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THREE
SECTIONS — SECTION
ONE
*■?
ommetrift
INCLUDING
Bank &
Quotation Section
Railway Earnings Section
PANY, NEW YOI»K.
Issued
VOL 107.
Weekly
$10.00 Per Year
Railway & Industrial Section
Electric
Bankers' Convention Section
State and
ENTEPEO
NEW
AS
SECOND-CLASS HATTEN JUNE 23, 1879, AT THE POST OFFICE AT NEW YORK, NEW YORK. UNOER THE «CT OF MARCK 3, tS79
YORK, OCTOBER 19, 1918.
^financial
^financial
THE FARMERS’ LOAN & TRUST
HARVEY FISK & SONS
COMPANY
32 Nassau St.
1
\
William B. Dana Co., Publishers,
138 Front St., N. Y City.
THE
and Bonds.
Receives deposits upon Certificates of
Deposit, or subject to check, and allows
Interest on dally balances.
Manages Real Estate and lends money
bond and mortgage.
Will act as Agent In the transaction of
approved financial business.
Depositary for Legal Reserves of State
Banks and also for moneys of the City
of New York.
Fiscal Agent for States, Counties and
Cities.
16-22 WILLIAM
STREET,NEW YORK
Fifth Avenue, at 41st Street
Branch: 475
?
LONDON
BROADWAY
UNITED STATES BONDS
AND OTHER CHOICE
INVESTMENT SECURITIES
The National Park Bank
of New York
Capital - - Surplus & Profits
Capital
Surplus & Undivided Profits
Deposits (Aug. 31, 1918) -
Pine
-
-
-
-
President
RICHARD DELAFIELD
Vice-Presidents
GILBERT G. THORNE
WILLIAM O. JONE8
GEORGE H. KBETZ
JOHN C. VAN CLEAR
MAURICE H. EWER
SYLVESTER W. LABROT
Cashier
AuistasU Cashiers
WILLIAM A. MAIN
FRED’K O. FOXCROFT
J. EDWIN PROVINE
WILLIAM E. DOUGLAS
HENRY L. SPARKS
BYRON P. ROBBINS
Established 1874.
BOSTON
Act
as fiscal agents for munici¬
palities and corporations and
deal in Government, munici¬
pal, railroad and public utility
BONDS FOR INVESTMENT
List
BANKERS
The Mechanics and Metals
National Bank
-
Capital, $1,000,000
Surplus, $1,000,000
BUXL W. POOR, President.
HORACE F. POOR, Vice-President.
ARTHUR W. SNOW, 2d V.-Pres. A Cashier.
RALPH T. THORN, Asst. Cashier.
JOHN W. PEDDIE, Asst. Cashier.
Application
Cable Address SABA* NEW YORK
Established 1810
GARFIELD NATIONAL BANK
Fifth Avenue Building
Corner Fifth Ave. and X3rd St.. New Yorko
on
Established 18r
Main Street!
MIDDENDORF, WILLIAMS & CO.. Inc.
w~
HARRIS, FORBES & CO.. Inc
,
BANKERS
RICHMOND, VA.
YOrtK
27 Austin Friars, LONDON. E.
Edward B. Smith &Co
John L. Williams & Song
Baltimore Correspondents:
4,000,000.00
Street, Corner WMffiatttj
NEW
$5,000,000 00
17,900,000 00
168,000,000 00
$3,000,000.00
Harris, Forbes &0
Organized 1853
ERNEST V. CONNOLLY
Comer 8th and
tnd CEDAR $?
NEW YORK CITY BONDS
PARIS
Member Federal Reserve Bank
and New York Clearing House
BAN
OF NEW YORK
on
any
LIBERTY
NATIONAL
Travelers’ Letters of Credit
Trustee, Guardian, Receiver, and In all
other fiduciary capacities.
Acts as Trustee under Mortgages made
by Railroad and other Corporations, and
Transfer Agent and Registrar of Stocks
NO. 2782.
^financial
NEW YORK
Foreign Exchange, Cable Transfers,
The Company Is a legal depositary for
moneys paid Into Court, and is authorteed to act as Executor, Administrator,
Railway Section
City Section
Members New York and
1411 Chestnut Street* Philadelphia
30 Pine Street
of the
Capital
Philadelphia
Stock Exchanges
New Yobs
City of New York
$6,000,000
....
Surplus and Profits
$11,000,000
•
Deposits Aug. 31,1918
$188,000,000
The Chase National Bank
of the City of New York
Capital ------Surplus and Profits
Deposits (August 31, 1918)
$10,000,000
14,591,000
298,204,000
OFFICERS
THE
Foreign Exchange Department
AMERICAN EXCHANGE
NATIONAL BANK
NEW YORK
Foreign Exchange
Resources
over
Letters of Credit
$150,000,000
Francis Ralston Welsh,
First National Bank
BONDS
Philadelphia, Pa.
OF RAILROAD, GAS AND ELECTRIC
LIGHT AND POWER COMPANIES
CHARTER NO. I
109-111 SOUTH FOURTH STREET
,
ACCOUNTS
INVITED
PHILADELPHIA
A. BARTON HEPBURN, Chr. Advisory Bd.
ALBERT H. WIGGIN,
Chairman
EUGENE V. R. THAYER,
President
SAMUEL H. MILLER.
Vice-President
EDWARD R. TINKER.
Vice-President
CARL J. SOHMIDLAPP,
Vice-President
GERHARD M. DAHL,
Vice-President
ALFRED C. ANDREWS.
Cashier
CHARLES C. SLADE,
Asst. Cashier
EDWIN A. LEE,
Asst. Cashier
WILLIAM E. PURDY,
Asst. Cashier
D.
CHARLES
Asst. Cashier
SMITH,
Asst. Cashier
WILLIAM P. HOLLY,
GEO. H. SAYLOR,
Asst. Cashier
M. HADDEN HOWELL,
Asst. Cashier
S. FRED TELLEEN,
Asst. Cashier
ROBERT I. BARR,
Asst. Cashier
SEWALL S. SHAW,
Asst. Cashier
LEON H. JOHNSTON,
Asst. Cashier
DIRECTORS
Henry W. Cannon
A. Barton Hepburn
Albert H. Wlggin
Samuel H. Miller
Edward R. Tinker
John J. Mitchell
Edward T. Nichols
Newcomb Carlton
Frederick H. Ecker
Guy E. Tripp
Henry B. Endicott
-
James N. Hill
Daniel C. Jackling
Eugene V. R. Thayer
Frank A. Sayles
Carl J. Schmldlapp
Charles M. Schwab
Gerhard M. Dahl
Andrew Fletcher
1*0^
THE CHRONICLE
n
107
Sttbtttaunt Jbvatt* anti jBratotrs of fortifpt Cxrtange
I. P. MORGAN & CO. Maitland,
Wall Street, Corner of Broad
NEW YORK
DBXXXL
A
00., PHILADELPHIA
Corner of Sth and Chestnut Streets
■OBOAH, GREMTELL&CO., LONDON
No* 22 Old Broad Street
■OBOAhThABJZS
*
"oo7,
PARIS
Transfers.
OhTiit1** Letters for Travelers, available In all
parts of the world.
BROWN BROTHERSlTtO.
Bostok
NEW YORK
'ft;
Bifit of Exchange* Telegraphic
gf Credit
J. & W. Seligman & Co.
Transfers,
N- 1 William Street
on
The National Provincial Sc Union Bank of
England, Ltd., London,
fleeniftier boegbt and eold on Commission.
Fonigo Exchange, Commercial Credits.
tkoAsatnu
HEW YORK
Orders executed for all Investment Securities.
Act as at wits of Corporations and negotiate and
issui Loaus.
Letters
31 Boulevard Haussmann
Cable
Coppell & Co.
52 WILLIAM STREET
^ jUpgp Yssk* FhiUsdaipki* gmd
NEW YORK
Messrs. Mallet Freres Sc dm, Paris,
Banco Nacional da Mexico,
And its Branches.
Agents for the Bank of Australasia.
TRAVELERS’ LETTERS OP CREDIT
Available throughout the United State!
August Belmont & Co.
43 EXCHANGE PLACE, NEW YORK.
Members New York Stock Exchange.
Investment Securities
33 Pine Street, New York
Agents and Correspondents of the
Messrs. ROTHSCHILD,
■Foreign Exchange
Deposit Accounts
Investment Securities
London and Paris.
ISSUE LETTERS OF CREDIT
for Travelers
Available in all parts of tho world.
Commercial Credits
Travelers* Credits
Draw bills of Exchange and make Telegraphic
Transfers to EUROPE, Cuba, and the
other West Indies, Mexico and California.
BROWN* SHIPLEY & CO.
IRtdmM&Ca
Execute orders for the purchase and sale of
Bonds and Stocks.
LONDON
Members
New York Stock
Exchange
Letters of Credit for Travelers
Correspondents of
London Provincial Sc South Western Bank
Lawrence Turnure A Co.
64-66 Wall Straat,
Naw York
T. Suffers Taller
Or—ville Kane
James O. WaF ce
Investment securities bought and sold on com¬
Travelers’ credits, available through¬
mission.
out the United States. Cuba. Puerto Rloo, Mexico,
Central America and Spain. Make collections in and
Issue drafts and cable transfers on above oountries.
TAILER&CD
Joint
London Bankers:—London
Bank, Limited.
Banque Industrielle de Chine, Paarie
Shanghai, Peking, Hong Kong, Saigon,
Tientsin, Haiphong, Yunnan Fn
Stock
Paris Bankers:—Banque Francaise—Heine
IS Pina Street. New York
Ltd., London
Jordaan Sc Cie, Paris
Russo*Asiatic Bank, Hong Ksnf
& Co.
Graham, Parsons 3cCo.
BANKERS
435 Chestnut Street
Investment Securities
HEIDELBACH, ICKELHEIMER & CO.
37 William Street.
MEMBERS
Winslow, Lanier & Co.
N.
Y.
STOCK
EXCHANGE.
Execute orders for purchase and sale of
Stocks and Bonds.
S9 CEDAR STREET
Foreign Exchange Bought and Sold.
NEW YORK
Issue Commercial and Travelers’ Credits
available in all parts of the world.
BANKERS.
Deposits Received Subject to Draft. Interest
Allowed
Deposits. Securities
Bought and Sold on
on
Schulz &
27 Pine
Commission.
Street,
Ruckgaber
New York
Members New York Stock Exchange
Foreign. Exchange, Letters of Credit
Execute orders for purchases and
of stocks and bonds.
sales
Foreign Exchange bought and sold.
Issue
Kean, Taylor & Co.
commercial credits in Dollars
available in China, Japan
and East Indies.
Produce
Its So. La Salle St.
244 Fourth Ave.
CHICAGO
PITTSBURGH
Government and Municipal Bonds
Securities of Railroads, Electric
Railways, Gas and Electric
Light and Power Companies
of
established
Exchange Bank
Cable Address, ’’Graco,” Philadelphia.
BOISSEVAIN & CO.
14 BROAD STREET, NEW YORK
Members of the New York Stock Exchange.
INVESTMENT SECURITIES ^
COMMERCIAL DEPARTMENT
FOREIGN EXCHANGE
MESSRS. PIERSON & CO.
(Successors toAdolphBoissevain &Oej
Amsterdam, Holland.
INVESTMENT SECURITIES
Broadway, Corner BEAVER ST.
40 Wall Street
Capital
....
$1,000,000
Surplus and Undivided Profits 1,000,000
NEW YORK
Foreign Exchange bought and sold.
value.
BERTRON, GRISCOM & CO., Die.
New York
Bonds for Investment.
S Nassau Street
NEW YORK
PHILADELPHIA
Land Title
Building
PHILADELPHIA
Cable
Transfers.
Commercial and Travelers’ Letters of
Credit available in all parts of the world.
ACCOUNTS INVITED.
John Munroe & Co.
WWW YORK
ALDRED & CO.
BOSTON
H. AMY & CO.
Letters of Credit for Travelers
0—amcial Credits.
Foreign Exchange
Members N. Y. Stock
Exchange Place
New York
44 AND 46 WALL ST.
Cable Transfers.
MUNBOE a CO., Paris
Exchange
24
Huuact
Fiscal Agents for
•
General Investment and Stock
Exchange Butina—
Public Utility and
Hydro-Electric
Companies
/
Bank &
Quotation Section
Railway Earnings Section
V<
1”7
Railway & Industrial Section
Electric
Bankers* Convention Section
State and
SATURDAY
OCTOBER 19 1918
JPtje (SZhxmntU.
Railway Section
City Section
NO
2782
Week ending October 12.
Clearings at—
PUBLISHED WEEKLY.
Terms of
For One Year
For Six Months
Subscription—Payable
in Advance
no OO
0 00
13 00
European Subscription (including postage)
*’*.
European Subscription six months (including postage)
7 60
Annual Subscription in London (including postage)
£2 14s.
Six Months Subscription in London (including postage)
£1 11*.
Canadian Subscription (including postage)
$11 60
Subscription includes following Supplements—
Bank and Quotation (monthly) Bait.way and Industrial (3 times yearly)
Bailwav Earrings (monthly)
Electric Bailway (3 times yearly)
State and City (semi-annually)
Bankers’ convention (yearly)
Terms of Advertising—Per Inch Space
Transient matter per inch space (14 agate
lines)
(8 times)
$4 20
six Months
(26 times)
Twelve Months (52 times)
60 00
87 00
( Two Months
)
Standing
Branding Business
business Cards
Laras <
v.
22 00
Months (13 times)
29 00
Chicago Office—39 South La Salle Street, Telephone Mystic 7396.
London Office—Edwards & Smith, 1 Drapers' Gardens, E. C.
WILLIAM B. DANA COMPANY, Publishers,
VniL Pins and Depeyster Sts.* New Yerk.
Chicago
428,540,604'
Cincinnati....
Cleveland
Detroit
Milwaukee
44,274,715
91,636,570
Indianapolis
11,934,000
11,000,000
....
34,913,384
....
Columbus
Toledo
Peoria
Grand Rapids
....
.....
Evansville
Springfield, Ill..
Fort Wayne
Akron
Lexington
....
Rockford
Youngstown
South Bend
....
1,178,736
1,250,000
Canton
Decatur
1,800,000
1,208,313
1,000,000
1,237,036
428,03$
575,000
834,428
1,050,000
Mansfield
CLEARING HOUSE RETURNS.
The following table, made up by telegraph, Sc., Indicates that the total bank
clearings Of all the clearing houses of the United States for the week ending to-day
have been 37,612,977,531. against $5,664,388,548 last week and $7,146,670,165
for the corresponding week last year.
Clearings—Returns by Telegraph,
ending Oct. 19.
Per
Cent.
1918.
1917.
New Orleans..
$3,399,508,532
521,674,904
392,766,035
328,903,551
184,619,008
146,761,347
121,503,289
129,652,375
69.974.318
75,552,514
50,554,538
$3,502,488,799
499,669,967
337,007,076
261,167,487
160,026,316
140,330,021
99,893,533
73,012,618
49.515.566
44,572,281
43,891,511
+ 16.6
+ 25.9
+ 15.4
+ 4.6
+ 21.6
+ 77.6
+29.2
+ 69.5
+ 15.0
Eleven cities, five days.
Other cities, five days
$5,415,470,311
982,461,947
$5,211,575,175
875,016,492
+ 3.9
+ 12.3
Total all cities, five days...
All cities, one day.
$6,397,931,258
1,216,046,273
$6,086,591,667
1,055,078,498
+ 5.1
+ 15.2
$7,612,977,531
$7,141,670,165 '
New York
Chicago
Philadelphia
..
Boston
Kansas City...
St. Louis
San Praaeisoo.
Pittsburgh
Detroit...
....
Baltimore
.
Total all cities few week
—2.9
+ 4.4
+6.6
The full details for the week covered by the above will be given next Saturday,
We cannot furnish them to-day, clearings being made up by the clearing houses
at noon on Saturday, and hence in the above the last day of the week has to be In
all eases estimated, as we go to press Friday night.
Detailed figures for the week ending Oct. 12 show:
Clearings at—
1918.
$
New York.
Philadelphia
Pittsburgh
....
Baltimore
Buffalo
Albany
Washington
Rochester
Scranton
Syracuse
Reading
Wilmington
Wilkes-Barre
Wheeling
York
Trenton
Erie
Greensburg
Chester
Binghamton
Altoona
Lancaster
Montclair
Total
|
1917.
Inc. or
Dec.
1916.
1915.
$
%
$
$
—5.5 3,342,579,117 2,800,690,408
2.795,522,945 2,957,988,989
320,155,585
285,338,233 + 12.2
199,283£88
256,562 £41
105,210,652
63,531,967 + 65.5
62,109,776
53,439,558
73,295,784
41,853,662 + 51.2
37,946,468
38,381,287
23,338,814
18,797,221 +24.2
13,527,595
12,060,671
—6.7
3,865,718
4,143,786
4,963,807
5,840,184
15,160,317
11,000,000 + 37.8
9,460,789
8,140,558
—7.3
6,095,959
6,574,751
5,938,144
5,475,623
4,014,837
3,490,870 + 15.0
2,888,886
2,933,198
3,800,000
3.743,974
3,819,324
3,477,837
+ 1.5
2,400,000
2,358,416
2,132,849
+ 1.8
2,393,810
2,542,280
—8.7
2,785,795
2,856,586
2,353,113
2,124,326
—2.9
2,188,585
1.858,345
1,681,969
3,695,376
3,363,014
+ 9.9
3,436,684
2,372,445
1,302,061
1,123,406 + 15.9
1,048,361
1,016,908
2,098,767
1,986,687
+ 5.6
1,843,308
1,979,908
2,220,228
1,911,207 + 16.2
1,434,439
1,201,972
900,000
1,000,000 —10.0
691,447
797,265
1,361,919
1,239,963
+ 9.8
1,245,259
1,079,059
—2.2
869,600
889.500
845,600
736,400
556,964
615,112
+6.7
521,408
540,780
2,357,920
2,400,000
+ 1.8
1,930,619
1,872,023
234,692
432,988 —45.8
412,338
423,339
Middle. 3,373,271.824 3,418,716,047
Boston
Providence
Hartford
New Haven
Springfield
Portland
Worcester
Fall River
New Bedford
Lowell
Holyoke
Bangor
TotalNewEng.
246,191,936
8.383,000
6,215,794!
4,762,155
2,792.306
2,400,000
2,715,800
2,320.794
1,918,542
1,059,130
650,000
677,821
280,087£78
203,234.076
8,580,000
7,500,000
4,200,420
3,541,977
2,500,000
3,103,256
2,017,202
1,659,291
1,221,178
—1.3 3,760,411,665 3,207,825,828
+ 21.1
—2.3
—15.1
+ 13.4
+ 21.1
—4.0
—14.2
+15.0
+ 15.6
677,789
860.196
—13.3
—4.1
—21.2
239,155,385
+ 17.1
760,483
203,964,782
10,151,600
6,880,376
4,217,899
3,476,552
2,100,000
3,714,899
1,452,196
1,606,319
916,631
706,911
542,996
229,966,362
239,731.161
189,721,963
11,670,400
8,287,081
4,612,002
3,704,358
2,200,000
3,490,300
2,000,612
1,721|722
924,102
873,339
Note.—For Canadian clearings see “Commercial and Miscellaneous News."
Jacksonville, Ill.
Danville
Lima
Ann Arbor....
Adrian
Owensboro
325,000
86,000
525,000
...
Tot. Mid .West
San Francisco..
Los Angeles
Seattle..
Portland
-
Spokane
Salt Lake City..
Tacoma
Oakland......
Sacramento
San Diego......
Fresno
Stockton
San Jose
Pasadena
Yakima
Reno
Long Beach....
Total Pacific.
City
Minneapolis
Kansas
....
Omaha
St. Paul
Denver
St. Joseph
Duluth
Des Moines
Sioux City....
Wichita
Topeka
Davenport
Cedar Rapids—
Fargo
Colorado Springs
Pueblo
Fremont...
Waterloo
Helena
Aberdeen
Hastings
Billings
Tot .Oth .West
St. Louis
New Orleans.
.
—
Louisville
Houston
Galveston
Richmond
Atlanta
’
Memphis
Savannah
Fort Worth
Nashville
Augusta
Norfolk
Birmingham
Little Rock
Charleston.
Knoxville
Jacksonville
Chattanooga....
Mobile
Oklahoma
....
....
Macon
Austin
Vicksburg
Jackson
Muskogee
Tulsa
Dallas
Shreveport
—
Total Southern
Total All.
Outside N. Y.
10,435,984
5,000.000
4,827.613
3,380,037
3,006,133
1,800,000
1,213,807;
5,430,000
942,625j
I
—2.8
+26.5!
+59.5!
+43.8'
+ 20.8!
+8.0
+ 8.1
+ 7.71
+ 2.0|
+ 10.6
+35.4
+33.6
+ 17.1
—9.4
—26.3
—4.5
1,920,198'
+2.3
+37.5
+ 18.3
978.8221 +20.4
1,125,065 + 11.1
2,600,000 —31.5
737,731 + 63.9
1,122,304 —10.9
843,511 +46.7
379,017 + 12.9
+7.1
536,944
600,000 +39.1
—2.1
1,072,273
—8.1
353,634
107,956 —21.3
450.000 + 16.7
4,033,710
1.014,429
,
752,^77,159
687,445,8191
103,088,840
25,118,000
37,652,201
30.369,083
8,500,000
15.690,843
4,689,276
6.000,000
5,499,124
1,856,421
3,001,022
1.797,758
90,379,081
24,229.000
25,708,114
23,797,165
7,000,000
16,087.800
3,844,503
416,135,009
31,289,050
52,905,375
47,409,412
24,025,085
11,991,572
10,374,900
8,168,388
3,550,000
4,580,386
3.108.906
2,376,698
1,686,694
1.749.907
3,727,000
696,563
1,453,788
3,068,127
880,245
849,192
339,807,107
28,117,050
33.967.488
34,625,112
18,048.473
9,154,007
7,499,100
7.149,840
3,229,611
3.422,009
1,917,295
1.883.483
1,126,704
1,275,404
2,137,000
726,454
1,036.401
1,762,795
891.683
713,65$
813,676
1,010,563j
2,514,933
743,528
1,112,379
615,887i
362,586
545,715
675,000
1,054,432
348,669
97,668
1,919,371
508,326
739,399
355.640
525,237
266,19$
458.209
610,384
671,280
306,485
66,550
299,719
639,469,297,
505,575,374
58,922.853
21,341.634
+34.6
+24.9
75.482.181
25.476.753
17,842,721
18,534.806
6,160,593
13,246,435
2,757,672
4.553,691
+28.3
2,338,591
—17.1
2,087,690
1,612,885
1,196,010
+9.5
+ 14.1
+3.7
+46.5
+27.6
+21.4
—2.5
12,745,622
14,140,233
4,387,158
7,848,443
2,159,345
3.728.13$
2,430,739
2.171.564
1,858,337
863,642
874,547
663,224
894,492
4.805,742
4,285,363
2,239,691
2,892,000
1,843,512
1,523,598
999,650
1,035,860
675,000
638,692
247,622,981
211,624,771
203,673,032
67,965,293
55,000,000
19,171,130
17.521,298
17,068,512
24,669,630
10.029.982
9,500,000
8.495,274
2,944,206
3,500,232
3,348,700
2.224,353
2,400,000
826,035
831,543
601,252
1,639,185
2,245,127
2,170,612
470,000
1,232,800
171,503,208
42,809,853
39,999,699
17,042,554
23,588,595
14,661,998
8,323,664
9,002,7152
8,664.092
7,239,859
3.287,831
2,240,760
4,207,672
2,729.224
2,839,942
871,151
633,212
764,987
2,383,199
2,586,575
1,712,336
485.514
1,922,230
457,528,196
369,501,607.
+23.8
281,516,044
209,827,7U
101,110,980
43,941,600
17,268,589
18,000,000
7,700,000
55,777,527
72,774,089
22,000,000
10,895,088
17,032.523
20,858,084
0,037,615
8,424,092
6,000,000
5,500,000
3,300,000
3.000.000
6,914,640
4,945,420
1,722,326
12,257,371
2,661,264
2,132,323
143,378,581'
+ 12.4
+ 3.5
+ 3.3
+ 12.5
+ 10.0
+ 70.6
+49.5
+48.6
122,378,843
89,168.803
20,603.036
1,064,508
Lincoln
Week ending October 12.
11,243,186
5,100,000
5,341,579
4,575,695
4,017,261
2.107,583
1,100,000
4,000,000
900,000
1,964,763
5.504,484
1,200.000
Bloomington....
Quincy
Springfield, O—
Published every Saturday morning by WILLIAM B. DANA COMPANY.
Jacob Seibert Jr.. President and Treasurer: Arnold G. Dana. Vice-President and
Secretary. Addresses ol both. Office of the Company.
57,527,635
50,015,574
28,910,118
11,045,519
10,176,500
71,926,799!
...
Dayton
%
440,852,580
35,006,100
692,854
600,000
2.700.000
8,454,725
28,500,000
3,000.000
553,101,110
+ 3.8
—2.5
—30.1
—13.6
—15.5
1,279,850
1,384,731
1.106,884
883,983
732,810
747,089
539,867
598,170
303,908
$12,75$
175.838,634.
135.304,469
+ 18.8
+58.8
+ 37.5
+ 12.5
126,291,127,
—25.7
15.335,564
10,688,228
85.110.533
81,272,868
22.933,278
12,848.120
12,388,940
7,128,624
7.910.96$
5,920.027
4,101,369
3.784.084
1,475,990
1,629,199
2.517.711
+ 15.3
+40.1
+ 17.1
+ 16.4
+ 197.6
+ 11.4
+9.7
+ 17.3
—10.4
+56.2
—20.4
—18.5
—15.5
—6.2
+ 31.3
—21.3
—31.2
—13.2
+ 26.7
—3.2
—35.9
42,445,312
16,719,427!
16,000,000
7,000,000,
32,692 £41|
48.664,274
14,810,240
14,849,147 —25.9
17,034,245 —0.01
13,153,693 + 58.6
—1\6
6,135,055
5,731,499 +47.0
3,308,544 + 81.4
4,800,000 + 14.6
3,000,000 + 10.0
2,695,450 + 11.3
4,177,095 + 41.6
+ 0.1
4,939,238
1,362,729 +26.4
10,845,168 + 13.0
2,000,000 + 33.0
2,900,000 —26.5
441,523 + 34.2
—4.0
025,000
+ 9.8
2.458.556
6,794.602 +24.4
+
29.6
21,938,599
2,500,000 +20.0
453.420,218 +22.0
5,664,3887548 5,379,763.847
2,86*7865,603 2,421,774,85§
37,024.817!
30.773.597'
16,531,694
6,342,669!
6,520,396:
5,321.410
5,709.710
1,939,542:
1,970,475:
3,955,980
2,033,662
1,729,833
1,066,269
670,644
722,448
2,060,746
2,202,138
1,062,451
534,093
1,128,551
32,721,718!
17,521,9721
17,659.682
5,228,316!
21,107,420
30,573,106
15,758,579
11,327,302
11.533,675
10,521,077
3,912,053
5,838,954
2,631,916
5,387,663
2,780,053
2,057,645
3.100,000
2,560,964
1,053,240
6,970,718
8.974,375
2,750,000
501,001
581,000
2.005.484
4,391,294
16,703,169
368,517,219
533,094
2,188,167
1,777,569
739£34
371,986
366,492
>
1,803,519
1,419,491
1,047,116
223,658
878,849
12,623,503
10,546,090
4,526,823
12,651,821
20,015,570
9,793,463
6.891,754
9,596.435
7,817,870
2,554,479
4,328,712
2,701,636
2,723,203
2,248,025
1,978,793
3,041,302
2.465.205
1,071,678
3,058,000
4,675,004
1,613,693
823,859
497,557
1,051,77$
1.622,408
240,090,500
+ 5.3 5.455.819.321 4,538,455,044
+
16.5 1113.245,T24 1,677.76153#
1500
,
THE CHRONICLE
INDEX TO CHRONICLE VOLUME.
With this issue of the “Chronicle” we send to our
subscribers an index covering the numbers of the
[Vol. 107.
fore it has suffered any appreciable impairment of
its resources and strength.
It would hence only be
repeating past experience if the immediate effect
upon Stock Exchange speculation should be the de¬
paper that have appeared in the three months velopment of a period of great activity and buoy¬
ending with Sept. 30 1918.
ancy no+Trii k standing the tense condition of the
money
THE FINANCIAL SITUATION.
The markets have followed the
same course as
last
A
market.
Washington
dispatch of Tuesday
says that
week, and have continued to indicate their belief in
case
an early peace.
Quite naturally, however, the vary¬ against Wilson & Co., one of the five large concerns
ing character of the news has caused greater or smaller in the meat packing industry. In some instances,
fluctuations from day to day. Though the President says this dispatch, “it was not
conclusively shown
has declined to entertain the idea of an armistice and that Wilson & Co. knowingly and wilfully”
supplied
has laid down hard conditions with which Germany unfit materials, and in other cases it was not con¬
must comply before the Allies will even enter into clusively shown that the material offered to the
negotiations with her, all the evidence continues to Government for consumption as food by the men in
point in one direction, namely that Germany is a the service was “actually unfit for human consump¬
beaten foe and must accept any terms which the tion.”
In some instances, the Commission finds, the
United States, in connection with the Allied Powers, material was rejected merely because not the kind
may think it best to impose.
As far as public senti¬ ordered; sometimes the meat was bad, but not offered
ment is concerned, not alone in this country but to the
army; sometimes it was bad, but was not of¬
among the Allied people, these terms can hardly be fered by these defendants.
This company thus
made severe enough to suit the average man, for it is stands acquitted, but the accusations
probably ran
felt that in its conduct of the war Germany has pur¬ faster and wider, and will be remembered
longer, than
sued such abhorrent methods, transgressing every the dismissal because of lack of
sustaining evidence.
law of humanity, that she is entitled to no considera¬
A portion of the newspaper press is at fault in
tion whatever. Nevertheless we may be sure these too readily
setting such stories afloat, and is not
terms will be in accordance with wise statesman¬ wholly
excused by the known relish Of many sensa¬
ship, for as Lord Milner has so clearly pointed out, tion-gobbling readers for cases of human misconduct.
nothing would be gained by creating a situation in Their eagerness to receive and bandy accusation
Germany where Russian Bolshevik! conditions would seems to make “news” consist especially of that which
be reproduced. Germany must be reduced to impo- is bad; when ten thousand fathers eat breakfast like
tency, so far as concerns ever being able again to pre¬ good citizens and go to their day's work as becomes
cipitate another world war, but she must not be so them, that goes unmentioned, but when one growls at
shorn of all strength that she will not be able to make the food, kicks his children and knocks his wife over
full financial reparation to the countries upon which with a chair we call this news and are keen to learn
she has inflicted ruin and destruction.
One of the all the details, therefore the purveyors hasten to
gravest and greatest problems is how to attain both meet this demand. Evil is to be cured by exposure,
these ends. As President Wilson has made plain, not by attempted suppression; yet the habit of
gloat¬
the United States asks for nothing for itself, but will ing over the base begets a morbid
appetite which
certainly compel justice to the countries Germany runs to haste and exaggeration.
has oppressed. As to the action of the German
There were some base and sordid contractors in the
legislative bodies in stripping the Kaiser of his right Revolutionary War, in the Civil War, and in the war
to declare war and placing the power in the hands of
1898, when “embalmed beef” was a scandal. To
of the Federal Council and the
Reichstag, all that supply unfit food is a crime far beyond what people
can be said now is that it is a
step in the right di¬ are now so ready to denounce as profiteering; yet in
rection.
respect to the packing industry we may point out
The security markets in particular have taken the once more that these
large corporations should
view that peace is coming, and is coming soon. As a have in their favor a
very strong presumption, either
consequence, readjustments of values have been in in respect to the quality of their goods or their prices,
process—the stocks of properties that have been or their business practices, because their experience
enjoying huge war profits, of which they will now be is long and they are accustomed to being denounced
deprived, tending towards a lower basis, while shares and caricatured by the sensational press as cormorant
of concerns whose operations have been restricted or trusts.
Therefore they must have known that ac¬
hampered by the war, and which will be untram¬ cusations of conspiracy and monopoly would certainly
meled in that respect with the return of
peace, have come upon them; they were in the limelight of pub¬
been rapidly moving to a higher plane. Railroad
licity, with notice that it behooved them to walk
shares have been independently strong, and
by de¬ carefully. As prudent business men, they were cer¬
grees a feeling has been growing up that as far as tain to be unusually wary against giving any
just
relates to the security markets, the conclusion of occasion for
reproach. Assume them as evil in dis¬
peace is going to be a favoring influence all around. position as anybody chooses to assume all suc¬
The economic and financial problems that will have cessful business concerns to
be; men who have at¬
to be grappled with on the conclusion of
tained
success
have
peace are
foresight, and can see in advance
deep and serious ones, and the process of adjustment when it is wise to step gently and avoid offense.
from high wages and high prices to normal levels is
The Federal Trade Commission itself stands con¬
not likely to be unattended by incidents and influ¬ victed of
hasty and sweeping accusation, and of most
ences of a disturbing nature.
On the other hand, the intemperate language. Its report of two months ago
United States is going to obtain a victorious
peace is on record against it, when it denounced the five
in the greatest war in human
history, and this be¬ principal packing concerns in such terms as the
press
the Federal Trade Commission has dismissed its
Oct. 19
1918.]
soap-box spouter, but not the judge or the sworn in¬
vestigator, would be expected to use. As “the Big
Five,” it accused them of being public enemies by
alleging against them a list of offenses any one of
which, if committed and proven, should forfeit liberty
for the guilty person. Under the subdivision of “evi¬
dence of combination,” this report cited, as if the fact
were at least a clear presumption of misdoing
and
public injury, that, “in the first place, these five
corporations began as individual enterprises with
small capital, and, with the exception of Wilson &
Co., Inc., have been, for two or more generations,
under the management of the same families which
established them.” And when this long story of un¬
supported accusation was finished, the only recom¬
mendation made
business, but
no
was
that Government seize the
suggestion
was
made about
pun¬
ishment.
We
critical stage
in the war, and the
taking of the present Liberty loan has not been
found easy—in part, of course, because the amount
is large and the call follows soon upon large previous
loans. Individual and corporate wealth, in private
business and in financial corporations, is justifying
itself by its own takings and by its voluntary exer¬
tions. In this work we stand together and are
exhorted to stand together. The war is to be won
by co-operation and team-work; it cannot be won
otherwise. This is no time for hasty and eager ac¬
cusation, or for a readiness to think ill of one an¬
other. Not all of us are ordinarily governed by
honesty apd other virtues, although the majority
are, since if that were not so society could not stand
up.
Ordinarily, most of us believe in honesty and
truthfulness, as at least the best policy, and we'
are ready to recognize the heroic note; in such a time
as this, when that note is sounded, let us all, for the
sake of reason and good sense and the success of the
world’s cause, dispense with and refuse to hear the
voice of slander, of suspicion, of mean innuendo.
are now
at
a
Gold
mining operations in the Transvaal were
upon a lower per diem rate of production in Sep¬
tember 1918 than in any earlier month of the current
calendar year since March, and less satisfactory
than the outcome for the corresponding period of
either of the three preceding years. In other words,
the September yield, at an average of 23,607 fine
ounces per diem compares with daily averages of
24,608 fine ounces last year, 25,719 fine ounces in
1916 and 25,871 fine ounces in 1915.
Moreover,
the total production for the month in 1918 at 708,206
fine ounces, contrasts with 738,231 fine ounces,
771,567 fine ounces and 776,750 fine ounces respect¬
ively one, two and three years ago. The nine
months’ yield of 1918, consequently, at 6,440,949
fine ounces compares with 6,825,715 fine ounces
last year and falls 504,722 fine ounces below 1916
and 292,967 fine ounces under 1915.
Increasing
cost of production has, of course, had much to do with
the decrease in yield this year, the disposition
being lacking quite naturally to actively operate
those mines which fail to show profitable returns.
The current situation in the Transvaal is reflected
in the recent repor from Johannesburg that
49 companies contributing to the output,
mines
on a
proper
*
basis, but, it is said, that represen
have been in Govern
tations from the gold producers
ment hands for two months or
more.
Building operations in the United States continued
September to exhibit quite generally the complete
inactivity that has been the leading feature in con¬
struction work for some months past, «the reasons
for which have been so fully explained by us hereto¬
in
fore that further reference thereto would
seem
to be
superfluous. In all sections of the country, if not
at every individual city, work arranged for during
the month was very appreciably less than that covered
by the permits issued in the corresponding period a
year ago, when operations were upon a very much
restricted scale.
Our returns of building operations for September
1918 from 160 cities furnish a total of contemplated
outlay of only $36,011,593, this contrasting with
$54,569,892 for the month of 1917 and over 70
millions in 1916.
Manhattan and Brooklyn bo¬
roughs record decided diminution in intended outlay
compared with even the small aggregates of a year
ago, and moderate losses are to be noted in the re¬
maining divisions of Greater New York, so that for
the city as a whole the comparison is between but
$3,566,272 and $8,895,985. Outside of New York,
the expenditures arranged for under the month’s
contracts total only $32,445,321, against $45,673,907
last year and approximately 63 millions in 1916.
Heavy percentages of decrease are shown at such
representative centres as Chicago, Philadelphia,
St. Louis, Cleveland, Cincinnati, Milwaukee, Min¬
neapolis, St. Paul, Denver, Buffalo, Toledo, Roches¬
ter, Omaha, Salt Lake City, Washington, Boston,
Hartford, New Haven, Norfolk, Memphis, Syracuse,
San Francisco, Akron, Canton, Evansville, Indiana¬
polis, Worcester and Springfield, Mass. Mentionable gains, on the other hand, appear at Detroit,
Richmond, Atlanta, Seattle, New Orleans, Port¬
land, Ore., Tacoma, Oakland, Duluth, Dayton,
Youngstown, Burmingham, Erie and Camridge.
The aggregate for the period since Jan. 1 is very
much less than a year ago, the disbursements ar¬
ranged for at the same 160 cities reaching the small
total of $373,085,628, against 581 millions in 1917
and close to 800 millions in 1916.
Greater New
figures are 48 millions, 87 millions and 187%
millions, respectively, in the three years, and for the
other cities collectively the aggregates are 325 mil¬
lions, 494 millions and 600 millions. Twenty-two
cities in New England exhibit a loss of 22 millions
(15 millions at Boston) and 39 places in the Middle
section (New York City excluded) show a falling
off of nearly 30 millions. The Middle West (28
cities) records a diminution in total of 80 millions
(22 million Chicago, 8% million Cincinnati, 11 mil¬
lion Cleveland and 16 millions Detroit), and there is
a decline of 4% millions in the aggregate for 15
Pacific Coast points. The “Other Western” divi¬
sion, comprising 25 cities in the territory west of the
Mississippi River, shows a loss of 14 millions; at the
York’s
decline of 9 millions is disclosed.
Returns from Canada furnish little cause for
South
a
com¬
of the ment, for, while a few reports indicate a little more
6 are doing than in September a year ago, construction
making an actual loss and the small profit shown
by 15 others is converted into a loss by standing
charges. It does not appear that any definite
steps have been taken to place the low grade ore
1501
THE CHRONICLE
work in the Dominion
as a
whole
was
less than in
Twenty-four cities in the Eastern Provinces
give for the month this year a total of intended
outlay of $1,858,790, against $2,242,679 last year,
1917.
THE CHRONICLE
1502
and for 12 Western cities the contrast is between
$554,605 and $514,005. The aggregate of all (36
cities) is, consequently, $2,413,395, against $2,756,For the nine months the contemplated expen¬
ditures in the East total $21,678,014, against $20,684.
918,739, and in the West $7,082,932, against $4,654,004. In all, therefore, the 36 cities have ar¬
ranged to expend $28,960,946, against $25,572,743,
but in 1914 the aggregate was some 79 millions
The commercial failures statement for the United
States for
September and the nine months of 1918
furnishes conclusive evidence of the excellent mer¬
cantile and industrial situation in the country as a
result of the very active business at high prices.
Insolvencies for the month, in fact, were smaller in
number than for any
preceding similar period of the
year, and the smallest of any month in practically
19 years.
Moreover, on but five occasions since
monthly statistics were first compiled, in 1894, have
so few defaults been
reported. Due, however, to
several reverses of unusual size in the manufacturing
division, the liabilities for the month quite apprecia¬
bly exceed,those of all previous months since March,
and run much above those of September last year.
The exhibit for the nine months is, as regards num¬
ber of failures, the best since 1906, and the debts
involved are less than in all years back to but not
including 1909. Finally, the returns for the third
quarter, besides showing an improvement over pre¬
ceding quarters of 1918, record an indebtedness
smaller by 12 million dollars than in 1917, and the
lightest since 1909, while for a lesser number of in¬
solvencies it is necessary to go back to 1899. Such
facts as these, Messrs. R. G. Dun & Co. point out,
clearly demonstrate that the many changes in
trade and industry necessitated by war conditions
have been accomplished with a minimum of unset¬
tlement, although the vast Governmental expendi¬
tures and the highest commodity prices of modern
times have naturally tended to lower the country’s
commercial mortality.”
According to the Dun compilation, the number of
mercantile defaults in September was only 674, but
the indebtedness,for the reasons given above, totaled
no
less than $17,407,130. These compare with
963 for $11,903,051 last year, 1,154 for $11,569,078
in 1916, and 1,414 for $16,208,070 in 1915.
In the
manufacturing division, liabilities of $8,522,922 con¬
trast with only $5,714,051 in 1917; trading debts of
$5,706,635 with $5,052,748, and indebtedness of
brokers, agents, &c., of $3,177,573 with $1,136,252.
The most favorable showing here disclosed, it will be
observed, is among traders, and even there a greater
amount is owed by insolvents, due entirely, however,
“
to stress in the line of business classed under the head
of
“hotels
and
restaurants.”
IVol. 107.
the current year,
the natural outcome of the ac¬
tivity observable in almost all lines and the greatly
enhanced profits. Defaults for the period this
year reached only 8,069, against 10,737 in 1917
and 13,250 in 1916, and the liabilities involved
were but $122,975,024,
against $141,950,038 and
$154,586,707 respectively. Trading lines show up
very well, the aggregate indebtedness reported
having been only $45,448,092, against $54,078,771
in 1917, practically every section of the country
exhibiting some decrease, with the falling off notably
large in the South Atlantic and South Central
groups of States.
Manufacturing debts at $51 r
535,309 were also well below those of a year ago,
notwithstanding some increase in liabilities in the
Central East and in sections west of the Mississippi,
contraction having been conspicuously heavy in
New England and the Middle Atlantic division.
Among brokers, agents, &c., a moderate decrease
in liabilities is reported—$26,171,023 comparing
with $28,180,025, a great decrease in Oregon and
Washington more than offsetting marked expansion
in debts in New York and Massachusetts. Bank,
&c., suspensions for the nine-month period were
decidedly smaller in number than in 1917—in fact
only 15 against 42—and the sum represented this
year was only as one to four—$4,619,887, against
$18,451,964. In most of the States no stress what¬
ever among banks is to be
noted, and insolvencies
for mentionable amounts are reported from Georgia
and Missouri only.
Canadian failures returns for the nine months
are in line with those for the United
States,
the contrast with 1917 being distinctly favorable,
of 1918
both
as
regards number of disasters and aggregate of
liabilities.
A
more
or
less
marked
reduction
in
number is to be noted in every important Province
and a decided decrease in liabilities in Quebec and
the Northwest is a striking feature of the compila¬
tion. In all 668 firms confessed insolvency during
the
period, this total comparing with 846 a year ago
1,342 in 1916, and with larger totals than
now exhibited in all years
back to 1903. The lia¬
bilities at $10,246,164 are some 3J4 millions under
1917, less than half those of 1916 and barely onethird the 1915 aggregate. Trading liabilities of
only $3,816,625 compare with $6,314,625 in 1917;
manufacturing of $5,922,149 with $5,469,220, and
brokers, &c., $507,627 with $1,957,346. No bank
failures have been reported thus far this year and,
in fact, no casualty of that description has occurred
in Canada since the spring of 1915, and then a single
institution for $150,000.
and
Any misgivings—and it must be conceded that
they existed in not a few instances—that President
Wilson’s note of inquiry last week regarding the con¬
ditions existing behind the German Imperial Chan¬
cellor’s note requesting an armistice (preliminary to
peace negotiations) have been set at rest as the result
of entirely new correspondence, including a note
from Berlin on Oct. 12 signed by Dr. Solf, State
Secretary of the Berlin Foreign Office, and the reply
Manufacturing lia¬
of 50% over
those of a year agoy an outcome aScribable to a large
swelling of debts in machinery and tools and lumber,
&c. The showing for the third quarter of the cur¬
rent year (July-September, inclusive), on the other
hand, is, as already intimated, especially satisfac¬
tory, manufacturing defaults representing debts of of President Wilson to the same on Oct. 14. Dr.
$16,261,940, against $19,250,334 in 1917; trading Solf made a categorical answer to the President’s
$13,164,748, against $17,074,212, and brokers, &c., inquiries. The impression produced on first reading
was that the President had been
$5,754,774, against $10,904,136.
very ingeniously
The mercantile mortality returns for the nine tricked and that the withdrawal of German
troops
months depict even more clearly than do those for from France and Belgium,
carrying with them their
the third quarter the excellent general situation of immense volume of supplies
which, if forced out
bilities,
moreover,
exhibit
an
excess
Oct. 19 1918.]
THE CHRONICLE
1503
under pressure,
they most likely would not be able and in their present enforced withdrawal from Flanders and
to transport, would thus be
successfully concluded. France the German armies are pursuing a course of wantPU
However, when President Wilson's note was read in destruction which has always been regarded as in direct
violation of the rules and practices of civilized warfare.
the newspapers on Tuesday
morning, the discourag¬ Cities and villages, if not destroyed, are being
of all
ing impression thus produced was immediately re¬ they contain, not only, but often of their verystripped
inhabitants.
moved.
The text of the President's note appears on
later page of this issue of the
“Chronicle," but for
the purposes of our weekly narrative it
may be
referred to in short summary as follows: It refused in
the first place to deal with Kaiserism and declared
that autocracy must end.
No armistice will even be
a
-
considered while Germany continues her atrocities
on land and sea.
No armistice, furthermore, will be
considered unless fully dictated by the Allied com¬
manders in the field in such terms as
absolutely
provide safeguards and guarantees that the present
military superiority of the Allied armies shall not be
endangered. The President's note (as reported by
way of Amsterdam from Berlin) produced “a poor
impression" in Germany. It probably had no other
intention, especially as the dispatch of the Presi¬
dent's reply was promptly followed by the issuance
of this formal statement at the White House
by
Secretary Tumulty: “The Government will continue
to send over 250,000 men with their
supplies every
month and there will be no relaxation of any kind."
A note of rejoinder from Berlin is understood to
be in preparation.
In the meantime it is significant
that in the rapid retreat of the enemy, there is lacking
the wholesale destruction of villages and cities which
has marked the retirements in the past, suggesting
clearly that the present plan is to conciliate the Allies
rather than to re-open old wounds. Prisoners taken
by the Belgians and others taken by the British
state, for instance, that they were ordered to evacuate
Lille without the destruction of property; and it
was understood that this is part of a
comprehensive
order applying to all places from which the enemy is
retreating. A press dispatch by way of Amsterdam
declares that the German army command “has
brought military measures into accord with the steps
taken for the conclusion of peace. The German
The nations associated
against Germany cannot be expected
cessation of arms while acts of inhumanity,
spoliation, and desolation are being continued which they
justly look upon with horror and with burning hearts.
to agree to a
A
suggestion of internal conditions in AustriaHungary is contained in the news in a press dis¬
patch that at a meeting early this week of the Hun¬
garian Parliament a proclamation was read declar¬
ing Hungary to be an independent State. Hence¬
forth, quoting the dispatch, there is to be only a
personal union between Austria and Hungary.
Advices received by our own State Department
indicate that Austria-Hungary is facing a
great
political crisis which may have far-reaching effects
and result in events of supreme
importance to the
Entente countries. The advices are said to in¬
dicate that even the best efforts of Emperor Charles
to hold the situation in check
may prove unavailing
and that the elements unalterably opposed to
any¬
thing which
may savor
of
a
continuance of German
domination are rapidly gaining power.
Baron Burian, the Austro-Hungarian
Foreign Min¬
ister, is quoted by the Associated Press as speaking
in the most optimistic manner of ihe
prospects of ah
early peace. In addressing the Committee of For¬
eign Affairs on Wednesday he said: “I nourish the
hope to-day most fully, for if the contents of Presi¬
dent Wilson's reply are studied, there is nothing to
be found to frustrate such a hope or even to
delay its
realization. The political point in President Wil¬
son's reply is settled, as Germany's reply will un¬
doubtedly establish, by the modifications which are
being made in the constitution. In the armistice
negotiations both sides should speak.
That grows
out of the very idea of negotiations.
Hence Ger¬
many's proposal of a commission. We can be ftilly
convinced that Germany will be in a position to ac¬
armies have received orders to cease devastation of
cept the President's demand regarding the humaniza¬
places, unless they are absolutely forced to follow tion of the war. I do not believe that in his demands
this course by the military situation for defensive
generally he goes beyond what Germany intends,
reasons." Another significant dispatch from Am¬
especially as regards the moment when the war may
sterdam quotes the “Handelsblad" of that city as
be considered to be terminated. I believe that in her
publishing “with reserve" a report that the German exchange of views with President
Wilson, Germany Admiralty had issued wireless instructions to all will give the explanation necessary to avoid the
submarines to return to their bases.
Such dispatches are significant. If entirely au¬
thentic they may be considered a response in the
first place to the recent French communication
addressed to the German Government that vandalage
that has been carried on would bring in its trail
retaliation in kind on German cities. It seems
probable, however, that at the present moment
the modification of Prussian frightfulness is more a
response to the two paragraphs in President Wilson's
more
note which follow:
The President feels that it is also his duty to add that
neither the Government of the United States nor, he is quite
the Governments with which the Government of the
United States is associated as a belligerent, will consent to
consider an armistice so long as the armed forces of Germany
continue the illegal and inhumane practices which they
persist in.
At the very time that the German Government approaches
the Government of the United States with proposals of
peace, its submarines are engaged in sinking passenger ships
at sea, and not the ships alone, but the very boats in which
their passengers and crews seek to make their way to safety,
sure,
super¬
fluous hardships of war.
It is clearly understood
that Germany insists that no conditions be imposed
during the preliminary phase of the negotiations
are
incompatible with her dignity." The
which
President has not yet answered
separate peace offer and there is
Austria-Hungary's
expectation that
reply will go forward until Germany has definite1 y
answered the President's note of last Monday.
no
the
As
to
international
conditions in
Germany
re¬
not quite so clear. A roundabout dis¬
patch to the Paris Matin states that peace demon¬
ports
are
strations continue in Germany. In Berlin groups
of soldiers go through the streets singing pacifism
and
revolutionary songs. Pan-Germans who at¬
tempted recently to hold a meeting before the
Hindenburg statue were by hooting crowds obliged
to disperse.
The police had great difficulty in
preventing the crowd from carrying out their pur¬
pose of setting fire to the statue.
According to
reports by Gen. Ludendorff, some divisions of the
[Vol. 107.
THE CHRONICLE
1504
soldiers hold
Flanders fighting is near
Thielt which is about 125 miles from Aix-La-Cha-
for War, Lord Milner, in
an interview in London on Thursday, stated that
the utter wreckage of the Prussian military ma¬
chine might be achieved either by a complete and
decisive victory leading to unconditional surrender,
or by an armistice under such conditions as to guar¬
antee that the military supremacy of the Allies
should not be weakened.
He regarded the armis¬
tice under such conditions as certain to be attended
by the realization of Allied war aims and was there¬
fore anxious that nothing be done to oppose its
accomplishment. The War Minister said that
brai over a front of ten miles between Le Cateau
and Bohain, British and American troops are de¬
have refused to obey orders and
meetings to discuss political questions.
army
moment the centre of the
pelle
The British Secretary
after all there must be
a
It
was
an
to the interests
of the Allies to
see
that stable
government of some sought was maintained in
Germany. As reparation had to be obtained he
did not wish to see Bolshevism and chaos rampant
there.
The week has shown
steady
pressure
and steady
by the Allied armies along the Western
hand, while the enemy is with¬
drawing he is doing so in orderly fashion, and there
is remarkably slight evidence of any absolute rout.
It appears to be merely a question of evacuation of
occupied territory under the spur of attack by the
Entente forces. The Belgian coast has been aban¬
doned, Ostend having been occupied by British
paval forces on Wednesday, after which the French,
British and Belgian troops entered the city by land
and King Albert of Belgium and Queen Elizabeth
followed on Thursday afternoon. Belgian patrols
are reported to have entered Bruges.
Likewise the
enemy is being forced to concede defeat by retro¬
grade movements before the British and Americans
southeast of Cambrai; also before the attacks of the
French in the pocket between the Oise and Serre
rivers north of Laon and by reason of continued
progress
front.
On the other
strong attacks by the French and Americans in
Champagne and along the Meuse River. In Bel¬
gian Flanders the enemy’s steps are being quickened
by the swift drives into his line by the British at
'Lille>iust south of the Belgian border, and by the
French and Belgians further north, which threaten
to compelXhim to enter Dutch territory and face
internment unless he is fleet enough to withdraw
out of the entire pocket between the Scheldt River
and the sea and reconstitute his line with his right
wing resting on Antwerp. Allied forces are fast
driving toward Ghent in an endeavor to seal the
western Flanders sack and retain in it large elements
of the enemy forces.
Strong opposition is being offered on the Courtrai
sector to prevent the Allies from carrying out their
the full. In the withdrawal from
Flanders the Germans are carrying out a
tactical movement which military critics predict
will end in a general falling back of their line in
Northern France and permit them to materially
manoeuvre
to
West
strengthen their resistance on a new and shorter
front which probably will be from Antwerp to Namur
"and Metz and thence to the Swiss border, which
would still leave the Germans 80 miles from their
own border both at Antwerp and Namur.
At the
the German border.
Southeast of Cam¬
violent attack against the Germans and
at last reports were meeting with success although
the enemy was savagely resisting with machine
guns and infantry and with artillery behind their
lines.
North of Laon, which was captured early
in the week, in the sector between the Oise and
Serre rivers the French are endeavoring to drive
out the enemy before they can make their way east¬
ward to Hirson.
Here also the enemy is using his
machine guns and artillery to impede the progress
German Government to of the French. Nevertheless further gains have
armistice with and complete trans¬
formation already was in progress. There should
not be too great a hurry to denounce it as a sham.
negotiate
on
.
livering
a
been recorded.
But the greatest
resistance of the enemy at the
being imposed against the efforts of the
French and Americans in Champagne and along the
Meuse River, where the holding of the line is essen¬
tial to prevent a general retreat by the Germans
all the way from Belgium to the Swiss front. Before
the Americans the Germans are giving ground only
foot by foot, and the casualties cannot fail to be
proving very heavy. A dispatch from Paris yes¬
terday declared that in addition to Lille and Ostend,
the great city of Douai had been delivered from the
The recovery of the three great cities fit¬
enemy.
tingly terminating a wonderful battle of three months
which was opened by General Mangin’s victorious
counter-offensive of July 18, and in which many
other smaller cities and hundreds of square miles
of territory have been retaken.
Italian forces in Albania after storming the AustroHungarian positions on the heights in front of
Durazzo, penetrated the city on Monday. Further¬
more the seizure in Nish of a large amount of war
material by Serbian troops advancing northward on
the main rail route from Germany to Constantinople
was reported to the Serbian Legation at Washington
on Tuesday.
General March, the American Chief
of Staff, announced on Friday last that the War
Department had now passed the 1,900,000 mark in
shipping troops to Europe, “and is keeping on with
moment is
General March also told of the enormous num¬
ber of men and guns captured by the Americans
and other Allied forces since the middle of July,
it.”
but warned the American people that nothing could
be accomplished if the nation failed to furnish the
financial backing for our men in the field.
In¬
formation received by Reuters’ agency states that
up
to the present nearly 1,000,000 British lives
have been sacrificed in the
war.
The London markets have reflected
than a week ago the excellent character
freely
of the news
coming from abroad. President Wilson’s unequi¬
vocal reply to Germany’s second note, that there
could be
no
discussion of
a move
towards
more
an
armistice
long as the request came from any autocratic
regime like that of the Kaiser’s obviously removed all
doubt at the British centre of any weakening of the
policy of complete surrender which the United
States in conjunction with its associates in the war is
insisting upon. As one London correspondent cables,
“there has been no flag-raising here” on the German
peace plea.
The entire question of peace or pro¬
tracted war is being discussed, as a rule, in the same
quiet, determined manner that has been the feature
so
Oct. 19 1918.]
THE CHRONICLE
since the beginning t)f the war. Peace will be
welcomed but its price has been so stupendous that
lighthearted enthusiasm is being very rarely in¬
dulged. The London Stock Exchange, correspond¬
ents agree, has never been less
responsive to momen¬
tous events.
General sentiment is declared to be
thoroughly optimistic, but
currents operate
Some munitions shares are becom¬
in the markets.
cross
ing difficult to sell, although prices are not showing
heavy declines. There does not appear in London
the same confident expectation of an
early ending
of hostilities
as
exists here in
New York.
The
correspondent of the “Evening Post,” for instance,
reflects the London opinion that, if German
military
resistance should increase, the Allies will make
sufficient further progress to occasion renewed
peace
overtures.
“The
City,” he adds, “considers that
the chief difficulty in deciding minimum
peace terms
lies in the inability to discern and appraise the real
sentiments of the German people. While
generosity
would be the best policy toward a genuinely repentant
people with a strong Government it would,” the
correspondent adds, “be simply foolish if those
conditions are lacking. Pending decisive proof of
repentance and of the power of such a new German
Government to carry out the Allies’ demands,
Germany’s enemies may be compelled to base their
policy on the hard facts of the situation.”
