Call 4 Per Cent Per Annum.
NESS TRANSACTED.
Exchange negotiated and collected.
HEREBY
GIVEN
that
the
INTEREST allowed
for
money
IS
OF
deposit
At 3 to 7
-
Cable Address—Natdls, London.
Founded 1755.
of
-
Subscribed Capital
(Switzerland)
^iseivPeaFun?-nd}---F"'
-
E. C.
NEW YORK (Agency), 60 WALL
STREET
Money
PHILIP
HAROLD WADE*
Manager.
Every
description
of
Banking and
Exchange business
OCT. 13 1917.]
THE
vn
CHRONICLE
jBanltem A ffitofeecs oatgfiit ft. &
^Foreign
Jforet'gn
SPERLING & CO.
WILLIAMS, DEACON'S I BANK, LTD
CHICAGO
Founde<Tl77WS302
Basildon House, Moorgate St.
MEMBERS
London, E. C.
OF
THE
CLEARING
LONDON
HOUSE.
FISCAL
Total A
AGENTS FOR
DecemberTl916,
ets 31st
£27,822,940
Manchester Office
Public
Utility
Mosley Street, Manchester
and
London Office
(West
Office,
End
and
113
2
Offices,
other
120 BROADWAY.
including:
HEAD
OFFICE: 14
London
Office:
Branches
RUE
King
-—Frs.
Manchester
at
42,000,000
BERGERE, PARIS
William
Street,
and
E.
Agents
of
every
French
the
AND
Liverpool
Colonial
EXCHANGE
Basle, Zurich, St. Gall, Geneva, Lausanne
C.
Nearly 300 Branches in Prance. Spain, Tunis*
Egypt, Madagascar, India and Australia.
BANKING
CHICAGO
oration
Frs. 200,000.000
———
208 South La Salle Street
description of BritishYandXForeign
Banking transacted.
Every
Comptoir National d'Esccmpte do Paris
up...
1)
ton, Rochdale,
and Wigan.
SPERLING & CO., INC.,
Capital fully paid
Reserve Fund.-
S.W.
St.
Cocksp.ur
Blackburn, Chesterfield, Chorley, Pres¬
Rotherham, Sheffield, Stockport
Bolton,
YORK AGENTS
INVESTMENT SECURITIES
Birchin Lane.lLombard St. E.C. 3
20,
Hydro-Electric Companies
NEW
Warren Gorrell & Co.
LONDON OFFICE, 43 Lothbury,
West End Branch
-
Banks.
business
of
transacted, DEPOSIT AND
ACCOUNTS,
DOCUMENTARY
CREDITS, SHIP'S DISBURSEMENTS AND
COLLECTION OF FREIGHTS In all parts of
the world.
Southeast Corner La Salle and Madison Stse
CHICAGO
Capital paid
Surplus,
up,
.
.
.
Frs.82,000,000
.
5&%
CHICAGO FIRST MORTGAGES
Suitable
Frs.27,750,000
-
for
Estates,
(Bankers to the Governments of the Colonies of
the Gambia, Sierra Leone, Gold Coast & Nigeria.)
Write for Bond
Capital
—.$10,000,000
7,000,000
Subscribed Capital
Paid Up Capital
2.800,000
1,100,000
Reserve Fund
AMERICAN
NAVAL
AND
MILITARY
FORCES.
Sanford F, Harris & Co.
Capital (fully paid)__-Fc8.250,000,000
Manches¬
ter/and all the principal towns in West Africa,
Canary Islands and Morocco, and is prepared to
transact
with
description of Banking Business
those places.
every
New York Agency, 6 Wall Street
THE ROOKERY
Fes. 175,000,000
Reserve fund.
Head Office,
,
INVESTMENT SECURITIES
LYONNAIS
CREDIT
$5 equal £1.
The Bank has Branches in Liverpool
CHICAGO
Lyons.
Office, 19 Boul. des Italiens, Paris.
Central
London Office, 49
«r-i-„u™JAutomatlc 54157
Telephonesj Harrigon
Lombard St., E.C.3.
390 branches in France, Algeria and Tunis, and
also at Alexandria, Barcelona, Brussels, Cairo,
O.
A.
which
Societa
Bancaria Italiana
and
Societa
Italiana
tne
Provinciale
Credito
di
Subscribed Capital--—
LIres 115 millions
Piad-up Capital
"
90
Deposits and Current Ac¬
counts (31st Dec. 1916)-.
"
685
Cash in hand and with the
Bank (31st
Dec.
"
1916)—
49
COLONIAL BANK
(Established by RoyalCharter 1836)
cM.rp.ear bonds
Genoa,
at:
CENTRES
OF
ITALY.
NATIONAL BANK OF INDIA Limited
Bankers to the Government in British
Africa and Uganda.
PARIS OFFICE, 2 Rue Le Peletier
London Clearing Agents: The London & SouthWestern Bank, Ltd., 168, Fen church Street.
"The Only American Bank in the Orient"
Banking Corporation
iHAPKER, WALLER & CO,
S34
East
SOUTH LA SALLE STREET
Head Office : 26, Bishopsgate. London, E. C.
Branches in India, Burma, Ceylon, British East
and
Uganda
Africa,
International
William Street
York Agency—22
New
Milan, Naples, Pa¬
lermo, Turin, Venice, Bologna, Busto Arsizio,
Catania,
Florence,
Ancona,
Biella,
Como,
Monza, Sanremo, Verona and 50 others In the
CHIEF
LONDON, E. C.
Cash and Bills Department:
51, Threadneedle St., London, E. C.
Letters of Credit Branch,
Piazza di Spagna—Rome
"*•'
(New York Stock Exchange,
| New York Cotton Exchange,
j New York Coffee Exchange,
jNew York Produce Exchange,
Members^ Chicago Stock Exchange,
| Chicago Board of ,Trade,
jMinn. Chamber of Commerce,
| St. Louis Merchants' Exchange
] Winnipeg Grain Exchange-
Head Office
Special
20
BANKING
EVERY KIND OF
FACILITY
OFFERS
16, BISHOPSGATE,
Central Management and Head Office: ROME
BRANCHES
CHICAGO, ILL.
the
incorporated
are
Slaughter & Co.
UQ WEST MONROE STREET
Seville, Smyrna, Valencia.
Correspondents in Lisbon and Oporto:
Credit Franco-Portugais
bastian,
with
70w
London West End Office, 4 Cockspur St.,S.Wl
Constantinople, Geneva, Jerusalem, Madrid,
Moscpw, Odessa, Port Said, Petrograd, San Se¬
Banca Italiana Di Sconto
Circular C 25.
Chicago. A State Bank.
Special facilities offered to MEMBERS OF
THE
Head office 17-18 Leaden hall Street,
LONDON, E. C.
Authorized
6%
Trustees and Individuals
Oldest Banking House in
BANK of BRITISH WEST AFRICA, LIMITED
$2,000,000
and Surplus,
Capital
description
CURRENT
AND TRUST COMPANY
E.C. 2
—11 Regent Street.
Waterloo Piace. S. W. 1
at
and
Aden
CHICAGO
Zanzibar.
Subscribed
Capital—£2,000,000
Paid-up Capital
£1,000,000
Reserve Fund
___£1,200,000
The Bank conducts every description of banking
and exchange business.
Paul H. Davis &
©ompantf
High Grade Unlisted Stocks and Bonds
'
65 WALL STREET, NEW YORK CITY
„.
.
$3,250,000
Capital
$4,598,000
Surplus & Undivided Profits---—
The Commercial Banking Co. of
Established
Branches in:
Straits Settlements
India
China
Panama
Japan
Colombia
Philippine Islands
Santo
London
San Francisco
Domingo
Sydney Ltd
1834.
Industrials
Public Utilities
Motor Stocks
Sugar Stocks
Bank Stocks
.
Film Stocks
CHICAGO
S9 SO. LA SALLE ST.
Incorporated In New South Wale*.
Capital
£2,000,000
Reserve Fund and Undivided Profit*
Reserve Liability of Proprietors--!- 2,009,000
Pald-Up
Drafts
payable
on
and
demand,
Letter*
COLLINS & COMPANY
by the London Branch on thf
Branches and Agencies of the Ban*
In Australia and elsewhere.
Bills on Australasia
Credit
are
Issued
Incorporated
Head Office.
The Mercantile Bank of India Ltd.
Head
collected
Remittances cabled
IS Blrenio Lane Lombard fH. K.C
or
London Office
Office
Paid
Capital £1,500,000.
Reserve Fund
London
up
India, Burma, Ceylon,
Federated Malay States,
Settlements,
Mauritius.
Straits
China,
and
Established 1856
Capital & Reserves francs, 100,000,000
Head Office: Zurich,
Switzerland
Branches at Basle, Geneva, St.
Gall, Lucerne,
Glaris, Lugano, Frauenfeld.
STANDARD BANK OF SOUTH AFRICA,
OFFICE, LONDON,
Ltd
E. C.
£1,548,525 or
$7,742,625
£2,000,000 or $10,000,000
Total Resources
£35,066,998 or $175,334,990
About Two Hundred and Fifty Branches and
Agencies throughout South Africa.
Paid-up Capital
Reserve
Fund
W.
H.
-
MACINTYRE, Agent
68 Wall St.,
New
Vork
Also representing The Bank of New South
Wales with branches throughout Australasia.^
CHICAGO
CREDIT SUISSE
£562,500.
£ 600,000.
in
HEAD
BROKERS
137 So. La Salle Street.,
15 Gracechurch Street,
Branches
negotiated
BANKERS AND
BANKING
ALL
BUSINESS
BANK OF
R0UMANIA, Ltd.
Head Office—27, Throgmorton St.,
Capital (fully paid)
Reserve funds
Chairman
PATROLEUM BANKING & TRUST CO., S. A.
Apartado
(P.
O.
Box)
No.
468—Tampico,
Bankers
In
both Mexican gold
£200,359
/BANK OF ENGLAND.
\GLYN, MILLS, CURRIE & CO.
The Bank
Offers every Banking Facility.
collections made on all parts
.--£300,000
:
EARL OF BESSBOROUGH, K.P., C.V.O., C.B.
Vice-Chairman: E. W. H. BARRY, Esq.,
Tamps, Mexico.
Members of the American
Association.
London, E.G.
Branch—11. Calea Victorlei, Bucarest.
Bankers'
under
formed into
Payments and
of Mexico,
and
New York Exchange.
originally incorporated in 1866
law, and in 1903 wag trans¬
English Company under the Com¬
was
Roumanian
an
panies Act.
A general banking business with Roumania is
conducted. and correspondence from those having
Interests in that country Is invited.
CHRONICLE
THE
VII)
[VOL. 105.
jankers anD iProbers oimifce ^efco jjorfe
«T,
tOUII
ST.
PROVIDENCE
LOUIS
STRANAHAN
G. V. HALLIDAY
COMPANY
Specialists in
COMPANY
&
&
Bonds and Stocks of
A. G. EDWARDS & SONS
Public Service Companies
ST. LOUIS CORPORATION
Wall Street
38
New York
STOCKS
Boston
Providence
New Haven
In St. Louis at 412' OlivetStreet
Worcestet
Maine
Augusta,
Specialists
BODELL
ST. LOUIS BANK STOCKS
II
Weybostet
38
SECURITIES
the
CO.
Providence
St.,
Boston
York
Broadway, New
N. Broadway
314
of
Congress
131
&
St.,
St. Louis, Missouri
Bonds, Preferred Stocks and Local
Securities
CENTRAL WEST
J.
Herndon
Charles W.
Smith
^
William. H. Burg
.
Moore
Richardson
Clark
&
Established 1893
SMITH,
MOORE & CO*
Investment Bonds
ST. LOUIS SECURITIES
l
STEINBERGS CO.
DETROIT,
WO.
MICH.
Broadway
KEANE,
ST. LOUIS
Bonds, Stocks and Local Securities
R. S. MOORE & COMPANY
fembert St. Louis Stock Exchange
300
Exchange Street, Providence, R. 1.
Dealers In
ST. LOUIS.
009 OLIVE ST.,
MARK C.
i
11
HIGBIE
&
INVESTMENT
CO.
Specialists
MUNICIPAL BONDS
Stocks
Dime
Stix
Bank
DETROIT
Bids.
Co.
&
of
Bonds
Public
Companies.
10
SECURITIES
in
9
and
Service
Local Securities
Woybosset St.
Providence, R.
NORFOLK, VA.
INVESTMENT
BROKERS
minneapolis
MO.TTU& CO.
Members St. Louis Stock Exchange
S09 Olive St.,
Established
ST. LOUIS, MO.
MINNEAPOLIS, MINN.
NORFOLK, VA.
NEW YORK
60 Broadway
milwaukee
edgar, ricker
&
WELLS-DICKEY CO.
1892
Original Purchasers of City of Minneapolis
and high-grade Northwest Municipal Bonds.
Twin City Rapid Transit Co. 5% Bonds.
Minneapolis National Bank Stocks.
INVESTMENTS
co.
WISCONSIN CORPORATION
WILLIAM W. EASTMAN CO.
atlanta
ISSUES
SECtJHITY BLDG.
WELLS
BLDQ..
We
MILWAUKEE
GA.
PITTSBURGH
offer
AXWORTH BUM*
Minneapolis
duluth
R. R. & BNKG.
LOCAL SECURITIES
Guaranteed Stock
Goddard, Hunter & Co.
0T 4TH AVE.
PITTSBURGH
ttock Exchange Bldg.
CINCINNATI
Robinson
Philadelphia
-
Humphrey
ATLANTA
-
Wardlaw Co.
FIELD, RICHARDS & CO.
GEORGIA
Members
Pittsburgh
INVESTMENT
SECURITIES
Bonds(^uniciPf.1
[Corporation
alabama
Chicago Stock Exchanges
CALDWELL & GARBER
List of offerings on application.
BANKERS
Municipal, Railroad, Public Utility
and Corporation Bonds
for
Investment
and
BROKERS
Cincinnati
Cleveland
Detroit
New
ROBERTS
Cincinnati Stock Exchange
CINCINNATI
5%
Dealers in
Specialty
JOHN
CHILDS, KAY & WOODS
Union
Bank
Bldg.
NEW
YORK
and
STOCK
CHICAGO
EXCHANGE
STOCK
BOARD
TRADE
Corporation
SPECIALISTS
EXCHANGE
OP
.
Buffalo
and
CINCINNATIChicago
T. STEELE
edgar
Western
New
Bonds
IN
York
friedlander
DEALER
Government, Municipal
Member*
PITTSBURGH
„
New York
BUFFALO, N. Y
PITTSBURGH, PA.
BONDS
Net 4.75%
Weil, Roth & Co.
„
a
ROAD
To
Southern Investment Securities
buffalo
Pittsburgh Securities
OHIO
.
$25,000 Sampson County, N. C.
"Birmingham, Ala.
*
Ward -Darley - Lupoid Company
National Bank Building
PITTSBURGH, PA.
SECURITIES
...
BANKERS
Pittsburgh Securities
First
HALL
&
INew York Stock Exchange
Alabama
Otto Marx & Co.
all
Chicago
Chicago Board of Trade
Birmingham
INVESTMENT
We Invite Inquiries In
.
York
IN
Cincinnati Securities
CINCINNATI
OHIO
Securities
BALTIMORE
/
WEST PENN TRACTION COMPANY
First
AUGUSTA
Mortgage 5% Bonds
JOHN W. DICKEY
due 1960
Westheimer & Company
BALTIMORE
CINCINNAT
Member8 of the
AUGUSTA, GA.
DUQUESNE BOND CORPORATION
New
York
Pittsburgh
Buffalo
Southern Securities
Establiahd
1886
New
York
Stock
Exchange
Cincinnati
Stock
Exchange
Chicago Board of Trade.
Oct. 13
IX
THE CHRONICLE
1917.]
Jganfeer* <mb JBrofetra ouls&e ileto |>orfe
GRAND
The
LOS ANGELES
RAPIDS
Preferred
Stocks
Pacific Coast Securities
of the
FRANCISCO
SAN
E. F. HUTTON & C©0
Members:
NEW YORK STOCK EXCHANGE
American Public Utilities Company,
BONDS
Wisconsin-Minnesota Light & Power
of MUNICIPALITIES AND
Direct Private Wire New York to San Francbag)
and Other
Principal Cities
Company
COKPOBATIONS
61
Utah Gas & Coke Company
having substantial assets
regular quarterly dividends*
pay
They
and earning power
safe* profitable investments*
are
Broadway, New York
• Los Angelas
San Francisco
Oakland
.
•
Pasadena
Managed by
Kelsey, Brewer & Co.
Engineers
Operators
WILLIAM R. STAATS CO.
SAN
BOND DEPARTMENT
343 Powell St.
LOS ANGELES
Quotations and Information furnished
PASADENA
Grand
San Franciasa:
CHICAGO
FRANCISCO
«Q
Pacific Coast Securities
Rapids, Michigan
PHILADELPHIA
F.
Wm. G.
STOCK
Hopper & Co.
BOND
&
18 SOUTH
BROKERS
W. G.
DEALERS IN
Municipal and Corporation
Socurltles
THIRD STREET
BONDS
LOS ANGELES*
Philadelphia, Pa.
CALIFORNIA
200 Sansome Street*
H. S. Hopper*
Hopper
Member Phlla.
California
Corner California
CALIFORNIA
SAN FRANCISCO,
Member Phlla. Stock Ex
Stock Ex.
& CO.
M. BROWN
TORRANCE, MARSHALL & CO.
Wo Specialize In California
KANSAS
CITY,
Municipal and Corporation
MO.
Information Furnished ot
Quotations and
BONDS
Coast Securities
Pacific
1868.
Established
PRESCOTT & SNIDER
PERRIN, DRAKE &
SUTRO & CO.
RILEY
LOS ANGELES
Investment
INVESTMENT BROKERS
Securities
Members
San Francisco
Municipal and Corporation
/
Bonds
1st
Nat. Bank
410 Montgomery
Bond Exchange
R.H.M0ULT0N& COMPANY
KANSAS CITY
Bldg.,
MUNICIPALS
CALIFORNIA
J.
R. SUTHERLIN & CO.
YIELDING
8
Title Insurance
on
LEWIS
Direct Wire to
MUNICIPAL AND CORPORATION
Herzog & Glazier
BONDS
request
PACIFIC
8. F. Stock A Bond
York
482 CALIFORNIA ST
Members of the
COAST
LOS ANGELES* CAL.
Security Bldg.*
St., New
24 Broad
of the
KANSAS CITY* MO.
Bldg.*
E.
A.
TO 6%
Descriptive Circular
BARTH & CO.
J.
LOS ANGELES
Building*
INVESTMENT SECURITIES
BONDS
MUNICIPAL
Commerce
San Francisco Stock aa*
St.
SAN FRANCISCO
Ex.
CLEVELAND
SAINT
PAUL
MAX I. KOSHLAND
OTIS & COMPANY
White, Grubbs & Co.
INVESTMENT BANKERS
Floor,. Cuyahoga Bldg.
Cleveland, Ohio
Second
Pacific Coast Securities
Member
INVESTMENT BONDS
Ban Francisco
Branch Offices: ColumbuihvOhio; Akron, Ohio
Youngstown, Oh4oflDenver>Colo.;Colorado
State Savings Bank
New^"York^ Chicago Columbus
Exchanges and
Chicago Board of Trade
of
F. E. MAGRAW
MUNICIPAL AND CORPORATION
BONDS
CHAPMAN DE WOLFE CO.
861-363 Montgomery Street,
Commercial Paper
LOUISVILLE
SAN
Local Securities of the Twin Cities
ST. PAUL, MINN.
Globa Building
FRANCISCO, CALIF.
Stocks and Bonds
John W. & D. S. Green
Quotations on all Pactflf
Information and
INDIANAPOLIS
Rochester Railway 1st & 2d Mtge. 6s
Buffalo Railway 1st Consol 6s
Buffalo Crosstown 6s
Louisville Henderson & St. Louis 1st 6t
International Railway 6s
Louisville Lighting 1st 6s
LOUISVILLE
FRANCISCO
SAN
and Cleveland Stock
•
Building
Mills
Bldg., St. Paul
Springs\Colo.; Casper/Wyom.
flLembers
Stock and Bond Exchange
Coast Securities
Indiana &
Indianapolis
Member San Francisco
Municipal and
KY.
Stock & Bond Eschar
PORTLAND, MAINE
Corporation Bonds
Wanted—Wichita Water Co. Si
Henning Chambers & Co.
The Fletcher American
INVESTMENTS
National Bank
Members New York Stock Exchange
404 West Main Street. LOUISVILLE,
KY.
WILL
The
H. WADE,
Largest
Financial
due 1931
in
Institution
M. PAYS0N &
H.
Manager Bond Dept.
Portland, Mala
98 Exchange St.,
PORTLAND,
BREED, ELLIOTT & HARRISON
ORE.
CINCINNATI
MORRIS BROTHERS
PHILADELPHIA
PORTLAND
Municipal and Corporation
IND*ANAP0LIS
CHICAGO
Investment Securities
Municipal Bonds
Traction, Gas and Electric
Lighting Bonds and Stocks
Great
Eastern
OTTO
F.
SPECIALTY
First Mortgage 6% Bonds
bonus of Capital Stock.
upon
INVESTMENT
BONDS
>*<S?IS
Paclflo Coast Securities
BUILDING,
PORTLAND,
OREGON
s
Information
request.
BEYER
SMALL
&
84 EXCHANGE ST.,
PORTLAND, MAINE
MACON
412
Fletcher
Trust
1902
Building*
Indianapolis
W.
M*
DAVIS
Southern
NEWTON TODD
Local
Local and
Paper and
offered with
HAUEISEN A, CO.
Established
Specialists in Local Securities
HALL & COMPANY
Paper Co.
To Those Interested in Pulp,
Lumber Securities
BONDS
PACIFIC OOA8T SECURITIES A
CO.
Investment Bankers
Indiana.
Securities and
Indiana Corporation Bonds &
Fletcher
Amer. Bank
COMPANY
Municipal Bonds
AND
Guaranteed Stocks
Stocks
Bldg.* INDIANAPOL
MACON
GEORGIA
chronicle
the
[VOL. 105.
Current Pon6 SnguWrs
F. J.
embers
61
LISMAN & CO.
New
York
and
Chicago Stock Exchanges
WANTED
\
Nassau
broadway, new york
Carolina Clinchfield & Ohio 5s
WE DEAL IN
Massillon Water Supply 5s
Central Arkansas & Eastern 5s
/
Branch 4s,
Central
Central New
Moundsville Water Co. 5s
due 1948
Birmingham Water Works 5s
England 4s
San
Houston & Texas Central-—Waco&N.W.Div.6s
Kanawha &
County Water Co. 5s
Warren & Jamest. St. Ry. 5s
Houston Water Wks. Co. 6s
Michigan 4s
Missouri Kansas & Texas—All Issues
Water
Antonio
Supply 5s
(All Issues)
Guanajuato Rd. & Min. Co. Bds.
Kanawha Water & Light 5s
N.Y. & N. J. Water
N.Y.&Interurban Water Co. 5s
New Orleans Terminal 4s
Ogdensburg & Lake Champlain 4s
Pine Bluff & Western 5s
H.C. SPILLER & CO.
Rutland 4^s
INCORPORATED
63 Wall Street
27 State Street
St. Louis & Cairo 4s
New York
Boston
Stephensville North & South 5s
AND ALL RAILROAD AND STEAMSHIP SECURITIES
Robt. Glendinning & Co.
Railroad
Investment Securities
WOOD, STRUTHERS & CO.
\yE OWN AND OFFER
Equipment Bonds
5 Nassau
Street
MEMBERS
Maturing 1919-1930
New York Stock Exchange
NEW YORK
TO YIELD 4.75%-«.10%
,
Philadelphia Stock Exchange
Pittsburgh Stock Exchange
List of offerings on application.
Atlanta & Char. Air Line 5s, 1944
freeman &
company
CAR TRUST SECURITIES
Atch.
NEW YORK
philadelphia
1st
4s, 1989
Top. & S. F. Adj. 4s, 1995
L. & N. Pad. & Mem. Div.
Pittsb. Term. RR. & Coal 5s, 1942
C. B. & 0.
4s, 1946
Rock Island Gen. 4s
Ohio River 1st 5s, 1936
Elgin Joliet & East. 1st 5s, 1941
Terre Haute & Peoria 5s, 1942
Hartshorne
Members of the
r. B. Hutchinson & Co.
co.
of New
York Stock Exchange
4s
cons.
&
Battelle
New
Foreign Government Issues
BULL &. ELDREDGE
York Stock Exchange
Tel. 632 Oort.
Descriptive List
Savings Banks
Trust Companies
CLINTON
FIVE
Request
COMPANY
CENT
PER
MUNICIPAL
BONDS
NEWARK, N. J
STREET
"stock
Tax
CorrespondenceZSolicited
on
RIPPEL &
J. S.
Insurance Cos.
PRICES ATTRACTIVE
new york
Jersey Municipal Bonds
MUNICIPAL BONDS
Income
&
BROADWAY, NEW YORK
Short Term Notes
25 broad street
New
Federal
120
81 Nassau Street. N. Y.
pittsburgh, pa.
from
bros.
sutro
Lake Shore 3%s
INVESTMENT SECURITIES
Free
CUBA
Railway Equipment Bonds
Pitts.McKeesp.& Yough. 6s, 1932
for
OF
5% Gold Bonds of 1904
5% External Loan of 1914
4Vi% Gold Bonds, due 1949
Members
M. St. P. & S. S. M.
Grand Rapids & Ind. 4J^s, 1941
Legal
REPUBLIC
IU.
Buffalo Rochester & Pitts. 4J^s
Ry. 5s, 1937
400 Chestnut Street,
Imp. 4J^s, 2013
Scioto Val. & N. E.
34 Pine Street
West Side Belt
N. Y. C. Ref. &
and
bonds
bought and "sold for cash,
or
conservative terms.
PRICE
PAR
AND
INT.
carried on
Inactive and unlisted securities.
Seasongood & Mayer
I
CINCINNATI, O.
Inquiries Invited.
FINCH
TARBELL
&
Members New York Stock Exchange.
120 BROADWAY.
-
-
-
Municipal, Drainage, School
or
Road
interest
return
than
can
be
secured
obligations of communities
Write
us
for
a
more
are
attractive
through the purchase of the
nearer
the
HIBERNIA
CINCINNATI
big financial centers.
RR.
& Navig. 4s,
1961
Chattanooga Union Station 4s, 1957
Chicago & Western Indiana 4s, 1952
Pere Marquette 1st 4s & 5s, 1956
Hudson Navigation Co. 1st 6s, 1938
K.
C.
Memph.
&
Birm.
Inc.
5s,
1934
Waco & Northwest 1st 6s, 1930
Second
descriptive circular of high-grade Southern Bonds.
BOND
Oregon-Wash.
District Bonds
absolutely first-class securities and usually yield
Feibel-Elischak Co.
NEW YOR
SOUTHERN BONDS
Southern
The
Union Central Bid..
Ave.
6%
Receiver's
Certifs.
New Orl. Texas & Mexico Inc. 5s, 1935
New
Orleans Great
Nor.
1st
5s,
1955
DEPARTMENT
BANK & TRUST CO.
NEW
Resources
ORLEANS
over
28 Million
WOLFF & STANLEY
Tel.
2860
27 William
or
6557
broad
St., New York
OCT. 13 1917.]
THE
CHRONICLE
Current Pont) Knquirtes
uwu. J1 mm iivtutuLOLi
$1,000,000
J. S. FARLEE & CO.
Detroit Cold Storage & Terminal Co.
Established
66
First Mortgage Serial 6s
Guaranteed
by
New Orleans
Norfolk
Net earnings
of Booth Fisheries Company for
1917 are conservatively estimated at $2,000,000,
or
twice the entire authorized amount of this
issue of bonds.
Detailed Circular
Bequest.
on
Anderson, Hyney & Co.
S9 S. La Salle St.
Terminal 4s,
1953
4s, 1961
Marquette Houghton & Ontonagon 6s, 1925
Perkiomen RR. Second 5s, 1918
Pittsburgh Cleveland & Toledo 6s, 1922
Rio Grande Junction 1st 5s, 1939
Wabash RR., Des Moines Div. 4s, 1939
West Virginia & Pittsburgh 4s, 1990
Rome Watertown & Ogdensburg 33^s, 1922
Fisheries Company
Booth
1882
BROADWAY, NEW YORK
CHICAGO
Terminal
American Thread Co. Preferred
Otis Elevator Co. Preferred
American
SECURED NOTES
2-YR. 6%
Secured
Utilities
Public
DUE 1919
Wisconsin-Minnesota
on
Light
&
at 75% ol
Power 1st & Refunding 5s, due 1944,
their par value.
Earnings three times all interest charges.
50% of this Company's gross receipts is now
derived from the sale of electricity generated by
water
power.
Price:
application.
on
Incorporated
CHESTNUT
PHILADELPHIA
Philadelphia Stock
Exchanges.
of New
BOSTON
MD.
and
CLEVELAND
ST.,
York
and
Municipal.
Railroad.
Public
Utility
Bonds
Industrial
and
Western Maryland 1st Pfd.
Davis Coal & Coke
Conserrathre
for
Del.
Investment.
United Railways
St. Louis
1934
4s,
<
Duty"
Orders Executed Free
C. E. DENISON & CO.
INVESTMENT SECURITIES
BALTIMORE.
314
"Do Your
Underlying Public Utility Bonds
BIOREN&CO,
Members
NEW LIBERTY LOAN
Cosden & Company 1st 6s
Middendorf, Williams & Company
To yield 7%.
Particulars
Norfolk Ry. & Light 1st 5s, 1949
Norf. & Ports. Trac. Co. 1st 5s, 1936
Entire
Impt. 5s, 1924
Members
Y.
N.
Coal
Chicago & East Illinois Cons. 5s
Chicago & East Illinois Rfd. 4s •
Evansville & Terre Haute Qen 1 5s
Evansville & Terre Haute Rfdg. 6s
St. Louis & San Francisco, Bond Scrip
Missouri Pacific Bond
Scrip
,
W. W. LANAHAN & CO.
St. Louis Transit Co.
Lack. & Western Coal
O'Gara
Negotiated
Issues
Security
BANKERS
Baltimore Stock Exchangee
Sc
WILLIAM C. ORTON
NEWBORG & CO.
Members
New
60
York
Stock
Exchange
TO
ZOZJIS
ST.
The Country
LOAN
Needs YOUR help
Adams
Building
Exp.
NEW
Bldg.,
YORK
RIGGS & McLANE
J. S. Bache & Co.
32 South Street
NEW YORK
,
Westchester Insurance Rights
Trust Co.
Buffalo
Rochester
Montreal
Syracuse
WILL SELL
Lincoln
DILLON
!..
Singer Mfg. Co.
NEW YORK, N. Y.
Broadway
SCRIP
1939
BALTIMORE, MD.
Broadway Trust Co.
Mortgage Bond Co.
M.
1932
Syracuse Gas Co. First 6s, 1946
East Ohio Gas Co. First 6s,
Lincoln National Bank
FRANK J.
•
BONDS
Columbus Street Ry. First 6s,
BOSTON
71
BALTIMORE. MD.
7 SOUTH ST.
BURGESS, LANG & CO.
Sears
Je1.7160-1-2.3 Broad
WANTED
J. HARMANUS FISHER & SONS
Members Baltimore Stock Exchange
LIBERTY
Specialist Reorganization Securities
25 BroadSt., New York
(Established 1874.)
BUY
2ND
Gas, Electric Light &
Power of Baltimore Securities
Penn. Water & Power Co. Securities
Telephone. 4390 Rector
WIRE
Consolidated
Elk Horn Coal Corp. Securities
BROADWAY, N. Y.
PRIVATE
Consolidation Coal Co. Securities
■; s
■
6400 Broad
Baltlmora
Albany
ut'W
Bklyn. Rap. Trans. Co. 5s, 1945
Tel. 548 Rector
Bklyn. Union Elevated 5s, 1950
TOBEY & KIRK
Japanese Government Bonds
Offerings Wanted
ZlMMERMANN & FORSHAY
9 & 11 Wall
Members New York
25
All Issues
Broad
Street
•
•
Stock Exchange
.
NEW YORK
Long Isl. City & Flush. 1st 5s,'37
STANDARD
Weekly
Summary
St., New York
0
Will be mailed
City Via. Term. 4^s
Lima Locomotive 6s
St. Louis Rocky Mt.
Standard Oil
Issues
1
Investors
L
New Orleans Great Northern 5s
CARL
•Phones 4860-1-2-3-4 Broad 25
4J^s, 1934
on
Wm. Carnegie Ewen
request
100 Broadway,
N. Y.
H. PFORZHEIMER
Tel. Rector 3880
&. CO.
BROAD ST.. N.Y.
HENSEL
H.
C.
Northw. Teleg. 1st
& Pac. 6s
Peerless Truck & Motor 6s
til B'way, New
Marq. Hough. & Onton. 6s, 1925
to
on
Kan.
Cplum. & Hock. Val. 1st 4s, 1948
York.
Tel. Rector 3672-3-4-5
Dominion of Canada 5s
City Fort Scott & Memphis 4s
Oregon & California 5s
Cincinnati Gas & Electric 5s
Kansas
Delaware Lack.
& West. RR. Stock
& Quincy RR. Stock
Lehigh Val. Coal Sales Stock & Scrip
Chicago Burl.
fosepft Wl<tUicx Sc jinus
Members
New
York Stock Exchange
61 Broadway
New York
Private Wire to Philadelphia
Yale & Towne
Colorado Power, common
American Gas & Electric,
common
Farmers' Loan & Trust Co.
Magnolia Petroleum 6s
Baltimore & Ohio, Toledo-Cine. Div. 4g_
United Fuel Gas 6s
Delaware & Hudson
Refunding 4s
Lexington & Eastern 5s
Bethlehem Steel p m & Impt. 5s
West Shore 4s, Coup. & Reg.
New York New Haven & Hartford^Notes
Seaboard Air Line 6s
Rauscher & Childress
64 Wall St.
New York
Tel. 5834 Hanover
SAM'L
•Phone. 5380-1-2-3 Broad
GOLDSCHMIDT
25 Broad Street
{Vox. 105.
CHRONICLE
THE
xn
Cutrent J3onb Snqutrtefr
Rockland Rockport Line 6s
'
L
•
-m
'
'
'
.
A Patriotic
''
Duty and
a
in
_
'
'
£
Utah
Premier Investment
Light & Power 4s & 5s
(Ohio) Telephone 5s
Portsmouth
BUY
Springfield Breweries 6s
Mfg. & Power 6s
Fries
Dayton Power & Lt. Com. & Pfd.
LIBERTY LOAN NEW 4s
Guanajuato Reduction & Mines 6s
El Tiro
Services Free
Copper 6s
v
Dartmouth Mfg.
Butte Water Co. 5s
River Lumber Pfd.
Savannah
Louchheim, Minton & Co.
New Hamp.
El. Rys. Com. & Pfd.
Members New York and Philadelphia Stock Exchanges
Phone 7230 Rector
71 BROADWAY, NEW YORK
Private Wires
to
HOTCHKIN & CO.
Philadelphia and Boston
■'
53
SHORT
JterdrU. Brother#
&%
111 laroaattmg
For Sale
Sanger
Members
New York, Boston and Chicago
Stock Exchangee
5s
Boston
New York
Chicago
1st 5s
Muskogee Gas & Elec.
Explosives Preferred
Aetna Explosives 6s, 1945
Elec.
Carbon Steel
Edison
Let
lis
make you a Schedule
in
ments
of
your
Investment Securities
to
43
$100,000
U. S. Liberty Bonds
and
■
City of Philadelphia 4s, 1947
Exchange Place,
Russian Government 6H&, 1919
DEFAULTED
DEFAULTED
DEFAULTED
DEFAULTED
DEFAULTED
DEFAULTED
Options in Russian Roubles
ALFRED R, RISSE CO.
Average Yield 4.85% to,5.60%
You will be doing your du|by and obtaining the
safest and best return for your money.
Write
I
'Phone 4501-2-3 Hanover
Russian Government 5)^8, 1921
Foreign Governments, Public Utilities,
Railroads, Industrials.
McKeesport Tin Plate 6s, 1930
.
Russian Government 5M»s, 1926
.
Short Term Securities
us what amount you
PITTSBURGH. PA.
Amer. Wat. Wks. & Elec. 6s, 1934
United Coal Corporation Stocks
DUNHAM & CO.
Invest¬
$1,500
amounts
any
845 Fourth Avo..
Cities Service Com. & Pfd.
Havana Tobacco 5s, 1922
Philadelphia A Boston
to
New York
Charcoal Iron Com. & Pfd.
Debenture 6s
Private Phono
7 Wall St.
Chicago
Glover & MacGrec»r
Atlantic Steel
General 5s
Wisconsin
137 S. LaSalle St.
Aetna
1st 5s
&
BABCOCK, RUSHTON& CO.
Members New York & Chicago Stock Exchanges.
49 WALL STREET
Cleve. Electric Ilium.
Gas
Mass.
St., New York, N. Y.
Chicago Securities
Curtis &
Buffalo General Elec.
Pacific
■
St., Boston,
SECURITIES
I^UclMitg Securities
Refunding
34 Pine
TERM
Incorporated
State
86 WALL STREET,
NEW YORK CITY
Phone, Hanover 4516
DEAL
IN
(Irrigation Bonds)
•
{Timber Bonds)
(Mexican Bonds)
(Railroad Bonds)
(Gas. Electric & Water Bonds)
(Coal. Iron & Steel Bonds)
Bought—Sold—Quoted
FRANK
P. WARD,
Bankruptcy,
IS Broad St., N. Y.
Receivership,
Reorganization
Bonds
wish to Invest.
STEEL, JONES & CO.
2 R BROAD ST-N.Y.
,
Puget Sound Tr., Lt. & P. 6s, 1919
Detroit United Ry. 5s, 1918
N. Y. N.'H. & Hartf. 5s, 1918
Long Island Lighting 5s, 1936
Lehigh Power Sec. 6s, 1927
Lafayette Building, First Floor
Members of Philadelphia Stock Exchange
New
J. A. CLARK &, CO.
EQUITABLE BLDG.,
Rector 7126.
Municipal and Corporation
Jersey
Issues Underwritten
WANTED
We
CUTWATER & WELLS
15 Exchange Place
427 Chestnut
Street
PHILADELPHIA
KNICKERBOCKER -WYOMING
OIL COMPAVY
N. Y. Tel.
Minn. St.
Circular
L.
N.
on
Louisv. Henderson & St. L. 6s, 1946
N, Y. Central Ref. 43^s, 2013
Cuban Gov't
MILLER
Bequest.
43^s, 5s, 6s
&
& CO.
120 B'way
Investment
Securities
South..
BOND DEPARTMENT
,
Mississippi Valley Trust Co.
ST.
'Phone S9p0 Rector
Union
LOUIS
New York
Central of Georgia RR. & Banking 5s, 1937
New Orleans Terminal 4s, 1953
i
Jackson Lansing & Saginaw ZHs, 1961
San Fran. & San Joaquin Valley 5s, 1940
West Virginia & Pittsburgh 4s, 1990
.
Trust
Fisk Rubber Common
Cleveland & Pittsburgh
Penn Seaboard Steel
New Jersey Zinc
Ogden Mines RR.
National Transit
Solar Refining
South Penn Oil
S. O. of Indiana
Vacuum Oil Co.
NEW YORK
of
NEW YORK
Guaranty Trust
25 Broad St.
securities
COMPANY
Bank of Commerce
Chatham & Phenix
Chase National Bank
Dick, Gregory
In
Members New York and Phila. Stock Exchanges
ROSENBAUM
80 WALL ST.
specialize
Mississippi Valley and the
4^3, 1939
Ry. & St. Paul City 5s,1928
Preferred and Common Stocks
BOUGHT AND SOLD
Tel. 20 Montgomery
the
Jersey City, N. J.
Lima
Findlay & Toledo RR. 5s, 1925
SAMUEL K. PHI LLIPS&, CO.
Bonds
Investment
Securities
New York City
Ft. Wayne & Wab. Vail. Tr. 6s, 1934
Penna. Coal & Coke Ser. "A" 6s, 1932
Buff. Roch. & Pitts. Eq. 4s-4Hs, var.
High Grade
PHILADELPHIA, PA.
Co.
36 Pearl St.
HARTFORD
7%
Pfd.
Aetna Explosives 6s, 1945
St. Louis National Stockyard 4s, 1939
Seattle Electric Cons. 5s, 1929
United Zinc & Chemical 5s, 1928
Washington Waterpower 5s, 1939
'
New Mexico Ry. & Coal 1st 5s, 1947
O'Gara Coal 5s, 1955
Rocky Mt. Coal & Iron 1st 5s, 1951
Victor American Fuel 6s, 1940
Webster Coal & Coke 5s, 1942
BAKER, CARRUTHERS & PELL
Bonds-Bank Stocks—Standard Oil Stocks
15 BROAD
ST., NEW YORK
Phones 5161
to
3169 Hanover
Oct. 13 1917.]
THE
1111
CHRONICLE
financial
ytaatuial
H. M. Byllesby & Company
TIMBER
Incorporated
Engineers
Managers
BONDS
Black Warrior Mill Co.......
.—..—.........68
Brookings Timber & Lumber Co
Purchase, Finance, Construct
and
Brown
Operate Electric Light,
Gas,
Street
Railway
Water Power Properties.
6s
..
C. & O. Lumber Co
and
6s
Corporation
6s
....
Cache Creek Timber Co
6s
Delta Land & Timber Co
-.-6s
Goodyear
Co..
Redwood
6s
i
Grayson-McLeod Lumber Co
Examinations and
Ozan-Graysonia Lumber Co
Reports
We Have
UTILITY
SECURITIES
BOUGHT
AND
an
--6s
Active Market for All Timber Bond#
Correspondence Invited.
SOLD.
CHICAGO
NEW
220 So. La Salle St.
6s
YORK
332 So.
1220 Trinity Bldg.
Michigan Ave., CHICAGO
Timber and
Lumber
Securities
Exclusively
S. N. BOND & CO.
Commercial Paper
Municipal Bonds
111
Broadway
60 State
AMERICAN NAVAL and MILITARY FORCES.
New York
Street, Boston
W. F. Baker. Manager Bond Dept.
LLOYDS
BANK(FRANCE) LIMITED
offers the services of its BRANCHES at
PARIS, BORDEAUX, HAVRE, BIARRITZ and NICE,
Cent. N. Y. Gas & El. 1st Mtg. 6s of 1941
for negotiating U.S. Treasury Drafts, Cheques and Bank
and transacting all kinds of banking business.
Pacific Power & Light 5s of 1930
Yadkin River Water Power 5s of 1941
Texas Power & Light Preferred
Carolina Power & Light 5s of 1938
H.
L.
MASON
&
85 Devonshire St.
An
English-speaking
Special arrangements
CO.,
ACME
is
in
attendance.
be made for handling banking business
throughout France, upon application.
can
in all other towns
BOSTON
HEAD OFFICE:
We will
staff
Notes,
buy
or
WHITE LEAD
WORKS
sell
&
PARIS
COLOR
BORDEAUX
HAVRE
1st 6s
-
>
-
LOMBARD
OFFICE
STREET, LONDON, E.C.3.
PLACE
3,
s
DE
23, Allees de Chartres.
I
BIARRITZ
1, Rue de la Bourse.
I
NICE
-
10, Place de la Liberty.
-
-
L'OPERA.
6, Jardin du Roi Albert 1.
JOEL STOCKARD & CO.
Main Floor-PenoDScot
LUDWIG
Bld'g, DETROIT
&
CRANE
BlinoisThisf& Sa rings BaiiK
Successors to T. W. Stephens & Co.
CHICAGO
Investment Securities
61
Broadway
New
tk
.
York
A
-
■
Capital, Surplus and Undivided Profits
Pays Interest
WANTED
on
Has
Time
'
Deposits, Current and Reserve
Financial
•
-
$16,400,000
■
'
Reviews
Accounts.
change.
Deals in
Transacts
on
hand at all times
cellent securities.
variety of
ex-
Government, Municipal and
Foreign Exa
a
Buys and sells
General Trust Business.
Corporation Bonds.
For the years
1903
1904
1915
Will pay
$1.00
BANKCRS TRUST COMPANY
per
Copy
^cts
as
Executor
Trustee
WILLIAM B. DANA COMPANY
138
Front
St.,
New York
Custodian
Agent
ribsSb
jHfPSR
fckFfolKS
BUY
LIBERTY BONDS
Accepts
Deposits
Pays
Interest
ox>
them
R. M. GRANT&CO.
31
•
BOSTON
NASSAU
ST.,
NEW
YORK
CHICAGO
V-v-'Vy; %./
Jfinatufal
[VOL.105.
CHRONICLE
THE
xit
Mtttin#*
;
THE NEW YORK, NEW HAVEN AND HART¬
FORD
ATLANTIC MUTUAL INSURANCE COMPANY
vi;";t■
■■_
1
r.
;•
•;:
_
of the Stockholders of The New York, New Haven
Hartford Railroad Company will be held in
Harmonie Hall, No. 9 Elm Street, in the City
and
31 si of December, 1916.
_
^
and Hartford Railroad Company:
Notice is hereby given that the Annual Meeting
JsT6W *5Tork
25tli 1917*
the following statement of Us affairs on the
•
Trustees. %n conformity touh the Charter of the Company,
,
77te Company s business has been confined to marine and inland transportation insurance.
Premiums on such rLsks from the 1st January, 1916, to the 31st December, 1916
....$8,087,174.02
Premiums on Policies not marked off 1st January, 1916
903,703.66
...otai
of New Haven,
premiums marked off from 1st January, 1916. to 31st December, 1916....
upon
-.,.........$7,855,092.25
on
Deposits in Banks and Trust Companies, etc....
less
Taxes and
meeting.
2.
To elect a Board of Directors to serve
the next annual meeting and until their
550,385.62
109,638.08 $
$3,360,156.87
Less' Salvages
........$322,138.57
686,832.53 $
He-insurances.
until
shall have been elected and qualified.
3.
To act upon proposed amendments to the
Stockholders' by-laws as follows:
Amend Article III by changing the date for
the Annual Meeting of the Stockholders from
the fourth Wednesday of October in each year
to the third Wednesday of April in each year,
successors
908,971.10
$2,451,185 77
jftfrtamirance Premiums and Returns of Premiums
$1,389,298.73
Expenses, including compensation of officers and clerks, taxes, stationery,
advertisements, etc
$ 740,899.72
....
and
word "President", so that said article as amended
shall read as follows:
'
"III. The annual meeting of this corpora¬
their legal representatives, on and after Tuesday the sixth of February next, from which date aM
Eaterest thereon will cease.
The certificates to be produced at the time of payment and canceled.
A dividend of Forty per cent, is declared on the earned premiums of the Company for the year ending
Jjl8t December, 1916, which are entitled to participate in dividend, for which, upon application, .certificate®
will ue issued on and after Tuesday the first of May next.
By order of the Board,
G
STANTON FLOYD-JONES, Secretary.
EDMUND L. BAYLIES,
JOHN N BEACH,
■
TRUSTEES.
WILLIAM H. LEFFERT8,
CHARLES D. LEVEEICH,
JOHNCLAFLIN,
GEORGE C. CLARK,
CLEVELAND H. DODGE,
CORNELIUS ELDERT,
RICHARD H. EWART,
G. STANTON FLOYD-JONES,
PHILIP A. 8. FRANKLIN*
HERBERT L. GRIGGS
GEORGE H. MACY,
NICHOLAS F. PALMER,
WALTER WOOD PARSONS.
CHARLES A. PEABODY.
JAMES H. POST,
CHARLES M. PRATT,
DALLAS B. PRATT,
A. A.
■
RICHARD H.
WILLIAM&.
RAVEN, Chairman of the Board.
CORNELIUS ELDERT, President.
WALTER WOOD PARSONS, Vice-President.
CHARLES E.
:
v
'•:, Vs";'
ASSETS*
'
Bonds
Block
New
^
Estimated Losses
670,000.00
$
»
and
Warrants of the City of
York
and
Stocks of Trust
1,773,550.00
Companies and Banks..„
Stocks and Bonds of Railroads......
Unpaid
Taxes
367,185.00
nated
Termi-
373,669.04
Settled,
including Com-
pensation, etc..
158,309 94
mfums
22,557.84
Income Tax Withheld at the Source..
Suspense Account...
866,035.06
„
-
on
Certificates of Profits Ordered Ro¬
deemed, Withheld for Unpaid Pre75,000.00
premium Notes
174,943.9c
PremLums
Risks..
Claims not
,
1887).
Bills Receivable...
Cash In hands of European Bankers
to
2,000,000.00
8,900,000.00
106.624.24
Unpaid
Re-insurance
Special Deposits In Banks and Trust
Companies
)&eal Estate cor. Wall Street, William
Street and Exchange Place
{Seal Estate on Staten Island (held
under provisions of Chapter 481,
266,399 28
Return Premiums Unpaid
3,588,675.20
-Other Securities......
Laws of
FAY, 2d Vice-President.
LIABILITIES
and Losses Unsettied in process of Adjustment$ 3,632,239.08
Premiums on Unterminated Risks...
1,135.785.4$
Certificates of Profits and Interest
United States and State of New York
1,068,547.73
at 12 o'clock M., at such place as shall be fixed
by the President or Directors."
t
Amend Articles IV, VII and IX by striking
out the words "Chairman of the Board" when¬
ever they occur and inserting in lieu thereof the
word "President" so that said articles as amend¬
ed shall read as follows:
"IV, A special meeting of this corporation
may be called at any time t>y order of the Board
of Directors and shall be held in the City of New
Haven at such hour and place as shall be fixed
,
JOHN J. RIKER,
DOUGLAS ROBINSON,
JUSTUS RUPERTI
WILLIAM JAY SCHIEFFELW,*
SAMUEL SLOAN,
WILLIAM SLOANE,
LOUIS STERN,
WILLIAM A. STREET,
GEORGE E. TURNURE,
GEORGE C. VAN TUY£, J».
1,210.2V
5,899.75
7,668,850.00
Certificates of Profits Outstanding—.
by the President or Directors."
"VII. For each annual and special meeting
of the Stockholders the Board of Directors
shall
appoint two tellers to receive and count
the votes cast thereat.
In case of the failure of
the Board of Directors to make such appoint¬
ment, or in case of the failure or inability of
either or both of the tellers to serve at such
meeting, the President shall appoint another
teller, or tellers, in his, or their, places."
"IX.
Ail the meetings of this Corporation
shall be presided over by the President when he
shall be present."
4. To transact any other business which may
properly come before said meeting.
>.
For the purpose of this meeting the transfer
books of the Company will be closed from Octo¬
ber 10th to October 24th, 1917, both days inclu¬
,
sive.
ARTHUR
NOTICE
206,311.98
135,000.00
$17,458,990.74
$13,540,488.68
.
—.$1,988,969,90
———
-——-
—^$6,285,864.03
MELLON
a."'1. 1
-
..
.
NATIONAL
""TYTTraf
BANK
PITTSBURGH
-
STATEMENT OF CONDITION AT THE CLOSE OF BUSINESS SEPT.
11, 1917
RESOURCES
Loans, Bonds and Investment Securities.
$100,375,863 41
Overdrafts
U. S.
48 92
33^% Certificates of Indebtedness.-
Cash
^ ——
MEETING
SPECIAL
OF
8,000,000 00
4,654,372 57
19,864,435 11
—
Due from Banks
$132,894,720 01
LIABILITIES
Capital
Surplus and Undivided Profits..
Reserved for Depreciation, &c__
Circulating Notes
Deposits
of
New
Haven,
Connecticut, at three 0 clck in
day of Octo¬
the afternoon of the twenty-fourth
ber, 1917, if the Annual Meeting shall have ad¬
journed at that hour; if not, then immediately
upon the adjournment of said Annual Meeting,
for the following purposes:
...
1.
ment
To act upon the acceptance of the amend¬
to the charter of this corporation con¬
General Assembly In the
approved May 15th,
"An Act Amending the Char¬
ter of The New York, New Haven and Hart¬
ford Railroad Company," in reference to the
issue of shares of preferred stock.
2.
To act upon the acceptance of the amend¬
ment to the charter of this corporation con¬
tained in an Act, passed by the Commonwealth
of Massachusetts, approved May 25th, 1917,
entitled:
"An Act Relative to the Issue of
Preferred Stock by The New York, New Haven
and Hartford Railroad Company."
3.
To act upon a proposition to authorize
the issue of not exceeding four hundred and
fifty thousand (450,000) (shares of cumulative
preferred stock of the par value of one hundred
dollars ($100) each, the holders of which shall
be entitled to receive out of the annual net in¬
come of the Company, dividends of not exceed¬
State
of
Connecticut,
1917, entitled:
ing seven per centum per annum.
For the purpose of this meeting the
books of the Company will
ber 10th to October 24th,
.
transfer
be closed from Octo¬
1917, both days in¬
clusive.
$6,000,000 00
...
—
and Hartford Railroad Company will be held in
Harmonie Hall, No.'9 Elm Street, in the City
tained in.an Act of the
Co the basis of these Increased valuations the balance would be..
#
CLARK, Secretary.
Notice Is hereby given that a Special Meeting
of the Stockholders of the New York, New Haven
;V'c;'
Thus leaving a balance of.
$3,912,502.00
Accrued Interest on the 31st day of December, 1916, amounted to..—..——
——
$49 286 30
Rents due and accrued on the 31st day of December. 1916, amounted to
$25*933 03
Re-insurance duo or accrued, in companies authorized in New York, on the 31st day of
"
•
December, 1916, amounted to....
—
$ 245 472 80
Note: The Insurance Department has estimated the value of the Real Estate on Staten Island
in excess of the Book Value given above, at.
$
53 700 00
Yae Insurance Department's valuation of Stocks, Bonds and other Securities exceeds the
*
\:K.
OF
E.
STOCKHOLDERS
2,808.785.77
Company's valuation by
,
Dated at New Haven, Connecticut, this first
day of October, 1917.
By order of the Board of Directors.
pay losses under policies payable
In foreign countries..—
CaehtaBank——
LotHlS
the City of New
the third Wednesday of
on
ANTON A. RAVEN.
SAMUEL T. HUBBARD,
LEWIS CASS LED YARD,
be chosen, shall be
Haven, Connecticut,
April in each year
tion at which directors shall
held in
:i
ANSON W. HARD,
NICHOLAS BIDDLE,
JAMES BROWN,
by striking out the words "Chairman of
and inserting in lieu thereof the
Board"
the
A dividend of Interest of Six per cent, on the outstanding certificates of profits will be paid to the
or their legal representatives, on and after Tuesday the sixth of February next.
The outstanding certificates of the lasue of 1911 will be redeemed and paid to the holders thereof, of
holders thereof,
■
the Statement of the affairs of The New
and Hartford Railroad Com¬
York, New Haven
pany for the year ending December 31, 1916.
and all acts described therein or reported at said
103,475.76
Expenses
gooses paid during the year
12:00 o'clock noon,
To consider and take appropriate action
1.
uDterest on the Investments of the Company received during the year $337,271.78
Sent received
Connecticut, on Wednesday, the
24th day of October, 1917, at
for the following purposes:
Premiums.—$8,990,877.68
Interest
COMPANY
RAILROAD
To the Stockholders of the New York, New Haven
4,087,115 52
......
987,148 78
4,940,200 00
116,880,255 71
Dated at New Haven, Connecticut, this first
day of October, 1917.
By order of the Board of Directors.
ARTHUR E. CLARK, Secretary.
THE
RIO
$132,894,720 01
GRANDE
SOUTHERN
RR.
CO.
Denver, Colorado,
September 15th, 1917.
The Annual Meeting of the
stockholders of The
for the
Rio Grande Southern Railroad Company,
Directors and for the transaction of
such other business as may be brought before the
election
Executor,
Girard
Trust
Trustee
Administrator,
Guardian,
Ita^eiver,
Company
PHILADELPHIA
of
meeting, will be held at the principal office of the
Company in the City of Denver, State of Colorado,
on the third Monday of October next, being the
15th day of said month, at 12 o'clock noon.
The
transfer books will be closed at three
o'clock p. m. on October
5th and reopened on the
morning of October 22nd,1917.
JOHN B. ANDREWS,
Secretary.
Chartered
1836
Registrar and
Tr.n.f«_Agent.
CAPITAL and SURPLUS, $10,000,000
W. H.
Goadby & Co.
Interest allowed"
oil
deposits.
E. B« Morris, President*
Members New York Stock
NO. 74 BROADWAY
Exchange
NEW YORK
Oct.
13
1917.]
IV
CHRONICLE
THE
Jfinaimal
itleetings
THE DENVER & RIO GRANDE
RAILROAD COMPANY
UNITED STATES RUBBER COMPANY
165 Broadway, New York, U. S. A.
To the stockholders of
The Denver &
Rio Grande Railroad
Company:
To Holders of:
•
The Annual Meeting of the
held
at
the
Trust
Sinking Fund Gold Bonds;
principal office of the Company in
Denver, Colorado, at 12 o'clock noon on Tuesday,
MORGAN AND WRIGHT Five
October 16, 1917.
The meeting will be held for
the election of directors and for the transaction
pertaining to the Company
brought before it.
submitted to and
proposed amend¬
ment
to the
Certificate of Incorporation and
Agreement of Consolidation of the Company,
providing for construction, acquisition and oper¬
ation of lines of railway, telephone and telegraph
other than those designated and specified in said
Certificate and Agreement, to be effected by add¬
ing to Article XI, Section Third, of said Certifi¬
cate of Incorporation and Agreement of Consoli¬
dation the following additional subsections or
paragraphs numbered 50, 51, 52, 53 and 54:
50.
From a point at or near Cokedale, In
Reilly Canon, in Las Animas County, Colorado,
in a, general northwesterly or northerly direction
along Reilly Creek or its tributaries, by the most
feasible route, to the divide between the drainage
of Las
Animas or Purgatoire River and
the
Apishapa River, and continuing thence into the
valley of said Apishapa River to some point at or
near the Village of Gulnare in said valley, all in
said Las Animas County, a distance of 15 miles,
more or less; with extensions, branches and spurs
to mines and industries in the vicinity of said
There will be presented and
acted upon by said meeting a
route.
51.
From a point at or near Ojo Caliente, in
County, New Mexico, in a general north¬
westerly direction along the Ojo Caliente River to
La Madera, in Rio Arriba County, New Mexico,
and passing through or into said Taos and Rio
Arriba Counties, a distance of 4 miles, more or
less; with extensions, branches and spurs to mines
and industries in the valley of said River and its
Taos
trl butsiri 6S
northeasterly
across
the
the Town of Vernal, in
Uintah County; the same passing through or into
Wasatch, Duchesne and Uintah Counties, Utah,
a distance of 132 miles, more or less; also with a
branch from said point south of Fort Duchesne
Military
Reservation on the above described
route, easterly along the Duchesne River to a
hereby offers to purchase:
Collateral
Trust
Sinking Fund Gold Bonds, due December 1, 1918, at
102.35 and accrued interest;
MORGAN
WRIGHT
AND
Five Per
due December 1, 1918, at 101.25
Cent.
Gold Debentures,
and accrued interest;
CANADIAN CONSOLIDATED RUBBER COMPANY,
Five
Per
Cent.
Gold
Debentures, due December 1,
101.25 and accrued interest.
Limited,
1918, at
t
The holders of the above bonds and
obligations desiring to accept
such offers should present the same at the office of Messrs. Kuhn,
Loeb & Company, 52 William Street, New York City, and upon sur¬
render thereof, will receive
payment in cash. Such bonds, with all
unmatured coupons attached, and in the case of registered bonds, duly
endorsed in blank for transfer, must be presented at such office before
noon on any business day, except Saturdays, on or before October 27th,
1917 (the last day for subscriptions to the Second Liberty Loan), on
which date this offer will expire.
The above offer is on about a 3.85% interest basis for the above
bonds and obligations and is made at this time with the hope that
it may
facilitate subscriptions to the Second Liberty Loan.
UNITED
THE
STATES RUBBER
COMPANY,
by SAMUEL P. COLT, President.
...
New York,
October 8, 1917.
ecurities Corporation General
Franklin Bank Building, Philadelphia
35 Pine
thence
to
Debentures;
COMPANY, Limited,
UNITED STATES RUBBER COMPANY Ten-Year
berry River, and along the valley of the Straw¬
berry River, to the town of Duchesne; thence in
a general easterly direction along the valley of the
Duchesne River, via the most feasible route, to
some point south of the Fort Duchesne Military
Ridge
Cent. Gold
Five Per Cent. Gold Debentures:
The United States Rubber Company
52.
From a point at or near Helper, in Carbon
County, Utah, in a general westerly direction
along Spring Canon Creek and its tributaries, to
Rains, all in said Carbon County, a distance of
7 miles, more or less; with extensions, branches
and spurs to mines and other industries in the
vicinity of said route.
53.
From a point at or near Thompson, in
Grand
County, Utah, in a general northerly
direction, along the drainage of Thompson, Wash.,
to Neslen, all in said Grand County, a distance
of 5 miles, more or less; with extensions, branches
and spurs to mines and other industries in the
vicinity of said route.
54.
From a point at or near Soldier Summit,
in Wasatch County, Utah, in a general north¬
easterly direction by the most feasible route across
the divide between the Price River and the Straw¬
Reservation;
Per
CANADIAN CONSOLIDATED RUBBER
of any other business
that may properly be
Asphaltum
Collateral
UNITED STATES RUBBER COMPANY Ten-Year
stockholders of The
Denver & Rio Grande Railroad Company will be
St., New York
Authorized Capital
Issued
$10,000,000.00
$5,021,875.00
Deals and invests in
thenear
{>oint
vicinity
its confluence
of the Town
with Green
of Ouray
Riverin atsaid
or
n
public service securities
Participates in security underwritings
Uintah County, and all in Uintah County, Utah,
a distance of 25 miles, more or less; together with
extensions, branches and spurs to communities,
mines and industries along the routes specified in
this sub-section 54.
Finances
The books for the transfer of the Stock of the
Company, both Common and Preferred, will be
public service enterprises
CHANDLER, President
P.
M.
F.
W.
G.
W.
„
closed for the purposes of the meeting at twelve
o'clock noon on Saturday, September 15th, 1917,
J.
reopened at ten o clock A. M., on the
day following the annual meeting, or the final
adjournment
thereof.
'
and will be
K.
BACON, Vice-Preside»
ROBERTSON, Vic
„
TRIMBLE, Vice-Presi
dent
ent
H.
WILLIAMS JR., Treasurer
W.
J.
DEVINE, Secretary
JOHN P. HOWLAND, Secretary.
DIRECTORS
September 10th, 1917.
CALDWELL HARDY,
F. W. ROEBLING
Norfolk, Va.
F. W. BACON,
ALEXANDER J. HEMPHILL, New York
HOWARD A. LOEB,
S.
in
GEO. W. ROBERTSON, Shamokin,
^rowin^
FERGUS
com¬
J. G.
Philadelphia
New York
Z. MITCHELL
Public Utilities
REID, Norfolk, Va.
J. K. TRIMBLE,
WHITE, New York
P.
M.
CHANDLER, Philadelphia
F.
T.
CHANDLER, Philadelphia
PARMELY
Pa.
Jr., Trenton, N. J.
Philadelphia
W.
HERRICK,
Cleveland, O.
Philadelphia
bought
munities
and financed.
^[Their
ities
secur¬
Weekly List
offered
of
to investors.
Current Bond
will be mailed
,
Middle
Utilities Co.
request
Investment Securities
St.
CHICAGO, ILLINOIS
upon
A. B, Leach & Co.
West
72 West Adam
Offerings
62 Cedar
St., New York
PHILADELPHIA
BUFFALO
105 So. La Salle St., Chicago
BOSTON
BALTIMOBS
[Voi-. 105.
THE CHRONICLE
IV1
financial
Jftnanclal
Short Time
Metropolitan
Trust Company
OF THE CITY OF NEW YORK
offers
complete banking
a
service of the
to
3.
tutions.
GEO. C. VAN TUYL, Jr.,
President
,
Over $39,000,000 underlying paper bought—$30,214,000
Collateial Trust Securities issued — $25,195,000. ma¬
3-B
BEVERLY CHEW,
Vice-President
tured and paid.
B
This amount of
6
been
our
Collateral Trust
Securities
EDWIN F. ROREBECK,
2d Vice-President
has
J. F. McNAMARA,
Sd Vice-President
bought by National, State and Foreign Banks
Companies, as well as private investors.
and Trust
This
means
H. B. THORNE,
4th Vice-President
that hundreds of banks have checked these
It
securities.
means
that they have bought them
and
BERTRAM CRUGER,
Treasurer
that they have continued to re-invest in them.
And, these banks include
every type,
GEO. N.
HARTMANN,
Secretary
from the smaller
country bank limited by law to a few thousands of dol¬
lars in each investment to a considerable number of
1
banks in the large
a
ularly
a
financial centers which carry
line of from $100,000 to over $1,000,000.
reg¬
.
Capital and Surplus
B
$7,000,000
B
Every banker and other investor should be possessed
Eds
of the full facts of this form of short-time investment.
These
i£a
are
contained in
cor¬
respondent financial insti¬
$30,214,000. Issued
$25,195,000. Matured and Paid
s:
highest order
business clients and
tB
60 Wail Street
s
book, "Collateral Trust
our new
Securities," of which
a copy may
be had
telephone request.
following:
It discusses
such
mail or
topics as the
upon
S3E2
Self Liquidation;
Maturities;
Margin of Security;
10,000 Name Paper;
Collection Record of Underlying C llaterai;
E
Vocational Diversification of Underlying Names;
Geographical Distribution cf U ideriying Names;
Credit Check on Undetly.ng Collateral;
Insurance Protection.
%
S-B
0
GUARANTY
>
SECURITIES
%
ervice
CORPORATION
Incorporated under the banking laws of the State of New York
Undivided Profits $218,698.02.
Capital $1,000,000.00
ifl
120 BROADWAY
.
a
i;
San Francisco
NEW YORK CITY
-
Com. & Pfd. Stocks
Montreal
Affiliated with Guaranty Banking Corporation. Chicago
active
An
market
in
these
New
and
has
issues
York
close
developed
the
on
Curb,
We
invite
buying and sell¬
orders,
and
are
prepared to give in¬
ing
Co.
stantaneous service.
The New Leader in the Wyoming Oil Fields
11
Producing wells in the
Pilot
3
Butte
£
Field
Creek
New York
Stock
44 Broad Street
3 Producing wells in the
Big Muddy Field
Field
Bunge & Co.
Members
Elk Basin Field
Producing wells in the
Grass
E.
Producing wells in the
'Phones Broad
Exchange
New York
6951-2-3-4-5.
showing a capacity production of over 3,000 barrels per day, and are now
drilling additional wells in these fields.
The Stock enjoys an
Active Market
on
Circular
the
on
New York
Curb.
request
KIRKPATRICK & LEWIS
10 Wall Street
Tel. 9976-7-8-9 Rector
New York
$2,000,000
WAR
New
5
York
City
War
MONTHS' CORPORATE STOCK
Payable March 15th, 1918
on
a
"blow-up" for the busi¬
and
your
1918
profits
by
subscribing
for
Babson's Reports 7
Avoid worry.
Cease depending on rumors
or luck.
Recognize that all action is followed
(Short time Bonds)
Price
INSURANCE
has mean*
investment policy that's run on taking
chances.
Why not try to insure your business'
ness or
equal reaction.
Work with a definite
policy based on fundamental statistics.
by
Particulars Sent Free
application.
Address Dept. FC-19 of the
S.
111
N.
Broadway,
BOND & CO.
New York
Telephone Rector 7820
Babson Statistical Organization
City
WELLESLEY HILLS, MASS.
Largest Organization of its Character
the World.
in"
Oct. 13
XT u
CHRONICLE
THE
1917.]
^financial
Jfmancial
Announcing the consolidation of
Peoples Savings Bank
(Pittsburgh,
Founded
Pa.)
1866
Greater
AND
The Safe Deposit & Trust Company
of Pittsburgh
Founded
to
Strength and
Increased Service
1867
be known after Sept.
29thi 1917
as
joined
the
Reserve
THE Guaranty
TrustFederal
Company
of NewSystem.
York
this membership, the character of the
has
Through
Company is unchanged but its strength is increased
and its opportunities for service are broadened.
.
^-SAVINGS-'
ANO
TRUST CO.
OF
PITTSBURGH
rouxoto
1867
CAPITAL AND SURPLUS *9.000.000
WHERE
WOOD CROSSES EOURTH
will
only a few minor exceptions, the Guaranty
Company retains all of its charter rights, and
continue its activities as a trust company under
the
New
With
OFFICERS,
President
Vice-President
Lloyd
D. McK.
i
Vice-President
Robert
Vice-President
W. D. George
Wardrop
Vice-President
J. O. Miller
Secretary & Treasurer
Assistant Secretary
Asst. Treasurer &
J.
Mgr. Mortgage Dept.
Boyd McKown
by its
C. W. Kiser
The
George
Trust Officer
W. R. Errett
M. B.
Manager Real Estate Dept.
W. K.
Auditor
S. F.
Assistant Auditor
S.
Manager Vault Dept.
Holland
Brown
Murphy
As
shiras
for
d. mc k. lloyd
d. lyon
j.
painter
george
e.
wardrop
george
w.
john
ricketson, jr.
h.
new
status.
a
member of the Federal
Reserve Bank of New
its
customers
the
favorable terms.
most
this Company has behind it the
strength and facilities of the Federal Reserve
System.
As
robert
The personnel
affected
Banking Law.
York, the Guaranty Trust Company can enlarge the
scope of its acceptance and discount business, securing
directors.
k.
w.
State
advantages resulting from membership will di¬
rectly benefit the Company's commercial customers,
and through them the entire business community.
Armor
Munnell, Jr.
Thos. L. Sheafer
•
York
of its Board of Directors is not in any way
S. E. Hare
Assistant Treasurer
Asst. Trust Officer
Trust
Robinson
C.
A.
a
member bank,
entire
crawford
t. h. b. Mcknight
w.
george
d.
benjamin
thaw
Guaranty Trust
henry chalfant *
Company
frederick c. perkins
of New York
j. M. shields
hon. william a. way
alexander c. robinson
140
w. l. clause
f. h. lloyd
LONDON
robinson
w. c.
32 Lombard St.,
Broadway
PARIS
FIFTH AVE. OFFICE
OFFICE
Fifth Ave.
E.C.
Rue des
& 43rd St.
OFFICE
Italiens,l&3
j. o. miller
Resources
over
Trust Funds
$39,000,000
Resources
more
$50,000,000
-
Capital and Surplus
$21,000,000
over
than
-
$600,000,000
New 4%
The
Loan
NOTICE
SPECIAL
Your Interest and
Yo
To Holders of First
Country's
inseparable.
ur
are
Buy Liberty Bonds
Consolidated Mortgage Thirty Year Five Per
Gold Bonds of Ft. Wayne
Cent
& Wabash Valley Traction Company,
due March 1st,
1934.4
interest due Septem¬
March 1st, 1904,
to
Commercial Trust
Company having been subsequently substituted as such Trustee), executed
by Ft. Wayne & Wabash Valley. Traction Company to secure an issue of
its bonds, due March 1st, 1934, the undersigned, owning and representing
large amounts of said bonds, have formed a Committee for the protection
Default
having been made in the payment of the
1st, 1917, under the terms of the mortgage, dated
The Trust Company of North America, Trustee (the
ber
Bo Your
duty to Your Country.
Your
duty to the soldiers
sailors
wno
will fight for
Do
and
Your
of
vites
of
its
suc¬
only kind
Country has
Your
of the bondholders.
waged.
Subscribe
erty
Trust
on
carry
warfare—the
warfare
ever
to
money
cessful.
needs
Country
Your
You.
Loan
to
the
today.
new
4%
The
Lib¬
offices.
COMPANY
NEW
on or
before November 15th, 1917,
City Hall Square, Philadelphia, which has been appointed Depositary,
with its agent, The Fidelity Title & Trust Company, Pittsburgh,
Pa., for which Certificates of Dep9sit will be issued under a bondholders'
protective agreement now on file with the Depositary, and a copy of which
is filed with said'agent.
The Committee requests that the bondholders
shall deposit their bonds promptly as the right of deposit will expire on
November 15th, 1917, unless the timers extended as provided in the agree¬
or
UNION TRUST
OF
of the said bonds to deposit them
with the Commercial Trust Company,
The Committee invites the holders
Union
Company
especially in¬
You to .subscribe at. any
YORK
Eighty Broadway
425 Fifth Ave.-786 Fifth Ave.
ment,
Committees
.
HENRY C. BOYER,
JOSEPH S. CLARK,
E.W.CLARK,
\
CYRUS S. GRAY,
CounselA. A. JACKSON,
Capital and Surplus $8,500,000
JOHN H. MASON,
C. S. W. PACKARD,
,
1
R. LANCASTER WILLIAMS,
P. M. CHANDLER, Chairman.
SBanteb
J. K. TRIMBLE,
instruc[on
business
enmanship by appointment.
Address., L.P.,
ire Commercial and Financial Chronicle.
fAn
experienced teacher will give
in accounting principles, and
Secretary,
Franklin Bank Building,
October 1st, 1917.1
Philadelphia.
CHRONICLE
THE
i~\ III
Jf manual
•
War
[VOL. 105.
Service
Tax
Information for the convenience of the taxpayer
•
We have in
pamphlet form:
1—An expert analysis of the War
individuals and corporations.
Tax Law
2—The complete text of the War
cross
referenced and indexed.
3—An Income Tax Chart
shall be
We
upon
request.
applying to
Tax Law annotated,
enabling the taxpayer to
a glance.
the amount of his tax at
tain
as
ascer-
,
glad to furnish any of the above mentionedjpamphlets
Please indicate which of these pamphletsjyou-require.
„
The National City Company
National City Bank Building, New York
CORRESPONDENT
OFFICES
SAN FRANCISCO, CAL.
PHILADELPHIA, PA.
BOSTON, MASS.
CHICAGO, ILL.
1421 Chestnut St.
10 State Street
137 So. La Salle St.
Ten
Farmers Bank Bldg.
LOS ANGELES, CAL.
303 Baronne St.
Hibernian Bldg.
CLEVELAND. OHIO
DETROIT, MICH.
Eyck Bldg.
BALTIMORE, MD.
WILKES-BARRE, PA.
424 California St.
NEW ORLEANS, LA.
ALBANY, N. Y.
PITTSBURGH, PA.
Miners Bank Bldg.
Munsey Bldg.
Guardian Bldg.
Dime Bank Bldg.
KANSAS CITY, MO.
BUFFALO, N. Y.
ST. LOUIS, MO.
WASHINGTON, D. C.
Marine Bank
Bank of Commerce Bldg.
741 15th St., N. W.
SEATTLE, WASH.
PORTLAND,ORE.
MINNEAPOLIS, MINN.
Hoge Bldg.
Railway Exchange Bldg.
Republic Bldg.
DENVER, COLO.
First Natl. Bank Bldg.
Bldg
McKnight Bldg.
LONDON, E. C. 2 ENG.. 36 Bishopsgate.
Brtn&en&s
Preferred
Stockholders
as
registered
close of business October 31. 1917.
ment*
the
I
THE
E.
■
MILWAUKEE
AND
H.
at
ALDEN; Secretary.
ELECTRIC
LIGHT
RAILWAY
COMPANY
AMERICAN
on
October 31,
GAS
& ELECTRIC COMPANY.
PREFERRED STOCK DIVIDEND NO. 43.
stockholders who have filed permanent dividend
orders at this office.
■
J. F. FOGARTY, Secretary.
standing PREFERRED'capital stock of American
Gas & Electric Company has been declared, for
the quarter ending October 31,
1917, payable
November 1, 1917, to stockholders of record on
the books of the Company at the close of business
October 20, 1917.
FRANK B. BALL, Treasurer.
KANSAS CITY SOUTHERN
No 25 Broad St., N. Y..
Sept.
RY. CO.
Stock
of
this
Company,
from
surplus
earnings
of^the current fiscal year, payable October 15,
Checks in payment of the dividend will be
mailed to stockholders at the addresses last fur¬
nished to the Transfer Agent.
G. C. HAND. Secretary.
New York, October 9.
1917.
A dividend of
6% on the Capital stock of this
been this day declared, payable
November 1st, 1917, to stockholders of record
October
15th,
1917.
Transfer
books
close)
October 15th, 1917, and open on November 2nd,
Company has
(Signed) L. N. OPPENIIEIMER, Secretary.
ELECTRIC BOND & SHARE CO.
PREFERRED
A
dividend
of
Two
and
One-Half
Per
Electric
of business
Wednesday, October 31, 1917.
F. S. WYNN,'"Secretary.
Bond. &
Share
clared,
17,
FARGO
&,
COMPANY
H.
COMMON
holders of record at the close of business September
29th, 1917.
Checks will be mailed.
New York,
C. H. GARDINER,
Secretary.
September 18, 1917.
cent on the First Preferred stock, payable
November 1st, 1917, to stockholders of record
October 20th,
1917.
GEO.
W.
"
8.
WHITNEY, Secretary,
New York, October 3rd. 1917.
Company has been de¬
FRANCIS,
declared,
both
of
October
1917.
15,
record
1,
November
payable
stockholders
the
at
STONE
dL
1917, to
of. business
close
WEBSTER,
Transfer Agents.
KELLY-SPRINGFI £
A
DIVIDEND
NO.
&
Share
Company
has
been
declared,
on
been
declared,
payable Nov.
payable
COMMON STOCK DIVIDEND.
Board of Directors
declared
on
a
Company has
dividend of One-IIalf of One Per Cent
the Common
November
of this
1,
per
1917,
American Telephone & Telegraph Cu.
A
paid
dividend of Two
on
holhers
Monday,
of
record
Dollars
October
at
the
share will be
per
15,
1917,
close
of
Saturday, September 29, 1917.
to
stock-
business
on
„
G. D. MILNE, Treasurer.
SUPERIOR STEEL
Stock of the Company, payable
1917, to stockholders of record at
the close of business October 15, 1917.
E. P. SUMMERSON, Treasurer.
CORPORATION
At the regular meeting of the Directors of the
Superior Steel Corporation a quarterly dividend
of 1H per cent was declared on the Common
Stock,
payable
November
holders of record
October
C .H.
Secretary.
CAROLINA POWER & LIGHT CO.
The
1,
CO
(SI)
Company has
September 24; 1917.
October 15, 1917, to stockholders of record at the
October 13, 1917.
FRANCIS,
Dollar
the Common Stock of this
to stock¬
holders of record at the close of business Oct. 15,
1917.
F. A. S E AM AN, Secretary.
New York, October 2, 1917.
-
34.
close of business
M.
TIRE
0
quarterly dividend of One
share
Secretary.
.
1st,
15th,
1917,
to
stock¬
1917.
FOSTER, Secretary.
SOUTHERN CALIFORNIA EDISON CO.
Edison Building, Los Angeles, Cal.
regular quarterly dividend of SI 75 per
share on the outstanding First Preferred
Capital
Stock
(being First Preferred
Stock
Dividend
No. 33) will be paid on October 15, 1917, to stock¬
The
holders
of
record
September 30,
at
the
close
of
business
on
1917.
W. L. PERCEY,
INTEROCEAN OIL COMPANY,
West Street, New York.
per
50.
The regular quarterly dividend of Two (2%)
Per Cent on the Common Stock of Electric Bond
PETROLEUM CO.
New York, October 5th,
90
The Board of Directors has this day declared a
six months' dividend of three and one-half
(3 ^)
M,
STOCK
ELK BASIN
THE
share on the
capital stock and a" dividend of $1 50
Preferred
New York, October 10, 1917.
™
quarterly dividend of $1 y2 per share upon
the capital stock of this Company has been de¬
clared, payable October 20th, 1917, to stock¬
"
per share on the Common capital stock of Capo
Breton Electric Company,
Limited, have been
ELECTRIC BOND & SHARE CO,
QUARTERLY DIVIDEND.
A
NO.
1917.
H.
WELLS
DIVIDEND
payable November 1, 1917, to stock¬
holders of record at the close of business October
Cent
ber 20, 1917, to stockholders of record at the close
STOCK
New York. October 10, 1917.
quarterly dividend of One and OneHalf (XH%) Per Cent on the Preferred Stock of
The regular
SOUTHERN RAILWAY COMPANY.
New York, September 11, 1917.
(2H%) on the Preferred Stock of Southern Rail¬
way Company has this day been declared by the
Board of Directors, payable on Tuesday, Novem¬
V
A semi-annual dividend of S3 per
OF OKLAHOMA.
18, 1917.
A quarterly dividend of ONE (1) PER CENT
has this day been declared upon the Preferred
PREFERRED DIVIDEND NO. 23
COMMON DIVIDEND
NO.
16
SAPULPA REFINING COMPANY
1917.
THE
Sydney, Nova Scotia.
.
1917,
to all stockholders of record at the close of business
on October
20, 1917.
Checks will be mailed to
CAPE BRETON ELECTRIC COMPANY, LIMITED
New York, September 13, 1917.
The regular quarterly dividend of One and OneHalf Per Cent (1H%) on the issued and out¬
No. 30 Broad St., New York, October 4, 1917.
SEVENTY-SECOND REGULAR DIVIDEND
The regular quarterly dividend of one and onehalf per cent, upon this Company's Preferred
Capital Stock will be paid
Bibtben&a
JDtotbenbs
NORFOLK & WESTERN RAILWAY CO.
The Board of Directors has declared a quar¬
terly dividend of SI .00 per share upon the Ad¬
justment
Preferred
Stock
of
the
Company,
payable at the office of the Company, Com¬
mercial
Trust
Building, Philadelphia, Pa;, on
and after November 19, 1917, to
the Adjust¬
1917.
The Board of Directors of the Elk Basin Petro¬
leum
Company at a meeting held this day de¬
a regular quarterly dividend of 2lA%
on
the capital stock of the company, payable Novem¬
ber 1, 1917, to stockholders of record October 15,
clared
1917.
Treasurer.
THE PIERCE-ARROW
A
MOTOR CAR CO.
quarterly dividend of $1.25
common
stock
of
the
share
on
Motor
the
Car
Company has been declared by its Board of Direc¬
tors, payable Novemeber 1, 1917, to stockholders
of Record October 15, 1917.
P. PLUMMER, Secretary.
per
Pieree-Arrow
WALTER O. WRYE,
„
treasurer.
INCLUDING
Bank &
Quotation Section
Railway & Industrial Section
Electric
Railway Earnings Section
Bankers' Convention Section
State
VOL. 105
Railway Section
and
City Section
NO. 2729
SATURDAY, OCTOBER 13 1917
U*l
Week
3pje Ctotxitlje.
1917,
1916,
Terms of Subscription—Payable in Advance
S
$
Chicago
$10 00
6 00
.....
Bfor Six Months..-.
£1 11®,
$11 50
Oanadian Subscription (includingpostage)
Subscription includes following Supplements—
Terms of
transient matter per
■Railway and Industrial
(3 times yearly)
Electric Railway (3 times yearly)
Bankers' Convention (yearly) 1
(8 times).....
£4 3
22 1
(13 times)......
29 i
( Two Months
standing Business caras )
<
Three Months
^fATidine-RiiHinPSN Pards
Six Months
C
447,999,537
38,070,350
80,984,239
63,340,029
Front, Pine and Depeyster Sts„ New York?
Indianapolis
14,862,000
11,079,947
+ 34.1
Columbus
10,479,600
12,053,100
—13.1
Toledo
9,701,783
10,150,022
—4.4
Peoria
6,000,000
4,000,000
+ 50.0
Grand Rapids-
4,810,849
3,561,643
4,848,336
3,716,417
2,290,376
1,500,164
—r0.8
+ 42.5
1,853,352
—23.5
6,934,000
992,985
5,280,000
708,539
+ 31.3
1,800,047
1,461,178
1,408,855
2,488,000
+40,1
861,158
1,868,092
1,162,869
+ 60.7
843,775
Springfield,
___
2,836,222
IU_.
2,138,417
1,417,975
Wayne-—
Saturday
every
morning
WILLIAM
by
b.
DANA
COMPANY.
Ji^cob .Seibert Jr., I'resideut and Treas.; George S. Dana and Arnold G. Dana,
Vice-Presidents; Arnold G. Dana, Sec.
Addresses of all, Office of the Company.
—4.2
+ 23.8
23,047,470
16,840,252
7,557,656
6,383,400
6,569,790
2,573,069
3,074,650
2,233,344
1,143,002
1,331,772
1,464,578
4,259,287
3,937,824
+ 8.2
2,180,441
1,794,000
709,194
916,166
1,806,180
Canton
3,200,000
'3,152,796
+ 1.5
2,098,339
1,747,584
Bloomlngton
1,079,619
968,079
+ 11.8
747,613
South Bend
963,802
+ 26.3
882,482
698,268
796,475
660,263
+13.3
1,120,714
+ 18.0
556,318
708,227
405,799
771,137
Quincy__
1,216,026
"748,286
1,322,378
1,242,588
2,585,748
—52.0
Mansfield
1,019,770
640,858
+ 59.1
601,131
539,523
434,969
434,234
+ 0.2
292,396
Jackson
900,000
904,352
—0.5
549,972
266,611
480,000
Danville
600,000
573,758
566,070
-
------
Youngstown
.
Jacksonville,
Published
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
+ 7.5
Springfield., O—
COMPANY, PnbliiheM,
B. DANA
WILLIAM
+ 27.8
22,243,500
23,608,507
+ 8.6
Decatur
Office—Edwards <fc Smith, 1 Drapers' Gardens, EL C,
278,108,293
29,401,550
24,816,888
Dayton
Evansvllle___
$
333,478,838
+ 2.5
47,876,188
_____
1914,
$
%
+ 13.8
51,481,731
Rockford
60 0©
8?
(26 times).....
Twelve Months (52 times)
1915,
Dec,
26,950,000
Detroit
Milwaukee
Lexington
Chicago Office—39 South La Salle Street, Telephone Majestic 7390.
itaondon
39,027,034
Akron
agate lines)
space (1.4
Cleveland
Fort
Advertising—Per Inch Space
inch
509,974,978
Cincinnati
13 00
7 50
£2 14®,
Sinropean Subscription (including postage).....
European Subscription six months (including postage)
Annual Subscription in London (including postage)
gix Months Subscription in London (including postage)
Bank and Quotation (monthly)
Bailway Earnings (monthly)
State and City (semi-annually)
nding October 6.
Inc. or
PUBLISHED WEEKLY.
One Year
e
Clearings at—
Ill_
+ 3.3
847,899
823,895
Lima
775,000
630,047
750,000
—11.6
576,618
Lansing
980,116
1,108,498
—11.6
1,029,931
518,042
499,771
"
Ann Arbor
CLEARING HOUSE RETURNS
•
Adrian
table, made up by telegraph, &c., indicates that the total bank
The following
clearings 0. all the clearing houses of the United States for the week ending to-day
have
been
54,973,510,682,
the corresponding week
last
against 56,428,703,890
"
year.
'
■
Per
1917.
York.....
New
Chicago
Philadelphia
Boston _■
Kansas
St.
...
City.....
,574,180,611
Detroit
—
Baltimore.
New
Orleans..
Owensboro
Eleven cities, 5 days.
—18.3
Total all cities, 5 days.——.
Total all cities for week
792,883,486
699,583,262
504,366,176
409,886,446
San Francisco—
100,969,143
79,352,772
+ 27:2
58,086,334
47,389,882
Los Angeles-..-.
29,367,000
25.864,554
+ 13.5
20,495,060
20,439,807
Seattle
20,483,918
16,746,904
+ 30.1
12,532,065
12,307,830
Portland
26,652,964
20,186,021
+ 20.5
14,770,896
Salt Lake City._
13,000,000
13,633,753
+ 17.4
7,500,000
13,588,437
6,319,753
Tacoma
3,719,574
2,470,552
+ 50 6
2,102,091
2,097,936
...
8,300,000
6,672,687
+ 24.4
4,830,138
Oakland
5,640,021
5,242,473
+ 7.6
4,011,485
3,519,307
145,446,959
+ 2.4
Sacramento
4,331,000
2,885,522
+ 50.1
2,569,161
*112 ,000,000
*85,000,000
+ 31.8
2,107,748
2,133,805
—1.2
2,657,313
2,072,155
*96 ,000,000
103,266,123
—7.0
*72 ,000,000
59,615,172
+ 20.8
47 ,757,608
47,989,223
—0.6
31 ,936,176
31,878,309
+ 0.2
Pasadena....
30 ,355,123
29,515,545
32,489,097
+2.8
+ 7.4
North
34 ,887,749
$3,625,902,339
—10.9
597,418,476
+ 17.5
$4,233,320,815
1,231.677,901
-6.9
1,041,762,417
54,973.510.682
$5,454,998,716
-8.8
$3,931,748/265
.
-15.4
♦Partly estimated.
details for the week covered by the above will be given next Saturday.
furnish thein 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 he in
all cases estimated, as we go to press Friday night.
•
Detailed figures for the week ending Oct. 6 follow:
The full
We
cannot
,
San Diego
—
Inc. or
1916.
Dec.
1915.
1914.
1,495,992
1,352,949
+ 10.6
903,305
2.840.858
1,590,750
+ 78.6
1,322,341
952,305
1,485,618
Stockton
1,960,774
1,417,905
963,605
+ 38.3
1,176,507
1,120,685
714,878
557,614
+ 36.1
593 730
563,230
600,000
+ 7.6
'338,951
721,453
620,062
+ 16.4
483,664
350,254
517,770
226,902,615
182,704,703
+ 24.2
134,732,315
119,684,913
167,101,603
124,246,039
+ 34/5
83,453,737
35,086,169
23,516,198
11,826,196
1,037,621
Yakima.
Reno
972,808
_
...
Total Pacific,.
City
New York.:—__ 3,712 ,596,998 3 ,787,735,173
366 ,507,819
299,817.146
Philadelphia ....
%
5
—2.0 2 +02,358,350 1,218,361,585
+22
207,011,979
143,371,278
'
79 ,678,999
Pittsburgh
Baltimore
Buffalo
74,386,650
59,512,709
52,189,571
+ 32.6
40,395.269
+ 15.0
16,756,906
34,259,696
12,886,004
5 .782,088
19,859,181
6.263,806
12 ,000,000;
10.473,550
+ 14
j
22 ,836,546
----
Albany
Washington
+7
41,104,779
54 ,524,209
-----
5
—7.7
5.679,967
5,784,851
8,511,742
7,963,436
+ 7.7
Minneapolis
45,489,589
36,573,391
+ 24.4
Omaha
42,000,000
29,795,802
+ 40.3
St. Paul-
16,080,391
18,061,033
—11.0
Denver.
23,379,169
16,323,701
+ 41.4
St. Joseph
856,280
14,497,966
10,619,151
+ 36/5
10,658,645
7,968,449
Duluth.
9,716,027
10,409,766
9,519,828
8,512,565
7,728,892
5,758,238
6,053,590
3,753,884
2,109,303
2,424,129
2,094,154
+ 14.1
Des Moines..
•
Sioux City
Wichita
Lincoln
8,369,753
7,279,885
5,116.191
...
2,677,402
3,105,938
....
Cedar Rapids.
2,667,333
Fargo
2,236,625
Colorado
6,242,665
5,510,099
3,701,970
4,071,919
3,552,658
+ 36.3
2,516,931
2,339,539
1,805,164
1,894,930
1,762,781
1,766,657
581,769
+ 26.5
1,607,090
+ 28.1
1,867,718
2,385,549
+ 27.4
-I.¬
608,616
627,324
—3.0
Aberdeen
Hastings
Billings
-
Tot.Oth.West.
+ 6.8,
1,940,716
763,701'
646,849
+ 4.8
392,348
419,429
688,803
677,784
,2,700,000
2,016,153
+ 33.9
1,993,716
1,695,720
2,490,966
2,226,091
+ 11.9
1,535,764'
1,585,860
1,081,661
..
Helena.
+46,6
1,096,055
607,429
+ 2.1
254,851
1,073,741
+ 55.3
787,825
584,030
214,878,543
194,882,319
370.6^1,271
285,088,277,
+ 30.0
140,690,973
44,094,593
121,118,239
32,356,667
15,960,727
18,776,981
5,777,554
20,651,005
+
16.1
85,476,841!
+
36.3j
18,640,835
69,027,359
14,562,187
7,252,061
16,030,909
11,526,526
5,318,215
10,917,443
18,886,395
6,880,525
2,948,582
8,043,547
12,862,665
7,000,872
3,820,206
7,694,178
+ 18.3
5,465,821
4,448,851.
St.
3
,573,309!
3,932,718
—9.1
3,722.547
Syracuse
Reading."-
6 ,001,739,
5,030,599
+20.5
3,608,950
3,927,420
3,162,186
Houston
2
2,589,247
+ 15.5
2,204,194
1,934,763
Louisville.
Wilmington.
3 ,882,643
3,520,879
+ 10.3
2,885,864
Wilkes-Barre.-—
2
2,058,861
+ 21.4
2,035,002
1,788,549
1,908,060
Richmond
3,765,266
+ 22.7
Atlanta
+ 18.2
2,523,977
978,468
L867.142
York
,498,121
4 ,619,474
1 ,434,663
932,025
Memphis
Trenton
2 ,763,798
2,333,549
+ 18.4
2,053,936
1,665,050
Savannah
14,337,133
10,607,057
+ 35.1
Erie
2 ,461,255
1,646,847
+ 49.5
1,276,235
1,063,771
Fort Worth
16,910,876
+ 35.6
9,295,683
1
1,471,314
961,000
—5.8
1,202,374
789,606
Nashville-
11,961,828
12.467,842
9,409,257
+ 27.1
+ 17.2
863,300
709,400
Norfolk
6,626,055
,200.000,
936,492
+28.2
779,702
644,682
Augusta
5,316,891
725.000;
,080.171!
605,357!
694,381
+ 4.4
491,357
561,113
Birmingham
2,440,002
+ 26.2
2,072,815
Little Rock
467,524
4-29.5
466.933
Wheeling.
Chester
---
—
,392,399
Binghamton
1 ,126,200
Greensburg
1
Altoona
Lancaster
Montelair
Total
1,208,471
Middle. 4,300.442,229 4,280,391,613
Providence
Hartford
+0.4
11,023,901
7,397,300
4,434,629
Oklahoma
+ 6.9
4,308,259
3,526,993
Macon
—3.0
2,289.492
1,131,723
Mtiskogee
1,035,818
Tulsa
Portland
,107,393
,224,299
,509,498
,224,010
;
Fall River
New Bedford
—
2,164,562
+2.8
1,792,819
1,089,864
—15.8
3,299,399
2,150.000
2,846,276
1,437,039
1,234,501
+ 12.4
906,058
4,393,949
3,450,000
+ 8.7
4,143,172
—0.9
2,674,246
—1.0
2,595,600
+34.71
2,569,738
+ 37.3
2,941,478
1,777,943
+19.4|
1,858,863
2,412,232
1,300,000
+
2,370,622
2,093,283
2,368,695
67.9;
+ 5.5:
8,926,952
2,000,000
7,080,714
+ 26.1
8,141,321
—75.4
—26.2
360,375
+ 29.3
Jackson
666,371
+ 17.2
2,565,255
1,865,174
+ 37.5
8,617,059
3,826,864
+ 72.9
757,186
753,822
783,867
512.057
533.716
282,840,344
+ 5.1
210,425,932
150,798,223
Dallas
Total Southern
Total all
Outside N.
clearings see "Commercial and Miscellaneous News."
20,000,000
15,000,000
+ 33.3
440,572,358
352,737,548
+ 24.8
6,428,703,890|6,083,345,747
+ 5.7
Y. 2.716.106.892
1,669,043
2,621,776
2,237,245
2,776,254
3,000,000
4,200,000
+ 14.0
8,211,536
7,119,852
4,353,308
2,680,473
2,370,919
780,298
—10.3
2,766,570
+ 38.8
465,900
966.750
Note.—For Canadian
+ 24.3
5,053,128
3,100,000
1,070,150
7,682,251
5,000,000
Austin
960,675
297,381,931'
—19.5
Vlcksburg
980,245
Eng
13.734,922
1,950,000
Holyoke
Total New
+ 39.9
2,527.694
Bangor..!.-----
Lowell
.•
29,710,566
4,097,838
1,371,077
Mobile
+ 0.0
+ 57.5;
+ 61.8®
+ 30.5
4,051,293
—15.9
9.7|
5,079,711
4,275,663
2,951,786
Chattanooga
5,415,392
+
7,488,766
4,574,076
4,042.439
3.543,902
11,334,900
Springfield
...
2,839,673
11,452,023
124,433,169
41,374,746
11,059,233
Knoxvllle
,787,013
,262,556
,750,000
+ 6.8
9,100,000
33,418,060
Charleston
,365.597
235,566,763
...
—
Jacksonville
11 ,383,600
—
New Haven
Worcester
+0.5 3,172,849,397 1,502,542,820
18,780,284
Galveston
173,626,456
8,324,800
251 ,557,045
Boston
1,956,277
367,504
17", 500,000
946,450
256,332
10,290,749
9 ,099,827!
,991,524;
1,524,947
620,488
Rochester
Louis.
516,999
-
1,667,408
Bcranton
New Orleans.
1
5
9,671,958
0,733,058
8,863,906
4,083,106
+ 18.9
Fremont
19,677,32
11,901,76
+ 20.3
1,881,567
873,590
Waterloo
70,575,437
38,430,026
+ 45.2
932,449
....
796,521
+ 23.2
Springs
Pueblo
5
1,714,770
San Jose
Davenport
Clearings al-
3,951,647
Fresno
Topeka
Week ending October,6.
1917.
60,657
Spokane
702,084,718
.........
279,663
+ 13.3
Kansas
All cities, 1 day...
+ 11.8
+ 2.3
$3,229,663,547
days
379,586
Tot. Mid.West
Long Beach
Other cites, 5
425,000
67,667
308,661
+ 14.4
'••v
......
+ 63.0
191,170,811
Francisco-..----.....
Pittsburgh....,.;
287,255
325,350,489
Lou's..
San
Cent.
1916.
52,104 ,268,114
332 ,820,989
218 ,681,475
148 ,956,313
,
428,736
last week and 55,454,998,716
•
Clearings—Returns by
Telegraph.
Week ending Oct. 13.
+ 4.5
88,231
646,236
54,111
570,668
2/295,610.574®
1,095,341
1.100.000
2,942,700
4,663,512
2,675,707
2,259,575
367,346
1,622,520
282,282
429,698
741,530
1,456,014
1,010,113
1.393.001
233,215.521
183,823,518
3,068,175
398,780
4.470,467,884 2,561,619,2:
M
.668,109.634 1.343,257,651
JEl
activity, has in recent months been on a scale hardly
ever before witnessed.
Not only that, but so per¬
OUR CONVENTION NUMBER.
send to our
"Bankers' Convention" Section, re¬
With to-day's issue of our paper we
subscribers
our
porting the proceedings of the Convention of the
American Bankers' Association held at Atlantic City,
By delaying a week in the
of the publication we are able to include
weeks
N. J., two
issuance
some
ago.
previously
and addresses which were not
papers
of Breckin¬
One of these addresses is that
available.
President of the Mississippi Valley
Trust Co., of St. Louis, before the Trust Company
Section.
Mr. Jones spoke on the "Consideration of
the Federal Reserve System from the Standpoint of
Jones,
ridge
State Bank," and insisted on
the Trust Company or
.
completely revising the address before allowing it to
be published.
Along with his paper Mr. Jones gives
a letter received by him from Pierre Jay, Chairman
of the Federal Reserve Bank of New York, dealing
None of this matter has
with the subject.
previously
appeared in print.
The convention was a war
convention and all the
and discussions partook of that
papers
Mr. Jones's address
[Vol. 105.
CHRONICLE
THE
1444
character.
will be found on page
175 of
the demands for higher wages
sistent have been
ruthless the action of the
so
and
laboring classes in insist¬
,
ing upon the terms demanded, and so general the
cessation of work in order to enforce compliance with
that doubt is being expressed as
the demands made,
of intent not
operations during the period of
sincerity of Labor's professoins
to the
hamper industrial
to
the
war.
attended by the actual
quit, have become
a
common feature in affairs.
The leaders of the
men have been either unwilling or unable (to check
the men in their reckless course.
Thus Government
has had to treat with new strikes nearly every day
in the week.
It is obvious that in the present world
Demands for higher pay,
cessation from work or threats to
conflict labor
its great opportunity
sees
and is de¬
of
In short, its policy is one
termined to avail of it.
in the
prices
profiting through the Government's
unqualified profiteering so roundly denounced
case of the capitalist who charges exorbitant
bent
only
upon
dire needs.
'
•
•
1
policy of the Government in
What should be the
especially in carrying out its
these circumstances,
while Mr. Jay's remarks are
price-fixing plans ? Manifestly Government cannot
178. Among some of the other
allow a clique of any kind to dictate to it; nor can it
important papers or addresses embodied in the pro¬
surrender control, in its regulation of industrial affairs
ceedings we may mention the address before the
National Bank Section of R. H. Brand, Vice-Chair¬ during the continuance of the war.. Yet the plea for
man of the British War Mission,
whose topic was higher wages has a certain degree of merit in it.
The plea rests on the ground that the cost of living
'"Problems Relating to Financing Foreign Govern¬
has risen enormously and is still rising, so that
ments" (see page 160 of the Supplement). "War
the wage earners must have more money in order
Finance and the Federal Reserve System" formed
to
meet
ordinary living expenses.
A plea of
the subject of discussion by Benj. Strong, Governor
that kind rests upon valid and substantial ground
of the Federal Reserve Bank of New York (page 101)
the
Supplement,
•printed
page
on
(the Banking Section)
and before the same- section
G.
William
Secretary
McAdoo,
of the Treasury,
facts concerning "The Second Liberty
This will be found on page 94 of the Sup¬
Loan."
further
still
"How Long?" was
Lord
the apt title of an address by
Northcliffe, Chairman of the British War Mis¬
sion, which
give
we
on page
110.
In the State Bank
Federal
Section, W. P. G. Harding, Governor of the
Reserve
Board, dwelt
upon
"State
Bank Member¬
it
while Frank W.
Blair, President of the Union Trust
Co. of
Detroit, addressed the Trust Company Sec¬
tion
the
same
subject, the title of his address being
Companies Join the Federal Reserve
"Should Trust
His remarks
System?"
appear on page
173.
"War
Savings in Great Britain," by no less an authority
than Basil P. Blackett of the British Treasury, was
of the
important
papers
Besides this there
bankers, such
and
a
as
are
presented before the
193.
discussions by other leading
Savings Bank Section, and
we
give it
on page
Myron T. Herrick, James B. For-
host of others.
•
only
The
union
to
a
yield
for in¬
end the
laboring
;
man
the
the purchasing power of the
would be decreased by reason of the enhanced
case
pay
the
of
for everything he bought.
coal
advances in wages at a
mines
are
miners
who
are
Take
demanding
time when the owners of the
contending that the price for coal fixed by
leave
the Government does not
conditions any
ing to find the operators
increase wages
even
margin of profit.
under existing
It is not surpris
expressing
a
willingness to
provided the Government will raise
price fixed for coal sufficiently to cover the in¬
paid for wages.
the
creased amount that would have to be
A moment's consideration
be
a
will show that it would
mistake to accept such a proposition,
may appear.
a
It strikes
better solution.
scale does not give
SITUATION.
would gain nothing.
get more money but
money
In the
He would
everything would mount still higher.
though it
the
men
us
alluring
that there is an
If the present wage
sufficient to live
upon,
do not
most perplexing feature in the present situa¬
let the operation act to produce a further increase in
the labor problem.
On the one hand, labor
the cost of the product, since this in the course of
leaders, and particularly Samuel Gompers,
by all means allow them to earn more, but
time would
inevitably become the basis for
fessing unqualified loyalty to the Administration in
demand for
an
the
the laboring man
speaking for the federated body of laborers, are pro¬
prosecution of the
assurance
war
and have made public
that labor would refrain from action that
would interfere with work needful to that end;
on
be
further rise in prices under which the
mean a
cost of
easier and
THE FINANCIAL
tion is
would
us,
demand
general
the
to
it.
to
seems
Labor is the principal item of cost in
creased pay.
169), price he had to
ship in the Federal Reserve System" (see page
on
Yet
resist.
to
mistake,
nearly all work and further advances in wages can
plement.
gan,
fatal
some
gave
one
hard
is
and
the other
the country,
hand, the outcropping of strikes all
and
over
in all trades and all branches, of industrial
him
work
increase in
more
in
any
hours.
wages.
a new
In other words |if
trade needs
more money
let
Instead of working eight
|let him work nine or ten hours. That would
give him the increased pay he needs without in any
hours
way.adding to the cost of the product.
1917.]
The fact
is, the laboring
ought to work more
man
hours any way while the war is in progress,
he needs
The
more
is
war
money
expenses or
not.
from their ordinary
that part of the population
as
military service is obliged to turn its
from the things produced in peace times to
energy
making
age
men
whether
scarcity of labor which is the
a
serious, inasmuch
not called into
and ammunition and shells and other
guns
Accordingly, there is
supplies.
war
for his living
taking millions of
pursuits, causing
more
double short¬
a
An increase in the
worked would tend to make good the
of labor for every-day affairs.
number of hours
It would have the additional advantage
deficiency.
1445
THE f CHRONICLE
Oct. 13
moderately greater than the short crop of 1916, and
unfortunately meagre in view of the demands upon
us for supplies of the grain from the Entente countries
to make up the expected shortage of receipts from
other sources. The loss in product as compared with
1915, it is true, is in some measure made up by the
better quality of this year's grain, but the amount
available for export after allowing for home requirements is not likely to be much, if any, greater than
in 1916, unless supreme effort is made to keep down
consumption to a minimum here and guard against
waste.
The cprn and oats yields promise to exceed
those
of
earlier
any
year,
and increased crops of
forecasted. The tentative esti¬
adding to the income of the wage earners.
Let
mates,
in
fact,
of
the
five cereals referred to give an
that, therefore, be the policy of the Government for
aggregate of 5,710 million bushels, or 1,007 million
the future in dealing with demands for higher wages.
of
rye
Let the Government say:
and you can
help
at the
time
the
same
simple
"We need
a
greater output
produce this greater output and
more money for yourself by
us
earn
of working
process
more
hours."
Suppose this rule applied in the case of the coal
like magic
Would it not work
miners.
At present it
all difficulties.
in solving
is impossible to
sup-
ply coal enough to meet all needs, yet at such a time
of the coal miners
some
enforce
a
are
quitting work in order to
demand for higher pay,
the output.
thereby curtailing
If. the Government now insisted upon
extending the number of hours of work it would do a
well
to the miners.
Both
good turn to itself
as
would achieve the
object particularly sought.
realize that there will be
the part
on
as
objection to such
a
We
scheme
of the labor unions who have been so
persistently co-operating to shorten the number of
hours'
work
But the understanding would
day.
a
have to be that the
be
lengthening of the hours should
only for the period of the war, when for the reasons
already stated the ordinary labor supply is being
so
bushels
contribution to the successful
labor's
be
And after all there would be
no
injustice in such a requirement.
It would be
merely asking labor to do its bit.
We are con¬
prosecution of the
scripting
war..
and
our young men
we are,
through taxes,
conscripting the wealth of the country.
Why should
not the
income that
ordinary laboring
does not fall within the scope
tax law that has
and who is not
age or
less
just been put
of the drastic income
upon
work at his
own
putting in
line ?
concession
what
And
a
for the present
a
day's
hours to get a
of
solution
some
would
little, extra time in
pay,
shall give
more
hours
but that he should put in
proportionate increase in
existing difficulties,
capable of indefinite extension.
the
pay.
idea is
The. grain crop
producing State except Texas, which, it is ex¬
pected, will show a loss of 52 million bushels, makes a
much better
showing than last year, with gains espe¬
cially heavy in Missouri, over 100%; Kansas,
situation in the United States
with that of
same
a
authority.
expected outcome of the spring wheat har¬
vest is
crop
yield of 12.7 bushels per acre, promising a
a
of 242,450,000 bushels, against only 158 million
but comparing with no less than 357
bushels in 1916,
Quality, however,
millions in 1915.
The estimate for winter wheat, hereto¬
last year.
fore
that date, issued
While small
all,
as
some
will be
announced, stands unchanged, at 417,347,000
bushels is
now
on
ar^ to be
of the leading grains,
seen
below, differs only
reported for
A yield of wheat of about 660 million
foreshadowed, an aggregate only very
Combining
bushels, against 455 millions last year.
the
varieties,
two
we
have
a
total production of
659,797,000 bushels, which while exceeding 1916
record
by
bushels, falls 367 millions below the high
30 million
aggregate of 1915.
A crop
of oats the heaviest in our history is indi¬
cated by
the October report.. The yield per acre is
36.6 bushels, and this on the acreage sown
stated at
bushels,
aggregate
an
presages
a
of 1,580,714,000
product
total which compares with 1,252 million
The
and 1,549 millions in 1915.
bushels last year
quality of this cereal is very high. The barley crop "
is now estimated at 202 million bushels, against 181
1916;
bushels contrasts with 47
summary
Estimated
1917.
of 56 million
The following furnishes
-Final-
Previous
1915.
1914.
417
482
655
685
685
(1914)
243
158
357
206
357
(1915)
.3,211
2,583
3,055
2,673
3,125 (1912)
1,581
1,252
1,549
1,141
1,540 (1915)
202
181
—
237
195
237
(1915)
56
47
—.
49
43
49
(1915)
........5,710
4,703
5,902
4,943
5,993
......bush.
Spring wheat
Corn
rye
1916.
(000,0005 omitted.)
Oats
yield of
millions, and of buckwheat
of the five leading grain crops:
Production
Winter wheat
a
millions.
18 millions with 12
a
changes
million bushels from the aggregate
September 1.
already in¬
as
is above the average—92.7 against 71.3
timated,
no
noted in the estimates of
the total of
one
on
important particular at variance
month earlier, as announced by the
in
was
86%;
Illinois, 39%, and Nebraska, 35%.
•
disclosed by the official report of the De¬
partment of Agriculture for
Monday,
Each impor-
production of 3,125, millions in 1912.
tant
million bushels in
Oct. 1, as
It is gratifying to state, also,
estimate of so important a food crop as the potato,
of which the current outlook is for a yield of new rec¬
ord proportions.
In corn a deterioration in condition of eight-tenths
of a point is reported during September, but the
general status of the crop on Oct. 1 was 75.9, against
only 71.5 a year ago and a ten-year average of 75.2.
The yield per acre is estimated at 26.5 bushels,
which from the area harvested or to be harvested
gives a total crop of 3,210,795,000 bushels, against
2,583 millions in 1916 and the former high record
be
Remember that the proposi¬
tion is not that the wage earner
As
the statute book,
subject to military duty because of
than
onerous
more
an
marriage, be ready and willing to make
concession?
such
with
man,
than in 1916 and only 192 million bush-
that adverse conditions in September were cause for
only a slight modification of the high preliminary
The
.Labor should be ready to make the concession.
would
more
are
els less than for 1915.
materially shortened.
It
and barley
—...
.......—
.
.
Barley
Rye
Records.
IMd
Total bushels
The
general agricultural situation in the United
States this year
finds clear expression in
a
statement
CHRONICLE
THE
1440
.
.
...
,
M
•
'
■
[Vol. 105.
T
'
showing the com¬ showing some decrease, with the falling off notably
Sept. 1 (or at time of heavy in the South Central, South Atlantic and Mid¬
by the Department of Agriculture
posite condition of all crops on
harvest) as 2.5% above their ten-year
against 5.5%
final
the
index
below last
yields
figure
per
and
101% in
years
As regards
acre.
Sept.
on
73.1% higher than
this
1
year
a
of the last nine,
average
note that
a
very
foregoing,
Office makes the wheat
dian Census and Statistics
of 1916,
the
crop
year
somewhat
being estimated at 249,-
164,700 bushels, against 229,213,000 bushels,
comparing with 426,746,600 bushels in
oats, the yield is stated
000
we
recently issued report of the Cana¬
yield of the Dominion for the current
excess
dle Atlantic groups
at
$59,691,242
but this is
but
Of
1915.
approximately 399,843,-
as
bushels, against 365 millions in 1916; of rye,
4,194,950 bushels, against 2,967,400, and of barley
explainable by
a
of
excess
a year ago,
single disaster for close
increase in liabilities is also to be found in the Middle
Atlantic and Central East sections.
In the brokers,
is
bilities
Bank,
factory exhibit.
is essentially
satis¬
a very
with
responsible
contrasting with 41—but the
represented this
In most of the States, however, no stress
487,779.
among
sum
almost double—$18,451,964 against $9,-
was
year
and
therefor.
suspensions in the nine-month period
&c.,
almost identical in number with those of 1916—
were
42
being
Washington
and
gon
banks is to be noted, but in Florida, Illinois,
Washington suspensions
1917 make
States for September 1917
comparing
reported—$28,180,025
$21,354,522—marked expansion in New York, Ore¬
large totals.
cover
Canadian failures returns for the nine months of
The commercial failures statement for the United
Not only is there indicated an im¬
comparison with 1916, both
a
number and aggregate
able
as
of liabilities,
that for the half year.
was
reduction in number in every
regards
as
notably favor¬
as
There is
sharp
a
Province except New¬
portant decline from 1916 in the number of insolvent
foundland, and aside from Quebec, where there is
debtors, but in that particular the showing is the
moderate
best for any
a
month in the last six
Further¬
years.
the resulting aggregate of
more,
liabilities, while
exceeding slightly the total for the month last
is smaller than for any earlier September
but not
year,
back to,
including, 1911, and well below the
average
increase, the volume of indebtedness makes
like exhibit.
According to Messrs. R. G. Dun & Co.'s compila¬
all years
are
7 millions under 1916,
some
year,
1,414, for $16,208,070 in 1915,
1,615, for $23,018,027 in 1914.
In the manu¬
Trading liabilities of only $6,314,625
with
$5,469,220
$7,209,405,
have been
$5,447,313; trading indebtedness of $5,052,748
was
with
$5,160,449, and debts of brokers, agents, &c.,
of the last ten years
showing here disclosed is
among
parison with 1915 indicates
tory situation in that
decline
over
of
close
20%
in
to
as
traders, and
much
more
com¬
lines.
of the current
a
increase of
an
exhibit
The
year
reported thus far this
true of 1916.
have been
year,
(July-Sep¬
inclusive) is the most favorable for the
per¬
Another
gratifying statement
was
years;
especially is this true of 1914, when important brok¬
erage failures were instrumental in largely swelling
defaults for the quarter
mortality
enemy
British
among
submarines
merchant vessels
shipping
yards,
Five
week.
speeding
up
British
months,
more
referred to,
than
already
clearly disclose the comparatively
very
reported,
ships
smaller ones,
since the
marine
more
were
eleven
over
Three French steamships of
than 1,000 tons were
sunk by mines
year, the result, of course, of the great
activity that has prevailed in most lines. Defaults
for the period this
year reached only 10,737, against
than
Not
one
13,250 in 1916 and 17,288 in 1915, and the liabilities
man
submarines, for the first time in
involved
The "Tidens
the exhibit is particularly good, the aggregate
reported having been only $54,078,771, against
group
$74,017,524 in 1916, each section of the country
more
inauguration of Germany's unrestricted sub¬
frightfulness.
current
and
launched
1,600 tons and two
rines in the week
$141,950,038, against $154,586,707
$241,464,060, respectively. In' the trading
un¬
the total of thirteen being the lowest
favorable mercantile and industrial situation of the
were
were
in shipbuilding which has taken place in
The previous week's sinkings of
in
do those for either of the shorter intervals
sent to the
vessels
tonnage than the Germans sank, thus suggesting the
the last few months.
$10,904,136, agaist $5,084,713.
were
British
Meanwhile the British ship¬
Admiralty
the
from
British
1600 tons and three under that
over
,
last
bottom
resulting
Fourteen
mines.
and
represented debts of $19,250,334, again/st $20,317,919
1916; trading $17,074,212, against $17,942,654,
published by
the British Admiralty on Wednesday concerning the
successfully attacked.
below recent earlier
The failures returns for the nine
1908,
1910 and 1915.
than that for 1916, but
and miscellaneous
same
only three financial suspensions
reported in Canada—one each in
size, besides three fishing vessels,
Manufacturing
and the
In fact, in the nine-month period
iod since 1911, as regards number, but the aggregate
of indebtedness at $47,228,762 is moderately larger
the total.
brokers,
among
No bank failures
satisfac¬
liabilities showing
against
manufacturing
for the third quarter
tember
a
group,
50%
The most favorable
and
&c., $1,957,346 with $3,952,372.
with
$1,136,252 with $961,316.
Segregat¬
with $9,879,064 in 1916; manufacturing of
facturing division, liabilities of $5,714,051 contrast
of
12% millions below
ing the failures by classes, there is improvement in
compare
569,078, last
shown in
2% millions less than in 1914.
each division.
and
a year ago,
now
The liabilities at $13,741,191
since 1903.
ber
963, for $11,903,051, against 1,154, for $11,-
all, 846 firms defaulted for the
2,050 in 1915 and larger totals than
tion, the number of mercantile defaults in Septem¬
was
In
period, this total contrasting with 1,342
1915 and
withal.
,
Manufacturing debts
slightly in
millions in June in Connecticut, although some
to 5
59,318,400 bushels, against 42,647,000 bushels.
•
of States.
were
agents, &c., division a rather large increase in lia¬
at date.
As of interest in connection with the
in
about
whs
year
111% above 1915
ago,
of the
excess
determined by
prices, the
as
year,
as
average,
ending Oct. 7.
or
subma¬
Two vessels of less
1,600 tons were lost and eight ships were at¬
tacked without
success.
Norwegian ship
Six fishing boats
was
were
sunk.
sunk last week by Ger¬
more
than
Tegn" of Christiania prints
a
a year.
diagram
purporting to show that Norwegian sinkings have
decreased
as
the efficiency of the Allies in
with submarines has increased.
'
dealing
Oct.
13
Peace
THE
1917.]
be in the air
to
seems
although it would
possibly be over-optimistic to expect
toward
of hostilities
move
during the current
Nevertheless it is worth while recalling that
year.
the
cessation
a
real
any
period of the active campaign of 1917 is drawing
toward
close, and three
a
parative
inactivity
American
training
of
the
being
that
com¬
to
of
the
troops
of the guns
It is
in the navy
the
high
reports
volted,
It
is
day after day and month after month.
suggested that
the
character.
The sailors
the western fronts.
on
generally have not been subjected to the battering
intensive
Meanwhile
subjected
vigorous
most
reasonable to suppose
trained
sight.
in
are
is
army
four months of
or
1447
CHRONICLE
seas
captain
crews
from
men
fleet for the submarine service.
suggest that
one
of the dissatisfaction
one cause
might well be the drafting of
Latest
of four battleships re¬
of these ships being the Westfalen, whose
thrown overboard and drowned.
was
well equipped and well
a
body of American troops will be
Field Marshal
hand in
on
Haig has made further
in
progress
France to
participate in the spring offensive of 1918.
Flanders, while the French troops have joined
This is
position of which German military leaders
with those of the British to the south of Dixmude in
a
well
are
Their
aware.
maximum
their
at
are
strength, if in fact they have not passed
that maximum, and
the
even
armies
own
it thus becomes obvious that
present unequal positions will be further
intensified.
That
such
some
appreciation
real conditions is current at the German
of
the
capital is
endeavor to
an
bring that section of the line to
into the German front
morning, both armies
prisoners.
The Chancellor referred to the
Powers
the
to
Powers
Papal note
as
prepared in the
were
replies of the Central
showing that these
indicated by the
sense
on
Tuesday
rewarded with substantial
were
gains before nightfall in addition to having inflicted
the
Wednesday.
by Haig east of Broodseinde.
Launching their attacks simultaneously
heavy casualties
on
cor¬
respond with the sharp wedge that has been driven
suggested by the speech of Dr. Georg Michaelis at
plenary sitting of the Reichstag
up
a
on
the Germans and capturing many
The movement
result virtually all the
the vast Flanders
Allies.
plain
was a
are now
Haig's principal
pivoting
observatories
one and as
dominating
in the hands of the
offensive
centred
on
the
Pope's note, to collaborate not only in the termi¬
portions of the Passchendaele-Gheluvelt ridge still
nation of the present
held
of
conflict but in the reconstruction
Europe nearly ruined.
a
signs of
who
were
There
he said,
were,
no
from
clinging to the time-worn formula of the
mate
among
"The
prolonging
question
great
the Chancellor
struggle,"
the
continued, "is not the future of Bel¬
towards
Passchendaele the
ulti¬
objective still being the Ostend-Lille road.
is customary
annihilation of German militarism.
captured, and northeastward
was
Broodseinde
Germany's opponents,
"new spirit"
a
by the Germans, being directed eastward from
Poelcapelle which
of his
As
after the attainment of the objectives
drive, Haig has since permitted the Britis h
breathing spell while
troops in Flanders to have a
gium, but that of Alsace-Lorraine.
consolidating their gains .^Likewise
according to
acting with the British left flank are busily engaged
to
our
politically
Alsace-Lorraine, both
of
with her armies
to the
will continue the fight for the
that she
France
conquest
Great Britain,
information, has pledged herself
program
long
so
France desires to adhere
as
of
firm statement
and
clear
curiously enough, there still
ception in this respect
make
that
the
to
swer
hold
a
down
is 'no.'
fathers
us
can
to be a miscon¬
seems
enemies and
There is but
even
an¬
one
any
form
regard to Alsace-Lorraine?';
So
as
long
German hand
as one
glorious inheritance by
a
be the
never
concessions."
Another
since,
can
the integrity of the territory handed
gun
to
to give
proper
attitude,
question, "can Germany in
concessions with
answer
our
among our
neutral friends.'
our
among
This
of regaining those provinces.
being the actual situation, I think it
a
and
object of negotiations
suggesting
sign
in the form of
a
;
,
,
positions.
won
Germans north of the Bois le
violent
Chaume, following
penetrated it at several points, but were kept from pro¬
In the Austro-Italian theatre the
ceeding farther.
Austrians
attempted to gain ground
compelled to retire after suffering heavy casu¬
were
Considerable activity both by the artillery
alties.
and infantry
continues
Russia fighting zone.
have
Germans
the
on
the Riga front in the north
Southeast of the Spitali farm
violently bombarded Russian
really undertaken air reprisals on German cities this
positions.
Whether the British have
north of Lake Midzioli.
week,
or
whether French airmen have continued their
Britain
far
the denial adds the
ment
by Admiral
printing
paper
following comment:
"The state¬
Tirpitz is published by the
von
Pan-German. Bund and he
seems
to have waited
long while before putting things right."
other
straw
is
contained in the
Copenhagen describing
German
of
cers
a
naval
at
grave
character
revolt
is
Washington
as
regarded
as
an¬
Serious
one
were
those of the
by
our
mu¬
not
navy.
naval offi¬
of the most
encourag¬
ing signs of the year for the Allies and probably one
of the most ominous from the German point of view.
The revolt in the navy say
these officers is
serious matter than the evidences of
have
censored
are
mean
that
seen
so
been announced,
so
As the cables
by cable this week.
completely this would not necessarily
reprisals had not been made.
It
seems
significant, however, that there have been no addi¬
tional raids on London reported.
As
on
reported to have occurred
soldiers at the front, though these
such
The
are
Still
a
as we
dispatch via
revolutionary outbreak
warships at Wilhelmshaven.
tinous outbreaks also
among
a
news
the Carso '
plateau but in the furious fighting that followed they
work of this character, has not
Even the
on
is
denial published by Admiral von
1."
a
bombardment, attacked the French line and
Tirpitz that*he'said "the U-boats will finish Great
by August
Along the
or
■
weakening
German
organizing their newly
right bank of the Meuse in the Verdun section, the
In the middle sector of this front the
duels have reached considerable proportions to the
fore¬
our
in
the French forces
a more
declining morale
to
Russia the
was
organized
announces
new
Coalition Government has
replacing the Council of Five, which
assumed control,
month
a
it
that
ago.
intends to
The
new
carry
Government
out
an
active
foreign policy with "the purpose of making peace
in
agreement with our allies
as soon as
.possible."
Meanwhile the Government will take steps to bring
the
army
store
try.
to its highest fighting power and to re¬
economic and social tranquility in
.
•
the
coun¬
Dr.
CHRONICLE
THE
1448
Perl, the German Minister to Peru, received
his passports on
Saturday and the Peruvian Minister
It is reported
to Berlin was recalled.
would go to Ecuador.
Foreign Affairs
that Dr. Perl
The Ecuadorian Secretary of
Monday, however, sent
on
patch to the Ecuadorian legation at Lima
dis¬
a
announc¬
ing that Dr. Perl would not be officially received by
Ecuadorian
the
Government.
This
action
is
un¬
distinct from high income taxes,
capital,
as
profits,
&c.
it
Details,
than probable
seems more
of the many
of the
are
however,
that
Meanwhile Uruguay
with Germany.
is for
levy of 10%
a
^:'
severed
has
The British
presiden¬
A
British officials
ownership has increased in Great Britain from £16,One plan, the dispatches state,
relations
Treasury's official statement of national
tial decree announced the rupture following a vote
finances for the week ended Oct. 6 shows
in
of
favor
Count
to
by the Chamber of Deputies 74 to 23.
Luxburg, the former German Minister
von
The Presi¬
Argentina, is still in that country.
dent
of
£55,965,000 comparing with £47,321,000 for the
week
The total outflow, including
preceding.
ments of Treasury
bills, advances, &c.,
paid aggregated £77,962,000 against £42,343,000 and
the advances
While the cables have not contained definite sug¬
gestions of
claim to
peace
overtures, London correspondents
evidences of
see
revival of peace buying.
a
repaid
represented by
was
preceding;
against £12,258,000 the
revenue
issues of Treasury bills provided
new
£69,139,000 against £60,782,000;
activity in this respect.
cates
acter of the
new
In fact, the attractive char¬
bonds
war
seems
responsible for
a
falling off in the demand for other than Government
The British Treasury's statement
investments.
of
000
the close of the week
This amount,
bonds
sold
it is explained, does not in¬
through joint-stock and private
banks, the proceeds of which have not yet passed
Exchequer.
There
seems
widespread
has
as
yet been instituted.
Field Marshal
not been
a
stood to be
good impression
Rio Tinto
The Rothschilds
are
under¬
cou¬
of the Russian 4% loan, thus removing fears
that have been entertained of default
The amount of
the
on
of the year
There
was
£57,054,pre¬
For the first three months of 1917
£221,254,300.
quar¬
This sudden reduction obvi¬
ously is due to the absence of important applications
for
funds
declined
by the British Government.
to
compares
Silver has
44|£d. (Thursday's closing figure), which
with
46J^d.
on
Friday of last week and
have
German
that
states
issues
paper
Copenhagen
to
have
to
Navigation Co. is
British-American Tobacco has sold
Imperial
per
Tobacco
of
Canada
International
Financial
share.
are
These
licly, it is stated, at 19 shillings.
ordinary
Society at
to be resold pub¬
to face with
to
in
an
Three
effort
of
by
the
Danish
frontier at Vam-
Representatives
cable from
of
war
Germany
Aires to
Buenos
severe
levy heavy
will end in January
shortage of fuel.
excess
fares
be
The buyers
The German State railways
tion of traffic is said to have
to
shipping
are now
are
February.
or
face
are
Rigid limita¬
begun and it is proposed
on express
trains in order
discourage all except unavoidable business jour¬
large number of fast
A
neys.
trains
have
eliminated from the winter timetables.
Railways
on
will charge
heavy
been
The Wurtexcess
fares
Saturday afternoon and Sunday.
Official rates at
to be
Copenhagen; 53^% in Italy, Portugal and Nor¬
6% in Petrograd, and
Holland and
rate
4
re¬
ceived from London, suggesting a new movement to
obtain war funds in the form of a literal conscription of
leading European centres continue
quoted at 5% in London, Paris, Berlin, Vienna
has
13-16%
money
<
Some rather sensational dispatches have been
re¬
Advices -from
war.
situation.
confidence that the
express
way;
the
the
buying hides heavily at that centre.
and
to
Bureau
charge of Imperial Bank officials
Saturday.
on
Navigation Co.
shillings
Loan
cars
crossed
reported
are
seeking to obtain control of the Indo-China Steam.
17
finance
that the Germans
exchange
silver bars in
It is reported that
the Peninsula & Oriental Steam
shares
and
new
London
from
exchange, which has discouraged
purchases of silver in America.
million
dispatch
Reichsbank
to
say
improve
for traffic
*a
A
silver instead of gold out of the country
temberg
weakness in China
loan.
the
reports thus far indicating
of subscriptions to the
ports, however, indicate increasing dependence on
55d., the high point reached the preceding week.
natural reaction, aided by the
no
success
war
The decline
seems a
£940,238,000 against £900,-
was
been
degree of
rup
£825,925,200, and for the second
was
the
capital applica¬
decided falling off from the
a
£18,318,000 against £22,-
763,000.
said
as
The Treasury balance at
was
The total of Treasury bills outstanding at
188,000.
by the Russian
is given by the "Economist"
000, which shows
the total
new
English market for the third quarter
vious quarter.
ter
copper
accepting for payment the October
Government.
tions
has
news
45% interim dividend, against 40%,
preceding interim.
pons
a
Otherwise the week's
specifically important.
has declared
the
The successful drive of
Haig has produced
in financial London.
bonds
agree¬
formal campaign to push the securities
no
against £16,458,000.
the close of the week
ment, however, that the ne\y loan is selling very well,
although
war
these bonds); tempo¬
advances from the Bank of England £24,000,000
the item
war
on
against £2,600,000 and other debt incurred £26,067,-
national finances for the week ending Oct. 6 contains
of £6,154,000 receipts from national
savings certifi¬
war
£850,000 against £800,000; national
£6,154,000 (the first report
rary
£146,095,000
was
Of this amount £19,885,000
against £94,497,000.
week
re¬
£15,500,000 against £2,-
were
The total inflow of cash
There, however, has not yet developed pronounced
into the
£149,-
The Treasury bills
despite the favorable action of both houses
750,000.
clude
repay¬
was
481,000 against £94,067,000.
Congress.
bonds.
expenditures
Argentina still holds out against entering
the war,
of
one
000,000,000 to £20,000,000,000 since the war-began.
of this increase.
republics.
but
reported to have estimated that capital in private
dor's close affiliation with the union of South Ameri¬
diplomatic
this is
receiving consideration.
war
excess
lacking, and
are
plans for meeting the financial problems
derstood to have been taken to demonstrate Ecua¬
can
.
[Vol. 105
Spain.
remained
for
remains
4^%
in Switzerland,
In London the private Bank
at
4%%
for
ninety
days.
London
day-to-day
reports
have
at
4%.
No
sixty
days and
been
received by cable of open market rates at other
ropean
centres, so far
as we
Eu¬
have been able to ascertain.
Oct. 13
showed
decline in its
a
of
of the Bank
week's statement
This
1449
CHRONICLE
THE
1917.]
England
gold holdings of £238,622,
weekly statement of the Imperial Bank
The
Germany, issued
of
of Oct. 6, shows the following
as
changes from the last report received—that of
likewise re¬ Sept. 22: Total coin and bullion increased 1,534,000
duced, £88,000, there having been a decrease in note marks; gold increased 145,000 marks; Treasury notes
circulation of £150,000.
The proportion of reserve were expanded 32,911,000 marks; notes of other
to liabilities, however,—in consequence of a large re¬ banks increased 1,521,000 marks; advances showed an
duction in the loan item—advanced to 19.90%, as expansion of 69,000 marks; investments declined
compared with 18.89% a week ago and 22.67% last 900,000 marks; other securities increased 15,568,000
year.
Public deposits decreased £326,000.
Other marks; notes in circulation registered the substantial
deposits declined £9,119,000, while Government se¬ increase of 161,775,000 marks, while other liabilities
curities showed a decrease of £464,000.