As to munition shares another
correspondent
states that the belief is confidently entertained that
most companies like Vickers, Ltd., will, after the
war, easily maintain their dividends by entering into
new
lines
of
manufacture
identified
with
peace
pursuits. Many of their holders, however, find that
they have good profits at present quotations and are
disinclined to risk losing these profits in the future.
A director of one of the largest explosives manufac¬
turing concerns in a statement issued early in the
week argued that disarmament meant a disastrous
decline in their business because there would be im¬
mense stores of unused ammunition when the war
ended.
He pointed out that the company’s future
with regard to participation in peace industries was
uncertain and speculative, and that it had been
decided, therefore, to adopt a wait-and-see policy
very
in the belief that later
on
there may appear many
of
1505
much tonnage
required for the transportation
in France.
The British Board of Trade monthly statement for
September indicates an increase of £11,703,000 in
imports and a decrease of £3,902,000 in exports.
Of course the question of the valuation of imports
as affected by the
higher prices is of vital interest in
any analysis of comparative trade.
Thus the in¬
crease in imports does not mean that there has been
a
corresponding expansion in the volume of mer¬
chandise. Nor does the decrease of £3,902,000 in
exports indicate that such a comparatively small re¬
duction in point of volume is all that has in fact
taken place. The Board of Trade comparison of
the commerce of the United Kingdom for September
and for the nine months ending with that month
so
to and maintenance of the American army
follows:
September
1918.
Imports
Exports
Excess of
Imports
1917.
Jan. 1 to Sept. 30—
1918.
1917.
£97,975,000
39,342,000
£86,272,433
43,244,194
£970,084,081
373,341,284
£777,878,614
394,029,088
£58,633,000
£43,028,239
£596,742,797
£383,849,526
The question of
stimulating the production of
gold is receiving official attention in Britain as well
as
America. The British Treasury has this week
appointed a commission of well known financial
interests, Lord Inchcape being chairman, to investi¬
gate and report on “the war’s effect on gold produc¬
tion in the British Empire.”
Other members of the
commission comprise Sir Thomas Elliott, Sir Charles
Addis and W. H. Goschen. They will be assisted
and advised on the technical problems by a well
known mining engineer, Mr. Frencheville.
An
early report is promised by the committee, whose
work is more or less definitely confined to specific
inquiries under the general head of whether there
should be granted the demands of gold producers
for a revision of their selling price to compensate
for the higher cost of labor and of all kinds of
supplies
required by the mining industry. The commission,
too, is requested by the Treasury to investigate
thoroughly the question of encouraging the mining
of low grade ores and of how far it may from the
national standpoint be considered important to
secure the
continuance of the treatment of such
The commission further is asked to formulate
definite plan showing how production of the
ores.
a
opportunities for assisting enterprises whose pros¬ precious metal can be stimulated. The producers
pects are assured. Meanwhile, he continued, a it may be explained, are definitely asking the Treas¬
merger of certain explosives concerns would effect ury to contract for all gold mined for a term of
years
real economies..
at a price calculated to secure maximum production.
The belief is entertained by London bankers that Current
prices, they assert, will not permit such
the Treasury, in order that money may be
applied production.
primarily to enterprises of national importance, will
The British gold producers are not alone in seeking
continue to control new issues of capital for some relief. American
producers are urging that the
time after the war.
Shipping shares have been in Government pay a subsidy to encourage the pro¬
demand, especially those of the Cunard and Penin¬ duction of the precious metal. Others ask that
sula & Oriental lines, the activity in these particular
gold miners be exempted from taxation, that their
instances being accompanied by various rumors that
employees be exempt from military service and that
the companies are the real purchasers of those the Government itself endeavor to
facilitate the
vessels of the International Mercantile Marine Co.
replacement of necessary machinery.
flying the English flag. Information in New York
is that the contract for the sale of the British ships in
Reports of the progress of the British war bond
question has not yet been completed. Another campaign are gratifying. The campaign is at present
shipping rumor is that the Cunard and Furness- confined to London and vicinity and is popularly
Withy interests have plans for consolidation. There denominated a “feed-the-guns” drive. This is the
also is talk of the nationalization of all important second week of this
drive, but complete figures are
shipping lines. The latter is not widely credited.
available only for the first week, namely that ending
with Oct. 12. The British Chancellor, Mr. Bonar
British trade is suffering so far as exports are con¬ Law,
recently expressed the hope that the numerous
cerned, because, for one reason, of the withdrawal drives which will be undertaken in various sections
*
.
[Vol. 107.
THE CHRONICLE
1506
Kingdom would result in increasing the weekly
purchases to £25^000,000. As a matter of fact, the
first week’s drive in London netted £31,902,000,
which included £23,031,000, representing the special
contributions of the London campaign. The sales
for the preceding week had aggregated only £22,042,000. The aggregate from the beginning of the
continuous loan campaign is now £1,240,333,000.
The latest post office reports, which are for the
week ended Oct. 5, registered sales of bonds amount¬
ing to £724,000, bringing the total under this head
to £39,677,000.
The preceding week’s total by
the post office was £469,000. War savings certifi¬
cates of £1 each disposed of in the week of Oct. 5
totaled £2,713,000,000, making the aggregate ulti¬
mate indebtedness under this head £243,990,000.
The preceding week’s sales reached £2,613,000,000.
of the
bills
outstanding aggregate * £1,128,387,000. Last
Exchequer
week the total was £1,114,202,000.
balances total £10,878,000, as against
in the
£9,699,000
preceding week.
change in official discount rates
leading European centres from 5% in London,
Paris, Berlin, Vienna and Copenhagen; 6% in Petrograd and Norway; 6 lA% in Sweden and 4Yi% in
Switzerland, Holland and Spain. In London the
private bank rate continues to be quoted at 3 17-32%
for sixty days and ninety days. Call money in Lon¬
don is still reported at 3%. So far as can be learned,
no reports have been received by cable of open mar¬
ket rates at other European centres.
There has been
no
at
The Bank of
England in its weekly statement an¬
further, although small, increase in its gold
item, namely £87,884. There was a reduction, how¬
ever, in total reserves of £113,000, as a result of an
increase of £201,000 in note circulation, while thfc
proportion of reserve to liabilities declined to 17.10%,
against 17.33% a week ago and 18.80% last year.
Public deposits expanded £5,930,000 and Govern¬
ment securities increased £1,022,000.
Other de¬
posits were reduced £3,921,000. Loans (other se¬
curities) registered an expansion of £1,105,000.
Threadneedle Street’s holdings of gold aggregate
£73,196,890, against £56,035,326 a year ago and
£56,455,151 in 1916. Reserves total £28,650,000,
compared with £32,846,046 in 1917 and £38,237,291
the year before.
Loans now stand at £96,616,000,
in comparison with £100,359,198 and £101,389,822
one
and two years ago, respectively.
Clearings
through the London banks for the week amounted to
£456,420,000, which compares with £462,970,000
last week and £371,160,000 a year ago. Our special
correspondent is no longer able to give details of the
gold movement into and out of the Bank for the Bank
week, inasmuch as the Bank has discontinued such
reports. We append a tabular statement of com¬
parisons.
nounces a
The
subscription books of the
French loan will
open on Monday and will remain open until Nov. 24.
As has already been stated in the “Chronicle,” the
issue price is 70.80 francs per 100 francs, and the
bonds will bear 4% interest. There appears to have
been no lagging thus far in the sales of the National
Defense bonds.. The latest reports by the Ministry
new
of Finance indicates that the amount of these bonds
subscribed during the second fortnight of September
was
901,000,000 francs, this sum exceeding the record
of any preceding fortnight by 40,000,000 francs.
The total for the month, 1,559,000,000 francs, also
constituted a new high record.
The Ministerial Council has decided that ex-Pre-
mier Caillaux and two of his alleged accomplices,
Deputy Louis Loustalot and a lawyer named Paul
Comby, shall be tried by the Senate sitting as a high
court of justice, to be convened for that purpose on
Oct. 26. The official announcement of the Council
shows that the decision was based on a report from
Military Jus¬
tice, which asserted that “apart from evidence prov¬
ing intelligence with the enemy on the part of the
accused ex-Premier, the preliminary inquiry, which
has been going on for some eight or nine months
past under legal officers attached to the court-mar¬
tial, has revealed facts which in their ensemble justify
the charge being laid against Caillaux of plotting
against the safety of the State as provided for under
Article XII of the Constitutional Law of July 16.”
Edouard Ignace, Under Secretary of
The
British
ended Oct. 12
Treasury statement for the week
favorable, revenues hav¬
ing expanded while expenditures registered a con¬
siderable decline. This brought about an increase
in the Exchequer balance of £1,119,000. The week’s
expenses were £39,730,000
(against £61,411,000
for the week ending Oct. 5), while the total outflow
including repayments of Treasury bills and other
items, equaled £124,193,000, comparing with £147,129,000 the previous week. Receipts from all
sources totaled £125,272,000, against £141,931,000
the week previous. Of this total, revenues con¬
tributed £13,173,000, as contrasted with £11,897,000 the week before; war savings certificates
were
£1,900,000, against £1,700,000, and other
debts incurred £6,184,000, against £6,376,000. War
bonds amounted to £26,798,000, against £17,607,000, and advances were £4,000,000, comparing
with £14,000,000 last week. Sales of Treasury
bills were £73,067,000. This compares with £90,231,000, the amount sold a week ago. Treasury
was
more
BANK OF ENGLAND’S COMPARATIVE STATEMENT.
1918.
1917.
1916.
1915.
1914.
Oct. 16.
Oct. 17.
Oct. 18.
Oct. 21.
Oct. 20.
£
£
£
£
£
Circulation
62,996,000 41,639,280 36,667,860 32,573,345 34,798.900
Public deposits
34,257,000 42,731,954 55,589,446 46,128,445
15,764,074
Other deposits
133,664,000 132,669,335 108,495,580 98,380,914 143,068.390
Govt, securities
60,265,000 59.231,870 42,187,840
24,074,087
18.896,781
Other securities
96,616,000 100,359,198 101,389,822 98,618,396 108,787,978
Reserve notes & coin 28,650,000
32,846,046 38,237,291 44,762,225 43,713,856
Coin and bullion... 73,196,890
56,035,326 56,455,151 58,885,570 60,062,756
Proportion of
reserve
to liabilities
Bank rate
17.10%
5%
18.80%
6%
23.30%
6%
31.00%
5%
27.50%
5%
The Bank of France in its
weekly statement shows
gain of 582,000 francs in the gold item this week.
This gain brings the total gold holdings up to 5,439,852,559 francs, comparing with 5,324,509,974 francs
last year (of these amounts 2,037,108,484 francs were
held abroad in each year).
In 1916 the gold holdings
amounted to 4,885,784,692 francs, of which 674,558,075 francs were held abroad. During the week
decreases were registered in many of the other items,
viz.: silver fell off 500,000 francs, bills discounted
decreased 26,181,000 francs, advances contracted
7,918,000 francs, Treasury deposits fell off 37,906,000
francs and general deposits were reduced 42,889,000
a
francs. Note circulation was expanded to the extent
of 92,109,000 francs, raising the total outstanding to
30,631,853,000 francs. In 1917 at this time the
was
21,680,180,630 francs, and in 1916
16,800,016,425 francs. On July 30 1914, just prior
to the outbreak of war, the total was 6,683,184,785
rancs.
Comparisons of the various items with the
amount
Oct. 19 1918.]
THE CHRONICLE
statement of last week and corresponding dates in
1917 and 1916 are as follows:
BANK OF FRANCE'S COMPARATIVE
STATEMENT.
Changes
Gold Holdings—
In France
Abroad
for Week.
Francs.
Inc.
582,000
No change
Status
as
of
Oct. 17 1918.
Oct. 18 1917.
Oct. 19 1916.
Francs.
Francs.
Francs.
3,402.744,075
2,037,108,484
3,287,401,489
2,037,108,484
4,211,226,617
-674,558.075
Total
Inc.
582,000 5,439,852,559 5,324,509,974
Silver
Dec.
500,000
319,753,819
256,964,498
Bilks discounted—Dec. 26,181,000
841,801,600
606,338,178
Advances—w
Dec. 7,918,000
846.220,500 1,137,452,682
Note circulation...Inc. 92,109,000 30,631,853,000
21,680,180,630
4,885,784,692
328,560,402
452,150,469
1,188,490,577
Treasury deposits..Dec. 37,906,000
General deposits...Dec. 42,889,000
The
59,497,000
35,662,574
2,856,535,000
2,859,536,207
16,800,016,425
79,451,276
2,541,755,921
Imperial Bank of Germany in its statement
for the week as of Oct. 7 shows the
following changes:
Coin increased 98,315,000 marks; total
gold gained
100,027,000 marks; Treasury notes were expanded
63,403,000 marks; notes 432,000 marks; advances
3,068,000 marks, securities 17,294,000 marks; while
circulation showed the large expansion of
463,691,000
marks.
There were decreases of 4,936,246,000
marks in bills; in investments 14,046,000
marks;
deposits 4,161,767,000 marks, and in liabilities
69,604,000 marks. The Bank reports its gold
holdings as 2,547,279,000 marks. This compares
with 2,403,155,000 marks in 1917 and
2,492,933,000
marks the year preceding.
Last week’s statement of New York associated
banks and trust companies, issued on Friday,
made
sary on
1507
Thursday to begin calling in loans, obviously
with the distinct purpose of
checking the develop¬
ment of a runaway market.
When it is considered
that the sales on the New York Stock
Exchange
aver¬
aged for the week more than 1,000,000 shares a
day, and if account is taken of the circumstances
under which this activity was conducted, the
signifi¬
cance of the movement can be the more
readily ap¬
preciated. The edict went forth, it will be recalled,
before the loan campaign started, that no
money was
to be made available for
speculation. Furthermore,
the Treasury made it quite plain that financial
oper¬
ations during the period of the loan drive were ex¬
pected to be placed under restraint in order that the
Government should encounter no competition in the
marketing of the war bonds. In these circumstances,
some idea becomes available of what
might have de¬
veloped on the New York Stock Exchange in the
event the gratifying news from the war theatres had
been received when the market situation
nearly normal.
was more
Presumably operators after to-day
will feel less restraint in
entering new commitments.
Some bankers, in fact, appear to
expect somewhat
of a temporary easing up in the
general money posi¬
tion. Such a result, however, does not seem to
us altogether probable.
The new loan is for a record¬
marking amount.
Heretofore there has been a dis¬
position on the part of war loan subscribers as far as
a more favorable
showing, in that there was a mod¬ possible to pay for a considerable amount of their
erate reduction in Joans, accompanied by an
expan¬ bonds outright at the time of subscription or at
any
sion in reserves. The loan item decreased
$29,- rate on the date of the first formal installment pay¬
635,000. Net demand deposits gained $19,734,000 ment. But the current loan is so much
larger than
(Government deposits of $246,489,000 deducted), the earlier ones that there appears reason to doubt
which brought the total to $3,772,858,000,
although whether the same degree of full payment may be re¬
net time deposits declined $3,840,000 to
$147,969,- lied upon. In any event, it must be recognized that
000.
Cash in vaults (members of the Federal Re¬ a
stupendous accumulation of funds has been re¬
serve Bank) increased $7,732,000 to
$108,004,000 quired and will repeatedly be necessary before the
(not counted as reserve). Reserves in the Federal loan has been fully financed.
Reserve Bank of member banks were expanded
On the other hand, it is not to be
forgotten that
$16,249,000 to $530,675,000. Reserves in own by the periodic issue of Treasury certificates of
vaults (State banks and trust companies) decreased indebtedness a
large part of the actual funds needed
$59,000 to $10,308,000. Reserves in other deposi¬ to complete the full loan subscription has
already
tories, however (State banks and trust companies) reached the Treasury. The seventh and last bi¬
increased $1,107,000 to $9,820,000. The gain in
weekly issue of United States certificates of in¬
aggregate reserves totaled $17,297,000, thus carry¬ debtedness issued in anticipation of the current
ing the total to $550,803,000, in comparison with loan was over-subscribed to the amount of
$144,$603,832,000 in the corresponding week of 1917. 069,000, the issue having been for a minimum of
Surplus registered an expansion of $14,860,740, $500,000,000. The aggregate of subscriptions count¬
there having been an expansion of $2,436,260 in
ing in this amount reached $4,665,320,000. These
reserve requirements, and now’stands at
$51,564,750 certificates as they mature are technically payable
(not counting $108,004,000 cash in vaults held by in cash; but as their purpose was to
anticipate the
these banks), as against $102,483,290 (also exclusive accumulation of funds for the loan
they may as a
of cash in vault), the amount on hand a year ago. broad
proposition be expected to be used by the
This is on the basis in both cases of 13% reserves banks who have been their chief
purchasers in full
for member banks of the Federal Reserve system. accord with such
purpose.
An idea of the volume
The bank statement is given in greater detail in a of funds
required for the new loan (granting that it is
subsequent section of the “Chronicle.”
only just subscribed and not over-subscribed) may
be gained by recalling that the 10%
requirement
Rates for money on the local market have not re¬ of cash or its
equivalent to accompany subscrip¬
flected in altered quotations the strain connected tions during the three weeks of the
selling campaign
with the distribution of the Liberty Loan.
The amounts to no less than $600,000,000. On Nov.
stock market, in response to the brightening inter¬ 21 when the next
payment is due,
national situation, has developed a
degree of activity
and strength that is strongly suggestive of the opinion
in important financial circles that the ending of the
war—a proper ending—is a matter which can
very
well be discussed as a possibility of the comparatively
early future. The strength and activity thus dis¬
played increased as the week progressed, so much so,
in fact, that the banks and other lenders felt it neces¬
namely 20%,
$1,200,000,000 will be required for the installment.
Similar amounts will be payable on Dec. 19 and
Jan. 16, while the final 30%, or
$1,800,000,000, is
payable on Jan. 30. These assuredly are monu¬
mental totals.
In view of the usual
new
year pay¬
ments, which they overlap, it hardly seems reason¬
able in the meantime to expect
any distinct im¬
provement in the general monetary position. Of
the figures given will not prove entirely ac¬
curate since no account is taken of the disposition
to which reference already has been made of many
subscribers to pay for their bonds in full at the time
course
subscription
possible.
of
after
or as soon
A feature of interest
delivery becomes
as
having
a
bearing
on
the
situation is the report issued by the War
Finance Corporation that, up to Oct. 1, it had auth¬
orized $43,202,592 in loans. Of this amount $40,540,509 was loaned, it is stated, to war businesses
without the intervention of the banks, although the
Act under which the Corporation operates specifies
that this method shall be applied only “in excep¬
tional cases.” The Secretary of the Treasury as
well as the directors of the Corporation are consider¬
ing asking amendment of the Act to change this
provision so as to provide that the usual method of
making advances shall be direct to the industries
and only in exceptional cases shall such loans be
made through banks.
As to specific rates for money, call loans this week
have not been changed from 6%, this being the only
rate quoted on each day of the week, as well as the
basis for renewals. The above refers to mixed col¬
lateral loans, with “all-industrials” quoted at 6%%.
Demand loans on bankers’ acceptances remain at
4%%. For fixed maturities the situation is still
without essential change. As has been the case of
late, practically all business is being negotiated by
means of demand loans, and the market continues
upon an entirely nominal basis.
With the comple¬
tion of the distribution of the Fourth Liberty Loan,
however, bankers look for somewhat easier conditions
in the immediate future, though this is expected to
show itself more in an increase in the supply of funds
for fixed date loans rather than a material relaxation
in rates. Nominally 6% is quoted for all periods
from sixty days to six months. A year ago sixty
days was quoted at 53/2%, ninety days at 5%@
5%%, four and five months at 5%% and six months
at 5%@5%%.
Commercial paper rates remain as heretofore at
6% for sixty and ninety days’ endorsed bills receiv¬
able and six months’ names of choice character, with
names not so well known at the same figure.
Trading
was restricted, but brokers are predicting a broader
market now that the strain on money has been lifted.
Banks’ and bankers’ acceptances were moderately
money
active with a fair volume of business transacted.
Rates were firm and without quotable change.
Detailed quotations follow:
Spot
Ninety
Days.
Delivery
Sixty
4 )£
4Kafe,4%, 4'1At(a 4lAt
5*4^4^
Delivery
within
30 Days.
Thirty
Days.
4H
4*A(u4H
Eligible bills of member banks
Eligible bills of non-member banks
Ineligible bills
Days.
4 H bid
4% bid
6
bid
4y4(u4
5J*@4M
changes in rates, so far as our knowledge goes,
have been made the past week by the Federal Re¬
serve banks.
Prevailing rates for various classes of
No
paper at the different Reserve banks are shown in the
following:
DISCOUNT RATES OF FEDERAL RESERVE BANKS.
•3
•8
2
CLASSES
OF
DISCOUNTS AND LOANS
«
Bost n.
1
1
e.
1
i
ft
Richmond.
d
*
§
*
Discounts—
City. Franciso.
Chicago. Louis. Kans
c
St.
*
£
%
Q
San
Within 16 days, lncl. member
4
4
4 M 4H 4 M 4
4
4
4)4 4)4 4 )4 4 H
banks’ collateral notes
4H 6
4% 4 H 4 H 4H 5
16 to 60 days’ maturity— 4H 4H 4M 4 H 5
6
6
5
4h 4 H 4h 5
61 to 90 days’ maturity.._ 4H 4 H 4h 4H 6
Agricultural
and live-stock
6
6 paper over 90 days
Secured by U. 8. certificates
of Indebtedness or Lib¬
erty Loan bonds—
Within 16 days, Including
member banks’ collat¬
eral notes
16 to 90 days’ maturity...
Trad* Acceptances—
1 to 60 days’ maturity
61 to 90 days’ maturity
[Vol. 107.
THE CHRONICLE
1508
4
4
6
6
5H 6 H 5
5H 5H 5)4 5)4 6 H 5)4
4M
4
4
4
4
4
4
4)4 4
4)4 4
4 H 4 H 4H 4 H 4 H 4H 4 Vi 4H 4H 4H 4)4
4H 4H 4 K 4H 4126 4H 4H 4* 4H 4H 4K 4ti(l
4* 4* 4H 4H 4H 4H 4H 4H 4H 4H 4H 4 H
*
Rate of 3 to 4H% for 1-day discounts in
of the Government.
On Oct. 1 the following
acceptances were established:
61 to 90 days. 4)4% ■
a
16 days and
connection with the loan operations
special rediscount rates for bankers’
Maturities up to 16 days, 4%; 16 to 60 days, 4)4%'.
under 4)i%.
b Rate for trade
within 16 days 4>4%.
market, minimum rate 4%.
have been merged with those for commercial
acceptances maturing
purchased in open
Note 1. Acceptances
Sou 2. Rates for commodity paper
paper of corresponding maturities.
higher than the 16-day dis¬
will be taken at the lower rate.
Sou 4. Whenever application Is made by member banks for renewal of 16-day
paper, the Federal Reserve banks may charge a rate not exceeding that for 90-day
Sou 3. In ease the 60-day trade acceptance rate is
count rate, trade acceptances maturing within 16 days
paper of the same
class.
failed to reflect the
is being made toward peace.
Sterling exchange again has
obvious progress which
.As we have heretofore
noted, this lack of response
is merely an outward indication of how completely
the entire situation is under international control.
Referring to quotations in detail the sterling exchange
market on Monday (Saturday was a holiday,
Columbus Day), opened dull and rates ruled at
4 7545@4 75%, although cable transfers remained
at 4 7655@4 76 9-16 and sixty days at 4 73@4 73%.
Trading on Tuesday was not active and quotations
were still pegged at Monday’s levels.
On Wednes¬
day the situation in sterling continued without
important change and dealings were light in volume;
demand again ranged at 4 7545@4 75%, cable
transfers at 4 7655@4 76 9-16 and sixty, days at
4 73@4 733/8Dulness was the feature of Thurs¬
day’s operations, with rates, which were little better
than nominal, still unchanged.
On Friday the
market was quiet but steady and still unchanged.
Closing quotations were 4 73@4 733^8 for sixty days,
4 7545@4 75% for demand and 4 7655@4 76 9-16
for cable transfers.
Commercial sight bills finished
at 4 75%@4 75%,
sixty days at 4 72@4 72%,
ninety days at 4 70%@4 70%, documents for pay¬
ment (sixty days) 4 71%@4 "71% and seven-day
grain bills 4 74%@4 74%. Cotton and grain for
payment closed at 4 75%@4 75%. No gold exports
or imports have been recorded during the week.
There
were
few noteworthy movements
in the
exchanges, rates continuing to be firmly main¬
tained at or near last week’s levels. The formal
announcement on Monday evening of the President’s
reply to the second German peace note was an influ¬
ence in the firmness, as also was the further and rapid
progress of Allied troops on all war fronts.
Opera¬
tors, however, are not inclined to look for a radical
change in the exchange situation until peace pros¬
pects become more definite. Francs were irregular.
Italian exchange has ruled without variation from
the official rates.
Rubles remain upon a purely
nominal basis, with no dealings reported. An ad¬
has occurred in* Russian currency, while,
vance
under the stimulus of a better demand, rubles have
been marked up to 18.60 cents.
This is attributed to
the belief that internal affairs in Russia are showing
improvement. The official London check rate on
Paris finished at 26.09, against 26.22 last week.
In
New York sight bills on the French centre closed at
5 48%, against 5 48%; cables at 5 47%, against
5 47%; commercial sight at 5 48%, against 5 49,
and commercial sixty days at 5 53%, against 5 53%
a week ago.
Lire finished at 6 37 for bankers’ sight
bills and 6 35 for cables (unchanged). Rubles con¬
tinue to be quoted at 14 for checks and 15 for cables.
Greek exchange remains as heretofore at 5 13% for
checks and 5 12% for cables.
The neutral exchanges continue on their downward
course.
Under the pressure of the heavy volume of
offerings on an unresponsive market, quotations
Allied
Oct. 19
1918.]
THE CHRONICLE
suffered further spectacular declines.
Swiss francs
again the weakest feature and after repeated
recessions, finally touched 5 09, which brings the
Week ending Oct. 18.
Into
Banks.
were
rate to within measurable
distance of the normal
Banks’ interior movement
Sub-Treasury and Federal
Out of
Banks.
Net Change in
Bank Holdings.
37,519,000
34,155,OOOGain
33.364,000
32,141,000
126,210,000:Loss
94,069.000
Reserve
operations
Total
339,660,000 3130,365,000 Loss 390,705,000
figure of 5.19% francs to the dollar. This acute
The following table indicates the amount of bullion
weakness in Swiss exchange is by some believed to be
in the principal European banks:
associated with the discounting of the maturity of a
Swiss loan of $50,000,000 made by this country
Oct. 17 1918.
Oct. 18 1917.
Gold.
about a year ago. This view, however, is disputed
Silver.
Total.
Gold.
Silver.
Total.
£
£
£
£
£
£
by exchange authorities on the ground that the England.. 73,196,890
! 73,196,890 56,035,326
56,035,326
I1'ranee
136,109,763
131,495,699 10,240,000 141,735,699
money is already here to pay off the loan.
Stock¬ Germany 127,368,950 12,800,000148,909,763
5,698,400133,067,350 120,163,450
5,201,350 125,364,800
Russia
129,650,000
12,375,000142,025,000'
12,375,000 141,715,000
holm, Copenhagen and Christiania remittances Aus-Hunc 11,008,000 2,289,000 13,297,000 129,340,000
12,478,000
2,740,000 15,218,000
87,907,000 26,192,000114,099,000 77,024,000 29,385,000 106,409,000
moved irregularly with sharp breaks during the Spain
Italy
32,728,000
3,088,000 35,816,000 41,455,000
2,610,000 44,065,000
59,036,000
600,000 59,636,000 56,326,000
600,900 56,926,900
earlier days of the week, though later a slight rally Netheri’ds
Bel.h 15,380,000
600,000, 15,980,000 15,380,000
600,000 15,980,000
Swltz’land 15,301,000
15,301,000
13,965,000
13,965,000
took place.
Guilders established a new low level of Sweden—. 14,662,000
I 14,662,000 11,362,000
11,362,000
Denmark
10,366,000
10,584,000
158,000 10,742,000
42%. Pesetas were likewise heavy and lower, Norway.. 6,748,000 131,000;| 10,497,000
7,031,000
6,748,000 7,031,000
week. 719,461,603 63,773,400 783,235,003 682,639,475
though closing at a moderate recovery. These Tot.
63,910.250746,549,725
Prev. week 714,354,089 63,860,250778,214,339 679,526,579
64,060,950 743,587.529
movements were largely in sympathy with the
Gold holdings of the Bank of France this
exclusive of £81,484,340
trend of the London and European markets. Some held abroad.
No figures reported since October 29 1917.
exchange authorities are predicting that all of the
Figures for 1918 those given by “British Board of Trade Journal” for Dec. 7
1917: figures for 1917 estimated
the basis of the Dec. 7 1917 totals.
neutral exchanges are likely to recede to normal
August 6 1914 in both
levels even before peace is actually concluded. They
THE COLLAPSE OF GERMANY.
urge that heavy purchases of materials for recon¬
struction purposes will be needed and will neces¬
In the bewildering rapidity with which events
of the very highest importance in modern history
sarily have to be remitted for.
Bankers’ sight on Amsterdam finished at 42% for are unfolding before our eyes, the present situation
checks, against 43%; cables at 42%, against 44; finds its only parallel in the fateful fortnight be¬
commercial sight at
42 3-16, against 43 7-16, tween July 23 and Aug. 7 1914. When one con¬
and commercial sixty days at 41 13-16, against siders the usual deliberation of diplomacy, the
43 1-16 on Friday of the preceding week.
Swiss political interests which were at stake in the kind
exchange closed at 5 06 for bankers’ sight bills and of terms on which Germany might be able .to ob¬
5 04 for cables.
This compares with 4 82 and 4 80 tain peace, and the repeated change of front which
last week. Copenhagen checks finished at 27.10 was forced on the German Foreign Office, it is hard
and cables 27.40, against 27.30 and 27.60.
Checks to realize that it is to-day less than two weeks since
the first appeal of the German Government was
on Sweden closed at 29.00 and cables 29.30, against
29.70 and 30.00, while checks on Norway finished made to President Wilson.
The three communi¬
at 27.40 and cables at 27.70, against 27.50 and 27.80 cations in which the proposal was made by Ger¬
a week ago.
Spanish pesetas closed at 20.65 for many, rejected by the President, and renewed by
checks and 20.75 for cables.
Last week the close Berlin in far more sweeping form, occurred in an
interval of barely one week; Oct. 6 being the date
was 20.65 and 20.75.
As to South American quotations, the rate for of the first of them, and Oct. 14 the date of the third.
checks on Argentina was advanced and closed at
Looking back to-day at the manner in which highly
44.75 and 44.90
for
cables, which compares sensational political and military events crowded
with 44.35 and 44.50. For Brazil the check rate on one another’s heels in that midsummer fortnight
is quoted at 24.35 and cables 24.50, against 24.35 of 1914—the Austrian declaration of war on Serbia,
The Chilian rate, after a July 28, Germany’s ultimatum to Russia on July 30,
and 24.50 last week.
decline to 15 9-32, rallied and closed at 15%, in her declaration of war on Russia and France on July
comparison with the previous rate of 15 13-32. 31, the London panic and the closing of all stock
For Peru the rate has declined to 50, against 57 exchanges in the world on the same day, the German
last week. These declines were in sympathy with invasion of Belgium on Aug. 3 and the declaration
other exchanges. Far Eastern rates are as follows: of war by England on the 5th—that period is still
Hong Kong, 81 @81%, against 83@83%; Shanghai, surrounded in the public mind with confusion and
127@127%, against 128@128%; Yokohama, 54%@ obscurity of recollection. No doubt the present
54%, against 54.35@54%; Manila, 50@50% (un¬ series of events, which may possibly prelude the
changed); Singapore, 56@56% (unchanged); Bom¬ ending of the war as those events in 1914 marked
bay, 36%@37 (unchanged); Calcutta, (cables), its beginning, will be recalled with similar feelings
as they pass into recorded history.
35.73 (unchanged).
It has not only been difficult to assimilate the
The New York Clearing House banks, in their series of events in their relation to one another, but,
operations with interior banking institutions, have for one important reason, it has proved to be beyond
gained $3,364,000 net in cash as a result of the cur¬ the public’s capacity to agree on the full significance
Rarely if ever in history
rency movements for the week ending Oct. 18. of the German attitude.
Their receipts from the interior have aggregated $7,- has public opinion, on the issues at stake in successive
519,000, while the shipments have reached $4,155,- governmental communications at a critical moment,
000. Adding the Sub-Treasury and Federal Reserve been so instantaneously and unmistakably expressed
operations, which together occasioned a loss of $94,- as in the Entente States in this present episode. It
069,000, the combined result of the flow of money has, indeed, to a very unusual^degree been a case in
into and out of the New York banks for the week which certain distinct governmental policies have
appears to have been a loss of $90,705,000, as been declared and demanded by the unanimous
voice of the Allied peoples.
follows:
Yet back of this
a..
.
Nat.
_
a
♦
year are
*
c
on
years.
3
,
■
.,l
*
■■
s?:
1510
THE CHRONICLE
perfectly clear demonstration of what the people
would, and what they would
not, accept as terms of peace, there has existed an
almost complete perplexity as to why the German
Government was moving with such unprecedented
speed toward what appeared to be political and
military surrender.
We do not recall in all history an instance in which
proposals of virtual capitulation were made by a
Government whose army was still occupying the
enemy’s territory on practically every front. Even
appeals for an armistice'have been made, in almost
of the Allied countries
every war of the past, to a victorious army of in¬
vasion, when the immediate alternative was either
the capture of the defending power’s army or the
occupation of its cities. This being so, it was quite
inevitable that a great part of public sentiment
should this time have adopted the belief that the
appeal of Prince Maximilian was only a political
or military trick.
So, to an extent, it easily may have been. It is
possible that the first German request for an armis¬
tice, made on October 6, had as its primary motive
the hope that, being granted, such an arrangement
might enable the German army to save its war ma¬
terial, retain its full man power either on occupied
ground or on the German frontier, and then proceed
to recruit its shattered regiments with new levies of
conscripts. This idea may have existed, and doubt¬
less did exist, in the mind of the German negotiators
as a possibility more or less
remote; but they must
have recognized the alternative. The promptness with
which, when its first proposal was rejected, the Gov¬
ernment at Berlin proceeded to accept far more sweep¬
ing conditions; the care with which all reference to
the Kaiser’s personality was omitted in the communi¬
cations; the abandonment in them even of such
phraseology as the “Imperial” German Government;
and, not least of all, the astonishing haste with which
the Berlin Foreign Office accepted unqualifiedly not
only Wilson’s fourteen stipulations of January 8,
but every other stipulation set forth by him “in sub¬
sequent addresses”—all this gave convincing evi¬
dence of something far more significant than a mili¬
tary trick or a diplomatic manoeuvre. Even the
President’s note of October 14, declaring that Ger¬
That
[Vol. 107.
Ludendorff’s
army
must
retreat
to the
Rhine, either now or when the campaign of next
spring is under way, few well-informed people doubt.
The capture of Lille on Thursday indicates strongly
that the retreat must be made at once, and the
day’s
same
from Belgium indicated that no further
being lost in making it. But this would
be no more grave a military move than Napoleon’s
withdrawal of November 1813, across the Rhine
into France; yet Napoleon continued to fight on
French ground with occasional marked successes,
during the four succeeding months. In the end, it is
true, Napoleon’s military power was completely over¬
thrown on his own soil, and it is easily possible that
the German commanders are now looking far ahead
and realizing that, with the American re-enforce¬
ments coming in such great numbers into line, the
ultimate result is bound to be complete disaster.
Of the home political situation in Germany we
know very little. The idea of a German revolution
at all similar to that of last year in Russia has been
pretty generally abandoned. But on the other
hand, the great majority of the German people
must have been subjected to a crucial test
by the
time
news
was
events of the
past two months.
membered that it is
now more
It should be
than 120 years
Germany has been actually invaded.
re¬
since
But recol¬
lections of what invasion meant before that time
are very distinct in the mind of Prussian readers
of Prussian history, and in the present case,
more¬
Germany’s own theory of war would unmis¬
takably suggest to the mind of its people the treat¬
over,
ment of German civilians and German towns in the
way as the German invaders have treated the
civilians and towns of Belgium, Serbia and France.
same
In
England and the United States, to be sure,
are plenty of voices to combat the idea of
reprisal in kind for those atrocities. If seriously
proposed, such a plan would encounter wide de¬
nunciation. But to the German mind,
something
of the sort may easily seem to be
inevitable, once
the Allied army has broken down the
enemy’s re¬
sistance and passed to the east of the Rhine. This
is Germany’s Nemesis for her conduct of the
present
war.
But with such convictions sunk
deeply into
the German public mind, it may at least be
imagined
many must submit to a demand for the destruction or what must be the
people’s attitude at the present
the reduction to impotency of the Imperial
Dynasty, juncture.
and his declaration that peace would depend on “the
These considerations seem to us, so far as infor¬
satisfactory character of the guarantees which could mation is available, to point in the end to
virtually
be given in this fundamental matter,” have been re¬ unconditional
surrender of Germany; always pro¬
ceived in Germany itself rather as the decrees of fate vided the actual terms
of peace are not such as to
than as impossible conditions.
It was inevitable, divide, disrupt or
oppress the German people them¬
therefore, that the Allied people should ask in real selves. As to what these terms
eventually will be,
perplexity, what has happened to Germany?
one may only conjecture.
But relinquishment of
There are two possible answers to the question. all
territory torn from neighboring States, either in
The German commanders at the front
may have ad¬ this war or in the war of 1870, and
acceptance of
vised the home Government that the
military situa¬ the demand for reparation and restitution for what
tion was so desperate as to involve, unless some terms the German
army has done in Belgium, in France,
of peace could at once be obtained, the early destruc¬ in Serbia and on
the ocean appear now to be
wholly
tion of the army, with all the sequel which might unavoidable.
be;expected to such destruction. Or the political
Behind all other considerations, and in a historical
situation at home may have become so strained as
light more dramatic than the others, stands the
to threaten actual or virtual revolution unless the
question of the Imperial dynasty and the future of
war were terminated.
As to the first supposition, the Kaiser.
Mr. Wilson’s stipulation in his note
the military critics at least do not take the view of of Oct.
14, repeating the stipulation of his Fourth of
a German military situation
utterly desperate in July speech, did not say the word “abdication.”
the
near
future.
Even
Sir
pronounces the theory of a
out of the present question.
Frederick
Maurice
“greater Sedan” to^be
there
But “reduction to virtual
autocratic power, which
impotency” of the
present
demanded in plain
words, would easily be translated in the German
was
Oct. 19 1918.]
THE CHRONICLE
mind into surrender of the throne. Retention of
their title and authority by the Hohenzollems may
indeed have become as impossible from the view¬
point of the German Federated States as from the
viewpoint of the Entente Governments. The Hohenzollem dynasty stands under full responsibility for
this war, and the war is ending in disastrous and
humiliating failure.
Modern history has very few instances on its
record in which a sovereign or a reigning
family
did not under such conditions have to face the
pen¬
alty. The abdications of Napoleon I. and Napoleon
III., like the recent abdication of Ferdinand of
Bulgaria, were results, not of an ultimatum by the
enemy, but of the demands of the people of France
in 1814 and 1871 and of the people of Bulgaria
in 1918.
In the case of the third Napoleon, the
Imperial victim was formally deposed by a resolu¬
tion of the French Assembly at Bordeaux, which
declared him to be “responsible for the ruin, invasion
and dismemberment of France.”
WAR-BUBBLES—THE
Can
FUTURE.
until the coming of peace will
quite as much as the
change to war itself? There is reason for such a
belief, but it must be qualified. We cannot forget
that the tendencies of war and peace are in entirely
opposite directions. War destroys, peace conserves.
What we create in peace we keep; what we construct
in war we lose. Yet we cannot keep all we pro¬
duce in peace, nor lose all we make in war. The
momentum of peace is cumulative in gain, that of
war
go
on
shake the financial world
war
is cumulative in loss.
World-war
continued
long enough would destroy the world; world-peace
continued perpetually will save it. All the forces
of being in war clash; in peace they ultimately har¬
monize. For the underlying law of all human
effort is accomplishment, civilization, helpfulness,
when it is not dedicated to the taking of human life
and the destroying of human energy.
Despite all
the idealism sought to be .secured by war, it may
more surely and safely be attained by peace.
However, life accommodates itself to the circum¬
stances of its own making.
This war has gone on
long enough to occasion a state of being throughout
the world utterly unlike that which prevailed before
it began. Not only do we think in terms of war,
but we act in the same way.
All our production,
distribution and consumption, are now in the re¬
lentless grip of war. When peace comes, despite
a belief that it is imminent, it will finally come
suddenly. As an enterprise, war will collapse.
Change will be violent. Resources and supplies,
labor and initiative, values and wages, prices and
products, will all feel the effect. There is an un¬
doubted stimulus to effort in the unwonted demands
of the gigantic conflict, albeit an unhealthy one,
and when that stimulus is withdrawn a species of
enervation will follow. We shall have to retrace
our
steps, but we cannot quite go back over the old
or attain to the position from which we started.
road
absorbing has been the struggle, so far-reaching
effects, so contradictory its motives, so magnifi¬
So
its
cent its aims
tent
on
the
on
the
one
hand and
other, that when
peace
so
sordid its in¬
does
come
there
will be a new world. Our own country is con¬
cerned only with the one issue, victory. Unlike
the enemy countries we do not have to look upon
possible defeat.
But contrary to them
we
1511
contemplate victory with
selfish exultation fo# '
promised ourselves it shall bring us noth¬
ing in the way of material gain. We are thinking
therefore only of the effect of a sudden stoppage of
any
have
we
this diverted and distorted energy upon our in¬
stitutions, our industries, and our personal fo*^
Beyond the sudden bewilderment of the
tunes.
change to
peace we are most
anxious with regard to
the acceptance or release of the great new factor ’
of Governmental “control” which has entered our
affairs.
1
>
Speculators
are
even
now
striving to separate
stocks from peace stocks. And were it not
for this very element of “control” they could make
war
measurably
comprehensive division. First to
munition factories; second, those
furnishing Army and Navy supplies, though more
slowly and to an indeterminate extent; third, trans¬
portation service on land and sea, especially the
latter, since ocean tonnage has risen to almost un¬
believable prices; and following these we might
place in order, steel and iron, cereals, lumber
Wages, of course, wUl fall. But the law of supply
a
fall
would
be
and demand will still be interfered with because
of “control,” and further because industrial energy
has become
large a factor in war, owing to its
extent and nature in modern times.
What we have
defined
so
essentials and non-essentials must take
on a new classification for essentials to life in war
are not essentials to life in
peace.
One factor in the huge complicated problem, fittfe
now
If
a
as
apprehended, depends
upon
the terms of
peace.
progressive ratio of “disarmament” is deter*-
mined upon at once as a condition of peace, we shall
have for many years to come a large standing army
to feed and
supply. And, since our mission through
victory is world-democracy, it is conceivable that
the Allies will have to “police” Russia and parts of
Europe and Asia for many years to come, in order
to make sure of the fruits of victory—which will be a
very expensive operation.
So that in this direction
there likely will not be the sudden withdrawal of
demand suggested at first thought. Just what the
nations will do with their navies, if a League shall be
formed at the time and in the process of concluding
a peace, according to President Wilson’s plan, can
hardly be conjectured. There will be little actual
salvage, but a saving will immediately begin in
operation
This new condition will have little
general effect (warships represent lost energy now)|
and the special effect will be on plants engaged in
building and in making plates.
Wherever we turn, however, we become conscious
v
“control.” Industries cannot
resume their former business conduct without a full
and final release. If an automobile factory has been
converted to an aeroplane factory, it cannot, even
of the
when
influence
of
canceled, return to
making automobiles as before, while a system of
price-fixing covering materials used is still superim¬
posed, and while transportation by rail continues in
the hands of the Government at rigid war rates.
Maximum prices on foodstuffs and fuel cannot prevent a fall but tend to retard it.
In any event,
readjustment of industries to peace requirements will
be slower because of this huge system of Government
present
contracts
are
interference—“business” will not know what it may
do. The one certainty in it all seems to be that
will fall, due to a return of a greater or lesser
cannot part of displaced man power and the addition of a
wages
.
;
;
considerable woman power that will inevitably resist
retirement.
r
Bubbles will burst, but what, where, and when,
no one can predict.
Credits as a commodity must
follow conditions. The war debt is immense, cannot
be paid, and must have a similar effect upon a
people
tVo*. 107>
THE CHRONICLE
1512
as upon an
individual*
Heavy taxes will
con¬
ment of
national differences, and that is arbitration.
even as secret diplomacy must never again by
concealment foster misunderstandings, so the Press
must be more free than ever to discuss the great
And
issues
follow
of
human
a common
welfare.
Arbitration
can
only
judgment arrived at by open, free
and full discussion.
Greater than the
success
of
However, when war is no more, with its any party, more important than the acceptance
enthusiasm and ideals, the tendency will be to post¬ of any single idea, is the common good of all, the
pone payment, to refund, to gain a breathing space golden mean to which all may subscribe with ferver
tinue.
for
enterprises
domestic
of
We
magician.
Credit is a
that with no further
peace.
may suppose
issue of national bonds (there must
be
one more
in
event), capital would flow more freely into in¬
dustry. But the capital now going into bonds is
largely created out of the labor of future generations,
it does not actually exist as free and floating capital.
It is made by mortgaging the future, a species of
magic. But the interest and part of the principal
must be paid out of labor by means of current taxes.
Even if the debt were equal to or more than our
resources, we could go on doing business as long as
we pay the interest, as a bankrupt does.
But it
Would tend to prevent engaging in new enterprises.
This huge credit thus affects all other.
any
As far
restoration and recompense are con¬
as
cerned, considering the world
as a
unit, the devas¬
tated area is of small circumference. The loss of
life is great, and irreparable.
We know nothing
yet of indemnities—they will not come to us—and
our salvage out of war is practically nothing.
Yet,
these
are
factors with other
nations, affect their
credit powers, and thus affect our own.
Foreign
trade is in every mind—but that, as to kind, direc¬
faith.
It would appear that two conditions will
follow—the Press will become “independent”
and
clearly
rather
partisan, and in the purveying of news will
more critical than enterprising.
It is not
necessary to define the sense in which we use the
last words. The vast energies of the organization
will not be abated—but they will be used in a more
helpful way. For if we really can project our¬
selves into the future far enough to know that war
and wars are no more, all the vast and comprehen¬
sive work of the Press will be, and must be, de¬
voted to showing forth the constructive processes
by which individual and national progress are to
become the common property of all. The con¬
templated “League of Nations” will focus this allseeing Eye upon the conditions of trade, the social
relations of communities and peoples, the discover¬
ies and advances in science, art and learning every¬
where, the compelling ideas and flaming ideals
that take hold on races—to the end that justice,
liberty and humanity shall draw mankind together
into a unit in purpose and power.
Unconsciously, it may be, the individual, and
consequently the Press as the organ of public opin¬
ion, is combative in mood. The man with a con¬
viction or an idea is intent upon forcing it upon
The reformer is always in the thick
some one else.
of a battle of his own conjuring.
He strives to
force his own will upon his fellows.
Now when
we agree to arbitrate our differences rather than
settle them by war we must recognize that the real
inner peace of our economic, social and political
than
become
tion, and amount, no man can measure. No na¬
tion, whatever its condition, resources and facilities,
will capture the world's trade in a year.
Old lines
of established trade, founded on exchanging surplus
for surplus, what one people does not need for what
another does need, will tend to resume and to in¬
crease.
But this law may still be impeded by legis¬
lative reprisals in every country, rendering present
predictions futile. One thing we may believe, ex¬
pect, and hope for. The world is more nearly a relations will call for
And what
unit by the very fact of being drawn together in war. bitration.
THE POWER OF THE PRESS FOR PEACE.
similar submission to ar¬
a vast field opens for new
conciliations. Here it will become the plain duty
of the Press to be as zealous for peace as it has
It is not too much to say that the Press of the
world can insure for all time the perpetuation of
the peace that is to come. With proper regard for
the proprieties we may modestly discuss this sub¬
proven patriotic in this war of wars.
And it has
the power if it shall have the purpose to mould the
world’s betterment, not only by an expression of
the world’s best thought, but by the cultivation
ject
are
phase of preparation in which all peoples
equally interested. We do not assume the role
as one
Our interest and influence is but
of monitor.
a
small part of that great power to which we pay un¬
stinted tribute. The Press of the world is the voice
of mankind. As members of this body of public
counsel together in an effort
principles for our common guidance.
If the Press fails to recognize the new duties of the
new era, humanity will fail.
And first it would seem that all must recognize
utterance
to
we
may
deduce
the era to come as in fact new. We are to see that
the establishment of peace is the abolition of war.
Our own great nation has sacrificed itself upon the
altar of a cruel method that lasting peace may
Once we herald in the Dawn there must
come.
be a recognition of a new social and political state
in which war does not exist and into which war can¬
not
come.
One method
only is left for the adjust-
of
a
a
feeling of concession for the common good and
of sacrifice for
a
common
much of the turmoil of
service that shall banish
thought which an insistence
on personal and factional beliefs and
creeds has
always visted upon men and man.
Peace is not merely a cessation of war.
Peace is
not apathy and indifference.
If we may believe our
science, the solar system moves forward, the earth
turns in its revolution, the seed germinates and
grows, and we are conscious of none of the changes
as they proceed.
And a similar process goes on, we
Peace, therefore,
may believe, in the spiritual world.
is progress because it is life, life unfolding, life as¬
piring, life accomplishing. We do not gain to our
ideals by incessantly contending for them as be¬
tween ourselves, but by living them.
By a law of
creation it is our common human destiny to go for¬
ward. The individual is part of the mass, and most
influences the whole, by placing himself within the
ordained circle of concord, not by setting himself in
violent opposition to either a part or the whole. He
cannot serve who would be master.
And in a world
which finally knows and attains to peace, the cru¬
press, more
“leaders”
any agency we have, can show when
followers of the common mind for the
than
are
the contrary, they
beliefs, and, through
some “vested” power, compel all others to follow.
Sweeping the world with the telescope of “news,” it
will concentrate the rays of its knowledge and wis¬
dom upon the everyday affairs and conditions of life
where men toil and struggle to “make the most of
themselves”—abating the reign of passion, subduing
the selfishness of triumphant will, and perpetuating
peace by warming the world through the influence
common
good; and when,
would act first in their
on
own
sader, driving the wild horses of his unbridled belief
over all others, will have no
part. Our
splendid vision of brotherly love and federated
States, of a safe and sane democracy everywhere,
therefore, forbids majorities, through the mere in¬
strumentality of governments, to deny the rights of
minorities, of individuals in or out of majorities, to
self-development by means of initiative, energy and
accomplishment, so long as these do not prevent the of that love which is Life!
and will
in and to others.
The individual, and the
same
Press also, must be pre¬
pared to establish, support and further a real and an
abiding peace, by relinquishing the policy and work
of crusading for a cause—in the sense of exercising
a mental and spiritual force to
compel others to adopt
tenets and faiths contrary to their own judgments,
beliefs
and
natural
stifle the individual
liberties.
Governments
may
by control of the natural pro¬
cesses of life—life that is ordained to growth and
development. We shall have done much to banish
violent and unnecessary death from the world. But
life, still, cannot flourish without a recognition
everywhere of its innate and essential liberty to
unfold. That unfolding requires mutual concession
by individuals, classes, peoples—this is the law of its
being, not one can be all and do all without depriving
another, and repression by authority as embodied
in government is as destructive of progress and
peace as license which knows no law but its own wish
and
will.
And
here
lies
the
difference
between
democracy and autocracy.
By its broader outlook the Press may first perceive
these coming wars of opinion and by its curbing of
passion teach men the need of sacrifice and the
nobility of concession. Discussion should not be
dispute. Advocacy and espousal is not coercion
and conscription.
In a pure democracy the common
law must even precede the statute law.
Democracy
is not an extreme but a mean.
In the highest and
best sense it is exemplified in the simple precept,
“live, and let live,” not life lived according to other’s
ordering, but according to the like self-developing
life in others.
Peace, in itself, is the invisible govern¬
ment of spiritual law.
And in the spiritual life, it
cannot be too often averred, one may take all, and
own all, and deprive none.
But this spiritual liberty
and life can never be attained while the agencies of
material life
are
dissociated from the individual-
contrary to that belief, known as collectivism. For
spiritual nature of the individual must express
the
itself
COMPULSORY VOTING PROPOSED IN MASSA¬
CHUSETTS—OF QUESTIONABLE MERIT. /
The Massachusetts Constitutional Convention has
adjourned, leaving nearly a score of propositions
of supposed amendment to be voted on next month.
One of them authorizes the Legislature to attempt
improving its own efficiency and lessening its own
cost by adopting the biennial session.
Another
would bring to one of the soberest of the States
that wildest of modern nostrums, the initiative and
referendum, concerning which a comment which
ought to condemn the thing anywhere is that popu¬
lar elections are a perpetual referendum and after
choosing certain citizens to perform a work which
ran beyond the powers of the early town meeting
when public affairs ceased to be of merely local
concern and
“the people” became too many for
one particular place to hold them, it is ridiculous
clumsiness to try to tie up the chosen agents by doing
their work for them. They are constituted to
“make” laws; their work ought to be chiefly to re¬
vise, study and unmake laws; but so long as “mak¬
ing” is assumed to be a frequent necessity let the
makers do it, and then pass upon it when the next
election time comes around.
The most singular proposal
in the batch is one for
authorizing the Legislature to provide for compul¬
sory voting; how this neglected duty of the citizen
is to be made compulsory the Legislature is left to
work out, except that it is forbidden to try to punish
the neglectful person by permanent disfranchise¬
ment.
Possibly a term of exclusion might make
the neglectful person desire to go to the polls and
vote when he gets there, since human nature values
lightly what is offered without exertion and inclines
to want what is
denied.
Is it feasible to
compel legal voters to take enough
if it is
make a
registry of persons of voting ages and of legal com¬
petency; having caused a general registry for mili¬
tary purposes, the like could be made for political
A penalty for failing to present oneself
purposes.
at the polling place and go through the forms might
be provided; but if the law followed the voter into
trouble and enough interest to vote, and
feasible is it desirable? It is possible to
through its own use by possession, of the ma¬
terial, so far as that is necessary to individual growth.
Harmony cannot exist save there be units and inte¬
gers to join in union; and there can be no progress
of the whole without the development of separate
entities. Government is not a parent but a child; the booth and looked over his shoulder to make
law is not a sword but a shield; opinion is not a sure that the ballot were not deposited unmarked,
tyrant but a mediator; and peace is a condition, not the secrecy which was thought such a permanent
a
contest.
step towards political reform when it was copied
It is the mission of the Press of the future to pre¬ from Australia would be abandoned; there is no way
vent all wars of opinion, all contests that assume the of determining whether a person actually voted
armor of crusades, all oppression that masquerades
except by noting and checking the vote itself; we
as democracy.
The autocracy of the human will must retain the option to mark or leave blank, or
must be subsued.
The “humanity” to which we give up the secrecy. In this practical difficulty
look with eager hope must have its seat in the human which secrecy has now brought we find it impossible
heart—the “heart that weeps and trembles.”
The to get the quite desirable knowledge as to how our
1514
.
TJJE CHRONICLE
[Vol. 107.
newly-franchised women vote. Some insist that fine; the third, within ten years, incurs the same
they have purified and elevated the franchise; fine as the second, but the offender’s name may
others, that they have done the opposite; others, be posted for a month in a public place; for the
that they merely double the size and expense of the fourth offense, within fifteen years, the offender
vote; each critic assumes an effect according to his may not only be fined but may have his name
own
opinion of natural sequence, and nobody stricken from the roll and be declared ineligible
for any civic office.
knows.
Some figures given are that in
A bulletin by W. T. Donaldson, issued in 1914 by 1903-10 1,301 Belgians who did not vote for mem¬
the Ohio Legislative Reference Department, goes bers of the Legislature were acquitted, 1,663 were
quite elaborately into the arguments for and against reprimanded, and 2,415 were fined; “the number
Compulsory Voting and Absent Voting. The for¬ of electors in Belgium according to the official lists
of the year 1911-12 was, for the House of Repre¬
mer has long been a subject of discussion and con¬
jecture. When David B. Hill was Governor in this sentatives, 1,721,755, and for the Senate 1,460,236.”
The most drastic proposition in this country
State (and that was more than a quarter-century
seems
to have been in a bill in the upper branch of
ago) he urged the Legislature to attempt compul¬
sory voting, and Gov. Ben Butler mentioned it the Indiana Legislature in 1911 (similar to one in
to the Massachusetts Legislature in a message, the lower branch of the Wisconsin Legislature in
almost 36 years ago. The former said that what is 1909) that “any qualified voter of this State, phy¬
called “getting the vote out,”especially in the rural sically able to vote and present himself in his voting
districts, may cover real bribery under the guise precinct on the day of any general, special, or
of providing means of carrying men to the polling primary election held in such precinct pursuant to
places, but that some argue that if a proper penalty law, who shall fail to cast his vote shall be deemed
were attached to non-voting a full vote would be guilty of a misdemeanor, and upon conviction shall
insured and corruption would have less oppor¬ be fined in any sum not exceeding one hundred dol¬
tunity; “the argument is not without considerable lars, to which may be added imprisonment in the
merit” said Gov.
Hill
“and
the
proposed county jail not to exceed thirty days.”
We are not aware of any available data for a
change may be regarded as deserving of a fair
trial.”
general finding of the ratio between the number
The argument for a compulsory law assumes of legally capable persons who fail to register, or
that the vote is not an individual privilege but a who register but fail to vote, although it is long
duty and finds an analogy in it to the duty of jury established that the vote always falls below the
service and giving testimony in courts, wherefore registration and that “general apathy” prevails
the deduction is drawn that as one is compulsory and the vote is slight at some elections as against
so might the other be.
No real attempt has been some others in which people take more interest.
made in this country to act upon this belief. The It is fairly presumable that even the registration
North Dakota constitution empowers the Legisla¬ never equals the number legally competent, and it
ture to “prescribed penalties for failing, neglecting, has long been a crying evil that such most vital
or refusing to vote at any general election,” but propositions
as the acceptance of constitutional
this authority has not been exercised. Many amendments receive only a mere handful of the
years ago, a provision was inserted in the charter vote cast on the minor matter of who shall get the
of Kansas City, Mo., imposing a poll tax of $2 50 offices and are allowed to turn
upon a majority in
on all males of legal age but
exempting therefrom any miserable little handful who may take the trou¬
all who had voted at the last preceding election. ble to vote on them. Some attempt has been made
The State Supreme Court, however, in Kansas in Ohio to investigate the number and “character”
City vs. Whipple, called this action “apparently of non-voters, although examination is narrowed
the pioneer and sole adventurer into this field of to the cities because registration is required only
legislation in this country since the Revolution,” in places of 11,800 or more population. Of 1,318,and condemned it as violative of the popular sov¬ 252 “voters” in the State in 1910 (a total deemed
ereignty which our Government was created to somewhat swollen because of residence require¬
perpetuate; “if suffrage is a sovereign right of the ments, convict disfranchisement, &c., and not
citizen he must be as free, according to the dictates including 34,648 registered as “unknown” in the
of his own untrammeled will and conscience, not census from which the figures were taken) the
to exercise it as to exercise it on any particular oc¬ percentage not
voting is given as 29.3. Figures of
casion, otherwise the right is not sovereign.”
the November election in that year as to the eight
The idea of duty, and of the public concern in largest cities
report 511,979 men of voting age,
the performance of the duty, has obtained a firmer 416,218,
“voters,” 305,632 registered, with 149,634
hold abroad, statutes for compulsory voting
not
voting, the ratios of the latter to “the entire
having
been enacted in Austria, Belgium, Spain, Switzer¬ electorate” ranging from 24% in Cincinnati to 45%
land, New Zealand and Tasmania. In Tasmania in Cleveland and two other cities; the ratio of the
an act of 1901 directs striking off the name of
every non-voting to the registered ranged from as low as
person on the electoral roll who might legally have 7% in Cincinnati to as high as 31.2% in Akron and
voted at the last election and did not; in New Zea¬ 44% in Youngstown. In Columbus alone,
the
land a like provision is said to have existed since percentage of registered but non-voting ranged from
1893, but in each the bar seems to apply only to a as low as 6% in 1908 to as high as 19% in 1906.
single election. In Austria and Switzerland the The “character” of the recreants must be left to
penalty of a fine is imposed, unless a sufficient ex¬ natural inference, but a few data from Cincinnati
cuse is offered.
In Belgium, electors necessarily and Columbus indicate that those living in
“wealthy”
absent on election day may present their reasons. or well-to-do precincts were less neglectful than in
Penalty for the first offense of omission is reprimand the white slum and still less so than in the colored
or fine; the second within six years incurs a heavier slum.
Oct. 19
1918.]
THE CHRONICLE
1515
Mr, Donaldson’s
study also considered the inter¬ less will the best in him take expression, and vice
esting subject of the number and character of absent versa.
voters and of attempts to provide for
We are in a costly but very deep course of national
voting by
persons necessarily absent, but we pass this as not education.
It calls for thought, and we shall be
strictly of the present purpose.
made to think; for patience, for heroism, for manli¬
It is almost axiomatic that the vote is a trust,
exercised for many living non-voters and for pos¬
terity, hence this trust ought to be fulfilled regularly,
thoughtfully, with an idea of seriousness and duty,
and with all the judgment of which the voter* is
capable. That it is, on the contrary, undervalued,
is made
matter of sale
less and is governed
by prejudice or personal selfishness in a vast degree,
and in a still larger degree follows a stupid party
a
more or
fealty without attempt to use intelligence, is what
all thinking persons have long known and deplored.
Suffrage has been temporarily degraded by making
it universal, as when a raw foreigner answers “Roose¬
velt” to a dozen test questions, yet gets his naturali¬
zation papers just the same, because each party
wants to count his nose on the day after election and
cares only that he shall make his* mark under a
certain emblem offered him as guide. The proposi¬
tion that possession of the ballot produces compe¬
tence to use it is as true as that to put a violin in
the hands of a person makes him an artist musician;
what is lightly obtained is lightly valued and heed¬
lessly used. Yet a volume of disquisition could not
take us past this: that in the long interval before the
world reaches that “far-off divine event to which
the whole creation moves,” the day when each shall
and the crucible of trial will refine these virtues
Distrust names; scorn party; try to sub¬
merge selfish scrambles; read in patriotism something
more and higher than individual gain.
But put no
faith in political nostrums.
Let us all summon the best in us and earnestly
hope and strive that the election now only seventeen
days away may set a high mark of progress in serious¬
ness and wisdom of action, for never was that needed
ness,
into
us.
more.
THE PSYCHOLOGY OF GERMANY AS TOLD BY
ONE OF THEMSELVES.
It has been incredible that not
single man of
standing in Germany had the intelligence or the
courage to tell his fellow citizens the truth about the
war, or that the military party had the power to
prevent his doing so should he attempt it. It has
been tried by a German exile here or there, like the
author of “J’Accuse” and Dr. Muhlon writing in
Switzerland and recently by Prince Lichnowsky,
whose private memorial found the light through a
Swedish journal, and who has been promptly penal¬
a
ized in consequence.
We are indebted to “The Nineteenth Century and
After” for calling attention in an article by Mr.
Theodore Cook to a book, “The Biology of the War,”
himself according to the law of God and thus
Christianity shall be universal, we must muddle on
with imposed governing as best we can. The ab¬ by Dr. G. F. Nicolai, Professor of Physiology in
solutism of somebody who claims a hereditary vice¬ the University of Berlin, which has not been trans¬
regency from Heaven will not answer, nor will an lated into English.
The first copy of the original
German
to
reach
aristocracy; both have failed; democracy alone is
England arrived in the spring, and
in
the
author
June
left, and that must learn by suffering experience
escaped to Denmark by aero¬
with its own defects.
plane. The book “had to be written,” he says,
Intelligence, conscience, the sense of responsibility, and he has paid the penalty in the loss of position,
and with these an uplift of average character and friends and home. The first impulse to write the
conduct; these are the desideratum, and we can get book came from the proclamation of the ninety-three
them only gradually.
Compulsory education is sen¬ of his professional colleagues endorsing the war
sible, fundamentally necessary, and practically which astonished the world in the fall of 1914. He
applicable; compulsory voting is neither; it might tried to make a counter-proclamation, but could
enlarge the size of the vote cast, but would not get few signatures. He thereupon tried to reach
tend to improve its quality.
the publffc through a course of scientific lectures in
Least helpful of all are the attempts to improve his own department, but was promptly called upon
results by such devices as the “primary.” Repre¬ for service as a military surgeon in a distant fortress.
sentative government is spoiled by trying to make it It remained only for him to write this book, if he
direct. The primary fits so well with bossism that would deliver his soul.
one might almost call it an invention of the boss;
As he goes over the names of the ninety-three who
at least he is capable of confirming himself in real signed the “preposterous manifesto” he is amazed,
control by the very device ostensibly for putting him though they were led into it by Erzberger, the head
The more election occasions the less partici¬ of the Centrist Party in the Reichstag. But he
out.
pation, the less interest, the less seriousness, except quotes subsequent statements in the same line by
by those who have axes for grinding. “The general some of them, as Haeckel, who characterizes England
primary,” says Mr. Taft, “has lowered the character as “the greatest criminal in the history of the world,”
of men put up as party candidates for office; it has and Hafnack, who calls her “the betrayer of civili¬
destroyed party organization and the responsibility zation,” and who then, with Professors Lamprecht
of parties to the electorate for the fitness of candi¬ of Leipzig and Francke of Berlin and Wilhelm von
dates.” The State of Wyoming furnishes a recent Siemens, gives his name to “the extraordinary tissue
example, for the primary vote which began at about of lies” called “Truth about Germany,” which was
35% of the normal party strength fell subsequently to forwarded by von Buhlow and others to the United
25% and 20%, and of late to less than 10%. The States at the beginning of the war, to show that
fads of initiative and referendum show the same Germany had been attacked and fought only in selfresiflt of decreased attention and decreased serious¬ defense. He quotes in the same vein Professor
ness; no changes in mere method of detail can raise Eucken, who received such a welcome to this country
the average quality of the voter’s action. The as a great ethical teacher just before the war, and
*
r
*
more^frequently he is asked to express himself, the then says:
govern
1516
THE CHRONICLE
But this is not the worst that has been said, and whoever
has read the speeches of our German professors has had the
conviction forced upon him—if he took what they said seri¬
As
[Vol. 107.
result of the methods
pursued by the military
party with its long preparatory campaign of selfously—that we are making war on brutes, and that therefore praise, exaggeration and lies about other nations, he
the majority of mankind consisted of brutes. But any one
who thinks like that is henceforth unable to respect the dig¬
nity of mankind as a whole, and has therefore lost the basis
own morality.
of his
a
“an entire breakdown of the intellect.”
sees
simply believed everything; by and by
“People
no rumor was
too absurd to be credited.”
This maniacal
After
paralysis of the intelligence seized German
quoting further individual declarations like science as well. A little while ago one of our best educated
Germany is the most perfect organism ever pro¬ officers, a man of the highest standard, asked me whether
duced by history,” and “The welfare of the entire it was not possible to throw bombs with cholera germs or
civilization of Europe depends on Germany’s vic¬ plague bacilli behind the enemy lines. When I told him I
did not consider the idea very practical or even human,
tory,” he says:
he answered me with a contemptuous movement of his hand:
“1
Bombarded cathedrals may perhaps be restored; new men
will be born to replace the fallen; but the soul of the nation
will go down to the future prostituted. All the more because
“What have we to do with humanity in this war?
Germany
is entitled to do anything she likes.” And I am sorry to
of late hatred of the
surgeon at
whether he
schools.
It
foreigner has been preached even in the
is directly enjoined upon district school in¬
spectors not to countenance in any way tendencies toward
future of reconciliation of the civilized nations.
a
millions who think like him. Thus a staff
Graudenz told me he “had often wondered
might not somehow or other slip into Russia
and innoculate the Russians with live germs; everything was
permissible against that kind of spawn.”
there
say
are
Referring to Karl Marx, who “hoped to be able
He is full of bitter regret for this sad havoc which
to bestow happiness and wealth on the whole world has been
brought about in the mind of the German
by knocking it down first and then rebuilding it,” nation, producing a chauvinism which he defines
he says:
as
Thus the Germans actually think German compulsion
could make the world happy. We have done well and we
think the whole world should be organized in the same way.
“Eat, bird,
or
die,” is
one
German proverb; and the beautiful
“If thou would’st not my brother be, thy skull I’ll
smash most certainly,” has become another.
This is the
verse:
prescription according to which the German would redeem
the world. Because he believes it he attacks everything
freely with guns and bombs and even prepares himself for
this task in all seriousness as the most important business of
his life. The quintessence of all “moral ideas” to him is
always in the long run the noble and proud motto, “We want
to smash them.”
Led by force the German has become
religious and good, rich and contented; and since he does
believe in the absolute, he considers that whatever is good in
his country should be absolutely good everywhere else, and
might therefore eventually be knocked into them.
follows:
The
incapacity for surmounting by means of reason the
own nation, and the inability to
subdue by means of his character, his hatred against foreign
nations, makes a man that kind of false patriot who is called
collective notions of his
a
chauvinist.
Lissauer’s
“Hymn of Hate,” “that infamous
song,”
he describes it, and the “Gott strafe
England” cry are illustrations of it, of which, alas,
there are so many which combine to work “a cruel
deed by bringing noble and free minds to the level
of those who know nothing in this world outside
their own pint-pot.”
as
On the matter of Pan-Germanism and German
colonial expansion, he puts up to his fellow country¬
Day of Prince Rupprecht enjoining his soldiers not
give quarter, and adds Professor J. Jastrow’s
remark: “Our soldiers do not like to make English
prisoners,” a phrase which occurs in that author’s
to
“Deductions from the Number of Our Prisoners.”
When at the very beginning of the war a Prussian
officer preferred shooting himself to obeying com¬
mands of this character, and shooting in ^ld blood
these
searching questions: “Why do the ma¬
jority of German emigrants go to America or to
English colonies instead of going to German colo¬
nies?” and “Why has German commerce become so
powerful in all English colonies and not in a single
German one?” and “Why did the Boers not help
Germany?”
In the early days of the war we in America found
men
In witness to the effect of this doctrine upon the
individual he mentions the notorious Order of the
it hard to believe that Bernhardi’s cold-blooded and
brutal and boastful challenge to the world could be
other than the expressions of a mind that was baripeople of whose personal innocence one is convinced baric in an obsession of war. Of him our author
(such as hostages), his comrades interpreted his has this to
say, and it should have weight with us:
“self immolation for moral reasons as merely hyper¬
sensitive weakness.”
Concerning the
of Belgium (a State that was
neutral, but neutralized in 1839 by the joint
act of all the great Powers and for the special benefit
of Germany as against France), after quoting Ger¬
many’s declaration that England “only made war
because egotism and the shopkeeper’s instinct were
stronger than the sentiments of right, of morals,
of blood relationship,” and pointing out that Eng¬
land had both the legal duty to fight, owing to her
solemn word pledged in that compact of 1839, and
the moral obligation arising from the conditions of
the Entente, “which were known to us all,” he says:
not
case
People like Bemhardi had the courage to say what thou¬
they pronounced in their pot¬
house, but were afraid of saying quite so loudly. I believe
and hope that Bernhardi’s book does not express the opinion
of the best Germans, but certainly of the majority, and cer¬
tainly of the most influential.
sands of others thought, what
We may
have to wait
some
time for the translation
of Dr. Nicolai’s book into English, and even then
it may not find many readers because of its peculiar
heaviness, but
we can rejoice that here at least is
German who has delivered his soul and done his
bit toward delivering the soul of his people by a
brave and honest telling them the truth, and we
one
hope that the day is not distant when in some
Everybody may think what he pleases about the value way his words will reach the eyes and ears of those
and importance of such conventions. But once they have for whom they were written, but who
to-day drive
been concluded, any discussion about them has to stop, be¬
him out. Unfortunately, because of their own
cause from that moment onwards
any kind of violation not course and the
nature of their controlling thought
only damages’ the adversary, but stains irreparably one’s
and purpose, any other peace than that brought
own honor.
For this reason nothing is so
dip this war as
the violation of rJgian neutrality, the arine war and about by the overwhelming defeat of their army
the empl * *
^
r* o
would make their mental and moral cure impossible.
gape?
may
Oct. 19
1918.]
THE CHRONICLE
sines
that month the rate was made 6%. which has been the ruling,rats
that time.
The dates on which the various discount rates on British
SAFEGUARDING OF A COMMON POSSESSIONORDERED LIBERTY.
By Daniel Chauncey Brewer, of the Order and Liberty Alliance.]
Lovers of
liberty are wondering whether the apparent
rapprochement between labor and capital which has been
stimulated by war and Government suggestion is to develop
into co-operation. Such a consummation is to be devoutly
hoped for, first, because present antagonism between labor
and capital, viewed from any angle, means destructive
ferment and the ultimate undoing of either party that tem¬
porarily controls, but which cannot subsist of itself: secondly
—and far more important—because the sort of discord with
which the last two generations have been familiar subordi¬
nates in merCs minds their primal duty as individuals to the
Republic, and leads them to assume positions which are
intolerable in a free State.
In these extraordinary days when the nation is facing
verities and through sacrifice becoming impatient of sham,
it is perfectly conscious that it has heretofore made its liber¬
ties secondary to many other considerations.
It is also
conscious that if it were otherwise, we should have a school
system that was developing citizens, bankers, merchants
and manufacturers .Those sense of public responsibility would
render them more pliable and less self-sufficient, and work¬
men
devoted to the weal of all classes and tolerant of the
sort of distractions which
they
so
frequently magnify.
Thus advised of past delinquencies in the moment when
it is demonstrating its capacity for marvelous accomplish¬
ment,
can
the Republic do better than to cut
away
the tangle
Treasury bills were made effective are as follows Aug. 23 1917,:5K%:
Sept. 18 1917, 5H%1 Nov. 20 1917, 6%; Feb. 6 1918, 5H%: Feb. ll 1918,
5X%; Feb. 26 1918, 6%.
The amounts ibsued during the different weeks varied, but at no time
has the amount outstanding exceeded the figure of approximately $100,000,000, and recently the amount outstanding has been substantially below
$90,000,000.
There has developed a substantial market for the bills, and as the different
series approached maturity they have been rediscounted at rates between
5%% and 4^%, depending
upon
the maturity.
The issue of the bills by the British Government did not increase
the
outstanding debt of the United Kingdom of Great Britain and Ireland in
this country, as the proceeds of all the bills were used to liquidate other
obligations payable in this country and outstanding at the time of Issuance.
BILL IN AUSTRALIA FOR COMPULSORY SUBSCRIP¬
TION TO WAR LOANS.
The second reading of a bill making war loan subscrip¬
tions in Australia compulsory was moved in the House of
Representatives at Melbourne on Oct. 14.
from that city on the 14th inst. said:
The cable¬
grams
The measure applies to the pending and future loans to the extent of any
shortage in voluntary subscriptions.
The measure provides that persons whose taxable incomes are under
£250 are exempt and that soldiers and sailors who have served outside of
Australia are exempt as regards their income from personal exertion.
The
amount a person may be required to subscribe to loans in any year is not
to exceed six times his yearly average income tax for three preceding years.
The penalty for failing voluntarily to subscribe a sufficient amount is a
sum equal to twice the yearly average income tax for the preceding three
years, but the penalty does not relieve the obligation for subscription.
The seventh Australian war loan campaign was inaugu¬
rated on Sept. 16.
It was stated at that time that it was
hoped to raise £40,000,000 in
a
month’s campaign.
An
that is choking all trails which lead back to the fountain of
ordered liberty?
If it does this, substituting co-operation
for discord, it will not only—Atlas-like—secure new vigor
with which to push its present great enterprise, but the in¬
Associated Press dispatch from Melbourne on Oct. 17 gave
the total of the loan on that date as approximately £37,000,000. Further subscriptions, it was said, were expected.
spiration which will help it to build new roads to the future
through swamps of Bolsheviki and autocratic error.
Let no one urge in avoidance of responsibility that our
great democracy is functioning at present in the face of a
great disaster. The rank and file of this generation should
not take too much credit for the fact, for it is largely due to
the reaction of a people which feels, without understanding,
an impulse from the past, and whose leaders know how to stir
the blood by reference to our proud traditions.
The fact is we have been using latent forces that are avail¬
RECORD SUBSCRIPTIONS TO FRENCH WAR BONDS.
Paris cablegrams of Oct. 13 report the announcement
able because of the sacrifice of
perative that
we turn
our
fathers.
It is
now
im¬
the splendid enthusiasm for liberty
which characterizes the hour, and so instruct and guide the
heroes of our overseas armies and those who are thronging
to their support with arms, and by generous contribution of
and labor, so that each one will become an apostle
of ordered liberty.
It is only by such action that we can
money
maintain the free institutions which we have inherited in
the time when we are called to absorb the mighty impulses
which will stir society with the homecoming of our troops.
It is only thus that we can store up power for the future.
Heretofore we have allowed a thousand platforms to preach
new theories destructive of law and liberty.
Let us awake
to the fact that where free speech is to be permitted—schools
and forums by everlastingly and comprehensively teaching
the principles of ordered Freedom, should draw the sting
from the teachings of illogical radicals.
by the French Ministry of Finance that the amount of
fort¬
night of September was 901,000,000 francs, exceeding the
record of any previous fortnight by 40,000,000 francs.
It
is also announced that the total for the month, 1,559,000,000
francs, likewise constitutes a record.
National Defense bonds subscribed during the last
PROPOSED SILVER EMBARGO BY CHINESE GOVERN¬
MENT APPROVED.
Associated Press advices from Peking on Oct. 8 (received
here Oct. 15) state that diplomats in Peking of the various
Allied nations, with the exception of the Japanese representa¬
tives, have approved China’s application for an embargo on
silver. It is added that Chinese officials are
formulating conditions which will be forwarded to the for¬
eign banks at Shanghai for their consideration. We referred
last week (page 1423) to China’s proposed embargo on silver
and copper exports.
the export of
FLOATING LOAN OF 200,000,000 PESETAS AUTHOR¬
IZED IN SPAIN.
According to a cablegram from Madrid on Oct. 15, the
Spanish Cabinet has authorized the floating of a loan of
200,000,000 pesetas.
BRITISH
COMMISSION TO INVESTIGATE EFFECT
WAR ON GOLD PRODUCTION.
OF
©tmrjenl
gtuents atuft JHscnssious
appointment of a commission by the British Treasury
investigate the effect of the war on gold production was
reported in the following special cable to the “Journal of
The
to
CONTINUED OFFERING OF BRITISH TREASURY
BILLS.
usual
The
offering of ninety day British Treasury bills was
disposed of this week by J. P. Morgan & Co. on the same
discount basis which has prevailed in recent weeks, namely,
6%. The bills are dated Oct. 15.
following statement relative to the issuance of British
Treasury bills, which it notes, have gradually become a well
known feature of the short term investment market, is made
by the Federal Reserve Board in its “Bulletin’' for October:
The
The first issue of these 90-day bills was dated Aug. 23 1917.
The bills
issued under authority of the Act of Parliament of the United King¬
dom of Great Britain and Ireland VI and VII, George V, c. 24, and the
It was, however, stated by the
total issue authorized was $150,000,000.
British financial agents in this country at the time that the bills were
were
placed on sale that not over $15,000,000 bills would mature in any one
calendar week.
The first lot of $15,000,000 was offered on a 5H% basis and was im¬
mediately oversubscribed.
Further lots of bills were put on sale each
the basis was
successive week at the same rate until Sept. 18 1917, when
increased to 5H%The sales were discontinued during the
Liberty Loan
campaign of last fall, but recommenced in November, and on the 20th
of
Commerce and Commercial Bulletin”
Oct. 15, which we quote herewith:
from
London
on
That the demands of gold producers for a revision of their selling price
to compensate for the higher cost of labor and of all kinds of supplies are
to receive serious official consideration is indicated by action just taken by
the Treasury.
A commission has been appointed, of which Lord Inchcape
is Chairman, to investigate and report on “the war's effect oh gold pro¬
duction in the British Empire.”
The commission is particularly asked by the Treasury to go thoroughly
into the question of the mining of low-grade ores and of how far it may,
from the national standpoint, be considered important to secure the con¬
The commission also is asked to
tinuance of the treatment of such ores.
suggest a plan designed to show how gold production can be stimulated.
Aside from Lord Inchcape, the commission will consist of Sir Thomas
Elliott, Sir Charles Addis and W. H. Goschen, all men of broad vision
and experience.
The well-known mining engineer, Mr. Frencheville, will
be the commission's technical adviser.
The contention of the producers is that the Government should definitely
contract for all gold mined for a term of years at a price calculated to qpcure
such
maximum production.
production.
Commenting
upon
Present prices, they assert, will not permit
the situation, the “Journal of Com¬
merce” says:
The question of “higher prices for gold” has been receiving intermittent
attention in London for several months.
The Chairman of the Transvaal
Chamber of Mines, E. A. Wallen, in a recent speech at the English centre
outlined the serious situation resulting from the decline in the gold output.
There had been, he showed, a drop of £1,315,640 in the first eight months
of the year, comparing with the same period last year.
In the meantime
costs had increased £468,700.
Out of forty-nine companies in the Trans¬
,
17 9
,
[Vol. 107.
THE CHRONICLE
1518
oo
h
o»
vaal, six were running at a loss and fifteen were making a small profit,
which standing charges would turn into a net loss.
It would be a pity,
he continued, if It were found necessary to close down the mines to bring
home the real position to the public and the Government.
Mr. Wallers remarked that under the existing conditions the end is grow¬
ing very near. If twenty-one companies out of forty-nine should be com¬
pelled by force of circumstances to cease operations, not only the Transvaal alone, but the Home Government, will be seriously affected.
The Transvaal is the largest producer of gold.
Itr last year’s production
was below the 1915 figure.
So far as can be seen, the world’s putput for
the current year will show a still more rapid rate of declension, for in other
fields mines have already closed down, owing to inability to work them
at a profit.
As such properties are operated by private capital, there is
no obligation upon anyone to run them at a loss.
The Transvaal has only
been saved by a few rich mines in the Far East of the Rand, and to main¬
tain the province’s proportion of ^ay 42%, they will have to contribute in a
higher degree, for, according to London advices, at least a score of mines
in the field are witnessing the disappearance of profits, which is likely to
spell cessation of work.
CO
LFoifatnh. $30,
£
to
against 716,010
against z0,189
ounces
and 1923
FLoouarnth. $150, $398,0 $413,0
for the previous month. The total return, therefore,
made to the Chamber amounts to 740,210 ounces, as compared witn 736,199
ounces for July, an increase of 4,011 ounces.
The total value is given as
£3.144,211, against £3,127,174 for July.
The daily production works
out at 23.878 ounces, as compared with 25,748 ounces in July.
The follow¬
ing statement gives the gold production for five years
820, 35
£
World.Transvaal.
£93,416.000
£37.372.949
92,854.000
97,750,000
95,700,000
89,000,000
35.656,814
38,628,437
39.489,522
38,306.381
40.0
38 3
39.5
41.3
4^.0
Gold Positiom.
In his address at the annual meeting oi the London City & Midland Bank,
Sir Edward Holden, the chairman, referred to the gold position as follows*
“There will undoubtedly be a great demand for gold after tne war, and
Loan. $150, $150, $183,0
When the South African gold is again offered for sale in London we should
at all costs retain it in this country, and not allow other countries to take
It from us, as was done before the war.
We repeat that if gold can be
obtained matters may be arranged without much difficulty, but we must not
overlook the fact that the output of gold is diminishing in consequence of
the increased cost of production, and we may be called upon to adopt some
Third
40.80 5% 5.40%
chinery.
£
O
LSoecaonnd. $10, $10, s $145,0
t
o
on 3o0n%1o9r/;
10%16;15 4%.
M1ar2ch
C
X
and
N
©
A1pril
Saamse
196;
on on 154%.
1Steo2pt.
10%30%Dec. at
to
r—4
1-4
i
o
Q
o
©
©
r-
24.862 5%
w
principal and interest in authorized denomi¬
subscribers making payment in full, as soon
nations, will be delivered to
as the required registration can be made.
•Bonds of this issue will be free from taxes—including any income tax—
Imposed in pursuance of legislation enacted by the Parliament of Canada,
and will carry the privilege of conversion into
any future domestic Issues
of like maturity or longer, issued by the
Government, during the remain¬
ing period of the war.
Subscription lists will open on Oct. 28 1918, and close on or before Nov.
3
te
June
©
r-4
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representing accrued interest at 5H% from Nov. 1 to due dates of the
respective installments. As a full half year’s interest will be paid on May
1 1919, the cost of the bonds will be 100 and Interest.
Payment may be
made in full at the time of application at 100 without
interest, or on any
installment due date thereafter with accrued interest at 5H % per annum.
Bearer bonds will be available for delivery at the time of
application to
subscribers desirous of making payment in full.
Bonds registered as to
43
LFoirasnt. $50, $10, 5.42% i 1and
©
31.16% March 6 1919.
The last payment of 31.16% covers
30% balance of principal and 1.16%
as
Saamse Same
Oi
©
Loan—the""Victory
1918!
1
flat
15
~
Through the prospectus of the fifth Canadian War
Loan of 1918—tue Dominion of Canada will ask for a minimum amount
of $300,000,000 with the right to accept all
or~ahy~part of subscriptions
In excess of that sum, to be used forwar
purposes only, and to be spent
wholly in Canada. The rate of Interest will be 5M % per annum,
payable
May 1 and Nov. 1, and the denominations, $50, $100, $500, and $1,000.
The Loan will be offered in two maturities—5
year bonds due Nov. 1 1923
And 15 year bonds due Nov. 1 1933.
The issue price wdl be 100 and accrued interest for botb
maturities,
making the income return 5H% per annum.
Provision is made for payment in five installments, as follows:
10% on application.
20% Jan. 6 1919.
20% Dec. 6 1918.
20% Feb. 6 1919.
16
10% on Ap il
96
years, Convertibl inatnoy oyearrs Coupn fuly$1a0n,d0
X
5^% from Nov. 1 to the due dates of the re^
spective installments. No official prospectus has yet been
issued to the public, but the following is the full official sum¬
or as to both
1Maanrcdh
34.526 5.30%
5%
at
principal only,
20%
Doecn.F1;eb.1and ments
or
Other producers urge that gold miners be exempted
from taxation; that their employees be exempt from military service, and
that the Government should facilitate the replacement of
necessary ma¬
£
a
20
Treasury Department.
week we have received a few further particulars
regarding
the coming Victory Loan.
Subscribers are to pay accrued
as
lit Same
years, Convertibl fuatnyrelonger
to assist production and maintain the output at a high level.
If gold cannot De obtained, the currency note, the Bank of England note
and the Bank of England balance will have to be used to take the place of
gold; that is to say, large advances will have to oe made by the banks, such
advances will create credits, and the cash balances, which will have to be
used as reserves for those credits, will not be gold, but will be the
currency
note, the Bank of England note and the Bank of England balance.”
In America go’d producers are taking united action,
seeking relief; some
of them urging that the Government pay a subsidy on the precious metal.
This plan, however is apparently receiving no encouragement from the
measures
OFFICIAL TERMS OF CANADA'S FIFTH WAR LOAN.
In addition to the facts stated in Sir Thomas White’s
speech of the 8th inst. and published in these columns last
00
and
5,
of
World.
-
*te
f5.o81r%boynedasr. 102an0d 1199227. Convertibl fut retuorirty Hi
Transvaal
mary of the terms of the Loan:
i
o
f100lat
hi
and
„
per cent
5!
J1une
’
interest
10%
5
8
.«•
ounces
on the
May mestic made
i
fc
g
Tor July and 731,405 ounce* for the corresponding
Str E. Holden
100
Same Same
H
gg
From the outside districts 20,361 ounces are reported, as
1914
1915
1916
N19a3nd. 1aonvd. FLoaouarstnh FLaoirassnt Inatenrds
1ymea5aturrsing bincaoevterdyilsokueefdurmrianingg
aoplincton;62Jooa0nnn%;.M361oa.rnc6rh;%aplicton.
May1
The Transvaal Output.
month of 1917.
*o
5
The output from the Witwatersrand district during August (in fine gold),
as cabled by the Transvaal Chamber of Mines, amounted to 719.849 ounces,
as
N1ov. dfuot¬relmnagiywpoafrd. Dc:F6aenbd.f1lo0t
D1ec. LFoirasnt
b5f15-oo.y06ne-d8ars%r,f%5b2.n6yder1sa D1myeatucrrsi.,g193n7d. inapaterotdsrilommkaeu¬sftclngr. J21ao00n%%;;.12Morch2p0oaya%¬n;yd6isHcu%te. 1NDI1t9oeo2cr7..
1M1ma9art3curh7ing Sept. i9ntaaer6otsd2omyue0asfticfowpuraasdree. LSeocaonnd FLoirasnt A3oa0pplincr%itoln;MJ12u65aeydspcaomnetnts M129ar3ch7
O1O9mca3tutr.ing 1ct. FLoirasnt 1S29ep36t.
i9Hntaaer7dts1f2uomoeu0srtfeicflopwngaaderer. $$b11o5,n00ndds,;,bo5regnidtsd$10,. O31aop0cl6icn%tt.o;n;21N7o5vnd.dispoaymuertnets
D1ec.
iH9naater7todsfommueasdtichwonefr. $b$o115an,00ndds,.broegitsd, ftraxoes—mincludygtax—pimrposedPbtaniace¬yCnd. 7J3aMoaplicn%t;o.n;2M1F1e0rbch.1oanan%dy4ispcaymuenttes. 1NN32too90vv.5.
pH
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i
©ct. 19 1918.]J
THE CHRONICLE
Mm
AUSTRIA'S WAR BILL.
The
following: regarding Austria's war bill, received
through special correspondence of the New York “Evening
-Post" from Zurich under date of Aug. 3, was published in
the Oct. 12 issue of that paper:
For the first time since the beginning of the war the Austrian Govern¬
brought a budget before Parliament.
It sets forth that for the
year 1918-19. after having spent up to July 1 1918, forty thousand million
ment has
crowns
(or $8,000,000,000) for mobilization expenses without asking
any
approval of the Parliament, and after having issued loans with a face value
of fifty-seven billion crowns without having asked or obtained the least
sanction of the Parliament, the Government now comes with a
budget of
some twenty-five billion crowns expenditures, and asks the
right of contract¬
ing loans in the amount of twenty-one billions. The first impression the
foreign neutral reader has, knowing well the buying power of the Austrian
money within the country, is that of a "faked budget.”
The amounts
expressed in crowns are far too low to cover the expenses of keeping an
army of three million men with a half-starved population of about thirty
million souls not belonging to the agricultural population.
Technically speaking, the Austrian budget looks far more like a budget
of a civilized country in war times than that of Germany.
Germany's
budget conceals all war expenses, placing them in a hidden extraordinary
budget, bringing before the Parliament only the ordinary budget, which
contains no military expenses.
Austria's budget amounts altogether to
24.32 billions.
In this is contained 6.44 billions ordinary State’s expenses
and 17.88 billions extraordinary war expenses.
According to the constitu¬
tional anomalies of the Hapsburg monarchy, this sum of 17.88 milliards
contains an approximate amount of 12 milliards as Austria's contribution
of two-thirds to the common war expenses of Austria and Hungary together.
In this way the budget contains 12 milliards contribution to the common
.budget of the union of two States, having practically no Parliament, 5.88
milliards war expenses of the budget of the State, which for the first time
since four years of the war has a Parliament with budget rights, and finally,
6.44 milliards expenses of the extraordinary budget.
But in reading carefully the pages of figures published in Austria and not
only the brief summary wired by the Austrian telegraph agencies to the
neutral press, one finds about two milliards further expenses, which the
anomaly of the Austrian public law puts under the item of capital invest¬
ments.
Austria herself is also composed of autonomous bodies, the so-
tendency to concentrat^capital and copebetter with the growing trade of
Japan is clearly observable.
.
; *
.
•
In view of this tendency prevailing in
banking circles, the Government
is going to exercise a more effective
supervision over the business. The
by-law regulating the grant of charters for the opening of banklng hoUSes
had been devised so as to raise the minimum limit to the
capital of bahks
in towns to 2.000.000 yen.
This policy is explained by the Finance Min¬
ister himself to be a measure to prevent the rise of weak and
shaky business
houses,
it is also meant to be an incentive to the
strengthening by hanks
of their financial status by amalgamating with those of a similar nature and
condition.
RESTRICTIONS AGAINST IMPORTATION
OF BANK
NOTES INTO PANAMA.
The Post Office Department at Washington has issued tire
following notice:
OFFICE OF SECOND ASSISTANT POSTMASTER-GENERAJb.
Washington, Oct. 3 1918.
The Postal Administration of Panama has advised this
department that
importation by mail into Panama of bank notes is absolutely prohibited
unless said bank notes are sent by registered mail and in
envelopes
the
safety
or wrappers, or in
packages duly protected, so that violation of the same
cannot occur without its being quickly noticed.
This
prohibition to be¬
effective on Oct. 15 1918.
u
Postmasters and other postal officials will please take due notice of the
come
faregoing.
OTTO PRAEGER,
Second Assistant Postmaster-General.
■
called crownlands.
These crownlands will have expenses in order to meet the war necessities
amounting to more than two milliards, which they will borrow from the
Imperial Treasury. The constitutions of these crownlands have been sus¬
pended since the beginning of the war, and no parliamentary control of
them is possible.
At any rate, it is a singular method of reckoning to
consider this amount as capital investments.
These two milliards are
really spent, so that the total amount of expenditure will be 26.32 milliard
crowns, as officially admitted.
The sum of 12 milliards for military expenses, which means 18 milliards
for the two halves of the dual monarchy together, is ridiculously small,
when one takes into consideration the buying power of the Austrian crown,
measured at the rates of the Zurich money market, the only neutral money
market
bordering on Austria. The one-and-one-half billion crowns
($300,000,000 nominally) monthly war expenses will apparently have the
same buying power as 20 million pounds, or $100,000,000 have in England.
But Great Britain's war expenses, without reckoning those of the colonies,
amount to 40 million pounds a week, and Austria-Hungary desires the
world to believe that she could provide for the need of her army with
20 million pounds a month, when England needs double that amount a
week.
GROWTH OF BANKING BUSINESS IN JAPAN.
Under the above head, “Commerce
Reports” of Sept.
reprints from the British (Government) Board of Trade
Journal of Aug. 22 the following:
24
The scope of the banking business in Japan is being enlarged steadily,
and wiUi it a new tendency to concentrate capital is becoming more pronouncda among bankers.
The banking returns for April, just published by the Bankers’ Clearing
Houses throughout Japan, record a large increase in all items in bank assets.
Particularly in deposits the increase is large and noteworthy; the total, at
the close of April, according to the Yokohama Chamber of Commerce
Journal, running into such a large figure as 3,132,000,000 yen.
In the following the accounts of all banks in Japan at the end of April
are given by the same authority, together with the increases since April
1917, to show how rapid a dvelopment Japan’s banking business is making:
April 1918.
Increase.
Items—
Paid-in capital
Reserve
Deposits
General loans
Negotiable securities
Yen.
360,560,000
139,350,000
3,132,600,000
2,676,800,000
595,480,000
Yen.
1
78,870,000
14,940,000
1,100,610,000
857,790,000
147,180,000
71,620,000
Cashonhand
242,490,000
Even compared with March this year all these items show a substantial
increase, with the only exception of reserves, which present a falling off
of 1,960,000 yen.
Cash on hand shows a sharp increase of 19,100,000 yen
over
the preceding month.
Tendency to Concentrate Capital.
enlargement of business scopes in the banking circles has lately
accelerated very much the tendency in the line to concentrate capital, or,
in other words, magnify the capital or business status, either by amalgamat¬
ing with other smaller horn es or increasing their own capital.
The latest
report of the Finance Department, printed by the Official Gazette, states
that at the end of February there were 2,218 banking hourses in Japan
proper, Karafuto and Taiwan,
and their capital totaled 1,157,753,665
yen.
Compared with the preceding month no change was observed in the
number of banks, but in their aggregated capital there was a large increase
of 15.710,000 yen.
Increases in the aggregate capital were effected chiefly by the enlargement
of capital or conversion of old concerns into more workable ones.
Only
two new banks, with a combined capital of 2,500,000 yen, were organized
during February, -while nine banks, including a semi-official bank, enlarged
their business scope by increasing their capital by 14,240,000 yen.
Two
banks, on the other hand, were converted into more workable forms, and
two wound up their business during the month, either having been amal¬
gamated into another or having failed.
The same official report states that the concerns carrying on trust busi¬
ness and ordinary banking business together are growing both in their size
and power.
At the end of February there were 16 of them, with a com¬
bined capital of 186,700,000 yen.
In this department of banking, too, the
This
FEDERAL RESERVE BOARD ON LIBERTY BOND
EXEMPTION ACT.
With regard to the newly enacted measure affecting the
taxable status of Liberty bonds, the Federal Reserve Board
in its October “Bulletin" points out that this legislation
restores the principle of exemption from taxation which was
a feature of the original or first
Liberty Loan issue, but
upon a
partial and limited basis.
The Board further says:
The legislation will give to investors in Government bonds a limited
exemption from the surtaxes upon income up to a maximum of $75,000,
of which $30,000 must be subscribed to the new loan.
The bonds being
exempt from normal tax, the prospective bondholder is able to reckon
upon complete freedom from income taxation up to a reasonable figure.
He is thus able to compare a yield of 4*4% on Government bonds with a
yield from other securities which would have to be appreciably higher in
order to afford an equality of return under the new revenue legislation.
As the size of the income advances the inducement to
purchase Govern¬
private securities is increased, because the surtax
upon the income of the private securities becomes so much greater.
Inas¬
much, however, as the smaller investors are those who might conceivably
obtain entire relief from taxation by putting their means into Government
bonds, the effect of the bond legislation combined with the new revenue
bill is that of appealing very strongly to the small or moderate investor as
compared with the person of larger resources. This is, of course, in the
in erest of the wider distribution of the securities, since exemption from
taxation ceases as soon as a comparatively low principal holding has been
reached.
From the banking standpoint the effect of the exemption should
be that of strongly encouraging the investor to become the actual owner
of securities and, not only this, but to hold them as well, since the exemp¬
tion privilege is so closely hedged about by restrictions that in effect make
it non-transfarable.
This should tend to prevent the practice of borrowing *»
heavily at banks for the purpose of carrying large amounts of bonds, and
should similarly tend to encourage the small investor to borrow moderately
and devote himself to the actual payment of his subscription with a view
to retaining the securities as a permanent holding.
ment bonds in lieu of
PR0P0SAL0F FEDERAL RESERVE BOARD T0BEAR COST
OF DISTRIBUTING FEDERAL RESERVE NOTES.
It is learned from the Federal Reserve Bulletin for October
that the Federal Reserve Board, with the view of easing the
movement of currency
from point to point has proposed a
plan under which the Federal Reserve Banks would absorb
the cost of distributing Federal Reserve notes to their mem¬
ber banks—a charge which has heretofore been imposed
upon the banks that applied for issues of new notes.
The
Board in making this announcement adds:
Federal Reserve banks are now paying the cost of transportation on
Federal Reserve notes from Washington, and these notes are available to
banks located in Federal Reserve and Federal Reserve branch cities without
charge for delivery.
The banks have also abolished their service charges
collecting checks, and in many cases they are paying all transportation
charges in connection with the exchange of currency for gold, as well as
charges on currency forwarded by country banks to offset debits made
against them represented by the total footings of letters containing checks
for collection.
It is thought that the extension of the privileges above
indicated to member banks will remove the feeling that many country
banks have that the Federal Reserve Act discriminates against them in
favor of the banks in the larger cities, and will at the same
time prove
added stimulus to the State banks to apply for membership.
Should the
plan be adopted the Board would, of course, reserve the right to modify
or rescind it at any time upon reasonable notice.
for
FEDERAL RESERVE BOARD ON BEARING OF UNION
DISCOUNT CORPORATION IN FINANCING
OF COTTON CROP.
The statement that the formation of the Union Discount
Corporation (referred to in our issue of Sept. 21, page 1139)
is of special interest because of the bearing it has upon the
financing of the cotton crop, is made by the Federal Reserve
Board in its “Bulletin" for October, The Board also makes
the following comments on the project: .
1520
THE CHRONICLE
While the enterprise is authorised to do a general commercial discount
business, It has been announced that one of its principal functions will be
that of financing the cotton crop through the use of
acceptance paper—
both bankers4 and trade.
During the weeks that hare intervened since
the enterprise was first projected there have been not a few
changes in the
cotton situation and outlook.
The size of the expected crop Hm been
materially reduced and the price, which had shown a disposition to de¬
cline, has again risen. On the other hand, the War Industries Board has
announced the adoption of a definite policy probably involving the Gov¬
ernment purchasing of cotton and possibly the
fixing of basic prices for at
least some grades of the staple.
Nevertheless, the new corporation has a
large field of activity before it. Governor Harding, in his addresses be¬
fore the Cotton Conference in New York City last June,
strongly indorsed
the application of the acceptance plan in the cotton trade,
pointing out
that it was practically a further application of the same idea that has
already been adopted in connection with international trade in staples
whose movement gives rise to prime bills which are readily marketed.
It
is in this and similar directions that the
proper field for the development
of the acceptance is to be found, and not in the financing or
carrying of
stored products or in the collection of accounts of long or doubtful stand¬
ing, some of which represent goods already consumed. The introduction
of the acceptance plan in moving the cotton
crop may tfave results of very
considerable immediate importance, but success in It will necessitate an
adjustment and modification of previously existing practices. This work
can be better done, it seems likely, through
an actual business enterprise
engaged in financing the acceptances growing out of cotton movement,
than through purely general or theoretical explanation
or discussion.
method shall be applied only “in exceptional cases.”
its “Bulletin” says:
Up to the present time banks and bankers in the following countries
have been authorized by the Federal Reserve Board to draw drafts for the
purpose of
furnishing dollar exchange: Argentina, Bolivia, Brazil, Chile,
Columbia, Costa Rica, Ecuador, Nicaragua, Peru, Porto Rico, Santo
Domingo, Uruguay, Venezuela and Trinidad. In this connection the fol¬
lowing letter was sent out under date of Aug. 20, in answer to an inquiry
by a member bank
“Referring to your letter of Aug. 19, you are correct in your under¬
standing that if the Board subsequently increases the number of countries
whose usages of trade require dollar acceptance facilities, member banks
theretofore given authority to accept such drafts may properly accept for
those additional countries without further permission from the Board,
the Board of course reserving its right to revoke its approval as to any
particular member bank or as to any country, it being understood that such
drafts comply with the provisions of the Federal Reserve Act.”
ORGANIZATION OF ESSENTIAL INDUSTRIES
FINANCE CORPORATION TO FINANCE
PUBLIC UTILITIES.
The organization was perfected this week of the Essential
Industries Finance Corporation of New York, the purpose
of which is to make loans to public utilities and industries
essential to the war, the new organization serving as inter¬
mediary between the War Finance Corporation and indus¬
trial corporation.
The officers of the concern, chosen this
President Eugene V. R. Thayer, President of the
Chase National Bank; and Vice Presidents, Gerhard M.
Dahl, Vice President of the Chase National Bank, and
Frederick Strauss, of J. & W. Seligman & Co.
The director¬
ate of the Essential Industries Finance Corporation, includes
besides Messrs. Thayer, Dahl and Strauss, the following:
week,
are
E. B.
Sweezy, of the First National Bank;
Frederic W. Allen, of Lee, Higginson & Co.;
Harold Stanley, of the Guaranty Trust Co.;
Thomas W. Lamont, of J. P. Morgan & Co.;
Sidney Z. Mitchell, of the Electric Bond & Share Co.
O. D. Young, of the General Electric Co.;
E. W. Clark, of E. W. Clark & Co., of
Philadelphia.
James N. Wallace, President of the Central Union Trust Co.;
John Hays Hammond;
Randal Morgan;
Guy E. Tripp, President of the Westinghouse Electric & Mfg. Co.;
Willard V. King, President of the Columbia Trust Co.
The announcement
concerning the plans of the new cor¬
poration was given in our issue of Sept. 28, page 1236. The
corporation starts with an initial capital of $3,000,000,
represented by $1,800,000 ten year debentures; $1,000,000
stock and $200,000 paid in surplus.
In its announcement
of several weeks ago the Corporation stated that the
capital
“in all probability will ultimately reach $20,000,000, on
which basis it will be able to borrow about $50,000,000 for
loans from the War Finance Corporation, thus making avail¬
able $70,000,000 for loans to public utilities and other
essential industries.” Applications for loans from public
utilities and other concerns are said to have already been
received by the corporation; it is further reported that the
question of a loan was discussed at this week’s meeting on
Wednesday, but action was deferred until a later meeting.
LOANSOF$43,OOOyOOO AUTHORIZED BY WAR FINANCE
CORPORATION UP TO OCT. 1.
Loans of $43,202,592 were authorized by the War Finance
Corporation up to Oct. 1, according to a report of the Corporation to Congress on Oct. 15. Of the total loans author¬
ized, $40,540,500, it is announced, went direct to war busi¬
nesses without the medium of banks, although the Act
under which the corporation operates specifies that this
Ac¬
cording to press dispatches from Washington on the 15th inst.
the report discloses that this situation “explains
why Secre¬
tary of the Treasury McAdoo and Directors of the Corpora¬
tion have been considering asking amendments of the Act to
provide that the usual method of making advances shall be
direct to industries and the exceptional method through
mnks.” We also quote the following from the press dis¬
patches:
The Corporation up to Oct. 1 had advanced through banks $2,112,000.
All loans were secured by collateral, Which aggregated $64,033,000, of
which only $800,000 was in Liberty bonds.
Actual payments under the advances authorized amounted to $24,183,-
000, with the balance subject to draft.
The Corporation has declined to make public the names of interests to
whom the advances were made, acting on the assumption that its relations
with borrowers were confidential.
Interest rates charged were not dis¬
closed although it is known that a number of loans were made at 7 %.
The
law provides that the rate on loans direct to war enterprises shall be at
least 1 % higher than prevailing rates for discount of ninety-day commercial
paper.
These discount rates are
% in all Federal Reserve districts
except Richmond, San Francisco and Kansas City, where they are 5%.
.
NEW
DOLLAR EXCHANGE.
The Federal Reserve Board in the October number of
[Vol. 107,
YORK
BANK
SUPERINTENDENT
SKINNER
FA VORS CLEARING HOUSE FOR MORTGAGE LOANS.
There has been made public this week a letter addressed
by George I. Skinner, New York State Superintendent of
Banks, to Nathan Hirsch, Chairman of the Mayors’ Commit¬
tee on Taxation, and the Investigation of Mortgage Loans,
in which the former makes the suggestion that the lending
institutions form a clearing house for mortgage loans.
We
quote the letter herewith:
Albany, Sept. 24 1918
Mr. Nathan Hirsch, Chairman Mayor's Committee on Taxation and
Investigation of Mortgage Loans, Room 823 Municipal Building,
City.
My Dear Mr. Hirsch.—Your letter of Sept. 19 1918, addressed to me at
the Branch Office of this Department in New York City, has been for¬
warded to me for reply.
I am entirely in sympathy with the avowed purpose of your Committee
to prevent unnecessary and oppressive foreclosures of mortgage loans,
especially where the mortgages are given upon their homes by persons
of small means.
In all such cases, the greatest leniency consistent with
safety should be exercised by lending institutions.
This subject has been having my serious attention throughout the cur¬
rent year, and I have at various times urged the views which we mutually
hold with reference to such matters upon the institutions under my super¬
vision.
I have even suggested that the lending institutions form a clearing
house for mortgage loans in order that, when the collection of mortgages
by any particular institution becomes necessary on account of other de¬
mands made upon it, the mortgages might be transferred to other institu¬
tions with surplus funds without serious inconvenience to borrowers with
adequate security.
I have no doubt that a very large number, if not all, of the savings banks
and savings and loan associations would be very glad to co-operate in
relieving the situation in this manner whenever practicable.
1 have no
hesitation, moreover, in stating that, while there is no ready market for
real estate at the present time on account of the great demands for money
for war purposes that are being made by the National Government, I
believe that, on account of other conditions with which we are both familiar,
the intrinsic value of improved real estate used for residence purposes in
most sections of the metropolitan district is increasing rather than de¬
creasing.
Very sincerely yours,
•
jQ}
(Signed) GEORGE I. SKINNER,
Superintendent of Banks.
New York
CLEVELAND FEDERAL RESERVE BANK WILL PAY
CHARGES ON SHIPMENTS OF CURRENCY.
In a circular regarding the shipment of currency from
member banks to the Federal Reserve Bank of Cleveland,
Governor E. R. Fancher says:
On and after Oct. 10 1918, and until further notice, all costs of
shipment
and
the
of currency from our member banks to this bank and its branches,
from this bank and its branches to member banks, will be borne by
Federal Reserve Bank of Cleveland.
Member banks may also send “collect” all necessary
bank in connection with currency shipments, exchange
telegrams to this
transfers and de¬
posit transactions; and all telegrams sent by this bank in connection with
such transactions will be prepaid.
Until further notice, also, all gold coin shipped to this bank or either
of its branches either in payment of cash letters, for credit either this bank
or other depositaries, or in exchange for Federal Reserve notes, will be
received at face value, without discount for abrasion; and as heretofore
gold may be sent by express “collect.”
Members are urged to send all
gold coin and gold certificates accumulated from time to time to this bank
or the nearest branch, thus strengthening the gold reserve position of the
Federal Reserve system.
All currency shipped to this bank (except $1 and $2 bills which should
be shipped by express) should be sent by registered mail, insured under our
insurance policies.
Copies of the necessary blanks for advice to the insur¬
companies of each shipment will be forwarded upon request. Please
shipments of currency only (not securities) may be so insured
by you under our policies.
/
ance
note that
CONSOLIDATION OF SEPARATE ORGANIZATIONS OF
FEDERAL RESERVE BANK OF SAN FRANCISCO.
The Federal Reserve Bank of San Francisco
made the following announcement concerning the
tion of its separate organizations:
on
Oct. 1
consolida¬
The activities of this bank have increased to such proportion that it has
been found necessary, in the interest of economy and efficiency, to consoli¬
date the two organizations formerly at 25 New
Montgomery Street and
Oor.
200
&&'i*
191918.]
Montgomery
THE CHRONICLE
Street in
one^building on Battery Street.
therefore, address all letters andgtdegram
JL
Will you.
Federal Reserve Bank of San Francisco
San Francisco. California
To expedite the routing of
correspondence to the proper departments
it is suggested that each letter
have
under the date, the
name
of the
Auditor
Bond Subscriptions
Bond Deliveries “Coupon”
Bond Deliveries ‘‘Registered ’
Bond Deliveries “Conversions”
Capital Issues Committee
Certificates of Indebtedness
,
written in the upper right’hand corner
refers.
Department to which it
Foreign Exchange
thereof, shell be credited to the special fond denominated,1
the minor
coinage profit fund and this fund shall be
charged with the wastage incurred
in such coinage, and with the
cost of distributing said
coins, as hereinafter
provided. The balance
remaining to the credit of this fund, and any
balance of the profits accrued from minor
coinage under former Acts, shall
be, from time to time, and at least twice a
year, covered into the Treasury
of the United States.”
the cost
rt*
Rediscounts
Reserve Account
and Currency
Securities for War Loan Deposits
War Loan Deposit Account
War Savings Certificates & Thrift
War Finance corporation
Shipments Coin
Stamps
Yotur assistance in this respect will
greatly facilitate the prompt handling
of the enormous volume of
correspondence received daily, incident to
operation of this bank.
EXTENSION OF PERIOD DURING WHICH
NATIONAL
BANKS MAY MAKE UNRESTRICTED
LOANS
BACKED BY LIBERTY BONDS.
The extension from
July 1 1919 to Nov. 1 1919 of the
period during which national banks may make loans on
Liberty bonds where there is a margin of 5 % or more, without
regard to the previously existing
restrictions, save only
such as the prudence of the
directors may prescribe, was
announced by Comptroller of the
Currency John Skelton
HOUSE PASSES BILL TO INCREASE
MINOR COIN
FUND OF THE UNITED STATES
Williams on Oet. 15. The earlier
MINT.
announcement of the
A bill to increase the monor coin fund of
the United States Comptroller limiting the period to July 1 1919 was printed
in our issue of
Mint from $200,000 to $400,000 was
Saturday last, page 1429. His statement of
passed by the House
of Representatives on Oct. 4. In
this week follows:
explaining to the House
The most intelligent estimates
on that date that the
indicate that there are in this
purpose of the bill was to increase the to-day
country
45,000,000 people who are receiving wages, salaries
amount of the minor coin
mintage fund in the amount indi¬ and who are able to invest a portion of their earnings inor other income,
Liberty bonds
and who ought to do so.
cated above, Representative Ashbrook said:
Furthermore, the national
This fund
was
$50,000 until 1906, when it was increased to $200,000.
continued at that same amount,$200,000.
As the mem¬
minor coinage has been greatly Increased
recently.
minor coinage was not in excess of 90,000
pieces per
Since then it has been
bers well know, the
Previous to 1906 the
annum.
During the
past year there has been more minor
coinage in one
month than there was in any year
previous to 1906. In addition to that
the cost of these metals has
greatly
increased.
In response to a query by Representative
Longworth as to
whether the necessity for the increase in the minor
coinage
had resulted from the imposition of revenue
taxes, where
small change must be given,
Representative Ashbrook ad¬
mitted that there was no doubt but that that was
the cause
of the great demand to increase the
nickels.
Mr. Ashbrook in
coinage of pennies and
pointing out that the fund
asked
for “provides only for a book credit to be
placed to the credit
of the Director of the Mint
by the Secretary of the Treasury
for the purpose of buying the metals from which
these minor
coins are made, but does not
appropriate money,” added:
The increase has been great and of course as
the demand has increased
the Director of the Mint is compelled to
buy the metals in larger quantities.
The metals are all bought in carload lots.
This $200,000 is apportioned to
the three mints: $100,000 to the mint in
Philadelphia, $50,000 to the mint
at Denver and $50,000 to the mint at San
Francisco.
The Director of the Mint appeared before the
Committee on Coinage,
Weights and Measures and stated to the Committee that he had been
greatly handicapped by reason of the fact that this sum was not sufficient
for him to buy the metals in as large quantities as are now
needed. He is
compelled to buy them in advance now in order to insure their
shipment and
receipt in time to meet the demands.
The following letter from Secretary of the
Treasury McAdoo with regard to the bill and its purpose was read to the
House at the instance of Representative Ashbrook:
TREASURY DEPARTMENT.
Office of the
Secretary.
Washington, Sept. 25 1918.
Ashbrook, Chairman of Committee on Coinage, Weights
lion. William A.
and Measures, House of Representatives.
Dear Congressman Ashbrook.—I beg to refer to the
proposed amendment
of section 3528, Revised Statutes, embodied in H. R.
12998, referred to
your committee on
Sept. 24.
The minor coinage metal fund Is not, as you are aware, an
appropriation
of a sum of money which is disposed of, but a
revolving fund, which is re¬
stored as coinage is completed.
The fund is the capital with which we
keep the three coinage mints supplied with minor coinage metal.
The proposed amendment, if enacted into law, would have the
effect of
increasing the metal fund from $200,000 to $400,000. The amount was
fixed at $200,000 when the yearly coinage was
approximately 141,000,000
pieces of minor coin the coinage for the last fiscal year amounted to 528,000,000 pieces, and the cost of copper has nearly doubled.
The amount expended for metal the year following the
fixing of the fund
at $200,000 was $369,844 06 the amount expended
during the fiscal year
1918 was $1,031,262 75.