Loans (other were reduced 165,034,000 marks. The Bank's gold
which contrasts with
registered
securities)
substantial increase the two
a
Total
preceding weeks.
reserves
were
contraction of £9,427,000.
a
Threadneedle Street's stock of gold now stands at
This compares with £55,696,429 in
£55,488,759.
2,492,933,000 marks in 1916 and 2,422,972,000
with
marks the year
preceding.
Reserves
£59,955,457 the year previous.
1916 and
holdings total 2,403,155,000 marks, which compares
Saturday's bank statement of New York Clearing
against £37,292,359 last year
Loans total £88,944,000, House members, which will be found in more com¬
comparing with £102,773,484 and £114,706,690 one plete form on a later page of this issue, made a rather
and two years ago, respectively.
The Bank reports, more favorable showing and recorded a slight net
gain in reserves. The loan item was expanded
as of Oct. 6, the amount of currency notes outstand¬
Net demand deposits decreased $13,ing as £164,479,242, compared with £162,989,755 a $16,099,000.
week ago.
The amount of gold held for the redemp¬ 552,000 to $3,522,058,000 (Government deposits
$229,051,000
deducted), although net time
tion of such notes remains at £28,500,000.
Our of
deposits
increased
$8,594,000.
Cash in own vaults
special correspondent is no longer able to give details
(members
of
the
Federal
Reserve
Bank) was in¬
by cable of the gold movement into and out of the
Bank for the Bank week, inasmuch as the Bank has creased $5,500,000, to $90,182,000 (not counted as
discontinued such reports.
We append a tabular reserve). Reserves in the Federal Reserve Bank of
member banks expanded $554,000, to $367,035,000,
statement of comparisons:
aggregate £32,260,000,
and
£45,845,002 in 1915.
41,678,000
36,854,070
Public deposits
42,186,000
55,135,356
119,625,000 109,360,502
Other deposits
Govern't securities.
42,188,051
58,271,000
Other securities
88,944,000 102,773,484
Res've notes & coin
32,260,000
Coin and bullion...
55,488,759
Propor'n of reserve
to
55,696,429
32,560,455
34,667,285
70,859,619 23,732,448
97,907,026 138,828,702
25,969,825 27,571,087
114,706,690 108,715,402
45,845,002 43,018,105
59,955,457 59,235,390
'
liabilities
28,845,595
5,340,806
41,762,006
14,488,105
24,773,127
25,591,933
35,987,528
22.67%
5%
6%
54.30%
.5%
26.46%
5%
27.16%
5%
its statement for the week
announced another gain in its
gold
on
hand of 1-
positories (State banks and trust
expansion
an
registered
an
was
of
abroad, and 4,647,366,645 francs the year before,
The silver item was reduced 739,000
vaults held
Note circulation showed a
tial
General
francs.
187,915,000
viz.,
increase,
further substan¬
increase of $5,252,000, thus bringing
banks of Reserve system)
including cash in vault. The reserve required
reduced $1,725,430; hence surplus reserves
ago,
showed
francs.
Aggregate reserves
comparing with $653,780,000 at this date a year
This brings the Bank's gold hold¬
5,322,717,100 francs, comparing with
4,856,533,925 francs in 1916, when 4,181,975,580
francs were held in vault and 674,558,075 francs
all in vault.
companies) showed
to $135,337,000.
$574,318,000 (not. counting $90,182,000
cash in vault of member
ings
to
$25,366,000,
of
Circulation increased $247,000.
489,000 francs.
up
Reserves in own
declined
Reserves in other de¬
1916.
$20,668,000, to $71,946,000.
and
The Bank of France in
in
(State banks and trust companies)
vaults
the total to
1
.
19.90%
'
Bank rate
37,292,359
£
£
£
£
£
Oct. 14.
Oct. 13.
Oct. 11.
Oct. 10.
Circulation.
1913.
Oct. 15.
1914.
1915.
1916.
1917.
$170,122,000
against
ENGLAND'S COMPARATIVE STATEMENT.
BANK OF
a
only
gain of $6,977,430, which carried the total
to $83,989,550, on the basis of
reserves up
excess
13%
for the member banks of the
(but not counting cash in
by these banks).
At the correspond¬
reserves
Federal Reserve system
ing period a year ago
555,480
18%.
deposits declined 78,018,000 francs and bills dis¬
counted 136,215,000 francs.
Treasury deposits de¬
surplus reserves totaled $82,-
the basis of
on
reserve
requirements of
'
"
/
While the local money
situation still displays some
Bank's advances degree of nervousness,, the offerings
increased 17,441,000 francs.
Note circulation now by the Bankers' Committee which
stands at 21,607,953,325 francs, as against 17,028,- with the Liberty Loan Committee
893,710 francs last year and 13,752,143,320 francs without practical influence.
The
1,954,000 francs, although the
clined
in 1915.
was
In the week ending
6,683,184,785 francs, that being the last state¬
by the French Bank after the
ment issued
of the
ous
July 30 1914 the amount
war
items with
corresponding dates in 1916 and 1915
BANK
OF
FRANCE'S
Status as of
Changes
Oct.
3,285,608,632
2,037,108,500
1,489,000
5,322,717,132
739,000
discounted..Dec. 136,215,000
259,043,148
592,104,641
17,441.000
1,124,452,474
Total
Bills
1917. Oct.
...
-
Silver..
Advances
Note
11
Francs.
Francs.
Gold Holdings—
1,489,000
..Inc.
In France
—
-.Inc.
Dec.
Inc.
circulation..Inc.
187,915.000 21,607,953,325
deposita.Dec.
1,954,000
25,315,000
General deposits..Dec.
78,018,000
2,821,695,355
Treasury
follow:
12
<
1916. Oct.
Francs.
4,181,975,580
674,558,075
14 1915.
Francs.
4,647,366,645
4,647,366,645
332,286,549
363,267,932
435,227,455
274,209,335
1,190,193,476
582,272,168
17,028,893,710 13,752,143,320
48,297,502
59,434,588
2,345,844,131 2,611,789,880
4,856,533,925
of time money
is co-operating
have not bfcen
committee put
quite liberal loans on fixed maturities, which in
turn have restored the demand loan position to one
out
of
apparent ease.
ranged
The time loans have been, ar¬
all industrial as well as mixed collateral.
to be expected that there can be any real
on
It is not
ease
COMPARATIVE STATEMENT.
for Week.
Abroad..
outbreak
'Comparisons of the vari¬
the statement of a week ago and the
until Dec. 24.
v.
in money at a
time when such a large loan is be¬
the Government. Some measure
of relief, of course, is contained in the borrowings on
Treasury certificates which mature in time for the
various installments of the new war loan.
It is worth
while recalling the experience with the June Liberty
ing distributed by
Loan, where
there
was
such
a
marked tendency on
of subscribers to pay in full rather than to
advantage of installment payments.
Thus it
the part
take
appears
reasonable to expect that the greatest strain
1450
THE
in money
connected with the
loan will
new war
CHRONICLE
which date full payment
tendered in most instances.
The
Treasury has this
certificates of indebtedness in
ing will
The
loan, and
eral
Nov.
on
15,
or
week before
a
This offering brings the total of the four
maturity.
issues put out in advance of the second
Liberty Loan
receipts
than one-half
to $1,550,000,000,
up
of the minimum set
or more
by Secretary McAdoo for the
issue, thus amounting for all practical
preliminary subscriptions.
bear
to
new
to
purposes
same
while
before
highest rate offered
interest rate,
3%%.
was
In the short-term treasury
loans already outstanding,
$300,000,000 falls due
Nov.
Nov. 30,
on
and $700,000,000
aid
great
preventing
undue
with
2@6% last week.
4%% which
low.
was
:
initial quotations were
sed
an
On Wednesday the
and
range
On Thurs¬
5%@6%
months'
5%@6%
no
A
as
the week progres¬
quoted
were
In'some
granted.
Sixty
quoted at 5%@5%%, against
were
last
week.
Four,
five
and
six
however, ruled at 5%%, against
money,
week
The situation is called quiet,
expectation • of any radical recessions in
a
rates until
of.
firm, but
disposed to put out funds.
ninety days
with
ago.
the Government
year
financing is taken
sixty day
ago
money
care
quoted at
was
3@3%%, ninety days at 3%@3%% and four, five
and six months
aU"3%%..
In
mercantile
been noted,
and
remain
somewhat
well
as
as
buyers.. Actual quotations, how¬
heretofore at 5%@5%% for sixty
of choice
names
known
bankers'
still
at
acceptances
volume of business.
unchanged.
character, with
5%@5%%.
recorded
The tone
•
,,
Eligible bills of member banks
Eligible bills of non-member banks
Ineligible bills
No
and
moderate
a
steady-with rates
Spot
goes.
Delivery
Sirty
Thirty
uithiti
Days
Days.
Days.
30 Day;
3%@3%
3%@3%
3s/* @3!*
3H
3%@3^» 3%@3'/u
3^@3?i
4
bin
4V*<aj3M
5U
bin
_...5@4
changes in rates
Delivery
Ninety
were
4H04
announced this week
of the Federal Reserve banks,
knowledge
not
names
Banks'
only
was
six
and
Detailed quotations follow:
—
any
activity has
more
ninety days' endorsed bills receivable
months'
so
paper
several large institutions having come
into the market
ever,
51 to 60
"
"
51 to 90
"
"
Prevailing
rates
as
far
for
as
bid
by
our
various
classes of paper at the different Reserve banks
shown in the
following:
-
/;/„
a.
j Richmond.
Lotie.
I
3
s
St.
6
3
5
c
*
1
*
•3
31*
3H
3A
3H
3
3A
3
3
3H
3
3H 3H
3H
3X
3H
4
4
3H
4
4
4
4
4
3H
4
4
4
4
4H
4
4
4
4
4
4
4
4
4
4
4
4H
4
4
4
4
4
4H
4
4*
4H
4
4H
4W
5
5
4H
5
4V*
5
6
5
6
5
6
6*
4
3H
3H
3H
3A
3h
3h
3'A
3H
4
3H
3H
3A
3H
3A
3 A
4
3H
3H
4
4
3H
3H
3H
3H
4
4
3H
3H
3X
Agricultural and
3Yi
4H
1
Live-Stock Paper—
91 days to 6 months maturity
Trade Acceptance»—
1 to 30 days' maturity
31 to 60
"
4
3X
3H
3H
3A
3H
61 to 90
"
4
3H
3H
4
3A
3Yi
Commodity Paper—
1 to 90 days' maturity
4
3H
4
3A
3X
"
...
Note.—Rate for bankers' acceptances, 2lA% to 4%.
For notes, drafts and bills
of exchange issued or drawn for the purpose of buying or carrying bonds, notes or
certificates of indebtedness of the U. S., and secured thereby, having a
maturity
time of discount of not
at
than
more
90
days, 3A%-
♦
Rate of 2% to 4% on member banks' 1-day collateral notes in connection with
the loan operations of the Government.
There is very
are
little in the sterling exchange situa¬
tion that merits comment this week.
fers
are
remain
pegged
commercial
bills.
significance
that
ness
is
transfers.
passing is
with
tries.
changes
a
taking
South
Governments with
caused
business
Demand
same
bills
is true of
are
without
part of the
busi¬
the form of cable
The Federal Reserve Board has opened
negotiations
ments
the
But
preponderant
as so
Cable trans¬
4 76 7-16.
at
slight shade easier and the
a
The
by the
deposit
American
gold
has
own
American
embargo to American
in
those
that
coun¬
American
with certain banks in the
credit'of
Governments,
turn to issue their
Central
relieving embarrass¬
proposed
money
the
to
to
having agencies
Board
States
and
view
a
concerns
United
easier tone became apparent and lenders
ap¬
more
<c
s
§
.)■
firms shall
changed from 3%%, with
slight concessions in rates
cases
SI
8
I
•
3
3H
maturity
was
2%% the minimum and the ruling quotation. Friday
was a
holiday (Columbus Day). For fixed maturities
peared
1 to 15 days'
1 to 16 days' maturity
t6 to 30
"
"
I
was
the maximum and renewal
was
not
was
.
compared
as
2%@3%% with 3% for renewals.
was
day the high'
...
call
on
On Monday the high
2%%.
was
a
money
also the ruling figure, while 3%
Tuesday 4%
basis; the low
in
•
this week of 2%@4%%,
range
prove
rates in detail, loans
money
cer¬
for subscriptions
.■
^
a
Treasury
strain
■
Referring to
covered
the
on
It is clear
feature which will certainly
a
in
circles. >
use
effective way to pay
an
loan,
15, $250,000,000
Dec. 15.
on
that the banks will be able to
tificates in
ft
<
|
9
Member Bankt, Coll. Loarut:
4% interest, the last previous offering of
the
BANKS
It is the second issue
$400,000,000 having been at the
to the
5
may
Reserve Bank
LOANS
DUcourUt
a
be converted into Liberty Bonds
the option of the holders if offered to the Fed¬
at
RE8ERVE
2
1
OF
offer¬
new
4% interest and will mature Nov. 22,
week after the payment of the 18% installment of
the
FEDERAL
CLASSES
OI8COUNTS AND
anticipation of
Liberty Loan receipts.
pay
OF
be
can
week offered another issue of $300,000,000 of short-
the second
RATES
DISCOUNT
occur
9
before Nov. 15, at
term
[VOL. 105.
Central
those
and
South
Governments
notes to the resident
in
agents
of the American firm
The
of
seeking to transmit the funds.
only arrangement for gold for export was a lot
$718,000 in gold bars for Chile.
Referring to day-to-day rates,
sterling exchange
Saturday, compared with Friday of the preceding
week, ruled quiet and a shade easier for demand,
on
which
were
4
receded
7134 @ 4 7134.
On Monday
not
were
active.
and
a
was
at
recorded, although cable
still quoted at 4 76
No
sixty days
further fractional
@ 4 7525 for demand and 4 71 @
7134 for sixty days
transfers
in
.
@ 4 7534; cable transfers
4 76 7-16
at
decline to 4 7515
4
4 7520
to
exchanged
new
7-16; trading
feature of moment
Tuesday's dealings and rates
were
was
developed
almost without
change; demand again receded, this time 5 points, to
4 7515 @ 4 7520, but sixty
days continued to rule
at 4 71 @ 4 7134 and cable transfers at 4 76 7-16.
Wednesday showed no improvement in point of
activity and rates ruled at the levels of the previous
day.
On Thursday the dulness was further accen¬
tuated by the approaching holiday and trading at
times was at a complete standstill.
Quotations were
reduced] to 4 75 3-16@4 7515 for demand^ but were
not changed from 4 71 @4 7134 for
sixty days and
4 76 7-16 for
cable transfers.
Closing quotations
were
4 76 7 16
for
cable
transfers, 4 75 3-16@
4 7515
for
demand, and 4 71 @4 7134 for sixty
days.
Commercial
sight
finished
at
4 74%@
4 75 3-16, sixty days at 4 70%
@ 4 70%, ninety
days at 4 6834 @4 68%, documents for payment
(sixty days) at 4 7034 @ 4 70% and seven-day grain
bills at 4 74% @ 4 74%.
Cotton and grain bills
closed at 4 75 @ 4 75 3-16.
Friday was a holiday
(Columbus Day).
Dulness
and
inactivity were again the feature
exchanges, so far as regards the
in the continental
belligerent countries, and the week's operations were
practically devoid of noteworthy feature.
Rubles
Oct. 13 1917.]
1451
CHRONICLE
THE
fairly well sustained until the latter part of the
Petrograd interpre¬
ted as indicating a less favorable state of affairs at
that centre, induced a slight recession in rates.
Lire
moved irregularly and closed weak.
Francs were
steady and without quotable change.
The volume
of business passing attained only small proportions,
and fluctuations were relatively unimportant.
The
sterling check rate on Paris was not changed from
27.18.
In New York sight bills on the French centre
finished at 5 79%, against 5 79%; cables at 5 77%,
against 5 77%; commercial sight at 5 80%, against
5 80, and commercial sixty days at 5 85%, against
were
week wrhen advices received from
last
5 85
transactions
All
week.
German
in
and
Austrian
exchange have been suspended and quota¬
tions for Reichsmarks and Kronen are no longer
obtainable.
Lire closed at 7 76 for bankers' sight
bills, and 7 75 for cables, as against 7 73 and 7 72
the previous week.
Rubles, after having receded to
15.00, rallied and finished at 15.20, which compares
with 15.25 on Friday of a week ago.
Greek exchange
remains as heretofore at 5 12% for checks.
As to the neutral exchanges, the trend is still
upward, with Scandinavian rates ruling at last
week's high levels.
Guilders attracted some atten¬
tion by a sharp rise to 45% for checks and 45% for
cables, a new high record for the current movement.
This advance, of course, is due to the continued
scarcity of bills which has been occasioned by the
.^enforcement of the Government embargo on exports
to neutral countries.
Swiss francs ruled firm, while
strong and a trifle higher.
Bankers?
sight on Amsterdam finished at 45%; against 42%,
cables at 45%, against 42%, commercial sight at
pesetas
were
45
9-16, against 42 3-16, and commercial sixty days
at 45 1-16, against 42% the previous week.
Swiss
exchange closed at 4 68 for bankers' sight and 4 66
for cables.
A week ago the close was 4 71 and 4 68%,
•
respectively.
Copenhagen checks finished at 31.75,
against 31.50.
Checks on Sweden closed at 37.50,
as
compared with 36.50, and checks on Norway
finished at 32.00, against 32.00 the week preceding.
Spanish pesetas closed at 23.60.
This compares
with 23.25 last week's final quotation.
York
Clearing House banks, in their
operations with interior banking institutions, have
gained $664,000 net in cash as a result of the currency
movements for the week ending Oct. 11.
Their re¬
The
New
ceipts from the interior have aggregated $7,385,000,
while the shipments have reached $6,721,000.
Add¬
ing the Sub-Treasury and Federal Reserve operations,
which together occasioned a loss of $49,508,000, the
combined result of the flow of money into and out of
the New York banks for the week appears to have
been
loss of $48,844,000, as
a
■Week,
ending
11.
Oct.
1
!
„
Banks'
interior
The
in the
j
Bank Holdings.
.....j
24,279,000
73,787,000 Loss
......'........J
$31,664,000
$664,000
Reserve
11
Oct.
1917.
Gold.
£
£
.
Total.
12
£
j
Silver.
Total.
£
£
£
55,696,429
Russia *.. 129,520,000
12,370,000 141,890 000155,377.000
12,140,000 63,718,000 51,578,000
13,291,480 180,570,514
916,950 125,563,550
9,541.000 164,918,000
Aus-Hun.c
51.578,000
Spain
77,024,000
55,488,759i
12,140,000
63,718,000
29,385,000 106,409.000, 46,939,000
2,587,000 41,027,000 38,176.000
30,193,000
77,132,000
3,143,000
41,319 000
56,812,700' 48,947.000
15,980,000; 15,380,000
549,700
49,496,700
600 000
15,980 000
Italy
38,440 000
Netherl 'ds
56,198,000
614,700
Nat. Bel. h
15,380,000
600,000
Switz'land
13,867.000
Sweden
11,363,000
Denmark.
10,794,000
Norway..
7,142,000
13,867,000;
11,363,000
"157*666
10,951.000:
7,142 000.
Tot. week.
718,419,029
Pre v. week
717,999,841
73,570 650 791 570 491737.943,301
•
9,504.000
234,000
9,184,000
6,279.000
70,609,130 810.932,193
70.813,950 808,757,251
of France this year are exclusive
of £81.484,340
abroad.
The gold
.atest
c
holdings of the Bank
11,571,600
11,571,600
9,504 000
8,950,000
6,279,000
73,693.600 792.112 629740,323.063
have
has
ever
treason, through public speeches
or
become
genuinely troublesome in
it has two very
its
on
holdings of the Bank of Russia for both years In the
by eliminating the so-called gold balance held
been revised
reported date, the
amount
July 30 1914 In both years,
so
none
every war,
because
)
intelligent part of
it is for
a
community, whatever
any
feeling in regard to the
how easy
no one
the less
different sides—even when discussed
general merits.
The
its
Government,
a
But the question has
disputed.
or pun¬
for preventing deliberate
power
otherwise, must rest with
or
Govern¬
and the
war
itself, is alwats
war
aware
government to slip from what
restriction into what
may
be
may
be tyranny and suppression of free speech.
and
proper
necessary
have had illustrations of
other countries
ernment's
during this
Germany's
as
manner
of conducting the
sending him at
on,
a
member of
one
war, was very
in and out of Germany..
time to
a
dangerous post in
in order to get rid of him, was pointed out
typical instance
a
The German Gov¬
war.
Reichstag, because of his opposition to
adversely commented
the army,
We
of them, in
many
imprisonment of Liebknecht,
the German
The
this, and
ruthlessness.
attracted
of
Scarcely
,
the
less
German autocracy's
adverse
criticism
was
by the silencing of Maximilian Harden,
through forcing him into the Government's service
in order to stop
not
his articles advocating peace on terms
satisfactory to the Kaiser and the General Staff.;
We mention these well
cause
are
believe that
we
known instances, not
likely to be paralleled in
order
to
of
line
show the
proper
be¬
they have been paralleled or
our own
possibility
of
affairs, but in
overstepping the
In the matter of con¬
restriction.
trolling certain publications in foreign languages and
a
few in
the
English, through refusing them the use of
mails,
much to
Government has undoubtedly had
our
For ourselves, we should have
justify it.
preferred direct dealing with the matter, rather than
recourse
to denial of mail facilities, which has of
recent
been invoked in a way which might
years
threaten
danger
even
But it wasGovernmental restraint
in time of peace.
evident that absence of any
go
much further—in the way, for instance, of en¬
couraging possible resistance to the Government's
adopted policy of military service—than they other¬
would
Beyond
go.
a
cautious policy of
held, £230,890.000.
h Aug. 0 1914 in both years.
own
purpose
above statement
abroad. On the
the very
so.
pass
judgment
seditious utterances
University professors, for alleged
or
for encouraging resistance to
aggrieved
Of the general conduct of the
the draft.
on
discharge
recent controversy regarding the
of certain Columbia
re¬
of unwis-
It might easily
proceed.
by doing
We do not feel called upon to
1916.
Gold.
55,696,429
held
some
defeat its
5,449,900 125,649,850124,616,600
Gold
That
efforts at sedition
wise
10,390,000 141,814,320167,279.034
a
ished.
the
it, should be restrained
don for the Government to
55,488,759
..
opposing
straint, however, it would be the height
120,199,950
.
publications,
ment's conduct of
$80,508,000 Loss $48,844,000
Francea.. 131,424,320
.
urgent during the crisis of a great war—the question
when and how far the utterances of individuals and
principal European banks:
Silver.
into
which always becomes
question
a
following table indicates the amount of bullion
Oct.
England.
incidents have brought
number of recent
foreground
49,508,000
Banks of
Germany
A
the
might have tempted the publications in question to
Net Change in
Out of
Banks.
$6,721,000 Gain
Federal
operations.,
Total
I
$7,385,000
movement.,.....—j
and
Sub-Treasury
follows:
Into
Banks.
THE GOVERNMENT 'AND SEDITIOUS SPEECH.
'
professors there seems to be no doubt, and, whatever
may
be said of the need for intellectual freedom in our
institutions, it is manifestly possible,
educational
under
certain
circumstances,
much too far.
the utterances had no
struction
under
to
carry
indulgence
This would be especially true when
the
relation to the
charge
of
a
course
given
of in¬
teacher.
Schools, colleges and universities surely owe some¬
thing to their pupils, and the parents of those pupils,
1452
well
as
CHRONICLE
THE
to the
as
instructors, and
point
a
be
may
[Vol. 105.
Burnside, then occupying the post of Military Com¬
reached where that is paramount over all other con¬
mandant in
siderations.
acteristic
At the
not
Mr.
of Senator
case
the matter of foremost
as
only because
it.
in
the
moment
stands out
La
a
United States Senator is involved
Follette's
been in
believe, long be¬
as we
began:—his influence has unfortunately
war
large
due to his utterly reckless and
measure
unscrupulous
public
It
utterances.
habit to make assertions
utterances.
been
has
his
points of the most vital
on
Vallandigham
in
Federal
a
and the protests
from
people
did not
of
throughout the country,
by
come
thinking.' The Federal courts upheld the military
constitutional power to
administration's
the
administer
punishment, and President Lincoln, replying to
formal
public protest, defended with his own
in time
possible
his agents.
of what he said.
dozen years ago on
the
His speech
hundred rich
one
of
But Lincoln did not hesitate to
who, he asserted and reiterated, owned America
and
everything in it—a list which, aside from the
been carried.
long dead and others of absolutely
standing—showed the
for what he
man
Bitterly opposing the
war,
it
been affirmed
the
Confederate
agined that these qualities and habits would fail to
shrewd solution
color every one of his public utterances regarding
told him
In his recent Western
brought
brought into the
their
political adherents nominated him
Ohio, and he
solely by rich
we were
by
majority of
a
to ride
on
speech
American
rights of
affair, in which he is
THE ESSENTIALS FOR
re¬
statute."
He
declared
that
an
Secretary
NATION'S
The first
York, although
informal
allotment.
intensify
as
recent
to
The
case
have said
certainly regard
we
high degree.
might
seem
to bring one close to the situa¬
tion which Lincoln in
scribed
the
as
a
reported to
was
somewhat
a
parallel
de-
case
injustice of putting to death the soldier
boy who has "deserted and leaving unpunished the
unscrupulous
him to do
agitator
But
so.
whose
even
words
in this case,
doubtful if such procedure as
the
had
tempted
it is exceedingly
expulsion: of La
Follette from the Senate would be other than
mistake.
He
instantly
pose
is
an'elected
as
a
as
in
opponents.
a
regarded by
measure
the victim of his
which had prompted such action
con¬
episode
during
in
some
our
digham of Ohio had been
State
rights and
fense of the
a
a
closely
strenuous
Union, and he had served
other.
each
A
parallel
advocate of
in de¬
two terms in
Congress.
might
we
say
it is of
Yet
portance.
some
win the
for
of
rail,
language and in public speeches.
no
direct
action;
of the loan is of
success
supreme
other things
also of in¬
are
another.
way
The
The
but General
printed
our
rail¬
We could not
page,
nor
without
without the products of the
an
as
one
importance of the roads, is ad¬
offhand proposition; but it is
a
long
from being realized.
The roads
ing."
none
upon
are
They
avoided
load;
or
are
working hard, and they
replaced) like
his load; and
we
are
a
draught horse which
now,
was
we
case
may
do for
was
already pulling hard
under inexorable necessity,
We cannot
lighten the absolute
cannot allow the horse to either fail
can
"labor¬
(for the familiar figure cannot be
too well nourished and
The
sons
strength.
purblind policy which would sacrifice
a
,
and paramount im¬
without the distributor and the trader,
nor even
mitted,
nor
what
South, and he did
men
very
impeding
danger of
some
without the
war
lines
the
ment's whole attitude toward the
in violent
heavy taxing and
.
unclouded
the load is increased.
President had taken
being published
great importance; without pausing to balance words
During 1863, he attacked the Lincoln
Administration, its war policies, and the Govern¬
so
very
'
The full and
now
which shows how poorly the
heavy borrowing incur
and it is
war
their investing ability,
upon
Congress realize that
soil,
Clement L. Vallan-
bitter opponent of the
in
purpose
by the Senate.
respects
Civil War.
arid looked over,
beginning
idea how they will be affected
by the tremendous tax law just
political
adopted by large Senatorial majori¬
ties, would be another matter.
An
an
will
pressure
now
roads remain in health and
vote of censure,
occurred
ponder somewhat
are
could
of his
This would precisely defeat the
campaign
and people
goes,
dispensable importance: for example, that
He
many
it
The
grave
martyr of free speech, and he
would in any case be
stituents
legislator.
a
concerning the completion of the city's
they try to get
as
aggravated in
as
Some things which he
a
case.
the
up
discouragement is to be drawn
no
Mr. Bryan has denied this statement, and the pres¬
of public indignation against La Follette for his
speeches has led to the appointment of
WORKHORSES.
days of this week did not keep
therefrom
committee of the Senate to consider his
THE
at which the Liberty Loan started off in New
pace
Bryan had warned President Wilson to that effect.
sure
THE SUCCESS OF
LIBERTY LOAN—RAILROADS THE
venturesome persons
some
beaten at the polls
his
was
munition-laden vessel in violation of
a
was
hundred thousand.
a
to serve
men,
ported to have said that the sole American rights in¬
"the
certainly have
Government, had the best results.
Vallandigham's
his version of the Lusitania
were
political instinct
for Governor of
His climax in his recent St. Paul
volved
characteristically
blunder which would
a
the
on
This
safety in his char¬
of
The hallucination that
war
reacted
was
lines.
of what Lincoln's
and the motives which had
wicked purposes, appeared to possess
own
mind.
war
into it.
us
it.
speeches, the Senator certainly
went close to the border line
acterization of the
in the matter had
by the courts, he personally commuted
Vallandigham's prison sentence to deportation into
was.
not to be im¬
was
in
deplored the extent to which that authority had
After his constitutional power
some
financial
no
say,
private and in public, that he regretted the action
men
men
con¬
power
Commander-in-Chief and
with the
war
and
yabsurdity of his main contention, comprised
of
way
ing facts and apparently in utter disregard of the
consequences
alone
any means
political
Vallandigham's
vincing logic the necessity for reposing such
a
by
prison.
An uproar arose at once
public controversy, apparently without investigat¬
of half
•
tried
arrested,
was
military court martial and condemned to six months
personality is known to
in legislative councils,
fore this
interest, and
An erratic and ill-balanced man—dan¬
every one.
gerous
La Follette
Ohio, undertook, with his rather char¬
impetuosity, to deal with these seditious
or
fall;
him, and what should we?
has been put so
often that
many
per¬
be tempted to impatiently dismiss it
as
Oct. 13 1917.]
old
an
CHRONICLE
story; but dismissing it is ostrich-like and
does not
change it.
Putting out
tive
THE
the whole
on
attrac¬
so
loan, considered from the investment side,
a
help lies in
tained
heavy and
so
by
prompt and proper rate increase, ob¬
a
awakened
power of public opinion, if
of the regulative Commission cannot open
the eyes
an
of themselves to the
backed by the appeal to patriotism and
self-preser¬
vation and
1453
But the
light.
shippers do not want to
closely following the first issue, will
have its bearing upon the
savings banks, upon other
people do not want to
forms
tation?
so
of investment, and upon the movement of
business; there are influences and counter-influences
They would
do
Of
which cannot be fully
foreseen, and among these
railway finances must feel a disturbing tendency.
hend the
But
horses
the roads have
exhibited
own,
have had to
in the
a
the
undesirable
financing they
in the last five years and still more
use
present downward trend of their securities.
As Mr.
at
in
depressing tendencies of their
Frank Trumbull
puts it, they
prices and selling transportation almost
war
basis."
peace
that they
the only industry
are
which cannot control either its
the latter have been
prices
A'
■
refuses
blind policy
a
There is
actual
an
enforced partial embargo
an
diverted
goods to the
some
that absolute load brooks
of
to
until they in
Passenger travel
yield to freight; military demands
prices
freight has
comfort of service has to somewhat
and
commodities,
"control"
com¬
In recent
on
expresses,
their turn had to desire less work.
in fulness
anything
experiment,
which
are
imperative;
are
diminution.
no
in
have
small
no
transportation troubles.
;■
The
high
enlarged
position
would
we
to
handle
haven't the
money,
get enough
ciable
laws
pared with
dollar is
road
only
credit
what
enough,
says
which
terms
still
then?
commissions, and
or
they
suggestion
roads, at
on
ever
source
ment's
that
roads
a
its
it
plainly
so
now
any
appre¬
as
com¬
suspend,
suffer.
are
If
not
borrow
cannot
finds them
war
flung
that
saving
on
any
physically
depleted?"
is
out
it
bonds.
may
come,
consideration,
would
not
Such
that
Government
large" loan to the
meet
need is money
an
idea, from what¬
is unworthy of
a
sufficient objection
a
the
case,
which they
mo¬
being
since what the
own
rather than
blundering
that of
would be in less need—the two
The
have their
this
is
matter
the
same
escape
and
economy
a
we
upon some
special class
of the "people."
It is
misshapen justice.
have made
a
Can-
troubles
our
of the
burden?
regulations
than
It will distribute itself,
badly-framed laws and our
our
it
make
need
the
distribution
more
be.
AN UNPARALLELED SESSION OF THE
CONGRESS.
In
conditions
one sane
considering the work done by the special Conr
which closed on Saturday last, every reflective
gress
mind must be conscious that it is to be
two
of need
and effective
judged from
widely separated viewpoints: what it did, and
how the work
movement
And
done; the inauguration of
was
colossal
and
to
measures
vast
a
carry
it
on.
this, despite the fact that only when this work
world
people, and
our
conditions, will it be possible to
pass
upon
final and
complete judgment.
The character and
ment
a
are
such
as
to
magnitude of the accomplish¬
require
breadth of view, and
a
forward-looking, little short of
seership, if
and reasonable estimate is to be made.
the future welfare of the
much
how
much
have
sacrificed,
traditional
been
estimate the
a
fair
How much
people has been safeguarded,
we
ideals
cannot
and
permanently
know.
now
forms
changed
of
cannot
But few there
How
government
are
now
who
be
over¬
gravity of the step that has been taken,
and the statutes that have been enacted in the past
six months.
Certain it is that they vitally and di¬
rectly affect, for weal
or woe, a
system of popular
government that has been sacredly maintained by
free
people for nearly
As
we
a
century and
look, dispassionately,
upon
a
a
half.
the work of this
Copgress as a whole, the question arises at once how
much, if anything, has been sacrificed to expediency?
that
and credit correspond.
will
taxing schemes: the wish and at-
event; but
any
And
were
they
principle to follow is
insurance, namely, the widest possible dis¬
tribution
in
forget that natural
that the underlying
worse,
their credit what it ought to be they
strength;
in
realize, before
we
which they must pay interest. Receipts
service, rather from loans, can revive their
money on
from
trouble
our
wholly1 determined.
rate not above what it is undertaking
own
that
has had its full effect upon
,
lower,
or
"we
couldn't
we
If this comes, rail¬
should do something by making a
now
ter¬
much better
But
roads
down and their treasuries
One
and
stand; will they have better
can
of
root
spoils
interest, for the
not
express
try to fool with them.
we
enough in
Mr. Dixon, to enable them to meet
they
as
in higher rates
pay
not
us
temp to dump the burdens
arithmetic and their
further
credit "if the end of the
run
a
'had it
or grow
The
conditions;
post-war
we
hundred cents.
a
must
comes,
be in
special
no
or
clear
as
if not thus, in resistance
Let
although
destructive
dividends must decline
gross,
now
or,
way
bungling
Can anybody dispute this?
for the roads have
prices,
any
the
yards
traffic."
earnings keep low
economy
above the commands of any statute or of
are
due
and locomotives to do
cars
good."
If net
all
It is
work¬
our
ampler service, which must
to still further rise.
measure
revenue
our
now
and if
are
reach
never
might
we
itself in lower
brought
minals, provided the additional facilities
required, and
shall
.
if the roads had been permitted
equipment,
Is it
to hearken to and compre¬
us
we
war;
a
be that this resistance to rate advances,
would return in
past years for supplying all their needs, "we could have
bought
can
bitterly; what
Now, says Vice-President Dixon of the Pennsylva¬
nia ,
"want"
we
supposedly agreeing with, but actually misconceiv¬
ing, the public desire, has already cost the country
The
impeded.
that
transpor¬
still higher prices?
or
profit by starving them?
which
■
parative scarcity of coal, for example.
weeks,
adequate
any
gain
for
proposition that the roads
and
.-'A' Ar'A
:'A'.
are
them
causes
quite impossible for
price of the only thing they have to
vC;'
Freights
expenses;
continually rising, from
alleged regulation
advance in the
its
or
they have been unable to restrain, and
sell.
on
It could be added (and it has been
repeatedly said)
of
"buying
are
high
The
consumers.
pay any more
not, but did
course
"want"
we
increase ?
pay any
that along to the
pass
immediately
the
work
we are
of this
body must be considered
and^no other declared
a
thrown back
national
as a
and
whole.
state of
war
upon
the fact
representative
This Congress
to exist, and then
.
THE
1454
[Vol. 105.
CHRONICLE
V.
preceded,
will) the duty of a broad service to
to establish what is termed
proceeded to the preparations for a successful prose¬
war so declared.
Being responsible for
humanity in
the condition which it
"world-democracy."1.
cution of the
for
created, the plea of necessity
subsequent acts fails, in
becomes
inseparable from the original act itself, and
posterity must
at any
And while it is too late,
regard it.
so
rate must be ineffective, to discuss the original
declaration, few
protecting after the fact, though
methods have been open to
discussion, the Congress
just expired, if there shall be doubt
of its course, cannot
that it
offer
compelled to do what it has done because
was
the country was
in
state of war.
a
in which the term may
sense
"counted
to the wisdom
as
plea in extenuation
as a
cost" before
the
In the broadest
be used, it should have
making its original de¬
decision made
We say
this, not in the
establish
an
view- its
colossal,
attitude,
of criticism, but to
sense
judicial mind, in which to
a
unprecedented, and far-reaching
What has been done has been termed "re¬
work.
markable," it has been lauded
non-partisan and
as
in its
own
acted
if
It
chiefly by
the actual outcome of the
verdict.
We have
and
must contain the final
war
repeatedly, to the
alluded,
sponsibility that suddenly fell
re¬
this body, in
upon
representative government, hitherto, and at the
a
time, at
peace
with all the world.
Startling and
sinister conditions and events in the outside world
rushed
down upon
this Congress, and commanded
decision.
consideration and
In the exercise of his
high duty, the Executive laid before this body these
facts and circumstances
portentous
that
request
a
stated
a
Congress could not
afterward,
the issue,
upon.
could it
nor
other shoulders than its
upon
And yet
large,
how much have members, and the people
come
feel and
to
been done has been in
Administratibn ?
the
interpreted the bearing of the outside facts in the
world-conditions and events, or
of the overt acts,
from its
co-workers
President
and his
pursued, but
But
this, under
tion, must only
a
Congress alone
which
borne,
save
the
becomes
In
so
far, ihen,
a
co-ordinate
pleased with the results.
declare
can
to
only advocated
to heighten a responsibility and
serve
conduct of that war,
field
the
strict construction of the Constitu¬
grievous to* be
duty,
are
not
that
diminish them.
not
and do all in the
war,
tered war, with
When
of the
branch
pleaded, it must be-regarded
as
servility
or
might be
shirking of
a
res¬
leader; he,
in
hand, it approaches
a
shifting
that the work performed is
fact representative of the wishes of the people,
when in truth it is
say
representative of what is attributed
by members to be the wish and command of
that have not
by
any
specifically spoken.
the attitude of the
that
decreed
a
people
of the usual political modes
Congress has itself interpreted
people at large,
even
as
it has
it
carry
There is
no
No
laid upon
ness—no
the
honor, dignity,
people and nation; to which
was
and
rights of
a
added (or which
with
way
as
Congress
dictatorial
powers.
these work out.
Food and fuel
con¬
if not
knows
one
revenue
how
revolutionary.
of this
production that
anything will work out.
waste,
mature
And they
stand
must
if
or
are
going busi¬
upon
are
new
are
fall
and
our
position in
them.
upon
radical,
the solemn work
To & large extent
Congress.
war
manu¬
transportation, the heavy load of taxes
But all know that the methods
If haste
zeal has been mistaken for
mere
wisdom, if excitement has blinded
a
clear
vision, if, albeit unconsciously, examples have been
taken from small and
more
or
less
despotic nations
world, examples that in themselves have
wholly justified their existence, and that will
prove
not adaptable to our immense territory,
diversified interests and
as a
free
industries,
our
our
free endeavor
people, if the desire to do something and do it
quickly has led to-excesses in legislation, the people
will suffer,
the conduct of the
this Congress cannot
and
The
war
will be jeopardized,
escape
its repsonsibility.
people have been quiescent.
As citizens they
have submitted their
its
on
President
estimates of
tests.
violence
to
the Chief Executive.
largely conjectural and their effect
events
the reflection of deeds of
as
necessary
Congress has
commandeering of quasi-public utilities in
assumption, in its view, warranted by facts and
on
procedures
measures,
trol, price-fixing, the licensing system, the preferen¬
exact
transpiring; and
the statement cannot be made
judged by the
the country.
nation,
Congress do but follow his request and
the
an
warlike
often
of information, has secret
knows at this time.
one
so
disclose; he should be trusted;
shifting of responsibility here.
clothed
has
is
issue; he is
war
doubt, through diplomatic chan¬
sources
of information
many sources
be said, as
can
presented the
In these
on.
danger to the Republic from
a
If it
with reference to domestic
necessity for action existed; on an
assumption of avoidance of impending and future
a
less momentous, since, from their
state of war;
a
not
On the. other
no
what else could
declare
fact.
•
enter "upon questions of mode alone,
he does not
reasons
of the old
responsibility to
consider how this fateful thing
character, they not only affect the welfare
ponsibility in feeling, though there be compliance in
of
we
are no
nels, and other
makes
government
to
The President
duty of the
of
the exception noted.
people but the structure and operation of the
done:
our
It made and adminis¬
fall.
or
Government itself.
the
acquiescence, service
as
done,
And by this arraign¬
judgment.
come
we
admitted
command armies in the
President.
of
errors
ment it must stand
tial
doubt
to its
up
responsibility, it is barred from pleading immunity
facture and
no
if it hastily embraced
or
impossible of fulfillment, living
There
is
the potential injury
if it misjudged the actual feelings
people of the country,
ideal
an
compliance with the wishes of
the
course
that all that has
say
it failed to
If it mis¬
full responsibility.
its
to
up
It must be
the decision and its outcome.
own
at
be entered
course
escape
lay
or now,
* coupled with
,
be judged.
ever
request of the
a
its Constitutional prerogatives,
measure
though they
war
of
reason
President, not rightly and independently standing
upon
and future.
of the statutory support given to the
cavil at the
Congress, which it met
upon
and by which it must
way,
has been
cacy
thought not to
the work done, which are now a
weight of responsibility
patriotic, it has been declared sound in principle, and
of tremendous benefit to the public welfare, present
Though it be all these things, the effi¬
this
or
part of our national policy, but to show the heavy
of the
cision.
aiding
introduce
We
shield, and
a sense, as a
as you
personal views to the good of
As to details, in the
name
justice to all, there have been
of equal and
numerous pro¬
Congress has heard them, and it has pursued
own
course.
,•
Few7 citizens .understand the scope and
of these
new
laws.
But
as
to
provisions
taxation, it wil
soon
Oct. 13
1455
CHRONICLE
THE
1917.]
home to them.
They will know.
There are
signs of awakened consciousness in many industries
"It is
vastly complex machinery and its fabri¬
considerably less than half completed,
now.
This Congress made these laws; it cannot despite the fact that it was started more than two
months ago.
It has, or is intended to have, branches
escape their results.
It is not enough to say the in
every State and in every county in every State.
President asked for men and money and means, or
And it appears to have other tree-like properties in
power, and we gave them.
The President does not that it is not expected here that it will bear fruit
make laws, and though he may suggest methods, until it is full grown.
*
*
*
"In addition to the central headquarters here there
Congress selects and determines these methods.
If
it had created a dictator, it could not point to him is to be a fuel administrator for every State, and in
each county in every State there is to be a fuel ad¬
under our system of government, and say, "there
ministrating committee.
Altogether the personnel
stands our justification."
For it is patent that wis¬ of the
organization is expected to include some
dom, temperance and integrity in the exercise of 10,000 administrators, committeemen, assistant ad¬
vast powers to-day may be followed by ignorance,
ministrators, cost accountants, and so on.
"Prof. Garfield will administer down through the
extravagance and oppression to-morrow.
At the
State administrators, who, in turn, will administer
last, when all the clouds that lower have drifted
down through the county administrating committees
away, these methods must stand the test of the con¬
until the! mines, the jobbers and the retailers are
ditions they create, which the newr sunlight will re¬
reached.
From the opposite direction up the ma¬
veal.
And soon indeed they may manifest their
chinery will work something after this fashion:
success or failure.
A contented, happy and prosper¬
"A county committee determines how much coal
ous people behind the Ipies, a going business sufficient
is required for the spot and season needs of the
to earn the taxes levied, a maximum production
county and says what is available for the rest of the
State and elsewhere; the State administrator deter¬
to ; meet the growing demands of a war that may
come
stretch
half
over
decade, these must result under
a
and from these many
Congress will
down in history
go
having beaten
as
and strenuous statutes,
incompetent,
as
false frenzy of endeavor into
as
having rushed in
elemental storm. One year may point to
take
a
a
the way; it
hundred to see the end. No one knows now.
For the rest it must be recorded that little
obsession of
theme,
entranced vision
an
sort of exaltation of duty, an
a
looking towards
evident.
all
partisan¬
An alacrity of willingness,
ship has been shown.
are
this
hands against the inevitable,
puny
an
may
or
a
magnificent goal,
ideals
glorified;
Impractical,
of
liberty, democracy, justice, visualized into the most
extensive
preparations for deadly
made
war ever
on
earth, these constitute the records of this passing
Citizens of
Congress.
from
afar, submit their
these
public servants, and
There is yet
all
centuries
own
beliefs to the work of
their judgments.
reserve
the battle and the victory; there is yet
the toil and the toll.
means,
country, looking
common
a
may
If the end shall justify the
be well; and the spotlight of remote
shine
upon
Congress that has labored
a
mightily with problems
never
undertaken in the annals of
before confronted and
legislation.,
mines the needs of the State and what is available
elsewhere; the Fuel Administration in Washington
will decide the needs of the country at large and where
the coal is most needed, and will decide what sur¬
plus is available for export to the Allies."
Meantime,
shows
"that
REGULATE
THE
COAL
INDUSTRY.
Good Dr.
Holmes,
or
some1 other genial wit, long
'can always tell
to his rest, said: "You
lator
by hearing the wheels click in his brain." * Over
at
Washingt on there are-just
calculators,»and
away on
the
now many
the wheels
are
But there is
full time.
a
calcu¬
well-meaning
certainly clicking
one
thing that
even
good people at Washington cannot control
or
regulate, and that is the approach, duration and char¬
of
acter
There
winter.
is
nothing
about the need of artificial heat in
theoretical
winter, and the
present year the very poor and many others who
not poor
some
and
tremendous
apprehension in view of the experiment
task
undertaken
Administration.
As
a
are
look forward to the coming of cold weather
with
by
the
Fuel
*
part of the history of the period, it is worth
while to
record, by
means
of
a
recent Washington
the formative processes which are to
supersede the old methods of producing and distrib¬
uting coal.
We quote from the "Evening Sun" of
dispatch,
.
this
city:
.
bituminous mines
the
of the
of their full time
cent
capacity"; local coal dealers simply
do not know what to
are
country
per
do; in certain localities industries
buying at retail and living from hand to mouth;
there
intermittent strikes and demands for in¬
are
creased wages
which cannot be granted unless the
price fixed of $2 20
and meanwhile the
coal
ton at the mines is changed;
a
war
and the demand for
goes on
keeps growing.
Has not the Fuel Administrator undertaken to do
Think
much ?
too
the
"over"
of
conduct
placing ten
of
industry who do not
own
mine and who have had
and
.
who
work
work
no
amid
a
men
branch
of
dollar in a single coal
experience in the trade,
a
according to
conceived in the mind of
thousand
fundamental
a
checker-board plan
a
single individual!
Miners
underground dangers must have
operators must sell coal to pay wages; they
cannot sell unless
dealers, wholesale and retail, will
buy; dealers cannot buy unless they can go to the
gone
.
told, the coal "trade" of the
are
produced during S eptember just about 69
wages;
TO
ENDEAVOR
THE
we
country is in chaos; a U. S. Geological Survey report
who
•
.
a
is
cation
operators and contract according to the customers
individual busi¬
intricate process
within itself, and subject to traffic interferences and
to the sudden pinching out of coal 'veins hidden in
the earth.
What, pr^y, has it all to do witli State
they have been able to secure
ness
and
county
divisional
as an
All this is
proposition.
lines,
an
and these arbitrary reports of
possibilities and local and general needs,
financial
in the
"plan," and (presumably) no knowledge of mining
or the quality of soft coal in its relation to making
made
by
a
small
army
of
men
responsibility in the outcome,
steam
or
heat for
The whole
reported
no
interest
save
particular industry?
undertaking
appears
fantastic.
It is
that in only nineteen States'have Fuel
Administrators
county
a
who have
no
been
committees
named,
are
and
that
constituted.
very
few
Winter
ap¬
proaches, and coal bins and coal yards are empty
in many
instances.
And note, this coal industry is
operated under State laws, the coal itself is a part of
the wealth of the State.
Admittedly maximum pro-
duction is the need of the country in time
who will say,
But
who
can
of
war.
what each State
say,
product of 38,000 acres; another, to have destroyed
enough to make 50 million loaves of bread; the
wheat
production according to its possible output ? Nothing
short of mapping the coal hidden in the earth and
burning of
compelling production (if such
a
thing could be done)
according to latent capacity, would
lish
could estab¬
or
justice to the industry in relation to the right of
State to control its
wealth and benefit by the
own
fortuitous events which turned its
tion into coal, or
But
can
looking solely to mines
single operator,
any
administrating
local
or
in operation, how
where to
which
committee
engaged in
tells
him,
an
after
consumption is satisfied, when and
Just imagine these tens
ship his surplus?
of thousands of coal cars,
several
writers
mining coal regulate his outputfby the will of
home
sprinkler system, capable of checking a fire at its
because the own¬
dispute with the under¬
start; but this had been taken out,
rate
company,
elevator in Rochester, last July,
one
$700,000 loss, $450,000 of that being on
a
grain and other food supplies.
It is said that this
elevator was formerly equipped with an automatic
ers,
now
or
caused
primordial vegeta¬
blackjdiamonds.
destroyed the grain
One of these is estimated to have
shall furnish to the country as its share of a maximum
a
[Vol. 105.
THE CHRONICLE
1456
over
a
the allowance to them on their
of
account
on
had
years ago,
the
premium
Here are
improvement.
people starving in Europe, our armies to be fed,
frequent admonitions
sent to
to save
us
at our
tables, and the high cost of living pressing upon all;
with other
needless destruction of food,
as usual.
yet the
valuables, proceeds
We
shifting and turning about,
of the fact,
are aware
but it makes slight im¬
ajschedule of capacity pression upon us. If an elevator burns and 100,000
and need prepared, and finally administered, at bushels of wheat go with it, the payment of in¬
Washington, with buyers and sellers waiting the surance does not restore the lost food. When a
signal to ship, and not a contract for future delivery ship (the late lost Minnehaha, for instance) falls
worth the paper it is written on!
How can any victim to the sea wolves, her cargo of food or other
production, let alone maximum, exist under such a valuables is finally irrecoverable; we can see this,
process? The country has great confidence in Mr. because it makes appeal to imagination, but destruc¬
Garfield and is hoping for the best, but somehow tion by fire gets five lines in the newspapers and we
cannot get rid of a feeling of anxiety regarding the barely notice it, although the destruction is the same
their journey, according to
on
outcome of the
in both
experiment.
cases.
FIRE WASTE AND FIRE PREVENTION.
Persons who walked
across
any
of the bridges oh
much of
Tuesday observed red placards tied to the structure
and
at short
thinking
intervals, reminding them that the day was
Prevention Day,
Fire
and urging them to "clean
up" and begin to take
active part in the
an
people of wasters, and are only
a
just beginning to discover
so
cam¬
has
left,
conserving
the 46th
grasped slowly, yet
considerable observance.
a
noticed
now
than in
the demands of the
are
Possibly it
past
some
war
years, so
upon
quite
great
so
as now,
with relation to
Chicago in 1871
loss
of 50
millions
came
at
San
Francisco.
These
fijre, a year
the Baltimore
upon
are
estimates,
and
new
we
Board
unpleasant that it is
so
beginning.
are
of
Fire
Underwriters,
concern
number of years
a
for
a
body of
improvements
When
war
was
immediately took that
It has been examining
up.
large elevator
conflagrations here and there, continues unabated.
at
The
vigor left to
nine
months
of
this
year
passed added
now
194% millions to the waste heap, 22% millions
than in the like time of 1916 and about
than in 1915.
more
ment,
we
burn
the year, to
up
As
a
more
6$% millions
broad and average state¬
nearly $700,000 for each day in
which must be added the cost of fire
departments and the operating costs of insurance.
The
strain
of
forced
production under demands
which could
hardly wait for fulfillment; the crowded
condition of buildings; the
employment of raw
workers, sometimes so many as to be in one another's
the hasty installation of
way;
new
of
lighting and
some
power
new
machinery and
plants, the hazardous nature
of the work and the
driving
pressure,
both
day and night—all these have tended towards fires
in
the
last three years,
but incendiarism has also
been unusually active.
The I. W. W. pests have
threatened, and have undoubtedly followed with the
deed.
Elevator fires expeeially have been noticeable.
declared,
April, this Board perceived another duty, and
stream of smaller
humble
eng-
cities seriatim and reporting
their comparative hazards, with attempts to
induce
last
inspecting
cantonments, elevators, industrial plants.
more
itself with
been maintaining labora¬
studying fire hazards and
probably somewhat short of the real totals, and the
fires, emphasized by
an
physical and other conditions that make rates,
has for
neers
millions; in 1906, the great loss of 350
abundance which
abundance is temporarily
itself with rates but does
concern
the
was
millions; then followed the Boston
later, with 70 millions; in 1904
our
organization of companies which does not directly
tories for
the.present struggle.
The estimated destruction at
165
was never
and it is also especially serious
so
National
The
less
men's attention;
the sin of waste by preventable fire
yet
was
compelling
caring for nothing,
withdrawn, and privation is beginning to admonish.
The lesson is
into
have flung to right
nothing,
Now
us.
We have had
fault.
we
except the
of nothing
paign against fire waste.
That day of October, now
anniversary of the Chicago Fire, has grown
our
everything that
tempted
:
•
We have been
night upon
one
the clock
without going the
rounds, spending the night chiefly
on a
office; two
one
inspectors
without his
the
came
in,
stool in the
night, spent
going about and making sketches,
knowledge of their
were
owners
very
old employee who had just enough
punch
several hours in
One
found depending for its watching
was
told
presence,
that unless
and then
they provided
a
competent watch the State authorities Would take
over
the
plant and put soldiers
took the hint.
the
in
In
a
inspectors found
their
very
some
on
guard; the
owners
large meat packing plant
conditions
opinion (in which
a
so
serious that
prominent official of
the company
had to coincide when they
to
remedy had not been applied at
him) if
a
there would
probably have been
have cost the
packing district
On the other
were
shown
once
fire that might
a
many
millions.
hand, conservation of materials and
labor, and also of human life and health, is making
some
real progress,
when measured
although that
seems
very
against the work to be done.
slow
The
Oct. 13
THE
1917.]
National Fire Prevention Association is
the credit
in the
men
annual
recent
country
are
active, and
At the
aiding.
improvement last year in the same
In
month and, for
improvement in the year before, too.
that matter,
National Association
meeting of the
1457
CHRONICLE
September 1916
our
early statement, comprising
now represented in our
well tabulations, registered an increase of $7,706,996,
or 10.95%, to which this year's increase is additional.
as an official duty; he asked them to make a study
In September 1915 the gain disclosed by our early
of conditions in their own cities, including the bad
statement was not large, amounting to only $708,959,
shingle-roof hazard, and he hinted that where people
of the
latter,
speaker of their number urged his
one
listeners to make fire
about
slow
too
are
prevention
a
personal
undertaking inmprovements a
drastic
most
*
holds the
practice
same
roads
as
sharp curtailment of credit might quicken them.
The
substantially the
r
owner
less than
or
one
per
cent, but it marked a turn in a
in progress a
downward movement which had been
The fact is, the increase was only a
of long time.
of the heavy loss sustained in the
(1914), when our preliminary state¬
ment showed a shrinkage of $5,747,837, or 7.05%.
Prior to 1914 our early September compilations
recorded
moderate
increases for a ; considerable
surance be conditioned upon the claimant's clearing
In September 1913 the in¬
himself of fault.
Another proposition would make number of years back.
insurance cover only "exposure" damage, thus ex¬ crease was $3,617,644, or 4.64%; in September 1912
it was $4,988,471, or 7.09%; in 1911, $2,302,158, or
cluding absolutely the owner or occupant of the prem¬
3.63%; and in 1910, $2,487,898, or 3.81%.
In
ises where a fire starts; this would end arson for
September
1909
the
improvement
was of larger pro¬
profit, although tending somewhat to increase temp¬
or
tation to arson for malicious injury.' The American portions, the gain amounting to $6,613,195,
11.91%. But that followed a loss in 1908, the falling
public are not yet ready for any such proposition
off then by our early statement having been $3,986,*
as
these, but there should be a change of public
opinion concerning the obligation of insurance. 202, or 5.78%. Up to 1908 the September record of
It is the testimony of State supervisors and other earnings was one of continuous improvement, as will
fire starts responsible to the
owners of neighboring
injured property, unless he
can, clear
himself of fault.
Another proposition
less severe has been offered, that collection of in¬
premises
on
which
a
partial
prosecutions for alleged arson there
officials that in
great difficulty in bringing juries to convict, even
there is no doubt of guilt, because thereby
is
where
September comparisons for all the years
1896. '
-T'
Herein
and quickly reverse
which successfully resists in
The. company
case
so
of
renders
arson
public service, and nothing
for profit as the assumption
matter of course.
arson
encourages
that
a
collecting is
a
Year
Given.
ceding.
cr'se.
Given.
Preceding.
Miles.
Miles.
0.85
41,561,327
42,056,682
—
94,422
1.52
1898
123
91,517
90,818
0.77
1899
111
95,700
94,503
1.26
3.51
49,720,753
47,105,094
58,682,534
58,270,588
66,491,460
61,654,626
43,333,198
44,379,196
53,004,336
57,173,545
59,962,628
63,748,368
59.124.478
58,045,752
73,290,417
52,172,480
68,912,167
55,524,845
65.214.479
64,888,656
70,591,572
+ 4,988,471
7.09
77,887,237
81,452,681
76,074,204
70,354,431
76.306,391
+ 3,617,644
4.64
—5,747,837
+ 708,959
0.93
1897
101
96,165
1901
96
101,165
92,902
99,240
1902..—
72
89,680
88,083
1.82
1903
73
90,183
1904.
66
83,592
88,703
81,623
2.41
1905..—
55
79,023
2.32
1906
68
80,859
92,839
90,527
2.55
1900-.—
1.98
3.43
early compilation for the month of September
83,889
85,901
82,163
82,099
46
84,356
1.83
88,450
1.87
81,504,881
89,503
1.81
75,704,844
47
90,097
91,124
90,087
88,918
1.32
43
86,182
84,341
2.18
76,783,163
78,061,427
37
82,776
83,126,235
revenues
soon
numerous
a
after the close of the
body of-roads, and not a
consisting mainly of
Western grain carrying and Southern cotton carrying
lines, but yet a group whose results have in the past
reflected quite accurately the course of railroad
gross earnings as a whole.
It should be understood
wholly representative one, it
1.67
55
73,482
72,668
1.12
1908—
53
83,157
81,908
1.52
1909—
.49
1.48
1907
—
1913
44
1914.
43
—
1915
.
i
1916
.
2.06
81,514
1.55
111
88,223
87;464
0.86 326
1897—
124
95,250
1898
122
91,475
95,181
93,807
90,776
94,026
0.77 356 ,283,597
1917
Jan.
1896.
1899
1
—
to
.
—
Sep t. 30—
108
1.23
93
96,165
100,492
92,902
98,531
'3.51
1901
1902....
72
89,680
88,08,3
1.82
1903
73
1.67
1900-.-.
101
1.99
90,183
60
83,592
81,623
2.41
1905—
55
80,859
79,023
2.32
1906
68
92,839
90,527
2.55
1907
55
1.12
1908—
1909
47
73,482
82,500
77,147
72,668
51
the exhibits continue highly satis¬
1910
49
84,254
have reference only to the gross earnings.
matter of the net earnings is a differeqt story,
1912
factory
we
repeatedly shown, owing to the great
have
augmentation in expenses.
Our early statement for September records
1904—
1911.
—
—
.
—
1913—
1914
——
81,251
3.37 555 ,870,669 487.758.708
82,099
84,356
1.83 609 ,914,375 566,204,203
90,097
88,450
1.87 668 ,840,523 619,410,858
43
'91,124
90,087
86,182
82,776
89,503
1.81 623 ,763,606 664,407,415
88,918
1.32 579 ,961,399 620,736,377
84,341
2.18 644 ,917,573 523,297,945
81,514
1.55
Note.—Neither the earnings of
7.05
+ 7,706,996 10.95
+6,819,844 8.94
1.53
1.42 466 ,976,509 417,973,108 +49,000,401
76,069
81,503
83,889
37
3.63
3.78
85,901
1917—
+ 2,302,158
4.46
44
43
7.95
5.78
—3,986,202
+ 6,613,195 11.91
3.81
.+ 2,487,898
+ 12,985,541
46
1916..—.
6.03
9.01
+ 4,144,749
319,888,352 + 36,395,245 11.37
8.91
435 ,131,215 399,525,997 + 35,605,218
11.09
470 ,582,605 423,590,726 +46,991,879
10.51
525 ,841,522 475,815,865 + 50,025,657
8.33
489 ,256,535 451,747,198 + 37,509,337
12.33
561 ,854,388 500,075,914 + 61,778,474
0.33
—1,623,930
481 ,650,242 483,274,172
7.15
484 ,597,911 452.258.707 + 32,339,204
14.57
657 ,972,747 574,286,788 + 83,685,959
10.52
474 ,'839,846 429,640,386 + 45,199,460
15.41
486 ,667,961 575,319,572 —88,651,611
49
1915
+ 3,503,924
+ 6,600,266
,903,450 312,929,980 + 13,973,470
2.06 532 ,990,363 524,245,530
47
+2,725,898 6.14
+ 5,678,198 10.71
1.92
+ 1,097,043
+6,528,832 10.88
9.55
+ 5,376,413
6.97
+ 4,444,551
+ 2,465,088 4.16
56,278,213
1.54 356 ,545,809 343,560,268
88,703
that when we say
%
1.18
—495,355
+ 6,387,555 14.74
89,696
1912
month—not
we
$
%•
90,456
77,460
gross
or
95,865
84,994
the
(+)
Decrease (—).
117,
49
The latest
Increase
128
50
continue highly satisfactory.
gross
■ •
—
1896
1911.—
of railroad
presented below, and comprising the roads which
make it a practice to furnish approximate figures
as
Year
1910
returns
SEPTEMBER.
confirmation of the truth of this statement
The
In-
is found
exceptions
rare
earnings
of
Yr. Pre¬
76,330
With
our
Roads
Year
68,192,919
61,589,566
61,549,676
79,890,683
56,317,229
64,925,965
62,138,040
67,702,377
67,190,814
75,580,043
RAILROAD GROSS EARNINGS FOR
in
.
'
Gross Earnings.
Mileage.
September.
Year.
giving
back to
from the statement we now annex,
appear
public opinion should squarely
a
before
year
companies will escape paying^
the insurance
itself.
recovery
11.72
+68,111,961 13.96
1.74
+ 8,744,833
+43,710,172 7.73
+49,429,665 8.00
—40,643,809 6.12
—40,774,978 6.57
+121,619,628 23.24
12.65
,815,267 625,653.294 + 79,161,973
the Mexican roads nor
the mining operations of
anthracite coal roads are Included In this table.
gain
in gross in amount of $6,819,844,. or 8.94%.
It is rather noteworthy that the movement of the
The
mileage represented, the present year is 82,776 miles. leading staples was adverse to the present year—
This includes the three big Canadian systems, namely that is, was on a smaller scale.
This means that
the Canadian Pacific, the Grand Trunk Railway of Southern roads carried less cotton than in the corres¬
a
the
*
Canada and the Canadian
Northern, but these have
contributed less than their proportionate share of the
total gain,
owing doubtless-to a diminution in the
With the Canadian roads eliminated,
grain traffic.
the ratio of
improvement would be larger than the
totals indicate,
the
case
at about
which
means
that the expansion I in
of the roads in the United States continues
the
same
What lends
rate as before.
additional significance to the present
record of improvement
is that it follows considerable
ponding month last year and Western roads less grain.
The further gain in gross revenues was in face of this
of traffic mentioned. West¬
greatly re¬
duced scale; Western farmers indicated their dis¬
satisfaction with the price for wheat fixed by the
Government, high though this price is, by letting
their supplies of wheat go forward very sparingly.
At the Westerp primary markets the receipts of
wheat for the four weeks ending Sept. 29 were only
falling off in the classes
ern
wheat and corn receipts were on a
1458
THE
22,882,000 bushels,
the
four
same
CHRONICLE
against 41,387,000 bushels in
as
weeks
last
The
year.
corn
move¬
ment, too,
The
a
cotton
having
overland for the
only
7,365,000
bushels
On the other hand, the
movement of the other cereals
last year.
against
as
ran
ahead of that of
Thus, the receipts of oats for the four
weeks of
1917
34,444,000 bushels as against
29,596,000 bushels in 1916, the receipts of barley
13,813,000 bushels against 12,201,000, and1 the
receipts of rye 4,493,000 bushels against 4,104,000.
were
The gains, however, in thesp items were not suf¬
ficient to offset the losses in wheat and
corn, and for
the five cereals combined the
receipts for the four
weeks this year were
103,046,000 bushels in the corresponding four weeks
of'1916.
The loss, it will be
observed, is over
20,000,000
growing cotton
several
96,543
bales,
but
1916,
were
no
bushels.
The
details
of
the
Western
grain movement in
we now
bales in
Sept. 29.
Chicago—
shown in the
are
FLOUR AND
GRAIN RECEIPTS.
(.bush.)
(bush.)
(bush.)
Barley.
(bush.)
(bush.)
14,151,000
2,401,000
523,000
Corn..
Oats.
604,000
1,908,000
2,839,000
1916—
680,000
f. 5,719,000
8,939,000
11,997,000
3,000,000
501,000
75,000
'628,000
455,000
2,694,000
2,069,000
288,000
Milwaukee—
1917—
1916
241,614
7,734
88,399
15,631
4,548
186,786
14,000
Mobile.
Pensafcola, &c—.—
Savannah
Brunswick
..........
Charleston
Wilmington.
....
As far
are
from
come
3,595,000
684,000
1,678,000
250,000
61,000
33,000
of increase
517,000
48,000
862,000
1,000
14,000
evidently
The
29,000
354,000
493,000
448,000
and
*
52,000
55,000
98,000
685,000
1916—
74,000
146,000
196,000
544,000
182,000
218,000
1910—
113,000
1917—
1916—
Minneapolis—
—
25,000
"12,666
1917—
560,000
59,000
279,000
936,000
521,000
75,000
3,806.000
2,000
99,000
327,000
3,399,000
1,938,000
1,593,000
930,000
10,542,000
12,959,000
158,000
5,200,000
4,988,000
1,585,000
5,658,000
3,826,000
2,049,000
6,206,000
529,000
649,000
.2,310,000
1,761,000
1917—
643,000
1,830,000
2,430,000
1916—
3,303,000
827,000
1,656,000
-
-
„
2,269,000
1916...
Omahar—
Tol&l Of Allr—
1917...
1,312,000
22,882,000
1,415,000
41,387,000
7i365,000
15,758,000
1916—
25,944,000
58,365,000
6,896,000
1917--.
34,444,000 13,813,000
29,596,000 12,201,000
748,000
6,743,000
4,493,000
4,104,000
3,298,000
18,857,000
10,354,000
1,228,000
1,304,000
4,502,000
7,875,000
27,617,000
13,844,000
1,981,000
1917...
2,833,000
25,337,000
17,426,000
1916...
910,000
3,309,000
313,000
30,220,000
14,458,000
23,576,000
13,728,000
923,000
585,000
2,889,000
1,932.000
2.376,000
1,000
14,000
Toledo—'
1917
1916—
6,022,000
2,907,000
3,651,000
1917—
232,000
1,835,000
1916—
253,000
2,012,000
2,325,000
3,645,000
2,792,000
3,561,000
488,000
560,000
495,000
1,734,000
3,155,000
60.000
155.000
656,000
2,995,000
3,878,000
33,000
90,000
1917—
1,423,000
1,707,000
24,647,000
1916...
Duluth—
12,163,000
L815.000
2,200,000
266,000
3,460,000
29,018,000
8,512,000
2,299,000
455,000
421,000
2,011,000
5,161,000
2,417,000
5,453,000
1,635,000
16,132,000 14,798,000
31,273,000 25,368,000
4,161,000
4,470,000
Detroit—
Cleveland—
1917...
1916—
•
1917
10,939,000
15,000
28,790,000
54,000
65,461,000
87,947,000
6,499,000
1917
28.483,000
9,497,000
1916...
54,779,000
.18,912,000
4,696,000
9,750,000
21,963,000
16,549,000
12,666,000
—
1916
Minneapolis—
'•
29,000
1916—
4,647,000.
Kansas City—
1917....
*
1916—
26,000
28,947,000
8,855,000
the
live
on
even
a
stock
movement
reduced scale.
month at 47
also
to
appears
RECEIPTS AT 47 STOCK YARDS IN THE
UNITED
■September-
Sheep
Total.....
,
;
1916.
2,242,125
1,737,619
1,496,190
2,356,020
2,292,295
2,534,337
6,030,6.10
440,967
606
4,428
57,934
82,413
concerned, gains
are
and
are
for consider¬
are
found, but they
inconsequential.
System leads for amount
the
iron
and
steel
activity is widespread
districts,
and that
accruing to all classes of roads is
to its
comes
point of increase, having added $1,109,138
large total of last year, and that then the Louis¬
&
Nashville
follows
with
increase of $1,065,069; then the Cheasapeake & Ohio with $385,101; the Missouri Kansas & Texas with $375,864;
on
in the
with
an
$259,381, &c., &c.
The
the last mentioned system would doubt¬
less have been much
larger except for the falling off
grain movement.
In the
following
show all changes for the
we
arate roads for amounts in
increases
decreases.'
or
there is
only
mentioned,
namely
It
that
will
be
observed
excess
of
the
of the
that
figure
Chicago Great
grain movement.
GROSS
EARNINGS
IN SEPTEMBER.
Increases. I
Increases.
$1,658,002j Minneap
Southern Ry System
Illinois Central.
sep¬
$30,000, whether
be supposed to be due to
may
IN
of
excess
decrease in
one
Western, and that
St P & S S M
Canadian Pacific
Toledo St Louis & WestChicago Ind & Louisville-
1,109,138
Louisville & Nashville
1,065,069
Chesapeake & Ohio
385,101
Missouri Kansas & Texas.
375,864
Great Northern
259,381
St Louis Southwestern
208,000
Yazoo & Miss Valley
207,826
Buffalo Roch & Pittsb—
179,652
Denver & Rio Grande
172,000
Canadian Northern
153,800
Grand Trunk (4 roads)146,966
Colorado & Southern
143,766
Mobile & Ohio.
141,360
Texas & Pacific
Alabama & Vicksburg
Vicks Shrev & Pacific
Atlanta Birm & Atl
$126,331
106,000
85,087
69,222
53,057
51,199
45,029
33,014
Representing 25 roads
in our
comp__lation___$6,645,622
j&€CV€Q>S&
*
$46,051*
Chicago Great West
—_
complete our analysis we subjoin the following
six-year comparisons of the earnings of leading roads
arranged in groups.
have
2,242,125, against^ 1,737,619 in 1916, but of
hogs only 1,496,190, against 2,356,020; and of sheep
2,292,295, against 2,534,337, making a total of
6,030,610, against 6,627,976 last year, a decrease
of 597,366, as will
appear from the following:
Hogs
215,329
in
EARNINGS
September.
OF
6,627,976
STATES.
Jan. 1 to Sept. 30
1917.
1916.
12,501,641
24,278,476
9,426,637
<
1917.
1910.
SOUTHERN
GROUP.
$
S
1915.
1914.
1913.
*
$
$
.
Ala N O & T P:
Ala & Vicksb.
Vicks Sh & Pa
Ches & Ohio
192,477
197,379
c.
4,582,031
Lou & Nashv b
6,455,875
Mobile & Ohio
1,150,495
Southern
141,278
CinNO&TP
|
) 10,069,401
Yazoo & M V.
155,334
Total
139,131
128,653
145,G69
134,438
4,044,775
4,862,435
963,988
(5,731,609
I
408,058
3,514,144
4,602,027
923,903
3,189,320
2,932,430
5,321,306
4,932,818
1,054,339
974,456
5,509,732
6,010,529
5,548,087
407,422
440,538
412,440
8,411,399 (
822,328
775,157
923,277
837,968
i
291,820
291,531
327,776
293,346
I
53,624
1,100,166
44,856
878,547
49,255
34,143
1,007,828
848,514
17,213,623'18,625,171
17,094,320
-
1,541,265
1,333,439
24,188,923 20,035,337 18,553,718
b Includes the Louisville & Atlantic and the Frankfort &
Cincinnati,
46,206,754
47,289,435
c
$
145,680
152,350
NO&NE.I
North'n Ala J
137,651
4,196,930
5,390,806
1,009,135
Ry.]
Ala Gt Sou.
135,784
o,839.170
27,043,482
10,406,783
1912.
'
were
Cattle
1,902
118,366
401,071
The
receipts of cattle for
cities throughout the
country
1917.
249,628
101
21,686
224,714
To
;
1917...12,821,000 179,583,000 152,975,000 190,713,000
48,161,000 11,920,000
1916—.14,137,000 305,700,000 179,126,000 229,870,000
71,833,000 12,540.000'
The
in
are
—
Total of All—
been
113,246
42,714
28,415
of $1,658,002 and this
reflects industrial activity in the South
the contraction in the
1,000
8,965,000
Omaha—
118,370
65,193
gain
a
PRINCIPAL CHANGES
Peoria—
1917...
next
3,366.000
9,715.000
St. Louis—
'
Railway
with
95,827
91,053
72,647
45
few of them
a
134,669
673,198 1,185,266
122,632
170,100
838,780 2,942,605 4,304,196 6,713,031
roads
the Great Northern
57,222,000
89,610,000 14,676,000
78,060,000 122,088,000 23,913,000
Milwaukee—
1916—
2,643
955,458
minor
the benefits
increase
Sept. 29—
Chicago—'
1917— 7,068,000
63,671
421
particularly
'
1910-.Jan. 1 to
35,169
835,483 1,318,693
30,956
evident from the fact that the Illinois Central
ville
309,000
1916...
Kansas City—
1917—
461,920
21,500
219,881
14,850
216,813
40,197
37,000
.
2,074,000
6,881,000
57,798
12,726
"
691,000
2,552.000
Duluth—
651,309
16,839
2,637
15,238
24",679
but that industrial
'
'
Peoria—
1917...
92,614
11,644
li~,945
y.
1917—
1915.
______
Detroit—
Cleveland—•
1916.
153,567
A few decreases
Southern
"
1916—
309,822 1,233,074 1,564,319 2,412,399
73,157
46,686
210,530
449,454
602,778
able amounts.
349,000
588,000
AND
403,953
1917.
the separate roads are
as
1910—
475,000
SEPTEMBER
Since Jan. 1.
30,055
the rule and not
479,000
52,000
_.
——
395,000
154,000
_
Newport News, &c...
,2,999,000
314,000
_
-w-w.
4,129,000
1,245,000
IN
1915.
,
3,458,000
23,000
PORTS
1916.
...
938,000
1910—
SOUTHERN
18,974
Georgetown
663,000
1917...
outports
-
Texas City, &c
1,003,000
'
AT
Galveston.... .bal6s.
1,952,000
1917—
were
September
Southern
at the
September.
376,000
Toledo—
in
602,778 bales, against 955,458
1917.
1917—
St. Louis—
bales
Ports.
164,000
—
COTTON
OF
Rye.
1917—
shipments
FROM JAN. 1 TO SEPT. 30 1917, 1916 AND 1915.
-
Wheat.
(bb Is.)
The
September 1917
90,093
the receipts
backward and
very
1915,
RECEIPTS
Total
Flour.
■
underwent
September 1916 and 838,780 bales in Sep¬
as will be seen by the following:
tember
present.
WESTERN
4 wks. end.
usual form
our
South
maturity.
month in
even
than
is
crop
in
against
more
Norfolk
table
late
weeks
New Orleans
only 82,997,000 bushels, agaihst
the
105.
great shrinkage, due entirely to the circumstance
that the
been
in
movement
was small, the receipts at the Western
primary markets for the four weeks the present year
15,758,000 bushels in 1916.
*
[Vol
Includes Chesapeake & Ohio of Indiana.
Oct. 13
EARNINGS
September.
OF
GROUP.
SOUTHWESTERN
1917.
1916.
1915.
S
S
S
1459
CHRONICLE
THE
1917.]
1914.
1912.
S
S
s
Grand Trunk of Canada. _]
Grand Trunk Western-.
Colo & South'n
1,573,761
1,429,995
1,319,151
1,218,538
1,334,854
1,295,944
Denver&RG.
2,568,900
2,398,900
2,443,638
2,288,259
2,388,191
2,441,241
Great Northern.
a
3,759,019
3,383,155
2,626,899
2,692,740
2,943,529
Illinois Central.
St Louis S W,_
Texas & Pacific
1,461.000
1,253,000
969,133
881,161
1,783,298
1,518,083
1,434,307
1,118,963
1.505,068
Louisville & Nashville."
1,836.355
2,908,104
1,127,344
1,533,195
11,199,035 10,246,348
8,876,904
8,515,005
9,291,688
9,304,745
Mineral Range
Minneapolis & St Louis-.
_
Includes Texas Central In all the years and Wichita
Falls line from NoV. 11912.
\
Missouri Kans & Texas a__
Mobile & Ohio
EARNINGS
OF
NORTHWESTERN
PACIFIC
NORTH
AND
GROUP.
September.
1917.
1916.
1915.
1914.
1913.
15)12.
1
S
$
S
S
$
S
,
-
Nevada-Cal OregonRio Grande Southern.
St Louis Southwestern.
Canadian Pac. 11,952,000 11,846,000 10,273,165 10,754,139 12,157,082 11,579,734
Chic Gt West*
1,260,590
1,346,757
1,376,291
1,264,100
1,440,982
1,394,931
Dul S Sh & Atl
289,360
271,566
319,643
336,379
303,803
6361,010
8,331,642
1,031,533
8,072,261
1,004,366
7,862,037
1,023,357
8,081,033
975,008
8,834,453
906,054
7,557,936
Minn & St L a.
M StP & S S M
3,054,051
2,927,720
3,036,936
2,953,067
2,916,658
2,778,060
Great
North' n
926,409
*
Includes Mason City & Fort Dodge and the
a
Includes Iowa Central.
b Fourth week not yet
OF
EARNINGS
September.
-
Wisconsin Minnesota & Pacific.
1916,
$
S
1,419,761
806,936
WESTERN
MIDDLE
AND
1917.
Buff Roch & P
1915.
S " *
GROUP.
1914,
1913.
1912.
S
g
S
■
25,374,229
30,691,183
10.136,837
269,303
25,710,126
25,483,605
8,953,087
270,744
442,602
12,206,568
""41",021
401,581
9,420,955 2,785,613
71,184,830 11,502,959
3,753
89,981
14,087,565 1,777,961
819,131
4,367,372
1,193,890
8,717,285
10,135,371 2,547,295
Southern Ry System..
Tenn Ala & Georgia
Texas & Pacific-.
82,687,789
93,734
15,865,526
Toledo St Louis & Westn..
5,186,503
9,911,175
12,682,666
Western Maryland. _Yazoo & Miss Valley
704,815,267 625,653,294 79,500,854
79,161,973
Total (36 roads)
Net increase (12.65%).
1,016,389
867,942
609,006
1,049,744
635,345
926,167
678,817
4.605,041
4,671,561
4,870,641
4,759,282
1,240,109
737,714
5,636,826
5,783,792
5,756,583
6,461,004
7,570,142
Illinois Cent c.
5,529,431
5,556,680
5,855,044
107,450
111,951
108,517
126,238
123,401
Tol St L & W.
593,146
508,059
457,368
383,185
378,250
345,094
West'n Maryld
1,177,730
1,150,480
930.244
724,690
731,032
681,634
fll07,450
Tol Peor & W.
17,458,957 15,841,642 13,556,393 12,894,332 13,646,294 13,027,126
Months not yet reported:
c
Includes earnings of Indianapolis Southern.
add
now
our
detailed statement for the month
possible to
procure
earnings for the
returns for that period
We also give the compara¬
to the present time.
Jan.
third week only.
FLOATING NEW CANADIAN LOAN.
are
Government for the
The
plans, it is stated, provide for a Dominion executive
committee, composed of experienced financial men, who will
have under their
supervision the general organization of the
campaign throughout Canada and will supply through com¬
mittees, advertising material, pamphlets, posters and other
Working in cooperation with the Dominion
will be special committees having
committee
charge of the campaign in the various Provinces.
President of the Can¬
It is said that Lord Shaughnessy,
adian Pacific Ry., has
consented to act
Montreal committee.
A special
as
chairman of the
committee of the Canadian
Bankers Association will also cooperate.
In response to urgent
Mileage.
Gross Earnings.
Name of Road.
1916.
1917.
LOAN
EXECUTIVES
WILL
appeals from Government and bank¬
ing officials of Canada, Gilbert B. Bogart and John J. Schu¬
Inc.
(+) or
Dec. (—).
LIBERTY
YORK
AID IN CANADA'S PATRIOTIC BOND ISSUE
SEPTEMBER.
IN
MILEAGE
AND
floating
loan in November.
NEW
EARNINGS
White's
the-©6minion
of the $150,000,000 domestic
being made by Finance Minister
roads for the period from
same
1.
GROSS
338,881
PLANS FOR
executive
September/ comprising all the roads for which it
has been
"i",44l
Arrangements
special matter.
taken same as last year.
a
We
Includes the Texas Central in both years.
634,868
Canada Atl.)
Total
These figures
a
war
Grand Tr W )
down to the end of the
V
are
335,897
5,207,578
1,183,750
Department with the leading financiers of
DetGH&M!
up
59,580,534 5,128,881
53,558,586 10,718,599
47,196,000 8,503,968
83,323
1/775,865
33,749
8,024,990
reported; taken same as last year.
Grand Trunk ]
tive
64,709,415
64,277,185
55.699,968
y859,188
8,058,739
,
MIDDLE
Chic Ind & Lou
of
44,066,410
26,125,167 25,627,708 23,763,398 24,381,570 26,510,181 24,392,089
Total
4,331,546
48,397.956
/
Iowa Central-
Minneapolis St P & S S M-_
a
Decrease.
Det Gr Haven & Milw-_ |
Canada AtlanticJ
Mo Kan & T
Total
f
Increase.
1916.
1917.
Name of Road.
1913.
1917.
19
flP
mann,
assistants to the executive secretary of the Distribution
Committee, left last Friday
Committee of the Liberty Loan
Ala New Orl & Tex Pac
Ala & Vicksburg
Vicks Shrev & Pac_
Ann Arbor
Atlanta Birm & Atl__
Bellefonte
Central
Buffalo Rocb & Pitts.
Canadian
Northern...
Canadian
Pacific
Chesapeake & Ohio..
Chicago Great West..
Chip Ind & Louisv
Colorado & Southern.
Denver & Rio Grande
Detroit & Mackinac.
_
Duluth So Sh & Atl—
Georgia Sou & Fla
Grand Trunk of
Grand Trunk
192,477
197,379
1/169,674
317,917
6,174
1,419,761
3,341,700
11,952,000
4,582,031
1.394,931
806,936
1,573,761
2,568,900
109,963
1/253,163
251,568
142
171
293
640
640
«
737,714
1,429,995
2,396,900
101,483
1/230,410
238,972
.
+ 69,222
+ 143,766
+ 172,000
+8,480
+22,753
+ 12,596
.622
622
1,840
2,577
1,842
2,566
382
392
600
605
402
402
5,783,792
5,636,826
+ 146,966
4,533
4,533
8,331,642
7,570,142
6,455,875
8,072,261
+259,381
+1,109,138
8,197
4,766
5,070
8,102
4,767
5,071
Can)
Westf
171
293
26
—674
26
586
586
+ 179,652
+ 153,800 9,296 8,270
+ 106,000 12,993 12,921
2,380 2,381
+385,101
—46,051
1,496
1,496
6,848
1,240,109
3,187,900
11,846,000
4,196,930
1,440,982
.
142
+51,199
+45,029
—4,740
+33,014
141,278
152,350
1/174,414
284,903
'
Det Gr Hav & Mil
Canada Atlantic
Central......
Illinois
Louisville & Nashville
Mineral
Range
Minneap & St Louis. 1
Iowa Central.
[
Minneap St P & S S M
Missouri Kan & Tex a
■
Mobile & Ohio..
Nevada-Cal-Oregon.
.
Rio Grande Southern.
St Louis Southwestern
Southern
Ry System.
Tenn Ala & Georgia..
Texas & Pacific
Toledo St Louis & W.
Western
Maryland.
Yazoo & Miss Valley.
Total
(37 roads)
6,461,004
5,390,806
"
1/66,642
1,031,533
2,927,720
3,383,155
1,009,135
48,322
3,054,051
3,759,019
1,150,495
44,016
51,587
1,461,000
10,069,401
10,209
1,836,355
593,146
1,177,730
120
120
+27,167
1,646
1,646
+ 126,331
4,227
+375,864
3,865
1,160
4,228
3,865
1,122
275
272
+ 141,360
—4,306
+2,338
+208,000
+ 1,658,002
+403.
49,249
1,253,000
8,411,399
9,806
1,783,298
508,059
1,150,480
1,333,439
1,541,265
83,126.235
+ 1,065,069
—236
f/66,878
1,004,366
180
180
1,753
7,949
1,753
7,935
98
95
+ 53,057
+85,087
+27,250
1,946
1,944
708
689
+207,826
1,382
1,382
+6,819,844 82,776 81,514
76,306,391
a
Includes Texas Central in both years.
These figures are for three weeks only.
EARNINGS
FROM
JANUARY
1917.
Road.
1
TO
1916.
SEPTEMBER
Increase.
30
Decrease.
S
Ua New Orl & Tex Pac—
Alabama & Vicksburg...
Vicks Shrev & Pacific—
1,515,208
1,295,336
1,242,005
1,513,595
1/2,231,886 1/1,999,431
2,293,430
2,857,894
62,039
60,496
lellefonte Central
9,556,460
-11,036,139
Juffalo Roch & Pitts
30,205,000 26,780,400
Canadian Northern
109,101,174 100,375.630
Canadian Pacific.—
Chesapeake & Ohio..-..-— 39,791,754 37,079,238
12,076,992 11,673,346
Chicago Great West6,053,258
6,768,532
Chicago Ind & Louisv
11,536,338
13,340,671
Colorado & Southern—
20,602,732 18,231,283
)enver & Rio Grande
934,383
993,364
)etroit & Mackinac:
1/3,112,694 1/2,651,211
)uiuth So Sh & Atl._-—
1,864,619
2,056,570
Georgia Southern & Fla__-i_
inn' Arboritlanta Birm & Atlantic—
help to organize
across
who do not
a
the border.
ordinarily invest in bonds.
Messrs. Schumann and Bogart
week.
returned from Canada this
They told the Canadians of the campaign now being
suggestions.
waged in the United States and offered many
Across thQ
border the loan will be pushed by Lord Shaugh¬
honorary chairman for Montreal, and E. A. McNutt,
Quebec.
A. E. Ames is chairman of the
Dominion Executive Committee, with J. M. Mackie of
for the Province of
Montreal and
_
J. II. Gundy of Toronto as
Sir Thomas White will
vice-chairmen.
supervise the campaign from Ottawa.
The Canadian
campaign starts next month and will run for
three weeks.
The Minister of Finance has stated that the
co-operation of banks, bond men and insurance
all classes has been assured.
companies of
FRENCH
219,872
271,590
232,455
564,464
EXPORT
CREDIT PAYMENT
announced
had been received from the
French banks participating in the $15,000,000 French export
credit arranged in September 1916 (see reference in our issue
of Sept. 30 1916, page 1167) for the payment of the first
$5,000,000 installment under that credit, due to-day (Oct.
13).
This is the initial payment on the third of these credits
arranged by Bonbright & Co., Inc., the first two of which,
aggregating $30,000,000, having already been repaid by the
Bonbright & Co., Inc., syndicate managers,
on
y
Name of
scription
455
455
Net increase (8.94%).
GROSS
patriotic popular loan sub¬
The Canadian Government
is planning a loan campaign based in part on the Liberty
Loan here, and is desirous of having details on organization.
The Canadian campaign will be an effort to reach persons
minion and
nessy, as
J
Great Northern
night for Montreal to confer with authorities of the Do¬
Monday (Oct. 8) that funds
French banks.
_______________
1,543
f,479",679
3,424,600
8,725,544
2,712,516
403,646
715,274
1,804,333
2,371,449
58,981
461,483
191,951
GERMANY EXPORTING SILVER
mans are
INSTEAD OF GOLD.
Copenhagen dispatch of Oct. 7 the Ger¬
now shipping silver instead of gold out of the coun¬
According to
a
effort to improve exchange rates. The dispatch
silver bars in charge of Imperial Bank
officials crossed the Danish frontier at Vandrup on Oct. 6.
try in an
adds that three cars of
1460
S.
U.
THE
EXTENDS FURTHER
CREDIT
TO
CHRONICLE
the
GREAT
The United States Government
loan of $15,000,000 to Great
Oct. 8 made
on
Britain, and
Of
this
total
France,
beginning of the
Great
Britain
$73<. ,000,000;
has
Russia,
to $2,613,400,000.
war up
in
announcing
to
join the
Oct. 9 extended
on
received
$1,295,000,000;
$275,000,000;
Italy
$255,-
000,000; Belgium, $55,400,000, and Serbia, $3,000,000.
The
law relating
interlocking direc¬
to
.
Seward Prosser,
further
a
additional credits of $40,000,000 each to Great Britain and
France, thus bringing the total of all loans made to the
Allies since the
of the
provisions
torates.
BRITAIN AND FRANCE.
y
[Vol. 105.
on
President of the Bankers Trust Company,
the 9th inst. the intention of his institution
reserve
Board
of
system,
Directors
out the following statement:
gave
the Bankers Trust
of
Company,
at
special
a
meeting called for the purpose, authorized the officers of the company to
make
application to the Federal Reserve
Federal Reserve System.
This action
Board for membership in the
taken in view of the increasing
was
necessity due to the financial requirements of the war, for the complete
mobilization of the banking reserves of the United
because it
States, and, further,
ffelt that the Bankers Trust Company, as a member of the
was
Federal Reserve System, could extend a broader banking service.
NATIONAL
BANKS AUTHORIZED
President Wilson
•
to relieve the
Oct. 6
on
scarcity of
DENOMINATIONS.
signed the Senate bill designed
and two-dollar bills which
one
Under the new law
national bank will have the right to issue up to $25,-
000 of its circulation in
and two-dollar bills.
one
The
new
has
now
Company
organized in 1903.
was
capital of $11,250,000, and
a
on
posits of $284,779,700.
In
.
announcing its decision, the Central Trust Company,
said
through its President, James N. Wallace:
The
Board
of Trustees
of the
Central
Trust
York applying for membership in the Federal Reserve Bank.
banks have been prevented from
in amount of its
to
more
than one-third
circulating notes of the denomination of
five dollars.
In
announcing the
signing of the
law
new
the banking strength
Reserve Bank,
believed, should materially assist in relieving the scarcity of $1 and $2
Since the resumption of specie
payments, Jan. 1 1879, no bank notes of
smaller denominations than $5 have been furnished to national banks for
issue, and the issue of $5 bills by national banks has been limited
to one-
third of their total circulation, the other two-thirds
being notes of higher
denominations.
.'v
Under
this new law every national bank will have the
right to issue up to
$25,000 of Its circulation in $1 and $2 bills, and the limitation which has
heretofore prevented national banks from
issuing a larger proportion of $5
bills is removed.
The bill
was
The Senate bill
on
a
Oct. 2.
originally passed by the Senate on Sept. 29
passed by the House without amendment
The
following is the text of the bill
amend
to
the
as
it became
denominations, and for other
purposes.
Be it enacted, etc,, That the Act of June
3, 1864, Revised
Statutes,
sec¬
tion 5175, which prohibits national banks from
being furnished with notes
on
of
over
$329,-
Sept. 29 it
re¬
aggregate deposits of $184,477,720.
Mortimer N. Buckner, President of the New York Trust
Company, said that his institution had applied for member¬
ship in the
reserve system "with a view of cooperating in
with the United States Government under present
conditions."
and
The New York Trust
in 1889 and
ness
has
now
Company began busi¬
capital of $3,000,000.
a
On Sept.
reported surplus and undivided profits of $11,230,000
deposits of $76,260,700.
GIRARD
TRUST
COMPANY
OF
PHILADELPHIA
TO
The Girard Trust Company of Philadelphia has made
application for membership in the Federal Reserve system.
is
It
the first trust company
mission
to
the
Federal
in Philadelphia to seek ad¬
system.
provides,
no national banking association shall, after the passage of this Act,
be entitled to receive from the
reissue, or,place in circulation
Comptroller of the Currency,
issue
or to
or
BRANCH OF CLEVELAND FEDERAL
than one-third in amount of its circu¬
more
FOR
lating notes of the denomination of 85," be, and it is hereby, repealed.
Sec. 3. That from and after the
passage of this Act any national banking
association, upon compliance with the provisions of law applicable thereto,
shall be entitled to receive from the
Comptroller of the Currency,
issue or reissue, or place in circulation notes in denominations of
or to
81, $2,
85, 810, 820, 850, and 8100 in such proportion
inations
receive
as
or
the
bank may elect:
Sec.
4.
are
of $1
That all acts
to each of said denom¬
no
bank shall
than 825,000 in notes
more
and 82
inconsistent with this
are
hereby repealed.
RESERVE
BANK
CINCINNATI.
Approval by the Federal Reserve Board of the application
for permission to establish
at Cincinnati
cinnati bank will be
at
a
branch Federal Reserve bank
announced
was
on
the
10th inst.
The Cin¬
branch of the Federal Reserve Bank
a
Cleveland, and, according to the Cincinnati "Enquirer"
of the 6th inst. the branch will
*
parts of acts which
or
as
Provided, however. That
have in circulation at any one time
of the denominations
Act
resources
JOIN FEDERAL RESERVE SYSTEM.
of less denomination than $5, be, and it is
hereby, repealed.
Sec. 2. That that part of the Act of March 14
1900, which
["that
Federal
'■•
laws
relating to the denominations of circu¬
lating notes by national banks and to permit the issuance of notes
of small
Company has
•
..
Its capital is $5,000,000 and
;
v,
.
Act
•
was
law:
An
v.
ported surplus and undivided profits of $17,548,462 and
29 it
:
;
The Central Trust
every way
"
.
.
000,000.
currency notes which now exists in many sections of the country.
of this Government represented by the
and to participate in the many advantages that system
furnishes.
.
The President has approved a bill
just passed by Congress which, it is
The trustees
believe that it is their unmistakable patriotic duty to add all in their power
by the President, the Comptroller of the Currency issued the
following statement:
of New York
Company
to-day voted unanimously in favor of the Central Trust Company of New
law also repeals the act of March 4 1900 under which national
issuing
It
Sept. 29 reported
surplus and undivided profits of $15,583,000, and total de¬
now
exists in many sections of the
country.
every
The Bankers Trust
TO ISSUE NOTES
IN SMALL
serve
the Southern Ohio and
Northern Kentucky territory.
Approved Oct. 6 1917.
NATIONAL
BANK
BANKERS, CENTRAL AND NEW YORK TRUST COM«
PANIES
:
Announcement
the Bankers
TO
JOIN RESERVE SYSTEM.
made
was
on
The
Tuesday of this week that
Trust, the Central and the New York
trust
companies of this city had all decided to become members of
the Federal Reserve
System.
Last week the Equitable and
Metropolitan trust companies announced their decision to
apply for membership in the reserve system and two weeks
the Guaranty Trust Company sent in its application.
The Broadway Trust
Company, the only other trust com¬
pany in this city which is a member of the reserve system,
ago
joined shortly after the inauguration of the system.
The
action tjaken by the three
large institutions this week
caused no surprise in the financial
district, in view of the
CHARTERS
ENDED
bank
following
charters
comparative
and
banking
patriotic desire exist¬
ing
on
the part of these institutions
to assist the Reserve
when last
as
to
summer
it amended the Federal
permit State
concerns
to
become
Reserve law
members
of
Sept. 30 1917 and Sept. 30 1916
Comptroller of the Currency on Oct. 3:
:
V
:
i
a
State bank
or
000,
incorporated.
*
Action to that end has also been influenced
by the announcement of the opinion handed down by the
Acting Attorney General (referred to in these columns on
Sept. 22)
holding that State banks and
operating outside the District of Columbia
trust
are
not
companies
subject to
new
national
was
issued by the
Charters Applied For.
new national banks, with capital of $2,150,compared with 47 applications received during the corresponding
as
period in 1916, with capital of $2,415,000.
Charters Granted.
In these three months of
000,
as
1917, 49 charters
were granted, capital $4,370,compared with 39 charters granted during.the corresponding period
capital of $2,665,000.
in 1916 with
Capital Increases.
In this
the
period of 1917, 35 national banks increased their capital stock in
of $4,895,000, against 25 banks increasing their
capital by $2,117,-
sum
500 during the same period in 1916.
Capital Reductions.
There
were
consideration.
porate powers granted it by the State in which it has been
of
53 applications for charters for
so
trust company, and to exercise all cor¬
MONTHS:
For the months of July, August and September 1917 this office received
no
reductions of capital in 1917 in the three months under
During the
same
period last year 4 banks reduced their
capital $332,500.
the
system and still retain its full charter and statutory rights
as
statement
ended
Banks in the present
large financial operations.
Congress
paved the way for the coming in of the State institutions
THREE
capital increases for the three months
.
exertions of Federal Reserve officials to
get State
institutions to join the system and the
FOR
SEPTEMBER SO.
Liquidations.
Eleven
national
banks
went
into
voluntary
liquidation
(exclusive
of
those
consolidating with other national banks) during the months of July,
August and September 1917, their aggregate capital being $835,000, as
compared with 19 such banks liquidating during the same period in 1916,
with
an
aggregate capital of $1,455,000.
Charters Refused,
During the months of July, August and September, 1917, the Comp¬
troller of the Currency refused six applications for charters for
banks.
new
During the
national banks.
same
period last
year
charters
new
national
were refused for
three
Oct. 13
FOREIGN BONDS LEGAL
LOAN AND
FARM
MENTS FOR KANSAS
Section
5209
INVEST¬
section we print in full below,
the trust company
the matter added in
INSTITUTIONS.
the General Statutes
of
1461
CHRONICLE
THE
1917.]
Section
of Chapter 187, 1913
3
Session Laws, be and the same
amended to read as follows:
life insurance,
amended by the 1917 Legisla¬
relating to the investment of the funds of any
trust,
loan
or
company, was
As amended the law now
ture.
in addition to county,
provides for the investment,
city, township, village or school
dis¬
Federal Farm Loan bonds issued or used by
Federal Farm Loan banks of the United States, or in
trict bonds, in
the
other nation, or sub-division or
bonds issued by any
This Act, which was
therein.
known
We
reads as follows.
added this year and place in
and black-face brackets the portions of the
Chapter 211, Laws of 1917 and
as
print in italics the matter
black-face type
old
district
approved March 10 1917 is
omitted:
law
Legislature of the State of Kansas:
Be it enacted by the
Sec.
That Section 5209 of
1.
1915 is
Any life insurance company, or any
Sec. 5209.
trust or loan company
by the
[two=thirds] a majority of the respective
Eb oar
boards of directors, or finance committee, purchase or invest,
by loan or otherwise, any of [their] Us funds in bonds or notes [and]
secured by mortgages on any unencumbered real estate worth .[fifty] one
hundred per cent more than the sum so loaned thereon, or in [stocks or]
the bonds of the United States, of or this State, or of any other State, or in
bonds issued by any county, city, [town,] township, village or school
heretofore or hereafter
of
consent
and
direction
organized under any law of this State, may,
other State, pursuant to any [law] laws
the case may be, or in farm loan bonds
or used by the Federal Farm Loan banks of the United States, or in
issued by any other nation, or subdivision or district therein, issued
of this State, or
issued
bonds
of any other State, as
pursuant to the laws of such
life insurance
policy of insurance shall be assigned to such
such trust company to renew such
policy of insurance from year to year, in case the borrower neglects to do
so,
That original
nation or political division thereof. And any such
also invest its funds [by] in loans to its
to exceed the reserve held by such com¬
notwithstanding.
publication in the statute
Its
of Kansas for
Amendment to the Kansas
book.
securities, not exceeding
thereof.
Whereas, an emergency
force and effect from
'
BONDS LEGAL INVESTMENTS
Section 23 of Chapter 124
as
amended by Section 3
was
of the Laws of Idaho for 1911,
of Chapter 172 of the Laws of 1913,
again amended by the
1917 Legislature, so as to make it
legal for any savings bank in Idaho to invest its deposits in
the Federal Farm Loan Bonds, issued by the various Federal
Act of Congress, approved July 17
1916.
We are publishing herewith the full text of the law
in relation, to the investments permitted by savings banks.
Land banks under an
The
portion added this year we
Sec. 1.
Be It Enacted by
23 of Chapter
OKLAHOMA
Sec.
23.
the Legislature of the State of Idaho: That Section
1911 as amended by Section 3 of
1913 Session Laws be and the same is
hereby amended
follows:
It shall be
lawful for any savings bank to invest its
deposits only as follows and not otherwise:
1st. In bonds or interest bearing notes or
savings
*
certificates of the United
Federal Farm Loan Banks.
2nd. In Bonds or interest bearing evidence of indebtedness of this State.
3rd. In bonds or warrants or "local improvement bonds or warrants of
any city, town, county, school district or irrigation district of this State,
issued pursuant to authority of law, but not exceeding fifty (50) per cent
of the capital and surplus of any savings bank, shall consist of bonds or
warrants of any one city, town, county, school district or irrigation district.
4th. In bonds or warrants of any state in the Union or any city, town,
county, school or irrigation district of any such State that has not for three
(3) years previous to such investment being made defaulted in payment of
the interest on its legal funded debt, but not exceeding fifty (50) per cent
of the capital and surplus of any such bank shall be invested in the bonds
of any one State or of any county or municipality outside of this State.
5th. In notes or bonds secured by mortgages to such savings bank or
by mortgage or deed of trust to any trust company under the laws of this
State upon unincumbered real estate worth at least double the amount
loaned thereon.
Whenever buildings are included in the valuation of any
real estate upon which a loan shall be made by such savings bank they shall
be insured by the borrower for the benefit of such savings bank in some
reliable company and such policy of insurance shall be assigned to such
savings bank, and it shall be lawful for such savings bank to renew such
policy of insurance form year to year, in case the borrower neglects to do
so, and charge the same to him.
6th. In real estate subject to the provisions of Section 38 of this Act,
except that no savings bank hereafter established shall have more than
fifty (50) per cent of its capital invested in the lot and building in which the
business of such savings bank may be carried on.
7th. In dealing in exchange by purchasing and selling sight and time
States,
including bonds issued by
drafts and notes.
8th.
While awaiting
BONDS LEGAL INVESTMENTS
FINANCIAL INSTITUTIONS.
passed by the 1917 Oklahoma
Act was
An
Legislature
(Chapter 125, approved March 23) providing for
vestment of funds of trust companies, building and
sociations, insurance or
1.
Section
Federal Farm
The Act in full
Loan bonds.
Be it Enacted
banking companies in
follows:
the in¬
loan as¬
by the People of the
State of Oklahoma
Any trust company,
building and loan association,
insurance
of
banking company, organized under the laws of the State
Oklahoma, may invest its funds in Federal Farm Loan Bonds, issued
under the provisions of the Act of Congress, approved July 17 1916, and
company
or
which, under the laws of this State, is required to
the office of the State Treasurer in order to do business
in this State may deposit such Federal Farm Loan Bonds in lieu of any
other security required by law to be so deposited.
The officers having
charge of any sinking fund in this State, or any county, city, town, town¬
ship or school district thereof, may invest the sinking fund of the State or
of such county, city, town, township or school district in Federal Farm
Loan Bonds, and said bonds shall constitute security for the deposit of
any
foreign corporation,
deposit securities in
print in italics:
124 of the Session Laws of
Chapter 172 of the
to read as
shall be in full
and approval.
FEDERAL FARM LOAN
SAVINGS INSTITUTIONS,
IDAHO
exists therefor, this Act
and after its passage
•
FOR
FOR
eighty per cent
upon
other
(80%) of the cash market value
from and after
Trust Coihpany Law.
FEDERAL FARM LOAN
governing such investments
Approved Feb. 28 1917.
,
shall take effect and be in force
That this Act
3.
Sec.
him.
subject to the provisions
deposited with such trust company, to loan the moneys so deposited
well secured commercial paper or upon the security of stocks and
Sec. 2.
Section 5209 of the General Statutes
1915 is repealed.
In real estate
organized under he State Banking Law.
But no such
trust company or corporation shall have more than fifty per cent (50%)
of its capital invested in the title plant, abstract books and lot and building
in which the business of such trust company may be carried on.
7. While awaiting opportunity for the judicious investment of funds
[each] such policy, to be secured by the promissory note of the
policyholder, and the assignment to the company of the policy upon which
such loan is made, anything in the charter of any [of] such [companies]
Sec. 2.
and charge the same to
6.
by savings banks
pany upon
to the contrary
and it shall be lawful for
trust company,
policyholders to any amount not
company
invested in the bonds
State or of any county or
reliable company and such
may
company
such trust company shall be
municipality outside of this State.
5. In notes or bonds secured by mortgage to such trust company or by
mortgage or deed of trust to any trust company under the laws of this State
upon unincumbered real estate worth at least double the amount loaned
thereon.
Whenever buildings are included in the valuation of any real
estate upon which a loan shall be made by such trust company they shall
be insured by the borrower for the benefit of such trust company in some
of any one
State, or of any
district of this
•
trust company to invest its savings
otherwise:
1. In bonds or interest-bearing notes or certificates of the United States.
including bonds issued by Federal Farm Loan Banks,
2. In bonds or interest-bearing evidences of indebtedness of this State.
3. In bonds or warrants or local improvement bonds or warrants of any
city, town, county, school district or irrigation district in this State, issued
pursuant to authority of law but not exceeding forty per cent (40%) of the
capital and surplus and not exceeding twenty per cent (20%) of the savings
deposits of any such trust company shall consist of bonds or of warrants of
any one city, town, county, school district or irrigation district.
4. In bonds or warrants of any State in the Union or any city, town,
county i school or irrigation district of any such State that has not for three
(3) years previous to such investment being made defaulted in payment of
the interest on its legal funded debt, but not exceeding forty per cent (40%)
of the capital and surplus and not exceeding twenty per cent (20%) of the
such
It shall be lawful for
Sec. 3.
deposits only as follows, and not
savings deposits of any
the General Statutes of Kansas for
amended to read as follows:
That
is hereby
of the State of Idaho:
the Legislature
Be It Enacted by
1.
Sec.
of Kansas, 1915,
italicizing
1917:
opportunity for the judicious investment of funds
bank to loan the moneys so deposited upon
deposited with such savings
any
public funds and be for the investment of trust funds.
2. For the preservation of the public peace, health and
Sec.
declared to exist by reason
emergency
is hereby
force from
and after its passage.
Approved March 23
NEW
.
1917.
OFFERING OF $300,000,000
•
safety, an
whereof, this Act shall be in
FICATES OF
TREASURY CERTI-
INDEBTEDNESS.
the Treasury McAdoo, on Oct. 9 authorized
Federal Reserve banks to receive subscriptions
to another issue of Treasury certificates of indebtedness.
The amount offered is $300,000,000.
The new offering will
Secretary of
the twelve
bear interest at
the rate of 4% from
Oct. 18.
They will
week after the: payment of the second
instalment
on
the second Liberty Loan. Subscription
books to the new issue of certificates close at 3 o'clock p. m.,
Oct. 15.
The Treasury Department reserves the right to
mature
Nov. 22, a
subscription and to allot less than the amount of
applied for. The certificates will be in denom¬
inations of $1,000, $5,000, $10,000 and $100,000.
They
will be exempt both as to principal and interest from all
taxation now or hereafter imposed by the United States,
any State, or any of the possessions of the United States,
or
by any local taxing authority, except (a) estate and
inheritance taxes and (b) graduated additional income
reject any
certificates
and excess profits and
hereafter imposed upon the income
or profits of individuals,
Sec. 2. Whereas, an emergency exists therefor, this Act shall be in full
partnerships, associations or cor¬
force and effect from and after its passage and approval.
porations.
The interest on an amount of certificates author¬
Approved March 13 1917.
ized in said act the principal of which does not exceed in the
Concerning trust companies, the Legislature passed an
aggregate $5,000 owned by any individual, partnership
Act amending Section 3, Chapter 187 of the Laws of 1913,
association or corporation, shall be exempt from the taxes pro¬
providing that trust companies may also invest their savings
vided in clause (b) above.
The new offering of certificates
deposits in Federal Farm Loan bonds.
The provisions of
commercial paper or upon the security of stocks and
securities not exceeding eighty (80) per cent of the cash market
well secured
thereof.
other
value
taxes
war
commonly known as surtaxes,
profits taxes now or
1462
will be
THE
accepted at
if tendered
with adjustment of accrued interest,
par,
Nov. 15 in payment
on
CHRONICLE
in this district only
cent,
the subscription price
on
then payable on the bonds of the second
scribed for and allotted tP holders of such
[Vol. 105.
remains to
This is
Liberty Loan sub¬
bonds
certificates.
a
was
$45,690,
MONTH
The
an
subscriptions
LIMIT
a
six,
business
FOUR-
PAPER.
obtained in the rush and turmoil of
were
It would be hard to find
use
of
situation
demands
the
com¬
York
emphasizes in
Of
letter from Governor
Harding of the Federal Reserve Board
Governors of the Federal Reserve banks states
that the Board looks
with approval upon the
suggestion that commercial paper be made to run
for not longer than four months instead
of six months, as is
frequently the
total of
from
bank to make its
went to
&
Metals
National
■
Guaranty Trust Co.
of
VANDERLIP,
Bank;
New
York;
of the United States
district
in this
that the total of subscribers for the bonds
978,959, divided
was
Up to $10,000.
matter has also been sent out
Another tabulation reveals the fact that
way.
district the amount in default
which
$54,156
ployed at
extended
The limitation of the
maturity of current commercial paper to a
period
exceed four months would
go far towards improving conditions
along
This suggestion,
approved by the Federal Reserve Board and
by the Federal Reserve Bank of New
York, has also received the hearty
endorsement of the Liberty Loan
Committee, which invites your co-opera¬
tion in
introducing this modification into existing
banking practice.
The committee has
prepared copies of the enclosed statement
by the '
sub-committee which it would be glad to send
you in such
one
Sept. 21
on
over
quantities
among
your
means
correspondents
to
to the attention of
bring the
and
matter
as
enlist
be of
'
Respectfully,
.
BENJAMIN STRONG,
Chairman.
of the total
was
$301,800.
TO
FIRST
ALL
The fact that
a
NEARLY
total of
nearly a million sub¬
Liberty Bonds have failed to make
payments when due is taken by James F.
Curtis, Secretary
of the New York Federal
Reserve
Americans
Bank,
are
eager
to
proof that
buy their country's bonds.
Curtis said:
No
as
Mr.
more
striking evidence of the eagerness of
the people to own
Liberty
Bonds of the United States
Government can be given than the final
figures
subscriptions during the last
campaign.
regarding
of
one
per
cent,
of the total
Only
number
duced
were
To state this
of
a
more
concretely, only 564 subscribers
total of 978,959
persons and
corporations, had
bonds at the time the last
payment
failures to pay accrued
were
was
due.
not
to the last
loan, out
paid in full for their
practically all of these
interest, and not principal.
This means that
was
remiss in
a matter this
total subscriptions in
this district
Out of
$90,906, of
a
em¬
report concludes:
"It is very gratifying, indeed, to be able to say to
you that all the work
received payment in full for the
bonds allotted to this district,
together
with accrued interest."
MR.
McADOO'S
STATEMENT
ON
CONVERSION' OF
FIRST LIBERTY LOAN BONDS.%
pThej Bureau oiTPubfleity of the Liberty Loan Committee
,in|Washington this week issued the following statement concerning the{conversionfprivilege^ the 3Y%% Liberty Loan
bonds:
year
f
fU63*$
to
•
*SS3|SI
be used' in
con¬
Liberty Loan bonds into fifteen thirty4% bonds, Secretary McAdoo announced to-day that there would be
issued by the Treasury Department within the
very near future
setting forth the manner in which this conversion should be
a
circular
undertaken.
The terms of the
on
3M% bonds require that
each and every bond converted.
an
interest adjustment be made
The Treasury Department has devised
method whereby this adjustment of interest
made without the actual payment of
a
to the
Government,
or
vice
versa.
that the date of issue of the new
can
in
a
large
measure
be
any cash by the holder of the bond
Holders of the 3M% bonds are reminded
bonds into which their bonds will be con¬
vertible, is Nov. 15, and that no conversion can be
actually accomplished
prior to that date, although opportunity will be given to the holders of the
3 M % bonds to deposit their bonds for conversion several
weeks in
advance
of the actual date of issuance.
<
CONVERSION PRIVILEGES OF LIBERTY LOAN BONDS.
re¬
And
only one person out of every two
thousand that subscribed
paying for his share of the bonds.
How
extremely trifling
is may-be judged from the fact
that the
amounted,to $1,186,788.490.
only
The greatest number of clerks
one-twentieth
percentage is constantly being
by belated payments.
the
of subscribers
to the first
Liberty
Loan in the Second Federal
Reserve District have
failed to make all their
and even this insignificant
payments,
in
verting fifteen thirty-year 3M"%
PAID IN.
only 564 of
scribers to the first issue of
LIBERTY LOAN
allotted
The expenses^of
234, divided into nine departments.
The work
period of four months and fourteen days.i
Mr. Gregory's
In response to numerous
requests as to the method
SUBSCRIPTIONS
-415
—570
was
com¬
the present time.
$250,000—
proves absolutely, to a cent; all the money, certificates of indebtedness and
book credits have been properly accounted
for, and the Government has
directly
banking institutions and their customers and to
obtaining a general adoption of this
practice which would
to
handling the loan
paid in salaries.
was
time
;
this line.
by this
follows:
4,360 ($250,050 and above—...
the bank's bond issue division in
in every possible
as
-973,6141$100,050
$10,050 to $100,000-
v
tho
,
total of $594,758,915 26.
Bank.
New York, October 5 1917.
.
a
A separate tabulation shows
not'to
their aid in
'
$238,187,268; book credits, $155,578,403 87. 5
Adding in the payments of
interest made by
subscribers, the bank was able to transfer to the Treasurer
-
National
interesting feature of the tabulation is the fact that 43 certifi¬
$1,000,000 each were issued and 1,194 of $100,000 each.
There
certificates in $50,000 amounts,
11,974 in $10,000 amounts
Payments for the $593,987,000 of the bonds allotted to the
district were
made as follows:
Cash, $200,221,328 13; certificates of indebtedness,
present war loan and subsequent
Government
being floated it is of great importance that the
money situation
greatest value at
almost 50%, were in the
or
denomination, there
and 8,904 in $5,000 amounts.
^
,
WIGGIN,
hopes
Of the $100
1,667
were
SABIN,
distribution
certificates for the
were 562,612 pieces,
denomination 112,940 pieces, and of the
$1,000 denominations
In other words, 82% of the certificates
already issued
investors who bought the bonds'in
amounts of $500 and less.
cates of
Companies:
It
1,931,666.
Another
following letter in the.
by Governor Strong:
for
It required
certificates, and the bank also had on hand 1,789.050
full-paid
certificates which had not been issued at
the close of business on Sept. 21.
Of the 1,931 ,€66 certificates
FREW,
The
desire
$53,199,987 71 had
284,941
President Central Trust
Co.;
may
additional
an
316,157 pieces.
President National City Bank;
JAMES N.
WALLACE,
you
By July 30
issued, 916,175,
ALEXANDER,
President Mechanics
mercial customers.
$617,831,650, of which $497,512,458 62 had been
deliveries, and Mr. Gregory, in his report, emphasized
$50 denomination.
McGARRAGH,
be strengthened
to
of the $500
President Corn Exchange
Bank;
GATES W.
are
paid for bonds without
amounted
4,005,657 interim certificates.
Bank;
President National Bank of Commerce
in New1 York;
Gentlemen —While
subscriptions in the district, aggregating $1,186,788,400, received
subscribers, through 1,040 banks.
The individual sub¬
the fact that all of these
separate pieces were handled at least five times.
In addition to the
foregoing, there were unissued, canceled and returned
Vice-Chairman,
issues
was
been paid, and the
remainder, $67,119,203 67, was paid in by Sept. 20.
The report shows further that the Federal
Reserve Bank's force handled
BENJAMIN STRONG,
Chairman,
Governor Federal Reserve Bank of New
York;
GEORGE F. BAKER,
To Banks and Trust
$617,831,650
interesting by comparison with the
978,959
interest
careful
Chase
This figure is
paid by the end of June.
preparation and forethought.
Any method which will obviously
strengthen the money situation should be
adopted.
If current commercial
paper is made to run for not more than four months
instead of six months, as is the
present general practice, the credit situation
Will be greatly improved.
President
of
end of last June, or within two weeks after
the campaign for the sale of the
was ended.
In other words, the total
required by the present situation calls for the most
ALBERT H.
total
a
first loan
machinery of the United States
is sufficiently sound and elastic to
meet the strain incident to the forth¬
coming war loan and subsequent loans.
It feels, however, that the
handling
FRANK A.
therefore,
figures
provided.
President
issue,
Federal Reserve Bank in this district, or almost
scriptions received by the Federal Reserve Bank are included in these
as a single institution, but these
represented 6,191 subscriptions.
Practically 75% of the total amount allotted had been
paid for by the
.
CHARLES H.
$2,000,000,000
31 % of the entire issue.
This committee believes that the
financial
.
the
distributed through the
This committee, in
analyzing the present financial situation, considers
it of utmost importance to
emphasize this suggestion in every possible way,.
It should be made certain that the
amount of commercial
paper eligible
for rediscount is the maximum that can
be
WALTER E.
E. Gregory, of the bank's borfd issue division, and
many ways
by
special allotment $23,844,650 to subscribers whose banks had failed to file
subscriptions in proper form.
A recent
JAMES S.
A
the tremendous success of the First Liberty Loan
and the immense amount of work involved.
The bank
finished its labors on Sept. 21 last.
The total allotment in this district
was $593,987,000 of the
bonds, in addition to which the bank furnished
to the
Chairman First National
the first loan.
on
a
Bank of New
this district,
in
be called to the notice of the banks
and trust companies of
the Second Federal Reserve District
by the committee.
The
statement is as follows:
.
Reserve
completion of the work
the
be gained from
may
The report was submitted to Benjamin
Strong, Governor of the Federal
suggested limitation of the maturity of commercial
paper will
'
the
on
Reserve Bank, by G.
Committee, this
as are
Liberty Bond Loan
statement issued in the matter
says:
Reserve Board and the Federal Reserve
Bank of
New York, as well as
by the Liberty Loan
of such vast sums
^ot only of
FEDERAL RESERVE BANK SHOWS
report just issued by the Federal
utmost
the present time.
Y
sale of the Second
The committee says the
Federal
case at
campaign lasting
SUCCESS OF FIRST LIBERTY BOND ISSUE.
An idea of the stupendous amount of effort involved in
forethought, and
that "any method which will
obviously strengthen the
money situationshould be adopted."
Approved by the
,
a
better evidence
a
people but also of their native integrity and
acumen.
REPORT OF N.
running not longer than four months instead
is the general practice.
as
present
COMMERCIAL
statement in which it advocates the
mercial paper
of
ON
ADVOCATES
committee of the Liberty Loan Committee
money
has issued
COMMITTEE
per
showing when it is considered that subscribing to
entirely new experience to the great majority and that the
the patriotism of the American
LOAN
one
remarkable
only thirty days.
LIBERTY
less than eight one-thousandths of
or
be paid.
arly $594,000,000 of bonds alloted
The
Liberty Loan Committee of the New
Reserve Bank has issued
concerning
a
York Federal
circular setting out the
the conversion privileges
of the
following
Liberty Loan
bonds:
This issue of 3 Ms is convertible into
any
ing
a
subsequent issue of bonds bear
higher rate of interest issued during the war, provided the
holder con-
\erts within six months from the date of the
new issue.
For example, the
holder of the present 3 Ms can convert into
the proposed 4 % bonds
provided
Oct. 13
he does
1917.]
THE
.
If he does not choose to convert
before May 15 1918.
so
into this
provided
again, he does so within sis months from the date of such subsequent issue.
issue, he still retains the right to convert
into any subsequent issue,
then becomes sub¬
conversion feature of
issue of 4% bonds, he
If he converts into the present
ject to all the conditions of every
kind, including the
that the bonds issued upon such conversion are to be
identical with the 3Ms as to maturity of principal, interest dates and
the 4% issue, except
terms of
redemption.
The 3Ms have
the right to exchange into any
subsequent issue par for
with adjustment of interest.
new 4s (or the 4s which'are converted from the 3 Ms) are
par
The
into the next issue bearing a
higher rate of interest (if
convertible
has profited enormously through the
expected to raise $25,000,000.
There are 70,000
operators in the clothing trade here, probably the largest and wealthiest
trade in the entire division.
They are asked to contribute $20,000,000.
The woolen is also a trade industry which has profited and will continue to
The
war,
to
ment is also
non-convertibility of the new issue.
If the holder
within six months, his conversion privilege
dous amount of
fails
ter¬
minates.
The 4 %
if
into a subsequent issue at the issue
with adjustment of interest. In other words,
bond is convertible at par
price, but not below par,
subsequent issue is put out
a
when converting, must pay
Oct. 8 1917.
NATIONAL
time.
Oct. 6 gave out the
the activities of the
following statement relative to
CANVASS FOR NEW
the first
reporting national banks,
subscriptions amounting in the
that of 7,604
Liberty bonds
10% or more of the total resources of each of
Six hundred and twenty-one national banks
national
1,207 sent in
aggregate to
these 1,207 banks.
subscribed to Liberty bonds
of the total resources of each bank.
national banks in the New England States, 265 sent in
of not less than 5%
to the extent
Of the 408
sub¬
bonds to the extent of 10% or more of their total
their own account to the extent of 5%
of the total resources of each bank.
Of the 1,643 national banks in the Eastern States, 361 sent in subscriptions
scriptions to the Liberty
resources,
and 25 subscribed on
for the bonds to the
extent of 10% or more
and 127 subscribed to
bank;
extent of 5%
of the total resources of each
their own account to the
Liberty bonds on
of their total resources.
In the Southern States,
tions to Liberty bonds to
and 135 subscribed to
of the 1,580
national banks, 130 sent in
subscrip¬
of their total resources;
their own account for 5% or more
the extent of 10% or more
Liberty bonds qn
of their total resources.
Of the 2,111
national banks in the
Middle States, 245 sent in
scriptions amounting to
subscribed on their own
for 10%
10% or more
account for 5% or more
or more
of their total resources.
subscriptions
and 57 subscribed on their own
national banks, 137 sent in
of their total resources;
more of their total resources.
containing the largest number of
or
national banks, each of
which banks sent in total subscriptions for Liberty bonds to the extent of
not less than 10% of their total resources, were: New York, 159; Massa¬
chusetts, 118; Pennsylvania, 113; California, 105; Ohio, 88; New Jersey, 70;
Connecticut, 51; New Hampshire and" Indiana, 44 each;'Iowa, 35; Illinois,
31; Texas and Kentucky! 25 each; Oklahoma, 24; and in Vermont 23 banks
sent in subscriptions aggregating not less than 10% of their total resources.
The States containing not less than 20 national banks each, subscribing
to Liberty bonds on their own account to the extent of not less than 5%
of their resources, were: Pennsylvania, 76 banks; Illinois, 63; Indiana, 55;
California and Kentucky, 32 each; Texas and Iowa, 30 each; Ohio, 27;
Kansas, 26; and New York and Oklahoma, 23. banks each.
•;
The
15 States
TRADE COMMITTEES
APPORTIONED $520,000,000 OF
NEW LIBERTY
BONDS.
million dollars is the mark which
representing the industries of New
York City, have set as their apportionment in the great
$3,000,000,000 Liberty Loan drive.
Announcement of this
huge sum to be collected in twenty days was made last
Saturday by Craig Colgate of the Advisory Trades Com¬
mittee, after a series of conferences with his associates, who
have taken into consideration the resources of each separate
Five hundred and twenty
trade committees,
120
Mr. Colgate
presented figures showing what four of the major trades
were expected to raise during the remainder of the campaign.
He explained that the apportionment had been'made public
at this time in answer to the question which every patriotic
business man is asking: "What do I owe my country in dol¬
industry as compiled
by banking statisticians.
also
lars and
cents?"
the Second Fed¬
Oct. 27, the Advisory
Trades Committee decided that it -was only fair for each
trade to know what is expected of it," said Mr. Colgate.
"The Rainbow Division," as the combined trades are known
includes one-half the population of the entire city and con¬
trols its business wealth.
The following statement is cred¬
"In order that the
eral Reserve
full apportionment for
District may be raised by
ited to Mr. Colgate:
Roughly speaking, one
hundred trades ought to
contribute an average
This would be an ideal way to do the work. The resou ces of the various trades, however, are not evenly divided, and it has
been necessary to consider the earning capacity of each separately.
of
$5,000,000 each.
The Liberty
mobilize the
Loan Committee
7,000,000.
own
sub¬
of their total resources; while 73
Pacific States,, of the 537
account for 5%
Federal Reserve District.
is sending to all the banks
in this district letters which will be forwarded by these in¬
stitutions to the individuals who subscribed to the First
Liberty Loan.
Each of these 1,400,000 subscribers is being
asked by the Government, through the committee, to become
agents in the second loan and to obtain five subscriptions
each.
Thus the Government is aiming at a round-up of
7,000,000 new investors.
If every subscriber to the first
loan does his share and succeeds in getting five pledges for
the minimum of $50 each, the total raised by this means will
be more than a third of a billion dollars.
This total, $350,000,000, will be more than one-fifth of the allotment pro¬
vided for this district by the Liberty Loan Committee.'
Several means of following up these five subscriptions have
been devised by the committee.
Not only will the banks be
able to keep tabs on the persons who have offered to buy
bonds, but the Chairman of the eight districts into which the
Second Federal Reserve District is divided and other ex¬
ecutives under them will study this situation and help to
subscriptions
of their total resources; and 204 subscribed on their
account for 5% or more of their total resources.
In the Western Slates, of the 1,828 national banks, 69 only sent in
for 10% or more
In the
the outstanding features
$1,500,000,000 in this
in placing
The records show
ISSUE.
of the second week of
this Liberty Loan campaign is the addition of 1,400,000
workers to the ranks of the army which is striving to raise
sources:
for
LIBERTY BONDS TO
SUBSCRIBERS TO FIRST
subscriptions for the first Liberty Loan
■with their customers; also showing the number of national
banks which subscribed to Liberty bonds on their own
account for an amount not less than 5% of their total re¬
banks
conservative figure at
'
.
COMMITTEE,
BANKS IN PLACING
LIBERTY LOAN.
Comptroller of the Currency on
Second Federal Reserve District.
$1,000, their total would be $47,000,000.
retail grocers in the
this much, but $5,000,000 is a
estimate the amount they can reasonably
raise. This figure will
undoubtedly be exceeded by many thousands of dollars.
Further announcements of apportionments will be made from time to
which to
SUBSCRIPTIONS TO FIRST
The
$7,500,000.
employer subscribed
One of
OF
employees, represents a tremen¬
Its members are to be held responsi¬
We do not expect
-
ACTIVITIES
outfits for our soldiers.
trade, with 75,000
metropolitan wealth.
i There are 47,000
If each
the premium.
LIBERTY LOAN
•
ble for raising
holder of the 4% bond,
at a premium, the
its members
that they
Their apportion¬
$20,000,000.
The waist and suit
such issue runs over
make the conversion
the sales of
have derived from
the holder elects to convert within six months from
of this next issue.
The bond then becomes subject to the terms
of convertibility or
shipping trade, for instance,
and its members are
profit largely through the war.
It is only fair and just that
make some sacrifices and share with the Government the money
five years) provided
the date
1463
CHRONICLE
:
LIBERTY LOAN
>
SUBSCRIPTIONS.
of the subscriptions to the second Lib¬
unofficially reported in the New York Federal
District during the past week were the following:
Among the larger
erty Loan
Reserve
Equitable Life Assurance Co.§10,000,000
Hanover National Bank
10,000,000
Metropolitan Life Ins. Co.
(through the Metropolitan
Bank; also S500.000 through
its, office on the Pacific
10,000,000
Coast).
7,800,000
Commerce
Chase National Bank, N. Y.
Nat. Bank of
7,218,600
First National
Bank
Cigars and Tobacco - Trade
Committee
(subscriptions
to date).
1
—
3,000,000
2,600,000
;
2,500,000
Metropolitan Trust Co
2,000,000
.2,000,000
Locomotive Co..
Bankers Trust Co.....
Bowery Savings Bank—...
U. S. Industrial Alcohol Co.
(through Nat. City Bank)_
American
2,000,000
Mercantile Ma-
-----
N.B.A..
Johnson-Endlcott Co., B ng-
Batik of New York,
hamton, N.
Y.
.....
Valley
RR.-' Co.
(through First Nat. Bank)
Committee..
Speyer&Co
.....
Adolph Lewlsohn & Sons
American Metal Co., Ltd.
(through Nat. City Bank).
Amer. Teleg. & Telep. Co.
(total
subscriptions
000,000)
Brooklyn
Savings Bank
SPECIAL
(through First
1,000,000
Bank)
Bank,
(through
Bank
Nat.
1,000,000
1,000,000
1,000,000
1,000,000
1,000,000
1,000,000
Commerce)
Studebaker
Corporation
York
Rubber Co.
Union Trust Co., New
United
States
»
(through Kuhn, Loeb & Co.)
Virginia-Carolina
Chemical
1,000,000
1,000,000
1,000,000
1,000,000
be
distributed
through N. Y. district and
Co.
(to
1,000,0
the South)
Wells,-
Fargo
Co. (through
Co.)
..
Kuhn, Loeb &
2,000,000
Wilson
& Co.,
1,000,000
1,000,000
(through
Co.)
Nat. Bank,
2,000,000 Fifth Avenue Bank
Bankers Trust
New York State
2,000,000
1,750,000
§5,-
Albany
Wilcox, Peck &
S.
865,950
600,000
600,000
——
Hughes
Blumenthal & Co.,.
500,000
500,000
-
1,500,000 Central Leather Co—
and Commission
Co. (throughChaseNat .Bk)
1,500,000
Cuba
Distilling
Co. (through
1,408,550
National City Bank)
1,150,000 German Savings Bank.
1,000,000 Greene Cananea Copper Co.
1,000,000 Hamilton Trust Co., Bklyn.
Millett, Roe <fe Hagen (through
r
500,000
500,000
500,000
500,000
500,000
Nat. Bk.)
Savs. Bank.
Mech. & Metals
1,000,000
South Brooklyn
1,000,000 Tiffany & Co
LIBERTY LOAN
.
of
Cone Export
Lehigh.
Jewelry Trades
1,000,000
1,000,000
1,000,000
1,000,000
Buffalo, N. Y_„
2,000,000
Seligman & CO.
(through Cent, Trust Co.)
Shipping, Import and Export
Trades Committee) — —
Standard Oil Co. of New Jer¬
sey (total subscription $3,W.
500,000)
Lazard Freres
2,000,000
.rine Co......
&
Corp.
Mechanics Bank.......
Missouri Pacific RR. (through
Kuhn, Loeb & Co.)..