It is obvious that we are seriously handicapped
by want of adequate
funds for the purchase of metal required to meet the tremendous demand
for minor coins, and I cannot urge too strongly the
necessity for early
action upon the measure now before your committee for the relief of the
mint establishments in the matter of proemring the
required amount of
copper,
banks are to-day more
able and better equipped than ever
before to make advances on
Liberty
bonds to those who desire to
buy more bonds than they may be able to
pay for with cash on hand.
Our national banks,
generally, have kept themselves strong and in
liquid
condition; of their 18,043 million dollars of
resources, according to their
sworn reports of Aug. 31
1918, the Liberty bonds of all three issues
actually
owned by national banks amounted to
only 425 million
2.4% of their resources, while the total amount loaneddollars, or less than
on Liberty bonds
of all three issues by all national
banks, including bonds sold by them on
partial payment plan and not fully paid
for, amounted to only to 581
million dollars, or less than
3.2% of total resources.
The regulations issued under date of
Oct. 9 1918, under which national
banks are permitted to make loans
on the security of
Liberty bonds,
without restriction as to amount
(provided a margin of not less than 5% is
maintained), have to-day been amended by the
Comptroller, with the ap¬
proval of the Secretary of the Treasury, so as to extend
the period in which
such loans may be made from
July 1 1919 to Nov. 1 1919.
Under these amended regulations all
holders of
liberty bonds
eligible paper from its Reserve bank whatever it
Respectfully,
W. G.
The following is the text of the bill
on the 4th inst.:
McADOO,
Secretary.
as
passed by the House
Be it enacted, Ac., That section 3528 of the Revised Statutes
be, and the
is hereby, amended so as to read as follows:
“Sec. 3528.
For the purchase of metal for the minor coinage, authorized
same
by this Act,
States shall,
exceeding $400,000 in lawful money of the United
the Director of the Mint and in
approval of the Secretary of the
Treasury, be transferred to the credit of the superintendents of the mints
at Philadelphia, 8an Francisco, and Denver, at which establishments,
until otherwise provided by law, such coinage shall be carried on.
The
superintendents, with the approval of the Director of the Mint as to price,
terms, and quantity shall purchase the metal required for such coinage by
public advertisement, and the lowest and best bid shall be accepted, the
fineness of the metals to be determined on the mint assay.
The gain aris¬
ing from^tbe ttlnngt of such metals into coin of a nominal value, exceeding
a sum not
upon the recommendation of
such sums as he may designate, with the
given
may now
may
borrow
on
legitimately require,
regardless of the former restrictions; and under
the Act approved Sept. 24
1918, and the regulations just promulgated, a national
bank may lend on
the security of Liberty bonds to one
Individual whatever amount Its man¬
agement may deem prudent.
The earnings reports of the national banks
for the first six months
of,
the current year, just
compiled, indicate that these banks have enjoyed
a period of maximum
prosperity; in fact, the gross earnings of national
banks in all reserve and central reserve
cities show an actual increase of
more than 25% over the amount
shown for the
corresponding period of
1917, while.net earnings also indicate an increase of
nearly 20% over the
greatest earnings ever shown for that period.
It is earnestly hoped that the
policy which has been adopted by many
of the larger and best managed
national banks in various cities of the
country of lending money at 4>i% to subscribers to
Liberty bonds, will
also be observed by the other banks in all
sections of the country.
In view of the marked
prosperity of our national banks during the past
year of universal trial and sacrific it is
especially hoped and urged that
these banks everywhere observe a liberal
policy as to the rate of interest
which they may charge to borrowers on
Liberty bonds. Such a course on
their part would be appreciated
by the country and would contribute
enormously to the success of the Fourth Liberty Loan.
TREASURY DEPARTMENT'S AMENDED
REGULA¬
TIONS GOVERNING BANKS ACTING AS
DEPOSI¬
TARIES OF GOVERNMENT MONEYS.
Attention to a circular recently issued
by the Treasury
Department respecting special deposits of public
moneys
is directed by the Federal Reserve Bank
of New York in
letters issued by it, which we
print herewith. The first
dated Sept. 26 says:
tin, and zinc for the manufacture of minor coins to meet the
demands of the public.
are
practically as unlimited power to borrow from national banks
on Liberty
bonds as the national banks and other
member banks have to borrow from
the twelve Federal Reserve banks on
security eligible at the Reserve banks.
Before the Federal Reserve Act went
into effect no national bank was
permitted, under any circumstances, to borrow more
than an amount
equal to its capital stock; and no national bank was
permitted to make
direct loans to any one individual
for an amount in excess of
10% of its
capital and surplus.
Under the Federal Reserve Act a
national bank
GOVERNMENT DEPOSITS.
To the Cashier—
We desire to call your attention to the enclosed
copy of Treasury Depart¬
ment circular No. 92, dated
Sept. 21 1918, relating to special deposits
of
public moneys under the Act of Congress approved
Sept. 24 1917, as
amended, especially to that part referring to collateral
security, paragraph
E, G, and H,
as revised.
In view of the forthcoming issue of
Liberty bonds, it is of paramount
importance that banks and trust companies should avail
themselves of
these facilities to the greatest extent
possible. In this connection the
Treasury Department has arranged, as heretofore, that banks
may make
payment by book credits.
This plan is not only for the convenience
of the
banks, but is also an effective method of reducing to a
minimum any pos¬
sible disturbance in money conditions which
might arise in financing
payments for bonds.
If you have already received your
designation
depositary for Govern¬
qualify again unless you
desire to increase your present designation.
If, however, you have not
already applied and qualified as a depositary, we beg to
express the hope
that you will communicate with us at once in this
regard.so that you may
receive such designation promptly and be placed
in position to pay by
boob
credit in full or in part for the bonds allotted to
you, thus co-operating to
ment
funds, it will not be necessary for
as a
you to
in the Government’s plan for
stabilizing money conditions.
Your immediate attention to this matter will be
the fullest extent
In the second
;Vol. 107.
THE CHRONICLE
1532
effecting payments and
greatly appreciated.
communication sent out by it, dated Oct.
11, the New York
Federal Reserve Bank says:
list of banks which have applied and qualified as
depositaries of Government funds, we note that your institution has not,
■o far as our records show, applied for such designation.
May we call your attention again to the letter of Governor Strong,
dated September 26 1918, and to the Treasury Department Circular No.
92, dated Sept. 21 1918, and ask that you will give same your,careful
thought as it is desired that all banks shall receive uniform consideration
and equitable treatment regarding Government deposits.
Will you kindly advise as whether you desire to avail yourselves of the
facilities offered by the Treasury Department through the Federal Reserve
Bank of New York as outlined in the circular to assist you in financing
the payments for bonds of the Fourth Liberty Loan.
In checking up our
It will be noted that attention is particularly called by the
Federal Reserve Bank to paragraphs E, G and H of the
Treasury Department’s circular (which we give in full below),
with regard to collateral security to be furnished by institu¬
tions qualifying as depositaries.
It is also to be noted that
the circular states that “any bonds or notes of an issue which
the War Finance Corporation has agreed to accept or pur¬
chase in whole or in part when conforming in other respects
to the provisions of this circular, shall be acceptable collateral
security for deposits of public money without regard to their
interest yield at the date of this circular.
The following is
the circular:
SPECIAL DEPOSITS OF PUBLIC MONEYS UNDER THE ACT OF
CONGRESS APPROVED SEPT. 24 1917, AS AMENDED
AND SUPPLEMENTED.
Department Circular No. 92.
▲mended and Supplemented.
Division of Public Moneys.
TREASURY DEPARTMENT,
Office of the Secretary.
Washington, Sept. 21 1918.
To Federal Reserve Banks and other banks and trust companies incorporated
under the laws of the United Stales or of any State:
Department Circular No. 92. dated Oct. 6 1917, and the supplements
thereto dated April 10 and May 29 1918. in relation to special deposits of
public moneys under the Act of Congress approved Sept. 24 1917, as
amended and supplemented so as to read as follows:
Any incorporated bank or trust company in the United States desiring
to participate in deposits of public moneys, however arising, under the Act
of Congress approved Sept. 24 1917. as heretofore and hereafter amended
and supplemented, should make application to the Federal Reserve Bank
companies, secured (directly or by the pledge of mortgage
bonds) by mortgage upon physical properties in the United States, and listed
on some recognized stock exchange; all at 75% of market value; but not
including any such bonds or obligations maturing after Oct. 1 1925, which,
at the date of this circular, are at a market price to yield more than 7%
and industrial
such bonds or obligations maturing on or before Oct. 1
1925, nor any such notes, which at the date of this circular are at a market
price to yield more than 8% per annum, if held to maturity, according to
standard tables of bond values.
(h) Commercial paper and bankers’ acceptances, having maturity at
per annum, nor any
pledge of not to exceed six months, exclusive of days of grace,
otherwise eligible for rediscount or purchase by Federal Re¬
serve banks; and which have been aproved by the Federal Reserve bank of
the district in wnich the depositary is located: at 90% of face value.
All
the time of
and which
are
such commercial paper
cant in Form J-4, hereto attached.
Depositaries already qualified to a sufficient amount pursuant to Depart¬
ment Circular No. 92, dated Ocg. 6 1917, and said supplements dated
April 10 1918, will not be required to file anew formal applications or reso¬
lutions, but if they desire to receive or retain deposits after Sept. 28 1918
must so notify the Federal Reserve bank of the district in which they are
located by letter or telegram; and they will, by the acceptance or retention
of deposits after Sept. 28 1918 be conclusively presumed to have assented
to all the terms and provisions hereof, and to the retention of collateral
security theretofore pledged as collateral security hereunder.
In fixing the maximum amount of deposits for which it will apply, the
applicant bank or trust company should be guided by the amount of the
payments which it expects to have to make for itself and others, on ac¬
count of Liberty bonds and Treasury certificates of indebtedness and in¬
come and profits taxes, as the case may be, and, as well, by any statutory
limitations upon the amount of deposits which the applicant bank or trust
company may receive from any one depositor.
Any application may be re¬
jected or the applicant may be designated for a smaller maximum amount
than that applied for.
After receiving the recommendation of the Federal
Reserve bank, the Secretary of the Treasury will designate approved de¬
positaries.
Collateral Security.
Designated depositaries will be required, before receiving deposits, to
qualify by pledging, as collateral security for such deposits, securities of the
following classes, to an amount taken at the rates below provided, at least
equal to such deposits:
(a) Bonds and certificates of indebtedness of the United States Govern¬
ment, of any issue, including bonds of the Liberty Loans and interim cer¬
tificates or receipts for payments therefor; all at par.
(&) Bonds issued under the United States farm loan Act and bonds of the
Philippine Islands, Porto Rico and the District of Columbia; all at par.
(c) The 3 H % bonds of the Territory of Hawaii at 90% of market value;
and other bonds of said Territory at market value.
(d) Bonds of any State of the United States, at market value; and ap¬
proved notes, certificates of indebtedness, and warrants issued by any State
©f the United States, at 90% of market value.
(e) Approved bonds of any county, cuy or political subdivision in the
United States; and approved notes, certificates of indebtedness and war¬
rants with a fixed maturity issued by any county or city in the United State
which are direct obligations of the county or city as a whole, or which are
payable from general taxes levied on all taxable property in such county or
city; all at 90% of market value; but not including any such bonds which
%t the date of this circular, are at a market price to yield more than 5H %
per annum, nor any such other oDliagtions which at the date of this circu¬
lar are at a market price to yield more than 6% per annum, if held to matur¬
ity, according to standard tables of bond values.
if) Approved dollar bonds and obligations of foreign Governments (and
of the dependencies thereof) engaged in war against Germany, issued since
July 30 1914, at 90% of the market value thereof in the United States, and
approved dollar bonds and obligations of any province or city within the
territory of any such foreign Government or dependency, issued since July
80 1914, at 75% of the market value thereof m the United States.
(0) Approved bonds, listed on some recognized stock exchange, and notes,
of domestic railroad companies within the United States; approved equip¬
ment trust obligations of such domestic railroad companies: and approved
bonds and notes of domestic electric railway and traction companies, tele¬
phone and telegraph companies, electric light, power and gre companies,
of the
The approval and valuation of securities is committed to the several
Federal Reserve banks, acting under the direction of the Secretary of the
The withdrawal of securities, the pledge of additional securi¬
of securities shall be made from time to time as
Treasury.
ties. and the substitution
required
or
permitted by the Federal Reserve banks acting
under like
direction.
Securities
Committees.
Each Federal Reserve bank is authorized to deslgna;e a committee or
committees, to be composed of experienced bankers, in such city or cities
in its district as may be deemed necessary, to be known as the secnities
Each securities committee shall consist of not more than three
committee.
nor more than two members, who shall serve without compensation.
It
shall be the duty of such securities committee to examine the lists of se¬
curities tendered as collateral security for deposits and to transmit them
promptly to the Federal Reserve bank
of the district wita the committee’s
recommendation.
Custody
of
Securities.
accepted as collateral security for deposits hereunder must
with the Federal Reserve bank of the district in which the
All securities
be depos.ted
depositary is located, as fiscal afoent of the United States, or, by the direc¬
tion and subject to the order of the Federal Reserve bank, as such agent,
with a custodian or custodians designated by it, and under rules and regula¬
tions
prescribed by it under the
direction or with the approval of the Sec¬
retary of the Treasury.
How
•f its iStrict.
Applications hereafter made for deposits of public moneys under said Act
should be. and all applications for such deposits made after Sept. 28 1918
must be, in Form H-4, hereto attached, and be accompanied by a certi¬
fied copy of resolutions duly adopted by the board of directors of the appli¬
and acceptances must bear the indorsement
depositary bank or trust company.
No security shall be valued at more than par.
No State or municipal
bond, obligation or evidence of indebtedness shall be accepted if the State
or municipality has made default in payment of principal or interest during
the past 10 years.
Any bonds or notes of an issue which the War Finance Corporation has
agreed to accept or purchase in whole or in part, when conforming in o her
respects go the provisions of this circular, shall be acceptable collateral se¬
curity for deposits of public moneys, without regard to their Interest yield
at the date of this circular.
The right is reserved to call for additional collateral security at any time.
Deposits Are to Be Made.
will be required to open and maintain or con¬
Federal Reserve bank of its district, as fiscal
agent of the United States, a separate account for deposits to be made
hereunder, to be known as the * War Loan Deposit Account.**
Qualified depositaries may, if and to the extent from time to time here¬
after authorized by the Secretary of the Treasury, be permitted to make
payment by credit when due of amounts payable on subscriptions made
Each qualified depositary
tinue for the account of the
by or through them for Treasury certificates of indebtedness and for
Liberty bonds.
In order to make payment by credit the depositary must
notify the Federal Reserve bank of the district, by letter or telegram to
reach it on or before the date when such payment is due, and must on said
date issue a certificate of advice to such Federal Reserve bank stating
specified (in addition to all other amounts standing to the
with such depositary) has been deposited with
such depositary for the account of such Federal Reserve bank as fiscal
agent of the United States in the War Loan Deposit Account.
Such
certificate of advice must be substantially in Form K hereto attached.
If and to the extent that payment by credit shall be so authorized, any
qualified depositary may make payment by credit of amounts which its
correspondent banks or trust companies would otherwise pay by check
This may be done whether such qualified
upon such qualified depositary.
depositary and correspondent bank or trust company are in the same
district or in different districts.
In cases where they are in different
districts, the Federal Reserve bank of the district where the subscription
is made must be notified by telegraph by the Federal Reserve bank of the
district where payment is made, and the Federal Reserve bank of the dis¬
trict where the subscription is made will accept such telegraphic advice
in lieu of payment to it by the subscriber.
Banks and trust companies
desiring to avail themselves of this method of payment must give ample
notice to the depositary which they expect to call upon to make payment
in order that such depositary may be prepared to make such payment, and
to avoid the possibility of payment not reaching the Federal Reserve bank
The object of this procedure is to avoid unnecessary dislocation
on time.
of funds and to reduce the float as far as practicable.
The unexpected cash proceeds, if any, of the sale of any issue of bonds
or certificates will be redeposited among the qualified depositaries making
application to receive such redeposits as nearly as may be in proportion
to the subscriptions made by or through them.
Payment of income and profits taxes cannot be made by credit. It is
intended, out of any unexpended cash proceeds arising from the payment
of income and profits taxes, to make deposits, through the Federal Reserve
banks, under direction of the Secretary of the Treasury, with qualified
depositaries throughout the United States, as may be hereafter announced
by the Secretary of the Treasury.
All deposits and withdrawals will be made by the Federal Reserve banks
by direction of the Secretary of the Treasury.
The amount deposited with any depositary shall not in the aggregate
exceed at any one time (a) the maximum amount for which it shall have
been designated as a depositary, nor (6) the aggregate amount of the
collateral security pledged by it taken at the rates hereinbefore provided.
that
a
sum
credit of said fiscal agent
Withdrawal of
All deposits
will be payable
on
Interest
Deposit.
demand without previous
on
notice.
Deposits,
will be required to pay interest at the rate of 2% pee
annum on daily balances.
Interestjpayments must be made as and when
each deposit is withdrawn.
W. G. McADOO,
Secretary of the Treasury,
Each depositary
^-Public Moneys.
Oct. 19 1918.]
THE CHRONICLE
The
APPLICATION FOR DEPOSITS.
To the Federal Reserve Bank of New York, fiscal agent of the United States.
The undersigned bank or trust company, in accordance with the provi¬
sions of Treasury Department Circular No. 92, as amended and supple¬
mented September 21 1918, and pursuant to due action of its board of
directors, hereby makes application for the deposit of public moneys with
approved September 24
1917, as heretofore and hereafter amended and supplemented, the aggre¬
gate amount of such deposits not to exceed at any one time $
;
and assigns and agrees to pledge, from time to time, to and with the
Federal Reserve Bank of New York, as fiscal agent of the United States,
as collateral security for such deposits as may be made from time to time
pursuant to this application, securities of the character and amount re¬
quired by said circular.
it from time to time under the Act of Congress
By
President
(Vice-President.)
Street
City
or town
following is the announcement concerning the subscription:
;; ■i ‘
Secretary McAdoo to-day announced that the seventh and last bi-weekly
issue of United States Treasury certificates of indebtedness in anticipation
of the Fourth Liberty Loan was oversubscribed $141,069,000.
The total
subscriptions aggregate $641,069,000. The aggregate of subscriptions for
certificates in anticipation of the Fourth Liberty Loan to date is $4,666.*
320,000.
The quotas (in round numbers) and subscriptions by districts for tfrfa*
last issue were as follows:
Federal Reserve Bank—
United States Treasury
Boston.
New York
Quota.
State
35.300,000
$2,817,000
60,378,500
249,691,000
46,808,600
52,182,500
15.208,000
21,387.500
82,759,000
21,360,000
21,5004)00
21,200,000
9,457,000
46,420,000
Philadelphia
$500,000,000
$641,069,000
Cleveland
Richmond
Atlanta
45.300,000
17,300,000
14,600,000
70.000,000
20,000,000
17.300,000
20,000,000
12,000.000
Chicago
St. Louis.
Dallas..
San Francisco.
Form J4—Public Moneys.
FOR
Total...
DEPOSITS.
Subscription.
$43,400,000
169,600,000
35,300,000
Minneapolis
Kansas City
.
RESOLUTIONS AUTHORIZING APPLICATION
1523
I hereby certify that the following resolutions were duly adopted at a
meeting of the board of directors of the below-named bank (trust company),
day of
191.., a quorum being present, and that the said resolutions were spread
upon the minutes of said meeting1
Resolved, That in accordance with the provisions of Treasury Department
Circular No. 92, as amended and supplemented September 21 1918, this
bank (trust company) makes application for the deposit of public moneys
with it from time to time under the Act of Congress approved September 24
1917, as heretofore or hereafter amended and supplemented, the aggregate
amount of such deposits not to exceed at any one time $
; and
assign and agree to pledge from time to time to and with the Federal
Reserve Bank of New York as fiscal agent of the United States, as collateral
security for such deposits as may be made from time to time, pursuant to
such application, securities of the character and amount required by said
which meeting was duly called and duly held on the
circular;
and
Resolved, That the president, or any vice-president, or cashier, or secre¬
tary, of the undersigned bank (trust company) is hereby authorized to
make application, assignment, and agreement as aforesaid and from time
to time to deliver to and pledge with said Federal Reserve bank, or any
custodian or custodians appointed by it, securities of the undersigned bank
(trust company) of a character and amount at least sufficient to secure such
deposits according to the terms of said Treasury Department circular as
supplemented as aforesaid, and from time to time to with¬
draw securities and to substitute other securities and to pledge and deposit
amended and
additional securities.
In witness whereof I have hereunto signed my name and
seal of the
of
affixed the
Cashier (Secretary).
Form K—Public Moneys.
TREASURY CERTIFICATES TO BE ACCEPTED
PAYMENT OF FOURTH LIBERTY BONDS.
The Federal Reserve Bank of Richmond on Oct. 14 issued
the following circular relative to the acceptance of
Treasury
Certificates of Indebtedness in payment for coupon bonds
of the Fourth Liberty Loan:
Payment for Cash Bonds in Treasury Certificates Series IV.
Monday, Oct. 14, you are authorized to accept Treasury
Certificates of Indebtedness of Series Four of any maturity in payment for
coupon bonds applied for by an incorporated bank or truot company for
advance delivery on Form L and C Eighty-six.
On and after
Such certificates will be received at their face value.
The accrued
interest thereon to Oct. 24 1918, or to the earlier date of sale of such bonds
by the incorporated bank or trust company to subscribers for cash, will be
paid after Oct. 24 1918 upon receipt of a report from the bank or trust
company giving the amounts and dates of cash payments to it by sub¬
scribers for bonds so delivered.
The depositary will be required to render separate reports to the Federal
Reserve Bank to date of Oct. 23, inclusive, showing the daily amounts of
such bonds sold.
Interest
or
the Treasury Certificates so accepted will cease on Oct. 24
the bonds delivered in exchange therefor are earlier sold
In no event will any bonds delivered to incorporated banks and
on
earlier in
for cash.
trust
case
companies be taken back.
You should exercise every precaution to insure that deliveries of bonds
in exchange for Treasury Certificates are only made to cover the estimated
cash sale during the balance of the campaign.
The stocks of bonds oh
hand are not sufficient to deliver bonds in advance in order that the banks
may
CERTIFICATE OF ADVICE.
IN
have them
on
hand for deliveries after Oct. 24 and it is important that
the supply be conserved to meet the demand for deliveries on cash pay¬
ments
(Title of bank or trust company.)
.
s
(Location.)
191
Date
I
__
hereby certify that there has been deposited this day with the above
bank (trust company), to the credit of the Federal Reserve Bank of New
York, as fiscal agent of the United States, War Loan Deposit Account, to
be held subject to withdrawal on demand, the sum of
dollars, consisting of payment for
Bonds
Certificates of indebtedness
•
$
/principal
(accrued interest
j principal
(accrued interest
$
$
$
TREASURY CERTIFICATES IN ANTICIPATION OF
FOURTH LIBERTY LOAN TAKEN BY NEW YORK
RESERVE DISTRICT.
The following figures showing the amount of Treasury
Certificates of Indebtedness issued in anticipation of the
Fourth- Liberty Loan, taken by the New York Federal
Reserve District, have been made public this week.
TOTALS OF ISSUES OF CERTIFICATES OF INDEBTEDNESS FROM
JUNE 25 1918 TO OCTOBER 1 1918. INCLUSIVE.
Total $
Amount taken
Cashier or Vice-President
(Tha depositary will forward this to the Federal Reserve Bank of New
by New York
York.)
District.
$
SUBSCRIPTIONS TO TREASURY CERTIFICATES IN
ANTICIPATION OF FOURTH LIBERTY LOAN.
Liberty Loan—the amounts shown being those
reported by the Treasury Department following the closing
of the respective offerings.
It is to be noted that there is
a slight difference between the total here given ($4,659,820,000) and that reported by Secretary McAdoo ($4,665,320,000), in announcing the results of the seventh offering,
4A
4B
4C
4D
4E
4P
4G
Dated.
June 25 1918
July
9
July 23
Aug. 6
Sept. 3
Sept. 17
Oct.
1918
1918
1918
1918
1918
1 1918
Maturity.
24 1918
Oct.
Nov.
Nov.
Dec.
Jan.
Jan.
Jan.
7 1918
21 1918
5 1918
2 1919
16 1919
30 1919
Subscriptions.
$839,646,500
753,938,000
584.750.500
575.706.500
639,493,000
625.216.500
641,069,000
$4,659,820,000
Offering.
$750,000,000
750,000,000
500,000,000
500,000.000
.750,000,000
.
273,219,500
19.219,500
750,000,000
.
211,714,000
42,114,000
500,000,000
207,287,000
37,687,000
500,000.000
210,068,500
40,468,500
500,000.000
216,264,500
13,064,500
600.000,000
249.591.000
79,991,000
500,000,000
500.000.000
600,000.000
500.000,000
$4,100,000,000
SUBSCRIPTIONS TO SEVENTH OFFERING OF TREAS¬
URY CERTIFICATES IN ANTICIPATION
LIBERTY LOAN.
OF
II
.
-
Total
of Entire
Country.
$
61,844,500
Fourth
referred to in another item.
Quota.
$
Total Offering
312,844,500
.
The following table shows the subscriptions to the seven
issues of Treasury certificates issued in anticipation of the
Excess
Over
1
1,680,989,000
In making public these
Reserve Bank is quoted as
294,389,000 4,100,000,000
figures, the New York Federal
saying:
It Is
significant tbat while the mutual savings banks in this district were
assigned quotas a large number of these institutions participated in the
large and ready responses which our banking institutions generally have
made to the call of the Secretary of the Treasury.
In this district there are
178 mutual savings banks, of which 144 subscribed to one or more of the
issues of the series just closed the total sum of $49,120,500.
For obvious reasons the subsriptions of private individuals cannot be
given in detail, but it is worthy of note that subscriptions from 143 separate
private subscribers amount to $44,149,000.
The quotas for the district rested upon 621 national banks, 265 State
banks and 196 trust companies.
not
An oversubscription of $141,069,000 to the seventh offer¬
ing of Treasury certificates of indebtedness issued in antici¬ DEFINITIVE TREASURY CERTIFICATES ISSUED IN
ANTICIPATION OF TAXES.
pation of the Fourth Liberty Loan was announced by
The Federal Reserve Bank of New York announced on"
Secretary of the Treasury McAdoo on Oct. 12. The
amount of the offering was $500,000,000.
The certificates Oct. 11 that it had received from Washington the definitive,
are dated Oct. 1 and will mature Jan. 30.
The offering 4% Treasury certificates of indebtedness dated Aug. 20
and maturing July 15 1919, issued in anticipation of ne*t
was announced on Sept. 24, the subscriptions closing Oct. 8.
THE CHRONICLE
1524
year’s taxes, and was prepared to deliver them to purchasers.
Regarding these certificates the “Wall Street Journal” of
Oct. 11 said:
shown below
Nov. 16 1918
Interest.
—$9
$9 53
...
Mar. 15 1919
May 15 1919
July 15 1919
...
...
...
6 68
6 47
668
6
68
6
69
6 69
Days.
87
61
59
61
61
these certificates bear coupons is to obviate the issuance of
different series of certificates to anticipate taxes. Last year, it will be
recalled, the Treasury issued as many as six series of certificates to antici¬
pate 1918 taxes, all maturing June 25 1918. The first issued was dated
Nov. 30 1917.
On Jan. 2 a second series was issue, on Feb. 15 a third,
The
reason
so on. every month or so.
Each series was designed to facilitate sub¬
scriptions and to obviate the payment of accrued interest back to the original
and
issue date.
The Treasury, however,
found this year that the same thing could be
accomplished by confining the tax certificates to a single series, but with
coupons attached.
The certificate coupons would then function the same
as the bond coupons.
Each coupon would virtually constitute a new cer¬
tificate series and purchasers would only have to pay accrued interest back
to the last coupon date, as it the case with Government bonds traded in
the market.
The current offering of tax certificates runs for a period of over 11 months.
Sale of the present tax certificates has gone more slowly than the early
issue of tax certificates about a year ago.
Up to the close of last month
the total sales amounted to $219,446,611.
Last year the first series of
tax certificates brought into the Treasury $691,873,000, and the second
series $491,822,000, a total of $1,183,795,000 in about two months and a
half.
Over $1,600,000,000 of tax certificates were sold last year.
on
N. Y. INSURANCE DEPARTMENT TO CONTINUE TO
VALUE LIBERTY BONDS AT PAR.
The intention of the New York State Insurance Depart¬
ment in
of any kind. Bonds of the Third Liberty Loan received the widest possi¬
ble distribution, and I fed sure that we all owe a duty to the millions of sub¬
scribers of small means not merely to pay them a fair rate of interest, which
doing, but to take such measures as may be necessary to insure to
them a market for the bonds at approximately par in case their necessities
are such as to force them to realize upon the investment which they have
made in the Government's obligations.
“I have been much impressed by the success of the plan which has been
adopted in Canada for the purpose of maintaining the market value of
Canada’s Victory bonds.
A careful study of that plan is being made in
the Treasury and by the War Finance Corporation, and I am glad to learn
that the bankers of the country have been making a similar study.
I
am not without hope that some such plan may be made effective in the
United States, although conditions here are very different and it will not do
we are
Certificates have five coupons attached, the dates, amount of interest
applicable to a $1,000 certificate at each date, and the number of days
covered by each coupon, are
Date—
[Vol* 107.
auditing statements of insurance companies to
value at par Liberty bonds held by such companies doing
business in New York, provided the bonds were purchased
announced on Oct. 16. This continues the
policy pursued by the Department in the past. The bonds
are to be similarly valued for examination purposes.
State
Superintendent Jesse S. Phillips announces that he pro¬
poses to present the subject to the committee on valuation
In any event,
the creation of
To make such
a plan effective, it would be necessary to put an end to dealing in bonds on
the exchanges, and accordingly to substitute an active and adequate mar¬
ket through the banking houses of the United States, acting in dose co¬
operation with an instrumentality of the Government, probably the War
Finance Corporation.
At the same time, it would be necessary to put an
end to the numerous schemes, many of them actually fraudulent, for induc¬
ing inexperienced holders of Liberty bonds to exchange them for merchan¬
dise or property of less inherent value through carrying the promise of a
higher value or a higher income return. In oder that the Treasury may be
placed in a position to carry such plans as these into effect, if they should
be found expedient, I suggest for your consideration the present enactment
of appropriate legislation.”
In conclusion, I desire to say that it is inconceivable that any public
man, least of all he who is charged with the great task of financing the re¬
quirements of the United States in this war, would impair the negotiability
of the bonds of the United States sold to millions of people of the United
States, and which must continue to be sold to them in order to meet these
requirements. The Secretary of the Treasury believes it to be imperative
in the public interest that a broad market for Liberty bonds should be main¬
tained at the highest possible price; and while he has urged and wiU continue
to urge, the patriotic people of the United States not only to subscribe to
the utmost for Liberty bonds, but to hold the bonds which they purchase to
the full extent of their ability, enlisting their dollars at least for the period of
the war, he is fundamentally opposed to any measure which will impair the
marketability of the bonds. He has, on the contrary, used every effort,
and will continue to use every effort not only to maintain a broad market
for the bonds, but to strengthen the market for the bonds.
(Signed) W. G. McADOO.
depend too much upon the experience of our neighbor.
it will not do to proceed in this matter abruptly, nor without
an immence organization, country-wide in its ramifications.
to
at par, was
of securities of the National Convention of Insurance Com¬
missioners of which he is Chairman at its meeting to be held
in New York Oct. 30, and to urge the committee to adopt
the
policy of the New York Insurance Department in valuing
Liberty bonds.
SECRETARY McADOO ON DESIRABILITY OF MAIN¬
TAINING BROAD MARKET FOR LIBERTY BONDS.
A statement in which he announces it as his belief that it
is “imperative in the public interest that a broad market for
Liberty bonds should be maintained at the highest possible
price, was issued as follows'by Secretary of the Treasury McAdoo
on
the 15th inst.:
Various inquiries indicate that there has been some misapprehension
with regard to the attitude of the Treasury concerning the market for and
sales of Liberty bonds.
I cannot believe that this apprehension is wide¬
spread, but in order that tbe Liberty Loan workers may be in a position
to meet this objection when it is raised, I desire to make the position of
the Treasury entirely clear.
The Treasury has neither the power nor the
desire to prohibit sales of Liberty bonds.
The Treasury has at all times
urged and will continue to urge the people of the United States to subscribe
for Liberty bonds to the utmost of their ability and to continue to hold
their bonds if they can do so.
Both things are a patriotic duty as well as
a matter of intelligent self-interest.
So far as the legal right is concerned,
every man will continue to be free to sell his bonds, but let no man think
that he has performed his whole duty when he has made a liberal subscrip¬
tion for Liberty bonds and subsequently sold them even at a loss if he has
sold them in order to make an investment which he thinks will produce
a larger income return or give him the expectation of a speculative profit,
or in order to expend the proceeds for his own enjoyment.
The position of the Treasury concerning these matters has at all times
been clear and consistent.
The following is a quotation from the annual
report of the Secretary of the Treasury for the year 1917:
“The man who
subscribes for a Government bond and is advertised as a patriot for doing
so is not a patriot if he immediately sells that bond on the market when he
does not imperatively need the money.
It is not mere subscription to a
bond that helps the Government, it is the actual purchase of the bond and
the keeping of the bonds that really helps.
“The people must have and invest in Government bonds. It is by
actually lending money to the Government and not by merely promising
it and shifting the load to some one else that the citizen really helps in this
great time.
‘‘if loans are made to the Government and bonds are taken therefor,
the lender is supposed to deny hlmiwif something which releases in turn a
demand on the vital supplies or stores of the country and puts the Govern¬
ment in position to buy the supplies thus released and to furnish them to
our armies and navies.
But if the lender immediately sells his bonds,
relieves himself of the obligation to have vital supplies, and goes on wast¬
ing them, he does his country
a grievous injury and hurts himself as well.
”1 want to make it clear that there is no desire on the part of the Govern¬
ment to prevent or to interfere with freedom of legitimate trading in Gov¬
ernment bonds, that is, trading in good faith.”
The following is quoted from the letter dated Sept. 5 1918 from the Sec¬
retary of the Treasury to Mr. Kitchin, Chairman of the Ways and Means
Committee, asking the enactment of the last bond bill: “The magnificent
p atriotism of our people and the fervor and efficiency of the Liberty Loan
o rganl rations have made it possible to place the Liberty bonds in the hands
o f many millions of people who had never before been investors in securities
SUBSCRIPTIONS TO FOURTH LIBERTY LOAN IN
NEW YORK FEDERAL RESERVE DISTRICT.
The subscriptions to the Fourth Liberty Loan in the
New York Federal Reserve District last night reached
$1,330,000,000. The district’s quota is $1,800,000,000.
On the 17th inst., when the subscriptions for the district
aggregated $948,792,550, the amount credited to New
York City was $663,254,750, made up as follows:
NEW YORK CITY.
Subscriptions
P.C.of
16 Days.
Quota.
$592,718,356
47.9
76.5
60.661,450
Total for
Quota.
$1,236,605,800
79,233,800
Manhattan
Brooklyn..
Queens
9,434,700
6,634,200
2,173,900
Bronx
Richmond
New York City
$1,334,082,400
Yesterday.
$61,631,950
2,630,200
774,100
200,250
6,207,450
65.8
35.4
260,550
1,349,400
1.318,100
60.7
$65,497,050
$663,254,750
* 49.7
who yesterday individually subscribed to
$1,000,000 of the loan, on the 17th inst. issued the following
appeal in behalf of the loan:
J. P. Morgan,
The need to-day is speed.
The investors, large and small, are coming
in well, but there will be a most difficult situation on Saturday, owing to
congestion, unless the
is made
as
small
as
numoer
who wait to the last moment to subscribe
possible.
Corporations in large numbers are holdings meetings to reconsider and
to their subscriptions.
Individuals are arranging to borrow who
have never done so before.
We urge every subscriber to double his former
subscription and to turn it in at the earliest possible moment.
add
Benjamin Strong, Governor of the Federal Reserve Bank
and Chairman of the Liberty Loan Committee, on the 15th
inst. sent the following telegram to the loeal Liberty Loan
chairmen throughout the district:
The eyes of the world to-day are on the Fourth Liberty Loam.
The
President’s vigorous answer to Germany demands from us a smashing
response to his request for money to win the war
On behalf of the Gov¬
ernment our message to every city, town and village, and to every man and
woman
in this district, is, “Double your subscription to
Go to your
bank and borrow.”
Our slogan is, “Double tbe
the last loan.
Thied.”
PROGRESS OF LIBERTY LOAN CAMPAIGN—CLOSING
DAY TO-DAY.
The Fourth Liberty Loan campaign, which opened on
Sept. 28, closes to-day Oct. 19. While the total subscrip¬
tion on Thursday night, actually tabulated at Washington,
aggregated $3,607,597,350, with but two days remaining to
realize the $6,000,000,000 goal, Secretary of the Treasury
McAdoo emphatically stated that there would be no exten¬
sion of the campaign. On Thursday, the 17th, it was stated
that the situation on the whole might be said “to be as good
as could be expected considering the enormous difficulties
under which the campaign has been conducted, including
the vastly increased amount sought, the shortened campaign,
the Spanish influenza epidemic, and.the effect of peace
talk.” New reasons why the loan she* ^be not only rased
Oct. 19
1535
THE CHRONICLE
1918.]
the Metropolitan Opera House held for the Queen Mar¬
garita Fund for the Blinded Soldiers of Italy, and it was
to run on for many months regardless of the outcome of there that he received the reply from Germany in which
Germany’s efforts for peace. Even if peace should come the latter purports to accept the foundation for peace laid
soon, it is pointed out, there will be immense manufacturing down by the President.
The night before (the 11th) the
contracts to be fulfilled, armies to be brought back to President attended the New Amsterdam Theatre and there
American shores, and a multitude of other expenses which the subscribed to a $2,000 bond; subscriptions of some $750,000
momentum of war will carry on.
The New York “Sun” of were raised at the performance.
On the 11th inst., when subscriptions of $2,269,896,200
yesterday quoted Secretary McAdoo as saying:
If peace comes it will take billions to bring peace to the shores of America.
were reported by the Treasury Department, the latter issued
Support for our army fighting upon the other side cannot be stopped be¬ the
following statement denying the ■withholding of reports:
cause these boys have won victory for us.
There are 2,000,000 men on
but oversubscribed ,"as emphasized by Secretary McAdoo on
the 17th, were that tremendous war expenses will continue
the other side now, and at best they cannot be
300,000
a
brought back faster than
month.
we would be considerably more than half a year getting
again if peace came to-morrow, and in the meantime we
must feed, clothe and supply them.
And even so, we have no right to
talk of peace now.
No matter how gratefully we might welcome it, peace
This
means
that
the boys home
is not in sight.
Including the deficiency measure already passed by the House, Congress
appropriated $37,000,000,000 for the present year alone. We have
contracted for huge bills.
Uncle Sam has always paid his bills and he will
pay them now.
Our expenditures cannot be abruptly stopped and the
people must know this and realize it fully. We are already spending at
the rate of $24,000,000,000 for the year.
This Is $2,000,000,000 a month
of expenditures that Uncle Sam must meet.
With respect to the $37,000,000,000 appropriated by Congress it might
be said that the country cannot spend so much, that production cannot be
brought up to this point. There is no guarantee of this, however, as pro¬
duction is still increasing.
But even so, the present loan not only must
be subscribed, but future loans.
The flotation of bonds will be necessary
even after peace comes to meet the war bills contracted and to meet the
reconstruction program that will be necessary.
has
Inasmuch
the belief is prevalent in some quarters that reports on sub¬
being withheld in an endeavor to create a “bear” impression
it seems proper to explain the manner in which the official figures are ob¬
tained and made public.
Every afternoon at 3 o’clock Washington time
the twelve Federal Reserve banks of the country report to the Treasury
Department every subscription made through incorporated banks and trust
companies on which’deposits of 10% have been paid. These reports are
made public absolutely without change.
The figures are taken directly from telegrams sent by the Governor of
each Federal Reserve bank and incorporated into the press statement.
No attempt is made to create by those figures either a good or bad impres¬
sion of the manner in which the loau is progressing.
Tae w sole truth of
the situation is told by the figures, and they speak for themse’ves.
Briefly stated, the situation to-night is that $532,000,003 must be sub¬
scribed on every one of the remaining seven working days of the loan if
the total asked by Secretary McAdoo is to be obtained.
scriptions
announcing total subscriptions of $3,607,597,350 on
Department gave out the following
figures for the separate districts:
In
the 17th, the Treasury
Subscription.
$230,900,200
Quota.
$260,000,000
District—
St.
Louis
Minneapolis
210,000,000
177,163,450
Boston.
Dallas..
San Francisco
500.(XX),000
128,000,000
402,000.000
375.461,700
82,755,650
256,591,800
Chicago
870,000,000
539,832,300
Richmond
230,000,000
166,371,100
Kansas City
Cleveland
260,000,000
153,325,700
600,000,000
1,800,000.000
350,182,950
948,792,000
Philadelphia
500,000,000
239,331,450
Atlanta
192,000,000
Total
$6.000.000.000
New
-
York
86,869,050
.
$3,607,597,350
night the total had reached close to $5,000,000,000.
a statement to the press on the
17th, in calling upon every individual to subscribe to the
limit of his ability and make victory certain for the Fourth
Liberty Loan, said:
Last
Secretary McAdoo in
Washington
,
Oct. 17.
Subscriptions reported and estimated up to noon, Thursday amount to
four billion dollars, leaving at least two billion dollars to complete the
Fourth Liberty Loan.
Only two days are left within which to raise this
vast sum.
No country on earth but America could raise so vast a sum
in so short a time.
America can do it and must do it. The destinies of
the world and the hopes of civilization are centred upon America.
We shall fail in everything we have fought for and hope to gain in this
war if the Fourth Liberty Loan is defeated.
Let every true American
citizen to-day examine himself under the white light of patriotism and
say whether he has done his utmost in this emergency.
The highest
obligations of duty and patriotism command every true American to go
immediately to his bank or to his Liberty Loan Committee and subscribe
to the limit of his ability to the Fourth Liberty bonds.
Don’t delay; don’t wait to be urged; be as quick to do your part in this
Fourth Liberty Loan battle as our soldiers in France are quick to obey the
Buy Liberty bonds on the installment plan
orders to charge the enemy.
if you cannot buy them for cash.
Every patriotic bank will help you.
patriotic citizen will do his duty to-day, victory for the Fourth
Liberty Loan is certain. The continued victories of our armies in Europe,
the certain defeat of our enemies, and the glorious trumph of the cause
of liberty depend on what the American people do in the remaining two
days of the Fourth Liberty Loan campaign.
If every
W. G. McADOO.
During the past week urgent appeals on the part of Presi¬
dent Wilson, Secretary McAdoo and other officials of the
Government have been made to spur the loan.
Last
Oct.
12,
Liberty
and
for
which
Saturday,
designated as
Day,
various ceremonies had been planned throughout the coun¬
Loan campaign, President
held in New York and re¬
ceived a wholehearted greeting all along the line. During
the parade an interruption occurred when a man who gave
his name as Herbert J. Boone, made a move for the Presi¬
dent and was immediately taken in hand by Secret Service
and Central Office men.
At the police court he is said to
have declared that all he had intended was to shake hands
with the President. He was later discharged from custody.
Rear Admiral Grayson and Brigadier Gen. George R. Dyer
marched with the President; Joseph P. Tumulty, the Presi¬
dent’s Secretary, was also one of the paraders.
The Presi¬
dent joined the parade at 72nd street and 5th avenue and
continued with it to Washington Square, the end of the
route.
In the evening the President attended a benefit at
try to stimulate the* Liberty
Wilson marched in the parade
as
are
,
In addition to his appeal of the 10th President Wilson
the 14th issued the following further appeal for the sup¬
on
port of the loan:
The reply of the German Government to my note of inquiry, dated Oct.
8, gives occasion for me to say to my fellow countrymen that neither that
reply nor any other recent events have in any way diminished the vital
importance of the Liberty Loan.
Relaxation now, hesitation now, would
mean defeat, when victory seems to be in sight; would mean years of
war instead of peace upon our own terms.
I earnestly request every patriotic American to leave to the Govern¬
ments of the United States and of the Allies the momentous discussions
initiated by Germany and to remember that for each man his duty is to
strengthen the hands of these governments, and to do it in the most im¬
portant way now immediately presented—by subscribing to the utmost
of his
ability for bonds of the Fourth Liberty Loan.
That loan must be
I am sure that the American people will not fail to see their
duty and make it successful.
successful.
Secretary McAdoo joined in the Liberty Day celebration
meeting in that
city, he made ap. appeal, by telegraph, to the Governor of
every State in the Union requesting the issuance of a pro¬
clamation urging the people of their respective States to
immediately subscribe to thq limit of their ability. This
appeal reads as follows:
in Chicago, and besides addressing a mass
Loan campaign remains, and three
to be raised. The American people
can provide this money if they are fully aroused to the imperative neces¬
sity of doing so. Without the six billion dollars required for the Fourth
Liberty Loan the great victories of our soldiers in France will be nega¬
tived.
The home army must not turn the victories of the field army
into defeats.
The home army must not render valueless the bloody
sacrifices of our heroes.
Tne home army must, on the other hand, trans¬
form the victories of the field army into the final and mighty blow which
will forever destroy military despotism and its menace to the liberties
One week of the Fourth Liberty
a half billion dollars have yet
and
of the world.
Will you not
a proclamation to the people of your State appealing
immediately to the limit of their ability to the Fourth
Liberty Loan? Ask the rich and poor alike to buy Liberty bonds on the
installment plan where they cannot pay cash for them and urge the banks
and bankers of your State to carry purchasers of bonds on the installment
plan at the same rate of interest that the bonds bear, namely 4J4%.
The banks must help the people by lending them mmey to buy Liberty
bonds and the people must help the banks by sub. C ’ibing for them and
paying for them as promptly as possible. We must all help each other
if our army is to make certain that the great victory now in sight is clinched.
issue
to them to subscribe
speech at the Chicago mass meeting Secretary
a special appeal to the farmers.
“Each and
every farmer,” he declared, “should subscribe for Liberty
bonds now and pay for them when he has sold his crops.”
We quote as follows from his remarks:
In his
McAdoo made
Liberty Loan over it will
It will be a new incentive
to Germany to keep on fighting and it will be a confession in America of
humiliating and disastrous failure.
Our soldiers are winning victories
with their blood and heroism.
Shall we at home turn their victories into
No.
defeats?
Pershing has the Germans on the run and we are going
to lash the backs of the fleeing enemy until the victory is complete.
Pershing needs locomotives and rails to follow up victories, and a part
of the money of the Fourth Liberty Loan will be used to send them to him.
It takes American locomotives now to keep up with the fleeing Germans.
Let us see to it at home that the necessary locomotives are provided for
the chase.
We may as well send our American soldiers in first-class trains
to Berlin instead of leaving them to march that long distance on foot.
The fact that only one week remains to subscribe the Fourth Liberty
Loan, and that we are still short $3,500,000,000, makes it necessary for us
to consider some of the specific things that must be done to win success.
Many families, for instance, think they have done their full duty when
the head of the family subscribes for bonds, but the head of the family
has not done his full duty unless he has bought all of the bonds he can pay
for immediately and in the near future.
If the wife is able to buy bonds
and has not done so, she should buy them immediately.
If the children
are able to buy bonds and have not done so, they should buy immediately.
A word particularly to the farmers: They did splendid work in the Third
Liberty Loan, but they must do more with the Fourth Liberty Loan.
Farmers have not yet sold their crops and may not have ready money to
But they are selling their crops right along
pay for bonds immediately.
and will soon have the money to invest in Liberty bonds.
Bach and every
If our home army fails to put the Fourth
contradict everything our soldiers are doing.
1526
THE CHRONICLE
farmer in the United States should subscribe for Liberty bonds now and
pay for them when he has sold his crops.
He can buy bonds on the install¬
ment plan, and the banks ought to carry the farmers and every other class
of our people on their subscriptions until they can pay them.
The banks
owe it to the country to still further demonstrate their patriotism by lend¬
ing money to all subscribers to
the bonds bear, namely 414%.
[Vol. 107
they may be entitled from investments, or otherwise in the ensuing year,
subscribe now to Liberty bonds through the banks, which, I am sure,
will, if desired, gladly grant them temporary loans in anticipation of their
receipts coming in during the next year. Let me express my cordial
appreciation of the excellent support which the railroad companies gave
to the First, Second and Third Liberty bond issues, and I trust that
they
will now do their utmost in every way to insure the success of our Fourth
Liberty bonds at the same rate of interest
The banks can afford to do this, and it is
their duty to do this.
We must not penalize the patriotism of subscribers
Liberty Loan.
of Liberty bonds by charging them higher rates of interest than the Gov¬
On the 15th inst. Secretary of War Baker directed that
ernment pays them.
There are thousands of patriotic bankers through¬
out the United States who are earning Liberty Loan subscriptions at the
the following telegram be sent commanding generals of all
Government rate of interest, but there are many who do not.
departments, and divisions, commanding generals of ports
I hope that all the bankers of the United States, national and State alike,
of
embarkation, commanding generals of coast artillery
will realize how Important it is to them and to the Government to assist
subscribers for Liberty bonds by lending them the necessary money at
districts and to the commanding officers of all important
the Government rate of Interest until they can pay for them on the install¬
stations:
ment plan.
There never was a more critical time in the history of the war than this
What I have said about the duty of farmers to buy on the installment
present week.
Overseas, American valor and efficiency are carrying the
plan applies to every class of our people, rich and poor and of moderate
banner of triumph and democracy with resistless force toward German soil.
means alike
In the Third Liberty Loan there were 18,000,000 subscrib¬
The ardor of the fighting line must not be cooled and the wonderful initiative
ers to $4,000,000,000 of bonds
Of this vast army only 22,500 individuals
and .spirit of our soldiers must not be dulled by any failure to
and corporations bought bonds in excess of $10,000
This shows that the
carry the
Fourth Liberty Loan victoriously over the top.
Third Liberty Loan was subscribed more largely by people of small than
The
people at home must show they are as resolute as the soldiers at
by those of moderate and large means. This time the well-to-do and rich
the from, are brave.
No influence is so potent in its stimulating effect on
people and corporations must improve their record. They can do more
the people of our country as the example of the man with the colors.
than they did in the Third Liberty Loan, and the country expects them to
Let
every American soldier and every American officer do his duty, not only
do more.
They are just as patriotic as any other class of our people, but
they must give a practical demonstration of it in the Fourth Liberty Loan. subscribing himself but by urging those at home to subscribe.
Why should the well-to-do and rich men and corporations hesitate to buv
A copy of the message was sent to General
Pershing.
bonds on the installment plan if they have not the ready cash, when people
On the 15th inst. Secretary of the Navy Daniels issued
of small means are doing ,*o?
A few davs ago I took the subscription of the President of the United
this message:
States for $20,000 of Liberty bonds on the installment plan.
The President,
Let every navy man answer the Hohenzollern toast of “Der
Tag” by
the Commander in Cnief of the Army and the Navy, does not feel demeaned
making Naw Day, Oct 16, the day of days in this battle of freedom.
by buying Liberty bonds on the installment plan. He knows the impor¬
tance of doing it, and he knows that this war cannot be financed unless
the people use their credits as well as their savings
The President is go¬
A. B. LEACH TO DUPLICATE SALES BY FIREMEN,
ing to pay for his Liberty bonds out of his salary as it comes to him monthly,
POLICEMEN AND SCHOOLS.
and every other man and woman and every corporation in the United States
should buy all the Liberty bonds they can, just as the President has done,
As an additional incentive in filling the Fourth
Liberty
and pay for them out of tneir salaries or their incomes on the installment
Loan quota of the New York Federal Reserve District,
plan.
Counties, cities and senool districts throughout the country must real¬ A. B. Leach of the banking house of A. B. Leach & Co. has
ize that it is in the highest degree a duty of patriotism as well as a matter
sent word to all the public schools and to the Police and Fire
of intelligent self-interest to invest their funds in Liberty bonds
Great
departments of Greater New York to the effect that he will
sums of money are accumulated in this country for
sinking fund purposes.
All such sinking funds should be invested in Liberty bonds.
duplicate the amounts raised by them through the sale of
As long
as they are idle or invested in other classes of
securities, than Government
coupon books between midnight Thursday and midnight
bonds, they have no vital fighting power.
The minute they are invested
in Liberty bonds they are a contribution to the
Friday.
All returns are to be in his hands by to-day (Satur¬
strength of our armies at
day)
the front.
The
thing may be said of estates and trust funds generally.
We
must understand that our task is so great that
every resource of the, nation
must be employed if we are to gain success.
Government bonds are peculiarly attractive investments for estate and
trust funds.
Let every trustee of such funds awaken to his duty and
promptly invest the tunds under his control in the bonds of the Fourth
Liberty Loan.
This loan must be widely diffused.
We had 18,000,000 subscribers for
the Third Liberty Loan and we ought
to have 36,000,000 subscribers for
the Fourth Lil erty Loan.
We are approaching the Christmas season.
What more beautiful present
can you give than Liberty bonds or war
savings stamps? They represent
what no other conceivable gift can
represent.
Liberty bonds represent the vital aid we at home are giving to our gallant
sons upon the field of
battle, and every one who makes a Christmas gift
of a Liberty bond can have the satisfaction of
knowing that he is not only
bringing joy and gladness to the recipient of that gift, but he is giving aid
same
and comfort to the soldier in the trenches
Whose Christmas cannot be glad¬
dened in any other way.
Let us start here to-night a movement to
buy a Christmas bond for the
boy in France, for the boy on the high seas or for the boy in the cantonments.
Every one who buys a bond as a Christmas present for a loved one or
a friend at home is
buying a bond for our gallant soldiers and sailors, even
though he himself has no sons in the service, because the
proceeds of those
bonds will bring help and comfort and
strength to the American heroes
who are fighting for loved ones at home and their
country’s honor.
On
the
11th
inst.
the
following communication
was
addressed by Secretary McAdoo to the Federal Reserve
banks:
I stated in
recent address in New York
City that there were only
22,500 subscribers to the Third Liberty Loan who took in excess of
$10,000
each, and emphasized the importance of
materially increasing the number
of these larger subscriptions in order that the
Fourth Liberty Loan might
be
a
made a success.
I have received reports from
every part of the country
which indicate that the rural districts are
making splendid progress toward
the goal, but that the cities are
lagging behind and that the larger subscrip¬
tions are coming in very slowly.
In order to accomplish the great task
now before us it is
absolutely necessary that the men and women of large
wealth subscribe liberally to this loan.
Congress has granted certain
exemptions in regard to the interest on the bonds of the Fourth
Liberty
Loan which make them a most attractive
investment for people of wealth.
If such people have not available cash
balances sufficient to make large
subscriptions, they must be persuaded to anticipate future income
and
borrow from their banks.
Now Is the time to demonstrate that all
classes
of American citizens are united in this
fight for liberty and are imbued with
a determination to see it
to a successful conclusion.
As
pledged their lives, let
us
pledge not only
credit for this great purpose.
our money
our boys have
in the bank but our
A
noon.
Mr. Leach said:
know this is a big order, but we are prepared to handle it
A large
clerical force will be on hand to take care of uhe tabulation, which
may last
well into Saturday night.
Already I have had a “rise” from the Fire De¬
partment, which replied “Fine, we’ll stick you good.”
I made a similar offer in the Third Loan to the schools alone, and we
bought over two million dollars of bonds to match their subscriptions.
I
don’t know what this offer will briiig, but I hope it will enable the schools
and the Fire and Police Department to go well over their respective quotas.
We have had a lot to contend with^-Spanish “Flu” and peace talk and alien
I
enemy
propaganda, but there is
New York will meet its quota.
not fail now.
one
thing
you may
New York has
be
never
sure of, and that is
failed vet and it will
To make this
to do his
the
man
possible, it is squarely up to every man, woman and child
You will see the child do his in the schools. You will see
and the woman do theirs, for the people are at last waking up.
duty.
SLACKER
SILVER
POURS
INTO
METAL
MARKET.
The War Savings Metal Market, at 545 Fifth Avenue,
which reopened on Oct 7, after a two months’ suspension,
is establishing a special out-of-town clearing house bureau
to meet the demands
coming from all sections of the country
Liberty bonds and War Savings stamps in exchange for
old metal of every kind and description 1
Mrs Joseph Griswold Dean, who is in charge of the Metal
for
Market, reports that over $2,000 worth of metal is being
turned in daily to be converted into essentials to win the war
SERBIAN DAY AT LIBERTY ALTAR.
Serbian Day was celebrated at noon on Thursday at the
Altar of Liberty
The guest of honor was Yevren Simiteh,
Serbian Charge d’Affaires at Washington, who delivered
the principal address.
The flag of Serbia was raised by
Major Gajitch, head of the Serbian War Mission in the
United States.
SERVICES FOR POLAND AT LIBERTY ALTAR.
Poland’s national emblem was raised on the flagstaff of
the Altar of Liberty on Thursday afternoon, a few hours after
the ceremonies of the Serbian
principal address
was
Day
were
concluded.
The
delivered by John F Smulski, Presi¬
telegram to the heads of railroads urging that the
subscribe to the loan, the officers if
necessary,
borrowing for the purpose, was sent out as follows this week
by Secretary of the Treasury McAdoo:
dent of the Polish National Department. Poland’s flag—
a white eagle, signifying
purity, on a field of red, denoting
self-sacrifice—was then raised by Col James Martin, of the
French Military Mission to the United States, chief of re¬
I hope the railroad corporations of the
country generally may feel justified
In subscribing as liberally as
practicable to the Fourth Liberty
Loan, and
may be able to provide the necessary funds for
this purpose otherwise
than through the utilization of
any portion of their standard return for
the current year, all of which will be
needed, so far as most of the railroads
of the country are
concerned, to provide for interest, dividends, much
needed improvements, betterments and
equipment. I can see no reason
why railroad companies should not, in
anticipation of income to which
cruiting for the Polish
earners
France.
army now
fighting beside the Allies in
Mr. Smulski said in part:
You American citizens of Polish descent owe allegiance to the great
Republic of the Western Hemisphere. You have found hero shelter and
protection. You must give your blood and possessions t-o America’s cause.
You must subscribe to the fullest extent of your resources to the Fourth
Liberty Loan. The greater the over subscription the greater will be
America’s strength and influence.
Oct. 19
1918.]
THE CHRONICLE
There must not be a Polish family, no man, woman or child who is not
the possessor of a Liberty bond.
Again I appeal to you, Buy a Liberty
bond!
It means the triumph of America, the establishment of human
freedom throughout the world, the restitution of your mother land.
All we possess, ail our blood, all our money, is at the disposal of those who
lead us to the most glorious of all victories, to the realization of our highest
ideals.
1537
BANKS FORM POOL TO SELL LIBERTY LOAN
INSTALLMENT BONDS.
Albert M. Chambers, Assistant Director of Distribution
of the New York Liberty Loan organization, announced on
Oct. 17 that practically every commercial bank and trust
,v
in Greater New York has agreed to participate on
pro-rata basis in a pool of $110,000,000 for the sale of
Fourth Liberty Loan bonds on the partial payment book
company
UNITED STATES CERTIFICATES MAY BE USED TO
PAY FOR LIBERTY LOAN COUPON BONDS.
a
The Federal Reserve Bank of New York on Oct. 15 sent
letter to banks in its district informing them of a new
Treasury ruling regarding the use of certificates of indebted¬
ness in payment for
coupon bonds of the Fourth Liberty
Loan for advance delivery.
The letter follows:
The following announcement regarding the use of certificate of indebted¬
in payment for coupon bonds for advance delivery has
ness
to-day been
received by us from the Treasury Department.
'
On and after Monday, Oct. 14, you are authorized to accept Treasury
certificates of indebtedness of series 4, of any maturity, in payment for
coupon bonds applied for by an incorporated bank or trust company for
advance delivery on Form L. & C. 86.
Such certificates will be received
at their face value.
The accrued interest thereon to Oct. 24 1918, or to the earlier date of sale
of such bonds by the incorporated bank or trust company to subscribers for
cash, will be paid after Oct. 24 1918 upon receipt of a report from the
bank or trust company giving the amounts and dates of cash payments
to it by subscribers for bonds so delivered.
“The depositary will be required to render separate reports to the
Federal Reserve Bank to date of Oct. 23, inclusive, showing the daily
amounts of such bonds sold.
“Interest
or
on
earlier, In
the
Treasury certificates
case the bonds
so
accepted will
cease on
Oct. 24,
delivered in exchange therefor are earlier sold
for cash.
“In no event will any bonds delivered to
incorporated banks
or trust
companies be taken oack.”
Forms referred to above to be used in computing interest on the certifi"
cates «f indebtedness will be forwarded to you at a
Very truly
later date.
yours,
L. F. SAILER
Deputy Governor.
STOCK EXCHANGE BORROWS $1,000,000 TO BUY
LIBERTY BONDS.
To back up President Wilson, the Governors of the New
York Stock Exchange on Oct. 17 borrowed $1,000,000 to
buy
additional amount of Fourth Loan Liberty bonds.
This is the first time in the history of the Exchange that it
has pledged its credit for any public purpose. There was
a unanimous vote to take this action, which broke all preced¬
ent, and established what it is hoped will be an example
for all similar institutions m the country.
The Exchange
already had put all its working funds into Liberty bonds.
Late in August, the holdings of 314% Liberty bonds of the
First Loan were sold at par, to put the Exchange in a position
to subscribe more liberally to the present Loan.
That sub¬
scription was made on the first day of the present campaign.
The tremendous amount of the present loan and the need for
everyone to do the utmost in buying created a strong senti¬
ment among the Governors for further participation in the
new 434% loan, which found expression in their action on
Wednesday. It is understood that not only have the
Governors taken this action for the Exchange as an institu¬
tion, but all have done similarly on their personal accounts.
a
plan.
The commercial banking institutions of Manhattan
have underwritten $102,677,900 of this pool.
All but two
banks in this borough are taking part in the pool.
Similarly,
only one bank in Brooklyn remains outside of the agreement.
Brooklyn takes $5,764,000 of the pool. The balance of the
$110,000,000 is taken by banks in Richmond, Queens and
The Bronx.
Mr. Chambers pointed out on Wednesday
that there is no section of the greater city which is not taking
part in the pool and affording every facility to the public
for the purchase of Liberty bonds by means of the Liberty
books.
Initial payment upon a $100 book is $8, with twentythree weekly payments of $4.
The first payment upon a $50
book is $4, with twenty-three weekly payments of $2.
Mr.
Chambers was quoted as follows on Wednesday:
The commercial banking institutions of this city,
adopting the proposal
of Benjamin Strong, Chairman of the Central
Liberty Loan Committee,
which has been endorsed by the Comm ere al Banks and Trust
Companies
Committee, have done their full share in the partial payment campaign by
forming the pool of *110,000,000. It is now up to the public to buy the
books.
The man or woman who wishes to help the Government
of the
United States in this crisis may do so in the most convenient
way and upon
the most favorable terms by buying the books which are
thus placed on
sale through the banks and trust companies.
The Liberty book may be purchased from any bank or trust
company
in Greater New York, any precinct
headquarters of the Metropolitan
Canvass Committee, any Liberty Loan booth, any Liberty Loan
agency
or salesman, or from a policeman or fireman.
Weekly payments may be
made at any
bank or trust company in Greater New York or at any other
agency authorize*! to receive payments.
Those who make weekly pay¬
ments will be given Liberty receipts, which will be pasted in the
books.
Payments may be made as far in advance as desired. The bond will be
delivered to the purchaser as soon as the book with its twenty-three
stamps
is handed in to a bank or trust company or to the
Liberty Loan Association.
Buy two or more Liberty oooks for every member of your family. The
bonds of the Fourth Liberty Loan are now placed within the reach of
New
every
Yorker.
an
WEAR
YOUR BUTTON SATURDAY, LIBERTY LOAN
BUTTON DAY.
To-day (Saturday, Oct. 19) is Liberty Loan Button Day,
and this means that every purchaser of a Fourth Liberty
Loan bond shall display his Liberty Loan button conspicu¬
ously. Every one who has no Liberty Loan button will be
conspicuous for that very reason and will be generally sus¬
pected of not having done his share in contributing to the
great victory of our forces abroad. On account of the
peculiar situation confronting the Liberty Loan campaigners
at present, it becomes the duty of every one who has pur¬
chased a Fourth Liberty bond to wear his button until the
end of this campaign in order to enable the canvassers for
bonds to save time in their search for persons who have not
SURRENDER LOAN MUST NOT FAIL, SAYS JAMES
W. GERARD.
In
declaring that the Fourth Liberty Loan must not fail,
happens in the theatre of the world,” James
Gerard, former Ambassador to Germany, in a statement
matter what
no
W.
made
on
Oct. 15 said:
The six billions of dollars are needed now and they must be given by the
American people.
They will be needed whether peace comes through the
absolute surrender of the Kaiser, or the war continues.
A triumphant con¬
clusion of the Fourth Liberty Loan campaign is America's answer to a
whimpering Kaiser.
A triumphant conclusion of the campaign will
to the Kaiser
as a
“All America is determined
factor in the history of the world."
on
your absolute
say
disappearance
Mr. Gerard, who has just returned from a Western trip,
added:
The
of enthusiasm and patriotic devotion which I witnessed in
contrasted in my mind with my interviews with the Kaiser
and the absolute stupidity shown by ruling Germany in arousing against
scenes
the West
were
them the most
splendid people in the world—a nation of a hundred and ten
millions devoted to freedom and the ideals of democracy.
Milwaukee has been assumed to be a hotbed of pro-Germanism, but the
audiences I saw there were fervently patriotic, The people of this country
will never allow the United States to stand before the world as a nation
which would not raise
$6,000,000,000 when it
was
urgently needed.
Peace can never come now unless Germany surrenders absolutely, but
should it come to-morrow, the $6,000,000,000 would still be needed.
It is
for obligations already contracted—money which must be paid out.
Aside from its financial aspect, the Fourth Liberty Loan must be a great
popular success for another reason. I hesitate to think of the effect upon
the Kaiser and his creatures if the loan should fail.
We have seen how the
former loans and the realization by our Allies that American was really in
the war seriously raised the spirit of France from anxiety to joyous realiza¬
tion of ultimate victory, and how all our Allies received new life when the
men and munitions mobilized by our billions began to arrive at the front
in effective quantities.
The failure of the loan would mean to the Kaiser and his creatures, and
afterward to the public opinion which he has manufactured so successfully
money
in Germany, that there was still a chance of the realization of the dream of
world conquest, that “Gott" had sanctioned the passing into eternity of the
millions of men slain in battle, that he approved of the obliteration of such
peoples as the Belgians, the Armenians, the Serbians, the Poles; and that
horrible Kultur
was
to dominate civilization.
yet subscribed.
Wherever any one finds a person without a Liberty Loan
button he is entitled to question him or her as to why he has
no button and to urge him to procure one promptly by sub¬
scribing for at least one bond of the Fourth Loan. Wherever
the ordinary citizen goes on Saturday he will be confronted
by this situation. In the present campaign the button rep¬
resents something much more important than in the previous
campaigns. The present loan has not been sold as quickly
as the others, and for that reason everybody will be watch¬
ing for signs that there is still a chance of selling an additional
bond.
HOW LIBERTY LOAN FEEDS AND CLOTHES
SOLDIERS
The
following statement by the Treasury Department
appeared in the “Official Bulletin” of Oct 15:
Since the beginning of the war we have spent for army use *37,000,000 for
flour; *14,000,000 for sugar; *43,000,000 for bacon; $12,000,000 for beans;
*9,000,000Afor canned tomatoes; and $3,000,000 for rice. These are onl y
somejof
We have spent *126, *500,000,000 for clothing, winter and summer;
nearly $150,000,000 for blankets.
Our axes for the army have cost over *6,000,000; our rolling kitchens
$47,000,000, and field ranges *1,500,000. The army is using 2,500,000
shovels.costing *1 apiece. Our motor trucks to carry supplies and ammunlthe large items in our army's bill of fare.
000,000lfor shoes;
over
[Vol. 107
THE CHRONICLE
1528
horse-drawn wagons and carts we have
spent $37,000,000. Our 279,000 horses and 132,000 mules have cost us
nearly $100,000,000; to feed them has cost over $60,000,000, and the
harness for them nearly $30,000,000.
These figures are large, but we have nearly 2,000,000 men In France
and nearly as many in cantonments here, and the United States and the
tion cost $240,000,000, and for
ceeds of the loan and the whole balance
financial outlays already contracted for.
will be needed shortly to meet
What the moral effect of an over-subscription will be on friend and foe
alike, must certainly be clear to everyone who stops to think. An over¬
subscription may even be a factor in bringing about an earlier ending of the
war.
people of the United States through the Liberty Loan are making these
soldiers as safe and as comfortable, as powerful and effective as possible.
Every subscriber to. the Liberty Loan has helped, and every subscriber
to the Fourth Liberty Loan will help to win the war.
If the war should end soon, the readiness of our people to subscribe
$6,000,000,000 at 4M% (the largest amount ever offered in any country
at any time) will always stand as permanent proof of individual patriotism
and of our combined financial strength.
LOANS BY BANKS ON ACCOUNT OF FOURTH LIBERTY
LOAN PURCHASES.
LOUIS TRACY PREDICTS TWO MORE LOANS WILL BE
NECESSARY.
Last week we referred to the fact that local banking in¬
stitutions have pledged themselves to assist subscribers in
Louis Tracy, the English novelist, now in this country in
the service of his Government, predicted in an inverview on
Monday last the floating of a fifth and even sixth Liberty
purchasing bonds and to make loans freely on bonds sub¬
scribed through them, the rate of interest on such loan for Loan, regardless of what the results of the present peace
the period of 90 days to be 434%—the same rate of interest agitation are. Mr. Tracy is quoted as saying:
If the war were, by some miracle, to stop to-morrow, the collective ex¬
received by subscribers from the Government on the bonds. penditure of the Allies would have to go on with slight diminution for the
Some institutions have announced that they will lend 90% next two years. At least that period must elapse before the armies and
fleets can be demobilized, and they need maintenance just as much in time
of the amount subscribed for a period of 90 days at the inter¬
of peace as in time of war.
The only difference will be that the terrible
est rate of 4 34% per annum and will extend such loans for
wastage of war will have have stopped.
There will, however, instantly
spring into being a creative expenditure which will put an added strain
a further period at 34% above the discount rate of the Fed¬
on our resources.
eral Reserve Bank of New York. The Brooklyn Trust Co.
So, therefore, people must come to realize that this curse which has been
on the 12th inst. announced that it would make loans se¬
laid
humanity by the Germans will not pass away until long after the
cured by Fourth Liberty Loan bonds subscribed for through last shot is fired. Years must elapse before we cease to suffer in pocket
and in communal life.
Consequently, there must be loans in the future
it at 434% for 90 days with renewals at the same rate cov¬ quite as urgent as the present one, and every one must begin to appreciate
the imperative necessity of literally pinching private and public resources
ering the entire period of one year.
on
if
SEWARD PROSSER MAKES APPEAL FOR LOAN.
“If the whole nation would put up
its margin,
we
would
have the loan subscribed by now,” said Seward Prosser,
President of the Bankers Trust Co., at the luncheon meeting,
in the Bankers’ Club, of the Chemicals, Drugs and Druggist
Sundries Committee of the Rainbow Division on Oct. 14.
“The trouble seems to be that people are unaccustomed to
borrowing
money.
They have got to do it.
Money bor¬
rowed in this cause will be a badge of honor in the days to
come after the war.”
Mr. Prosser added:
The time has passed when men can do as they please.
At a time like
this every man must do what Is asked of him.
The banks are doing all in
their power to put it over.
They are so concerned that the loan be a success
that almost all of them are willing to loan 90% of the cost of Liberty bonds
to whoever wants it.
We have got to get the full amount, and we are
going to do it.
On the
same
day Mr. Prosser was also quoted
as
saying:
This Loan is speeding up, but it must speed up a lot more to subscribe
the $1,116,500,000 which remains of New York's quota.
That means an
average of about $200,000,000 a day for the next six days, and we are not
going to get it by thinking that it Is an easy job.
if every family in this country were now really on a war basis, so far as
expenditures are concerned, our job would be much easier. Most of us
probably think we are on a war basis. But when a man says that he has
cut his expenditures down tp the limit, he will admit, if he thinks again in
the right way, that he hasn't.
If your income were suddenly cut in quarter
or in half, you could live on it, couldn't you ?
Of course not as comfortably,
but then war is a very uncomfortable business.
If we don't win our kind of a peace, your income is not likely to do you
much good in the future.
If we can't preu3 home victory in a way that
will smash the menace of Germany's military autocracy, we may have to
continue to give up a large share of our income to prepare for another war.
That is obvious, but if we at home do our share, which is small compared
with that of the men who have gone over prepared to make the great
sacrifice, we may be confident that our army and navy will push this fight
until it secures a peace worthy of the name.
This Loan, therefore, is more vital at this crisis than any preceding
Loan.
Failure to subscribe it completely, in the face of Germany's peace
offers, might be more serious to our future than the loss of a big battle.
New York has never failed in her patriotism in the past, and she isn't
going to fail now, but we are not going to achieve success by saying we
must achieve it.
To subscribe this Loan completely each one of us must
not only do much more than he anticipated doing, but must do his best
to stimulate the other fellow.
This war ought to be financed
that the war is
the lap of the gods. My point is that
all the way to Berlin, or march into that
ugly city with bands playing and banners flying (surely we must occupy
the place in either event), the imperative need of making this Fourth Lib¬
erty Loan a success, and perhaps a fifth and sixth Liberty Loan successes,
remains unaffected either by the prospects of an immediate peace or pro¬
longed war.
Any other hope or opinion is most dangerous.
It is perfectly obvious that the intent of the Hun at present is to gather
the nations around the Council Table while his fleet is intact and his army
still in being.
What better argument could he have toward securing that
very undesirable end than the failure of non-fighters to provide the sinews
about to stop now.
That Ls on
whether we have to fight the Hun
The
glorious news that is coming to us day by day from France makes
gratefully proud of our army and navy. They are accomplishing all
that we ever expected of them.
They must be supported, and very properly
the burden of that rests on our shoulders.
If their job of cleaining up the
Huns should be unduly prolonged, because those of us who are left at
us
a new
horror to
OVER-SUBSCRIPTION MAY HASTEN PEACE,
ACCORDING TO JAMES SPEYER.
That over-subscription of the Fourth
'
of war?
PANAMA'S FLAG RAISED AT ALTAR OF LIBERTY.
Panama
Day
was
celebrated last Monday, Oct. 14, at the
Altar of Liberty. Joseph Edgar Lefevre, Charge d’Affaires
of the Panama Legation at Washington, and the highest
diplomatic representative of Panama at present
United States, delivered an address. He said:
n
the
representative of the small republic of Panama I have come to
from my countrymen to the builders of the Panama Canal.
I can assure you of the loyal co-operation of my native land and of its
willingness to do anything that may help you to win the war.
You may
have read yesterday a cable news item to the effect that, notwithstanding
the depressing economic bad times prevailing there on account of abnormal
conditions brought about by the war, Panama City subscribed one-third
more than her allotment, and Colon oversubscribed its quota of this Loan
by 50%.
I can tell you, besides, that our President, Dr. Porras, as well as myself,
would not hesitate to give our lives for the cause of freedom as we have
been ready to prove on different occasions.
Yet, this is not the message
I came here to convey.
It is not only a meassge of true friendship and
hearty co-operation; it is a message of confidence and faith—unlimited
faith in America—unbounded confidence in the American people.
As the
bring
a message
Prior to the address of Mr. Lefevre, Martin
ant Treasurer of
Vogel, Assist¬
the United States, who presided, told the
large crowd that the day was one that brought the people
of the United States closer to their brothers of Panama.
He
told of the efforts of the past to dig a canal across the isth¬
mus, leading up finally to the efforts of the United States
Government to prevail upon the Colombian Government to
co-operate in digging
the ditch.
He said:
propaganda which prevented
of officials of Colombia in digging the canal, but
finally, under the treaty of 1837, the people of Panama united, and, estab¬
lishing a republic, the freedom of which is guaranteed to the world by the
United States, the work of digging began.
All of
largely out of current savings. Mortgage
a quarter or a third or, if possible, a half of your income in advance, sub¬
scribe for more bonds, and pay your bank loans on them out of savings.
In this way you will be helping your country doubly: first, by giving it
the money which it urgently needs; and, secondly, by your savings releasing
the goods and services with which this war is fought.
home in comfort failed to save a little more, it would add
what has already become the world's greatest tragedy.
really are to march on victoriously to the end.
I do not wish to be interpreted as meaning that I think
we
us
know to-day that it was German
the active co-operation
PRESIDENT OF NICARAGUA SENDS
AMERICA.
MESSAGE TO
President Chamorro of Nicaragua, in a message sent by
cable on Oct. 13 from Managua to the Liberty Loan Com¬
mittee in New York, declared that the entrance of the
United States into the war assures victory and permanent
peace.
The message was sent in acceptance of the invitation
the Central American republic to participate officially
to
in
Liberty Loan not the Fourth Liberty Loan drive by conducting ceremonies
only will have a tremendous moral effect upon friend and foe at the Liberty Altar in Madison Square. The message
alike but that it may also be a factor bringing an earlier end
follows:
to the war, was the assertion made on the 13th inst. by
In the splendid celebrations which, owing to the subscription campaign
of the Fourth Loan, are now being held in New York City, the conspicuous
James Speyer, the banker. Discussing the loan, he said:
Nobody would hesitate to subscribe to this large loan as much as he pos¬
sibly can, each according to his or her means, nor should anybody be in¬
fluenced by the thought that, if the war should end soon, this whole amount
may not be needed.
It will be needed, in fact is needed now, and must be
raised in any event, because our Government has about $4,000,000,000,
of Short Term certificates outstanding which must be paid with the pro¬
bestowed upon Nicaragua by the
appointment of the thirteenth day of this month for her promoting of the
loan at the ceremony of hoisting her flag, the emblem of an Allied nation,
before the Altar of Liberty.
That flag, In no wise considered as an emblem
of material force, is nevertheless a symbol of the greatest ideals of trium¬
phant democracy, which equals, before law, all men and all nations of
honor, so deeply appreciated, has been
Oct. 19
the world.
In the glorious day of its display before the Altar of Liberty,
under tne North American sky, pre-eminently propitious to human liberty,
it wave the Nicaraguan welcome to the dawn of peace.
Ho* message is that of cordiality and commendation for all the Allied
nations, which, in this greatest of wars, have admirably fought or other¬
wise concurred in defense of the sacred rights of humanity, her loyal senti¬
ments of fraternity, solidarity and admiration for the great North American
may
people whose prodigious entrance into the war proclaimed the assurances
of victory to be soon followed by those of permanent peace.
Honor is due to the United States of America, honor to her Government,
honor to her most distinguished President, Mr. Woodrow Wilson, led by
the happiest destiny to the guidance of a worthy and mighty people through
the ways of wisdom and virtue, of heroism and union, to the magnificent
greatness and triumph of the United States of America.
Honor is also due to the Liberty Loan Committee, with which the
Nicaraguan people enthusiastically associates itself in its relative measure
of co-operation, being, as it is, a most deserving exponent of the wonderful
capacity and lofty patriotism of the great North American nation.
In conclusion, I have the honor of forwarding my best greetings, wishes
and congratulations to such a nation and so fit a national agency as the
Liberty Loan Committee.
(Signed) EMILIANO CHAMORRO,
President of Nicaragua.
SECRETARY OF WAR BAKER URGES THAT LIBERTY
LOAN “GO OVER THE TOP.”
With his return from the Western front on the 13th inst.
Secretary of War Newton D. Baker had a word to say both
as to the object of his trip abroad and to the Liberty Loan
campaign. As to the former, he declared it to be entirely
successful, a complete understanding, he said, having been
reached which assures the American Army adequate cargo
tonnage for its support. The Liberty Loan, he urged,
‘‘must go over the top.” Se jretary Baker’s arrival in France
second mission in connection with the American over¬
was announced on Sept. 8.
His statement of
the 13th issued upon his return was given out at Washington;
in it he said:
on a
seas
1529
THE CHRONICLE
1918.]
forces
service, and Walter Gifford, director of the Council of Na¬
tional Defense, who has been in France some months in con¬
nection with the formation of the Inter-Allied and American
Economic Council. Surgeon-General Gorgas, who accom¬
panied Mr. Baker to France, will remain abroad for some
time.
$52,000,000
SUBSCRIBED
FOR
LIBERTY
LOAN
AT
ALLIED LUNCHEON.
fifty-two minutes at the Waldorf on Oct. 14
$52,000,000 for the Fourth Liberty Loan. A million
a minute!
The occasion was a luncheon in the grand ball¬
room given by the Fifth Avenue Association for a thousand
guests, including a special trainload of foreign diplomats
and officers of the Government from Washington who later
attended a double launching at the shipyard of the Submarine
Boat Corporation, Port Newark, N. J.
Charles M. Schwab,
Director-General of the United States Shipping Board
Emergency Fleet Corporation, acting as auctioneer, called
for bids for the purchase of Liberty bonds to finance the
construction of twenty-two ships to be named for the twentytwo Allied countries participating in the war, assisted by
Joseph P. Day.
The first million, in a lump, came before Mr. Schwab had
time to ask for it, just as he was finishing his formal speech.
“B. Altman & Co. will subscribe one million dollars,”
shouted the interrupter.
In another moment a representa¬
tive of Lord & Taylor was on his feet, with a subscription
of a million from hio firm.
Some smaller bids intervened,
and then another voice electrified the gathering. VicePresident Haley Fi3ke, of the Metropolitan Life Insurance
Co., had subscribed an additional $5,000,000 in the name
It took just
to raise
They came tumbling then—Liggett &
Myers Tobacco Co., $1,000,000; The Columbia Trust Co.,
$1,000,000; the Bankers Trust Co., $1,000,000; Metropolitan
sibility for their share in the final result.
Trust, $1,000,000; Lincoln Trust, $1,000,000; the Millinery
The Liberty Loan must go over the top.
Its success is both our message
Importers and Allied Trades, $4,000,000. Mr. Schwab
of gratitude to the boys who are, braving war’s worst perils in defense of
our liberties and a message to Germany that our people at home are as
worked hard for a few minutes and secured two subscrip¬
resolute as our soldiers are brave.
tions of a quarter of a million each.
Then some one handed
Whatever the result of the peace proposals the War Department must
him
a little slip of paper.
He read it and strode down
proceed at full speed with men and supplies and the people must support
the army until the boys are back with the fruits of victory safe and assured.
behind the long guest table to Jacob H. Schiff. “Jacob
If every American could have seen our boys in khaid as they stormed the
Schiff,” said he, as they shook hands, “never fails any
German trenches, assailed with shrapnel, high explosives and machine
community at any time for any purpose. A quarter of a
guns, he would be eager to sul>scribe his all to the Liberty Loan, the success
of which after all is the measure of our support of the cause for which these
million dollars for Mrs. Schiff alone. I will tell you I can’t
boys are giving their lives.
let him outdo me, although he is fifty times richer than I
My trip abroad was principally for the purpose of arranging further co¬
am, so I will subscribe for my wife a quarter of a million
operation in the matter of shipping for troops and supplies. It was entirely
successful and a complete understanding was reached which assures the
dollars. Mrs. Schwab gives a quarter of a million.” Fur¬
American Army adequate cargo tonnage for its support.
The matter was
ther fractional subscriptions followed for some minutes
taken up with the Incer-allied Maritime Transport Council and the countil Mr. Hemphill, of the Guaranty Trust, broke the spell
operat’on of the British, French and Italian Governments was heartily given.
Many questions involving co-operation on the part of the several Govern¬
with one of a million.
“Now, gentlemen,” said Mr. Schwab,
ments were taken up and satisfactorily settled.
The attitude of both the
“I have a real surprise for you; Mr. Walter Frew, of the Corn
Governments and peoples of the European allies toward America is cordial
and every question is approached from the point of view of uniting our
Exchange Bank, five million dollars.” There followed
strength in the common cause and with the understandings which have
shortly a subscription of $3,000,000 by the Pacific Bank, and
been reached with regard to shipping, aircraft, ordnance and other parts
then came the biggest bomb of the day, ten million dollars,
Allied
of the
The contribution which the United States can make
program.
subscribed by the Central Trust Co., with President Wallace
is rendered definite and the means of accomplishment are arranged.
The American soldier has won his way in Europe and has helped to cemenc
as spokesman.
for all time the good-will and good feeling which unites our countries.
In
After this, Haley Fiske and the Metropolitan Life, not to
England, France and Italy the knightliness of America and her soldiers
in this war has won the admiration of the people, and in turn the valor
be outdone, subscribed another $5,000,000, and Mr. Schwab
and sacrifice of the European Allies and their great armies have been an
announced the total to that point of $44,000,000, exactly
inspiration to Americans.
twice the amount which, it had been hoped, might be raised
Of the military situation, Secretary Baker said:
in the short time allotted.
No sooner had thi3 huge total
The battle of St. Mihiel started the present triumphant advance of the
been announced that Alexander J. Hemphill, of the Guaran¬
Allied armies.
From a fortified hill overlooking the battlefield I saw Gen¬
eral Pershing’s army advance into the salient while more than 2,000 big
tee Trust Co., who was standing behind Mr. Schwab, leaned
guns silenced the German artillery and pointed the wedge which finally
over and whispered something in his ear.
“Mr. Hemphill
cut off the salient and rescued from German occupation French soil which
tells
for four years had been in their possession.
me,” said Mr. Schwab, “that if I give another million
The next day I went into St. Mih el and saw the people at the end of
he will give five, and we will make it fifty million dollars.
their captivity singing the national songs of France and having a festival
Taken!
Say, boys, you know I will borrow the money
of thanksgiving for their deliverance.
The blow was sudden and the vic¬
Of the remaining two millions subscribed, the
from them.”
tory complete.
For a few days there was a lull.
Then by a concerted movement the
Metropolitan Trust Co. pledged one in addition to the one
French and Americans opened a new attack from the Meuse to the west,
it had already subscribed, and the other was pieced together
covering the Argonne Forest, and later the battle was taken up on the entire
from a multitude of comparatively small offerings.
At
front, stretching to the Channel.
I witnessed the start from one of the forts of Verdun, and again saw
2:30, the scheduled hour, Mr. Schwab congratulated the
divisions of American troops pressing forward with irresistible dash through
Fifth Avenue Association on the amazing success of this, the
defenses wtiich had for three years seemed impregnable.
The stream of
German prisoners and the captured war material told of the surprise and
greatest Liberty Loan luncheon or meeting ever held.
The army has done and is doing all that a proud and grateful country
could ask, and the time has come for us to put in every ounce of our strength
to assure its complete victory.
The people at home have a solemn respon¬
of his company.
„
they pressed on into the
the hospitals back of the
told the same story.
The American.Army had shown it is irresistible
this spirit is unconquerable.
rout of the enemy.
The cheers of our soldiers as
battle and the brave happiness of our wounded in
line
and
summarizing his views of the military situation, Secre¬
tary Baker said:
In
in the full tide of victorious advance. Ameri¬
fighting with the British, with the French and in their
and everywhere the enemy is in retreat and disorder.
The Allied armies are now
can
divisions
own sectors,
are
Accompanying Mr. Baker on his return trip were Assistant
Secretary John D. Ryan, now at the head of the army avia¬
tion program, in which connection he visited France and
England; Brigadier-General Hines, chief of the embarkation
FIRST
WEEK
NETTED WOMAN'S LIBERTY
COMMITTEE $17,000,000.
LOAN
During the first week of the Fourth Liberty Loan drive
Liberty Loan Committee obtained subscrip¬
tions amounting to seventeen million dollars.
Practically
all of the seventeen millions were received through the booths
the Woman’s
operated by the women in the hotels, the department stores
and along Fifth Avenue and other thoroughfares.
The
Stage Woman’s War Relief, which has the big booth at
Forty-Second Street and Fifth Avenue, took in nearly $400,-
THE CHRONICLE
1530
The Liberty Bell,'in charge of Miss
Mayor’s Committee of Women on
National Defense turned in $325,000.
Hunter College’s
total subscription for the first week was $215,000, while
the returns from the booth maintained at Grand Central
Station by the Committee on Woman’s War Work of Colum¬
bia University was $120,550.
Mrs. Charles Farley Winch,
Chairman of the Liberty Loan Committee for the City Club,
who is in charge of the Liberty bond booths in the department
stores, reported that the work was progressing well.
The
booth at R. H. Macy’s has taken in $73,000, at Stern
Brothers’ $60,000 and at Best’s $26,000.
At the end of the first week the Hotel Astor, under Miss
Violet Leroy, a veteran of three loans, led the list with
$934,150. Next in line were the booths at the Plaza, with
$378,350; the Lafayette booth, under the Big Sisters, with
$138,000; and the Ritz-Carlton booth, under Mrs. Harry
Curtiss, with $102,000
000
during the week.
Estelle O’Brien of the
HOW THE PRESIDENT BUYS BONDS.
The Federal Reserve Bank of Richmond has reprinted
and is sending out in circular form an item which appeared
in the New York “World” of Oct. 8 on “How the President
Buys Bonds.”
We reproduce it herewith:
President Wilson had
already bought SI0,000 in Liberty bonds when
Secretary McAdoo called upon him as a canvasser. The President agreed
to take $20,000 more if partial payments would satisfy the Secretary,
as of course, they did.
In thus using his credit for the wrar the President is entirely safe.
His
first payment is $2,000.
The rest may be taken up pretty much as he
pleases.
He may not be able to meet the “Government-plan” installments
as they fall due; in that case the Washington banks, like those of New
York, will loan money on the bonds as security. The one important thing
is that the Treasury gets the money; the troops in France get the shoes and
uniforms, the guns and shells and airplanes.
The example of the President in this simple transaction is a good one for
other people.
Not even in the United States can a loan of $6,000,000,000
be placed upon a cash basis.
Buyers, large and small alike, are doing
a patriotic service in buying upon credit and paying upon
installment.
Even if there were risk, the process would be praiseworthy.
There is none.
Liberia could
[Vol. 107
never
be pro-German in the face of German barbarous treat¬
When the United States, therefore, declared
ment of the native Africans.
against the Imperial Government, she lost no time in following Amer¬
example, despite German influence to keep her out of the struggle.
Liberia severed diplomatic relations and openly declared war against the
enemies of civilization and the freedom of mankind.
It was a bold step for
Liberia to take and many people friendly to the Republic questioned the
wisdom of her course, but President Howard, astute and far-seeing states¬
man that he is interpreted the political situation as it concerned the
future
of his country and cast his lot with the twenty-two other nations represented
here to-day in this imposing pageant.
Following the declaration of war
against the German Empire came also the deportation of German subjects
and the confiscation of their property, including the German wireless and
telegraph stations, which until this Incident afforded important advantages
to the enemy on the west coast of Africa as a base of information and
operation.
Liberia, having cast her lot on the side of right and justice, became
entitled to all the rights and privileges of the Allied
compact.
Liberia
being now in a state of war with the Imperial Government and exposed to
German assaults, needed both means and protection from the invasion of
the foe.
For these and other reasons she applied to the Umted States
Government along with other nations similarly situated, not for
charity,
but for a loan of $5,000,000 to be secured by as good a
guarantee as offered
by the other nations who had received similar consideration.
It was a
President from Virginia who aided in the founding of the
Republic and
war
ica’s
history has repeated itself by giving us again another President from Vir¬
ginia, who by the nobility of his character and the generosity of hs nature
has recognized the just claims of the Republic, which will
help to make it
a place that posterity will
point to with pride and hope for the develop¬
ment of future generations, as we intended by the original founders.
Therefore, Liberia, through her accredited representative and through
instructions from the President, in common with the other members of
the compact under this sacred Altar of Liberty, does
hereby consecrete
her man power and natural resources to the final extinction of German
autocracy and injustice.
Under this glorious banner, the emblem of freedom and liberty, Liberians
everywhere lift their voices and solemnly ratify the vow herein taken.
DEATH OF MINISTER FROM HAITI, SOLON ME NOS.
Solon Menos, the Minister from Haiti, who was the prin¬
cipal in the ceremonies marking the dedication of the flag
of Haiti in this city on the 7th inst. in the
Liberty Loan cam¬
paign, died of influenza in Washington on the 14th inst. In
issue of Saturday last, page 1433, we referred to the
speech made by the Haytian Minister at the dedication
our
exercises.
_________________
UNITED
STATES NOT TO CONFISCATE LIBERTY
BONDS AND WAR STAMPS OF ENEMY ALIENS.
Secretary McAdoo last week issued
Rumors, probably of
origin,
a
statement
saying:
being circulated in some sections
of the country to the effect that the United States Government is con¬
enemy
are
templating the confiscation of War Savings Certificates and Liberty bonds
held by subjects of Germany and Austria-Hungary
residing in the United
States.
In order to allay the fears of those who might be alarmed bv such
reports, I desire to state that these rumors are absolutely false.
LIBERIA PLEDGES MEN AND RESOURCES IN OPPO¬
SITION TO PRUSSIANISM.
Liberia Day, celebrated on Oct. 10 at the Altar of Liberty
in Madison Square, brought forcibly to the attention of all
the white people gathered to witness the
flag-raising exactly
what the black lovers of liberty are
save the world
doing to
from the domination of the Hun.
The welcome to the negro
representatives of that West African republic, both at the
Altar and along the line of march through the “Avenue of the
Allies” showed that there is a vivid appreciation of the efforts
of this little republic to aid in
righting the world’s wrongs.
Ernest Lyon, Consul-General of Liberia in the United
States, in addressing the gathering, spoke of the wealth and
$6,000,000,000
Liberty Loan is
a “mere bagatelle” to a nation
producing $50,000,000,000
of wealth each year.
Mr. Lyon referred to Germany’s
brutal treatment of the natives in Africa, and
pledged the
man power of Liberia in
opposition to Prussian dominion.
power of this country, and declared that the
asked for by the Government in the Fourth
He said in part:
imperiled.
Liberia
was founded by American
benevolence. The American Coloniza
tion Society is responsible for its existence and
was composed of philan
thropists of the highest type and character. Apart from the idea
of an
asylum for the free colored people and emancipated slaves
in the Umted
States, Liberia was also intended to be the gateway upon the West
Coast of
Africa for the introduction of Christianity and modern
civilization to the
millions of aborigines in the hinterland
through the English language.
It was intended to give the black
people of the western world an opportu¬
nity to develop self-government upon their own initiative.
The Republic
has existed as an independent nation for over
seventy-one years and has
maintained a peaceful and orderly Government free from
periodical revolu¬
tions; the lives of foreigners and their property have been
safeguarded,
and if any suffered damage they have been
promptly
indemnified.
RE-A WAKENING
SAYS AMBASSADOR,
LIBERTY ALTAR.
AT
At the Altar of Liberty on Oct. 16, upon the occasion of the
celebration in honor of Russia, Boris A. Bakhmeteff, Am¬
bassador from Russia, declared that Russia had come into
her own again.
In part he said:
With momentous blows are the valiant armies of the Allies crushing the
lines of the Germans in France and Belgium.
It is not only the famous
strongholds of Hindenburg which are crumbling under the fearless heroism
of your boys; it is also the nefarious dream of
autocracy, its ambition to
enslave the world to the military masters of Germany.
We are able to see now the dawn of final success of this greatest of all
wars, into which, one and fifty months ago, Russia had entered to defend
her sister nation, Serbia.
This war is a people’s war, a war for the vindi¬
cation of the highest human rights, those of liberty and justice.
And if
the vindication of these ideals demands
sacrifice, it was Russia, who, first
in the war, had immolated the greatest of her treasures, the lives of
many
millions
of
her sons.
this effort of Russia’s, during the first days of the war, which
allowed our Allies to gather their forces and to carry on the struggle with
It
was
unparalleled splendor of vigor and persistence.
It was this sacrifice on
Russia’s part, with deficient arms opposing the most effective military
pow er, which, through unheard of suffering and destitution, led the country
to exhaustion and later to collapse.
This collapse is but temporary.
A great country, a great people, can
and will not succumb.
Voices are reaching us from Russia showing that
the country is recovering, and Russians are all rallying around the banners
of real liberty, endeavoring to join their possible efforts with those of the
Allies.
The whole of Russia’s hope lies in the triumph of the Allied cause.
In
the final issues of this vast struggle, the undaunted spirit, the sweeping
dash of your boys over there on the fields of France and Belgium,
reaping
immortal glory for the Stars and Stripes, fill the hearts of our countrymen
wdth admiration and felicity.
We have come to this Altar in grave earnestness, to raise our national
flag
This is a great day for Liberia as well as the other
twenty-two allied
nations united with this great Government for the
destruction of autocracy
and German “kultur” and for the
triumph of the principles of true democ¬
racy and the freedom of the human race.
A more fitting centre could not
have been selected for this patriotic
demonstration than New York—this
metropolis of the western world, this centre of
civilization, located at the
foot of “Liberty enlightening the World.”
The very atmosphere around us
to-day is charged with the fumes of
liberty. This mighty concourse of free people, with
sphinx-like counten¬
ances of determination are
eloquent expressions of democracy and a terrible
protest against Kaiserism and brutality.
Neither gold nor territorial
expansion are objects worth considering when the
just claims of liberty
are
RUSSIA
as a
fice,
as a
pledge of devotion to the great cause,
symbol of hope for the future.
as an emblem of
past sacri¬
Following the Ambassador’s address, the flag of Russia
raised on the Altar flagstaff by Colonel A. M. Nikolaieff,
military attache to the Russian Embassy. A band played
was
the national anthem of the country.
Previous to the address of the Ambassador, Martin Vogel,
Assistant Treasurer of the United States, who presided,
paid
a
high tribute to Russia, saying in part:
We know to-day tSb&t the light of freedom is still shining in Russia.
The
voice of the Russian pedple is crying out to those few who joined with the
Germans in signing the treaty of Brest-Litovsk,
“Wre do not accept that
treaty.”
Continuing, Mr. Vogel told of the great suffering of the
Russian masses, and declared the casualties amounted to
ten millions of men.
Of this tremendous figure, four mil¬
lions have been killed, two millions wounded and the re¬
mainder taken prisoners.
“The Russian people are suffering now,” he added, “but
when Germany surrenders, all the German soldiers and the
Kaiser’s agents will be out of Ri»,«sia, aDd Russia will share
in the victory.”
Oct. 19
1918.]
AMERICA
THE CHRONICLE
INSPIRES SPIRIT OF LOYALTY,
NICARAGUAN MINISTER.
SAKS
Proof that
1531
the Altar of Liberty, on which she hac laid so many sacrifices.
Her
are turning their faces full of gratitude twoard the great American
nation whose chivalrous act shows the sympathy and Interest which it
feels for them.
over
people
Nicaragua was staking her all to help down
Gen. Gvosdenovitch, who has fought in pretty nearly
given on Oct. 13 at the Altar of Liberty,
Madison Square, when Senor Diego M. Chamorro, Minister every war in Europe since the Russian-Turkish war of 1876to the United States, told the large crowd that witnessed the 1878, in which he carried a rifle against the Turk, came to
America about two weeks ago and has since presented his
raising of the flag of the Central American republic that his
credentials in Washington and been received into the family
nephew, the brother of President Emiliano Chamorro,
and many other young men have made the supreme sacrifice of foreign diplomats. In behalf of his country’s position in
this war, he gave out the following statement on Oct. 10:
upon the battlefields in France.
The Nicaraguan Minister
In articles published on Montenegro in the American newspapers,
Prussianism
was
I
said in part:
have
The distinguished compliment and the honor paid to my country on
the occasion of this memorable Liberty meeting inspire the sentiments of
loyalty and adherence to the Allied cause of the Nicaraguan citizens resi¬
dent of this great republic—this seat of democracy—and stir to the depths
spirit and soul of the whole Nicaraguan people, which I have the distinc¬
tion to represent in your country.
Small in population, and with but meagre resources, we have no armies
to offer up in the formidable strife that is devastating the world; but we
can offer the example of our youthful volunteers, who at the price of their
blood have given generous testimony of their devotion to the most noble
and excellent cause that has ever bound men together.
Among those who
stand out as such examplers is the brother of the President of Nicaragua.
This young man gave his life, while serving under the resplendant banners
of marvelous France, after having earned a military medal for his heroism
at the front.
At the very time of the outbreak of the awful conflict—the 4th of August
1914—my country, deaf to the selfish clamors of those who, in this portentious epoch of advancement and world movement towards great humani¬
tarian ideals, imagined that the worlds of “ eolation” and “neutrality”
could have any real meaning or value, and in anticipation of grave emergen¬
cies which the clear vis.on of the statesmen was then already able to foresee
and which the events of the following day made perceptible in a definite
way—and disdaining the artful proposals of Germany—signed with the
United States the Bryan-Chamorro treaty, a compact which was, in sub¬
stance, to be the standard for the two countries in the near future and that,
although affecting a small country like Nicaragua, represented the cardinal
principals on which must rest the international law of the future days.
By that convention Nicaragua ceded to the United States an option to
canal from ocean to ocean and naval bases on both coasts for
the defense of her two oceanic routes and of the Monroe Doctrine, that
construct
a
great doctrine which has been the salvation of Democracy in America,
and which has been and will continue to be, for the American people a prime
element of power and at the same time a firm basis of moderation.
Our own contingent, humble though it be, has been dedicated in sincere
and resolute adhesion to the great Allied causePerhaps, the first among
all the peoples of Latin America, we have sowed and nurtured in the soil
of our country, undeterred and unvacillating, the seeds of confidence in
the United States—that confidence of which President Wilson has recently
spoken to
us
with the accent and conviction of
a
great statesman and true
American.
This confidence has rapidly gained in vigor everywhere, as we have
observed how the principles of liberty and justice have been safeguarded
from the terrible menace of usurpation and violence by the blood and the
unstinted treasure of the people of theUnited States; for are they not thereby
fulfilling the higher designs of the founders of the Republic that were so
admirably set forth on the day of the Declaration of Independence by the
great seer John Adams, when he enunciated the singular transcendency
of that revolution which was to embrace all centuries and be celebrated by
all nations as the great day of political salvation?
If the people of the United States, in the first days of their revolution,
had met the aid tendered by generous France with an attitude of distrust
in the absolutism of her America as much as we admire her and love
her to-day, would not exist and would not have been able, as she is now
doing in such extraordinary measure, to aid England, France, and the other
European nations in the titanic struggle for liberty.
SMALLEST OF ALLIES GIVEN BIG OVATION.
Montenegro, the smallest of the Allied nations, had her
day on Oct. 11 at the Altar of Liberty. The flag of Monte¬
negro was raised by Lieutenant Yevrem Chaoulitch, aide
of General Antoine Gvosdenovitch, Minister of Montenegro
Martin Vogel, Assistant Treasurer
to the United States.
of the United States, introduced the Montenegrin Minister,
declaring that the present war unquestionably will remove
forever the menace of the Turk for the brave people of the
mountain region. General Gvosdenovitch said:
happy to have an opportunity to observe the magnificent efforts
displayed by the American people in the preparation for victory, thus
vying with their heroic sons who are giving every day on the battlefields
renewed proofs of their gallantry.
This imposing spectacle is now symbolized by the enthusiasm aroused
by the Fourth Liberty Loan, which already points to a complete success,
and which will fill with consternation the enemy tottering under the heavy
blows which are being inflicted upon him by the American troops.
History repeats itself and records how great peoples, having reached the
climax of their destiny, entrusted their fate into the hands of governments
which took advantage of their power and dragged the people into despotism.
A sad example is furnished by the German Empire and its vassals which, in
their desire for domination, endeavored to chain down the freedom of the
I
am
whole world.
To offset this, American democracy has placed its sound strength at
the service of Right and draws from it the immortal principles of Justice,
Liberty and Generosity so eloquently expressed by President Wilson, upon
which human government of the future will be organized.
pursuit of this disinterested task, the American nation has entered
the arena, with its indomitable energy, in order to stop the furious on¬
slaught of the Germanic hordes which were ruthlessly devastating the fruits
In the
of centuries of civilization.
The weak and oppressed
the victory of the
nations, victims of this brutal force, look upon
United States 'as a guaranty of their salvation. This
comforting prospect upholds their morale and enables them to bear the rude
slavery to which they must temporarily submit.
Montenegro, the smallest among the Allies, whose people are starving
in the dreary solitude of the mountains, is awaiting liberation by the hand
of her glorious allies, and thrills with pride at the sight of her flag flying
on
opinion
doubt
several occasions noticed information likely
as
a
to mislead public
to the real paH played in this war by my country.
consequence of the fact that so far
Montenegro had
This Is
no
no
official
representative in the United States.
The struggles maintained by Montenegro in the course of her history
for the liberation of her brothers, from the Ottoman yoke firstly, and from
the Austrian oppression secondly, have set for my country a duty from
..,
which she could not swerve.
Faithful to this five-hundred-year-old tradition, Montenegro, although
exhausted by the two Balkan wars Of 1912-13, having sacrificed Scutari,
the fruit of her bloody efforts, for the sake of preserving peace, deliberately
entered this war to help Serbia.
Left to her own resources after a struggle of eighteen months; lacking
food and ammunition as well as all means of modem defense, Montenegro
has succumbed before the overwhelming superiority of the enemy, after
having covered the retreat of the heroic Serbian army.
Montenegro looks upon the liberation and the union of all the Jugoslavs
as the realization of her centenarian aspirations, and awaits in full confi¬
dence the great day which will insure the triumph of the immortal principles
of justice and free determination of the peoples proclaimed by President
Wilson.
My compatriots are to-day in a dire distress; famine prevails in our homes
mows down particularly our children, the hope of our nation.
No
one has come to their help; they are forgotten, far away in their mountains.
I hope that the great American people—whose sons are accomplishing
miracles of heroism on the battlefields—which is giving a renewed proof
of its patriotism by the co-operation of all its citizens in the Fourth Liberty
Loan, will not forget my country, which is so highly deserving of its generous
and
help.
The
Liberty Loan Committee reports that Montenegro
present war with
an army of about 45,000 men, all the able-bodied men in the
Kingdom. But in the great Austro^German campaign in
the Balkans in January 1916 she was overwhelmed, her army
practically annihilated and her people enslaved. King
Nicholas with his Court and Government fled to Paris,
where they have remained ever since. Associated with
Gen. Gvosdenovitch in the care of Montenegrin interests in
this country is William Frederick Dix, Secretary of the Mu¬
tual Life Insurance Co., who has been appointed ConsulGeneral for the Kingdom in New York City.
came
to the assistance of her allies in the
PORTUGAL CONSECRATED TO LIBERTY AT ALTAR.
New York paid tribute (on Oct. 15) to Portugal and her
valiant fighters. Fifth Avenue, from the Altar of Liberty
in Madison Square to the Public Library, was cleared of
traffic for the parade. The flag of the fighting nation, which
entered the war Nov. 23 1914, was cheered along the entire
route.
Alfredo de Mesquita, Consul General of Portugal
in a speech at the ceremonies in honor of Portugal, said in
part:
In the ancient eternal city, which is Rome, silhouetted against the
shadows of the ruins that silently but forcefully proclaim so much power
and so much glory, there stands the statue of a man whose name was
Marcus Aurelius.
From the top of the Gapiiolium, serenely riding hifl
charger, as if at the end of a useful and laborious journey, the emperorphilosopher, makes a noble gesture to pacify the barbarians and stop their
wild onrush against civilization.
In the mind of everybody who ever
visited Rome and saw that old masterpiece, the statue and the gesture
remain as a clear and everlasting memento, one of prime importance,
among so many others to gather in the aged land of the Latium, cradle
of the Latin race.
And it is a gesture similar to the one of Marcus Aurelius, that we now
behold America making to the world.
Voluntarily and disinterestedly
she makes a gesture for peace and good will among the nations of the earth.
Something similar to what America is doing nowadays, and all propor¬
tions kept, Portugal did in the past, and before the history it is the deed,
the character and the sterling qualities of the races that which constitutes
their superiority and entitles them to an equal right to be proud of their
ancestors.
It is this past of ours that vouches for the future.
On behalf of the
present there are those who in this great historic moment, unflinchingly
do their duty, as true descendants of the generations I just mentioned,
combatting for the same just cause of the Allies—our cause—with a courage
and a bravery, about which Marshal Haig stated in a report to the British
Government;
“The Portuguese troops have fought with the utmost bravery, and
General Abreu, the Portuguese Commander-In-Chief, has shown most
excellent generalship, greatly helping the whole plan of campaign and the
co-operation necessary of all units for the final overthrow of the enemy.”
If it is certain, as some of 4h3 men who are directing the destinies o
nations state, that we are going to see the breaking of the day when the
old prejudice of «maii and large nations is so modified that there will be
only nations, no matter how small or large, with the same rights to existence,
liberty and development—let you, strong and splendid America, have as
an Ally, in the struggle now waged for the civilization anar or a new taeai
of human society, that country which is Portugal and which I love as a
true son.
We, Portuguese, take pride in this justifiable love for our coun¬
try, of such a glorious, noble past, and as heroic death renders equal all
who fall in the battlefield, our mutual pride in being allied will be more
than justified.
THE CHRONICLE
1532
cover
CONSIDERA TION OF WAR REVENUE BILL BY SENA TE
FINANCE COMMITTEE.
While the opinion was expressed on the 15th by Chairman
Simmons of the Senate Finance Committee that the pending
War Revenue Bill now under consideration by the Com¬
mittee could be reported to the Senate before the end of the
month, the New York “Evening Sun” last night reported
that the bill cannot become
account of
a
law much before Jan. 1
agreement reached
on
Senate and House
leaders for a recess through election.
On the 11th inst.
many of the House provisions of the bill were accepted by
the Committee without change.
The ten-dollar a year
occupational tax was adopted but with an amendment in¬
cluding the farmer. Automobile taxes were reduced onehalf. This is a tax upon business, trades or professions
where the gross receipts are $2,500 a year. Among the
sections of the House bill accepted without change was the
entire schedule of taxes on manufactures of tobacco, the
section placing a tax of one cent for every ten cents paid for
pills, tablets, powders, sirups, tonics and a long list of
medicinal preparations and proprietary articles. The tax
on foreign corporations of $1 for each
$1,000 of invested
capital was adopted. The tax of $100 on brokers was re¬
duced to $50 and, it was stated on the 11th, that an amend¬
ment is to be drawn to levy an advancing scale of from $100
up on pawnbrokers, the tax to be graduated according to the
amount of business transacted.
The tax on proprietors of
theatres, museums and concert halls was amended so as to
exempt churches or other edifices owned by religious or
charitable organizations, or where the proceeds inuie entirely
to the benefit of the men of the military forces of the United
States. The tax on sight-seeing automobiles was changed
from 10% of the gross receipts to a flat tax rate of $20 a year
on
an
each such vehicle.
among
On motor vehicles for hire and
[Vol. 107
possible deficiencies in income from alcoholic liquors
and allow elimination of high collection cost schedules.
The House provision levying an income tax on the salaries
of the President, the Federal judges and all other Federal
and State officers was stricken from the bill by the Com¬
mittee on the 17th inst., along with the provision taxing
State and municipal bonds.
The Committee disposed of
the salaries tax question by striking out the parenthetical
clause in Section 213, which defines gross income as in¬
cluding salaries “of the President of the United States, the
judges of the Supreme Court and inferior courts of the United
States, and all other officers and employees, whether elected
or appointed, of the United States or of any State, Alaska,
Hawaii, or any political subdivision thereof or the District
of Columbia.” The section still generally defines gross in¬
come as including salaries, wages or compensation for per¬
sonal service of whatever kind.
It is pointed out that the
effect will be that administrative practice will revert to
custom and refrain from attempting to collect a tax on the
salaries of the President, State officers and Federal judges.
In the case of State and municipal securities, the position
is positive, as the law will definitely state that gross income
does not include the interest from such obligations. It
also provided specifically that manufacturers of war goods
might count as losses the sacrifice involved in disposing
of a war plant at less than cost.
The amendment covering
these points constitutes a new section of the bill, viz., 203,
and provides that a person suffering loss in the operation
of his business might, by submitting adequate proof to the
Secretary of the Treasury, receive a refund from the tax
paid by him for the preceding year. Should the amount
of the loss result in the refund being more than the total
amount of taxes paid by him, then the amount in excess
would be credited to him on his taxes for the coming year.
Refunds would be made only for losses suffered prior to
Dec. 31 1916.
carrying not more than seven passengers the House rate of
Yesterday (Oct. 18) the Committee amended the House
5% of gross receipts was changed to a flat tax of $10 on each bill by fixing a flat tax of 12% upon net incomes of cor¬
car.
Mark L. Requa, Director of the Oil Division of the
porations and eliminating the section imposing a 6% ad¬
Fuel Administration, in explaining on the 11th to the ditional tax on indistributive
earnings.
Committee the need of encouragement in the production of
oil if the war needs of the United States and its allies are to
be met, suggested that the bill should make allowances for
the depletion of the oil supply and that the risk of the oil
prospector Should be recognized.
Mr Requa,
as
indicated
in our issue of Saturday last, has been asked to prepare for
submission an amendment which be believed would meet
his ideas.
On the 15th inst. the Committee decided to impose a
2-cent tax on all bank checks regardless of their amount.
This provision, which is not carried in the House bill, was
adopted by the Committee by a vote of 8 to 6. Many
members are said to have expressed a doubt as to its accep¬
tance by the Senate.
Such a tax, it is reported, is opposed
by the Treasury Department officials and many Senators.
Aside from the bank check amendment, the only change
made in the House stamp tax section was to exempt
fidelity
and surety bonds from such taxes.
An amendment placing
these under a monthly tax, as provided in the case for
casualty companies, was substituted. TheJHouse provision
calling for the creation of an advisory tax board to aid the
Treasury Department in the interpretation and adminis¬
tration of the law was stricken out by the Senate Committee,
but a lump sum of $60,000 was allowed to the
Secretary of
the Treasury for the employment
of£such advisers as he
might deem necessary. The House provisions increasing
the salary of the Commissioner of Internal Revenue to
$10,000 and providing for the appointment of five deputies
and an Assistant to the Commissioner at
$5,000 each was
approved by the Committee on the 15th. On that date
Fuel Administrator Garfield appeared before the Committee
to urge that liberal allowances be made to coal
operators
for depletions and amortizations to the end that
production
might be stimulated as fully as possible. On the 16th the
Committee adopted a provision
permitting all taxes imposed
by the bill except stamp taxes to be paid by uncertified
checks.
Senator Smoot of Utah,
Republican, gave notice
the 16th that he would propose a retail sales tax amend¬
ment, levying an impost of 1 cent on each purchase of a
dollar or fraction thereof above 20 cents.
It is estimated
on
by the Senator that the tax, which would be paid by the
purchaser, would yield $1,250,000,000. Another amend¬
ment contemplated by the Utah Senator would
provide a
sales tax on each turnover, with an estimated
yield of
$3,500,000,000. Such taxes, Senator Smoot said, would
PROPOSAL OF AMERICAN BANKERS’ ASSOCIATION
CONCERNING WAR PROFITS TAXATION.
The text of the proposal made by the Investment Bankers’
Association of America to the Senate Finance Committee
by the Chairman of its Taxation Committee, Roy C. Osgood,
with respect to the war profits taxation in the pending War
Revenue bill, has been made public as follows:
Sec. 312
(a) That the
war profits credit shall not be less than $3,000 and
equal to the average net income of the corporation for
the pre-war period, plus or minus, as the case may be the general trade
percentage of any capital added or withdrawn since the mean of tho pre¬
war
period.
(&) The general trade percentage shall be the percentage normally
earned in the trade or business carried on by such corporation and, except
where the risks are exceptionally hazardous and the trade or ousiness is
necessary for war purposes, shall not exceed 12%, nor in any event be less
tnan 8%.