Nat. Conduit & Cable Co—
4,000,000 New York Trust Co
3,200,000 Rochester Trust & Savings
Deposit Co
1
•
Seamen's Bank for Savings
West. RR.
(through First Nat Bank).
J.
1,000,000
Securities
(through Equit. Trust Co.)
Dry Dock Savings Bank.—
German-Amer. Bank, Buffalo
W. R. Grace & Co
......
5,000,000
Delaware Lack. &
International
Distillers'
5,000,000
5,000,000
5,000,000
(add'l)
Central Trust Co..
$1,000,000
City
Nat.
Bank.
National City
sey
Mfrs.' & Traders' Nat.
1..
Irving National Bank
National Park Bank.
Manhattan Co.
(for themselves)..i
Commercial Trust Co., Jer¬
5,000,000
Phenix Nat, Bk.
Chicago Burl. & Quincy RR.
Co.
(through First Nat.
Chatham &
Bank)...
Bank of the
.
500,000
600,000
500,000
ALLOTMENT FOR SMALL
COMMUNITIES.
communities in the Second Federal Reserve District
no banking facilities of their own and are not
included in the allotment plan previously announced by the
Small
that have
Liberty Loan
of
Committee, have been given a
$14,778,650, so^they may have a
special allotment
definite amount at which
1464
—
THE
CHRONICLE
to aim in
getting subscriptions.
There are 209,312 persons
living in the communities covered by the supplementary
apportionment.
None of these towns has more than 5,500
population, and most of them have only
Look at the character of
District
No.
3
nine counties.
will
be
scribe
$1,887,100.
to
raise
This
are
offering—$4,129,450.
This
many
help in the campaign.
for $3,765,550.
MORGAN
FORECASTS
LIBERTY
con¬
helping
NEW
a
success.
SUCCESS
OF
SECOND
LOAN.
Of course, it means
a
great deal of
no
important
the total amount subscribed.
I understand that there is in some
quarters a feeling of pessimism caused
by declining security markets.
It seems to me
that this does
as
not
the
duty
of
America
do
to
everything
possible.
what the security market does within
the next month
the
importance
is
war
won or
You
stone.
one
your
your
one
lost is
year
from
On
now.
are
getting
United States
a case
Government
where you
are
killing
investment that will bring
an
years to come.
But what is
more
important,
bit in fighting the war, in supporting your
Government,
soldiers and sailors abroad.
LIBERTY
BONDS
the
or
other
After
MORE
Edwin G.
that the response from Americans of
station to the appeal for the
To every
all
two will not be
hand, whether
matter of supreme
importance.
What the Ameri¬
people do in relation to the Liberty Loan
may determine this question,
and, therefore, the course of the.world's
history for all time.
a
can
THAN
Merrill, President of the Union Trust Co. of
York, declares
every
ATTRACTIVE
ISSUE.
intelligent American
new
Liberty Loan should
Mr. Merrill says:
.
doubt that the Secretary of the
Treasury will receive sub¬
scriptions to the amount that is seeking.
We are starting with a much
better organization than we had three
months ago.
We have a right to
expect a much larger number of subscribers, and that is
just as
of much
afraid to lend it to the Govern¬
am
This, then, is
be generous and immediate.
'
hard work—hard work
right up until Oct. 27.
But if this hard work is
done; if the American
people understand the size of the task; then there
change
"No,"1 he said,
the pressure is over, they rise
rapidly in value and
fine profit.
a
FIRST
District No. 8 is asked
P.Morgan, asked to comment upon the progress of the
Liberty Loan as he was leaving the Liberty Loan Committee
meeting on Wednesday, spoke as follows:
should be
doing
you are
in
as
handsome income for
you a
J.
The Loan is going to be
I
him, saying.
*
as soon
show the holders
New
P.
I
You already know that the history of the
loans is that
undoubtedly
will wish to
\
gave
communities adjoin-'
ing important cities like Troy and Albany, and which
tain a great deal of wealth.
These communities
J.
X-'
lick us!
were to
in Broome, Chemung,
largest supplementary
is proposed in view of the
are
to this loan, wondering
ment, because if Germany licks us it will be no good.
I am almost sorry
I have sold my farm"—as if his farm would be worth
anything if Germany
for the
sum
fact that in this district there
farms is well
our
old farmer up in Maine.
an
going to do with the money that I
will put it into the Liberty Loan."
"I don't know what I will do with it.
$3,867,350
two birds with
on
hesitating to subscribe
was
"I suppose that you
Delaware, Otsego, Schuyler, Tompkins and Tioga Counties.
District No. 5 is called
The value of
resources.
I bought some land from
summer
asked him what he
apportionment will try to sub¬
These persons
simpl
r
And yet some people are
The residents of District No. 4 who
not included in the first
are
asked
our
whether it is good or not.
taking in Livingston, Monroe, Seneca and
Wayne Counties among others, is asked to raise $330,550
among
a
world.
District No. 2,
more.
should, in comparison, be
fifty billions, of our factories twenty-five billions, of our railroads
twenty-five billions, all rich, increasing and productive.
Our gold supply
is over three billions, more than a third of the
entire gold supply of the
allotted in the first report.
was
*3
Our task
over
No. 1,
embracing Allegany, Chatauqua, Niagara
Wyoming Counties among others, is given $798,650 to
raise in addition to what
'
and it will be if everybody takes hold.
one,
District
and
[Vol. 105.
i;.
resources no more than ours.
few hundred.
a
'
i
•
.
who reads the
war news
day by day, the
for lending money to the United States
Government by subscribing
to the new Liberty Loan are clear and
decisive.
If the world should become
reasons
subject to the domination *of Germany the ideals of
liberty,
Americans
as
know them,
would vanish from the earth and life would
utterly lose its
To help in preventing this the United
States must take a heavy
savour.
share
of the
burden which England and France have carried
and money must be forthcoming in unlimited amounts.
years,
But there is
one
feature of the
new
loan
for
three
concerning which there is much
misunderstanding.
already made
a
The fact that the 4% bonds are subject to surtax has
good many reluctant to subscribe in view of the
very high
rates of surtax fixed
number of
by the
law.
new
It is not generally known that the
people actually affected by this is
very limited.
Only to those
are in excess of
$60,000 a year will the 4% bonds be worth
less than the 3Hs—which were free of
all tax—and to those whose incomes
are less than
$40,000 a year, the 4s will be worth materially more than
the
3^s.
Except, therefore, in the case of people with incomes in excess of
whose incomes
$60,000, the Government
is
making better terms for the
the old one, and the
response from every
new
loan than for
American—be he rich
or
poor—•'
should be immediate and
generous.
-
D.
W.
MORROW
CONSIDERS NUMBER
OF
SUB¬
SCRIBERS AS IMPORTANT AS TOTAL SUM
RAISED.
Dwight W. Morrow, of the firm of J.
said among other
before
things in reference
P.
to fthe
Liberty Loan,
the
that city
or
town
or
Rochester, for in¬
stance, with an estimated population of about
250,000, produced sub¬
scribers in excess of
60,000; that is, one in every four persons, whether
those persons
of
the
for the
fine answer to those abroad
who say that the
people of this country are not interested in this
war.
TELLS
SECURITY
BEHIND
BONDS.
Emphasis is laid on the tremendous security back of the
Liberty Loan bonds in a statement just issued by Thomas W.
Lamont, of J. P. Morgan & Co. Mr. Lamont said:
This bond that
of the
United
we are
States.
offering is the promise-to-pay of the Government
Do
you
realize
what this means?
may have the idea that the Government is
Some of you
thing apart from the people.
The Government is the
people.
When you are buying a United
States bond, you are
buying your own
promise-to-pay and that of your neighbors.
There are one hundred
million people
pledged to pay this bond which you are going to
buy.
There
is no other nation so
solvent, so prosperous, and so sure to pay its debts
as
the United
a
kind!
States.
Therefore, there
can
to the soundness of
the security.
Just consider for
a
moment the
be
no
possible hesitation
as
resources that are behind this
The property of the citizens of
the United States is estimated at
225 billions of dollars.
The income of the
people of the United States is
40
When
billions
we
'
Publicity Bureau of the Liberty Loan Committee
Second Federal District,
pointed out the need for
first
week
of
the
campaign the district
was
$165,000,000
below the weekly total that must be maintained if a
billion
and a half dollars is to be raised here.
The figures are as
follows:
'
Day.
Allotment.
Oct!
_
Oct.
Per Cent
$15,000,000
24%
62,500,000
3_--
—
Oct.,5
—
<
62,500,000
—
I........
6-
40,000,000
62,500,000
•
......
Oct. 4—
Oct.
Subscription,
$62,500,000
•
Oct. 2
62,500,000
.....
Total.....
______
$375,000,000
64%
50,000,000
80%
40,000,000'
64%
50,000,000
'80%
15,000,000
.24%
$210,000,000
56%
•
—62,500,000
"At the
beginning of the second week, the official total
subscription in this, district amounted to $210,000,000 of
the four-week
campaign," said Mr. Emerson.
He added:
every
these figures with those of the nations
abroad, we
ought to be ashamed of having to work so
hard to raise this
money for our
of
Great
Britain,
France, Italy and
United States, and the income
equal those of the
of all these
people nothing like equals our income.
Yet those countries,
ince the war
began, have raised 40 billion dollars in the form of
Govern¬
ment loans.
They have done it in the midst of
fighting, destruction and
death right at their doors.
They have done it, as I say, with combined
on
the basis of
a
total in
not
,
to the vastness of the sum dealt
in.
large.
But the $1,500,000,000 is
The $200,000,000 seems
large.
so
every man and woman in the district
raising the
the
sum
sum
much
are
the Government has asked for.
we
and the lives of
our
if the prosecution of the
are
to succeed in
It should be added that
named is the absolute minimum the
Government
along with at this time
It!is
larger that the best efforts of
called for if
war
can
possibly get
is not to be
prejudiced
soldiers prejudiced.
LOANS WITH LIBERTY BONDS AS
COLLATERAL.
the
next few days
Liberty Loan workers in all
parts of the Second Federal Reserve District will be instructed
in the methods of
financing subscriptions through the facil¬
ities of the Federal Reserve Bank.
year.
resources
required
reported, and that subscrip¬
tions will inevitably come in more
heavily during the last week of the cam¬
paign the Liberty Loan Committee feels a
danger of over-confidence due
compare
Government.
Why, the
Russia combined hardly
sum
this district of $1,500,000,000
by Oct. 27.
While it is true that many banks have
Within
tangible
loan.
about
SUCCESS
Monday Guy Emerson, Director
on
This is $165,000,000 below the
LAMONT
Nothing of the
ASSURE
were
men, women or children, entered a
subscription for
Liberty Loan. ,If the City of New York could make
a record
some¬
thing like that in the pending loan it would be
a
the
T. W.
TO
greater efforts on the part of every man and woman if the
district is to be successful in
obtaining its allotment for the
second loan.
Mr. Emerson sliowed that at the end of the
hamlet that has the largest number of
sub¬
scribers in proportion to its
total population will be the
city or the town or
the hamlet that will be
entitled to hold its head the
highest.
I do not know whether the
final figures of the last loan are
yet available,
but I have seen it estimated that
in this Second Federal Reserve
District
about ope person in
every ten subscribed to the first
Libery Loan.
Some
cities did a great deal better
than that.
The City of
NEEDED
statement issued
a
on
We should be
interested, not only in the total amount of
money that is
raised in this great
City of New York for the Liberty
Loan, but also in the
number of subscribers from whom
that money is raised.
Important as
the gross amount
is, I think it is hot too much to
say that the number of
subscribers is still more
important.
Get the right number of subscribers
and get each subscriber to
subscribe in accordance with his means and
the
gross amount will take care of itself.
When the books close on Oct.
27
and the Secretary of the
Treasury makes the final announcement of the
EFFORTS
OF LIBERTY LOAN.
In
Morgan & do.,
Sphinx Club at the Waldorf-Astoria Hotel
Tuesday night, the following:
result,
GREATER
It has been found that the
obtained
on
manner
in which money can be
loans in connection with the
payment! of sub¬
scriptions isjnot understood clearly by all.
It is pointed out
that widespread distribution of the Second
Liberty Loan
can
on
be accomplished if the banks solicit small
the partial payment
subscriptions
plan and temporarily
carry the small
•
Oct. 13 1917.]
subscribers until they are able to pay the
the bonds
The
loan made upon
following letter has been sent out to all local chairmen
can
Bank for periods not exceeding fifteen days, with Liberty Bonds as
lateral, for which the present rate is 3%.
prevent
new
loan for
a
smaller
or
col¬
There is nothing in the law to
member bank from paying the loan as it matures and
a
making a
larger amount for further periods of fifteen days,
This
method may be helpful in enabling a member bank to carry temporarily
bonds for large subscriptions where the subscribers do not wish to pay
providing circumstances at the
immediately.
Customers of a bank who wish to subscribe to bonds and pay
the instalment plan, i.e., thirty, sixty or
for them on
endorse
it has
a
maturity of not more than ninety days, with Liberty Bonds as collateral;
the present rediscount rate being 3H%.
Arrangements for reasonable
extensions might, of course, be made between the banks and their custom¬
ers, but the notes should be drawn for not exceeding ninety days in each
instance.
Subscriptions of industrial concerns, merchants, &c., for their
with the Federal Reserve Bank, provided
and rediscount the paper
employees could also be covered in this man¬
and that of their
own account
ner, and the notes
of the subscriber may be taken by the bank
and rediscounted
with the Federal Reserve bank,
lateral,
above described.
as
and endorsed
with the bonds as col¬
:
.
them available for
use as
rediscount at the Federal Reserve
collateral to its own note if desired.
exceeding ninety
with another member
bank, which in turn may rediscount it with the Federal Reserve bank.
Non-member banks, including State banks, trust companies and savings
banks, while they cannot borrow directly from the Federal Reserve bank,
may discount their own notes secured by the bonds for a period not exceed¬
ing ninety days, by arrangements made with a member bank, which in turn
may rediscount such paper with the Federal Reserve bank.
A
bank may then
member
discount its note for not
days, secured by the bonds, by arrangements made
the organized wage earners
the
prosecution of the war
the
peoples
B.
Everett
mittee
issued
the
on
Sweezy,
of the world.
In furtherance
of the great principles
of self-government, liberty,
justice it is the solemn and imperative duty of every citizen
share in order that the war may be brought
and Nation to do his full
the
One of the
taken
delivery of
Within
short time—likely by Oct. 1—the
a
Federal Government will call
the second issue of
the people of the United States to subscribe for
low as
they'can be purchased
through any bank and, if desired, on the installment plan.
It is manifestly important that these Liberty Bonds should be widely
distributed; that they should not be purchased entirely by men and in¬
stitutions of large resburces.
In other words, wage earners and others
of limited means should buy these bonds, first because in doing so they
will aid the Government in prosecuting the war to a speedy and successful
Liberty Bonds.
These bonds will be issued in denominations as
$50, and they will bear interest at the rate of 4%;
these bonds are the safest investment it
issue and second, because
sible
to
sale of Liberty Bonds was
to-day through the announcement from Washington
that 4% Lib¬
covering four semi-annual pay¬
ments, will be ready for delivery to subscribers who are ready to pay cash
down in amounts of from $100 to $1,000 by the 15th of October.
$50
erty
Bonds with four coupons attached,
bonds
bearing four coupons will be ready for
amounts up to
$1,000
a
delivery to subscribers in
few days later.
One of the great difficulties in
the last loan was to satisfy small subscri¬
of receipt.
This actual
bers who could be handed only some general form
delivery of bonds which will be possible in
the loan goes on
■
DEPARTMENT
TREASURY
LIBERTY
TERED
In
answer
to
will issue $50
In
increasingly large quantities as
selling points in the present
ought to be one of the greatest
campaign.
WILL
LOAN
commenting
REGIS¬
Many of
be permitted
because of age or other disqualification will not
us
an
participate actively under the colors of our country, but we can make
invaluable contribution to the success of our arms and the protection
of
our
money
which the Government needs to finance the war.
recommend to the organized wage .earners
With this in mind we urgently
of
State
our
that
mittees should be
the local
Com¬
these bonds
members may
campaign be inaugurated through
active
an
purchase of the Liberty Bonds.
unions and central bodies for the
appointed to co-operate in the distribution of
and to make suitable arrangements with
pay
sons—by furnish¬
soldiers and sailors—many of whom are our own
ing the
banks so that our
for them on the installment plan.
beyond peradven-
Organized labor in this emergency will demonstrate
principles of freedom and democracy.
ture of doubt its devotion to the
We are,
fraternally yours,
JAMES P. HOLLAND,
.
President.
\
EDWARD A. BATES,
jj
upon
this action last Monday, Arthur M.
Distribution Commit¬
headquarters said that individuals who
DAY.
fixed for next
settled
upon last Wednesday at a meeting between Joseph Hartigan,
Assistant Director of Publicity of the Liberty Loan Com¬
mittee, and Rear Admiral Nathaniel R. Usher, U. S. N.,
commanding the Second Naval District.
It is planned to
make the occasion a demonstration on the part of the men of
Liberty Loan Navy Day bas been definitely
keep their bonds at home rather than
the navy
the
war
the
that they are not only willing to risk their lives in
but also to back their Government by
for democracy,
have recourse
Between 3,000 and 4,000
purchase of Liberty Bonds.
bluejackets and marines will land at the Chelsea Piers and
march via 23rd Street and Broadway to the "U. S. S. Re¬
Three, naval bands will furnish
cruit," in Union Square.
and
occasion by one
a
special march is being composed for the
It will be called the
of the band leaders.
"Liberty Loan March," and will be played that day for the
first time.
At the "Recruit" there will be speeches by naval
officers and others and a number
of
of these will be the exhibition
boats, manned by survivors
of the Lusitania's life¬
The owner of a registered
bond will get his interest by check from Washington and will
not have to trouble about cashing coupons.
If his bond
is stolen from his home he can inform the Treasury Depart¬
theatres and other
ment, and steps
was
$100.
that
negotiability as the
coupon bond, since the registration of ownership must be
cancelled by transfer.
Many persons subscribing $50 to
the new 4% loan may prefer to have their bonds registered,
despite the additional details involved, and the Government
is ready to meet their requests, although it will mean the
drawing of a huge number of interest checks twice a year,
in addition to those
of the larger subscribers.
in behalf of the second
In furtherance of the support
BONDS.
and co-operation of organ¬
pledged to the Government at the recent
(N. Y.) convention of the New York State
of Labor, the latter, through its President,
ized wage earners
Jamestown
Federation
James P. Holland
and Edward A. Bates, has issued the fol¬
of the house for
1
•
LIBERTY ; LOAN.
,
,
•
„
of the Treasury McAdoo's campaign
Liberty Loan, Secretary Lane,
Secretary
Burke, ex-President William
H. Taft, former Secretary of State William Jennings Bryan
and numerous other men prominent in public life have given
Treasurer
of War Baker, U. S.
Scores
stirred by Secretary
McAdoo's appeal to enlist in the oratorical campaign for
the loan, to-day began making speaking engagements for
the vacation period of Congress.
Most of them will appear
their services to the
Government in its campaign.
of members of both
houses of Congress,
in their own States
and districts.
will speak in New York Oct. 18.
Some
of those who entered the campaign for this week were:
Samuel Untermeyer, Trenton, N. J., Oct. 8, and Reading,
Secretary Lane
Pa.,
ORGANIZED LABOR AND THE LIBERTY
4 •;
'
of the
it that the
.
In addition to Secretary
ing through the larceny.
registered bond does not carry the same
■
...
CAMPAIGNS IN BEHALF OF'%
will be taken to prevent the thief from profit¬
The additional security which is
given to the subscriber by registration comes only after he
has filled out a blank with many questions answered, and has
sent it to Washington.
If he changes his address, he must
send word to the Treasury Department or he may not re¬
ceive his interest check.
It is to be remembered that the
places of amusement will see to
blue gives to its wearer the privileges
day.'
give the men
and it is expected that many
several hours' liberty,
navy
After the
from the disaster.
demonstration, Admiral Usher has agreed to
registered
One
of special features.
one
safety vaults will benefit most by this innovation.
It will
be remembered that in the first loan the smallest bond that
to
could be
Labor.
BE LIBERTY LOAN NAVY
NEXT WEDNESDAY WILL
the music,
popular demand, the Treasury Department
tee, at Liberty Loan
wish to
ISSUE $50
BONDS.
registered bonds in the second Liberty Loan.
Anderson, Executive Secretary of the
is pos¬
secure.
Wednesday, Oct. 17, and detailed arrangements were
°
biggest steps toward the quick
to a
speedy and successful termination.
Committee, has
following statement concerning the
Liberty Loan bonds:
and
of the State
1917.
Chairman of the Executive Com¬
Distribution of the Liberty Loan
of
United States in
for the establishment of democracy among all
Government of the
the
to
Secretary-Treasurer New York State Federation of
LIBERTY BONDS READY ON OCT. 15
Federa¬
pledging the support and co-operation
tion of Labor action was taken
to
bank cus¬
tomers' notes given to non-member banks, i. e., State banks, trust com¬
panies and savings banks, under the same conditions until further notice.
In the case of small subscriptions, calling for the payment of say $1, $2,
$5 or $10 per week, the agreement might be made with the subscribers
whereby the bank retains the title to the bonds until paid for, and so has
A member bank may also
Affiliated
At the Jamestown convention of the New York State
Brothers:
upon
member of the Federal Reserve system, it may
a
•
Officers and Members of Central Bodies and Local Unions
With the New York State Federation of Labor.
ninety days, may give their notes
covering the instalment payments to their bank.
If the bank is
Loan bonds:
mature require it.
time the notes
campaign to promote the sale of the second Liberty
active
To the
*
by the Federal Reserve
be made directly to member banks
conduct
lowing circular to affiliated bodies urging that they
an
purchased.
in the Second Federal Reserve District.
Loans
1465
CHRONICLE
THE
Oct.
10; Dr. Newell Dwight Hillis, Detroit, Oct. 8;
Assistant Secretary of Agriculture, Ohio and
Carl Vroomfrn,
West
Virginia cities, throughout the week; Dr.
S. Parks
Conn., Oct. 10; Henderson Martin,
former.vice-governor of the Philippine Islands, Albuquer¬
Cadman,
que,
of
Hartford,
N. Mex., Oct. 12; and R. Goodwyn Rhett, President
Chamber of Commerce of the United States, St.
the
CHRONICLE
THE
1466
Louis, Oct. 10; Louisville, Oct. 11; and Memphis, Oct. 12.
Speakers whose itineraries
still to be determined
were
Massachusetts; Augustus Thomas, the playwright, of New
Rochelle, N. Y.; Representative A. J. Montague, Richmond,
Va.; J. Sloat Fassett, Elmira, N. Y.; Oscar S. Straus, New
York; former Gov.
Edward F.
Dunne
and
former
Gov.
Charles S. Deneen, of Illinois; Levy Mayer, Dr. Frank W.
Gunsaulus, John H. Atwood, and Mrs. Antoinette Funk,
Chicago; Dr. John Wesley Hill and Lawrence Chamberlain
New
York; Senators
Kenyon
Shields;
and
former
Gov.
Joseph W. Folk, of Missouri; W. S. Shields, Knoxville,
Tenn.; former Gov. J. Franklin Fort, of New Jersey; and
John Barrett, Washington, director general of the PanAmerican
Union.
NATIONAL BANKS ASKED TO HELP DEPOSITORS IN
upon
early this week included former Gov. David I. Walsh, of
[Vol. 105.
PURCHASE
A
calling attention to the Second Liberty Bond issue and
BOND
HOLDERS
IN
NIGHT
170
bondholders
drawn
Police
the
Monday night,
on
Company has donated
the
from
working
various
Commissioner
Arthur
Mayor's
The
parade.
Defense is also
trades
committees
loyally in the interest of the
so
Woods
Inspector Myers of the Traffic Squad
of
PAGEANT.
buses, which will accommodate nearly 7,000
that have been
issue.
Liberty Loan
The Fifth Avenue Coach
of
use
sug¬
gesting that they offer to accommodate purchasers desiring
more
time to make payments than is allowed under the
offer,
Department
Treasury
of
troller
the
Currency
been
has
made
Skelton
John
by
Comp¬
Williams.
In
his
advices in the matter the Comptroller states that after the
present Liberty Loan has been subscribed for, National banks
will
probably again be asked by his office to report the amount
of bonds subscribed for
by them, the amount placed with
customers, and amounts advanced to aid purchasers of bonds
and the rates of interest
the interest of the Second
the
com¬
more
-
gigantic night parade of bond holders will be held in
Oct. 15th.
BONDS
that national banks address a personal
munication to depositors having accounts of $200 or
that the wealth of
LIBERTY
LIBERTY
OF
A request
subscribe to
total
assigned
National
on
co-operating in the arrangements.
Joseph
Pointing out
the loans.
on
our
people is about 40 billion dollars,
that "if
in this land should
every one
Liberty Bonds to the extent of one-tenth of his
this
resources
issue would
be
subscribed
nearly
ten
His statement follows:
times over."
■
to
•
.
,
The Comptroller
banks
has
yearly income of
the Comptroller states
new
Grand Marshal
as
Committee
and the
charged
country is close to 250 billion dollars,
our
October 9 1917.
.
of the Currency respectfully suggests to
all national
that they address a personal communication by letter or postal
card
depositor—or, say, to those whose deposits amount to $200 or
every
more—calling attention to Liberty Bonds and offering to accommodate
any
purchaser who may need more time to make his payments than may be
allowed by the terms of subscription.
Nearly
who has property
one
every
or
savings keeps
bank account
a
Hartigan, Assistant Director of Publicity of the Liberty
somewhere, and it is important now that the duty and privilege of sub¬
Loan Committee in
scribing to the Liberty Bonds should be brought directly before every
announcement
an
concerning the parade,
said:
individual, firm and corporation able to subscribe.
It is also recommended that the rates of interest charged to purchasers
This
parade will prove to the people of New York that if through
some
of Liberty Bonds shall be made as favorable as possible for the buyer.
mystic means the enemy were able to penetrate the outer defenses of the
might
city and land on Manhattan Island, the
reminder.
same
forces used
so
successfully
by the French in shifting their troops at the battle of the Marne and by
be well to
each
ask
depositor
please
reply
.V.:
to
\
After the second
to
It
patriotic
your
Liberty Loan shall have been subscribed for, national
the English in Belgium, could be efficiently used to concentrate thousands
banks will probably again be requested by this office to state in a report
of patriotic Americans to meet the enemy.
condition
the buses will transport
In
of the parade, however,
case
the partners of Uncle Sam—men who have bought
bonds of the First and Second Liberty Loans.
or
which they may have, advanced to aid purchasers of Liberty Bonds
money
in carrying them,
and the rates of interest charged
Although national banks have assisted
WOMEN OPEN BANK FOR SALE OF LIBERTY BONDS.
Liberty Bank, the small reproduction of the Sub-Treasury
by the National League for Woman's Service in
.
of
special report the amount of Liberty Bonds subscribed for by
them, the amount placed with their customers, and also the amounts of
of the last Liberty Loan,
and
liquid
condition.
such loans.
on
enormously in the negotiation
so
they have at the
same
time been kept in strong
They applied for over 305 million dollars of the first
Liberty Bonds for their own account, in, addition
so
1,377 million dollars
erected
asked for for customers, but their statements to this office at the end of
Madison
July showed that the total Liberty Bonds held by National Banks for
Square
to
promote
prominent
men
sons,
present.
were
the
sale of
Liberty Bonds,
their
opened its doors at
last Monday.
noon
and
women,
Mayor Mitchel,
and about three thousand
When the bonds
were
Liberty Bank could not accommodate the
placed
on
and
men
Mayor Mitchel, who
uled to make the opening
address, but asked to be excused
on
account
with the
of
sched¬
hoarseness, formally opened Liberty Bank
raising of the Stars and Stripes,
over
the building.
Miss Helen Winne, who has been
appointed by the National
League for Woman's Service to take charge of the running
Liberty Bank, announced that subscriptions probably,
would total $50,000 on the first day.
Bonds are sold on the
,
installment plan at the bank—that is, one dollar down and
one
dollar
a
week.
Liberty Bank sold its largest individual
on
Wesdnesday.
The amount
is $75,000 and the purchase was made by Miss
Marjorie
Rice, of the Hotel Ansonia, for the Isaac L. Rice Memorial
Secretary of the Treasury and in cooperation with the Federal Reserve
banks and the State banks, to make this loan
'
now
provide to win victory.
the withdrawal of funds by
for
practically all the
return
out New York
only
a
coming in from the Liberty
Though they have been in operation
than $100,000 has been subscribed,
more
and most of this in $50 and $100 bonds.
On
Saturday $15,000
was
Square, most of the subscribers being machine operators and
sweat shop workers from the nearby factories.
.Some of
were
little English and several
unable to write and indicated their
Our
MEMBERS
LOAN
Every firm, partner and
the
New
Second
York
TO
signature with
a
PUSH
LIBERTY
CAMPAIGN.
every
Exchange will be brought into the
Liberty Loan campaign, it was announced this week.
tee.
an advisory
William H. Remick is Chairman of this commit¬
The members
are
Richard Sutro,
of Sutro Brothers,
Henry H. Wehrhane, of Hallgarten & Co., Felix T. Rosen,
of Hayden, Stone &. Co., J. B. Mabon of Mabon
Brothers,
Walter L.
Johnson, of Shearson,[Hamill &[Co.
••
supply of gold, the basis of
amount of gold here
before.
which is
The gold now held
our
more
credit structure, is
we
now
not only the
have succeeded in mobilizing an
than this
or any
other nation ever held
by the Federal Reserve banks alone approxi¬
Should any individual banks be inconvenienced
because of withdrawals to
whose
well
unexercised
able to
any
power
is now close to 2,000 million,
accommodations that may
direct loans,
were
by the loss of deposits
buy Liberty Bonds, the Federal Reserve banks,
note-issuing
extend
or
at rates of
be needed,
are
through
interest considerably lower than
formerly charged before the inauguration of the Federal
system.
All legitimate requirements of business can therefore
readily provided for.
The reports to
this office show that
the deposits in the national banks
were
many
on the date of the last call, Sept. 11,"
of the 54 Reserve cities of the country-
millions ahead of all previous records, and that the deposits in
the 378 national banks in the 54 Reserve cities and three Central Reserve
.cities of the country alone exceeded by more than 300 million dollars the
the year 1911.
The
combined
6
resources
'
of
-
our
.,
national
dollars.
This amount is more than twice
as
as
late as
,
banks,
savings
banks and trust companies at this time exceed the vast
banks,
State
of 37 billion
sum
great as the total
resources?of
States eleven years ago, and exceeds by ap¬
proximately 12 billion dollars the. aggregate resources of all banks in the
early part of 1913, at the beginning of the present Administration.
wealth now
produced each
year
in the United
States by
ourf42
million workers and wage earners, aided by labor
saving machinery, which
is ever increasing in efficiency and output, is colossal.
For 1917 this
wealth, it is believed, will exceed 40 billion dollars, of which the Secretary
industries will contribute 17 billion dollars.
With the higher wages paid to workmen—in many industries the highest
ever
known—and with the larger returns to capital, the savings of the peo¬
ple,
despite
the
high
growth of prohibition
appointed to meet in fre¬
quent sessions during the campaign and to act in
capacity.
deposits will sopner or later
It is not being shipped out of the country,
of Agriculture? has estimated that the products of the farm and kindred
individual connected with
Stock
An executive committee has been
serious inconvenience from
mates fifteen hundred million dollars.
The
EXCHANGE
money withdrawn from
all the banks of the United
more
cross.
STOCK
no
deposits of all of the 7,218 national banks in the United States
taken in at the booth in Madison
these subscribers spoke very
They need fear
indirectly to the banks.
the banks
"fyeen established in the parks through¬
City.
few days,
are
They have
success.
depositors wishing to invest in Liberty Bonds,
greatest of any nation on earth, but
be
Surprisingly big returns
signal
it is being kept here.
Reserve
Loan booths that have
a
already been and will surely continue to be of inestimable value in securing
from investors, large and small, the many millions of dollars which we must
rediscounts
for Convalescents at North Tarry town.
distributed by them.
greater resources than ever before, and I know that they are fired with a
of
subscription to Liberty bonds
aggregated only 88 million dollars, the balance of the
patriotic determination to do their utmost under the leadership of the
women
who crowded the doors.
was
account
The National Banks of the country are today stronger, cleaner, and have
per¬
sale,
own
bonds allotted to them having been already
cost
of living,
have
increased
enormously.I^The
has also stimulated thrift and helped
materially£to
swell savings deposits.
Americans have not the inherited wealth which in European countries
has been handed down through generations, but we have already become
both in the aggregate and in our per capita wealth the richest nation on
globe.
■
the
,
The latest reports tell us that the 28,000 national, State, and savings
banks and trust companies of the country, have at this time approximately
46 million deposit accounts, of which 16 million
9 million in the mutual
are
in the national banks,,
sayings banks, 7 million in trust companies
and
\
Oct.
13
19x7.]
THE
the remainder in other State banks.
very small sums to more than
one
CHRONICLE
These deposit balances range from
twenty million dollars in
single account in
a
bank.
While many individuals keep accounts in more than one bank, it is
prob¬
ably safe to
deposits of
that
assume
these 46
million bank account
than 25 million separate depositors.
more
than
more
one-half of
thousands of others
as
those?who
well have
have
means
bank
represent the
Its is believed that
and hundreds of
accounts
available for the purchase of Liberty
Bonds.
less than 15 million who
to
afford to buy
can
buy them.
The
mittee, the head of whichjis George F. Baker, Chairman of
the board of directors of the First National Bank,
reported
through its Secretary, Robert H. White, that this field has
now
been prepared
The
Trust Company
Liberty Bonds and who ought
'.
wealth
of
yearly income of
country is now close to
our
our
250 billion
dollars.
The
people, representing the product of both capital and
labor, is about 40 billion dollars,
sixteen per cent of the estimated value
or
of all
property.
If every one in this land should subscribe to Liberty
Bonds to the extent of one-tenth of his total resources, this issue would be
subscribed to nearly ten times over.
Every dollar invested in Liberty Bonds by
contribution
the
to
maintenance of
our
American citizen is
an
a
protection of our homes and firesides and for the
civilization.
thoroughly for the second campaign.
Committee, headed by Charles H.
Sabin, President of the Guaranty Trust Co., issued a stater
ment
Information analyzed by this office from many sources justifies the
estimate that of the 42 million men, women and children in the United
States at this time receiving wages, salaries, or other income, there are not
1467
equally
Secretary.
favorable through
A.
Frederick
Hawkins,
its
Westervelt, of Harvey Fisk & Sons,
B.
a
member of the Distribution
Committee, stated that weekly
and monthly installments will be accepted from Liberty
Loan subscribers.
New York is
"Probably
savings bank in Greater
every
prepared to accept subscriptions fori Liberty
Loan
bonds from depositors and others on weekly and
monthly installments," said Mr. Westervelt, after a canvass
of these institutions.
As
a
member of the
Distributing Com¬
mittee he took active charge of this phase of work in co-opera¬
tion with President John J. Pulleyn, of the Emigrant Indus¬
trial Savings Bank, who is Chairman of the Savings Bank
SAVINGS BANK MEN MEET TO PLAN CO-OPERATION
IN
At
LIBERTY
LOAN
meeting of officials of Savings Banks this week the
a
Committee.
Each bank
supplied with
was
of the card
a copy
system for crediting payments under the installment plan.
CAMPAIGN
Some
decided
banks
to
Liberty Loan deposits with
open
co-operation of the banks and other savings institutions of
purchasers of Liberty bonds and to furnish them with
the
books, if they prefer
a
city
resolution
duce
formally pledged to the
was
their
offering to subscribe for themselves and to in¬
depositors
sentatives of the
held
at
Liberty Loan and
new
the
to subscribe, was passed
leading savings banks.
by
repre¬
The meeting
Emigrant Industrial Savings Bank.
was
John J.
Pulleyn, President of that institution opened the meeting
and Allen B. Forbes of Harris, Forbes & Co. presided.
President
Pulleyn
pass
invited
still
a
Presidents of the savings
the
banks of Greater New York to
Industrial
pass
books to the card-punching system.
a
meeting at the Emigrant
Savings Bank last Monday afternoon to devise
more
elaborate
plan to obtain the co-operation of
every
connected with savings banks to help push the Lib¬
person
erty Loan campaign.
Mr. Forbes emphasized the importance of adopting the par¬
tial payment plan to avoid the withdrawal of
deposits.
He
SAFE DEPOSIT COMPANIES TO CARE FOR LIBERTY
BONDS OF SMALL DEPOSITORS.
pointed out that notwithstanding the flotation of the First
Liberty Loan, the deposits of the Savings Banks of Greater
New York increased
months
by
President
more
of
July 1 1917
on
$38,000,000.
than
the American
assured
the
not members.
are
that the facilities of the
present
Clarke,
ex¬
Reserve member banks
Savings Banks, who
those
L.
Lewis
Exchange National Bank,
plained the duties of the Federal
towards
the previous six
over
Banks, while not. direct, would be held
He
Reserve
in "readiness to
accommodate the savings banks, whenever
The
necessary.
One of the innumerable
worked out in
asked to accept
period of not
a
to the
All such companies have been
Brooklyn.
bonds in denominations of $100
than
more
follows:
as
of rendering the second
small investor, is being
one year
operation of the savings banks and the national and State banks and the
companies of Greater New York, in the matter of handling small
Loan
subscriptions for bonds of the second Liberty Loan.
The safe
Resolved, That the Savings Banks of Greater New York will, to the
full
extent
of
thejr ability, subscribe to the 4% Liberty Loan for them¬
deposit companies, all of which are giving their active support
in the campaign, are asked to
for safe
selves, and further
charge
companies
-
trust
savings banks, be it
no
Liberty Loan Committee has asked for and has secured the co¬
prosecution of the. war, and in response to the call made by the Liberty
Committee for the active co-operation of the
less for
or
and to make
The letter sent to the safe deposit
owner.
reads
the
conjunction with the safe deposit companies
of New York and
The
Government for the successful
our
Loan attractive to
Liberty
following were;:the resolutions adopted:
In due consideration of the needs of
plans being made by the Liberty
Loan Committee for the purpose
lend their assistance to the extent of receiving
keeping, without charge, bonds in denominations of $100 or less;"
'
Resolved, That they will
use
their best efforts to induce their depositors
and others to subscribe to Liberty
vide facilities for
Loan 4% Bonds, and further will
pro¬
receiving installment payments to be made out of future
and in this way enable persons of
to be assured of safe
one
small
with no banking facilities
means
keeping, the period of which is not to be longer than
year.
May I ask you to indicate on the slip attached your intention to co¬
earnings.
operate with the
CO-OPERATIVE
SAVING
ASSOCIATIONS
ORGANIZE
Committee in this respect and mail it immediately, as
added facility of this nature is an additional argument to be used in
every
securing subscriptions.
FOR
An effective
sale of
LIBERTY
E.
SHELDON DECLARES PURCHASE OF LIBERTY
W.
BONDS A HIGH HUMAN OBLIGATION.
At
recent convention in
a
Boston of the U.
S.
Trust
ment
State
is not
service
was
Federal
formed with
reserve
a
a
national committee for
war
"chairman for each of the twelve
districts.
Charles
O'Connor
Hennessy,
President of the Franklin Society of New York, who was
made.
National
chairman
and, chairman
Federal Reserve District, has
district
the
of
the
Second
effected the organization of
a
committee, with headquarters at 56 Pine St., under
chairmanship of F. J. Carnjost of Yonkers.
'
the
a
relief to be able to
Government of the
inspiringly
reveals
are
BUY
,
LIBERTY
BONDS
EARNERS.
■
■
FOR
WAGE
•
All banks in Greater New York have agreed to use the
partial payment plan to help
Liberty
Loan
bonds.
The
wage
savings
earners
banks,
on
the installment plan.
banks,
an
desire to obtain
In addition to the national,
tions outside of the metropolitan district and in the Second
Federal Reserve District have also approved of the plan.
brought about" by
three
engaged in canvassing those institutions.
were
sub-committees
The savings banks
approached by the Distribution Committee of the
Liberty
Loan
organization. \,The
National
Liberty
and
the only
Bonds
observes:
He
creates a moral
unescapable.
quite
obligatiop which, is
Every
The war cannot be successfully prosecuted without money;
this purpose; its own citizens
people to whom it can
appeal' for
pecuniary aid; practically
of those citizens is able to some extent to give such aid; the lives,
happiness"and the future welfare of
open
our
to us all, and by taking that way we not
human obligations,
JAS.
whole people are absolutely
only fulfill one of the highest
but we also help to save ourselves.
Bank
Com¬
ALEXANDER
S.
OF
ON
REMARKABLE RESPONSE
PEOPLE
FRENCH
James S. Alexander,
TO
WAR
LOAN.
President of the National Bank of
the 7th inst.
(The figures here
taken from the official report of the French
Commerce, gave out the foUowing statement on
through the Liberty Loan Committee.
presented are
Minister of Finance to the President of the
have not
Co-ordination of the national and State banks and the trust
was
obligations.
problems which life presents it is always something
see one's duty plainly.
The offering for sale by the
dependent upon the successful outcome of the war; it may be that ciyilization itself hangs in the balance.
In such a crisis there can be but one way
pur¬
State and savings banks and trust companies, 214 institu¬
companies
States
subscribe to
State
by sub-committees of the Liberty Loan Committee will
them
United
the
Government itself is without funds for
national banks and trust companies that were approached
chase bonds and hold them for persons who
of
aspect of patriotism
unanswerable argument to each American in favor of buying a
clear
Liberty Bond.
the
the
WILL
human
In the complexity of
of
President
only helping himself financially but fulfilling one of
highest
every one
BANKS
Sheldon,
Company, declares that by purchasing the Govern¬
bonds of the Second Liberty Loan of 1917 an American
League of these associations, representatives of twenty-four
leagues being present,
W.
Edward
Jersey comprised in the New York Federal Reserve
District.
•
organization has been formed to promote the
Liberty Loan Bonds by the co-operative savings and
building loan associations of New York State and Northern;
New
•
LOAN
The flotation of a new war loan
to
the opinion that
heavy
Republic, and
previously been published in this country.)
after so brief
an
Interval
may
give rise
the American people are being subjected to a very
financial strain.
Comparatively speaking, however, that is
cer¬
tainly not the case.
At present there exists a
the admirable response
natural feeling of pride and gratification
which the first Liberty Loan received.
over
It is esti-
that
mated
four million
over
the French people to their great National
Loan of 1917 has established
record of achievement which we have yet to
equal, taking into consideration
the relative wealth and
This great
suggested above, in order that the entire investment field may be covered
a
in the most effective way.
C.J. lihoads is chairman of the Central Liberty Loan Committee of the
Philadelphia Federal Reserve District.
announced in November, 1915, after fifteen
was
in some similar manner to that
to cover your depositors
tution organize
population of the two countries.
French loan
of war,
months
the request that in this campaign your insti¬
We are, therefore, making
people offered three billion dollars to the
Compared to this, however, the response of
Government at that time.
[Vol. 105
CHRONICLE
THE
1468
;
^
during which about four billion dollars had been raised
by short term loans and advances from the Bank of France and the Bank
of Algiers.
bonds
21
Stimulated by the
aggregating
Part of these bonds
days.
$1,355,454,599
amounting to
issued at
of an invader on
presence
$2,934,557,097
were
persons
in
taken in exchange for earlier issues
which
As the loan
converted.
were
than the debt acknowledged by the government.
The subscriptions were
j
senting church, political, labor, agricultural and industrial
433,166,266
614,008,109
obligations
Short dated obligations
Of the total number of subscribers 1,101,921 made
central
19,536 from the Army, and 1,627,745
Treasury.
t
When
half times greater than
one
greater in proportion,
not made
that of France and our Wealth is even
tion
record she has established for our emulation.
Of
a
France
of the United States were not in doubt as to the
justice of
were
generations,
fortunately the campaign
but
of education in¬
difficulty.
This
.
the
war
team
the
new
is producing an attitude of sympathetic understanding toward
Liberty Loan, which offers to us the opportunity of attaining a
result proportionate to the achievement
will
be fully subscribed.
people of moderate
means
the prosecution of the war.
and
President
expressed
remember that the
That the people as a whole will come forward
TO
'
gun
Announcement
its
company
was
will,
upon
the request of
any
4%
new
that, in
new
and freedom that
war
order to
The
loan, the
the
employe, subscribe
all the company's lines,
on
also undertaken to circulate the
to be used in
posters all
patriotic posters which
hour when
It is not
our
Nation is fighting for the
Our
aims
the
persistent deception and broken pledges.
are
explicit,
our
of
life,
sanctities
;
i
In this crisis the unity
the voices
are
a
recent circular the Central
the
war
through to
a
sedition..
Agitation for a premature peace is
the determination of America to see
arms.
war we
waging is
are
against war, and its sacrifices must not
a war
armistice that means no more than a breathing
spell for the enemy.
•
•
'
We believe in the wise purpose of the President not to negotiate a peace
MOREy;
with any
Liberty Loan Committee
irresponsible and autocratic dynasty.
We approve the action of
the National Government in dispatching an
expeditionary force to the land of Lafayette and Rochambeau.
in the last
who
as
Liberty Loan campaign the subscriptions from the
ordinarily invests $5,000 to $10,000 at
large
as
through his bank.
these
time
or we
were
In suggesting
old
campaign to reach
We
a
substantial aggregate
present allies, attack America.
were
most
own
reach this class
To lose
We not
now
enemy
satisfactory and it is hoped that in this campaign
make the loan
success.
The most effective plan seemed to be to detail
a
sufficient number of
the officers and others
coming in contact with the depositors, such as the
endeavors.
of the United States, to declare war against the common
of the free nations and as loyal citizens
of the United States we
pledge to the President and the Government our undivided support to the
1
very end.
Following have been elected officers of the League:
Gibbons.
Federal Council
Honorary chairman—His Eminence James Cardinal
receiving teller and paying teller, to canvass thoroughly, by personal visit
or by
telephone, all the depositors of each institution able, in the judgment
of the officers, to invest
$1,000 or more, either by full payment or on a
Churches of Christ of America.
partial payment plan.
graph Co.
The peril is
is to lose for many generations.
only accept but heartily approve the decision reached by the Presi¬
dent and Congress
officers found that the
all the institutions in this district will take similar
steps to
overwhelming
high '
of party, race, creed, and Circumstance.
If defeat comes to us through
any weakness, Germany, whose purposes for world-wide dominion are now
revealed, might draw to itself, as a magnet does the filings, the residuum
of world power and this would affect the standing and the independence of
Many of the institutions which organized
temporary selling force composed of their
an
our
organized in the interests of a national accord that rises
are
America.
the committee that the most effective way to
buyer is through his bank.
We, therefore,; deprecate the exaggeration of
important than the clear understanding that those who in
great and requires our highest
might have been expected.
results obtained
victory.
prejudices—often stimulated by German propaganda—and
more
civilization.
amount, and while
invests from $5,000 to $10,000 at a time, did not aggregate as large a figure
a
lasts, the cause of the allies is our cause, their defeat our
We believe that this is the critical and fateful hour for America and for
subscriptions from corporations and other large investors were extremely
heavy, the subscription from the average investor, the man who ordinarily
seems to
soil, backs against our homes, and alone.
above any previous division
in very large number and to
It
national
final
this crisis attack
says:
the
of
to
nothing is
To the President.—In the last Liberty Loan campaign it appeared to be
the case that, while subscriptions from wage earners were received both
as
war
Either we
foreign soil, shoulder to shoulder with comrades in arms,
on our own
While this
depositors the committee in addressing the heads of
banks,
fight
essential
this class of investors
a
enprny on
defeat, and concert of action and unity in spirit between them and us is
might have been expected, and it suggests
that the most effective way to reach
is
a
,
conclusive vindication of the principles for which we
fight the
man
/
We
and that the rule of reason shall be
of^the Philadelphia Federal Reserve Bank pointed out that
not
.
of civilization.
of the American people must not be impaired by
of dissension or
seditious when its object is to weaken
be nullified by any truce or
In
■
unsoiled by any selfishness.
the fundamental decencies
restored to the community of nations.
FEDERAL RESERVE
BANK TO INTEREST INVESTORS OF $1,000 OR
purposes
We fight for a just and durable peace
an
have taken
PHILADELPHIA
academic discussion as to past differ¬
for America are against America.
rights were set at naught, and when pur forbearance had been
exhausted by
defend
now
We took up the sword only when international law
is just.
and ancient
its system.
OF
principles upon which it
hold it the duty of every American to take his place on the
time for old prejudices or
a
cause
The
CAMPAIGN
adopted by
hour when free institutions and the hopes of humanity
an
Those who are not
Our
furthering the campaign and will display the
over
an
founded in
ences.
persons
The .Southern Pacific has
aggregate amount of $1,918,800.
was
firing line of public opinion.
that time 19,970
subscribed, for
prevention of the spread of democracy, but
not only
following declaration of principles
at stake, we
are
Liberty Loan 3^% bonds (to which the Southern
employees, representing 27% of the total number of
mean
*
League at its organization meeting:
In
was
yearly salary, and will advance the whole subscription
repay the amount advanced
in monthly installments over a period of two years.
This
company made a similar offer to its employes with respect
employed
would
ideals of democracy
same
should not be forgotten that German
possibly the suppression of that already existing.
price, allowing the employes to
the
fighting for the
always have actuated the Nation.
The President gave warning that it
of the
to
Talk of early
of public opinion.
before Germany is defeated, is one of the evidences of misdirected
stand that the'United States is
of bonds desired, but not exceeding 25%
Pacific itself subscribed $5,000,000) and at
-'v
;
successes
of the
made
participate in the
employees to
for any amount
also
opinion
thought, he suggested, and should not cloud the vision of those who under¬
campaign with the announcement that the Southern
bonds.
public
the American people always should keep in mind,
by ways of thought
and the resultant scattering of the force
peace
in the West's second Liberty
Pacific had subscribed for $5,000,000
American
the President said, in order to avoid being misled into
Sproule, President of the Southern Pacific Com¬
fired the opening
that
cracy.
SUBSCRIBES
William
belief
the
should end only when Germany is beaten and Ger¬
war
many's rule of autocracy and might is superseded by the ideals of demo¬
for a moment doubt.
COMPANY
PACIFIC
of
although understanding the war's causes and principles, needs guidance to
and retard
$5,000,000 SECOND LIBERTY LOAN BONDS.
the necessity for
dispatches in indicating what the
Press
This is the issue, which
SOUTHERN
whole-heartedly behind the.prosecution of
play.
The
do not come forward the banks will be put to
who understands the American spirit can
cause,
successful conclusion, but made recognition of
a
President had to say stated:
No one
But if the small subscribers and the
distribution of the loan.
strain which will retard the credit machinery of the country
our
to
organization of public opinion, a new emphasis upon the importance
The Associated
of our ally across the sea.
The emphasis should be laid upon the
enable
He affirmed his
full belief that the people
war,
Loan
acknowledged the
Government's real need of such an authoritative group.
the
pany,
of what he said:
summary
the offer of service,
has been fostered in
development, coupled with the growing appreciation of the seriousness of.
no one
accepting
in
this country by the
we
an
a
President,
have been seriously handicapped in
for
it
furnishing only the following
The
augurated during our last loan is rapidly overcoming this
doubts
public, the Federal Committee on Public Informa¬
tradition of investing similar to that which
course
lack of
The President's remarks were
thought and opinion.
can
subscribed to our
appreciate what France has done and the
we can
and
speech endorsing the movement,
emphasizing the need for team play by the forces of Ameri¬
consider that our population is about two
we
brief
a
"
the White
President Wilson, who in receiving
8th by
the
on
made
them
V'.
,
The subscriptions to this Loan approach the amount
First Liberty Loan.
House
Bank of France,
pur¬
humanity."
The leaders of the movement were welcomed to
from various accounts of the
came
.
fundamental
institutions and the indication of the basic principles of
application through
300,798 through the
subscription agency,
,
and the preservation of democratic
for the independence of America
war
$2,568,407,632
'
.
,
through which the loyal Americans of all classes,
create a medium
of the United States to carry on to a successful conclusion this new
pose
4,313,433
The
•
sections, creeds, and parties can give expression to the
277,816,370
3amortisable rentes
and
"To
26,150,421
3 % rentes
effected in Washington on Oct. 8.
was
body has for its object:
new
51,653,575
National defense bonds
the
organizations
$1,161,299,458
Savings banks.
League for National Unity, repre¬
The formation of the
composed of the following elements:
Cash
PREMATURE
PEACE.
was
discount, the amount actually subscribed was somewhat lower
a
NATIONAL
FOR
AGAINST
WARNS
AND
UNITY
LEAGUE
APPROVES
PRESIDENT
French soil,
3,130,000
by
taken
were
Honorary
chairman—Frank
Chairman—Theo.
N.
Vail,
Mason
North,
of the
.
president American
Telephone and Tele¬
Oct.
Vice
1917.]
Gompers,
president
American
Federation
of
Charles A. Barrett, president Farmers' Educational and Coopera¬
Union
in
America;
George Pope, president National Association of
M anufacturers.
Kuhn, Loeb & Co.
the 10th
on
national
Brotherhood
Locomotive
of
master, National Grange;
Association;
William R.
grand
Wilson,
Oliver
Engineers;
Walter George Smith, president, American Bar
Willcox, chairman,
Vance McCormick, chairman,
mittee;
be
Republican National Com¬
Democratic National
of the
Churches of Christ in America;
pn
activities,
war
Col. P.
Callahan, chairman,
H.
Alfred E. Marling,
Knights of Columbus;
chairman, international committee of Young Men's Christian Association;
Rev. Stephen S. Wise, Rabbi, Free Synagogue;
women's
committee,
president, World Court League;
Federation;
Mrs. Carrie Chapman Catt,
Emerson McMillin,
Defense;
of National
Council
V. Everit Macy, president, National Civic
William English Walling, Greenwich, Conn.;
George Wharton
Pepper, president, national committee of patriotic and dejense societies;
Dr.
H.
R.
Gerard, president,
National Fraternal Congress of America;
William H. Ingersoll, National Association of Advertising Clubs.
The League
COLONEL
:
In
TO
future concerning the
BE
President Wilson, it
will
gather to assist him, and
the
Walter
until
Lippman,
assistant
volunteer
recently
Secretary of War Baker, dispatches from Washington
10th inst. said, is one
chosen to aid him in
Washington
peace
Dispatches from
data.
Oct. 11 stated that Gordon Auchincloss, the
on
the
with
to
the
of the assistants Colonel House has
gathering
New York lawyer, has been attached to the
ment
on
State Depart¬
assignment of gathering data for
special
Department's records relating to
Europe.
SESSION
WAR
SPECIAL
OF
OF
CONGRESS.
announced at Washington on
was
Colonel E. M. House, to take up the
The
task of organizing
historians to
world because of the
sine die at 3 o'clock p. m.
session will
war
to be used as a basis of American
session
partici¬
of hostilities
primarily to assist American representatives at the
peace
conference after the war,
but
may
In
Government.
House's
appointment it
was
connection with
three
years
The 65th Congress, now
ciation of
was
effectiveness of American arms,
of such
It
of European
York "Times,"
utilizing
sincere desire
ment of the
WOODROW
Colonel House
a
all
as
this Congress,
war
u'
will, it is stated, be multitudinous.
the neutralization of seaways, the
■
that body adjourned.
He said:
the Chair wants to thank. the 'Senators of the
United States for the resolution just adopted and for the patience and for¬
bearance with which they have dealt at many times with my irascible
conduct.
I want to assure them that the outbursts that now and then have
taken place from the Chair were not real in character.
They were simply intended to call the attention of the Senate to the fact
that they did have a presiding officer—not one that perhaps they wanted
but one that an ignorant electorate has thrust upon them.
I part with you and I part with this session of Congress with mingled
feelings of pleasure and of sadness.
Pleasure in the fact that the proceed¬
ings of this session have been practically harmonious and practically unani¬
mous; with a feeling of sadness in that I believe it has
become necessary
for the American people to engage in a great war.
That is a necessity that
always saddens every sober man and every man who has* a kindly heart.
But for myself I may be permitted to say that I think it will be my duty,
whenever I am called upon to say anything, to voice my belief in the justice
The
Commissioners at the
political homeogeneity of peoples who claim the right of self
government and the disposition of territorial possessions
involving economic, historical and political questions will be
that God will hold you in His holy
Vice-President Marshall also made a short address in the
conference may be able to decide the questions they
may be called upon to settle in a knowing way. The questions
which will come up before the peace conference at the end
seas,
sine die, with the hope
Senate before
peace
the
war-making departments has been given
I believe every member deserves well of the people for
done—and, the hour of 3 o'clock having arrived, I adjourn
keeping during our recess.
It is this task of collecting all available data that
be called upon to
world
patriotism. 1 doubt if any
until the day of judgment will ever vote as much money
I sincerely hope not.
dollar asked by the
what we have
American authorities,
problem from her viewpoint of ideals, the
America to know whereof she
The freedon of
-'
given simply his utmost in
this one—and
Every
Colonel House and his co-workers will
of the present
the
'
and stupendous.
I
every member of the House has contributed all that was in
support of the Government,
Politics has been abolished.
loyally and freely.
President, it is said, wishes
perform so that the American Peace
to
the House before it. ad¬
1
business done is absolutely amazing
Congress fiom now
intelligent.
ctivities of Colonel House,
America's entrance into the war, it is pointed
put, was for stated purposes, distinct from those which
actuated any other nation in entering it, and if upon Amer¬
ica's Peace Commissioners should be placed the task of
speaks.
follows:
Every man has
unbiased "as Colonel House and his helpers can
any
that
believe
him
bring them.
settling
as
The amount of
the "Times," will be conducted entirely independently
of the activities of any of the Allied nations.
The facts upon
as
Speaker Clark addressed
journed
actuated the
says
said,
of Con¬
After he had left the Capitol it was announced that
bills passed had been signed and none given the pocket
veto.
on
which to base decisions will come to the
sign bills and to be present at the adjournment
to
ference, America's action in all things may be
policy the
WILSON.
capital shortly before 2 o'clock
gress.
his mission, but a
that in America's participation in the settle¬
this
work of this remarkable session has not only been
but that it has also been done with the utmost
The President went to the
problems which will come up at the peace con¬
In line with
to me that the
firing line.
it is not the idea of protecting this country's
President in starting
•
dispatch
with a full consideration of the
exceedingly critical matters dealt with.
Best of all, it has left no doubt as
to the spirit and determination of the country, but has affirmed them as
loyally and as emphatically as our fine soldiers will affirm them on the
Because of the isolation of
spokesmen in the event of friction that has
•
possible in the circumstances or consistent
and problems to the extent that the
nations have. But, says the New
politics
statesmen
■
crisis.
a
seems
done thoroughly
America her statesmen have not concerned themselves with
European
.
siderations
when trade conditions must be
adjusted after the war is over.
,
equal degree, and as far as possible in the face*
safeguarded the rights of the people and kept in mind the con¬
of social justice so often obscured in the hasty readjustment
of war,
offered that about two years ago
way
The
and the war-making branch of the Govern¬
action of the nation effective.
I believe that it has also in
and these reports, which, it is said, continue to come,
practical
task.
have been met in a way that assures the*
abundantly equipped with the powers that were necessary
ment has been
to make the
began to come to the Washington officials from
Government agencies in Europe with reference to con¬
ditions that would confront the trade of the worlcl after the
a
record of its action without being impressed by its.
needs of the army and the navy
reports
in
adjourning, deserves the gratitude and appre¬
people whose will and purpose I believe it has faithfully expressed
completeness, its courage and its full comprehension of a great
Colonel
have had experts
being collated by Colonel House with a view to
a
One cannot examine the
especially equipped for the task prepare data similar to that
gather.
explanation
The Pesident's statement follows:
accomplished.
which Colonel House will
The
statement praising Con¬
gratitude and appreciation" of the people for the work it
pointed out that the European
Governments during the past
a
in which it provided the necessary war
country, and declaring that it "deserves the
manner
of the
needs
be used in the
Jbo help guide the Government in formulating
The State Department in confirming the
appointment of Colonel House by the President on Sept. 28
laid stress on the fact that his appointment does not indicate
that any thought of peace is now being entertained by the
States
The next
The closing of the special war
by President Wilson of
for the
gress
policies.
United
Dec. 3.
on
marked by addresses in the Senate and House
was
issuance
meantime
future
questions disposed of, adjourned
last Saturday, Oct. 6.
by the Vice-President and Speaker, respectively, and the
peace
piled
begin
parliamentary history of the
magnitude of the appropriations pro¬
vided and the momentous
a
negotiations that will follow the cessation
in Europe.
The data, it is said, will be com¬
pation in the
session of the Sixty-fifth Congress,
war
April 2, and which is regarded as one of the
most remarkable sessions in the
gather historic and informative data concern¬
ing the world
extraordinary
which began on
distinguished American scientists, economists and
force of
it is
discussed.
organization of the staff of experts
House
ADJOURNMENT
Sept. 28, has appointed his friend and confidential adviser,
them
was
various classifications into which the work will be divided.
preparation for the time when representatives of the
peace,
are
negotiations
USED
warring nations gather about the conference table to arrange
war,
Colonel
which
peace
it is expected, will be made in the near
PEACE CONFERENCE.
:
.
DATA
GATHER
TO
Some announcement,
conditions in
REPRESENTATIVES AT AFTER-WAR
S.
inst., at which the gathering of information to
eventually in
Colonel House from the
will have its headquarters in New York.
HOUSE
U.
BY
be based and policies
in conference with President Wilson,
was
Committee;
Robert E. Speer, chairman, war time commission of the Federal Council
committee
used
Warren S. Stone, grand chief, Inter¬
Beck, 55 Wall Street;
may
decided must be at hand.
Secretary of State Lansing and other Government officials
following is the Executive committee:
James M.
subjects to be considered, and the inform¬
which conclusions
upon
Colonel House
Secretary—D. L. Cease, editor Railway Trainmen's Journal.
The
of the many
some
ation
Director.—Ralph M. Easley, chairman National Civic Federation.
Treasurer—Otto H. Kahn,
1469
CHRONICLE
THE
chairmen—Samuel
Labor;
tive
13
present occupant of
and the necessity
I have been
of this war.
requested by the Secretary of the Treasury to ask that the
several Senators, as
their
■
duties and
citizens, and upon
they go to their homes and address the people upon
responsibilities, the rights and privileges of American
the rightfulness of this war, will call the attention of the
CHRONICLE
THE
1470
people to this fact—that this war must be fought finally out of the dollars
and cents of the American people, and to urge upon the American people
the duty of subscribing for this Liberty Loan.
|i I wish you all, Senators of the United States, long life, health, happiness
and that greatest consolation which can come to any human being—the
consolation of finding out what the right Is, and of daring to stand for the
right regardless of how much it may cost you individually or the American
The
special session of Congress which closed last Saturday
called April 2 by President Wilson, within a month after
was
his second
inauguration, to vote
upon
against Germany, and to provide
States could prosecute
During the interval
the
war
whereby the United
means
to
war
the declaration of
successful termination.
a
Congress has worked incessantly
on
legislation of vital present and future importance in national
world
and
for the United States interned German vessels; the Act
over
Amending the War Risk Insurance Act and appropriating
$45,150,000 to insure vessels and their cargoes, and expenses
connected therewith; the Act
for the
development.
Marking the session which has
appropriating $3,281,094,541
military and naval establishments
account of the
on
espionage Act; the Act appropriating
$640,000,000 to increase temporarily the Signal Corps of the
war
people in blood and treasure.
[Vol. 105.
the
expenses;
and to purchase, manufacture, maintain, repair and
army
operate airships; the Act enlarging the membership of the
Commerce
Inter-State
000,000
Commission; the
Act
to
regulate
by authorizing priority shipments; the $11,000,-
commerce
bond and certificate bill; the food
war
the food control
bills; the
war
and
survey
deficiency appropriation bill,
parrying total appropriations of $7,858,124,409; the Act to
just passed into history were its war declaration; provision
regulate and punish trading with the enemy; the
for
bill, which, it is estimated, will provide $2,534,870,000 of
quick and large increase in the nation's fighting forces—
land, sea and in the air; appropriations and contract
on
authorization
totaling
over
$21,000,(XX) ,000,
measures
of
to pay
revenue
the
war revenue
of the Government, and the
war expenses
soldiers' and sailors' insurance and compensation bill.
taxation and credits to meet the financial drafts, and vesting
in the President
extraordinary
powers to carry on
During the past session six allied
the
MOVE TO REPEAL WAR PROFITS TAX ON
war.
INDIVIDUALS IN REVENUE ACT.
missions appeared
before Congress, addresses being made by Arthur James
Balfour
*
British
the
of
war
Viviani
Mission; ex-Premier
and
A movement to amend the
Act
imposing
Marshal Joffre of the French; Prince Udine of the Italian;
fessional
men
officials
far
so
provision in the War Revenue
profits tax of 8%
a war
business and
on
from the tax
Baron Moncheur of the Belgian; Ambassador Boris Bakh-
ernment
metieff of the Russian, and Viscount Ishii of the Japanese.
the adjournment of
Congress also found time to take action on two important
sentative
domestic
signed to strike out the exemption clause.
matters—prohibition and
suffrage.
women
Besides
Hull
of
Congress
Tennessee
witnessed
was
just before
the 6th inst. when Repre¬
on
introduced
resolution
a
prohibiting further manufacture or importation of distilled
Representative Hull's intention to bring the bill
opening of the December session.
vote of 65 to 20 also
ing
a
by
a
passed the.Sheppard resolution propos¬
national prohibition amendment to the Federal Consti¬
The House created a special committee on woman
tution.
the act,
salaries of members of
chise amendment to
In
both houses of
•frere made
the Constitution.
Congress
that respect.
salaries.
concerning the
of the
the
money
provided for by the second session
Sixty-fourth Congress and the special
war
session of
Sixty-fifth Congress for the support of the Government
and the military
and naval establishments for the fiscal
year
The statement showed that $21,390,-
ending June 30 1918.
this amount
appropriated for the current fiscal year.
Of
$7,000,000,000 is being loaned to the Allies, and
is repayable,
and about $1,000,000is appropriated for normal
730,940
was
of the Government. All the rest is to be used by
the United States in doing its part to "make the world safe
expenses
for
democracy."
provided for
The official figures of the appropriations
"Times"
Government is not
ness
quoted him
profits tax of 8%
It is
profits.
on excess
a
on
derived from
no
Officials don't work for profits.
income.
on
Cohgressional
saying:
as
incomes of individuals, mind you, is a
a tax on money
business institution and
business.
a
salary therefrom is
Personally I
the salaries of its officials.
business, not upon governments.
and
The tax
we
should come about
profit, then I would advise
working for
men are
a
that
imposed is
Military establishment and War Department
Naval establishment and Navy Department—
.
men
a very
in Government
are
positions for
heavy tax upon their salaries.
profit in Congress
in
or
any
.....-$7,522,726,441 39
1,604,840,690 43
1,040,517,500 00
defense fund placed at disposal of the President.
100,000,000 00
Loans to the Allies
—..
—
7,000,000,000 00
lawyers to pay any taxes.
cost to their clients are the men who will be
caught most heavily under this
"Times"
Kitchin,
laid
Pennsylvania, who, according to the
responsibility for the tax
quoted in that
was
paper on
Representative
on
the 6th
as
follows:
The 8% tax on occupations netting in excess of $6,000 was a proposition
emanating from the House conference.
but,
It has been described
as a
I raised the point in the committee and again on the floor
distinction
made between
earned income and an invested
...
173,846,400 00
that
176,250,000 00
income.
Interest on bonds and certificates (setimated)
200,000,000 00
earned income pays a double tax—under the Income provision and
production
on
958,948,638 59
Government, including pensions, &c
an
the floor when the report of the conference was under discussion.
purpose
of the amendment was along the policy to place Wery
equality and on this theory the proposition was pressed.
Total appropriations
...*_$18,879,177,014 96
Contracts or Authorizations in Addition to Appropriations.
result of this
plan, intended to place
i...
...
,
Shipping Board and Emergency Fleet Corporation--New building for the Treasury Department
Total contracts or authorizations.,
...
849,000,000 00
1,250,000 00
_$2.511,553,925 50
...
war
.$21,390,730,940 46
session of Congress several' bills
passed the Senate and House, but failed of joint approval,
and remain pending on the calendar.
Among them are the
soldiers'
and sailors'
measure,
the Webb export bill, the
of migratory
civil rights bill, the daylight saving
measure
regulating killing
birds, and the-proposed Colombian treary for
payment of $25,000,000 in satisfaction of Colombia's loss
of the Panama Canal zone, which failed of Senate ratifica¬
tion.
Among the most important
I
istated
on
enacted during the
past session were the Act authorizing the issuance of $7,000,-'
so
far
as
the
absolutely
in
even
a
country so large with over
the floor of the Senate when the conference report was up for
consideration that there were many objectionable features in the revenue
bill which I was unable and unwilling to
publicly defend.
This is one.
Many conflicting views, of course, were presented in both houses of Con¬
from the attitude of the radical who wanted to conscript wealth, to
the stand taken by those who wanted to pay for the war
chiefly out of loans.
Compromise is mainly the basis for the final outcbme of such legislation,
and in this instance there were many concessions by the Senate conferees,
such
as
the tax on munitions and the so-called cocupational tax.
ment on these sections was
opposed by
me
and others.
Agree¬
It must be remem¬
bered, however, that a great many bad provisions in the bill as it came over
from the House were
finally eliminated after patient and prolonged dis¬
cussions, and that many good features were inserted.
In criticising
looked.
the objectionable, the meritorious phases must not be over¬
I fully realize how
unpopular
many
features will be and that it will
bear
unequally and inequitably in many directions.
The Government
had to have the money and it was agreed that it would be unfortunate if
the present
bill failed, which seemed probable, unless the Senate gave way
to the radical members of
measures
Of course, the
one' on an equality
100,000,000 people.
gress,
Grand total appropriations and authorizations.
every
The
one on an
profit tax is concerned, has resulted in a more inequitable distinction be¬
tween earned and invested income.
It is an illustration of the thought that
the scales cannot be held
$1,389,452,750 00
271,851,175 50
Military establishment
the 8%,
The same objection was also made by Senator Wadsworth of New York
102,047,344 55
Expenses of conducting the civil establishment of the
was
The latter pays only a tax under the income tax section, while the
occupational, clause.
or
services, including insurance of
merchant vessels and their crews.
no
joker,
matter of fact, it was fully discussed in conference and on the floor
as a
Soldiers' and sailors' insurance and family allowance....
During the special
Law¬
who were down here lobbying against this very bill at' an enormous
yers
of the Senate.
Control of foods and fuels and stimulation of agricultural
Naval establishment..
a
But few
official position.
This whole protest against the excess profits tax on individual incomes
arises from the disinclination of New York
Shipping Board and Emergency Fleet Corporation......
All other expenses and
»
profits
tax upon
a
Governments arenot business concerns,
not producing dividends.
are
If it
busi¬
•
No Government in the world (and I mean that) places an excess
tax upon
The
a
in Con¬
am
loss.
gress at a
Senator Penrose, of
Appropriations.
National
sympathy, he said, with the
no
tax; and they are the men who started the protest.
follows:
are as
The
That excess
by the Chairman of the Appropriations Commit¬
tax
tees
Congress and defended his position
He had
proposed movement to lift the exemption
the 5th inst. statements
on
em¬
admitted, according to the New York
in
equal fran¬
in¬
on
"Times" of the 6th inst., that the provision exempted the
suffrage, while the Senate Committee favorably reported
an
8% tax
dividuals, in defending his action in having the tax
the Susan B. Anthony
amendment proposing
at the
up
Representative Kitchin,
.who is said to have been the author of the
bodied in
de¬
It is said to be
beverages and authorizing the President in the Food Control
Bill to stop or curtail that of beer or wines, the Senate
pro¬
it exempts Congressmen and Gov¬
as
Other revenue
can
the House.
legislation will be coming along next winter and the law
be amended or modified.
Personally I would be willing to have the
8% section eliminated from the bill.
I opposed it from the beginning.
000,000 of bonds, $3,000,000,000 of which to be used in
meeting loans authorized to the Allied nations; the slective
draft law; the resolution authorizing the President to take
\
Senator: Boies Penrose of
seek
to
have eliminated
Pennsylvania, it is stated, will
at
the
next
session of Congress
Oct. 13
both
the
THE
1917.]
8% tax
individuals and the
on
taxing reading and advertising matter in
cations.
The
New
"Times"
York
Mr. Penrose holds that the tax
on
with
Office
Committee
report
V
.
'■
a
.
■
effect
ses¬
.■
or
RETURNS
■
In
resting
Government
the
initiative
in
no case
the
The
make returns under the new
Warning is given that in
take
on
In computing his tax under the two regular
'
'
$3,000, he would
'
this particular
case
is
nearest
Roper
called
income would have to pay another 2% on all
$172 60.
His entire tax therefore would aggregate $627 20.
Upon
every
The
office.
revenue
says:
statement
Commissioner
of
BY
•
The Administration
Revenue act represents the
conference report on
The War
of the war.
judgment of the United States Congress as to
Oct. 3 and
This share is based
It is the unquestioned duty,
therefor, of every true American citizen not only to pay the fup tax the law
•requires of him, but to remove every possible obstacle to the successful
administration of the law by the Bureau of Internal Revenue.
In the
what is the proper share for
each citizen to contribute..
ident
the ability of the citizen to contribute.
upon
the terms of the law and to make it a
new
^:^
; ■'
:
;
•
corporations, joint stock companies and
domestic
and
and carbonic acid gas.
cigarettes, tobacco, snuff and
and all operators of,pipe
'
express or passenger,
insurance.
All manufacturers and wholesale dealers in motor vehicles of every kind,
musical instruments, motion picture films, jewelry, boats, sporting goods,
All dealers in
life, marine, inland, fire and casualty
chewing gum and cameras,
of amusement places, including cabarets.
perfumes, cosmetics, medicinal preparations,
i
All
proprietors
All
persons
All traders
produce
on
or
stock exchanges and boards of trade.
merchandise.
,
All manufacturers and importers
$7,757,434,410.
and
$175,000,000
and
the
Senate
$321,000,000,
was
For regular quartermaster supplies
$375,000,000.
•
000,000
was
a
$125,-
agreed to after the House had voted for $100,-
the Senate $163,000,000.
000,000 and
The largest
appro¬
priation carried in the bill, it is said, is for the Ordnance
Department of the Army, which gets
$695,100,000 for
pur¬
cannon,
$225,000,000
and
more
of contract obligations
authorized, together with $663,000,000 of cash and $777,-
of playing cards.
The law makes it the duty of every person,
biggest
Government, carries total
chase, manufacture and test of mountain, siege and field
executing legal documents of any type.
All importers of
any
compromise of $250,000,000. For Army
transportation, for which the House had voted $350,000,000
and the Senate $413,000,000,
the conferees substituted
cigarette papers.
carriers of freight,
of
appropriations of $7,142,201,507, while aggregate appropria¬
tions of the Senate bill totalled $7,991,400,000.
In con
voted
All manufacturers of and dealers in cigars,
All
of
provided for by
lines.
adopted by the Senate on
was
Oct. 4, was signed by the Pres¬
ference, subsistence for the Army for which the House had
imported.
All dealers in soft drinks, table waters
on
The bill appropriates
authorizes the Government
departments to enter into contracts to the extent of $2,401,458,393.
The bill, as passed by the House, carried total
receiving incomes of more than $1,000
"A:'~
;
associations.
All distillers, rectifiers, wholesalers and retailers, holders of distilled
spirits intended for sale or to be used for manufacturing purposes.
All dealers in fermented liquors and malt liquor, wines, cordials, liqueurs,
All
\?'V
\
"
SIGNED
The bill, which is Said to be the
Oct. 6.
appropriations
'
law affects all individuals
year.
by the House
outright $5,355,976,019,
comply strictly with
part of his duty to see that every other
likewise.
does
The
a
.1
BILL
deficiency appropriation bill, the
which
of its kind in the history
circumstances, it is a high privilege for every citizen to
citizen
on
"
PRESIDENT.
war
citizen rests the responsibility of contributing to the utmost
ability toward the successful termination
of his
1
APPROPRIATION
DEFICIENCY
WAR
This
the limit of $1,000 set in the new law, or 2% on $8,680.
over
tax would be
to communicate promptly with the
upon
of this
would be $6,680, and 2%
Then, by the terms of the new income tax law
$133 60.
(although all returns will be verified), and everybody con¬
cerned
2% normal tax of the
pay
''"7"
balance in
the taxpayer with $10,000
will
returns
and on the remainder,
the exempted amount of $3,000 provided in the old law,
amount would be
income
securing
provisions, the old law and the new, this tax of $320
of $9,680, less
sum
old law.
points out the responsibility
the public to
upon
or
Thus, for illustration, if a single man
deducted from the income of $10,000,
be
after deducting
Oct. 5 Commissioner of Internal
on
Daniel C. Roper,
War Revenue Act.
the
WAR REVENUE ACTS.
UNDER
statement issued
a
Revenue,
individual income tax
would
indi¬
$10,000 he would first pay 8% on the difference between
income of
an
$6,000 and $10,000, or $320.
MAKING
PUBLIC ASKED TO TAKE INITIATIVE IN
in the old income tax law still in
professions of 8% on all their business
professional earnings over $6,000.
has
•
•
married men,
married men of $200 for each
$3,000 for single men and $4,000 for married men.
viduals having trade or business or
the newspapers and
.
case of
The limits of exemption
child.
are
the
By Section 209 of the new law a general tax is laid in the case/of
the idea of having the Post
bill dealing justly with
a
■
the further exemption in
minor
investigation by
bill at the next
collected as usual,
supplementary income tax in which the limits of exemp¬
a new
tion have been fixed at $1,00.0 for single men and $2,000 for
second-class matter should be increased
Therefore he will offer
sion to provide for such an investigation, with
magazines.
but there is
publi¬
says:
the one-cent-a-pound rate, but only after a scientific
over
the Post Office Committee.
The old income tax has not been repealed and will be
system of
zone
newspaper
1471
CHRONICLE
firm or corporation whose
and correct returns upon
be assessed and collected.
This information is of vital
importance to every citizen because, notwithstanding that the Bureau of
Internal Revenue is the agency charged with the administration of the new
law and the collection of the taxes, it is not regarded that the Bureau of
000,000 of contract obligations authorized for
ammunition.
possessions or incomes are taxable to make true
which the tax may
Internal Revenue shall find out and inform persons,
of their
themselves make returns,
Internal
of
or
provided for failure upon the part of any person,
dealers
produced on and after Oct. 4 1917,
This is a tax upon
or .commodities held
in stock or in storage by manufacturers,
and holders.
The floor tax is in the nature of an additional tax on
the law provides
articles
inventories and returns required.
articles or
original and additional taxes that will apply to
commodities manufactured, imported or
for a "floor tax" on certain articles.
tax-paid articles or commodities, and is an original tax upon articles or
commodities that have not heretofore been subject to the internal revenue
tax.
In
some
instances the floor taxes
are
at different rates than the rates
prescribed for the same kind of articles manufactured or produced on and
after Oct. 4 1917.
Collectors of internal revenue have been fully instructed
as
to the
requirements of the law and the procedure to
be followed in assess¬
ing and collecting taxes.
AH persons affected by the law Should commun¬
icate with the nearest internal revenue officer and ascertain specifically
how they are
affected and what they must do to comply with the law.
that will apply to articles or commodities in
In the collection of the tax
Revenue to
liable to
possessions in the way of taxable goods and the amount
to pay.
This preliminary inquiry will be conducted over
stock on Oct. 4 1917,
make
it is the purpose of the Bureau of Internal
through its field force preliminary inquiries of every person
tax to ascertain his
of tax he is liable
a
period of probably a week.
ment
Within thirty days from the date of enact¬
of the new law every person,
must file with the
tory, under oath,
firm or corporation liable to floor tax
Collector of Internal Revenue a true and correct inven¬
of goods in his possession subject to this tax.
Attached
be a synopsis of the inventory and a statement of
to the inventory must
the amount of tax to be
This is known as a
paid
analysis of the information
an
on
the goods covered by the inventory.
taxpayers' return.
Upon the basis of this return, and
disclosed by the preliminary inquiry and the
taxpayers' inventory, the proper amount of tax will be determined.
Pay¬
ment of the tax must be made to the Collector of Internal Revenue at the
time
but paymeht may be extended to a date not
of filing the return,
exceeding seven months from
the passage of the act, upon the filing of a
This bond must be given by an approved corporate
bond for payment.
penal sum of not less than double the amount of the
less than $1,000.
surety company in a
tax and
The
in no case
penalties for failure to comply
with the requirements of the law are
for slackers.
An illustration of
it
now
the practical application of the income
stands
was
furnished
as
follows
on
Oct. 6 by
official of the Internal Revenue Bureau, according
an
expert
to
the New York
"Times":'
WITH.
■
Announcement was made on
the 8th inst, that plans for
reorganization of the Council of National Defense and
its many advisory committees have been formulated and will
soon become effective.
The plans call for the abolishment
of the present
subordinate trade committees of, the Council,
Service Committees to represent the
and formation of War
the Government.
is dispended with
the trade in question will itself organize a war board or war
committee to sit in Washington and to advise the agents of
the Government when advice is needed.
The Defense
Council's present committee system has given cause for
criticism, it is said, in that committee members acting as
Government advisors in making purchases, were often them¬
selves sellers.
The new committees will have no official
connection with the Council of National Defense, but will
continue to serve the Government as consulting agents after
the manner of the existing committees.
The reconstruction
of the committee system follows the recent resignations from
the various committees of twenty-two members, who, it was
announced on the 6th inst., had decided to resign upon the
advice of private counsel, which included the best lawyers
of the country.
The resignations were prompted by the fact
that to continue in a voluntary and advisory capacity to the
Council, such members would render themselves liable to
prosecution under Section 3 of the recently enacted foodcontrol bill.
This section prohibits any one employed or
several
industries furnishing supplies to
As each of the
present trade committees
acting voluntarily as an agent
of the Government from mak¬
recommendations as to the letting of Government con¬
tracts to concerns in which they have a personal interest.
Immediately upon the passage of the food control bill last
ing
August, the
APPLICATION OF INCOME TAX.
tax as
REORGAN¬
COMMITTEES TO BE DISPENSED
the
.
corporation to make the correct
In addition to
IZED—TRADE
or'corporations
which in the course of administration the Bureau
Revenue will verify.
Severe penalties are
firm
firms
Such persons, firms, and corporations must for
responsibility.
COUNCIL OF NATIONAL DEFENSE TO BE
Attorney-General was asked, it is said, for an
opinion concerning its effect on
Council of National Defense.
Attorney-General Gregory's
that there was nothing in the bill restricting
of the members of the various committees of the
report declared
the services
members of committees of the
Council of National Defense, numbering about three hundred,
who have acted rather
than
as
index of the country's resources
as an
active forces in the allotment of contracts.
number
a
of the committeemen consulted private attorneys as to
their
status, and some of them were advised that their position as
the
of
the Council of
advisory committees of
dealing with priority questions with relation to that
be of great value in
can
industry.'-.
New facilities are being created and there is great shifting of labor
4.
regarding the use of existing facilities or the employment
of labor in districts of the country where needed after the War.
offer suggestions
These committees should be ready at all times to meet with any of
5.
the departments of
the Government whenever their advice is desired, to
questions affecting the industry raised by the war needs of the
discuss
The committees might also, on their own initiative, present
Government.
National Defense, comes near a technical violation of the
to the Government
law which carries
time to time suggest on
a
$10,000 penalty and
result of these advices
a
committees,
most
men
reorganization of the committee system of the
Sec. 3.
That
no
person
employee of the United
,
folloWs:
acting either as a voluntary or paid agent or
States in
shall solicit, induce,
including an advisory
capacity,
any
attempt to induce any person or officer
or
authorized to execute or to direct the execution of contracts in behalf of
the United States to make any contract or give any order for
to the United
States of work, labor, or services, or
the furnishing
of materials, supplies,
other property of any kind or character, if such agent or
or
employee has
pecuniary interest in such contract or order, or if he or any firm of which
any
he is
a
he is
member,
officer
an
directly
or
corporation, joint-stock company, or association of which
stockholder,
or
in the pecuniary profits of which he is
or
indirectly interested, shall be
or
Nor shall any
party thereto.
a
which
recommendation
agent or employee make, or permit any committee or other body of
he is
a
member to make, or participate in making, any
concerning such contract
or
order to any. council, board, or commission of
the United States, or any member or subordinate thereof,
to the best of his
knowledge and belief
without making
full and complete disclosure of
a
writing to such council, board, commission, or subordinate of any
and
every
pecuniary interest which he may have in such contract or order and of his
interest in any firm, corporation, company, or association,
thereto.
Nor
he
shall
section shall be
participate in the awarding of such contract or
punishable by
prisonment of not
more
a
visions of this section shall not change, alter or
Provided, That the pro¬
repeal section forty-one of
the 8th inst., emphasised
on
members do not make the contracts
The Committee
or
advise upon their
but rather furnish information to
allotment, he declared,
the members of the Council who make the recommendations
to whether the
as
quantity of
any
commodity desired
readily secured and such questions
and the /terms "made
where the
by the outside business
they, being business
as
as
under the circumstances.
We have realized that there
in the
men
same
can
be
quotations
are
man
such
line, consider fan-
He continued:
were
Announcement
Section 3 of the food bill,
which expressly forbids Government officials to participate in the negotiation
of contracts in which they are interested
,
really put into the statutes a policy
no
case
has
of these committees
one
ever
reported
directly to the purchasing officers of the Government.
to have
of
the
committee
recommendations
pass
or
recommended
It has been our policy
through the hands
first
disinterested committee of the Council, which has in many cases rejected
a
the original recommendations.
mittee system, said that it would probably take about sixty
days to complete the reorganization/of the system.-
In the
meantime, the U. 8. Chamber of Commerce has been
quested to assist in prevailing
upon
re¬
the various American
industries to organize their war service commissions to sit
Washington.
it is
required to
It is the hope of the. Washington officials,
said, that the trades will appoint to such
or
boards, the
same men
who
are now
war
commis¬
serving
on
9 by Herbert C. Hoover,
the
persons
shortly issue
to
a
proclamation designating the commodities
under the definite control of the Food Adminis¬
come
tration
licenses from the United States Food
President Wilson, Mr. Hoover said, would
will
and
will be in
detail
in
outline
the
regulations which
Subject to the license requirement will
force.
warehouse men, millers,
wholesale distributors
and retailers doing a business of more than $100,000 a year,
who handle the commodities to be set out in the President's
be
meat
cold
packers,
elevators,
canners,
storage
grain
dealers,
proclamation.
A statement issued
by the Food Administration
on
Oct.
9 reads:
The President will shortly issue a proclamation requiring
all
persons en¬
gaged in the import, manufacture, storage and distribution of certain food¬
stuffs to
license from the Food Administrator.
secure a
warehousemen, millers,
elevators, grain dealers, wholesale distributors, retailers doing a
more than 8100,000 per year, who handle the commodities to
canners,
business of
be set out in the President's proclamation.
of the proclamation has been
The issuance
somewhat delayed by the
Administration, owing to its desire to complete the numerous con¬
Food
ferences which it has been holding with the representatives of the various
trades and of producers and consumers.
been held with
Some 200 such conferences have
view to the development of regulations and constructive
a
methods of control.
^; v:ZV :
\
:A
It has been the desire of the Food Administration to secure the co-opera¬
-
tion of all patriotic men in
the various trades so as to eliminate specula¬
tion, hoarding, unreasonable profits, wasteful practices, &c., in the great
distribution system of the country.
The licensing
provision in the Food bill is limited in operation to the
channels of trade which lie between the farmer on the one hand and the
the other, except as it extends to those
retailer
on
annual
business
few retailers who do
an
than 8100,000.
of more
The Food Administration has selected about twenty basic commodities
products as forming the prime basis of life, and has limited its
and their
licensing control to these commodities, and also, in so far as practicable,
eliminated the smallest units of business in these staples.
It is the purpose of the
Food Administration to effect conservation in
the commercial use of these Commodities, and to keep them
the
a
in direct lines through the channels
consumer
manner
possible.
as
The
The
a
flowing toward
of trade in
as
economical"
The Administration does not wish to* disturb the
normal and necessary activities of business,
and no business factor- who is
useful function will be expected to surrender that function.
AdministraJtiqn is, however, charged with several duties.
producer nfust have a free outlet and a ready market.
There must be no manipulation or
speculation in foods.
There must be no hoarding in foods.
Unfair
unreasonable profits must be
or
eliminated.
■
practices which in any way
Discriminatory and deceptive and wasteful
restrict
supply or distribution, must be stopped .
These
are
the
provisions of the food law.
authorized by the
upon
law provides
The licensing system which was
effective machinery for its enforce¬
operations become illegal omy
a more
It must not be thought that these
They have been illegal since Aug. ,10. when the
the issue of licenses.
law was
passed, and numerous cases coming to the attention of the Food 5
Administration have been corrected.
trade committees of the Council of National Defense.
all
of the basic food commodities, which in¬
procure
Administration.
ment.
sions
oil Oct,
practically all of the fundamental foodstuffs, will be
clude
performing
Director Gifford, in speaking of the change in the com¬
in
about twenty
of
which we have been following since the organization of these committees.
In
made
was
enaged in the import, manufacture, storage, or distribution
technical objections to the organization
of these subordinate committees for some time.
to
BEGIN NOVEMBER 1.
United States Administrator, tbat after Nov. 1
importance of the committee work to the Council and
particularly to the War Industries Board.
with the least disturbance
These will embrace meat packers, cold storage
Director of the Council of National Defense, W. S. Gif-
ford, in explaining the situation
behalf of the industry how orders and material can
best advantage and
—-PRESIDENTS PROCLAMATION.
chapter three hundred and twenty-one, Thirty-fifth Statutes at Large.
the
questions which call for consideration, and might from
the
FEDERAL CONTROL OF FOOD TO
fine of not more than 810,000, or by im¬
than five years, or both:
to
existing or prospective conditions.
party'
being a
Any vrillful violation of any of the provisions of this
giving such order.
distributed
de
of the
some
yet been accepted.
as
Council of National Defense, reads as
capacity
them
among
The
control law which has been largely the
section of the food
of the
As
in the country, resigned. Their
resignations, however, have not
cause
jail sentence.
members of various
twenty-two
already stated,
as
prominent business
a
War service committees could
from one section of the country to another.
Notwithstanding the Attorney-General's ruling,
members
[Vol. 105.
CHRONICLE
THE
1472
The licensing has the effect of giv¬
ing definition to the provisions of the bill and the practices which the trades
should respectively follow in
The United States Chamber of Commerce, acting
promptly
suggestion of the Council of National Defense, that
it aid in the organization of the new war service
committees,
upon the
on
Oct; 9 issued
war
a
general call
on
American business to form
service committees in every branch of
industry to
co¬
operate with the Government in apportioning Government
orders and to aid in determining
priority matters.
The
duties of the
of Commerce in
1.
committees
new
were
outlined by the
bulletin to its members
a
as
Chamber
follows:
To assemble accurate information with
respect to the facilities of the
industry, the possibilities of expansion or the readjustment of plants and
equipment to meet the ever increasing requirements of the Government.
2.
To arrange for the gathering of figures as to cost of
production in the
industry including conditions which
were
changing the cost of production.
The proclamation
cerned to apply for
plied
©n
After Nov. 1
wtiTbe
tion
distribution.
or
transportation and the order in which various products
their activities in
so
are
to be produced
and distributed.
duction and merchandizing of
Men experienced in the pro¬
licensed commodities will aid in administer¬
legal department has been organized to -facilitate its
While authority is vested in
license and to
the Food Administration to suspend any
impose penalties for
violation of the food law or special
regulations, it is the purpose of the Food
Administration to accomplish these
possible, not by coercion,
public service and war service, so far as
by patriotic co-operation.
held in
feeling of the whole of the many conferences
Washington that the licensing system
operating alike in every part
in fact, be a protection to the great majority of pro¬
ducers and distributors, as well as to the public, against the operations of
of the country will,
mous
a
enforcement.
those few who
service committee representing an entire industry
These reports will be carefully
competitors.
fidence will not be divulged to
The work of the priority committee calls for an immense
organization and the quick adjustment of Industry to the demands of the
war
prescribed form.
that private information given to the Government in con¬
ing the law, and
priority system.
A
the
It has been the expressed
Industries Board,
principles governing the distribution of materials in
be permitted to trade in the comproclamation.
Those who receive licenses
unlicensed persons will
required from time to time to make reports to the Food Administra¬
on
safeguarded
but
To act with the priority committee of the War
no
.modiJiesLenumerated in
"Which would prevent avoidable hardship in the business
by Government
3.
application to the Food Administration.
Applicants wiH receive licenses without cost, and the regulations govern¬
ends of
regulation of prices
will require all of those handling the commodities con¬
licenses before Nov. 1, upon forms which will be sup¬
ing those dealing with the commodities licensed will be issued in due course.
In this respect the committee would furnish to the
Government information
which is establishing
connection therewith.
It has been
unpatriotically seek to exploit the necessaries of life.
generally recognized throughout the country that the enor¬
obligation imposed upon the American people to
feed our soldiers at
,
Oct. 13
the front and the Allies creates a disturbing factor
slacker
the
in
few to impose burdens upon the many, and
a
Those dealing in
(7)
in trade which allows
that it is of
vital national importance that such control should be exerted as will rem¬
edy, so far as may be, the economic disturbances incident to the war.
The
prime purpose of the Food Administration is to protect the patriot against
opportunity to
cured beef,
not exceed
of Congress entitled, "An act
and defense by encouraging the pro¬
controlling thd distribution of food
hoardmg,
monopolization,
injurious
such
For
the
purposes
Are hereby
of this act,
and shall so publicly announce,
be fixed in
the announcement, engage in or carry on any such business specified in
the announcement of importation, manufacture, storage, mining or distri"
bution of any necessaries set forth in such announcement, unless he shall
secure and hold a license issued pursuant to this section.
The President
is authorized to issue such licenses, and to prescribe regulations for the
issuance of licenses, and requirements for systems of accounts and auditing
of accounts to be kept by licensees, submission of reports by them, with
without oath or affirmation, and the entry and inspection by the Pres¬
or
of the places of business of the licensees.
And, Whereas, It is essential in order to carry into effect the provisions
of the said act, that the powers conferred upon the President by said act
be at this time exercised, to the extent hereinafter set forth,
ident's duly authorized agents
of
conferred upon me by said act of Con¬
gress, hereby find and determine and by this proclamation do announce
that it is essential, in order to carry into effect the purposes of said act, to
America, by virtue of the powers
saries to the
distribution of neces¬
firms, corporations, and associations engaged in the business
of (1) operating cold storage warehouses, (a cold storage warehouse,
All persons,
eithor
defined as any place artificially
the temperature of 45 degrees above zero
Fahrenheit, in which food products are placed and held for thirty days or
more), (2) operating elevators, warehouses, or other places for storage of
corn, oats, barley, beans, rice, cottonseed, cottonseed cake, cottonseed
meal, or peanut meal, or (3) importing, manufacturing (including milling,
mixing, or packing,) or distributing (including buying and selling) any of
for the purposes
or
of this proclamation, being
mechanically cooled to or below
commodities:
the following
Wheat, wheat flour, rye, or rye
flour.
•
Barley or barley flour.
rolled oats.
grits, cornmeal, hominy, corn flour,
Oats, oatmeal, or
Corn, corn
corn
syrup, or
glucose.
starch from corn, corn
-
or
peanut meal.
,
Soya bean oil, soya
cottonseed cake, or
'
cottonseed meal, peanut
„
bean meal, palm oil or copra oil.
substitutes, oleo oil or cooking
Condensed, evaporated or
Fresh, canned or
Poultry or eggs.
or
'
fats.
.
*
,
powdered milk.
•
,
vegetables.
Canned peas,
dried beans, tomatoes, corn,
Dried prunes,
apples, peaches or raisins.
molasses.
salmon, or sardines.
warehouses handling wheat or rye. and
who have already been
Operators of elevators or
derivative products of wheat or rye,
licensed.
(2)
(3)
and refiners of sugar, and manufacturers
already been licensed.
Operators, manufacturers,
of sugar syrups,
and molasses, who have
Retailers whose gross
sales of food commodities do not
exceed $100,-
000 per annum.
(4)
Common carriers.
Farmers, gardners,
signment,
•
'.
*
■
STOPS SPECULA¬
COTTONSEED OIL.
of the New York Produce Ex¬
Food Administration at
eliminate speculation
Oct. 9 announced that further
Washington, which is endeavoring to
in all sorts of foodstuffs, on
and outside in¬
following state¬
speculation in cottonseed oil, both by trade
terests, is prohibited.
The Board issued the
ment on the 9th inst. regarding its action:
cottonseed oil or any delivery, either by
Speculative trading in
outside interests, is
trade or
prohibited.
against seed purchases, or sales of refined oil
oil, or purchases by consumers or exporters, are
Hedge selling for protection
against purchases of crude
permissible, but such operations shall be confined to legitimate trade inter¬
ests only and shall be of the smallest possible proportions consistent with
this rule.
the purpose of
No
purchases or sales shall be made for
future delivery beyond two months
the time of such purchases or
outstanding contracts for any
month may be closed out at any
the life of the contract.
Present
time within
sales.
ahead of the month current at
^
pound from closing bid
closing shall be permitted in months in which trading
of price beyond 1 cent per
No daily fluctuation
price at last previous
is allowed as hereinbefore provided, and
further,
He. per pound from closing bid price
of last previous closing shall be permitted in month, in which trading Is
only allowed for the closing out of present outstanding contracts.
Violation or neglect of these rules will be punishable as provided by Sec¬
No daily
fluctuation of more than
of the
tion 32
by-laws.
The action of
sult of
a
recent
^he^Board of Managers,.it is said, is the re¬
visit
to Washington, at
Food Administration, of R.
the request of the
of the
Vice-President.
A. Clay brook, President
and Edward Flash Jr.,
Produce Exchange,
in commodities which
discussed at the
conference in Washington, says the "Journal of Commerce''
of this city.
That a definite understanding was reached is
shown in the following statement issued by the New York
Produce Exchange on the 9th inst., along with the an¬
nouncement prohibiting further speculation in cottonseed oil:
question of speculative trading
The
are
vital to the welfare of the country was
Food
The
Administration at Washington
has officially informed this
determination to eliminate speculation in all sorts of
authority granted by Section 13 of the Food Adminis¬
Law.-
but anxious, to do anything in its
Administration Law, and in the con¬
Exchange necessary for the
carrying out of such purpose, will receive the full and patriotic co-operation
of its members, even at personal sacrifices to themselves, your Board of
Managers has formulated the rules that follow, to take effect at once and
This Exchange is
power
to further the
not only willing,
aims of the Food
restriction of business on this
continue in force at
the pleasure of the
Board.
Administration would probably
suggest the closing of the option market
the New York Produce Exchange was
on
when it sent a
in cottonseed oil
given by the Ex¬
letter td all its members ap¬
pealing to them to confine their operations to the filling of
orders from legitimate trade interests.
The letter also
warned the members that
the Food Administration
hoarding of products or undue
ity having for its aim the enhancement of
"suppress
ter
read
as
would
speculative activ¬
prices." The let¬
follows:
Administration at Washington is doing
regulating production and distribution, to keep
down the constantly rising prices of all food products.
This advancing tendency of prices is doubtless due, in the main, to the
As
co-operative associations of farmers or gardeners,
including live stock farmers, and other persons with respect to the products
of any farm, garden or other land owned, leased, or cultivated by them.
(6) Fishermen whose business does not extend beyond primary con¬
(5)
The Board of Managers
change on Oct. 2,
Sugar, syrups or
Excepting, however;
manufacturers of
the
change, acting at the instance of the
Intimation that the Food
frozen fish.
Fresh fruits or
(1)
TIVE TRADING IN
to
cured beef, pork or mutton.
,
•
"
State.
YORK PRODUCE EXCHANGE
NEW
fidence that any
Oleomargarine, lard, lard
Milk, butter or cheese.
Fresh
ROBERT LANSING. Secretary of
tration
dried peas.
Cottonseed, cottonseed oil,
eighth day of October, in
Lord One Thousand Nine
foodstuffs under the
Dried beans.
oil
our
Exchange of its firm
Rice, rice flour.
Pea seed or
of
By the President:
oil,
■
,
affixed.
District of Columbia this
the
Hundred and Seventeen, and of the
Independence of the United States of America the one hundred and fortysecond.
WOODROW WILSON,
into effect any of the purposes
no person shall, after a date to
manufacture, storage and
extent hereinafter specified.
Department,
Law
C.,
prepared by it for that purpose, which may
Done in
year
necessaries, in order to carry
the importation,
D.
Washington,
of the United States to be
authorities, duties, obligations, and prohibitions hereinafter set
created, established, conferred and prescribed.
The President
make such regulations and to issue such orders as are essen¬
tial effectively to carry out the provisions of this act.
And, Whereas, It is further provided in said act as follows:
That, from time to time, whenever the President shall find it essential to
license the importation, manufacture, storage, mining, or distribution of
license
be prescribed.
the United States Food Admin¬
License Division, on
be secured on request.
Any person, firm, corporation, or association, other than those herein¬
before excepted, who shall engage in or carry on any business hereinbefore
specified after Nov. 1 1917 without first securing such license will be liable
to the penalty prescribed by said act of Congress.
In Witness Whereof, I have hereunto set my hand and caused the seal
forms
is authorized to
President of the United States
1 1917 a license which
rules and regulations governing the con¬
Applications for license must be made to
istration,
instrumentalities, means, methods,
I. Woodrow Wilson,
compounds.
required to secure on or before Nov.
duct of the business as may
forth are
Now, Therefore,
maple sugar, and maple
other handlers of cottonseed
yearly between Sept. I and Aug. 31 less than 150 tons of cotton¬
license will be issued under such
powers,
any
do
seeds.
and
war.
Manufacturers of maple syrup,
(12)
private controls, affecting such supply, distribution and movement;
to establish and maintain Governmental control of such necessaries during
the
whose gross sales
(13) Ginneres, buyers, agents, delaers, or
manipulations and
speculation,
or
$50,000 per annum.
who handle
generally, scarcity,
prevent, locally or
to
pork,
Operators of poultry or egg packing plants,
(11)
approved by the Prseident on the 10th day of August
1017, it is provided among other things as follows:
That, by reason of the existence of a state of war, it is essential to the
national security and defense, for the successful prosecution of the war, and
for the suport and maintenance of the Army and Navy, to assure an ade¬
quate supply and equitable distribution, and to facilitate the movement of
foods, feeds, fuel, including fuel oil and natural gas, and fertilizer and fer¬
tilizer ingredients, tools, utensils, implements, machinery, and equipment
required for the actual production of foods, feeds, and fuel, hereafter in
necessaries;
packing, and distributing fresh, canned or
mutton, whose gross sales of such commodities do not
exceed $100,000 per annum.
products and fuel,"
called
salmon, or sardines,
production does not exceed 5,000 cases per annum.
Persons slaughtering,
(10)
PROCLAMATION
provide for the national security
duction, conserving the supply and
operating only
barrels.
Canners of peas, dried beans, corn, tomatoes,
whose gross
Under and by virtue ot' an act
to
act
barley, wheat, rye, or rice
oats,
Millers of corn,
(S)
United States of America:
A
exchanges or.board
of trade.
(9)
By the President of the
exchange
the act
defined by Section 13 of
1917 to the extent of their dealings on such
of Aug. 10
plants of a daily capacity of less than 75
business.
virtually all the
staple foods consumed by the American people would be
placed under the control of the Food| Administration begin¬
ning Nov. 1, President Wilson on Oct 10 issued a proclama¬
tion indicating that the food stuffs to be placed under Gov¬
ernmental supervision and setting forth the terms under
which the manufacture,
storage, importation
and dis¬
tribution of the foodstuffs will be controlled.
The list of
commodities designated by President Wilson includes all
important food grains and their flours, meats, fish, fresh
and canned vegetables, some fruits, poultry and eggs and
dairy products. The President's proclamation follows:
this
of the above commodities on any
any
board, of trade, or similar institution, as
Following the above announcement that
Whereas,
1473
CHRONICLE
THE
1917.]
you
well know, the Food
everything in its power, by
operation of the laws of supply and demand,
tion in foodstuffs of various kinds.
but also partially to specula¬
1474
THE
CHRONICLE
The option market in cottonseed oil on the New York Produce Exchange
is the only open
market in the United States for this commodity, and the
Food Administration is
keeping
close watch upon its operation, and
a very
has already conferred with representatives of the cottonseed oil industry
the desirability of closing
upon
market for futures.
our
excepting to add the proper jobbers' commission.
law
for at
to
material,,
an open mar¬
sales of manufactured products, and also permit consumers
or
hedge against future requirements, it has decided, for the present, to
take
no
action in this
direction; but while thus recognizing what might be
called legitimate speculation, it has expressed its firm determination to sup¬
hoarding of products
press
undue speculative activity, having for its
or
aim the enhancement of prices.
Under these circumstances,
Exchange to do all In its
ment, and we,
feel that it is the patriotic duty of this
we
further the views and ends of the Govern
power to
therefore, issue this appeal to all
our
Failure to heed this appeal, followed by any
speculative excesses
or ac¬
Administration
and the closing of our option market entirely.
patriotic desire
assist
to
secure your
the
Government,
well
as
hearty co-operation and
we
as
you,
both
enlightened
self-
shall be glad to receive
that you will respond to this appeal in the spirit In which
your assurance
orders
it is made.
was
contracted
a
greatly increased profit.
prescribe that all jobbers must register with the Federal
rule
methods
concerns
Administration wishes
of
accounting
by dealers,
to reduce to a uniform
monthly,
at the
owner
are
Uniform cost sheets
are
com¬
being
required to furnish reports
are
desired by the Fuel Administration at
by railroads for their
price under which it
own use may
was
when it has been consigned under a contract
before the presidential
be purchased from
consigned when confiscated, if
.this is not above the figure set by the President.
made
An¬
Fuel
the
State Fuel administrators.
or
Coal confiscated
the
time these
or at any
Washington
which
basis, in order to make
parisons of cost without injustice to anyone.
Exception must be made
that would stand in court*
order, in which case the railroad must pay
the higher figure if it wants the coal.
One of the most difficult problems the Fuel Administration has had to
solve is that of who should pay the cost of hauling coal from "wagon mines,"
which have
no
rail
connection, to the railroad.
have Started up lately,
they could
is
Thousands of these mines
because of the high price of coal, without which
not be operated at a
after the haul
'
if delivery
rush into the market, buy at the lower rate estab¬
holders and partners of jobbing concerns in mines producing coal.
other
.
We cannot help but feel that when this situation is put before
even
In short, jobbers who have made contracts to sell at
can not now
Trade Commission by October 2.5, stating the financial interest of all stock¬
members dealing in
tivities, will probably result in drastic action by the Food
interest, will
price above the one fixed by him,
earlier date.
lished, and sell above the maximum, thus making
The
AH contracts binding at
observed, but coal bought after the President's order cannot
prepared for distribution to dealers, who
cottonseed oil, either as brokers or dealers, to confine their operations to the
filling of orders from legitimate trade interests and to discourage all outside
or purely
speculative operations.
„
an
a
high rate
a
Recognizing, with much wisdom, however, the usefulness of
to be
are
be sold at
ket that would enable producers and refiners to hedge against purchases of
raw
[Vol. 105.
profit.
Loading cars from wagon mines
slow, which has meant the holding of cars longer than
advisable at loading points.
EXPORTS
BOARD
TO
PERMIT
Announcement
Board
on
ments
to
piling
the
9th inst.
northern
of such
up
a
a
raw
TO ALLIES.
the
stoppage of cotton ship¬
surplus of the staple in this country, that
permit for
an
indefinite period the
cotton to the Allies without licenses.
ex¬
Under
Where box
until Oct.
The Board
1.
there is ample cotton in
permitted to the Allies
was
explained
the 9th inst. that
on
the United States to supply the
nation's needs, including the increased quantity needed in
the army
navy,
and still have
United Kingdom,
the
to
ment
and
a
large surplus for ship¬
France, >Italy, Japan and
Russia.
used
are
general market by rail, thus saving the
ing and
loading.
The
loading
by wagon mines
Fuel
be done most quickly.
can
charge'of 75 cents per ton
a
Rrices is permitted, to
Administrator
also
cover
rules
the cost of haul¬
that
these
where
wagon mines make deliveries directly to consumer by wagon or truck,
the
haulage may be added to the President's prices.
An assignment of a contract for the sale of coal, when made after the
President's order applicable to the price of the coal covered by the con¬
tract, will be treated as an actual sale of coal.
•
cost of the
For the present cannel and
smithing coal may be sold at current market
prices, but the latter
Following
be used for smithing only.
may
the orders, which may be obtained by persons interested
are
upon application to the Fuel Administration.
modified
are
Orders,
The sections
new or
greatly
Nos. 8 to 20, inclusive.
rulings,
and
regulations relating to coal
prices and governing
the sale, shipment, and distribution of coal:
Promulgated by the United States Fuel
Administrator
on
behalf of the
President
under the authority of the act of Congress approved August
10 1917, entitled "An act to
provide further for the national security and
defense, by encouraging the production, conserving the supply, and con¬
trolling the distribution of food products and fuel," and an Executive
FUEL
ADMINISTRATION'S
COAL
.REGULATIONS—
COAL CONTRACTS LIMITED TO PRICE FIXED BY
PRESIDENT
Dr.
cars
in addition to the President's
previous ruling of the Exports Board'on Sept. 6 the exporta¬
tion of cotton without license
when it is sent to the
cars
open cars for the use of mines where the
by the Exports Administrative
that
The Fuel Administrator directs that the product of these mines be shipped
SHIP-
-
European neutrals had resulted in the
it had determined to
portation of
made
was
UNLICENSED
In box
MENTS OF COTTON
Harry A. Garfield, United States Fuel Administrator
on Oct. 7 issued a statement
giving the rules and regulations
concerning the sale of coal under jobbers' contracts, its
shipment under prices fixed at mines, and distribution plans
covering the control of profits.
The rules,
Garfield
Dr.
order of the President dated August 23
1917, appointing said Fuel
trator.
;
.
-1
;
Adminis¬
...
1.
The prices for coal fixed by the President as modified
by the orders of
the Fuel
Administrator shall apply to export and bunker coal.
2. Contracts relating to bituminous coal made before the President's
proclamation of August 21
1917, and contract^ relating to anthracite coal
made before the President's
proclamation of August 23
1917, shall not be
affected by these proclamations, provided the contracts are bona fide in
character and enforceable at law in the absence of further
express regulation.
3.
ance
If the claim is made that
any specific coal has been acquired in accord¬
with
a
bona fide contract enforceable at law, existing prior to the time
announced, include all regulations that have been issued to
of the order of the President
applicable thereto, the burden of proof is upon
date in relation to coal
the parties to the contract to establish these facts.
prices, sale, shipment, and distribu¬
tion, and place the Federal agencies involved in a strong
position to handle the situation and determine whether all
branches
meeting
are
the
conditions
imposed.
Jobbers
who contracted before
August to buy coal at or below the
price set in the President's orders of that date and Aug. 23
may not
sell at
to
excepting to add the
pay,
All contracts
a
price higher than what they have contracted
binding at law
proper
to be observed, but coa
are
bought after the President's order
above that fixed by him, even if
at
earlier date.
an
jobbers' commission.
cannot be sold at
delivery
was
This rule is to prevent the
have made contracts to sell at
a
a
price
contracted for
jobbers who
high rate rushing into the
market, buying at the low rate established by the Govern¬
ment, and selling above the maximum, thus making a greatly
increased profit.
The orders require that all jobbers must
register with the Federal Trade Commission by Oct. 25,
stating the financial interest of all stockholders and partners
of
jobbing
concerns
Fuel
concerns
in mines producing coal.
the methods of
Another rule
accounting by dealers, which the
Administration wishes
to
reduce
to
a
uniform
comparisons of cost without injustice to
anyone.
Coal confiscated by railroads for their own use
may be purchased from the owner at the price under which
it
was
consigned when confiscated, if this is not above the
set
by
when it has
the
President.
Exception
been consigned under
a
must
contract
be
made
that would
stand in court, made before the President's
case
the railroad must pay
order, in which
the higher figure if it wants the
coal.
The
The effect
or not
of the
President's orders
coal
on
the title had passed from the
operator to
rolling when the order
the consignee at the time
the
President's order became effective.
If the title had passed to the
consignee the price fixed by the President does not apply.
6. Operators who maintain their own sales
department, whether in their
own
name
dealer
or
must be
or
under
a
separate name, and dispose of coal directly to the
consumer, shall not charge any jobber's commission.
entirely independent of the operator, in fact
as
well
as
A jobber
in name, in
order to be entitled to charge a jobber's commission.
7. Free coal shipped from the mines
subsequent to the promulgation of
the President's order fixing the
price for such coal shall reach the dealer at
not more than the
scribed
price fixed by the President's order, plus only the pre¬
jobber's commission
(if the coal has
jobber) and transportation charges.
8.
been
purchased through a
'
A jobber who had already contracted to
buy coal at the time
President's order fixing the price of such coal, and who
already under
contract to sell
was
of the
at that time
the same, may fill his contract to sell at the
price named therein.
9. A jobber who, at the time of the President's order
fixing the price of
the coal in question at the
mine, had contracted to buy coal at or below the
President's price and at that time had
not sell the same at a
Commission
as
higher than
contract to sell such
coal, shall
determined.by the President's regulation of August 23 1917.
A jobber who,
of the coal in
no
price higher than the purchase price plus the jobber's
at the time of the President's order fixing the price
question,
was
under contract to deliver such coal at
a
a
price represented by the price fixed by the President
Fuel Administrator for such coal
plus a proper jobber's commission
termined by the President's regulation of
August 23
price
or
the
as
de¬
1917, shall not fill
such contract at
a price in excess of the President's
price, plus the proper
jobber's commission, with coal
purchased after the President's order be¬
came effective and not contracted for
prior thereto.
11. A jobber who, at the date of the President's order
fixing the price of
the coal in
question, held a contract for the purchase of coal without„hav-
ing already sold
such
coal, shall not sell such coal at
more
than the price
fixed by the President
or the Fuel Administrator for the sale of such coal
after the date of such
order, plus the jobber's commission as fixed by the
President's regulation of August 23 1917.
Fuel
Administration's
statement
read
in
full
as
follows:
Important rulings concerning jobbers' contracts, wagon-mine
coal, and
confiscation of coal by railroads have been issued
by Federal Fuel Adminis¬
trator Harry A. Garfield in a
compilation embodying all
out
5.
affecting such coal wa^ issued is to be decided by first ascertaining whether
10.
basis
in order to make
figure
4. Coal may be bought and sold
.at prices lower than those prescribed
by the orders of the President. «
regulations put
by the Fuel Administration to date in relation
to coal
prices, sale, ship¬
ment, and distribution.
Jobbers who at the time of the President's orders
fixing the price of coal at
the mine, August 21 and 23, had contracted
to buy coal at or below the
price set in those orders may not sell at
a
price higher than what they pay.
12. Every jobber of coal or coke in the
United States shall file with the
Federal Trade Commission,
Washington, D. C., on or before October 25
1917,
a statement
showing (1)
of the establishment of his
and partners of the
his name;
business;
(4)
jobbing concern;
(2) post-office address;
names
(3) date
of stockholders, members,
(5) financial interests of stockholders,
members, and partners of the jobbing concern in any mine producing coal.
Any jobbing concern which may be established after the issuance of this
regulation shall Immediately upon its organization file a similar statement
with the Federal Trade Commission.
13.
Whenever called upon to do
so
firms, and corporations dealing in
by the Fuel Administrator, all persons!
and
selling coal to
consumers at
retail.
OCT.
13
1917.]
THE
CHRONICLE
shall return to the Fuel Administrator at
Washington, D. G., or otherwise
as
directed, a sworn statement of facts showing of his, her, or its retail mar¬
gin, between the dates of January 1 1915, and December 31 1915, both
inclusive; and to furnish such other information as may be required; such
returns to be made
tor, when
so
consigned when confiscated, but at
higher price;
no
provided, however,
that if the price at which it was consigned is above the
price fixed by orders
of the President and of the Fuel Administrator it shall be billed at the
price
fixed, unless it is consigned in compliance with
enforceable at law, which
fixed.
a
bona fide contract
in existence when the price of such coal was
was
announcement
consumer from the mine, by wagon or
truck (whether from wagon mines or other mines) shall be sold at not more
than the prices fixed by the President and the Fuel
Administrator, plus the
actual cost of hauling.
16., Coal bought by a railroad for its own use as fuel from a wagon mine
hauling to such railroad, shall be sold at not more than the prices fixed by
,the President and the Fuel Administrator, plus the actual cost of hauling.
17. No charge for hauling may be made by an operator of a wagon mine,
paid by .the purchaser of the coal, on coal shipped by rail, except where
September 30 issued
on
covering further classifications of bitu¬
minous coal in certain
outfields, the prices announced by
Administrator Garfield ranging from $1 for lignite
coal in
the Northern field and El Paso District to $4.50 in the State
Washington.
Fuel Administration states that these
The
prices do not affect the prices heretofore fixed by the Presi¬
dent in the
1
15- Coal delivered direct to the
or
BITUMINOUS COAL.
The Federal Fuel Administration
an
requested.
14. Where coal has been confiscated by a railroad for its own use, it may
be sold to the railroad by the owner thereof at the
price at which it was
so
FUEL ADMINISTRATION'S CLASSIFICATIONS OF
blank form to be furnished by the Fuel Administra¬
on a
1475
in
principal bituminous fields; the latter appeared
issue of Aug. 25.
our
Below
give the announcement
we
just made by the Fuel Administration:
The
Fuel Administration
The Fuel Administrator
coal within several
authorizes
the
.A."
,
following:
further classifications of bituminous
announces
on
the lines heretofore laid down by the
President in fixing the prices of coal.
The conditions in the fields named
below
outlying fields,
exceptional, and do not affect the prices heretofore fixed by the
are
President in the principal bituminous fields.
If upon completion of the
such shipment is made in box cars, in which case an additional charge, not
investigations now being made of operators' costs in the fields affected, it
to exceed 75 cents per ton, may
is found that these changes are not
wagon-mine coal
on
board
In all other
be made.
cases
the price of
shall not exceed the price prescribed by the
cars
made at
justified, further modifications will be
These prices are effective beginning at 7 a.m., Oct.
once.
President and the Fuel Administrator for coal at the mine.
Run
Until further action of the Fuel Administrator, smithing coal, when
18.
used for
at the time of the sale.
ment is made after the President's order
applicable to the price of the coal
covered by the contract, shall be treated as a sale of coal and be subject to
all the orders and regulations of the President of the United States and the
Fuel Administrator relating thereto.
These orders, rulings,
>
.
and regulations supersede all orders and regula¬
tions of general application previously issued,,
Pierce and
excepting—•
_______
_____
in the State of Missouri
3 15
in the State of Iowa.
Thin vein
seams
at
Greenwood and
__
Oklmulgee and Tulsa Counties,
and fixing the prices of Pennsylvania anthracite
fied
far
so
as
coal, the
same
being modi¬
it relates to the price of anthracite pea coal by the order of the
Fuel Administrator dated October 1 1917.
at Lake Erie
(4)
distribution, and apportionment of coal reshipped by water
and
ports;
Oklahoma
(Signed)
the
State
,
________________
in the State
3 50
4 30
2 25
3 10
3 90
2 00
3 30
4 10
2 00
___—
coal mined
3 50
4 30
2 25
in the Walsen-
berg, Canon City, Routt, Garfield, Gunnison,
Mesa,
Montezuma,
Pitkin,
Delta,
'
Montrose and Rio Blanca districts, inthe'State
Colorado
coal
steam
mined
in
the
3 00
4 00
1 50
2 75
3 25
2 00
Trinidad
district, in the State of Colorado.-
'
Paso districts, in the State of Colorado....-;...
in
submarines and
combating German
crease
in
the
destruction
Treasury MeAdoo
War Risk
had
on
of
now
employed
thA resultant de¬
steamships, Secretary of the
Oct. 6 announced that the rate of the
Insurance Bureau of the Treasury Department
been
reduced
from
to
5%.
The Secretary's
2 40
40
of
Lignite coal mined in the northern field and EI
Owing to the effectiveness of the methods
2 90
of
____________________—
Bituminous domestic
Bituminous
FEDERAL WAR RISK INSURANCE RATES LOWERED.
340
Pittsburg and Latimer Counties, in the State of
of
GARFIELD,
A.
II.
United States Fuel Administrator.
_______
in
Coal County, in the State of Oklahoma.
Durango,-
Order of the Fuel Administrator dated October 1 1917, relating to
the maximum gross margins of retail coal dealers.
Counties,
Oklahoma
Oklahoma
(3) Order of the Fuel Administrator dated October 1 1917, relative to
the shipment,
2 90
'3
3 05
_____________
all such orders
■
$3 00
3 40
v
Denning, in the State of Ar-
—
Haskell
and
3 15
_
__
Hartford, Midland, Hackett,
Leflore
affecting such modifications.
$4 50
Appanoose, Wayne, Boone and Webster Counties,
The order of the President dated August 21 1917, fixing prices of
bituminous coal modified by sundry orders of the Fuel Administrator and
The order of the President dated August 23 1917, defining jobbers
-S3 25
_
Lafayette, Ray, Clay, Platte and Linn Counties,
kansas—__
(1)
(2)
Screen¬
Kings Counties, in the State of Wash¬
ington
An assignment of a contract for the sale of coal, where such assign¬
21.
or
Sizes.
ings.
sold at the market prices prevailing at the time of the sale.
20.
pared
Mine.
-
Until further action of the Fuel Administrator, cannel coal may be
19.
of
smithing purposes only, may be sold at the market prices prevailing
11917.
Slack
Pre-
2 45
3 50
1 00
Osage County, in the State of Kansas.
2 55
4 00
2 30
Big Seam district, in the State of Alabama._____
2 15
2 45
1 85
2 35
2 65
2 05
2 85
Pratt, Jaeger, Jefferson, Nickel Plate and Coal
City district, in the State of Alabama
Black
Cahaba,
Creek,
Brookwood
Blue
and
Creek districts, in the State of Alabama.
3 10
2 45
2 40
2 75
Montevallo district, in the State of Alabama.,2 40
4 00
2 05
2 15
State of
2 50
3 50
1 25
*2 95
...
170
Corona district, in the State
Wyoming
of Alabama.
______________
Brazil block field, in the State of Indiana.,.,
statement said:
block.
♦Brazil
The
Secretary of the Treasury to-day announced that the Bureau of
War Risk Insurance has reduced its rates on all American steamers and
fropa 6^% to 5%.
reduction is made because of the corresponding decrease in the risks.
cargoes traversing the war zone
This
The rates of the Federal War Risk Insurance Bureau
based
primarily
U-boats also enters largely into
The announcement of the 6th marked the
consideration.
war
risk insurance rates to
waters infested by submarines.
Heretofore the revis¬
first reduction in Government
any
ions in the War
upward.
Insurance Bureau rates have been
Risk
The first increase was announced March 21, be¬
fore the entrance of the United States into the war, and about
weeks after the
seven
restricted submarine
mately 50%,
of the
ships and
America's
inauguration by Germany of her un¬
This increase was approxi¬
warfare.
the
or on
average
the
proximately two-thirds,
nouncement
was
into effect to
or
war
more
than two weeks after
the rate was increased ap¬
generally from 3% to 5%.
bring American rates to
The
third
a
increase
announced July 27,
made,
the
brought rates
which
up
Treasury Department said,
heavy losses."
6H% rate-
,
WIGGIN
II.
CHOSEN
NEW
FUEL
YORK
ADMINISTRATOR.
H.
Albert
Wiggin, Chairman of the Board of the Chase
National Bank of New York has been
appointed Fuel Admin¬
istrator for the State of New York.
effect
Fuel Administrator, on Oct. 9.
duties
Fuel Administrator at
as
9th inst.,
States.
They
once.
Dr. Garfield, on the
are:
Barker, Bismark;
Grande;
United States
Mr. Wiggin will begin his
also appointed Fuel Administrators for six other
Minnesota—John
—Charles
Announcement to this
made by Dr. Harry A. Garfield,
was
H.
Ten
F.
McGee,
Minneapolis;
North
Dakota—I.
Louisiana—John G. O'Kelley, New Orleans;
Weeges,
Wilmington;
Oregon—^Fred J.
P.
Delaware
Holmes,
La
Mississippi—C. L. Townes, Minter City.
An¬
to 6J^%.
It was
"because the 5%
rate is not adequate for the risks undertaken through the
so-called war zone, as the Bureau has sustained a number of
was
following:
'
ALBERT
URGES LEGALIZATION OF FOREIGN SELLING
parity with those Of
and last
the
announces
market price.
made at the time that the increase was put
Governments.
other
from 2% to 3% of the value
Little
cargoes.
entry into
also
Cannel coal may be sold, until further order, at the prevailing
price.
The effectiveness of the
sinkings.
methods used in fighting the
Administrator
Smithing coal may be sold, until further order, at the prevailing market
are
the number of vessels traversing the war
on
and the number of
zone
Fuel
The
The reduction now announced is from this
__________
COMBINATIONS
In
the
THROUGH
WEBB BILL.
'
j ."
opinion of George E. Bartol, President of the
Philadelphia Bourse, Ex-Ambassador Gerard's exposition of
'the German cartel
system and his warning to the United
States that combinations
for foreign selling after the War
legalized and encouraged by the Government, ap¬
pearing in his "My Four Years in Germany" now being
published by the Philadelphia "Public Ledger," should be
must be
read and taken to heart by every Congressman and American
NORWAY
LOWERS
OWING
WAR
RISK
TO DECREASED
INSURANCE
RATES
U-BOAT DANGER.
Dispatches from Copenhagen on Oct. 9 stated that the
decreased, insurance on
in the North Sea has been reduced from
danger from submarines having
Norwegian cargoes
8% to 7%.
business men.
The Philadelphia Bourse has long urged the
of the»Webb bill as the only means by which Ameri¬
can neet foreign competition, and particularly German
passage
cans
competition, when peace is declared and international trade
competition are resumed- Discussing Hie question,
President Bartol on Sept. 12 said:
and
THE
1476
system of purchasing, manufacturing and selling and
business man of this
heart by every member of Congress and
taken to
They
country.
should be
products of American firms, miners and manufacturers is permission to
combine for selling abroad
*
*
the Webb bill should be passed.
*
for our trade in the world,
"After this war, if we expect to keep a place
we
have to revise
may
of
some
ideas as to the so-calied trusts and the
our
"The nations and business
a
selling."
may
call socialized buying and socialized
•
.
With¬
selling combinations which it would legalize, the smaller American
manufacturers will be at the mercy of their German competitors
after the
Similarly will they be placed at a decided disadvantage with English
than those of the
Germans,
products
in
are
nevertheless sufficient to successfully fight
England is now endeavoring to
markets.
world
reorganize and perfect her selling system and take a further step ahead
of
legalized and such combinations organized and equipped for business in
Is
No
commercial
our
It
knows when the war will end.
one
There is no legis¬
this country before Congress
momentous in its consequences to
more
then the Webb
realization of this and by its
Although
ably into
for
nearly
three
years
it was not until war
war,
ourselves drifting inevit¬
actually was declared that prepara¬
saw
we
tion for the raising of armies and the development
the
war
we
saw
manufacturers
American
of the navy were made.
losing out in German
combiriations.
competition because of the prohibition against export sales
During the last three
years we
ending June
year
have received additional testimony of the
her selling and purchasing systems,
and have had opportunity to organize
along the lines of
Yet Congress, at its last session, failed
competitors.
our
to enact the Webb
bill, despite the unanimous endorsement given it by the
urgently
Congress put this measure through, either at the
special session (Mr. Bartol's remarks were made before the ad¬
and
demanded
manufacturing
interests
of
the
It
country.
the
journment of the special session on Oct. 6) or at
the outset of the next
19,127,675 bushels.
Exports of cheese from American to the European neutrals attracted
European neutrals from
The average yearly imports by
this country before the war were
In the fiscal year 1917
1,909 pounds.
of American cheese. vVv.';'T
these countries took 168,978 pounds
but a yearly average of 3,063
In the fiscal year 1917 they took 13,453,492
pounds of condensed milk.
Butter exports from the United States to the neutral nations
pounds.
30 1916.
exported foodstuffs has gone to Ger¬
It is contended that much of this
Large quantities of it, at any rate, have been imported by neutrals
many.
known
as
great dairy producing countries.
Ships owned by the Dutch and other northern neutral interests, loaded
with wheat and cattle fodder, have been
to
the upkeep of cattle,
tugging at their anchors in New
add at least
a part
It is stated
now
that this
policy will be tenaciously adhered to.
It is understood that the
representatives of Holland—there is a special
commission here now—practically have abandoned any
REFUSES
FOOD
ACKNOWLEDGE
TO
EXPORT
AGREEMENT BETWEEN HOLLAND AND GERMANY.
Holland, it is said, is far overstocked with cattle, so far as its own needs
concerned, and the United States would much prefer to see the cattle
are
slaughtered and the meat sent into Germany than to aid in feeding them
to
provide fats to be exported under the agreement now in force.
refused to
recognize
Holland
between
equitable
as
and
an
agreement entered into
Germany fixing the
from The Netherlands
exports
Government has
the United States
that
percentage of'
should be sent to
which
v
1
Representatives of Holland say they cannot obtain coal from Germany
be idle
and will freeze unless the German terms are met; that factories will
and thousands out of work; that Holland cannot exist as a nation and
retain
neutrality qnless the American embargo is
be sent
lifted.. The latter point is an
because it is generally conceded that large quantities of fats
into Germany Under the present arrangements unless the
alienated from Germany that
ly would
which must come
So much of South America has been
principally from the United States.
little help can be expected from that quarter.
A disruption of the agreement between
Announcement
effort to obtain
wheat for human consumption.
cattle fodder, and are now seeking only
countries involved in such deals obtain heavy imports
S.
of their cargoes
but since July 15, when President Wilson's em¬
bargo proclamation went into effect, clearance has been refused to them.
cannot
U.
of
Europe jumped from 1,699 pounds a year before the war to 295,975 pounds
for the fiscal year ending June
important One,
regular session.
1917 the exports totaled
latter
bushels and in the fiscal year 1917,
further interest.
is
that
now
30
quantity the northern neutrals of
Europe took 28,826,000 bushels.
Holland before the war, on a three-year
average, took 12,722,654 bushels.
In 1915 that country took 31,5ql,992
Of
bushels.
35,724,104
handicap, have seen Germany strengthen further
need for eliminating this
present
fiscal
the
For
York harbor and other ports anxious to
early passage give the American manufacturer ample time to prepare.
business
during the period of the war have
the neutrals before the war averaged 13,4.69,820
Wheat exports to all
bushels.
bill, and it; is the hope of every far-sighted business man
that the National legislators will come to a
Before
concerning American exports to
Statistics obtained by the Government
the neutral nations of Europe before and
be in six months or in six
may
uncertainty demands immediate action.
years and this
lation
preparedness to be left until the so-called commer¬
begins, as was the case with the military and naval preparations?
war
possible up to this
as
of this Government has been sent abroad in large numbers for
Before the war the European neutrals took
here is whether selling combinations are to be
The paramount question
cial
survey
A further survey is contemplated,
could not contribute even indirectly.
and experts
America.
time.
of the neutral diplomats have
In this connection the United
a
fats were being exported into
Germany by neutrals in alarmingly large shipments, to which America
manufacturers, whose combinations, while less efficient and comprehensive
American
the western front,
time, and has come to the conclusion that
be passed, is a piece
legislation no less important than the measures
recently passed by Congress preparing the army and navy for war.
war.
as some
drop in the bucket."
made as careful
a
on
proved of the most intense interest.
The Webb bill, which Mr Gerard rightly says must
of commercial preparedness
out the
"but
entire army
Government has
States
of the world will have to face after, the
men
condition, which we
new
and that the quantities were not,
that purpose.