Such general trade percentage shall be determined by the
Commisi ioner of Internal Revenue under regulations approved by the
Secretary of the Treasury.
(c) If the corporation was not in existence and engaged in business for
at least one calendar year of the pre-war period, its war profits credit shall
be determined by the Commissioner of Internal Revenue by comparison
with representative concerns whose war profits credits have been : atisfactorily determined under this section and which are as nearly as may be
similarly circumstanced with respect to character and units of business,
to capital and other income-producing factors and to all other relevant
facts and circumstances; it shall /•ot in any case exceed one and one-half
times the general trade percentage of the capital.
(ef) In any case where the Commissioner of Internal Revenue, under
rules and regulations approved by the Secretary of the Treasury, shall
determine that the war profits credit computed under subdivisions (a)
or (b) does not represent a normal profit per unit of business or a normal
return on the capital and other factors employed in such trade or busi¬
ness, either because the factors included or excluded in the computa¬
tion of net income of the pre-war period differ from the factors, included
or excluded for the taxable year, or
because by comparison with rep¬
resentative concerns in like or allied businesses or industries the profits
per unit of business or the net income of the pre-war period was abnor¬
mally high or relatively low, or because of any other similar circum¬
stance, the Commissioner, subject to such rules and regulations, shall
make such proper modification of the war profits credit determined under
subdivisions (a) or (c) as may be necessary to make the computat ion thereof
correspond to the computation of net income for the taxable year and,las
nearly a& may be, equal to a normal profit per unit of business and a normaT
return on the capital and other factors, if any, employed in prodcing such
income, and for such purposes the Commissioner shall compare the tax¬
payer with representative concerns whose war profits credits has been
satisfactorily determined under this section and which are, as nearly as
may be, similarly circumstanced with respect to character and units of
business, to capital and other income-producing factors and to all other
shall be
relevant
an
amount
facts
(e) The
and
circumstances.
profits credit shall not in any case be less than the general
trade percentage of the capital.
The capital so far as it does not consist
of money shall be taken to be (a) the value on Jan. 1 1914 of all assets ac¬
quired prior to said date, (6) the cost of value w hen acquired of all assets
acquired on or since Jan. 1 1914, and (c) the face value of all debts due
war
Oct. 19 1918.]
THE CHRONICLE
which have not been allowed
as worthless and deducted from gross income
for income tax purposes, less any
unpaid purchase money or other indebted¬
ness and any
depreciation due to wear and tear or obsolescence. Any
appreciation in the value of any asset over the cost thereof, occurring since
Jan. 1 1914 may be allowed only if and to the extent that the amount
thereof has in or prior to the taxable year been carried to capital account
and credited to the stockholders by way of a stock dividend or has other¬
wise directly or indirectly become chargeable to the stockholders as a
profit
or income for the purpose
of taxation.
CD The rules and regulations authorized by this section shall specify
the conditions to be followed in all cases falling under them and shall not
leave adjustments to be made arbitrarily in particular cases.
In
a
brief filecUwith the Senate Finance Committee,
presenting this proposal, Robert R. Reed,of Reed,McCook
& Hoyt, counsel for the association, says:
By the adoption of the general plan now proposed, the Treasury would
be able to get the maximum of revenue from each taxable
corporation.
The collection would be adqeuate and uniform.
Accidental hardships
and accidental immunity would be avoided.
Necessary business enter¬
be arbitrarily discouraged or destroyed.
The risks in¬
cident to different classes of business as well as che risks incident to a
particular business could be recognized.
Normal income, the return
prises would
not
necessary to business life, would be subject only to the normal tax, while
every extra dollar above the normal will contribute eighty cents to the
war needs of the Government.
A basis will be reached in each case, which
will make the 80% levy above that bas?s just and bearable.
The Association has also urged on the Senate Committee
an addition to Section 320 of the House bill:
(3) Provided also that the Commissioner ot Internal Revenue, under
rules and regulations approved by the Secretary of the Treasury, may al¬
low a deduction from such net income of any moneys which are reasonably
necessary to be set aside either to recoup against capital losses or unremunerative expenditures incurred in the preceding calendar year or as a reserve
against the extraordinary contingencies of the taxpayer, such as amortiza¬
tion not fully allowed under paragraph (8) of subdivision (a) of Section 234,
any depletion or impairment of capital in the taxable year not otherwise
allowed, and contingent liabilities properly chargeable against the income
of the taxable year.
Such rules and regulations shall specify the conditions
under which any such allowance snail be made and shall not leave them to
be made arbitrarily in particular cases.
Mr. Reed’s brief
A moderate
on
this proposal says:
less uniform rate of “income tax”
on the profits de¬
termined from year to year can be borne, despite its inequities in some cases.
But the relative success and actual profits of many businesses can only be
determined over a period of time covering the development asd comple¬
tion of various undertakings and commitments.
To cut the business
more or
venture into parts
and determine the profits
on a
fixed period and subject
these profits to an 80% tax on the excess over a certain standard or average
or percentage must result in many cases in confiscation, in wiping out neces¬
against major items of depreciation and contingent liabilities,
seriously impairing the capital or producing insolvency under
tne guise of a “profits” tax.
It taxes and takes “profits” where there are
no profits.
sary reserves
and in effect
CHANGES IN CORN MILLING GRADES AGREED ON.
With regard to changes in
Changes in
milling grades the U. S.
following announcement:
corn
Food Administration makes the
milling grades, affecting grits,
meal, com flour,
pearl meal, and common com meals, have been announced by the Food
Administration.
These are expected to standardize com milling products
further, in order that the housewife may be sure, when purchasing, that she
will always get the same grade under the same designation.
This action follows upon a conference with the Western Com Millers’
Committee, just terminated. The Committee protested that the earlier
grades established, while satisfactory for some mills, were too rigid for
corn
cream
others.
Moisture
Content.
The new grades will permit grits, cream meal and com flour to have a
moisture content of from 12 H % to 13H %.
Fat content may range from
1K % to2H%. instead of being limited rigidly to 1H % • In any case, the
sum total of the two must not exceed 15%.
Standard, bolted, and plain or water-ground common com meal, when
shipped in inter-State traffic, must not contain more than 12% of
1533
Canada and Mexico by other than ocean transportation may
be made, it is announced, if the commodities proposed to
be shipped originate in said countries.
IMPORTATION OF CORN FROM THE RIVER
PLATE
DISTRICT.
;
The War Trade Board, according to an announcement
issued Oct. 9, has authorized the importation from the River
Plate district of corn upon the conditions that shipment
shall be made from River Plate ports, that the com shipped
shall be purchased by and for the account of the Food Ad¬
ministration Grain Corporation, and that such shipments
shall have been agreed upon jointly by the United States Food
Administration and the United States Shipping Board.
This ruling modifies the list of Restricted Imports No. 1,
Item 8, prohibiting such imports.
MINIMUM HOG PRICE AT CHICAGO OF $18 50
RECOMMENDED BY AGRICULTURAL ADVISORY
COMMITTEE REDUCED TO $18.
issue of Oct. 5, page 1332, we referred to the recom¬
mendations for the stabilization of hog prices presented to
the Federal Food Administration by the producers, or
Agri¬
cultural Advisory Committee.
At a conference between
Food Administration officials and representatives of the five
In
our
large packers and 40 smaller firms on the 4th inst. the packers
opposed the plan proposed by the producers’ committee,
but finally agreed to support the Administration by
doing
their best to maintain the minimum of $15 50 per hundred¬
weight for the average of packers’ droves over the heavy
packing season, the average not to include the usually
excluded cripples, boars, stags, little pigs and old sows.
On the 8th inst. it was announced that the protest by the
packers against the average minimum price for October of
$18 50 per hundred pounds at Chicago the Food Adminis¬
tration had reduced the minimum price to $18.
Official
announcement of this was telegraphed to Chicago on the
7th
as
follows:
After
carefully considering the recommendation of producers’ committee,
the Food Administration deems it wise to modify the plan of a rixed aver¬
age of $18 50 for hogs during Occober to a minimum average price of $18,
as effecting substantially the same result and being more practical
in oper¬
ation.
We believe it will do justice to producers, unless something now
entirely unforeseen arises, in which event adjustment can be arrived at
when November prices are discussed between producers and packers.
A level of 17 cents for hogs at Chicago for November is
said to have been suggested by the packers and 16 L6 cents
Food Administrator Hoover is credited with
for December.
stating that Government and export buyers would absorb
about 50% of the hog product made in the United States
during 1919 and that orders in hand would require an addi¬
tional 1,000,000,000 lbs. over 1918 purchases. In acknowlj
edging the recommendations of the Advisory Board, Mr*
Hoover addressed the following letter to H. C. Stuart, Chair¬
man
of the committee:
Dear Governor Stuart.—I am
extremely obliged for the helpful and intelli¬
gent recommendations of the committee.
I wish to say for the Food Ad¬
ministration that so far as we are able we will continue the assurance of a
minimum $15 50 per hundred for average of packers’ droves at Chicago for
moisture.
It is to be unrestricted as to moisture or fat content if for local
distribution.
Pearl meal standards for moisture and fat, respectively, are
now 12 and 3%, whether domestic or export.
The figures were formerly
hogs farrowed this fall.
We can reconsider the outlook in a few months
as to the extension of this again to spring farrowing.
I have myself little
I do want it made clear in all
doubt that we will be able to continue.
these matters of price influence by the Government that this Is not a
11% for moisture and 3% for fat.
guarantee—it is
Spoiled in Transit.
In the past meals not standardized have spoiled in transit, which caused
some dissatisfaction among housewives who used com products as sub¬
The Food Administration has standardized in the
stitutes for wheat.
rye and barley flour and oat and corn products.
Members of the Western Com Millers’ Committee at the conference
were:
W. W. Marshall, Kansas City: George Dahnke, Union City, Tenn.;
same manner
8t. Joe, Mo.; W. N.
Adams, Arkadelphia, Ark.: J. J. Stream represented the Food Administra¬
J. B. McLemore, Nashville, Tenn.; J. W. Craven,
tion.
IMPORTATION OF DRIED BEANS, DRIED PEAS AND
DRIED LENTILS.
In accordance with
ruling of the War Trade Board
(W.T.B.R. 252, issued Oct. 9) no licenses for the importation
of dried beans, dried peas, and or dried lentils (Items 75
and 76 of List of Restricted Imports No. 1) by ocean trans¬
portation will be issued until the applicants for such licenses
shall have furnished the Bureau of Imports of the War
Trade Board an affidavit stating that the dried beans, dried
peas, and or dried lentils peoposed to be imported are for
consumption within the United States and not for re-expor¬
tation.
This restriction does not apply to shipments of
these commodities destined for the Army, Navy, United
States Grain Corporation of the Food Administration, or
the Belgian Relief.
Shipments of these commodities from
a new
a
policy, and this policy will only be defeated by
some
unlooked-for Interruption in distribution, transportation or consumption
—a risk of war we must all take.
The criticism has been made that in changing che formula from “cost of
corn to be fed to the hogs’ to che “farm value” or farmers’ “selling value
at country stations’ has the effect of an advance to the farmer, as it realizes
to him the profit on com production, as well as che profit between the
normal amount of corn fed to hogs and the higher ratio here adopted, and
that the calculation of nogs at Chicago only partly compensates this.
I
am not, however, disposed to quarrel with just profits to cne farmer, and in
any event, the application of such formulas must be rough and ready and
designed to attain their real end—justice and the stimulation of production
The Food Administration has systematic independent information on
the actual prices paid for com at country stations through its Cereal Divi¬
sion, and we must necessarily use this information in conjunction with in¬
formation collected by the Department of Agriculture
We have carried out an inquiry as to which really are the eight leading
hog and com producing States for a bas s of these calculations.
We exam¬
ined the question from various standpoints—production of both items
basis of population; upon simple
Under these tescs Iowa, Illinois,
Indiana, Ohio, Nebraska, and Missouri—six States—fall into every basis
Of the others it is difficult to decide.
of calculation.
From different
aspects Minnesota, South Dakota, Texas, Tennessee all enter for the other
two.
In fact, the committee was referring to the “com belt’ of which
Texas lies outside and only has place here by sheer size.
From various
aspects it appears to me that every one would agree that South Dakota
and Minnesota more nearly conform to the committee’s definition than any
other—especially if we “weight” the relative factors. I have, therefore,
upon a square-mile basis; upon her capita
State production and for different years.
adopted these States.
recommendation we will issue in¬
packing firms, about 50 in number, who participate in
controlled orders, effecting so far as these orders will go the stabilization
of price on these lines.
In accordance with the committee’s
structions to the
1
I *
THE CHRONICLE
1534
You will recognize that this should be effective as long as the controlled
If they fall short of this it will be necessary
orders dominate the market.
to rely upon the packers carrying in stock any surplus pending absorption
by the controlled orders or general consumption.
This
was
accomplished last winter under difficulties and
was prevented.
Faithfully yours,
a
break below
the minimum
THE
HON.
HENRY
C.
STUART.
Department of Agriculture, Washington, D. C.
IMPORTS OF HEMP SEED, CANARY SEED AND
ALFALFA SEED RESTRICTED.
Hemp seed, canary seed and alfalfa seed, used principally
for feeding of caged birds and, in the case of canary seed, to
a certain extent for feeding blooded stock, were placed on the
list of restricted imports by the War Trade Board as from
Sept. 181918. All outstanding licenses for the importation of
these seeds were revoked as to ocean shipments from abroad
after Sept. 18 1918, the importation of hemp seed and canary
seed by ocean shipment from abroad after that date being
totally prohibited. No licenses will hereafter be issued for
the importation of alfalfa seed for ocean shipment from
abroad (after Sept. 18 1918) except for such shipments as the
Seeds Stocks Committee of the Department of Agriculture
may approve, and applications therefor must be submitted
to the Seeds Stocks Committee for its recommendation before
action thereon is taken.
It is estimated that a saving of
1,800 dead-weight tons will be effected by the restrictions
these seeds, which come in the case of hemp seed from
China, canary seed from Argentina, and alfalfa seed from
Russian Turkestan. Adequate substitutes for these seeds
for the feeding purposes mentioned above are found in the
on
United States.
^_______
CANADIAN ORDER-IN-COUNCIL GOVERNING USE
AND SALE OF BUTTER.
Under an Order-in-Council issued in Canada but two
of butter or oleomargerine is allowed to each person
ounces
per
week.
The order, which we give herewith, also
governing the sale of butter:
em¬
bodies regulations
[2402.1
AT
THE
GOVERNMENT
HOUSE
AT
OTTAWA.
Monday, the 30th day of September
1918.
Present
His
Excellency the Governor-General in Council.
His
Excellency the Governor-General in Council, on the recommendation
of the Minister of Agriculture, pursuant to an urgent request from the
British Ministry of Food for increased
shipments of butter owing to the
scarcity in Great Britain permitting of only two ounces of butter or oleo¬
margarine to each person a week, and under and in virtue of the powers
conferred by the War Measures Act of 1914 or otherwise vested in the
Governor-General in Council, is pleased to make the following regulations
respecting the sale of butter, and the same are hereby made and enacted
accordingly: —
*
Regulations.
1. Manufacturers of creamery butter shall deliver all such butter made
„'in the Provinces of Alberta, Saskatchewan, Manitoba,
Ontario and Quebec
between Sept. 30 and Nov. 9 1918, both days inclusive, to a cold
storage
warehouse at Montreal designated by the Dairy Produce Commission at
the
following prices
Grade No. 1, 46Yz per pound.
Grade No. 2, 46
per pound.
Grade No. 3, 45
per pound,
delivered at warehouse Montreal freight and cartage paid.
2. No person shall sell to the Diary Produce Commission
any creamery
butter manufactured before Sept. 30 1918 at a price in excess of the follow¬
ing:—
Grade No. 1, 431^ per pound.
Grade No. 2, 43
per pound,
delivered at warehouse Montreal freight and cartage paid.
3. Every manufacturer of creamery butter in the Provinces of
Alberta,
Saskatchewan, Manitoba, Ontario and Quebec shall make weekly returns
to the Canada Food Board showing the quantity of butter
manufactured
by them, the names of persons to whom sold and the quantities and prices
of each sale during the week and tlie
quantity on hand at the end of the
week.
4. No person, except a dealer licensed by the Canada Food Board to deal
butter, shall hold or have in his possession or under his control, at any
one time, creamery butter more than is sufficient
for his ordinary require¬
ments for a period not exceeding thirty days.
5. No person shall sell to any person
in
dealer licensed by the
butter than is suf¬
a period not exceeding thirty
days.
In this and the last preceding
section, “Thirty days” requirements, shall
not exceed two pounds of butter for each member of
the household.
Nothing herein contained shall apply to butter purchased for private
consumption before the passage of this order.
except to
Canada Food Board to deal in butter,
ficient for his ordinary requirements for
a
more creamery
RODOLPHE BOUDREAU,
Clerk of the Privy Council.
CANADIAN SUGAR REGULATIONS.
Sugar regulations in Canada, effective Sept. 30, were
as follows by the Canada Food Board on
Aug. 31:
announced
CANADA FOOD BOARD
Order No. 6.
Sugar Order.
in exercise of the powers conferred upon it
by order of His Excellency,
the Governor-General in Council, dated the 12th
day of March 1918,
P. C. 596, and of all other powers
enabling, the Canada Food Board hereby
crd tm
Notwithstanding anything contained in any other orders of the Canada
Food Board:
1. (a) No public eating place (except soda fountains or ice cream parlors)
shall use more than two pounds of sugar for every ninety meals served.
(b) No proprietor of a soda fountain or ice cream parlor shall after Sept.
30 1918 use more than 25% of the average monthly amount of sugar used
1917.
shall use in the manufacture of:
(а) Biscuits, or fruit, pound, layer, wine, sponge cake or any like product
more than 40 pounds of sugar to 100 pounds of flour.
(б) Sweet dough products and pastry more than 8 pounds of sugar to
100 pounds of flour.
(c) Cocoanut macaroons or fancy almond macaroons more than 40%
during the
HERBERT HOOVER.
[Vol. 107
(2) No
year
person
of sugar.
(</) Marshmallow
more
than 10 pounds of sugar to 60 pounds of marsh¬
mallow.
(e) Bread and bread-rolls H pounds of sugar to 100 pounds of flour.
50% of sugar used in the manufacture of products (a), (ft) and 100%
of (e) shall be yellow or brown sugar.
3. No person shall use in the manufacture of:
(a) Candy, chocolate, solid cholocate products, cocoa products, chewing
gum, desiccated cocoanut or tobacco more than 50% of the monthly con¬
sumption of sugar for the year 1917.
(b) Table syrups, compound honey, maple butter and maple syrup
compounds. or such like products, more than 50% of the average monthly
consumption of sugar for the year 1917, one-half of such sugar to be yellow
or
brown sugar.
(c) Pharmaceutical syrups and medicinal preparations more than 75%
of the average monthly consumption of sugar in 1917.
(d) Beers, a«es, soft drinks, fountain fruits, fruit juices or syrups,
dessert or jelly powders or marshmallow powders, after Sept. 30 1918,
more than 50% of the average monthly amount of sugar used
during the
year 1917.
4. No person shall use in the manufacture of ice cream more than
pounds of cane sugar to 8 gallons of ice cream.
5. The use of sugar in the manufacture of soap is prohibited.
6. Certificate for the purchase of sugar in the manufacture of products
mentioned in this order, will be issued on the basis of the percentage allowed
under this order.
Supplementary certificates will be issued for the manufacture of products
proof of increased output.
mentioned in Clause 2, Sections a, b, c, d and e, on
Public eating places must keep record of all meals served and if the
allotment does not equal two pounds per ninety meals serviced, the licensee
may make written application for a further allotment.
Record most also
be kept of quantity of fruit preserved and amount of sugar so
used.
NEW
FOOD CONSERVATION PROGRAM—FURTHER
RESTRICTION IN SUGAR APPORTIONMENT
AND USE OF BREAD.
A new food conservation program, effective Oct. 21, was
announced by the U. S. Food Administration on Oct. 13.
The new regulations will affect every hotel, restaurant,
cafe, club and dining car service in the country. It is esti¬
mated that approximately 9,000,000 people take their meals
in public eating places.
The new regulations carry into
effect the recent announcement of the Food Admimstration
that, in fulfilling the American promise to the Allies to send
them 17,500,000 tons of food this year, the public eating
places would be called upon “to undertake in many par¬
ticulars a more strict program than last year.”
This an¬
nouncement appeared in our issue of Sept. 28, page 1246.
There
are
twelve “General Orders” in the
new
conservation
plan which sets forth the specific measures whereby it is
proposed to carry out a direct reduction in the consumption
of all foods, particularly staples, rather than, it is stated, a
series of emergency regulations such as meatless and wheat¬
less days and meals, and the substitution of one food for
another.
The Food Administration’s announcement says:
It has not been deemed advisable
or necessary at the present time ac¬
tually to license the operation of public eating places, but, in cases where
the patriotic co-operation of such public eating places cannot be secured
by other means, the United States Food Administration will not hesitate
to secure compliance with its orders through
its control of the distribution
of sugar, flour and other food supplies.
A failure to conform to any of
the following orders will be regarded as a wasteful
practice forbidden by
Section 4 of the Food Control Act of Aug. 10 1917.
Simplified service, with meats and vegetables on one
plate, instead of in side dishes, only necessary silverware,
and simplification of the menu and menu cards are urged
as means not
only to save food, but labor and paper. The
new program discourages the
table h’hote meal except when
confined to few courses and small variety. Under the new
plan no bread or butter is to be served unless the diner re¬
quests it, and when bread and butter is served, it must not
be put upon the table until after the first course is served.
No sugar is to be served unless requested, and not more
than one teaspoonful or its equivalent to any one person at
a meal.
An outline of the general plan follows:
Bread and Butter.—No bread or butter shall be served unless the guest
requests it, and when broad and butter is served, it must not be put upon
the table until after the first course of the meal is served.
The service of bread should conform to the rules of the baking regu¬
no broad w ith les3 than 20% of substitutes in
it be served, that not more than two (2)
ounces of Victory bread or rolls
lations, which require that
(bread containing 20% of wheat flour substitute, or 40% of rye flour),
if no Victory bread is served, not more than four (4) ounces of other
breads,’such as corn bread, Boston brown bread, muffins, &c.t be served
to one person at any one meal, except sandwiches, or bread served at
boarding camps, or rye bread which contains at least 50% of rye flour.
Rolls should weigh not more than one (1) ounce each.
All bakery
products must be made in accordance with the rules and regulations of the
or
Oct. 19
1918.]
THE CHRONICLE
baking division.
This applies to all bakery products
served, whether made
the premises or purchased from bakers.
Toast must not be served as garniture or under meat.
on
Standardize your butter service and limit it to H ounce.
Cereals.—Serve all cereals sparingly, as they are greatly needed both for
the
armies
and the Allies and
ideal foods to store and transport.
Meats.—Portions of meat should be cut to the best advaptage, and as
small as practicable to meet the requirements of
patrons, and no more than
one portion of any kind of meat or
poultry should be served at any one
meal.
If patrons desire it, one mutton
chop, one lamb chop, or one pork
chop should be served to an order, and reduced portions of ham and bacon
should be served.
Prices should be adjusted accordingly.
Bacon must not bo used as* a garniture.
'
are
Pats.—Serve as few fried dished as possible, as it is necessary to conserve
fats, both animal and vegetable. Trim and save all coarse fats from
meats before cooking.
Munition and soap manufacturers need waste fats.
Sugar.—Serve no sugar unless requested; if request ed, not more than one
teaspoonful or its equivalent to any one person at a meal. One small lump
all
is the service for demi-tasse.
The use of the sugar bowl on the table must
be discontinued.
Serve no candies after meals.
Eliminate icing made
with cane or beet sugar from all cakes.
Use honey, maple sugar, corn
sugar and syrups as sweeteners.
Fresh Vegetables and Fruits.—Serve fresh vegetables and fruits when¬
possible. Attractive preparation will popularize their use. Feature
vegetable dinners, and fruit and vegetable salads.
Minimize the use of
ever
canned fruits and vegetables—save tin and labor.
Coffee.—In order to relieve ships transporting coffee to this country,
so that we may use them to
transport our troops and supplies abroad, wo
ask the hotels and restaurants to economize in the use of coffee
by every
possible
of this particular kind of cheese wherever possible.
The service of cheese
with salads and the use of cheese with cooked dishes, such as macaroni,
Welsh rabbits, &c., should be avoided.
Ice.—Serve ice sparingly.
Practice rigid
economy
in its
use.
Ammonia,
which is used in making artificial ice, is greatly needed in the manufacture
of munitions.
Suppers and Teas.—The Food Administration believes the fourth meal
to be unnecessary and unpatriotic.
Where suppers are served all meats
should be eliminated and such dishes should be substituted as sea foods,
in season, egg dishes, and such by-products of meat as are desirable.
Lunches and Banquets.—The Food Administration believes elaborate
game
lunches and banquets are unpatriotic and should not be served. Lunches
and banquets are recognized as being necessary for social enjoyment of
the people, but at such gatherings a simple meal should be served, such
as would be eaten in the home.
No waste cr extravagant use of food
should be allowod in this critical time.
The hour for such functions should
be so regulated that the repast will take the place of one of the regular meals.
Service.—Reduce the use of china, linen and silver in order to effect a
saving of labor.
Serve food wherever possible in the plate or dish from
which it is to be eaten.
Plate service should be established wherever
possible; that is, the meat and vegetables comprising the main part of the
meal should be placed on one plate instead cf served in several side dishes.
Service plates should be eliminated.
Place only the amount of silverware
on the table that is
actually to be used for the meal.
Menus.—All so-called general bills-of-fare used in hotels and public
„
eating places should be abandoned.
The groat variety of dishes tiiat are
usually listed on a general bill-of-fare necessitates carrying in the ice-boxes
large quantities of meats and other produce, and spoilage and waste are
liable to follow.
A simple bill-of fare should be arranged—one for break¬
fast, one for luncheon, and one for dinner or supper, all ■with a limited
number of dishes, and changed from day to day to give variety.
A stand¬
ard form of menu card is recommended, maximum size about 6x10 inches.
This should be printed on paper or cardboard of as light a quality as
practicable. The simplifying of menu cards alone would save thousands
of tons of paper annually.
The encouragement of hors d’oeuvres, of vegetal)!es, salads, fruits, sea
foods, and the use of made-over dishes and of animal by-products, such
as ox-tails,
tongues, calves’ heads, livers, kidneys, tripe, sweetbreads,
bra!ns and feet will save greatly in all staples and permit the effective use
of many available foods.
Table d’hote meals, as prepared and served here in America, often result
In waste and should be discouraged in larger hotels and reel aura its wherever
conditions 'permit.
In circumstances requiring table d’hote meals, the
bill-of-fare should be limited to few courses and a small variety, such as is
served on the continent of Europe, and should be very carefully super¬
vised.
The American plan hotel or restaurant should require its guosxs
to choose specifically* in writing, from the items offered, as in the European
plan, so as to avoid was"e.
The cafeteria system is recommended for employees wherever possible,
it facilitates service and eliminates waste.
General.—Use local and seasonal supplies.
Do not require abnormal
use of the railways and steamships to transport products from far afield,
as
that
we
need all
cars
and
depends
upon
the saving of waste food and the using of leftovers to the
best advantage.
Waste in the kitchen could be curtailed considerably
by not having a large amount of food prepared for expected guests wuo
may not come.
It is better that the American people wait a few minutes
for their food than that an unnecessary amount of food be cooked in an¬
ticipation of a larger number of guests than will actually be served. The
suggestion Ls made that all menu cards be printed in plain English, actually
descriptive of the food, so that the patron may readily determine what
he is ordering.
The
following
are
the twelve General Orders:
General Order No. 1.—No public eating place shall serve or permit to be
served any bread or other bakery product which does not contain at least
20% of wheat flour substitutes, nor s call it serve or perm:t to be served
than two ounces of this bread,
known
as
Victory Bread,
or
if
no
Victory Bread is served, more than four ounces of other breads ‘such as
bread, muffins, Boston brown bread, Ac.).
Sandwiches or brevl
corn
served at boarding camps
rye
butter.
General Order No. 7.—No public eating place shall serve or
permit to be
served to any one person at
any one meal more than one-half ounce of
Cheddar, commonly called American cheese.
General Order No. 8.—No public eating house shall Use or
permit the use
of the sugar-bowl on the table or lunch counter.
Nor shall any public
eating place serve sugar or permit it to be served unless the guest so requests
and in no event shall the amount served to
any one person at any one meal
exceed one teaspoonful or its equivalent.
General Order No. 9\j—No public eating place shall use or
permit the
of
use
an
amount
of sugar in excess of two
pounds for every ninety meals
served, including all uses of sugar on the table and in cooking, excepting
such sugar as may be allotted by the Federal
Food Administrators to
hotels holding a bakery license.
No sugar allotted for this special baking
purpose shall be used for any other purpose.
General Order No. 10.—No public eating place
shall bum ary food or
permit any food to be burned and all waste shall be saved to feed animals
reduced to obtain fats.
General Order No. 11.—No public eating place shall
display or permit to
be displayed food on its premises in
any such manner as may cause its
deterioration so that it cannot be used for human
consumption.
General Order No. 12.—No public eating place shall serve or
permit to
be served what is known as double cream or cream de
luxe; and in any
event, no cream containing over 20% of butter fat shall be served.
or
flour
are
COFFEE LICENSES UNDER DIRECTION OFU.S. SUGAR
EQUALIZATION BOARD—PROPOSED CORPORA¬
TION TO STABILIZE COFFEE PRICES.
The Food Administration and the War Trade Board, in
announcing
on Oct. 14 that the issuance of licenses for im¬
ports of coffee into the United States would hereafter be un¬
der the direction of the United States Sugar Equalization
Board, stated that the plan for the allotment and distribu¬
tion of all coffee
imported is now being formulated. Econ¬
in the consumption of coffee is urged by the Food Ad¬
ministration, which states, however, that the rationing of the
people is not contemplated, the Administration preferring to
depend on voluntary action to reduce consumption by avoid¬
ance of waste and
over-indulgence. The following is the
omy
announcement of the 14th:
The War Trade Board, acting in co-operation with the United States
Food Administration, announces that on and after Oct. 14 no licenses for
the importation of coffee into the United States will be issued,
except to the
United States Sugar Equalization Board.
This organization will hereafter
import or direct the importation of all coffee coming into the United States.
Such action is taken in order to better adjust coffee imports with shipping
conditions, to bring about an equitable distribution to the trade and insure
the
supplies necessary for home consumption.
plan for the allotment and distribution of all coffee imported is now
being formulated and the Coffee Advisory Committee has been called to
Washington for consultation.
It is contemplated that this plan will, as
far as feasible, continue the importation and distribution of coffee through
the established channels of trade.
The plan arrived at will be announced
as soon as possible.
Outstanding licenses have been revoked as to ocean
shipment after Oct. 18.
Viseing of consular invoice will be considered
as the date of shipment.
The Food Administration is desirous that every one economize in the
consumption of coffee, in order to decrease the demands on shipping and
free as much tonnage as possible for the transportation of the American
Army.
The extent to which the American public, by conforming to this
request, can assist in the transportation of our Army to France may be
realized when we consider that the customary imports of coffee into the
The
United States per annum exceed 500,000 tons.
Rationing the people is not contemplated, the Food Administration
preferring) to depend upon the voluntary action of our people to reduce
consumption by careful avofdance of all waste and over-indulgence, and
by careful preparation of coffee for the table.
An announcement by the Food Administration that an advaneexon bulk roasted coffee sufficient in price to assure
roasters a profit in cents per pound equal to their pre-war
profit] was received by the New York Coffee and Sugar
Exchange on Oct 2 as follows:
.
skips for war purposes.
All waste food should bo saved to feed anima’s or for reduction to obtain
the fats.
No food should be burned.
The fundamental principle of the regulations of hotels and re^aurants
more
General Order No.\5.—No public eating
place shall serve or permit to be
served any bacon as a garniture.
General Order No. 6.—No public eating place shall serve or
permit to be
served to any one person at
any one meal more than one-half ounce of
care.
Cheese.—A shortage of Cheddar, commonly called American cheese,
made apparent by the tremendous demand of our army and the Allies,
makes it necessary for us to ask public-eating-places to avoid the service
now
1535
and rye breid containing 50% or more of pure
excepted.
General Order No. 2.—No public eating place shall serve or perm t to be
or toast as a garniture or under meat.
General Order No. 3.—No public eating place shall allow anv bre ed to be
The United States Food Administration is
opposed to a general advance
price of roasted coffee to tfio consumer.
The Food Administration
will permit when necessary on bulk roasted coffee an advance sufficient in
price to assure roasters a profit in cents per pound equal to their pre-war
profit.
Owing to the elimination of expensive packages and in consequence of
the saving of this item, it is assumed that an advance in package coffee is
in the
not warranted.
bo required,
showing that an advance on bulk roasted coffee does not exceed pre-war
profits and Is warranted in each particular case.
With regard to plans for an advance by the Urn ted States
to Brazil to finance a corporation which would stabilize
prices and control the movement of coffee, the New fork
“Journal of Commerce’’
plan providing for
sion of the subject, has been active both here
brought to the table until after the first course is served.
some
public eating place shall serve or permit to be
meal more than one kind of meat. For
the purpose of this rule meat shall be considered as including beef, mutton,
pork, poultry and any by-products thereof
nl
til
one
patron at any one
Oct. 2 said:
a
of coffee from that country to the United States, was
in trade circles as the latest development of the coffee
time past.
General Order No. 4.—No
on
substantial advance to be made by the United
States to Brazil for the purpose of financing an enterprise designed for the
stabilization of coffee prices and the financing and control of the movement
A
served bread
served to
“
A full statement satisfactory to the Food Administration will
reported yesterday
situation. Discus¬
and in Washington for some
According to the trade reports, the Brazilian Government will be loaned
hundred or more millions of dollars by the United States, against
which a sufficient quantity of green coffee will be furnished in the way of
collateral security at prices which will be based upon about prevailing cost
and freight quotations for Rio 7s and Santos 4s.
This coffee is to be sold to
American consumers through an agency of the United States Food Ad-
THE CHRONICLE
1536
ministration, the purpose being to stabilize coffee market values and
eliminate all Incentive to speculative trading.
Outside speculative operators, notably Wall Street and Cotton Exchange
houses, have been steadily liquidating their holdings for some time past,
and a feature of the market has been that, whereas such selling of December
would not ordinarily be concluded much before first notice day in Novem¬
ber, the longs on December were virtually out by the end of September.
Early reports concerning the details of the proposed plan to control the
importation of coffee and its sale to the public have oeen in circulation for
soma time past and were briefly outlined in these columns several days ago.
It is now stated on excellent authority in the trade that a plan of action will
be decided upon very shortly. The idea now under consideration is that
of organizing a corporation to oversee and regulate the importation of the
article, and it is supposed that such a corporation would, under Govern¬
oversight, regulate the distribution of coffee to retailers. There is
precedent for the action suggested in the policy that has been followed In
connection with the importation and distribution of sugar. This was
developed upon a plan a few months ago which provided for the financing
of the product through the making and sale of acceptances.
Such ac¬
ceptances were distributed and taken by New York banks, which thus
undertook to provide the funds for bringing the crop into the country and
placing it with the retailing and consuming public. Portions of the grain
crop are being handled in somewhat the same way and there has been some
application of certain phases of the idea in connection with the shipping
of meat and packing house products.
It could not be positively learned yesterday whether the contemplated
proposal for the management of the coffee crop, or at least of the coffee
requirements of the United States, would include the same kind of financial
functions as the plan for the management of sugar and grain or not.
It
will, however, require the co-operation of the Brazilian Government, most
of the present importations coming from that country.
The Government
of Brazil would have to stabilize the price ot coffee to some extent and to
regulate the dealings in it. As is well known, the Brazilian authorities
in years past have always desired to have the value of coffee as nearly fixed
as possible, as was made plain at the time of the valorization enterprise.
ment
The coffee situation in relation to the United States is very largely a ques¬
tion of shipping.
Some time ago the Shipping Board undertook to appor"
tlon shipping to South American trade for the purpose of securing as equita'
ble an adjustment of available tonnage as possible, and at the same time of
ensuring that no tonnage should be used for unessential purposes. Various
South American products were practically cut off on the ground that they
were not needed; and the undertaking assumed a special phase in connec¬
tion with foreign exchange, as it was sought, so far as possible, to exercise
a stabilizing influence on exchange by using the assigned tonnage in trade
where the goods that were shipped would pay for themselves by affording
a basis for the importation of other goods.
The regulation of coffee ship¬
ments, if undertaken on the proposed basis, would be a further working out
and application of the same general ideas already employed in connection
with the assignment of shipping.
The New York Coffee and Sugar
Exchange yesterday
suspended all trading in coffee futures “pending the result
of negotiations with the Federal Food Administration at
Washington.” An hour’s notice would be given, it was
said, prior to the resumption of trading. According to the
“Evening Post” of last night, the Exchange Authorities
said it had been deemed “prudent” to take the action de¬
cided upon. The “Post” also said:
If Advances
in the price of coffee in the Brazilian market to above the
[Vol. 107
NEW BASIS OF SUGAR DISTRIBUTION.
Announcement of a new bagis of sugar distribution, which
became effective Oct. 15, under which the consumer is
required to purchase his allotment of sugar every 15 days
or semi-monthly, instead of weekly, has been made as fol¬
lows:
Approximately 200,000,000 pounds of sugar will be saved per year by
ruling of the Food Administration which will prevent anyone from
obtaining more than 2 pounds of sugar per month.
Many people were unconsciously breaking the regulation regarding the
distribution of 3ugar by purchasing their feugar on the basis of one-half
pound per capita per week. On this bads of four/weeks to the month
a new
there would be only 48 weeks to the year, or 336 days.
This would leave
29 days, or practically another month, during which sugar would be con¬
sumed on a basis of 2 pounds per capita.
With a population oi 100,000,000
people, this would require about an additional 200,000,000 pounds of sugar.
The new regulation, which becomes effective Oct. 15, requires the con¬
sumer to purchase his allotment of sugar every 15 days or semi-monthly
rather than every week.
A statement issued
on
by the Federal Food Board in this city
the new regulations said:
Oct. 11 with regard to
A family of six persons, for example, is entitled to a monthly allowance
of twelve pounds of sugar.
Between the first and fifteenth day of any
month not more than six pounds of sugar can be purchased for their use.
Between the sixteenth and the last day of any month they may purchase
another six pounds.
The only exception to the new regulations is that Federal Food Adminis¬
trators of any State may authorize the delivery of the full monthly
ment of two pounds per person at one sale in cases where it would
extreme hardship to compel bi-monthly purchases.
This exception is
allot¬
work
made
for the benefit of families living in remote districts far removed from the
nearest store.
CHANGES IN REGULATIONS GOVERNING
CATIONS TO EXPORT RAW COTTON.
APPLI¬
Important changes in the regulations concerning appli¬
announced
Oct. 11 after consultation with
cations to export raw cotton to all countries were
by the War Trade Board
on
the committee on Cotton Distribution of the War Industries
Board. The latter’s announcement says:
Applications to export raw cotton filed with the War Trade Board
14 1918, or prior thereto, which cover so-called ”blanket“ business
and which do not relate to a specific export order, will be canceled.
On and after Oct. 14 1918 the War Trade Board will not consider appli¬
cations for licenses to export raw cotton unless the application discloses—
(a) The grade specified in terms of U. S. Government standards (the
staple must also be stated);
(b) The existence of an actual sale contract made subject to the granting
of an export license; or,
(c) If no sale contract has been made, that there has been a freight
allotment or engagement.
Shippers* export declarations dated Oct. 14 1918 and thereafter, must
show the grade and staple of cotton which is being shipped thereunder, the
grades to be stated in accordance with the official standards of the U. S.
Oct.
Government.
maximum price fixed in this country by the Federal Food Administration
caused the Board of Managers of the Exchange to take action, it was
explained.
Last February the Food Administration fixed a maximum future price
of
814 cents
a
pound for spot months, which meant that traders could not
do business above that price.
Since the ruling the Brazilian coffer market
has been advancing, owing to rumors of peace and damaged crop prospects.
Reports
were current
with Brazil with
a
here that the Food Administration
was
negotiating
view to supplying the coffee requirements of the United
States.
OCEAN FREIGHT RATE ON RAW COTTON EXPORTS
TO SPAIN.
The
IMPORTS OF RUBBER TO JANUARY 1 1919.
The previous rate of permitted importation of crude
rubber, effective up to Oct. 1 1918 (referred to in our issues
of Aug. 10 and Aug. 24), has been continued by the War
Trade Board for the final quarter of the year.
The War
Trade Board in announcing this on Oct. 3, said:
Importations of crude rubber from overseas during the months of
October, November and December 1918 will therefore be limited to 25,000
tons, or at the rate of 100,000 tons a year.
One-fourth of this amount will be licensed only from Central and South
America.
The remaining three-fourths may be licensed from any country.
The amount so permitted to come forward will be allocated by the
Bureau of Imports along the general lines of the previous allocations
(rulings 115 and 238.)
ruling of the War Trade Board issued June 26 (and
given in our issue of June 29) under which it was announced
that licenses for the exportation of raw cotton to Spain
SHOE CONSERVATION PROGRAM RESTRICTING
would be issued only on condition that the cotton would be
STYLES, COLORS, MATERIALS, &C.
carried at a freight rate not exceeding $7 per 100 pounds
Following the announcement of the War Trade Board
gross weight has been superseded by a new regulation. regarding the price agreement on the part of interests in the
This new ruling, dated Sept. 26, provides that all licenses shoe industry, the Board makes known the conservation
issued for the exportation of raw cotton to Spain are valid program designed to restrict styles, colors, materials, orna¬
only upon the condition that the cotton exported pursuant ments, &e. The following is the Board’s latest announce¬
thereto shall be carried at a freight rate not exceeding $7 ment:
per hundred pounds gross weight, including primage, for
Herewith is given the new conservation program for restrictions in styles
of shoes and eliminations worked out by the War Industries Board with
bales,
and
high-density
$9 per hundred pounds gross weight,
shoe manufacturers in connection with agreements announced Thursday
including primage, for, standard bales. It is provided, by the Board whereby there is to be a standardization of shoes into
three
however, that licenses for the exportation of cotton in classes and of prices ranging from $3 to $12, the latter being the maximum
standard bales shall not be issued after a date to be fixed by price at which shoes may be retailed in this country after all articles of the
agreement become effective, which will be about June 1,
the War Trade Board and announced later.
its announcement of the 26th, said:
The Board, in
On every shipment of raw cotton to Spain the shipper's export declaration
which accompanies the goods to the customs inspector on the dock shall
have attached thereto the original dock permit, or a true copy of the same,
bearing
indorsement signed by the steamship company to the effect
that the rate of freight to be paid on that particular shipment will not
exceed $7 per hundred pounds if in high-density bales and $9 per hundred
pounds If in standard bales.
Customs inspectors will not allow any raw cotton destined to Spain to
be delivered at any dock against license dated June 28 1918, or later, unless
a dock permit indorsed as prescribed above is presented to them.
Such
indorsed dock permit thereafter is to be made a part of the records of the
an
War Trade Board.
1919.
While there has been
reduction in styles from about 650 to something
wide range for styles under the standardization plans.
a
like 150, there is left a
Manufacturers will not be permitted to introduce new lasts, but standard
shoes can be made over present lasts, and shapes that have been popularized
and
are
in demand will not be affected.
Men and
women
accustomed to
finding fit and foot comfort in certain shapes of shoes will not be denied
those shapes by action of the Government.
Many special and fancy shoes in leather and fabric will be eliminated or
the number*of styles will be reduced greatly, and decorations and acces¬
sories will disappear almost.
The domestic standard shoe will be plain
and in a few colors.
But the new regulations and restrictions apply only
to civilian shoes for the domestic trade and do not apply to shoes for
export.
The schedule-for shoe manufacturers of June 29, prepared by the con¬
servation division of the War Industries Board, which eliminated certain
Oct. 19
1918.]
THE CHRONICLE
leathers and fabrics, including light gray, pearl, smoke, natural chrome,
various colors of tan, etc., is continued in effect.
Tanners and fabric manufacturers will discontinue immediately the
manufacture of leathers and fabrics which are eliminated.
All finished
stocks of leathers and fabrics, eliminated in the new schedule which follows,
that may be in the hands of tanners, fabric manufacturers or shoe manu¬
facturers, or stocks in the process of manufacture, may be manufactured
into shoes, and such shoes may be sold by manufacturers, wholesalers,
and retailers in the ordinary course of business.
But the War Industries
Board makes an earnest request of all shoe retailers that they dispose of
all their stocks of shoes retailing at prices over
as much before that date as
possible.
Schedule
$12 before June 1 1919, and
Full.
tn
Following is the new schedule in full:
Pull straps.—Pull straps should be eliminated on all shoes except con¬
gress and unlined work shoes.
Top bands and labels.—All top banks with
name or
design
woven
in
and all sewed-in iaoels should be eliminated.
Window samples.
be discontinued.
The manufacture of display or window samples should
Two tone effects.—All two-tone effects or contrasting colors, including
black and white, in all shoes of either leathe ror fabrics, should be discon¬
tinued
.
Materials of wool.—All fabrics of pure wool should be eliminated as
as the present stocks on hand, or on order, have been used in the
ordinary course of business.
Ornaments, decorations, and beading.—All ornaments, decorations, and
beading, on boots, oxfords, pumps, and slippers should be eliminated.
However, bows made of leather or fabrics, or slides covered with leatner
or fabric, may be used.
soon
Applyinn to
Women’s and Misses’ Shoes.
Boots and shoes.—When
the word
“shoe ' it used it includes boots,
oxfords,
pumps, and slippers.
When the word “boots” is used it does not
include oxfords, pumps, and slippers.
Satin boots.—The manufacture of satin boots should be discontinued.
Turn boots.—The manufacture of turn boots, except black comfort
boots of medium or broad toe with heel not exceeding twelve-eighths (12-8)
inches, should be discontinued.
Button boots.—The manufacture of button boots and button oxfords for
women and misses should be discontinued except a women’s and misses
black comfort nr staple-button boo* of medium or broad toe.
Heels.—The maximum heights of heels, either wood or leather, on all
women’s
and
misses’
shoes, should not exceed seventeen-eighths (17-8)
Inches, measured at breast of finished heel.
Louis heels.—All Louis heels of wood with split sole breasts or leather
Louis heel effects with split so.e breasts or imitation Louis breasts should
be eliminated
on women’s and misses’ boots.
Colors and leathers, boots.—All women’s and misses' boots, both leather
and fabric including the outside facings and trimmings, should be restricted
to black, dark brown (the color recently adopted), and white.
White
leather to be in buck and side buck only.
Patent leather should not be
used in women’s boots.
Colors and leather, all low shoes.—All women s and misses low shoes,
both leather and fabric, including the outside facings and trimmings, should
be restricted to black, a dark brown (the color recently adopted), and white.
White leathers to be confined to calf kid, cabretta, buck, and side ouck.
Patent leather may be used in women’s and misses’ low shoes, but only in
black.
Colors—Evening slippers.—Color restrictions do not apply to evening
hoase slippers or baby shoes when these are made of fabrics.
leather may be used in evening slippers.
or
Bronze
Applying to Men’s Shoes.
Colors and leathers.—All men’s shoes, both leather and fabric, including
outside facings and trimmings should be restricted to black, a dark brown
(the color recently adopted), and white.
White leathers to be confined to
buck and side buck.
Men’s work or service shoes should be restricted to
black and a dark brown (the color recently adopted).
Patent leather
should be used in
men s
shoes only in high, full-dress, button shoes
(no
1537
specializes in boots and shoes.
write
Everyone who sells shoes at retail should
immediately to the Boot and 8noe Section of the War Industries
Board, Washington, D. C., and ask for a form pledge. Care should be
used in giving correct ma ling address for, on receipt of the request, the
form will be mailed eo the retailer.
This form, when filled oat according
to printed instructions on the form itself, is to be returned to the Boot
and Shoe Section in the addressed envelope accompanying the pledge
A receipt will be given for the pledge and the retailer will be sup¬
form.
plied with a window card.
The Boot and Shoe Section of the War Industries Board is getting from
all organizations in the boot and shoe industry names and addresses of their
members who sell shoes ac retail.
This census will not be complete, how¬
ever, as many retailers of boots and shoes, especially country merchants,
are not members of any trade organization.
To insure complete success
for the standardized shoe plan it is necessary that every retailer co-operate
with the War Industries Board.
The Boot and Shoe Section has decided
to take personal charge of the issuance of pledges instead of entrusting
distribution of pledge forms to the industry organization and issues the
appeal to the patriotism of all sellers of shoes at retail to make application
for tne
pledge forms.
NO WOOL FOR LAUNDRY BLANKETS.
No more wool will be allotted by the Felt Section of the
War Industries Board for the manufacture of woolen blank¬
ets for laundries, it having been ascertained that cotton and
hair felt substitutes can be used.
The War Industries
Board, in
an
announcement to this effect,
on
Oct. 9, further
said:
Manufacturers of laundry machinery discussed the matter with the Felt
Sec don, of which Sylvan Stroock is chief, and agreed that the substitution
could be made satisfactorily.
The result will be the conservation of a
considerable amount of wool.
IMPROVEMENTS IN EXPORT LUMBER TRADE URGED
BY DEPARTMENT OF COMMERCE BUREAU.
Criticisms of the methods employed in the export lumber
trade of the United States are contained in a report made
public
on
Oct. 8 by the Bureau of Foreign and Domestic
Commerce, Department of Commerce.
The report says:
Probably the worst complaints made against American lumber have
been in regard to qualities and have been due largely to hurried or other¬
wise inefficient grading or to the lack of adequate grading rules recognized
by both parties to the contract.
According to the Department’s announcement compara¬
tively few mills in this country have specialized in cutting
for export trade or have endeavored to market their product
abroad themselves.
Lack of knowledge of conditions in
foreign countries has made direct selling too difficult and
expensive for firms that were selling lumber for consump¬
tion in foreign countries mainly to get rid of their surplus
stock.
It is added that when the war is over the subject
of export trade will be a much livelier one to the lumber in¬
dustry than it ever has before, and the constructive criticisms
in the Government’s report are aimed solely to assist in the
necessary preparation for meeting conditions as they will
exist when the demand for reconstruction materials makes
itself felt. Some of the future competition will come from
countries that have specialized in foreign trade for many
The report describes in detail the present rather
haphazard system of exporting lumber, points out its short¬
full-dress (see paragraph 22) patent leather shoes, and this should be in
comings, and makes practical suggestions as to methods of
one style only.
developing the trade. Edward Ewing Pratt, formerly
Perforations.—All perforations should be eliminated except on the tip
or imitation tip of the shoe.
Chief of the Bureau of Foreign and Domestic Commerce, is
The following apply to boys’, youths’, and little gents' shoes:
the author of the bulletin, which is entitled “The Export
Perforations.—All perforations should De eliminated on the tip or imi¬
Lumber Trade of the United States,” Miscellaneous Series
tation tip of the shoe.
Buttons.—The use of buttons on boys’ shoes, sizes 2H to 5H. should
No. 67. Copies are sold at 20 cents each by the Superin¬
be discontinued, but buttons may be used on youths*, little gents’, chil-/
tendent of Documents, Government Printing Office, Wash¬
dren’s. and baby’s shoes.
The details of the price agreement entered into with ington, D. C., and by all the district and co-operative offices
of the Bureau of Foreign and Domestic Commerce.
representatives of the shoe industry were given in our issue
of Saturday last, page 1437.
The “Journal of Commerce” in its issue of Oct. 15 reported RESTRICTION AS TO IMPORTS OF DYE WOODS AND
VEGETABLE DYE EXTRACTS.
James M. Montgomery, of Richard Young & Co., in dis¬
A new ruling of the War Trade Board, dated Oct. 5, re¬
cussing new price schedule with one of its representatives,
stricts the importation into the United States of dye woods
as saying:
The Government has fixed leather prices, and I should not be at all
and vegetable dye extracts as to shipments made after Oct.
surprised if it fixes the price of otner things which the people are obliged
10 1918.
All outstanding licenses for the importation of
to buy.
There is no doubt in my mind that many retailers have been
dye woods and vegetable dye extracts, except licenses for
charging an excessive profit. In England boot and shoe retailers are only
allowed a profit of 33 1-3%.
Our reta.lers, with few exceptions, have
the shipment of the following articles, including extracts
been charging 100%.
and compounds thereof—Annatto, Roucou, Rocoa, Orleans,
However, I do not think that the retailers are wholly to blame.
Labor
is being paid such high wages to-day that people are willing to pay almost
Cudbear, Archil, Litmus, Madder, Safflower, Saffron,
any price /or commodities.
Things would have been better, I think, if
Sumac, Cochineal, Indigo, natural or synthetic—have been
the Government had regulated the price of labor.
It is now in aimost
revoked as to ocean shipment after Oct. 10 1918.
We also
every direction 100% over pre-war rates.
So there is a legitimate reason
for a big advance, but there is no legitimate reason for the profiteering
quote as follows from the Board’s announcement:
tip), and
pumps, and in black patent leather only.
Button shoei.—Men’s button shoes should be eliminated
that has been going on.
this
proposition.
I believe the Government is seriously going into
In announcing this week that every store in the United
States selling shoes at retail is expected by the War Industries
the retailer’s pledge to observe the rules
regulations for selling standard shoes, B. M. Baruch,
Chairman of the War Industries Board, this week said:
Board to go under
and
The
regulations apply with equal force to the country general merchan¬
as to the city department store and the city merchant who
dise dealer
years.
except in the
Hereafter
no licenses will be issued for the importation of dye
woods
vegetable dye extracts, except to cover the following:
(1) Shipments of the excepted articles enumerated in the preceding para¬
graph;
(2) Shipments from Mexico or Canada by other than ocean transpor¬
or
tation.
(3) Shipments from Europe or Mediterranean Africa when coming as a
from convenient ports where loading can be done without
delay, and
(4) Shipments during 1918 of the following commodities in the amounts
return cargo
stated;
1538
THE CHRONICLE
(a) Logwood. 22,500 tons; (ft) Fustic, 1,250 tons; (e) Gambler, 400
(d) Cutch (used exclusively for dyeing, not to include Mangrove
tons;
bark extract), 1,250 tons.
(e) Nut galls, 750 tons; (/) Mangrove bark extract, from West Indian and
South American countries only, not to exceed 375 tons; (cr) All other
dye
woods in crude state, 500 tons; (ft) Extracts and de.actions for
dyeing or
tanning, not otherwise provided for, from Central and South America, 450
tons.
The amounts of
Logwood, Fustic, Gambier, &c., permitted to
come
for¬
ward under the last provisions will be allocated by the Bureau of
Imports of
the War Trade Board in accordance with the recommendations of the
Dye
Material Section of the Chemical Division of the War Industries Board.
In accordance with this ruling, dye woods and vegetable
dye extracts are
added to the list of commodities excluded from the terms of license PBF 27
REVISED REGULATIONS GOVERNING THE EXPIR¬
ATION DATE OF EXPORT LICENSES.
The War Trade Board
on Sept. 27 announced that after
Sept. 30 export licenses would be deemed to have been
used within the period of their
validity.
(a) If the through export bill of lading is issued and signed on or before,
the expiration date of the license and subsequent to Oct. 9
1917; or,
(ft) If the ocean bill of lading is dated on or before the expiration date
of the license; or,
(c) If the dock receipt is dated on or before the expiration date of the
license and the ocean bill of lading
covering the same shipment is dated
not later than thirty days after the
expiration date of the
license; or,
(d) If the railroad notice of arrival issued at the port of exportation is
dated on or before the expiration of the license and if the
ocean hill of lading
covering the same shipment is dated not later than ten days after the
expiration date of the license, provided that the provisions of this para¬
graph (d) shall apply only when the merchandise is exported on vessels
loaded at railroad docks, where dock receipts as provided in
paragraph (ft)
cannot be issued by the vessel or its agents; or,
(e) If the shipment is on a lighter which arrives on or before the expira¬
tion date of the license, alongside the vessel
upon which the shipment is
to be loaded, and if the shipment is, in fact, loaded on that vessel and
ocean
bill of lading is signed not later thirty
days after the expiration date of the
license.
The railroad agent issuing a through export bill of
lading (combination
raii and steamship bill covering goods to
destination) will forward to the
Bureau of Exports, War Trade Board, Washington, D.
C., one copy of
such bill of lading after there has been noted thereon the
part of exit through
which the shipment will pass.
These regulations supersede those announced in W. T.
B. R. 152, made public June 29 1918.
FUEL
ADMINISTRATION
WITHDRAWS
REQUEST
FOR MOTORLESS SUNDAY.
The Fuel Administration on Oct. 17 announced the with¬
drawal of its request made on Aug. 27 for the discontinuance
of the use on Sundays of automobiles, motorcycles and
motorboats in the section of the country East of the Missis¬
sippi.
The removal of the so-called “ban” was made effec¬
tive at once.
It is stated that should gasoline stocks again
fall dangerously low the request will be renewed.
Through
the response made to the request of Aug. 27,
1,000,000 bar¬
rels of gasoline, according to the Fuel
Administration,
were saved for the
military forces. Indicating a week ago
the likelihood of the discontinuance of the
“motorless”
Sundays, the Fuel Administration appealed to the public to
save gasoline during
week days. While stating that it was
anxious to inconvenience the public as little as is consistent
with regard for the international
emergency, it urged the
public to make possible moderate use of their automobiles
on Sundays by
voluntarily lessening their consumption of
gasoline on week days.
PROCEDURE WITH RESPECT TO LICENSES TO EXPORT
IRON AND STEEL PRODUCTS.
The War Industries Board announced on Oct. 9 the
withdrawal of its regulations of July 3,
requesting that
applications for licenses to export iron and steel products
should not be filed with the War Trade Board unless orders
covered by either priority certificates or
permits from
the Director of Steel Supply.
The new arrangement pro¬
vides that beginning Oct. 14, all applications for licenses
must
first be filed with the War Trade Board. It is
pointed out
that this means that manufacturers hereafter will
be pre¬
vented from producing articles for
export until an
are
appropriate
export license has been issued by the War Trade Board.
The following is the Board’s announcement:
1. The War Industries Board and the War Trade
Board announce that
they have jointly adopted the following rules and
regulations for the
purpose of simplifying the procedure of obtaining export licenses
from the
War Trade Board, priority certificates from the
Priorities Committee of
the War Industries Board, and permits from the
Director of Steel Supply
of the War Industries Board.
2. The War Industries Board announce the withdrawal of
its regulations
as set forth in P. C. Form No. 18.
July 3 1918, Paragraph 6, requesting
that applications for licenses to
export iron or iron and steel products
should not be filed with the War Trade Board unless the
orders are covered
by either priority certificates or permits from the Director of Steel
Supply.
3. On and after Oct. 14 1918, applications for licenses
to export any
article on Schedule "XP," annexed thereto, should be filed
with the War
Trade Board, and must include the following papers
property executed;
(a) One application, Form X, to which should be attached
[Vol. 107
(ft) One each of such Supplemental information Sheets as may be
required
by the rules and regulations of the War Trade Board to be used m connection
with shipments of certain commodities and shipments to
certain coun¬
tries, and
(c) New Supplemental Information Sheet, Form X-26. which will be
ready for distribution by the War Trade Board on and after Oct. 14 1918.
4. Applications which have Form X-26 attached will not
required
formX-2.
5. The Priorities Committee of the War Industries Board has awarded
priority classification “C” to all articles (on which priorities are issued)
which are on the Export Conservation List of the War Trade Board and
are covered by export licenses issued on and after Oct. 16 1918.
No Class
“C” certificates will be issued with such licenses.
If the article specified
on the licenses is one on which priorities are issued, and if no
individual
priority certificate accompanies the export license, the license itself will be
evidence that the articles covered by it have been
automatically awarded
priority classification “C.”
6. Export licenses issued on and after Oct. 16 1918, under these
regula¬
tions, covering commodities on which priority certificates are issued, will
be accompanied by individual priority certificates of the Priorities
Commit¬
tee when in the opinion of the Priorities Committee a
higher rating than
Class “C” is warranted.
These priority certificates will be issued
by the
Priorities Committee and forwarded with the export license without further
request from the applicant.
7. Export licenses issued on and after Oct. 16 1918, for the
exportation
of iron or steel or the products or manufactures thereof, which are
not
covered by priority classification, will in themselves constitute a
permit
and approval from the Director of Steel Supply for the
filling of the orders
for the quantity of iron or steel specified in such export license to the
extent
that such delivery will not interfere with the delivery when and as
required
of orders covered by priority.
8. It is the policy of the War Industries Board and the War Trade Board
to discourage and prevent exporters and manufacturers from
purchasing,
manufacturing, or producing articles on the Export Conversation List for
the fulfillment of specific export orders until an appropriate
export license
has been issued.
Instances have come to the attention of the War Trade
Board in which manufacturers before obtaining
export licenses have manu¬
factured articles for specific export orders, which articles while useless
for
domestic consumption could not under the regulations of the War Trade
Board be exported.
It is essential for the proper conservation of commod¬
ities in the United States that this practice be stopped,
and it is the purpose
of the War Trade Board to refuse licenses to
exporters who do not conform
to this policy.
9. The Priorities Committee announces that it undertakes where neces¬
administer priority in the production of all raw materials and
finished products save foods, feeds, and fuel.
The Preference List pro¬
mulgated by the Priorities Board forms the basis for the distribution of fuel.
Priority is being administered generally on iron and steel products, copper
and brass products, electrical equipment, and the
products of which an$r
of the above form an integral part.
Priority is not being administered at
this time on lumber or lumber products, paper or
sary to
paper products, chemicals,
brick, cement, lime, hides, pig tin, tin plate, mine products, and numerous
other items which cannot well be enumerated.
It is not possible to pre¬
pare lists in detail convering either prioritied or non-prioritied
products,
and even in those mentioned above exceptions will from time to
time occur.
Any inquiries with respect to the commodities upon which priority is
being
administered should be addressed
War Industries Board.
to
the Priorities
Committee of the
STEEL AND BRASS CONSERVED IN MANUFACTURE
OF PENS.
Under a conservation program for the steel pen
industry
prepared by the Conservation Division of the War Industries
Board in co-operation with representatives of the manufac¬
turers, a saving of steel and brass is proposed. B. M.
Baruch, Chairman of the War Industries Board, announces
that the manufacture of brass and nickel-plated
pens is to
be discontinued, no new types or styles of
pens are to be
introduced during the war, and the variety of
existing types
or styles is reduced
materially. The schedule provides:
Standard Linos.—Each manufacturer to make not more than 30
styles
of steel pens.
Silver-Plated Pens.—Each manufacturer to make not more than
14
styles of silver-plated pens.
All such styles to duplicate a continued
standard pattern.
Ruling Pens.—The manufacturer of ruling pens to be restricted to one
type and style with not over three widths of points.
Assortments.—Pens in put-ups known as assortments not to be furnished
sold by manufacturers after stock now on hand is exhausted.
Counter Showcases and Display Fixtures.—Counter showcases or
display
fixtures with or without pens not to be furnished by
any manufacturer
after supply now on hand is exhausted.
or
Boxes.—The one dozen put-up to be discontinued.
Pens are not to be
put up in less than one gross to a box.
Packing.—Every economy possible is to be practised. Each manufac¬
turer to make every effort to conserve paper and boxes now
used in his
business.
Schedule Effective.—The plan outlined in this schedule is
to be made
effective immediately.
LICENSE FOR JEWELERS TRADING IN PLATINUM.
In elaboration of the recent announcement of the
regula¬
tions governing platinum and its kindred metals
(printed in
our issue of Oct. 5,
page 1335), Chairman Baruch of the War
Industries Board announces that it should be understood
that all jewelers handling goods made of
platinum
required to take
dealt in.
out a license before such articles
He also said:
can
are
be
As has been said, there is no restriction
upon the sale of platinum jewelry
made before its manufacture was forbidden and now in the
shops, but
the jewelers must have a license before
they can do business.
IMPORTATION OF PYRITES.
The List of Restricted Imports No. 1,
Item 64, issued by
the War Trade Board, provided that
prior to Oct. 1 1918,
licenses might be issued for the
importation of 125,000 long
b
Oct. 19
tons of
THE CHRONICLE
1918.]
Since licenses have not been issued for the
permitted, the War Trade Board have, by a
new ruling (W. T. B. 255, issued Oct. 9), authorized the
issuance of licenses during the remainder of the present
calendar year, when the applications are otherwise in order,
for the importation from Spain of the .unimported balance
of the amount originally authorized, which is approximately
pyrites.
full amount
so
56,400 tons.
___________.
MODIFICATION OF COPPER IMPORT RULING.
A modification of the ruling affecting the importation
of
of copper concen¬
from non-enemy
countries, instead of 60% or over as in the former ruling, was
announced by the War Trade Board on Oct. 4.
The pre¬
vious restriction prohibiting the importation of ore, except
from Cuba, Canada or Mexico, and of copper concentrates
containing less than 50% except from the above countries,
remains in force. There is no restriction upon the importa¬
tion from any non-enemy country of copper matte, blister
copper or copper concentrates containing 50% or more
of copper.
OF
BLUE STONES
STONES.
List of restricted imports No. 2, item
amended by the War Trade Board as to
YELLOW
AND
Bounds and squares X in* and smaller, and all rounds and squares over
134 in. are graded as refined Iron.
Light bands, as per National List, are graded as refined iron.
Sizes above base sizes in flats are graded as refined iron.
Flats from 1 in. to 4 in. wide by X in. to 1 in. thick, inclusive, are graded
as common merchant iron; smaller flats are graded as refined iron.
Hexagons, ovals, half-ovals, half-rounds and fender, round edge and
round edge tire irons are graded as refined iron.
“Common Merchant Iron” is the term applied to material made from all
scrap.
“Refined Iron” is the term
applied to material made from puddle bar
and selected wrought scrap.
Above prices do not apply to
copper ore so as to permit the importation
trates containing 50% or over of copper
IMPORTATION
1539
specifications or test irons, which
121, has been so far
IMPORTATION OF GRINDSTONES.
On Oct. 10 the War Trade Board announced that the
restriction upon the importation of grindstones (item 121 of
list of restricted imports No. 2) has been modified to permit
the importation of grindstones from Europe and Mediter¬
ranean Africa when coming as a return cargo from said coun¬
tries, when shipped from convenient ports and when loading
can be done without delay.
Rounds and Squares.
Per 100 Lb.
34 to 34
.$0.10 extra 34 to 11-16...
.25 extra 34 to 9-16
.Base
1 to 134...
2 to 2%._.
3to334~
334 to 4__
434 to 4)4
4X to 5__
534 to 6..
634 to 634
634 to 7*
IMPORTATION OF VARNISH GUMS.
announcement issued
on
Oct. 9 the War Trade Board
says:
The importation into the United States of varnish gums (Kauri, Copal,
Damar, Zanzibar, Manila, Congo, Fentiansk, Bengurlla, Sandarao and
East India or Borneo gum) is restricted as to shipments made after Oct. 10
1918.
All outstanding licenses have been revoked as to ocean shipment
after that date and no new licenses will be issued except to cover the fol¬
lowing (1) Shipments made from abroad on or before Oct. 10 1918;
(2) shipments for the use of the United States Government; (3) shipments
from Mexico or Canada by other than ocean transportation; (4) shipments
from Europe or Mediterranean Africa when coming as return cargo from
convenient ports where loading can be done without delay; (5) shipments
of Copal or Manila gum when shipped from the Philippine Islands, and
(6) shipments of Kauri gum not to exceed a total of 3,000,000 pounds
during the calendar year 1918.
Licenses for the amounts of varnish gums permitted to come forward,
pursuant to the foregoing, will be allocated by the Bureau of Imports of
the War Trade Board in accordance with the recommendations, as to dis¬
tribution and price, of the War Industries Board.
Varnish gums are
accordingly added to the list of commodities excluded from the terms of
license PBF 27.
NEW PRICES AND EXTRAS ON IRON
BARS.
Judge E. H. Gary, Chairman of the Committee on Steel
Steel Institute,
announced this week new maximum prices and extras on iron
bars, effective Oct. 17. The “Iron Age” of the 17th inst.,
in publishing Judge Gary’s announcement of this week, says:
and Steel Products of the American Iron and
The base on common
.
.
.
.
extra 7-16 to 15-32
extra % to 13-32
extra 5-16 to 11-32
extra 34 to 9-32
extra 7-32
extra 3-16
.40
.50
.65
.90
1.10
1.25
.
.
.
.
.
.
Heavy Ba
.
.
.
.
.
.
Per 100 Lb.
.05 extra
.10 extra
.15 extra
.20 extra
.25 extra
.35 extra
.45 extra
.70 extra
1.25 extra
Iron.
Per 100 Lb.
Per 100 Lb.
834 to 10 x X to 5-16
$0.35 extra
7 to 8 x X to 5-16
.35 extra
.25 extra
634 to 634 x X to 5-16
.15 extra
434 to 6 x X to 5-16
134 to 4 x X to 5-16
.10 extra
Heavy bands, 7-32 in. thick, 5c. per 1
Bevel edge shaft iron, 5c. higher than i
1 to IX x X to 5-16
X to 15-16 x X to 5-16
X to 11-16 x ^ to 5-16
X to 9-16 x X to 5-16
X to 7-16 x X to 5-16
lb. higher than X to
e size of heavy bands.
to
15 extra
.25 extra
40 extra
.50 extra
75 extra
5-16 thick,
Per 100 Lb.
IX to 4 x X to 1
434 to 6 x X to l
4X to 6 x 1 1-16 to 134
634to8x34tol
634 to 8 x 1 1-16 to IX
834 tolOx X to 1
IX to 4 x IX to IX
2 to 4 x 1H to 2
4 34 to 6 x 134 to 2
634 to 8 x IX to 2
Base
$0.05 extra
.20 extra
.30 extra
.30 extra
.40 extra
15 extra
.25 extra
.30 extra
.40 extra
Per 100 Lb.
834 to 10 x 1 1-16 to IX
834 to 10 x ix to 2
2 to 4 x 234 to 3
434 to 6 x 234 to 3
634 to 8 x 234 to 3
134 to 134 x 34 to 1
1 to 1 1-16 x X to 34
?4 to 15-16 x 34 to 34
X to 11-16 x X to 54
34 to 9-16 x X to 34
45 extra
50 extra
.30 extra
.40 extra
.50 extra
.05 extra
10 extra
.20 extra
.25 extra
.45 extra
Light Bands.
Per 100 Lb.
Per 100 Lb.
7 to 8 x No. 9 to 3-16
$0.45
.60
7 to 8 x Nos. 10, 11, 12
.35
634 to 634 x Nos. 9 to 3-16.
.40
634 to 634 x Nos. 10, 11, 12
.25
434 to 6 x Nos. 9 to 3-16
.30
434 to 6 x Nos. 10, 11, 12..
.20
134 to 4 x No. 9 to 3-16
.25
134 to 4 x Nos. 10, 11, 12..
.25
1 to 1 3-16 x Nos. 9 to 3-16
1 to 1 3-16 x Nos. 10, 11, 12.
.30
.
.
.
extra
extra
extra
extra
extra
extra
extra
extra
extra
extra
13-16
13-16
11-16
11-16
9-16
to 34 x Nos. 9 to 3-16
to 34 X Nos. 10,11,12.
to 34 x No. 9 to 3-16._
to 34 * Nos. 10, 11, 12
to 34 x No. 9 to 3-16
_
9-16 to 34 X Nos. 10, 11, 12
7-16 to 34 x No. 9 to 3-16.._
7-16 to 34 x Nos. 10, 11, 12
34 x No. 9 to 3-16
.
.
34 x Nos. 10, 11, 12
.30
.35
.40
.45
.50
.65
.65
.70
.75
.80
extra
extra
extra
extra
extra
extra
extra
extra
extra
extra
Half Oral and Half Round.
Per 100 Lb.
an
sub¬
Fli
permit the issuance
of licenses, where the application is otherwise in order, for
the importation of blue stones and (or) yellow stones from
Europe and Mediterranean Africa when coming from con¬
venient ports where loading can be done without delay.
In
are
ject to negotiation.
Per 100 Lb.
-
234 to 3
...$0.30 extra 34 to 9-16
34 to 2
.25 extra 34 to 7-16
35 extra 5-16
34 to 13-16.
34 to 11-16
.45 extra 34Half oval, less than 34 their width in thickness, extra price.
-
.60 extra
1.25 extra
1.75 extra
2.25 extra
Horse Shoe Iron.
Per 100 Lb.
.$1.00 extra
All sizes
Cutting to specified length, 2 ft. and over, 10c. extra.
Beveled
Same
Edge Box Iron.
light bands of
as
same
sizes.
Oval Iron.
Per 100 lbs.
Per 100 lbs
to 134
to 13-16
to 11-16
to 9-16
$0.20 extra X to 7-16.
.25 extra
.30 extra
i
to 9-16x3-16
to 11-16x34
$0.55 extra
.50 extra
.60 extra
.40 extra
Quantity Differentials.
All specifications for less than 2,000 Jbs. of a size will be subject to the
following extras, the total weight of a size ordered to determine the extra,
regardless of length and regardless of exact quantity actually shipped:
Per 100 lbs.
Quantities less than 2,000 lbs., but not less than 1,000 lbs
Quantities less than 1,000 lbs
Extra for Cutting to Specified Lengths.
Hot sawing or shearing, 24 in. and longer.
Hot sawing or shearing, 12 to 24 in
Hot shearing, under 12 in
Machine cutting, specified lengths—above 24 in
Machine cutting, specified lengths, 12 to 24 in
Machine cutting to specified lengths, less than
contract, but not less than 60c. on each sixe.
No
to multiple lengths of 12 inches and under.
Machine
sizes
.35 extra
Per 100 lbs.
$0.10 extra
.20 extra
.30 extra
.20 extra
.40 extra
12 inches, according to
charge for shear cutting
Straightening and Centering.
Machine straightening and centering
Machine straightening along, for ordinary
$0.15 extra
Per 100 lbs.
$0.40 extra
.20 extra
merchant Iron is fixed at $3 50 per 100 lbs., which
and that on refined iron is fixed at $5 per 100
has been the bar iron base,
In the schedules displaced by this announcement no separate base
price was provided for refined iron. For the most part the extras just an¬
nounced are only half those which have been published, but the practice
of the trade has been to charge only half extras and thus the full extras
hereafter to obtain involve no difference.
A feature of the new schedules
is the large number of sizes of common merchant iron which take the re¬
fined iron price.
The committee has received a report from the sub-committee on steel
distribution based on information received from representative manufac¬
turers of iron bars, making certain recommendations which seem necessary
to insure uniformity in respect of prices of various grades of iron bars and
the application of extras thereto, and from such report and other data
available the committee has concluded that the following changes and
modifications in respect of its recommendations dated Nov. 13 1917 and
May 21 1918 on iron bars are fair and reasonable, and recommends that
new maximum prices and extras as shown hereafter be adopted immediately.
'Cancel pages 62, 63 and 64 of the Institute pamphlet of August, 1918,
and substitute therefor the following:
lbs.
CURTAILMENT BY
MANUFACTURE
WAR INDUSTRIES BOARD IN
SEWING MACHINES, OIL
OF
STOVES, ELECTRIC HEATING APPLIANCES, ETC.
Additional curtailments in the manufacture of articles not
essential to the prosecution of the war were announced on
Oct. 10 by the War Industries Board as part of the General
program
for the conservation of material, labor, transporta¬
tion and capital.
During the six months’ period from Oct. 1
the manufacture of electric heating appliances, oil stoves
and sewing machines will be curtailed to 50% of six months’
production during 1917, watches and watch cases to 70%,
and stencils, rubber stamps, metal tags
or badges for industrial purposes to 75%.
No road making
machinery
can
be
manufactured
for
the
Government,
except
Iron Bart.
railroads,
public
utilities,
or
municipalities
and
counties.
Base prices recommended’by the Committee on Steel and Steel Products
of the American Iron and Steel Institute, Oct. 17 1918:
The following is the statement issued by the Board through
Price for base sizes per 100 lb. common merchant iron..
$3.50 its Chairman, B.M. Baruch:
Price for base sizes per 100 lb. refined iron
5.00
Subject to the extras for size, quantity, &e.,
as regards deliveryxpoint to govern.
customs
shown below.
Established
and metal stamps
The Priorities Division of che War Industries Board, in carrying out the
plan of the Board to conserve ^material, labor, fuel, transporta'ion and
1540
capital in general Industry for the
THE CHRONICLE
purpose of
supplying the
supreme war
demands, announces these additional curtailments:
Elec-ric heating appliances, including electric stoves, and ranges—Effec¬
tive Oct. 1 and tor 6 months thereafter, curtailed to
50% of 6 months
production during 1917.
OH shoves—Effective Oct. 1 and for 6 mon;hs thereafter, curtailed
to
50% of 0 months’ production during 1917, and provided further that it is
urged that the production of gasoline stoves shall cease forthwith.
Road-making machinery—Six months from Oci no road-making ma¬
chinery or any part thereof shall be manufactured except. (1) Repair parts;
(2) for work on railroads and other public utilities; (3) for roads repaired
by the United States Government, the several Spates, counties and mu¬
nicipalities; (4) for new construction by the United States Government
either directly or indirectly.
Watches and watch-cases (Fine).—Effective Oct. 1 and for 6 months
thereafter, curtailed to 70% of 6 month?’ production during 1917.
Sewing-machines—Effective Oct. 1 and for 6 months thereafter, cur¬
tailed to 50% of 0 months production during 1917.
Saddlery and harness—Effective Oct. 1 that no light or fancy harness or
saddlery be produced, provided that no restriction is made in the produc¬
tion of heavy saddlery and harness for use by the United States and the
Allies, or agricultural or industrial use.
Metai stamps, metal stencils, rubber stamps, metal
tags, or badges for
industrial purposes—Effective Occ. 1 and for 6 months
thereafter, curtailed
to.75% of 0 months’ prodne45on d.iring 1917
REGULATIONS REGARDING PURCHASE OF STEEL,
BRASS AND COPPER BY MANUFACTURERS OF
METAL BEDS, GAS RANGES, &c.
With regard to the issuance of priorities certificates auth¬
orizing the purchase of quotas of steel, brass and copper by
manufacturers of gas ranges, metal beds, enameled ware,
tinplate household utensils, the War Industries Board says:
Judge Edwin B. Parker, Priorities Commissioner, announces that with
fulfillment of named conditions the priorities division of the War Industries
Board will issue industry priorities certificates
authorizing purchase of
quotas of materials and give preference ratings to manufacturers in these
industries:
1. The gas range, water heater, room heater, hot-plates and
gas appli¬
ances
industry.
2. The metal beds, cots, couches and bunks and metal
springs for beds,
cots, couches and bunk industry.
3. The wire-bound box industry.
4. The black galvanized and enameled ware and tinplate household uten¬
sils industry.
Each
of these industries, says a special circular, issued
by the priorities
division, can supply essential needs if it can obtain certain limited
quantities
of materials and if such materials are properly distributed
among the manu¬
facturers in the industry with a view of balancing and
equalizing stocks.
No guaranty will be given the iindustry that the materials called for in
any priorities certificate issued can be supplied.
A manufacturer to obtain the certificate must file with the
priorities
division a statement of stocks on hand, in storage, or in transit owned
by
such manufacturer, his 1917 consumption of materials and
output of prod¬
uct, and quantities of materials needed to balance stocks to manufacture
reduced outputs ordered.
The manufacturers must pledge themselves also to observe
regulations
as to curtailments, economies and substitutions
of materials; to devote
products to essential uses; not to furnish products for resale to dealers
without obtaining a similar pledge from them.
The curtailments ordered for the last four months of the
present year are:
Gas ranges. &c., industry to reduce its consumption of iron and steel used
in the manufacture of its products to a basis of not
exceeding 50% of fourtwelfths of its 1917 consumption of such materials for such
products.
Metal beds, A c., indusiry, to reduce its production of metal
beds, &c., and
metal springs to a basis of not exceeding 50% of four-twelfths of its
1917
output of such products.
The black galvanized and enameled ware and
tinplate household utensils industry to reduce its consumption of iron,
steel and tinplate used in the manufacture of its
products to a basis of not
exceeding 50% of four-twelfths of its 1917 consumption of such materials
for such products.
In connection with the use of brass and
copper the
says to the gas range manufacturers:
Priorities Division
“It appears that your industry uses considerably
quantities of brass and
copper, and brass and copper products.
It will be exceedingly difficult
for your requirements of these commodities to be
supplied, and, for tnat
reason, it will be advisable for you to review your requirements of
these
materials with great care and eliminate every use of them which
can be
eliminated.
Brass and copper tubing, in particular, will
not, because of
the war demands, be available to your
industry for use in the manufacture
of water heaters or other commodities.
Such supplies of brass or copper
tubing as your manufactures may have on hand should be reserved for
repairs, and replacements in their products which are already in use.
This
ruling may result in the shutdown of factories or departments
using such
materials, in wuich event the W<jt Industries Board will extend
any assist¬
ance within ics power to aid
any such lactory or department to
procure
work.”
The metal-bed manufacturers are advised:
“The materials which are used by your industry are of such
importance,
and tae constantly increasing demand for them is
so vast, that it is im¬
perative that you should put forth every effort to avoid any
unnecessary
or wasteful use of such materials and to
encourage consumers and users of
your product everywhere to utilize to the fullest extent
during the period
of the war stored, second hand, or temporarily discardea
articles rather
than purchase new ones.
war
“Copper and brass are so urgently and immediately neeJed for the
purposes in quantities oeyond the available supply that you will be
expected
to discontinue the manufacture of brass beds or the use of brass or
copper
in any form in the manufacture of your products.
Tnis regulation, how¬
ever, will not be construed as forbidding your
working up such brass and
copper as you may now have on hand unless you may
such materials for use in the war program.”
be asked to release
BILL EMPOWERING PRESIDENT TO PROHIBIT EX¬
PORTS TO PHILIPPINES PASSED BY HOUSE.
A bill empowering the President to prohibit
exports to
the Philippine Islands was passed by the House of
Repre¬
on Oct. 4.
The bill proposes to amend Title VII
of the Espionage Act approved June 15 1917.
Represen¬
sentatives
[Vol. 107
tative Walsh in explaining the purpose of the new legislation
stated that in drafting Title VII no provision was made for
controlling exports to the Philippine Islands, and that the
proposed measure is for the purpose of providing authority
to do that.
He added:
The representatives of the War Trade Board stated that they were able
to control the imports from the Philippine Islands under existing
law,
but that they were not able to control the exports to the Philippine
Islands,
because the greater exportation was done from the Pacific Coast and
upon
foreign vessels, and that while they might be able to refuse clearance to
those vessels, they felt that the law which was passed in June 1917, ought
to be amended and made to include the Philippines
specifically within its
provision.
The bill
as
passed by the House reads
as
follows:
Be it enacted, dec.. That section 1 of Title VII of the Act entitled “An
Act to punish acts of interference with the foreign relations, the
neutrality,
and the foreign commerce of the United States, to punish
espionage, and
better to enforce the criminal laws of the United States, and for other
purposes,” approved June 15 1917, be amended by adding at the end of
said section 1 the following:
“Section la. Whenever during the present war the President shall find
that the public safety so requires and shall make proclamation thereof
it shall be unlawful to export from or ship from or take out of the United
States or possessions lying within the American Continent, to the
Philippine
islands any article or articles mentioned in such proclamation, except at
such time or times and under such regulations and orders and subject to
such limitations and exceptions as the President shall prescribe, until
otherwise ordered oy the President or by Congress.
Concerning the proposed legislation, the “Journal of Com¬
following to say in its issue of Oct. 5:
merce” had the
Word that the House of Representatives had passed and sent to the
Senate yesterday a bill granting to the President power to prohioit exports
from the United States to the Philippines aroused considerable
surprise and
protest in Eastern trade circles.
It had been known for some time
past that such a measure was under consideration, but there had been a
quite general belief chat Congress would not take action to chat end.
The
bill in its present form is believed by business interests to be
less open to
some
criticism «han the proposed early drafts of the measure, but Ls
believed
even in its present form to constitute a severe handicap to Oriental
business.
The fact that the matter is placed in the hands of the
likely
President,
however, leaves the situation under Administrative discretion instead of
instituting a prohibitum of exports, and it is believed that this will merely
result in che application of the same system of licensing
as has been em¬
ployed heretofore in connection with trade with foreign countries. The
Philippines will thus be given somewhat the same status as foreign countries'
Since the opening of the war Manila has
developed into an Eastern trade
centre of very much greater importance than was
previously the case, due
to the fact that communication with it Was better than
with some other
neighboring parts of the East, while up to date the trade with the islands
has been free of restriction through
licensing, so that the principal handicap
was merely the getting of
tonnage.
Goods could be shipped from Manila
and distributed from there when
prices warranted. As the trade has devel¬
oped, however, importations from the islands have been very much greater
than exportations on account of the fact that the
principal products, in¬
cluding hemp, cocoanut oil and sugar, as well as gums used in making
varnish, were actual war necessities, and as such had to be imported from
some source, while certain of
them, such as hemp, could not be obtained
anywhere else than/in the Philippines.
Recent figures show that about
three times as much tonnage is necessary to
bring the required supply of
these articles to the United States as is needed to carry
the exports going
from the United States to the Philippines.
It has been supposed, therefore,
that if exports should be materially restricted
many of the ships running
between American ports and Manila would have to go out in
ballast, or else
the return trade in Philippine products would
necessarily be cut down or
given up.
It was reported in trade circles yesterday that the
presence of a consider¬
able body of American troops in Russia may somewhat
change the situation.
A large amount of tonnage will be
necessary to transport supplies to Vladi¬
vostok as well as to take additional troops when ordered to
Russia.
These
ships, as at the beginning of the war, may be routed back to the United
States via Manila, loading with insular products at that
point for the return
voyage.
In that case the trade with the islands, which is already rather
one-sided, owing to the difficulty of getting goods in the United States
for export, would be rendered still more one-sided.
A large balance of
trade in favor of the Philippines already exists, but exchange has been
kept
stable by the presence of adequate banking arrangements and the
gold
redemption system of currency, whereby Philippine pesos are redeemed in
American money, payable in New York at a fixed rate of conversion.
It was pointed out yesterday that the plan to treat the
Philippines as a
foreign country as respect to trade, as the new bill practically would do,
seems to reverse the position taken by the courts, which have held
that the
islands are American territory, and as such subject to the same treatment
in respect to trade and communication as other domestic
territory. This
change of policy may be in some way guarded against before the bill be¬
comes law, but the restriction of insular trade in the
way proposed will
practically amount to placing the islands in the position of foreign territory
in fact.
Although the bill has only passed one House of Congress, it was
assumed by the trade yesterday that it would probably be enacted in some
form without much delay
as a war measure.
311,219 AMERICAN SOLDIERS LANDED IN EUROPE
IN SEPTEMBER.
American troops transported to Europe during
September
numbered 311,219, according to figures given out at London
on Oct. 5.
Next to July, when 317,000 were carried across,
the September movement is the heaviest so far
recorded,
and if the 5,000 Canadian troops and 4,000 American blue¬
jackets, also transported, are included, the September figures
constitute the high record.
The London dispatch referred
to gave the following additional details:
Of the
than 1,800,000 American soldiers
transported to Europe to
September, nearly 1,000,000 were carried in British or Britishcontrolled ships.
American vessels carried 786,000, and the rest were
brought across the Atlantic on French and Italian ships.
To insure the safety of this enormous force has entailed a
tremendous
more
the end of
amount of work for the Allied fleet.
The British navy has done
convoying, the American fleet 27% and the French fleet 3%.
70% of the
Oct. 19 1918.]
THE CHRONICLE
In September 311,219 American troops, 4,000 United States bluejackets,
and 5,000 Canadian troops were brought across the Atlantic.
American
vessels brought 121,547, or 39% of the total of American
troops, British
and British-controlled ships were responsible for
57%, or 175,721, while
French vessels transported 13,951, or 4% of the total.
Of the 311,219 American troops
reaching Europe in
September, 153,246
England.
July was a big month, with 317,000 arrivals, but September runs it a very
close second, and actually overtops it when the Canadians and the American
bluejackets are taken into account.
The largest single convoy reaching
France from the United States last month numbered 31.108, and the largest
September convoy reaching British shores numbered 28,873.
The figures he'p to emphasize what is being realized more fully
here, and
doubtless in Germany also, the enormous contribution America is making
to the common cause of the Allies.
They also bring out the strength of the
British naval arm and the failure of the German submarines to prevent the
landed in France.
arrival of
The remainder
came
to
American army.
an
A statement issued at Washington
Chief of Staff, on Oct. II reported
by General March,
that the number of
American troops shipped to Europe had passed the 1,900,000
mark and would
soon
reach two millions.
\
ANOTHER BILLION FOR ARTILLERY ASKED FOR BY
WAR DEPARTMENT.
The Ordnance Bureau of the War Department on Oct. 8
applied to the House Appropriations Committee for an
additional appropriation of $1,100,000,000 for artillery for
use in connection with the enlarged army program.
This,
with the $2,667,000,000 previously authorized for the pur¬
pose, would make a total of $3,767,000,000 for ordnance.
It is said to have been decided to provide more big guns for
each of the eighty divisions which, according to present plans,
the United States is to have in France next spring.
With the present estimate, the army, it is said, has asked
for more than $8,000,000,000, the amount to be raised by the
new war revenue bill, for placing the army on a basis of
5,000,000 men. This sum is in addition to $12,000,000,000
already provided in the Regular Army Appropriation Bill and
to $5,000,000,000 in the fortifications bill.
RECONSTRUCTION BILL PROVIDING FOR APPOINT¬
IVE COMMISSION TO STUDY PEACE PROBLEMS.
Within
introduced
measure
on
behalf of the Administration forces another
having the
same
objects in view but providing for
a
commission of five members to be appointed by the Presi¬
dent.
The Weeks bill provided for a committee of six, to
consist of three Republicans and three Democrats, from
either House.
The Overman bill would have the President
appoint
a
special commission of five members, of whom
than three shall be of any one aprty.
But to this
commission is given the authority to appoint all the investi¬
not
more
gators, economists and experts that are put upon the work.
The introduction of the Overman bill so soon after the Weeks
initiated is looked upon in some quarters as an
measure was
attempt to keep the work of the proposed commission safely
under control of the Administration;
inconsequence, a lively
fight in Congress is anticipated between the backers of the
two
measures.
The Overman bill (S. 4968) is as follows:
A BILL to
mission
(b) The development, financing, expansion and direction of foreign trade.
(c) The reorganization, financing and readjustment of industries en¬
gaged in the war work by way of reconverting them to normal production.
(d) Technical education and industrial research as a means of develop¬
ing and strengthening of industry.
(e) The redistribution and employment of labor in agricultural and in¬
dustrial pursuits and the problems of labor growing out of demobilization.
(f) The supply, distribution and availability of raw materials and food¬
stuffs.
(g)
(h)
(i)
(j)
The conservation and development of national resources.
Inland transportation by rail and water.
Communication by telephone, telegraph and wireless.
The reorganization of Government departments, bureaus, commis¬
sions or offices, with a view to putting the Government on an economical
and efficient peace basis.
(k) The consolidation of such acts and parts of Acts of Congress which
relate to the same subject matter but which now appear at various places
in tne statutes.
Sec. 5. That there is hereby appropriated, out of any money in the
Treasury not otherwise appropriated, the sum of $500,000, or so much
thereof as may be necessary, to carry out the provisions of this resolution.
Sec. 6. That this Act shall take effect immediately upon its adoption.
In
a
provide for the creation and establishment of
a
Federal com¬
on
a Chairman from its own membership.
Any Commissioner may be removed
by the President for inefficiency, neglect of duty, or malfeasance in office.
A vacancy in the Commission shall not impair the right of the remaining
Commissioners to exercise all the functions of the Commission.
The com¬
mission shall cease to exist two years after the cessation of hostilities of
the existing war unless otherwise provided by Congress.
Sec. 2. That each Commissioner shall receive a salary at the rate of
$10,000 a year.
The Commission shall appoint a Secretary, who shall
receive a salary at the rate of $5,000 a year, and the Commission shall have
authority to employ and fix the compensation of such economists, investi¬
gators, special experts, clerks, and other employees as it may from time to
time find necessary for the proper performance of its duties.
Until other¬
wise provided by law the Commission may rent suitable offices for its use.
Sec. 3. That it shall be the duty of the Commission to examine into
problems and conditions that are arising out of the war and that may
of the economic, industrial, and social life of the
nation from a state of war to a state of peace; and with a view of meeting,
as far as possible, such problems and conditions before their solution is
actually forced upon the Government, the Commission shall report tc
Congress from time to time the results of such investigations with recom¬
mendations for new and additional legislation.
Sec. 4. That it shall be the duty of the commission to investigate and
report as alxive described on any and all questions that may be referred
to it by the Senate or the House of Representatives or by the President
arising out of the conditions of war above described; and more particularly
it shall investigate and report on the following problems:
arise out of the transition
signed article in the New York “Commercial’' of
Oct. 8 Senator Overman explained the purpose of his bill
as
follows:
The
will be over before very long, we all hope.
I find that our
Germany, and all of the Allies are preparing for what is to take
place after the war in che way of reconstruction. There has been a reso¬
lution heretofore introduced by the Senator from Massachusetts, Mr.
Weeks, to provide for a committee on reconstructs after the war.
I
have had the bill which I introduced in preparation for some time, looking
to preparation for peace reconstruction after the war shall have ended.
I doubt that Congress, dirough a committee, could do the work, even if
it desired to do it, which is in contemplation by the resolution, but I
really
believe that this question is an executive function, rather than a legislative
function.
I asked that the Dill go to the Committee on the Judiciary,
because there are some questions of law involved which should properly
be considered by that committee.
I find that England has appointed several committees, with a view of
dealing with this matter in that country after the war, such as the Royal
Commission, the Industrial Development Committee, the Belgian Trade
Committee, the Committee on Trade Relations After the War, tne Commis¬
sion on Industrial Policy after tne War and a list shows the appointment
of all kinds of commissions by France, also for the purpose of looking into
the questions of trade and finance after the war.
I have prepared this bill
war
enemy,
with that end in view.
CLOCKS TO BE TURNED BACK OCT. 27.
The movement for the enactment of legislation con¬
tinuing the day light saving law has been abandoned, and
as a consequence the clocks will be turned back, as re¬
quired under the existing law on Oct. 27.
As noted in these columns last Saturday (page 1446), a
bill providing for the continuance of the daylight saving law
was passed by the Senate on the 10th inst.
It read as fol¬
lows:
Be it enacted, &c., That Section 3 of the Act entitled “An Act to save
daylight and to provide standard time for the United States,” approved
March 19 1918, be and the same is hereby amended to read as follows:
Sec. 3. That hereafter the standard time of each zone shall be the same
that in effect on October 1 1918, or one hour in advance of the mean
astronomical time of the degree of longitude governing each zone, respec¬
as
tively, and
as
thus established shall remain fixed and determined.
Senator Calder, who sponsored the daylight saving legis¬
lation in the Senate, yesterday issued the following state
ment
concerning the bill before Congress:
This bill
was
introduced after conferences with various departments
of the Government, including the War Industries Board.
This Board had
made an investigation of the subject, particularly in relation to the con¬
servation of power in the great power plants of the nation.
All of these
plants, excepting those in Pittsburgh, strongly urged the change in the
during the winter.
The bill to be effective must become a law within a few days, and as
there is not a quorum of the House in Washington and one cannot be ob¬
tained without difficulty, and in the absence of a quorum an objection
from any one member would defeat the bill, and also the necessity of ar¬
ranging for the adjustment of the time by the railroads and other Govern¬
mental activities, the efforts to change the law will be given up.
law and the continuance of the advanced hour
reconstruction, and for other purposes.
Be it enacted, &c.. That a commission is hereby created and established,
to be known as the Federal Commission on Reconstruction (hereinafter
referred to as the Commission), which shall be composed of five Com¬
missioners, who f-hall be appointed by the President, by and with the advice
and consent of the Senate.
Not more than three of the Commissioners
shall be members of the same political party.
The Commission shall choose
(a) The financing, regulation, control and development of the merchant
marine.
few
days after the introduction by Senator Weeks
(Republican) of his bill providing for a
Congressional committee to study the problems of readjust¬
ment after peace is declared (referred to in our issue of Oct.
5, page 1341), Senator Lee S. Overman of North Carolina
a
of Massachusetts
1541
EFFECT IN NEW YORK OF CONTINUANCE
OF DAYLIGHT SAVING LAW.
The effect of the proposed continuance of the daylight
saving law on the opening and closing of the polls on Election
Day in New York as well as the confusion which it would
bring about in respect to expiring insurance policies was
pointed out in a letter addressed by New York State Attor¬
ney-General Lewis (at the instance of Governor Whitman)
to Senator Calder.
The New York “Sun” of the 16th inst.,
in referring to the Attorney-General’s advices to Mr. Calder,
attention to the fact that when*
daylight saving plan was made effective the laws of this
State were amended to provide for the change up to the last
Sunday in October. On that day, said the “Sun,” it would
be incumbent upon the courts and public officers of this
State to conform to the provisions of State law.
Attention
was further directed to the fact that if the Federal daylight
extension bill were passed it would create a conflict between
stated that the former called
the
the State and Federal time which could not be remedied until
[Vol. 107
THE CHRONICLE
1542
The Attorney-General’s letter
follows in the “Sun”:
Wood and
the Legislature met in January.
was
quoted in part
as
Perhaps one of the most serious dangers to be incurred will arise under
the provisions of insurance policies.
Policies of insurance, as you are, of
course, aware, are written usually to expire at 12 o'clock noon on a given
day specified in the policy.
The difference of one hour between the
Federal time as established by your bill and the standard time as established
by the Legislature of this State is most likely to prove embarrassing.
I call your attention also to tho fact that the statutes in this State provide
that the polls shall open on Election Day at six o'clock in the morning
and remain open until five o'clock in the afternoon, standard time.
At
this election there are to be selected in this State a Congressman from each
Congressional district and a full State and legislative ticket, as well as some
judicial and local officers. It seems desirable to avoid, if possible, any
conflict which might arise from a confusion resulting from the passage of
your bill.
According to the National War Garden Commission,
Senator Calder has made the statement that the Wash
ington Gas Light Co. reports the people of the District
of Columbia saved not less than $60,000 on their gas bills.
The Senator says this indicates a saving of two million
dollars to the entire country. What the New York Senator
thinks of the value of the daylight saving law was set out as
follows by the National War Garden Commission:
Daylight Savings Law has more than fulfilled the prophecies of its
advocates.
It has really turned one hour of night into day.
People live
by custom.
They rise in the morning by the clock; they eat their meals
by the clock, and go to bed by the clock, so that during the time this law
has been in operation a vast majority of the people of this country have
been awake one hour or more of daylight and asleep one more hour of dark
than they were formerly.
This additional hour of daylight has been most helpful to the men,
women and children of the nation who have, taken advantage of it to plant
war gardens, thereby not only relieving the strain upon the farm but to a
very considerable degree tending toward economy in family expenditure.
It has also saved too in gas and electric bills not less than 10% of the money
formerly spent for this purpose.
In addition, it will during the seven
months of operation this year save at least one million tons of coal.
It
has afforded in the construction of cantonments for our army, in the manu¬
facture of munitions and war supplies of every character and in the building
of ships one more hour of daylight for the men engaged in those industries.
Without question this bill has been more helpful in the great war work
in which this nation is engaged than any other one thing.
The
,
One and a quarter millions of tons of coal saved just by tinning the clock
That is the estimate of the United
ahead an horn1 for seven months.
States Fuel Administration of the economy effected by lessening the load
lighting plants through the daylight saving scheme.
Definite reports from St. Louis show a saving of 17.5 tons for each thou¬
sand of population, on the seven months’ basis.
The saving in France for
a three and a half months’ period was 250,000 tons, which would make a
saving of 12.5 tons for each thousand of population in a seven months’
period, according to the figures of the Fuel Administration.
According to estimates by the Commission the war garden crop this year
is worth $525,000,000.
This is an increase of 51% over that of 1917.
The Commission’s survey shows that 5,285,000 home food producing
plots were planted. With 26 working days in each of the seven months
you have 182 extra hours of time.
If only one gardener worked this extra
hour of time in each plot it will be seen that 961,870,000 hours of extra time
were added to the country's wealth.
Since there are 8,760 hours in a year
you find the staggering total of 109,803 years of 24-hour days.
In a working day of 8 hours the real advantage is found by multiplying
19,803 by throe, giving 329,409 working or eight-hour-day years.
on
NEW HIGH RECORDS IN SHIPBUILDING IN
SEPTEMBER.
The new tonnage added to the American merchant marine
during the month of September reached a total of 369,330
deadweight tons, as compared with 339,313 tons in August,
the best previous record, according to figures made public
by the Shipping Board at Washington on Oct. 8. The
new tonnage was made up of 74 steel, wood and composite
vessels constructed in American yards and one steel ship of
6,695 tons built in Japan. Added to this total, the Shipping
Board said, should be several other ships completed in Sep¬
tember, but the official records for which had not yet been
received.
The American production of 369,330 ton3 in
September compares with 231,635 tons turned out in British
shipyards, the total for the two countries thus reaching
600,965 tons.
The 369,330 tonnage added to the American merchant fleet
last month
was made up thus*.
Requisitioned steel ships, 23, with an aggregate tonnage of 149,240.
Contract steel ships, 23, with an aggregate tonnage of 110,730.
Wooden contract ships, 29 (including 3 composite ships), with an aggre¬
gate tonnage of 102,665.
One steel ship built in Japan of a tonnage of 6,695.
The Shipping Board also announced that 26 vessels,
totaling 109,950 tons, had been completed and delivered
during the week ending Oct. 4, consisting of the following:
Requisitioned Vessels.
.3,400 Major Wheeler
Puget Sound
7,500 L. J. Drake
Lake Indian
3,100
Contract
Berwyn
Lake Buckeye
Lake Osweya.
Zirkel
Lake Gasper
Calaveras
_
7.400
3,550
3,500
9.400
3,550
.3,500
Coweta
Wallawa
Botsford
Baxley.
PROPOSED
INTERNATIONAL
3,500
3,500
3,500
3,500
LABOR
CONFERENCE
AT LAREDO.
An international labor conference is to be held at Laredo,
It is
delegates will
be present from the American Federation of Labor and
from the labor organizations of Mexico, Chile, Porto Rico,
Brazil and other South American countries.
Ezequiel
Salcedo, Secretary of the Daily Newspaper Employees’
Union of Mexico City, in advices to John Murray, member
of the committee in charge for the American Federation of
Labor at San Antonio, says:
Tex., for
a
said that
assurances
several days’ period beginning Nov. 13.
have been received that
To date the replies received from our organizations affiliated with the
Mexican Federation of Labor and others not affiliated demonstrate sincere
feelings of their members, and although they have different propositions
submit, the organizations accept with pleasure the invitation extended
by the American Federation of Labor to the International Conference in
to
November.
The New York “Times” of Oct. 7 stated that in
accepting
the offer the Mexican Federation of Labor points out charges
of ill treatment of Mexican workers in the United States
and indignities of which Mexicans have been the victims
along the border, and expresses hope that closer relationship
may serve to lessen such treatment and generate a larger
mutual respect.
It is also stated that on behalf of the PanAmerican press the American Alliance for Labor and Democ¬
racy has issued an appeal to all citizens and to the workers
explaining the coming conference and its need. The move¬
ment, it said, has been developing for a long time with the
co-operation of labor leaders from Mexico, Cuba, Porto
Rico and other Latin America countries.
The Commission also said:
Lake Wilson
Composite Vessels.
3,500 j Agria
3,500 j Balliett
4,000 j Bancraft
3,500 j Wankan
3,500 '
Bedminster
5,500
9,000
Vessels.
Ozaukee
Isante.
Lake Lashway
Crain Creek...
Lake Dancey.
Goodspeed...
.6,000
.8,800
.8,800
.3,350
3,55
3,550
HIGHWAYS WORK APPROVED -BY UNITED STATES
HIGHWAYS COUNCIL.
A circular recently issued by the War Industries
calls attention to the fact that no permits or licenses
Board
will be
required by the Board for Public Highway Improvements
and State Pavements when expressly approved in writing
by the United States Highways Council. The Highways
Council calls this statement
to
the attention of State,
county, and city officials, some of whom have shown con¬
fusion as to what Federal approval is necessary for this
More than 6,000 applications for
class of construction work.
approval of highway projects, it is announced, have been
received by the Council.
The United States Employment
Service i3 now represented in the membership of the Council.
The other Federal agencies represented are the War Depart¬
ment, Railroad Administration, Fuel Administration, War
Industries Board, and Bureau of Public Roads of the United
States Department of Agriculture.
Programs of work in
construction of streets and highways for 1919 being made
up under the supervision of State highway departments are
to be submitted to the
In response to
Council
on or
before Dec. 10 1918.
queries from local officials the Highways
made the following rulings:
Council recently has
The Council does not exercise jurisdiction over
sidewalk construction.
Construction work, whether it costs more or less than $2,500, should be
submitted if it involves any of the materials under the control of the War
When materials are already
Industries Board or the Fuel Administration.
on
hand or are locally available, application for Federal approval need not
be made.
U. S. SUPREME COURT POSTPONES ACTION ON ANTI¬
TRUST SUITS.
Postponement of consideration by the U. S. Supreme
of the Government anti-trust suits was granted
by the Court on Oct. 8. The action of the Court was
in response to a motion made by U. S. Attorney-General
Gregory on Oct. 7. A similar request that the court defer
argument on the several anti-trust suits was made by the
Attorney-General on Jan. 2. At that time the Government
brief filed by Mr. Gregory set out:
Court
In order that the Government in this time of stress may not meet with
competition from private enterprises in its financial operations and the
flotation of its loans, the Treasury Department has been constrained to
urge that all private financing on a large scale shall be avoided as far as it
is at all possible.
It is quite clear that the dissolutions which are sought in the pending cases
will require financial operations on a large scale if they are to be genuine and
effective.
Important as the remdy sought in these cases is believed to he,
it must give place for the moment to the paramount needs of the hoilr.
In the latest brief, filed Oct. 7,
said:
Attorney-General Gregory
Oct. 19
1918.]
THE CHRONICLE
1543
These motions are made in view of conditions set forth in a motion filed
with the Court in December last for the continuance of several of the same
very striking; in the case of the common stock, while the
foreign holdings now are 495,009 shares, on March 31 1914
they aggregated as much as 1,285,636 shares. The foreign
holdings of the preferred at 147,845 shares Sept. 30 com¬
pare with 312,311 on March 31 1914.
the Court that they are opposed to a continuance.
Below we furnish a detailed statement of the foreign
The cases to which the motions apply are those of the
holdings
at various dates since Dec. 31 1914:
U. S. Steel Corporation, Eastman Kodak Co.; Associated
FOREIGN HOLDINGS OF SHARES OF U. S. STEEL CORPORATION
Billposters and Distributors of the United States and
Sept. 30 June 30 Dec. 31 Dec. 31 Dec. 31
Dec. 31
Common Stock—
1918.
1918.
1917.
1916.
1915.
1914.
Canada, the American Can Co., Quaker Oats Co., Corn Africa
30
30
23
15
5
2
Algeria
150
Products Refining Co. and the Southern Pacific Co.
340
Argentina
54
54
43
34
23
the last term—conditions which still obtain.
Notice has been given to the opposing counsel, and so far as we are ad¬
vised there is no opposition to the motion in any case except that counsel
for the United State Steel Corporation have asked that it be stated to
cases over
Australia
REcAoNING
OTTO H. KAHN ON SPECIAL
OF MEN OF
GERMAN DESCENT WITH KAISERISM.
At the
House
Liberty Loan meeting at the Metropolitan Opera
record-breaking total of twenty
quarter million dollars was raised in subscriptions,
on
Oct. 9, at which the
and a
Otto H. Kahn, who presided, said in part:
relatively recently it was the expectation of the German Govern¬
ment that the many millions of Americans of German and kindred descent
could and would stand in the way of that wholly united maximum effort
without which a nation’s capacity for war is gravely hampered.
Questions
on that subject were asked of me repeatedly during my recent stay in
Europe by neutrals and even by our associates in the war.
There never was a moment’s doubt in my mind as to the answer to these
questions.
united nation, wholly united In grim deter¬
mination and readiness for any and every sacrifice, has thundered the
answer in accents which have penetrated at last even beyond the towering
wall of lies and monstrous doctrines behind which a felon ruling class has
held the German people cowed and deluded and hideously transfigured.
The large percentage of German names in the list of casualties of our
a
It shows that American soldiers of German
dscent have known how best to demolish the outrageous hope which basely
calculated upon their disloyalty, and to resent the vile insult which appraised
them as semi-traitors to the country of their sworn allegiance.
We men of German descent have a special reckoning to make with
Kaiserism.
The whole world has been wronged and hurt by Prussianized
Germany as it was never wronged and hurt before. But the hurt done to
us is the deepest of all.
army
has given the answer.
Our inheritance has been stolen from us.
The ideals and traditions which we cherished have been foully be¬
smirched.
Our blood has been dishonored.
What we have been justly proud of has been dragged into the mire.
We have been shamed by our very kith and kin.
Our names which came down to us untarnished from our fathers have been
Their very sound has been made a challenge to the world.
defiled.
Over and above all others, we have a grievance to avenge; we have an
account to settle.
The American soldiers of German blood with their
comrades of native blood and of the blood of many other races will see
to it that, under God, that account is paid and settled in full.
“We can hear in the skies the beating of the wings of the Angel of Peace.
let us hasten to meet him. But do not let us put off our armor
—not yet.
Do not let us relax our effort—not yet. The message he carries
may be—it probably will be—that one more sustained and supreme effort
By all
means
is needed before the victorious end is attained, without which there
can
be
These words
are
us
.
the rightful result.”
pondents
on
Oct. 11, General Peyton C. March, Chief of
Staff of the American Army, called attention to the
enor¬
captures of prisoners and material by the Allied armies
during the month of September and since the beginning of
the Allied counter-offensive in July. General March an¬
nounced that from Sept. 1 to Sept. 30 the Allied armies
captured 2,044 officers and 120,192 men, 1,600 guns, and
more than 10,000 machine guns.
From July 15 to Sept. 30,
he said, the Allied armies captures 5,518 officers and 248,494
men, 3,669 guns, besides various smaller weapons.
These
mous
figures do not include the captures of the Turks by General
Allenby.
FOREIGN HOLDINGS OF U. S. STEEL CORPORATION.
Foreign holdings of the common shares of the United
States Steel Corporation showed a further slight increase for
the quarter ending Sept. 30 1918, the total now held being
495,009 shares, which compares with 491,464 shares held
June 30 1918. There has, however, been a small decrease
holdings of the preferred shares, the amount
Sept. 30 1918 being 147,845 shares, contrasted with
149,032 on June 30 1918. Compared with the period before
the war, the shrinkage in the foreign holdings is, of course,
in the foreign
on
46,179
41,639
31,662
38,011
54,259
29,400
29,255
30,059
34,328
574
467
612
628
Italy
Japan
Java
Malta
Mexico
4
40
153
20
Norway
Portugal
50,193
1,178
382
8
13
710.621
64.537
2,664
100
342,645
19
281
281
914
279
1,730
2.991
280
4
40
154
20
146
5
75
154
20
75
140
20
75
250
20
1
o
19
75
300
70
190
—
—
....
"76
"76
"75
"482
549
80
404
104
300
3~,435
64
510
68
800
13
1,637
1,587
1,442
1,512
1,267
16
10
30
1C
3C
16
10
30
45
315
623
3,690
1,952
1,568
1,872
10
"
Scotland
Spain
Sweden
Switzerland
..
Turkey
Uruguay
Wales
West Indies
3,869
..
Total
4,464
4,208
1,225
1
1,470
..495,009 491,464 484,190 502,632 696,631 1,193,064
Preferred Stock—
Africa
34
34
9
15
373
15
373
2,463
2,203
105
19
379
683
Algeria
Argentina
Australia
Austria-Hungary
_ _
..
Azores
120
314
120
84
_
..
Germany
..
Greece
Holland
..
120
339
25
2,086
82
354
41,516
42,296
36,201
35,876
1
6
36,453
27
90
55
78
25
85
30
78
23
50
30
178
33
23
50
30
140
237
24
57
30
140
40
India
Ireland
*
^
38.51C
39,779
26.037
25,763
3,264
862
6565
25,264 25,274
50,429 147.453
32.524
935
1,330
38
38
25,384 26,494
27,863
697
21
31
81
34,673
146
12
42
40
140
174,906
36,749
3,252
38
29.000
352
..
340
1,979
440
2,029
450
826
2,028
2,185
1
61
15
245
7
61
15
405
6
61
15
405
16
26
6
26
6
31
6
23
245
Malta
Mexico
7
Morocco
3,929
2,148
4,119
61
16
405
81
1,678
405
235
7
27
6
120
43
16
1
^
m-
_
26
6
Norway
Peru
27
6
'
...
Russia
Scotland
Serbia
Spain
—
-
-
-
—
-
_
_
_
_
11
229
11
234
1,256
1.156
2,907
930
1,156
7
252
220
880
1,136
2,853
2,848
100
49
1.598
100
24
Sept. 30 1918
m
100
45
1,952
100
100
788
863
1,068
...147,845 149,032 140,077 156,412 274,588
309.457
1,131
1,259
COMMON.
Dec. 31 1917
Mar. 31 1918
June 30 1918....
m
1,137
2,617
49
Sept. 30 1917
_
1,130
2,695
...
31 1916
31 1917
30 1917....
_
1,136
3,043
100
Sept. 30 1916
_
13,747
...
1914
1914-...
1914
1915
1915
Sept. 30 1915
Dec. 31 1915—
Mar. 31 1916
_
33
12,256
220
421
...
Date—
Mar. 31
June 30
Dec. 31
Mar. 31
June 30
_
7
734
220
710
...
Sweden
Switzerland
Dec.
Mar.
June
3,483
120
341
25
16
119
37,991
25.783
3,634
65
25,264
..
France
3,683
120
__
England
58
75
11
484
331
53
84
352
_
Egypt
55
75
18
403
120
_
..
44
105
24
379
314
10?
84
352
Belgium.
Bermuda
Brazil
British India
Canada
Central America
Chile
China
Colombia
Denmark
Total
ENORMOUS CAPTURES BY ALLIES DURING
SEPTEMBER.
In the course of his weekly talk with newspaper corres¬
46
18
17
68
19
281
45
Wales
West Indies
They are signed, Abraham Lincoln.
3,509
95
7
24
50,087
Turkey
dated Aug. 26 1863.
2,639
95
7
24
"229",285 229",485 229",185 234",365 238".6l7
Holland
India
Ireland
Portugal
.
2,625
107
45
Germany
“Thanks to all.
For the great Republic, for the principles by which it
lives and keeps alive, for man’s vast future—thanks to all.
Peace does not
seem far distant as it did.
I hope it will come soon and come to stay;
and so come as to be worth keeping in all future time.
Still, let us
not be over sanquine of a speedy final triumph.
Let us be quite sober.
Let us diligently apply the means, never doubting that a just God, in His
.
8
3
690
27
3
1
78
235
74
64
30
18
11
85
85
79
10
13
386
286
..172,426 173,723 173,074 192.250 355.088
France
And the contribution which we can make, and must make, and
duty and privilege of making towards that supreme and, we
trust and believe, final effort is the triumphant success of the Fourth
Liberty Loan.
Let me read you a ferw lines written 55 years ago, but wholly applicable
to this day:
peace.
have the
38
532
36
1,777
2,625
..
..
23
472
107
45
50
30
472
2,625
97
7
38
36
2,887
2,625
_
Bermuda
Brazil
British India
Canada
Central America
Chile
China
Denmark
Italy
Japan
Luxemburg
no
good time, will give
_
England__
Until
The unanimous voice of
Austria-Hungary
Belgium.