Sherman law.
war
the northern neutral nations to supply the
protested,
are:
only thing that can maintain a fair price after the war for the
"The
Germany by
It has been stated that enough fats were being shipped into
significantly in Mr. Gerard's chapter on the
Three sentences stand out
German
[Vol. 105.
CHRONICLE
Holland and Germany undoubted-*
cutting down of large exports to Great Britain, but that
mean a
nation, which has known of the dealings between Germany and European
neutrals
is
neutrals
must
prepared
seek
to
accept
different
a
that
basis
Holland
consequence.
of
reckoning with
other
and
Germany if the
American embargo is to be lifted to any serious extent, no matter
what the
Germany and her allies and to the nations at war with the
consequences may be.
Berlin
following is the translation of the agreement, con¬
"Times" dispatch, entered into between the
Landbouw Export Bureau, acting for Holland, and the
German commercial agency at The Hague, the Deutsche
Handelsstlelle in Haag.
The agreenient, it is said, was
concluded in the early Summer in 1916, along the lines of
the following terms:
y
from
Government,
The "Times"
the
contained in
was
a
special dispatch
Washington to the New York "Times"
dispatch also
gave a
on
Sept. 29.
translation of the text of
negotiations which formed the basis of the agreement
entered into between The Netherlands and
has
into the
come
officials.
It
be
can
dispatch, that
Holland,
nations
or,
of
many on
authoritatively stated,
says
the "Times"
American commodities, including foods,
no
cattle fodder and
Berlin, and which
possession of United States Government
dairy products, will be permitted to enter
for that matter,
Europe, while fats
any
of the Northern neutral
are
being shipped into Ger¬
The Washington officials, it is,
the present basis.
said, have taken the position that Holland cannot expect it
to aid in
which
feeding Dutch cattle producing
ultimately find their
way
many tons
to Germany.
an
It is said to
agreement with Germany in order to obtain
coal and other commodities from the
must
the
depend
upon
her
own resources
bargain with the
lation
many
German
to keep up her end of
Government.
trans¬
presented in the "Times" dispatch reveals that Ger¬
is in the direst need for fats to feed her armies and
give her by far the
greater proportion of certain essential exports.
these
The
demands
are:
At least
A few of
75% of the total exports of
butter; at least 66 2-3% of the total exports of export cheese;
at least
other
in
much pig meat and sausage as was
Belgium; at least the
as was
exported to
same
amount of live cattle
or
meats
exported to other countries; at least 75% of the total
be referred
"At
to
the
The
except for the
aid
armies as guns,
Germany, practically cut off from the
were
European neutrals might give,
as
was
vital to the maintenance of her
ammunition and high explosives.
E.
B.
represented by Messrs.
were
Dr.
and
are
based
Weule,
as
well
as
Behrens for
Dr.
-
the negotiations and include the
upon
details,
day, if the United States would provide fodder
Here is the account of the pro¬
ceedings:
.
"The subject of the negotiations is the
Dutch produce.
arrived
was
v
1.
at:
fixing of the export and delivery of
In general an agreement on the following principal lines
.
The following arrangement is purely preliminary and
made to provide
has only been
for the time during which the negotiations for a final
agreement will be carried on, which negotiations will commence
2.
The destination to which the articles
many
immediately.
provided for for export to Ger¬
in this agreement will be entirely in the hands of the D. H. H. which,
however, will, whenever compatible with the terms of existing regulations
meet all the wishes
3.
expressed by the L. E. B.
With reservation as
been decided:
to the general rule
under (4) the following has
-
"(a) Milk.—The L. E. B. undertake that Germany will receive at least
25 per cent, of the total export of milk from Holland since Nov.
In order to fix the total export the unit
been
decided
and
upon,
1 1916.
of one kilogram of fresh milk has
accordingly the
following equivalents, corres¬
One
ponding with the manufactured articles, will be taken into account:
kilogram of condensed milk equals three kilograms fresh milk; one kilo¬
milk
cream
powder equals nine kilograms fresh milk; one kilo¬
milk powder equals twelve kilograms fresh milk.
"The L. E. B. leave the effecting of
purchases within the limits of the
agreed share of the exports to the D. H. H. or their nominees, and
"As far
under¬
they will cause provision for licenses for such purchases to be
as
the D. H. H. or their nominees are not in a
position to effect
purchases, the L. E. B. undertake to deliver and secure the export, in which
example of
negotiating not only with Holland, but with other neutrals, for the kinds of
foods—principally fats—which
B.) and the commission known as the
and foodstuffs by lifting its embargo.
Germany, the special dispatch to
that the
Exports
'
otheif occupied territories."
in force at the present
are
made.
situation which existed while
world
E.
Landbouw
in the following state¬
arrangements which were reached and which, but perhaps for minor
take that
This compact has been generally accepted as an illuminating
the
H.)
following conclusions
Regarding the agreement entered
the New York "Times" said:
the L.
H.
Goldschmidt
Messrs.
Belgium and the
skimmed
into between Holland and
the
by Messrs. Dr. Ruge, Schlubach, Rabbowfuhn and Niepage, and also as
advisers
of full
and at least half
as
D.
negotiations the L.
gram
eggs,
by
on
Linthorst, Moman and Broeksma, whereas the D. H. H. were represented
gram
preserved chickens' and ducks'
to
the
as
and marmalade; at least 75% of the total exports of fresh
the total exports of flax.
carried
Deutsche Handelsstelle im Haag (which will in the following statement be
referred
export of vegetables; at least 75% of the total exports of fruit
and
#
as
countries, including exports for the relief of sufferers
negotiations
of
summary
ment
Central Powers, she
that she demanded that Holland should
'
A
Bureau of The Hague (the Dutch agency which will
of fats
be the view of the United States officials that while Holland
clings to such
The
tained in the
case
D.
arrangement wiU have to be made between
an
H.
H.
powder,
or
on
what
conditions and
in what
shape
the L. E. B. and the
(fresh,
condensed, in
otherwise manufactured) the delivery of the rest shall take place.
In case such
an
agreement is not arrived at the L. E. B. will regulate the
export of the remainder in the same proportion of the different
as
has been the
case
in the former period
of 1916
as
far
as
kinds of milk
this is possible
Oct.
13
and maintaining the quantities
when taking into account
"For the month of December, 1916, Germany's
will
by about 75,000 cases of condensed
taining forty-eight packages of a gross weight of
22.
The price for full cream
milk powder, including packing and license,
powder florins 107H
160, and for skimmed milk
shall not exceed florins
the usual ones and prices
will be inclusive of packing, license, cost of license and all other charges.
On demand of the D. H. H. licenses for existing contracts will be provided
first of all.
'
v'..,
"(b) Butter.—The L. E. B. undertake that Germany will receive at least
75% of the total exports of butter since the 1st November, 1916.
As far as
in the period from the 1st November till the 31st December, 1916, the
weekly exports to Germany have exceeded 250 tons, it is prepared to forego
part of its share up to a total quantity of 250 tons, made up out of such
quantities as shall have been exported over and above the weekly 250 tons,
on the presumption that this quantity will be for the purpose of redeeming
a deficiency in exports in another direction.
"The price of the finest Frisian dairy butter will be florins 300 per 100
kilograms during December, 1916, which price will include packing, export
Terms of delivery shall be
100 kilograms.
per
receive at least 75%
and further
"(h) Potatoes.—It is agreed that
Cheese.—The L. E. B. undertake
in the usual proportions to
D.
the different qualities, based on a
(weight
is
exported to other countries
agreed to;
•.-y
"The L.
E.
v
B. leave
"As far
as
at
of
same as
beef, poultry
case
"Exception.—As far
case
of milch
cows
at
shape
place.
and under¬
"4.
regulate the export in
the
quantities already bought.
take
.
take place in
provided for, exports will always
It is agreed that in case
of fertilizers, feeding stuffs, and other
compatible with the necessity of Dutch
home consumption.
The L. E. B. and D. H. H. will remain in constant
communication in order to promote their mutual interests in the exports.
"7. Exports to the Dutch colonies will not be reckoned, in the total
as
it is
raw
possible by the importation
materials, and as far as it is
exports under Clause
3.
"Germany undertakes to
export under this
provide its allies with part
agreement.
of the share of the
Exports for the account of
the Commission
to England.
clauses 3, (A,) (O,) (E,) (F,) (G,)
(I,) and (J,) the term total exports only comprises exports to belligerent
countries, their colonies, dependencies, occupied territories and their allies.
for the Relief of Belgium
"In fixing
will be considered as exports
the German share under
mentioned in this agree¬
neutral nations, but that the L.
E. B. has undertaken that this export will take place in comparison with
the export to Germany in about the same proportion as was the average
for the years 1914, 1915 and 1916, and that further, all neutral countries
will be treated on equal terms.
Good not reaching their destination but
arriving in any country other than their intended destination, or which
from their original destinations are exported to a country other than their
original destination, will be considered as exported to the latter.
"8. At the end of each license period, which in the case of butter and
eggs will not be longer than one month, and in the case of other articles to
be exported not longer than two months, the proportion of the exports
which have taken place will be fixed.
In case of deficiencies in the charges
of the exports of any country these will be made up within one month of
the end of such license period in which such deficiency occurred; or, to be
"The
D.
M. M. is aware that
ment, certain
of the articles
quantities are exported to
disposal of the country concerned. In
arrived at, an agreement will
be concluded after mutual discussion.
The L. E. B. will send all parties
with which it is in communication, statistical information at the conclusion
of each export license period, which information will always be handed to
warehoused for account, and at the
case
in this manner no
both parties
satisfactory result is
simultaneously.
undertake to furnish
"The L. E. B.
the limits of
arrived at. the L. E. B. will
the same proportion as has been the case up till now,
is possible when taking into account and maintaining
otherwise
Unless
the fixed export periods.
the Dutch parties make a division in the
export of foodstuffs, fodder, or other agricultural products not specifically
dealt with under Clause 2, the German shai]e will not be fixed lower com¬
pared to other countries than was the case from 1911 to 1913 on an average,
and in no case at less than 50% of the total export.
"6. The L. E. B. will do all in its power to promote production as far
"5.
and in the
the delivery of the rest shall
Germany will take place immediately
comprise at least half the total
agreed upon, and must
equal quantities spread over
cattle shall be in the case
slaughtered meat per head. In
In case such an arrangement is not
during 1916, as far as
the terms already
export of flax from
exact statement as to
the exports to the D. H. IJ. or
(fresh, dried, preserved, &c.)
with
with
form
Holland, in which case the proportion of clean flax to
half-scutched fibre will be the basis; the export of 10 kilograms of unscutched or half-scutched being equal to 3 kilograms of clean fibre.
their nominees, and under¬
take that they will cause provision for license for such purchase to be made.
As far as the D. H. H. or their nominees are not in a position to effect such
purchase, the L. E. B. undertake to deliver and secure the export, in which
case an arrangement will have to be made between the L. E. B. arid the
D. H. H. on what conditions and in what shape (live, slaughtered, preserved
&c.) the delivery of the rest shall take place.
In case such an arrangement
is not arrived at, the L. E. B. will regulate the export in the same proportion
as has been the case up till now, during 1916, as far as it is possible when
taking into account and maintaining the quantities already bought.
"The D. H. H., however, agree to the L. E. B. exporting 1,400 tons of
the above-mentioned kinds of animal: and meat between Nov. 1 1916 and
Dec. 31 1916, in order to make up a deficiency and to carry out an obli¬
gation to export in another direction, and further agrees that this part of
the export shall not be taken into consideration in calculating the quantities
to be exported to Germany according to paragraph 1 of this clause.
"(f) Vegetables.—The L. E- B. undertake that Germany shall receive at
least 75% of the total exports of vegetables from Holland.
The L. E. B.
reserve their right to arrange with the D. H. II. whether and how far the
remaining 25% shall be exported to other countries, and whether this 25%
shall be made up out of a larger percentage of one kind up to 60% of the
total of this kind (for example, onions).
The L. E. B. leave the effecting
of purchases within the limits of the agreed share of the exports to the
D. H. H. or their nominees, and undertake that they will cause provision
for export licenses for such purchases to be made.
As far as the D. H. II.
or their nominees are not in a position to effect purchases, the L. E. B.
undertake to deliver and secure the export in which case the L. E. B.
and the D. H. H. will make an agreement on what conditions and in what
the agreed share of
Flax.—The export of flax to
"(m)
on
of meat and other parts
of these purchases'within
German sugar or is
part of the German share.
The live weight of the
"The L. E., B. leave the effecting
Germany has exported
as
manufacture foodstuffs for Germany
same, the L. E. B. guarantee the export of such articles prepared
German sugar, in which case, however, such articles would, of course,
such purposes to be made.
in a position to effect
slaughter weight of at least 250 kilograms,
least a weight of 350 kilograms per head.
.
exporting to Holland in order to
undertake that from the 1st of No¬
live cattle (cows, calves,
least 100 kilograms of
of dry cows a
-
export from Holland of sugar or sugar beet
whatsoever unless a previous arrangement has been arrived at
with the D. H. H.
other countries (including exports to the Commis¬
Belgium), shall be exported to Germany in live cattle,
or game.
of young cattle at
the
XJp on Sugar.
Tied
is exported to
sion for the Relief in
'
agreed that there will be no export of peas,
preserved or otherwise manufactured, out of
previous arrangement with the D. H. H. has been ar¬
"(1) Sugar.—There will be no
the same total weight of
least
price plus 25%.
other pulse, raw,
Holland unless a
hundredweight of fresh pork or sausage.
1916
or
rived at.
and secure the export, in which
case an arrangement will have to be made between the L. E. B. and the
D. H, H. on what copditions and in what shape (fresh pork, sausages,
offal, &c.) the delivery of the rest shall take place.
In case such an ar¬
rangement is not arrived at, the L. E. B. will regulate the export of the re¬
mainder in the same proportion as the different kinds of pig meat as has
been the case up to now during 1916 as far as this is possible when taking
into acciount and maintaining the quantities already bought.
"For the purposes of calculation of the quantities promised to Germany
the export of four hundredweight of bacon will be considered equal to five
"(e) Cattle and Beef.—The L. E. B.
shall not
larger share of the
"(k) Peas and Beans.—It is
beans
purchases, the L. E. B. undertake to deliver
vember
marmalade for export to Germany
% of the weight of
a
maximum
the D. H. H. or their nominees are not
sheep, lamb, poultry and game), or in the shape
article to Germany
will have to represent
the marmalade, and shall therefore not be con¬
exports of potato products.
"(j) Eggs.—The L. E. B. undertake that at least 75% of the total ex¬
ports of fresh and preserved chickens' and ducks' eggs shall go to Germany.
Delivery will take place on terms at present customary to the egg trade; in
case an agreement is not arrived at on the subject of the price, same will
be that fixed by the Dutch Government for home consumptipn as a retail
sidered
price of florins
H. H. or their nominees,
arrangement for the export of this
In any case, the German share
proportion of glucose in
"The
exceed 3
offal, &c.), the following was
provision for licenses for
dextrine,
other countries than
half the total export.
'•
the effecting of purchases within the limits of the
take that they will cause
flour, pudding powder, sago,
export of potato products to
no
Germany as long as no
(including exports to the Commission for
As to the German share
agreed share of the exports to the D.
be
will
has been concluded.
at dispatch),
kinds (pork, bacon, sausage,
H.
Potato Products.—(Potato
"There
Relief in Belgium), shall be exported to Germany.
of the separate
agreement
an
glucose, &c.)
fatty substances;
Gouda 'cheese of 45%
H.
"(i)
of best full cream farmers'
whereas, the basis for further
quantities to be delivered and for the period up to Feb. 1 1917, would be a
price of florins 83 per fifty kilograms as above.
For purposes of calculation
it was agreed that the German share of the old stock was to be accepted
as 60%
of such stock existent on Nov. 1 1916, according to the above
statement, and would be paid for on the basis of florins 90.
"(d) Pig Meat and Sausage.—The L. E. B. undertake that from Nov. 1
1916 at least the same total weight of pork, bacon, sausages or offal as
90 per fifty kilograms
unless
Holland
in any form
that Germany will receive at least
two-thirds of the total export of all kinds of export cheese from the 1st
November, 1916.
The D. H. H., however, agree to the L. E. B. exporting
1,700 tons between the 1st November, 1916, and the 31st December, 1916,
and in January and February, 1917. 350 tons each month, in order to make
up a deficiency, and carry out an obligation to exported deficiencies.
The
L. E. B: retaining its share of two-thirds of these exported deficiencies.
The L. E. B. guarantee that all quantities of cheese which on the 1st
November, 1916, were ready for export in the possession of exporters and
producers shall immediately be exported after the signing of this agreement.
"The L. E. B. will supply a statement showing what stocks were in the
country on Nov. 1 1916.
Delivery will take place under the following
conditions:
It was agreed that Germany for such quantities as it would
receive out of the stock in the country on Nov. 1 1916, would pay a price,
"(c)
German sugar.
there will be no export of potatoes from
has been arrived at previously with the
goods manufactured with
license, and all charges to f. o. b. or f. o. r.
•
Marmalade.—The L. E. B. undertake that Germany will
of the total exports of fruit and marmalade (net weight),
guarantee that this share of the exports will compromise all
"(g) Fruit and
already bought.
share of 25 per cent,
milk (each case con¬
450 grams.)
"The price for fresh, unskimmed milk shall not exceed 14 cents for one
kilogram; the price for sweetened full cream condensed milk shall not exceed
florins 26 per case of forty-eight packages of 450 grams gross weight each,
which shall include sugar tin, packing, export license and other charges, as
long as the price of sugar does not exceed florins 85 per 100 kilograms, and
of tin (Alutoltin) does not exceed florins 85 per 100 sheets of 67-53 centi¬
meters, and both of these articles are obtainable.
The price for skimmed
condensed milk shall under the same conditions as above not exceed florins
be represented
1477
CHRONICLE
THE
1917.]
with an
in the exports to other
the D. H. H. at any time
deficiencies which may occur
countries.
share
B. of
such intention.
During the period to which this statement refers, Ger¬
many has no right to the making up of a deficiency in case of the share "or
part of same not taken by it has been exported to another country.
"10. This arrangement can be terminated by both the L. E. B*. and the
D. II. II. on Dec. 31 1916, or on the first day of any subsequent month.
It will only remain in force after such termination in affairs which has not
been concluded at the time of such termination.
At any. rate, it will
terminate when the final agreement comes into force.
Notice of termina¬
tion must be given to the other party ten days before the end of the month.
"11; This arrangement has been concluded assuming and under the
assurance that an agreement will be arrived at "with Germany regarding
the export of salt, coal, wood, and cement, and with regard to export of
wood from Austria in transit through Germany to Holland, and on the
undexstanding that the export of herd book cattle and foals were regulated
"9.
of
»
one
In case the D. II.
or more
only part or none of their
they will inform the L. E.
II. intend to take
articles of this agreement,
within three days.
"In connection
sion and further
and for its better
agreed upon:
with the above agreement
points as follows were
comprehen¬
emphatically recognize as being
only a preliminary one, will never prejudice the interests of either party in
concluding the final agreement.
It in no manner recognizes any negotia¬
tions which the L. E. B. may have carried on with other countries and does
not contain any particulars as to the position Germany may [take upon the
subject of export from tkolland to other countries.
It has been distinctly
noted that the L. E. B. has expressed its desire to include the possibility
of exporting foodstuffs to Belgium to the Commission for Relief of Belgium,
the more as this export is of the utmost importance to Germany itself,
seeing exports to Germany are thereby increased especially in cases where,
"1.
This agreement,
which both parties
according to the agreement,
total expnrta from
such exports to Germany are
dependentjon the
Holland, and in some cases on those to
other countries.
1478
THE
CHRONICLE
"2. Purchases which have been affected by N. V. Algemeene
Import and
Export, The Hague; the Ostereichische Zentral Einkaufagelellschaft A. G.,
and the Ungarische Kriegsprodukten
Aktiengesellschaft, are recognized by
the D. H. H, and will have to be provided with
export
withdrawal of same has been provided for in
licenses
as
far
he is
made by other persons and companies and whether
they will allow
form part of their share of the
exports,
as no
"3.
Considering the necessity of correctly estimating to what
export of agricultural produce to
same
It
the Secretary pointed out, that
Major General Bliss, the Chief of Staff, the
accordance with the agree¬
It will be left to the D. H. II. whether
they will recognize purchases
ment.
associated, marshals, field marshals and generals.
equally
was
[Vol. 105.
as
necessary,
directing head of
the army
in Washington, should rank all other officers
cept the expeditionary
to
ex¬
commander and that staff officers
generally should have rank corresponding to that of officers
The newly revived rank of General is to be held
extent the
in the field.
country has taken place, exports of
produce for manufacturing purposes will have to be taken into consideration.
"4. The L. E. B. recognizes that
Germany has certain rights to 1,000
a
by Pershing and Bliss for the duration1 of the
war.
tons of
oilcakes, for which by the export of a certain quantity of basic clag
the full value in exchange has taken
place.
Germany will, liowever, if
delivery of the first 500 tons is only effected before Jan. 31
1917, waive its
claim to the future 500 tons.
•
-
'
,
PHILADELPHIA
FOR
"5. All prices for the articles mentioned in this
agreement include costs
of licenses
and
other similar export taxes,
charges will be for the
"6.
so
The
that any increase in these
These statistics which the L. E. B. will have to
fOrnish, according
will show the actual exports to each country
to
"7.
in
condensed
On the occasion of the final
agreement for the division
of exports
sugar
sugar
factories), Iron and beet seed, will simultaneously be discussed
"Control
It has already been agreed that the
export of chalk and beet
seed will depend entirely upon the
satisfactory export of sugar to Germany."
affirmative
than those
in
votes
the
to
which
City.
cotton, in thirteen cities of the cotton-producing States
Washington, D. C., began yesterday (Oct. 12), and
Control"
concerns
the recommendations of the national cham¬
state
made
incorporation of inter¬
carriers, Federal control of the issues of railroad secur¬
Bourse is asking consideration of the
and
to
consider
a
of
mittee
printed
distributed
to warehousemen,
bankers, farmers and
throughout the South interested in the, warehousing
cotton, before the holding of hearings.
The Depart¬
ment is
hearings and the final hearing at Washington, and give the
knowledge.
After considering
the suggestions made at the
public hearings, the Secretary
RE
Gentlemen.—In
dum
as
follows:
-
Oct.
Columbia, S.'C
Birmingham, Ala
Houston,
Texas
.....Oct.
...
13
Austin, Texas
.—Oct.
Dallas, Texas.
—Oct.
23
Oct.
16
Oklahoma City, Okla.
Oct.
24
Oct.
17
Little Rock, Ark
....Oct.
26
-
Oct.'
18
Memphis, Tenn.
—Oct.
27
Oct.
19
Washington, D. C___.
—Oct.
31
and
action upon
as
not
only
the
raw
the above Referen¬
necessity of extending
materials and finished
well which enteres into the cost of
produc¬
War Convention of the
Chamber this organization
pre¬
following resolution:
prices on inany other articles and commodities, and
Whereas, The increase in the price of labor after the
fixing of the price
it enters would entail
;
•
.
;.V:V
loss to the producer
a
:
v
...
>;
Therefore Resolved, That the Federal Government
be urged to take into
immediate consideration the question of
fixing the price to be paid for
labor at the same time the price is fixed
upon the
commodity into which
such labor enters,
on Oct. 8
signed commissions as Generals
Major General Tasker H. Bliss, Chief of Staff of the
United States Army, and
Major General John J. Pershing,
The Resolutions Committee
reported as a substitute for
following, which
we
accepted, and
which
was
the above, th*
unanimously adopted by
the convention and became the action of the
Chamber:
RESOLUTION
Commander of the American forces in France.
The grade
of General in the United States
Army has been revived under
XIX—REVISION
OF
PRICES
Whereas, The Chamber of Commerce of the United States has
placed
itself on record in favor, of Government
fixing of prices on essential
products, and
V
,
a
rider attached to the
Administration soldiers'
and sailors' insurance and
compensation
In another column, was
signed
bill, which,
by the President
as
on
Whereas, Such fixed prices will of necessity be based
stated
the
a
the 6th
vary
the
also revived
soldiers' insurance bill, is to be
given
United States Army
corps in France.
so
to
,
of
That the Chamber
of
Commerce of the United States
such board or boards as have the responsibility of
fixing prices that they shall afford opportunity to industries affected
present changes in cost of production to the end that such fixed prices
may
by Congress in
commanders
from time to time,
Be It Resolved,
salary of $10,000 a year an increase of
of Major General.
The grade of
was
.v.:'
of America urge upon
pay
Lieutenant General which
cost of pro¬
Whereas, The cost of the various elements entering into such cost of
production, including raw materials, labor, transportation,
ctcv, may
inst.
grade carries
on
duction, and
Though both General Bliss and Pershing have equal"
rank, General Bliss takes precedence by virtue of his
position
as
directing head of the entire army organization. The
over
cover
of the commodity into which
President Wilson
$2,000
WAR.
Whereas, The Federal Government is establishing fixed prices with
respect to certain commodities and may find it desirable and
necessary
OF GENERAL
or
new
PRICES
to fix
MAJOR GENERALS PERSHING AND BLISS
ELEVATED
authority of
OF
WhereasThe cost of the labor which is
necessary in the production of any
commodity constitutes the larger portion of the cost of
production, and
of such commodity,
RANK
CONTROL
t
New Orleans. La
FULL
..
22—ON
your consideration
that it shall
so
At the recent
22
Jackson, Miss
TO
sugges¬
tion of such materials and products.
.
15
'
desire to call your earnest attention to
products, but the price of labor
20
Oct.
Atlanta, Ga
we
sented for consideration the
12
.Oct.
....
Savannah, Ga
.
NO.
DURING
price control
Raleigh, N. C
the
commerce,
specific
more
To the Organization Members of the Chamber of
Commerce
Of the U. S. A.:
of
scheduled
interstate
plan of the Philadelphia Joint Com¬
Regulation of Railroads and in the
.
REFERENDUM
as
Agriculture will promulgate the final rules and regulations
provided for by the U. S. Warehouse Act..
The public
hearings for consideration of the rules and regulations are
affect
that
Reasonable
on
follows:
desirous that all such persons shall attend the field
officials the benefit of their
by the Inter-State Commerce Commission
rates
so-called "Philadelphia Plan" of the Bourse.
The Bourse's
communication regarding the regulation of the
price of labor
others
of
intrastate
tions contained in the
tentative draft
was
be
regu¬
ber's Railroad Committee for Federal
to meet with officials of the Bureau of Markets
of the U. S.
The tentative draft
referendum
chamber at Atlantic
commerce
ities and regulation
Department of Agriculture,
sent
With regard to the railroad regulation referendum,
following the adjournment of a conference of bankers, ware¬
housemen, underwriters and other interested parties called
of rules and regulations.
In letters
late the prices of labor as well as those of raw materials and
finished products, and it makes public the resolutions on
this subject introduced by its delegates at the recent war
and in
was
outlined.
"Price
convention of the national
Announcement of this
During
accompanied by the suggestion that the Government
PUBLIC HEARINGS ON WAREHOUSE RULES.
31.
Prices
inst,. to each of the national trade body's con¬
bodies, the Bourse in particular urges that all
Public hearings to consider rules and
regulations to govern
the administration of the U. S. Warehouse Act as it relates
Oct.
of
the 3d
stituent
and settled.
will extend to
CHAMBER
"Federal Railroad
on
.
and
fic recommendations
on
from Holland to Germany being
concluded, the export of cement and chalk
(for
S.
the War"
respectively, to vote favorably on the recommendations
made in each and to incorporate in their ballots more
speci¬
quality, amount and weight, and they
form (for example, glucose in
marmalade,
milk, &c.,) have been taken into consideration.
U.
"PRICE FIXING".
Philadelphia Bourse has asked the member-organiza¬
Regulation"
at the same time will show what
quantities of component parts in manu¬
factured
ON
considering Referenda 21 and 22
now
to the terms of this
agreement,
as
ASKS
VOTE
tions of the Chamber of Commerce of the United
States,
account of sellers.
separately and will be divided
BOURSE
FA VORABLE
:
be revised when necessary, in order that the
proper relation
such cost of production and such fixed prices
We therefore venture to suggest that, in
Referendum, in addition
recommendations,
you
to
may
between
be maintained.
sending in
your
ballot in this
casting your votes in favor of the Committee's
supplement
the
same
by
a
suggestion
that
the
By elevating Major General's Pershing and Bliss to the
grade of full General these two
military men will hold a
authority to control prices should extend to the labor entering into the cost
of producing such materials or products the
price of which has been fixed by
rank in the
when and
held
man
military service of
the United States heretofore
by but four other soldiers, Washington,
Grant, Sher¬
and Sheridan.
Since General Sheridan died in
1888, the
rank of General has been extinct.
Secretary of War Baker
In recommending to
Congress the revivification of the rank
of General for Major General
Pershing declared that the new
grade
essential, because General Pershing is to command
a great
army of many corps, entitling him to the
highest
military title, and in order to obviate embarrassment
resulting
from the high rank of the Allied
Commanders with whom
was
said
authority,
as
or
by
a
suggestion that such fixed prices shall be revised
order that proper relation between the cost of
necessary in
production (including
raw
materials, labor, transportation, etc.) and such
fixed prices may be maintained, as covered
by the above Resolution.
We would also call to your attention the action taken
by the
Chamber
in
its War Convention in the unanimous
adoption of Resolutions No. 2 on
"Government Purchases, Price Control and Priority of
Shipments" (See
War Bulletin No. 21, Sept 24 1917) which
places the Chamber on record
as
favoring much that is covered by the Referendum, feeling
sure
that
you
will endorse the action of the Convention
by casting your votes in favor
of the recommendations of the
Committee, with the supplement suggested
above.
Very truly yours,
PHILADELPHIA
BOURSE,
Emil P. Albrecht,
Secretary.^
Oct. 13
THE
1917.]
1479
CHRONICLE
with cotton or lumber or other
Gulf port to load
BILL PERMITTING FOREIGN VESSELS TO ENGAGE IN
on
Oct. 6 signed the
Administration bill
proposing to admit foreign vessels to our coastwise trade as
a war
war
The bill provides that during the present
emergency.
period of 120 days thereafter,
may, if in its judgment
of the United States require, suspend the pres-
with Germany
and for
the interests
a
Shipping Board
the United States
domestic navigation laws
end
and permit foreign-built
or
of the war, the President and the
progress
The bill
between Alaskan ports.
or
Oct. 5 in
on
House
on
it became
President
That
no
days thereafter the United States Shipping Board
twenty
of the United States require, suspend
of this
That in issuing permits
for the
holding
Committee
on
Sept. 25.
In his report
its urgent passage,
1.
:
A/
Vessels of foreign registry to engage
*
United States.
to
v
legislation is
navigation laws a foreign ship may enter a port in Maine,
for example, and proceed all the way down the coast untL she reaches
Galveston, or continue her voyage on through the Panama Canal, and on
our
the Pacific Coast to
Seattle, and discharge foreign cargo at each port,
she may take on cargo for a foreign port or
and so on her return voyage
thing she may not do, that is, take on cargo at American
ports to be discharged at other American ports.
This style of voyage is of frequent , if not daily occurrence, and should not
be permitted to continue under existing circumstances.
It involves tre¬
mendous waste in the matter of transportation facilities by water.
It would seem highly desirable that vessels, whether domestic or foreign
of
our
.
commerce coastwise.
Atlantic
is no reason why a
product from any
order of
ally of enemy insurance copa-
enemy or
during the
section of the bill is that which vests in
disloyal and seditious news¬
Government control over
and other publications. This section requires trans¬
English of all news items, editorials or other printed
papers
lation into
respecting the Government of the United States or of
matter
nation engaged with it in the present war.
These
translations, the bill provides, must be filed in the form of
affidavits with the Postmaster where the publication is
any
published. A false translation will subject the offender to
prosecution for perjury. Penalties of a $10,000 fine or ten
years in prison, or both, are prescribed for violations of the
provisions of the bill.
The bill in the form in which it became a law, follows:
Be it
,
enacted by the Senate and House of
States of America in Congress assembled,
the "Trading with .the Enemy Act."
What
That the word
Sec. 2.
for the purposes
''Enemy"Means.
"ehernyas used herein, shall be deeemd to mean,
of such trading and of this Act—*
Any individual,
(a)
Representatives of the United
That this Act shall be known as
partnership, or other body of individuals, of any
within the territory (including that occupied by the
forces) of Any nation with which the United States is at
war, or resident outside the United States and doing business within such
territory and any corporation incorporated within such territory of any
nation with which the United States is at war or incorporated within any
nationality, resident
military and naval
other
country
than the United States and doing business
within such
territory.
of any nation with which the United States is at
political or municipal subdivision thereof, or any officer,
thereof.
The Government
.(b)
any
or
war,
official, agent, or agency
Such other individuals, or body or class of individuals, as may be
subjects of any nation with which the United States is
natives, citizens, or
other than citizens of
at war,
ever
the United States, wherever resident or wher¬
the President, if he shall find the safety of the United
successful prosecution of the war shall so require, may, by
doing business, as
States or the
proclamation, include within the term
"enemy."
Meaning of words "Ally of Enemy."
The words
(a)
"ally of enemy," as used herein, shall be deemed to mean—
Any individual,
partnership, or other body of individuals, of any
(including that occupied by the
nationality, resident within the territory
which
naval forces) of any nation which is an ally of a nation with
the United States is at war, or resident outside the United States and
doing
business within such territory, and any corporation incorporated
military and
within
such
territory of such
ally nation, or
incorporated within any
(
foreign vessel coming into a port on the
seaboard and discharging her cargo there, should go empty to a
Hence, there
of all
Another important
the
ports, but one
proceeding from port to port receiving and discharging cargo for foreign
account, should utilize available cargo space to meet the pressing demands
become necessary, to proclaim an
The bill provides for the prohibition, by
*
(c)
carry cargo.
The bill also vests in the President power, whenever
judgment it may
panies from doing business in the United States
war except upon license from the Executive.
•
proposed without reference to the soundness or un¬
followed of reserving our coastwise trade
the extension of our coastwise
Islands is wise or unwise.
This is a war measure, and is limited to the period of the war and a rea¬
sonable time thereafter, and the powers vested in the Shipping Board are
so hedged about and limited that there need be no occasion for fear on the
part of the interests that have enjoyed the monopoly of our coastwise trade
in the past that they will suffer.
They, in commpn with all other patri¬
otic American citizens, must view the problem from the standpoint of pub¬
lic interest and not from the standpoint of private gain.
The necessity for this legislation is twofold: first, to make good the con¬
siderable shrinkage in our coastwise tonnage; and second, and of greater
importance in the present emergency, to make sure that ail the shipping
owned or controlled by ourselves and our Allies shall be made available to
meet every need of our ocean-borne commerce, and of our army and navy
during the period of the war.
'«
It is of the utmost importance to provide, as far as possible, that our
ships shall carry cargo on every mile and on every leg of their voyage.
Ships should not go in bailast from port to port wherever it is possible to
foreign country.
any
the President,
policy heretofore
Rico and the Hawaiian
This provision is designed
from reaching Germany or
by relay through Latin-American or other neutral
country.
American-built vessels; or whether or not
^ Under
■ -
•.
embargo against the importation of any
without foundation.
laws to Porto
up
allies
in his
The coastwise trade
This
for
in
countries.
corporations thereof.
soundness of the
•
prevent military information
her
with Alaska and between Alaskan ports is ex¬
cepted from the provisions of the Act.
This is one of the many measures framed to meet the emergencies created
by the war with Germany and our participation in that war.
Its enact¬
ment at an early date is absolutely necessary to supply the needs of our
domestic commerce growing out of the diversion of a large part of our coast¬
wise tonnage to the overseas trade.
The demands of our army and navy for transports, colliers, supply and
munition ships to meet present and futuer requirements are so imperative
that it is and wiil continue to be necessary to utilize all of our available
ocean tonnage suitable for that purpose with the result that our coastwise,
trade will suffer great inconvenience and loss unless we utilize all of the
available tonnage, whether domestic or foreign, to meet our requirements.
There is no purpose in the proposed legislation to break down our coast¬
wise laws or depart from a policy that has been consistently followed from
the foundation of the Government, and all fears expressed to that effect
are
-A
Foreign-built vessels
States or
(c)
Custodian to be held until the end of
the war../'
persons
.. V.v,/. V ;
V
in the coastwise trade of the
admitted to American registry under the Act
of Aug. 18 1914, to engage in the coa stwise trade of the United States.
3. That no sudh vessels shall engage in our coastwise trade except upon
the following limitations and conditions:
(а) Upon permits issued by the United States Shipping Board limiting
and defining the scope of the trade and the time of such employment. .
(б) In issuing permits the Shipping Board shall give preference to vessels
of foreign registry owned, leased or chartered by citizens of the United
2.
direct, the property shall be turned over
censorship, under regulations
of the President, of mail, cable, radio or other means of
communication between persons in the United States and
Shipping Board power
relating to the coastwise trade during the
war with Germany, and for a period of 120 days thereafter, and per¬
present
so
to-the Alien Property
The bill also provides for a
said in part:
suspend our navigation laws
mit:.. '
All persons
property belonging to an
money or
required to make a full report to the property
days after the passage of the bill, and
if the President
on
Marine Com¬
of the bill and the need for
the bill gives the United States
It will be noted that
controlling
or
custodian within thirty
Chairman Alexander of the Merchant
mittee, in explaining the purposes
of the Act, or
general direction of the President.
are
enemy
unanimously reported to the House by its
Merchant Marine
all money and
due or belonging to an enemy
and to hold, administer and account
in accordance with the terms
same
under the
Alaskan ports.
to
ally of the enemy,
or an
the Board shall give preference to vessels
owned, leased, or chartered by citizens of the United
or corporations thereof: Avid provided further. That the provisions
Act shall not apply to the coastwise trade with Alaska or between
the bill,
ally of any
property in the United States
United States Shipping Board, which permit shall limit or
scope of the trade and the time of such employment: Provided,
The bill was
The bill pro¬
law.
Custodian, who shall be empowered to receive
of foreign registry
States,
a
appointment by the President of an Alien Property
fo* the
in the coastwise trade of the United States: Provided,
such vessel shall engage in the coastwise trade except upon a permit
engage
define the
it became
United States or its allies are at
war, except under license of the President, and provides for
Governmental seizure of the property of enemy aliens, and
issued by the
further.
signed by the
of the
We give further below the text
Oct. 6.
country with which the
&c.: That during the present war and for a period of one
provisions of law and permit vessels of foreign registry and
foreign built vessels admitted to American registry under the Act of Aug. 18
to
on
the form in which
bill in
the present
1914,
adopted by the Senate on
hibits business intercourse with any country or
if in its judgment the interests
may,
was
Sept. 24 and by the House on Sept. 25, was
form in which it passed the
law:
a
and
same
which
conference report on
The following is the text of the bill as
Sept. 28.
'Be it enacted,>
hundred
exactly the
"Trading with the Enemy" bill, the
The Administration's
passed by the Senate
was
PROHIBITING ENEMY TRADING.
TEXT OF LAW
thereby allowing the withdrawal of our coastwise ships for
the transatlantic trade.
Foreign vessels, however would
in the coastwise trade with Alaska,
Secretary of Commerce and the
of this bill before Congress
Shipping Board approve and urge the passage
adjourns.
foreign-registered ships to engage in pur coastwise trade
not be allowed to engage
and
Then, too, there is no reason why a
COASTWISE TRADE SIGNED BY PRESIDENT.
President Wilson
commodity for export,
the Atlantic to the Guif port.
' ,
vessel coming into a Gulf or Pacific
port from a Central or South American port.should go empty from the Gulf
port to a port or ports on the Atlantic seaboard to load with cargo for some
foreign port, instead of carrying cargo of sugar, lumber, grain or cotton from
a Gulf port or Pacific port to Baltimore, Philadelphia, New York or Boston.
Alaska is excluded from the provisions of the bill for the reason that there
seems to be no shortage of tonnage in that trade at this time.
In view of the existing emergency, which will increase in gravity with the
should not carry cargo from
country
other than the
territory.
Uhited States and doing business within such
THE
1480
(b) The Government of any nation which is an ally of a nation with which
the United State® is at war, or any political or municipal subdivision of
such ally nation, or any
officer, official, agent,
Such other individuals, or body
(c)
or
days'fnotice
thirty
such
class of individuals, as may be
in writing upon the President of its election to abrogate
contract.
For
thereof.
or agency
[Vol. 105.
CHRONICLE
period of thirty days after the passage of this Act and further
a
pending the entry of such order by the President , after application made by
ally of enemy insurance or reinsurance company, within such
natives., citizens, or subjects of any nation which is an ally of a nation with
any enemy or
which the United States is at war, other than citizens of the United States,
thirty days as above provided, the provisions of the President's proclam¬
wherever resident or wherever doing business, as the President, if he shall
ation of April 6
find the safety of the United States or the successful prosecution of the war
shall
require, may, by proclamation, include within the term "ally of
so
enemy."
''person,"
as
used herein, shall be deemed to
tidual, partnership, association, company,
of individuals,
indi-
mean an
other unincorporated body-
or
corporation or body politic.
or
The wbrds "United States," as used herein, shall be deemed to mean all
land and water, continental or insular, in any way
within the jurisdiction
of the United States or
naval forces thereof.
occupied by the military
or
midnight ending the day
declare
war
the existence of
or
which Congress has declared or shall
on
state of
a
war.
The words ''end of the war," as used herein, shall be deemed to mean the
date of
proclamation of exchange of ratifications of the, treaty of peace,
unless the President shall, by proclamation, declare a prior date, in which
case
the date
within
proclaimed shall be deemed to be the "end of the war"
so
the meaning of this
The words "bank
Act.
banks,"
or
•
and include national banks. State banks, trust
companies,
other banks or
or
banking associations doing business under the laws of the United States, or
of any
State of the United States.
Pay, satisfy, compromise,
faction
any
debt
obligation.
or
pay,
negotiable instrument
present for acceptance or payment, or indorse
chose in action.
or
Enter into/carry on, complete, or perform any contract, agreement,
(c)
or
of any
Draw, accept,
(b)
insurance or reinsurance company, anything in this Act to the con¬
insurance or reinsurance company, to whom license is granted, to
Buy or sell, loan, or extend credit, trade in, deal with,, exchange,
of such company
benefit
To have any form of business or commercial communication or inter¬
with.
•-'s.!
,
ally of
or
For
any person
in the United States, except with the license of the
President, granted to such person, or to the enemy, or ally of enemy, as
provided in this Act, to trade,
or attempt
to trade, either directly
or
indi¬
benefit of any other person with knowledge or reasonable cause to believe
that such other person is an enemy or ally of enemy, or
taking part in such trade, directly
indirectly for, or
or
on
is conducting or
account of, or on
period of thirty days after the passage of this Act, and further
a
pending the entry of such order by the President, after application made
For any person, except with the license of the President, to transport
attempt to transport into or from the United States, or for any owner,
(b)
master, or other person in charge of a vessel
of American registry to trans¬
port or attempt to transport from any place to any other place, any subject
or
citizen of
is such
ally of enemy, other than an
shall be lawful for
within such thirty days by any enemy or
insurance or reinsurance company as above provided, it
such enemy or ally
of
enemy to
for any person to trade
continue to do business in this country and
with, to, from, for, on account of, on behalf of, or
ally of enemy, anything in this Act to the
for the benefit of such enemy or
Provided,
notwithstanding:
That
however,
of
provisions
the
Sections 3 and 16 hereof shall apply to any act or attempted act of trans¬
mission
to the
transfer of money or other property out of the United States
or
and
attempted use of such money or property as the basis for the
use or
establishment of any credit within or outside of the United States to, or
for the benefit of, or on
behalf of,
or on
account of, an enemy or ally of
Act,
if
or
applied for within thirty days after the passage of this
license is
no
license shall be refused to any enemy or ally of enemy, whether
a
reinsurance company, or
if any license
an
enemy or
ally of
subject
citizen.
or
nation, with knowledge or reasonable,
enemy
believe that the person
transported or attempted to be transported'
person,
making application, or
apply to all trade or to any attempt
from, for, by,
on
account of, or on behalf of, or for the
Provided, however, That after
other person:
standing, it shall be lawful for
not an enemy or
in
surance
company,
insurance
claim,
on or
ally of
policy-holder
a
with such enemy or
or
to receive payment of,
or
or
ally of enemy insurance or reinsurance
and for such enemy or ally of enemy
reinsurance company to pay any
premium, return premium,
security, or other property due or which may become due
money,
in respect to such insurance or reinsurance in force at
or
notwith¬
for an insurance company,
holding insurance or having effected rein¬
enemy,
revocation
of license;
the date of such
and nothing in this Act shall
vitiate or
nullify then existing policies or contracts of insurance or reinsurance, or the
conditions thereof; and any such policy-holder or insurance
an
"enemy
or
ally of
having any claim to or upon
enemy,
company,
money or
not
other
property of the enemy or ally of enemy insurance or reinsurance company
in the custody or control of the alien property
custodian, hereinafter pro¬
vided for, or of the Treasurer of the United States, may make
application
for the payment thereof and may institute suit as provided in
■
■
other
granted shall be revoked by the President, the provisions of
Sections 3 and 16 hereof shall forthwith
refusal
behalf of, or for the benefit of, an enemy or ally of enemy.
cause to
outside of the
such refusal or revocation, anything in this Act to the contrary
rectly with, to, or from, or for, or on account of, or on behalf of, or for the
or
held for the
enemy.
to trade with, to,
Enema Trading Prohibited.
For
or
such funds as the basis for the
any
benefit of, or oh behalf of, or on account of, an
United States, to or for the
enemy
benefit of, such company or
(a)
use
v
That it shall be unlawful—
3.
Sec.
6r to
establishment directly or indirectly of any credit within or
nsurance or
property.
course
belonging to
transmit out of the United States any funds
If
transmit, transfer, assign, or otherwise dispose of, or receive any form of
(e)
It shall be unlawful for any enemy or ally of
notwithstanding.
trary
enemy.
obligation.
(d)
provided, apply to any enemy or ally of
order of the President as herein
enemy
contrary
give security for the payment or satis¬
or
of said proclamation of April 6
modified by said proclamation of July 13 1917, shall also during
as
period of thirty days after the passage of this Act, and pending the
/,
The words "to trade," as used herein, shall be deemed to mean—
(a)
by the provisions of the President's
modified
as
t
used herein, shall be deemed to mean
as
1917,
said
enemy
The words "the beginning of the war," as used herein, shall be deemed
to mean
1917, relative to agencies in the United States of certain
companies,
Insurance companies, and the conditions
Definitions of Various Words Used in Act.
The word
insurance
proclamation of July 13 1917, relative to marine and war-risk insurance,
shall remain in full force and effect so far as it applies to such' German
Section 9
hereof.
(c) For any person (other than
States Government
or
persons as may be exempted hereunder by the
as
he may direct) to send, or take out of, or
or take out
President
bring into,
or
or
or
classes of
by such person
to attempt to send
and it shall be unlawful for any person to send, take, or transmit, or attempt
take,
transmit out of the United States, any letter or other
or
writing, book, map, plan, or other paper, picture,.or any telegram, cable¬
gram, or
to be
delivered, directly
or
indirectly, to
an enemy or
ally of
the, President,
to such officer as the President may direct,
or
obtain the license
of the President
or consent
tions, and with such exemptions,
under such rules and regula¬
,
shall be prescribed by the President,
as
Censorship of Mail, Cable, Radio
or
(d)
war,
Whenever, during the present
and shall
as
he
may
the President shall deem that the
from time to time establish, communications by mail,
Cable, radio, or other means of transmission passing between the United
States and any foreign country he may from time to time specify, or which
may be carried
any port,
any
by any vessel
place,
or
or
other
means
of transportation
touching
territory of the United States and bound to
or
at
from
foreign country.
Any
person
who willfully evades
attempts to evade the submission of
or
censorship
or
willfully uses
or attempts
to
use any code or other device for the
purpose of concealing from such cen¬
sorship the intended meaning of such communication shall be punished as
provided in Section sixteen of this Act.
Rules Governing Conduct of Enemy or Ally of Enemy Insurance Comjpanies.
Sec.
4.
(a)
Every enemy
or
company, and every enemy or
United
States
through
an
ally of
ally of
agency
or
enemy
or
reinsurance
doing business within the
enemy,
branch
insurance
office,
or
otherwise,
appli¬
cation, the President may enter
an
order either granting or refusing to
grant such license.
The license, if granted, may be temporary or other¬
wise, and for such period of time, and may contain such provisions and
conditions regulating the business, agencies,
managers and trustees and the
control and disposition of the funds of the
conpany, or of such enemy or
ally of enemy,
the President shall deem necessary for the safety of the
United States; and any license granted hereunder may be revoked or reas
granted or renewed in such
determine:
manner and at such times as the President shall
Provided, however, That reasonable notice of his intent
fuse to grant a license or to revoke
a
to re¬
license granted to any reinsurance
company shall be given by him to all insurance companies incorporated
within the
with
such
United( States and known to the President
reinsurance
company:
Provided, further,
to be doing business
That
no
such
company
ally of enemy insurance
may
or
abrogate and cancel*
reinsurance company,, but any
any
such contract
a
member at the beginning of
other than that by
the beginning
under license from the President.
public safety
all
or
public interest requires, the President may prohibit any or
foreign insurance companies from doing business in the United States, or
the President may license such company or companies to do business upon
such terms
he may
as
President May
Sec.
5.
deem proper.
Suspend
or
Limit Provision Regarding Ally of Enemy.
That the President, if he shall find it compatible with the
(a)
safety of the United States and with the successful prosecution of the war,
may,
by proclamation, suspend the provisions of this Act so far as they
apply to
an
time
time; and the
to
ally of
and he
enemy,
may
revoke
or renew
President may grant
provisions and conditions
persons to do
and to
business
perform
as
such suspension from
licenses, special or general,
he shall prescribe, to any person or class of
provided in subsection (a) of Section 4 hereof,
as
made unlawful without such license in Section 3
any act
hereof,
and
Section
10 hereof; and he may revoke or renew isuch
to
file
and
prosecute
by serving
under subsection
applications
(b)
be
of
licenses from time to
time, if he shall be of opinion that such grant or revocation or renewal
shall
compatible with the safety of the United States and with the successful
war;
inconsistent with law,
and he may make such rules and regulations, not
as
may
be necessary and proper to carry out the
provisions of this Act; and the President may exercise any power or author¬
ity conferred by this Act through s.uch officer or officers as he shall direct.
If the President shall have reasonable cause to believe that any act
about to be performed in violation
to order the postponement
is
of Section 3 hereof he shall have authority
of the performance of such act for a period not
exceeding ninety days, pending investigation of the facts by him.
President May Regulate Exportation of Gold and Silver and Investigate Foreign
Exchange
(b)
such rules, and
otherwise,
gold
Transactions.
That the President may investigate, regulate,
or
any
or
prohibit, under
regulations as he may prescribe, by means of licenses or
transactions in foreign exchange, export or ear-markings
silver coin
or
of
bullion or currency, transfers of credit in any form
wholly
States), and transfers of evidences of indebtedness or of
(other than credits relating solely to transactions to be executed
within the United
the
between the United
ownership of property
States and any foreign
residents
country, whether enemy, ally of enemy or otherwise, or between
of one or more
foreign countries, by any person within the United States;
and he may require any
furnish under oath,
such person engaged in any such transaction to
complete information relative thereto, including the
production of any books of account, contracts, letters or other papers, in
connection therewith in the
or
custody or control of such person, either before
after such transaction is
completed.
insurance
company, organized within theUnited States, shall be obligated to continue
any existing contract, entered into prior to the beginning of the war, with
any enemy or
member or was
Whenever, during the present war, in the opinion of the President the
may,
within thirty days after the passage of this Act,
apply to the President for a
license to continue to do business; and, within thirty days after such
»
of the war, except
prosecution of the
any such communication to such
a
any purpose assume or use any name
temporary or otherwise, and for such period of time and containing such
Other Means of Communication.
public safety demands it, he may cause to be censored under such rules and
regulations
for
which such enemy or partnership was ordinarily known at
Pro¬
enemy:
Allies of Enemies Forbidden to Change Name.
That, during the present war, no enemy, or ally of enemy, and no
the war, shall
wireless message, or other form of communication intended for or
vided, howeper, That any person may send, take, or transmit out of the
United States anything herein forbidden if he shall first submit the same to
or
partnership of which he is
of, or bring into the United States, any letter or other writing or
tangible form of communication, except in the regular course of the mail;
to send,
(b)
in the service of the United
person
a
of the Government of any nation, except that of an
ally of enemy nation, and other than such persons
enemy or
Enemies
Transmission of Communications.
Prohibition On
'
j
'
Appointment of Alien Property Custodian,
Sec. 6.
That the President is authorized to appoint, prescribe the duties
of, and fix the salary (not to exceed $5,000 per annum) of an official to be
known
as
the Alien Property Custodian,
who shall be empowered to receive
Oct.
13
THE
1917.]
all money and property in
ally of
which
an enemy,
may
be paid, conveyed, transferred,
.
Civil
Civil Service Law:
Commission and in accordance with the
Service
detailed report to be
the first day of January of each year of all proceedings
had under this Act during the year preceding.
Such report shall contain a
list of all persons appointed or employed, with the salary or compensation
paid to each, and a statement of the different kinds of property taken into
Provided, further,
That the President shall cause a
made to Congress on
the disposition made thereof.
custody and
Law
the United States due or belonging to an enemy,
assigned, or
delivered to said custodian under the provisions of this Act; and to hold,
administer, and account for the same under the general direction of the
President and as provided in this Act.
The Alien Property Custodian
shall give such bond or bonds, and in such form and amount, and with such
security as the President shall prescribe.
The President may further
employ in the District of Columbia and elsewhere and fix the compensation
of such clerks, attorneys, investigators, accountants, and other employees
as he may find necessary for the due administration of the provisions of this
Act;
Provided, That such clerks, investigators, accountants and other
employees shall be appointed from lists of eligibles to be supplied by the
or
Sec.
7.
That
(a)
every
corporation
Officers, etc.
suit
an
action at law or in
or
enemy or
incorporated within the United
beneficial interests, shall, under
such rules and regulations as the
prescribe and, within sixty days after the passage
may
such other times thereafter as the President may
ector,
stockholder known to be, or whom the
or
association,
subject
or
or
United
stock
or
States is at war, or resident
of any nation with
within the territory, or a
the United States, of any ally or any
the United States is at war, together with the amount of
citizen residing outside of
nation with which
,
or
citizen residing outside of the United States,
the
subject
officer, dir¬
representative of such
trustee has reasonable cause to
ally of enemy resident within the territory, or a
company,
believe to be an enemy or
which
of this Act, and at
require, transmit to the
Custodian a full list, duly sworn to, of every
Alien Property
corporation,
President
shares owned by each
such officer, director, or
stockholder, or in
which he has any interest.
The President may also require a similar list to be
transmitted of all
stock or shares owned on February 3 1917, by any person now defined as an
enemy or ally of enemy, or in which any such person had any interest; and
he may also require a list to be transmitted of all cases in which said cor¬
poration, association, company, or trustee has reasonable cause to believe
that the stock or shares on Feb. 3 1917, were owned or are owned by such
enemy or ally of enemy, though standing on the books in the name of
another:
Provided, however, That the name of any such officer, director,
or stockholder shall be stricken permanently or temporarily from such list
by the Alien Property Custodian
such
enemy
Report
or
on
ally of enemy,
when he shall be satisfied that
a
he is not
..
Properly Held in Behalf of Enemy or
Ally of Enemy.
the United States who holds or has or shall hold or have
custody or control of any property, beneficial or otherwise, alone or jointly
with others, of, for, or on behalf of, an enemy or ally of enemy, or of any
Any person in
whom he may have
person
reasonable cause to believe to be an enemy or
in the United States who is or shall be in¬
ally of enemy and any person
debted in any way to an enemy or
ally of enemy, or to any person
whom he
be an enemy or ally of enemy,
shall, with such exceptions and under such rules and regulations as the
President shall prescribe, and within thirty days after the passage of this
Act, or within thirty days after such property shall come within his custody
or control, or after such debt shall become due, report the fact to the Alien
Property Custodian by written statement under oath, containing such
particulars as said Custodian shall require.
The President may also
require a similar report of all property so held, of, for, or on behalf of, and
of all debts so owed to, any person now defined as an enemy or ally of
have reasonable cause to believe to
may
enemy,
stricken
on
Feb, 3 1917:
from
Provided, That the name of any person shall be
by the Alien Property Custodian, either
the said report
temporarily or permanently, when
not
an
enemy
or
suit
action
or
to be
Construed as
Validating Past Acts.
shall render valid or legal, or be
transaction constituting
trade with, to, from, for, or on account of, or on behalf or for the benefit of,
an enemy performed or engaged in since the beginning of the war and prior
to the passage of this Act, or any such act or transaction hereafter per¬
formed or engaged in except as authorized hereunder, which would other¬
wise have been or be void, illegal, or invalid at law.
No conveyance,
transfer, delivery, payment, or loan of money or other property, in viola¬
tion of Section 3 hereof, made after the passage of this Act, and not under
license as herein provided shall confer or create any right or remedy in
respect thereof; and no person shall by virtue of any assignment, indorse¬
ment, or delivery to him of any debt, bill, note, or other obligation or chose
in action by, from, or on or behalf of, or on account, or for the benefit of, an
enemy or ally of enemy have any right or remedy against the debtor,
obligor, or other person liable to pay, fulfill, or perform the same unless
said assignment, indorsement, or delivery was made prior to the beginning
of the war or shall be made under license as herein provided, or unless, if
made after the beginning of the war and prior to the date of passage of the
Act, the person to whom the same was made shall prove lack of knowledge
and of reasonable cause to believe on his part that the same was made by,
from, or on behalf of, or on account of, or for the benefit of, an enemy or
ally of enemy; and any person who knowingly pays, discharges, or satisfies
any such debt, note, bill, or other obligation or chose in action shall, on
conviction thereof, be deemed to violate Section 3 hereof:
Provided,
That nothing in this Act contained shall prevert the carrying out, com¬
pletion, or performance of any contract, agreement, or obligation originally
made with or entered into by an enemy cr ally of enemy where, prior to
the beginning of the war and not in contemplation thereof, the interest of
such enemy or ally of enemy devolved by assignment or otherwise upon a
person not an enemy or ally of enemy, and no enemy or ally of enemy will
be benefited by such carrying out, completion, or performance otherwise
than by release from obligation thereunder.
(b)
Nothing in this Act contained
construed to recognize as
valid or legal, any act or
Prior Payments of Money to
Nothing in this Act shall
Persons in United Slates
Permitted.
be deemed to prevent payment
of money be¬
of enemy to a person within the United
ally of enemy, for the benefit of such person or of
any other person within the
United States, not an eney or ally of enemy,
if the funds so paid shall have been received prior to the beginning of the
longing
or
owing to an enemy or ally
States, not an enemy or
war
and such payments
arise out of transactions
entered into prior to the
and not in contemplation thereof:
payment shall not be made without the license of
general or special, as provided in this Act.\
beginning of the war,
uch
so
far
Provided, That
the President,
of the war, except as
as
Act
may
such
transacted
such license
prosecute and maintain any
the same arises solely out of
the business
under such license and so long as
within the United States
provided
ally of enemy
Provided, however, That an enemy or
licensed to do business under this
And provided further, That an enemy or
remains in full force and effect:
counsel any suit in equity or action at law
him.
Receipt of notice from the President to the effect that he has reasonable
ground to believe that any person is an enemy or ally of enemy shall be
prima facie defense to any one receiving the same, in any suit or action at
law or in equity brought or maintained, or to any right or set-off or're¬
coupment asserted by, such person and based on failure to complete or
perform since the beginning of the war any contract or other obligation.
In any prosecution under Section 16 hereof, proof of receipt of notice from
the President to the effect that he has reasonable cause to believe that any
ally of enemy may defend by
which
may
be brought against
shall be prima facie evidence that the
reasonable cause to believe such other
ally of enemy within the meaning of Section 3
is an enemy or ally of enemy
receiving such notice has
person to
be an enemy or
*
hereof.
Surrender
Custodian.
of Properly to Alien Properly
other property owing
of, or for the
license granted by the
President hereunder, which the President after investigation shall deter¬
mine is so owing or so belongs or is so held, shall be conveyed, transferred,
assigned, delivered or paid over to the Alien. Property Custodian.
(d) If not required to pay, convey, transfer, assign, or deliver under the
provisions of subsection (c) hereof, any person not an enemy or ally of
enemy who owes to, or holds for, or on account of, or on behalf of, or for
the benefit of an enemy or of an ally of enemy not holding a license granted
by the President hereunder, any money or other property, or to whom any
obligation or form of liability to such enemy or ally of enemy is presented
for payment, may, at his option, with the consent of the President, pay,
convey, transfer, assign, or deliver to the Alien Property Custodian said
money or other property under such rules and regulations as the President
If the President shall so require, any money or
(c)
belonging to or held for, by, on
or
benefit of, an enemy or
account of, or on behalf
ally of enemy not holding a
shall prescribe.
court for or in respect to any¬
order, rule, or regulation made
under the authority of this Act.
No person shall be held liable in any
(e)
thing done or omitted in pursuance of any
by the President
Delivery to Properly
Custodian to that Extent a Discharge
of Obligation.
of money or
Custodian hereunder shall be a full
acquittance and discharge for all purposes of the obligation of the person
making the same to the extent of same. -The Alien Property Custodian
ahd such other persons as the President may appoint shall have power to
execute, acknowledge, and deliver any such instrument or instruments as
may be necessary or proper to evidence upon the record or otherwise such
acquittance and discharge and shall, in case of payments to the Alien
Property Custodian of any debt or obligation owed to an enemy or ally of
enemy, deliver up any notes, bonds, or other evidences of indebtedness or
obligation, or any security therefor in which such enemy or ally of enemy
had any right or interest that may have come into the possession of the
Alien Property Custodian, with like effect,as if he or they, respectively,
were duly appointed by the enemy or ally of enemy,
creditor, or obligee.
The President shall issue to every person so appointed a certificate of the
appointment and authority of such person, and such certificate shall be
received in evidence in all courts -within the United States.
Whenever any
such certificate of authority shall be offered to any registrar, clerk, or other
recording officer, Federal or otherwise, within the United States, such
officer shall record the same in like manner as a power of attorney , and such
record or a duly certified copy thereof shall be received in evidence in all
courts of the United States or bther courts within the United States.
Any payment, conveyance,
transfer, assignment, or delivery
property made to the Alien Property
is
required
additional period not exceeding ninety days.
extend the time for filing the lists or reports
by this section for an
Not
he shall be satisfied that such person
ally of enemy.
The President may
Enemies.
ally of enemy prior to the end
in Section 10 hereof:
person
States, and every unincorporated association, or company, or trustee, or
trustees within the United States, issuing shares or certificates representing
Suits by
deemed to authorize the prosecution of any
equity in any court within the United States by
Nothing in this Act shall be
person
List Required of Enemy Stockholders, Directors,
,
.
1481
CHRONICLE
Mortgage Holders.
ally of enemy holding a
right in the nature of security in
property of an enemy or ally of enemy which, by law or by the terms of the
instrument creating such mortgage, pledge, or lien, or right, may be dis¬
posed of on notice or presentation or demand, and any person not an enemy
or ally of enemy who is a party to any lawful contract with an enemy or ally
of enemy, the terms of which provide for a termination thereof upon notice
or for acceleration of maturity on presentation or demand, may continue to
hold said property, and, after default, may dispose of the property in
Sec.
8.
(a)
That any person not an enemy or
lawful mortgage,
pledge, or lien, or other
accordance with law or may
or
terminate or mature
such contract by notice
presentation or demand served or made on the Alien Property Custodian
and the terms of such instrument or contract and
in accordance with the law
shall prescribe; and such
shall have, in all respects, the'
same force and effect as if duly served or made upon the enemy or ally of
enemy personally:
Provided» That no such rule or regulation shall require
that notice or presentation or demand shall be served or mac^e in any case
in which, bylaw or by the terms of said instrument or contract', no notice,
presentation, or demand was, prior to the passage of this Act, required; and
that in case where, by law or by the terms of such instrument or contract,
notice is required, no longer period of notice shall be required:
Provided
further, That if, 'on any such disposition of property, a surplus shall remain
after the satisfaction of the mortgage, pledge, lien, or other right in the
nature of security, notice of that fact shall be given to the President pur¬
under such rules and
notice and such
regulations as the President,
presentation and demand
.
suant to such
rules and regulations as
shall be held subject to
he may prescribe,
his further order.
Termination of Enemy
v
and such surplus
■
Contracts.
entered into prior to the beginning of the war
between any citizen of the United States or any corporation organized
within the United States, and an enemy or ally of an enemy, the terms of
which provide for the delivery, during or after any war in which a present
enemy or ally of enemy nation has been or is now engaged, of anything
(b)
That any contract
produced, mined, or manufactured in the United Stages, may be abrogated
by such citizen or corporation by serving thirty days' notice in writing upon
the Alien Property Custodian of his or its election to abrogate such contract.
Discontinuance of Statute
of Limitations with Reference to
Properly in Enemy
Country.
(c)
The running of any statute
rerence
to the
of limitations shall be suspended wi th
rights or remedies on any contract
or
pbligation entered
the war between parties neither of whom is an
enemy or ally of enemy, and containing any promise to pay or liability for
payment which is evidenced by drafts or other commercial paper drawn
against or secured by funds or other property situated in an enemy or ally
of enemy country, and no suit shall be maintained on any such contract or
obligation in any court within the United States until after the end of^the
into
prior to the beginning of
CHRONICLE
THE
1482
herein contained shall be construed to prevent the
label
suspension of the running
would
order of the court, as provided in subdivision (f) of this
upon
section, or upon the direction of the Alien Property Custodian.
under existing law.
Claims Against Enemy Property Held by
-
Unless surrendered or terminated as provided in this Act, any license
(e)
Custodian.
granted hereunder shall continue during the term fixed in the license or in
That any person, not an enemy, or ally of enemy, claiming any
Sec. 9.
copyright registration as hereinafter provided, to be paid from the
or
Treasury
of the statute of limitations in all other cases where such suspension
occur
fund
as a trust
for the said licensee and for the owner of the said patent, trademark, print,
Provided, however. That nothing
satisfaction of such contract or obligation:
the United States
Custodian forthwith in the Treasury of
until the said funds or property shall be released for the payment or
war, or
[Vol.105
the absence of
any
such limitation during the term of the patent, trade¬
Interest, right, or title in any money or other property which may have
mark, print, label, or copyright registration under which it is granted.
been
Upon violation by the licensee of any of the provisions of this Act, or of
the conditions of the license, the President may, after due notice and hear¬
conveyed,
transferred,
assigned,
delivered,
paid
or
to
Alien
the
Property Custodian hereunder, and held by him or by the Treasurer of the
United States, or to whom any debt may be owing from an enemy, or ally
of enemy, whose property or any part
transferred, assigned, delivered,
or
hereunder, and held by him
or
by the Treasurer of the United States, may
file with the said custodian
a
notice of his claim under oath and in such
form and containing such
and the President, if
particulars
Enemy Owner of Patent May Sue Licensee for Accounting.
which
application is made therefor by the claimant, may,
all
persons
licensee in the district court
claiming any
equity against the
of the United States for the district in which
the said licensee resides, or, if a corporation, in
which it has its principal
made
held by the Alien Property Custodian or by the Treasurer
of the United
of the
States cr of the interest therein to which the President shall
determine said
matter:
Provided, That no such order by the President shall
party), for recovery from the said licensee for all use and enjoyment
a
said
label-, or copyrighted
That whenever suit is brought, as above,
patented invention, trademark, print,
Provided,
however,
notice shall be filed with the Alien Property Custodian
within thirty days
bar any person from the prosecution of any suit at law or in equity against
after date of entry of suit:
the claimant to establish any right, title or interest which he may
any
and ail defences which would be available were no license
The
court
such money or other property,
filed the notice
if the claimant shall have
or
above required and shall have made no
as
have in
If the President shall not so order within
sixty days after the filing of such application,
the President, said claimant may,
at any time before
application to
suit the Alien Property
as
the
mayjbe,
case
right, title,
debt
or
Custodian
shall be made
so
or
the Treasurer of the United
and if, after payment of all such
States
order of the Alien Property
claimed, and if suit shall, be so instituted then the
such interest,
right,
cur
title is asserted,
or
in the custody of the Alien Property Custodian, or
United States, as provided in this Act,
Custodian.
and until any final judgment or
f endant
States
by the Alien Property Custodian
or
on
or
If suit is
herein provided,
as
the
transferred, assigned, delivered,
shall
money
conveyed,
property
garnishment, trustee
This section shall not apply, however
Sec.
10.
process,
and with such royalties as it
equity against
States
an
make un¬
the United States owned
with arid
or
enemy, may
application for letters patent,
print, label,
or
ally of
copyright, and
or
enemy,
who is unable during war,
to pay any official fee, or to take any action required
Withholding of Patents Detrimental to Public Safety or Defense
(i)
(b)
Any citizen
within the United
to an enemy or
of the
States,
United
may,
patents and
or
or
ally of enemy any tax, annuity,
trademarks,
corporation
any
prints,
or
ally of
labels,
or
enemy
and
an
and
any
or may
disclosed in the
such.
tion of said
country of an enemy, or of an ally of enemy after first submitting such
or
application to the President and receiving license
the commissioner
imum amount of which in each,
file and prosecute,
case
shall be subject to the control of the
Any citizen of the United States
or any
if he
copyrighted matter owned
or
or
applicant whose patent .is withheld as herein provided and who
or
design,
Sec.
exclusive
as
in
welfare, and that
the machine, manufacture, composition of matter,
or to carry on, or cause to be carried on,
or
copyrighted matter.
necessary to the health of the
the
on
present
Imports
war
the President shall
may
article
any
articles
or
except as such time or times,
find
mentioned
in
such pro¬
and under such regulations or
as
the President shall,
prescribe, until otherwise ordered by the President or by Congress:
or
vided, however, That
the process or to use the
The President
proclamation
orders, and subject to such limitations and exceptions
over
no
Pro¬
preference shall be given to the ports of one State
those of another.
pre¬
scribe the conditions of this license' including the fixing of prices of articles
products
such
clamation
the applicant is able apd intends in good faith to manufacture, or cause to
trademark, print, label
during
shall be unlawful to import into the United States from any country named
a
he shall deem best, provided he
shall be of the opinion that such grant Is for the
public
be manufactured,
Whenever
11.
begin from the date
the Government.
Presidential Prohibition
or to carry, on, or
license; and the President is hereby authorized to grant
or
shall,
patent, have the right to sue for compensation
a
state of war may apply to
a
license, non-exclusive
ultimately receives
that the public safety so requires and shall make proclamation thereof it
time during the existence of
and
approval of
license of the President.
controlled by an enemy or ally
the President for
design,
a
of the use of the invention by
be carried On, a process under any patent or to use any trademark,
of enemy at
any
a
under
in the Court of Claims, such right to compensation to
corporation organized within
machine, manufacture, composition of matter,
such
or
y
the United States desiring to manufacture, or cause to be manufactured, a
print, label
an
his invention to the Government of the United States for its use, be
Use of Enemy Patent by United States Citizen Subject to Presidential License.
cause to
other country, by the inventor
faithfully obeys the order of the President above referred to shaU tender
President.
(c)
any
his assigns or legal representatives, without the consent or
When
max¬
by the Commissioner of Patents that, in viola¬
or
patent therefor has been filed in
a
and withhold
Providedj That the invention
order, said invention has been published or that an application
for
law and customary agents' fees, the
endanger the successful prosecution
application for said patent may be held abandoned upon it
being established before
patent or for registration of trademark, print, label, or copyright In the
and to pay the fees required by
or
the grant.of a patent until the end of the war:
re¬
application for letters
so to
assist the enemy
of the war, he may order that the Invention be kept secret
nation in relation to
copyrights;
corporation may file and prosecute
in the opinion of the President, be detrimental to the public safety
defense,
or
pay
fee which may be
Whenever the publication of an invention by the granting of a patent
may,
organized
when duly authorized by the President,
quired by the laws of such enemy
citizen
States,
Enemy Patents.
on
within the United States, in so far as they
be requisite to.'the performance of acts authorized in subsections (a)
corporation shall extend substantially
4ake Payments
any person
(g) of this section shall be valid.
similar privileges to citizens and corporations of the United States.
Citizens of United States 'May
civil
Validity of Powers of Attorney
and
or
by any
after thirty days' notice to the Alien Property Custodian, such
ally of enemy to
or
may
citizen, subject,
if
final judgment or
no
in favor of such enemy or ally of enemy
AH powers of attorney heretofore or hereafter granted by an enemy
(h)
by law within the
beyond the expiration of said period, provided the nation of which the said
a
Provided, That
in
of Federal courts.
process
period prescribed by law, may be granted an extension of nine months
applicant is
at war:
not
was
within six months thereafter,
or
licensee under this Act to enjoin
Any such enemy,
of conditions arising out of war, to file any such application, or
on account
a
controlled by said enemy or ally of enemy,
notice shall be in writing and shall be served in the same manner as
required by the provisions of existing law and fees for attorneys
as
agents for filing and prosecuting such applications.
ally of
court except
fees therefor in accordance
or
to the extent that he would be entitled so to do
and
manner
decree shall'be entered
for registration of trademark,
or
same
'United States
the
file and prosecute in the United
may pay any
other than
any person
infringement of letters patent, trademark, print, label,, and copyrights in
the
or
shall find to be just and reasonable.
Any enemy, or ally of enemy, may institute and prosecute suits in
(g)
to money paid to the Allen Prop¬
10 hereof.
Right of Enemy to Apply for Letters Patent.
enemy,
the court, in case the licensee,
or
license for such period and upon such terms
or
lawful any of the following Acts:
(a) An
make
Enemy May Sue to Prevent Infringement of Letters Patent
That nothing contained in this Act shall be held to
\
above required, or upon
above provided, the court may, at any time, termin¬
as
of the license, may continue the
execution, or subject to any order or decree of any court.
erty Custodian under Section
brought
licensee.from infringement thereafter,
paid to the Alien Property Custodian
or
be liable to lien, attachment,
not
as
prior to suit, shall haye made investment of capital based on possession
other
or
Upon entry of suit and notice filed
ate the license, and may, in such event, issue an injunction to restrain the
entered
against the claimant, cr suit otherwise terminated.
Except
and all funds
order of the Alien Property
repayment of funds as above provided, the liability of the licensee to
Treasurer of the United
order of the court, or until final judgment or decree shall be
on
further reports to the President shall cease.
by the de-
delivery
notice is filed as above required, then
deposited by him shall be repaid to hira
in the Treasury of the
cr
If no suit is brought within one
Custodian.
war, or no
the licensee shall not be liable to make any further deposits,
decree which shall be entered in favor of the claimant shall be fully satisfied
by payment or conveyance, transfer, assignment,
after the end of the
year
against whom
debt claimed, shall be retained
judgments and decrees, there shall remain
such balance shall be repaid to the licensee on
any balance of said deposit,
other property of the enemy or ally of enemy,
money or
decree; and the said payment shall be-in full
partial satisfaction of said judgment and decree, as the fact may appear
or
party'defendant), to establish the interest,
a
of
deposited by the licensee, so far as such deposit
will satisfy said judgment and
resides,
The amount of said judgment
shall be paid on order of the court to the owner
.
the patent from the fund
corporation, where it has its principal place of business (to which
granted.
proceedings had may adjudge and decree to the said
due
and decree, when final
the expiration of
courf, of the United States for the district in which such claimant
on
Provided further, That the licensee may make
payment of a reasonable royalty.
owner
six months after the end of the war, institute a suit in equity in the district
or, if a
shall be
place of business (to which suit the Treasurer of the United States
assignment or delivery to said claimant of the money or other property so
claimant is entitled:
after the end of the war, and
license is granted hereunder may,
a
until the expiration of one year thereafter, file a bill in
interest therein, order the payment, conveyance, transfer,
or
copyright under
The owner of any patent, trademark, print, label, or
(f)
the said custodian shall require;
as
with the assent of the owner of said property and of
right, title,
ing, cancel any license granted by him.
thereof shall have been conveyed,
paid to the Alien Property Custodian
,
Enemy Funds Held by Custodian May be Reinvested in U.-S. Bonds, etc•
Bee. 12.
military and naval forces of the
That all moneys (including checks and
drafts payable
on
demand)
United States and the successful prosecution of the war and the rules and
paid to
regulations under which such license may be granted and the fee which shall
be charged therefor, not
exceeding $100, and not exceeding one per centum,
shall be deposited forthwith in the Treasury of the United States, and may
or
other money award
on account of
received by the Alien Property Custodian pursuant to this Act
be invested
of
the fund deposited as hereinafter
provided.
Such license shall be a
complete defense to any suit at law or in equity instituted by the enemy or
ally of enemy owners of the letters patent, trademark, print, label or copy¬
right, or otherwise, against the license- for infringement or for damages,
royalty,
or
States bonds
and
or
reinvested
by the Secretary of the Treasury in United
United States certificates of indebtedness, under such rules
and regulations as the
President shaU prescribe for such deposit, invest¬
ment, and sale of securities;
President
anything done by the licensee
shall
deem
and
practicable,
as soon
after the end of the
such securities shall
war
be sold
as
and
the
the
proceeds deposited in the Treasury.
under such license, except as provided in subsection
<f) hereof.
(d) The licensee shall file with the President
of the use and
a
Banks
full statement of the extent
and Trust
Companies May
enjoyment of the license, and of the prices received in such
,
form and. at such stated periods (at least
annually) as the President may
prescribe; and the licensee shall pay at such times
as
may
or
trademark, print, label
or
depositaries, of property of
order, five
of the value of the
per centum
use
shall
so
of such inventions, trade¬
copyrighted matter to the licensee as established by
the President; and sums so paid shall be
deposited by said Allan Property
or
Depositaries for Money Held by
paid to the Alien Property Custodian hereunder
vided;
marks, prints, labels
as
Custodian.
All other property of an enemy, or ally of enemy, conveyed, transferred,
assigned, delivered,
be required to
the Alien Property Custodian not to exceed five
per centum of the gross
sums received by the licensee from the sale of said inventions or use Of the
copyrighted matter, or, if the President shall
Act
Properly
or
j
be safely held and administered by him except
and the President is authorized to designate
trust company, or
an enemy or
ally of
hereinafter pro¬
as
as
a
enemy any
depositary, or
bank,
positaries, located and doing business in the United States.
Property Custodian
or
banks,
trust companies, or other suitable depositary or de¬
may
The Alien
deposit with such designated depositary op de-
Oct. 13 1917.]
positaries,
THE
with the Secretary of the Treasury,
or
CHRONICLE
stocks, bonds, notes,
any
time drafts, time bills of
exchange, or other securities, or property (except
or checks or drafts payable on demand which are
required to be
1483
Printing Office, and all other necessary
going.
money
deposited with the Secretary of the Treasury) and such depositary or de¬
positaries shall be authorized and empowered to collect any dividends or
interest
held
income
or
for
the account
account shall be
Alien
that
become
may
of such
due
and
custodian.
maturing obligations
any
Any
collected
moneys
paid and deposited forthwith by said depositary
by the
or
Property Custodian into the Treasury of the United States
inbefore provided.
said
on
here¬
as
•
designated depositaries to execute
bonds sufficent in his judgment to protect
property on deposit,
such bonds to be conditioned as he
may direct.
Properly Custodian to Have Powers of Common Law
and, acting under the supervision and direction of the President, and under
and regulations as the President shall prescribe, may
manage
disposition thereof
ise
may
be
become appurtenant
or
ownership thereof, if and when
such
make any
or
of any part thereof, by sale or otherwise, and exer-
or
rights which
any
things in respect thereof
thereto
to prevent waste
necessary
the
to
or
to protect
or
property, and to the end that the interests of the United States in
such property and rights or of such person as
may ultimately become en¬
titled thereto, or to the proceeds thereof, may be preserved and safe¬
guarded.
the
It shall be the duty of every corporation
incorporated within
United States and every unincorporated association,
trustee,
or trustees within
his,
their books into the
or
company,
or
the United States issuing shares or certificates
representing beneficial interests to transfer such shares
its,
or
name
of the
Alien
certificate upon
or
Property Custodian
demand, accompanied by the presentation of the certificates which
upon
represent such shares
shall
forthwith
beneficial interests.
or
The Alien Property Custodian
deposit in the Treasury Of the United
States,
before provided, the proceeds of any such property or rights so
Any money
required
or property
herein¬
as
be
paid,
conveyed,
transferred,
of the United States -with the
assigned,
same
effect
delivered
or
if
as
todian.
ito
the
to
the Alien
Treasurer
Property Cus¬
U.
S.
other articles
or
District Courts
Have
to
.
.
Transfer After
to
claim of
any
of
any enemy or
Sec.
17.
other property received and held by the alien property
deposited in the United States Treasury, shall be settled as
any money or
custodian
or
Congress shall direct:
Provided, however, That
set forth in section nine
and
ten
hereof,
the
hereof,
Alien
of the court,
or
order of the President
on
the
or
as
forth in sections nine
as set
Property Custodian
Treasurer
all such orders and
and proper in
sections
one
of the
or
in whose
behalf the court shall enter final judgment or decree, any
property of an
far
as
final
ally of
enemy
held by said custodian
by said Treasurer,
or
be necessary to comply with said order of the President
may
judgment
or
decree of the court:
as
to notice and
otherwise, and
the premises to enforce the provisions of this Act, with a
or
decree of such court
as
provided in
of
the Act of March third, nineteen hundred and eleven, entitled "An Act to
codify, revise, and amend the laws relating to the judiciary."
Sec.
18, That the several
cour ts
of first instance in the Philippine Islands
and the district court of the Canal Zone shall have jurisdiction of offenses
under
rent
this Act
committed
within
their
respective districts,
and concur¬
jurisdiction Avith the district courts of the United States of offenses
under this Act committed upon the high seas and of
such offenses
as
defined
Act to codify,, revise,
sonspiracies to commit
by section thirty-seven of the Act entitled "An
and amend the penal laws of the United States,"
approved March fourth,
nineteeri hundred and nine,
of said section for the purpose
of this Act
and the provisions
hereby extended to the Philip¬
are
pine Islands and to the Canal Zone.
English
Translation
Required
Publication
for
or
so
of the United States, on order of the Alien Property Custodian,
shall,
provided in section ten hereof, repay to the licensee any funds deposited
by said licensee.
surer
in For¬
Sec. 19. Ten days after the approval of this Act and until the end of
the
to
it shall be unlawful for any person,
war
print, publish,
circulate,
or
foreign language,
or cause to
any news
firm, corporation,
or
be printed, published,
association,.
or
circulated
item, editorial, or other printed matter,
or
of any nation engaged
its policies, international relations, the state
war,
duct of the war, or any matter relating thereto;
or
or
con¬
Provided, that this soction
shall Hot apply to any print, newspaper, or publication Avhere the
publisher
distributor thereof, on or before offering the same for mailing, or in any
distributing it to the public, has filed with the
manner
place of publication, in the form of
an
affidavit,
postmaster at the
and complete trans¬
a true
lation of the entire article containing such matter proposed to be
newspaper,
published
publication, and has caused to bo printed,
or
plain type in the English language, at the head of each such item, edi¬
or other matter, on each copy of such print, neAVspaper, or publica¬
torial,
tion, the Avords "True translation filed.with the postmaster at
said
And provided further, That the Trea¬
Printed
of Matter
eign Languages.
ip such print,
or
Enforcing Provisions of
hundred and twenty-eight and two hundred and thirty-eight
in
enemy
vessel,
any
decrees, and to issue such process as may be necessary
right of appeal from the final order
United States, as the case may be, shall forthwith convey,
transfer, assign,
order,
Jurisdiction in
jurisdiction to make and enter all such rules
and pay to the person to whom the President shall
so
or
That the district courts of the United States are hereby given
in the present
ally of enemy
an
and any property,
documents,
or
respecting the government of the United States,
War of Enemy Properly Held by- Custodian
war
and the officer, director,
this Act.
.
in any
.
After the end of the
both;
together with her tackle, apparel, furniture, and equipment, concerned in
direct by written order,
so
this Act, shall,
than $10,000, or, if a natural person,
years, or
agent of any corporation who knowingly participates in such violation
Act to be paid, conveyed, transferred, assigned/or delivered to tho Alien
Property Custodian shall, if said custodian shall
and Avho-
refuse to comply with any order of
sold by him.
authorized by the provisions of this
or
more
than ten
more
funds, securities, papers,
which
such rules
or
or
issued in compliance with the provisions of
shall be punished by a like fine, imprisonment, or both,
shall come into his possession in
pursuance of the provisions of this Act,
property and do any act
willfully violate, neglect,
such violation shall be forfeited to the United States.
Trustee.
money,
of the provisions of
any
of any license, rule, or regulation issued thereunder,
conviction, be fined not
upon
Violations of Act.
That whoever shall willfully violate
or
imprisoned for not
The Alien Property Custodian shall be vested with all of the
powers of a
common-law trustee in respect of all property, other than
such
16.
shall
the President
or
The President shall require all such
and file
Alien
Sec.
this Act
ever
included in the fore¬
expenses not
Penalties Prescribed for
(naming the
filed, and the date of filing thereof),
(here giving the date of this Act).,"
was
postoffice
where
the
,
required by the Act of
as
on
translation
•
as
Unlawful to Transport, Publish
or
Distribute Matter Made Non-Mailable
Under Espionage
Ship Manifests to Show identity of Cargoes and Consignees.
Sec.
13.
That, during the present
Avar,
Any print,
in addition to the facts required
'
by sections forty-one hundred and ninety-seven,
forty-one hundred and
ninety-eight, and forty-two hundred, of the Revised Statutes, as amended
by the Act of June fifteenth, nineteen hundred and seventeen, to be set
in the master's and
out
shipper's manifests before clearance will be issued
vessels bound to foreign ports,
to
the master or porson in charge of any
vessel, before departure of such vessel from port, shall deliver to the col¬
lector of customs of the district Avherein such vessel is located
duly verified by oath that the cargo is not shipped
violation of this Act, and the owners,
of such vessels shall in like
under oath
manner
to the cargo or
as
shippers,
a
statement
to be delhmred in
or
consignors of the cargo
or
deliver to the collector like statement
the parts thereof laden
respectively, which statement shall contain also the
the actual consignees of the cargo, or if the
or
shipped by them,,
names
and addresses of
sln'pment is made to
a
bank
other broker, factor, or agent, the names and addresses of the
persons
the actual consignees on whose account the
are
master or person
tion
in control of the vessel shall,
of any of the cargo,
master's,
owner's,
deliver
shipper's,
or
a
consignor's
manifest and of the said
statement
consular officer of the district in which the cargo is
Collector
The
reaching port of destina¬
on
copy of the
or
who
shipment is made.
to
the
American
unladen!
14.
Sec.
That, during
the
present war,
whenever
are false or that any, vessel, domestic or
foreign, is about to carry out of the United States any property to or for the
whose export,
taking out,
or transport
enemy, or any property or person
will be in
Violation
of this Act, the
collector of customs for the district in which such vessel is located is
hereby
authorized and empowered, subject to review by the
President, to refuse
clearance to any such vessel,
domestic
or
foreign, for which clearance is
required by law, and by formal notice served upon the owners, master, or
person or persons in command or charge of any domestic vessel for Avhich
clearance is not required by law, to forbid the departure of such vessel
from the port, and it shall thereupon be unlawful for Such vessel to
depart.
The collector of customs shall, during the present war, in each case
report
to the President
of the
United
the amount of gold
States
or
silver coin
or
bullion
contained in any cargo intended
or
other moneys
for export.
report shall include the names and addresses of the consignors and
signees, together Avith
such
or
or
any
silver coin
or
bullion
or
to
indicate that such gold
moneys of the United States may be intended
may
for delivery or may be delivered, directly or indirectly, to an
enemy or an
money
That
or
firm, corporation,
any person,
otherwise publish or distribute the
or
otherAvise publish or distribute any matter
which is made non-mailable by the provisions of the Act relating to espion¬
age, approved June 15,
tory to him that
language
any
1917:
Provided further, that upon evidence satisfac¬
print, newspaper,
publication, pribted in a foreign
or
be printed, published, and distributed free from tho fore¬
may
going restrictions and conditions Avithout detriment to the United States
in the conduct
to
of the present war, the President may cause to be issued
the printers or
permit
to print,
newspaper,
such permits
or
the
sum
publication, a
or
issues of their print,
to bo subject to revocation at his discretion.
General
master
publishers of such print, newspaper,
publish and circulate the issue
publication, free from such restrictions and requirements,
or
shall cause copies of all
permits to be furnished
the postmaster of the postoffice serving
to
place from which the print,
mit is to emanate.
And tho Post¬
such permits and revocations of
newspaper,
or
the
publication,, granted the per¬
All mattpr printed, published and distributed under
permits shall bear at the head thereof in plain type in the English language,
of
(here giving date of this Act),
office of
■
connection
guilty of the
with
the
an
affidavit containing
translation
crime of perjury
by the Act
file at the post-
on
name
of office)."
False Statements, etc.
Penalties for
Any person who shall make
In
(giving
,
false statement
any
providod for in this section shall
be
and subject to tho punishment provided
.therefor by Section 125 of the Act of March 4, 1909, entitled "An Act to
codify, revise, and amend the penal Iuavs of the United States," and any
person,
firm, corporation,
of this section shall,
more
than
on
than five hundred
one
year,
or,
or
association, violating any other requirement
conviction thereof, be punished by a fine of not
dollars
($500),
or
by imprisonment of not
more
in the discretion of the Court, may be both fined and
imprisoned.
'
•
Approved, Oct. 6, 1917.
,
SOLDIERS AND SAILORS CIVIL RIGHTS BILL PASSED
BY
The
Bill,
Administration's
HOUSE
Soldiers
and
Sailors
forces of the United States from various kinds of
for the duration of the
Used in Administering Act.
of $450,000 is hereby appropriated, out of
any
in the Treasury of the United States not otherAvise appropriated,
Civil
which exempts members of the military
against them, and which, in effect, provides
Appropriation to be
15.
.
foreign language which
con¬
ally of enemy.
Sec.
transport, carry,
Such
facts known to the collector with reference
shipment and particularly those which
association, to transport, carry,
same, or to
there is reasonable
^required by the preceding section
ally of
any
does not conform to the provisions of this section is hereby declared to be
non-mailable, and it shall be unlawful for
to believe that the'manifest or the additional statements under oath
account or benefit of an enemy, or
Law.
publication in
or
the words, "Published and distributed under permit authorized
of Customs May Decline: Clearance Papers to Vessels Making False
Representations.
.
cause
newspaper,
their country on
war
in behalf of
the firing line
was
men
a
Rights
and naval
legal actions
moratorium
who
are
serving
passed by the House
on
ending June thirtieth,
It is expected that the Senate will take up the bill
at the next session of Congress.
The bill, which wras pre¬
nineteen hundred and eighteen, and for the payment of salaries of all
per¬
pared in the office of the Judge Advocate General, is i*-
to be used in the discretion of the President for the purpose of
the
sons
provisions of this Act during the fiscal
year
employed under this Act, together with the necessary
carrying out
expenses
for
Oct 4.
tended to
save
soldiers and sailors from all kinds of
legal
transportation, subsistence, rental of quarters in the District of Columbia,
books of reference,
periodicals, stationery, typewriters and exchanges
injustices during their absence from home.
The
thereof,
would
court actions
miscellaneous supplies,
printing to be done at the
Government
enjoin the carrying out of certain civil
measure
excuse
man
a
of the war, and establish as a legal
for failure to carry out certain contracts the fact that
is in the military service.
Under the bill creditors'
after the close
until
officers
suits against
of Staff and the
be held up and judgment
or men may
by default denied.
If such a judgment rested against a man
at the time of his enlistment, the bill would prevent its execu¬
to
sale of his property during his absence.
It
aside the statute of limitations so that a debt owed
soldier might not be
a
family, while he was away, where
of $50 a month,
order of the court holding that the ability
pay is not affected by military service;, it
premises involved do not rent in excess
the
except on a special
of the tenant to
would protect
his equity in any real estate or other purchase
might have been engaged at the time
contract in which he
against the
business mortgages
and 'keep him from being sold out in his absence; it would
ensure any rights he may have to public lands, although his
service at the front had prevented him from completing the
it would protect him
the army;
he went into
ordinary results of defaulted payments on
legal acquisition of the property.
Life insurance policies of a soldier or sailor
under the bill
non-payment of. premiums while the en¬
sured is in the military service, or for one year thereafter,
the Government furnishing security for the defaulted pre¬
miums as noted below.
On unpaid taxes, the owner, if in
not lapse for
may
military service, shall pay simply
meet.
ments which he does not
6% interest on all assess¬
One provision of the bill
inst. provides that if suit is
plaintiff mus* make
an affidavit showing that the defendant is not in military
service.
If he is unable to do this, he cannot obtain a judg¬
ment unless the court makes a special order to that effect.
i Judgment by default in the absence of the defendant is for¬
passed by the House on the 4th
brought in
court for a judgment the
any
If it is doubtful that the
bidden.
A
if it should develop that he is
in such service.
comply with any judgment may be
been effected by his military service is en¬
whose ability to
man
shown to have
titled to have the
final
defendant is in the mili¬
authority
case
The court's judgment is the
stayed.^
effected.
whether such ability has been
on
person's inability to complete a contract may not subject
him to fine or forfeiture if he can show that his inability is
A
due
Garnishments, attachments, or
service.
military
to
Before the bill
vacated.
either be stayed by the court or
suits for debt may
was
presented" to the House it was con¬
premiums was subjected to criticism
representatives at the pre¬
liminary hearings of the Senate sub-committee on Sept. 22.
Under the section as originally drawn the insurance com¬
life insurance companies'
by
•
panies
war
were
even
required to keep policies in force until after the
though the soldiers or sailors defaulted
in their
This section was objected to by the
insurance companies on the ground that the only fund avail¬
able to them from which they could continue the insurance
premium payments.
the
was
policyholder's reserve, and that they would not be
able, under the provisions of the proposed measure, to
Because of
bill
at
was
a
the
main¬
would be forced out of business.
tain this reserve, and so
objections of the insurance companies the
Department where on Sept. 24,
sent back to the War
conference of
department officials and insurance com¬
The section, as
bonds
for defaulted premiums on contracts not exceeding the face
value of $5,000, the Government holding as its own security
a first lien on the policy.
The defaulted premium under the
panies, the insurance section was revised.
altered
provides that the Government shall deposit
revised insurance section
are
to be met
of Government bonds, to be
ance
held
as
by
a
monthly deposit
companies and kept in their possession, until the final
which
is to be made
settlement
end of the
formation
The final
on the policies is held over until a year after the
war in order to give full opportunity to get in¬
as
a
year
after the end of the war.
to the fate of insured soldiers
reported missing
prisoners.
SOLDIERS'
AND
SAILORS'
PENSATION BILL
The
"
*
Administration
INSURANCE
SIGNED
bill
BY
providing
AND
COM¬
PRESIDENT.
insurance
and
"Com¬
pensation for the soldiers, sailors and marines in the United
States.service was signed by the President on Oct 6. At¬
tached to the bill as a rider was an amendment conferring
the rank of full General for the
period of the
war on
the Chief
-
passed by the Senate a soldier on
foreign
month would allot not less than
$16.50 of his pay to his family.
If he has a wife and two
children the Government would add $32.50 to that allow¬
making
ance,
a
$33
a
total of $49 a month for the support
of his
The monthly compulsory allot¬
ment by a soldier to his dependents is not to exceed one-half
his pay nor less than $15 a month.
In addition to this he
may voluntarily allot as much more of his pay as he desires.
A soldier having no dependents may be required to deposit a
certain part of his pay, to be held oh deposit for him by the
Government until the end of the war at 4% interest .
In the
event of his death this money would go to any beneficiary the
family during his absence.
have designated, or, in case
may
of no beneficiary
his estate. The Senate by a vote
day, Oct. 4, before passing the bill,
having been designated, to
of 37
to
33 the next
adopted Senator Smoot's amendment providing that $25 a
month shall be paid to widows of Civil War and SpanishAmerican War veterans as
well
as
who
.-vy:V'v
authorizing
life insurance
to the widows of men
be killed in the present war.
;
.
The amendment offered by Senator Smoot
may
the Bureau of War Risk
Insurance to turn over
policies after the war to private
life insurance companies was
another amend¬
month to men
incapacitated because of wounds and disease.
rejected by the Senate on the 4th inst., as was
ment providing for the payment of $100 a
permanently
provision
Under the bill as passed
by the Senate a widow would receive $25 a month, com¬
pared with $35 fixed by the House, while a widow with two
children would receive $47.50, a reduction of $5 from the
Reductions
for
were
made by the Senate in the House
compensation paid for death.
House bill.
The other sections
of the House measure were
accepted with only minor changes with the
insurance section, in which was inserted a
to
exception of the
provision which
soldier not later than five years after the war ends
convert his insurance without medical examination into
permits
any
a
other form of insurance he may request.
The proposal
Committee to reduce the maximum
of the Senate Finance
amount of insurance
to
allowed to each soldier from $10,000
$7,500 was rejected by the
vote
of 40 to
Senate on the 4th inst. by a
having urged that the
15, President Wilson
The conference report
stated
above, on the 5th inst.
The conferees retained the Senate
amendment reviving the grade of General in the Army and
accepted Senator Smoot's amendment increasing to $25
monthly the pension allowance of widows of Civil and
Spanish-American war veterans, after having limited its
operations to widows of officers and enlisted men of those
wars killed in line of duty or who died subsequently from
injuries received in line of duty.
The slightly reduced
$10,000 limit be allowed to
on
or
'
as
service receiving
security by the insur¬
settlement between the Government and the insurer,
day both houses
Under the bill
the House and Senate.
payment of insurance
same
American War.
sub-committees of both Judiciary committees of •
soldier
The section of the bill relating to the
sidered by
agreement on all
an
the
and
plaintiff must file a bond to protect the de¬
tary service, the
fendants right
in France
questions in dispute on Oct. 5,
of Congress adopted the
conference report.
The bill as passed by the Senate on the
4th inst. was only slightly different from that passed by the
House.
The main purposes of the bill, which was drawn
up originally under the direction of the Secretary of the
Treasury are to provide a substitute for the Pension Law as
it would apply to men engaged in the present war; a new
system of allotments and compensations which will provide
for dependents of the soldiers and rehabilitate men on their
return from the war.
The Senate Finance Committee re¬
ported the bill to the Senate on Oct. 2. The Senate Com¬
mittee reduced the limit of insurance which a soldier may
carry against death or
total disability from $10,000 to
$7,500, but this did not receive the approval of the Senate,
as noted below.
The Senate began consideration of the bill
on Oct. 3.
Practically all of the first day's discussion was
devoted to explanation of the bill by Senator Williams, who
was, in charge of the measure, and debate was chiefly over
the advisability of continuing the insurance plan after the
war.
Senator
Weeks,
of Massachusetts, opposed this
feature of the bill.
Senator Smoot, of Utah, introduced an
amendment providing for turning over to private concerns
all insurance policies held by enlisted men, the Government
paying the difference in cost. Another amendment intro¬
duced by Senator Weeks would have established the same
family allowances as were operative" during the Spanish-
reached
outlawed in his absence; it would
prevent the eviction of his
Commander of the American forces
—Major-Generals Bliss and Pershing, respectively.
The
bill was passed by the House on Sept. 13 by a vote of 319
to 0, and by the Senate on Oct. 4 by a vote of 71 to 0.
It
was sent to conference, where the differences between the
two bills were adjusted, within a few hours.
The conferees
tion through the
would set
[Vol. 105.
CHRONICLE
THE
1484
the bill
was
stand.
adopted by both houses of Congress, as
13
Oct.
THE
1917.]
disability and family allowances provided by the Senate were
also retained
BURWELL
FOREIGN
OF
CHIEF
week it would,
Tuesday of this week, as we announced last
to
perfect organization, and elected as its Secretary
H.
Cutler, of Buffalo, as
appointment of Burwell S.
met at Albany
on
COMMERCE BUREAU.
The
York State Food Commission
The New
MADE
CUTLER
ORGANIZED.
STATE FOOD COMMISSION
NEW YORK
by the conferees.
S.
1485
CHRONICLE
of
members
Charles
The three
Lyons, a newspaper publisher.
the Commission, John Mitchell,
of
Betts,
Chairman,
and Domestic Commerce,
Jacob Gould Schurman and Charles
A. Wieting, had a long
Department of Commerce, was confirmed by the Senate on
conference with Governor Whitman,
it is said, and
Chief of the Bureau of Foreign
the 5th inst.
Cutler, who is well known in
Mr.
manufac¬
turing circles in Western New York, became associated with
the Bureau six months ago at a
He
Tues¬
of fifty large plough
tractors.
They figured that enough land can be ploughed
for the 1918 crops between now and the time the real cold
weather sets in, to raise 1,000,000 bushels of grain.
The
only cost to the farmers will be the wages of the operators
day's meeting was the purchase shortly
on
a
made First Assistant Chief, but
was
of Dr. E. E. Pratt,
education at Lake
born in Buffalo and finished his scholastic
For fifteen years he has
University and Harvard.
Forest
been
president of
cern
and
been
has
numerous
and the cost of the
important Buffalo manufacturing con¬
identified in an official capacity with
an
business houses and civic organizations
gasolene.
study of the food situation is to be
A careful
through¬
finds that artificial devices are
If the commission
products and control prices we will
administration
been or
of conserving the food supply of the State
cooperate with the food
The commission has decided to
SERVING
ALLIED
IN
President
providing for the repatriation of Ameri¬
Sept. 11 and by the House on Oct.
on
provide relief, it is said,
law will
allegiance to Great
Britain, thereby renouncing their American citizenship.
By appearing before American consuls abroad or sending
their affadavits to the State Department at Washington
these men, under the new law may recover their American
men
the Canadian army, swore
in entering
citizenship/
,
'
TROOP
BIGGEST
Governor
The
9 told members of the
Oct.
on
third division of the new
the
campaign
No
a
failure.
of an adequate and constant
bread of life to the starving
them depends the
people at home, but we must bring the
Belgium and
in the conduct of the war
supply of food.
America
Not only must we feed our armies
of the world.
is the granary
our
success,
a
pressing question is involved
or
the question
to-day
and
vital
more
than
and through their
Continuing, the Governor said:
be made
can
neglect perhaps
the supplies which we bring
ones
in
very
life blood of our allies.
on
.
three years they carried on
have not yet begun to sacri¬
We .must not forget that for wellnigh
war
our
for
We, in this country,
us.
have not felt the pinch of hunger:
we
we
have not yet read the long:
In our strength and freshness let us
casualty lists from the battle field.
with our supplies, nor be too generous
not be careless
which the railroads have played in
tion with the part
the
biggest troop movement ever
handling
attempted in this country.
Guard, the regular Army and the new
Including the National
National
moved approximately 720,000 soldiers
points.
The grea,t bulk of this army—all of it, in fact, except the 32,540 men
included in the first 5% of the National Army that moved by regular train
on Sept. 5—has required special train service, involving the use of 13,500
passenger cars, including 1,500 Pullman and tourist sleepers, 2,000 baggage
Army,
cars
to date have
the railroads
from their homes to
training camps or embarkation
and 4,500 freight cars.
Senator Walter's bill, now known as
movement problem has been most
difficult to handle, as i(
of the men selected for the National
National Army cantonments, but the movement of hundreds
thousands of troops in the National Guard and the regular Army as well,
training
Some slight
hadtb prepare
nated
by the
from
tion
camps or
embarkation points.
conception of what this problem means may
that
the
in
be deduced from
National Army movement alone the railroads have
special schedules covering the 4,531 towns and cities
desig¬
the points of local concentra¬
National Army proceed to their
Provost Marshal General a$
which the recruits of the new
cantonments.
>
•
is the old law omitted:
that of the
movement to date
special train which moved the citizen soldiers from
Ariz., to Fort Kiley,
Kan., a distance of 1,514 miles.
Yuma
This trip occupied
48 hours.
The shortest distance
that of the District
travelled by any unit of the National Army was
of Columbia unit to Cainp Meade in Maryland, a trip
less than 25 miles.
of
,
Troops
Moving Long Distances.
Practically all of the National
This
The longest one was that made by a battalion of San Fran¬
engineers, from' San Francisco, Cal., to a point on the Atlantic Coast.
battalion included 506 men and 18 officers.
They occupied a special
baggage car, 2
kitchen cars and 3 box cars.
Their train left San Francisco at 4 p. m. on
Sept. 1 and arrived at destination at 10.15 a. m. Sept. 8.
train
comprising 1
relation
r
the new National Army, or approx¬
included in the division that will entrained for the
Twenty-five per cent, of the men in
imately
172,000, are
cantonments by Oct. 7.
It
is
citizen soldiers will be entrained
beginning Oct. 17.
[eac
troop Movements.
safeguard the lives that
the Government has entrusted to them, and to complete the troop move¬
ment
without delay and also without
interfering with the abnormal
amount of commercial traffic that the war has produced.
For obvious reasons, it would not be wise to divulge in detail the plans
which have been followed in moving the men to the various cantonments
The railroads
have taken every step possible to
and embarkation
points.
[absent]
such
E't] The card for each such
ascertain the same.
[also] contain
number or other desig¬
other C( m nand to which
a/so the name or
nation of the reviiuent, company,
troop, vessel or
voter is attached or
assigned, [» *d].
It shall
command at the time of su n entry, so far
can ascertain the same, unless there are
military reasons fin omitting such information.
.
« .
In order to secure the necessary information to make and complete such
contain also the location of such
as
the
Secretary
[he]
of Slate
shall be the duty of the Secretary of
general register, it
State
to[prepare
blanks and forward the same to the commanding officer of
each command in which there are any such absent voters of this
proper
naval
to
be
filled
with] obtain from tht appropriate military and
out
authorities or from the most
expedient source the
[necessary] quired
[attested by him, and returned forthwith, securely
the Secretary of State]. « The Secretary of Slate shall furnish
information,
sealed, to
proper
blanks for such purpose.
Sec.
*"
*
*
*
*.
Section 503 of such chapter
Sec. 2.
be
*
*
*
503.
the form
*
*
*
It shall be the duty of the Secretary
prepared and printed at least twice as many
hereinafter
*
prescribed]
*
*
is hereby amended to read/as follows:
as
Of'State to
official ballots
[in
there are voters absent from their
respective election districts [as shown by such general register.
Each
such official ballot shall oe six inches wide and of such length as to
inch for the title of each office printed upon
the name of each candidate
such office as the voter may lawfully vote for and one-half inch
the title of each class of offices.
Each class of offices shall be
the face thereof
for
Safeguard
follows:
It shall be the duty of t he Secretary
*
*
allow one-quarter
expected that the balance of the
Railroads
*
makeageneral register on cards, by
and
cause to
Moved.
1909, entitled "An Act
constituting chapter 17 of tne consolidated
of State to prepare
counties, in which shall be'entered [in
alphabetical order] the names of the voters of this State absent from
their respective election district in time of war in the actual military service
of this State or of the United States in the army or navy thereof.
7he
cards in each county group shall be arranged in the alphabetical order of the
names of the voters.
Such [general] card register shall contain the name
and residence of each such absent voter by street and number, if any, and
the name of the county and city or town in which he resides, so far as the
501.
Sec.
standard sleeper, 9 tourist sleepers, 1
One-fourth of New Army to be
elections,
the
to
laws," is hereby amended to read as
State
Guard movements to date have been of
great length.
cisco
of New York, represented in Senate and As¬
of chapter 22 of the laws of
Section 501
1.
absent voter shall
special train movements have had to be so directed as to
prevent interruption to the regular passenger service.
The longest haul made in the new National Army
was
People of the State
The
Secretary of State can
Regular Service Protected.
In addition, the
appearing in black-face type and
matter
Sec.
Army to the
the fact
the
black-face brackets
printed in italics was added this year and
The matter
sembly, do enact as follows:
comprises not only the movement
either to
Chapter 815, Laws
of New York State in
relation to voting by soldiers and sailors so as to make it
easier for the taking of such vote, reads in part as follows.
1917, amending the election law
of
in
of
BY SOLDIERS AND SAILORS.
VOTING
Movement Difficult to Handle.
Troop
The troop
with ourselves.
SIMPLIFIES
LEGISLATURE
STATE
YORK
NEW
training camps on Oct. 3 the Rail¬
Board issued the following statement in connec¬
allied
selfish in our dealings with the nations
We must not be narrow or
with us.
National Army for the
roads' War
women's
well
through their aid
qualified to help food conservation, and
MOVEMENT.
Coincident with the start of the
early date a con¬
administration of
division of the State Defense Council, that women are
alone
COUNTRY'S
IN
PART
representatives of the food
the Federal Government.
fice;
RAILROADS'
be had with the
ference will
with any other agency that has
that end it is expected that at an
and the nation, and to
2. The
for some 15,009 or
20,000 Americans who have enlisted in the Allied armies,
most of them with the Canadian expeditionary force.
These
the Senate
new
be created for the purpose
may
ARMIES
in the Allied armies, was signed by the
Oct. 5.
The bill was unanimously passed by
on
Federal government and
of the
REPATRIATING AMERICANS
citizens serving
can
interposed to hoard
exercise all the powers vested in the
commission to correct the evils.
PRESIDENT SIGNS BILL
The Fletcher bill,
made by the
Mitchell said:
Commission, concerning which Chairman
State.
out New York
thing decided upon by the Commissioners at
One
nominal salary, to assist in
thoroughly business basis.
since the resignation
has been Acting Chief.
Mr. Cutler was
putting the organization
discussed
expected of the commission.
the work
for
of
an
and one-half inch for
solid black line one eighth of an inch wide running
All such ballots shall be uniform in si/.e and style
of type used and shall contain the names of all nominated candidates to be
voted for by all lhet voters of the State.
The ballots to be furnished to votcrt
residing in a city having one or more counties wholly within Us boundaries
shall contain also the names of ah nominated candidates to be voted for by all
the voters of the city and by ah the voters of any county therein.
The Secretary
separated by
across
such
a
ballot].
1486
THE
CHRONICLE
of Slate may print also the names of all nominated candidates for any office in
political subdivision where, in his judgment, it is practicable
any
The ballots shah contain, in any case,
the titles of all offices,
be, J for which any voter may vote in
may
district of the State at such election.
shall conform generally
ballots
[any] his
so
[as
appointment under this Act, notwithstanding the provisions of
Section 2
near as
respective election
Sec.
508.
Sec.
*
*
*
sfcall be held1
article
*
*
*
*
*
Any
election
held
under
the day of the general
upon
State, or on any secular day within
[twenty]
the
or
provisions
or naval
of this
such
war
fleet, where the poll or polls for such
such election may be held
thereafter upon like proclamation of
[any such command]
and shall
remain
as
than three hours and
not less
open
as
much
voters
longer
vote at such
to
polls; but
polls shall be kept open later than sunset of
no
the day on which such election shall be held.
The
inspectors shall at the opening of such polls make public proclama¬
tion of the opening thereof and the time at which such polls shall be closed,
and as
near as may be, at one hour before the
closing of the polls, public
proclamation shall again be made by the inspectors that the polls will be
closed at
time certain then proclaimed, which shall be the hour announced
a
in the proclamation made at the opening of the polls.
The polls shall not
for any reason be kept open after the hour fixed by the first proclamation.
Sec. 4.
Section 510 of such chapter is hereby amended to read as follows;
Sec. 510.
*
shall receive
*
an
*
The election shall be by ballot.
official ballot
article, and any member of said board of inspectors is hereby authorized
oath
tendered he shall not be allowed to vote; but if he shall take the
so
Upon taking the oath
required, the voter shall give to the inspectors keeping the poll books, who
shall each enter upon the
poll book kept by him, his
by street and number, if
any',
such
as
other information
county and city or town,
is
required
and residence
name
lie shall also give
be entered in such poll. book.
to
Sec.
3.
natural
gas,
Definitions.
tilizers
and
and
fertilizer
envelope, to such voter.
or
Such voter shall then retire to
city or town in
ballots and such
gas,
some
convenient
or
ployed by
entitled to vote is printed upon the ballot he shall make a cross
jL mark in the
voting square provided on the ballot for voting for such candidate.
a
for any office for which the voter
person
if the name of such person is not printed
office, the voter
may
the ballot
on
To vote for
lawfully vote at such election,
candidate for such
as a
[or paste] upon his ballot, under the title of
[any] the person for whom he [decires] desires
write
such office, the name of
[for any office for which such voter may lawfully vote at
election] or may paste on the ballot the name of such person together
vote
to
such
with the title
of such office,
or may paste,
ballot, the name of such person.
printed ballot of his
a
may
own
under the title of the office on the
Any such voter
selection
or
may
paste upon such ballot
preparation, to be known
as
a
paster ballot, containing the titles of all the offices to be filled and the
names
of the candidates therefor for whom he
desires
and is
entitled to
rote at such election.
*
*
sion
natural
or
Sec. 6.
Sec.
*
*
*
*
*
*
Section 514 of such chapter is hereby amended to read
514.
*
*
board of inspectors
*
After
all
such
ballots
shall
have
been
of election shall immediately proceed to
*
as
said
canvass
"person" wherever used in
The word
of the
partnership, association
corporation within the scope of
or
prohibits wasteful
a
state of war,
accumulation,
:e,
or
intent
of the voter is clearly apparent and except that after the tally has been
completed, as provided in section 36$, the ballots shall be examined and
the votes thereon announced by the inspector who
kept the tally sheet and at
same time the chairman shall examine and check the
tally shept as the vote
is announced,
'
the
during a state of
distribution,
supply,
are matters of
may,
waste,
Following,
we
publish the full text of the New York State
Section 1 of the
new
to
Sec.
and
1.
and
State Food Commission.
with
a
are
salary under appointment from the Gov¬
subject, to confirmation by the Senate:
Commission, hereinafter referred to
sist of three
shall
provides for the creation of
without
serve
ernor
law
composed of three members who
Commissioners, who
the
have
advice
the
and
powers
the
Commission, which shall
shall be appointed by the
consent
and
There is hereby created a State Food
as
of
perform
the
Senate.
the
duties
Such
con¬
in
with the people of other States, have an adequate supply
common
protected, their energies
Governor, by
prescribed.
Governor shall also designate, at the
time of making such appoint¬
ments, a member of the Commission to be President
The
thereof, who shall,
when present, preside at all of its
meetings and be its
In case of a vacancy from any
cause, the Commissioner
executive officer.
or
Commissioners
remaining in office shall continue to perform the duties of such Commission
until the vacancy or vacancies be filled.
The members of such Commission
shall hold office during the pleasure of the
Governor, and in case of a va¬
cancy or
vacancies, the appointments
to fill the same shall be made
by the
Governor, by aud with the advice and consent of the Senate.
bers
of the Commission
as
The mem¬
such shall not receive
any compensation, but
shall be paid their necessary traveling
expenses and other expenses incurred
in the performance of their duties under
this Act in any part of the State.
Members of the Commission shall not be
disqualified from holding any other
office, either State
or
municipal,
nor
forfeit the
same
by
reason
of their
con¬
suffer from the excessive cost, unreasonable
may not
speculation in the necessaries of life.
or
5.
Certain
acts
prohibited.
wilfully to destroy
person
any
It is hereby made unlawful for any
necessaries for the purpose of enhancing the
price or restricting the supply thereof; knowingly to commit waste or wil¬
fully to permit preventable deterioration of any necessaries in or in 'con¬
nection with their production, manufacture or distribution; to monopolize
or
attempt to monopolize, either locally or generally, any necessaries; to
in
engage
practice
any
or
handling
discriminatory arid unfair,
device,
or
in
with
dealing in
any
with
or
any
producing,
or
any
deceptive
wasteful,
or
make any unjust or unreasonable rate or charge, in
or to
dealing
agree or arrange
porting,
necessaries;
any
conspire,
to
combine,
other person, (a) to limit the facilities for trans¬
harvesting,
manufacturing,
supplying,
(b) to restrict the supply of
necessaries;
,any
storing
or
necessaries;
(c) to restrict distribution of any necessaries; (d). to prevent, limit or lessen
the manufacture or production of any necessaries in order to enhance the
price thereof,
or
(e) to exact
excessive
prices for
any
necessaries;
(f) to
or
abet the doing of any act made unlawful by this section; the acts
or
well.
Any such act shall be deemed to be
a
Act of Congress
as
practice detrimental to the
public Interest within the meaning of this Act.
Sec. 6.
saries.
Hoarding.
It shall be unlawful for
any person
to hoard neces¬
Necessaries shall be deemed to be hoarded within the meaning of
this Act when either (a) held, contracted for or arranged for by any person
in a quantity in excess of his reasonable requirements for use or
consump¬
tion by himself and dependents for a reasonable time; (b) held, contracted
for
or
for
arranged for by
in
son
quantity in
a
use or
manufacturer, wholesaler, retailer
any
excess
or
other per¬
of the reasonable requirements of his business
sale by him for a reasonable time, or reasonably required to fur¬
nish necessaries produced in surplus
or no
production;
quantities seasonally throughout the
(c) withheld whether by possession
or
of unreasonably increasing
exchange, board of trade
or
by
any person
diminishing the price:
or
for the
Provided,
not Include or relate to transactions on any
similar
institution
place of business that
be permitted by the President of the United States pursuant to au¬
thority conferred
of withholding
porate or
upon
by
any
or
or
him: and provided, further, that
farmer
or
otherwise, of farmers
any
accumulating
gardener, co-operative association,
or
cor¬
gardeners, including livestock farmers
and fruit growers, or any other person, of the products of any farm, garden
or
other land owned, leased or cultivated by him or by the members
such association shall not be deemed
of this Act.
to
of any
be hoarding within the meaning
Whenever any necessaries shall be hoarded
as
defined in this
section, it shall be the duty of the Food Commission of this State to report
the
same
ment at
immediately to the Food Administrator of the Federal Govern¬
"Washington, with all the facts and evidence relating to the
and to aid and assist in any manner desired
or
case,
by the Federal Government
its representative in the prosecution thereof.
Section 7 provides that when
Commissioners
hereinafter
destruction,
proper
Sections 5 and 6 are intended to prevent hoarding and
speculation and makes it illegal to destroy necessaries or
wilfully permit preventable waste:
may
(Chapter 813, Laws of 1917), signed by
Governor Whitman on Aug. 29, and to which we referred
at length in these columns on
Sept. 1.
State Food Commission
hoarding,
public interest and
of pure and wholesome food, their health be
however, that this section shall
Food Control Bill
During the
war.
the production, manufacture, marketing, stor-
subjects for
investigation, encouragement, development, regulation and control by the
State, to the end that while such state of war exists, the people of the State
purpose
BILL,
as
practices and monopoliza¬
under any contract or arrangement from the market
YORK STATE FOOD CONTROL
well
as
producers and distributers, price to consumers, and the expense of
handling necessaries,
period of scant
NEW
the act, omis¬
corporation
'
person.
Matters of public interest
4.
existence of
cost to
association
attempts to monopolize food products:. ;
or
Sec.
act,
failure of~any official, agent, or other person acting for or em¬
any
Section 4
tion
the
same[, and make a statement and return thereof] as provided by
law[, and forthwith forward the same to the County Clerk, by one
of their number], except that no ballot shall be
rejected as void where the
once
implements, machinery
prohibited in this section having been prohibited by
follows:
cast,
artificial.
failure of such partnership,
or
that
aid
*
*
in this Act shall
used
as
including fuel oil, and fer¬
tools, utensils,
his employment or office shall, in every case, also be deemed
Sec.
If the name of the candidate for whom the voter desires and is,
"necessaries"
ingredients,
When construing and enforcing the provisions of this Act, the
omission
place and shall prepare his ballots and envelope for voting.
EThe]
artificial:
or
The word
this Act, shall include individuals, partnerships, associations and corpora¬
tions.
prices
which he claims to reside, and shall deliver such ballot
used in this
as
equipment required for the actual production of foods, feeds arid fuel
except
having'charge[s]
blank spaces upon
"necessaries"
including foods, feeds, seeds, fuel oil, fertilizers, tools,
as
served, and that they
and number, if any, of such voter, and the county, and the
But the Commission
for the performance of
hereby appropriated.
When such voter gives such information to such inspectors, the inspector
of the ballots and envelopes shall write in the proper
such official envelope the name and residence by street
any person
be deemed to include foods, feeds, seeds, fuel,
If any voter shall refuse to take the
oath tendered to him his vote shall be accepted.
or
&c., required for the actual production of foods, feeds and
subscribe the oath printed upon the official envelope, as provided by this
to administer and attest such oath.
of the duties conferred
in which case the expenses of such person so appointed shall be paid
fuel, except
Before any person
be permitted to vote, he shall make and
or
Act
as
shall* In the opinion of the inspectors of election serving at such polls, be
necessary in order to receive the votes of all voters of this State entitled
of
Section 3 defines the word
Such polls ^hall be
shall be most convenient for such
a
duties prescribed by this Act without compensation other than ex¬
penses,
out of the moneys
such commanding officer of
highest rank; but such election shall not be held
opened at such hour of the day
appoint
may
appoint and employ
may
The compensation of such officers and
the Commission.
upon
accept the voluntary service
any
of the exigencies
Ethel
later than the day of such general or special election.
Commission
The Commission
therefor, subject to the approval of the Governor.
may
the next day practicable
on
The
salary to be fixed by the Commission with
a
employees shall be fixed by the Commission within the appropriations made
such election cannot be held in any of the polls herein provided on
the day so fixed,
inspectors,
as
inspectors, experts, assistants and employees as may be necessary
imposed
[any command]
reason
employees.
and
for the exercise of the ijowers and performance
ten days next prior thereto
of such territory or fleet; provided, however, that if by
Secretary
the approval of the Governor.
election shall be held, by proclamation duly made, but such officer need not
fix the same day for such election throughout all of the military or naval units
of
2.
Secretary who shall receive
follows
special election in this
such prior day to be fixed by the commanding officer of
highest rank in the territory
as
Secretary to
a
employees, such
experts, &c.:
to that used for the official ballots pre¬
Section 508 of such chapter is hereby amended to read
provides for the appointment of
the Commission and of other
The type, form and paper for such
*♦♦♦**
city
any
charter to the contrary.
to do
scribed by this chapter.
Sec. 3.
[VOL. 105.
Commission
hoarding is discovered the
is
required to notify the Federal authorities.
If within three
days after notice they have not taken action,
bhe Commission is authorized to proceed
under summary process
against the hoarder
issued by the Supreme Court, and
if sustained shall have the
right to take steps for
an
equitable
distribution of the hoarded supplies or may seize them and
have
owner
them
sold
at
public auction, paying to the original
the proceeds from the sale,
proceedings and other
less the cost of the legal
necessary expenses.
Repetition of the
offense would constitute ground for the revocation of charter
of
an
offending corporation
oj
of its right to do business
Oct. 13
within the State.
if
may,
Hoarded
supplies which have been seized
exists, be sold to relieve public
an emergency
sity and the fair value of the supplies seized,
by
board of appraisal, paid to the
a
Sec. 7.
defined in Section 6, and jurisdiction
as
not have been assumed by the Federal Government
receiving notice from the Commission
as
Court of the State under
preme
shall order
the
same, unless such order, which shall state the facts found, is revoked or
suspended, such licensee shall, within the time prescribed in the order, dis¬
thereof shall
within three days after
continue such unjust,
provided in the preceding section,
a summary process
commission, profit
reasonable time fixed in the order, to discontinue
unreasonable, discriminatory or unfair storage charge,
shall be disposed of by sale in such manner as to provide
tory and fair storage charge,
the most equitable
the Court may direct, and the proceeds
as
the legal costs and
ceeding brought in any court such finding of the
thereof, less
The proceedings in such cases shall conform as near as may
section,
be to the pro¬
ceedings in admiralty in the United States courts and shall include the right
or
to
seiz?e, appoint a receiver, sell at public sale and any other authority
or
provisions of this Act effective, except that either
or
necessary to make, the
Attorney-General.
be demanded the jury shall be empaneled as
and
If
a
jury trial
it be
relieving public necessity, cause the fair value thereof to be ascertained
board of appraisers,
plan
the
Federal Food Administrator and a period of ten days shall have elapsed
without action l>y the Federal Government as to licensing the persons to
be affected by licenses issued under the plan proposed.
No license shall
be required of any person licensed by the Federal Government and any
license issued under this Act shall be superseded by any similar license is¬
sued to such person under the authority of the United States.
of such license system
by
consisting of one member to be appointed by the
appraisers
so appointed..
If the appraisers appointed by the Commission and the
owner of the property shall fail for three days to agree upon the third
member of said board of appraisers, then on request of the Commission,
or such owner, such third member shall be selected within five days by a
judge of a court of record in the judicial district in which such property is
located.
If such owner fail or refuse to appoint a member of such board of
Commission,
one
by the owner of the property and one by the
Sections
able to
of such appraised value, may
the amount
any
Sec.
saries, he shall be entitled to
further
sum as
as
such rule or
continuance
such claim be filed within three months from the
in
all other claims pending in such Court.
of
versy
settle and adjust any contro¬
provides that the Commission may, whenever
an
order declaring ice to be one of the necessaries
defined in Section 3:
Ice.
Sec. 8.
The Commission may, whenever in
lic interest requires,
of the necessaries as
sion in the same manner and to
Section 9
its judgment the pub¬
make and promulgate an order declaring ice to be one
defined in Section 3, in which case ice, the storage, sale
and distribution of the same, shall be
subject to the powers of the Commis¬
the same extent as food.
provides for the collection and distribution of
information in regard to our
Sec.
food supply:
Information gathered for the use of. the State and in aid of
9.
the
or
Federal
Government.
The
Commission
whenever
the
public
interest
the Farms and Markets Law on the
tive to inspections
the
imposed upon the department as may be required to
The Commission
publication or otherwise as the public inter¬
Commission to license
plants and storage warehouses and to
Commission
storage or
to
necessaries; farmers
terests
Sec.
exempt.
issued
such licenses and to
prescribe regulations for the issuance of licenses and
and the auditing of accounts to be
well as the submission of reports by them, with or
requirements for systems of accounts
kept by licensees, as
13.
Hotels and restaurants.
therefor
c
thereof,
in¬
Whenever it shall have been certi¬
United States or his
Commission by the President of the
duly authorized administrators
tion of the service of meals in
of this Act, and shall publicly so announce, no person shall
announcement engage in or carry on any business
unless he shall secure and hold a license
pursuant to this section.
The Commission is authorized to issue
regulation of the service of meals in
and public places, should the public
require it:
that the public interest
requires the regula¬
hotels, restaurants and public places where
make and promulgate rules
by such publication as in their judgment will give proper notice
and any violation of rules so promulgated shaU be deemed a viola¬
meals are served, the
after the date fixed in the
specif ied in such announcement
such order, such act shall be
punishable in the manner provided by
be liable to the punishment
fied to the State
distribution of any necessary in order to carry into effect any of
the purposes
and
hotels, restaurants
Whenever the
shall find it in the public interest to license the manufacture,
as
deemed a contempt of
the Judiciary Law,
provided for by Sec¬
tion 22.
Costs upon the application for such injunction maybe awarded
in favor of or against the parties thereto of such sum as in the discretion of
the justice or court before whom the petition is heard may seem proper;
provided that if any such person be enjoined from continuing in business,
he shall be permitted to sell his stock on hand at public auction, to be
commenced and continued until he has disposed of the whole thereof, in¬
cluding any contracts for the delivery to him of merchandise in such trade.
Section 13 empowers the Commission to make and pro¬
be, in violation of
court
mulgate rules for the
conduct, violation
of which would be followed by prohibition to continue in
business and the enforced sale of the stock at public auction:
Licenses
service of a copy thereof upon such person or corporation,
service as the Court may direct, such person or corpora¬
such practice or continue in such business, as the case
and in addition thereto
establish rules and regulations for their
10.
which
such substituted
may
•
requires within this State.
Sec.
from continuing in the business to
If, after the entry of such order in the county clerk's
the county in which the principal place of business within the
such corporation is located, or in which the person so enjoined
tion shall continue
food conditions and sources of food
Section 10 confers powers upon tbe
in violation of this Act or of the rules of the Com¬
granted either restraining the continuance of such
order shall be
practice relates.
State of
or
supply and necessaries.
The Commission shall transmit such information
it deems will be useful to the public interest to the Federal authorities,
food manufacturing
take testimony in relation to the allegations of the petition.
Court be satisfied that such person or corporation has
resides, and the
as
and make such use thereof by
an
office of
duties in addition to the duties
furnish the Com¬
employees thereof shall perform such
mission with accurate information as to
proper, may
mission,
avail itself of the facilities of the Department of Farms and Markets
Under the Farms and Markets Law, and such department and the officers
now
detrimental
public interest, as
engaged in such practice
may
and
detrimental to the public in¬
corporation shall engage in a practice
practice or restraining such person
Council of Farms and Markets rela¬
and investigations by such CouncU.
Injunction to restrain practice
If any person or
If the Justice or
by persons in this State
in regard to the sources, accumulation, storage and distribution of neces¬
saries, and for this purpose may make such investigation and inspections
as it may deem necessary.
It shall be the duty of the Commission to as¬
certain the food "requirements of the people of this State, and the seed re¬
quirements of the producers of this State.
The Commission and its
representatives for the purpose of acquiring' such information shall be
deemed to be possessed of all the powers of investigation conferred under
requires may compel the submission to it of reports
est
12.
sion, the Commission may
judgment the public interest requires, make and pro¬
mulgate
aid "it in the formation
defined by this Act or by the rules of the Commis¬
present a verified petition to a Justice of the
Supreme Court or a special term of the Supreme Court of the judicial dis¬
trict in which the offense is committed for an order as herein provided.
Such petition shall state the facts upon which such application is based
and upon presentation of the petition the Justice or Court shall grant an
order requiring such person or corporation to appear before such Justice
or Court, or before any special term of the Supreme Court of the judicial
district, on the day specified therein, not more than ten days after the
granting thereof, to show cause why such person or corporation should not
be permanently enjoined from continuing such practice or from continuing
in the trade to which such practice relates.
A copy of such petition and
order shall be served upon the person or corporation/in the manner directed
by such order, not less than five days before the return day thereof.
On
the day specified in such order the Justice or Court before whom the same
is returnable shall hear the proofs of the parties, and, if deemed necessary
to the
arising under this section.
Section 8
in
of
violation of this Act.
terest.
The Commission shall have power to
in its
a
Sec.
thereof.
(4)
gambling, detrimental to the public interest
other person in the necessaries
of such committee shall
be from the line of trade in which such practice prevails.
Such rule or
rules shall be published in at least two newspapers in the county in which
such practice or practices prevail, so as to give reasonable notice thereof,
and any person who thereafter violates any such rule shall be deemed guilty
such
and render judgment therefor as against
Necessar¬
seized by the Commission pursuant to this section shall be sold at pub¬
auction in such manner as to provide the most equitable: distribution
the hearing thereof over
If the Com¬
with the distribution'or sale of such
appoint an advisory committee or committees to
of such rules, in which case one or more members
just compensa¬
Claims filed under this section shall have preference
at
of them
entitled thereto.
of such neces¬
file his claim in the Court of Claims for such
it deems just and proper
time it accrued.
in dealing in necessaries.
there is any practice or practices of trade,
necessaries or any
a reasonable price, the Commission may enact and publish
rules as in Its judgment will provide for the correction or dis¬
of such practices.
The Commission may in its discretion
life which, interfere
The Court may make such award upon any
the State, provided that
Correction of practices
dealing by wholesalers, retailers or any
seize such necessaries
added to the amount so paid shall amount to
tion for such necessaries.
11.
including speculation or
compensation so paid be unsatisfactory to the owner
If the
practices
detrimental to
public interest in dealing by wholesalers, retailers or
other person in the necessaries of life:
mission becomes, satisfied that
such appraised value thereof to the person
and shall pay
claim
the
correction and dis¬
by the Commission of any practice or
including speculation or gambling,
of trade,,
Commission.
required as to any person until the
shall have been submitted by the Commission to
and 12 provide for the
11
continuance
The mem¬
bers of such board of appraisers, for the purpose of making such appraisal,
shall have access to any place in which such necessaries are kept or stored.
Such board of appraisers shall file its report in the office of the Commission
within five days after the appointment of the third member qf such board.
If such report shall not be filed within such five days, the Commission shall
appraise such necessaries.
Upon the determination by such appraisers or
by the Commission, as the case may be, the Commission, if funds be avail¬
appraisers, such value shall be ascertained by the
as
person,
No such license shall be
num.
quire the sale and distribution of necessaries so hoarded for the purpose of
lic
a
.
'
ies
actually conducted by him, nor to any common carr
that for the purposes of this Act a retailer shall be
partnership, corporation or association not engaged
wholesale business whose gross sales do not exceed $100,000 per an-
deemed to be
The Commission may in its discretion, if an emergency exists, re¬
(3)
a
garden or other
cultivated by them, nor to any retailer with respect
with respect to the products of any farm,
rier; provided further
within the State if it be a foreign corpora¬
in the
tion.
section,
gardeners, including livestock farmers and
to the retail business
domestic corporation, or revoke its certificate
a
or
land owned, leased or
torney-General in the name of the people of the State, annul the charter
of such corporation if
of authority to transact business
requirement of an order issued under this
co-operative association, corporate or otherwise, of
fruit growers, or
farmer, gardener,
other persons
Commission in a suit brought by the At¬
section,
unreasonable
charge, commission, profit or practice,
violation of this Act.
farmers
hoarding by a corporation be not discontinued, the Supreme
if such
Court may, on application of the
been revoked, knowingly engages in
refuses to discontinue any unjust or
regulation prescribed under this section, shall be deemed guilty
Provided that this section shall not apply to
any
a
any
directed by the Court.
Commission shall be prima
license issued pursuant to this
business for which a license is required under this
discriminatory and unfair storage
of
The Commission may order the discontinuance of such hoarding,
(2)
whose license shall have
on any
who wilfully fails or
or
proceedings shall be at the suit and in the name of the State of
New York, and shall be brought by the
or
carries
in accordance with the
party may demand trial by jury of any issue of fact joined in any such case,
and all such
Any person who, without a
facie evidence.
party entitled thereto.
charges, shall be paid to the
commis¬
find what is a just or reasonable or nondiscrimina¬
commission, profit or practice, and in any pro¬
Commission, and if such necessaries shall be adjudged to be hoarded, they
sion, profit or practice,
distribution thereof
The Commission may, in lieu of such un¬
practice.
or
just or unreasonable or discriminatory and unfair storage charge,
application by the
on
and the
profit or practice of any licensee is unjust or
discriminatory and unfair, or wasteful, and
or
such licensee, within a
any neces¬
Such necessaries shall be liable to be proceeded against in the Su¬
(1)
the Commis¬
Whenever the Commission shall find that any
storage charge, commission,
unreasonable,
Whenever
affirmation, and the entry and inspection by
or
duly authorized agents of the places of business of licensees
inspection of their books.
owner:
Proceedings against necessaries hoarded.
saries shall be hoarded
without oath
sion's
neces¬
established
as
1487
CHRONICLE
THE
1917.]
State Commission may
tion of this Act.
Section 14
mission,
any
provides that, with the consent of the Com¬
municipality in this State may , in case of an
actual
or
anticipated
emergency on
account of a deprivation
excessive charges or otherwise,
of necessaries, by reason of
purchase food and fuel with municipal funds or on municipal
credit.
Any municipality may also store and sell food and
fuel:
municipality in this State may, in case of an actual or
tions
putting into effective operation in
during the existence of a
distribution thereof, and likewise so far as
necessaries and to regulate the
practicable co-ordinate its work by like efforts with other States.
The
said Commission may also accept any designation or authority conferred
It to carry out any policy of the United States relating to subjects as
authority is conferred upon said Commission by this Act within
to which
The said Commission
this State.
shall also act as far as may be in co-oper¬
municipal office or department having duties to perform
ation with any
foods and food materials in this State.
in respect to
Co-operation of other department.
The Council of Farms and
of the Department of Farms and Markets,
Sec. 19.
Markets and all other officers
commissions, boards and officers of the State, are hereby di¬
and all other
with the State Food Commission in carrying into effect
rected to co-operate
of this Act.
the purposes
Section 20 provides for the organization of a
war-produc¬
counties of the State "for the
tion committee in each of the
of procuring, organizing and placing on farms all
planting, harvesting and con¬
purpose
available farm labor to aid in
it deems wise.
as
Special revenue bonds may be issued by the
purposes
city comptroller for the
of this section in any city which issues such bonds, and the same
provided by the city charter or other Act
shall be issued in the manner
Section 15 endows the Commission with power to
necessaries
direct methods of distribution that shall insure the
of life, to
elimination of waste and to accept the
that may
also have
delegation of
any pow¬
.be conferred upon it by the United States
account
through appropriate officers of the State,
or
organize
of the Commission.
The Food Commission shall
the following powers: (a) To compel common carriers to give
a
placing on farms all available farm labor to aid
and
paragraph
of this
in planting, harvesting
in the event of any clause, sen¬
this Act being held invalid,
part of
or
invalidation shall not affect the remainder
such judgment or
,
If any clause, sentence, paragraph or part
Partial invalidity.
Sec. 21.
voluntary
products.
Section 21 provides that
tence,
or
War Production Committee
for the purpose of procuring, organizing
in each of the counties of this State
and conserving food
Other powers
The Commission may on their
War Production Committees.
Sec. 20.
of the Act:
..v->;■■/.
Government:
Sec. 15.
compel
carriers to give preferential treatment to
common
serving food products":
own
committees in the different counties,
applicable thereto.
ers
the United States for the purpose of
this State any law of the United States
state of war to conserve the national supply of
officer, board, or department of
any
upon
municipalities.
Any
anticipated emergency
on account of a deprivation of necessaries, by reason of excessive
charges
or otherwise, purchase food and fuel with municipal funds or on municipal
credit, and provide storage for and sell the same to its inhabitants in such
manner and through such agencies as It may determine, but before the ex¬
ercise of any such power or authority by any municipality, it shall have the
consent in writing from the State Food Commission to exercise such power.
The mayor, if any, and the governing body or bodies of any such munici¬
pality shall file with the State Food Commission a resolution and certificate
stating that such a necessity has arisen in said municipality, and otherwise
satisfy the State Food Commission that such a necessity exists.
The State
Food Commission shall act upon the application as in its judgment the
public interest requires, and may prescribe such regulations and restric¬
Purchase and sale of food and fuel by
14.
Sec.
(Vol. 105.
CHRONICLE
THE
1488
Act shall
be adjudged by any court of competent
for any reason
preference to the transportation of
jurisdiction to be invalid, such judgment shall not affect, impair or
tions by
date the remainder thereof,
necessaries not inconsistent with direc¬
Federal authority.
In case it becomes necessary to enforce such
preference, the Commission shall certify to the Public Service Commission
necessity of such preference, whereupon
of either district of the State the
the said Public Service
Commission shall forthwith issue an order to the
carriers to be affected by such preference, and such order
common
shall not
and shall be binding and enforced in like manner as
orders of the State Food Commission;
be subject to review
other
.(b)' To direct and authorize such method of distribution of necessaries
will prevent waste or dis¬
crimination or conserve the public health.
through distributors in any part of the State as
but shall
invali¬
be confined in its operation to the
directly involved in the contro¬
in which such judgment shall have been rendered.
clause, sentence, paragraph or part thereof
versy
Section 22
provides for the penalties to be p^id in cases of
of the provisions of this Act, or any rule
duly made by the Commission:
violation of any
Rules made by the Commission under-
Violations of this Act.
Sec. 22.
the terms of this Act shall have the force and effect of law.
A violation of
of the provisions of this Act. or of any rule or order duly made by the
any
..
(c) To make and promulgate such rules relating to governing the deon the order of any public health officer as may be neces¬
atruction of food
of sound and marketable food;
(d) With the consent of the Conservation Commission, to permit the
sale under such rules and regulations as the Commission may prescribe
sary
to prevent waste and destruction
of fish and game
which
may
enactment of this Act, be
be
so
be lawfully taken, but may not, prior to the
a
more
than
by
made as, In the judgment of the Commission
and the Conservation
conservation of necessaries, to carry into effect
the waste of and insure the
the powers
conferred by this Act, and enforce the provisions thereof.
of any authority from the President of the
To accept the delegation
(f)
Con¬
Act passed by the Congress of the
provide further for the national security and defense by
of the United States, under
United States to
an
encouraging the production, conserving the supply and controlling the dis¬
tribution of food products and fuel for the purpose of carrying out that Act
within the State of New York.
Section 16
for
to
food supply:
our
Sec.
or
as
16.
through
The said Food Commission shall, by itself
Weekly reimrts.
the Department of Farms and Markets, cause to be prepared
showing the cost of food products' from the
producer, and wholesale and retail prices in all of such cities of the State
as
in its opinion
individual by said fine and imprisonment.
appropriates $1,000,000 for the purpose of car¬
rying out the provisions of this Act:
Sec. 23.
or
much 'thereof
so
17 authorizes- each member
of the
shall
Act
($1,000,000),
All receipts of the Commission
subdivision 3 of Section 7 of
be necessary.
may
be
paid
constitute
the State Treasurer and shall
to
over
No obligation shall
mission is authorized to incur under such subdivision.
be incurred by
Act, in
7 of this
under subdivision 3 of Section
the Commission,
of the amount available therefor, either from money appro¬
excess
priated by this Act
or
from the balance to the credit of such special revolv¬
For the purpose of paying for necessaries seized by the Commis¬
Treasurer, on the war¬
sion under subdivision 3 of Section 7 of this Act. the
of the Comptroller, shall
rant
time to time,
advance moneys to the Commission, from
its requisition, either from moneys appropriated
on
fore the fifth day of each and every
established by this Act.
verified and detailed report to the Comptroller and
the Governor,of its re¬
ceipts and disbursements during the preceding month.
The report to the
Comptroller shall be accompanied by proper vouchers.
Section 24 amends Article 4 of Chapter
by adding
by this
On or be¬
month, the Commission shall make a
from the special revolving fund
or
Laws
Commission,
as
special revolving fund for the discharge of any liability which the Com¬
will serve the public interest, and give wide circulation to
market, and the resaonable price or value of food commodities.
appropriat ed from any money in the State treas¬
account of necessaries seized and sold under
this
a
For the purpose of carrying out the provisions
Appropriations.
not otherwise appropriated the sum of one million dollars
ury
the same, with a view to informing all consumers as to the true state of the
Section
association, it shall be subject to the said fine, and any
or
Section 23
Act
and published weekly reports
by imprisonment of not more
as an
punishment
ing fund.
does Section 9 already referred to,
the collection and distribution' of information in regard
provides,
or1
than $1,000,
corporation participating in such violation shall be subject
on
United States or any' person designated by him under authority of the
gress
corporation
a
or
by both said fine and imprisonment; if the violation be
or
of this Act there is hereby
To make any other order or rule in the premises necessary to prevent
(e)
$100
year,
to
Commission, will be consistent with the general policy of this State of con¬
serving fish and game.
one
officer of said
Such rules and regulations shall
lawfully sold.
misdemeanor and shall be punishable by a fine of
Commission, shall be
not less than
.
802 of the 19.17
section to be known as Section 78a,
a new
and.providing State aid for public markets:
Sec. 24.
Article 4 of Chapter 802 of the Laws of 1.917, entitled "An Act
its Secretary and any other person designated by the Com¬
in relation to farms and markets, constituting Chapter
mission for that purpose, to
dated Laws," is hereby amended by
inserting therein a new section to be
known
follows:
davits, and they
also authorized, to make personal in¬
are
spection of all books,
State for the purpose
administer oaths and take affi¬
papers,
records
or
places within the
of ascertaining facts to enable the Com¬
Sec.
17.
other
Commission, its Secretary and
designated by the Commission for that
person
power to
,
heretofore
,
Oaths and affidavits; inspections; procuring affidavits; reports
Each member of the
any
shall have
purpose
a
authorized by the Commission, any officer, employee or person designated
by the Commission, shall have the power to make personal inspection of
all books, papers, records or places within the State for the purpose of ascer¬
taining facts to enable the Commission to administer this Act.
The Com¬
mission may subpoena witnesses, may require their attendance before the
or
a person
State aid for public
or
city, in which
a
designated by the Commission for that
purpose,
through
a person
designated therefor in relation
jurisdiction of the Commission, and
may
nation of witnesses who may be unable to attend
the State.
The Commission shall,
to any matter
within the
issue commissions for the exami¬
or
who may be absent from
when requested by the Governor, re¬
port to him as to their proceedings under this Act.
Sections 18 and 19 provide for the
Commission
with
the
Federal
authorities
and
with
other
Sec.
18.
Co-operation with
Federal
authorities.
Nothing in this Act
shall be construed to empower the Commission to do
any act in conflict
wi(h existing Acts of Congress
ing\to the
or
Acts of Congress hereafter enacted relat¬
encouragement of agriculture and
the regulation,
distribution of necessaries, or any matters and things referred
control and
to in this Act.
Such Commission shall so far as possible co-ordinate its work with
that of
provided in this article may,
proposal for the location and construction."repair or improvement of one
public markets in such city, with storage facilities for such market
more
or
markets and request that |3tate aid
in
this
be given for such purpose as provided
section.
Tbe Commissioner of Public Markets of such city shall submit such
(2)
proposal by petition, in the form and manner prescribed by the Council
of Farms and
Such petition shall
Markets.
scribe in detail the lands owned
public markets,
use as
or
markets
or
to
repair
(a) give the location and de¬
by the city and dedicated or assigned for
lands to be acquired for such use, as provided by
Section 78 of this article, upon which it is
lic
or
proposed to
construct new pub¬
improve existing public markets
in such city;
(b) describe the character of the proposed construction, repair or improve¬
(c) state the estimated
ment;
to be
acquired for
use as
value of the lands dedicated or assigned, or
public markets, and the estimated cost of the pro¬
posed construction, repair or improvement; (d) specify generally the public
necessity for the acquisition of the lands described for public market pur¬
poses
and for the construction of new public markets on su<h lands, and for
owned
repair
or
improvement of public markets on lands already
by the city and dedicated or assigned for use as public markets: and
(e) set forth such other matters
and
State departments in carrying out the provisions of this Act:
as
by the city submit to the Council of Farms and Markets
the construction,
co-operation of the State
department of markets shall have been
shall hereafter be established
and
require the production of books and papers pertinent to investigations
hereby authorized, and may examine such witnesses by themselves or
(1) The Commissioner of Pub¬
markets.
a
or
administer oaths and take affidavits and they, and, when duly
Commission,
Section 78-a, and to read as
when authorized
mission to administer this Act:
to the Governor.
as
Sec. 78-a.
lic Markets of
69 of the Consoli¬
Markets.
as may
The Commissioner
be required by the Council of Farms
of Public
submit with such petition detailed plans and
tion
of the proposed new
improvement of
(3)
Markets
of such
public market or markets, or for
one or more
city shall
specifications for the construc¬
the repair or
existing public markets in such city.
Upon the submission of such petition and plans and specifications,
the Council of Farms and Markets shall
of the matters submitted in such
or not a
cause an
investigation to be made
petition, and shall determine as to whether
public necessity exists for the acquisition of lands and the construe-
THE
Oct. 13 1917.]
tlon, repair or improvement of
Section
public markets in such city. The Council
lands proposed to be acquired or
shall determine
to the
as
public markets, and
market pur¬
suitability of such lands for public
such public
markets, and determine whether such public markets should be constructed,
repaired or improved in accordance with such plans and specifications.
The Council may recommend such modifications or alterations of such plans
and specifications as it may deem advisable and return the same to the
.
Commission created by this
the Commission created
ferred to and be under
city.
the
thereon, or in
the maximum
If it is proposed to erect new
public markets on lands owned
city.
•
by the
.
in such petition, the location of which shall
approved by the Council, are acquired by the city as provided
article and dedicated or assigned for use as public markets, and new
specifications which have been
propriated or made available therefor as provided by law.
The remainder
of the cost of the acquisition of such lands and of the construction, repair
thereon, shall be paid by the city.
Council of Farms and Markets shall approve of the proposed
assigned, or to be dedicated or assigned, for
shall have approved as herein provided of
the construction, repair or improvement of
such public markets, all conveyances or transfers of such lands to the city
shall be approved as to their form and sufficiency by the Council of Farms
and Markets and all contracts for the construction, repair or improvement
public markets in such city, and
of
and specifications for
the
with the plans and sepcifications approved
provided, shall, before they become effeptual, be
approved by such Cquncil,
No.payments shall" be made
public markets in accordance
by the State as provided herein
have approved
shall
provided
unless the Council of Farms
such conveyances, transfers
markets and
for
the. State shall be paid to the city by the State
appropriated or available therefor, upon the cer¬
of the Comp¬
exclusively for
the payment of the cost of the acquisition of the lands acquired by thexity
and dedicated for public markets, and for the construction, repair and
improvement of public markets thereon in accoroance with the provisions
The
troller.
moneys so
,
„
OF
NECESSITY
adoption by the Trust Companies' section of the Asso¬
on the 26th, of a resolution recommending to trust
members of the Association that they join the
of Owners of Railroad Securities, for
protecting and stabilizing the securities of the carriers of
the country, of which S. Da vies Warfield, president of the
Continental Trust Company, is preseident:
Whereas, The businesss interests of the country are severely suffering from
great lack of adequate transportation facilities; and
Whereas, The railroads under present conditions are utterly unable to
increase, their facilities to meet the heavy demands made upon them by
kets, which is to be paid by
tificate of the Council of
ON
A.
National Association
• :
..
expenditures for the acquisition of lands for public
the construction, repair and improvement of public mar¬
Treasurer out of moneys
-
B.
company
and Markets
and contracts as above
The portion of the
(8)
herein conferred upon the
partially as of the date of such
or
ciation
by the Council as herein
submitted to and
continuance of Act.
MEASURES FOR
STRENGTHENING OF RAILROAD CREDIT.
The following resolution was unanimously adopted by
the American Bankers' Association on Sept. 28, following
A.
locations of lands dedicated or
the plans
time the
and shall continue in force
repealed.
improvement of public markets
If the
powers
wholly
If the lands described
(7)
effect imme¬
Commission shall terminate either
proclamation. The Governor
may in such proclamation state that an emergency no longer exists as to
certain powers conferred upon the Commission specified therein, and the
exercise of such powers shall thereupon cease.
In case of a partial suspen¬
sion by proclamation of the powers of the Commission, powers not specified
in such proclamation shall Continue until a further proclamation terminating
the same.
At the termination of the powers of the Commission, the books,
papers and records thereof, or any unexpended balance of appropriations
available, and now properly under its control, shall be turned over to or
ransferred forthwith to the Department
of Farms and Markets, which
under the direction of the Governor shall close up the affairs of the Com¬
mission.
Provided that the powers conferred by this Act upon the Com¬
mission shall in any case terminate within one year after the publication of
a treaty of peace between the United States and the German Empire; and
provided further that the provisions of Section 24 of this Act shall take ef¬
fect immediately and continue in
full force and effect until amended or
the
constructed upon such lands in accordance with plans
approved by the Council, or if new
public markets are constructed upon lands already owned by the city and
dedicated or assigned for use as public markets, in accordance with plans
and specifications so approved by the Council, or if existing public markets
are repaired or improved in accordance with plans and specifications so ap¬
proved by the Council, one-half of the maximum amount certified by the
Council as above provided shall be paid by the State out of moneys ap¬
or
in the office of
This Act shall take
during the time that the
United States is at war with the German Empire, and thereafter until the
Governor by a proclamation shall declare that the emergency causing the
enactment thereof no longer exists either in whole or in part, in which event
Time of taking effect;
Sec. 26.
public markets are
and
provides that this Act shall take
effect immediately,
have been
in this
that it is organized and
under this Act and file the same
and shall continue in force during the
United States is at war with the German Empire:
for use as public markets, or to repair or
improve existing public markets, the Council shall appraise the value of
such lands or of such existing public markets and shall issue a certificate
of the value as so appraised to the Commissioner of Public Markets of
(6)
shall pass a resolution stating
of State.
Section 26
city and dedicated or assigned
such
shall be trans¬
created by this Act.
diately
acquisition of the lands for the
public markets and for the construction of public markets
ease of the repair or improvement of existing public markets,
amount which should be expended for such repair or improve¬
ment.
(5)
Commission
the Secretary
should be expended for the
proposed new
such Commission so abolished
the charge of the Commission
ready to assume the duties
in the case of existing public markets,
in its opinion
the
Commission*shall transfer to
Act all books, records and papers of its pro¬
appropriations made under said chapter are hereby transferred to the
Commission created by this Act.
This section shall not take effect until
if the Council approve
of the proposed repair or improvement and of the plans and specifications
therefor, it shall Issue a certificate of such fact to the Commissioner of Pub¬
lic Markets of such city and shall state therein the maximum amount which
or
by this
of 1917, Is
and duties hereby conferred upon
All
kets and
thereon,
powers
created
The said
Act.
ceedings, and all employees of
If the Council approve the location of the proposed new public mar¬
the plans and specifications of the public markets to be erected
(4)
appointed by Chapter 205, Laws
hereby abolished, and all its powers
construction, repair or improvement of
Commissioner of public markets of such
appointed by
v
The Commission
Sec. 25.
lic markets thereon.
cations for the proposed
provides that the Commission
by this Act:
and as to the propriety of constructing, repairing or improving pub¬
The Council shall also examine the plans and specifi¬
poses
25
Chapter 205, Laws of 1917, is abolished and all its
and duties are now conferred upon the Commission
shall visit and inspect the locations of the
already acquired and dedicated, or assigned for use as
1489
CHRONICLE
Farms and Markets on the warrant
paid shall be applied by the city
the business needs
Whereas,
of this section.
of the country;
and
Railroad securities, owned
other institutions
affected by the
in great volume by financial
this Association, are more or
which are members of
and
less
existing and the cost of new
is now reaching almost prohibitive figures;
general railroad situation now
by the city and the dedication or as¬
capital for railroad purposes
public markets, and the completion of the con¬
therefore be it
repair and improvement '
Resolved, That the American Bankers' Association, in realization of the
of existing public markets as provided herein, such public markets shall
gravity and far reaching effect of the problems involved, offers the suggesbe under the supervision and control of the department of public markets
tion to its members, that they co-operate with the most effective means
of the city, subject to the provisions of this article.
The Commissioner of
now existing for collective action for impressing upon legislative and regula¬
Public Markets shall submit to the Council of Farms and Markets a report
tory bodies the necessity of taking under serious consideration the questions
at least once in each period of three months, or oftener if required by the
surrounding ,the railroads of the country, to the end that railroad credit
Council, containing a statement of the' fees and other receipts collected
may be strengthened and railroad expansion encouraged so that the growing
for the use of the public markets, for the construct m. repair or improve
ment of which the State has contributed as provided herein.
The Council . business of the country and the Government, in the prosecution of the war,
shaJl be provided with adequate transportation facilities.
shall prescribe the form of such reports and may inspect through its officers,
These resolutions were the result of the address
by
employees or agents the books and accounts of the Commissioner of markets
Upon the acquisition of lands
(9)
signment thereof for use as
struction of new
public markets thereon or of the
'
made
received for the
use of such public markets.
The Commissioner of Public Markets in such
city shall pay to the Council of Farms and Markets such proportion of the
net receipts collected for the use of such public markets, including services,
licenses and privileges and of renting space therein, as the payments by the
State under tae provisions of this section, for the acquisition of lands for
public markets and the construction, repriir or improvement of public
markets, bear to the total amount expended for the acquisition of such lands
and the construction, repair or improvement of public markets, including
the appraised value of lands owned by the city and of existing public mar¬
kets so repaired or improved.
The net receipts shall be ascertained by
of such
for the purpose of determining the amount
city,
deducting fro n the gross receipts
cording to rules made by the
the expenses of operating such markets ac¬
Council of Farms and Markets.
paid to the Council .shall be turned into
so
it snail be the
(10)
of all
moneys to
'
,
duty of the
and submit to the Legislature at
Council of Farms and Markets to prepare
apportionment
several cities so that
the next session a,plan of
be appropriated by the State to the
expenditures under this Act shall
The amount
the State Treasury to the credit
of the general fund.
be available to such cities on an
equitable
basis.
(11)
The governing board of a town or
or over
may
the powers,
as
village or ten thousand inhabitants
for such municipality, with
♦•stablish a department of markets
in this article, and may appoint a
and fix his compensation, or may
provide for the supervision of the department
by
of markets in a city,
Commissioner of Public
duties and jurisdiction of a department
prescribed
Markets to be head of such department,
by such
governinnlbjard
or
designated official or officials of the town or village.
When a depart¬
of markets shall have been so established in such a town or village,
a
ment
provisions of this section shall apply to such municipality in t be same
and to the same effect that they apply to cities; and references in
the
Mr.
Warfield
ties in meeting
The
address
shall
to a
be deemed
Public Markets thereof
town or village in which a de¬
city and to the Commissioner of
to include,
respectively, a
markets shall have been established, and the Commissioner
Markets thereof, the governing board of the town or village or
partment of
of Public
the
designated official or officials in charge of
may
be.
such department, as the case
of
"Preparedness:
Its application to securi¬
changed conditions as a result of the war."
Mr. Warfield, forecasting, as it did, his
will not return to former methods
the methods of regulation of
the past, created a decided impression on those who heard
him.
After calling attention to the aims and purposes of
the Association in conducting an educational campaign to
show that 50,000,000 people are directly or indirectly con¬
cerned as owners of railroad securities in whatever affects
railroad properties, and that the Association would be repre¬
sented when legislation was proposed relating to the rail¬
roads and which affected their securities, he stated that he
was not there holding a brief for railroad managements of the
past or present, nor to defend acts which had disgraced the
railroad world.
He further stated that he differed with
many of the railroad executives in plans they have proposed
in the past and still differed with them on matters of policy
and in what he knew to be some of their purposes for the
future.
Among many remarks made to the point by Mr.
opinion that the railroads
of
competitive operation, or to
Warfield, he said:
The
methods of to-day,
manner
this section
on
reloading and
given point
both
in the movement
for1 the handling of the railroad cars for
of commodities urgently required at any
moved to-day are likely to produce
plan of pooling, as was permitted by law,
for any given purpose as
perhaps not a return to the old
but a way will be found to take
advantage of those methods now employed
for handling cars and the business of the railroads which have proved
efficient.
So, in the times which are to come plans will be considered for the
1490
THE
CHRONICLE
development of the railroads, far reaching in effect and which will have
an
important bearing on the value of the outstanding securities of the carriers
and also on future issues of securities made by them.
An important duty
long
as
[Vol. 105.
German hand
one
handed down to
us
hold
can
a
the integrity of the territory
gun
glorious inheritance by
as a
our
forefathers can
never
be the object of negotiations or concessions.
of events in order that the
"When it seemed expedient to France to accept the formula 'without
holders of the securities we represent may be protected, and through this
annexations' the French resorted to the transparent trick of bashfully cov¬
of this Association will be to watch the progress
ering up with the word 'disannexation' what is in reality
Association, can take part in the working out of such plans.
The fact that Mr. Warfield is also Chairman of the Board
of Directors of
lent additional
the Seaboard Air Line
Railway Company
forceful conquest.
Now, except for France's demand for Alsace-Lorraine, there is absolutely
impediment to
no
tiations
weight to his remarks.
barefaced and
a
The trick is really too clumsy to be worthy of repute.
or a
question which could not be solved by
peace, no
settlement in such
way as to render
a
nego¬
superfluous the further
sacrifice of blood.
"Our enemies heretofore have been eareful not to reveal their real
::
INCREASE IN POSTAGE RATES ON FIRST CLASS MAT-
aims.
TER, INCLUDING POSTAL CARDS AND POST CARDS.
Postmaster Patten desires
that
"The
new
postage rates,
effective Nov. 2
i917, be brought to the attention of the
public in order to avoid delay of mail and inconvenience
which will result from the failure of senders to fully prepay
the postage on
their mail.
The
new rates are as
Letters and other first class matter (except drop
each ounce
fraction of
or
A
"drop" letter is
one
follows:
.
letters), three cents for
ounce or fraction
of
that is mailed for delivery from the post office at
by the post office at which it is mailed.
The crop letter rate applies to all
letters mailed in the district of the New York, N. Y„ post office for deliv¬
They leave
understand
the essential
Dr.
K. Y
of Manhattan and the Bronx, also
mailed within that district for
There is
post office .embraces the boroughs
.,
Pelbam arid Peiham Manor; all letters
on any matter
Letters addressed to other post offices in the United States, to Canada,
tinations to which the.domestic rates apply,
ply, will be subject to the rate of three cents
also other first.class matter
an ounce.
a
separate peace would be more just
cards which
are
and
issued by the Government and sold by
typewritten mes¬
no
writing
(or typewriting)
matter, will continue to be mailable for
In all cases postage
and
are
that the armed alliance of
"We
creates
cent each.
one
NOT
GIVE
UP
"is not the future of
"As long as
"Times"
gave
in.
one answer
is 'No,'
"
dispatch from Amsterdam
a
the following account of Dr.
to the
on
the
question
von
The New York
on
the 10th inst.
Kuehlmann's and Dr.
Michaelis's remarks before the Reichstag on the 9th
subject of
oil
the
peace:
At the plenary sitting of the Reichstag yesterday
(the 9th), Dr. Georg
Michaelis, the Imperial German Chancellor, asserted that peace was im¬
possible as long as Germany's enemies demanded any German soil or en¬
deavored to drive
Foreign Secretary
a
be
not
solved
by negotiations,
except
peace, no question which could
the French demand
Lorraine,
for Alsace-
./■ v-
•
The speeches were delivered in the discussion of the resolution
against
propaganda in the
army
in favor of
a
"German peace."
"A
comparatively short time has elapsed," said Dr. von Kuehlmann,
"since the foreign policy of the Empire was discussed in detail in the
Budget Committee.
I need, therefore, make only a kind bf epilogue to
the statements already made by the Imperial Chancellor and
myself.
The
efforts of the Holy See to bring about an exchange of views between the
belligerents have,
so
far
as we are
informed, not yet resulted in
erable step forward since the reply by the Central Powers.
whether
adversaries will make up
our
their minds
any
consid¬
We cannot say
even to answer the
Papal
"After the clear, sincere and
and
our
of entering ports
voyage
we can
attain within these
as
with demands which appear un¬
as
opponents wish to inter¬
our
they pursue the idea of driving
as
a
wedge
refuse the hand of peace,
"We
can
wait.
Time is working for us.
earlier
an
Until
long must the
of
laid
had
down
well
as
mitted to
peace-loving notes addressed to the Pope by
allies, the utterances made by influential Entente newspapers
hardly hold out the prospect that the answer, to the Papal note, if made at
enemies/will bring the world one "step nearer the goal suggested
enemies perceive that
speak and the U-
Michaelis, before the Reichstag
Dr.
the 9th inst.,
on
the
as
replying to the charges
-undertaken, propaganda
"German peace,"
a
ing
our
cannon
will yet come"
dispatch dealing with the remarks of the
Chancellor,
officials
so
Our peace
on a
the Chancellor
principle,
which
for
the
reported
was
applies
party
any
long
so
as
as
hav¬
Prussian
to
Imperial Govern¬
free in their political opinion and
belong to
New
movement in favor
those connected with the
are
are per¬
the Empire is not
endangered thereby.
In their political activities, he said,
officials should observe
reticence,
faith
lose
in
their
so
impartiality.
ordinates to adopt
that the public may not
To force
or
induce sub¬
attitude in favor of any party, the
Chancellor continued, would be to abuse official
positions.
This will not be
this
to
attention.
As
an
permitted, the Chancellor said, and obedience
principle will be enforced in
;
cases
brought to his
.
regards the
the Chancellor said, all political
army,
propaganda will be excluded.
patches of the 9th
The Associated
Press
dis¬
the following further account of
gave
what he had to say:
"The Governments of the Federal States are endeavoring to
regard all
political leanings with complete objeetiveness and to do full justice to every
political opinion," said the Chancellor.
"I adopt this attitude because I
am
convinced that every plitical party honestly desires to do its best for
the
weal.
It is to be greatly regretted that this mutual faith
common
have
should
been pushed into the background in
in the last few weeks and that
should have been
the course of the controversy
mutually antagonistic forms of propaganda
the result.
'
'Every German readily and gladly makes the sacrifice of blood
demanded from him.
note.
us
long
as
they must reduce their claims,
wedge between the German people and their Emperor.
Kuehlmann said that as far as he was,able to view the
impediment to
us
long
piece of Gorman soil,
von
world situation there was no
enemies confront
single German,
our
Fatherland party, which is carrying
pre¬
form make concessions with regard
answer
free
frontier posts, as long as they demand that we shall yield a
officials
any
a
A peace of the widest economic and
This peace
every
our
ment, that all
to Alsace-Lorraine'—that
ships the possibility rin
acceptable to
tary for Foreign Affairs in addressing the Reichstag
Germany in
which
fere with
Lorraine, Dr. Richard voAKuehlmann, the German Secre¬
'Can
which guarantees the peasant the
peace
the worker merited recompense;
limits.
that
Belgium, but that of Alsace-
•9th inst. added that "there is but
our
Main Committee
ALSACE-
Declaring that the great question of prolonging the
war
•
■
a
gives
market for industries and supplies the foundation for social prog-
a
which gives
German
DECLARE
LORRAINE—FREEDOM OF SPEECH DEFINED.
sent
which
boats do their work.
VON KUEIILMANN
WILL
strive to
must
we
.
land;
cultural development, a real peace.
In
GERMANY
of his
Further,
enemies does not grow into an economic
our
in this sense achieve
can
reward
entirely in print, or which
than is authorized upon printed
should bo fully prepaid.
MICHAELIS AND
In its unity the German Empire is invincible.
establishes its position.
overseas,
offensive alliance.
arms
(private mailing cards) which
more
assured.
are
allies to existence
our
between the German people and its Emperor, so long shall we with folded
will be subject to two cents postage.
Post cards
bear
development
unshakable, and
man
one
"We must continue to persevere until the German Empire, on the conti¬
1-cent
a
The 2-cent rate applies to all postal cards regard¬
less of whether they bear written or printed messages.
or
as
in the fight until its fight and the rights of
persevere
We must
comprised In this
to what we desire and must
as
said in the resolution.
was
and taking on coal all over the world.
The 1-cent postal cards must have
(private mailing cards) bearing written
"if those-who
toward this resolution.
minds
our
-
printed.on such cards.
Post cards
We must be clear in
emphasize what
postage stamp affixed to them, in addition to the 1-cent stamp which is
sages
It is said that his mission has im¬
work out in their positive sense, and forcefully, the aims
gress;
*
Postal cards for any address will be subject to two.cents postage.
the Post Office Department.
who wishes to
one
any
program."
peace
Kuehlmann is proceeding at an early date on a visit to Vienna.
von
resolution.
other des¬
or to any
addressed for delivery to any destlnatldns to which: the domestic rates ap¬
are
our
""We would get along much better," said the Chancellor,
see
except letters.
Cuba, Mexico, Panama and Shanghai City (China),
Postal cards
principles of
Budapest, Sofia and Constantinople.
nent
drop rate
we
opponents'
our
portant political and peace significance.
delivery therein will be subject to the rate
an ounce.
no
doubt in the minds of
no
"The German nation will stand together
The district of the New York,
te
answer
reply to the Pope, and the Parliamentary discussions in connection
our
within that district.
of two cents
Oup
combat the peace resolution of July 19 and assert that its supporters want
an ounce.
which it is posted or, in other words, which is addressed for local delivery
ery
answered this program because
never
assertions that they cannot obtain a clear conception of our intentions is
with this.
an ounce.
Drop letters, two cents for each
German Government has
believe In dealing with real Sober facts.
the
war
What they have told the world is a maximum program, which can
only be realized after the complete military defeat of the Central Powers.
or
treasure
I
believe that among us there is hardly
any one who.
remembering what he has had to give up, does not gulp down his
upsurg¬
ing grief with the reflection that it had to be."
The
Chancellor pointed
out
that Germany's opponents also are'com¬
all by our
pelled to make sacrifices, and said that if this
by the Pope.
which had made its appearance should become
impossible.
"Although the Foreign Minister of the Austro-Hungarian monarchy, in a
speech at Budapest, pointed out that the Central Powers were prepared in
George Ledebour, the Social Democratic leader, expressing dissatisfaction
with the Chancellor's statement, held to his vote of want of
confidence,
while a Conservative member complained that the Chancellor had
not men¬
the
sense
mination
indicated by the Papal note to collaborate not
only in the ter¬
the present conflict, but in the reconstruction of a
of
Europe
nearly ruined, there
who
are
are
no
signs of
a
'new spirit' among our opponents,
clinging to the time-worn formula of the
annihilation
of German
were
kept in mind the agitation
tioned the supplementary estimate which had been referred back
to
was the sole matter at issue.
com¬
mittee and
Chancellor
Michaelis replying
said that only five
cases
of minor
im¬
militarism.
portance of higher officials influencing the lower ranks in favor of the Father¬
liH&"The
land Party had come to the Government's
great question prolonging the struggle is not the future of Belgium,
but that of Alsace-Lorraine.
Great Britain, according to our information,
has pledged herself to .France that she will continue the
fight for
quest of Alsace-Lorraine both politically and with her armies
desires to adhere to the program of
France
This
regaining those
being the actual situation, I think it
statement of
so
the
con¬
long
as
provinces.
proper to give a clear and firm
our
attitude, since, curiously enough, there still seems to be a
misconception in this respect among our enemies, and even among our neu¬
tral
friends.
concerned itself with
stimulus and
land.
It
arouse
was
inevitable.
one answer to
with
regard^to
the question, 'Can
Alsace-Lorraine?'
Germany in
That
any
answer
is
form make
'No.'
So
It
not to
knowledge and that the necessary
be denied that the army command
desirous to keep politicis out of the army but mistakes
in the army of the
The motion
was
comprehensive plan of propaganda to provide mental
knowledge of life and economic conditions in the Father¬
a
If politics were
kept out of the
reply to the Pope's
peace
was
were
army it was natural that critics
proposal would be inadmissible.
to abolish the
pendent Socialists,
"There is but
concessions
action would be taken.
propaganda service, introduced by the inde¬
defeated and the supplementary estimates for the
office of the Vice Chancellor
were
adopted without alteration.
Oct. 13 1917.]
A resolution
raine
THE
opposing the broaching of the Alsace-Lor¬
problem either
tiations
adopted in Berlin by the Central Governing
was
aims, which would give them increased divi¬
many's
war
dends.
The
Socialists,
Committee of the National Liberal Party on Sept. 25.
The
resolution outlined the attitude of the party with regard to
promoted
current
Further information
which
foreign and domestic issues.
adopted
was
resolution
of
unanimously,
July 20
was
In the
roundly scored
Germany's future development.
new
German might and strength,
our
receiving ample protection and that our economic future
borders
opposed the introduction of
but
calls
for
confidential and
Parliamen-
a
intimate
operation
between
the
The familiar ciriticism
in the resolution.
time of the
It
Government
and
the
of President Wilson
Reichstag.
contained
was
Stresemann outlined
the present
lost.
said, to
Her rank
carry
on
the
war
with
maritime nation had
as a
was now
compelled,
The
out his
The opinion
plan.
that the Reichstag peace
was
von
heard in
he said,
the
the German peophe—therefore,
enemy,
in the field and the
army
has an army propa¬
too,
tory is
a
lacks the will to gain victory and
continue to
As
we
level with which
.
a
confidence in vic¬
We could drop all this and leave the rest
serviceable instrument.
the enemy.
to
per¬
Minister von Stein said:
campaign.
No army which
do not, however, wish this, nor do you, we
Referring to the agitation in behalf of the new party's propaganda against
navy were
contained
said it
was not
litical
pressure
permitted to
Herr Landsberg continued:
in press
official to use his position to exercise po¬
any
his subordinates.
on
"I make this statement in
the
name
of the Chancellor, who
dispatches from London on the 10th inst., the in¬
formation being based on a dispatch to the Central News
safeguard this principle," Secretary Helfferich announced.
from
Fatherland Party.
the form of
a
ments of
revolutionary outbreak
The
There is
reasons
Emperor William is said to have
one
shot.
were
others.
-
gone
out of every seven
Chancellor Michaelis protested,
three
If that is untrue,
fidence in the
to Wilhelmshaven
were
imposed
on
Then, there is
Reichstag
on
On the 7th inst,
the 9th inst. \ ice-Admiral
von
Oapelle
bate in the
covered in the German navy to paralyze the fleet, is reported
in a Berlin dispatch as having said:
casion of
of
heads
among
some
a
persons
them.
sad fact that the Russian revolution turned the
in our navy and introduced revolutionary ideas
Their insensate plan
was to recruit representatives on all
the ships, to cause the crews to refuse to obey orders, to paralyze the fleet, ■
and to force peace upon
the country.
We
fered the
which
penalty which they deserved.
are
I
in circulation are immeasurably
can only say that the rumor?
,
exaggerated.
The combative
force of the navy was not threatened for a single moment, and things will
remain
In
so.
a
.
speech in the Reichstag regarding the plot discovered
in the navy,
mans.
several of the
men
had been condemned to death.
press
against the Pan German
the oc¬
dispatches stated, that
.There are no more
Abroad people think
talk of the Pan Ger¬
invincible, but this wild agi¬
agitation.
in consequence of the frivolous
us
We need peace at home to make us
makes
it
impossible.
Haas, Independent Socialist, submitted a resolution
Herr
that the Chancellor's treatment of the subject
respond with the views of the Reichstag.
taken on the resolution.
Field Marshal
did not Cor¬
No action was
von
Hindenburg
congratulatory telegram from the Catholic
People's Union of Essen advised a policy of holding on and
waiting as the one for Germany to pursue, according to a
in
replying to
Berlin
Wilhelm Dittmann, Socialist member, said the
punishments inflicted for the mutiny at Wiihelmshaven
amounted collectively*to 200 years' penal servitude, and that
the 6th inst. when the Socialists
spirited debate, the
protest
tation
The few persons who forgot their honor and their duty suf¬
on
to the new von Tirpitz party was
as
otherwise about
conferred in this building with
the Independent Socialist .faction, in the Reichstag, explained his plans to
Deputies Dittman, Haase and Vogtherr, and obtained their approval.
I cannot make a statement here on the subsequent events which occurred
a
v
peaceable people in the world than the Germans.
It is proved that the principal agitators
in the navy.
refused to pro¬
conclusion of the discussion Herr Haas said:
at the
•
addessing you.
in announcing belated reports of the de¬
Reichstag
interpellation
unfortunately
my
.
Minister of Marine, in announcing that a plot had been dis¬
It is
object in
no
point there was more disorder and the speaker
ceed.
•
the Left.
again continued:
At this
the
,
In the
He continued:
If you have no con¬
the Government, then——-
Again Dr. Helfferich was interrupted by shouts of "No" from
He
mutineers be shot.
with the result that only
Heavy sentences
interpella¬
against the Fatherland Party.
I need waste no further words.
at the head of the army and
men
Chan¬
the Chancellor ought
Secretary Helfferich was interrupted from the Left.
for the mutiny was bad and inadequate food.
and ordered that
I gather from Herr Landsberg's words that
to hurl the ban of excommunication
with
He added:
question here of large political importance, and the
no
cellor's attitude toward our war aims is not the subject of an
tion.
suppressed only with the greatest difficulty.. It took place
about six weeks ago;
According to press dispatches, one
of the
Dr. Michaelis was too much burdened
other business to come to the Reichstag.
widespread and organized revolt and to have been
a
The Secretary answered that he spoke as the Chan¬
cellor's representative because
warships at Wil-
on
uprising is said to have had all the ele¬
seeks to
about his attitude toward the
Herr Landsberg then asked Dr. Helfferich
Copenhagen, which stated that the insurrection took
helmshaven.
shall
enlightenment in this sense in our army.
use
Secretary of. the Interior Helfferich, who followed Minister von Stein,
MUTINY IN GERMAN NAVY.
mutiny in the German
leaders.
agents were endeavoring
We aim also at maintaining the spirit of our army at the
it entered
now
the Reichstag peace resolution,
a
Hindenburg
ganda to instill the spirit of victory in their ranks.
mitted to become public at this time.
Accounts of
von
He added that no two per¬
charged that enemy
He asserted thac the
such as
other sorts of agitation,
Field Marshal
principles had been laid down for the
army at home.
if Germany
even
decision such conclusion should not be
a
were
Ludendorff.
to induce dissension and vacillation among
resolution had materially harmed
regard to Belgium, arguing that
really reached
The War Minister than
expressed by Dr. Stresemann
exceeded these limits,
in Germany were so united in their convictions as these two
sons
cine¬
lectures, plays
There is no word of politics in
taken against this.
Stein asserted there
von
and Quartermaster General von
carry
Germany's prestige abroad." He also rebuked the talk
explanations about supplies.
reports that differences existed between
Tirpitz,
permitted to
some
intellectual nutriment and, therefore, the army
issued general instructions regarding
steps were immediately
Minister
b^en shattered, and if she
speaker deplored the fact that Admiral
enemy's intentions and the consequences if we
It may be true that certain impulsive natures
this.
real
soldiers must be enlightened concerning the
our
leave must be enlightened regarding the difficulties at home,
pamphlets, and army newspapers.
mas,
decided to go on the U-boat would force her to make peace.
former Minister of Marine, had not been
on
The army hungers for
stop-watch in hand.
a
Men
and to this must be added
but
but England
'
said:
In view of the enemy's lies, which are circulated all around the
command has
British tonnage compared with German
in the ratio of five to one,
their seats.
continuing,
of the war and the
causes
"excellent military and political situation"
war
Stein
world, it is clear that
was
of the
resume
von
explanations given in the army are of quite different tendencies and
purport.
Dr. Stresemann stated that
This
pointed
impossibility of further debate under such conditions and begged
Deputies to
The
the party's
prepared to begin peace negotiations. The
submarine, he asserted, was the deciding weapon.
At the
Germany
stir and cries of "Oh, Oh," from the left. "The President
Minister
platform, which swings this element far to the Right
parties.
a
out the
the
Stein, in replying to Herr Landsberg, said that the
von
command did not permit political agitation within the army.
caused
stated in press despatches at the
was
Gustav
Dr.
among the Reichstag
he
On his attitude greatly depends the coun¬
said that clergymen and the State authorities agitated
Minister of War
adoption of the resolution that in addressing the
committee,
outset
spoil the good work of the pen.
ganda among the soldiers against the Reichstag resolution.
co¬
army
in
he hinself
as
the population in behalf of the Fatherland Party, and that army
among
system
national
The
of siege.
officers, by speeches and the distribution of pamphlets, carried on a propa¬
The resolution
tary
a state
the agitation,
and the country's welfare.
Hen' Landsberg
safeguarded.
set out as
interest and that of the nation declare
own
against Pan Gorman agitation.
try's attitude
are
result is fully
as a
atmosphere of
that he protects
The Chancellor must in his
political and economic development would be retarded for decades.
The military situation gives us the surety that Germany's
was
polemic against the Reichstag resolution.
a
The way of the sword this time will not
w thout ample war
indemnities Germany would not be protected against future menace and
its greatest strength.
was
dispatches of the 6th inst.:
We must get out of the suffocating
Germany's future security cannot rest on international treaties alone.
on
Herr Landsberg
concerning the discussion
War Minister must admit
The resolution continued:
wrote
It must be founded
democracy
because
follows in the press
inimical to
as
the contrary,
on
said, demanded that the freedom of the nation should be
platform,
Reichstag's peace
the
public opinion and set forth Ger¬
to influence
newspapers
at the time of the peace nego¬
now or
1491
CHRONICLE
a
dispatch:
"We, too, desire what the Pope
war,
desires—namely, the termination of the
Marshal's telegram read.
"Our
which was forced upon us," the Field
willing.
President Wilson's note was not only
the German people but also an insult to the Pope's good will.
enemies, however, are not
an
insult to
Our enemies, however,
must wait.
Det
us
will gradually come to their senses.
Therefore
we
continue to be victorious and hold our peace."
REICHSTAG DISCUSSION OF VON TIRPITZ PARTY.
In the discussion in the
Reichstag
on
to have
stated that the
new
party was
a
Pan German in¬
stitution, its particular object being to obtain support for
its
leaders
by
means
of
war
The
Oct. 6 of the Socialist
interpellation concerning Admiral von Tirpitz and the Ger¬
man Fatherland party,
Herr Landsberg, Socialist, is said
profits and the purchase of
New
German
Fatherland party held its
first
open
meeting in Berlin on Sept. 25 in Philharmonic Hall, with an
overflow meeting in nearby quarters.
No Government
officials attended either
of
meeting.
Mecklenburg-Schwerin,
Admiral
von
Duke Johann Albrecht,
opened
both
meetings,
and
Tirpitz was the principal speaker at each.
THE
1492
Admiral
Tirpitz is said to have pointed out that the
von
submarine warfare is Germany's
legal right,
gium now has her just deserts.
Belgium, the speaker de¬
clared,
always
was
England's bridgehead,
and
Admiral
Belgium's protecting master.
said, further asserted that
von
without
peace
a
demnity meant Germany's defeat and the victory of AngloSome of the Admiral's remarks at the first
quoted
We have established that
nomic way and
vided
do
we
that
we
unconquerable in
are
military and eco¬
a
will continue to remain the stronger party, pro¬
we
lose
not
meeting have
follows:
as
The seventieth
Hindenberg
birthday of Germany's Field Marshal
The Emperor and all the imperial family
greetings to the field marshal, expresing
sent
early end of the
would
war
cities bestowed their freedom
tions
the
held by the
were
loan.
war
Secretary, in
von
Oct. 2
on
Various
him, and special celebra¬
on
schools, coupled with collections for
Richard
Dr.
the hope that
his work.
crown
Kuehlmann, the Foreign
von
congratulatory telegram, said:
a
Glorious deeds of imperishable greatness make this a national fete day.
Charging that "Anglo-American capital was making every effort to save
the money it invested in this war," Admiral von Tirpitz continued:
We have not overlooked
WORK
celebrated throughout Germany
was
national fete.
as a
nerve.
our
SEVENtlETH
THE BLOODY
MUST GO ON.
an
American capitalism.
been
BIRTHDAY—THINKS
Germany
Tirpitz, it is
heavy war in¬
VON HINDENBERG'S
FIELD MARSHAL
and that Bel¬
her utmost in preventing England from becoming
must do
[Vol. 105.
CHRONICLE
The
looks
nation
German
unshakable confidence
with
to
powerful
your
protection of the Imperial frontiers, with the hope for Germany's happy
opportunities to gain President Wilson's friend¬
future.
ship, but invariably have achieved the opposite result.
Never
was
brave people addressed in
a
such
influence
Arguing that Belgium
by Germany, in view of Bel-
not wronged
was
hium's attitude before the war,
Admiral
Tirpitz said:
von
Henceforth Germany and not England must
be the protector power over
After all the sacrifice of life blood
Belgium.
war
there will
lost in this
This
war.
we
have offered up in this
We need tangible in¬
again be such a status for us.
never
demnities that will enable
in coming decades to recover what we have
us
not only
war concerns
An Amsterdam
dispatch
has
Sept. 17 reported that ac¬
on
Field Marshal
papers,
3rd
gratulation
Let
work
telegraphed to Duke Johann Albrecht of Mecklenburg,
the President of the
message:
"Patriotic Party,"
new
'
.
Your appeal
the following
/,
is
honorary citizen of thirty-six cities.
teeth and not say a word about peace until the bloody
our
done and
to the men of East Prussia has filled me with great
>
Despite the promising military situation, our#
and position in the world are still at stake.
The message urged the conclusion
the empire
"If
we
and
added,"
joy
peoples' exist¬
of
peace
between the rival parties in
shall
prove
unconquerable."
•
united at home,
are
the presumptious words
placed itself unitedly and
We
must
united,
remain
now
Thereby
In
Replying to
aims
war
German
the
Reichstag
a
message
such public statement at the present time
could
a
Such
anti-Wilson protests
Hindenberg
By his attempt
would
serted
many) to
have
effect
the
solution to
a
complex questions
Chancellor
of
our own
binding "ourselves
(Ger¬
prejudice" when the entire
discussed at peace negotiations.
The
that Pope Benedict's peace proposals
are
stated
inspired by moral seriousness, pure justice and neu¬
were
trality,
which things
Wilson
President
lacking in the reply made by
were
the
to
Dr. Miehaelis's remarks
ciated Press
clear
The further
Pope.
were
account
of
set out as follows in the Asso¬
dispatches from Amsterdam
Michaelis
strongly attacked
dwelt upon
which
on
lined at
"the satisfactory state of our relations with
coulfi not be disturbed, he said, even by the unpre¬
"We greatly deplore," he
by
r
continued, "the sufferings caused to the neu¬
<jnemies' economic war, and we are always prepared to as¬
our
keenly felt is the economic distress in
inexorable effect.
fast
are
Italy,
increasing.
with its interna'
In England also the war is exercising its certain
political concomitants.
The deceptive hope of dissension among us causes
the
leading British statesmen to continue to adhere to their war aims, or at
entirely incompatible with the political
least to proclaim such aims as are
the
by unparalleled terrorism, to stir up war enthusiasm, vyhich hitherto had
among
the
wide
masses.
,
We look forward
confidence to the announced military exertions of the
"In Russia
a grave
the
economic crisis reigns..
with calm
United States.
The transport especially is in4
adequate to the tasks before it.
'•'The German reply to the Pope's note met with
allies,
while
majority of our enemies have given it an ob¬
a
It is difficult to Understand how any one
viously embarrassed reception.
acquainted with the international situation and international usages ever
could believe that
sided
we
ever
public statement
would
be in such a position as,
important
on
questions
which
through a one¬
are
indissolubly
bound up
with the entire complex of questions which must be discussed at
the peace
negotiations, to bind ourselves to a solution to our own preju¬
"Any such public statement at the present time could only haveacon¬
fusing effect and injure German interests.
We should not come a step
nearer
peace, but it would contribute
certainly to a prolongation of the
war.
"I
our
must at
present declme to specify our war aims and bind
the hands of
In
conclusion
the Chancellor
attacked
President Wilson's reply to the
Pope's note.
"The President's attempt to sow dissension between the people and the
Government
note
more
has
had
of
Germany,"
the opposite
firmly together in
he said,
no
prospects
of success.
His
effect from what he deshed and has bound us
a stern
cally all foreign interference.M
"has
resolve to oppose resolutely and energeti¬
by the Hungarian Pre¬
Count Czernin's
permanence."
of
views
were
em¬
Associated Press dispatches from Amsterdam on
in
which
quote as follows:
we
.
has been ascribed the saying that words are given to
It may be that this saying was true for the diplomacy
conceal thoughts.
But for the present time I hardly can conceive a phrase
of his century.
less accurate.
"The
and for what they are fighting.
appointed to
did
When I was
I utilized the first opportunity openly to declare that
but that on the other hand we would
my post
not want to oppress any one,
oppression, and that we were prepared to enter upon peace
not suffer any
negotiations
Count
He
They have a right to learn why
which the entire world desires, has not yet come..
peace,
we
trenches or behind the lines wish to
millions who are fighting in the
know why
as oqr
as soon
enemies accepted the standpoint of peace by
-
.
said
Czernin
a
"
•
'
plain statement of war aims was indispensable
explained the conversion of the Central Powers to the doctrine of dis¬
armament
by declaring that armaments were necessary until the world was
convinced
that
Austria-Hungary was
memberment.
costs
of the
subject to dis¬
State,
'
Czernin threatened that
annexations or indemnities were
for Austria-Hungary to
not a dying
"...
,
Count
conclusion,.
unless
peace without
immediately accepted it would be necessary
revise its program and seek compensation for further
war.
•
.
'
competition
that
Arguing
economic ruin for all
been
in armaments after the war would mean
declaring that Austria-Hungary had not
States and
prepared for war and had only made up during the conflict for her
former
neglected military equipment.
"This
taught
war
us
Count Czernin continued:
that we must reckon on a great increase in former
unrestricted
With
armaments
Hie
would
nations
be
com¬
pelled to increase everything tenfold and the military estimates of the great
powers
would amount
"That
is
to billions.
It would mean complete ruin.
impossible.
To return to the
armament status
of 1914 would be a great reduction, but there would be nob
meaning
going
in
not
the
disarmament is
negotiators."
■
■
toward its realization."
"Europe," he added, "after
must be placed on a basis of right, offering a guar¬
armaments.
dice.
POLICY.
war
In
the approval of our
PEACE
AUSTRIA'S
ON
statement concerning his peace policy out¬
a
"To Talleyrand
nowise
friends and
Wilson continue in
opportunity not only of accepting the idea of disarma¬
and arbitration, but also of working with our whole
energy
"in the United States the Government attempted by all methods, even
nonexistent
May Mr.
loan.
dinner given in his honor
a
agreement."
economical and vital needs of Germany.
been
war
ment
-
a share in the provisioning of the neutrals.
"The economic and financial difficulties of France
more
I do not doubt that Mr. Wilson will receive
petition which has forced its way into the world affords us
sume
Still
saying:
as
mier, Dr. Alexander Wekerle, asserted that "this new com¬
anty
Sept. 28:
cedented exertions of the hostile press.
trals
Sept. 15
the Austro-Hungarian Minister of For¬
Czernin,
eign Affairs, in
Oct. 3,
.Dr,
on
disunity President Wilson has succeeded in
part of the force which ever intends evil and does good.
a
Count
which, he asserted, merely bound the German people together more firmly.
the neutrals,"
telegram received by the
a
Amsterdam
HIGH IDEALS.
bodied
Chancellor
from the Cologne Chamber of
one of the series of
quoted in
to create
CZERNIN
COUNT
President Wilson's reply to the Pope
The
achieve
by German organizations, Field Marshal
was
by the seventh
answer
future to be
confusing effect and injure German in¬
"one sided public statement," he as¬
a
to
Let this be the feeling of
Sept. 28
on
stated that "any
terests."
determined
and
Imperial Chancellor, Dr. Michaelis,
before the Main Committee of the
only have
steel-hard,
Commerce, which had forwarded to him
a
justification of the refusal of Germany to state her
of President Wilson the German
shall shorten the war.
uniting the German people.
AIMS PUBLIC.
WAR
was
German.
every
IMPERIAL CHANCELLOR ON REFUSAL OF GERMANY
MAKE
Hindenberg
firmly behind its Emperor and his
we
Dutch News Agency at
TO
von
words, and has rejected all foreign interference in German affairs.
von
we
has
Field Marshal
having said of President Wilson's peace note:
as
answer to
an
nation
forget the war during internal
dissensions.
ence
As
This must be the motto of the whole
victory is ours.
people.
victory.
because it seriously warns us Germans not to
Hindenberg's
his birthday, said:
on
gnash
us
quoted
Hindenburg
von
von
Up to Oct. 1 the field
a
Last month (Sept. 11)
cording to the German
on
war.
dispatch from Amsterdam to London on the
inst. the field marshal in reply to a telegram of con¬
According to
German
capitalist is at stake.
dwelt at length
press
the conduct of the
on
marshal had been elected
Germany, but the liberty of
Europe and its people from the all-consuming tyranny of the Anglo-Ameri¬
can
Berlin
The
haughty and offending
a
'
manner.
further and actually disarming.
only issue from the difficulty.
"Gigantic fleets will have no further purpose when
world guarantee
to the
will
have
to
gi
ve
ed
up
'
>r
s
the maintenance of internal order.
Every State
unething of its independence for the purpose of
'j
the world peace.
"Probably the present generation will not
this great
the nations of the
th° freedom of the seas, and land armies will be reduced
level requ
insuring
Hence complete
pacific movement.
live to see the completion of
It can only be realized slowly, but
i consider
Oct. 13
It
do every¬
materialization."
necessity for naval disarmament on the high
duty to place ourselves at
our
the head of the movement to
Strongly emphasizing the
predecessor,
carry
out electoral
Government
Count Czernin said:
"I
I do not extend the idea to narrow
communications special rules and
With these factors made clear every ground for
purposely say the high seas, for
I freely admit that for sea
and
seas,
regulations must obtain.
territorial
guarantees disappears.
the beautiful and sublime note
"This is the basic idea of
addressed to the whole world.
provided that the enemy
Count
Monarchy, always
completely evacuates our territory."
final principle which he said
it was
and pacific development of the world,
He said economic war must absolutely be
observe to insure the free
necessary to
economic freedom.
eliminated from every future
"Before
by our enemies we
the Austro-Hungarian
then came to the
Czernin
namely,
which the Pope
If this basis is accepted
the enlargement of
can renounce
we
said Count Czernin, "we
the harmonious, joint
We
as
the idea of
new world
founded on
disarmament.
all-around
her answer to the
Germany in
"Even
professes adherence to
Pope's note most
all-around disarmament, and our
emphatically
present opponents
their own.
"The question of indemnities which the Entente is always advancing,
assumes remarkable completion when one considers the devastation their
armies have wrought in Galicia,
Burkowina, Tyrol, the Isonzo, East
Prussia, in Turkish territories, and the German colonies.
Does the Entente
intend to compensate us for all this, or is it so completely mistaken in its
judgment of our psychology that it hopes for a one-sided indemnification ?
"This war will not be decided with high-flown phrases.
First we heard
that Germany was to be annihilated and Austria-Hungary dismembered.
Then the tone became more reasonable.
It was to be sufficient to reform
our internal conditions.
Our enemies appear now to be in the third phase,
they demand neither our life nor our right to decide our destinies as a State,
but they demand more or less large frontier rectifications.
"Further phases will follow, although a majority of the population of all
the enemy countries already definitely take their stand on the basis of peace
by argument, which we were the first to propose six months ago and the
fundamental principles of which I have just stated.
i
"We do not seek strength in big words, but in our glorious armies, the
firmness of our alliances, the steadfastness of our people and the widsom Of
our war aims.
We do not demand a Utopia.
We can neither be bent nor
destroyed.
Conscious of our power and clear as to what we must attain,
also have made these
we
for
plain
principles, at least in part,
resolution fortified by
in the future not
peace
of the
that an
being convinced
nothing,
sever
,
overwhelming majority
for the
re-establishment of order in
the
the Pope's note. It may appear
to be inconceivable to any people that the Central Powers desire to make
renunciation with respect to military armaments, but the war has pro¬
duced new facts, conditions, and conceptions which have shaken the,
in our reply to
world has been laid down
politics as they
of European
foundation
previously existed.
Austria-Hungary was
dissolution of the
monarchy which made our position in Europe difficult.
By proving our¬
selves in this war thoroughly sound, and at least equal to the others, we
destroyed the hopes that we could be overthrown by force of arms.
("Now that this proof has been given, we are in a position simultaneously
with
allies to lay aside arms and regulate future conflicts by arbitration.
"This
competition which has forced its way into the world war
affords
the opportunity not only of accepting the idea of disarmament
and arbitration, but also of working with our whole energy toward its
realization.
Europe, after the war, must be placed on a basis of right,
offering a guarantee of permanence.
This basis must offer security against
any future war of revenge.
We must bequeath to our children's children
legacy that they will be spared such a terrible war as this, and that is
a
authorized t he President of the republic
relations with Berlin,
and to adopt measures facilitating navigation, in co-operation with the friendly n ations, and measures to assure im¬
portation and exportation. President Viera in his message
to Congress declared that the Uruguayan Government had
not received any direct offense from Germany, but that it
was necessary to espouse the cause of the defenders of jus¬
tice, democracy and small nationalities.
Passports were
issued on the 7th inst. to the German diplomatic and con¬
sular officials, and at the same time cables to Berlin ordered
all Uruguayan officials in Germany to leave for home imme¬
diately.
Uruguay will give guarantees for the personal
safety of the dismissed German officials until they are out of
the country, and has addressed a note to the Berlin Foreign
Office expressing the assumption that the same guarantees
given German officials in Uruguay be given Uruguayan
officials in Germany.
On Oct. 8 the Uruguayan Govern¬
a
to
>
"In broad outline our program
"Especially has the idea crumbled which held that
moribund State.
It was the dogma of impending
our
new
us
as a
disarmament and arbitration.
"It is superfluous to say that disarmament must never be directed against
any particular State or group of powers, and that it must comprise land,
only
1
sea,
possible through
and air in the same degree.
international control universal,
equal and gradual disarmament in all States of the world must occur and
the defensive force must be limited to iyhat iS absolutely necessary.
I know
this goal is extraordinarily difficult to reach and its pathway is long and
thorny, but it must and shall be trodden no matter whether individuals
"On
international basis and under
an
consider
it desirable or
not."
the Foreign Minister
Continuing,
"We have from the
no one
beginning stated our
aim and adhered to
it.
But
cherish the delusion
compensation.
world
hr"I speak for the present moment, because I am convinced that
peace can now come on the basis which I have set forth.
If the war,
however, continues "we reserve for ourselves a free hand.
I am absolutely
convinced that our position a year hence will be incomparably better than
to-day.
or
consider it a crime to carry on the war for any material
advantages for a single day longer than is necessary for the
But I would
territorial
integrity of the
"If
our
monarchy and our future safety.
listen and compel us to
enemies refuse to
then we reserve the
od the
right to. revise our terms.
continue this murder,
I am not very
optimistic
conclude peace by agreement on the
overwhelming majority of the entire world wants peace
disposition of the Entente to
above basis.
An
few men are preventing it. We shall in this case
with sang froid and steady nerves. We know that we can
front and at home.
Our hour will come, and with it a sure
by agreement, but some
pursue our way
hold out at the
guarantee of the free
DR. WEKERLE
and peaceful
development of
ON HUNGARY'S
PEACE.
I
Austria-Hungary."
AIMS FOR A LASTING
made that Dr. Alexander
Wekerle, the Hungarian Premier, expounded the Govern¬
ment's programe at a meeting of the Hungarian Chamber
on^Sept 11 according to a Budapest dispatch.
It was
stated that the Premier in this exposition said he advocated
the same principles regarding the suffrage as did his imme¬
On Sept.
13 announcement was
diplomatic and commercial
Charge not to leave the country
diplomatic and consular officials are
notified the German
ment
until the Uruguayan
has
safely out of Germany.
Dispatches from Montevideo
Oct. 8 stated that the Government has asked Congress
on
the utilization by Uruguay
approve
to
of the interned Ge rman
ships.
Secretary of
Montevideo
issued by
a
State Lansing on the 8th inst. received from
cablegram giving the text of the proclamation
President Viera establishing the break in relations
The text of the decree, as made public by
with Germany.
the State
Department, reads as
follows:
granted the Executive power by law of the
authorizing said power to declare diplomatic and com¬
"In view of the authority
nation of this date,
Uruguay and Imperial Government and
the legislative decision which are absolutely
Executive power, the President of the republic at a general
mercial relations
the reasons
said:
that this pacific and moderate program
of ours can and will hold good forever:
If our enemies compel us to com
tin ue the war we shall be obliged to revise our program and demand
let
Uru¬
vote of 74 to 23
by
viewpoint. I feel compelled to say something
regarding the Government's idea as to the restoration of Europe's
shattered relationships.
Chamber of Deputies the
Government, by Presidential proclamation, severed
diplomatic relations with Germany on the 7th inst.
The
resolution, which was adopted by the Uruguayan Chamber
people approve my
publicly
RELATIONS WITH GERMANY
vote by the
a
guayan
proceeded:
Czernin
understanding.
and a mutual
Following
of our tioops, thereby securing
but also the blessings of a lasting
the recent successes
only our vital interests,
URUGUA Y BREAKS OFF
blamed both at home and in unfriendly countries
speaking with regard to the Austro-Hungarian peace terms,
withdraw
"I
openly to express
This readiness of ours was
the German Reichstag,
which was
German Government, as
well as by the official statement which our Foreign Minister made public
on July 17.
We even gave a broad outline of the conditions of an under¬
standing by declaring that our defensive war is not aimed at any conqu sts
whatever, that we oppose an economic war between the nations, and that
we are striving for a suitable, lasting peace which will not be detrimental
to our interests and to avoid the recurrence of war.
We even consider it
desirable that brute force of arms in international relationship should be
replaced by a moral empire of right.
We recently accorded grateful recog¬
nition to the Holy Father's efforts which have this aim in view.
Our extreme readiness can naturally only meet with success if it meets
with desirable recognition in the enemy's camp.
Failing this recognition,
we will wage war to the utmost conscious of our strength and with our
Saying that he had been
Count
lasting peace.
with the German Empire,
conclude such a peace.
by the peace resolution of
made in agreement with the Imperial
ways."
our
go
Premier, and he em¬
solemnly confirmed
must have the
mind, and they are all
they present themselves to hay
conclusion of a suitable,
first, in agreement
were
entire readiness to
our
positive certainty that our present opponents have relinquished
economic war.
These, gentlemen, are the basic principles of the
order,
entirely unchanged, said the
remained
phasized the complete agreement existing between himself
and the Foreign Minister.
Dr. Wekerle continued:
The foundation-stones of our foreign policy are our allegiance to our allies
and cooperation with them in all respects.
We are united not only in the
defensive war which was thrust upon us, but also as to its final aim, namely,
arrangement.
conclude peace,"
adding that if it proved impossible to
reform with the present Chamber, the
would order new elections.
The foreign policy
diate
thing humanly possible to accelerate its
seas,
1493
THE CHRONICLE
1917.]
broken between
which have caused
shared by the
Cabinet meeting
'
decrees:
date of the present decree diplomatic and commer¬
Uruguay and the German Imperial Government
"Article 1.—From the
cial
relations between
remain broken.
"Article 2.—That
matic
safety
the respective
passports be handed over to
representativeof that Government,
being granted to him at the same
the diplo¬
all the guarantees for his personal
time until his removal from the
country.
telegraphic instructions be transmitted to the function¬
office in Germany to the effect that they imme¬
diately abandon the German territory, requesting the same guarantees
which are granted to the German representative by the Government of
"Article 3.—That
aries of
the republic in
"VIERA."
Uruguay.
>
breaking relations with Germany is
construed in diplomatic circles in Washington, dispatches
from the Capitol on the 7th inst. said, as evidence of the
growing hostility toward Germany through South and
Central America.
South American nations that have
broken relations with Germany are Brazil Peru, Bolivia
and Uruguay.
The Central American Governments which
Uruguay's action in
have broken
Rica,
Costa
relations with Berlin are Guatemala, Nicaragua,
and Honduras.
Panama and Cuba declared
April 7, the day following the American
Haiti broke relations with Germany in
The South and Central American nations that have not
war on
Germany on
declaration of war.
June.
yet
severed diplomatic relations
with Germany are Colombia,
1494
1
THE
CHRONICLE
Shares. BANK—New York.
Low.
and Mexico.
*10 Nat. Bank of Commerce
164
165
2713*
2713* 2713*
selves
Other nations that have also
arrayed them¬
against Germany since the
States into the conflict
PERU SEVERS
entrance
of
the United
20 Nat. City Bank
Siam, Greece, China and Liberia.
are
DIPLOMATIC
RELATIONS
The
Peruvian
Congress, after
Oct. 6 decided to
*
WITH
sensational
a
debate
on
as
a vote of 105 to 6.
The next day, Oct. 7,
Government handed passports to Dr. Perl
the German
Minister, and followed up its action a day later,
Oct. 8, by
ordering the Peruvian Minister to Germany, A.
der
Hyde,
Peruvian
Peru
consuls
in
action of
the
tions with
Germany
Berlin,
Germany.
be taken
to
are
leave
to
and
Peruvian
on
at Berlin to
present to
that satisfaction be
■
a
It
was
Lorton
was
sunk
by
a
German submarine
on
has
and
tion of the vessel.
a
Germany offered
prize
to submit the
court, whereupon the South
instructed its minister at Berlin to
Government does
to
Peruvian
Government, discovered that its Minister
der Xleyde,
von
had not delivered
to
to
the presentation
.
ECUADOR
GERMAN
BY
MINISTER
DISMISSED
PERU.
he attempted to take
up
because of having been dismissed from
Peru.
Quito to the Ecuadorian Minister
inst. confirmed the
dorian
City,
news
at
residence there,
Advices from
Washington
on
the 8th
as
such informal
presentation, and then the Minister tried to
procure acknowledgement of his status
by sending an agent
to Quito to act as
Charge d'Affaires. The
agent was not
Washington dispatches
on
the 8th inst. stated
that in diplomatic circles
Ecuador's refusal to receive Dr.
now that he is
willing to go to Quito, was not due to
Perl,
pique, but
was
carefully calculated
as
an
indication of that
country's intention
countries
to join the
majority of South American
already aligned against Germany.
and
display
SALVADOR ALLY OF U. S. IN WORLD
STRUGGLE.
Dispatches from San Salvador,
Salvador,
the
on Oct. 6 stated
Government had made an
inquiry
significance of the declaration by the Govern¬
neutrality, friendly to the United States,
Salvadorian Foreign Office had
replied that
Salvador considers herself
associated with the United
States,
by reason of her sentiments in favor of
Pan-Americanism,
in the
world
struggle.
BANKING
AND FINANCIAL NEWS.
The public sales of bank
stocks this week
aggregate 30
shares, of which 10 shares were sold at
the Stock Exchange
and 20 shares at auction.
No sales of trust
were
made.
Convention
American
Sept.
Co.,
a
graduate of
for-
are
of
copy
Supplement"--our
proceedings of the. 1917
Bankers'
24-29.
"Chronicle"
financial
This
Association,
annual
held
record
of
in
the
takes
pride in
the representative
institutions
in
array
this
of banking
year-book.
should,
we
The
think,
commend themselves to the attention of our
readers.
The
four points of the
globe are represented in our advertising
major
by the leading banking organizations, as well as the
portion of this country's, progressive investment
.
The
Mercantile
shortly to
of
banking -institutions;
open a
American
Brazil.
Bank
of
the
branch bank
business
at
Americas, of this city, is
Para, Brazil, for the service
interests in
the
Amazon
district of
The Mercantile Bank
already has branch offices in
Peru, Ecuador, Venezuela, Colombia,
Nicaragua, and other
Central American
countries, as well
as
in Paris, Barcelona
and Genoa.
The War Tax Law is
for
war
company stock
—
.
so
framed
additional
purposes,
effective under the
to
existing law.
which is contained in
old and
new
taxes.
given.
are
to make the assessment
which
taxes
are
already
The analysis of this law,
Wherever similar assessments have been
made under former
tax
as
a booklet
just issued by the Guaranty
York, makes clear this separation of the
Trust Co. of New
laws, both the existing tax and the
This booklet also contains
war
income tax
an
chart and
an
explanation of the new excess profits tax.
The
"Trading With the Enemy Act," which became a law Oct.
6,
is explained in another booklet
which the Guaranty Trust
Co. of New York has issued.
It contains not
only an
authoritative synopsis of this
important war measure, but
also the full text of the law.
-4—♦
Sutton, Trust Officer
of the Guaranty Trust Co.*
city since January 1910, was elected a Vice-President
of that institution on
Wednesday. He entered the
of this
employ in May 1899
as
a
messenger
Guaranty's
shortly after he was
graduated from Princeton.
ment of Salvador of
and that
Antwerp is
announcements of these advertisers
F. J. H.
that the United States
in regard to the
&
regarding the. action of the Ecua¬
has been construed by Wash¬
practically equivalent to a rupture of re¬
lations with
Germany. Dr. Perl was appointed Minister
to both Peru and
Ecuador, and after the declaration of war
by the United States he mailed his credentials
to Quito,
The Ecuadorian
Government, it is said, refused to recognize
recognized.
Mr. Van
standing and prominence of the notable
Government, which
ington officials
Keech, of F. B. Keech
majjor in the Field Artillery, and
Bankers'
the
The
houses and
Dispatches from Quito, Ecuador, on Oct 8 stated that the
Ecuadorian Secretary of Foreign Affairs had sent a
telegram
to the Ecuadorian
Legation at Lima, Peru, announcing that
Dr. Perl, the German
Minister to Peru and Ecuador, resident
at Lima, would not be
officially received by the Ecuadorian
case
Atlantic
pages
BARS
Government in
of
firms
to make "
immediately.
meeting
day.
the
Minister, it is said,
reprimanded by his Government and ordered
was
a
largest meeting of bankers held in this country is, the present
year, attractively printed in color, and records the
important
discussion, on the leading banking and war questions of the
German Foreign Office the ultimatum
demanding satisfac¬
tion for the
sinking of the Lorton.
The
F. B.
annual report of the addresses and
not and will
New-
Academy at Annapolis.
"American
our
accept to submit tins question to a prize court, and it
insists upon the
reparations and indemnities previously
claimed."
According to dispatches from Lima on Oct. 4,
the
'•
Accompanying this issue of the "Chronicle" we
warding to our subscribers throughout the world a
not
Germany, Mr.
4
^
Governing Committee of the
been attached to
the Naval
Republic
notify the German Gov¬
ernment that "the Peruvian
.
r.'
Exchange have resigned, and have entered the
Naval Reserve Force.
Feb. 5
case
'
L.
was
American
a
the Inspector General's
office; Allen
Lindley, of Lindley & Co., received a captaincy at Plattsburg, and W. C. Van Antwerp, of Van Antwerp, Bishop &
Fish, has received a commission of Lieutenant in the U. S.
demand
Declaring that the sinking
unjustifiable, Peru insisted that Germany give reparation
indemnity and punish those responsible for the destruc¬
v
■
•
'
has been commissioned
inside Spanish territorial waters.
was
■
5,';
York Stock
complied with diplomatic relations would be broken.
The
■}.;
Government service.
The
added that if the demand
Exchange at
Exchange, and the New York Curb
Three members of the
given, within eight days, for the destruc¬
tion of the Lorton.
not
York Coffee and Sugar
Sept. 26 instructed its Minister
the German Government
of the New York Stock
on
Market Association.
Peruvian Government in
breaking off rela¬
comes as the result of the sinking by a
Government
285
by the
The
"Lorton."
1643*
1910—
Oct. 10 voted to close to-day, Saturday, Oct. 13,
yesterday (Columbus Day) was a legal holiday. This gives
The German interests in
German submarine of the Peruvian bark
1917—
Dec.
Governing Committee of the Philadelphia and Boston Stock
Exchanges and the New York Cotton Exchange, the New
by withdrawing all
by the Spanish Minister.
over
Oct.
the members and the employees of the
Exchange a three-day
week-end holiday.
Similar action has been taken
Peruvian
von
Last previous sale.
165
Exchange.
The Governors
Government by
the
—J._.
Sold at the Stock
meeting
diplomatic relations with the German
sever
High. Close.
BANK—Brooklyn.
GERMANY.
•
[Vol. 105.
Venezuela, Ecuador, Chile, Argentina, Paraguay,
Salvador,
♦
The
Guaranty
nounced
the
—
i
Trust Co. of New York
following appointments:
on
Oct.
Ellsworth
St.
3
an¬
John
Prentice, Assistant Secretary; Samuel Stuart
Rapp, Assis¬
Secretary; William Ripley Nelson, Chief Clerk; Thaddeus S. Dayton,
Manager of the Publicity Department; T.
tant
Y.
Butterworth, Assistant Auditor.
The following infor¬
given out regarding the new officials:
mation is
Mr. Prentice
merged
was
with, the
employed by the Fifth Avenue Trust Co. when it
Guaranty Trust Co.
various positions in the
and in 1914
was
in
1910.
Guaranty Trust Co
made Assistant Loan Clerk at the main
office.
Loan Clerk in 1916,
was
Subsequently, he filled
Fifth Avenue office of the
,
He became
remaining in that position until his latest
promotion.
*
Oct.
Mr.
13
Trus£ Co. in 1901,
Rapp entered tbe employ of the Guaranty
in the stock
bookkeeping, reorganization, and transfer departments, being
Chief Clerk of the latter department.
In September last, Mr. Rapp was
Trust Co. as Assistant
first employed by the Guaranty
was
in the income tax department.
He was later transferred to the department
of publicity and new
business.
For
of this
becoming Assistant Chief Clerk of the company in
department,
a year
and
half he was Chief Clerk
a
September 1917.
Mr. Dayton joined the
Guaranty staff in December 1916.
He has been
managing editor of
the Annalist.
associate editor of Dun's Re-views and
For ten years
he
Standard Oil Co. of New York, and was six years
manager
of the
department of the
in the City of Mexico as
connected with the purchasing
was
Mr. Dayton is editor
of the Mexico Mine & Smelter Supply Co.
Guaranty News, a monthly publication issued
the Guaranty
V.
Trust Co.
the
entered
Butterworth
auditing
department
Guaranty
of the
February
Trust Co. in June 1916, and became Acting Assistant Auditor in
last.
For
five
Mr.
years
Butterworth was an Assistant National Bank
district, and has had more than fifteen years'
Examiner in the Pittsburgh
capital from $100,000 to $1,000,000 as
well
to
as
change the
and made
to the Trust Company of [Norfolk,
name
rights to five thousand shares of the
authorized increase and subscribed for the rest of the new
holders waived their
stock In the
proportion of four shares of
The National Bank of Commerce in New York has
Credits
existing surplus and undivided profits. . The remaining five
thousand shares of the newly authorized stock is to be offered
The officers remain
subscription payable Jan. 1 1918.
unchanged
as
follows: H. M. Kerr, President; C.. W. Grandy,
Brock,
Jr., Vice-President; W. W. Vicar, Cashier; A. W.
Assistant Cashier, and A. L. Eggleston, Assistant Secretary.
Act,
as
by President
approved
Colonel
pub¬
Wilson
on
The booklet is bound in convenient form, making
Sept. 24.
stock to one of
new
A cash dividend of $170 was declared out of
old at par.
♦
lished for distribution to its customers the official text of the
War
The stock¬
provision for enlarging the directorate.
banking experience.
>
They approved a propo¬
reorganization of that institution.
for
'
Mr.
by
for
toward the
20 the stockholders of the Norfolk Bank
Sept.
Savings & Trusts, of Norfolk, Va., took action
sition to increase the
made Assistant Chief Clerk of the company.
Mr. Nelson
On
as a
During his connection wioh this company he has filled positions
messenger.
1495
CHRONICLE
THE
1917.]
Plow
President of the Cockshutt
Henry Coekshutt,
H.
Ontario, 'and J.
of Brantford,
Co.,
Ashdown,
President of the Ashdown Hardware Co., Ltd., of
have been elected directors of the Bank of
readily available for desk use.
The publication of
War Credits Act is one of a series of official texts of war
Winnipeg,
Montreal.
the text
the
issued by the National Bank of Commerce
measures
its
of
convenience
THE ENGLISH GOLD AND SILVER MARKETS.
Sept. 13 1917i
-X.V,;
.-mv
.
in New York is sending
"Trading
out to its customers
the complete official text of the
With the Enemy
approved by President Wilson,
book is attractively bound and the text
The
Oct. 6 1917.
as
The Bank of England gold
carefully arranged with a view to its use for reference
This Act contains many provisions of primary
purposes.
importance to the mercantile and manufacturing
community .
against its note issue shows a trifling
reserve
New York has announced
compared with last week's return.
increase as
shipped
gold to the value of $3,655,000 has been
that
engaged to be
£3,314;078, as compared with
amounted to
1916 and
or
The Transvaal gold output for August
£3,718,116 in August
shipped to Japan, Peru, Spain, &c.
1617
has been
: ;;
GOLD.
■
The National Bank of Commerce
Act,"
written under date of
Samuel Montagu & Co. of London,
customers.
circular of
reprint the following from the weekly
We
for the
The
£3,219,094 in July 1917, showing remarkable steadiness.
July 1917 amounted to £142,017, as compared
Wast African gold output for
By Presidential
July 1916 and £114,489 in June 1917.
with £128,574 in
the exportation of coin, bullion and currency from the
prohibited except under license.
The Japanese Treasury
proclamation,
U. S. A. has been
Stockholders of the American Foreign Banking Corpora¬
Oct. 9 voted in
increasing the capital of the institution from $2,000,-
tion of this city, at a
favor of
000 to
special meeting
on
It is reported in the "Pioneer Mail" that "paper money
licensed.
with gold and threatening to deport 10% of them to
It is interesting to note that in his proclamat¬
Anatolia if they did not do so.
H. Aseltine who has been
Alverton
connected with the
stated that the managers of the German banks would not
ion he expressly
exempted from liability to deportation.".
be
Company for the past year and previously was
with the old firm of N. W. Halsey & Co. is now associated
National City
with the Bond
Department of the Equitable
Trust Com¬
Mr. Aseltine has an unusually wide
acquaintance with bankers and investment firms throughou t
the United States and Canada, having been for over fifteen
pany
of New York.
travelling representative of this paper.
years
,
Revenue Law pamphlet
new
it contains not only the
text of the Act as passed by Congress, but also the complete
text of the Income Tax Law of 1916 as now amended with
useful,
Trust Co., is particularly
as
digests and practical examples of the new law.
be had upon
China.
combined) has increased by a further 78
Charles
W.
Bailey,
.
the present total of 2,879 lacs.
This is
period when free withdrawals of rupees are customary for the financing
1,492 lacs, as compared with
heretofore
Vice-President
of
the
Boylston National Bank, of Boston, has been made Presi¬
dent of the institution, succeeding the late Harry W. Cumner.
has been
approved by. the Comptroller of the Currency.
James Pollock, one
Bank
iq the capital of the First National
Mass., raising it from $100,000 to $200,000,
and
the
Gold in England
Mr. Pollock was
born in County Derry, Ireland, on Aug. 28 1846 and came to
this country in 1861.
Mr. Pollock was appointed Harbor
Master of Philadelphia in 1906 by Governor Pennypacker.
He
was
head of the carpet manufacturing
firm of Pollock,
Huston & Co.
"
7_
8
National Exchange Bank, of Balti¬
have elected Clinton G. Morgan,
heretofore
an
Assis¬
the late R.
Vinton Lansdale, whose death was noted in these columns
on Oct. 6.
Joseph W. Leffler, who has been an Assistant
Cashier of the National Exchange since January 1914, has
been made First Assistant Cashier, while WilliamR. Webb,
who has been connected with the same institution since
Cashier,
to
1903, becon^s
the Cashiership to succeed
Second Assistant Cashier.
The directors of
He succeeds
—-
12
No
quotation fixed for forward
The
ENGLISH
The
board of directors.
his father, the late John S. Gibbs.
-.50
cash
49.583 "
13——
Sept.
Bank
Bar gold per oz.
standard
delivery.
is l%d. above that fixed a week
-
FINANCIAL MARKETS—PER CABLE.
daily closing quotations for
securities, &c., at London,
reported by cable, have been as follows the past
as
London,
Week ending Oct. 12—
Silver,«per oz
Oct. 6.-
Oct. 8.
Sat.
Mori.
d. 46
—
Consols, 2% per cents.-----
55%
British, 5 per cents-,.
64%
British, 4%
per
War
—-
cents,-----100%
Paris), fr. 61.40
Loan,
5%
45%
55%
94%
100%
61.50
Oct. 9.
Tubs.
Oct. 10.
Wed.
45%
45%
55%
95
55%
95%
100%
61.35
100%
61:50
(in
fr. 88.40
Paris).—-—
The
week:
Oct. 11. Oct. 12.
Thuts.
Fri.
44%
56
95%
Holiday
100%
inNew
York.
.
88.40
88.40
88.45
—
price of silver in New York on the same days
Silver In N. Y., per
5%
77s. 9d.
rate
;
oz—Cts. 90%
TRADE
90%
89%
88%
has been:
88%
AND TRAFFIC MOVEMENTS.
UNFILLED ORDERS OF STEEL CORPORATIONS—
The United States Steel Corporation on Wednesday, Oct. 10,
issued its regular monthly statement, showing unfilled orders
on the books of the subsidiary corporations as of Sept. 30
This compares with 10,407,049 tons
of 573,572, and with 10,844,164 tons
on July 31, a decrease of 437,115 tons.
The maximum of
Unfilled orders was reached on April 30, when the amount
was
12,183,083 tons; compared with that total, there is a
last of
the Citizens National Bank, of Baltimore,
John S. Gibbs, Jr. to the
hi sycee and 15,400,000 dollars
Average
quotation to-day for cash delivery
ago.
on
have elected
The stock in Shanghai on Sept . 8 1917
cash
49j4
——,50
—50
French Rentes (In
The directors of the
tant
s.
10.
II
2,17
ounces,in sycee and 15,000,000 dollars, as
49
--—49
49
7-
Sej)t.
Sept. 7.
105,72
28,79
13,28
105,15
29,00
12,12
2,55
Quotations for bar silver per ounce standard:
Sept. 1 1917-
on
•
ihst. consisted of 2,100 bars, the same
compared with about 21,700,000 ounces
.French
more,
-
reported on the 28th of August .
Title & Savings Co., of
Philadelphia, died in that city on Sept. 26.
2,55
■_
The stock in Bombay on the 4th
of the organizers of the Ninth National
Industrial Trust,
-.---
and bullion
Gold coin and bullion in India
"
An increase of $100,000
—
102,84
28,40
10,41
Notes in circulation
Reserve in silver coin
•
Aug. 31.
Aug. -22.
(In lacs of rupees.)
"
Bank of Maiden,
V:'-"
of crops.
-
consisted of about 22,200,000
——♦——
lacs, but the silver holding has
setback since June 7, when the total stood
decreased by 21 lacs—the first
as
.
The price
11th inst., respec¬
advance in quotations.
again brought about an
Substantial shipments, are being made from San Francisco to
The gold holding of the Indian Treasury (in London and India
tively.
Copies may
application.
■
SILVER.
;
by half-pennies to 49, 49%, 50, on the 7th, 10th and
rose
at
issued by the Bankers
.
change in the conditions attaching to the market,
There has been no
which have
the
The
had de¬
preciated to such an extent in Syria that Djemal had to issue a proclama¬
tion ordering the leading merchants and bankers to take steps to maintain
the value at a parity
$2,500,000.
when
prohibited exports of gold and silver bullion or specie except
has
9,833,477 tons.
Aug. 31, a decrease
decrease of
2,349,606 tons.
itJ-jj'-j
,4t
In the
CHRONICLE
THE
1496
following
give the comparisons with the previous
we
Sept, 30 1917- 9,833,477 April
Aug. 31 1917-10,407,049 Mar.
July 31 1917-10,844,164 Feb.
June 80 1917-11,383^87 Jan.
30 1915—4,162,244 Nov. 30 1912—7,852,883
31
1915—4,255,749jOct.
28
1916—.4,845,371'Sept.
31
1915...4,248,571 Aug.
30 1912-.6,551,507
31 1912—6,163.375
31 1912—5,957,073
30 1912—.5,807.349
31 1917-11,711,644 Oct. 31 1914—3,461,097 May 31 1912—5.750,986
28 1917.. 11,576,697 Sept. 30 1914—_3.787,667 April 30 1912—5,664,885
81 1917-11.474,054 Aug. 31 1914—4,213,331 Mar. 31 1912—5,304,841
31 1016-11,547,286 July 31 1914— .4,158,589 Feb. 29 1912,-5,454,201
31 1012—5,379,721
30 1916-11,058,542 June 30 1914—.4,032,857 Jan.
31 1916.-10,015,260 May 31 1914—.3,998,160 Dee. 31 1911—5,084,765
30 1916—9,522.584 April 30 1914—-4,277.068 Nov. 30 1911—4,141,958
31 1916—9,660,357 Mar. 31 1914—4,653,825 Oct. 31 1911—3,694,327
31 1916—9,593,592 Feb. 28 1914—5,026.440 Sept. 30 1911—3,611.315
30 1916—9,640,458 Jan.
31 1914—.4,618,680 Aug. 31 1911—3,695,985
31 1916—9,937,798 Deo. 31 1913—4,282,108 July 31 1911
3,584,088
30 1916—9,829,551 Nov. 30 1913—4,396.347 June 30 1911—3,361,087
31 1916—0*331.001 Oct.
31 1913.-4,513,767 May 31 1911
3,113,154
29 1916—8,568,966 Sept. 30 1913—5,003,785 April 30 1911-..3,218.700
31 1918—7,922,767 Aug. 31 1913—5,223,468 Mar. 31 1911—3,447,301
31 1915—7,806.220 July 31 1913—.5.399,356 Feb. 28 1911—3,400,543
30 1915—7.189,489 June *30 1913—5,807,317 Jan.
31 1911—3,110,019
31 1915—-6.165,452 May 31 1913—6,324,322 Dec. 31 1910-.2,674,750
30 1915—5,317,618 April 30 1913—6,978,762 Nov. 30 1910—2,760.413
31 1915—4,908,455 Mar. 31 1913
7.468,956 Oct. 31 1910—2.871,949
31 1915—4,928,540 Feb. 28 1013—7,656,714 Sept. 30 1910—3,158,106
30 1915—4,678,196 Jan.
31 1913...7,827,368 Aug. 31 1910—3,537,128
31 1915—4,264,598 Dec. 31 1912.-7,932,164 July 31 1910—3,070,931
1917—11,886,591 Dec. 31 1914—.3,836,643 July
April 30 1917-12,183,083 Nov. 30 1914—3,324,592 June
Mar.
Feb.
Jan.
Dee.
Nov.
Oct.
Sept.
Aug.
July
June
May
April
Mar.
Feb.
Jan.
Dec.
Nov.
Oct.
Sept.
Aug.
July
June
May
.
.
_
...
The figures prior to July 31
1910 were issued quarterly
only.
These, extending back to 1901, were given in the
"Chronicle" of March 13 1915, page 876.
Oct
NorthAmer*
RU88ia
Week
Since
July 1.
July 1.
Oct. 6.
July 1.
July I.
Bushels.
Bushels.
Bushels.
Bushels.
84,312,000 113,498,000
5,798,000
1916.
Since
Bushels.
6.
.
Bushels.
1917.
Since
Since
Week
31 1912—7,594.381
31
Corn.
al916.
1917.
Exports.
Tons
Tons. I
Tons.
Wheat.
*
months:
May
[Vol. 105.
716,000
9,754.000
15.003,000
272,000
A,756,000
37,103,000
4,768,000
-----
Danube
Argentina
Australia
286.000
Total
—
—
of
10,275,000
1,108,000
"58", 000
1,136,666
2",543", 000
7,494,000 114,846.000 156,361,000
1,046,000
15.616,000
54,049,000
42,000
Canadian
America.—The
North
Issuance
10,416,000
18,940 000
7,508,000
010,000
960.000
Oth. countr's
*
3",476*666 16,296*,000
408,666
—
—
India
both
manifests and
The
a
Revised.
quantity of wheat and
mentioned
afloat for Europe
corn
dates
Corn.
Wheat.
United
United
Total.
Kingdom.
Continent.
Bushels.
Bushels.
Bushels.
Continent.
Kingdom.
Bushels.
Bushels.
6 1917-
Not avail able
Sept.29 1917-.
Not avail able
Oct.
on
follows:
as
was
has officially prohibited the
after ten days.
This is effective
Government
exports until
during the continuance of the war.
Total.
Bushels.
Oct.
7 1916-
47.060,000
17,783,000
Oct.
9 1915—
29,176,000
29,384,000
BANK NOTES—CHANGES IN TOTALS OK, AND IN
DEPOSITED
ifommcrctal
Breadstuffs
ud JUtscelhmcous fpan*
a
figures brought from
statements below
prepared by
Bonds and
us
on
Barley.
Rye.
bbls;imbs bush. 60 lbs bush. 56 lbs bush. ,32 lbs bushASlbs. bushMlbs,
Chicago
551,000
922,000
2,857,000
659,000
177,000
3,207,000
1,091,000
39,000
1,556,000
64,000
1,481,000
727,000
470 000
141.000
101,000
374,000
693,000
100 000
197,000
Minneapolis
.
Duluth——„
Milwaukee
—
"'26,660
Toledo-..
""0,666
Detroit...
173,000
8,000
82,000
65,000
21,000
125,000
570.000
5,000
Cleveland
11,000
16,000
79,000
340,000
194,000
560.000
"113,666
""20",666
63,000
49,000
175,000
445,000
80,000
12,000
628,000
375,000
600,000
Louis.
——
Kansas
City.
Omaha
4,000
122,000
286,000
2,003,000
7,301,000
6,547,000
362,000 -10,864,000
429,000 13,634,000
3,842.000
14,101,000
8,424,000
5,707,000
...
Legal
Legal
Tenders.
Bonds.
Total.
Tenders.
Bonds.
Sept.29 1917
Aug. 31 1917—
July 31 1917—
678,134,370
41,396,305
43,223,059
45,416.747
675,182,077
677,818,430
673,121.730
670.367,175
41,396,305
43.223.0.;>9
46,416.747
June 30 1917-
671,333.060
47,749,577
667,670,433
47.749.577
674,514,656
716,578,382
717,737,715
715,783,922
715,420,010
May 31 1917-
669,392,710
50,241,202
666,344,773
50,241,202
Apr. 30 1917-
667,587,120
63,245,374
664,245,448
53.246.3:1
716,585,975
717,400.822
Mar
664,528.37.0
56,191.132
661,371.468
58.191.132
717,562,600
47 118.057
718.119,915
721,258,091
726,825,840
1917—
31
Feb
28 1917-
674.992.080
47.118,057
Jan
31 1917—
30 1916
675,415.840
50;540,476
670.717.815
50.540.476
677,315,840
52,165,627
674,659,613
52.165.627
Dec
St.
Peoria
Circulation Afloat Under—
Legal Tenders
Deposit for—
1916-17.
-
Oats.
Corn.
Wheat.
Flour.
Receipts at—
notes and in
1643.—The
page
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:
are
BONDS, &c—We give below tables which
show all the monthly
changes in national bank
bonds and legal tenders on deposit therefor:
-
671.001.858
Nov.30
1916-
682.853,740
31
1916—
687,957,990
48,418.377
679.650.913
46.418.377
726.069.290
Sept.30 1916-
687,931,240
48,900.332
684,409,881
48,900.332
733,310,21
Oct.
49,199,416
$12,406,860 Federal Reserve bank notes
675.006,203
outstanding
724,205,619
49:199.416
Oct. 1, of which $10,000,000
covered by bonds and $2,406,860 by lawful money.
Total wk. '17
382,000
Same wk. '16
Same wk. *15
3,289,000
4,954,000
3,753,000
1,354,000
3,590,000
929,000
3,004,000
1.022,000
public
Since Aug.l—■
1917
2,927.000
1916
3,651,000 113,589,000
3,446,000 112,839,000
1915
The
52,249,000
25,238,000
36,988,000
35,768,006l
83,876,000 23,666,000
76,943,000 24,167,000
66,836,000 20,339,000
following show the amount of each class of U. S.
bonds held
against national bank circulation and to secure
held in national bank depositaries on Sept. 29:
moneys
7,321,000
U. S. Bonds Held Sept. 29 to Secure—
6,938,000
6,000.000
Bonds on Deposit
Sept. 29
Total
1917.
Federal
secure
Total
Reserve Bank
National Bank
Held.
Notes.
Notes.
secure
receipts of flour and grain at the seaboard ports for
i
On deposit to
deposit to
j On
the week ended Oct. 6 1917 follow:
t
Flour.
Receipts at—
Wheat.
Corn.
Oats.
Barley.
2%, U; S. Consols of 1930——
Rye.
3%, U. S. loan of 1908-18
4%, U. S. loan of 1925-—
2%, U. S. Panama of 1936
—
Barrels.
Bushels.
Bushels.
■
Bushels.
Bushels.
Bushels.
New York...
168,000
815,000
20,000
1,4.46,000
165,000
Philadelphia.
35,000
368,000
48,000
•888,000
176,000
Baltimore
88,000
346,000
44,000
794,000
1,000
89,566
698,000
724,000
1,000
55,000
.
..
158,000
2%, U. S. Panama of 1938
"419,666
Newp't News.
38,000
New Orleans*
73,000
10,000
""26,000
Montreal
Boston...
43,000
2,000
1,000
170,000
3,000
""i",666
455,000
1,955,000
Since Jan.1'17 16,524,000 159,523,000
153.000
4,475,000
414,000
578,000
8,922,000
■"
398,000
Total week'17
45,120,000 117,611,000 14,624,000
34.001.400
62,500
46,578,260
155.000
24,836,540
564.474,450
17,200,220
34,827,400
46,640,760
24,991,540
10.000.000
678,134.370
688,134,370
17,200,220
_
—
following shows the amount of national bank notes
afloat and the amount of
Oct.
555,516,950
•825,666
—
Total
The
""69,000
8,957,500
—
legal-tender
and their increase
1
deposits Sept. 1 and
decrease during the month of
or
September:
National Bank Notes—Total Afloat—
Week 1916...
413,000
5,873,000
Since Jan. 1'16 20,741,000 315,962,000
.
* Receipts
on
1,101.000
2,484.01)0
452,000
509,000
49,924.000 149,114,000 23,486,006i 9,623,000
do not Include grain passing through New Orleans for foreign ports
Amount afloat Sept. 1
1917.
— —
Amount of bank notes afloat Oct. 1 1917
—
—.5716.578,382
.
Legal-Tender Notes—
through bills of lading.
Amount on deposit to redeem national bank notes
The exports from the several seaboard ports for the week
ending Oct. 6 are shown in the annexed statement:
Exports from—
—.$717,737,715
1,159,333
——
Net amount canceled during September..
Wheat,
Corn,
Flour,
Oats,
bushels.
bushels.
barrels.
bushels.
Rye.
Net amount of bank notes retired In September
Amount oh deposit to redeem
Peas. *
Barley,
$ept. 11917..
$43,223,059
l ,826,754
—
national bank notes Oct. 1 1917.
.541,396,305
DIVIDENDS.
bushels, bushels. bushels.
The
New York
243,401
Boston.
.44,902
346,990
3l"l",792
245*,000
"125",000
839,693
436,792
New Orleans
Total week
Week
.1,003,849
38",000
Newport News
1916...
65,994
634,895
110,000
34,302
——
Baltimore
698,000
20.000
50i,066
-
-
-
m.
198,679j
3,541,000
—
II—— 981",000
Name of Company.
82,902 5,987,744 284,673 1482066
844,272 283,648 1,179,841 451,394 329,638
6,713,702
-
—
ii".l9i
The destination of these
exports for the week and since
July 1 1917 is
as
following shows all the dividends announced for the
future by large or important corporations:
Dividends announced this week are printed in italics.
below:
Railroads
Delaware Lackawanna & Western
(quar.)
Georgia RR. & Banking (quar.)
Great Northern (quar.).
Kansas City Southern, preferred (quar.).
Wheat.
Lehigh Valley, com. & pref. (quar.)
Minn. 8t. Paul & S. 8. M., com. & pref—
Corn.
Exports for Week,
and
Since
July 1 to—
Week
Since
Week
Since
Week
Since
Oct. 6
July 1
Oct. 6
July 1
Oct. 6
July 1
1917.
Barrels.
United Kingdom
Continent
.
24,538
58,364
So. & Cent. Amer.
West
1917.
1917.
Barrels.
Bushels.
530,102
829,801
Bushels.
Indies
Brit.No.Am .Cols.
Other Countries-
19,606
Total
82,902
1916—. 844,272
1,586,203
4,236,743
1917.
1917.
Bushels.
465,198
13,378,062
346,990
9,492,909
31l",792
3,570
125,000
90,876
113,166
2,652
Total
1917.
"27",505
839,693
6,713.702
Bushels.
3,284,145
2,419,621
127,428
4,177
14,941
"~32~, 190
""3", 404
21,910.908
92,908.828
436,792 5,849,539
844,272 15,128,056
New York Central RR. (quar.)
Norfolk & Western, adj. pref. (quar.)
Northern Pacific (quar.)
,
—
—
vx
TT
JUVUlU
OIUU
CU1IX
liJ-LU
WUVJX
ending Oct. 6 1917 and since July 1! 1917 and 1916
shown in the following:
^ jj=jj| jj j
are
—
preferred (quar.)..
Southern Ry., preferred..n
Wabash, preferred A (quar.)
Books Closed.
Days Inclusive.
Railroad
—...
ix
i x
Dec.
Holders of rec. Nov.
2m
Oct.
Holders of rec;
Oct.
Holders of rec. Oct.
3
Oct.
Oct.
2
to
Oct.
14
IX
Nov.
Sept.22
to
Oct.
12
1
Oct.
Sept. 29a
Sept. 29a
51.25
Sept. 28c
5a
Holders of
rec.
Oct.
Holders of
rec.
3X
IX
Oct.
Nov.
Holders of rec. Sept. 21a
Holders of rec. Oct.
8a
1
Nov.
Holders of rec. Oct.
IX
Nov.
Holders of ree.
IX
Nov.
Holders of rec. Oct.
15a
2X
Nov.
Holders of rec. Oct.
31a
11a
$1.25
Oct.
31a
8a
1
Oct.
Holders of
rec.
Oct.
3X
Oct.
Holders of
rec.
Oct.
6a
IX
Nov.
Holders of
rec.
Oct.
20a
Street and Electric Railways.
pref. (quar.)
Brooklyn City RR. (quar.)....
Cape Breton Electric, com. (No. 16).
Albia (Iowa) Light & Ry.,
Preferred
(No. 23)
—
—
...
Holders of
rec.
Oct.
IX
Nov.
Holders of
rec.
Oct.
15a
3
25c. Oct.
Nov.
Holders of rec. Oct.
15a
X
Carolina Power & Light, coin, (quar.)
Nov.
IX
Oct.
Holders of
(qu.)
IX
IX
Oct.
Sept. 30
Sept. 30
Cin. Newport & Cov. L. & TT., com.
(quar.)
—
Oct.
_
X
Nov.
Common (payable In common stock).-
fX
Nov.
Cities Service, com. and pref. (monthly)
Connecticut Ry. & Ltg.. com. & pf.
Detroit United Rv. (quar.WNo. 54)
(qu.)
3
Hold,* of rec. Oct. 15
rcc. Sept. 29a
Central Ills. Public Service, pref. (qu.)„
Preferred
"
——
Pere Marquette, prior
Warren
When
Payable.
(Steam)..
& Santa Fe, com. (qu.) _
Cleve. Cln. Chic. & St. Louis, pref. (qu.).
Atchison Topeka
——
Flour.
Per
Cent.
_
Oct.
15
Oct.
to
Holders of rec. Oct.
15
to
15
l!Holders of
rec.
Oct.
1
Nov. 15 Holders of
rec.
Nov.
2
Pw.
iw»
Nov. 15c
1
nf
15
1
Oct.
13
Name of Company.
Per
When
Books Closed.
Cent.
Payable.
Days Inclusive.
1
Oct.
10
Kerr Lake Mining (quar.)
15 Holders of rec. Sept.
29a
Keystone Telephone, preferred
31 Holders of rec. Oct.
20a
IX
Nov.
Kentucky Securities, pref. (quar.)
Manchester Trac., Light & Fow. (quar.).
IX
Oct.
15 Sept. 25
2
Oct.
Oct.
IX
pref. (quar.)
Oct.
IX
preferred (quar.)___
Oct.
2 X
Northajnpton (Mass.) Street Railway.
Oct.
IX
Ottumwa Ry. & Light, pref. (quar.)
Oct.
IX
Pacific Gas & Elec., com. (quar.) (No. 12)
Oct.
Philadelphia Co., com. (quar.) (No. 144). 87 Xo.
Nov.
$i.ro
6% Preferred (No. 10)......
Oct.
Philadelphia & Western Ry., pref. (quar.) 62^e.
75J. Oct.
Puget Sound Tr., L. & P., pref. (quar.)..
Milwaukee Elec. Ry. & Light,
Republic Ry. & Light, com. (qu.) (No. 4)
(quar.) (No. 25)...........
(quar.)
Texas Electric Ry. 2d pref.
Common (extra)
Preferred
1
Oct.
Oct.
15 Holders of rec.
IX
Nov.
la
1
Massachusetts Lighting Cos., corn,
20a
IX
Oct.
20 Holders of rec. Oct.
IX
Nov.
IX
Oct.
preferred (quar.)..
1 Oct.
21
to
rec.
$1.75 Oot.
131)
York (quar.)...
Produce Exchange. New
Preferred
(quar.).
(quar.)
Alliance Realty
(quar.)....
Alli8-Chalmers Mfg., pref. (quar.)
Preferred
...
dividends).
(No. 24)
(account accum.
Chem., corn, (qu.)
Preferred (quar.) (No. 49)
Amer. Agric.
1
15 Holders of rec. Oct.
2X
Oct.
10 Holders of rec. Oct.
5
3
Oct.
15 Holders of rec. Oct,
10
$1
Oct;
15 Holders of rec. Sept. 29a
IX
Oct.
15 Holders of rec. Sept.
IX
Oct.
16 Holders of rec. Oct.
(quar.)..
(quar.)—.....
Elec., pref. (quar.) (No. 43)
American Cigar, common
Amer. Gas &
Glue, common
American
Common (extra)
—
—
... _.
Amer. Laundry
.
Oct.
31
IX
Nov.
1
Holders of rec. Oct.
15
National Conduit & Cable Inc.
IX
Nov.
1
Holders of rec. Oct.
20
National Fuel Gas (quar;)...
3
Nov.
1
Holders of rec. Oct.
20
National Paper & Type, common
2
Nov.
1
Holders of rec. Oct.
20
Preferred
*6
to
Oct.
15
Oct.
11
to
Oct.
28
1
Oct.
11
to
Oct.
28
New York Transit (quar.)
1 Oct.
11
to
Oct.
28
22 Sept.18
to
5
,
rec.
Oct.
IX
2
Oct.
15 Holders of rec'. Sept. 29a
1
Oct.
10a
IX
Oct.
15 Holders of rec. Oct.
15 Holders of rec. Oct.
IX
Oct.
15 Sept.
15
to
Sept. 26
IX
Oct.
15 Sept. 15
to
Sept. 26
$2
Nov. 26 Holders of rec. Oct.
IX
Dec.
\x
Oct.
IX
Nov.
1 Oct.
Nov.
1 Holders of
10a
20a
to
rec.
Oct.
31
Oct.
27a
5a
IX
Oct.
15 Holders of rec. Oct.
2
Oct.
15 Holders of ree. Sept. 29
Oct-
15 Holders of rec. Oct.
Oct.
15 Sept. 16
to
Holders of
1
rec.
5a
13
Oct.
20a
Nov. 15 Nov. 11
to
Nov. 14
2X
Nov. 15 Nov. 11
to
Nov. 14
IX
Oct.
15 Holders of rec. Sept.
2
Oct.
15 Holders of rec. Sept. 29a
IX
Nov. 15 Holders of rec. Oct.
IX
(quar.)..
.
Cluett.Peabody & Co.,com.(qu.)(No. 16)
Colorado Fuel & Iron, common (quar.)....■
Preferred (quar.)
*
....
(quar.)
Commonwealth-Edison (quar.)
Commonwealth Gas <4 Elec. Cos., pref.(qu.)
1 Holders "of rec. Oct.
10a
Nov
1 Holders of rec.
Oct.
10a
1 Holders of rec.
Oct.
15
1
Oct.
25 Oct.
16
to
Oct.
25
Oct.
25 Oct.
16
to
Oct.
25
Oct.
15 Holders of rec. Oct.
la
1 Holders of rec. Oct.
25a
2
X
2
IX
Nov.
IX
Nov.
X
2
2
.
...
(quar.)..
dlvs.).
Qosdeu & Co.,-common (quar.)..
Common
(extra)
,.L
pref —
Delaware Lack. & Western Coal (quar.).
Detroit Edison (quar.)
Detroit Iron & Steel, common (quar.)..
Common (extra)...—........—.....
Preferred
Nov.
Oct.
(quar,)—...
Corporation (quar.).
Dominion Textile, Ltd., pref.
(quar.)..
duPont(E.I.)deNera.&Co.deb.stk. (qu.)
duPout (E. I.) deNem. Powd.,com. (qu.)
Preferred
(quar.)
.....
Eastern Steel, common
Eastman
....
Kodak, common (extra)......
Common
J
(quar ).
Preferred
(quar.)
(quar.)..
...........
Edison Elect Ilium.,Boston
Electric Bond <4* Share, com.
(qu.) (No. 14)
(qu.) (No. 34)
Preferred (guar.) (No. 50)...
Electrical Securities Corp., pref. (quar.)
Electrical Utilities, pref. (qu.) (No.
30)..
(quar.)......
Fajardb Sugar (quar.).
Fisher Body Corporation, pref. (quar.)
Ft. Worth Pow. <4 Lt., pref. (qu.) (No. 25)
Eureka Pipe Line
General Electric (quar.)...
(quar.)..
(quar.)
Globe-Wernicke Co., preferred (quar.)..
Goodrich (B
F.) Co., common (quar.)..
Preferred
Granby Cons. Mln.. 8m I P,
Great Northern
(qu.) (No.28)
Iron Ore Properties
Harbison-Walker Refract., pref. (quar.).
Marx. Inc.. com. (qu.)
Holly Sugar Corp'n, preferred (quar.).
Homesick" Mining (monthly) (No. 518).
Illinois Brick (quar.).^...
Illinois Northern Utilities, pref. (quar.)..
Hart, Schaffn^r &
Independent Brewing, Pittsburgh, com..
Indiana Pipe Line
(quar.)—-
_
N.J..com. (qu.) (No.31)
International Nickel, preferred (quar.)..
Int. Harvester of
International Paper, preferred (quar.)...
Interocean Oil
Kayser
30
rec.
Oct.
5a
15 Holders of rec.
Oct.
5a
15 Holders of
Nov. 15
1 Oct.
13
to
1 Oct.
13
to
Nov. 15
1
to
Nov
1
Oct,
la
$1.25 Oct.
Oct.
Oct. 22
15 Holders of
rec.
15 Holders of rec.
Sept. 29a
2X
Oct.
15 Oct.
6
to
Oct.
16
5
Oct.
15 Oct.
6
to
Oct.
16
Oct.
15 Oct.
6
Oct.
to
16
X' Oct.
18 Holders of rec.
IX
IX
IX
Oct.
15 Holders of rec.
Oct.
25 Holders of rec. Oct.
10a
Holders of rec. Oct.
20a
IX
2x
Nov.
Nov.
Oct.
1
1
Holders of rec.
Oct.
■
2a
Sept. 29
Oct.
15 Holders of rec. Oct.
Oct.
20a
1
31a
7 X
Dec.
1
Holders of rec.
2x
IX
Jan.
2
Holders of rec. Nov. 30a
Jan.
2 Holders of rec.
3
Nov.
2
Oct.
IX
Nov.
IX
Nov.
IX
Oct.
6
Nov.
Nov.
IX
Nov.
IX
Nov.
Nov. 30a
first preferred
Tne., common (No.
Tea
(Julius) ft Co., 1st ft 2d pref.fqu.)
(quar.)
Pennsylvania Lighting, preferred (quar.).
Pennsylvania Salt Manufacturing (quar.)
Pierce-Arrow Motor Car, com. (quar.)..
Extra
1 Holders of rec.
IX
Oct.
1
Nov. 15 Holders of rec.
Holders of rec.
Sent. 15a
Oct.
15a
Oct.dl5a
15 Holders of rec. Sept. 30
1
Holders of rec.
Nov.
5a
Oct.
19a
Oct.
21
Oct.
10a
2X
Nov.
$1
Oct.
20 Oct.
IX
Oct
20 Holders of rec.
1
Nov. 30 Holders of rec. Nov. 20a
IX
Nov.
1
to
6
Holders of rec.
Oct.
15
20a
65c. Oct.
25 Holders of rec. Oct.
1X
Oct.
16 Holders of ree. Oct.
3
1 X
Nov.
Oct.
20
1
Holders of rec.
15 Holders of
Nov. 15 Holders of
Nov. 15 Holders of
25c. Oct.
rec.
Oct.
8a
rec.
Oct.
23
rec.
Oct.
23
Oct.
29 Holders of ree. Oct.
11a
Oct.
15 Holders of rec. Oct.
1
IX
Oct.
15 Holders of rec. Sept. 25a
IX
IX
Nov.
Oct.
Nov.
50c. Oct.
1 Nov.,
Holders of rec. Oct.
16a
15 Holders of rec. Oct.
5a
Holders of rec. Oct.
20a
1
1
rec.
Oct.
1
Of r<v».
Oft.
20a
15 Holders of
1
TTnlrtprfi
22
22
Sept. 30
Oct.
to
15
Holders of rec. Nov.
5
Holders of rec. Oct.
IX
Oct.
Holders of rec. Sept. 29a
Holders of rec. Sept. 29
Nov.
Holders of
Oct.
Holders of rec. Oct.
17
IX
Oct.
Holders of rec. Oct.
5
10a
Oct.
10a
Holders of rec.
Oct.
Holders of rec. Sent. 29a
Oct.
Holders of rec. Oct.
2
Oct.
Sept. 23
Oct.
10.
IX
Nov.
Holders of reo. Oct.
15
(quar.)
IX
Nov.
Holders of rec. Oct.
15
(quar.). (No. 203)...
2
NOV.
Holders of rec. Oct.
31
25c. Nov,
...
-
(No. 26)
Swift & Co. (extra)
Holders of
1
Oct.
Holders of reo. Oct.
1
IX
Nov.
Holders of rec. Oct.
15a
Nov.
Oct.
Transue & Williams Steel
:
Holders of
United Fruit (quar.) (No. 73)..
United Gas Improvement
(quar.)...
(bi-monthly)...
rec.
Sept. 29a
Oct. 31
Holders of rec. Sept. 30
Oct.
Holders of rec.
IX
Nov.
Holders of reo. Oct.
13
IX
Nov.
Holders of rec. Oct.
13
IX
Nov.
Holders of
15a
2V>
Nov.
Holders of rec. Oct.
1
2"
Oct.
Holders of rec. Oct.
10
Oct.
7
IX
Oct.
rec.
to
Holders of
Sept. 29a
Oct.
Oct.
10a
Oct.
15
Holders of rec. Oct.
10
rec.
to
1
Oct.
Holders of
$1
Oct.
Holders of rec. Oct.
10a
2
Nov.
Holders of rec. Oct.
26a
Oct.
Holders of
15
IX
(quar.)..
87Xo.
first pref. (quar.) (No. 7)
Extra...
Holders of rec.
Sept. 29a
Oct.
United Coal Corporation, pref.
United Drug,
1
Oct.
rec.
IX
IX
Sept. 30
(quar.)
Nov.
,
Holders of rec. Sept. 29a
$1.25 Oct.
2 X
Oct.
Corporation (quar.) • .
United Cigar Stores, com. (qu.) (No. 20)
1
Holders of
Forgings (quar.)
Extral.....
to
la
Oct.
ree.
Oct.
Sept. 30
United Alloy Steel
rec.
Oct.
15C. Oct.
Union Natural Gas (quar.)
Union Oil of California
16
(quar.)....
Tononah Mining of Nevada
la
Holders of rec. Nov.
Oct.
$1.25 Nov.
Swan & Finch
Oct.
Nov.
75c
Extra (No. 9)
Holders of
Oct.
50c.
Sinclair Oil & Refining Corp. (guar
pref.(qu.)
Southern N. E. Telephone (quar.)
Steel Co. of Can., Ltd., com. (qu.) (No.3)
Preferred (quar.) (No. 25)--.- —.....
Superior Steel Corp., com. (quar.) (No.l)
Holders of rec. Oct.' 18
IX
IX
21)
20
3
30c
pref.(qu.)
to
Sept. 29a
3
...
Southern California Edison, first
Oct.
rec.
Oct.
rec.
10
Nov.
Holders of rec. Oct.
2
Oct.
Holders of rec.
$1
Oct.
Holders of rec.
IX
Oct.
Holders of rec. Oct.
1
Oct.
Holders of rec. Oct.
15
Dec.
Holders of reo. Oot.
20a
16
15a
Sept. 20a
Sept. 29
la
•
IX
Oct.
Holders of rec. Oct-
2
Oct.
Holders of
Oct.
15a
Oct.
Holders of rec. Oct.
5a
Oct.
Holders of rec. Oct.
$1.25
87X0.
rec.
la
5a
10c. Nov.
Holders of ree. Oct.
17
5c. Nov.
Holders of rec. Oct.
17
—
Min. (quar.) (No. 6)
United Verde Exten.
Extra
Machine, common (quar.)
(quar.)....
Va.-Carolina Chem.,com.(qu.)(No.
40)._
Preferred (quar.) (No. 88).
...
Warner(Chas.)Co.of Del.,1st & 2d pf.(qu.)
Wavland Oil & Gas, preferred
Wells Fargo & Co. (quar.)........
preferred (quar.) —
Western Power Corporation, pref. (quar.)
Western Slates Gas <4 Electric, pref. (guar.)
Western Union Teleg. (quar.) (No. 194).
Westinghouse Air Brake (quar.)..
Westinghouse Elec. & Mfg., com. (quar.)
Western Power Co.,
(quar.)
Wheeling Mould &
Fdry., corn. (guar.)...
(guar.)..
Woolmorth (F. W.) Co.,
cnm.(gu.) (No. 22)
Transfer bookH not clo^cl for this
10
Holders of rec. Oct.
10
15
5
Oct.
15 Holders of rec.
IX
Oct.
15 Holders of rec. Sept.29
Sept. 29
2
Oct.
1;Holders of rec. Oct.
15 Holders of rec. Oct.
IX
Oct.
25 Holders of rec. Sept. 30a
75c. Nov.
15c.
Nov. 10 Holders of rec. Nov.
Oct.
IX
$1.18 Oct.
1
Oct.
IX
Oct.
IX
Oct.
20 Sept. 30
Oct.
to
15a
8a
la
12
15 Holders of rec. Sept. 29a
15 Holders of rec. Sept. 29a
15 Holders of rec. Oct.
15'Holders of
29
8ept. 20a
rec.
20 Holders of rec. Oct.
3
87 X
31 [Holders of rec. Oct.
5a
87
15Holders of rec. Oct.
5a
$1.75 Oct.
(Oct.
Hi Oct.
4
(Nov.
l'Oct.
2
lOct.
l|
2
dividend,
Dec.
21
Nov.
to
1
-
1 Holders of reo. Nov.10a
b Less British Income t ax.
Payable In stock.
/Payable In common
of accumulated dividends.
h On account
Holders of rec. Oct.
29 Holders of rec. Oct.
Oct.
3
;
Victor Talking
50c. Nov.
25c. Nov.
-
——
Vacuum Oil
e
rec.
Oct.
Shattuck Arizona Cop. Co. (qu.) (No.
a
20
Oct.
$2
Securities Corporation General,
rection.
Oct.
Holders of rec. Oct
IX
IX
5
Reece Buttonhole Mach.
Preferred
Holders of rec.
Oct.
5
(quar
Procter & Gamble, preferred (quar.)..
Public Service of Nor. Illinois, com. (quar.)
Preferred
Holders of rec. Oct. ,15
IX
Holders of rec. Sept i 29
Presl-O-Ltte Co.
-Preferred
20
Holders of rec. Sept. 29
Extra
Preferred
Nov.
h 50c. Oct.
Prairie Pipe Line (quar.)
Preferred
1
22
rec.
Oct.
United States Steamship
Nov.
Oct.
Holders of rec. Oct.
Holders of rec. Oct.
Oct.
20
Nov.
Holders of rec. Sent. 2Sa
Holders of
4
20
rec.
Holders of rec. Sept. 29a
3
Oct.
15 Holders of
Sept. 29a
Holders of rec. Sept. 29a
IX
$1.25 Oct.
'
Oct"
22a
1
Holders of rec.
$1.25
preferred
Pittsburgh Coal'of New Jersey, pref. (qu.)
Pittsburgh Coal of Penn., pref. (quar.)..
Plant (Thomas G.) Co. (quar.) (No. 65)...
Poole Engineering & Machine (quar.)
Prairie Oil & Gas (quar.)
Pittsburgh. Brewing,
Holders of rec.
Oct.
ree.
Oct.
IX
Preferred
1 Holders of rec.
Holders of
J
to
Holders of rec. Nov. 20a
Oct.
_
_
8
17
1
rec.
Nov.
62^C. Oct.
Supply (quar.)
Oct.
IX
Otis Elevator, common (quar.)..;..
Oct.
IX
Preferred (quar.).........
1
Nov,
Pacific Coast Co., com. (quar.)
Nov.
IX
First preferred (quar.).......
Nov.
1
Second preferred (quar)................
Oct.
IX
Pacific Telep. & Teleg., pref. (quar.)....
Nov.
1
Penmans, Ltd., common (quar.)
15
15'
13
Oct.
1
IX
3X
1)__
Sept. 30
2
coin, (qu.)
Holders of rec. Oct.
Oct.
Oct.
Holders of rec.
1
3
1
Sept. 23
15 Holders of rec. Oct.
Holders of rec.
15 Holders of rec.
2
$2
Holders of rec.
Oct.
(quar.).........
(quar.)..
United Paperboard, preferred (quar.)...
United States Glass (quar.). .J
U. S. Industrial Alcohol, common..
Preferred (quar.) (No. 43).
U. S. Rubber, first pref. (quar.)
...
U. S. Smelt., Refg. & Min., com. (quar.)
—
Inspiration Consolidated Copper (quar.).
Internat. Buttonhole Sewing Mach. (quar.)
Jones Bros
1
Holders of rec. June
Nov,
$1
Extra
Holders of rec. June 30
Nov.
$2
Oct.
Preferred
Sapulpa Refining (guar.).......
1
—
Genera! Motors Corp., common
IX
IX
Northwestern Electric, preferred (quar.).
NovaScotlaS t. &Coal, com. (pay .com .stk.) r2o
15 '
Oct.
to
17
Sept. 29
Sept. 29
Republic Iron & Steel, com. (qu.) (No. 4)
5
Holders of
lla
Oct.
la
15 Oct.
17
Holders of reo. Oct.
IX
20a
Nov.
X
(quar.) (No. 44)..
Holders of rec. Oct.
3X
2
North Butte Mining
15 Holders of rec. Oct.
2
IX
Oct.
(quar.) (No.126)
Reece Folding Machine (quar.) (No. 34).
16
4
Distillers Securities
to
Quaker Oats, common (quar.)
Preferred (quar.)..
IX
-
Sept. 30
Pyrene Manufacturing (quar.) (No. 20)-..
IX
2
Oct.
25c. Oct.
10a
M 1-6 Oct.
...
Cudahy Packing, seven per cent
Oct.
25c.
Extra
10a
Nov.
(extra acct. accumulated
Sept. 29a
Sept. 20a
to
Oct.
Oct.
dOct.13
Sept. 30
15 Holders of rec. Sept. 29a
IX
Holders of rec.
Oct.
25 Holders of
31
Oct.
25c.
25 Holders of rec. Oct.
Oct.
IX
Sept. 22
Oct.
$1.50 Oct-
15
Holders of rec.
Oct.
Nov.
la
31a
rec.
Holders of rec.
Oct.
1 Holders of rec. Oct.
Oct.
Holders of rec. Oct.
Holders of rec'.
20a
rec.
Holders of
Nov.
Oct.
Holders of rec. Oct.
1
Holders of rec. Oct.
Oct.
2
Pullman Co.
IX
Products Refining, pref.
31a
Nov.
(quar.).
Pref.
30a
Nov.
Continental Paper Bag, common (extra).
Preferred ( xtra) t
... r..,
Corn
Sept. 3da
3
IX
Continental Motors Corp., pref.
Oct. 10
2
Colorado Power, common
Consolidation Coal (quar.
rec.
Oct.
IX
_.
Oct.
to
1
29a
29a
4
Ohio Fuel
15 Holders of rec. Sept. 29a
21
Holders of rec. Sept. 30
Holders of rec. Sept. 22
Nova Scotia Steel & Coal. Ltd.,
Holders of rec. Nov. 15a
1
Holders of rec.
Oct.
Oct.
Northern States Power, common (quar.).
15
Holders of rec.
Oct.
IX
Oct.
Nipe Bay Co., common (quar.)..
Holders of
Oct.
IX
15a
29
Oct.
Niplssing Mines (quar.)
1
2
Sept.
Sept.
Sept.
Sept.
rec.
4
17a
Nov.
Holders of rec.
2
29a.
IX
8a
Holders of
Oct.
2
1 Holders of rec. Oct.
15 Holders of rec. Sept. 29a
15
1 Holders of rec. Oct.
Nov.
20
Oct.
.81
Extra
15 Holders of rec. Sept.
Oct.
Preferred
la
15
Oct.
' to
Niagara Falls Poiver (quar.)
.
Oct. 16
IX
IX
(quar.)
Nevada-Calif. Elec. Corp., pref.
...
15 Holders of
(quar.).
—..
Cleveland Electric Ilium., com. (quar.)..
(quar.).
(quar,)
1
Nov
■
■
15 Oct.
8a
Dec.
16 Oct.
Chicago Pneumatic Tool
2
2X
$1
(quar.)..
to
Oct.
Cleve'and-C iffs Iron
Holders of rec. Sept. 29
2
5 Nov. 26
15a
Nov.
;
Oct.
;
(quar.).
New England Fuel Oil of Mass. (quar.)...
New England Power, preferred (quar.)..
New Jersey Zinc (quar.
New River Co., preferred (No. 4).
25 Holders of rec. Oct.
IX
(quar.)
Oct.
Bonus
2
IX
Motor
Holders of rec. Oct."
Oct.
Holders of rec. Oct.
(quar.)_._.
Chevrolet
Holders of rec. Oct.
Oct.
Oct.
IX
preferred (quar.)..
Central Foundry, first preferred (quar.).
Central Foundn/. ordinary, pref. (quar.)..
Central Leather, common (quar.)
Common (extra)..'.
:
—--
Nov.
2c.
b3
IX
20
Central Coal & Coke,
15a
$1
preferred (quar.)
Telegraph (quar.)
20a
National Cloak & Suit, com. (qu.) (No.3)
IX
--
Montreal
la
Sept. 29
Holders of rec. Oct.
13a
la
Canada Cement, Ltd., com. (qu.) (No. 6)
Canadian Explosives, Ltd., pref. (quar.),.
Common (extra)
Holders of rec.
Holders of rec. Oct.
Oct.
(quar.)
Oct.
IX
$1.50 Nov.
Sept. 30a
IX
Carbon Steel, common
Michigan Limestone & Chem., pref. (qu.)
Midvale Steel & Ordnance (qu.) (No. 4).
Midwest Oil,
1
Sept. 29a
Holders of rec. Sept. 28a
(quar.)
American Shipbuilding, common (quar.).
Preferred (quar.)
Amer. Telephone & Telegraph (quar.) —
Shoe,,Inc., preferred
Holders of reo.
Oct.
Nov.
Brown
Oct.
Holders of rec. Nov.
Holders of rec. Nov.
Oct.
—
Holders of rec. Sept. 25
Holders of rec. Oct.
$1.50 Nov.
Nov. 15
IX
Mining (quar.)
Holders of rec. Sept. 25
Oct.
15 Holders of rec. Sept. 24a
Oct.
1
Goods, 1st pref. (No. 1).
(quar.)
—
Atlas Powder, preferred (quar.)
Barnhart Bros. &Splndler, lst&2dpf. (qu.)
Barrett Co., pref., (quar.);
Bell Telephone of Canada (quar.)
Bell Telephone of Pa. (quar.)
...
Borne-Scry mser CO .»... ;
. _... -—-—
25c. Oct.
.
Sept. 29
IX
Associated Oil
15
Holders of rec. Oct.
Nov.
Anaconda Copper
Holders of rec. Oct.
Holders of rec.
Oct.
Associated Dry
Nov.
Holders of rec.
IX
.
15
Nov.
f2X
(quar.)
Oct.
to
Oct.
(quar.)
.....
Sept. 29
Oct.
(payable in common stock) _.
(quar.)
American Locomotive, pref. (quar.)
Amer. Malting, 1st & 2d pref. (quar.)..
American Seeding Machine, com. (quar.)
(quar.)
Oct.
X
Common
Preferred
3
2
IX
IX
Preferred
American Woolen, common
Holders of reo. Oct.
IX
Nov.
*
Holders of rec. Oct.
Oct.
IX
2X
Midwest Refining (quar.) (No. 12)_„___
3
Oct.
$1.50 Oct.
___
| 3
IX
IX
(No.25)
Oct.
—
Holders of rec. Oct.
Mountain States Tel.& Tel.(quar.)
IX
<-
Holders of reo.
Oct.
(quar.)
Miami Copper Co. (quar.)..
Sept. 29a
Dec.
(quar.).
Holders of rec.
Oct.
Nash Motors, preferred (quar.)...
Nat. Biscuit, common (quar.) (No. 77)..
rec.
Nov. 15 Holders of rec. Nov.
Type Founders, common
Preferred (quar)
Oct.
IX
2X
15 Holders of rec. Sept. 24a
Oct.
Amer.
IX
la
Sept. 30a
Sept. 30a
Sept. 30a
15 Holders of
IX
Preferred
Holders of rec.
Oct.
2X
American
2 X
Oct.
la
14
Oct.
to
Oct.
IX
(quar.).
1
Light & Traction, com.
Sept. 30
Oct.
1X
Preferred
•
Oct.
IX
Inc., com. (q u,)
(quar.)...
Amer. La France Fire Eng..
IX
IX
Machinery, common....
American Ice, preferred
Holders of rec. Nov.
$1.75
Milwaukee & Chicago Breweries..
10
Holders of rec. Nov.
Nov.
hX
IX
American Beet Sugar, common
29a
Nov.
IX
15 Holders of rec. Sept. 29a
75c.
(quar.)
Amer. Bank Note, com.
la
17
Mexican Telegraph
Miscellaneous.
Air Reduction Co. Inc., common
4a
(qu.)
(quar.)..
7
Oct.
to
Holders of rec. Nov.
Mexican Petroleum, common
Banks.
City, National (Brooklyn) (quar.) (No.
First National, Brooklyn (quar.).
Preferred
Sept. 30
Holders of rec. Oct.
(quar.)
Oct.
15 Holders of rec. Sept. 29a
20
Holders of rec. Oct.
Nov.
Common (extra)
NoV.
Sept.29
Sept.29
Holders of rec. Nov. 26a
Oct.
Preferred
(quar.)....-.-.
Maple Leaf Milling, common (quar.)___
Common (extra)
Preferred (quar.)
Manufacturers' Light & Heat (quar.)
Massachusetts Gas Cos. Com. (quar.)
6a
1
30 Holders of
5c. Oct.
15a
Holders of reo. Oct.
3
$2
MacAndrews & Forbes, common
Sept.29a
Oct.
Virginia Ry. & Power, common...
West Penn Power, pref. (quar.) (No. 7)..
25c. Dec.
$1.50 Nov.
(quar.)
Lukens Steel, 1st and 2d pref. (quar.)
la
Holders of rec. Oct.
1
15 Holders of rec. Oct.
IX
50c.
Yotk (Pa.) Railways,
28a
Nov.
$1
(quar.)..
(No. 49)...—
Lindshy Light, common (quar.)___
15 Holders of rec. Sept. 29a
la
31 Holders of rec. Oct.
15 Holders of rec.
Books Closed.
Days Inclusive.
La Rose Consolidated Mines (quar.)
15 Holders of rec. Sept.29
15 Holders of rec.
(quar.)
United Rys. & Elec., Bait., com.
Holders of ree. Sept.
1
When
Payable.
Lehigh Valley Coal Sales (quar.)
1
Holders of rec. Oct.
1
Nashville Ry. & Light,
to
Per
Cent.
(Concluded).
Kelly-Springfield Tire, common
1 Holders of ree. Oct.
Duquesne Light, pref. (quar.) (No. II)
Preferred
Name of Company.
Miscellaneous
(Concluded).
Street and Electric Rys.
1497
CHRONICLE
THE
1917.]
stock,
1
d Cor¬
g Payable In scrip.
1498
THE
STOCK
OF MONEY
IN
THE
COUNTRY.—The fol¬
lowing table shows the general stock of
well
as
as
the
circulation
CHRONICLE
money
By Messrs. R. L. Day & Co., Boston:
in the country,
Shares,
$
Gold
t
$
bullion.....3,035,390,720 196,370.317
certificates.!)
Standard silver dollars
Silver certificates.b
568,269,513
......
15,381,213.
...
Subsidiary silver....
644,900.316
73,940,150
477,011,839
"
1,982,226
202,061,897
1,936,311
2,058,169
"S",797",485
340.883,531
342,448,072
5,148,900
706,823,367
212,545,405
73,610
12,333,250
698,888,106
714,747,743
Total
716,603,382
17,715,276
5 Plymouth
Slocks.
Shares.
$ per sh.
104
Stocks.
$ per sh.
195
103
178,473,509
Canadian Bank Clearings.-^-The clearings for the week
ending Oct. 4 at Canadian cities, in comparison with the
same week in 1916, show an increase in the
aggregate of
•
24.1%.
I
9,953,065
.....5,595,367,881 242,469,027 4,820,546,454 4,178,521,215
Population of continental United States estimated at 104,576,000.
capita, $46 10.
\
Circulation
Week
ending October 4.
Clearings at-
This statement of money held In the
Treasury as assets of the Government does
Inc.
not Include
deposits of public money in Federal Reserve banks, and in national
banks and spooial depositaries to the credit of the Treasurer of the
United States,
1917.
amounting to $502,962,182 93.
Canada—
b For
redemption of outstanding certificates and Treasury notes of 1890 an exact
equivalent In amount of the appropriate kinds of money Is held in the Treasury,
and Is not Included In the account of
money held as assets of the Government,
c Includes
$341,710,760 Federal Reserve Gold Settlement Fund deposited with
Treasurer United States,
d Does not include Federal Reserve notes held
by Federal Reserve banks.
Note,—On Oct.
88,342,880
80,382,552
54,943,451
+ 15.8
39,376,420
38,656,187
65,079,747
41,679,546
+ 56.1
44,064,167
40,244,232
10,168,711
7.772,016
+30.8
6,638,472
6,718,421
5,957,867
4,351,699
2,620,951
+ 12.8
4.509,669
8,086,677
4,334,300
—6.8
3.713,036
4,151,068
+ 33.0
4,403,225
+ 22.1
2,405,197
3,360,279
3,501,637
2,011,653
4,638,954
—12.5
1,597,329
1,743,830
3,858,759
....
...
4,054,002
.............
Halifax
3,472,074
Hamilton
5,377,860
1,759,788
John
...
Calgary......
Sales.—Among other securities, the following
not usually dealt in at the Stock
Exchange, were recently sold
at auction in New York, Boston and
Philadelphia:
By Messrs. Adrian H. Muller & Sons, New ,York:
Shares.
Slocks,
Per cent.
20 National City Bank of Bklyn...271H
20 N. Y. Mortgage & Security.... 51
Shares,
Stocks.
7 Stuyveeant Insurance..
Per cent,
..
.
50
Stocks.
$ per sh
Wildwood Impt.
3
100 East Iron & Mach., pf., $50 ea.
414
13 Real Est. Trust, pref.....
100
10 Newlin Haines; pref
80
31 No,
Shares;'
Slocks.
$ per sh.
27 People's Nat, F, Ins., $25 ea.. 16
15 Phil, Life Ins;, $10 each
10%
.....
1 John B, Stetson, pref
+ 94.1
3,510,663
+ 10.4
2,054,149
1,607,541
+ 7.0
1,458,390
2,008,313
Edmonton
2,869,800
2,222,275
3,203,948
+ 29.1
1,837,778
+ 54.6
2,391,373
2,559,845
2,280,363
683,853
50 Berg. & Engle Brew., pref... 35
20 Bank of North Ameiica__..._250
33 Tuckerton lilt,, pref.. ....If 11 lot
$6 Tuckerton RR. pref. scrip../
10 Fairmount Sav. Trust.
9 Franklin Trust.
Ponds.
4,954,503
i,;
786,601
662,698
+ 18.7
631,572
1,198,790
695,413
+ 72.3
Saskatoon.
2,438,788
1,641,760
1,433,986
+70.1
509,392
1,388,172
1/250,943
+ 31.3
....
Moose Jaw
Brantford..,..
65
1st 5s, 1930.
RR.
„.
_
_.
Total Canada
+ 6.3
584,054
+ 27.9
531.072
1,099,150
358,436
+ 36.3
332,616
386.396
735,818
560,433
+ 45.6
466,708
415,043
.752,850
617,941
+21.9
427,992
431,123
647,601
610,657
+ 6.1
669,544
539,216
+24.1
280,783,003 226,305,115
Imports and Exports for
99
99
81
1st
900 Union Pass. Ry. ext. 4s, 1960
12%
K ltcheuer.....
.
966,828
747,104
824.362
.......
j...
1,032,264
+24.1 179,435.258 176,586,45»
20
4%s, 1929
93
2,000 Am. Ice real est. gen. 68,1942 99%
1,000 Media, Borough, 3 %s, 1924. 94
IndependenceF. I. Sec,, $25ea. 20Vs
Peterborough
Percent.
>
4,000 State Line & Sull.
.........169
Medicine Hat.........
Sherbrooko
386,682
1,312,722
1,035,464
621,315
488,015
1,027,881
....
.
Westminster
1,909,203
69%
Philadelphia
500 Tuckerton RR.
Phil., $50 each..310.'4
2 United Firemen's Iris., $10
ea,.
i.._.
Brandon
Lethbridge
340%
$200 Philadelphia City 4s, 1938..
100 Philadelphia City 4s. 1939..
102 M
10 Robert Morris Trust..
6 Fire Assn. of
1 Library Co. of
.150
25 West End Trust
Reglna.
....
...157
5 John B. Stetson, com....
6 Mereh. & Miners' Transp
1,768,341
2,222,832
.... _. .
Fort William
Shares.
55,000,664
1,719,672
New
By Messrs. Barnes & Lofland, Philadelphia:
8,998,212
2,454,116
56,574,033
Victoria...
London
Auction
1914.
63,589,986
Ottawa
St.
1915.
%
+ 9.9
.....
Winnipeg
Vancouver
"Quebec
or
Dec.
...........
Toronto
1917 Federal Reserve banks
1
1916.
$
Montreal
and Federal Reserve agents held
against Federal Reserve notes $4,185,000 gold coin and bullion and
5528,167,400
gold certificates, a total of $532,352,400, against $194,789,518 on Oct. 1 1916.
10
Rubber, pref
26 Plymouth Cordage, ex-div.
20
5 Manchester & Lawrence RR
per
a
%persh>
Quincy Mkt. C. S. & W., com.. 156
8 American Mfg., pief.,
87%
483,104,746
204,044,123
National bank notes..
Shares.
25 U. 8. Worsted, 2d pref
69,549,921
United States notes.......
346,681,016
Federal Reserve notes
d711,972,267
Federal Res. bank notes...
15,406,860
Treasury notes of 1890....
Stocks.
4
By Messrs. Francis Henshaw & Co., Boston:
$
693,577,474
Shares.
25 Plymouth Cordage, ex-div.. 195.20
cl,613,090,529 1,520,740,269
..........
$ per sh.
Shawmut Bank..200-203
5 Central Vermont Ry
2
4 Bigelo w, Kennard & Co., Inc., pf. 100
-Stock of Money Oct. X 1917-—Money in Circulation—In U. S.
zHeUlin Treas. Oct. 1 1917.
Oct. 1 1916.
Gold coin and
Stocks.
25 National
holdings by; the Treasury and the amount in
the dates given.
on
[Vol. 105.
80
the
Week.—Under instruc¬
tions from the Treasury Department the issuance of weekly
totals of imports and exports of merchandise and specie by
the
New
Custom
York
House
have
Under the circumstance
omitted until such tifneas the figures
definitely.
been
suspended in¬
usual compilation is
may again be given out.
our
The Federal Reserve
Banks.—Following is the weekly statement issued by the Federal Reserve Board on Oct. 6.
Large gains in gold reserves and aggregate deposits, together -with considerable discount and
open market operations
for the week are indicated
by the weekly bank statement Issued as at the close of business on Oct. 5 1917.
All the banks except Chicago and Kansas
City report substantial additions to their gold reserves, the total
shown, 1,438.5 millions, being about
30 millions in excess of the figure reported the week before.
Payments for additional investments, especially large at the New York, Cleveland, Chicago
anc+San Francisco banks, were made in
part by Federal Reserve notes issued largely against paper discounted and purchased during
the week.
It is
w this manner that the banks were able
to husband their gold resources
notwithstanding an increase of 75.9 millions in total investments.
Another
factor which accounts for the gain in reserve is the
large increase during the week in Government and bank deposits mainly at the New York, Atlanta
and San Francisco banks, following the admission to the
system of several State banks and trust companies, and the substantial increases of non-mem¬
ber banks clearing balances with the New York and San
Francisco'banks.
Advances paid during the week to the Allies by the New York
Reserve Bank totaled 114-7 millions.
Of the total 50 millions went to Great Britain,
40 millions to Italy, 22.2 millions to Russia and
2.5 millions to Belgium.
These operations, as on former occasions, called for the withdrawal of Gov¬
ernment funds from local
depositary institutions as well as for substantial transfers to New York on Government account, through the Gold Settle¬
.
'
ment
Fund.
'
,
Discounted paper on hand shows a gain of 31.7 millions for the
week, the New York bank alone reporting an increase of 28.2 millions under this
Almost the entire net gain is represented by member banks' collateral
notes, which aggregate at present about 153 millions, as against 122.6
millions the week before.
Of the total, 84.7 millions is
represented'by notes secured by Liberty bonds or U. S, certificates of indebtedness.
Accep¬
tances on hand show an increase of about 10
millions, the New York bankreportinglarge purchases for its own account and the Dallas bank. The banks re¬
port also large additions to their holdings of U. 8. certificates of indebtedness.
Aggregate earning assets stand now at 580.9 millions, compared with 504.9
millions the week before and 552.6 millions the
Friday following payment of first installment of the first Liberty Loan and constitute 952% of the banks'
paid-in capital, as against 851% the week before.
Of the total, 45.7% is represented by discounts, 32.1% by
acceptances and 22.2% fey U. 8. securities.
Admission to membership of the
Guaranty Trust Co. of New York with a.combined capital and surplus or 50 millions, the Canal Bank & Trust
head.
*
Metropolitan Bank, both of New Orleans, and the Spokane & Eastern Trust Co. of Spokane, Wash., account for most of the increase in
capital, which for the first time is shown to exceed 60 millions.
Government deposits increased about 15 millions, New York, Cleveland, At¬
increases in Government funds on hand.
The largest gain in reserve deposits Is
reported by the San Francisco
Portland, Ore., and Seattle and Spokane, Wash.
An increase of 26.6 millions is shown in the total of non-members'
clearing balances, all the local trust companies and State
banks, except one, now settling their clearing balance through the New York Reserve Bank.
The week witnessed a further large addition to the amount of Federal Reserve notes
outstanding, the total, $797,630,000, being 40.6 millions in
•excess of the
corresponding total on Sept. 28. Against the total Issued the agents hold at present $560,111,000 of gold and $248,912,000 of paper.
The
oanks increased the amount of
paper pledged with the agents against notes by 44.4 millions, with the result that the note reserve shows a decline from
81.1 to 76.9%.
Federal Reserve notes in actual circulation total $740,916,000, or $40,704,000 more than the week before.
i/j8;
paid-in
,
lanta and Dallas
reporting the largast
bank and its three branches at
we
The figures of the consolidated statement for the
system as a whole are given in the following table, andvin addition
present the results for each of the
seven
furnishing
preceding weeks, together with those of the corresponding week of last
year,
thus
a useful comparison.
The earlier figures have been revised in order to conform with new form adopted by the
Federal Reserve Board as of June 22.
In the second table we show the resources and liabilities
separately for each of the
twelve Federal Reserve banks.
The statement of Federal Reserve Agents' Accounts (the third table
following) gives details
regarding the transactions in Federal Reserve notes between the Comptroller and the Reserve Agents and between the latter
and the Federal Reserve banks.
°
Combined Resources
Liabilities "of
and
Oct. 5 1917.
RESOURCES.
Gold coin and certificates In
Gold settlement fund..
Gold
$
vault..
Legal teuder notes, silver, &o
Total
BliIs
Bills
...
reserves.....
'
dIscounted—members
bought In open market
Total
bills
on
Due
earning
from
other F.
$
Aug. 24 1917. Aug. 17 1917.
$
$
Oct.
6
1916.
$
408,206,000
414,433,000
416,797,000
426.751.000
399,198,000
265,626,000
384,646,000
395,853,000
383,937.000
397.067,000
410,1)02.000
119,441,000
52.500,000
52,500,000
52.500.000
1 52,500,000
52,500,000
868,936,000
840,434,000
856,866.000
845,350,000
862,786,000
853,234.000
876.318.000
862.200,000
385,067,000
560,111,000
558,227,000
536,009,000
520,470,000
494,779.000
493,185.000
488,536,000
502.688,000
204,476,000
9,465,000
9,809,000
9,442,000
9,127,000
7,218,000
7,079.000
7.375,000
9,795,000
1,910,000
1,438,512,000 1,408,470.000 1.402,317,000 1,374,949,000 1,364.783.000 1,353,498,000 1,372,229,000 1,374,583,000
48,203,000
49,934,000
51,085,000
60,608,000
52.610,000
49,089.000
52,540,000
52,906.000
591,453,000
1,486,715,000 1,457.559,000 1,452.251,000 1,426.034,000 1,415.391,000 1,406,108,000 1.424.769,000 1,427,489.000
265,251.000
167,333,000
147,315,000
183,758,000
168,217.000
233,539,000
12S.407.000
143.946.000
605,444,000
Total dedue'us from gross
deposits
13,991,000
23,656,000
176,169,000
161.012,000
168,445,000
173,199.000
154.591,000
159.557,000
155,329,000
77,438,000
451,413,000
409,708.000
344,770,000
335,778,000
341.416.000
301.906,000
287,964,000
299,275,000
101,094,000
55,727.000
55,129.000
53,929,000
45,358,000
45.394,000
45.406.000
45,226,000
45,129.000
44,370,000
73,632,000
39,S76,000
41,070.000
32.521.000
30.480.000
30,552,000
8,763,000
224,000
214,000
42,366,000
214,000
42.441,000
79,000
204,000
1.230,000
1,232,000
1,223.000
29,085,000
580,851,000
504,937,000
439,983,000
423,716,000
429,455.000
381,063.000
364,902.000
376.179,000
183,312.000
2,570,000
5,929,000
t2,247,000
6.5.54,000
12.036,000
10.233,000
243.000
11.688,000
26,232,000
230,423,000
234,361,000
t236.794.000
224,622,000
216,960.000
260,184,000
210.387.000
230,704.000
232,993,000
240,290.000
239,041,000
231,176.000
228,996.000
270.417.000
210.630,000
242,392.000
notes
,
,
186,162,000
All other resources..
$
..
52,500,000
banks—net
resources
$
373,387.000
Uncollected Items...
Total
$
1917.
5
430,979,000
assets
5% redemp. fund agst. F. R. bank
tSept. 28 '17. Sept. 21 1917. Sept. 14 1917. Sept. 7 1917. Aug. 31 1917.
Business October
52,500,000
hand..
R.
of
342,337,000
warrants
Total
Close
445,597,000
U.S. Government long-term securities.
U. 8. Government short-term securities
Municipal
the
52,500,000
held by banks
reserves
at
334,787,000
Gold with Federal Reserve
Agent..«.
Gold redemption fund
Total gold
Federal Reserve Banks
481,649,000
with foreign agencies
Total gold
the
.
26,232,000
500,000
500.000
500,000
500.000
500,000
500,000
600.000
500,000
500,000
574,000
387,000
404,000
308,000
372.000
"293.000
339.000
1,882,000
3,045,000
nnn 9 noi .14/1 noo 2.048 449 OOO
"818.533,000
2.301 .fiTt 000 2.203.673 000 2,1-39.170 000 2.081
734.000
2 074.714 009 2.058.381
Oct. 13
1917.]
CHRONICLE
THE
Oct. 5 1917.
Sept. 28 1917f Sept. 211917. Sept. 14 1917. Sept.
LIABILITIES.
1499
1917, Aug. 31 1917. Aug. 24 1917, Aug. 17 1917
7
Oct.
1914.
6
$
Capital paid in
Government deposits.....:
61,027,000
59,379,000
59,354,000
59,368,000
59,250,000
58,904,000
86,285,000
71,289,000
25,030,000
21,602,000
39,926,000
154,358,000
58,484,000
59,972,000
55,684,000
33,971,000
58,093,000
110,110,000
Due to members—reserve account
1,148,887,000 1,136,930,000 1,151,701,000 1,139,291,000 1,138,542,000 1,069,804,000 1,121,129,000 1,130,817,000
Due to non-members—clearing account
94,029,000
67,433,000
50,779,000
50,621,000
52,339.000
28,903,000
Member bank deposits—net
Collection Items
Total gross deposits.
32,933.000
11,637,000
137,955,666
171,916",000
526,019,000
159,283~,o66
....
157,524,000
164",449",666
156,268",660
154,112*.660
140,278,666
559,990,000
201,364,000
1,033,000
———..—
F. R. notes In actual circulation
F. R. bank notes in circulation, net liab.
All other llab., incl. foreign Govt, credits
Total liabilities
Gold
reserve
against net deposit llab
Gold and lawful money reserve
net
Gold
462,000
818,533,000
.......
72.1%
against
deposit liabilities..,
res.
74.8%
1Q2;5%
agst. F.R. notes in act. clrc'n.
Sept. 2S 1917b
Distribution by Maturities—
1-15 days bills discounted and bought.
1-15 days municipal warrants
—
813
228,355,000
.....
16-30 days bills discounted and bought.
53,631,000
16-30 days municipal warrants
31-60 days bills discounted and bought.
104,004,000
*
$
$
$
63,338,000
45,175,000
56,671,000
126,000
97,025,000
90,781,000
109,602,000
20,000
51,743,000
126,000
96,983,000
20,000
80,170,000
146,000
146,000
57,455,000,
46.124,000
43,718,000
127,393,000
126,000
69,614,000
10,000
1,412,000
62,000
5,000
1,468,000
73,000
20,000
50,457,000
5,000
1,548,000
53,000
128,459,000
108,291,000
1,026,000
55,508,000
—.
—.
61-90 days municipal warrants..
.Over 90 days bills discounted and bought
Over 90 days municipal warrants......
$
138,648.000
31-60 days municipal warrants...—7,000
61-90 days bills discounted and bought.
64,011,000
Federal Reserve Notes—
$
$
178,321,000
146,000
63,663,000
...
......
1,865,000
68,000
1,848,000
58,000
3
99,799,000 1
1,028,000 |
56,555,000 1
88,781,000
1,028,000
55,667,000
...
-
96,681,000
90,114,000
—
....
2,813,000
3,117,000
58,000
58,000
—===== sr=== ============ ============ ============= =============
130,179,•••
...
3,335,000
49,000
I
============
=============
54,258,000
613,646,0^u
54,864,000
220,490.000
19,125,000
563,049,000
558,782,000
201,364,000
Fed. Res. Notes {Agents Accounts)—
Received from the Comptroller........ 1,207,940,000 1,167,320,000 1,145,700,000 1,116,840,000 1,065,660,000 1,050,560,000 1,039,560,000 1,019,560,000
Returned to the Comptroller—204,230,000
197,957,000
195,748,000
192,835,000
180,572,000
178,124,000
176,808,000
173.939,000
364,140,000
Issued to the banks
Held by banksIn
•—
circulation
797,630,000
754,083.000
725,397,000
700,430,000
680,073,000
56,714,000
54,745,000
55,151.000
55,863,000
740,916,000
699,343,000
670,246,000
644,567,000
627,307,000
58,774,000
644,911,000
56,996,000
621,299,000
587,915,000
862,752,000
845.621,000^286,552,000
227,525,000
235,445,000
231,975,000
66,062,000
627,307,000
613,646,000
220,490,000
v„:=—=. ========= ============ =======
==========
—
969,363,000
215,275,000
949,952,000
224,555,000
924,005,000
223,575,000
885,088,000
205.015.000
Issued to Federal Reserve banks..
797,630,000
754,038,000
725.397,000
700,430,000
680,073,000
In hands of Agent
— —
—......
HOW Secured—
=========== ========= ===== —
'
269,911,000
By gold coin and certificates..........
By lawful
money.
—
By commercial paperJ.
Gold redemption fund..
256,127.000
269,170,000
'
151,726,000
24,974,000
797,630,000
754,088,000
725,397,000
700,430,000
680,073,000
248.912,000
204,467.000
198,887,000
192,200,000
187,218.000
Amount due to other Federal Reserve banks,
179,960,000
26,452,000
269,015,000
b The figures for San Francisco are for Sept. 21,
—•;
287,793,000
—
185.294,000
25,232,000
213,420,000
Commercial paper delivered to F.R. Agt.
J
272,682,000
221,336,000
261,543,000
a
—
189,388,000
.28,801,000
228,674,000
—
2.
278,534,000
—.... —.
644,911,000
198,049,000
28,010,000
250,554,000
237,519,000
28,657,000
—
With Federal Reserve Board—-
Total——
276,645,000
——-
77,588,000
872,436,000
1,003,660,000
206,030,000
Amount Chargeahle to Ageut—
■■■,■,
f
146,000
49,472,000 |
1
■.
■.
130,128,000
j.
—
138,771,000
111,058.000
25,780,000
193,741,000
25,051,000
189,744,000
16,014,000
11,918,000
62,430,000
644,911,000
627,307,000
613,646,000
220,490,000
156,219,000
~146.664,000
120,711.000
16,220,000
199,041,000
t Revised figures.
WEEKLY STATEMENT of RESO URCES and LI ABl LITIES of EACH of the 12 FEDERAL RESERVE BANKS at CLOSE of BUSINESS OCT. 5,1917.
PhUadel'a
Boston
Philadel'a
Boston.
Cleveland
Cleveland
$
$
Rec'd from Comptroi'r 69,680,000'504,960,000 81,020,000 73,000,000
$
Federal Roserve Notes—
•
Returned to Comptr'r
$
Richmond
Atlanta.
Atlanta
Chicago.
Chicago.
St. Louis
-St Louis
Minneap.\Kan. City
Dallas
Dallas
Minnenp
Total.
San Fran
$
I
I
%
t
*
$
49,600,000]52,980,000139120000 40,300,00046,640.00051,720,00957,060,00041,860,000 1207940000
$
$
14,436,000|l02,054,000|12,480,000 7,415,00013,483,000 9,010,000 4,444,000 7,413,000 7,954,000 9,823,000|10,913,000 4,855,000 204,280,000
Chargeable to F. R. Agt. 55,244,000 402,906,000:63,540
In hands of F.R. Agent-
W65,585,ooo'se,117,000 43,970,000134676000 32.887,000 38,6S6,000'41,897,000:46,147,000 37,005,0001003660000
12,600,000113,420,000|12,620,000j 9,440.000
Issued to F. R. Bank.
Richmond
780,000 5,930,000,29,900,000 1,510,000 3,930,000 8,OSO,OQO| 7,820,000
42,644,000289,486,00055,920,00056,145,00035.337,000138,040,000 104776000 31,377,000
Held by F. R. Agent—
—— ———-—
—
——
1
206,030.000
34,756.00033,817.000j38,327.00037,005,000 797,630,000
1
————
,,...
•.
—-■ ■
■
23,659,000190,384,000 4,220,00015,284,000
3,459.000
2,953,00013,102,000 2,370,00014,480.000
269,911,000
1.935.0001 11,102,000 2,721,000 2,861,000
891.000 2,301.000
132,000
517,000 1,358 000 1,587.000 2,017,000 1,235.000 28,657,000
Wtth Fed. Res. Board
2,000,000
...X. 36,079,00020,000.000118,000.00028,470,000|79.184,000 13,360.000 10,500,000 19,560,000 8,524.00025,866,000 261,543,000
Commercial paper.„ 15,050,000
88,000,00012,9Q0,000|18,000,000j 16,446.000 3.810,000125,460,000 14,547,000 9,796,000 10,300.000 13,306,000 9,904,000 237,519,000
Gold coin and ctfs--..
Gold redemption fund
Total
A
F
—
42,644,000289,486,00^55^920,000 56,145,00oj35,337,000i38,040,000|l04776000 31,377,000 34,756,000 33,817,00o|38.327,000 37,005,000 797,630,000
deiiveraft?F.CRPAgt^ 15,069,000
R
notes outstanding.
F.R. notes held by banks
F.R. notes In
91,035,00012,906,00018,014,00018,697,000j 4,325,000j25,776,000 14,562.000 9,318,00011,028,000 13,445,00014,737,000 248,912,000
42,644,000 289,486,000>55,920,000'o6,145,000
2,461,000 23,809,000
35,337,000;38,040.000il01776000 31,377,000 34,756.000 33,817.000,38,327.000,37.-005
2,523,000^ 2,280,000 2,235,00Q| 1.950,000| 6,741,000 2,324,000 1,257,000 4,343,000
act.clrc'n'40.183,OOQ'265.677,030 53,397,000 53.865,000 33.102.000 36.090.000 9,8.035,000
000 797,630,000
450.000 6,341,000 56,714,000
29,053.000.33,499,00029.474.Qf)Q 37.877.000'3Q.664,000740,916,000
[Vol. 105.
CHRONICLE
THE
1500
York City Clearing House Banks and Trust Companies.--Tiie following detailed statement
of the New York City Clearing House members for the week ending Oct. 6.
The figures for the
Statement of New
shows the condition
(
the averages of the daily results.
separate banks are
In the
of the totals, actual figures at end of the week are also
case
?iven.
The surplus
reserves
calculated
oh the basis of new reserve requirements as fully explained in "Chroncle," Volume
105, pages
229are
and
127.
Net
Loans,
Profits.
Discounts,
members.
Capital.
Oct
Gold.
.
Mech. a Metals Nat—
National City Bank__.
Average.
$
%
.
41,321,000
23,780,000
144,494,000
168,000
375,000
7,207,000
193,000
3,941,000
500,697,000
7,282,000
1,370,000
8,885,200
55,915,000
307,000
3,115,000
272,000
872,200
77,500
14,054,000
2,409,000
155,000
187,000
372,000
27,000
40,000
95,130,000
954,000
Atlantic Nat. Bank....
3,000 ,000
1,000 ,000
Nat. Butchers a Drov.
300 ,000
Chemical Nat. Bank..
Reserve
and
with
with
•Net
Federal
Legal
Legal
Demand
Time
Reserve
Deposi¬
Deposi¬
Deposits.
Deposits.
tion.
Notes.
taries.
taries.
Average.
%
Average.
Average.
Average.
Average.
Average.
93,000
172,000
5,243,900
2,555,900
2,000 ,000
10,328,700
6,000 ,000
25,000 ,000 c48,277,400
2,000 ,000
Merchants' Nat. Bank
%
$
$
Reserve Bank.
Average.
Average.
Average.
Members of Federal
Bank of n. y., n.b.a
Silver.
Tenders.
&c.
/Nat. Banks Sept. Ill
\State Banks Sept. 8/
284,000
213,000
•
National
Deposits
Bank
Legal
Investments,
Ending
6 1917.
Additional
National
clearing house
Week
RETURN.
HOUSE
CLEARING
WEEKLY
YORK
NEW
5,432,000
75,000
2,530,000
290,000
»
~
-
*
$
787,000
17,991,000
1,848,000
3,773,000
32,220,000
157,852,000
1,174,000
6,525,000
1,093,000 100,792,000
58,000
6,304,000
518,973,000
8,621,000
1,782,000
45,722,000
2,389,000
442,000
38,000
2,002,000
13,735,000
732,000
150,000
24,000
8,000
250,000
2,051,000
457,000
614,000
397,000
15,269,000
8,633*666
4,953,000
158,000
33,796,000
572,000
of Comm.
25,000 ,000
1,421,000
3,500 ,000
3,000 ,000
2,396,800
70,039,000
1,218,00()
674,000
1,208,000
771,000
8,506,000
61,161,000
Hanover Nat. Bank...
16,924,700
136,552,000
783,000
21,473,000
140,706,000
2,550 ,000
2,683,200
35,943,000
32,000
1,194.000
791,000
208,000
Citizens' Nat. Bank..
7,190,000
73,000
46,000
29,340,000
Market a Fulton Nat-
1,000 ,000
49,000
382,000
324,000
3,500 ,000
1,765,000
493,000
1,500 ,000
7,750,700
117,000
1,057,000
2,419,000
67,000
2,040,000
Importers' & Trad. Nat.
10,546,000
108,885,000
32,926,000
169,000
Corn Exchange Bank..
2,149,000
7,244,700
4,352,000
2,207,000
201,000
12,154,000
4,704,000
Nat.
5,000 ,000
17,134,000
70,000
3,679,900
168,195,000
795,000
625 >000
17,000
29,000
306,000
147,000
289,000
2,559,000
14,000
Park
Bank
250 ,000
East River Nat. Bank.
Second
1,000 ,000
Bank
Nat.
n. y. County Nat....
500 ,000
27,094,100
4,770,200
373,500
Chase Nat. Bank......
10,000 000
12,623,800
1,000 ,000
1,000 000
1,985,800
First
Nat.
10,000 ,000
4,000 000
Bank.....
Irving Nat. Bank
Lincoln Nat. Bank
Garfield Nat. Bank
Fifth
Nat.
250 000
Bank
1,000 000
3,000 000
Seaboard Nat. Bank...
Liberty Nat, Bank
307,930,000
'
1,659,000
'
W
-
49,000
84,109,000
Chat. & Phenix Nat..
Bank
$
1,977,000
703,000
Nat.
Bank
Circula¬
-
36,417,000
5,571,300
20,864,400
5,000 ,000
American Exch. Nat..
Net
3
t
S
149,000
.
255,504,000 10,067,000
6,859,000
1,726,660
"397", 000
1,017,000
200.000
106,000
11,295,000
109,264,000
z& ,249,000
100.000
51,000
25,383,000
164,019,000
3,765,000
3,552,000
439,000
2,599.000
1,130,000
5,811,000
mm
18,574,000
122,000
82,000
289,000
340.000
2,156,000
15,878,000
297,612,000
87,007,000
2,533,000
569,000
1,240,000
48,000
17,990,000
158,532,000
1,653,000
202,000
50,000
819,000
207,000
640,000
9,090,000
311,000
63,000
200,000
145.000
1,424,000
9,664,000
3,481,000
793,000
2,932,000
1,468,000
643,000
35,608,000
241,598,000
20,767",000
314.000
97,000
694,000
18,297.000
15,000
49,000
209,000
3,151,000
1,593,000
1,200,000
893,000
1,329,300
262,203,000
16,384,000
10,462,000
9,610,000
200,000
398,000
429,800
3,316,500
6,725,000
48,000
88,000
202,000
24,000
791,000
5,638,000
323,000
248,000
44,646,000
835,000
508,000
689,000
225,000
8,195,000
48,139,000
16,000
70,000
4,221,300
73,226,000
278,000
78,000
85,000
531,000
9,801,000
60,072,000
3,161,000
499,000
877,900
10,645,000
495,000
54,000
1,440,000
9,990 000
494,000
414,000
434,000
1,119,000
136,000
14,626,000
144.000
W-
*
«i
'
-
m
—'
-
•»
i*
-
-
~
91,907,000
199,000
Union Exch. Nat. Bank
1,000 000
1,000 000
1,184,100
451,000
398,000
Brooklyn
1,000 000
1,150,500
11,239,000
12,000,000
135,000
Nassau Nat.,
72,000
77,000
250.000
19,000
1,208,000
.9,933,000
530,000
50,000.
Broadway Trust Co...
1,500 000
1,152,800
24,236,000
367,000
211,000
412,000
496,000
3,232,000
24,472,000
1,578,000
Coal & Iron Nat. Bank.
»
*
M
138,000
«
-
~
10,932,000
1,375.000
147,000
233,000
Totals, avge. for week 125,850,000 223,231,700 2,635.424,000 39,668,000 15,805,000 21,665,000
9,817,000 380,403,000
2,394,649,000 80,111,000 32,125,000
2,633,534,000 42,653,000 16,319,000 21,423,000
2,621,211,000 '36,724,000 16,219,000 21,809,000
2,568,186,000 33,064,000 16,756,000 21,762.000
2,479,187,000 32,849,000 17.050,000 21,849,000
9,787,000 367,035,000
9,930.000 366,481,000
2,366,789,000 80,782,000 32,276,000
6.
Oct.
Totals, actual condition
Totals, actual condition Sept. 29.
Totals, actual condition Sept, 22.
Totals, actual condition Sept. 15.
Not
State Banks.
2,050,000
1,500,000
Bank of Manhattan Co.
Bank of America...
of Fed eral
Mem bers
8,616,000 381,183,000
2,370,276.000 75,155,000 32,029,000
2,355,388,000 75,445.000 31.866.000
9,244,000 366,896,000
2,340,448,000 75.264,000 31,888/000
Hank
Reserve
5,212,100
40,270,000
2,724,000
290,000
224,000
6,700,200
31,833,000
2,180,000
888,000
496,000
99,000
14,966,000
3,395,000
906,000
218,000
300,000
394,000
627,000
439,000
451,000
468,000
231,000
573,000
03,000
54,000
99,000
89,000
175,000
265,000
269,000
"
28",000
50,073 000
30,073 000
2,j)00,000
13,392 000
"15" 000
9,894 000
38,000
2,912 000
2,000
Pacific Bank
500,000
1,344,000
1,017,000
People's Bank..
Metropolitan Bank
200,000
486,500
12,962,000
9,239,000
3,155,000
2,000,000
2,055,200
20,607,000
1,006,000
313,000
674,000
248,000
1,592,000
.250,000
817,200
803,300
4,304,000
350,000
29,000
82,000
53,000
236,000
6,235,000
16,718.000
342,000
1,365,000
67,000
4,000
5,000
125,000
946,000
6,032 000
17,534 000
339,000
67,000
1,098,000
101,000
82.000
5,591,000
163,000
269,000
5,030 000
231.000
Greenwich
500.000
Bank..
Bowery Bank
750,000
German-American Bank
Fifth Avenue Bank....
100,000
German Exchange Bank
200,000
400,000
761,300
6,399,000
655,000
80,000
615,000
24,000
319,000
188,000
2,302,200
64,400
14,795,000
401,000
349,000
835,000
325.600
4,128,000
333,000
94,000
74,000
222,000
1,000,000
980,800
19,292,000
1,380,000
494,000
'570,000
1,297,000
.1,500,000
418,000
23,373,000
'2,060,000
514,000
514,000
38,000
151,000
343,000
12,275,600
26,107,700
218,901,000 14,757,000
3,947,000
5,293,000
2,590,000
27,506,000
Bank of the Metropolis.
West Bide Bank
n. y. Produce Exch...
Totals, avge. for week
20,244 000
"t, 000
926,000
1,000,000
Germaula Bank
State Bank
2,320,700
818,800
"23*666
3,936 000
60,000
1,033,000
6,346 000
13,919 000
"672",66.0
4,122 000
20,951, 000
25,930, 000
34,000
2,02S ,000
230,388,000
2,149,000
1,216,000
6.
219,781,000 14,396,000
3,914,000
5,327,000
2,781,000
27,280.000
3,538.000
231,069,000
2,147.000
Totals, actual condition Sept. 29.
Totals, actual condition Sept. 22.
217,413,000 15,034,000
3,853,000
5,660.000
2,382.000
228.775.000
4,109,000
5,805,000
2,474.000
2,476.000
25,515.000
216,516,000 15,581,000
17,096,000
5,184,000
219,613,000
2,192.000
210,000
218,888.000 17,120.000
3,923,000
5,768,000
2,475,000
16,053,000
1,556,000
223,736,000
241.000
1,809.000
285,000
231,000
255,000
1,376 000
,902,000
27,494. 000
,787,000
239,104.000 16,091,000
9,5,000
262,000
621,000
14,388 000
,394,000
206.635 000
,680,000
2,130,000
1,872,000
79,000
126,000
185,000
5,752 000
55,048, 000
,618,000
154.000
193,000
288.000
1,239 000
,229,000
912,000
24,770, 000
,218,000
424,100,000 13,552,000
305.000
497.000
804,000
40,701 000
,592,000
362,647, 000
.158.000
Totals, actual condition Oct.
Totals, actual condliion Sept. 15
Not
Trust Companies.
.
Mem bers
Fed eral
of
Bank.
Resene
32,056,000'
1,500.000
2,952,700
11.250,000
15,383,900
u.s. Mtge. a Trust co.
Title Guar. a Trust Co.
2,000,000
4,452 ,'600
5,000,000
12,134,000
Guaranty Trust Co
Fidelity Trust Co
Lawyers Title a Tr. Co.
25,000.000
28.867,200
1,000,000
1,197,400
10,859,000
4,000,000
5,104,300
6,512,800
Brooklyn Trust Co
Bankers Trust Co.—
Columbia Trust Co
5,000,000
67,293,000
40,400 000
66,000
73.000
41,000
427 000
505.000
8,5.50, 000
24,909,000
680.00q
632,000
178 000
29,000
203,000
829 000
,038,000
16,580 000
463,000
84,695.000
5,361,000
226,000
631,000
366.000
3,252 000
65,049 000
,233.000
249 000
,854.000
740,000
906,000
1,000,000
1,253,300
24.099,000
661,000
97,000
326.000
,533,000
11,230.000
76,178,000
104,000
651,000
63,610 000
,661,000
1,187,300
18,190 000
61,000
362,000
37,000
1,000,000
3,979,000
624,000
1,634 000
6,881 000
22,690 000
3,000,000
Franklin Trust Co
251,000
145,000
1,220 000
699,000
16,508, 000
,934,000
Lincoln Trust Co
1,000.000
553,300
13,406.000
814,000
105,000
272,000
90,000
633 000
381,000
12,669, 000
,235,000
Metropolitan Trust Co.
2.000,000
4,494,600
51,810,000
1,326,000
110,000
78,000
258,000
6,549 ,000
272,000
48,133, 000
,114,000
Totals, avge. for week
62,750,000
95,323,400 1,107,099,000 49,531,000
"2,123,000
3.006,000
3,609,000
6Totals, actual condition Oct.
Totals, actual condition Sept. 29.
1,105,053.000 36,835,000
2,186.000
1,103,645.000 56,919 000
2,189.000
2,915.000
Trials, actual condition Sept. 22.
Totals, actual condition Sept. 15
1,111,277.000 59,604.000
2,319,000
2,830,000
1.097.186,000 65,519 000
2.365,000
3,026,000
3,617.000
Peoples Trust Co..
New York Trust Co...
*
.
200^875,600
Grand aggregate, avge.
Comparison
week
prev.
Grand aggregate, actual
condition
930,383,000 125540000
3.390.000 108.057,000 21,975,000
924,200.000 128580000
3,570.000
84,456.000 20.513.000
936,559,000 125568000
3,614,000
75,090.000 33,174,000
926,389,000
128426000
77.514.000 29,408,000
945,353,000
128590000
344,662,800 3,961,424,000 103956000 21,875,000 29,964.000 16.016.000 492,790 000 28,197.000 a3555420,000 207800000 32,125,000
+ 490.000
+ 30,598,000
+ 666,000
+ 212,000
-612.000
+ 103,000 + 29636000
+ 65,544,000 -3,253,000\ -1,269,000
6... 3,958,638,000 93.884.000 22,419.000 29,867.000 15,958.000 502.372.000,25,513,000 b3 522058.000 211509000 32.276,000
-517.000
—16,000 + 25920000 +2618000 —13,552.000 + 8594000
+247,000
+ 158.000
+ 16,099,000 -14793000
Oct.
Comparison prev. week
Sept. 29... 3,942,269,000 103677000 22.261.009 30.384.000 15,974.000 476,452.000 22,895.000 b3535610000 202916 000 i 32,029,000
3,895,979,000 103249000 23.184.000 30.397,000 14,706.000 473,369.000 38,358,000 b3501390.000 204081000131,866,000
Grand aggregate, actual
condition
Grand aggregate, actual
Grand aggregate, actual
condition
Sept.
Grand aggregate, actual
condition
Sent
condition
3,117,000
84,881,000 26,169,000
Sept. 22
15.
.
8
U. S, deposits deducted, $235,819,000.
-
..
3.795.261.000
115438000 23,338.000 30.643.000 15.336.000 460.463.000 30,964.000 b3509.537.000 294095000I31,888,000
3.821.058.000
118099 000 22,728.000 30.932,000 14.421.000 471.080.000 25,041,000 b3532,273.000 196874000 31.460,000
b U. S. deposits deducted, $229,051,000.
STATEMENTS
OF
c
Includes capital set aside for foreign branches, $6,000,000.
RESERVE
POSITION.
Actual Figures.
Averages.
Cask
Reserve
Reserve
in
Total
Depositaries
Reserve
in Vault.
Members Federal
Inc.
Reserve
Surplus
Require4.
Reserve.
e
or
from
Previous Week
380,403,000 380,403,000 313,707,700
27,506,000 54,093,000 41,469,840
66,695,300
+ 6,409,450
26,587,000
12,623,160
+ 5,359,880
58,269,000
84,881,000 143,150.000 139,557,450
3,592,550
+5,136.650
6...
84,856,000 492,790.000 577,646.000 494.734,990
82,911.010'
Total Sept.29—.
92,944,000,463,154,000 556,098,000 490,092,970
+16,905.980
19,318,990
banks*
Trust Companies*.
Total Oct.
Total
Sept.22... 100.660.000.470,235.0001570,895,000! 485,570,980
Total Sept
*
c
.
15.
.
Vault
104 .542 000 400.832 000'565 374
OOOU^U
008.560
66,005.030—
85,324.020
75.765 440
Total
Reserve
Depositaries
»
b
j
in
Reserve
in
$
$
Reserve bank—.
State
Reserve
Cask
Dec
I
Inc.
Reserve
Surplus
Required
Reserve.
e
or
Dec.
from
Previous Week.
*
d
56,928,970
26,418,000
367,035,000 367.035,000 310,106,030
27.280,000 53,698,000 41,592,420
45,528,000 108,057,000 153,585,000 138,630,000
12,105,580
+ 749,080
14,955,000
+ 5,389.850
+ 838,500
71,946,000 502,372.000 574,318,000490,328,450
83,989,550
+ 6,977,430
92,614,000 476,452,000 569,066,000 492,053,880
77,012,120
82,754.520
—5,742,400
75.684.410
—11.413,020
96,338.000 47.3,369,000 569,707.000 486,952,480
4-25 710 410 103 813.000460.463 000564.276.000 488,591.590
+9,558,580
+ 7,070,110
Not members of Federal Reserve Bank.
the case of members of the Federal Reserve Bank Includes
$2,277,780,
Reserve Bank includes
alao amount of reserve required on net time deposits, which was as follows; Oct. 6, $2,423,460; Sept. 29, $2,254,654; Sept. 22, $2,263,350: Sept. 15, $2,257,920.
c Amount of cash In vault, which Is no longer counted as reserve for members of the Federal Reserve Bank, was hs follows:
Oct. 6, $86,955,000; Sept. 29, $83,898,000;
Sept. 22, $S0,315,000; Sept. 15, $80,232,000.
d Amount of ca-di In vault, whleh Is no longer counted as reserve for members of the Federal Reserve Bank, was aa follows:
Oct, 6, $90,182,000: Sept. 29, $84,682,000;
a
This Is the
reserve
required on net demand deposits In the
case
of State banks and trust companies, but In
also amount of reserve required on net time deposits, which was as follows: Oct. 6, $2,403,330; Sept. 29, $2,276,430; Sept. 22, $2,258,400; Sept. 15,
b This la the reserve required on net demand deposits In the case of State hanks and trust companies, but In the case of members of the Federal
Sept. 22, $80,198,000; Sept. 15, $80,992,000;
-
\
■
'
•
Oct. 13
In addition to the returns of "State banks
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, and these are
shown in the following table:
SUMMARY OF STATE BANKS
STATEMENT.
Differences from
IN CLEARING HOUSE
guish between the results for New York City (Greater New
York) and those for the rest of the State, as per the following:
For definitions and rules under which the various items
(Figures Furnished by State Banking Department.)
previous week.
Oct. 6.
Loans and investments..
$834,241,900
Dec.
57,503,100
10,765,200
Dec.
$9,614,600
1,731,700
Dec.
206,800
are
3,791,000
Deo.
101,000
994,528,100
Dec.
5,500,100
847,195,300
186,046,800
Dec.
4,800,800
645,700
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. 104, p.
1975),
The regulations relating to calculating the amount
of deposits and what deductions are permitted in the com¬
putation of the reserves were given in the "Chronicle" April 4
1914 (V. 98, p. 1045).
Specie.
Currency and bank notes
Due from F. R. Bank of New York
Total deposits.
.
eliminating amounts due from reserve
depositaries and from other banks and trust
companies in N. Y. City, exchanges and U.S.
deposits
on
deposits
-
Percentage of reserve, 24.6%.
Inc.
I
RESERVE.
Companies—■
10.76%
14.15%
$59,718,100
97,716,400
9.31%
15.23%
$28,612,300
24.91%
$157,434,500
24.54%
Deposits in banks and trust cos
Total..
-Trust
Banks
Slate
16,271,100
$12,341,200
Cash in vaults
banks
banks
and trust companies in Greater New York City outside of the
Clearing House, compare as follows for a series of weeks past:
and
Investments
Ended—
T
Total
Legal
Cash in
Deposi¬
Deposits.
Tenders.
Vault.
taries.
Specie.
4.710.961.4
14...
21...
28...
July
July
Aug.
4...
Aug.
11...
4.648.569.3
4,619,359,2
4,586,150,2
4.628.044.8
4,701,510,7
4.665.195.5
4.698.954.2
4.470.813.5
4,357,673,4
$
4,414,094,9
4,421,443,0
4.434.759.0
4.370.867.2
4.375.602.6
4.425.359.4
3,877,888,8
259.984,4
57,716,8
253,222,4
272.244.7
51.494.8
50.081.6
253.147.1
42.216.7
42.943.0
4.645.698.3
4,722,059,0
4.374.901.1
251.205.2
245.643.8
239,778,8
223,683,8
209.834.0
206,401,2
4.347.960.5
201,925,6
Sept. 29...
4.739.736.5
4,376,818,1
197,019,8
6...
4.795.665.9
4.402.615.3
191.423.1
Aug.
18...
Aug.
25...
Sept.
1..;
Sept.
8...
Sept. 15...
Sept. 22...
Oct.
4.692.376.4
12,488,000
178,822,000
15,164,946
17,526,400
430,726,100 1,836,567,700
—6,520,200
+ 2,009,000
186,988,600
—1,757,200
309,082,600
559,678,500 2,148,222,500
+ 837,300
+ 8,654,600
199,825,100
+ 614,800
319,506,100
108,689,500
340,153,400
+4,202,900
+ 5,839,400
31,913,200
+440,200
+ 1,330,600
24.6%
24.1%
21.0%
19.0%
16.0%
20.7%
18.8%
15.7%
Change from last week.
Specie.
Change from last week.
26,319,800
19,321,300
Change from last week.
—111,700
322.326.3
619.631.5
542.251.6
622,761,8
295.363.8
677.656.8
Due from F.R.Bk.of N-Y.
294.148.2
644.247.2
Change from last week
.
568.014.9
580.079.3
267.102.9
253.693.5
578.289.4
45,759,5
44,614,0
252.160.7
575,446,1
246.539.6
592.168.7
44,260,0
■42,630,2
241.279.8
574,456,3
234.053.3
606.777.5
Deposits
Change from last week.
Capital.
deposits
Change from last week
Reserve on
P. C. reserve to deposits.
Hudson Co. Nat., Jersey
City
First Nat. Bank, Hoboken...
Second Nat. Bank, Hoboken.
Total.....
39,185,800
Investments,
Legal
dec.
Tenders.
Gold.
t
$
Net
Net
Bank
Time
Circula¬
taries.
taries.
Deposits.
Deposits.
tion.
Average.
Average.
Average.
Average.
Average.
Deposi¬
Notes.
Average.
%
$
$
*
National
Deposits
Legal
Demand
Legal
Reserve.
Average.
Average.
Average.
»
Deposi¬
<t Federal
Silver.
"
Additional
with
Bank
Discounts,
Profits.
$
Brooklyn...
+ 3,659,700
week.
CLEARING HOUSE.
Reserve
National
Average.
First Nat. Bank, Jersey City.
Decrease from last
+ Increase over last week.
Loans,
Members of
Nat. City Bank,
46,521,900
+9,571,600
the report made to the Clearing House by clearing
inoluded in the "Clearing House return" on the preceding page:
INat. banks Sept. Ill
Federal Reserve Bank
30,694,900
546,135,3
(State banks Sept.-8J
Battery Park Nat. Bank
First Nat. Bank, Brooklyn
13,952,900
—17,000
+ 5,862,500
Percentage last week..
Net
6 1917.
.
NON-MEMBER INSTITUTIONS OF NEW YORK
CLEARING
Week Ending Oct.
—753,500
and Trust Companies.—Following is
OF
NON-MEMBERS.
+ 1,291,000
101,180,500
—9,100,800
.
288.142.4
non-member institutions which are not
RETURN
19,606,700
89,550,000
41,732,300
bank notes and Fed. Reserve notes
but not those held by Fed. Reserve members.
Non-Member Banks
outside of
Surplus as of June 20
t Inoluded with "Legal Tenders" are national
held by State banks and trust cos.
Trust Cos,
outside of
24,050,000
Currency and bank notes.
317,701,2
304.717.2
Stale Banks
Greater N.Y. Greater N. Y
$
281,906,7
42,498,6
42.127.9
43.419.1
43,859,5
in
Capital as of June 20
in
Reserve
$
July
Trust Cos.
in
Loans and Investments..
Demand
Loans
Week
State Banks
Greater N.Y. Or eater N.Y
figures.
We omit two ciphers in all these
1661.
p.
AND TRUST COMPANIES.
BANKS
Oct. 6.
Week ended
IN
COMPANIES
RESULTS OF BANKS AND TRUST
GREATER NEW YORK.
"Chronicle," V. 98,
STATE
The averages of the New York City Clearing House
and trust companies, combined with those for the State
COMBINED
made up, see
The
Deposits
Reserve
and trust com¬
panies in New York City not in the Clearing House" furnished
by the State Banking Department, the Department also
presents a statement covering all the institutions of this class
in the whole State.
The figures are compiled so as to distin¬
COMPANIES IN GREATER
AND TRUST
NEW YORK. NOT INCLUDED
1501
CHRONICLE
THE
1917.]
with
\
$
$
$
$
.
400,000
461,900
6,486,000
27,000
50,000
43,000
120,000
1,145,000
543,000
300;000
300,000
400,000
250,000
220,000
125,000
705,600
6,210.000
51,000
14,000
111,000
24,000
523,000
669,000
611,900
5,802,000
1,323,700
780,800
678,300
308,600
1,995,000
4,870,800
100,000
500,000
300,000
500,000
200,000
499,300
200,000
200,100
4,133,000
6,507,000
4,961,000
51,000
191,000
693,000
295,000
5,149,000
78,000
39,000
98,000
13,000
536,000
719,000
372,000
119,000
7,100,000
177,000
377,000
85,000
97,000
850,000
3,320,000
6,860,000
240,000
396,000
5,720,000
79,000
15,000
68,000
340,000
912,000
4,264,000
442,000
198,000
6,877,000
5,606,000
36,000
9,000
44,000
95,000
105,000
312.000
737,000
2,817,000
22,000
53,000
8,000
315.0001
471,000
2,729,000
3,468,000
2,358,000
218,000
53,000
43,801,000
501,000
626,000
502,000
462,000
4,021,000
7,271,000
33,287,000
7,624,000
1,516,000
458,200
933,200
2,262,000
3,000
62,000
41,000
111,000
118,000
574,000
12,000
1,976,000
457,000
480,000
9,567,000
10,508,000
126,000
540,000
750,000
182,000
673,000
315,000
4,299,000
292,000
7,781,000
608,000
197,000
301,000
55,000
182,000
81,000
195,000
112,000
182,000
101,000
85,000
589,000
259,000
475,000
240,000
358,000
125,500
31,000
5,000
85,000
266",000
262,000
9,797,000
4.173,000
8,033,000
4,188,000
2,649,000
7,440,000
21,878,000
-
99,000
State Banks.
Not Members of the
Federal Reserve Bank.
Bank of Washington Heights.
Colonial Bank
Columbia
International
Mutual
New
....
...
Bank
Bank
Bank
Netherland Bank
W. R. Grace & Co.'s Bank...
500,000
Yorkvllle Bank
100,000
8,866,000
613,100
544,100
5,217,000
6,552,000
42,000
143,000
129,000
150,000
23,000
196,000
117",000
446,000
347,000
1,000
Mechanics' Bank, Brooklyn..
1,600,000
21,534,000
200,000
4,341,000
242,000
45,000
689,000
116,000
432,000
North Side Bank, Brooklyn__
774,700
182,400
507,000
849,000
91,000
1,313,000
219,000
1)754,000
286,000
4,200,000
5,003,600
75,493,000
4,412,000
750,000
2,324,000
1,272,000
4,383,000
500,000
200,000
1,033,600
.9,892,000
544,000
14,000
21,000
43,000
333,200
6,341,000
82,000
57,000
88,000
74,000
700,000
1,366,800
16,233,000
626,000
71,000
109,000
117,000
Total
269,000
249,000
336,000
2,534,000
11,000
15,000
4,094,000
400,000
3,728,000
73,795,000
3,814,000
388,000
253,000
399,000
574,000
7,766,000
3,611,000
1,387,000
3,001,000
641,000
973,000
11,377,000
4,388,000
Trust Companies.
Not Members of
the
Federal Reserve Bank.
Hamilton Trust Co., Brooklyn
Mechanics' Tr. Co., Bayonne
Total.
6,895,000 11,241,200 135,527,000
+ 226,000
Grand aggregate
Comparison previous week...
Excess reserve.
$11,620
Grand aggregate
Grand aggregate
Grand aggregate
2,935,000
1,851,000
+ 5,000
+ 26,000
5,709,000
1,273,000
1,428,000
2,930,000
2,869,000
1,825,000
1,702,000
a
118,459,000 15,826,000
—429,000 + 223,000
1,516,000
15,603,000
1,517,000
1,519,000
flU. S, deposits deducted,
6.795.000 11,375.300 135,301,000
6.795,000 11.375,300 136,634,000
0,795,000 11,375,300 136,445,000
5,731,000
5,916,000
1,315,000
2,952,000
1,824,000
6,795,000 11,375,300 135.549,000
6.795,000 11,375,300 135,057,000
5,638,000
1,207.000
2,810,000
5,674,000
1,286,000
2,813,000
1,457,000
1,426,000
8,979,000 11,240,000 all8,888,000
8.921,000 11,970,000 all8,024,000
8,925,000 10,805,000 al 18,376.000
8,858,000 11.150,000 all6,964.000
9,135,000 12,339,000 a 116,100,000
Clearing House Banks.—We give' below a
showing the totals for all the items in the Boston
Clearing House weekly statement for a series of weeks:
Boston
BOSTON CLEARING HOUSE
6
1917.
Change from
Sept. 29
Sept. 22
previous week.
1917.
1917.
$5,496,000
$5,448,000
Dec. $1,038,000 450,183,000 451,904,000
Loans, disc'ts & investments, 449,145 ,000
rime
Incl.U.S. 368,959 ,000
exchanges for Clear. House.
Due from other
excess
30,692 ,000 Inc.
16,518 ,000 Inc.
banks
82,622 ,000 Inc.
Bank
in bank and
59,463 000 Inc.
Cash in hank & in F. R.
Reserve
Dec.
129,724 000 Inc.
deposits—i
5S Federal Reserve Bank
for demand deposits and 3% for time
deposits.
Previously the basis was 15% against demand
deposits alone.
Reserve requirements of trust companies
remain on old basis of 15%. See volume 105 page 333.
3,565,000 372,524,000 368,851,000
9,195,000 120,529,000 119,494,000
1,529,000 29,163,000 29,077,000
1,011,000
3,851,000
213,000
Two
ciphers
(00)
90,000
$31,475,0
Sept. 22
1917.
33,869,0
81,194,0
81,196,0
414,471,0
155,524,0
569,995,0
566,942,0
Exchanges for Clear .House
22,214,0
2,621,0
24,835,0
22,193,0
22,442,0
Due from banks
123,970,0
2,949,0
126,919,0
121,468,0
121,694,0
Bank deposits
170,262,0
3,551,0
136,604,0
173,813,0
168.354,0
165,450,0
491,2117,0
483,534.0
477,373,0
4,100.0
3,920.0
3,803,0
140,155,0
669,130,0
655,808,0
640,626.0
10,992,0
11,207,0
78,771,000
72,462,000
Individual
59,250,000
60,230,000
Time deposits
Philadelphia Banks.—Beginning with July 21 the
Philadelphia Clearing House returns have been issued in
altered form, and excess reserves are now calculated on the
$31,475,0
1917.
$11,000,0
14,826,000
19.252,000
Total.
$20,475,0
47,325,0
15,507,000
18,498,000
Sept. 29
Cos.
Capital
Surplus and profits
Loans, disc'ts <fc investm'ts
deposits
U.S.depositsCnot included)
Res've with Fed. Res. Bk.
vault..
Total reserve held
Reserve
required
Excess reserve
♦
354,613,0
4,100,0
Total deposits!
18,588,000 Inc.
1917.
omitted.
Nat. Banks Trust
Cash reserve in
1,522,000
1,511,000
1,520,000
MEMBERS.
$5,496 ,000
Due to banks..
14,862.000
15,168.000
15.424.000
basis of 10% reserve
Week ending Oct. 0
Oct.
individual deposits,
14,697,000
$1,120,000,
summary
Circulation
—1,000
decrease
29
Sept. 22....
Sept. 15....
Sept. 8
Sept. 1
Grand aggregate Sept.
Grand aggregate
1,347,000
+ 74,000
5,539,000
—192,000
9,045,000 11,972,000
+ 66,000 + 726,000
528,975,0
$31,475,0
81,182,0
559,537,0
5,695,0
43,909,0
16,339,0
60,248,0
57,751.0
55,530,0
*15,263,0
59,172,0
7,597,0
*22,860,0
23,136,0
23,936,0
83,108,0
23,020,0
78,550,0
37,992,0
20,187,0
58,179,0
57,506,0
21,180,0
3,749,0
24,929,0
23,381,0
$15,263,000 no longer counted aa, reserve.
80.887,0
56,417,0
22.133,0
THE
1502
CHRONICLE
For
Hawlijers* (jfejctfce.
[VOL. 105.
daily volume of business
The
represented in
Wall
Analysis of the recently enacted War Revenue
a reduction or
suspension of dividends by
corporations in various lines of business, the practical con¬
fiscation, indeed, of profits in so many cases that the effect is
depressing, not only in Wall Street but elsewhere.
The Crop report referred to indicates a wheat yield neatly
20,000,000 bushels larger than last year's poor crop, a corn
crop only slightly damaged by frost and promising a harvest
over 627,000,000 bushels
larger than that of 1916 and about
100,000,000 bushels larger than any previous crop ever
gathered and a substantial excess in all the smaller grains.
The U. S. Steel Corporation reports unfilled
orders on the
books of the subsidiary corporations on Oct. 1st were about
573,000 tons less than on Sept. 1st, but are very nearly the
same as a year ago, and in round numbers are 1,400,000 tons
more than at any time before the present war.
Silver bullion has again declined this week and is now
nearly 20 cents below the highest price in September.
The
foreign exchanges, except sterling, have been irregular and
have generally shown a tendency to advance.
Foreign Exchange.—Sterling exchange continued with¬
important feature.
Cable transfers remained pegged
out
at 4 76 7-16 and demand and
In
moment
was
commercial bills
were
slightly
Continental exchanges the only feature of
the
distinct strength that was
displayed by guilders.
To-day's (Thursday's) actual rates for sterling exchange'were 4 71 @4 7VA
sixty days, 4 7515(5)4 75 3-16 for checks and 4 76 7-16 for cables.
Commercial on banks, sight, 4 74% @4 75 3-16; sixty days, 4 70% @4 70%;
for
ninety days, 4 68%@4 68%, ana documents for payment (sixty days),
4 70%®4 70%.
Cotton ror payment, 4 74%@4 75 3-16 and grain for
payment, 4 74%@4 75 3-16.
To-day's (Thursday's) actual rates for Paris bankers' francs were 5 85%
@5 85% for long and 5 80%® 5 80% for short.
Germany bankers' marks
were not quoted for sight, nominal for long and nominal for short.
Amster¬
dam bankers' guilders were-45 1-16 for long and 45 3-16 for short. •
Exchange at Paris on London, 27.18 fr.; week's range, 27.18 fr. high and
&lso 27 38 fr
low*
Exchange at Berlin on London, not quotable.
The range for foreign exchange for the week follows;
Checks.
Sterling Actual—
Sixty Days.
4 7525
High for the week
4 71%
Low for the week
detailed list
4 76 7-16
4 76 7-16
4 7515
4 71
Cables.
High for the week...
5 85
4 79
5 77®'
Low for the week
5 85
5 79
5 77
on
the pages which follow:
......
High for the week...
45 1-16
Low for the week...
42 9-16
Domestic Exchange.-r-Chicago, 10c. per $1,000 discount.
Boston, par.
$1,000 discount bid and 5c. discount asked.
San Fran¬
cisco, par.
Montreal, $1 25 per $1,000 premium.
Minneapolis, 10c. per
$1,000 premium.
Cincinnati^ par.
St. Louis, 15c. per
sales of State bonds
Railroad Bonds.—No
have been
reported at the Board this week.
The market
railway and industrial bonds has been only moderately
active and generally weak.
Among the exceptional features Atchison gen. 4s and
Central Leather 5s are conspicuous for a fractional advance.
for
Range for Week.
Range since Jan. l.
for
Lowest.
Par. Shares
American Express... 100
$ per share.
Oct
9
60
100
Lowest,
Highest.
$ per share.
90
Oct
500100
Oct 11 110
Oct
200,
99
Oct
8
99
Oct
Am Teleg & Cable... 100
30i
58
Oct 11
58
Oct 11;
Oct 10
88%
Oct 10| 88%
Amer Tel & Tel
100
Highest.
1
109
Oct 142
Feb
98% June 104%
Apr
Oct! 66
Mar
94
Aug
subscrip
100
tion rects 3d paid....
Associated Oil......100
88 X
57
400; 57% Oct 10i 59% Oct
50
Buffalo Roch & Pitts 100
Oct 11
1%
Oct
Oct 10
98%
Oct
Oct
11
95
Oct 10
Oct
8
7%
72
Oct
72
Oct 10
95
95
Oct 10 100%
Oct
Oct 11
38%
Oct
Oct 10
74
Oct
Oct 10
Oct 10
Oct 10
80%
Oct 10
29%
Cluett, Peabod y & Co 100
Jan
Oct
37
80
Oct
72
67
28
98%
Oct 10
900
200
Oct
Oct 129
14% June
500
,500
Sept
Oct
2,500
pref...... 100
2%
7
California Pack'g./w par
Calumet & Arizona... 10
Central Foundry.... 100
Central RR of N J.. 100
Jan
Feb
% June
93%
93%
G
78%
Oct 117
t
Burns Bros......... 100
140 240
Oct
May
100
Oct 10 100
100100
pref_..i_.__100
1%
Batopllas Mining,...20 1,500
Bethlehem Steel pref substriptlon rects full paid 22,100; 94%
600 93
Brooklyn Union Gas. 100
Brunswick Terminal. 100
100
7%
Barrett
Case (J I)
f
$ per share. $ per share.
fl| 90
July 128%
Jan
Preferred ........100
American Snuff.;
Oct 10 240
Oct
Oct
Jan 125%
,89
fi
36
Aug
67
Oct
80
July
Sept
25%
Jan
10 239
Apr
42%
Aug
84% May
88
Jan
36%
Oct 302
Aug
Feb
200
62
9
64
8
62
Oct
75
Computing-Tab-Rec 100
100
35
Oct
10
35
Oct 10
35
Sept
46
Cons Interstate Coll.. 10
400
12
Oct
10
12
Oct 10
12
Sept
21
Jan
Continental Tnsur
25
300
46
Oct
10
46%
Oct
9
40
Oct
59%
Jan
Deere & Co pref.
.V. 100
500
99%
Oct
Oct
6
96%
Feb 100%
Aug
3%
5%
Oct
11
Oct
11
Oct
Duluth S S & Atl
100
100
100
200
Elec Storage Battery 100
Elk Horn Coal...
50
100
Preferred
......
Oct
100
3%
11
6
Oct
53
Oct 11
53
Oct
Oct
3%
9i
Oct 10
Mar
Mar
24
Sept
100
25
Oct 10
25
38%
33%
Oct 10
40
Oct
9
37
Jan
Oct 11
36
Oct
9
28
Feb
General Chemical...100
11 198
Oct
9
36%
Oct
35
July
31
Oct 11
34%
Oct
31
Oct
*H omestake Mining.. 100
Int Harvester Corp... 100
Oct
11 198
38% June
54% July
Aug
41%
Oct 250
Oct
36%
100 198
100
1,300
Jan
11%
67
450
Ha, ikell&B arkerC. nopar
5%
Oct
2,000
General Cigar Inc... 100
Jan
Oct
S pref. .100
Federal M
Jan
:
53
5%
11
Gaston W & W Inc. no par
Jan
44%
40
Mar
June,
100 102%
100 66
Oct 10 102%
Oct 10 66
Oct 10 101
88
Jan
100
100 103
Oct 11 103
Oct
11
101
July 114
Jan
Int Harvest N J pref. 100
Int Nickel pref v t c.100
100 110
Oct
11 110
Oct
11
110
Oct 121
600
97%
Oct 10
98
Oct
6
International Salt...100
100
60
Oct 11
60
Oct
11
Jewel Tea Inc
200
40
Oct 10
42
Oct
6
200
95
Oct 10
95
Oct 10
Preferred
........
...100
Laclede Gas....
100
Liggett & Myers Tob 100
Preferred ........100
Loose-Wiles
200 185
1,500 102%
14
65
Oct 10
July 131%
June
97%
Oct los
60
Oct
35%
93
Aug 78
May 103%
Oct
8 185
Oct 281
Jan
Oct
8 102%
Oct 125%
Jan
Oct
Jan
Oct 11
14
150 102
Oct
9| 102
100 107%
Oct 11 107%
Oct 11 107
Oct 129%
100 110%
Oct
Oct
May Dept Stores.
200
9 110%
Oct 10 50
Oct 10 100
Oct
Michigan Central... 100
1 100
Morris A Essex......50
140
Nashv Chatt & St L.100
Acme......50
Nat Cloak & Suit pref 100
Nat Rys Mex 2d pref 100
N O Texas & Mex v t c
Oct
75%
9 102
6
75%
100 120
Oct
10 120
1,400 30%
350103
Oct
11
Oct
Oct
Oct 11
49%
101 100
Oct
400
6%
Oct
8
7%
700
19%
Oct
11
Oct
30 % -
9 103
4%
Oct
May
Feb
Oct 35%
Oct 112%
Aug
8%
100
16%
9
91
12%
Mar
100
21%
Oct 10
21%
Oct 10
21%
Oct
200
86
Oct 11
89%
Oct
86
Oct 125
Oct
11
46%
Oct
44%
Oct
8
Oct
77
Oct
Oct 130
100
Oct
Jan
Mar
Mar
Norfolk Southern
100
Nova Scotia S & C.. 100
Ohio Fuel Supply....25
700
Oct 11
66%
Jan
Aug 120
10 120
Oct 10
9 103
Sept
75%
Oct
Oct
32
Oct 110%
110%
20%
16 %
New York Dock
Jan
Oct 10 186
Lorillard (P) pref... 100
49%
Jan
Oct 11 103%
Oct 10 15
Marihat Shirt pref...100
100
Jan
Oct
Manhattan(Elev)Ry 100
__
Jan
Jan
;
60
27%
Octi 120%
300
Blscult.100
Owens-Bottle-Mach
Germany Bankers' Marks—
High for thfc week...
Low for the week...
Amsterdam Bankers' Guilders—
Sales
*
11.
Week.
National
Paris Bankers' Francs—
State and
our
stocks.
Week ending Oct.
Bill foreshadows
lower.
1511.
Street, Thursday Night, OcL 11, 1917
The Money Market and Financial Situation,—Not¬
withstanding the fact that last Saturday's bank statement
showed a surplus reserve increased almost $7,000,000, a
relatively easy money market and a more favorable Govern¬
ment crop report than had been expected, there has been,
throughout the week, a shrinkage of security values rarely
equalled.
see page
following sales have occurred this week of shares not
15% June
36%
21
Jan
Sept
Aug
Aug
28%
54
July
Jan
Jan,
.
Feb
.25
1,700
7914
Oct
Oct 106
Jan
200
21%
Oct 11
Oct
9
83%
Pacific Tel & Tel.... 100
Pan-Am Pet & T pf.100
Pettibone-Mulllken .100
21%
Oct
21
Oct
Jan
100
93
Oct
93
Oct
89
June
98
100
25
Oct
10
25
Oct 10
20
Mar
25
Pierce-Arrow pref...100
Pond Creek Coal..
10
100
95
Oct
10
95
Oct 10
93
Sept
98%
200
18%
Oct 11
20
Oct 10
18%
Oct
26%
.
,
79%
Oct
9
St Lou-San Fr pf A. 100
500
30
Oct
6
31
Oct
8
Savage Aims Corp..100
700
60
Oct
11
65
Oct 10
So Poito Rico Sqgar. 100
Standard Milling... 100
343 150
Oct
10 155
Quicksilver Mg pref.100
Superior
Steel
100
.
200
1%
Oct
9
1%
1
Sept
34%
4%
Jan
Oct
Aug
Aug
Feb
42
Jan
60
Sept 108
June
Oct 10 150
Oct 209
May
27%
Aug
Aug 100%
Jan
10
92
Oct
8
92
Oct
8
4,500
36
Oct 11
43
Oct
10 148
Oct
34% May 51% June
Oct 180
Aug
Mar
9 113%
Oct 120
•
85
Texas Co full pd rects..
Underwood pref....100
550 131%
150 113%
9 113%
Oct
United
Drug
...100
First preferred
50
400
67%
Oct
11
68
Oct
11
67%
80
Feb
200
50
Oct
10
50
Oct
10
50
Oct
54
Jan
Second preferred.. 100
United Paperboard
200
75
Oct
9
78
Oct
8
75
Oct
91
Jan
100
22
Oct
9
22%
Oct
9
20
Sept
TJI S Express
100
Oct 10
16%
Oct 10
16%
11
88%
Oct 11
88
Oct 11 100%
Oct
Oct
8 131%
'Oct
Oct
33% May
21%
Jan
Wells, Fargo Express 100
100
16%
88%
On the other hand New Haven 6s and Ches. & Ohio 5s have
declined more than a point and the remainder of the active
Wilson & Co pref__-'10O
200
99%
list is
heavy selling movement
stocks were
under pressure.
Severe breaks were recorded in a number of
issues.
Aetna Explosives common, after an advance from
4% to 534, broke to 3%, but recovered to 4 34Air Reduc¬
tion sold up a point to 91, then moved downward, resting fi¬
nally at 82.
Chevrolet Motor on light trading dropped 5
points to 75 and closed to-day at 78.
Cities Service old
fractionally lower.
The list mentioned includes, in
addition to those referred to, Am. Tel. & Tel., Bait. & Ohio,
Ches. & Ohio, Burlington, Cerro- de
Pasco, Cons. Gas,
New York Cent., So. Pac., U. S. Rubber and
issues.
U. S. Steel
United States Bonds.—Sales of Government bonds at
Board include, in addition to the heavy transactions
the
in
Liberty Loan 3s at from 99.48 to 99.82, $8,000 4s coup,
105]% to 105%, $8,000 4s reg. at 10534, $5,000 3s r,eg.
at 9934> $15,000 Panama 2s reg. 1936 at 97% and $15,000
Panama 23 reg. 1938 at 97%.
For to-day's prices of all the
different issues and for weekly range see third, page following.
at
Railroad
and
which has been
ket for
so
Miscellaneous
conspicuous
a
Stocks.—The
feature
time past has not
only
intensified this week.
Some of the
some
weakness
pf the stock mar¬
continued but become
for this, suffi¬
perhaps, to fully account therefor, are mentioned
above.
The downward movement was most conspicuous
reasons
cient,
usual
as
in
the
manufacturing issues, led by Texas Co.
drop of 19 points.
Beth. Steel B lost 1034
points, Crucible Steel 8%, Baldwin Loc. 7%, U. S. Steel
6% .and other issues from 5 to 7. Peoples Gas, Chicago,
declined heavily on the announcement that its quarterly
dividend had been passed.
It suddenly fell 19 points and
shares with
a
recovered feebly
The railway list
<
when
As
a
was
relatively steady until Thursday
few issues showed
a
decided downward tendency.
result of the week's operations Reading has lost 5%
a
points, Baltimore & Ohio 4%, Union
acific 4% and St.
Paul 4.
No active issue shows even a fractional advance.
The volume of business steadily increased until on Wednes¬
day nearly 1,100,000
traded in.. On Thursday the
tendency to recover during the
early, hours, but this tendency was not maintained.
were
market showed, in spots,
a
100
Oct
Outside Market.—There
on
was
the "curb" this week and
common" was
as
Oct.
ell 97
Sept 144
Feb 107
Jan
Mar
a
a
consequence
comparatively active, advancing at first from
223 to 225, declining to 218 and, recovering finally to 22234*
Curtiss Aeroplane & Motor was off about 3 points to 35.
Inter-Lube Chem., a new addition to the trading, and in
contrast to
the.general trend, sold up from 2%. to 3% and
334 finally.- Lake Torpedo Boat common opened at 5,
advanced to 534 then sank to 4.
Submarine Boat receded
from 17 to 15 and ends the week at 1534*
United Motors
advanced from 21 to 23 M, fell to 2034, the final figure to-day
being 2134- Wright-Martin Aircraft, common, another
active issue, broke from 1034 to 8 and finished to-day at
&%.
Standard Oil issues suffered losses of from 1 to 30
points.
Ohio Oil sold down from 335 to 303; Standard Oil
of N. J. from 507 to 475, with a recovery to 490, and Stand¬
at
ard Oil of N. Y. from 250 to 222 with the close at 230.
other
oil
stocks
The
also
generally lower. Glenrock ad¬
vanced at first fractionally to 16%, weakened to 1534 and
recovered to 16.
Merritt Oil lost about 4 points to 2834 and
ends the week at 2934.
Midwest Oil common from 1;41
dropped to 1.20 and moved up to 1.28. Midwest Refining
after early improvement of 2 points to 147 ran down to 133,
to-day's business resulting in a further decline* to 131. In
mining stocks prices were generally lower, with a number of
new
low records recorded.
Bonds quiet with fractional
were
recessions the rule.
.
^
A
complete record of "curb", market transactions will be
found on page 1511,
New
York Stoca
Exchange—Stock Record, Daily, Weekly and Yearly
OCCUPYING
For record
3108 AMD LOW
Monday
Oct.
Tuesday
Oct.
Oct.
6.
$ per share
96%
93
$ per share
93i4
95^4
93
*101
8.
93%
93%
10512 *104
59%
66%
6034
58
58
66i8
1493A 151
54%
*9
50*4
94%
103
66
66
*65
5834
57
67%
14834 150%
53%
53%
9%
9%
28
26%
50
2612
51%
94%
94%
95
102
26%
16234
150
24X3
52
51%
52%
3934
*30
3934
*30
*62
69
*62
68
*2212
25
24
24
*47
*38
98%
*189
50
*47
50
99
195
*61S
*14%
19%
2034
29;% 29;%
21%
21%
102% 103
22%
103
31%
*100
*8%
52
32%
31
100%
100
9
100%
734
52
18
32%
8%
50
51%
18%
*18
53
*50%
*12'
12%
*12
18%
53
12%
*25
30
*25
30
60
60
60
44
*38
*50%
5934
*38
119% 119%
13%
13%
120
*96
*95
12
90%
150
4,300
50
*40
20%
99'
50
99
96%
4,700
19%
800
18%
19%
28
29%
24,500
3,400
21%
100% 102
21
21%
1,400
30%
29
.
99% 101%
99%
734
99%
7%
49%
7%
50%
5%
9%
9%
"4% "4%
*8%
28%
,28%
29%
50
50%
51
75%
7.6%
*73%
29
30%
28
*20
21
*20
28%
52%
'50%
85
9%
8%
9
2834
49%
50
71%
73%
27%
20
20
27%
20%
28%
20%
21
108%
4%
27%
3034
*80
4%
50%
73%
2S34
72%
108
434
29
75
108% 108%
99% 10034
*9
912
29%
*80
83
434
107% 108
106
107%
*80
*80
85
85
11
11
2,000
*94
98
100
"""600
8%
8%
600
27%
49%
70%
2834
25,800
50
2,500
3,000
85
<5
25%
5934
7934
80%
*35
42
*35
42
*35
42
*35
42
*35
*37
41
.*35
41
*35
41
*35
41
*35
16%
o
u
26-
58
59
7,100
1,600
g
54,900
38
41
Hi
77%
75%
16
16
30
28
28
*27
30
*27
28
*41
44
*41
44
41
41
10%
11
10
11
11.
11
21%
23
21%
21
21%
91
91%
90%
91%
90%
89%
27%
28%
27
28
2634
27%
26%
27%
26%
90%
2734
60%
61^4
61%
6134
60%
61%
60
61%
60%
61
*12%
15
*7738
20%
*20%
21
7734
7734
*75
80%
7734
*77%
9
*8
*15%
7734
8%
8%
17%
17%
18
"46%
47
46%
4634
"
'
*77%
7%
18
*15
76'
77-%
77%
77%
7%
7%
'8%
16
16
10
10
934
4534
46
4434
934
4534
z44
23%
23%
23
23%
23
23%
17%
*16
17
15%
16
15%
16%
27%
28
28
28
*26
28
28
27
28%
12%
12%
12
12
11%
10%
11%
25
4334
*23%
41
*2234
4334
40%
Minn St Paul ASS M
*9
11
*9
11
*9
26
*22
26
*22%
25
22%
22%
22%
22%
40%
40%
4034
41
42
59
.59
334
334
*2%
3%
22%
80
*84%
88
*
96
*H~
*87
60
"*3% "4"
23
*77
-
*100
69
93
*107% 110
4
11
*11%
12
26
*24
2634
56
58
N Y Ontario A Western... 100
Norfolk A Western
100
55
21
75
75%
7734
84%
85
82%
84
85
85
.
96
33
93
*._
"42 f2
.
.
44%
*99
101%
69
69%
§110
110
2%
,
234
*94
96
83
83
*.....'
41%
100
67%
109
93
¥
96
"78%
81
"39%
42%
99%
65%
1
42%
300
o
100
68
o
is
900
2,200
300
Do
Do
99%
98%
98%
700
6734
65
66
108
108
109
*31%
33%
*31%
33%
"30%
31%
*80
94
*80
94
*80
94
*11
11%
12
12
57
54%
54%
*1134
13
*1134
13
*45
48
*45
48
49%
49%
♦24%
25%
*59
61
60
*99
16%
9434
10%
11
i',300
50%
51%
3,000
1134
11
11
*11
13
48
46
46
*46
48
48%
47%
48
46
47%
24
24%
*99
1134
23%
24
22%
23%
22%
24
61
57%
58
56%
57%
57
58%
57%
56%
57%
53%
57
53%
55
101
*100
102
100
100
37%
Sep
...100
18
Jan
3
14
Apr
100
21
Oct
11
39% Jan
3
Apr
100
88*4 May 9
34%
94%
100
Apr
14
Aug
100
22% Oct
37%Jan
58
120
*110
120
54
56
*113
120
*110
54
56
54
55%
55%
120
5734
115%
114
115%
114% 114%
114
114%
190
186
188
185
187
184
185
100
99
99
43
43%
93%
94
*4434
45%
*93%
96
9812
44
*93%
*
"l8
54
70»4
101% 102%
61
61
61
62%
99
9812
4434
95%
30
17%
*52
17%
55
*25
16%
52%
30
98%
41%
*93%
*
98%
43%
96
16
15
15%
51
52
51
65
68
64%
9734 100
*60
61
60
60%
60
60
60
62
57%
69%
53%
58
*977#
99
98
97% 100%
94%
97
*60
200
30
52%
68%
101%
98
5,000
93%
52
67
98%
43
93%
"15"
100
98%
41
16%
70
3,900
62
54%
56%
97
97%
95
95
"3", 100
900
32%May31
19
11
86% MarlO
11
95% May 2
103%Jan 24
102% Feb 15
70% July
63
Apr
81
Oct
Apr
..100
30
Feb
53
May28
44
Dec
67
Foundry. 100
Ice (new)
.'.100
Locomotive
pref
pref (new)
pref
92
10
Feb
100
100
100
100
100
100
98
Dec
Jan
8*4 June
11
55
Julyll
62«4 Aug 9
29% Aug 7
17
6484 Aug
6
38% Mar
82«4 Jan
4
58
Feb
10
99»4 Oct
Jan
16% Aug
1584 Feb
-
4
45
Mar
6
100% Jan 20
8%Mayl4
Dec
July
99% July
4
19*4 Mar30
71% July28
90«4May25
95% Sept 7
8734 Oct 10
99% Jan 31
84% July
102% MarlO
11284 June 2
91*4 July
88% Apr
109% Apr
63
June
105
Oct
11
52
Feb
3
44
Apr
104% Feb
3
126% June 9
104
Dec
114% 8eptl9
121%Jan 25
115% May
30
May20
117%Jan
75
60
June
Oct
19
7
3
114
Septll
128% Jan 24
184
Apr 21
220
983$ Oct 10
37% Feb
3
93% Oct
11
51
Oct
60
1,300 Barrett Co (The)
9
10
25
pref
July
Oct
15
Do
48%
Oct
Am Zinc Lead A S
pref
52
115% Aug
46
-Sept 5
Aug 29
Do
Feb
46
29
Atl Gulf AWI83 Line ctfs 100
Mar
107% .Dec
5
17%Mar29
Am Writing Paper pref... 100
25
61*4
75
53% Oct
100
50% Jan
101% Jan
96
49% Oct 10
8% July 9
48
100
Tobacco
11884 May28
Sept 8
MaylO
100
Smelting A Refining. 100
i
80%Junc26
107% Oct
100
100
pref
.
lll%June 6
Feb
30
100
100
11
98% Oct 11
100
Marl2
109*4 Jan
18
58*4 June 9
100
June
9
xl23% Dec 2134% Sep
188
Feb
229% Nov
113
105% Apr
Sep
37
Dec
58% Nov
92
Jan
11
Jan
54% MarlO
41%Jan 26
29% July
11
72% Jan 26
59% July
64% Sept 4
87% Septl3
87
May20
121%Jan 22
54
Feb
43
Feb
3
76% July 2
100
97
Oct
11
102% Jan 15
100
89% 8eptl2
Do
pref certfs........100
,600
26,680 Baldwin Locomotive..... 100
200
10
Oct
93
54,500 Anaconda Copper
10,100
Oct
July
Oct
24
Am Woolen of Mass
Do
6*4
19
75
Jan
Am Sumatra Tobacco
Do
8% Mar26
Oct
July
98
pref
American
10% Dec
Sept 7
100
8,800 Amer Telephone A Teleg.. 100
300
*25
103
13",300
100
30
101
68%
114
115%
186% 187%
*98
63
90
pref
pref
30%
5
4
100
American Steel Foundry. .100
American Sugar Refining.. 100
Do
6
Jan
11% Jan
80
Oct
Do
pref
100
American Hide A Leather. 100
Do
pref
...100
Do
11
Oct
3% SeptlO
2
Septll
Oct
2,500 American Malting..
Do
3,700
pref
800
41
96
3,100
4,600
*113
65
....10
105%
61%
107%
60%
3
Mar27
9
Amer
105
Apr
18% Jan
Amer Smelters Sec pref B.100
Do
pref Ser A stamped..
105
Sep
Oct
35,100
62
60%
104% 106
Apr
10
"""206
106% 106%
25
100
96
63
2
Dec
90%
107
30% Jan
Dec
88%
107
41% Mar
33
96
62
13%
2
46
92%
106
Sep
5
Jan
23
25
17
1534 Jan
58
21
98
107
2
7*4 May
2
97
63%
15% Oct 10
2334 Jan
28O
2
97
63%
May 9
2
2
13%
107% 107%
11
24
54% Jan
64
64
Apr
Sep
Jan
11%Jan
50% Jan
13
8734
23
Mar
129*4
Septl2
63
*95
15% Sept 10
9% Oct 11
Oct
Nov
94
.2
85
6% Feb
z44
48
20
95
76% May 9
2
Jan
149% Jan
Oct
15
93%
11
Feb
22
65
97%
11
Oct
Apr
Apr
6%
40
13%
91
Oct
4
100
64%
*96
76
122
19»4 Jan
48'% Jan
100.
15%
94%
107% 107%
13% May 9
17% Mayl5
Apr
18
56
22% Jan
66
92%
70% Jan 30
May
Sept 7
1034Oct 10
14%
95%
May 9
61% May 15
100
15% May
*74
DO
pref
j.
American Cotton Oil
Do
98%Mar24
33% J an
3
23
....100
65%
*98
98%
16
4
16
*186
69%
101
Feb
Jan
67
118
*52
*99
Jan
Feb
100
American Car A
Do
75%
41%
•41%
Sugar..100
pref.
American
3
29
June26
Do
pref (new)
100
Amer International Corp. 100
American Linseed
—.100
800
Jan
45% Jan 16
2638 Jan
2
32
American
6,300
45
53
100
9,900
104%Jan
3
100
5,600
JunelS
10
16
*113
*16%
"
11
52%
48
*45
250
1,500
89% May
118% Jan
8
68
11
66
109
115
94
Jan
3534 June 1
53% Apr 17
Oct
16%
108
57%
4,900
■
30%
4
Dec
10
68%
107% 107%
*6334
10%
49%
30
*80
pref..
American Can
Do
Feb
Dec
Aug 23
so
Alaska Gold Mines
Do
49%
57%
101
11%
54
93
49
*59
60%
53
¥
Rumely
pref
American Beet
Oct
84%
108
Miscellaneous
AJax Rubber Inc
Do
5,200
147%
Oct
1,200 Amer Agricultural Chem..l00
96
"27", 100
94
11%
S234
'
"39%
33%
*54%
81
¥
Do "
&
Mar
Feb
100
Central
Jan
114
14
100
preferred
Oct
Dec
25
Wheeling A Lake E Ry__. 100
Wisconsin
38% Dec
Deo
64%
114%
77%
343,,
41
100
100
2d pref
Dec
May
100
...100
...
Jan
24%
26
100
100
pref
Apr
Dec
57
Oct
2034 Apr 16
75% Oct 11
Do
10
Oct
13%
37
38% Sept 4
38% Septll
Wabash
137
Oct
50
900
Sep
Sep
Dec
50
pref..
Oct
128%
3%
73% Dec
..50
Do
Oct
36
130
49% Dec
Oct*
38%
pref
.
87%
140
Oct
Sep
Sep
Jan
55% Nov
Dec
Apr
Jan
Dec
60
pref
pref
Southern Pacific Co
138% Jan 24
89% Feb
3
110%Jan
3
Septl5
1st
Do
,
30
26
22%
29% Jan
11
2d
pref..
Seaboard Air Line
2
64%
110
4734
100%
52% Jan
Do
Do
3
Jan
Septll
Sept 6
Oct
121% Mar
Jan
103% Jan
Do
600
41%
*80
Jan
72
Do
pref A
7,700
.....100
Do
pref B.
2,700
100
3,200 Western Maryland (new). 100
77
*31%
Jan
77%
3214
55
Sep
36% Dec
1,200 United Railways Invest... 100
M.
z74~
92
21%
Jan
73% Jan 17
1,700 Alaska Juneau Gold Min'g.10
4,500 Allis-Chalmers Mfg v t 0..100
Do
preferred v t 0
1,000
100
19%
76
22
7634
Oct
57% Jau 25
3634Jan
2
234
2%
22
22
80
JaD
109%
Jan
53% May 12
900
19
22%
50%
100
1,600
76
22%
*7734
Dec
61
11
Jan
Dec
34
5
Oct
Jan
32
20% Jan
Oct
Oct
115
Apr 13
Jan
Oct
52%
45%
100
pref vtc..
100
Plttsb A W Va Interim ctfs 100
Preferred Interim ctfB—100
;
11
23%
95% Oct 11
49% Sept 5
14% Sept24
50
4
2 34
80
..100
57
3%
104
adjustment pref... 100
Advance
334
3%
2%
3%
*83"
45%
10134
69
60
*334
*9
48%
70%
21%
19%
127
Jan
57«4 June
4
32% Jan 29
119
Oct
59%
54%
127*2
4334 Apr 14
133% Jan
4
Aug
2
4% Sept13
8% Oct 10
2334 May 9
Do pref (or inc bonds) do...
Reading
10
114
Third Avenue (New York)
100
300 Twin City Rapid Transit.. 100
31,100 Union Pacifle_.
100
1,500
*22%
*234
a
84%
44%
11
2634
100
Peru Marquette v t 0
Do
prior pref v t c
Oct
38% Mar
113% Septl2
11
Septl3
90
Septl2
Do
pref
100
Missouri Kansas A Texas. 100
Do
pref.
100
Missouri Pacific(now) when iss.
Industrial
*22%
_
""760
<
a
O
24%
17
1034
o
W
24
*23
118%Jau
50
14,900
46,000 Southern Railway
Do
pref...
4,600
5
w
17%
■
3,000
w
45
24%
12%
3,200
9%
9%
17%
25
200
76
24%
.12
*22%
43%
Valley
4,100 St Louis A San Fran new
100 St Louis Southwestern
4
0
125%
122
17
99% Oct 11
2734 Feb
3
Louisville A Nashville...: 100
Mlrmeap A St L (netc)___ 100
Texas A Pacific
21
21
81
124% 125%
8%
*15%
10-%
*10
8%
21
21
*75
125% 126%
7734
7734
100
Do
§
.
46
12634 128%
1,400
02
24%
2134
90%
s/734
Lehigh
13", 800 Northern Pacific
19,600 Pennsylvania
5934
7734
Lake Erie A Western
Do
pre!
Do
59%
127% 128
Dec
1,400
27%
22
40
20%
20%
104
106
5934
80%
*21
3934 Jan
100
*80
16
Dec
4
N Y N H A Hartford.
26
*12%
46
20% Oct
27,700
27
83
16
49% Jan
100
100
27-%
*i2%
Apr
New York Central
60%
16
32
11
21,800
82
*13%
20%
Mar
34-% Jan
Oct
72%
'28
60%
16
pref
Great Northern pref
15
11
28
Jan
27
*13%
2d
Jan
18% Oct
100
74%
"i~,500
Q
90%
Do
41
100
100
8% Mar
2
16%
25
—
6
79%Jan
16%
22
.
pref
Jan
11
16%
25
1st
216
17
Oct
16
23
Do
238
'
5% May 2 5
12
Julyl3
Long Island certfs of deposit.
16%
11
pref—
Erie
5
Oct
May 2 6
5,800
44
43%
26%
"l6%
Nov
Oct
62%
67
583s
*16
11
242
194
Do
Apr
Mar
39
57
16%
15%
Oct
Mar
Delaware Lack A Western..50
Denver A Rio Grande
100
19
Mar24
Oct
46
40
Apr
16%
15%
156
151% Jan
June
37
32
16-%
1534
Dec
57% Jan
Sept25
Septl8
46
95
80
Apr
3
10%
16
148%
Sept 6
41
62%
Feb
5384 Jan
51
1534
9
Marl7
50
100
Apr
70
24*4
11
97%
*28
100
100
Do
2d
pref
Delaware A Hudson
38
Oct
50
*
4
24
95%
16'
Jan
100
51%
43%
30
10
3
97%
30
Feb
25%Jan1
51
1534
29
20
58%Jan 30
97
43%
10%
16
Jan
10
51%
*28
Jan
80
Sept 5
116% 118%
8034
51
Oct
98%
76%
10
Sept 4
12
96%
82%
Apr 14
Oct
66
50
*38
25%
60%
* 71
32
—
TOO
.51%
24%
Apr
100
200
52
*58%
Dec
§165
Dec
99
62
123
172% Feb 16
38%June26
84% Apr 14
23% Apr
56% Dec
10
May
51%
44
Doc
69
Z9634
62
123
2
2
52
'
125% Jan 29
124%Jan 19
Apr
72% Jan
25% Jan
52
'
Dec
17
117
"*4%
89
Southern....100
200
96
4
Jan
Apr
Kansas City
Do
pref
49%
24
96
Apr
92
11»4
15%
,
44
33
2
24
11%
.
14% Jan 10
4134Jan
2
17% Jan
100
59%
Aug 22
2234 Oct 11
5834 Oct 11
4Q38 Oct 10
Dec
58
7-% Oct 10
48% Oct 11
48%
118% 119%
11
11%
144
81
xl62% Mar
3
Apr
Dec
1,500
100
100
pref
6534 Jan
46% Oct 11
88% Oct 11
98% Oct 11
pref-.
100
Colorado A Southern.....100
1st
1673s Mar23
9934
17
5734
pref
4
11
4
Jan
2
55
*38
Do
Oct
24% Oct
18
76% Jan 17
1063s Jan
17
591?
9
100
Jan
85
100% Apr
i98% Dec
106% Apr
81% Dec
72% Aug
1
98% Oct 11
*50
44
100
pref—
4
Interbor Cou Corp, vtc No par
Do
pref
....100
17%
12
Do
Jan
1,900
50%
30
11
8
119
5,100
.3,400
17
12
4
52% Oct
S per share
107%Jan
100% Feb
82
Previowt
1916
Lowest
share
8
50%
*24%
14638 Oct
100
per
98% 100
14,600
1734
12%
100
Chicago Milw A St Paul..100
Yedr
Iron Ore properties..No
par
Illinois Central
100
7%
50%
5,000
30
53
2434
Canadian Pacific
Chesapeake <fc Ohio..
Chicago Great Western
Do
pref
100
Chic Rock Isl A Pac (new) w 1
29%
29
11
May 8
Do
%8834 195% *18834 195%
*6
10
*6%
9
14
!
*14
14%
16
21%
21%
101% 102%
30%
31%
99%
99%
11
Oct
"l~8",325
50
5
54% Oct
Chicago A Northwestern.. 100
"i~,6oo
Oct
62
Do
24
92% Oct 11
54
pref
Clev Cln Chic A St Louis.. 100
,22%
$
11
SHARE
Range for
Highest
share
Oct
100
Do
PER
1
of 100-jj/iare lots
Brooklyn Rapid Transit.. 100
100
*40
,
105
6,900
50
19
Do
pref
-..100
Atlantic Coast Line RR... 100
Baltimore & Ohio
..100
3,950
150
per
93
50%
*46
28*4
11%
750
43,600
$
100
.
7% preferred when issued..
6% preferred when issued.
50
2934
*95
350
Atch Topeka <fe Santa Fa.
5,600
*46
20
*12
7,200
Par
24%
50
19%
4934
1734
2,600
32,800
basis
Lowest
Railroads
60
25
2934
*50%
Shares
2234
*24
9
page.
Range Since Jan.
On
oS34
49%
25
14
7%
'
*140
51
97%
Oct. 12
98% 100
24%
61%
49-%
14
*38
100
88%
*140
120% ♦119% 120
12.
100
♦
92%
32
24'%
5S34
44
50
■70
195%
21
46%
32
*189
31%
24%
51
*63
195
30%
22%
25
100
EXCHANGE
1,210
25
91%
Friday
22", 400
4934
99
STOCKS
NEW YORK STOCK
% per share
5334
8%
25
70
*6%
52%
§8%
9%
40
*189
preceding
see
the
57%
146% 14934
54
*8%
*30
98%
20%
62
57%
*68
98
9
62
57
51
*40
16
65%
50
50
inactive,
Week
106
1503
PAGES.
usually
Sales/or
855
65
5234
CENT.
92%
56
59
99
6%
92%
*100
149% 151
23
99
TWO
stocks
6,300
57
24%
*40
week of
94%
54%
61%
*46
*14
93%
60
50
7%
93
95
2334
*24
16
*102
>
Oct 11
$ per share
58%
9
150
Oct 10
f05%
66
*140
Thursday
56
26%
26%
49%
50'%
92%
94%
101% 102
20%
62%
61%
NOT PER
*103
59%
9
102%
*140
52
58%
during the
5 per share
93%
*92%
93%
105
57 '8
5134
103
25%
617S
93%
*104
60%
149% 151%
53% 54%
5538
95%
59%
934
*26
106
9.
95
SHARE,
Wednesday
S per share
9534
hUi
PER SHARE
SALE PRICKS—PER
Saturday
of
8
60
136
Jan
Jan
4
2
102
Mar
76% Nov
97% Apr
87
Nov
77
Apr
105% Nov
56
July
147*4 Deo
73*4 Nov
60% Dec
52
Dec
98% Dec
<*127% Dec
118%
Jan
110
May
107% Deo
Record—Concluded—Page 2
New York Stock
1504
during tho wok of
For foord of
oecond p«g« pr»c«l(n«
otock« u«u«lly Inoctiv,
Saturday
6.
Oct.
*88
94
,
Monday
Tuesday
Oct.
Oct.
21%
23%
20%
21%
16
16
16
15%
16
171#
4912
4212
3714
*100l2
♦100
Y
77%
16%
15«4
16%
15%
43
45r
43%
*38%
40
37%
32%
35
33%
40%
37%
35
97
90
90
106
106
*100
106
1
f
30
26%
29
27
28%
91%
90
91
89%
90
67%
63%
66%
91%
70%
94
63
93
93
92
92
27%
28%
26%
28
27
27%
81
80
80%
*9814 101
36% 3734
*98% 103
95
94
96%
*100
78%
43%
78
79
43%
*77%
43%
43
138
94
97
78%
42%
93%
78%
96%
42
77
77
41%
42%
•
103
78
*75
81
77
78
41
40
40%
36
93%
90
78
40%
41%
*41
97
107
*101
13
*12%
45
*41
*108% 10934
74
76
39
90%
90%
*101
107
102
160
*87
.160
*84
160
*85
48%
*41
45
48%
12%
*10%
15
1
45
*40
42
I
26%
24%
82
84%
81%.
31
30
31%
30
30%
24%
22
24
22%
23
53%
26%
27
31%
22%
57
57
54%
32
26
56
54
52%
53
52%
*41%
45
41
41%
41
41%
40%
41%
38%
81%
36%
38%
82%
32%
36%
33%
41%
33%
38%
81%
*17%
*79%
77
*61%
63
*33%
34
32%
*65
67
»1934
20%
*64%
*19%
92%
93%
91%
*91
92
*91
50%
•
7434
7434
77
32%
67
20%
94
*3212
34%
64%
32
32%
32
34
65
65%
64%
19
66
19%
92
*91
19%
92%
86%
19%
91%
87%
89%
92
91%
91%
91
91
*95
31%
30
30%
13,200.
Miami Copper
42%
43%
45%
72%
72%
72%
70%.
96,800
1,000
Montana
72%
47%
72%
*107
23
25%
23%
50
50
50
*49
50
*94
43
42%
*5%
538
.
*33
26
25%
63%
58
*33
34%
50
*85%
59%
*100
50
49%
86%
85%
59%
101
*113
116
137
137
*43%
45
*96%
98
67%
5
25%
25%
24%
25%
24%
24%
2,400
51
57%
44
49
45%
33%
32%
30%
48
44%
47%
31%
47%
13,900
31
84
58%
83%
84
53
56
45
*84
60
54
*57
60
98
22
24
70
77%
7812
99%
99%
99
78
99%
68
69%
67
69
12%
*12
14
12
.12
155
151
42
42
43%
*
<
22%
22%
33%
3434
42
40%
43%
43%
45
89
46
90
89
*37%
46
*37%
15
15
14%
149l2 155
*95
*41
42%
*41
*98
102%
*98
11%
72%
*9%
42
42
,107% 109
*-
42%
*
152
61%' 65
66%
98
*70
152%
21%
22%
31
33%
40
40%
1412
148
64%
98
100
42%
102
11%
*9%
*70%
75
42%
42%
102% 107%
128
*125
§127"
127
*15%
17
*15%
17%
*50
56
*50
56
134
136
134
136
*94
100
*94
100
57%
57%
101% 102%
57
57
*48
49
107% 108%
115% 115%
88%
90
42%
14%
141
149%
89
13%
136
142
63
59%
39%
97%
95
*9%
11%
11%
*9%
*70%
71
42%
101%
66%
70%
65
124% 12538
15
15%
*50
56
131% 133%
§100
100
58%
102
55%
*48
49
104% 106%
115% 115%
85
40%
102
122
125%
13%
13%
56
*50
125% 131%
*95
100
58%
57%
101% 102%
54%
52
*48%
49
101% 106
115
115%
40
93%
*105
§97
57%
52%
48
2,700
97
60
58
54
7,450
3,450
3,600
48
200
800
17
35
35
33%
*99
110
*99
108
34%
34%
*98
108
98
98
*96
*55
85%
86%
44%
43%
41
42%
*60
67
*60
67
*60
41
42
§42
24%
42
41
60
60
117
117
61
61
116% 116%
*119
121
*117
120% 120% *120% 121
*56
39%
87%
116% 116%
116
117
120% 120% *119% 120%
*31
33
*31
33
*31
33
33
33
*30
31
*88
92
*91.
93
*89
93
*89
92
*88
92
*50
55
*50
55
*50
55
*50
55
•
Bid and asked prices; no sales on
(Utes of
deposit.
1
Ex-dividend.
1
this day.
Oct
5
35% Feb
5
Oct
10
1934 Feb
1
8
30
Oct
10
22
Oct
10
52%
40%
32%
70%
16%
Oct 10
10
9
Feb
3
July 5
Oct
Oct
50%
50%
§ Less than 100 shares.
42%
Apr
7484 Nov
11
Aug
29%
Jan
37
Dec
74
Jan
168%
Jan
Feb
Sep
Sep
56%
Jan
38%
~56 "
Dec
64
May
25%
Dec
Apr
8934 Feb 17
5
67%Jan 15
61%Jan 17
74%Jan 18
40
Jan 20
64% Dec
18
Septl2
106%Jan 10
97%June 8
1
May 3
10
43% Apr 30
4234 Oct 10
6934 Oct 11
109% Jan 25
Oct
Oct
Dec
65
Dec
32
Dec
5
107
Nov
56tz June
91
Feb
6884 June
99
Sep
93
Jan
60% June
88% June
129%
89% June
105% Jan'
49% Nov
Aug
33
08% Mar
Jan
"114% 'Dec
117% Mar28
109
Jan
117% Nov
5
118
Sep
131%
5
Junel4
124
June
122% Jan
127
Jan
Sept 5
May
44
67%June 7
4
Sep
64% Nov
85%
Dec
40
103% Junel3
30
Jan
2
3
Julyl8
75% Nov
9% Mar
"
62
69
050%
Dec
75% Oct
Oct
126% Nov
c61% Mar 0125%
«>13%
78
20% Oct 10
39
24
4634 Oct
Oct
129% May
36%
Dec
2
"T984
90% May 9
99«4 Julyl2
90%
Apr
Dec
4734 Oct 11
63% Mar23
114
Jan
6
57
Dec
74%
Sep
117%
Oct
Feb
3
May 8
Oct
111%
Dec
26% Junell
15
Jan
Mar21
118
July
156
Oct
106% Jan
18
Jan
4
42
Nov
34% Nov
186
Nov
Apr
75%
75
Oct
124%
11%
Dec
Jan
31
Aug
100% May
38
June
118
Oct
48
Dec
143% Apr 19
10
100
65%
72% Mar2l
10
5'4 Nov
11»4
Dec
Jan
54% Sept26
Aug 16
83% Oct 11
90
53
Oct
11
83% Jan 26
99
Oct
11 zl07
Jan
31
113
Oct
10
131
Jan
6
88% Nov
42% July
97
July
108
Nov
Jan
137
Sep
167%Jan 26
58
Junell
159% May
177
Sep
Apr
6I84 Nov
Jan
22
103% Nov
21% Oct 11
32% Apr
3
95% Mar
20
June
60
94% June 7
42
105% May 2 5
101
Oct 11
Feb
Feb
Oct
12% Oct
101
1
1
114
32
37
Nov
June
93
Nov
Dec
117
70
Oct
8
68
Jan
4
Nov
,
238%Jan 22
29% Mar 9
10
22
Dec
37
July
74% Mar30
8
17
100%
108% Jan 20
108%
53%Jan 26
48%
10
19% June20
Jan 10
243
15% Mar22
112
Jan 22
Oct
10
49%June 2
91% Feb
3
3
127% Aug 14
120% Mar 14
611%
121% Oct 11
154%Jan 22
136%
x40
109
Oct
13% Oct 10
50-
Septl2
100% Apr 21
97% Apr 28
5034 Feb
101% Oct
9
5
52
Oct
10
48
Oct
11
99
Feb
1
-
White Motor
50
pref B v t c
Do
t Ex-rlghta.
a
Ex-div. and rights
100
6
113% Oct 11
81% Oct
11
15
Sept 5
32
Oct
11
98
Oct
10
24% June26
63
Jan 29
171% Junel3
106
Junel4
67
Aug 14
11434 Jan
3
67«4Jan
4
3
136%May31
121%Jan 19
118%May25
2434Jan 22
52% Jan
46
May31
87%
Oct
"69*" "Feb
15%
48%
94i2
99%
4784
106%
Feb
Jan
Jan
Feb
Dec
July
Mar
Feb
56
IO584
'Aug
120
Aug
169% June
28% Nov
67% Nov
170%
114
Apr
Jan
7084
Dec
115%
Dec
81% Nov
Dec
53% June
12984 Nov
7484 July
123
Nov
130
Nov
16% June
36
Apr
27%
114%
Mar
10
Oct
Nov
Jhne
87
3
11
18%
129
57
July
Oct
Dec
50
41
Feb
59%
z7934 Mar
115
May
Apr
85% Oct
Dec
"
108
Mar30
9984 Jan 19
46
4% May
112% Jan 26
77
Sep
19%
"ifo" "6~ct
107
8% Aug, 31
65
Oct 11
48% June 6
Aug 20
Mar
Jan
39% Oct 11
92
May 3
.100
100
Union Bag A Paper (new). 100
United Alloy Steel
No par
United Cigar Stores..
100
Do
pref
100
United Fruit100
US Cast I PipeAFdy.—.lOO
Do
pref
100
U S Industrial Alcohol
100
Do
pref...:
100
United States Rubber
100
Do
1st preferred.
100
U 8 Smelting Ref A M..... 50
Do ' pref
.50
United States Steel
.100
Do
pref
100
Utah Copper
-.10
Utah Securities v t c
100
Jan
14
79%
86
105
Underwood Typewriter—
93% Nov
167
109% Mar
9
80% Aug 21
Marl2
Dec
Sep
Dec
July
3
97
Oct
Feb
99
48% Feb
100
Sep
Nov
40%
241% Nov
pref
100
TranBueA Williams Steel No par
Company (The)
233
15-% Dec
177%June
48% Sep
Tobacco Products Corp... 100
Do
8434
59% M ar29
110% Jan
10
Willys-Overland (The).....25
Do pref sub recta full pd 100
100
5,100 Wilson A Co, Inc, v t c—100
Woolwortb
(F W)
100
1,100
Do
200
pref
100
100 Wortbington P A M v t c.100
Do
pref A v t c
100
"""loo
Dec
168% Mar
63%
Oct
57"
86%
40
59
11
136
"55%
55
86
*
Oct
31% June29
Chem w 1
25
57
87
44%
55
100
pref...
23%
57
87
43%
60
118
Nov
z44
89
27,400
60
89
94
Do
"l",870
65
59%
190
20% Oct
10
57
*55
*86
25
May
146% Oct 10
40
56%
60
88%
44%
23%
87%
300
105
*55
25%
72
59
Virginia-Carolina Chem—100
Do
pref
100
100
100
1,000 Virginia Iron C A C
1,000 Western Union Telegraph. 100
13,500 Westlnghouse Elec A Mfg..50
Do
1st preferred
50
*86%
24%
*87%
6,002
32%
*15%
37
25%
941,600
32
17
*34
25%
1,200
18",500
15%
*15%
25
"2,025
68,600
15%
41%
10
—
84%
15%
16%
67
T.500
113% 115
81%
40%
Nov
Feb
90
Union Bag A Paper.
53,500
101% 104%
85%
*58
700
101% 102
82
41%
1,100
126% 129%
86%
67
Nov
117
100
Texas
200
97
14
56% Nov
193
115
Corp...100
Sears, Roebuck A Co
Shattuck Ariz Copper..
28,700
45,100
40
56
15%
34%
44%
Saxon Motor Car
Tennessee Copper A
115
14
June
Apr
Nov
May
'96% June26
Stutz Motor of Am Inc.No par
40
95%
*50
34
80
11684 Mar
120
May
May 9
11% Sept 6
"5",900
98
121% 124
*15%
44
100
46
11
66%
July
...
90
40%
Dec
80
87
Studebaker Corp (The).._1G0
*9%
110%
71
21,100
60%
49%
4
Oct
110
3734 Oct 10
39% Oct 10
145%
Dec
137
3034 Oct 10
—
93
3
Sloss-Sheffield Steel A Iron 100
56
Dec
Dec
10
Sinclair Oil A Ref'g —.No par
140
Deo
10
3,000
*-
135
Oct
3,200
12,300
13%
Dec
Oct
39
*37%
12%
29%
187%
Feb
Apr
Feb
40
Railway Steel Spring
Dec
90
129% Septl2
100
Do
pref...
.100
2 7", 150 Ray Consolidated Copper. .10
1C0
34,300 Republic Iron A Steel
Do
pref
100
900
9,320 Royal Dutch Co ctfs dep...
2,800
18
159
19
Jan
3
Junel3
117% Feb
2
66% Junell
21% May22
60% July23
123
Jan
2
36% Mar23
95% Mar24
473gMar21
49% Jan
4
77%June 6
64%Jan
4
50% May26
Apr
120
88%
9238 Jan 17
47
Jan 26
Sep
June
110
102
33
42%
Marl6
4
61%Jan
Jan
21
95
115
1,600
Oct
Oct
Jan
112
38
*40
96
11
31%
99%
*40
8
Oct
20%
41
*105
Oct
74
800
41
115
100
5,500
99
.42
•93
14
98
100
125
10
Oct
152
40%
46
12%
86% Septl2
150
*
*37%
,
*12
*90
55
86%
99%
67%
97
102
105% 108%
115% 116
99%
66%
63
56%
50
77%
97
58%
*48
39%
100
pref
100
Public Serv Corp of N J—100
Pullman Company
100
Do
76%
100%
269%
54%
30% Oct 1,1
4434 Oct 11
— —
75
60%
102%
56%
37%
43%
13
*37%
58
57%
102
30%
41
"21% "22%
21%
32
40%
42%
20%
200
Dec
Dec
44
People's G L A C (Chic)-100
Philadelphia Co (Plttsb).—50
100
4,100 Pittsburgh Coal of Pa
Do
pref
100
400
100
1,500 Pressed Steel Car
99%
116
40
Pacific Mall
99% Mar
124% Dec
Dec
31% Oct 10
2,800
134% 136
146% 150%
90
*105'
115
—
;
74%
12
*—„
43%
40%
*96
153
99
134% 135%
24
13
35%
113
98
158
24%
113
23
*12
34
116
*96
*153
*24%
101
44
80%
68%
*99
43
*99% 100
67%
101
134% 135%
24%
78%
.
900
Jan
21
30% June27
5
Dec
Dec
11312
June
50%
108%
100%
3
5%
Sep
Jan zlll
114
Nov
Feb
2934 Dec
Aug
,91% Dec
152 r Jan
7
1
9
17134 Jan 26
Feb
5%
Ontario Silver Mining
Jan
44% Oct
2434 Jan
18
*5%
83,000
14434
107% Aug
7%.Sept21
38%
Dec
11% May 10
3
35
Dec
129%
98% Oct 10
Feb
36
5%
86
5
Oct
63%
53%
43
94% Jan
3
Apr 16
205
5
31%
60
11
Oct
100
5
42%
*85%
10
80
Sep
Sep
85
.
Nov
Apr
13%
47
36%
June
131
38%
75%
..100
Ohio Cities Gas (The).... 25
43
5%
*48
9
91% Oct
26% Oct
17% Oct 11
117
Oct 11
North American Co
Jan
Nov
30%
106
New York Air Brake
49
49%
85%
4
134% Jan 18
103% June30
112%Feb
7
37% Julyll
112% Jan
2
91% July 2
117%Jan
3
55% Jan
4
910
49
-34%
2
101
100
..5
100
117% Nov
"88% ~Apr
900
117
49
-
100
Nevada Consol Copper
TO*,'400
118
47
117%
100
pref
11
112
Stamp's... 100
National Lead
89% Oct
50% Feb
96
100
pref.
2
108
...100
pref
Nat Enam'g A
Do
3
Feb
30
100
pref
.100
Nat Conduit A Cable No par
"Ijoo
82% Feb
81% Mar
Do
Do
118
135% 136
80%
*99% 100
9,800
10,000
50
32
24
41
i
Power
National Biscuit..
100
49
*99"
100% 100%
*113
*113
116
24%
24%
79%
""760
58
25%
62%[
*59
23%
39%
*94
100
48
49
47% 48%
*100
108
*101% 108
17%
18%
17%
18%
*101% 108
*101% 108
18%
19
19
19%
20
20%
122
118% 119% *118
118% 118%
58
"2l"
22%
42%
40%
42%
100
*49
*20%
23%
42
43%
42%
100
100
*101% 107
*62
100
Do
114
100.
5%
26
110
*107
110
69%
71%
*107
110
11
90
MldvaleSteel & Ordnance..50
Jan
80%
"
47% Apr
28% Septll
.100
5
pref.....
30
*94
*49
Do
32%
110
100
100
pref...
2,700 Maxwell Motor Inc tr ctfs. 100
Do
1st pref stk tr ctfs. 100
1,600
Do
2d pref stk tr ctfs. 100
900
Mexican
Petroleum
10028,000
200
Oct
62% Feb
No par
Rubber &. Tire
Lee
48
100
i: 43
800
123
58
105
J..100
Int Mercantile Marine
100
Do
pref
100
Intern Nickel (The) v t e_. 25
International Paper
100
Do
Btamped pref
100
Kelly-Sprlngfleld Tire.
25
Kennecott Copper
No par
Lackawanna Steel.
100
Intern Harvester of N
Apr
37% Oct 11
12
——.100
pref
47%
*95
*48%
pref tr ctfs
31%
100% 100%
25%
44%
24%
Do
Do
19%
114
*43%
1
100
100
Mackay Companies
90
102
102
1
12,400
3,100
2,360
66,300
10,750
2d
33%
48%
*107
110
*107
17
17
62%
:
V'--•
1
80
.16%
23,700
»
16%
*60
19%
1
77
*75
64%
1'
79%
17%
..
■
f
f
63
.
37,900
t
77
17
i
.»!
1st pref tr ctfs
Do
47%
32%
3334
33%
48%
33%
21,200
'
42
35
*60
'
n
26%
84%
*75
17%
*17
18%
*75
75%
80
79
2,500
f
Do
June
49
74
36
Inspiration Cons Copper...20
Internat Agricul Corp
100
200
1
25%
22%
200
105% 105%
107%
105
100
100
Jan
40
39% Nov
41% Oct 10
100
...
42%
19% July
77
Gulf States Steel tr ctfs_._100
"53",700
1
pref
Nov
105% Mar
46% July
134% Oct 10
...
Granby Cons MSA P
Greene Cahanea Copper.. 100
100
1
41
108%
1,500
1,800
1
12
85
31%
32%
'/
1
41
27
32
.
Do
1
46%
83%
84%
'
1
1
49%
13%
26
2634
8534
2,400
I
1
45%
*44
27%
86%
2734
Goodrich Co (BF)
100
<
160
108
84%
"2",300
1
Electric
"
186
June
108%
6334 Mar
7% Oct 10
Mines, Ltd
General
1
102
108% 108%
2634
1
1
1
107
*12%
.—10
J. 00
General Motors tem ctfs—100
Do
pref tem ctfs...... 100
Dome
Dec
15
7
June 7
140
pref—.100
Do
41%
Feb 20
41
Jan
~126"" July
Jan
27% Marl2
18
Distillers' Securities Corp.100
1
10434 Mar20
.No par
Highest
$ per share
700
Nov
15% Oct 10
43
Oct 10
102% Sept 19
8,600
62,500
*
31% Oct 10
68% Septlo
92
3,800
f
11
32% Oct 10
55,200
1
1
Oct
pref......
..—.100
Cuban-American Sugar... 100
Lowest
415
Feb
Do
100
42
-38
91
50%
14
1,300
1
103
75%
*101
49%
50%
4934
*12%
*41
1
135
-
Cuba Cane Sugar
3,100
1
1
37
95
*90
160
*89
18,200
1
77
77
41%
107
9334
*93
*101
*75%
«
t
5
70
100
100
46",950 Corn Product# Refining... 100
Do
pref
100
2,300
115,300 Crucible Steel of America. 100
Do
pref—........... 100
900
pref
156
Oct
Previa**
1916
% per share
Jan
4
JuneII
515
Oct 11
84
103
Continental Can
1
95% 100
*100
100
-v-k.
#
4
96%
103
*100
100
$
»!
pref
Do
Do
r:
.Leather..
5,900 Cerro <le Pasco Cop—No par
2,400 Chandler Motor Car——1 00
...26
12,200 Chile Copper
5
18,300 Chino Copper..
7,800 Colorado Fuel & Iron.....100
18,500 Columbia Gas &Elecr——100
7 310 Consolidated Ga-J (N Y)._100
500
f Y--w/:
35%
31%
33%
8%
134% 137
7%
8
8
136
140
137
139% 139%
■
31%
34
32%
8%
8%
$
*93% 103
98%
98%
1
142
140
140% 140%
*98% 103
37
34%
8
8
80%
81%
81%
141% 141%
•
t
91%
142
r-'."
.
J
28%
81%
1
95%
92
142
1
106
31%
81%
I
94
93%
*
92
141% 141%
1
16%
45%
39
34%
Central
300
I
30%
66%
44,500
|
1
31%
72%
94%
30
81%
>\:
I
share
per
75
20% Oct 10
13% Oct 10
39% Oct 10
100
100
100
pref
Do
%
share
77% Oct 11
per
5
52% Jan 20
30% Jan 25
62%Jan 25
101%Junell
115% Jan 25
Do
prel
...100
4,800
8,800 Butte <fe Superior Copper.—10
2,100 California Petroleum v t c.100
450
Year
lots
Highest
Lowest
$
Par
100
1,800 Bethlehem Steel
Do
class
B
common—100
191,600
lndustrial&Mfse.(Con.)
«
73%
92
2834
V\X:
I
92
*81%
■
»
30%
70%
|
32%
92
95
93
98% 100
1
»
47%
39%
V""' '
'
40%
76%
31%
72
16%
*90
*94
1
103
103
46
*100
72%
94%
t
1
14
73%
73%
72
73
73
97
2934
% per share
2*1%
*38%
39%
39%
41%
*73%
78
83%
104
103% 103% *100
31%
32%
3212
32%
80
106
71%
'
78%
75
13%
97
29
p
77%
"20%
21
15
13%
*100
*93%
.
"20%
97
97
$ per share
83%
41%
40%
41
42U
8234
84%
84
*103% 104
104
*32%
33%
33
72% 72%
74
1634
17%
1712
47%
49%
49%
40%
41
4234
37% 38%
38
100% 10034
102
*72%
Shares
•
23%
32%
Oct. 12.
103
lf>»2
83ls
•10312
Friday
Oct 11
76%
23
*4012
Thursday
Oct 10
86
83%
*100
95
*88
95
*88
Wednesday
$ per share
79
82%
90
*86
EXCHANGE
for
Range
1
basis of 100-share
On
STOCK
NEW YORK
the
Week.
9.
$ per share
8734
85%
87U
86
8.
$ per share
*88
92
$ per share
NOT PER CENT.
SALE PRICES—PER SHARE,
S1Q3 AND LOW
Sales/or
SHARE
PER
PER SHARE
Range Since Jan.
crfir KQ
51
Dec
Jan
Dec
7284 Nov
105%
Oct
51%
Dec
71% Mar
4
18
70
Apr
79
34
59% Oct
June
Dec n325
87% Oct 10
38% Jan 18
100
MarlO
94
Dec
Oct 10
84% Mar30
Jan 22
118
Jan
126%Jan 17
123
June
37%Junel6
97%Junell
63
Juneld
25
July
95
July
52
July
40
65
SeptlO
70% Jan
11
52% Jan
3934 Oct
23% Oct 10
55
May28
114% Sept 5
120% Oct
8
9
23%Feb
91
Apr 16
50
May 9
151
45
Mar
Dec
117
141*4
126
36%
100
66%
June
Oct
Nov
Sep
Sep
8eo
New York Stock
fn
BONDS
N. Y. STOCK EXCHANGE
Week
Exchange—Bond Record, Friday, Weekly and Yearly
Jan. 1909 the Exchange method of Quoting bonds
ending Oct. 11.
IS
Price
11
Oct.
U. S. Government.
11.
Bid
CJ S 3Ha Liberty Loan (w 1)1947 J -D
<11930 Q- J
97
<11930 Q- J
9634
O S 3a registered
O S 38 coupon
U 8 4s registered
*1918 Q- F
F
1925
10538 Sale
97
80
Amer Foreign Secur 5s
95
..1919 F
A
-
Anglo-French 5-yr 5s Exter loan. A-O
Argentine—Internal 5s of 1909.. M- S
Bordeaux
(City of) 3-yr 68.1919 M-N
Chinese (Hukuang Ry)—5s of 11 J -D
Cuba—External debt 5s of 1904. M- S
No.
Loto
High
99
100.30
Oct
Feb '15
95
828
90%
80%
1
80%
93
39
90
60
65
96%
72%
67%
99%
Oct
'17
65
99% Sept'17
97
92%
Sale
95
Sale
95
Sale
9478
95%
96
Sale
96
96%
88% Sale
88%
88
88
7734
f"-a
ftecond series 4Hs
1925 J
Do
do
"German stamp
Lyons (City of) 3-yr 6s
Gold debt 4s of 1904
79
76%
88%
'97%
Gen ref
4H8 Corporate stock
4% Corporate stock
1959 M-N
.1958 M- N
4% Corporate stock
4% Corporate stock
4% Corporate stock
1957 M-N
New
4H8
New
4Hs
1957 M- N
1917 M- N
1956 M-N
44$% Corporate stock... 1957
3H% Corporate stock...1954
IV Y State—4a
1961
M-N
M-N
M- S
Canal Improvement 4s...1961 J
Canal Improvement 4s... 1962 J
Canal Improvement 4s..-I960 J
Canal Improvement 4HS.1964 J
-
J
98%
98
98%
9
97% 104%
98
98%
99
99
4
97
"25
101
4
101
98
98% 98% Sept* 17
101% 10134 10134
10178
Sale
10134
102
102
94%
97
94
94%
94%
99
94% Oct
94%
3
'17
97
94%
94%
92% 94.
97% Jan '16
101% 10134 10134
10134
-
103% 105
Highway Improv't 4H8..1965 M- 8
Virginia funded debt 2-3s__.1991 J - J
108%
103% 105
6b deferred Brown Bros ctfs—-
11034
9334 102%
9334 102%
101"
100% 100% July* 17
101% 10134 10134
10134
83
83% 84
Sept' 17
101
July'17
100" 101'~ 10034 July'17
100
no%
100%
10134110%
84
101
91%
103
Sept'17
110% Sept* 17
108% Mar'17
Adjustment gold 4s.
Registered
;
*1995
Nov
*1995
Nov
*1995 M-N
Stamped
1955 J -D
1960 J -D
10-year 5s
1917 J -D
East Okla Dlv 1st g
4s...1928
M-
S
103
50% June* 17
50
61%
60
58
Sept'17
Sale
86
84
83
86%
Sept'17
79%
79
Oct
•
79
79%
94
96
94%
94%
94
96
94
94
.
91% Oct
J
68
8434
78
J
8034
83
80%
Gen unified 4Hs__
1964 J -D
Ala Mid 1st gu gold 5s.-.1928 M- N
Bruns A W 1st gu gold 48.1938 J - J
100
..
85%
Charles A Sav 1st gold 7s. 1936 J - J
LAN coll gold 4s...
01952 M-N
113%
O
114%
98%
1934 A
gold 58....
8118p Oca A G
...1934
Registered
1st 50-year gold 4s......A1948
4Hs
90% Sale
J
90%
.
9034
81% Sale
J
M- N
89
90
98%
88
87%
82
78% Sale
86
9384
Oct
'17
78
95%
9438
9284 Mar'17
91
92%
82%
82%
90%
90%
112
Jan
88
Oct
78%
1957 M-N
All A West 1st g 4s gu
1998 A
-
O
80
....
98
Sale
75
84
97
Mac A Nor Div 1st g 58.. 1946 J
Mid Ga A Atl Dlv 5s
1947 J
1946 J
Mobile Dlv lstg 5s
-D
70
J
100
-
J
90
-
J
97%
-
CenRRAB of Ga col g 58-1937 M-N
1987 J - J
Cent of N J gen'l gold 5s
Registered
*1987 Q-
J
Leb A Hud Rlv gen gu g 5s.'20 J M-
S
92
Cent Vermont 1st gu g 4s..el920 Q- F
40
gu
5s...1921 J
N Y A Long Br gen g 4s.. 1941
Cbesa A O fund A lmpt 5s.. 1929 J
1st consol gold 5s
Registered
General gold 4 34s
Registered
-
J
Nov'16
J
98
98
May'17
96
103
78
78
103
MarT7
103
103
101%
....
97% June'17
90
Aug '17
107% Oct
105% Oct
100
100
*17
'17
100
Sept* 17
91
91
Aug '17
10034 101
101%
104% Jan
7634
Sale
Sale
81
74%
75%
80%
84
82
Apr '17
70
85% Nov'16
-
J
85
9634 Feb *16
Potts Creek Br 1st 4s....1940 J
-
J
70
80
-
J
75
.'83
-
J
81%
a
7934
90
94%
100
108%
104% 104%
'17
77
1940 J
Friday: latest this week
70
18
8634 Mar'17
75
8484 Jan
La Crosse & D 1st 5s
Wis <fc Minn Div g 5s
*28
79
86%
80
93
J
-
-
J
J
-
J
J
-D
J
-D
General gold 3Ha
98
32
62
97% Feb *13
90
81
72
86%
86%
~96%
72
98%
96%
107%
82%
105%
94%
102%
10334
106%
104%
95%
72
84
84
85
85
July'17
89%
72% Aug *17
86% Oct '17
79%
79%
78
90%
Sale
80
80
102
76
70
79
81% Oct '16
88%
89
92%
M- 8
-
J
-
J
J
-
J
J
-
J
J
-
J
Refunding gold 4s
1934 A-O
20-year debenture 5s
1932 J
-
J
65
69
100
~67"
....
98
Sale
97% 105%
102%
99% 103%
62%
109
101
Jan
'17
88
102
Oct
'17
102
60%
-D
105
88
107%
104% 10434
86% Sept'17
84
98
98
98
87
Mar'17
66%
67%
Sept'17
99
98% Sept'17
67% Aug '17
9434
108-%
99% 100%
100% 100%
June* 17
71
77%
90
85%
6634
8534
78%
70
84
98
98%
65
74%
96% 102%
97%
96% Sept'17
97% June'17
99% Oct '16
97%
97% July'15
56
Aug'17
68
67%
112
96
103
62
6334
75
'17
109
Apr *17
91
11834
91%
103
Oct
91
...
55
Aug'17
109
94%
M- S
112% 118%
88
71
97
94%
96
Oct '17
96
111
June'17
111
118%
118
N ov'16
102%
July'17
101%
104"
105% Nov'16
82
80
Jan
106% 105
'17
1952 J
-
J
65% Sale
65%
Sept'17
05%
1937 J
-
J
73
90
1959 J
-
J
..1959 J
-
J
Q-M
" "*98%
lOO"
100% Apr '17
77%
78
"55" "60
.1930 M- S
Ch St P A Minn 1st g 6s.. 1918 M-N
North Wisconsin 1st 6s... 1930 J - J
J
85
63%
96%
96% 100
Debenture Sb...*
A-O
86
111% Nov'16
...
59
80%
StP AS City lstg 6s
1919
Superior Short L 1st 5s g.pl930
Chic T II A So-East 1st 5s..I960
Chic A West Iud gen g 6s..jl932
97%
86%
104% 111
101% 104% Apr '17
111% Dec '15
77% Sale
-D
J
87
100
^1918 M-N
RI Ark A Louis 1st 4 Ha.. 1934 M- S
Burl C R A N—1st g 6S..1934 A - O
3Ha.r1930
75
...
103
Coll trust Series P 4s
1930 J -D
"98%
97%
...
103%
103%
75%
J
90%
86
95%
101% 118
76
101% Oct '16
108% 113% 112% Aug'17
Ashland Dlv 1st g 6s... 1925
Mich Dlv 1st gold 6S..1924
Mil Spar & N W 1st
gu 4s. 1947
St L Peo A N W 1st gu 58.1948
J
86
103
101%
Chicago Rock Isl A Pac 6s.. 1917
Registered
1917
Railway general gold 4s... 1988
Registered
...1988
89
104%
97% 101%
76
104% June'16
J
100
102% Deo '16
91
Aug'17
97% Jan '17
...
105
104% 104%
100% 101%
Deo '16
98
-
77%
103
104% Sept'17
100% 100% July'17
100% Sept'17
M- S
99%
July'17
107
80
102
99%
99%
77% Sept'17
100
J
79
9934
Aug'17
104
96
72%
86%
28
99% Oct '17
101
Mil L 8 <fe West 1st g 6S..1921 M- S
Ext & Imp s f gold 58... 1929 F - A
Cons 6s reduced to
82%
82%
73%
100
Registered
1933 M-N
Des PlalnesVal 1st gu
4H«1947 M- S
cons 6s...
78
82%
A-O
Frem Elk <fc Mo V 1st 6s.. 1933 A-O
Man Q B & N W 1st 3
Hs. 1941 J - J
Mllw&SL 1st gu3H8-..1941 J - J
Chic StPMAO
74
....
*
"96%
Sept'17
92% Feb '16
101% 102% 102%
104%
104%
109%
101
104% 104
1921 A-O
1921
90"
*17
1933 M-N
1879-1929 A-O
Registered
Nov'16
79
106%
73%
100% 100%
84%
85%
97% Deo '16
88%
1879-1929 A-O
1879-1929 A-O
1879-1929 A-O
Registered
70
62
112% 115%
84% Apr '17
Aug'17
Sept* 17
Oct '17
Oct '17
Apr r16
Sept'17
103% Apr '16
100
Sept'17
102% Oot '16
Registered
22
97% July'17
1987 M-N
Debenture 5s
63
97%.... 100% Sept'17
..pi 987 Q-F
Sinking fund 5s
32" "4l"
Mar'17
100% Apr *17
102%
1987 M-N
82
~ ~82~
105
10
108
65%
77
May'17
90
9034
90
May'17
70
" ~90"
1941 M-N
25
July'15
C Find A Ft W 1st gu 4s g.1923 M-N
Cln I A W 1st gu g 4s
1953 J - J
88
1st A refunding 4s...
1st guaranteed 4s
Cln DAI 1st gu g 6s
Day A Mich 1st cons 4Ha.1931
Clev Cln Ch A St L gen 4s. 1993
1931
75
-D
64
-
1993
-D
Cairo Dlv 1st gold 4s
Cln W A M Dlv lstg 4s.
1939
-
1991
-
.
1st gold 4s
Sale
July'14
81%
65
73
Jan
64
84%
71%
*17
64
83% July'17
101
Feb '17
79
96
64
81%
87
100% 101
83% 87
83% Mar'17
70
96
83%
Feb '17
79
81
74% July'17
74%
83*8
71%..„__ 73% June'17
84
.71%
Nov'16
102% 105% 102% Oct '17
73%
73%
100%
102"%
J
1920 M-N
Mar'll
96
101
J
St L Dlv 1st coll tr g 4S..1990 M-N
Spr A Col Div lstg 4s... 1940 M- S
W W Val Div 1st g 4s_... 1940 J - J
C I St L A C consol 6s
80%
J
General 5s Series B
....
65
J
-
81
*1936 Q-F
88
,
85% Aug '17
84
85%
"95 " IIII
88% May'15
102% Jan '17
102%
C C C A I gen cons g 6s._1934 J - J
Ind B A W 1st pref 4s
1940 A-O
102%
107% Aug'17
106% 110%
O Ind A W 1st pref 5s...41938 Q- J
Peoria A East 1st cons 48.1940 A-O
88
Registered
Cln S A CI
cons
*1936 Q- F
1st g 5s.. 1923 J - J
79
51
12% Sale
94%
Income 4s
1990 Apr
Cleve Short L 1st gu 4Hs...l96l A-O
Col Midland 1st gold 4s
1947 J - J
93
Trust Co certlfs of deposit
Colorado A Sou 1st g 4s
Refund A Ext 4^8
1929
F~-A
86%
9484
Del Lack A Western—
84
87
Ft W A Den C 1st g 60...
Construction
5s
1921 J
-
J
78
* Due Aug.
0
Sale
94
July'08
46
Oct
12%
'17
46
12%
12%
93
Sept'17
434 Sept'17
5
93
2%
5
83
Oct
77
2
'17
81
78
86%
"94"
Feb "'16
83%
78
Sept'17
78
Due Oot.
10384 Sept'17
99%
99%
96% 94% Sept'17
75
30
IO284
1784
1134
96
88%
10334 107%
99% 102%
94% 99%
99% Sale
92%
74%
102"%
77
8734
100% 105%
10034 July'17
..I.
103% 106
1923 F-A
1923 M-N
Warren lot ref gu g 3H8..2000 F-A
* Due July
6%
83%
77
Term A Improve 4s
g Due June.
5
84
3HS-2000 J -D
N Y Lack A W 1st 60
6%
100% 105
Conn A Pas Rlvs 1st g 4s...
Morris A Ess 1st gu
5
82%
1935 M-N
1921 J -D
1943 A-O
Cuba RR 1st 50-year 5s g__1952 J - J
88%
8IS4
25
Sale
91%
Chic & Nor West Ex 4s 1886-1926 F-A
Registered
...1886-1926 F - A
92
80%
90
101% 108
94
73
90
76
J
76
Due Jan. d Due April. $ Due May.
90
75
100
J
84%
97%
30% 33
27% 35
101% 107%
80%
J
J
11
Sept'17
July'17
99% 100
J
-
1919
1921
Wis Valley Dlv 1st 6S....1920
Milw & No 1st ext 4HS—1934
Cons extended 4^8....1934
72%
J
8684
74%
80%
'13
80% Sept'17
May'17
73
104%
'13
70
"77" mi
100
June'13
100% Jan
1992 M- 8
1992 M- S
97% 96%
104% 104%
90
97%
107% 120%
105% 118
104% Apr '17
68
81
or <v
92
Sept'17
70
No
105%
85
Aug '17
100
R A A Dlv 1st con g 4a.-.1989 J
2d consol gold 4a
.1989 J
97
10034 no
78
Big Sandy 1st 4s
1944 J -D
Coal River Ry /1st gu 4s.. 1945 J -D
Craig Valley 1st g 5s
103% 10934
99
June'17
—79%
-
-
6S..1924
20-year deb 4Hs
97
1939 M-N
1939 M-N
20-year convertible 434s.. 1930 F - A
30-year conv secured 5S..1946 A-O
99%" 99%
79
86%
95%
106%
105% 111
100
100%
97% 101%
J
Imp
107%
103% Feb *16
106% Deo '16
85
assum g
Consol 50-year 4s
Cln H A D 2d gold 4H8
93%
103
-
Am Dock A
94%
101% m%
99
102%
101% Sept* 77
102%
1945 M- N
J
....
90
100
i07 * 107"
99% June'17
101% 101% Sept'17
93%
99% 99% Oct '17
108
Chatt Div pur money g 4s 1951
104
"99%
108%
*94%
993s
Feb '17
107% 103% Sept'17
Consol gold 5s..
84%
100
Sept'17
104
cons gu A 5s... 1962 A - O
Car Clinch A Ohio 1st 30-yr 5s '38 J -D
Central of Ga 1st gold 5s..yl945 F V A
78
'17
103
Canada Sou
79
Apr '17
-D
1922 J
97%
90% 101%
'17
Clear A Mah 1st gu g 5S..1943 J - J
Roch A Pitts 1st gold 6s. .1921 F -A
Consol lstg 6s._^
82%
'12
79
85% Oct
107
Fargo <fc Sou
73
-
Keok A Des Moines 1st 5s. 1923 A-O
St Paul A K C Sb L 1st
4Hs '41 F -A
90%
80%
99%
92
87
"85 ~ Safe"
97%
C RI F A N W 1st gu 5s.. 1921 A-O
Choc Okla A G gen g 5s..ol919 J - J
Consol gold 5s...i.... 1952 M-N
90% Sept'17
80%
81%
107% Nov'16
4348
~
963s
95
J
89
98
98
76
84
J
-
85%
July'17
96% Jan
-
118%
8934
99%
-
*77%
115
9334
July* 15
Ohio River RR 1st g 5s... 1936 J -D
General gold 5a...
1937 A-O
•
95%
99% Dec '16
90%
90%
104
1937 M- S
85
79
101% Nov'16
90
100
100% 107%
99% June'17
100%
99
9934 104%
80% 9638
82.
July'17
9934
O
91
11
85
Sept* 17
129% Aug '15
100
,
107
80%
99
-
94
78
94
con
87
94%
89
91
1st g 5s... 1933 A-O
Monon River 1st gu g 5s__1919 F - A
Consol
88%
94% 106%
80%
85%
Buffalo RAP gen g 5s
79
100% 100%
100% Aug '17
105
~82% Sale"
Pitts Clev A Tol 1st g 6s.. 1922 A
Pitts A West 1st g 4s.....1917 J
93
Aug '17
Southw Dlv 1st gold 3348.1925 J - J
Cent OhloR 1st eg 434s..1930 M- S
CI Lor A W
73%
97
83
'17
93% May'17
9934 July'17
80%.
80%
115
98%
1933
48.-1941
7812
J
Refund A gen 5s Series A'. 1995 j~- D
Pitts June 1st gold 6s
1922 J - J
PJunc A M Dlv 1st g 334s 1925 M- N
P L E A W Va Sys ref
77%
87%
...
J
A-O
..*1948 Q-
Registered
conv
-
1925 J *1925 Q-
Salt A Ohio prior 3 He
20-yr
A-O
1918 J
gu g 4s
-
58
85
78
100% May'17
-
1st
*17
79% Sale
-
Sav F A W 1st gold 6s
54
86
100% 102%
Sept'17
101% Oct '17
72
-D
C M & Puget Sd 1st gu 48.1949
Dubuque Dlv 1st s f 6s... 1920
Sinking fund deb 5s
86
95%
97% 103
J
1932
Chic & L Sup Div g 5s.:..1921
Chic <fe Mo Rlv Div 58
1926
Chic & P W 1st g 5s
1921
103
109% 117%
108% 110
497g
57
80% Sale|
81
81%
J
-
1987 M-N
87%
8
J
-
1987 M-N
78
Cal-Arlz lst&ref 4Hs"A"1962 M- 8
S
-
Stamped 4s
General 5s stamped
Sinking fund 6s
Sept'17
Trans Con Short L 1st 4s. 1958 J
S Fe Pres & Ph 1st g 5s... 1942 M*1952 M-
el989
«1989
..1934
General 4a.._
78
Rocky Mtn Dlv 1st 4s.-.1965 J
Atl Coast L 1st gold 4s
25-year debenture 4s
Convertible 4Ha
100
79%
"91" nil
a2014 F-A
10034 106%
85% Nov'16
Conv gold 4s.
;
Oonv 4s Issue of 1910
Ser B 5s
Registered...
Railroad.
Ann Arbor 1st g 4s
*1995 Q- J
Atch Top & 8 Fe gen g 4s... 1995 A-O
Registered
1995 A-O
conv
Gen'l gold 3Hs Ser B
General 4H8 Series C
105
102%
99% 100%
107% 117%
....
Canal Improvement 4)£a. 1965 J Highway Improv't 4H8..1963 M-
111
9334 102%
100% 102% 100% July'17
100%
100% Sept'17
108% 111% 111% Sept'17
-
IO584
973s 106
89
75
IIII "83*
Gen & ref Ser A 4Hs
a2014 A-O
Gen <fc ref 4 >$s (temporary form)
98
77
90
Chicago Milwaukee <fc St Paul—
Gen'l gold 4s Series A
C1989 J - J
Registered.....
el989 Q- J
Permanent 4s
1925 J -D
94%
459
53%
100
75
"92" 94""
95%
361
S
65
75%
383
1963 M-
J
1
9334
99%
1965 J -D
-
102
98%
stock
1917 J
271
98%
98%
9234
98%
98
100%
98% 101%
62%
99
84%
Ind & Loulav 1st gu 4s
1956 J - J
Chic Ind & Sou 50-yr 4s
J1956 J - J
Chic L S <fe East 1st 4HB-..1969 J -D
95
98%
stock....1966 A-O
75
98
7534
9778
99%
4Ha Corporate
80%
J
132
98% Sale
4%a Corporate
97
-
9134
7534
99% Sale
S
39%
90
1947 J
Aug'17
93% Sale
1964 M-
35
J
90
Temporary notes 53^8....1918
Temporary notes 5Ha
1919
\These are prices on the basis of $5 to£
stock
40%
High
58%
100% 110% 112% Mar'17
-
35
5-year 5 H temp notes.... 1921 M- N
A H 8 Corporate
100
82
9434
9234
N
30
88%
9778 Sale
State and City Securities.
Y City—4%s Corp stock. 1960 M-
84%
73%
50
July'16
33
77%
97
98
31%
80%
90
92%
30%
U S Mtg & Tr Co ctfs of dep
Guar Tr Co ctfs of dep.
Refunding gold 5s
Refunding 4s Series C
92
20
15
32
Low
42
'17
Oct
84% Sale
78
U K of Gt Brit & I 2-yr 5a..l918 M- S
3-year 5 H temp notes
1919 M- N
Sale
General 4s
..1958 M- 8
Chic & E 111 ref & Imp 4s g. .1955
J
U S Mtg & Tr Co ctfs of dep_.
lst consol gold 6s.
1934 A-O
General consol 1st 5s
1937 M-N
88%
91
No.
99% June* 15
88-%
'43
93
1927 M-N
81
101
77
79%
.1921 M- S
7
90%
95
Registered
Southwestern Div 4s.
92
13
49% July* 17
75%
97
See Great North
Nebraska Extension 4s.._1927 M-N
88%
9034 Sale
Sale"
100
High
88% Sept'16
113% Feb '15
57%
58% Oct '17
40
42
Sept'17
100
100
Sept'17
Joint bonds.
Chic Ind & Louisv—-Ref 68.1947 J
35
90
9534
Jan. 1.
91
86%
100% 103% 100% Sept'17
96%
98% Sept'17
96
90%
33
98%
U.
Range
Since
or
....
311
90%
:
J
62
92
D
-
1919 A-O
51
90%
-
77
Purch money 1st coal 5s. .1942 F -A
Chic <fc Ind C Ry 1st 5s... 1936 J - J
75% Oct '17
.1954 J
J
Chicago Great West 1st 4s. .1959 M- S
78
Paris, City of, 5-year 6s.__.1921 A-O
M- S
Tokyo City—5a loan of 1912
-
94% 100%
75%
.
99
94% 100
J
Marseilles (City of) 3-yr 6a_ 1919 M-N
Mexico—Exter loan £ 5s of 1899 Qr J
36
A
63
-
Sate
J
-
20
1919 M-N
78
Railway 1st lien 3Hs
1950
Chic B <fc Q Denver Dlv 4s.. 1922 F
Illinois Div 3 Ha
1949 J
Illinois Dlv 4s
1949 J
•§•0.
Week's
Range
Last Sale
Ask Low
70
85
20
J
8834
Bid
Greenbrier Ry 1st gu g 4s. 1940 M- N
Warm Springs V 1st g5s._ 1941 M- S
Chic & Alton RR ref g 3s...1949 A-O
8638
9434 100%
-
.....1931 J
Sterling loan 4s
8678
71
96%
97
86% Sept* 17
95
95%
95
9478
95
Japanese Govt—£ loan 4 H s. 1925
93
102%
9078
Dominion of Canada g 5a._.1921 A-O
Do
do
1926 A - O
1931 A-O
85
80%
90%
Sale
Oct.
Chesapeake & Ohio (Con)—
Sinking fund 4s
9134
9834
Oct. 11.
Iowa Div sinking fund 58.1919 A-O
9178 gale
80%
8278
9078 Sale
■86
do
104% 111%
9534
92%
1949 F-A
Do
9934
9934
9934
99
99%
98% 101%
10434 110
96%
'17
100
97
French Repub 5Ha secured loan
Thursday
Week ending
12507
Exter dt 5s of '14 ser A...1949 F-A
External loan 4 Hs
Price
N. Y. STOCK EXCHANGE
July'15
85
Sale
BONOS
Since
High
1505
interest"—except for income and defaulted bonds.
Range
99.82
105%
105%
105%
10534
98% Oct *15
97
97i2
CJ S Panama Canal 3s g
1961 Q-M
U 8 Philippine Island 4s. 1914-34 Q- F
Foreign Government.
99.48
are note—"and
Jan. 1.
99%
99i2
99% Oct '17
10512 Sale
U 8 4s coupon
1925 Q- F
U 8 Pan Canal 10-30-yr 2s.*1936 Q- F
Q 8 Pan Canal 10-30-yr 2s_.1938 Q-N
«a
97^8 Sept'17
9934 Jan '17
99%
99%
*1918 Q-F
Range or
Last Sale
Ask Low
99.82 Sale
O 8 2a conaol registered
U 8 2a con8ol coupon
changed and prices
"oS
s ®
Week's
Thursday
ft.
K,
was
82% 102% Feb '03
p Due
Nov
q Due Deo,
t
Option sale
»,
ll
BONDS
ar. T. STOCK EXCHANGE!
Price
Week's
Thursday
Range or
Oct. U.
Last Sale
Ask Low
Bid
Del A Had 1st Pa Dlv
M- 5
7s
mm «•«•*»
M- S
Registered
1st Hen equip g 4Xfl—
1st & ref 4s..—........
*0-year eonv 5a—
.......
J
'
■
J
A-Q
A -O
Alb 4 Susq copv 3Xs—
M-N
J
-
J
JrJ
1st A refunding
50—.*
mum
78
84
54
Sale
-
J
J
-
J
J
-
J
■■
mm mm
rnmmmm"
mmmm
68
A-O
60
99
-D
-
J
J
-
J
J
-
J
J
-
J
-U-.
F-A
....
....
Ferry gold 4X8
....1922
M-
90
Gold 4s.
1932 3 ....1949 m-
72
mmmm
mmmm
v—
111
mmmm
J
-
73
mmmm
Terminal 1st gold 5s...1943 M-N
Mid of N J 1st ext 5s....1940 A-O
mmmm
91%
Wllk A East 1st gu g 5s. 1942 J -D
ftv A Ind 1st cons gu g 6s...1926 J - J
Uvansv A T H 1st cons 6s..1921 J - J
mmmm■
48
55
57%
100
June'17
102% July'17
102% Mar'17
mmmm
82% Aug *17
100% Deo '06
74
Nov*17
108
Jan *17
6834
mmmm
mmmm
mmmm
rnwtmm
46%
55
84
L A N AM A M lstg
4Xb 1945 MLA N-South M Joint 4a.. 1952 J -
99% 109
Registered ...........61952 Q-
43
15
mmmm
mmmm
mmmm
mmmm
mmmm
mmmm
103
109
103
107%
112% 1123g
100
100
82% 100%
mmmm
•
mmmm
mmmm
mmmm
107
June'17
mmmm
mmmm
mmmm
85% June'17
mmmm
mmmm
108
Nov'll
mmmm
mmmm
mmmm
95
June'12
mm mm
mmmm
81
67
2
mmmm•
mmmm
mmmm'
....
mmm'm
mmmm
56
....
87%
9484 Sale
94
94%
Sale
90
mmmm
10i
94%
93
Oct '17
mmmm
June'16
mmmm
89% Sept'17
mmmm
94
99
10134
J
J
89%
107% 120
111
Aug'17
rnm
mm
111
121
J
106
114
118
Apr'17
mmmm
118
118
Reduced to gold 4X8.1933 J - J
Registered .......1933 J - J
Mont ext 1st gold 4S...1937 J -D
95
99
90%
85%
99
J -D
84%
89
J
mmmm
ext guar 4s £.. .1940 J
-
....
E Minn Nor Dlv 1st
g 48.1948 A-O
Minn Union 1st g 8s
1922 J - J
101
Mont C 1st gu g 08......1937 J
110%
Registered
-
J
1937 J
-
J
J
-
J
J6 suar 80ld 5s.....1937
Will
J
-
J
1999 J
-
J
4^s.l999
—
....1951 J
.....1951 J
....
....
99%
79%
9% Sale
72% 80
81 82%
10934 Aug *10
0934 Deo '16
9%
10
mmmm
<mm
82%
87%
95
80
80
June'17
81
Oct '17
mmmm
mmmm
mmmm
1
-
«
-
rm
34
9%
80
mm
80
'
m
m
82%
mmmm
90% Apr '17
mmmm.
90
90%
97
mmmm
95
92
93
92
70%
90
78
Sept'17
Sept'17
Sept'17
96%
9934
92
92
78
85%
84
Nov'15
mmmm
....
80
June'17
mmmm
"80 " July'09
mmmm
mmmm
mmmm
_
..........
1st refunding
Registered
4s.........1955 M-N
...
M-N
J -D
J
-
J
3X8.1953 J
-
J
..1953 J
-
J
Middle Dlv reg 6s—....1921 F-A
Omaha Dlv 1st gold 3s... 1951 F-A
St Louis Dlv A Term g 3s. 1951 J - J
GoW
J - J
JHs
Registered
Spring! Dlv 1st
1951
...1951 J
.
g
3X8—1951
3
-
J
-
J
Western lines 1st g 4s....1951 F-A
Registered —........1951 F-A
Bellev A Car 1st 6s.
1923 J -D
Carb A Shaw 1st gold 4s.. 1932 M- S
Chic St L A N O gold 5s„ 1951 J -D
_
Registered
J -D
Gold 3Xs—
J -D
Registered
....
74%
70%
mmmm
61
99
84
75
May'14
Apr '17
....
74
Feb *14
70% May'17
83
Aug '12
192
61
62%
mmmm
7834
79%
Gen
80
mmmm'
....
mmmm
June'16
mmmm
15
80%
85%
mmmm
1
mmmm
75
mmmm
89
mmmm
mmmm
95
85%
89%
mmmm
9434
„
76i8
83
mmmm
mmmm
—
mm
m
mmmm
72%
Nat Rysof Mex pr Hen 4Xa.
65
71
69
87%
Guaranteed general 4s... 1977 A
Nat of Mex prior Men 4Xs..l926 J
mmmm
mmmm
mmmm
80% Nov'16
mmmm
mmmm
mmmm
mmmm
92
84%
84%
Nov'10
mmmm
mmmm
mmmm
100
10734 117% MayiO
mmmm
mmmm
mmmm
90
mmmm
Jan
'17
-
....
100
Oct *17
mmmm
114
Feb '11
70
90
mmm
m.
rnm
94%
90
Oot
mm
94%
88
*09
mmmm
immmm
mmmm
90
90
100
100
mmmm
mmmm
mmmm
mmmm
mmmm
mmmm
mmmm
2
mmmm
M- S
82
90
81
June'17
76%....
89
M-N
94
96
95
Apr *17
95
J -D
74%
6OI2
90
82% June'17
60%
62
J
mmmm
61
mmmm
-
J
-
J
-
J
-
J
81
A-O
99
4X8..
J
-
J
Registered
Lehigh Val (Pa) cons g 4s..
pWGeneral eons 4Xs._.
J
-
J
M-N
M-N
80% Sale
82%
80
94
91%
86%
95%
92
—87
93
97%
No price Fr'day; latest bid and asked this week,
63
Oct '00
80%
80%
80
80
96% Aug *17
80% Feb *17
89% Mar'17
92
Sept'17
88
Sept'17
83% July'17
mmmm
mmmm
4
1st consol 4s.......
1951 A
N O Mob A Chic 1st ref 5s„1960 J
New Orleans Term 1st 4s... 1953 J
102%
88
mmmm
7
mmmm
1
10
+
mmrn
95%
94%
94% 100
82% 93
60
71%
m
91
80
90%
95
90
mmmm
92
95% July'17
a Due Jan.
102
101%*
83% 91%
95% 102
b Due Feb.
-.1998 F
.
0
Deo '16
62
62%
38%
37
37
30
4934
32
30
31
40
69%
69% Apr '17
64
68
42
62
61
75
70% Mar'17
45
Sept'17
72% Sept'17
50%
50%
39%
45% Feb '17
93
93% Sept'17
89
90
90
87
89
88
64
61%
42
63
85
97
92
92
94%
62
98«4
" ~78%
37
26%
49%
31%
69%
40%
10
Oct '17
88
1
56% Sale
55%
5684
450
100% Sale
100%
100%
3
54%
31
69%
45
"69%
71
45
79
/2%
85
50%
80
45%
"49"
93%
88
9934
98%
88
95
55%
68%
9984 106%
106
May'17
106
103
Jan
101% 103
'17
106%
" July'17
00% Apr *17
60
61
82
Apr '17
80
82
100
Feb '13
67
Aug'16
60
85
-
60%
-
"84" in:
-
88% 100
-
95% Sale
55%
~6(j"
77% Deo *13
—
110
-
Mar'05
92% Deo '16
100% IOI84
94
10334
10034 Apr '17
95%
95%
102
July'14
"73% "76~ 73%
73%
80% Oct *17
"69% "71 " 71
71%
78
*90%
Sep *15
102% 105% 10484 Aug *17
101
Feb *10
104% 109
68
55%
July'17
-
73" *86*
69%
101
85
-
■
-
78%
99%
85
68" "78%
93
July'17
93
93
90
Aug'17
90
90
82
Sept'17
82
102
9134
101% 108
102
100% 104% 110% Mar'17
30
May'17
35
Aug'16
"26~IIII 96% Feb '13
-
-
-
-
30
Oot '18
59
Deo *18
70
July'17
-
56
61
94%
94% Oct '17
39%
40
,
-
97% Sale
7734
89% Sale
-
74%
-
78
97%
98
77% Sept'17
189
89%
74%
Sept'17
*12
89%
74%
81
92
-
66% Sale
-
66
66
82
75
—
6j
"31
68
72
94
35
99%
50%
97
113%
76
8884
89
8884
86%
85%
94%
74%
74
80
Deo *16
66%
66%
67% Sept'17
69
Sept'17
69
-
40
30" ~30"
1
74
82%
~84 "
10431 114%
——
85
-
Mar'17
*66 " "81"
65
80
69
80%
75
80
96%
97
-
85%
-
-
95%
*90% IIII
-
-
70
—
-
70%
—
96% Apr *17
9534 Nov'16
May* 16
104
89
Nov* 16
-
N Y A Northern let a fin
101
• Due Oot.
44%
45
Deo '16
51
"76% HI¬ "94"
h Due July.
91%
108
Nov'16
45
Moh A Mai 1st gu g 48—.1991 MN J June R guar 1st 4s—1986 F N Y A Harlem g 3X8—--2000JVI-
Due June,
103%
81%
-
-
19231A
*17
*17
95
-
1936 J
1930 J
Beech Cr Ext 1st g 3X8-51951 A
Cart A Ad 1st gu g 4s
1981 J
Gouv A Oswe 1st gu g 53.1942 J
81%
" lOO"
83* "95"
88
30
—.
.
——1936 J
Registered
94
'80 " "91%
94% Aug *17
50% Sale
.
Oct
Jan
6684
73%
2d guar gold 5s
88
mmmm
-
80%
Registered
'
83
89%
-
-
—
85%
10834
94
91%
86
88
1934 M-
BattleCr AStur Istgu3s.l989 J
Beech Creek 1st gu g 4s—1936 J
101
80%
mmmm
Feb '16
27% Aug '17
49% Sept* 17
31% Sept'17
27%
Debenture gold 4s-._____1934 M-
Registered
mmmm
79%
mmmm
60
94
__—
-
89
m
June'17
45
N Y Cent RR
Lake Shore coll g 3X3—1998 F
Registered
....1998 F
Mich Cent coll gold 3X8—1998 F
97
108
46
45
88%
37
..19,97 J
105%
74
98% 109
80% Sept'17
46
51%
45%
-
Registered
Nov'10
86
94
Registered
Mar'10
ip
43%
-
Ref A Imp 4Xs "A"
2013 A
N Y Central A H R g 3Xs—1997 J
105
98
'17
77"
86
N O Tex A Mexico 1st 0s... 1925 J
Non-cum Income 5s A....1935 A
mmmm
93
88
81
1957 J
conv deb 0s.. 1935 M
Consol 4s Series A
..1998 F
mmmm
947g
Apr '17
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
72%
mmmm
99
Montgomery Dlv 1st g 5s.1947 F
St Louis Dlv 5s.—
..1927 J
mmmm
mmmm
mmmm
mmmm
58.1931 A
A
mmmm
84% May'17
mmmm*
g
Oct
46%
"93% IIII
J J MMMob A Ohio new gold 6s.... 1927 J 1st ext gold 6s— .......61927 QGeneral gold 4s.........1938 M-
mmmm
mmmm
con
98
73%
80%
91% June'17
108
Sept'17
Ssstamped...ol917 M-
stamp gug 5s.. 1931
Unified A ref gold 4s...1929
Registered —.—1929
Rlv A G Div 1st g 4s...1933
Verdi VIA W 1st g 5s—1920
D
A-O
June'16
72% Jan '17
65
Sept'17
77% Aug'17
69%
69
J
-
mmmm
mlml "75% "92"
75
89
....
93
J
North Ohio 1st guar g 5s..
75
84
mmmm
mmmm
72%
-
84
78%
mmmm
Oct "'17
95% Sep '12
80%
80%
85% Jan '17
....
J -D
Kansas City Term 1st 4s...
J
Lake Erie A West 1st g 6s
J
2d gold 5s
....1941 J
•
70%
80% Sale
J-D
A-O
Leh Val N Y 1st gu g
"70" IIII "80 "
J -D
J
mmmm
mmmm
fl
Purchased lines 3Xs
1952 J - J
L N O A Texas gold
4s...1953 M-N
Registered
1953
Cairo Bridge gold 4s.....1950
Litchfield Dlv 1st gold 3s. 1951
Loulsv Dlv <fc Term g
mmmm
Feb *05
"73 ~ ~m"
-
..
1938 J
60
74
95
92
6s. 11920 M~
2d extended gold 5s
St L Ir MAS gen con
103
114%
81% 91%
10884 10884
*17
79
62% Sale
..
Cent Br Ry 1st gu g 4s.. .1919 F
Cent Br U P 1st g 4s.
1948 J
Leroy A C V A L 1st g 58.1926 J
Pac R of Mo 1st ext g 4s_. 1938 F
80
80
—
3d 7s extended at 4%._._1938 M~
Boonv St L A S 1st 5s
gu.1951 F -
mmmm
94
106
100
40-year gold loan 4s...... 1945 M 1st A ref conv 5s._.1959 M-
88%
mm
July 17
Sept'17
Aug '17
Apr '17
....
40
...
cons g
85%
9784
90%
96%
100% IO084
103% 103%
89
July-17
Aug'17
89?4
1905
lst collateral gold 5s..... 1920 F
Registered
1920 F
mmmm
mmmm
....
Trust gold
15%
86%
9334
mmmm
mmmm
Missouri Pac 1st
m'm
......1923
^.1926
85* "94%
110% 113%
102% 107
79
"75" "797s
—
1944 M-
refunding 5s
90%
"
103%
96% 103
102% 100
-
-
103
103% Oct '16
2004 M-
General 4s.
'
rn^mm
mmmm
mmmm
mm
1st A
93% 115%
mmmm
mm
1st A refunding 5s
1st A refunding 5s
"mmmm
m
—
-
A
80
97% May'10
10834 Nov'16
98% July'17
105
106
-
M-
'17
'11
97%
94
Aug'17
81% May'17
80
-
MF -
81
Oct
Jan
97%
96
77%
Texas A Okla 1st gu g 5s.. 1943 MMlssourl Pacific (reorg Co)
80% 98
108% 108%
113
124%
mm,dm
J
05
mmmm
1990 J
89
98is
74
70
M K A T of T 1st gu
g 5s. 1942 MSher Sh A 80 1st gu g 5S..1942 J -
mmmm
mmmm
Nov'16
J
....
mm mm
_
Dall A Waco 1st gu g 5s.. 1940
Kan City A Pac 1st g 4s.. 1980
Mo K A E 1st gu g 5s
1942
M K A Okla 1st guar 58..1942
mmmm.
100
1941 M-
Gen sinking fund
4X8... 1936 J
St Louis Div 1st ref g 4s. .2001 A
98%
•
f 4s
4s..._.........(?i990 F
mmmm
89%
98% Jan *14
J
M.
-
1st ext gold 6s
lst A refunding 4s._.
105% 1
95
mm mm
88
-
....
-•••
82% Aug *17
-
Registered ...........1951 fT» " O
Collateral truBt gold 4s... 1952 A-O
Registered .......
1952 A-O
-
Iowa Central 1st gold 5s. .1938 J
s
81
96
—
Refunding gold 4s
.1951 MMStPASSMcong4slntgu.l938 J -
99
mm+rn
-
....1951 J - J
Extended 1st gold 3Xs—1951 A-O
m
r\
Registered
1951 f\ - \J
1st gold 3s
sterling—...1951 M- S
June'17
136% May'06
99%
99%
■
Illinois Central 1st gold 4s.. 1951 J
3Ha...
Registered
10838 Jan *17
113
70
70
1st gold
....
89%
1
95
85% Nov'15
80% July'17
mmmm
100
Col A H V 1st ext g 4s...1948 A-O
Col A Tol 1st ext 4s
1955 F-A
Houston Belt A Term 1st 5S.1937 J - J
Registered
95
102% May'10
89% Aug '17
95% Mar'10
mmmm
....
cons g
....
82
£
A S F 1st gold 6s.. 1938 J -D
Green Bay A W deb ctfs "A"
Feb
Debenture ctfs "B"__—
Feb
Gulf A S11st ref A t g 5S.I&1952 J - J
Hocking Val 1st
Registered
-
A
90
**%
M
105% Aug '17
U
—
J
89
90
79
10834 Jan
....
8934
103%
-
85
'17
Oct
88%
M-
J
90
100" Toe'
89% 90%
102% 106
97
-
Mo Kan A Tex 1st gold 4s.
2d gold
93
-
Pacific
F-
MSSMA A l8tg48lntgu.'26 J
Mississippi Central 1st 5s... 1949 J
97
-
Registered .......1937
-
87
17
77
83
90% Apr *17
102%
102% Sale 102%
56% 50% 60% May'17
81% Sept'17
81% 82
10184
F
Ref A ext 50-yr 5s Ser A.. 1902 Q
Des M A Ft D 1st gu 4a.. 1935 3
1st Chic Term
mmmm
94%
-
^
'
.
69%
56%
mmmm
89
96
96
mmmm
mmmm
1
mmmm
95%
94"
9134
89
mmmm
95
"99"
^
89% Aug *17
92
Aug'10
561a
56%
85% June'16
-93
-
,
J
.
•
m'rnmm
J
Man 4s..... 1933
J
1st consol gold 5b._.__...1934 Mlst A refunding gold 4s...1949 M-
28%
102
97
J
1st consol gold 0s......1933 J
Registered
1933 J
Stapaped guaranteed..... 1977
Mldland Term—1st s f g 58.1925
Minn & St L 1st gold 7s....1927
Pacific Ext 1st gold 0s
1921
.108
28%
mmmm'
97
-
Gen cons gu 50-year 6s. 1963 A
mmmm
106% 108
F
102% 106%
*13
104% 104%
88%
L A Jeff Bdge Co gu g 4s—1945 M
Manila RR—Sou lines 4s... 1938 M Mex Internat 1st cons g 4s_.1977 M-
102% 106%
1Q1
102%
mmmm
97
N Fla A S 1st gu g 5s
1937
N A C Bdge gen gu g 4 Xs_ 1945
Pensac A Atl 1st gu g 6s..1921
SAN Ala cons gu g 5s... 1930
106% 106%
80
105
_
68%
68%
'
80
113
104% Feb '17
97
-
90
-
9t Paul M A
M-
49
-
....
-
Hender Bdge 1st s f g 6s. 1931 MKentucky Central gold 4s. 1987 J Lex A East 1st 50-yr 5s gu 1965 A-
mmmm
79
98
M-
J
Oct
96% Jan '17
M-
88
mm
...1901 J
Registered
St Louis Div 1st gold 0s.. 1921
2d gold 3s.—.
...1980
At! Knox A Cin Dlv 4s... 1955
Atl Knox A Nor 1st g 5s. .1948
103% Aug '17
79
89,,
High
113
IOOI2 }00%
103%
104%
92%
98% 98
106
10234 112
-
mmmm
m
88
Low
113% 114
IIII
-
m
mmmm
:
1930 J
2d gold 6s............1930 J
Paducab A Mem Div 4s.. 1946 F
73%
mmmm
28% Jan *17
mmmm
N O A M 1st gold 6s
mmmm
5134
..
g 5s...
EH A Nash 1st g 6s...1919 J L Cin A Lex gold 4X3...1931 M-
87%
mmmm
28
.
No.
Mar'17
103% Apr '17
9214 1041s 96% Aug '17
100
91
Aug'16
86
84
88
July'17
IIOI4 11214 110% Sept'17
109% 102% May* 17
1927 M5s.ol932 Q1927 M-
con g gu
High
Feb '17
*92*4 IIII
5s. 1935 A-
....
mmmm
76%
con g
U nified gold 4s..
1940 J Registered ...........1940 J Collateral trust gold 5s... 1931' M-
-
mmm'm
mmmm
mmmm
'17
Jan
94% 108
'
Great Nor C B A Q coll 4s._ 1921 J - J
RegisteredA1921 Q- J
1st A ref 4Xfl Series A...1901 J
....
m mm
mmmm
Sale
97
Florida E Coast 1st 4X8—1959 J -D
Fort St U D Co 1st g
4X8-1941 J - J
Ft Worth A Rio Or 1st g 4s. 1928 J - J
Galv Hous A Hfen 1st 5s... .1933 A-O
46%
67
mmmm
Oct '17
106% Jan '17
106
103
July'17
103% 10334 Aug'17
112% Aug '17
62
_
....
100% Oct '17
■
....
June'16
8884 Sept'17
49
80%
J
F-A
mmmm
54
88
93%
F-A
1st general gold 5s..
1942 A-O
Mt Vernon 1st gold 08—.1923 A-O
Bull Co Branch 1st g 5s... 1930 A-O
52%
73
mmmm
7912
Louisville A Nasbv gen 6s.. 1930 3 Gold 5s..^......1937 M-
104% 109%
98% 99%
98% 99
97% 100%
99% 102%
mmmm.
Deo'10
48%
"95
M-N
....
mmmm
—
1949 M-
Louisiana A Ark 1st
104
95
mmmm
72i4
.....
N Y A R B 1st gold 5s.
Nor Sh B 1st
92
94
mmmm
J
mmmm
84
Registered
N Y B A M B 1st
104% 105%
mmmm
104
mmmm
J
mmmm
mmmm
94
J
-
mmmm
104
55
-
mmmm
mmmm
101
J
98%
mmmm
52
J
74%
98
Jan *17
100
J
55
Since
100% Sept'l7
94% June'16
85U 85% Feb *17
90
July* 17
99% Oot *06
89
80
May*17
96l8 95% Feb '17
8U2
1934 3 20-year temp deb 5s .—1937 MGuar refunding gold 4s.-.1949 M-
8484
Jan '17
A-O
-
67%
'17
m
Unified gold 4a
Debenture gold 5s..
"38" "38"
mm
94
M-N
Coal A RR 1st cur gu 0s. 1922 M-N
Dock A Irapt 1st ext 5s..
JrJ
;
91
68
cons
Range
Jan. 1.
113
"87" Apr"
75
90
Long laid 1st
o
*96 ~ 105"
75
104
84
Leh A N Y 1st guar g 4s——1945 MRegistered
1945 M-
2
.
114
105
4912
mmmm
105
~86l2 IIII
-
77
mi*
Deo'16
101"" II—
1st lnt reduced to 4s..... 1933 J
...
m
+ +
90
40% Sale
A-O
NY A Green L gu g 5s..**™
N Y Susq A W 1st ref 5s.1937
2d gold 4X8—
..1937
General gold fis...—.. 1940
Oct
Ask Low
——1941 ALeh Val Coal Co 1st gu g 58.1933 J Registered——.1933 J Registered
86
102
52% Sale
A-O
Clev A Mahon Vail g 5s.
82
'mmmm
•
A-O
Series B„.
1
or
Last Sale
112
Leh V Term Ry 1st gu g 5s.. 1941 A-
89%
67%
9
....
M- S
J
Week's
Range
11.
Bid
High
mmmm
m
Sept'17
98% ,98% Mar'17
98% Oct *17
95%
94
100
97% June'17
96%
99% July'17
84
9484 Nov'15
100% 110% 107% Dec '10
7784 79% Oct '17
A-O
J
mmmm
100% 107
M-N
Registered..
57
Oct!
gold 5s..61931 Q1st consol gold 4s
...61931 QGeneral gold 4s
..1938 3 -
106% Mar*08
mmmm
M- S
id ,7s.
Week ending Oct. 11.
mmm'm
5
98% Mar'17
...
81%
J
M- S
N Y L E A W let g
Jan. 1.
mmmm'
08%
Sept'17
Aug *17
mmmm
-
Thursday
75
Sept'17
Dec '16
....
M- S
4th ext gold 5s.......
5tb ext gold 4s.......
mmmm
92%
74
M-N
7a...;.]
mmmm
Oct '17
O
-
J
Erie 1st consol gold
Oct '17
A-0
A
Price
N. Y. STOCK EXCHANGE
101
101%
101% 101%
95% 101%
86% 99%
92% 107
mm m
58
75% July'10
84
Aug'17
83%
105% Feb '17
9934 103
95
Sept'17
93% 101
J -D
Det Rlv Tun—Ter Tun 4 X8 1961 M-N
DtU MIssabe A Nor gen 5S-.1941 J - J
Registered.............
m
55
'37
Aug '17
61% Apr *11
3$
July'17
67% Oct '17
57
50
J -D
DUl A Iron Range 1st 5s....
BONDS
Since
Low
mmmm
53%
70%
....
No.
High
Apr '17
101% Mar'17
78
m:
mm m
1^
101
95
....
M-N
.
mm
J -D
J
4b.
Gold 4s—..........
m mm mm
mm <m ~
F- A
J-D
Det A Mack—1st lien g
m
rm'mm
9584
95l2 97
86%
85% 88
92% Sale
92%
75% 7784 75
112%
105%
68%
68% Sale
75
73% 75
M-N
......
Range
-
Week ending Oct. 11.
do
[VOL. 105.
New York Bond Record—Continued—Page 2
1506
SS
;
69%....
-
«
Option sale..
Mar'16
89% Feb *16
80
May*17
101
June'17
80
101
81%
102%
Oct. 13 1917.]
New York Bond
2^
bonos
n. y. stock exchange
Oct.
N Y Cent & H R RR (Con.)—
N Y & Pu 1st
cons gu g
EW40
1932 J
1st ext 5s_ .A1922 A
con
-
O
-
D
-
O
BWAOTR Istgug 5S..1918 M-N
99%
con g 4Ha---1941 J
Og & L Cham 1st gu 4s gl948 J
Rut-Canada 1st gu g 4s. 1949 i
.1998 J
2d gold 6s.
1996 A
70% Apr '17
-
J
70
-
J
85
-
O
-
1928 M- S
"8884
25-year gold 4s
1931 M-N
Registered
____1931 M-N
KaA AG Rlstgu058—1938 J - J
Mahon C'l RR 1st 5s
1934 J - J
97
Sale
8834
_
2d guaranteed 6s
1934 J
-
O
-
J
-
J
McKees A B V 1st g 68.1918 J - J
Michigan Central 5s
1931 M- S
Registered
1931 Q-M
4s
1940 J
-
.1940 J
-
Registered
J L A 81st gold 3Hs
1st gold 3 Ha
J
1951 M- S
If Y Chic A St L 1st g 48—1937 A
95
98*2
82
72%
O
82
63
J
-
A
94
103
Nov'16
90
70%
76
~65~%
8734
Pitts Sh & l e 1st g 5s
1st consol gold 5s
78
87
Reading Co
8834
97%
88%
9634
8934
1
Nov'16
87
Feb *14
90
June'08
103
Oct
88
June'17
100% Jan '17
10334
99%
99%
84%
~84%
79%
80%
'17
80%
Sept'17
83
14
86
9134
95%
88
89
62%
8212
80
94
80
93%
100% 100%
983s July'17
98% 10034
92% Sept'17
90%
99%
56
Sept'17
56
56
N Y N H A Hartford—
Non-conv deben 4s_
1947 M- S
54
Non-conv deben 3Hs-~-1947 M- S
48
Non-conv deben 3Ha
Non-conv deben 4s.
1954 A
-
O
48
1955 J
-
1
54
Non-conv deben 4s
1956 M-N
56
Conv debenture 3Ha
Conv debenture 6s
1956 J
-
48
64
85i2 Sale
85
-
J
86%
85
110%
-
A
Oct
'17
50
79,
-
J
91% Jan
'12
Non-conv deben 4s
1955 J
-
J
79% Apr '16
„
50
HousatonlcR
71%
63
" ~74%
1942 A-0
14Ha*46 J
ser
-
J
NH A Derby cons cy 5S..1918 M-N
Boston Terminal 1st 4s... 1939 A - O
New England cons 5s
Consol
4s
W A Con East 1st
43
July'14
86*
88
Aug' 13-
Sale
43
83%
...
..1945 J
-
J
70%
—
4H3..-1943 J
-
J
General4s
1955 J
-D
Norfolk Sou 1st A ref A 5s..1961 F - A
Norf A Sou 1st gold 5s.
1941 M-N
60
69
70
Sept'17
57
Apr '16
99% Deo '14
83% Feb '14
"65 ~
"85 ~
78
79
Mar'17
7534
74
Aug '17
98
96% Aug '17
109
Sept'17
122
Nov'16
107% Oct '17
10-25-year conv 48
10-20-year conv 4s
10-25-year
J
.1932 M- S
1938 M- S
Pocah C A C Joint 48—1941 J
-
D
CC AT 1st guar gold 5s.. 1922 J - J
Sclo V A N E 1st gu g 4s..1989 M- N
Nor Pacific prior lien g 4s...1997 Q
Registered
-
1997
Q
a2047 Q
02047 Q
General Hen gold 3s
Registered
...
-
A
-
A
-
-
Registered certificates.. 1923 Q
J
J
F
F
D
-
St Paul-Duluth Dlv g 4s..1996 J
St P A N P gen gold 6a...1923 F
St Paul A Duluth 1st 5s_.1931 F - F
2d 58
1917 A-0
1st consol
gold 48.
1968 J -D
Wash Cent 1st gold 4s....1948 Q-M
Nor Pac Term Co 1st g 6s.. 1933 J - J
Oregon-Wash 1st A ref 4s...1961 J
-
J
PacificCoa3t Co 1stg 5S—.1940 J -D
Paducah A Ills 1st s f 4H8--1955 J - J
Pennsylvania RR 1st g 4a... 1923 M-N
Consol gold 5s
1919 M- S
78%
D R
RRAB'ge 1st
4s g.1936 F
gu
-
A
J
Pennsylvania Co—
Guar 1st gold 4H8
1921 J
Registered
-
1921 J
Guar 3 Ha coll trust reg A. 1937
-
84%
85
84%
84%
"60%
Sale
59
82%
71%
87%
70
76
8934
85
90
J
Guar 15-25-year gold 4s.. 1931 A-0
85%
40-year guar 4s ctfs Ser E. 1952 M
85
N
ClnLebANorgu4sg.-_.1942 M-N
CI A Mar lstgu g 4H8---1935 M-N
CI A P gen gu 4Ha ser A.. 1942 J - J
-
1942 A-0
SeriesB
3Hs--1942 A - O
1948 M-N
Series E 3Ha
1950 F - A
Erie A Pitts gu g 3Hs B..1940 J - J
.
—
1940 J
—
-
J
84%
78
Mar'17
94
"so" "92"
83%
9034
84
93
60
69%
01
07%
91%
91%
10434110%
103% 103%
166" l6o"%
68
88%,
109% 110%
79
93%
99
99%
87%
99
101
99%
101% 102%
95
99%
9134 101
99%
10734
92
104%
91%
8934
97%
97%
99
Sept'17
conv
..
Registered
1952 j
-
j
100
99
97
99%
102%'
102%
8
.
.
-
d
-
d
Con 1st gold 5s
e Ten reo lien g 58
Ga Midland 1st 3s
m-n
j - j
a-o
m-n
j
-
j
1921 j
-
j
90
May'14
92%
93
88
88
109% N ov'15
100%
105%
104%
105'a
101% Deo '10
109
June'14
10434 July'16
105
Jan *10
105
Oot
*16
99
Aug '17
96%
100% 107% 107% Sept'16
93% Aug '17
80%
81%
81% Sept'17
75
96
17
25
100% Aug '10
62
Sale
6134
63
1938 m- 8
58%
58
1996 J
89%
90% Aug '17
66
70
67
s
-
j
-
j
-
j
-
j
.1919 m-n
89
70
96%
83% Jan
80
81% Mar'10
"98"% loo"
..1953 j
-
-
_
.1931 j
-
96% Sept'17
99
July'17
50%
05
May'17
101% 106
101% Sept'17
100' 102% 103% June'17
86
101
106
Sept'16
65%
90
72
70
100
100
73
"98" "99"
"97"% 100"%
92
100
71
80
"93%
92%
1927 j
Tol p a w 1st gold 4s
1917 j
Tol St l a w pr lien g 3 ha. 1925 j
-
_
-
j
1950 a
20-year conv 4a
95%
96"
Ore rr a Nav con g 4s. .1946 j
Coll tr 4s g Ser a
1917 f
Tor Ham a Buff 1st g 4a__a1946 j - d
Ulster a Del 1st con g 5s...1928 j -d
Mar'17
95
95% Mar'17
93% Sept'17
94% Oct *17
99
80
1927 j
91
70
80
70%
60
90%
96% 100
80%
92%
-d
'17
Feb '17
78
July'17
93
Aug '17
59
52
Aug *17
83
80
48
48%
Aug '17
48% Sept'17
18% Mar'06
87
80
Apr '17
95
90
63
58
Sept'17
Sept'17
22
70
10
90%
Jan
90
50
89%
02008 m- 8
60
80
-
j
Oct '17
89
Apr '17
106% Nov'04
90% Sale
-
Mar'17
95% July'17
~90% "9684
1952 a
1947 j
1947 j
Sept'17
99%
90
91
-
Dec '16
93% Mar'17
1935 j -d
1990 a-o
Aug '16
Feb *17
91
60
Sept'17
June* 11
91
95% 101%
j
Sept'17
May'17
Sep *12
105
80
j
-
98%
102%
103%
104%
9984
82%
w Mln w a n w 1st gu 5sl930 f-a
—
July'17
96%
J
1935 j - J
1935 a-o
100
*17
Feb *17
88
8
1924 f-a
97%
75
75
.....1931 m-
....1936 m-n
*17
98% Apr '17
90
July'17
1949 a-o
1930 j - j
..1956 m-n
Oct
102% Sep '10
96% Sale
*75
Oct '17
99% 104
j
St l m Bridge Ter gu g 5s 1930 a-o
Tex a Pac 1st gold 5s...... 2000 j -d
2d gold inc 5s.
<?2000 Mar
1st a ref 4s
'16
94%
Va a So'w'n 1st gu 5s..2003 j - j
1st cons 50-year 5s...1958 a-o
Registered
Oot
92% June'17
84%
99%
Mar'17
90
102%
99%
Union Pacific 1st g 4s
99% Apr *17
Nov'16
102%
98
,100% Jan '16
99%
92
103
101%
1st refund g 4s
89
76
84
98
95% Oot '16
90%
8
Kan a m 1st gu g 4s
2d 20-year 5a
89
76
100% Feb '17
100
96% 100
94
99
"95"
77%
100
95
99
June'17
..
100
8
La Dlv bl lstg 5s
90%
103% Aug '17
1926 m-
t g 4s_
81%
Sale
..1940 a-o
w o a w 1st cy gu 4s
76
Feb'14
81%
94
99%
99%
75%
j
-
99%
Aug '17
-
-
88
99%
Dec '15
1994 j
98
9834
97
89%
70
87
81
97
Sept'17
100% Jtme'17
90
88%
86%
84% Sale
1938 m-
General 5s..
Mar'17
82%
68
70%
10334 Deo '10
75% Sale
....
46%
59%
j
..
88%
88%
9734 103%
101
"81% Sale"
d 4-5s...1921 m-
50-year gold 4s
9834
99%
81
Sept' 17
99% June'17
65
100% 100%
78
82%
73%
"79
-
May'10
9834 Apr '17
99% Feb '17
88% Sept'17
9734 Aug *17
98
July'17
"95'
87
79%
47
46%
1955 j
Rich a Dan deb 5s stmpd.1927 a-o
Rich a Meek 1st gu 4s
1948 m-n
Tol a o c 1st gu 5s
Western Dlv 1st g 5s
General gold 5s
"99~" "99""
76
94
89
83
75
91
8934
ioo'
59% Oct '17
j
-
86
89%
60
1933 m-n
SpokaneInternat lstg 5s...1955 J
88%
Sale
59
1924 m-n
Ga Pac Ry 1st g 0s
1922 j
Knox a Ohio 1st g 6s
1925 j
Mob a Bir prior Hen g 58.1945 j
Mortgage gold 4s
1945 j
a
73% Sept'17
47
80%
8034
87% Sept'16
-..1948 j
Atl a Yad 1st g guar 4s
e t Va a Ga Dlv g 5s
Gen refund
75
61
--
May'17
95
Ter a of 8t l 1st g 4ha
1939 ArO
1st con gold 5s
1894-1941 f - a
Dec '15
73%
78
80% Sale
87
90% Oct '12
88% Feb '17
88
Apr '17
90% July'12
IIII "7534
95% Sale
Atl a Char a l 1st a
4ha 1944 j - j
1st 30-yr 5s ser b
1944 j - j
Atl a Danv 1st g 4s
1948 j - J
4s
*14
61
01
100% Feb '17
a
81%
102
"6l" Sale"
-
j
St Louis dlv 1st g 4s
1951 j - J
Ala Cen 1st g 6s
...1918 j - j
Ala Gt Sou 1st cons a 5s._ 1943 j -d
ser
04
-d
86'4
84% 91
96% 100%
61%
Sept'17
63%
1949 f
87
102
61
96
81%
84%
96% May'17
Apr '17
61
-
....1994 j - j
4s Ser a... 1950 a-o
Develop a gen
Mob a Obio coll tr g 4s
Mem Dlv 1st g 4ha~5s
07
.
July'17
80 Pac rr 1st ref 4s
5s
July'17
60%
92%
Virginia Mid
66%
57
80 Pac Coast 1st gu 4s g.. 1937 j - j
San Fran Terml 1st 4s... 1950 a-o
Tex a n o con gold 5s
1943 j - j
2d
88
Sale
60% Sale
97%
80
84%
56
69
69
69%
90
No of Cal guar g 5s
1938 a- o
Ore a Cal 1st guar g 5s...1927 j - j
80 Pac of Cal—Gu g 5s... 1937 m-n
Registered
74% Sep *10
103% 104% Sept'17
89%
-
'17
"87'
8334 Oot '16
8034 Mar* 11
Morgan's La a t 1st 7s. .1918 a-o
1st gold 6s
1920 j - j
cons g
Mar'17
May'17
1934 j
h a t c 1st g 5s lnt gu
1937
Gen gold 4s lnt guar
1921
Waco a n w dlv 1st g 08 '30
a a n w 1st gu g 5s
1941
Southern—1st
90
80%
1933 m-n
Louisiana West 1st 6s
98%
May' 16
74% Mar'17
-
1931 j
Gila v g a n 1st gu g 5s.
Hous e a w t 1st g 5s.
1st guar 5s red
98%
78
-
Feb
93
Apr '17
104
j
j
j
Aug '17
92-%
111
Sale
98% Sale
j
-
87
~89~ "97"
32
98%
90%
86%
-
81% July'17
8734 Deo *16
Aug '17
4634
-
81
9234 Apr '17
45
1949 f-a
Series e 5s.
90%
45
45
98% Jan
Mort guar gold 3ha..51929 j -d
a-o
Friday; latest bid and aaked. aDue Jan. J Due Feb. iMay. ?Due June. AD ue July.
-d
01929 m- 8
5s
1
77%
61%
7834 Feb '17
81%
93
91«4
90%
j
51949 j
Series f 5s
Mar'17
93%
Registered
20-year conv 4s
So Car a Ga 1st g 5s
92
'93
99
99%
•No price
"99%
....
71
A...1940 A-0
1942 A - O
1942 M- N
1945 M- N
A
Aug *17
Jan
99
76%
"82 ~
-
101
84%
96% Feb '12
1942 M- S
Series E 3 Ha euar gold. 1949 F
J
J
92
102
104
1931 J
1933 J
-
Aug '17
92
92%
Series C 4s
-
93
97
"76%
Series B 4Ha
Series D 4s guar
101% July'17
102
Pitts Y A Ash 1st cons 5a. 1927 M- N
Series C guar
'17
100
91%
91«4
PC C A St L gu 4H8
Series B guar
Jan
68
Sept'17
86% Dec '10
92%
4H8-1941 J - J
4s...1943 M- S
Tol W V A O gu 4Hs A
108% 122
107% 107%
20
84
' 97%
...
Int reduced to
•
100
92
....
76
....
76
Ohio Connect 1st gu
*16
93%
92% Sept'17
91% ,8934 Oct '17
84% Sep '16
93
Guar 3Hs trust ctfs D
Series C
Oct
99% July'17
99%
76
Gr R A I ex 1st gu g
107
110%
110%
109% 110
74
78% 81
Aug'17
90
95
Apr '17
"92% 99% 100% Feb "17
97
1944 J -D
Sept'17
103% Sept'17
100
Guar 3Ha trust ctfsC.^..1942 J -D
Series C 3Hs
84% Oct *17
60%
60%
61% June'17
91% May'17
106
102%
99
M- S
82%
90% 101
Sept 10
Sept'17
80
J
Guar 3 Hs coll trust ser B. 1941 F-A
74
103
80
84%
-
"77" ~80~
"85'
Sept'17
j
-
1930 j
.
117% 13fl34
117% 135
81
Sunbury A Lewis 1st g 4s. 1936 J
U N J RR A Can gen 4S..1944 M- S
83
May'17
80
87%
.
65%
11834 134
99%
Phila Bait A W 1st g 4s.
1943 M- N
Sodus Bay A Sou 1st g 5a. 1924 J - J
.
86%
-
1932 j
Consol gold 5s
1943
Ga & Ala Ry 1st con 5s..ol945
Ga Car & No 1st gu g 5s.. 1929
Seab & Roan 1st 5s
1926
104
60%
75
Through St l 1st gu 48.1954
ghasam&Plst 58..1931
~85~ "93%
115
General 4 Ha (wh iss)Junel '65
Alleg Val gen guar g 4s... 1942 M- S
57
July'17
92%
-
57
May'17
100%
1960 F
70
80,
92% Sale
4Ha
70
123%
117%
117%
84%
A
1948 M-N
75%
"83'
lid"
84
1st land gr ext g 5s
65%
63% Aug '17
Southern Pacific CoGold 4s (Cent Pac coll). .51949 j
37%
94% Deo *10
....1965 J -D
1943 M-N
General 4 Ha
86
100%
92%
92%
10034. Sale
Consol gold 4s
Consol gold 4s
Consol
87
1932 i -D
4Hs
conv
-
78%
88%
77%
_
1959 a-o
2d exten 5s guar.
67%
6734
92% Juno'12
109
Div'l 1st lien A gen g 4s_1944 J
72
80
66%
107%
O
j
.....01949 f
Cent Pac 1st ref gu g 4s.
112
-
j
-
-
20-year
Improvement A ext g 6b._1934 F - A
New River 1st gold 6s
1932 A - O
N A W Ry 1st cons g 4s.. 1996 A-0
1996 A
92
Aug'09
Norf A West gen gold 6s....1931 M- A
Registered
77%
88%
"so" II"
J
j?1992 M- 8
Registered $5,000 only..01992 M- S
43
,
107
-
N Y O A W ref 1st g 4a
77% Aug '17
88% Apr '17
74
Apr '17
87
1945 J
Providence Secur deb 4s.. 1957 M-N
Prov A Springfield 1st 58.1922 J - J
Providence Term 1st 4s... 1956 M- 8
j
-
Atl Birrn 30-yr 1st g 4s__el933 m-
105% May'15
5s... 1937 M-N
Naugatuck RR 1st 4s
1954 M-N
NYW'chesAB 1st
-
Car Cent 1st con g 4s
1949 j
FlaCent<fe Pen 1stg5s...1918 j
cons g
N Y Prov A Boston 4s
j
65%
65%
5s_ 1947
Refunding 4s
Non-conv deben 4s....1955 A-0
B A N Y Air Line 1st 4s.. 1955 F - A
Cent New Eng 1st gu 4s.. 1961 J - J
Hartford St Ry 1st 4s_ —1930 M- S
59
77%
s a <fe a Pass 1st gu g 4s
1943 /- j
sf&np lstsk fd g
5s.....1919 j - j
Seaboard Air Line g 4s
1950 a-o
Gold 4s stamped.
1950 a
Adjustment 5s
*17
60% Sale
67
52
Jan
76
k c & m r & b 1st gu 5s. 1929 a-0
St l s w 1st g 4s bond ctfs.. 1989 m-n
2d g 4s income bond
ctfs.pl989 j - j
56%' 75%
1954 J
89% Sale
88%
87% ~88"
100
58
16
25
j
j
>111
Feb *17
-
j
92% 103%
3 100% 103%
100
100
66
j
Oct
95%
97
2
83
109
High
113% Nov'll
89%
89%
88%
88%
87
Sept'17
95%
_
Sept'17
Mar'16
Low
95%
90%
65%
58%
.
54,
1948 J
lof"
do
Stamped.
k c Ft s & m cons g 6s. 1928 m-n
k c Ft s & m
Ry ref g 48.1936 a-o
gu g
June'17
87
58% Sale
a-0
No.
82%
42
50
1927 m-n
Consol gold 4s
100
64%
1951 j
Registered
1951 j
Trust Co ctfs of deposit.,
57
1930 F
82% Sale
65% Sale
j
Refunding gold 4s
~58"
52
High
95% May'17
90% Aug '17
92%
92%
100%
100% 101% 100%
j
Southw Dlv 1st g 5s... 1947 a-o
1st terml & unlf 5s
Ask Low
91%
91%
-
Trust Co ctfs of deposit
do
Stamped.
Gray's Pt Ter 1st
08
j
!&a
Last Sale
-
_
Deo '17
54
-
Week's
Range or
11.
1950 j
ser b 5s
1950
Cum adjust ser a 0s
51955
Income series a 6s
51960
8t Louis & San Fran gen 08.1931
General gold 5s
1931
St l <k s f rr cons g 4s. 1996
n ov'10
J
Non-conv deben 4s
1956 J - J
Harlem R-Pt Ches 1st 48.1954 M-N
4s
71
Non-conv deben 4s
—
ser a
68
Cons Ry non-conv 4s
.
Prior Lien
j
-
1951 a-o
4s
g
j
-
1997 j
51
52
1997 j
Registered
Jersey Central coll
Oct.
j
-
1940 a-o
...1943 j - j
gold 4s
gen
General 15-20-yr 5s
62% Sept'17
81
f 4s 1937 j
Prior lien
Sept'17
84i2
s
Atlantic City guar 4s g.. .1951 j
St Jos & Gr isl 1st g 48
1947 j
St Louis & San Fran (reorg Co)—
7978 July'17
80
93
1956
75%
88-34
88%
5s.. 1932 a-o
cons g
Peoria <fc Pekin Un 1st 6s g_.1921 q- f
2d gold 4hs
51921 m-n
Pere Marquette 1st Ser a 5a 1956
78
78
8978
c St l & p 1st
Price
Thursday
Bid
1953 j -d
Series g 4s guar
..1957 m-n
Series i cons gu 4ha.-.1963 f-a
97% July'16
75i8 Oct '17
80i2 Sale
80
p c c & St l (Con.)
Series f guar 4s gold
Philippine Ry 1st 30-yr
July'17
IS
Week ending Oct. 11.
1st Series b 4s
99i2 Aug *17
July'16
98i2 105
84i8 Sept'17
"84u "§4*2
O
-
n ov'16
82
-
Equip trust 4H8—1917-1925 J
N Y Connect 1st gu 4^8 A..1953 F
101
85
"65"
-
1937 A
June'09
80%
70%
104% Deo '15
103
May'17
130% Jan '09
123% Mar'12
95%
106%
Debenture 4s
193lfll-N
West Shore 1st 4s guar...2361 J - J
Registered
2361 J - J
If Y C Lines eq tr 5s. .1916-22 M- N
Registered
High
76%
90
J
1952 M-N
20-year debenture 48—1929 A - O
92
95
_
Low
100% 100%
80% Aug *17
Debenture gold 4s
No.
'17
Feb
IOOI4
62%
78%
n. y. stock exchange
99"% 10431
75
70*2
bonds
Since
Jan. 1.
101% June'17
J
75i2
Pitts A L Erie 2d g 5s___al928 A
Pitts McK A Y 1st gu 6s. 1932 J
High
2 "9
Range
©
May'15
J
~92%
<3
76% Aug '17
113
-
J
Registered
or
-
.1997 J -D
1997 J -D
Utlca & Rlk Rlv gu g 48—1922 J
Lake Shore gold 3Ha
Week's
Range
Last Sale
Ask Low
70%
106%
99i4
Rutland 1st
St Lawr & Adir 1st g 5s
11.
Bid
4s 1993 A
Pine Creek reg guar 6s
Price
Thursday
Week ending Oct. 11.
1507
Record—Continued—Page 3
89%
91
90%
87%
81%
87%
82%
86
86
86
_„u
*Due Aug. oDue Oct. pDue Nov.
«
19
June'17
87% Sale
81% Sale
Due' Deo.
"2
13|
31
tOptlon sale.
New York Bond
1508
bonds
Price
Week's
n. y. stock exchange
Thursday
Range or
tnion
Pacific
Oct.
11.
Week ending Oct.
Guar refund
...1929 j
4a
Utah a Nor gold 5b
1st extended 4s_.
Vandalia
cons g
Consol 4s Series b
104
104% 104
100
Sale
85%
95
92%
A
82
88%
88% Apr *17
1957 m- n
80
92
81% June'17
30
92
Wabash 1st gold 5s
1939 m-n
-
2d gold 5s
1939 F
-
A
Debenture Series b
1939 j
-
j
1st Hen equip s fd g 5s
1921 Ml- s
1st lien 50-yr g term 4s... 1954 j - j
1941 j
-
j
Des Moines Dlv 1st g 4s.. 1939 j - j
OmDlv lstg3H8
1941 A-O
Tol A Ch Dlv 1st g 4s
1941 m- s
1945 F - A
1945 F -A
1st 40-yr guar 4s.
West Maryland 1st g 4s....l952 A-O
West n y A Pa 1st g 5s
1937 j - j
Gen gold 4s......
1943 A-O
Income 5s
pl943 fNov
.
Western pac 1st ser a 5s... 1946 m-s
loo'
98% Sale
90% 91
~98 "
70
74%
80
77%
80
"66
100
9!)5i
76
1949 m- s
70
Sup A Dul dlv A term 1st
1932 F-A
107
Int Mercan Marine
100
99%
99%
77
77
60
97%
9734
94
98
94
Oct '17
77%
97% 101%
94
101%
90
80
May'17
80
99% 101
May'13
77%
78
July'17
77%
8634
87
69
70
Aug' 17
70
74%
88%
"75* "76 "
"55" Sale'
13%
..
88%
89%
100% Feb *17
i00% Apr '17
...
78
Sept'17
84
Jan
54%
14
14
100
100
101%
101%
88% 9734
101% 1013s
100
101%
77%
86%
'14
55
14
Feb '17
58% Sale
58%
85
Sale
85
86%
84
86
Sept'17
59%
"54" "69%
12%
25%
100%
58%
73%
100
85
81%
81-
99%.
94
83%
81
78
85
94
May'17
94
100
77
84%
95
May'17
95
100
77
85
80
Sept'17
80
30
Mar'14
—
-
81
94%
Bway A 7th Av
58.1943 J
D
Col A 9th Av 1st gu g 5s_. 1993 M- S
Lex Av A P F 1st gu g 5s_. 1993 M- S
Met W S El (Chic) 1st g 4s.. 1938 F - A
Milw Elec Ry A Lt cons g 5s 1926 F-A
Refunding A exten 434s.. 1931 j - J
Mlnneap St 1st cons g 5s... 1919 j - J
1st c g
-
Montreal Tram 1st A ref 58.1941 J
-
j
New Orl Ry A Lt gen 4348.. 1935
-
J
-
J
-
J
j
N Y Munlcip Ry 1st B f 5s A 1966 j
If Y Rys 1st R E A ref 4s... 1942 J
30-year ad J inc 5s
a 1942 A - O
N Y State Rys 1st cons
4348.1962 M- N
Portland Ry 1st A ref 5s
1930 M- n
Portid Ry Lt A P 1st ref 5s. 1942 F-A
Portland Gen PJlec 1st 5s. 1935 J
St JoSRyLH A P 1st g 5s.. 1937
St Paul City Cab cons g 5s__1937
Third Ave 1st ref 4s
..I960
AdJ lnc 5s_
J
M-n
j - J
j - J
al960 A
Third Ave Ry 1st g 6s
-
1937 J
-
O
J
Trl-Clty Ry A Lt 1st s f 5s.. 1923 A-O
Undergrof London 434s
1933 j - J
Income 6s
-
1948
Union Eiev (Chic) 1st g 5s.. 1949 A - O
United Rys Inv 6s Pitts lss.1926 M-N
United Rys St .L 1st g 4s
1934 J - j
St Louis Transit gu 5s
.
and
Electric
86
79
Aug'17
99
May'17
"51% ~51%
22% Sale
75
cons g
5s. 1945 M-N
Buffalo City Gas 1st g 5s... 1947 A - O
Clncin Gas A Elec IstAref 5s 1956 A-O
Columbia G A E 1st 5s
.1927 j - J
Columbus Gas 1st gold 6s. .1932 J - j
Consol Gas conv deb 6s_.._1920 Q- F
ConsGasE LAP of Bait 5-yr6s*21 M- N
100%
103"
51%
51%
22%
23
77% Aug '17
"9834 "9884
89%
79
97%
79%
99
9934
50%
7134
20
47%
75
86%
88% Nov'16
:::: "75"
90%
100
72% July'17
90% Feb 17
95
July'17
102% Mar'17
mi ~G4~
Sale
36
64
64
35%
36
72%
"78%
90%
90%
95
100
64
'80%
35
73%
101
July'17
'96%
98
Aug '17
9634 101
80%
85
82
Sept'17
82
60
64%
60
Aug'17
60
63%
84
Oot
70
Mar'17
70
" "70"
....
104
iiii ~69~
57%
58
"32"% "33"
83
80
57%
100
108
90
*08
57%
5734
61%
50
June'17
50
53
37
Sept* 17
31%
42
80
Sept'17
80
93%
97%
97%
75% Sale
97% Sept'17
75%
75%
96%
19%
54
97
102" Safe"
100
101%
102
97
"
101% 129
"
101% 108%
97
101%
84
98
—
99
—
107
Ref and ext 1st g 5a
1934 A-O
Milwaukee Gas L 1st 4s
1927 M-N
Newark Con Gas g 5s__
1948 J
D
NYGELHAPg 5s
1948 J -D
Purchase money g 4s
1949 F-A
Ed Eleo III 1st cons g 5s. .1995 J - J
NYAQ El L A P 1st con g 5s 1930 F-A
-
101
76
__
99%
9934
93
97
98
06% 105%
Juue'17
105
116%
110
June'17
110
110
89% Apr *17
99%
99%
88
98
78
90
97
June'17
96% Aug'17
89%
98% 101%
97
102%
90
9334
103% 104%
97% 10534
77%
88
96%
101"
Refunding gold 5s.
Registered
94%
94
82%
83%
82%
101
93%
90
95
*17
95
95
100
100
July'17
100
100
6s..1943 A-O
1947 M- S
99
100
115
Jan
115
115
90
J
Con G Co of Ch 1st gu g 5sl936 J - D
Ind Nat Gas A Oil 30-yr 5sl936 M- N
Mu Fuel Gas 1st gu g 5s. .1947 M- N
-
1919 F-A
conv 5s
Conv deben gold 5s
1922 M- N
Stand Gas A EI conv s 16s... 1926 J - D
88
Syracuse Lighting 1st
91
5s.. 1951 J -D
Syracuse Light A Power 5s.
Trenton G A El 1st g 5s
.
1954 J
-
1949 M-S
•No price Friday: latest bid and asked
89% Oct *17
89% 102%
Sep '03
Sept'17
96
97% 100
Apr '17
100
89
89
Mar'17
89
92
94
94
July'17
94
101%
97% 99%
92
92%
99% 100%
102
97%
90
J
'17
96
nn "96"
.
Jan
99
1947 M- S
g
94
98
1930 F-A
ChG-LACokelstgug5sl937 J
Philadelphia Co
84%
1949 M- S
5s International Series
Pat A Passaic G A El 5s
cons g
Sale
82%
98%
a Due Jan.
84
"103%
101%
Sept'17
July'17
July'17
98% Aug *17
d Due April
"94%
99
81
95
84
June'17
84
94%
84
Pub Sery Corp n j gen 5s..1959 a-o
Tennessee Cop 1st conv 6s..1925 m-n
Wash Water Power 1st 5b_. 1939 j - j
Wilson a Co 1st 25-yr a f 6s. 1941 a-o
85
Sale
Manufacturing
&
9012
93
93
94%
99
30-yr 5s
ser a
j'-"j
97
119
93
Sale
98% 103%
<
97
84
Sale
Sale
97% Sale
81
81
97%
99
96%
99%
Sale
100
74
Sale
73
Gen Electric deb g 3 ha
78
81%
99% Sale
90
1952 m- *
Ingersoll-Rand 1st 5s
1935 J
-
58
5b
78
81%
99% 106%
10034
Oot
'13
73
73
100
100
99
99
121"
113
113
Sale
95%
113%
113%
71%
90
95% 104%
99%
101%
104%
104% Oct '17
128
95
103
110%
105
98
102
90
92
98% 103
101% 106
9934
•
112
105% 111
91
99% 100
10134 Sale
129
113
96
91
79%
102
98% 100%
95
95
95
95%
101% 106% 108% Sept'17
101% 105
105
105%
95
'
99% June'17
98%
1st Hen a ref 6s series c..1921 a-o
Nat Enam a Stpg 1st 5s.—1929 j -d
Nat Starch 20-yr deb 5s
1930 j - j
_
78% Aug *17
99%
Mar'16
Sale
95
6s a 1921 a-o
National Tube let 5s—
1952 m-n
n y Air Brake 1st conv 6s.. 1928 m-n
76%
105%
85%
Sale
113% Sale
—1951 f-a
con
59
103
73
113
1951 f-a
1944 a-o
102
100
76
100
99
5s*
1935 j - j
Liggett a Myers Tobac 7a.. 1944 a-o
conv a f g
97%
100%
May'17
100
j
Int Agricul Corp 1st 20-yr 5s 1932 m-n
Int Paper Co let con g 6s. —1918 f-a
Lorillard Co (p) 7s—
Mar'17
103% 104
1942 f-a
92
83%
100% 104%
103
97
97%
100
5b
9
97% Oct '17
conv 1st g 5s. 1927 a-o
e i du Pont Powder 4Ms__.1936 j -d
General Baking 1st 25-yr 6s. 1936 j -d
Cuban-Am Sugar coll tr 68..1918 a-o
3
9734
81
96%
26
97%
1951 f-a
1934 m-n
9734
92%
99% 104%
92%
87%
99%
95%
119
119%
85
83%
973g
Sept* 17
88% Apr '17
83%
84%
100%
101
97%
9778
105
93
94
Sept'17
99%
99%
89%
91%
...
101
1931 jn-N
1st 25-year s f 5s
99% 104%
100%
119
82
Am Writ Paper 1st a f 5s
1919 j - j
Baldw Loco Works 1st 58— .1940 m-n
Cent Leather 20-year g 58—1925 a-o
Consol Tobacco g 4b...
Corn Prod Ref s f g 5s.
93
90
89% Sale
d'47
1919
99%
Sale
99% 100
Am Tobacco 40-year g 6a—1944 a-o
Gold 4s
..1951 f-a
Mexican Petrol Ltd
85
88%
'14
Jan
9834 Sale
100% Sale
.1928 a-o
Am Thread 1st coll tr4s
Consol
86
91
85
91
103%
Conv deben 5s.
1924 f-a
Am Cot oh debenture 5a... 1931 m-n
Am Hide a l 1st s f g 6s
1919 m- s
Am sm a r 1st
9034
Industrial
Am Ag Chem 1st c 5s
101s4
Railway Steel Spring—
Latrobe Plant 1st sf 5a...1921 j
Interoeean p 1st a f 5s
1931
Standard Milling 1st 5s
1930
The Texas Co conv deb 6s..1931
Union Bag a Paper 1st 5s.. 1930
-
j
9734
a-o
m-n
j
-
j
j
-
j
1947 j
-
j
u s Smelt Ref a m conv 6a. 1926 f-a
v-Car Chem 1st 15-yr 5s— .1923 j - d
Conv deb 6s
———el924 a-o
-
....
99
93% 98
100% Sale
Stamped...
1930 j - j
u s Realty a i conv deb g 5s 1924 j - j
u s Rubber 10-yr col tr 6s__ 1918 j -d
j
....
89%
90
51
Sale
98
98%
93% Sept* 17
100%
101%
94
97%
—98
9734 Sale
100% 104%
20
"26
82% Aug '17
88% May'17
94
49
101
82
258
81
102
8
'17
Oct
98
99%
97
98
100
88%
3
51
102%
99
98
93% 101
100% 106%
93%
8I84
51
51
102% 102% 101%
81
81% Sale
10134 101% 101%
notes 58.1917 a-o
Beth Steel 1st ext a 15a
1926 J
1st a ref 5s guar a
Buff a Susq Iron a f 5a
1942 m-n
1932 j -d
Debenture 5s
a 1926
-
J
"l7
5
July* 17
99% 100% 100
90
87%
90%
64
104%
9234
101% 109
94
10034
103
98
97
11234
100
101%
89" ~94%
100
102
97% 101
84
100
98
104
90
90
102
Sale
90
96
95
July'17
95
9638
91
Apr '17
Dec '14
91
93%
101
86
Sept* 17
85~ "98%
91%
m- 8
Cababa c m Co 1st gu 6s...1922 j
111 Steel deb 4hs
Indiana Steel 1st 5s
-d
—*—1940 a-o
1952 m-n
Kan ah c a c 1st 8 f g 5s__1951 j - j
Lack aw Steel 1st g 5s
1923 a-o
1st cons 5s Series
Midvale Steel a o
Pocah Con Collier 1st
-
j
St l Rock Mt a p 5s stmpd. 1955 j
-
j
Tenn Coal i a rr gen 5s__ 1951 j
-
j
u s Steel Corp— 1 coup...<11963 m-n
8 f 10-60-yr 5s[reg
dl963 m-n
Victor Fuel 1st
f 5s
a
99
93
f 58.1957 j
1953 j
-
j
Telegraph
&
Telephone
1929 j
87%
98% 101%
-
j
Convertible 4s
1936 m- s
20-yr convertible 4hs
30-yr temp coll tr 5s
1933
m-
s
1946 j -d
Cent DIst Tel 1st 30-yr 5s.
.1943
j
Registered
2397 q- j
Cumb t a t ac a gen 5a.—1937 j
-
j
Keystone Telephone 1st 5a__ 1935 j - j
Metropol Tel a Tel 1st s f 5s 1918 m-n
Mich State Teleph 1st 5a... 1924 f-a
n y a n j Telephone 5a g_.1920 m-n
n y
Telep 1st a
gen a
f 4 hs.1939 m-n
1937 j
-
j
Sale
93%
Sale
86% 91
97% Sale
87
76
84
84%
99
July'15
r.
99
"60 " "75 "
87
85% Sale
97
68%
68%
1
8
92% Aug '17
97%
97%
86
95%
....
Aug '17
80
Deo '16
85%
96%
Sept'17
73
Nov'16
73
69
July'17
96
96
97
98
100
103
69" "69"
96
95
101%
Apr *18
99% Sept'17
91
Oct
98
Oct
99% 101%
'17
'17
91
101%
98
101%
100%
91
92%
92%
101
94
93%
9334
4
93% 102
96
3
93% 10is4
91
94
94%
94%
93% Sept' 17
91
92
91
oDue Oot
92%
101
9634 10634
95
101%
9734
97%
j
aDue May. g Due June. ADue July. JtDue Aug.
92
Sept'17
j
j
~ "90"
85
-
-
10334 107
86
99% 100
86
103%
9034 107%
85%
-
....
95
"237
95
9534
101%
85
9734
91
97
85
92
92% Sale
9334
103
89%
84%
Sept* 17
101
93% 107%
92%
"ii
Apr '17
100
94
84
9934 103%
97% 101%
93%
97%
9934101%
7
11
90
1938 j
Northwest Tel gu 4hs g—1934 j
81
....
99
f 5s 1941 j
s
West Union coll tr cur 5a
75%
91~" "95".
89%
95
9638 Sale
100
Fd and real est g 4ha.^_.1950 m-n
Mut Un Tel gu ext 5s
1941 m-n
8outh Bell Tel a t 1st
10
93%
94
100% Sale
-d
Commercial Cable 1st g 4s—2397 q- J
Sale
9934 Sale
90
Repub ias 10-30-yr 5s a f. 1940 a-o
75%
99% Feb '14
84
m- s
1950
s
75% Sale
15sl936 m- s
a
conv a
Pac Tel a Tel 1st 5s
Nov'16
May'17
89%
88%
Am Telep a Tel coll tr 4s
94
75%
103
90
Va Iron CoalACoke 1st g 5s. 1949 m- s
Pacific G A El Co—-Cal G A E
Corp unifying A ref 5S...1937 M- N
Pacific G A E gen A ref 5s__1942 I - J
Pac Pow A Lt 1st A ref 20-yr
73
100
11
89
94% Mar'16
105
104% Apr '17
98
98%
78% Sept'17
105% June'17
93%
Aug '17
"90" r94 "
90% Deo *16
97
96
96%
10034
90
89% Oct '17
Continental Coal 1st g 5a... 1952 f - a
Gr Rlv Coal a c 1st g 6s
1)1919 a-o
Feb '13
98% Sept'17
102%
91
91
"
Convertible deb 6s
...1925 M-S
Ed El 111 Bkn 1st con g 4s. 1939 j - J
Lac Gas L of St L 1st g 5s..el919 Q - F
9134
July'17
95%
103%
A-O
Kings Co El L A P g 5s
1937 A-O
Purchase money 6s..,....1997 A-O
96
88
12
..
Mar' 14
90%
Kan City (Mo) Gas 1st g 5s. 1922
10934
109
73
Sept'17
9934 101% July'i7
105% Oot '16
73
100% May'15
95% Sept'17
98% Oct '17
87%
98% 109%
100
102
91
95
100
June'16
iiii "90%
99"
Aug '17
102
Apr '14
94
Cons Coal of Md IstAref 5a. 1950 j -d
Oct '17
96
101% Oct *16
"94" "95"
83
102
99
93% 100
Peop Gas A C 1st
85
88%
105%
nil "9953
Eq G L N Y 1st cons g 5s. .1932 M-S
Gas A Elec Berg Co c g 6s..1949 J -D
96
"85% *90"
Detroit Edison 1st coll tr 5s. 1933 J - J
1st A ref 6s ser A
51940 M- S
Havana Elec consol g 5s
1952 F-A
Hudson Co Gas 1st g 5s....1949 M-N
'17
Col f a i Co gen s f 5s
1943 f-a
Col Indus 1st a coll 5s gu__.1934 f-a
Cons Ind Coal Me 1st 5a...1935 j :d
95%
'17
10
100
92% 101%
1063s 132
87
101
83
Sept'17
Oct
93%
104% 118
Coal Iron & Steol
97% 101
75% 91
Detroit City Gas gold 6s... 1923 J - J
Detroit Gas Co cons lstg5sl918F-A
Oct
101
v
106%
Feb '15
104
83
100
90%
88%
June'13
Aug *17
1
11
'17
Oct
89
8634
80%
89
Westlngh'se e a m
96
87
94
98
86
85
West Electric 1st 5s Dec....1922 j
Sept'15
96%
96%
92%
111%
92%
1063s
90
42
108
92
93
88% Sale
1st a ref 5s series a
103
104%
Sale
96%
*26
80% Sept'17
101
95
5a. .1954 m-n
_
102% 102%
Aug'17
18
Nor States Power 25-yr 5s a 1941 a-o
Ontario Power n f 1st 5a... 1943 f-a
Ontario Transmission 5s
1945 m-n
Debenture
Nov'16
98% Aug '17
97% July'17
Light
1947 J -D
Atlanta Q L Co 1st g 5s
Bklyn Un Gas 1st
93
87%
98% 100%
1924 A-O
United RRs San Fr s f 4s. .1927 A-O
Va Ry A Pow 1st A ref 6s.. 1934 J - j
Gat
100% June'17
99%
87
Sale
73
Distil Sec Cor
Metropolitan Street Ry—
94%
Sept'17
July'17
97% Sale
73
07
86
90
67
92
Sale
Apr '17
93
8734
89% 101%
'92"
82
94
100
88
al932 a-o
Nlag Lock a o Pow 1st
Sale
89%
j
67
'17
84%
94%
'17
-
89%
Oct
85
58
Oct
Sept'17
s934
91%
89%
92% Oct '17
73
Sept'17
58
58
68
100
91%
84%
66% Sept'17
58
Sept'17
66%
58
58
91
67
92
106
88
90
Ref a gen 6s..
75
101
Sale
n y Dock 50-yr 1st g 4s
1951 f-a
Niagara Falls Power 1st 58..1932 j - j
95
103
96
102
91% Sale
91
98
101
Mar'17
j
88%
88%
92%
8734 Aug '17
-
71
92
101%
87%
96%
Aug '17
83%
f 6s—1941 a-o
83%
80
84
f 5s.. 1940 m- n
s
s
Montana Power 1st 5s a...1943 j
Morris a Co 1st 8 f 4hs
1939 j
85
July'17
92%
....
May'17
Sept'17
83% July'17
89'
Interboro-Metrop coil 4348.1956 A-O
Interboro Rap Tran 1st 5s..I960 j - J
Manhat Ry (N Y) cons g 48.1990 A-O
Stamped tax-exempt
1990 A-O
Chile Copper 10-yr conv 7s. 1923 m-n
Coll tr Aconv 6s ser a w 1
Mtge Bond (n y) 4s ser 2.. 1966 a-o
19-20-yr 5s series 3......1932 j - j
88%
N Y A Jersey 1st 5s
Feb *17
20
98
"98 ~
Aug '17
June* 17
iiii "86%
j
82
Conn Ry A L 1st A ret g 4Hal951
J
-
~65~ "7534
ex
82
76
71
-
1955 j
5s
Bldgs 5s guar tax
Great Falls Pow 1st
85
1
Consol
105
10534
85%
86
High
105
93
Cerro de Pasco Copp cnv 6s 1925 m-n
Chic Un Stat'n 1st gu 4hs a 1963 j - j
99
9234
102
Braden Cop m coll tr s f 6s. 1931 f-a
Bush Terminal 1st 4s
1952 a-o
86%
7534
99
Low
96
89% Sale
8834
-d
79
84%
No
101
Armour a Co 1st real est 4Hs'39
Booth Fisheries deb s f 6s.__ 1926 a-o
j
1960 a-o
84%
'16
83
66%
1925 m- s
1926 m- s
100
80
1951 J - J
Det United 1st cons g 434s.^ 1932 i
-J
FtSmlth Lt A Tr 1st g 5s... 1936 M- 8
Hud A Manhat 5s Ser A
1957 F-A
•"
Adjust Income 5s
1957
Alaska Gold m deb 6s a
"73" "77"
High
9234 Sept'17
101% Nov'16
100
100%
..1948 m- 8
Adams Ex coll tr g 4s
91% 101
80
85%.
j
Since
Jan. 1.
Miscellaneous
98% 106%
99% 105%
-
100% 103
74%
434s
1950 j
76
Stamped guar 4-5s.....1950 f-a
Kings County e 1st g 4s.. 1949 f-a
Stamped guar 48-...ii1949 f - a
Nassau Elec guar gold 4s. 1951 j - j
Chicago Rys 1st 5s...
1927 f-a
guar
1944 f-a
Utlca Elec lap 1st g 5s
Utlca Gas a Elec ref 5s.....1957 j - J
Westchester Ltg gold 5a
1950 j -d
76
Street Railway
Brooklyn Rapid Tran g 5s.. 1945 a- o
1st refund conv gold 4s...2002 j - j
Stamped
35
100%
78
'17
99% Mar'17
72%
Bklyn q Co A s 1st 6s
1941 j - j
Bklyn Un el 1st g 4-5s...1950 f-a
35
92
Utah Power a Lt 1st 5s
100
72i2
Bk City 1st con 4s.. 1916-1941 j - j
Bk q Co 4 s con gu g 5s.. 1941 m-n
92
98
100% Apr '17
70%
j
94%
98
Range
Range or
Last Sale
Ask Low
97%
Refunding a extension 58.1933 m-n
United Fuel Gaa 1st a f 68—.1936 J - J
"82~% "87%
69
-
86%
"99" ioo%
July'17
82%
j
6-year secured notes 5s... 1918 j
Oct
Bid
11.
Union Elec Lt a p 1st g 5a_. 1932 m- s
Computlng-Tab-Rec s f 6a.. 1941 j"""j
Granby Cons m s a p con 6a a '28 m-n
Stamped
1928 m-n
4s '36 m-n
-
108%
Oct.
lata
Week's
Price
Thursday
Is
11.
Conv deb 6s series b
Sept'17
78
May'17
99% Sept'17
80
Aug '12
75
Apr '17
84% Jan '17
76% Aug ,'17
91% Aug '15
76
co
-"j
High
103% 108%
*16
Mar'17
s
Wis Cent 50-yr 1st gen 4s... 1949 j
Oct
Oot
Refunding 4%s series a.. 1966 mctfs of deposit
Winaton-Salem s b 1st 4s.. 1960 j
98%
91% Oct '17
37
98%
Trust
92
"40"
Sale
Week ending Oct.
1.
Low
81%
Sept'17
100% 104% 101
86
84
■83
Jan.
97%
98%
65
n. y. stock exchange
"88" "92~"
99
99
bonds
Since
100
2
83
Range
Apr *16
92
105
80
Wheel Dlv 1st gold 5s.... 1928 j - j
Exten A Impt gold 5s
1930 F-A
rr 1st consol 4s...
90
35
"93%
1926 A- O
5s
NO.
....
97% Aug '17
j
j
-
j
g
87
-
1962 m-n
Wheeling A l e 1st
87
-
F
Virginian 1st 5s Series a
Wash Terml 1st gu 334s
100
1933 j
Vera Cruz a p 1st gu 4hs..1934 j
Det A Ch Ext 1st g 5s
87
High
'17
Oct
100
1926 j
1955
4a Ser a
-d
Last Sale
Ask Low
Bid
(Con.)—
Ore Short Line 1st g 6a...1922 F-A
1st consol g 58
..._1946 j - j
11,
si
*
eq
[Vol. 105.
Record—Concluded—Page 4
91
101% 101% Sept'17
94
pDue Nov.
93% 103%
91
9934
101% 101%
Nov'16
Due Dec.
* Option sale.
PRICES—NOT
SHARE
Sales
PRICES.
CENTUM
PER
Saturday
Monday
Tuesday
Oct. 6
Oct. 8
Oct. 9
Oct.
12
Oct.
11
Oct.
10
147
45
45
*90
99
*90
*160
2312
147
*160
5
*2
*15
30
*
34
*
Lowest
160
5
*2
5
*15
30
*15
30
5
►
34
►
98
*
140
*
3812
*95
9678
5
*3i2
*1712
94%
6684
*66
*86
87*2
86
*9
10
145
*
*93
106
♦120
125
88
*85
140
June'17
Last Sale 125
Oct'17
—1
*3%
....
19
28%
*17%
27%
17
2734
Aug'17
Last Sale 25
Sept'17
95
112
113
11414
II434
114
115%
94%
9378
9412
6634
65
65
*64
87i2
*85
36
*35
13
13
13
13
146
147
147
147i2
*
*
56
"29%
29U
834
912
97
100%
60
60
60
14
14
*13
90
84
85%
71
69
127
*126
45l2
126
126
70
2
90
30
127
46
4534
451s
45U
2578
257s
2578
2512
10434 106%
10534 108
116l2 *11534 II6I4 *11514 11578
7
678
612
678
634
46
257s
2534
10714 IO8I2
*116
*134
95
4
*.35
134
1»4
9514
9514
4
*384
.60
*.25
.60
62l4
62i4
63
*62
1634
16%
*54
2
96
...
56
"
24
Last Sale 88 1
Sept'17
Last Sale 92%
Aug'17
22i2
45
25%
26
~~6%'~
94
15
Last Sale .25
11%
10
Last Sale 25%
21%
66%
71%
67
48
48
46%
46%
*45.
4534
"43%
43%
5312
53
5334
51
53%
49%
50%
49
5034
2's
2
2
*2
2%
178
2
5
478
5
478
434
434
*4012
12'2
*134
*58
11
4112
*40
1212
*12
2
30%
3012
512
5%
30
5l2
3
*8
812
8
*3]8
3i2
*3
*5%
6
*512
9
*1%
2l4
*134
2
♦20
234
*11
80
2034
234
12i2
.
8%
87-
86
86%
29%
30
5%
6
*53s
*8
75
8%
15i2
1512
*.50
.95
*.50
.95
*1%
178
*H2
2
84%
84
21l2
*21
*81
82
*24
2434
67
*1^«
67
114
6
23i2
*278
3
*7
8
*314
33s
5i2
77
19
•
1
6
*314
5
n
*2
29
7%
3%
6
7%
7%
134
1%
2
134
19
'2%
15%
15%
81
80%
80%
79%
*22%
23%
*22
1334
40%
42
20
18%
To"
80%
78
2%
3
Last Sale 22%
Last Sale 59%
5
49
49
48i2
49
49
47%
48%
47%
*2
*39
*.75
•
234
3
234
2
40
1
3812
*.70
Bid and asked
*85
334
*3
2i2
2%
39i2
*38%
.90
prices.
*.70
«
11
July 20
1
Marl6
11
,
Mar
159% Apr
186
Oct
100% Mar23
81
Mar30
79
Sept
78
Sept
89
31
155
May
181
Jan
11
Junel5
10
40
Jan
17
35
Jan
9
95
Mar26
60
Jan
10
30
Feb
Feb
15
Oct
Jan
19
12034 Dec
102% Jan
Jan
11
102
Dec
158% Apr
35% Dec
Mar29
15
Feb
10278 Apr 16
125
Feb
35
Jan
28
Jan
_
11
68
June 7
35
May28
*
Jan
147
16
"
Nov
50
136%Jan
155% Jan 22
58% Jan
3
June
50
Feb
Nov
2% Jan
19
Apr
Dec
23% July
7
124% MarlO
92% Aug
l?%Oct 10
IOO84N0V
% N0v
Junel5
133
102% Sept
June
30
Sept19
Sept25
13«8 Jan
250
1% Julyl6
120.
2578 July
Dec
225
32% June26
105
72% Nov
95
169
99% Feb
5
28% Jan
30% Mar 8
878 Jan 26
Aug 30
2%
3
3%
14%
85%
13
14
8278
1% Oct 11
92
44
Feb
42
Deo
66
Dec
Mar
140
Nov
165
155% Nov
175
Oct
59
Oct
16% May
Oct
177
70
Nov
33
Mar
168% Aug
63% May
Sept
31
9
11
Butte A Sup Cop
10
(Ltd)...
10
25
25
....
5
Copper
25
20
10
10
25
....
100
Consolidated
100
Hancock Consolidated.... 25
Greene
Cananea..
Do
,
Keweenaw Copper
Lake Copper Co
...
Valley Mine
8ept27
25% SeptlO
66% Oct 10
Do
pref
Mines
Butte.
-
Lake
13
———
...
...
Oct'17
South
Dec
640
14
July
27
July
73% Nov
54% July
87% Nov
68
Jan
3
Jan
10
5% Oct 10
75
178Feb 16
Sept26
28
May 10
9
l%June 8
7
—
.—
3
3
234
234
460 Victoria
2%
39
2
3
2
2
270 Winona
38%
.90
*.60
39
.90
Ex-dividend and right*.
38
155 Wolverine
« Assessment
Sept'17
paid,
10
l%Oct 10
1% Aug 20
...
Wyandott
h Ex-rlghts
s
Oct
11
17780ct 10
2
July 9
Tl
Oct
2
25
22
Jan
75
Septl8
Ex-divldend
37gMar
7% Dec
Nov
13% Nov
20
11% July
3
Jan
6
June
Jan
17
79
July
46% Jan
20% Jan
3
19
3434 June
55% Nov
10% June
2
July
23% Nov
9
92
4
Mar 6
Mar22
Nov
120
1
6% Nov
76% Junel8
42
Sept
7384 Deo
94
Anr 28
88
Jan
93% Dec
36
Jan
18
25
July
43
6
3% July
1% Aug
10
July
5% Mar24
98
3
Jan
26% Mar 7
Jan
2
17% Apr
3
6
19% Feb
9% July
2
15% Jan 17
3
May23
Jan
83s Aug
8
2% Feb
16
5
6% Nov
Nov
9
19% Nov
484 Nov
Nov
1% Jan
77% July
15
Nov
5% May
Apr
3% Mar
Aug 22
434Jan 27
18
Jan
2
108
33% Nov
Jan
10% Jan
4% July
9
July
2434 Jan
Mar20
20
Dec
31s8 Nov
92% Mar20
77
Dec
93% Nov
30
9% 8ept26
6
Mar
9% Nov
20
July
32% Nov
.50
Oct
4
1% Aug 28
25
10
25
16
July
434 Dec
24% Mar28
2 34 Jan
3
Oct
—
2
1?
7% Jan 16
6% July 2
78
...
17
Nov
Nov
13% Oct 11
40% Oct
1
25
25
25
845 Utah Metal A Tunnel
38
Last Sale .90
6% Oct
25
25
10
10
70 Utah Copper Co..
"3% "3%
9
11
3
17% Oct 10
78% Feb
27a Jan
12
59
Dec
70
July
28'4 Juuel8
11% Mar
81
July
12% Feb
40% Feb
61% Jan
2
5% Oct 11
10
Jan
5
1% July
7
July
30% MarlO
24% July
4
Aug 30
Sept 4
2
6% Jan
2
16% Mar 6
8% Jan
60
Jan
6
15
8% Julyll
4
Aug
12% July
1% Jan
35
Aug
4% July
3% Mayl6
1
Mayl2
2% Jan
9
.15 Jan
Feb
3
6734 Jan
4
54% Jan
11
52% Jan
4
49
378 Sept27
21% Feb 20
118-% May 26
75
52
47% Oct
178 Mar28
13
Oct
Nov
2384 Deo
109% Nov
2084 June
Jan
Feb
105
32% Apr
3
89% Mar 6
2
7
278 Apr
Nov
83
94% Feb 21
2% Oct 10
10
8278 Oct 10
3% Oct
6
6% Jan
10
Jan
2
234 Oct
8
6
2
Oct
8
5% Jan 25
38
Oct
11
to Half D»«d
*
1% July
67% Mar 12
95
Mar 12
Apr 14
22% Oct
4% Jan
.50 June
11
10
10
10
25
pref
*334
9
Feb
75
25
378
Oct
278Mayl6
5
47
3%
2
4% Apr
25
8278
4
11
11% Oct 10
3
Do
Oct
39% Apr 23
25
1,115 Superior A Boston Copper. 10
305
11
1
1,925 Utah-Apex Mining
1,301 Utah Consolidated
3
13%
Oct
Jan
1
50
50
5
5
Jan
11
Oct
11
910 Tuolumne Copper
52
•
l%Apr 23
4% May 4
49
Oct
1,336 U S Smelt Refin A Mln...
5% Feb
46
Feb
1,798 Trinity
86% Nov
18
Nov
1% Aug
510
1
Tamarack
97% Apr
27% Jan 16
63
Mar 7
220 Superior
Mar'17
7% July
15% Junell
2% Jan 26
83% Nov
10
Oct
58
Lake
3
Jan
Dec
,15 Oct
4
43% Oct 11
500
23
Shattuck-Arlzona
73
2% Nov
84 May
29% July
60
July
105% Mar
101
Nov
Mineral Land.. 25
Ray Consolidated Copper.
St Mary's
450 Santa Fe Gold A Copper..
4734
♦
-
56
Dec
25
Mining
Mar 6
41%Jan 26
June
85
15
25
26% Jan
66
1
25
5
25
25
25
5
100
100
5
New River Company
125% Nov
Dec
42
58
25
5
Quicksilver.
Aug
10
26
25
New Idrla
91
2
2
85% Jan 26
590
Feb 20
1
25
5
2
70
.40
25
105 Island Creek Coal
Lake
-
578 Deo
1% Feb
2
Jan
11% Jan
l%Jan
108
11
3% SeptlO
% Septl2
Oct
1,040 Shannon
54
Oct
4% Jan
9% Oct
282 Quincy
l'X, 1%
53
378
11
Oct
51
"l85
5
4%
5
1
*86U
Oct
69
3
Oct'17
3
3
3%
55%
314
84
143
10
"TOO
1
4
18
Oct
4,920 Pond Creek Coal
"V
"7"
5234
334
Jan
Feb
667 Old Dominion Co.
2%
56
*3
102
15
....
200 OJibway
58
58
21%
7
Mining..
215 Nipissing
78
Last Sale 24%
2234
54%
*8818
3
*10
25
— — -
200 Osceola.—
57
1414
885s
Feb
58
70 North
6
578
*20
3%
3%
100
25
1,635 North
1%
3%
23
16
Lead A Smelt. 25
1,112
Do
5
pref....
...
25
5
1,206 Arizona Commercial
220 Butte-Balaklava Copper.. 10
141.2
578
3l2
14
170% Jan
25
.
.......
Algomah
Oct'17
Oct'17
1
7
4914
35S
14%
87
4
135% Septl2
5
321 Mohawk
8
1%
312
8% Dec
4
25
Aliouez
195 Kerr
Aug'17
8
5634
14
14784 Dec
Jan
Nov
79
12284 Nov
13
Jan
Oct'17
Last Sale 75
1%
35g
Jan
42
u?8% Apr
Jan
Feb
pref
1,130 Isle Royale Copper....
Last Sale 22"
58%
35s
27
Jan
20% June22
226
July21
Aug 20
225 New Arcadian Copper
138
14
101% Feb
22
28
230 Nevada Consolidated
Last Sale 12
5%
7
1%
July
66
55
20 Michigan
1
7
5%
9
122
10 Indiana Mining
75
75
1
7
I5/*
Jan
98
129% Nov
2 Mason
60
3
5
101% Mar
66
97% Jan
lis4 Aug
121% Jan 22
Jan
25
1,180 Mass Consol
570 Mayf]ower-01d Colony.— 25
60
*2%
13s
Septl3
25
25
25 La Salle Copper..
1%
17%
514
134% Sep
66% Not
Jan
7984 Mar
""745
5714
s
Aug
92
115% Feb
6% Sept
""§50
5%
.50
78%
6
42
Dec
27
Sept'17
28%
1%
21
23
"28"
.50
83%
578
8
125% Oct
124
Oct
8
June
123
May28
30
1%
'43%
81
!
9
Oct
•
Jan
178
.50
20%
VXt
;*
pref
5 Granby
59
1%
84'
*1
Oct
86
Deo
3% Apr
16
May
121
Do
245 Chlno
11%
178
.50
2112
V4t
11%
59
75
14
63
Fruit
100 Franklin....
12
8%
63
65
Nov
105
100% June 9
75
Julyl7
58
100
Torrington
Do
pref
3,686 Copper Range Cons Co...
240 Daly-West
1,340 Davis-Daly Copper
1,678 East Butte Copper Mln...
1778 "18%
2%
41
*22
Apr
102
114%Mar
10
10
106 Calumet A Hecla
*2%
*11
*8
66
1
9
175
100
2,333 Calumet A Arizona
1%
44
3
100
Mar
Apr
s4 Dec
166% Jan 25
46
Jan
3
Sept'17
134
76
8
.95
Feb
93% Oct
Septl2
7% Apr 13
Amer Zinc,
Last Sale 40
2%
7
6
12
75"
5%
*3
7534
"75"
Last Sale 2%
6%
78
434
1034
4%
5%
43
2312
.
8
3%
534
*5
"2
6'g
*22
7
15%
126% June 9
121% Jan 24
128% Jan 25
Mar
67% Jan
86
Feb
135
"
~*I%
243g
66
3
28%
75"
82
82
*24
*212
2%
*11
44
43i2
84
1%
1534
15i2
*21
6%
*1%
234
12i2
4412
7
*3
*11
44%
*2
3i2
5%
10
2
*85%
5*2
Dec
35% Deo
125
95% Mar
Sept 13
40 Centennial
12
59
19i2
'
11%
*134
*57
87
7
Feb
157
May
3
510
500
38
2
3 012
8
Aug
7784 Jan
Sept
115% Oct 10
5%
59
79i2
*212
*35
1078
78
*134
1%
75
*77g
12%
5%
*56%
2
79
10%
•
*73
2
834
8
1%
*19
12%
505
59
§'2
*134
5%
40%
3
*2l2
500
1078
80
*3934
12%
.
59
*212
*834
*5%
*75
41
*85
*85
79
6
80
*134
59l2
1034
113s
*512
64
130
""434
68%
50
*76
9434 May
103% Jan 27
2% Jan
9
100
50
Sept'17
.50
.50
*20
15%
6
July
Pullman Company
580 Alaska Gold
"9%. To"
*14%
11
Sept
69
112
289 Ahmeek
54
*50
15
80
x55
6
Sept28
280 Adventure Con
60
15%
73
♦55s
56% Marl7
20
44
107
.........100
4
3%
515
*76
100% Aug
Jan
8% Aug
1,090 United Shoe Mach Corp.. 25
Do
512
pref
25
100
10,785 U 8 Steel Corporation
93
92
37g
15
*1034
134% Dec
Jan
102
43% Septl8
25% Septl9
1%
1%
1%
*1%
93
71
434
6
84% Feb 13
Jan 15
88
6,290 Ventura Consol Oil Fields.
6%
505
5
Jan
100
5
16
*2
5
44
10178 10334
520
*4914
Dec
97
Nova Scotia Steel AC
515 United
124
73
.A318
6
122~
*15
74i2
Oct* 17
"J"Io
520
1512
11
Septll
10
Telephone.
2,125 Swift A Co.
137% 140
74
*15
♦22
21
*20
Dec
50
Deo
94
Mining
.50
*.40
.40
.40
*21
""II
115% 115%
6%
10
Oct
114
12
pref..
65 Reece Button-Hole
15%
1034
Oct'17
Last Sale 56
257s
25%
101% 10534
Oct
112
10
—
60 Punta Allegre Sugar.
15
51
328
136%
5978
-16%
Do
106
Last Sale 95
123% 125
44
45%
105
88
100
New Eng Cotton Yarn
100
Do
pref.......
..100
New England Telephone.. 100
Nlpe Bay Company
100
.60
1012
26
14
2
65% Feb
Mississippi River Power.. 100
60%
1612
Feb
87
131% Dec
Sept
52% Jan
74
8%Mayl6
Mexican
5978
51
9
Oct
40
July'17«
30
6%
50
100
100
TOO
pref..
Sept'17
*.25
1034
9
June'17
.60
17
8
Last Sale 33
384
55
Oct
1% Apr
8% Jan
Do
pref
100
Mergenthaler Linotype—100
Oct'17
35
57
*29~
62
60
14
95
50
Do
317
520
7312
520
334
*.25
Sept26
Last Sale I
334
*10l4
.50
*,40
*23
♦
95
*53
1634
,
-10%
1012
4
45% July
July
July
16»
Feb
4% Dec
Jan
Feb
Last Sale II
105
85
1%
*112
94
98
6% June26
31% July 3
110
84
Ilium...., 100
5 General Electric.........100
40 McElwaln (W H) 1st pref. 100
296 Massachusetts Gas Cos—100
125.
*
56
125
Jan
135
100
Edison Electric
Oct'17
Last Sale 145
106
105
*120
120
85%
145
*93
...
•
Jan
z86
8
Chemical...100
100
330 East Boston Land
Last Sale 183
137
*.._.
10514
13
13
100%
*.80
2
60
8
*144
145
*29"
Sept
92% Jan
9
100% Mar 7
24% Feb
2
96
Sept28
50
2,487 Atl Gulf A W I S S Lines..TOO
Do
pref.......
...100
1,480
10
110 Cuban Port Cement
98% 100%
190
*185
34%
35
34%
35
12%
13
12%
*1212
144i2 145% zl37% 143%
30
40% Feb
5% Jan
69% Sept
122
Aug 28
38
Do
40
pref..
200 Art Metal Construe Inc—10
60
13%
734
734
90
*
56
*29%
Jan
5
Mar
17
"2
3
50
pref...
....100
50 Amoskeag Manufacturing
9%
101
3512
52
235% May
Dec
123
Mar28
Jan
Apr
97% Oct
American Woolen of Mass. 100
"185
87
60
pref
Do
Oct'17
94
94
135
*35
Aug
4% Feb
105
95
100
52 Amer Sugar Refining
65
100
*85
21% Septll
pref
Do
73
pref
1,908 Amer Telep A Teleg
Last Sale 4634
43
*41%
4312
94
90
2
June
100
pref
Do
400
115
120
Aug
200
78% Mar22
133
100
-.100
Colony
Do
67
1%
*1%
10534
125
Hartford
40 Amer Pneumatic Service..
113
105
stamped
Amer Agrlcul
Oct'17
9634
114
*93
Old
121
105
...
Do pref
Rutland,
52
Last Sale 85%
115
105i2
9
92% Sept24
3
May 8
17
Oct 10
342 West End Street.........
108l2
1135s
*
34
30
July 3
Miscellaneous
933s
90
Oct
Junel9
83
Northern New Hampshire.100
38
113
190
50
Vermont A Massachusetts-100
107
*185
120
.100
122
"25
10%
734
Oct
100
629 NYNHA
97%
97%
112
*834
Oct'17
Last Sale 95
10
,
95
Georgia Ry A Elec stampdlOO
Do
pref
100
100
95 Maine Central
100
60 Mass Electric Cos
21
17
27%
1012
*85
150
Y...100
River
Marl6
Jan
4
—
...
pre!
Connecticut
"3% "~3%
10
*42I2
Do
93
95
*114
pre!..
'
95
*.80
*85
Junel2
Last Sale 125
pre!
Chic June Ry A U S
Oct'17
Last Sale 84%
9612
*144
*120
110
52
190
105
154
52
8l2
*93
...
*105
Oct
102%'Apr
85
14
*
150
27
Last Sale 95
*51
*.80
90
6
Jan
98
*82%
*144
2
*.80
Jan
108
Do
Do
45
Septl7
Oct
....
*13912 140l2 *137i2 13812 *13512 13612 137
*100
100
100
*100
10012
10012 *100
85
87
87
87
87
87
8514
70
70
70
*70
70
70i2
*143
150
5
34
86
10
*184
Feb
50l2
*734
190
42
38
*60
*184
5
38
10012 103%
*734
Feb
38
86
14
3
38
38
101% 10214
15'l2
812
2
Aug 31
Jan
5
38
*60
*1412
July
30
3812
45
*9
30
Boston A Wore Electric Cos..
96
11512
9334
*66
June28
Nov'16
25
113i2 11312
114
9
Last Sale 4%
100
H2
H4
1%
*10
1012
10%
109
*10812 109i2 *108
*43l2
Last Sale 30
*95
95
95
3
*23
96
Feb
213
96
95
88% Jan
Feb
145
Dec
9
99
50
Feb
198
Deo
65% Apr
119
July 3
25
*84l2
172
2
96
86
19
Mar22
22
*23i8
51
Jan
133
160
*94
*84l2
79
4
Septl5
100
25
*H4
115l8 11538
*44
4512
93
11
9
Oct
100
97l2
*50
114
92l2
434
19
2812
28
*10
*113
*124
Jan
Oct
90
50 Fitchburg pre!
*51
125%
175
43
Aug'17
Last Sale 150 May'17
140
....
50i2
92%
30i2
*93
86
98
19
*3%
...
145
100
..100
Boston Suburban Elec Cos...
Last Sale 2
Last Sale 30
.....
140
50
93
2912
„
34
...
100
15 Boston & Jowell
646 Boston A Maine
50 Boston A Providence
Day
160
160
5
*
Highest
Sept'17
Sept'17
22"
"22"
23%
5
125%j*
'
9712
*84i2
2314
1916
Lowest
Highest
141 Boston Elevated
58 Boston <fc Albany
Closed
Columbus
22
*18
383*
*50
90
160
93
101
3834
*85
5
«...
25
90
50i2
99
*96
90
24
*—
93%
4%
20
30%
*97i2
*22%
44
30
12512 *125
*312
*13%
2834
145
44
160
51%
93%
145
44
*2
.
140
*50*2
145
44
160
98
*
145
45
24
*15
*
147
43
Year
Railroads
Exchange
117
170
23%
170
*2
5
!
4512
Previous
Range for
STOCK
Shares
Stock
148
45
1509
N*xt Pag*
EXCHANGE
Week
Friday
Thursday
Wednesday
Sri*
Range Since Jan. 1
STOCKS
•
BOSTON
of the
148
Record
BOSTON STOCK EXCHANGE—Stock
Oct. 13 1917.]
.15 Aug 23
63% Mar
6
2% Jan
3
Feb
278 Dec
12% Jan
June
5% Dec
284 Jan
3% Mar
45
Oct
1% Aug
36'4 Nov
110
Nov
378 Jan
8% Jan
28% Jan
8% Oct
56% Jan
1284 Jan
2% Dec
81% Nov
5384 Apr
5% Apr
30% Nov
127% Nov
11% Mar
8% Nov
8% Nov
67% Feb
2% Feb
1510
THE
CHRONICLE
[Vol. 105
Thurs.
Outside Stock
Last
Exchanges
Boston Bond
ton Stock
Record.—Transactions in bonds at Bos¬
Week's
Bonds—
Price.
us Liberty Ln 3mb.. 1947
Low.
99.60
Am t<4i & Tel coll 4s.. 1929
5s temporary receipts.
1,000
98% May
86
1,000
85
Aug
2,000
95%
77%
Aug
Oct
97
78
78 m
65
6,000
95 m
87
95 M
87
5,000
95 M
2,000
86
90
90
68
68%
93 h, 94 m
'
"93 %
81
82
.
95%
95%
95
conv 6s.
102
10,000
102
Conv 7s 50% paid.. 1922
102
80
78
Sept
9,000
93
23,000
81
Oct
1,000
93
102.
3,000
99%
lists, is given below.
share, not
44
99%
of par
14,000
90
2,000
92 M
Oct
90
Oct
Stock Exchange.—Record of
value.
Last
Last
American Radiator...'. 100
Amer
Shipbuilding....100
Booth Fisheries, com..100
Preferred
j
100
.
.
— .
.
_
305
292
305
89
89
90
22
21
23%
for
.
Jan
98%
Jan
,
109
Jan
95
Oct
100m
Jan
transactions
at
Range since Jan. 1.
Stocks—
Par.
Alabama Co
100
2d preferred.
.100
Arundel Sand & Gravel 100
Shares
Low,
49 5275
June
805
39
Feb
1,950
21
Oct
445
84
,.
25
'
I.%
Chic Pneumatic Tool. .100
Chic Rys part ctf "2"....
"
59
84%
105
1%
200
;
1%
Feb
81
94
Oct
4%
20
20
820
20
Aug
35%
59
60
65
59
Sept
12
May
12
12
35
1%
Consol g, e l & Pow. 100
Consolidation Coal
100
Cosden & Co...——.5
78
Jan
25
Jan
192%
Oct
220%
Feb
114
118
1,2 U
114
Oct
142%
Jan
115
114
116
,543
108
Feb
129%
Apr
.100
100
—
Hartman
100
Corporation
100%
100
30
30
125
115
115
118
227
50
49
50%
Lindsay Light
29
29
36
36
36
63
63
71%
new..:......
125
125
People's g l & Coke.. 100
48
44
Prest-o-Lite Co, Inc.....
Pub Serv of n 111, com. 100
Preferred
.....100
122
118
•»„
Middle West Utilities com.
National Carbon, now....
Preferred
_
Quaker Oats Co, pref.. 100
98%
Sears-Roebuck, coin... 100
Shaw w w common... 100
Stew Warn Speed com. 100
Swift & Co
100
Union Carbide Co
100
Unit Pap Board com. .100
21
Ward, Montg, & Co, pref.
Wilson & Co, common.100
Preferred
100
Bonds.
110
152%
Armour & Co 4Mb...1939
Booth Fish s s d'6s... 1926
15
100%
49
Oct
Jan
132%
Mar
78%
Jan
16%
Feb
5
30
Oct
342
63
Oct
16
125
Oct
83%
130
1,825
44
Oct
106
138
5,455
102
Fob
155%
85
86
100
86
May
114
95
95
25
95
May
99
98%
146% 155
229
125
,
63%
98%
Aug
34
Aug
35
June
58
Apr
Aug
Aug
Jan
417
44
Oct
51
50
51
45
47
Sept
33%
34
110
5
25
5
Oct
10
41
July
48
Jan
41%
41%
27%
27%
26
26
■
30
30
70
1
1
61
14
14
7,257
132%
6,337
145
24
510
~
w'
88%
1,000
89%
88%
90%
1,000
82
88%,
92%
88%
1,000
Feb
165%
Oct
210
May
Apr'
Sept
34%
Sept
117%
Jan
Oct
84%
May
Oct
Jan
107% May.
Oct
Oct
94%
Feb
Aug
99%
Mar
Sept
91
61
3,000
60
Oct
70%
Jan
30
30
5,000
30
Oct
44%
Jan
98%
98%
2.000
98%
Oct
102%
Feb
97%
95%
98%
103%
Jan
100%
Jan
97%
Pub Serv Co 1st ref g 5s '56
South Side Ele.v 4ms.l924
Swift & Co 1st a 5s...1944
Wilson & co 1st 6s... 1941
x
Ex-dividend,
b
95%
99%
15,000
97%
Sept
95%
1,000
93%
Sept.
99.4099.80
88
88
83
83
20,950
2,000
1,000
82%
Aug
95%
96%
27,000
95%
Sept
98%
99
8,000
98%
Oct
Ex-50% stock div.
99.40
Occ
88
100-lOJune
Aug
cEx-25% stock div.
a
Way land qil & Gas...
25
41
u s Liberty Loan 3 %s 1947
Amer Caramel deb cs.._._
Canton Co 5s
Consol g, el&p notes 5s.
Notes 6s w i___
Consol Coal refund 5s 1950
Convertible 6s...—1923
Elkhorn Coal Corp 6s. 1925
Elkhorn Fuel 5s_
.1918
United Ry & e 4s
Income 4s.....
96%
Jan
89%
Jan
102
Jan
103%
Jan
Funding 5s
Oct.
6
Last
Sale
are
per
Amer Wind Glass MachlOO
Columbia Gas & Elec..100
Crucible Steel
com.
...
Harb-Walk Refrac
Preferred
i
com
Preferred
34m
"8c"
100
1......... 100
Indep Brewing, com....50
...50
....
La Belle Iron Wks
com
Preferred
Lone Star
2%
13%
100
Ohio Fuel Oil......
Ohio Fuel Supply
l
25
Oklahoma Gas new.....25
Pittsb Brewing, com...50
Copper.. 1
Pitts & Mt Shasta
Cop..l
Pittsb Oil & Gas...... 100
Pittsb Plate Glass
.
100
River Side Eastern Oil
pref
Ross Mining & Milling.. 15
Union Natural Gas
100
u s Glass
....
u s Steel Corp com
Range since Jan. 1.
33
37
60
6c
560
i
Low.
■
17c
17
44%
27
High.
55c
2%
12c
310
33
Oct
300
59%
Apr
6c
Oct
77,200
are per
cent'of
Jan
130
Mar
Feb
109
Jan
40
122
50
104
3
630
1%
June
270
8
June
14%
112
10
71%
Feb
25
122%
90%
Aug
98%
98%
60
64
825
4%
18%
145
17
44%
z27m
3m
29%
3%
50c
119
12c
41
Oct
Milling
Sept
90%
Sept
100%
96
96
96
7,000
90%
Jan
1,000
89%
89%
42,700
05
98%
97%
86
86
86
24,000
1,000
86
Oct
103
103
103
17,000
102
84
83%
84%
85
May
37c
Oct
May
Apr
Oct
Aug
Jan
Sept
Apr
168% May
17%
2%
28c
185
July
July
95
Aug
1,000
'58,500
97
Oct
Sept
99%
Sept
97%
101%
107%
Jan
98
98
98
5,000
98
Oct
101%
97
97
1,000
97
Aug
102%
Jan
1%
Jan
t
99%
1%
1%
94 f,
1,000
20
200
94
2,000
%
Apr
Oct
20
94
Oct
100
98%
Feb
Oct
101%
86%
20
,
81%
82%
82%
82%
•
83
81%
83
Jan
Oct
Jan
Aug
Jan
Oct
74
Oct
Oct.
84%
Jan
Oct
67%
Jan
1,000
81%
Oct
90
Jan
300
81%
Oct
June
90
Jan
2,000
1,000
100% 100%
-
59
82
100%
Stock Exchange.—The
the
11,
par
—
88
Oct
Jan
Mar
108%
copplete record
Philadelphia Stock Exchange from
both
inclusive,
compiled
from the
Prices for stocks
all
are
For bonds the quotations
value.
Price.
Sales
Week's Range
for
of Prices.
Week.
Low.
:
20%
100
10
100
9%
Range since Jan. 1.
Shares
High.
Low.
20%
18
20
100%
9%
84
50
54
57
99
99
High.
May
22
100
Oct
121
8
Mar
300
49
Feb
'
Apr
Feb
9%
76
Aug
July
Jan
26
26
51
24%
27%
Feb
Keystone Telephone
11%
11%
12
715
July
May
14
Jan
64
64
50
50
—
100
Lehigh Navigation—...50
Lehigh Valley. —-50
Midvale Steel & Ord
50
50
■
336
67
13%
16%
70
73
57%
57%
60
684
44%
54%
44
50
1,552
*70"
54%
4,615
94
,
11
64
Oct
68%
Mar
Oct
24
Mar
Oct
85
Oct
79%,
Oct
87%
54%
Oct
58% May
Jan
57%
Jan
41%
55
115
50%
50%
52
3,107
33
33%
35
35
45
Philadelphia Elec.——.25
"26%
26
27
Oct
29
4,118
5,755
26
25%
25%
Oct
73%
74%
26
77
Tonopah Mining
.....
Union Traction
1
50
United Cos of n j
Gas
.1
Impt
100)
501
5
3%
5%
41
206
72%
5
Oct
7%
103%
Jan
Oct
5
Aug
7%
Mar
1,155
5 9-16
Oct
40%
Oct
600
103
100
115%
115% 115%
84
47%
Jan
Jan
Jan
22
205
Oct,
226
2,260
31,785
72
Oct
91% Mar
134% May
Jan
120%
206
100
West Jersey & Sea Sh
50
wm Cramp <fc Sons
100
York Railways, pref....50
Oct
5,047
72
Jan
Jan
4 7-16
,
34%
Jan
4%
3%
5%
42
s
Jan
%8
73%
75%
3%
40%
34
107
82%
206
43
Jan
June
200
75%
74%
101% 108%
Steel..10;
50%. Sept,
33
May
Oct
*34%
1,713
5 9-16
Jan
57%
44
33%
Phila Rap Tran v t r—50
Jan
13%
...50
127
Feb
70
Philadelphia Co (Pitts).50
Pref (cumulative 6%) 50
•
,
5
Feb
99%
115%
Oct
Jan
9
9
47
47
47%
9%
53%
Feb
69
68
70%
290
66
Feb
92
Apr
35%
35%
36
140
35%
Oct
39
Jan
20 8 1.5-16 Sept
56
47
Oct
9
Jan
Bonds.
u s
Baldwin Looom 1st 5s 1940
Oct
Bethlehem Steel p m 6s *98
Elec
Peoples £r ctfs 4s'45
Jan
Jan
33
May
1,000
102
Feb
136%
May
101
Oct
157%
5s%
May
Oct
Feb
4Ht9%
19,000
Mar
1,243
47
Aug
"99%
59%
Mar
108
41%
Oct
84%
26
Jan
107%.
1,180
Mar
83%
76,000
Jan
101
i
110
50,500
67%
70%
7%
102
44%
Sept
87%
88%
97%
102%
United
135
Jan
Mar
Oct
Jan
1.55
Aug
Oct
Apr
16c
Feb
98%
95%
Sept
73%
1.20
96%
107%
Aug
58
June
47c
Feb
54
1%
6,450
Oct
Feb
97
Oct
59
Tono-Belmont, Devel
4%
88
Oct
95%
98%
59
17%
106
41%
89%
95
98%
1949
Jan
100
June
99.90 Sept
Oct
100
88
77%
Philadelphia Traction..50
Railways Co General.—10
Reading
.50
128%
Jan
97%
$100
74
Jan
120
5
9,000
100
1,000
3%
104%
42%
Sept
99
Aug
100
3
10
30
62 c
41
140
3%
85
Aug
12c
June
105
26%
10
39
56%
Warwick Iron &
1,800
5
59
u s Steel Corp.—
Preferred
42c
170
41
54
Jan
2%
41
21% Aug
42% June
59
Jan
4%
June
59
22
11s
15
54
.56
100
775
Eleo Storage Battery—100
Oct
105
20
Oct
General Asphalt pref.. 100
Insurance Co of n a.—.10
Jan
170
Jan
19%
.
2,000
Locomotive.. 100
Preferred
100
17
Feb
2%
Jan
35%
70
25
88
Baldwin
43%
8c
6%
Jan
84
30
425
5,000
Amer Gas of n j———100
410
200
13c
,
4%
Jan
13,600
23,800
119
2%
60
89
Oct
98
Insurance.-.-.10
2,265
145
47
9c
37c
170
28
47%
Apr
July
Apr
106
13%
Sept
Sept
79
31
79%
78%
Par.
Minehill & s h——
Jan
1
124.
2m
62
,
123
6%
119"
Oct
106
9c
38c
44%
July
70%
dollars per share, not per cent.
Lake Superior Cprp
Shares
46%
69
4%
100
100
West'house Air Brake..50
West/house el & Mfg...50
High.
44%
123% 123%
98m
60%
Pitts Cons mm&t.....1
Pittsb-Jerome
Week.
112
100
.100
Mfrs Light & Heat.....50
Nar Fireproofing com..50
for
of Prices.
Jan
73
74
Oct.
Pennsylvania
46%
100
Diana Mines.
Week's Range
19
Mar
98
....
per
cent
Sales
Low.
16
Mar
88
1936
to
Preferred
Price.
Oct
13
25%
Thurs
of par value.
Par.
16
70%
official sales lists, is given below.
American
all dollars
Apr
60%
74
transactions at
to
Stocks—
23%
78%
Philadelphia
of
Alliance
Thurs.
Oct
78%
Ex-rights.
Pittsburgh Stock Exchange from Oct. 6
Oct. 11, both inclusive, compiled from the official sales
are
12
1949
do
small...
1936
Wash Bait & Ann 5s. .1941
wi1 & Weldon 5s——.1935
Pittsburgh Stock Exchange.—The complete record of
Prices for stocks
Oct
98
"95%
Cosden series a 6s._...„
Series b 6s
transactions at the
For bonds the quotations
79%
100
Coal & Coke 1st 5s.—1919
Consol Gas gen 4%s_-.1954
Stocks—
per Cent.
Oct
14
25
3
Last
share, not
1
Oct
'
5
Sale
lists, is given below.
Jan
44%
Feb
%
Bonds—
Jan
60
Chic Ry Ad Inc 48.1927
99.54
"79%
.
Jan
Jan
94%
Chicago Rys 4s, Series ' b"
Chicago Telephone 5s. 1923
Commonw-Edison 58-1943
Cudahy Pack 1st m 5sl946
Liberty Loan 3 ms
.
Jan
14
80
170
Chicago City Ry 5s. .1927
31
Jan
1,000
148
$2,000
141
5%
2,000
137
89%
48
14
67
Sept
Sept
99%
145
.89%
88%
92%
88%
16
14
66
4
80
140
99%
100
100
Northern Central50
v
t r.__
Jan
30
450
t rlOO
v
18%
v
'
*
114
80
150
55
3,325
127
Oct
Oct
99%
Jan
130
4%
Oct
97%
x8
Mt v-Wood notes 6s.1918
Norf & Ports Trac 5s. 1936
Seaboard Air l 4s stpd '50
Jan
July
1,476
104
18
Oct
74
61
588
20
101
99% 101
Jan
Funding 6s
....1934
Md Electric Ry 1st 5s 1931
239
55
Feb
26%
g-b-s Brewing 2d inc 5s'51
Feb
109% 111
29
Jan
Aug
99%
Oct
Feb
5,860
13
Jan
Mar
26
14
12
12.
June
9%
:
27%
9
4
June
65
39%
150
98
xS
67
150
Feb
53%
57%
104%
97%
4
.
115
1,785
19%
72 *108%
High.
Oct
33%
102%
5,068 cl46%
295
50
20%
Low.
Oct
70
.
:
104
104
"*s%
100
Jan,
64
:
_
Fair & GlarkS Trac 5s. 1938
Ga Sou & Florida 5s—1945
Aug
63%
89%
Chic Rys 5s..series "a"
108
Feb
90%
27
113% May
58
69
.
1,193
100%
Range since Jan. 1»
for
Jan
192%-195
com.
cent
per
45%
com
Houston oil trust ctfs.
Monon Vail Trac
June
195
Deere & Co, pref
are
44
Davison Chemical..no par.
Wash Bait & Annapolis...
Preferred
.—50
114
Diamond Match
all dollars per
are
45
Cosden Gas preferred... .5
July
Apr
Chicago Title & Trust. 100
Edmunds & Jones
from Oct. 6
Shares.
25
Pennsyl Wat & Pow.
100
United ry & Electric...50
Commonw'th-Edison.. 100
Cudaby Pack Co, com. 100
160
Jan
High.
5
Aug
Feb
95%
'
Chic City&c Ry pt sh com
Chic Cy&c Ry pt sh pref..
Jan
Mar
Week.
of Prices
Bait Electric pref
50
Commercial Credit pref.25
Preferred
High.
|
50%
100%
Price \ Low.
——
Mt v-Woodb Mills
Week.
of Prices.
Low.
High.
Jan
Jan
Sates
Week's Range
Sale
Price.
Apr
Sales
Week's Range
g-b-s Brewing v t c...100
Par
36
99
,
,
Sale
Gulf Mob & North
Stocks***
1,000
2,000
Exchange
Thurs.
Mar
Chicago Ocjb. 6 to Oct. 11, compiled from official sales lists:
Thurs.
103
Prices for stocks
Atlantic Petroleum.
95
High.
Oct
For bonds the quotations
per cent.
Preferred "b"
Chicago
44
99%
Low.
100
Exchange.—Complete record of the
Jan
102%
Sept
Aug
$1,000
11, both inclusive, compiled from the official sales
Mar
96
Oct
Stock
Mar
Feb
100%
Sept
100
Jan
.
98m,
90
95%
Jan
95 m
68 v
100
"99%
Jan
85%
102 m
1,000
;
Jan
Jan
Oct
3,000
14,500
104%
92%
Oct
July
July
95
92 %90
Western Tel & Tel 5s. 1932
65
to Oct.
100.14 Sept
July
99%
65
Punta Aiegre Sugar 6s 1931
Swift & Co 1st 5s.
1944
United Fruit 4%s__—1923
u s Smelt r & m
Ventura oh—
99
99%
Week.
transactions at the Baltimore Stock
High.
86
65
90
— —
Low.
78 %
Mass Gas 4m8-.1931
4mb
.1929
Miss River Pow 58... 1951
n e Telephone 5s
1932
Week.
High.
96%
.
_
Range since Jan. 1.
for
99.40 99.80 477,000
Am Agric Chem 5s... 1928
Atl g & w 18 8 l 5s.. 1959
Cent Vermont 4s. l
.1920
Chic June & u 8 y 58.1940
Sales
Range
of Prices.
Range since Jan. 1.
for
High.
Indep Brewing 6b..—1955
Baltimore
Last
Low.
Cent Dlst Telep 5fl... 1943
Thurs.
Sales
Range
of Prices.
Price.
Pittsb Coal deb 5s.-1931
Exchange Oct. 6 to Oct. 11, both inclusive:
Sale
Week's
Sale.
Bonds—
Aug
Feb
Liberty Ln 3%s_.1947
do
small
99
100%
119
"75"
99.74 110,000
100% 100%
75
119
75%
99
1,000
2,000
100
13,000
75
118%
,
Aug
100.5
Oct
104%
June
Jan
Sept
124
Jan
Oct
84
Jan
1945
77
70
Aug
86
Jan
Inter-State Rys coll 4s 1943
Keystone Telep 1st 5s 1935
50
50
4,000
50
May
57
Feb
92
93
6,000
92
Oct
99
Jan
82
83
3,000
82
Oct
91%
Jan
77
100
*
Lehigh Valley—
Gen consol 4s
2003
OCT. 13
1917.]
Thurs
Par
Sale.
Week's Range
of Prices.
Price.
Low.
Lehigh Val Coal 1st 5s 1933
Midvale Steel 5s.
"mi
Range since Jan. 1.
for
Week.
Low.
High .Shares.
102?4 102?4
9054 90X
10254 June
10,000
3,000
Stocks—0Cont'd)
High
10654
Jan
Oct
9054
Oct
9054
91%
Aug
Sept
9854
10754
Apr
100
99
Oct
102 "s*
Apr
Pennsylvania RR—
General 4X8 ser A.1965
Consol 4Kb.
I960
Phila Elec 1st (new) 5sl966
do
small..
__
92 X
9254
100 x
93
99H
99
.1966
Reading gen 4s
..1997
Spanish Am Iron 6s.. 1927
8954
Standard G & E 6s... 1926
U S Steel Corp 2d 5s.. 1963
~~99X
18,000
1,000
22,000
10054 10054
9954
10054
8954
10054
9954
10054
9954
8954
10054
9954
10054
100 x
9954
1,700
3,000
2,000
8754
10054
99
2,000
1,000
10254 May
Oct
Sept
Sept
9654
10254
102
Aug
10054
Jan
Jan
Mar
Apr
10554 May
Oct
Volume of Business at Stock Exchanges
Marlln Arms
N
WEEKLY AND
Stocks.
Railroad,
North Am Pulp &
.
_
Shares."
' ''■•.I...'
/
-
Saturday
Monday
&
708,060
1,098,176
97,920,800
940,420
86,042,500
1,329,000
1,089,500
Thursday
Friday
States
Bonds.
ending Oct.
519,000
584,000
3,330,000
497,000
4,031,000
1,371,000
851,500
4,081,500
$3,073,500 $13,682,500
$4,419,500
Jan. 1 to Oct. 12.
12.
Stocks—No. shares...
Par
1916.
,1917.
1917.
1916.
3,396,959
6,003,412
147,510.294
148,462,727
$310,510,600 $528,573,775 $13,583,263,755 $12,811,561,590
value
Bank shares, par.
$1,000
$87,200
$8,000
$199,800
—
RR. and misc. bonds._
Total
bonds
...
Steel Alloys Corp r
6
7X
15X
Triangle Film Corp
o.5
United Motors.r(uo par)
United Zinc Smelt (no par)
U S Aeroplane Corp.r
6
U S Light & Heat
r.10
X
Wright-Martin Aire ir_.(t)
8X
Total
$732,450
.
PHILADELPHIA
AND
STOCK EXCHANGES.
BondSales.
Shares.
1
10 x
IX
iox
36o
35c
43c
104,700
15o
Oct
July
40o
40c
300
34o
Aug
1
r
1
r
Consol Met Oil Corp
Cosden Oil.r.
1
Crosby Petroleum
r
give
a
record of
market from Oct. 6
the week ending Thurs¬
may
x8
*9
13,280
x8
4
4
300
4
1
28c
34c
to those
on
the
regularly
IX
19,550
X
Elk Basin Petroleum r...5
sx
7X
8X
7X
3-16
X
5-16
6,000
10,000
X
1
3,600
~"~3X
3X
X
4
8,700
19,700
1
r
Esmeralda Oil Corp r
1
5
Friars Oil
r
1
r___
Glenrock
Oil.r
10
Inteniat Petroleum r...£l
Kenova
r..
Oil
1
may
mem¬
business, and they
are
them have
precaution,
too,
the "tape,"
are
or
taken
is
reported
authentic.
are no
restrictions
security may be dealt in and any one can
prices and have them included in the
business to furnish daily records of
The possibility that fictitious transactions
in, or
that dealings in spurious securities
even
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
1
r
.1
r__
Midwest Refining r
N Y-Oklahoma Oil.r
60
may
Oil.r
1
.r._..l
oom
Osage-Homlny Oil
5
r
com
Penn-Kentucky OH
11.
Aetna Explosives r (no par)
1
29 X
1-16
1.28
IX
131
7c
~~~7X
18c
7X
Viotorla 011
new
stk r.,10
Wyoming Un 011
.]
new
r(f)
Wyoming Wonder OH r„.l
for
of Prices
Week
±X
Low.
High.
3%
5X
Shares.
Atlanta Mines
1
r
Big Ledge Copper Co...l
Bingham Mines
10
64C
63c
65o
8
1,800
.
10
9
10
5X
78
75
6
79X
SOX
rwl...
79 X
100
222 X
Old common r
Curtiss Aerop & M com (t)
35
HoUy Sugar Corp com (t)
Intercont'l Rubber
100
Inter-Lube Chemical r...5
T'orp B't com.r...10
2X
~
5X
5-16
v
t o.__6
Butte-Detrolt Cop & Z..
Butte & N Y Copper
.
1
1
IX
9X
X
1
IX
55c
Coco River Mining r
Consol Arizona Smelt
1
5
7X
1
3-16
Cresson Con Gold M&M.l
5X
r
X
.1
% Sept
Oct
20,100
Oct
12c
Jan
July
X May
82o
July
IX 2 3-16
2
IX
55,050
6Kc
25,600
7-16
18,700
2
\4X June
Jan
2X
1H
IX
2X
Feb
3
June
5c
Oct
16c
Mar
X
IX,
Oct
Jan
Apr
Aug
Sept
78o
M May
2X Aug
12 X
Aug
5X
6,900
% Sept
4% June
7X
X
30.967
Oct
2H
•
9-16
Feb
3
X
40c
44c
24,600
12o
Aug
44c
34c
32c
37c
9,500
32c
Oct
•77c
..1
r_.
Elecla Mining
__25c
International Mines r._.l
Blossom
r
Jim Butler
Cop
r
~~ix
11-16
6
1
l
IX
1,500
2,800
4,600
IX
83c
5X
5
Jan
National Zino & Lead r—1
Nicklas Mining
42
6%
IX
X
30C
33c
1
1
2,200
1,000
34.400
16,900
4,700
60
10c
61,800
390
34,000
2,000
40
Feb
63
Aug
8
Sept
13
Jan
Portland Cons Cop
Red Warrior r...
3X
10X
Oct
Richmond Mln Mll&Rr.l
Feb
Rochester Mines
X
7X
74c
1 1-16 1
24c
X
.1
SUver King Cons of Utahrl
%
30c
40
45C
'~3X
3X
7e
X
8X
85c
1-16
30C
X
2,800
73,800
1,000
3,900
6,700
Oct
July
Oct
Jan
Oct
Aug
Mar
Sept
Feb
X
Oct"
June
X
Jan
IX
1
23 c
8X
750
Mat
Jan
June
Apr
Aug
Sept
2K« July
Jan
W* Oct
25KoJuly
X
46o
Jan
June
IX
Apr
8O0
60
30c
X
6X
25o
X
23o
X
Oct
30c
Aug
Oct
76o
June
2
May
9X
Sept
Sept
July
July
1 1-32 Sept
Feb
Sept
1% June
Apr
45c
48c
3,900
47o
July
30C
■25c
35c
Sept
6,600
6X
h9X
50o
X
%
49o
Oct
Apr
July
Sept
Aug
Jan
90c
Aug
Oct
Jan
1
Apr
7XC Oct
4X
Oct
46o
Apr
Oct
Jan
Feb
Mar
75o
1,600
3X
IX
Mar
Jan
Jan
3
June
58c
3X
IX
17o
56o
7-16
15o
Sept
40
34c
900
X
16o
43c
3,400
8,600
11,200
3,600
"8c
12
69o
3.700
20c
1-16
52 X
Oct
Oct
Mar
4,400
.
46
17o
61c
11
Aug
X
X
40
IX
45
1
l'A
X May
75o
Aug
55c
78c
JA
Oct
4,500
1,300
1,900
10c
""7~X
6c
X
7Kc
4X
1
Silver King of Arizona...!
3,000
35,470
106,000
7,350
1,000
9,200
1,800
X
7XQ
5X
30c
8,000
X
13-16
1
Mar
3-16
17Kc
*5X
9Xc
13-16
1
ZX June
86c
13,970
10c
3Ko Oct
4Xo
May 13 He
1
IX
Oct
2X
% Aug
9X
*5X
Oct
7-16
X
1
IX
IX
X
16c
7o
1
1
10c
81c
10c
Mason
7X
6c
1 3-16
16c
Mines
8c
1
IX
3-16
5
7e
11-16 13-16
"ix
Jumbo
Extension.......I
6,300
11-16 29-32
Josevlg-Kennecott Cop—1
Lake.
3Kc 4Xc
*5X
IOC
10c
Jerome-Prescott Cop r___l
Jerome Verde
3 HC
Oct
Mar
Sept
Jan
X
-
2
3-16
8X
5
57c
Oct
12,200
8,500
4,700
7
3-16
Oct
Apr
48o
2,300
X June
X
1,500
12,900
1
7X
54c
10,000
7,800
10,900
Jan
13J4I June
43c
Great Bend
Sept
Mar
6J4
1
Great Verde Extcn Cop r—
Green Monster Min r
1
Nipl88lng
254
X
ConsoUdated.10
Fortuna Cons r...
Goldfleld Merger r—..1
Kerr
1
66c
.5 1 13-16 1 13-16
Consol Copper Mines
Iron
X
1 7-16 1 3-16 1
Consol-Homestead
Gold field
9X
X
5c
__1
57c
7X
X
"Ix'c
Cash Boy
1
1
13-16 June
Jan
62c
Jan
'
7J4 Sept
33c
500
63c"
Caledonia Mining
Calumet & Jerome Cop r 1 1 13-16
Canada Copper Co Ltd—5
Mar
Feb
6,600
4,600
57c
.1
r
Butte Cop & Zinc
7
June
Oot
ux
6
X
X
11
Nixon Nevada...
2X
Aug
II 3-18 Apr
'
Apr
Ohio Copper new r
150
4X
18c
July
52o
July
500
IX
11X
Oct
9-10
Oct
Sept
Jan
Apr
20o
85
3
June
55o
Jan
Aug
2X
62X
9-16
42o
5
IX
IX
225
X
7,000
4,124
3,100
3,300
76,700
Jan
2X
VA
Oct
2X
Oct
Mar
12
Oct
45c
Feb
12 X
41o
Oct
3,000
Brant Mines
14
Oct
X
5o
146
4
34o
Oct
11-16
3-16 Jan
, Oct
1 Feb
2,600
Aug
65o
7Ko Oct
1X Sept
9 X
Apr
16
5X
Aug
1,300
80
4
Mar
13,000
69,000
218
4
1014
54
Aug
53o
Oct
Oct
Oct
12 X
4,500
Apr
Sept
2X
Jan
9c
670
26,700
75o
25c
2,163
3X
Jan
Jan
Oct
7Kc
4.250
2X
2X
25c
38
3X
33c
Jan
UX
Aug
62o
Sept
X
Oct
8X May
8
May
X
Oct
27,800
Nanoy Hanks-Montana r 1
National Leasing r
..1
Oct
7
18c
1
Oct
6X
6c
Mother Lode r
Aug
X
Mar
Sept
8c
225
79X
5.X
X
IX
35
20
*9
65
9-16 11-16
-
Aug
IX
l5n
16o
Oct
Aug
Jan
July
Sept
Oct
2,600
500
6X
218
Marconi Wirel Tel of Am.5
Transit
475
400
2,000
23,700
48,000
1
5
6
150
X
45c
320
1,350
41c
X
5
25,750
8
X
9-16
3,500
IX
188
Aug
5X
12 X
11,950
X
9X
34o
7%
43
100
12X
11-16
8,700
4,760
62c
Monster Chief r
21
Feb
2X
2X
2X
8X
12X
July
18c
7,000
50
5X
12X
60
5c
Jan
19
Oct
2X
16 X
19c
7X
48o
7X
13,400
4X
1.80
Jan
July
July
32o,.
500
8X
5X
41c
28,000
30,000
42 X
Jan
May
X
56c
Jan
Oct.
15K
16
16
-
8c
34c
860
115
2,000
89c
7o
55o
6c
July
16
16
16
£1
bearer.....£1
Car Ltg & Power.r
25
Carwen Steel Tool
10
Charcoal Iron of Am pf 10
Chevrolet Motor.
100
Ordinary
Aug
X
X
560
X
100
600
Am Writing Pap com..100
July
99X
5X
IX
147
8X
rj.
•_
.1
Boston & Montana Dev.-5
Bradshaw Copper r
1
5X
Oct
32
"~5X
Alaska-Brit Col Metals..1
Alaska Standard Cop r..l
Valley
5
McKlnley-Darragh-Sav.. 1
Milford Copper r
1
Apr
Mar
2
2
X
9X
IX
.
Aug
Mar
Sept
Sept
Mar
Sept
Jan
Sept
June
Mining Stocks
Feb
8
2
65
800
82
2
Brit-Am Tob ord'y
High.
11,900
2,100
82
91
Low.
July
Oct
Sept
UX
Jan
X May
32c
.1
West States Petrol _r
17,400
2,900
7,200
10,500
31,500
30,000
1,600
5,000
IX
X
1
5-16
IX
9X
Somerset Oilr
19X
15X
I 3-16
1.39
m
Feb
Jan
X
50
6X
X
Sept
1.20
18c
Aug
1
8X
7X
3
Oct
X
11
7-16
79c
Feb
3X
10X
Aug
Sept
MM
x Jaiy
13,800
X
~82c"
IX
liX
16,000
3,100
X
28X
131
750
July
Jan
Sept
IX
8X
3-16
Magma Copper.
—6
Magmatic Copper r...10c
Magnate Copper
1
Marsh Mining r
...5
Range since Jan. 1.
Week's Range
7-32
X
70o
May
13X
1
1
r.
X
16X
15K.
12X
Sapulpa Refining r
5
Savoy Oil...
.......5
Sequoyah Oil & Ref
1
Magma Chief.r......
Sales
Last
Co (no par)
Manhattan
X
La Rose Consolidated.-.5
Sale
Price.
Par.
Stocks—
Lake
1-16
r__50
r
•Kewanus r
be worth.
Thurs
Week ending Oct.
Cities Service prei
12X
1
1
Louisiana Consol—
Air Reduction
"16"
1
Booth
instance, only
Oct
1 3-16
Federal Oil
Aug
Apr
Oct
52o
Sept
IX
Jan
13 X June
5X
Jan
IX
4X
10 K
Oct
Aug
Oct
28c
6,300
1 x
r
Acme Cop Hill Mines r. 10
reliability attaches
IX
10X
8,200
4,010
1
Emma Copper r.__
creep
~x8~X
IX
7,150
5
...5
r
$336,300
we
7At
Bethlehem Oil & Gas r.10
13,743
$208,200
X 15-16
Boston-Wyoming OH
Barnett Oil & Gas
Rice Oil
a
.
X
1H
10 X
95,600
the transactions.
Jan
Jan
Alien Oil.r
118,500
lists of those who make it
16
1,600
490
3,740
Any
1SX
Jan
4,954
.
where the companies responsible for
whatever.
July
June
325
28,000
meet there and make
Jan
17
65
6
72,000
day,
Feb
351
159,150
the other hand, there
30
200
Jan
17K
100
17,315
On the "Curb," on
45,500
50
350
Vacuum Oil
25,023
In the official list at the end of the
10 x
8
Jan
68,000
over
Mar
1
345
2,602
insure that quotations coming
July
6X
Sept
X
Apr
4X May
Oct
82,050
53,600
oomplied with certain stringent requirements before being
to
2X
4
600
222
14,708
25,759
16,144
Every
IX June
2,200
425
183,600
dealings.
2,465
X
250
17,291
permitted to deal only in securities regularly listed—that is,
to
*1X
4X
222
26,000
organized stock exchanges.
admitted
July
230
1,554
day afternoon:
securities
7X
Standard Oil of N Y...100
29,800
bers of the Exchange can engage in
Oct
Jan
7,162
On the New York Stock Exchange, for
2
800
105,100
as
500
Oct
12,674
the "Curb"
4X
480
5
Penn Ohio Oil & Gas r_.10
Red Rock Oil & Gas r...l
on
Mar
200
United. Petroleum r__„..l
United Western 011 r
1
to transactions
Jan
6
507
$28,200
such
49
Oct
475
893
no
Sept
2X
490
$14,750
It should be understood that
16
200
Standard Oil of N J....100
Preferred r.
—1
Oklahoma Prod & Ref...6
Omar Oil & Gas com
1
Baltimore.
BondSales.
covers
9,200
2X
June
3,591
It
Jan
23 X
21
$54,350
11, both inclusive.
May
3%
Oct
610
Tuxpam Star Oil.r
to Oct.
Jan
9X
36
1
435
4,278
the transactions in the outside security
6X
13 X
1,100
Oct
Northwestern
Philadelphia.
New York "Curb" Market.—Below
20X
2X
3X
IX
4X
X
1,650
4,900
IX
Feb
Merritt Oil Corp r
10
MetropoUtan Petroleum 25
67.364
7X
17
15
Jan
June
$839,671,450
$574,200
Aug
9
303
$764,993,750
76,581
____
37 X
Oct
Jan
Sept
275
$21,802,000
HOLI DAY
Feb
IX
14
Pan-Am Petrol
Monday..
Tuesday
Wednesday
Thursday
Friday
29 X
IX
140
$21,175,500
Shares.
Oct
700
12,500
35
IX
7X
Jan
285
Kentucky Petrol Prod.r(t)
Lost City Oil r
l
BondSales,
7X
335
614,255,000
Week endino
12 1917.
May
282
Oklahoma Oil
Saturday
4
Aug
Sept
303
£1
224,684,000
Shares.
6
9X
100
Preferred
Oct.
Sept
.25
392,966,000
Boston.
3%
3X
South Penn Oil
248,703,000
BOSTON.
2,200
1,300
2,980
18 X
Ohio Oil
$123,324,750
THE
3X
4X
7X
48
...100
r
$10,000
6,706,000
AT
lVs
4X
5
15,086,000
BALTIMORE
'2lli
10
$13,682,500
3.073,500
4,419,500
TRANSACTIONS
2X
Oct
Oct
1
v t
Steamship
Midwest Oil
DAILY
Oct
12^
33K
X
Submarine Boat..(no par)
Kansas-Utah Cons 011
Bonds.
Government bonds.
State, mun&c., bonds
33
175
7
"I
*47X May
100
13X
7X
St L R Mt & Pac Co r.100
Smith Motor Truck r
10
Aug
122
33
.4
Elk land 011 & Gas
Hew York Stock
Exchange.
33
Jan
*12 X
2X
Cumberland Prod & Ref
Week
♦47
AX
Preferred
Sales at
400
Other Oil Stocks
$863,000
$622,000
781,000
3,396,959 $310,500,600
108
Former Standard OH
HOLI DAY.
Total
12 X
High.
Low.
105
Paper(t)
World Film Corp vtc
United
Foreign
Bonds.
$495,000
725,000
....
Wednesday
Bonds.
$21,025,500
40,061,800
65,450,000
224,035
426,268
...
Tuesday..
Par Value.
33
10
Range sine
Shares.
Subsidiaries
State, Mun.
&c.,
Week.
t o (no
v
Anglo-Amer Oil
Week ending
for
of Prices.
Low.
High.
Pocahontas Logan Coal.r 5
Prudential Pictures.r
5
YEARLY.
Oct. 12 1917.
Week's Range
Price.
Par.
N Y Transportation
U 8
TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE
Last
Sale
par)
Y Shipbldg Corp_r_.(t)
Preferred
DAILY,
Sales
Thurs.
Sales
.
Last
Bonds—(Con.)
1511
CHRONICLE
THE
H May
3X
Oct
154
Apr
19-18
Feb
l>4 May
72o
May
13-16 Jan
4X
Feb
1512
CHRONICLE
THE
Thurs
Last
Week's
Sale
Mining (Concl.)
Par
[VOL. 105.
Sales
for
Range
Low.
Range since Jan. 1.
Week.
of Prices.
Price.
Shares,
High.
Low.
New York
City Realty and Surety Companies
High.
Bid
Silver Pick Cons
r.
Bid
Ask
1
10c
10c
12c
1,200
6c
Sept
260
Jan
alliance R'ty
70
77
Lawyers Mtg
105
115
Realty Assoc
1
7-16
7-16
9-16
A
Sept
Amer Surety
110
120
Mtge Bond.
93
98
(Brooklyn)
80
90
9-32
9-32
5-16
Apr
July
Bond A M G
220
232
Nat
190
200
U S Casualty
195
206
lie
lie
18c
A
11c
A
11-10
Jan
.1
4,300
7,500
Oct
eoo
Jan
Casualty Co
City Invest g
100
N
_
Standard Sliver-Lead
Stewart Mining
Success Mining r
..1
Superior Cop (prosp't) (t)
1%
Tonop Belmont Dev_r.__l 3 15-16
Tonopab Extension Mln.l
Tonopah Mining
1A
*3%
1A
115-16
1
1
r
8 TungBten.r
16c
Utica Mines
16c
Caps Exten
Sept;
Feb;
4A
5A
May!
A
15c
200
Vl
3 A
*18o
21c
23c
34 *A
2,100
31^
3A
600
2A
I
1A
21,500
1
18c
18c
1
21c
%
65c
10c
28c
Oct
Jao
41A June
2,100
14c
July
16c
Oct
21c
1
17-16
24c
24C
26c
7,150
.4,400
17C
16c
20c
16,700
Beth Steel 6% notes.. 1910
Canada (Dom of) 5s.. 1919
97 %
98
94 A
979*
93 A
Canadian Nor Rys 6s. 1918
Cons Copper 7s....
99
99
180
180
General Elec 6% notes '20
Great Nor Ry 5% notes *20
N Y Cent RR 5% notes '19
101
101
101A
July
7A
July
June
Aug
1A
5^8
98 ^
97
r.1919
"66"
1921
r
Southern Ry 5% notesl919
*
Odd lots,
t No
u
rights,
z
17
100
825
8.50
.100
410
430
*85
90
360
50
70
Central of Georgia 5s.
5.50
5.00
35b
Sept
Continental Oil
100
475
525
Equipment 4AB---
5.50
5.00
600
Mar
Crescent Pipe Line Co...
50
*33
37
6.50
5.50
Feb
98
Pipe Line. .100 2/135
Aug
200
210"
Galena-Signal Oil com... 100
120
130
Aug
3,000
100
May
180
Oct
Illinois Pipe Line
100
July
102
Aug
Indiana Pipe Line Co..
98 A
11,000
97
Sept
97
16,000
77A
66
67
97^
97 A
A
98 A
Aug
96A
Sept
97A
Oct
4,000
74
Sept
Jan
31,000
64
Sept
98 H
94 A
1,000
97
Sept
I Listed
When issued,
o
x
on
Jan
Feb
the 8tock Ex¬
New stock.
Ex-dividend,
Preferred
.
.
135
198
205
50
*90
95
102
5%
5.00
315
5%
5.00
45
5.50
5-00
Pierce Oil Corporation
25
*9
10
...100
100
300
315
(Michigan Central 5s
'Minn
Southern Pipe Line Co.. 100
190
200
South Penn OH
260
270
100
107
iNew York Central Lines
340
500
485
350
*30
35
Vacuum Oil
Washington Oil
_.
Institutions of every important city in the country, as well as the cards of
Per Cent.
Bonds.
Europe and other parts of the world.
Equipment 4s
Pennsylvania RR 4^8.
Equipment 4s
5.30
|
4.90
5.15
4.85
5.15
4.85
St Louis Iron Mt A Sou 5s.
6.50
5.50
St Louis A San Francisco 5s
6.50
Seaboard Air Line 5s
6.25
5.50
Equipment 4Ab
6.25
5.50
5.50
Southern Pacific Co 4t$8._
Southern Railway 4Ab
5.50
5.00
6.25
5.25
Toledo A Ohio Central 4s_.
5.50
5.50
Stocks-r-Per S hare.
Ordnance
Aetna Explosives pref
100
41
45
Tobacco Stocks—Per Shi
re.
9
Pa
Bid.
Ask
20
35
American Cigar common. 10*
Preferred
10*
103
108
161
90
96
100
99
101
Amer Machine A Fdry__10i
80
90
100
111
114
Brltlsh-Amer Tobac ord..£l
60 ♦425
*75
50
500
Ordinary,
Conley Foil
155
Careful marginal refer¬
men.
a
pamphlets they require.
An expert analysis
*
i
Engineering & Manage¬
Corporation of this city and is devoted solely (as the
name
indicates)
Copies of the paper
applying to the Corporation at 141 Broadway.
Ill Broadway, this city,
are
Babcock A Wilcox
Bliss (E W) Co common.
......
1st
common
preferred
2d preferred
Colt's
,
Johnson Tin Foil A Met.
100
130
80
MacAndrews A Forbes..
190
210
90
98
102
100
55
60
Reynolds (R J) Tobacco.
525
580
107
no
100
80
85
Young (J S) Co.......
150
160
105
no
Preferred
Preferred.
...100
Preferred..'
100
Debenture stock
100
257
.100
261
9912 10012
Short-Term
100
95
105
100
48
53
Amer Tel A Tel 4^8 1918-
68
72
Balto A Ohio 5b 1918
Hercules Powder com... 100
260
265
111
114
Preferred
100
3
Hopkins A Allen Arms..100
Preferred
100
10
100
137
140
100
100
107
Penn Seaboard Steel (no par)
*48
53
Phelps-Dod ge Corp _____100
290
Nlles-Bement-Pond
com.
50
25
35
750
950
Iron.
9934 looig
9912 9934
—
5s 1919
530
550
18.MAS
Del. A Hudson 58 1920
9734
98
98
9734
96*4
9734
9ql2
9714
101
Great Nor 5s 1920....
3
Int Harv 5s
Feb
101%
983g
98*8
99ig
Hocking Valley 6s 1918
15 '18.F-A
60
100
97l2
9734
9934 100%
9834 99
Canadian Pao 6s 1924. MAS 2
Chic A West Ind 6s'
99%
9914
300
Winchester Repeat Arms.100
Woodward
Amer Cot Oil 5s 1917.MAN
,
Thomas Iron....
Scovill Manufacturing... 100
Cent.
Notes—Per
100
com.
Preferred
19
250
170
A Co common
Eastern Steel
18
*16
175
72
New York City five months' corporate stock (short time
bonds), payable
15 1918.
Price on application.
Telephone Rector 7820.
See
to-day.
£1
80
advertisement
March
bearer
,*15
100
duPont (E I) de Nemours
Preferred
offering $2,000,000
S3
Arms
Fire
Patent
Mfg.....
5
100
Canada Fdys A Forglngs.100
Carbon Steel
Empire Steel A Iron
—The September number of the "General Engineering News" has been
issued.
This publication is put out by the General
utilities.
Preferred
Preferred
complete index.
pamphlets upon request if inquirers will indicate which
another page
4.90
156
a
corporations: (2) the
complete text of the War Tax Law annotated, cross referenced and indexed:
(3) an Income Tax Chart, enabling the taxpayer to ascertain the amount
of his tax at a glance.
The National City Company will be glad to furnish
on
5.25
5.50
5.30
American A British Mfg. 100
Preferred.
100
of
—The National City Company, 55 Wali Street, this city, has issued for
N. Bond & Co.,
6.00
6.50
Equipment 4J^s
N Y Ontario A West 4^8...
Atlas Powder common... 100
one
the convenience of the taxpayer three pamphlets: (1)
of the War Tax Law as applying to individuals and
—S.
5.25
series of officiial
have been compiled and the book contains
regarding public
82
5.25
6.00
National Bank of Commerce.
It is
book the provisions of the law are arranged in such a manner
on
78
book
5.25
6.25
(Norfolk A Western 4Ab
•
Pieroe OH Corp conv 63.1924
information
Equipment 4^8
350
340
and
5.50
6.25
500
10
be obtained
6.50
Mobile & Ohio 5s
450
100
can
Missouri Pacific 5s
|
95
to news
5.50
215
90
ment
5.50
650
470
5.00
6.25
6.50
St P A S S M 4Ab....
103
475
5.50
Missouri Kansas A Texas 5s
625
Union Tank Line Co....100
of the
5.50
5.00
205
95
war tax
6.00
5.35
Standard Oil (California) 100
Standard Oil (Indiana).. 100
Standard Oil (Kansas)... 100
Standard Oil (Kentucky) 100
5.00
Kanawha A Michigan 4 As.
Louisville A Nashville 5s
Southwest Pa Pipe Lines. 100
Standard Oil (Nebraska) 100
Standard Oil of New Jer.100
5.00
5.50
Equipment 4^8...
450
460
of these
j
...
250
225
any
5.00
6.00
58
425
90
be referred to by busy
5.00
6.00
Equipment 4s.
240
220
ences
6.00
Equipment 4^8.....
Erie
|
-.100
450
new
5.50
5.25
98
Northern Pipe Line Co. .100
Ohio OH Co
25 *305
*40
Penn-Mex Fuel Co
25
100
In the
4.90
6.50
5.75
13
100
that they may easily
5.25
iColorado A Southern 5s._..
13
Standard Oil of New Y'k 100
The title of the book is "War
5.00
200
Swan A Flrch
containing the complete official text of the War Tax Law, together with
5.50
190
Standard Oil (Ohio).
a new
iChic St Louis A N O 5s_
*12
record of the annual convention of the American Bankers' Association, held
—The National Bank of Commerce in New York has issued
5.50
5.00
*12
in Atlantic City
display advertisements
5.50
6.50
5.50
£1
Ex"
of many of the representative and aggressive banking firms and financial
6.50
Chic Ind A Louisv 4Ab
12.50
International Petroleum.
Prairie Pipe Line.
Solar Refining.
Sept. 24 to 29, is printed in color, and besides the addresses
5.50
New York Transit Co... 100
National Transit Co
Prairie Oil A Gas.
This souvenir
125
100
100
....
rUn"
v
145
100
25,000
Sept
6.50
Rights..Eureka Pipe Line Co
99
77
issued from time to time by the
5.00
325
Ex-stock dividend.
are
6.00
100
the "American Bankers' Convention Supplement,"
laws that
5.30
5.30
Colonial Oil
98 %
Revenue and Federal Income Tax Laws."
100
993g
1003g
97l2
98%
99
97i2
Public
New York City Banks and Trust Companies
Banka-N.Y.
Bid
Ask
Banks.
Bid
Ask
America*...
535
550
Manhattan *
315
325
Amer
Exch.
Trust
Co's.
Bid
Ask
New York
230
233
Mark A Fult
245
255
Bankers Tr.
395
Atlantic
175
182
Mech A Met
305
315
Battery Park
Bowery*...
175
185
Merchants..
250
300
B'way Trust
CentralTrust
745
765
400
Metropolis*.
285
295
Columbia/..
275
285
Bronx Boro*
150
200
Metropol'n *
175
185
Commercial.
100
Bronx Nat..
150
170
Mutual*...
375
BryantPark*
140
150
New
Neth*.
215
225"
Equitable Tr
322
332
Butch A Dr.
90
100
New York Co
175
200
Farm L A Tr
400
430
Chase......
335
345
New
400
Fidelity
208
215
Chat A Phen
198
208
Pacific *
270
Fulton
260
270
115
Park...;.
Chelsea Ex *
York..
450
465
375
385
People's*
200
220
Citizens.
200
210
Prod Exch*.
200
City
425
430
Public*
230
Coal A Iron.
205
215
Seaboard
440
Colonial*...
1400
Columbia*..
320
Commerce.. fl64
-
•
-
1165
Corn Exch*.
315
325
Cosmopol'n*
85
95
East River..
•
"
240
_
325
335
Hudson
135
142
Law Tit A Tr
95
105
Lincoln Tr_ j
95
105
Metropolitan
380
395
425"
120
130
chester)
State*
100
110
N Y Life Ins
23d
Ward*.
115
130
Union Exch.
150
160
...
300
Guaranty Tr
400
Sherman
410
165
290
Empire
Chemical...
Second
115
125
940
960
575
590
TltleGuATr
300
320
Transatlan'c
175
•
A
.
Trust..
N Y Trust.
_
50 •100
50
*45
Amer Lt A Trao com....100
Preferred
104
49.
103
99
993g
60
N Y N H A H 5s. Apr 15 1918
86
88
Preferred-........I..100
Amer Public Utilities com 100
Preferred
81
Penn Co 4As 1921..J&
97
32
Pub Ser Corp N J 5s 119'.
97
97%
98%
64
Rem Arms U.M.C.5s'19FAA
89
90^2
100
221
99%
224
Southern Ry 5s 1919..M-S 2
100
80
81
United Fruit 5s 1918...M-N
973g
995g
43
45
Utah Sec Corp 6s
'22.M-S 15
89
90
73
75
Winches RepArmB5s'18.MAS
97
9734
95l2
97i2
Preferred
Preferred
-----100
Elec Bond A Share pref.. 100
9
12
41l2
44
Great West Pow 5s 1946.J&J
81
84
American
Mississippi Rlv Pow com. 100
10
1212
American Chicle com.
100
3412
38
First Mtge 5s 1951..-JAJ
68'2
70l2
72
75
93l2
96
American Hardware..
53
57
Federal Light A Traction. 100
Preferred
100
Preferred
i
North'n States Pow
;
com.
100
..100
North Texas Eleo Co com 100
75
80
39i2
4012
preferred
100
PugetSd Tr L A P com. 100
86
88
17
22
.100
Preferred
Pacific Gas A Eleo com. .100
1st
175"
Union
Trust
375
390
975
990
West
8Ide*.
200
220
USMtgATr
420
435
Yorkville*..
550
560
UnitedStates
950
985
85
87
Brooklyn.
Coney Isl'd*
Westchester.
130
140
100
98
102
125
135
Southwest Pow A L pref. 100
»95
100
First
255
270
Standard Gas A El (Del).
50
*7
9
140
150
Brooklyn.
50
*30
150
165
Brooklyn Tr
144
Germanla*..
200
-
-
-
—
220
Gotham
200
Greenwich*.
335
350
Hanover
670
685
Hillside *___
Harrlman...
255
265
Homestead *
Imp A Trad.
490
505
Mechanics' *
125
Irving-
206
212
Montauk*..
90
Liberty
375
400
Nassau
199
Lincoln
300
320
Nation'IClty t27U2
-
-
Flatbush
...
Greenpolnt
North Side*
People's
•
Banks marked with
change
this
week.
I
a
New
(*)
are
stock.
.
4
110
175
130
State banks
"
610
Ex-rights
39
Preferred
Borden's Cond Milk
....100
Celluloid
Company
:avana Tobacco Co
...
84
88
100
98
100
100
99
101
.100
155
com.
Preferred..
«4
3i2
1922..J-D
itercontlnen Rubb
165
100
....100
/48
com
10
Internat Banking Co...
160
1%
5
53
ili2
■m-m
tmm
57
60
75%
771t
96
33
93
3
6
*67
72
20
25
48
52
United Gas A Eleo Corp. 100
5
7
77
80
100
100
100
100
50
60
7
10
35
38
66
69
Western Power common. 100
11
130
Kings Co
650
1st
preferred..
105
Manufact'rs.
140
2d
preferred
205
People's
280
United Lt A Rys com
1st
preferred
100
Preferred
Remington Typewrlter-
13
52*2
Ex•Per
»
37
100
Preferred
275
at Stock
Amer Typefounders com. 100
75
LAP com 100
Tennessee Ry
265
or
131
1st g 5s June 1
Hamilton
140
128
66
115
t 8ale at auction
95
100
64
250
200""
70
92
______
100
240
80
50
68
100
Preferred.
Preferred
Preferred
272
47
70'
58
South Calif Edison com.. 100
268
100
.100
100
30
Preferred
...100
Am Graphophone com
29
Franklin
290
Brass
Preferred
53
120
Queens Co..
Miscellaneous
.....100
Preferred
97%
Industrial
and
Republio Ry A Light.... 100
Preferred....
590
share.
-
60
160
185
-
76
500
138
-
28
275
180
-
RyAL-100
Cities Service Co com
Com'w'lth Pow
IOD4
100
Westch Ave*
395
99%
237
Wash H'ts*.
Ex*
99
...
56
Unit States*
German
Mich Cent 5s 1918
100
75
Garfield
98
233
......
230
Germ-Amer*
9714
100
Preferred
4700
First
98
Laclede Gas L 5s 1919..
1921
Amer Power A Lt com... 100
65
215
95
4^8
Amer Gas A Elec com
Preferred
Mut'l (West¬
.
Utilities
Fifth Ave*.. 4200
Fifth
5.00
5.70
Mar
2 A
MA 301,000
the Income Tax Law in its amended form.'
Equipment 4s.
Sept
MA
the great banking organizations of
Ask.
5.50
5.70
33c
99
and proceedings of the 1917 meeting, it contains the
Bid.
Baltimore A Ohio 4Ab
Oct
—Our subscribers will receive with to-day's issue of the "Chronicle" a
,
Ask
*16
Jan
H
97 A
to
Equipments—PerCt, Basis
RR.
Bid.
Atlantic Refining....
Borne-Scrymser Co
r Share
£1
Par
19c
98 A
Ex-cash and stock dividends,
Pe
Stocks
34c
CURRENT NOTICE.
copy of
Oil
Standard
Anglo-American 01; new.
Buckeye Pipe Line Co
50
Chesebrougb Mfg new... 100
change this week. where additional transactions will be found.
listed,
175
Apr
97A Sept
98 A
Oct
i Listed as a prospect.
par value,
165
Title AM G
Quotations for Sundry Securities
Cumberland
Russian Govt 6 As
75
Wes A Bronx
84 0
Bonds—
2,000
85
Apr
C2o
316,600
75
_
*
Sept
4
30o
Aug
700
19c
.1
Feb
68c
1
Yerrlngton Mt Cop
V*
Mtge
—
All bond prices are "and Interest" except where marked "f
Jan
5A
Apr
18c Oct
3,100
19c
White Caps Mining...10c
Wilbert Mining
1
Oct
16
65
USTltleGAI
Jan
Mar
15-16 May
Aug;
13
55
Y Title A
Ask
Feb
02o
Oct
Preferred
Surety.
Bid
t
Mar
7
65c
15,500
1
Aug
Aug
3-16
31V*
3A
Verde Comb Cop r____50c
West End Consolidated..5
White
1A
1A
5
150
7,200
4
Oct
500
6
15c
May
31A
m
ia
..I
r
3,720
1
*3 A
4,180
990
Unity Gold Mines......6
r_.
2A
3-16
3A
United Verde Exten r._50c
Utah Nat Mines
550
3-16
United Copper Mining... _l
United Eastern
1
U
4 A
5%
Tri-Bulllon S &
Troy-Arizona
IA
16,100
1,400
Ask
6 Basis,
d Purohaser also
12%
1312
62
65
prefer
42
45
oyal Bakln
130
140
Preferred.
93
96
2d
Oct. 13 1917.]
THE
CHRONICLE
ami
JUxIrxrad
RAILROAD
The
following table shows the
GROSS
1513
EARNINGS.
earnings of various STEAM roads from which regular weekly or monthly returns
oan be obtained.
The first two columns of figures give the gross
earnings for the latest week or month, and the last two
oolumns the earnings for the period from Jan. 1 to and
including the latest week or month. We add a supplementary state¬
ment to show fiscal year totals of those roa&3 whose fiscal
year does not begin with January, but covers some other period.
It should be noted that our
gunning totals (or year-to-date figures) are now all made to begin with the first of
January instead of with the 1st of July.
This is because the Inter-State Commerce Commission, which previously
required returns for the 12 months ending June 30, now requires reports for the calendar year.
In accordance
with this new order of the
Commission, practically all the leading steam roads have changed their fiscal year to
correspond with the calendar year.
Our own totals have accordingly also been altered to conform to the new
practice.
The returns of the electric railways are brought together separately on a subsequent page.
gross
Latest Oross Earnings.
Jan. 1 to Latest Date.
Jan. 1 to Latest Date.
Latest Cross Earnings.
ROADS.
Week
Current
or
Month.
Year.
Previous
Current
Previous
Year.
Year.
Year.
„
Ala NO & Tex PacS
$
Ala & Vicksburg. September
192,477
141,278
1,515,208
1,295,336
Vicks Shrev & P. September
197,379
152,350 1,513,595 1,242,005
Ann Arbor
3d wk Sep
53,882
56,175 2,231,886
1,999,431
Atch Topeka &8P. August
14431301 13238862 106877 960 91.726,297
Atlanta Birm & Atl 4th wk Sep
92,466
97,7211 2,857,894 2,293,430
Atlanta & West Pt. August
Atlantic Coast Line August
Chariest & W Car August
Lou Hend & St L August
a
Baltimore & Ohio. August
B & O Ch Ter RR
August
Bangor & Aroostook July
Bessemer & L Erie. August
Birmingham South. August
Boston & Maine
August
Buff Roch & Pitts.
1st wk
Buffalo & Susq RR. August
_
Canadian Nor Syst. 1st wk
Canadian Pacific.. 1st wk
Caro Clinchf & Ohio July
Central of Georgia. August
Cent of New Jersey August
Cent New England. August
Central Vermont
August
Ches & Ohio Lines. 1st wk
__
Chicago & Alton
-
August
Chic Burl & Quincy August
6 Chicago & East 111 August
c Chic Great West. 4th wk
Chic Ind & Louisv. 1st wk
Cine Ind & West... August
Chicago June RR__ August
ChicMilw & St P.. August
dCbic & North West August
Chic Peoria & St L. August
Chic Rock Isl & Pac August
Chic R I & Gulf... August
d Chic St P M & Om July..
Chic Terre H&SE August
Colorado
Midland. August
Colorado & South. 4 th wk
Cornwall & Lebanon June
Cuba Railroad
July
Delaware & Hudson August
Del Lack & West.. August
e
160,037
114,706 1,088,739
916,158
3,355,674 2,605,923 28,618,673 24,250,229
205,559
135,069 1,464,027
1,242,962
203,304
150,7411 1,435,639 1,122,754
12869706 1155980/ 85,960,497 77,723,433
183,488
159,008 1,335,126 1,228,403
269,653
211,051 2,664,900 2,292,839
1,524,038 1,372,459 7,942,890 7,236,282
94,085
96,685
757,792
723,190
5,599,912 5,170,366 38,867,209 36,331,284
Oct
330,447
280,201 11,366,586 9,836,661
150,921
167,764
1,144,776, 1,116,335
Oct
758,500
857,400 30.963,500 27,637,800
Oct 2,842,000 2,966,000 111943174 103341630
1
320,240
187,920 2,411,4241 1,874,036
1,318,030 1,115,293 9,837,343 8,322,731
3,542,241 2,995,446 24.946.634 22,903,666
490,707
515,848 3,635,058 3,396,734
401,618 2,904,583 2,954,086
401,200
Oct
860,134 40,769,251 37,939,372
977,497
1,910,441 1,628,690 13,421,541 11,286,102
10956606 10216369 79,935,815 68,594,720
1,856,104 1,487,715 13,716,771 10,823,703
356,929 12,076,992 11,673,346
361,371
Sep
Oct
122,718
134,515
6,902,547 6,175,976
218,323
219,493
1,779,922
1.516.240
238,113
283,116
2,152,290 1.821,771
10500802 10021194 72,978,913 70,501,320
10672933 9,624,148 71,522,105 64,336,085
157,053
189,730
1,397,047
1,117,889
7.519,819 7,230,707 54,790,107 48,866,107
330.002 2,421,284 2,103,084
298,963
1,829,950 1,647,960 11,954,831 11,436,351
247,430 2,409,211
344,096
1,744,265
189,178
138,421
902,883
990,965
463,551 13,340,671 11,536,338
Sep
500,174
...
__
_
...
48,042
40,012
254.359
250.399
743.774
571,491
4.029.957 4,846,889
2,946,281 2,354,162 19,630,590 17.623.0S1
5,097,696 4,349,331 37,775,422 33,786,463
Denv & Rio Grande 1st wk Oct
564,600 21,197,232 18,795,883
594,500
Denver & Salt Lake August
194,888
230,785
1,344,172
1,190,030
Detroit & Mackinac 4th wk Sep
30,536
33,734
934,383
993,364
Detroit Tol & Iront August
212,478
263,302
I",760,706
1.520.330
Det & Tol Shore L
August
159,358
130,147
1.168.241
1,252,705
Dul & Iron Range.. August
978,030 4,423,645 4.633,254
1,128,599
Dul Missabe & Nor August
2,518,205 2,083,452
8,933,556 8,641,419
Dul Sou Shore & Atl 3d wk Sep
85,430
79,679 3,112,694 .2,651,211
Duluth Winn & Pac August
162,606
143,147
1,445,916
1,275,597
Elgin Joliet & East. August
1,498,266 1,169,411 10,583,461
9,377,774
El Paso & So West- July
1,084,<938 1,040,083
8,343,224 6,737,930
Erie.
August
7,194,028 6,697,727 51,927,631 49,117,491
Florida East Coast. August
587,636
475,858
5,864,947 5,769,689
Fonda Johns & Glov August
103,023
92,813
710,328
672,411
Georgia Railroad.. August
371,885
277,888 2,405,639 2,097,904
Grand Trunk Pac.
2d wk Sep
104,440
67,732 3,755,201
3,231,951
Grand Trunk Syst
1st wk Oct 1,342,050 1,319,090 49,740,006 45,385,500
Grand Trunk Ry 2d wk Sep 1,044,185 1,004,464 3.5,944,672 31,819,691
Grank Trk West. 2d wk Sep
187,992
190,119
6,718,113
6,586,924
Det G II & Milw. 2d wk Sep
66,392
65,127 2,338,887 2,339,995
Great North System
September 8,331,642 8,027,261 64,709,415 59,580,534
Gulf Mobile & Nor. August
247,723
184,102
1,495,002
1,380,597
Gulf & Ship Island. August
246,739
178,912
1,320,956
1,430,772
Hocking Valley
August
1,093,533
815,692 6,841,351
5,207,840
Illinois Central.... September. ",570,142 6,461,004 64,277,185 53,558,586
Internat & Grt Nor August
1,037,152
859,097
7.563,734 6,301,629
Kansas City South. August
938.003 8,678,877 7,140,364
1.160.743
Lehigh & Hud Riv. August
221,485
208,521
1,520,403
1,425,533
Lehigh & New Eng. July
344.695
217.775
2,044,703
1,700.285
Lehigh Valley
August
4.866,856 4,435,645 35,261,606 31,884,496
Los Angeles & S L._ August
1,043,699
992,725 8,342,635 7,726,751
i Louisiana & Arkan.
August
134,297
162,746
1,074,051
1,048,426
Louisiana Ry & Nav August
220,602
186,368
1,325,808
1,487,274
/ Louisville & Nash. 4th wk Sep 1,835,520 1,728,126 55,699,968 47,196,000
Maine Central
August
1,292,510 1,185.226
9,329,582
8.286.331
Maryland & Penn__ July
41,842
34,568
292,490
261,871
Midland Valley.
August
270,673
179,189
1,863,796
1,303,540
Mineral Range
3d wk Sep
23,013
22,339
775,865
859,188
Minneap & St Louis 1st wk Oct
225,568
233,804
8,284,307 8,258,794
Minn St P & S S M. 4th wk Sep
926,609
908,281 25,374,229 25,710,126
Mississippi Central. August
106,369
78,767
548.524
525,713
fMo Kan & Texas. 4th wk Sep 1,175,770 1,116,378 30,691,183 25,483,605
Mo Okla & Gulf... August
164,821
136,815
968,948
1,246,418
h Missouri Pacific.. August
6,894,566 6,324,428 50,978,116 43,747,952
Nashv Chatt & St L August
1,305,209 1,212,040 9,615,384 8,668,783
__
..
..
...
...
...
Week
or
Month.
Current
Year.
Previous
Year.
...
...
...
NO Tex&Mex Lines August
j New York Central August
Boston & Albany August
n 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
Tot all lines above August
N Y Chic & St Louis August
N YN H & Hartf.. August
N Y Ont & Western August
N Y
Susq& West.. August
Norfolk Southern.. August
Norfolk & Western- August
Northern Pacific
August
Northwest'n Pacific August
Pacific Coast Co
August
p Pennsylvania RR. August
Bait Ches & Atlan
—
Current
Year.
Previous
Year.
Increase
Long Island
August
Mary'd Del & Va August
N Y Phila & Norf August
Phila Bait & Wash August
W Jersey & Seash August
Western N Y&Pa August
Pennsylvania Co
August
Grand Rap & Ind August
IPitts C O & St L August
...
...
Total lines—
East Pitts & Erie August
West Pitts & Erie August
All East & West.
Pere
Marquette..
Reading Co—
Phila & Reading. August
Coal & Iron Co.. August
Total both cos.
August
Rich Fred & Potom August
3d
19540579
18078121
140496252
132888184
1,879,706
660,598
4,072,693
4,251,508
189,288
2,203,467
617,993
337,065
14,810,190
5,421,170
33,889,492
34,054,367
1,561,579
16,659,945
5,032,098
2,329,338
14,077,233
4,772,851
29,832,645
30,248,902
1,246,246
15,745,455
3,964,380
2.443.820
32290439 254254431
235219716
11,169,521
56,045,098
6,181,345
2,823,746
3,578,526
42,645,801
57,340,415
3,117,914
3,018,163
10,110,437
52,606,115
6,107,362
2,791,154
3,176,636
39,330,192
50,311,867
2,967,250
4,873,778
1,302,569
7,149,732
969,811
304,100
411,977
5,343,013
7,041,003
506,676
764,626
23626103 20664931
168946348 151948 923
189,732
441,218
1,993,966
131,698
536,310
3,096,550
1,301,651
1,499,343
7,714,591
676,300
6,557,430
811,673
792,788
3,197,183 2,358,006
10,928,222 9,994,916
641,760
586,954
3,585,624 3,475,823
20,535,388 16,574,378
172,930
311,410
1,606,940
117,130
437,847
2,205,431
1,117,660
1,322,488
7,336,986
585,143
5,673,548
31661996 27008399 217219410 193833906
15125460 13761829 105765549 96,425,532
40770228 322984958 290259437
2,087,351 1,951,947 15,403,002 14,435,871
...
—
...
_
...
...
Canadian Northern
July
•Duluth South Shore & Atlantic July
Mineral Range
July
Pacific Coast
July
St Louis-San Francisco
July
Southern Railway System.:
July
Alabama Great Southern
July
Cine New Orleans & Tex Pac. July
New Orleans & Nor Eastern.
July
Mobile & Ohio...
July
July
Georgia Southern & Florida
_
—
__
Cur.
(31 roads)
15,096.291
13.125.306
4-1.970.985 15 02
December
(29 roads)
20.483.799
18,082,217
+2,401,582 13.28
14,103.978
13.505.346
13.500.148
January... .248.477
February
249,795
1st
week Sept
(29 roads)
(29 roads)
(30 roads)
(31 roads)
2d
week Sept
week Sept
(29 roads)
4th week Sept
(28 roads)
week Aug
3d
a
(31 roads)
14.337.363
14.914,035
13,934.648
21,985.612
14.328,835
15.332,610;
15,562,006;
20,008,991'
20,309,805
13,228,250
13.885,132
14,146,523
18,822,876
1
1
1
1
1
1
1
1
1
1
1
to
Oct
Year.
to
Sep
Sep
Aug
Aug
Sep
Aug
Aug
Aug
Sep
Sep
to
to
to
to
to
to
to
to
to
7 11,350,300 11,564,400
•
21
1,075,562
21
31
260,614
917,907
31
10,496,587
30 29,651,247
31
31
31
30
30
1,237,580
2,276,552
767,532
3,494,552
696,257
938,709
256,344
1,509,054
9,291,520
23,967,240
942,756
1,881,798
635,124
2,941,025
632,059
current
Previous
Year.
Year.
increase
or
Decrease.
%
$
$
215.669 262.171.169 242,064,235
247.327 307.961.074! 267.115.289
+20.106.934
248.738 271,928.066 269,272,382
+ 2,655.684
0.99
+27.249.215
9.27
Yr. Prev. Yr.
(30 roads)
216,811
.
Previous
Year.
and Monthly.
Monthly Summaries
Mileage.
Current
Period.
Various Fiscal Years.
week July
4th week Aug
5,912,444 5,442,562
9,919,550 8.981.371
51,397,150 49,811,271
4,324,650 3,853,285
48,657,920 41,559,511
_
4th week July
1st week Aug
2d
week Aug
3d
270,744
1,213,911
3,691,698
6,128,297 5,121,384 44,675,046 39,812,351
4,480,447 2,948,567 31,533,939 25,194,782
10608744 8,069,951 76,208,985 65,007,133
396,995
283,137 3,167,557
2,512,829
Rio Grande South.
4th wk Sep
15,459
14,295
442,602
401,581
Rutland
August
403,450
353,180 2,843,225 2,652,366
St Jos & Grand Isl
August
165,792
194,524
1,542,068
1,320,867
St L Brownsv & M. August
269,606
430,665 2,583,843 2,167,344
St Louis-San Fran
August
5,459,959 4,859,906 38,128,408 33,655,970
St Louis Southwest- 1st wk Oct
359,000
332,000 12,565,568 9,752,955
Seaboard Air Line.
August
2,293,844 1,969,095 19,447,605 16,703,610
Southern Pacific
16716324 15163 482 123872769 102016187
August
k Southern Ry Syst. 4th wk Sep 3,127,610 2,681,778 82,687,789 71,184,830
Ala Great South. August
631,833
494,686 4,518,444
3,873,524
Cin N O & Tex P. August
1,163,125
975,328 8,590,038
7,747,822
New Orl & N E_
August
395,237
326,163 •3,062,407
2.537.821
Mobile & Ohio... 4th wk Sep
396,079
350,029 10,136,837
8,953,087
Georgia Sou & Fla 4th wk Sep
72,814 2,056,570
77,003
1,864,619
Spok Port & Seattle July
649,712
480,589 3,765,976
2,786,024
Tenn Ala & Georgia 4th wk Sep
2,324
3,019
93,724
89,981
Tennessee Central. August
165,349
150,270 1,158,514
1,098,686
Term RR Assn.St L August
264,368 2,574,876
322,033
2,364,813
StLMB Term.. July
186,849
251,624
1,744,366
1,366,356
Texas & Pacific
1st wk Oct
488,165 16,332,092 14,575,730
466,566
Toledo Poor & West August
104.116
777,444
843,267
117,103
Toledo St L & West 4th wk Sep
123,448 5,186,503 4.367.372
153,440
Trin & Brazos Vail. August
76,918
74,255
608,629
544,527
Union Pacific Syst. August
11273361 10884 320 80,726,347 70.718,781
759,146
Virginian
1,013,483
5,666,103
August
7,330,110
Wabash
August
3,526,218 3,249,927 26,179,858 24,101,861
AVestern Maryland. 1st wk Oct
261,521 10,172,812
261,637
8,978,806
Western Pacific.... August
1,002,908
806,657 6,270,576
5,097,048
Western Ry of Ala. August
166,799
102,455
846,367
1,038,514
Wheel & Lake Erie. August
1,146,957
979,118 6,949,405
6,698,916
Yazoo & Miss Vail. September
1,541,265 1,333,439 12,682,666 10,135,371
%
S
269,303
1,226,652
4,227.290
46787456
August
August
or
Decrease.
Year.
2,093,719
724,957
4,643,172
5,014,064
237,490
2,470,518
831.227
364,174
35919899
...
17,361
170,182
627,804
13,812
197.226
476,883
1,532,527
7,600,871
1,113,635
390,658
458,725
6,021,972
7,533,664
501,636
497,110
August
Cumberland Vail. August
AGGREGATES OF GROSS EARNINGS—Weekly
Weekly Summaries.
Previous
Year.
$
N e vada-C al-Oregon 4th wk Sep
New Orl Great Nor. August
...
•
Current
8.31
+40.845.785 15.29
+598.632
4.47
+837,215
4-979.387
6.20
March
248.185
247.317 321.317,560 294,068.345
7.03
+ 1,675,807
8.18
April
May
248.723
248.312
June..
242.111
24% 120 326.560 287 288.740.653 +37.819.634 13.10
247.842 353,825,032 308.132.969 +45.692,063 14 82
241.550 351.001.045 301.304.803 +49.696.242 16.49
244,921 353.219,982 306,891,957 +46,328.025 15.09
82,680
83,784.361! 78,238,337
+5,496,024! 6.99
+6,819,844 8.9
81,514 83,126,235' 76,306,391
8.32
+ 1,100,585
+ 1,447,478 10.42
+ 1,415,483 10.00
+ 1,186,120
6.31
245,699
83,939
July
August
September
Includes Cleveland Lorain & Wheeling Ry. and Cincinnati Hamilton & Dayton,
.
82,776
b Includes Evansville & Terre Haute,
c
Includes Mason City &
Fort Dodge and the Wisconsin Minnesota & Pacific,
d Includes not only operating revenue, but also all other receipts,
e Does not include earnings of
Colorado Springs & Cripple Creek District Ry.
/Includes Louisville & Atlantic and the Frankfort & Cincinnati,
g Includes the Texas Central ana the
h Includes the St. Louis Iron Mountain & Southern,
j Includes the Lake Shore & Michigan Southern Ry., Chicago Indiana &
RR., and Dunkirk Allegheny Valley & Pittsburgh RR.
k Includes the Alabama Great Southern, Cincinnati New Orleans & Texas Pacific,
Orleans & Northeastern and the Northern Alabama.
/ Includes Vandalia RR.
n Includes Northern Ohio RR.
p Includes Northern Central.
Wichita Falls lines,
Southern
New
♦We
no
longer include Mexican roads in any of
our
totals.
-
.
<
[Vol. 105.
CHRONICLE
THE
1514
Net
-Gross Earnings-
table which
by Weeks.—In the
Latest Gross Earnings
separately the earnings for the fourth week
of September.
The table covers 28 roads and shows 6.31%
increase in the aggregate over the same week last year.
follows
$
92,466
450,794
1,104,400
3,631,000
Atlanta Birm & AtlanticBuffalo Rochester & Pittsburgh
Canadian Northern.
Canadian Pacific..
....
Denver & Rio Grande
—
Detroit & Mackinac...
Georgia Southern & Florida.
Grand Trunk of Canada...
Grand Trunk Western
Detroit Gr Hav & Milw
Canada
Missouri Kansas & Texas
Mobile & Ohio
Railway System..—
Tennessee Ala & Georgia
Southern
908,281
1,175,770
396,079
1,116,378
350,029
13,812
i 15,459
459,000
17,361
14,295
396,000
3,127,610
2,681,778
2,324
600,312
153,440
341,006
3,019
598.698
123,448
325.757
...
Maryland.....
WN
a
•—I CS|
h oo
10 ft
HO)
00 f
to r-t
H to
to to
oi>
.q h
^ *"1
h_o
too,
®f
f«5
CO CO
>© f
Of
O)
©00
f
COCO
f I©
f f
Oi O
O5«0
Western Pacific b
o "5
f CO
>©
f W5
H*q H q
ho
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n-7
n CO
ft H
f
MM
H
r-t
WO)
0)0
fbJ
f f
OO
Ci f
o to
f
W O
01 H
f
cqio
NN
ca
'
'
""695
29,992
15,249
*H
*H
"H «r.
"O
iJ
"C ®
CI o
©01
oto
"TOO
OM
C0U3
©co
h a
CIO
f<i©
SOW
*0
CO r-t
r-t ClO
H rH
oo
00* f
00 00
hffl
co
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H
tOH
l©
© H
OI M
rH <JS>
'V Ol
4> «5
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N 00
H f
v- i©
«■*.
9
T3 4)
d
6) O
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XJ
®
-o
o a
H f
oO'OOH
Hf OOC
MN
O
H CO
rH ft
NO
tO
rH
CltS
COH
ooo
to
CO rH
ore
Ci H
t»Ca
cc
w
to
«t}
rH
o
hN
ci f
ft to
cioq
qoc
fc
00 O
OO
OJU3
HCO
f.00
too
H©
CI ci
O OO
to
d-3
r-t
163
12,324
7,249
7,523
2,373
9,896
58,827
def48,931
29,510
57,809
def28,299
28,269
10,684
15,010
'16
104,116
15,636
222,422
843,267
'16
'777,444
Week
COCO
Oft
©)CO
6
...
Elgin & Chic Ry August
...
August
August
June
August
August
August
June
Detroit Edison
a
cio
Batt(Rec)
Duluth-Superior Trac
East St Louis & Sub.
Eastern Texas Elec..
El Paso Electric Co..
42d St M & St N Ave
rH ft
rH
rH
rH
rH
CI "5
©> CO
ffd
00
CO
<P ft.
MO
fr-CO
CO
.cs
Ci O
uo 00
ION
fid
HN
<N
CI ft
Hf|
(Oh
«
•
ftH
CO
is. coHCO
HW
eo^
OtO
Detroit United Lines.
D D E B &
rH 0)
August
August
June
00
HO
to o
to lO
»-4
ho
fH
f^ rH
00 O)
O
O)00
I© ft
IOCS
CO CI
>—(
oq o
to >0
00
tC
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o
rt"
00 (N
1©H
to to
HO)
ft rH
ciob
*—i
d
CI CO
COH
(NO)
C4 rH
cico
rH
rH*
to«o
COlO
ON
t©60
|»ffl
0)0
d rH
O CO
rH
rH
>©
-3
"S
ft
.
53-
«fj
tr ft
N°2
to f
CO ft
ft CO
Clto
NO)
CI to
to 1-t
CO LO
ooo
ooo
CI rH
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d ft
ft o
to to
o'ci
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00* d*
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rH
N rH
LOd
CHO
rH«
rn'tD
to U0
to
o
ci
to
lOH
o*
CS
ft to
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to H
ft o
rH
to'cj
no
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rHf
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rH
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co>©
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fflf H f
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Hft, H ^
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rH rH
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rH rH
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UOCqftH#
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rH
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tffl
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h h
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f<qo
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coq
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CD H
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ftcs
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ftcs
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COCO
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ftq. I©* 00
esoo ft to
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10 o
00
coft
iocs
tr ft
ftcs
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to
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1© H
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d H
C0»©
00 ft
rH
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L© rH
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ft CO
COH
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dCO
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oom
cof
qo
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ftf
CO to
l©<©
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rH CO
O
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rH O
LOCO
coo
wa
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i© o
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H "S
ftf
HtO
ooo
rH co
OCO
ft
rH
tCci
rH
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H CD
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oooo
l©00
d«3
f ®
I^CO
•3
o®
©>©
f to
Of2
f
•£>
rH CI
esq
rH
CS
©M
f q
CO
I© ID
COf
rHO
1©0
rH d
df
ft O
f©
H 00
COO
tD O
CD CS
CO ft
o o
rH
O
cow
Hq
f_d
troo
ftq
©q
WH
f<f
f
q
eof
esf
OCCi
co*co
iCco
N.CO
dco
f OS
eocs
L© CO
CDH
CS tD
iCf
©H
»©l©
OCO
f
OH
L© 0
rH
f
CO
to*
ft*
Ci CO
rHOO
cot©
d t©
ft o
rHf
HO
CO
rH
to
O
tnO
f
fl©
Ch
d
H f
tD
tof
1©
ft H
■
North
a
•3 J
&
tc
ft
u
a
Hs
«
d
...
...
...
...
...
...
...
...
...
August ...
August ...
June .....
June
August
August
August
August
...
...
...
—
...
,
26,744
1,250
152,179
181,001
39,919
214,288
def20,345
UTILITY COS.
Earnings.
Jan. 1 to latest date.
Current
Previous
Current
Previous
Year.
Year..
Year.
Year.
...
...
Texas Electric August
I). June
Paducah Tr & Lt Co August
Pensacola Electric Co August
..
...
__
Phila Rapid Transit. August
Phila & Western Ry. July
Ry.L&PCo. August __
Puget Sd Tr. L & P. July
aRepublic Ry & Light August ..
Rhode Island Co
August ...
Richmond Lt & RR. June
St Jos Ry, L, H & P. August
Santiago El Lt & Trac June ....
Savannah Electric Co August ..
Second Avenue (Rec) June
Southern Boulevard. June
Southern Cal Edison. July
Staten Isl'd Midland. June
Tampa Electric Co.. August __
Port (Ore)
g
June
Tran. August —
NYC. June __—
Virginia Ry & Power. August —
Wash Bait & Annap. July.^...
Twin City Rap
Union RyCo of
116,345
53,861
198,215
74,805
17,352
79,753
100,762
855.370
914,178
177,410
244,543
1,354,072
530,947
566,221
137,013
150,812
402,164
345,163
656,818
728,150
/8064000 /7405000 f60505,000 /56013.000
82,858
85,684
15,934
15,509
2677,328 2555.237 14,879,323 14,143,851
248,207
292,146
35,264
39,683
192,518
200,491
24,196
26,688
807,248
956,571
100,238
142,801
5.366,169
1366,660 628,824 12,552,769
261,593
300,093
50,977
56,773
5,903,686
7,150,015
719,936 684,586
547,505
689,872
74.428
92,681
2,574,148 2,286,563
333,849 290,082
1585,919 1358,867 12,445,546 10,826,081
6,338,487
977,472 901,439 6,733,371
2,989,546
3,649,717
367,353
449,831
1,869,410
324,901 306,679 2,040,455
1,090,282
144,236
1,239.782
163,708
1,011,019
1,163,357
123,924
135,193
6,274,255
7,776,363
718,328
901,576
1589,199 1478,987 11,903,357 10,645,163
247.371
219,345
42,867
39,121
904,063
126,820 .1,042,868
139,688
1,920,131
2,376,534
317,838 251,981
532,463
622,288
71,088
79,889
696,237
851,088
84.157
105,941
979,475
872,686
170,971
157.493
1.453,896
1,568.505
222,773 202,362
1,266,592
1,298,707
183,598 168,724
860,184
867,903
106,497
109,269
2,425,753
331,825 306,596 2,614,471
664,848
774,734
60,893
109,127
3.3S6.516
3.826.4M
575,442 492.520
427,358
465,599
53,869
59,935
217,845
231,321
29,459
29,134
3,855,866
4,110,672
487,659 445,556
7,832,640
8,677.624
971,934
1114.511
2925,035 2731,984 26,679,458 24,441,472
416,723
453.054
49,422
53,176
157,721
160,525
19,795
21,480
76,352
92,071
10,161
12.405
1,435,994
886.916
985.157
164,595
171.234
1,626,398
1,878,652
279,078 229,705
527,668
599,295
87,115
100,579
109,801
112,865
23,549
24,568
1,522,146
1,535,661
263,884 264,179
4,515,782
5,107,470
541,150
609,745
1,190,524
1,438.220
177,507
205,708
976,448
1,840,955
123,427
295,410
1,553,246
1,601,532
199,57
200,686
678,628
809,291
100,87
130,285
368,552
370.710
63,236
63.049
193,662
197,431
36,993
37,595
77,417
75,661
14,495
14,607
706,090
588,343
128,992
97,994
7,932,431
7.200,775
1100,230 1163,783
-253,997
282,402
40,814
53.406
3,52,261
371,161
46,028
47,557
121.626
116,733
18.341
19,059
551,602 479,093 4,244,140 3,375,761
1,217,498
1,465,566
155,378
210,459
50,158
50,404
15,517
15.548
1662,202 1494,400 13,333.085 12.536,375
204,121
198,994
26.158
23,298
186,745
226,042
24,399
34,399
2436.680 2149.836 19,570.542 17.787,134
288,107
318,207
46,833
55,775
3,577,697
505,552 447,502 3,880,236
4,508,691
5.136.058
663,746
586,369
2,596,204
335.579 3.043.488
426,115
3,885,362
587,475 4,035,508
595,686
185,047
208,060
38,025
44,102
888,343
992,581
109,480
123,742
266,491
266
991
44,646
47,040
528,491
616.608
69,892
86,570
411,897
392,759
80,147
79,749
111,631
106,723
19,571
19,959
4,729,371
603.669 691.102 4,445,213
146,561
156,755
31,058
34,560
633,118
672,895
74,194
79,321
2,081,146
2,064.547
393,092
359,429
6,882,609 6,740,241
848,478 849,967
1,455,814
1,425,071
259,112 279,452
3,845,269
592,903 488,698 4,221.470
'
June
June —
July
August
August
Pacific Gas & Elect.. August
Third Avenue
HH
...
Northampton TraC_. July .....
Nor Ohio Elec Corp. August ...
Ocean Electric (L
®
co
oo
Lehigh Valley Transit
Lewist Aug & Waterv
Long Island Electric.
Louisville Railway..
Milw El Ry & Lt Co.
Milw Lt, Ht & Tr Co
Monongahela Vail Tr
Nashville Ry & Light
N Y Westehes & Bost
ft
•a
d«
rHO
qq q1^. qq
...
...
N Y & Stamford Ry.
"S
.
W rH
tD rH
n»
...
...
N Y & Queens Co—
New York Railways.
&
a
cS
CO rH
...
...
—
N Y & North Shore..
CO
co"
...
—
Newp N&HRyG&E August
N Y City Interboro.. June
N Y & Long Island._ June
CO
C)H
q<q
■
fto
d rH
to I©
...
P July
Honolulu R T & Land August
Key West Electric
August
Lake Shore Elec Ry. July
s
53
August
August
August
June
Houghton Co Tr Co. August
b Hudson & Manhat. August
Illinois Traction
August
Interboro Rap Tran., August
Jacksonville Trac Co August
Keokuk Electric Co. August
ftq •
oO
In-O)
...
Railways August
Havana El Ry. L &
fr*
ft OS
00 lO
...
...
August
Harrisburg
jhio
icp
Oh
w
August
Federal Lt & Trac. July
Galv-Hous Elec Co.. August
Grand Rapids Ry Co August
00
tD
W CO
cjci n©
wo CO«
...
...
g
CO
H*W
•
ina
r-t 00
ft'r-T
to
to to
co=»
o
CI
trft
...
July
August
Great West Pow Syst
Oto
QO rH
...
August
OH
ft ft
CI CI
o
...
—.
(Mich). August
Cumb Co (Me) P & L August
Dallas Electric Co.
Dayton Pow & Light
CI
...
August ...
August ...
August ...
July .....
g
M to
tO rH
...
Consum Pow
f<
to rH
too
rt»
27,994
127,092
24,863
217,103
78,486
18,122
57,607
112,516
...
August
Connecticut Co
'O
rH rH
rH
a> o
HCO
Mffl
or
Adirond El Pow Corp July
Atlantic Shore Ry... August
h©
rHiq
16,813
8,881
25,694
5,075
220,920
193,943
100,965
Road
Company.
©CO
■
68,741
92,978
'
12,358
RAILWAY AND PUBLIC
as>o
ftco
CO ft
O)ci
■
8,020
12,161
^Columbia Gas & El. August
Columbus (Ga) El Co August
53
C©C0
*fti©
o®
38,689
Colum (O) Ry, P & L August
Com'w'th P Ry & Lt. August
3
C40
c»fl
1,060
6,956
8,016
42,157
225,287
8 mos'17
cAur
MtO OH
rH v# to
*
H CO
N
00
S
Bangor Ry & Electric
Baton Rouge Elec Co
Belt LRy Corp (NYC)
Berkshire Street Ry.
Brazilian Trac, L & P
Brock & Plym St Ry.
Bklyn Rap Tran Syst
Cape Breton Elec Co
Cent Miss V El Prop.
Chattanooga Ry & Lt
Cities Service Co
Cleve Painesv St East
<m
in
?
Latest Gross
C0«
O
I©
Surplus.
$
•o ®
v
*o
'
a
Balance,
5
Month.
to.
WO
0)01
Charges
& Taxes.
S
®s
CO
O
Total
117,103
or
w
H
1,234
3,308
7,100
2,223
2,304
Income.
Aug'17
Name of
qq £j«-H
4)
629
256
Other
ELECTRIC
CD 01
nf
■
247
Income.
1,241
io to
O
$
876
1,490
5,531
9,404
Net
Toledo Peoria & Western—
qeo
■d ®
■d
Balance,
Surplus.
.$
ifi> IO
O tO
CO CC
rH
6,174
6,818'
60,496
62,039
.Sept '07
V
Fixed Chgs.
& Taxes.
Earnings.
'16
ft rH
Earnings.
$
208,686
202,543
•
Gross
8 mos'17
38,499
Net
$
23,657
14,805
37,397
116,328
25,851
23,191
Earnings.
Aug '17
'16
"lMl
CO
cof
rH
■N
Ncvada-Cal-Oregon—
•O
,<nh
to,
1,048.426
1,074,051
*16
'
103,051
49.508
37,996
246,083
318,871
162,746
134,297
..
,
f
o
Surplus.
9 mos '17
T6
'1
cog
Balance,
8
'16
63,000
445,832
H
•a
cow*
rH CO
Fixed
Charges.
$
Earnings.
$
3,549
tr
Ch
S
HtS
oh
©co
CO H
Net after
Taxes.
'16
"l",164
r-t
-»oo
o ©
ho
oo Oi
338,869
1,888,480
1,002,908
6,270,576
17
Ark—Aug
18,328
59,392
46,050
05M
M CC
00 O
r-t
806,657
5,097,048
...Aug
1 to Aug 31
Louisiana &
f
rH
539,667
3,263,487
400,392
2,435,443
107,394
3,780
0^; HH
JH- tfi>
00
tO
f
t»f<
oo
HO
112,652
172,233
Gross
Net 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 last week:
rH rH
184,877
531,803
4,061,530
Earnings.
20,008,991 18,822,871 1,224,619
1,186,120
Total (28roads)...—....
Net increase (6.31 %)..
f
Texas & Pacific b
Jan 1 to Aug 31
Bellefonte Central.
926,609
Toledo St Louis & Western
O f
764,626
1,509,054
...Aug
8 mos '17
265,004
St Louis Southwestern
O 00
J© ©J
Hft
497,110
917,907
1,793,603
1,625,802
..14,029,171 12,304,267
July 1 to Aug 31
32,289
1,796,466
268,784
Rio Grande Southern
1© L-
$
...Aug
Pacific Coast Co
Jan
3,198
4,189
1,728,126
..
©f<
S
80.200
1,835,520
/
Minneapolis St Paul & S S M__
f
S
4,442
Central...
Texas & Pacific
Previous
Year.
S
233,558
301,995
765,069
1,849,918
1,840,973
5,315.544
3,899,134
8,014,033 3,086,462
Great Northern b—....Aug 8,175.030
56.377,773 51.508,273 18,008,622 19,473,041
Jan 1 to Aug 31
37,561
36,623
Atlantic
N evada-C allfornia- Oregon .
Year.
Gross
Minneapolis & St Louis
Western
29,000
Current
Year.
822,096
Chicago Ind & Louisv b.Aug
5,961,597
Jan 1 to Aug 31
136",161
463,551
747,900
30,536
72,814
1,828,755
Louisville & Nashville
Iowa
78,761
19,400
3,660,000
1,401,087
356,929
210,660
361,371
248,221
500,174
828,100
33,734
77,003
Colorado & Southern
$
5,255
97.721
372,033
1,085,000
1,537,248
Chesapeake & Ohio..
.—
Chicago Great Western..
Chicago Ind & Louisville......
Decrease.
Increase.
1916.
1917.
September.
Fourth week of
Previous
Year.
Roads.
we sum up
Earnings
Current
.
113.622
79.977
608.611
4QU.789
Oot. 13
1917.]
Latest Gross
Name of Road
or
THE
Company.
Week
Westchester Electric- June
Westchester St RR__ August
0 West Penn Power.
August
a West Penn
Rys Co. August
Yonkers Railroad- June
York Railways
July....
...
.
_
.
.
...
Youngstown & Ohiol August
compaSS
Previous
Year.
48,553
26,413
310,438
664,166
72,231
21,076
247,193
542,520
71,721
83,717
79,516
32,204
30,149
51,687
Current
Previous
Year.
Year.
253,550
167,004
2,532,553
4,991,026
387,744
598,365
228,010
272,390
162,737
1,881,221
4,036,449
389,310
551,554
220,801
c These figures are for consoll-
sources,
Earnings now given In milreis.
g Includes constituent
Electric
Railway and Other Public Utility Net Earn¬
following table gives the returns of ELECTRIC
railway ana other public utility gross and net
earnings with
ings.—The
charges and surplus reported this week:
Gross Earnings
Current
Previous
Year.
Year.
S
$
Companies.
British Col El Ry_.._.
.Aug
Jan 1 to Aug 31
$
423,738
3,683,164
1,630,146
12,907,333
260,253
2,055,788
223.561
1,683,381
671,940
5,310,387
627,515
4,801,064
New Eng Tel & Tel...
-Aug 1,896,298
Jan 1 to Aug 31..
...14,952,875
1,685,061
13,565,075
409,476
3,133,810
220,786
1,886,380
91,684
842,735
400,915
3,087,406
110,537
.1,006,455
136,784
1,078,230
Jan
Telephone.. -Aug
1
to
Aug 31
Michigan State Tel— -Aug
Jan
1
to
Aug 31
Southwestern Bell Tel. .Aug
866,512
Jan 1 to Aug 31..
6,828,136
Wisconsin Telephone. .Aug
432,252
Jan 1 to Aug 31..
3,349,963
_
Gross
Earnings.
Bangor Ry & Elee__Aug *17
8
mos
'17
'16
.
'16
12 moS *17
'16
Aug '17
.
Columbus (0.)
Ry Pqw & Lt.
'16
8
mos
'17
'16
Aug '17
Consumers' Pow
(Mich)
'16
8
mos
I
*17
'16
Aug '17
Cumberland Co
(Me) P &L__
8
East St Louis &
Suburban
8
mos
'16
'17
'16
Aug '17
Grand Rapids
(
vel & Gas
!16
'17
*16
Ry__Aug '17
8
Huntington
mos
mos
*16
'17
'16
Aug '17
'16
De-{
(12
mos
'17
Interboro Rap Tran Aug '17
'16
2
'
mos
'16
•16
Keystone Telep
Sept '17
9
•
.
,
mos
'16
'17
'16
of* AuS *17
.
Lewiston Aug &
Waterville St(
8
mos
[
Ry
8
"
mos
'
'
_.
Aug
mos
*$1.18319
*$2.74185
*$10,060
*275.45
*$2.93022
$10,088
*$8,846
Includes
x
1913-14
are
narrow:gauge equipment.
* The statistics for 1914-15 and
slightly inaccurate due to changes made in later years.
INCOME ACCOUNT FOR
Revenues—
YEARS ENDING
1916-07.
Freight
Passenger...
1915-16.
JUNE
30.
1914-15.
1913-14.
$54,863,693 $47,020,482 $40,458,858 $45,632,207
19,061,964
16,615,8,57
16,175:674 19 016 099
i!mt'rXr?F"fS'&c" —
7.111.889
6,005,718
5,318,359
5,817,107
351,279
355,618,
246,619
285,584
revenues-$81,388,325 $69,997,675 $62,199,510 $70,750,997
Joint facility
Maint. of way, &c
Maint. of equipment,...
Traffic expenses
Transportation
General
expenses
Miseell. operations...
$10,138,386
12,372,057
2.039,638
26,748,928
2,199,449
539,378
404,168
Cr.407,700
Cr.416,694
_.
_
$8,175,411
11,183,701
1,904,129
22,751,698
2,038,702
$8,452,119
10,691,267
2,110,467
22,757,598
2,019,621
388,229
Cr.244,590
$9,283,239
12,133,829
2,244,351
25,713,747
1,987,879
Cr.
463,598
65,993
103,198
101,536
804,957
765.562
65,175
62,886
517,041
500,794
36,023
38,650
287,916
264,768
109,269
106,497
867,903
860,184
32,066
304.563
18,476
16,838
143,056
120,018
49,436
34,155
549,158
27,902
17,800
320,136
15,938
13,780
184,577
11,964
4,020
135,559
2,925,035
2,731,984
5,836,337
5,382,980
1,227,123
1,282,420
2,445,291
2,550,612
818,314
977,650
1,626,684
1,954,638
2449,195
2345,136
2900,984
2675,766
134.850
124,129
1,175,552
1,087,344
61,603
60,927
558,077
537,887
28,226
27,453
251,082
247,077
33,377
33,474
306,995
290,810
527,668
39,387
33,935
152,371
173,231
15,498
15,075
124,515
126,825
23,889
18,860
27,856
46,406
200,686
199,574
1,601,532
1,553,246
66,911
76,838
554,301
599,543
41,374
42,236
327,405
341,168
25,537
34,602
226,896
258,375
199,365
32,520
269.074
•
13,590
15,682
126,018
184,545
'
23,125
10,459
289,510
79,341
505,552
447,502
-3,880,236
3,577,697
1,730,604
1,532,308
178,505
181,701
1,441,094
1,452,967
179,604
165,875
1,219,781
1,026,014
69,572
82,272
480,346
517 ,498
39,217
394,785
297,358
*
52,605
3,394,424
11,599,311
10,408,690
Earnings.
998.887
998,887
>
17,579
45,497
132,500
270,038
10,600,424
9,409,803
Fixed Chgs.
Balance>
& Taxes.
Surplus.
22,873
27,080
213,511
190,367
3,727
7,769
44,878
58,345
ANNUAL
$23,956,559 $16,024,799 $18,990,348
2,916,427
2,595,828
2,679,390
32.311
36,127
28,916
19,146
19,311
2177,984
2140,838
REPORTS
Annual Reports.—An index to annual
reports of steam
railroads, street railways and miscellaneous companies which
ave been published during the
preceding month will be given
oni 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. 29.
The next will appear in that of Oct, 27.
......
Operating income
Hire of equipment
Rents
Deduct-
income...$27,452,748 $24,426,031 $16,638,972 $19,578,364
Other road rentals
$1,939,067
Hire of equipment...__
Rent of track, yards, &c.
1,107,013
$1,778,528
Separately
oper.
Interest
funded debt.
189,318
10,329,592
650,629
$1,621,040
837,616
1,087,359
183,609
10,188,022
737,785
226,008
226,008
88,195
143,798
77,188
156,976
Int.
on
prop's.
equip, obliga'ns.
on
679 355
1.094.905
464,696
10,496,292
660,915
Divs.
on M. & O. stock
trust certificates.
226,008,tvw
Preferred dividends_ (2 H) 1,500,000
Add'ns and betterments
181,402
Miscellaneous
198,596
Total
$1,790,637
601,714
1,090,339
189,216
10,053,023
660,565
226,008
(4^)2700000
91,929
127,156
deductions
$16,773,989 $15,180,327 $15,115,603 $17,530,587
Balance, surplus.......$10,678,759
$9,245,704
$1,523,369
$2,047,777
-V, 105. p. 1105, 1098.
Third
Avenue Railway Company, New York.
J
{Report for Fiscal Year ending June 30 1917.)
On subsequent pages will be found the remarks of President
Edward A. Maher, the comparative income account for two
years past and the consolidated balance sheet as of June 30
1917.
CONSOLIDATED
INCOME
COMPANIES
(SEE
Total oper.
Taxes
ACCOUNT, INCLUDING CONTROLLED
DETAILS, V. 105, p. 906).
OPERATING
June 30 Years—
Total oper. revenues
1916-17.
1915-16.
1914-15.
1913-147
$8,972,648 $11,136,370 $10,885,859 $10,858,216
7,287,840
6,808,194
6,976,179
7,006,035
794,450
848,122
731,635
730,785
expenses...
Operating income.;
$890,358
164,925
$3,480,054
157,870
$3,178,645
81,128
$3,121,396
75,216
$3,637,924
$3,259,773
$3,196,612
$548,080
$548,080
879,620
856,272
Adjust, income bonds(5) 1,126,800
1,126,800
Rents, &c
89,630
82,220
Sinking fund reserve—
33,480
33,480
Dividends paid
(1 %)165,900(3%)497,700
$548,080
798,800
1,126,800
62,050
30,000
1,126,800
Other
income
Gross
Interest
income.
$1,055,283
on—
1st mortgage
bonds
__
1st Ref. Mtge. bonds
$548,080
693,192
172,234
30,000
y Total deductions..$2,843,510
$3,144,551
$2,565,730
$2,570,306
Balance, sur. or def..def.$1,788,227sur.$493,373sur.$694,043 sur.$626,306*
y Interest on certificates of indebtedness of*Dry
Battery RR. has not been included Jn the
Dock"Fast Broadway.&
Recounts since Feb. 2 1908.
The foregoing income account includes the Third Avenue Ry. Co." and its
subsidiaries, viz.: 42d St. Manhattanville & St. Nicholas Ave. Ry. Co.,
Dry Dock East Broadway & Battery RR., Belt Line Ry. Corp., Mid-CrossRy. Co., Inc., Union Ry. Co. of N. Y. City, Southern Boulevard RR.r
Interborough Ry., Pelham Park & City Island Ry. Co., Inc.,
town
N. Y. City
Westchester Electric
RR.,' New York Westchester
Co., Yonkers RR.,
Bridge Co.
Kingsbridge Ry.,
& Connecticut Traction
Bronx Traction Co.
and
3d
Ave.
CON SOLID A TED BALANCE SHEET JUNE 30.
1917.
*tti
A 8S cts
1*
1916.
§
Liabilities—j
Railroads, pl't.&c.82,329,779^82,415,013
Special deposits—
Sinking funds.
100,482
69,722
.
Net
59,935
53,869
465,599
427,358
Taxes-----Uncollectibles
Comp.ofN.Y.C.
84,100
83,600
State Ind.
88,329
92,412
com.
Empl. subscrip'n
Liberty bonds
Other...
2,104
Controlled
49,526,500
cos..
2,104
(empl. subscrip.)
Notes
630,100
2,043,961
Accts. payable...
Employees' wages
7,079,000
payable
200,000
200,000
83,333
456,591
234,451
254,726
249,471
224,221
621,134
191,759
Matured
Interest.
89,168
638,799
630,000
462,027
Acer. int. & taxes.
1,277,612
1,082,757
depr. & sk. fd-all,385,776
11,118,418
Unexp. lnsur., &c.
26,958
74,727
Constr. In progress
Unamortized debt,
152,111
37,771
discount, &c...
1,270.202
1,288,648
Miscellaneous....
55,104
72,692
Total
7,079,000
Liberty Bond loan
840,390 c2.023.774
fund.
1
16,590,000
Fund, debt (bds.)—
3d Ave. Ity. Co.49,526,500
638,799
receivable.
^
589,600
Cash for mat'd int.
Investment
$
537,600
cos..
Cash
Accts.
1916.
$
3d Ave. Ry. Co.16,590,000
Controlled
200,000
1917.
Capital stock—
Depr. & contin. fd. 2,043,961
Mat'ls & supplles.
0.995 cts.
*$1.11471
317,838
251,981
2,376,534
1,920,131
201,630
192,160
'16
*0.962 cts.
*304.60
73,435
70,464
131,716
186,983
46,280
92,946
607,282
854,691
'16
364.80
$1.24541
$3.34763
„
1,073,551
120,260
113.886
953,636
915,439
'16
0.918 cts.
373.41
■$1.41114
$3.40503
$11,655
mile.
rev. per
*2.141 cts.
70,302
69,178
539,174
555,832
71,999
100,145
996,945
$
mos
Operating
*2.131 cts.
143,737
139,642
670,890
722,815
49,461
70,434
354,889
587,706
166,540
206,832
1,560,918
1,770,130
Aug '17
rev. tr. load
(tons).
Rev. per pass. tr. mile
Rev. per fr't train mile-
2.124cts.
31,449,887 *25,896,412 "*29.650,456
5251511591*4205792203 *4584338858
324,901
306,679
2,040,455
1,869,910
Earnings.
8
Av.
779,303,021*758,899,016*888,312,962
68,098
74,511
603,302
599,722
Gross
Land
22
*19.634,498
140,097
174,656
1,600,247
1,673,273
Western Union Tel Co—
9 mos to Sept 30 '17 57,320,203
'16 45,789,770
Honolulu R T &
22
*16,644,097
449,831
367,353
3,649.716
2,989,546
'
702,805
688,445
5,711,398
5,520,738
*16
22
16,790,107
50,761
42,863
371,706
344,222
397,879
399,009
'17
Av. rev. per pass, p mile
2.145 cts.
No. tons car. (rev. fr t)
34,741,523
Tons car. 1 m.frev. frt.)6016582254
Av. rev. per ton p. mile.
0.912 cts.
Total gross
815,485
851,708
' 17
1,663
100,222
113,297
726,595
931,928
.
1,653,896
1,316,205
'16
8
1,114
47,992
1,360
333.849
290,082
2,574,148
2,286,563
40,923
32,903
'17
'17
'16
*7,033
1,666
1,159
48,039
1,438
1326,057
x279,446
<
19,227
5,505
41,782
417,606
452,699
'17
*7,031
.
.
Transporta. for invest.
50,620
50,373
(Aug '17
Tenessee P6w Co
$
Balance,
Surplus.
56,125
92,155
'16
mos
g
■Fixed
159,068
*16
8
Charges.
'16
'16
mos
Net after
Taxes.
Passenger equipment
/
1,205
Freight equipment
47,891
Road service equipment
1,840
Marine equipment.
23
Operations—
Passengers carried..
17,692,294
Passengers carr d 1 mile 888,805,061
1,660
1,142
42,694
1,548
340,039
304,542
100,579
87,115
Aug '17
8
380,771
3,869,289
1,733
59,151
54,742'
633,264
546,835
599,295
'16
N Y State Rys
383,172
3,936,661
x Equipment—
Locomotives
307,853
301,729
*16
'16
397,651
171,571
1,093,940
34,965
32,805
235,841
231,925
100,339
99,195
1,137,338
942,451
.'17
Nashville Ry & Lt__Aug '17
'16
8 mos '17
'16
New England Co
Aug '17
Power Syst
•
20,604
subsequent
on
$24,331,453 $21,004,005 $13,400,055 $16,310,958
65,199
452,148
494,259
474,798
387",404
Diys. & int. received—
2,535,580
2,857,346 "2,656,548
2,843,834
Miscellaneous income..
68,367
70,421
107,571
36,168
142,801
100,238
956,571
807,248
Colorado Power Co. Aug '17
54,894
463,392
published
are
TRAFFIC STATISTICS FOR YEARS ENDING JUNE
301916-17.
1915-16.
1914-15.
1913-14.
Average miles operated.
6,983
6,979
11,052
2,941
66,686
64,754
Chattanooga Ry&Lt Aug'17
'16
12,849
347,655
account,
pages.
29,871
29,962
241,167
236,975
530,942
mos
3,437,304
The remarks of President Fairfax
Harrison, together with
the detailed
comparative balance sheets for two years and
the profit and loss
17,884
150,615
141,556
'17
'16
o
8
74,134
636,272
429,359
3,722,716
Railway.
Total oper. expenses_$53,630,136
$46,041,116
Net earnings
--$27,758,189
'16
<
58,257
640,241
330,611
,
Southern
(23rd Annual Report—Year ending June 30 1917.)
15,738
14,921
85,226
90,369
78,486
74,805
566,221
r
$
454,425
3,817,471
Cleveland
,
■Net EarningsCurrent
Previous
Year.
Year.
.Aug 1,773,454
14,322,425
Chicago Telephone
Jan 1 to Aug 31
1515
Jan. 1 to latest date.
Year.
.
lnc<?Sie fFom aI1
datedwmmanv
Earnings.
Current
or
Month.
CHRONICLE
and
deposits...
Res. lor adjustm't
Surplus
88,932,400 89,737.783]
65,882
b951,354
2,737,842
Total .........88,032,400 89,737,783
After
deducting in 1917 $122,450 against $105,092 in 1916 excess of
value over cost of controlled companies' securities owned, less net def¬
icits of those companies relating prior to acquisition.
b After adding profit
and loss credits, $1,739.
c Exclusive of cash set aside to meet dividend
payable July 1 1916.
Note.—No interest has been accrued on the certfs. of indebtedness of the
Dry Dock East B. & Batt. RR. since Feb. 2 1908.—V. 105, p. 1210, 910
a
par
,
United
(15th
subsequent page will be found the remarks of Presi¬
dent J. van Houten in addition to the income account for
On
the year ending June 30
of June 30 1917.. >
1916-17.
comparative income accounts and balance
of Pittsburgh, Duquesne Light Co. and
ENDING JUNE 30.
1915-16.
1914-15.
$1,590,686
$1,584,788
1916-17. *
$1,718,850
172,733
175,540
165,038
$1,891,583
$1,766,226
$1,749,826
186,964
78,381
$3,062,929
$2,486,271
$2,465,215
(?)
$2,276,868
Cost, exp., taxes, &c._.
2,218,530
1,928,966
1,815,208
1,633,661
$844,399
116,826
$557,305
177,365
$650,007
207,752
$643,207
180,310
50,000
50,000
—(2%)250,000(2%)200,000
$857,759
$414,004
111,564
50,000
(1)100,000
$823,517
$486,894
107,443
50,000
(1)100,000
$83,127
$182,191
$79,180
Net earnings
Other income.
Total net income....
$961,225
$734,670
&c.__
Depreciation res,, &c—
$256,059
$283,201
129,645
118,342
Interest charges,
Preferred divs. (5%)--Common dividends
Surplus.—_
$84,441
935,150
35,833
80,242
41,114
714,803
$73,743
954,900
39,000
$77,737
955,500
63,000
80,240
41,181
83,436
$1,891,583
"$1,189,064
$577,162
$1,259,906
$489,920
_—
„
Interest
on
Interest
Interest
on
on
6% notes
...
dividend certificates.
loans, &c«
...
.._i
....—
Provision toward losses on sec. owned
Total..
.......—
_
None
Net income for year.........
1917.
1916.
$
S
4.000
330,341
Accounts receiv'le.
181,136
393,814
Materials, &c
120,050
Cash..i
Sundry accounts..
16,118
Spec. dep: red. bds .•
748
.1916.
1917.
g
g
Common stock...20 400.000
20,400,000
Un. RR.sof San F.
Coll. tr.sk.fd. 58.16, 403,000
695,000
12,109
54,189
1,695,000
receivable
notes
14,801
Interest accrued..
35,800
Phil. Co. com. stk.
;
*......
clared J'ne 8 '17
.
Francisco...
■■
5%
'
Coupons d ue..
payable
429,712
429,712
Res.
for
losses
Acer,
50,000
_.T
companies.
1,130
703
Unadjusted accts.
19,770
19,770
bond,
712,500
750,000
900.000
935,000
Oper. exp., taxes,
65,098,559 64,023,688
include
♦Investments
(1)
714,803
Profit and loss—-d 7 055,715
6,949,015
....65,098,559 64,023,688
Total
Co,,
$24,555,000 com.
Alvord, Oct. 1 1917, wrote in substance:
operated by the parent com¬
(c)General Aeronautic Co. of America, (6) /Simplex Automobile Co.,
(c) Glenn L. Martin Co. and (d) Wright Flying Field, Inc.
Financing.—The refinancing authorized May 25 1917 has been com¬
authorized, with 43,953
sold at $5 a share.
organized in Sept. 1916 it had a
production program of 325 Simplex automobiles and 450 Hispano-Suiza
motors of 150 h.p. capacity for the Simplex Automobile Co.'s plant and a
small volume of aeroplanes for the Glenn L. Martin Co.'s plant.
The pres¬
ent lot of automobiles will be completely manufactured during the coming
month, after which their manufacture will be stopped during the period
of the war so as to devote the entire facilities of the Simplex factory to the
production of Hispano-Suiza motors.
There are still to be delivered about
180 motors on the original order.
These will be completed during the next
few weeks, after which deliveries on U. S. Government orders for 1,000
Operations.-^When
your company was
will immediately begin.
_
Production.—The Hispano-Suiza motor has proven to be one of the
keep the New Brunswick factory busy during
anticipated.
the past year has so
far increased the cost of the automobiles that they have proven unprofitable.
ment and sufficient orders to
war are
The unusual increase in cost of materials during
Hispano-Suiza motors on the original French order were taken at a
very low price, and largely due to the same material conditions, this order
has also proven unprofitable.
Later orders have been obtained at better
prices and should provide a reasonable profit.
The Glenn L. Martin Co. is now manufacturing training aeroplanes for
the U, S. Government and has enough orders to keep it busy until after
Jan. 1, prior to which time additional orders are anticipated.
Agreement.—The various aeroplane companies in the U. S. have entered
into a cross-licensing agreement by which any bona fide manufacturer of
aeroplanes is to have the privilege of using all patented inventions of other
manufacturers.
Under the terms of this agreement, your company is to
receive a royalty for the use of its Wright patents of $135 per aeroplane until
the sum of $2,000,000 in all has been received, after which its patents are
to be subject to use by members of the cross-licensing association without
The
further charge (V. 105, p. 614).
account
Patents, goodwill, &c__
stock.
Common
stock-————
2,570,680
Outstanding shares in the Sim¬
238,753
Depos. on purch. contracts.:.
Inventories
Deficit
—V.
105,
45,973
1,987,437
—
-_l.....
A..
p.
14261614.
$5,000,000
Preferred
1,309,173
receivable
Deferred charges
$23,047,338
7,552,546
„
3,000,000
1,500,000
500,000
_
268,307
301,947
280,714
9,599,716
9,599,564
disbursements_$45,151,931 $40,980,858 $40,565,751
$43,480,162
$947,133
$1,245,353
$4,032,628
Balance, surplus
$2,780,607
BALANCE SHEET
1916.
1917.-
S"
"rT
leases.__._
Car
debt
11,686,760
4,761,175
5,841,576.
6,810,500
20,136,408
20,136,408
6,403,050
7,672,038
Bills & accts.rec.
1917.
1916.
$
$
88,159,881 Capital stock-120,000,000 120,000,000
4,121,281
4,790,495 Accts,, payable.
5,226,724
8,463,794
Cash-
Liabilities—
9
" /N'
&<j.*89,634,920
&c.
6,099,155
Securities....:.
JULY 31.
Accrued divs.
reserves
_
.
t
2,399,948
2,399,944
&c.,'
Insurance,
——i
Surplus July 31-
1,286,456
2,331,029"
13,431,703
9,399,076
.143.389.404 137,206.757
Total ... . — .143,389,401 137,206,757
♦Incl. amt. invested in one-half int. of 3 assoc. cars.—V. 105, p. 1215, 825
Total
--
—
Colorado
Fuel
& Iron
Co.,
Denver, Colo.
'
(25th Annual Report—Year ended June 30 1917.)
Pres. J. E. Welborn, Denver, Sept. 27, wrote in substance:
Results.—Gross receipts from sales were
$40,004,887, an increase of 56.1 %
In¬
89.5%.
Net earnings were $8,233,319, an increase of $3,887,233, or
come from sources other than operation was $786,284, making
a total net
against $4,971,077 in the previous year.
Fixed charges of bond interest, taxes, sinking funds and insurance fund
amounted to $2,801,545, leaving a surplus above all operating expenses and
fixed charges of $6,218,057, against $2,201,171.
Against this there was
charged $150,000 for equipment renewals, $342,477 for depletion of coal,
iron ore and limestone reserves, and $1,746,111 for depreciation on build¬
of $9,019,602,
ings, machinery and equipment, leaving a
which there was paid $760,000 dividends on
balance of-$3,979,469, out of
preferred stock, being the last
30% of deferred dividends and the current year's 8% dividend on that stock.
The remaining $3,219,469 was carried to the credit of profit and loss.
Initial Dividend on Common Stock —A dividend of 3 % was declared on the
S534,235,500]
common
stock,(The
payable
at thepaid
rateduring
of % of
eginning with
July 1917.
company
the1%
latequarterly,
year the
quarterly dividend of 2%
105, p. 74; V. ,104, p
'
depletion and depreciation
charges against the year's earnings, the general profit and loss account was
charged with $1,465,062 to cover net loss on equipment at previously
remaining accumulations of 36% and a current
the
on
preferred stock,
calling for $760,000.
V.
365; V. 103, p. 2081.1
Maintenance-, Additions, &c.—In addition to
.
,
abandoned operations.
'
Expenditures during the year for improvements and additions to property
to $2,846,910.
The net increase in, property account, after
allowing for book value of plants and equipment abandoned and for other
small items, was $1,237,910.
The amount unexpended on June 30 1917
.
...
plex Automobile Co.......
Current liabilities..
5,219,765
account
On
of delay
in
deliveries of steel, brick andi other material
the by-product coke oven plant, its comple¬
or four months beyond the time originally
needed for the construction of
tion
will
fixed,
•
or
delayed three
until Jan. 1918.
be
Liberty Bonds.—Qn a subscription
were allotted $437,500 worth.
for $1,000,000 of Liberty Loan bonds
we
...
Wages.—An increase of 10% was made in the wage scale of steel works
and iron mines employees on each Dec. 15 1916 and May 1 1917, and the
wage scale for coal mine and, coke oven workers was increased about 5%
Sept. 1 1916 and almost 20% May 1 1917.
These increases in wages to all
employees added about $225 000 to the monthly pay-roll.
The average an¬
nual earnings of employees, except managing officials, increased from $953
in the year ending June 30 1916 to $1,179 in the year under review.
Fiscal Year.—At a meeting on March 10 1917 our fiscal year was changed
to correspond with the calendar year, and the date for annual meetings
changed from the third Monday in Oct. to the third Monday in March,
beginning with March 1918.
By reason of this a report of the operations
for the six months from July to Dec. 1917, inclusive, will be made early in
1918, and thereafter annual reports will be issued immediately following
the close of each calendar year.
Service
Retirement
Plan.—The directors authorized
and there was put
calenadr year a service retirement plan.
During
plan has been in effect 38 employees have
total monthly allowance of $850.
been retired
on a
STATEMENT OF PRODUCTION FOR
1916-17.
Tons, 2,000 lbs.—
1,800
266,897
Reserves...........
78,076
Total each side...
.810,566,538
176,9l4
1,930.387
authorized improvements was $1,864,323.
on
the six months the retirement
ASftOF MAY 31fl917,
—32,307,221
...
Cash
Accounts
&c___$29,196,669 $24,645,607 $20,932,715
6,170,584
5,967,184
8,231,373
into effect early in this
CONSOLIDATED^BALANCEJSHEET
Property
3,656,684
2,369,273
929,213
amounted
lightest, most dependable and effective fighting motors yet developed by
any of the Allies.
It is being produced in France in large quantities and,
we are told, also in England.
It is the only fighting motor now being de¬
livered in quantity from the U. S.
The entire facilities of the corporation
for the manufacture of this motor have been offered to the U. S. Govern¬
the remainder of the
;>
$43,761,465 $41,512,884 $44,725,515
9,599,760
income
The following subsidiaries are owned and
The 500,000 shares of common stock then
shares previously authorized but not issued were
1,720,255,
184,894
fund.
(Report for Fiscal Year ending May 31 1917.)
pleted.
1917.)
1914-15.
, 1913-14.
$39,143,611 $41,068,830
1915-16.
9,599,784
Rail¬
Wright-Martin Aircraft Corporation.
pany:
Company.
associations..*.......
company
Pres. J. F.
al,329,824
Surplus
8% div, on capital stock.
$61,-
has a contingent liability under its guaranty of
equipment notes of United RRs. of San Francisco, which that company
reduced by redemptions during the year ended June 30 1917 from $100,000
to $50,000.
Under its guarantee of a contingent obligation of the Cali¬
fornia Ry. & Power Co., $100,000.—V. 105, p. 1421, 717.
Note.—The
407
740,192
1,296,736
18.511,765
preciation of cars, &c_
other sleeping-car
stock,
(2) Calif. Ry. & Power Co., $5,134,400 pref., $34,160,700 com. and (3)
& Power Development Co., capital stock, $5,500,000; total,
726,439; other securities, $961,226.
d After crediting $106,700 for discount on bonds purchased for sink.
roads
15,208
12,644
26,510
22,419
Paid
Oper. supp.,
196,346
18,926
Philadelphia
910,035
.
further de-
for
Reserve
Mfg.
Total
Sundry accounts.
Res. for depr., &c.
•
manufacturing,
/I QtjCts'
&c.,
interest
12,786
$47,464,304 $42,832,252
rentals, interest, &c_.
Cars, equip,,
_v':/ 190,194
69,402
-
Pref. stock divs...
1916-17.
July 31 Years—
Earns, from cars...
on
Miscellaneous .■gj?
131,850
Accrued int., &c„.
Pullman
9,901
12,944
141,833
126,000
336,860
232,815
71,483
(Report for Fiscal Year ending July 31
-
.
Total
712.500
750.000
— _
securities owned
United RRs. of San
Other
6%
Loans & notes pay.
for quar. ended
Aug. 1 1917....
500,000
100,000
6% notes of 1908.
4-year 5% notes.. 1 000,000
Pref. stk. div. ctfs.—
div.ofl.^% de¬
June 30,
16,762,000
790.000
790.000
6% conv. bds.1910
211,031
Deprec'n of cars, &c
16,000,000
Sinking fund
payable
Total revenue...$49,184,559
Preferred stock...16 000,000
5,162,000
Accounts & wages
290,341
Total
18,573,095 18,511.765
a
After deducting $227,320. intangible assets written off and sundries
$15.133.—V. 103, p. 2239.
18,573,095
Total
do
Liabilities—
$
4,961,000
First M. bonds.
868,520
705,780
1st M. 4s, &c.
Subsidiary co's.
1916.
S
St:L.R.M.&P.Co
Common stock. 10,000,000 10,000,000
1,000,000
Preferred stock. 1,000,000
A.T.&S.F.Ry
Liberty bonds..
1917.
Liabilities—
$
8
Investment in—
80.233
Investments* ——62 ,687,665 62,687,665
124,539
164,679
Cash
........
1916.'
1917.
BALANCE SHEET UNITED RYS. INVEST. CO. JUNE 30.
Assets—
$275,521
—
BALANCE SHEET JUNE 30.
Deductions—
Directors' fees, taxes, &c_
Interest on bonds
(?)
1,644,222
1,595,473
(tons)..—
Coal mined
Prop.,good-will&c. 16 ,821,107 16,696,132
Pittsburgh Railways Co., cited in the report of the Investment Co., were
given in full, V. 104, p. 2112, 2132, and (2) the same data regarding the
United Railroads of San Francisco, Sierra & San Francisco Power Co.
and Coast Valleys Gas & Electric Co., also cited in the present report,
were given in brief in the report of the California Railway & Power Co.
in V. 105, p. 1416.]
...
V/V'v:YEARS ENDING JUNE 30.
1915-16.
1914-15.
1913-14.
Coke produced (tons)_„
Coal and coke sales
sheets of (1) the Philadelphia Co.
Total income.„—.w,..—
1917 and the general balance sheet
INCOME ACCOUNT FOR
Assets—
1 1917 (V. 104, p. 2012).
Stockholders.—These number 1,885.
Divs. on stocks owned..
Int. on bonds, loans, &c..._
a
as
of 1910 since Feb.
INCOME ACCOUNT FOR YEARS
June 30 1917.)
(10th Annual Report—For Year ended
1917.)
Pres. Mason B. Starring, Aug. 31, says in substance:
Reducing Funded Debt.—The company's receipts have been and are being
applied to the reduction of its debt.
On Aug. 15 1917 the payment of
$100,000 of the 6% serial notes of 1908 extinguishes that issue of notes,
originally amounting to $3,500,000 (V. 105, p. 717).
The trustee also
acquired for the sinking fund an additional $359,000 bonds, being the
largest amount in any one year in our history.
Loans and notes payable
were reduced by $35,000, while cash on deposit increased $40,141.
Agreement.—The agreement of April 24 1917 between the California
Ry. & Power Co. and the reorganization committee of the United Railroads
of San Francisco (see V. 104, p. 1703, 2012, 2344) provides, among other
things, that the Investment Company is to receive $790,000 of its out¬
standing 6% gold bonds of 1910, being all of said issue now outstanding,
in exchange for certain promissory notes of the United Railroads.
After
this exchange our outstanding debt becomes reduced to four items only,
i. e.. Collateral Trust sinking fund 5% gold bonds, preferred stock dividend
certificates, loans and notes payable and 4-year 5% gold notes due Feb.l '21.
These last-named notes amount to $1,000,000 and were issued in fulfill¬
ment of its agreement with the California Ry. & Power Co. as against this
amount; the company has a corresponding credit item of $1,000,000 "notes
receivable—United Railroads of San Francisco."
To apply towards the
reduction of the loss which the company has sustained through the United
Railroads, the company has started a reserve account and has put aside
for this purpose $714,803.
No interest has been accrued on the United
Railroads or San Francisco's notes, nor on the company's 6% gold bonds
[The President's remarks,
Pacific Co.
Louis Rocky Mountain &
St.
Investment Co.
Railways
Annual Report—Year ended June 30
[Vol. 105.
CHRONICLE
THE
1516
Coal
Coke
Iron
ore.
—
Limestone
.
-
--
Pig iron producedFinished iron and steel-
4,386,028
897,523
911,991
486,605
449,197
591,981
YEARS ENDING JUNE 30.
1914-15. /
1913-14.
2,329,069
2,428,992
520,261
535,274
709,601
441,026
614,039
369,513
344,033
376,226
339,968
268,661
268,883
454,220 324,600
352,929
1915-16.
3,241,505
702,061
.
Oct. 13 1917.]
RESULTS FOR
YEARS ENDING
1916-17.
Iron department
Fuel department
CHRONICLE
THE
Co. in the Lost Hills oil field, and 280 acres represents valuable territory
JUNE 30,
1915-16
1914-15
1913-14
$28,682,157 $17,992,307 $10,885,451 $12,085,037
11,322,730
7,634,298
5,692,589
5,717,988
Total gross earnings—$40,004,887 $25,626,605
Iron department..
$16,578,040 $17,803,025
$1,869,317
$1,569,288
lossl04.259 loss495,518
$7,617,780
615,539
$4,062,592
283,494
Add—Inc. from secur's.
Interest and exchange.-
$8,233,319
616,642
169,542
$4,346,086
492,007
132,984
$1,765,058
370,508
125,535
$1,073,770
391,229
186,248
Total net income——
$9,019,602
$4,971,077
$2,261,101
$1,651,247
$2,004,135
Taxes
528,911
Real estate, sink, funds.
244,498
Insur., pers'l injur., &c_
24,000
Equipment renewal
150,000
Loss on Crystal R. RR_
$2,011,959
348,889
184,089
58,000
145,000
15,000
6,970
$2,016,213
$2,021,103
293,580
90,221
55,128
43,016
36,000
18,168
Industrial dept. (fuel)—
Total net earnings
Deduct—
Bond
interest
Prospecting
For
—
depletion
of
'
83,658
74,494
80,000
36,000
2,488
.
342,477
1,746,111
For deprec. on bldgs.,&c.
Preferred dividends— (38%)760;000
Total
302,909
coal,
iron ore, &c__
(30)600,000
deductions——
Balance
Div. on
stk.
com.
pay.
%%
1918
(see text)
quar.
$5,800,133
$3,369,906
$2,595,762
$2,557,216
.sur.$3,219,469S.$l,601,171 def.$334,661 def.$905,969
(3%),
19171,027,065
Balance
$2,192,404
$1,601,171
$334,661
$905,969
BALANCE SHEET JUNE 30.
1917.
1916.
S
S
Assets—
Property
Cash
hand
on
1917.
Liabilities—
—64 ,039,000 62,801,090
5
1916.
$
erty Loan bonds
Subsidiary
,416,846
cos...
172,963
203,135
Co. 1st M. 6s..
4,162,139
Col.
M.
,144,407
3,761,528
Acer. divs. & int..
118,944
131,233
Res've fds. (taxes)
Cash with trustees
234,341
98,341
1,964
4,425
supplies...
34,235,500
5,758,000
120,000
Co.
Ind.
.
Accrued bond int.
Tax payment
159,592
19*557
823,654
826,995
235,000
100,000
40,000
600,000
2 085,537
2 496,474
1,841,039
loss.—xO ,644,395
4,922,127
64,938
58,677
Miscell. funds
Profit and
Total
95,377,565 90,909,277
331,049
95,377,565 90,909,277
After deducting $1,465,062 equipment charged off and sundry amounts
x
(net), $32,139—V. 105,
p.
1211, 610.
General Petroleum
s.
John
Net
per annum.
still approximately 40
undrilled well locations which should insure the
production for some time.
Land Purchase Contracts.—The balance due on land purchase contracts
as of June 30 1917, was $445,276.
The greater portion of this sum is pay¬
able in small monthly installments extending over a period of several years.
Production.—The actual production of oil from our properties for the
fiscal year was 4,154,497 barrels.
The daily average production was
materially increased during the latter part of the above period, and if the
average production for June 1917 is maintained, the total production for
the coming fiscal year will be in excess of 5,000,000 barrels.
Net Storage as of June 30
1917 Compared with July 1
June 30 1917.
of
Petroleum
July 11916.
1916.
Inc.
or
Dec.
General
Corp.(bbls.)_ 2,015,211.09
1,632,191.36
+383,019.73
Storage of State,
panies (bbls.)
all com¬
37,020,263
51,199,918
—14,179,655
Uncompleted Wells.—During the fiscal year 46 new wells were
drilled to completion by the company in the various oil fields of the state,
and 19 wells were uncompleted on June 30 1917, viz.:
—
New and
Oil Field
{Wells)—
Coalinga
Number
Drilled.
4
Number
Oil Field,
concluded—
Drilling.
.2
Midway-Sunset
Lost Hills
23
2
Ventura
Belridge
14
9
Dominguez
Number
Number
Drilled.
Drilling.
5
__
__
2
3
1
Notwithstanding the steady decrease in the total oil storage of the State,
the net storage of the company was increased by 383,019.73 barrels.
The
total oil storage of the company stands in the accounts at cost.
tut Disposals of Oil.—The company handled/during the fiscal year 17,934,683
barrels of oil, with the sales amounting to 10,059,209 barrels of refined and
fuel oils.
The balance is represented in oil exchanges, increase in oil
storage, shrinkage and fuel used by the company.
A very conservative
sales policy was early inaugurated and term contracts only taken based
upon field prices at time of delivery, plus transportation and other charges,
with the result that the company has but comparatively few long term,
low price contracts to fill.
The greater portion of the oil sale contracts of
the company cover
the requirements of various railroad and steamship
cos.
ImNew Properties Acquired.—In California during the fiscal year 3407M
of land were added to our oil properties.
Of the foregoing total, 720
acres
acres
repreamts the property
647,794
658,163
407,691
224,851
Exhaustion of oil lands
Other deductions
Preferred dividends
(7%)
94,143
Gro38^income
The profits and loss
$4,372,185
surplus,'June
1917,'
was
$2,4/9,346 after deduct- *
ing $8,474 direct charges.
CONSOLIDATED GENERAL
$2,253,368
$2,118,817
Balance, surplus.
30
.
BALANCE
SHEET—JUNE 30
'Assets (Total $32,239,355P=
$13,572,831;
development and equipment, $5,773,887; total
Plant property—General Pipe Line Co. of Cal
Oil lands and leases—Continental Mexican Petroleum Co
Construction work in progress
*
Mortgage sinking funds
in
stocks
1917
"
General Petroleum Corp., oil lands &c. property,
$19 346 713
I
6,700,414
1,553,519
521,312
_
of controlled
and
other
1,500
cos.,
$77,485;
149 335
_
"
—' —
1,840,545
advance,
Barneson, San Francisco, Sept. 17, wrote in sub.
now
.........$4,278,042
$314,870
Depreciation of equipment--.
$21,247; other prepaid expenses, $4,953; total
maintenance,of this
storage
450,875
—-$4,372,185
funded debt
Liberty bonds, $71,850; total
Eurchase
of the property
14 new
wells have
been of
drilled,
and the property
producing
at the rate
of 1,200,000
barrels
oil
There
Net
—..$4,728,917
on
Total deductions
Uncompleted
acquired from the Lost Hills Development
42,102
voyages
Cash, $74,013; cash—special deposits, $100,000; total
I
Notes receivable, $927; accounts receivable, $1,227,997; total
Unamortized discount on General Pipe Line Co. of Cal. bonds
Unadjusted accounts
..
63,674
174,013
1,228,924
596,359
20,940
Liabilities {Total $32,239,355)—
Preferred stock, $3,212,200; comnlon stock, $13,490,200; total_$16
702 400
General Petroleum Corp. 1st Mtge. 6% bonds
$900,000
'
'
do
do
secured
do
6% gold notes
1,650,000
General Pipe Line Co. of Cal. 1st Mtge. 6% bonds
+,500,000
Total after deducting $1,268,000 bonds in treasury
($650,000
pledged as collateral at June 30 1917; and $500,000 General
Pipe Line Co. of Cal. held as security for ship charter hire
released since June 30 1917)
;
Lands purchase contracts
Notes payabie, $205,835; accounts payable, $1,052,891; total."
Salaries and wages payable, $40,357; Union Oil Co.—payable
in storage, $33,093; total
Accrued interest not due, $14,127; liability insurance,
$7,011;
5,782,000
445,276
1,258,726
73,450
total
.
i
Gross income
Deduct—
Oil in storage, $1,043,904; material & supplies,
$796,641; total
Insurance premiums, unexpired, $15,902; taxes paid in
PVResults.—The gross earnings show a continual increase during the entire
fiscal year.'
The amount deducted for exhaustion of oil lands is based upon
the regulations of the U. S. Treasury Department.
There has also been
deducted from income, in accordance with the option granted by Govern¬
mental regulations, the entire labor cost of drilling new wells.
Dividends.—At a meeting held on June 6 1917, a dividend at the rate of
10% per annum was declared on the common stock, payable quarterly, to
holders of record 10 days before each dividend date, commencing Oct. 1
1917.
The preferred stock has received regular quarterly dividend at rate
of 7% p. a. since the organization of the company.
Plant, Property and Equipment.—This account has been increased by
$2,821,786, chiefly for:
Kern County-Lost Hills oil field (not including
equipment), patented lands, $1,291,096: Kern County-Belridge oil field,
patented lands, $420,000; Kern County-Midway oil field, patented lands,
$110,231; Ventura County, leased patented lands, $88,915; additional land
purchased at Vernon, Cal., for refinery extension, $163,237; development
and equipment (including equipment Lost Hills
property), $535,861; net
additions and betterments to pipe lines devoted to transportation of oil,
$77,802; &c.
Construction Work in Progress.—There was expended during the fiscal
year $494,565 on construction work uncompleted on June 30 1917, and
therefore not closed into development and equipment account, $494;565.
Funded Debi.—There is a net increase of $1,150,000 in the funded debt
for the fiscal year.
During the period, $500,000 of the General Petroleum
Corp. First Mortgage 6% bonds were retired with funds derived principally
from the sale of the SS. Mills, which was sold at a very good price and
$1,650,000 General Petroleum Corp. 6% gold notes were sold (V. 104, p.
2556; V. 105, p. 751), and the property of the Lost Hills Development Co.
purchased with the proceeds.
As against the increase in funded debt there were added to the treasury
$768,000 General Petroleum Corp. 6% bonds and General Pipe Line Co.
of California 6% bonds; additions were made to plant, property and equip¬
ment amounting to $2,821,786, and $494,565 had been expended at the
end of the fiscal year on construction work in progress.
(For offering of General Pipe Line bonds see V. 103, p. 1121,1414,1510.)
Lost Hills Development Co.—The property is situated in the northern, part
of the Lost Hills oil field, and consists of 720 acres, of which 420 acres are
proven, and upon which there were at the time of purchase 39 wells pro¬
ducing over 900,000 barrels of oil of refining grade per annum.
Since the
are
earnings
Investments
Corporation, San Francisco.
(First Annual Report—Year ended June 30 1917.)
Pre
Trading profit
General expenses and taxes.._
Other income.
Sink. fd .—real est;
—
155,972
Interest
38, 098,000 38,274,000
1, 834,413
1,028,011
fund
Unpaid pref. div..
Total
CONSOLIDATED INCOME ACCOUNT FOR YEAR ENDED JUNE SO
'17.
Selling and marketing expenses
853,000
1st
5s
Accts. & bills pay.
Hospital
850,000
leased
on
obligated to deli ver one-eighth of the production to the Continental Mexican
Petroleum Co. (General Petroleum Corp.) at tidewater upon completion of
pipe line which is to be constructed by said Mexican Gulf Oil Co.
The
first well drilled under the agreement proved to be a dry hole, and was
abandoned, but a well is now being drilled on property more favorably
situated, which should soon be completed.
Marine Transportation.—During the fiscal year, the SS. Mills was sold.
The company now owns or charters two steamers with gross tonnage of
12,094 and with a capacity of 144,000 barrels, and one motor ship, one tug
and five barges with a total gross tonnage of 3,015, and with a capacity of
29,650 barrels.
Refinery.—Important extensions and improvements have been completed
at the refinery in Vernon, Cal., the result of which has been a very material
increase in the yield and value of refined products.
Further extensions
have been planned for the coming fiscal year, as it is apparent that the
substantial profits of the industry are obtained from the refined
products.
2,000,000
lands pd. in adv.
Royalties
sub-leased to the Mexican Gulf Oil Co. in consideration of said company
carrying on a program of development which is calculated to demonstrate
the value of the holdings ,of the Continental Mexican Petroleum Co. in
Mexico.
Under the terms of the contract, the Mexican Gulf Oil Co. is
Gr'd Riv. C. & C.
437,500
rec.
Manufact'd stocks
and
purchased from the F. K. Land Co. in the Belridge oil field.
The greater
portion of the remaining newly acquired acreage represents leases in
Ventura County and Los Angeles County.
The drill has not yet demon¬
strated the value of these leases, but we belive that new' oil deposits may
be discovered.
In Wyoming leases have been secured on about 2,500 acres
of land in the new Salt Creek-Powder River oil field, and development work
is being carried on as fast as material can be secured; from development on
surrounding territory it would appear that a large proportion of the land
leased will prove to be oil producing, but this fact, of course, can only be
extabiished by the drill.
Properties in Mexico.—A contract was entered into between the Mexican
Gulf Oil Co. and Continental Mexican Petroleum Co. (owned by General
Petroleum Corp.), on Aug. 25 1916, whereunder one-half of the properties
of the Continental Mexican Petroleum Co. in the Republic of Mexico were
Gross profit (oil and transp'n).$4,884,889
$
Common stock...34, 235,500
Preferred stock... 2, 000,000
4,237,278
,021,429
Stocks and bonds. 15 ,731,494 15,445,170. Col. F.&I.Gen.M. 5s 5 795,000
U. S. Govt. Lib¬
Col.F.Co.Gen.M.6s
80,000
Accts. & bills
1517
Reserve
for
for
exhaustion
and
depreciation, $1,513,972;
contingencies, $3,963,047; total
;
Profit and loss surplus
—V. 105, p. 1423, 1213.
21,138
reserve
5,477 019
479'346
2
'
•
'
The^Westinghouse Air Brake Co., Pittsburgh, Pa.
(Report for Fiscal Year ending July 31JL917.)~
Chairman|If. HTWestinglTouse, Pa.TOctTS^wr0te in subst.:
_
_
Business.—The business for the late fiscal year closely reflects the
gen¬
condition of affairs, with which you are familiar.
Whie the volume
been large, the difficulty of jsecuring
eral
of business has
adequate labor and
sufficient material has been and remains acute; prices paid for
supplies of
all kinds have advanced' so far beyond
in forecasting
previous quotations that
experience
the future has been of little avail; and taxation is unprece¬
1917, it was a matter of some pride that during
the preceding 25 or 30 years the Wastinghouse Air Brake
Co., by reason
of large purchases of raw material when the markets were favorable
and
through the continuous improvement of its manufacturing methods' had
never been compelled to advance the price of its
product to its contract
holders.
In the face of the conditions that confronted us
early in 1917
however, it was found impossible to continue this policy, and all prices
have, therefore, been revised so as to afford adequate protection.
Contracts.—Before the close of the year 1916 the
supplementary muni¬
tion contracts for time fuses previously referred to were
satisfactorily com¬
pleted.
The temporary loading plant at Runyon, N. J., has been sold
and, after consultation with Government officials who advised that its
facilities would not be required, the fuse loading plant at
Providence, R.I.
occupied jointly with the American Locomotive Co., has been partly dis¬
mantled.
This action does not imply any unwillingness on the
part of
the brake company to put its manufacturing facilities and the
experience
acquired in the production of munitions of war at the service of our own
Government on any terms the Government may nominate.
However, since we first undertook
the manufacture of three-inch
shrapnel complete, there has been an enormous increase in facilities for
doing this class of work by companies normally engaged in the manu¬
facture of munitions.
At the same time, the demand for brake
apparatus
to equip cars and locomotives urgently needed for the transportation of
troops and supplies, both here and abroad, has continued to increase in
volume and pressure until all of our facilities and every possible effort on
our part is
required to meet it, and in thus striving to prevent serious delay
in the immediate increase of transportation facilities, we believe we
are
doing more for the successful conduct of the war than we can
possibly do
dented.
Prior to April 1
Results'.—The net profit for the year, after the usual charges and after
setting up adequate raserves to cover estimated tax requirements and other
contingent liabilities, is $6,388,462, as compared with $9,396,103 in 1916
and $1,575,838 for 1915.
While the volume of brake business this year
exceeded that of the previous year by 20%, for reasons stated the net in¬
come from this source suffered a slight reduction.
On the other hand
income from investments this year exceed $900,000, as/compared with
about $500,000 last year, and a substantial contribution to the final
result
came through the munition business now definitely concluded.
Balance Sheet Assets.—The increase of total assets from
$36,836 977
last year to $44,076,560 this year, is due in large part to increase in
invest¬
ment account through the acquisition of Union Swith &
Signal Co stock
This investment is carried in the account at a total value of
$6 827 590*
which is the actual book value of the total number of shares of
Westingexchange for shares of the Union Switch
Signal Co. stock, figured as of March 1 1917.
The difference between
the book value and par value of brake company stock so isstied
has been
house Air Brake Co. stock issued in
&
15l8
THE
[Vol. 105.
CHRONICLE
taken up in a reserve account to insure proper protection against any pos¬
sible contingency in this connection.—V. 104, p. 263.
American Water Works
Capital Slock.—At the meeting held on March 15 1917, the authorized
capital stock of the company was increased from 820,000,000 to $30,000,000.
The distribution of shares in payment of a stock dividend of
20 % and in exchange for shares of the capital stock of the Union Switch
& Signal Co. has resulted in the increase of the issued and outstanding
capital stock of the companv from $19,638,467 previously reported to
$28,813,592, comprising 576,271 shares of a par value of $50 each.
The
number of shareholders on July 3 1917, was 4,968. (V, 104. p. 958.)
Surplus and Reserves.—The reduction in surplus available for dividends'
is due to the payment of a stock dividend amounting to $3,949,193 on
April 21 1917.
Included in sundry reserves in the balance sheet below is
an amount to cover the estimated Federal tax for 1916, which has since
been paid.
This deduction, with the addition of the reserve set up in con¬
nection with the purchase of Union Switch & Signal Co. stock, previously
mentioned, will serve to explain the difference in this item.
Subsidiary Companies.—-Reports of the Westinghouse Traction Brake
Co., the American Brake Co., the National Brake &, Electric Co., and the
Westinghouse Pacific Coast Brake Co. (the financial results of whose
operations are combined with those of the Westinghouse Air Brake Co.
in the consolidated balance sheet and consolidated surplus account here¬
with presented), show decided improvement in net earnings over those of
previous years.
While all these companies are confronted by the problems
that have already been referred to in this report, there is every reason to
believe that, compared with other companies engaged in the same general
line of business, they will show equally satisfactory results in the new fiscal
year upon which we have entered.
V
Associated Companies.—Of the foreign brake companies in which you
are interested, largely through your ownership of a majority of the capital
stock of the Westinghouse Brake Co., Ltd., or London, we can report that
under the circumstances they are more than meeting expectations.
During
the past year the London company has paid dividends aggregating 10%
against 12>3% paid during the previous year.
At the same time heavy
charges have been made against current earnings to cover depreciation
and to increase its already liberal reserves.
The French company, for
the calendar year 1916, on a capitalization of about $1,200,000 shows a
net profit of $108,655, or 9%.
While reports of the Russian company for
tM calendar year 1916 show substantial profits, it is difficult to forecast
the future of that company at this time because of the political situation.
Furthermore, on Sept. 10, a part of the brake plant in Petrograd was
destroyed by fire arid although fully insured, the company will doubtless
suffer some loss through the diminution of its normal productive capacity
and the consequent disturbance of its business.
The Italian company
continues to prosper.
The manufacturing facilities of the French and
r
%
[The usual comparative tables were given Sept. 29. p. 1308.]
Account.—For the year ended June 30 1917 the company's pro-
Income
)ortion of the net income of subsidiary water companies amounted to
$688,357, an increase of $35,200 over 1916; the pref. dividends declared by
the West Penn Traction & Water Power Co. [at the rate of 6% p. a.l
Water
Total deductions..
Net
Total (avail, for
Dividends Paid—
In Cash..
In
necessity of procuring large sums of cash each year
under what might be very difficult financial conditions.
Properties—West Penn Railways—West Penh Power Co.-—Some
70 separate lighting and railway companies have during the past two
years been consolidated into two main operating companies.
Early in 1917 the West Penn Railways Co. and the West Penn Traction
Co. and eleven subsidiary street railway companies were consolidated into
a new corporation, under the name of West Penn Railways Co.
The con¬
solidation will result in a considerable saving in fixed charges, taxes and
operating expenses.
The corporate organization of the system is greatly
simplified.
(See plan, V. 104, p. 1704, 2236, 2453.)
Under the plan the preferred stockholders of the former West Penn Rail¬
ways Co. and West Penn Traction Co. received share for share in new 6%
cumulative preferred stock of the consolidated company and $2,773,000
additional preferred stock of the same issue was offered to the stockholders
for cash.
The offering was underwritten, with the result that a large
amount of cash was obtained which was applied to the payment of early
maturing and floating indebtedness of the companies, including the HydroElectric Purchase notes of the West Penn Traction Co., which matured on
April 1 1917.
As
3,140,972
Liabilities—
6,535,921
800,000
270,000
@FedFRASER