.1.274.247
.1,193.064
.1.130,209
.
.
.
.
.
.
.
.
.
.
.
.
.
957,587
826.833
696.631
634,469
637.809
502.632
494.338
481.342
477,109
484.190
485.706
491.464
495.009
874
PREFERRED.
Shares. PerCent.
.1,285.636
220
432
25.29
25 07
23.47
22.23
18.84
16.27
13.70
12.48
10.58
9.89
972
945
9.39
9.52
9.56
9.66
9.73
Date—
Mar. 31
June 30
Dec. 31
Mar. 31
June 30
Shares. PerCent.
1914...
1914...
1914—
1915
1915—
..
_.
..
..
Sept. 30 1915—
Dec.
Mar.
31 1915—
31 1916...
..
Sept. 30 1916-..
Dec.
Mar.
June
..
31 1916...
31 1917
30 1917—.
—
Sept. 30 1917...
Dec. 31 1917
Mar. 31 1918—
June 30 1918
Sept. 30 1918.
..
__
..
..
..
..
312.311
312.832
309.457
308,005
303.070
297,691
274.588
262.091
171.096
156.412
151.757
142.226
140.039
140.077
140.198
149.032
147,845
8.67
8.68
8.59
8.55
8.41
8.26
7.62
7.27
4.75
4 34
4 21
3.94
3.59
3.88
3.90
4.13
4.10
NATIONAL SECURITY LEAGUE'S QUESTIONNAIRE
SHOWS 90% OF CONGRESSIONAL CANDIDATES
IN FAVOR OF PEACE BY VICTORY.
Telegraphic advices sent to President Wilson on Oct. 13
by the National Security League as to the results of a ques¬
tionnaire addressed to candidates for Congress on their
stand as to peace terms, report that 90% are recorded in
favor of a peace by victory.
The following is the telegram
sent to the President:
Emphatic evidence of American sentiment in favor of an absolutely
victorious peace Is respectfully submitted by the National Security League
for your consideration.
In conducting its campaign for an able and loyal
Congress the League addressed a series of questions to the representative
American citizens chosen at the recent primaries to stand for election to
Congress.
One of these questions dealt with the momentous issue now
before you, as follows: “ Will the candidate pledge himself to be an advocate
*
THE CHRONICLE
1544
of peace with victory—by which is meant a vigorous prosecution
until Germany, Austria and Turkey concede the claims of the
of the war
Allies’' ?
Replies have been received from nearly 400 candidates representing every
They are from members of all parties, and include an
Ap¬
important number of candidates who are now members of Congress.
proximately 10% of the replies state that they will be guided by the Presi¬
dent’s views or are indefinite or do not answer the question.
The over¬
whelming remainder, or 90%, pledge the candidates to stand for a com¬
pleted victory, and nearly all accompany this pledge with a declaration,
expressed in vigorous terms, demanding conclusive, final and absolute
State in the Union.
victory
over our
enemies.
TEXT OF GERMANY'S REPLY TO PRESIDENT
WILSON'S NOTE OF INQUIRY.
The
reply of the German Government to President
Wilson’s note of Oct. 8, in which the President had re¬
quested further information as to the nature of the German
proposals and in whose name they were advanced, was
received at Washington Oct. 12.
It had been sent out
from the German wireless station at Nauen, picked up in
France, and cabled to Washington. The official text was
received the 14th inst. through the Swiss Legation and
delivered to Secretary Lansing by Frederick Oederlin, Swiss
Charge d’Affairs ad Interim. The official text was found
to be identical with the version sent by wireless from Nauen.
It will be noticed that the note is singed by Dr. Solf, the
German Foreign Minister, instead of by Prince Max of
Baden, the Chancellor. The German note read as follows
Berlin, Oct. 12 1918.
reply to the questions of the President of the United States of America
the German Government hereby declares:
The German Government has accepted the terms laid down by President
Wilson in his address of Jan. 8 and in his subsequent addresses on the
foundation of a permanent peace of justice.
Consequently its object in
entering into discussion would be only to agree upon practical details of
the application of these terms.
The German Government believes that the
In
Government of the Powers associated with the Government of the United
States also take the position taken by President Wilson in his address.
The German Government, in accordance with the Austro-Hungarian
Government, for the purpose of bringing about an armistice, declares itself
[Vol. 107
truce between two undefeated
antagonists. As if to em¬
phasize this very point the German press begun a chorus
of explanations, accompanied, it is true by not a few groans,
the general tenor of which was that Germany was not de¬
feated, but had agreed to make peace from purely humani¬
tarian motives, to put an end to the terrible slaughter, and
had appealed to what one paper characterized as “the bet¬
ter part of President Wilson’s nature” to bring about an
Other papers emphasized that Germany had
armistice.
consented to make a “just peace” but not “an. absolute
surrender.”
In regard to the third and most inmportant question in
President Wilson’s note—as to whom the German Govern¬
ment
speaking for, the Kaiser or the German people—
was considered absolutely insufficient.
Merely
to consult the party chiefs, elected four years ago, under old
franchise laws, and to appoint a Chancellor still responsible
to the Kaiser and not to the Reichstag, did not constitute, it
was
held, that fundamental change to responsible par¬
liamentary government which alone could guarantee that
the German people had control of their own destiny. Be¬
sides, it left untouched the question of the Kaiser’s sole
right under the German constitution to make war or con¬
clude peace.
In a word, such changes as have so far been
made in Germany to meet the necessities of the peace drive
were considered to be changes of the head, made under
external pressure, rather than changes of the heart made as
the result of a genuine abandonment of the ideals and
practices which resulted in Germany’s piratical outbreak of
the
was
answer
four years ago
During the interim between the receipt of the German
reply on Oct. 12, and the dispatch of President Wilson’s
final rejoinder on the 14th there was a steadily increasing
demand from all sections of this country, as well as from our
Allies abroad, for a flat rejection of the German request
ready to comply with the proposition of the President in regard to evacua¬
tion.
The German Government suggests that the President may occasion
the meeting of a mixed commission for making the necessary arrangements
for
concerning the evacuation.
The present German Government, which has undertaken the respons¬
ibility for this step toward peace, has been formed by conferences and in
agreement with the great majority of the Reichstag.
The Chancellor,
supported in all his actions by the will of this majority, speaks in the name
demand for unconditional surrender.
In the Senate there
was an almost continuous flow of oratory the burden of
which was “No peace with the Hohenzollerns,” and “No
an
armistice.
Some
even
criticized President Wilson
having replied to the German note at all, except with
for
a
dickering with Germany till she admits herself beaten and
promises reparation for her crimes.” Not a voice was
raised in Senate or House in favor of peace on any other
basis; Senators vied with each other only in the severity of
THE GERMAN REPLY TO PRESIDENT'S NOTE OF the terms they would like to see applied to the vanquished
enemy.
INQUIRY CONSIDERED UNSATISFACTORY
Meanwhile, no word came from the President as to the
The reply of the German Government to President Wilson’s
nature of his reply.
It was understood, however, that he
note of Oct. 8, requesting more explicit information as to
was consulting the responsible leaders of the nations asso¬
Germany’s purposes in requesting an armistice, was received ciated with us on the
other side, and on the 14th Senator
at Washington through unofficial channels early in the
Ashurst of Arizona, after conferring with the President,
evening of Oct. 12. In answer to the three questions,
embodied in the President’s note, the German Government brought back word that: “The President wall take no action
that will weaken in the smallest degree the successes of the
answered in substance as follows:
of the German Government and of the German people.
(Signed)
SOLF,
State Secretary of Foreign Office.
*
1.
Germany has accepted the terms laid down by President
Wilson in his address of Jan. 8 and subsequent addresses;
consequently its object in entering into discussions would be
only to agree upon practical details of their application.
2. Germany is prepared to comply with the propositions
of the President in regard to evacuation.
3. The German Government has been formed by confer¬
ences with the majority of the Reichstag and so speaks in
the name of the German people.
The fulLtext of the German note will be found in an article
While thus outwardly conforming, in large measure,
with the conditions indicated by the President as being the
above.
American and Allied armies in the field.
On the contrary,
what he will do will rather strengthen the military situa¬
tion.”
It was thought at one time that the President would
a
joint session of the two Houses and explain his
purposes and the reasons that actuated him.
This, however,
he did not do, probably because the action so far taken does
absolutely close the door for further advances; although
move is decidedly up to Germany.
It is under¬
stood, however, that before the final rejection of any valid
peace offering, the President will take Congress and the coun¬
try into his confidence.
not
the next
PRESIDENT'S REPLY TO GERMANY—FOCH WILL
DETERMINE ARMISTICE—REFORM MUST
BE THOROUGH.
necessary prerequisite of an armistice,
failed to arouse any enthusiasm in either
the German note
Washington or the
Entente capitals.
The note was not regarded as furnishing
the evidence of sincerity which the President and public
opinion demanded, and contemporary events in the field,
where the retreating German armies were destroying and
burning with even more than their ordinary ruthlessness,
and at sea, where two particularly atrocious submarine out¬
rages coincided with the receipt of the German note, did not
serve to make matters any better for Germany.
As to the note itself, it was pointed out that the proposed
discussion of the manner of carrying out the principles laid
down by President Wilson in his various addresses was in
itself equivalent so far as the Entente nations were con¬
cerned to “dickering” for peace with a beaten adversary.
The suggestion of the German Government for a mixed
commission to discuss the arrangements for evacuation was
again not the attitude of, nor the treatment customarily
handed out to, a beaten adversary, but rather suggested a
before
go
Universal approval, both here and among our allies,
greeted the reply of President Wilson to the second peace note
of the German Government, forwarded on Oct. 14.
Even
Senator Lodge and other Republican leaders, who had been
inclined to cavil at the President’s earlier note of inquiry,
expressed themselves as thoroughly satisfied with the pres¬
ent reply, wiiich, without unceremoniously shutting the door
to further exchanges, created a situation which the Ger¬
man Government could meet only by laying dowrn its arms
and throwing itself on the mercy of the victorious Allies.
As if to emphasize the President’s opinion of the inade¬
quacy of the German reply, Secretary Joseph Tumulty, im¬
mediately after the President’s note was made public, issued
a
formal statement to the effect that there
up
in
war
w’as
to be
no
let¬
preparations and that the United States would
continue to ship 250,000 men a month overseas.
Oct. 19
1918.]
The Secretary of State, Robert Lansing, began the note of
the United States with a reference to “the unqualified ac¬
ceptance by the present German Government” of the terms
laid down by the President in his various addresses, which,
he said, justified the President in making “a frank and direct
statement in regard to his decision with regard to the com¬
munications of the German Government of the 8th and 12th
of October, 1918.” Attention has been called to the absence
of the word “Imperial” in referring to “the present German
Government,” and in fact throughout the communication;
also to the use of the word “decision” as italicized above.
This was held to dispose of the idea that the PresideDt was
merely “discussing” our peace principles or the terms of an
armistice with Germany. Having been appealed to by Ger¬
many, the President makes his “decision,” and leaves Ger¬
many to adjust herself to the new circumstances.
Similarly
in regard to evacuation of occupied territory.
In place of
Germany’s suggestion that a mixed commission be appointed
to arrange the conditions of the proposed evacuation, the
President says bluntly that the conditions of an armistice
are matters to be arranged by the military advisers of the
Governments of the United States and the Allies, and that
no arrangement can be accepted which does not provide
safeguards and guarantees of the mainteannce of “the pres¬
ent military supremacy of the United States and the Allies
in the field.”
This, in turn, disposed of the fears expressed
in some quarters that the President would consent to an ar¬
mistice which would allow the German commanders to with¬
draw their armies intact, with all their material, behind the
German boundaries, from whence, on shortened and interior
lines, they could resume the war in case negotiations for
peace failed.
There is on doubt, it was held, that Foch and
Haig and Pershing would make such conditions governing
an armistice that the power of the German army would be
broken.
However, no armistice will be consented to on any condi¬
by the Allied Governments, so long as the armed forces
of Germany continue “the illegal and inhumane practices
which they still persist in.”
“At the very time that the Ger¬
man Government approaches the Government of the United
States with proposals of peace,” says the President, speaking
through the Secretary of State, “its submarines are engaged
in sinking passenger ships at sea, and not the ships alone, but
the very boats in which their passengers and crews seek to
make their way to safety, and in their present enforced with¬
drawal from Flanders and France the German armies are
pursuing a course of w’anton destruction which has always
been regarded as in direct violation of the rules and practices
of civilized warfare.
Cities and villages, if not destroyed,
are being stripped of all they contain, not only, but often
tions
inhabitants. The nations associated against
Germany cannot be expected to agree to a cessation of arm 3
while acts of in humanity, spoliation and desolation are
being continued which they justly look upon with horror and
with burning hearts.”
Perhaps no passage in the whole note has aroused more
universal commendation than this castigation of Germany’s
of their very
barbarous methods of warfare.
In the concluding paragraphs of the note the President
refers once more to the autocratic power of the German
Government as being the chief obstacle to peace.
It is evi¬
dent from the wording of this part of the note that the Presi¬
dent has no confidence in the recent changes either in the
form of the German Government or the personnel of its lead¬
ers.
The note quotes that passage of the President’s ad¬
dress at Mount Vernon on July 4 last calling for: “The de¬
struction of every arbitrary power anywhere that can sepa¬
rately, secretly and of its single cffoice disturb the peace of
the world, or, if it cannot be presently destroyed, at least its
reduction to virtual impotency,” and continues:
The power which has hitherto controlled the German nation is of
here described.
It is within the choice of the German nation to
the sort
alter it.
The President's words just quoted naturally constitute a condition prece¬
dent to peace, if peace is to come by the action of the German people them¬
selves.
The President feels bound to say that the whole process of peace
will, jn his judgment, depend upon the definiteness and the satisfactory
character of the guarantees which can be given in this fundamental matter.
It is indispensable that the Governments associated against Germany
should know beyond a peradventure with whom they are dealing.
In most quarters this passage is considered tantamount to
a
declaration that no peace
will be made with the Hohen-
zollerns.
Finally, the note announces that a separate reply w:ll be
made to Austria-Hungary.
There have been some sugges¬
tions that the impending collapse of Turkey, with its inevi¬
table reaction upon the Dual Monarchy, may dictate a some¬
what different policy toward that country.
1545
THE CHRONICLE
TEXT OF PRESIDENT WILSON'S REPLY TO SECOND
GERMAN PEACE NOTE.
,
Following is the text of the reply sent by President Wilson
to the second German peace note:
DEPARTMENT OP STATE.
Washington, D. C., Oct. 14 1918.
reply to the communication of the German Government, dated
the 12th inst., which you handed me to-day, I have the honor to request
you to transmit the following answer:
The unqualified acceptance by the present German Government and by
a large majority of the German Reichstag of the terms laid down by the
President of the United States of America in his address to the Congress
of the United States on the 8th of January 1918, and in his subsequent
addresses justifies the President in making a frank and direct statement
of his decision with regard to the communications of the German Govern¬
Sir.—In
ment of the 8th and 12th of October 1918.
It must be clearly understood that the process of evacuation and the
conditions of an armistice are matters which must be left to the judgment
and advice of the military advisers of the Government of the United States
and the allied Governments, and the President feels it his duty to say that
no
arrangement can be accepted by the Government of the United States
which does not
provide absolutely satisfactory safeguards and guarantees
of the maintenance of the present military supremacy of the armies of the
United States and of the Allies in the field.
He feels confident that he
safely assume that
Allied Governments.
can
this will also be the judgment and decision of the
The President feels that it is also his
duty to add that neither the Govern¬
he is quite sure, the Governments with which
the Government of the United States is associated as a belligerent, will
consent to consider an armistice so long as the armed forces of Germany
ment of the United States nor,
continue the illegal and inhumane practices which they persist in.
At the very time that the German Government approaches the Govern¬
ment of the United States with proposals of peace, its submarines are
engaged in sinking passenger ships at sea, and not the ships alone, but the
very boats in which their passengers and crews seek to make their way to
safety; and in their present enforced withdrawal from Flanders and France
the German armies are pursuing a course of wanton destruction which has
always been regarded as in direct violation of the rules and practices of
Cities and villages, if not destroyed, are being stripped
civilized warfare.
of all they contain not only, but often of their very inhabitants.
The
nations associated against Germany cannot be expecetd to agree to a
cessation of arms while acts of inhumanity, spoliation, and desolation
are
being continued which they justly look upon with horror and with
burning hearts.
It is necessary also, in order that there may be no possibility of mis
understanding, that the President should very solemnly call the attention
of the Government of Germany to the language and plain intent of one of
the terms of peace which the German Government has now accepted.
It is contained in the address of the President delivered at Mount Vernon
on the Fourth of July last.
>
It is as follows:
."*rr‘The~d^truction
of every
arbitrary
power
anywhere that can separately,
secretly and of its single choice disturb the peace of the world; or, if it
cannot be presently destroyed, at least its reduction to virtual impotency.”
The power which has hitherto controlled the German
here described.
It is within the choice of the
nation is of the sort
German nation to alter it.
The President’s words, just quoted, naturally constitute a condition prece¬
dent to peace, if peace is to come by the action of the German people them¬
selves.
The President feels bound to say that the whole process of peace
will, in his judgment, depend upon the definiteness and the satisfactory
character of the guarantees which can be given in this fundamental matter.
It is indispensable that the Governments associated against Germany
should know beyond a peradventure with whom they are dealing.
The President will make a separate reply to the Royal and Imperial
Government of Austria-Hungary.
Accept, Sir, the renewed assurances of my high consideration.
(Signed)
ROBERT LANSING.
Mr. Frederick Oederlin, Charge d’Affaires of Switzerland, ad interim in
charge of German interests in the United States.
LOSES POWER TO DECLARE WAR—OTHER
CONSTITUTIONAL CHANGES IN GERMANY.
It was announced in an Associated Press dispatch from
KAISER
Copenhagen dated Oct. 16 that Germany’s Federal Council
had accepted the proposed amendment to the Constitution,
paragraph 2 of Article 11, making it read:
The consent of the Federal Council and the Reichstag is required for a
declaration.of war in the empire's name, except in a case whore imperial
territory has already been invaded or its coasts attacked.
Paragraph 3 of Article 11 is amended to read:
and treat! os with foreign States which deal with affairs
coming under the competence of the imperial law-giving bodies require
the consent of the Federal Council and the Reichstag.
Treaties of peace
A few days earlier it was reported that the German
Federal Council had accepted the measure calling for further
parliamentarization of Germany, this being in
accordance
with advices received at Copenhagen Oct. 13 from the semi¬
official Wolff Bureau of Berlin. The measure repeals
Article XXI, Paragraph 2 of the Constitution, which pro¬
vides that a Reichstag member shall lose his seat if he accepts
a salaried imperial or State office.
Cabinet Ministers are
longer to be required to be members of the Federal
Council, but are at all times to have the right to be heard
no
by the Council. They are also to have the right to demand
to be heard by the Reichstag.
It was explained by the Wolff
Bureau that these changes were in accord with the Emperor’s
decree of Sept. 30, in which he declared his will to be “that
the German people shall henceforth moro effectively co¬
operate in deciding the Fatherland’s destinies.”
It was also stated that the Election Commission
Prussian House of Lords, in its reconsideration
of the
of the
franchise measures, had eliminated the clause granting an
extra vote to men over 40 years of age.
The period of resi-
1546
THE CHRONICLE
dence
required in an election district has been reduced from
to six months and other changes have also been
made.
The proportional franchise has been accepted for
a number of election districts containing large cities.
The
one
year
Conservative members of the commission abstained from
voting, according to the Wolff Bureau.
Vorwaerts, the
Socialist organ of Berlin, said that there was an assured
majority for the measures in the House of Lords in the form
accepted by the commission.
A Copenhagen dispatch on Oct. 11 also announced that
the Landtag of Saxony had been summoned to meet on
Oct. 26 for the purpose of drafting a measure “which shall
substitute for the franchise now obtaining for the Landtag’s
second chamber
a
franchise based
Saxony has to day
classifications.
a
on a
broader foundation.”
franchise system of four complete
Prussia’s system has three classifications.
PRUSSIAN FRANCHISE REFORM.
It
stated in
Associated Press dispatch from Copen¬
hagen, dated Oct. 15, that the last obstacle to the reform
of Prussia’s antiquated three class franchise had been re¬
moved by the adoption unimously of the following resolu¬
tion by the Conservative faction in the Prussian Diet:
was
an
In the hour of the Fatherland's greatest distress and in realization that
we must be equipped to fight hard battles for the integrity of the Father-
land's soil, the Conservative party of the Diet considers it a patriotic duty
lay aside all internal conflict and be ready to make heavy sacrifices to
attain the ends in view.
The members of the party believe that a farreaching radicalization of the Prussian Constitution will not advance the
welfare of the Prussian people, but are nevertheless prepared to abandon
their opposition to the equal franchise in Prussia, in accordance with the
latest decision of their friends in the House of Lords, in order to assure a
harmonious front against the outside world.
to
GERMAN
MILITARY
POWER
NOW
UNDER
CIVIL
CONTROL, SAYS ERZBERGER.
German military power has already been placed under
civil control in a complete and permanent fashion, so far as
politics is concerned, according to an interview with Mathias
Erzberger, the Centrist leader of the Reichstag, sent out by
the German Government wireless service and forwarded
from London on Oct. 12.
This interview is being published
the London dispatch said, with the evident intention of
Influencing public opinion abroad. Thus, General vont
Stein, the Prussian War Minister, had to be eliminated be¬
cause he had always worked
against a peace by understand¬
ing, the interview says. General Scheuch, his successor,
is said to be
a man
of liberal views and the first non-Prussian
to occupy
the position. Two commanding generals,
von Vietinghoff and von
Haehmiset, have been removed
because they were considered the embodiment of militarism.
All decisions of commanding generals in the interior of Ger¬
many concerning administrative • functions are made de¬
pendent upon the approval of the presidents of provinces,
with an appeal to General Scheuch and finally to the Chan¬
cellor, who is legally responsible, according to Erzberger.
Herr von Berg, chief of Emperor William’s civilian Cabi¬
net, had to resign because he had interfered during the for¬
ever
mation of the
new
Cabinet in
a manner
which aroused the
indignation of the majority parties of the Reichstag. Erz¬
berger said that this makes it evident that militarism has
been forever removed from Germany.
Asked whether he would promote the principles
of a league
of nations, Erzberger replied:
That is just what I
mean to do.
States must altogether desist from the
application of force in the settlement of international disputes.
This
naturally will moan that they must renounce part of their sovereignty, but
they may obtain, through the league, mutual protection against
arbitrary
force.
Arguing that aM States must unreservedly submit their
disputes to arbitration, Erzberger said that the league of
nations must establish an organization of
imperial courts
and guarantee the execution of verdicts
by those tribunals.
Members of these courts, however, must
always be appointed
with the consent of the peoples concerned, so that all
nations
will have confidence in the actions of the
courts, he
says.
“Belgium has been wronged by Germany and reparation
is due,” Erzberger admitted, but he added,
“it is a question
of law and must be settled in a legal manner
by means of a
court of arbitration set up by a league of nations.”
Erzberger concluded by saying that he had always held
these views and would not have joined the Government
if
he had not been convinced that the Government shares
them.
The German Minister of
Foreign Affairs will shortly ap¬
point a committee of officials, including parliamentarians and
jurists, to frame a German plan for a league of nations,
the semi official “North German Gazette”
announces,
ac¬
[Vol. 107
cording to
a dispatch from Basle to Paris on Oct. 10.
This,
it is said, may be a development of the plan of Mathias
Erzberger, now a Minister without portfolio in the German
Cabinet, who in September announced that he had worked
out in detail a draft of a constitution for a league of nations.
The plan was embodied in a book by Herr Erzberger entitled
“The League of Nations the Way to Peace.”
FRANCE TO DEMAND FULL REPARATION FOR WAR
DAMAGE.
During a discussion in the French Senate on Oct. 15 of
tho damages suffered by northern France without
military
justification, Stephen Pichon, the French Foreign Minister,
reiterated the Government’s resolution to exact full compen¬
sation and reparation.
“Furthermore,” the Foreign Minis¬
ter
continued, “this warning has just been given in decisive
form by President Wilson in his admirable reply to the pro¬
posals for an armistice from Berlin. The President of the
United States, in whose resolutions we always have "had.
entire confidence, has signified that he refuses, like ourselves,
negotiate an armistice with a State whose armies continue
to dishonor themselves by acts of desolation, devastation
to
and
savagery.”
On Oct. 4 it
was announced that the French Government
had issued a solemn warning to Germany and her allies that
the devastation of territory from which they retreat will be
punished inexorably. The warning said the German people,
crimes, will bear the consequences with the
authors, and that those who order the devastation will be
held responsible morally, penally and pecuniarily.
Steps
were understood to be under
way at that time looking to a
joint warning by all the Allies that Germany would be held
responsible for all wanton destruction during the retreat of
her armies from France and Belgium.
The National Asso¬
ciation for the Entire Reparation of Damages Caused by
the War, a French organization the President of which is
M. Larnande, senior of the Paris Law School, issued the
following declaration on the subject:
who share in the
Tne attention of the National Committee for the Entire
Reparation of
Damages Caused by the War has been called upon to determine devasta¬
tions, plunder, war .ax levies, taxes created without military necessity,
in invaded regions, and wnich, despite the
reprobation and the feeling of
horror caused by such deeds all the world over, have been
increasing
more
and
more.
These odious
proceedings, reviving long forgotten historical scenes, are
contrary to the usages of war, as the Germans themselves dare to qualify
their military operations which change hostilities into an abominable
robbery, meaning to bring about, above all, the industrial and commercial
ruin of the invaded country, ought not to remain
unpunished. And this
punishment of crimes and murders patently premeditated, carefully pre¬
pared, and coolly and cruelly accomplished, cannot be inferior to their
monstrous character.
The ancient law of retaliation, however repugnant it is to the nations
fighting for the triumph of justice and liberty, is the only one fit, in the
circumstances, to be invoked against a nation that has wilfully and delib¬
erately put itself outside of civilization and finds itself in a state of syste¬
matic retrogression.
The National Committee, on behalf of the interests intrusted to their care
invite all Governments whose peoples participate in this new crusade to
announce
their formal resolve to make
use
of
a
modernized retaliation law,
according to the barbarians’ own wish, town for town, village for village.
church for'church, castle for castle, property for property.
Such is the
only formula likely to make an impression on minds and hearts closed to
all feeling except that which may arise from fear of
punishment
.
GERMANY DENIES STORIES OF PILLAGE AND
WANTON DESTRUCTION.
In an effort to offset the stories of wanton destruction and
pillage by the German armies in France and Belgium, Dr.
Solf, the German Foreign Minister, in an interview sent
broadcast by the semi-official Wolff Bureau on Oct. 13,
entered a general denial on behalf of Germany, saying that
such destruction as has been wrought has been unavoidable,
and in part due to the* British and French bombardment.
Dr. Solf
was quoted as saying:
particularly malicious campaign of incitement with which a part of
the enemy news service has accompanied the present crisis of the war is
the continually repeated accusation that in our retreat we have purposely
and systematically devastated occupied French territory.
It is untrue
that our troops slaughter wounded, intentionally blow up hospitals and
scnools, rob churches and commit other crimes against enemy prisoners
and populations.
The work of destruction, which in our retreat, as in every operation of
retirement in history, was unavoidable, and everywhere has been restricted
to measures of really indispensaDle harshness which are intended co prevent
a retiring army from leaving in the hands of che
enemy bases wnica to a
great extern are of a military character.
The
Dr. Solf asked if the bombardment of French towns by the
British and French was a military necessity.
Have they no thought for the sufferings of the civilian populations, ’ he
continued, “which leave endangered places in swarms in pouring rain and
toil all akmg roads to Belgium in quest of protection?
The feeding of this
civilian population in flight is taxing the resources of the German occu¬
pation authorities.
Indeed, they scarcely can cope with this ta; c.
On Oct. 15 an official dispatch from Berlin to Amsterdam
reported that the German Government had made a proposal
-
Oct. 19 1918.]
through the Swiss Government to the French authorities that
France, in common with her Allies, undertake to refrain
from bombarding the large towns of Northern France and
to enter into an agreement with Germany to permit, at any
rate, a portion of the population of Valenciennes to pass into
the French lines.
The Berlin Government, in making this
proposal, represented itself as unable to prevent the east¬
ward flight of the population of Valenciennes, owing to their
fears that the Allies would bombard the towm.
EX-PRESIDENT ROOSEVELT REGRETS PEACE
NEGOTIATIONS WITH GERMANY.
A statement in which he
urged that wre “avoid confusing
people by negotiations or pseudo-negotiations and
adopt as our motto ‘unconditional surrender’,” was made
by ex-President Theodore Roosevelt on the 13th inst., the
eve of the dispatch of President Wilson’s reply to Germany’s
new overtures for peace.
Colonel Roosevelt expressed regret
that the negotiations had been entered into and ventured
the hope that the Senate would,“emphatically repudiate the
so-called fourteen points and the various similar utterances
of the President.” We give the Colonel’s statement herewith:
our own
I regret greatly that
and I trust that they
President Wilson has entered into these negotiations,
will be stopped. We have announced that we will
not submit to a negotiated peace, and, under such conditions, to begin
negotiations is bad faith with ourselves and our allies. Then, if nego¬
tiations are repudiated, we will give our enemies in their turn a chance to
impugn our good faith.
In short, I regret the President’s action because of its effect upon our
allies and our enemies, no less than upon our own people, for it can’t help
awaking an uneasy suspicion that we are an untrustworthy friend and an
irresolute foe.
earnestly hope that the President will instantly send back word that
unconditional surrender and that we refuse to compound
a felony by discussing terms with the felons.
It is deeply discreditable to us that Bulgaria should have been forced to
surrender to our allies, while we remained neutral, and it is even more dis¬
creditable to us that we did not long ago declare war on Turkey.
I wish Congress would pass a resolution of war against Turkey to-morrow.
In any future negotiations by the President I trust he will remember
that good faith demands that we act only in concert with our allies, and
that this war should be finished by the fighting of fighting men.
I
we demand an
It also demands that there should be
no
confusion of the issues by even a
partial return to the bad old days when conversation and note writing were
considered adequate action after the sinking of the Lusitania and kindred
atrocities.
Moreover, I most earnestly hope that the Senate of the United States
and all other persons competent to speak for the American people will
emphatically repudiate the so-called fourteen points and the various similar
utterances of the President.
These fourteen points are couched in such vague language that many of
them may mean anything or nothing and have a merely rhetorical value,
while others are absolutely mischievous.
seas,” for instance, would, if accepted in
surrender to the German plan of murder; the
proposed disarmament plan, if honestly put into effect by us, would leave
us at the mercy of any foreign Power that chose to regaid the plan as a
“scrap of paper” and the proposal merely to give autonomy instead of
independence to the oppressed subject races of Austria and Turkey is a
base betrayal of the Czecho-Slovaks, the Armenian and our other smaller
allies, and the cynical repudiation of the idea that we meant what we said
when we spoke of making the world safe for democracy.
To sum up, let us remember hereafter that we and our allies should all
act in concert and with the fullest knowledge in advance of any important
step by any of us (for to do as the President has done in this case is much
worse than any of the things of secret diplomacy, because it becomes dan¬
gerously near to being treacherous diplomacy).
Let us avoid confusing our Gwn people by negotiations or pseudo¬
negotiations and adopt as our motto “unconditional surrender.”
The so-called “freedom of the
the German sense, mean a
AUSTRIAN
PRIME
MINISTER EXPLAINS
CENTRAL POWERS ASKED FOR TRUCE.
The Central Powers found themselves
WHY
longer able to
military decision in their favor, and Bulgaria’s
demand for peace only hastened the presentation of their
peace propositions, Baron Burian, the Austro-Hungarian
Foreign Minister, declared in a recent statement to the
Foreign Affairs, Committee of the Hungarian Delegation at
Vienna.
This is the information furnished in a dispatch
to the Associated Press from Basel, Switzerland, dated
hope for
no
a
Oct. 16:
“Although the Central Powers have been able to face the
military situation,” the Foreign Minister said, “it must
be stated that we cannot hope any longer for a decisive suc¬
cess by arms, while our adversaries are not sure of their
power to crush our resistance.
Hence further bloodshed is
The dispatch continues as follows:
useless.”
new
Baron Burian said that a
President Wilson’s ideas on
sentiment of pure humanity always pervaded
the solution of world problems, “oven when
adversaries and laid down certain principles directed against
us.
His declarations, therefore, never remained without influence among
us, and were never rajected by us in principle.”
The Foreign Minister expressed the view that the creation of a League
of Nations constituted a preliminary condition for the establishment of a
peace of impartial justice, “such as President Wilson and we desire.
Such
a league,” he added, “would form the framework of the new world.
It is
upon it that the various States will build up their reciprocal relations.”
“Such a league,” Baron Burian continued, “will replace the policy of an
equilibrium of groups of Powers, depending on force, by an organization
he
joined
our
1517
THE CHRONICLE
of States
voluntarily submitting to
an
international law established by
themselves with the creation of an executive power above the States to en¬
force the law.”
International arbitration tribunals will settle disputes, the
Foreign Minister said, and armaments will lose the reason for their exist¬
The Baron then said:
“It is not my place to enter into a discusssion as
dent Wilson delayed his reply to us when he has
ence.
to the reasons why Presi¬
communicated with Garenlightening certain preliminary questions, for I
pure hypothesis.
I would only say that our con¬
many with a view to
should be reduced to a
fidence in President Wilson’s word is
so firm that we categorically reject
suppositions attributing to this procedure motives, tactical reasons or in¬
tentions malevolent towards the monarchy.”
Confidence that Turkey would remain faithful to the Teutonic alliance
was expressed by. Baron Burian.
He also reasserted Austria-Hungary's
fidelity to Germany.
“We shall enter upon the negotiations, ’ ’ he said, “closely united with our
faithful German ally and with Turkey, which continues to keep her engage¬
ment towards the alliance, notwithstanding the difficult situation in which
she is placed by the disappearance of Bulgaria.
I w ish to point out as a self-evident fact resulting from this close union
of the allies that wo shall always regulate our attitude in the approaching
negotiations in constant reciprocal agreement with them.
If the bases of
the agreements to be concluded existed as the result of the acceptance of
the points of the program [Baron Burian was evidently referring to President
*
*
program], the application and execution of these divers points in
practical bearing can, nevertheless, give rise to differences of opinion
which we must try to dissipate by carefully weighing the opposing points
of view, and vigorously defending the conditions of our constitutional
Wilson’s
their
existence.
“The allies will have to support each other in these discussions. They
will have to find in the settlement of litigious questions that line of agree¬
ment which will protect their interests from injury.”
PRO-GERMAN TURKISH CABINET FALLS—RUMORS
OF SEPARATE PEACE NEGOTIATIONS.
The downfall of the Turkish Cabinet headed
by Talaat
Grand Vizier and Enver Pasha as War Minister
was announced in press dispatches from London on Oct. 9
and later confirmed, according to an Amsterdam dispatch
to the Central News, by the Turkish Embassy at Berlin.
Pasha
as
Unofficial dispatches received at London reported that
Tewfik Pasha had been made Grand Vizier and that Izzet
Pasha had become Minister of War in place of Enver Pasha.
the effect that Izzet Pasha
that no new War Minister
had as yet been chosen.
Talaat Pasha and Enver Pasha
were held to be largely responsible for bringing their coun¬
try into the war on the side of the Central Powers, and with
their fall it was thought the Turco-German alliance would
be greatly weakened.
The fall of the former Turkish Cabinet was preceded by
several days of rioting and anti-German demonstrations at
Constantinople, culminating, according to a dispatch to the
Paris “Fizaro,” in threats of force unless the Cabinet re¬
signed and peace was secured on any terms. One hundred
and fifty members of the Military Club submitted the fol¬
lowing program to the Sultan, it is stated:
Later reports, however, were to
the new Grand Vizier, and
was
and Progress Club; dissolution of the Chamber
Deputies; resignation of the entire Cabinet and the formation of a Liberal
Government; the concession of rights to the population; general demobiliza¬
tion and the signing of peace on any terms.
The closing of the Union
of
The authors of the manifesto demanded
immediate satis¬
faction, in default of Which the army and the people would
employ force. The Sultan at once communicated the de¬
mands to Talaat Pasha, the Premier.
The resignation of
the Ministry seems to have followed shortly after.
The first step taken by the new Cabinet, headed by Izzet
Pasha, according to a dispatch from Vienna under date of
Oct. 13 to the “Weser Zeitung,” was to dispatch a note to
Austria-Hungary to the effect that, owing to the military
situation, Turkey was obliged to conclude a separate peace
with the Entente.
The Central Powers requested Turkey
to await the result of the exchange of notes with President
Wilson, but no reply, the dispatch stated, had so far been
received from Turkey.
Turkey’s official request that President Wilson take peace
steps reached Washington on Oct. 14, and is given in full
below.
The note, differing only slightly in phraseology from
those of the greater Central Powers, was delivered by the
Spanish Ambassador. Its failure to appear last week,
coupled with the knowledge that the pro-German Govern¬
ment at Constantinople had virtually collapsed, had given
rise to the belief that it would not come, and that instead the
Turks would make a different sort of appeal, probably offer¬
ing unconditional surrender.
A dispatch from Washington on Oct. 10 reported that the
negotiating informally with
representatives of the Entente as to the terms on which
Turkey might withdraw from the war. Meanwhile, the
dispatch said, delegates had arrived at Athens from Smyrna,
seeking to have the Entente Powrers grant separate recognition
and a separate peace agreement to that province under Presi¬
dent Wilson’s principle of self-determination. Smyrna is
inhabited mostly by Syrians, Greeks, Arabs, Armenians,
new
Turkish Government
was
1548
THE CHRONICLE
Jews, and other non-Turkish
races,
who have suffered for
centuries under Turkish misrule.
Vol. 107
the Leinster, and his “deep sympathy” with the women and
children who lost their lives. As quoted in a copyrighted
Dispatches from Saloniki dated Oct. 14 indicated that cablegram to the New York “Times” from The Hague,
likely to put in a claim for Thrace when the future under date of Oct. 15, Herr Erzberger said:
status of the erstwhile Turkish Empire is settled at the peace
As we hear from neutral countries, great regret is expressed there in
conference. Delegates of the Pan-Thracian League of circles favorable to peace over the torpedoing of the Leinster. A serious
Athens, who have been holding conferences with representa¬ relapse is feared in the hopeful feeling which resulted from the German note
of yesterday.
It Is noc necessary for me to state that I look upon this
tives of the Thracian associations at Saloniki, declared in incident with extraordinary regret. Only with deep sympathy
can I hear
interviews they were firmly convinced that the great peoples of the fate which has befallen innocent women and children. My actitude
of the civilized world, fighting for human liberty, would not toward such events is well known. Already m the year 1915, when I was
in Rome, I expressed regret at the many sacrifices of the Lusitania.
This
abandon any part of the Hellenic people to Turkey or Bul¬ regret increases to real pain in this sad case. Here is the hand of destiny,
garia. They claimed that Thrace, with Constantinople and for which we cannot be made responsible. I was not in a position to dis¬
the land to the shores of the Sea of Marmora, where they cuss it with the Chancellor or my colleagues, but can assure you that the
whole Government stands united with my viewpoint.
There is no doubt
declare there are more than 850,000 Greeks as compared with about that.
It is the duty of all Governments taking part not to allow the disastrous
a Bulgarian population of a tenth of this number,
should event
as an obstacle in
Greece is
either be reunited to Greece
mous
State under
a
or
at least constitute
guarantee of
a
an
autono¬
League of Nations.
TEXT OF TURKISH NOTE ASKING PRESIDENT
WILSON TO ARRANGE ARMISTICE.
The official text of the note from the Turkish Government,
joining with Germany and Austria in a request to President
Wilson to arrange an armistice preliminary to peace negotia¬
tions, was delivered at the State Department on Oct. 14 by
the Spanish Ambassador.
The note was delayed, so long
presumably by the political crisis at Constantinople, that
it gave rise to rumors that the Turkish Government would
not join in the German and Austrian peace movement, but
undertake separate negotiations on the basis of an absolute
surrender.
The note follows closely the lines of the German
and Austrian communications.
It is in the form of a com¬
munication from the Charge d’Affaires of Turkey at Madrid
asking the Spanish Government to forward to President Wil¬
son the request of the Ottoman Government for an
armistice,
and reads
as
follows:
The undersigned, Charge d'Affaires of Turkey, has the honor, acting
upon instructions from his Government, to request the Royal Government
to inform the Secretary of State of the United States of America by tele¬
graph that the Imperial Government requests the President of the United
States of America to take upon himself the task off the re-establishment of
peace; to notify all belligerent States of this demand, and to invite them to
delegate plenipotentiaries to initiate negotiations.
It (the Imperial Gov¬
ernment) accepts as a basis for the negotiations the program laid down by
the President of the United States in his message to Congress of Jan. 8 1918
and in his subsequent declarations, especially a speech of Sept. 27.
In order to put an end to the shedding of blood, the Imperial Ottoman
Government requests that steps be taken for the immediate conclusion of
a general armistice on land, sea, and in the air.
IRELAND AROUSED BY SUBMARINE SINKING OF
MAIL STEAMER—GERMAN OFFICIAL
“DEPLORES”
More than 400 lives
lost when the Dublin mail
sunk in the Irish Sea on the morning
The vessel carried 687 passengers and a crew
Over a hundred and fifty women and chil¬
steamer Leinster
of Oct. 11.
TRAGEDY.
were
was
of 70 men.
dren were among
the
passengers
and of these only
saved.
Of 21 mail clerks at work
were killed outright
by the explosion.
within 15 minutes after being struck.
were
JDeep abhorrence
on
a
few
the Lenister 20
The vessel sank
expressed in the Irish newspapers
this latest act of frightfulness, and all the flags in Dublin
were flown at halfmast.
The Nationalist papers expressed
their abhorrence of the deed in the strongest possible lan¬
guage, “The Independent ’’saying:
was
over
Any nation which condones the perpetration of a crime so cruel, puts
itself outside the pale of civilization.
Indignation at the enemy’s act
should powerfully stimulate recruiting
throughout the country. The
impulse to exact retribution for the murder of the helpless passengers and
crew of the Leinster will
not, we believe, exhaust itself in idle denunciation
of a crime so horrible.
The “Freeman’s Journal” declared:
The hideous futility of this atrocity is enough to make the blood of
the coldest boil, and the deliberate fashion in which it was
executed will rouse
even
Bitter comment
and it
was
was
evidently the sinking of the Leinster that
peace, its sub¬
engaged in sinking passenger ships at sea, and
not the ships alone, but the very boats in which their
pas¬
sengers and crew seek to make their way to safety. ’ ’
Evidently fearing the effect on peace negotiations of the
*atest acts of German brutality at s^a, Mathias
Erzberger,
Minister without portfolio in the German
Cabinet, in an
interview given to the Berlin correspondent of the Holland
News Bureau, expressed his disapproval of the
sinking of
are
of peace action. Just here It has
proposal was for the completion of an
sorrow of the thousands and thousands
of refugees who are now flying roofless from Lille, and of those who may
suffer needlessly in the last hours.
It it unthinkable that now, when the
door of peace slowly begins to open, unfortunate women and children should
suffer because of the will for war, the cessation of which should now only
be a question of days.
I think with grief of the unnecessary sorrow of German women, mothers,
and children, who to-day still tremble for their dear ones out there, who
to-day suffer and offer sacrifices needlessly by hundreds.
What we suffer, all belligerent countries must suffer to the same extern.
I am convinced that neither the neutrals nor the enemy countries will deny
that it is high time to make an end to this superfluous aim ess. disaster.
357 AMERICANS LOST BY SINKING OF TRANSPORT
OTRANTO.
The transport Otranto, one of a convoy
carrying American
troops to England, was sunk by collision in the North
Channel, between the Scottish and Irish coasts, on the night
of Oct. 6, with the loss, according to latest records, of 357
American soldiers.
In addition, 164 of the officers and
of the
ship and 6 French fishermen were drowned,
making the total loss of life 527. The vessel with which
crew*
the Otranto
collided
was
the Peninsular & Oriental liner
Kashmir, also carrying American troops. The Kashmir,
however, reached port in safety and landed its troops without
The weather was very bad, and the vessels
casualties.
drifted apart after the accident, soon losing sight of each
other. A British destroyer summoned by wireless succeeded
in rescuing about half of those on board. A statement issued
by the British Admiralty gave the following additional
details:
At 11 o’clock on Sunday the armed cruiser Otranto, Acting Captain
Ernest Davidson in command, was in collision with the steamship Kashmir.
Both vessels were carrying United States troops.
The weather was very
bad and the ships drifted apart and soon lost sight of each other.
The
torpedo boat destroyer Mounsey was called by wireless and Dy skillful
handling succeeded in taking off 27 officers and 239 men of the crew and
300 United States soldiers and 30 French sailors.
They were landed at a
North Irish port.
The Otranto drifted ashore on the Island of Islay.
She became a total wreck.
Sixteen survivors have been picked up at
Islay. There are missing, and It is feared drowned, 335 United States
soldiers, 11 officers, and 85 men of the crew, including men with mercantile
marine ratings.
The Kashmir reached a Scottish port and landed its
troops without casualties.
The War Department on Oct. 12 announced that on the
Otranto there were two companies of replacement troops and
two
companies of casuals, making four companies in all. The
American troops on board numbered 690 men all told.
Some
delay attended the publishing of the names of those lost in
the disaster to the Otranto, owing to the loss of all the ship’s
papers.
It was necessary to cable to this country the names
of all the survivors, to be checked against the rolls in the
files of the War Department.
The bodies recovered have
been buried on the Island of Ismay at a point about seven
miles from the last resting place of the Tuscania’s victims.
All accounts agree that there was no panic on the ship
and that both soldiers and crew behaved according to the
best traditions of the servicce.
AMERICAN FREIGHTER
TORPEDOED WITH HEAVY
LOSS OF LIFE—OTHER SINKINGS.
also voiced in the British and French
President Wilson had specially in mind when he
referred,
in his latest note to Germany, to the fact that “at the
very
time that the German Government
approaches the Govern¬
ment of the United States with
proposals of
marines
the way
planned and
against its perpetrators the indignation not only of the
Irish people but of the whole world.
press
to stand
been shown how right the German
immediate armistice.
I think with
The
steamship
Ticonderoga,
formerly
the
5,130-ton
German freighter Camille Rickwers, was sunk by a German
submarine in midocean on Sept. 30 with a loss of life esti¬
mated at well above a hundred.
The Navy Department
116
has listed the names of
men missing, and only eight
survivors, out of the naval personnel; in addition, there
were a number of army men on board.
Up to date only
22 survivors have been landed and it is thought they are
the sole survivors.
Peculiarly brutal details marked the
sinking of the Ticonderoga, according to survivors, including
the deliberate shelling of life boats and the continued shelling
of the helpless freighter after she was in a sinking condition
and had hoisted
a
white flag.
Oct. 19
The
1918.]
Ticonderoga left
an Atlantic port as one of a large
and was attacked when she dropped behind the other
vessels, with which for some reason she was not able to keep
convoy,
up.
The lives of 291 persons,
children,
were
including
a
number of
women
and
lost when the 7,700-ton Japanese liner Hirano
Maru
was torpedoed and sunk off the Irish coast, on the
night of Oct. 10. Of 320 persons on board, only 29 were
rescued.
The American destroyer Sterrett, hearing the
explosion, went to the rescue, but when she arrived the
Japanese vessel had disappeared, and a large number of
people were struggling in the wrater amid the wreckage.
The weather was very rough, and no small boats were avail¬
able, but the Sterrett picked up as many survivors as pos¬
sible.
While engaged in this work of mercy, the submarine,
it is said, fired two torpedoes at the destroyer, both of
which, however, missed their mark.
on
American submarine chaser 219 was sunk in foreign waters
Oct. 9 as the result of an explosion, the cause of which has
yet been determined, and with the loss of at least one
life and several other casualties, according to cablegrams
not
made
public by the Navy Department
on
Oct. 12.
The
219 blew up as she lay alongside a supply ship in a European
harbor taking on fuel, and after being badly damaged by
fire, sank
an
hour after the explosion.
SIR ERIC GEDDES WARNS OF RENEWED SUBMARINE
MENACE—BRITAIN'S SACRIFICES IN THE WAR.
Predictions that Germany, threatened with disaster on
land, would turn her attention with renewed energy to the
sea,
and attempt to strengthen her hand in
peace
negotia¬
tions by a reckless submarine offensive, were voiced by Sir
Eric Geddes, First Lord of the British Admiralty, in an
address delivered before the Pilgrim’s Society in this city on
Oct. 14. Sir Eric has been in Washington to consult with
Secretary of the Navy Daniels in regard to plans for meeting
the anticipated danger by speeding up the construction of
destroyers and other anti-submarine devices.
In reviewing the British effort in the war Sir Eric said
that this year the casualties of the British on the western
front had equaled those of all the Allies combined. The
British Navy, he said, since the beginning of the war had
lost in fighting ships of all classes a total of 230, more than
twice the losses in
war
vessels of all the Allies.
In addition
these, Great Britain had lost 450 auxiliary craft, such as
mine-sweepers and trawlers, making a total of 680. He
revealed the fact that the effective warship barrage, which
has been drawn between the Orkneys and Norway against
German submarines and surface craft, is now maintained
largely by ships of the United States. The British merchant
ships lost since 1914 exceed 2,400, he said, representing a
gross tonnage of 7,750,000, nearly three times the aggregate
loss of her allies and 50% more than the total loss of all other
to
allied and neutral countries.
From the account of Sir Eric’s address contained in the
New York “Times” of Oct. 15, we take the following addi¬
tional excerpts:
“in February 1917 the ruthless submarine warfare confronted us, whilst
feeling a sense of superiority over the
enemy which was illustrated by the successes of the battle of Arras, the
taking of the Vimy Ridge, the advance between tbe Ancre and the Somme,
the offensive in Champagne. Chemin des Dames, Messines and Passchendaele Ridges.
Thus we felt, and rightly felt, that the weakest fiont at
the armies in France at that time were
that time was the sea—not on the surface, but under water.
“The whole of the available energies of the Allies were
thrown into
to
overcoming the submarine and the
menace
consequently
which threatened
destroy the lines of communication of the AUiance.
The reduced
sinkings which have been published since that period show how we gradu¬
ally overcame that menace—and to-day most men say that the submarine
menace is a thing of the past.
“That it is a thing of the past in so far as it can never win the war for
the enemy or enable the enemy to prevent us from winning the war, pro¬
vided we do not underrate the danger, but take adequate steps against it,
1 affirm now as the opinion of the British Admiralty; but it is a menace
which
comes
and goes.
quarter
“The great effort made by the enemy culminated in toe thira
of last year.
It failed.
In the first and second quarters of this year the
menace was reduced and the destruction caused by that underwater pest
lower than it has ever been since early in 1916, but the menace is
Indeed, it is greater to-day than it ever was; that is to say
the effort is greater chan it ever was, and while in March 1917 the sea
was the weakest iront of the Alliance, and possibly this March the western
front was the weakest front, I think we are now approaching a point
where submarine warfare is again the weakest iront of the Alliance.
“In the last few days Vice-Admiral Sir Ludovic Duff and I have been
is to-day
not dead.
privileged to discuss the naval situation in all its bearings with the Secre¬
We
tary of the Navy Department, Mr. Daniels, and Admiral Benson.
have arrived at complete unity of view upon all points which we discussed.
But there is one point of view upon which we are also in unanimity, but
which concerns he United States directly and Great Britain only indirectly
1549
THE CHRONICLE
and that is the output of destroyers of the United States for hunting the
submarines.
“It is with Mr. Daniels's full concurrence that I now make this state¬
ment, that there is no greater service that can be rendered by the civilians of
the United States to-day charged with that privilege and duty than to ex¬
pedite the output of destroyers and anti-submarine craft and appliances of
every description.
“Your Secretary of the Navy is pressing upon contractors and workmen
the naval order, 'Full speed ahead.’
In this work of paramount impor¬
tance—and it is a pleasure for me to join with him in telling America how
great is the importance that speedy construction be accelerated—no coun¬
try within my knowledge responds like America to an appeal—and perhaps
it is seldom that a Minister from another, though an allied, country, is
permitted to make an appeal—and it would only be possible with the fullest
consent and authority of the responsible Minister of the country of which he
was a guest.
I have that consent and I have that authority.
“There is no greater need to-day than the need for the utmost naval ef¬
fort against the great offensive of the submarine which is now materializing,
and which the Allied navies will defeat as they have defeated every other
effort of the enemy.
But that defeat can only be assured if this need is
recognized and the wants of the two navies supplied, as I am sure the United
States and Great Britain intend they shall be.”
Regarding the situation created by the German note, he said:
“Events move fast in these days, and during the two weeks which have
passed since I left London events have moved faster than heretofore, and I
am correspondingly out of touch with the situation in our capital, but there
are two things, among others, which I know have not changed.
One is
our absolute loyalty to those nations who are associated with us, and the
other is
our
determination to continue the
war
and not to be diverted from
until we have secured the only peace which could justify all the
terrible suffering and destruction which has been, and is being, brought
about by the iniquity of our common enemy.
“But of one thing I am clear; we must not relax the muscles of onr fight¬
ing arm nor our war effort in any anticipation of early peace.
To do so
would be the surest way to render any discussions which may take place
prolonged and less satisfactory.
Sir Eric paid a glowing tribute to the work of the American Navy and to
American naval officers, stating that their efficiency and achievements had
caused the British to look with admiration and envy upon the United States
Naval Academy.
He praised the American soldier and said his courage
and efficiency, together with the readiness and enthusiasm of the whole na¬
tion had been a complete guarantee of success to the Allies.
He continued:
“in manpower, your limit is the carrying capacity of ships available, and
you are sending every man possible, so I am able to give a figure already
publicly stated by our Prime Minister, which I think is striking. If the
United States Army bore the same ratio to its population as the British
Army bears to the population of the United Kingdom, the United States
would have 15,000,000 men under arms.
And we know that the great re¬
serve of man power stands behind your President, waiting for the call and
ready to go overseas as the situation demands and as soon as shipping is
available.
My visit to this country has made this perfectly clear to me."
In the course of his speech Sir Eric gave some striking revelations of the
daring and adventurous ;vvork of the British mine-laying service, which he
said, night after night,/was venturing without charts or accurate guides of
any kind past Heligoland and within two miles of the mouth of the Ems,
where they sowed^the path of German submarines and surface craft with
our
purpose
mines.
GERMANY'S LIMITED SUBMARINE POWER.
As bearing upon the offensive power of the German
sub¬
marine arm, Vice-Admiral Sims, in command of American
naval forces in European waters, speaking at London on
Oct. 11 at a luncheon for visiting American editors, gave
interesting figures. He said that the average number
submarines operating against merchant ships and
transports across the Atlantic was about eight or nine, but
that sometimes it ran up to twelve or thirteen.
That was
all the submarines the enemy could keep out at a time, he
some
of enemy
declared.
Around the British Isles, Vice-Admiral Sims said, there
were about 3,000 anti-submarine craft in operation day and
night. Of American craft there were 160, or 3% of the total,
and it was about the same in the Mediterranean.
The British Grand Fleet, he said, continued to come out
of port whenever it wanted to, and went wherever it pleased
around the North Seas.
The Grand Fleet was enabled to
do so simply because it was surrounded by an area carefully
patrolled by
screens
of destroyers, within which it would be
suicidal for a submarine to show its nose.
The convoy system, Vice-Admiral Sims
explained,
was
nothing else than a grand fleet of merchant vessels surrounded
by a screen, which made it very dangerous for a submarine
to make an attack.
There yere about 5,000 anti-submarine
craft in the open sea to-day, cutting out mines, escorting
troopships, and merchant vessels, and making it possible for
the Allies to win the
war.
TEXT OF BULGARIAN NOTE ASKING GOOD OFFICES
OF UNITED STATES.
The text of the note from the Government of
Bulgaria,
asking President Wilson to use his good offices to bring
about an armistice on the** Macedonian front, was made
public by Stephan Panaretoff, Bulgarian representative
at Washington, on Oct. 3.
As stated in these columns last
week, the Bulgarian note arrived after the armistice had
been signed, and so had no influence on the final result.
The note, which was signed by Premier Malinoff, read as
follows:
Kindly transmit to the President of the United States and to the Secretary
Mr. Lansing, in Washington, the following:
of State,
THE CHRONICLE
1550
nation and Government were contrained to enter into
general conflict after they had exhausted all peaceful means possible for
The Bulgarian
the
coming to an understanding with their neighbors and for realizing their
race reunion.
This fact Bulgaria reiterated in her note of Sept. 20 last in
answer to the peace proposition of Count Burian given out on Sept
14.
If the ideas of the President of the United States are to be crowned with
success and if their realization is that sought for no more in the old con¬
ception of methods of action, but in the path pointed out by the honored
President of the American
Republic for the establishment of a new order
of things guaranteeing freedom and justice among the nations, Bulgaria,
which feels that the idea and the cause for which she is struggling find
place side by side with the principles in behalf of which America inter¬
fered in this war, is glad and ready to follow that path in order to obtain
the fulfillment of justice desired by her.
Having this in view, therefore, the Bulgarian Government turns to the
friendly President of the Republic of the United States with the request
that its President use his good offices for putting an end to the bloodshed
on the Macedonian front by the conclusion of an armistice, after which
are to follow preliminary negotiations for peace, the final settlement of
the Balkan question being left to he decided in the general peace con¬
ference.
1
UNION OF SMALL NATIONS OF MIDDLE EUROPE
FORMED TO PROTECT MUTUAL INTERESTS.
Representatives of the mid-European States, at a meeting
Washington on Oct. 3 created a federation known as the
Democratic Mid-European Union for the promotion of the
common interests of their States.
The purpose of the union,
it is said, is to create a federation of States spreading across
Europe from the Baltic to the Black and Adriatic seas, and
thus forever bar Germany from the Far East. Nationalities
represented at the conference were Rumanians, Jugo-Slavs,
Poles, Lithuanians, Czecho-Slovak3, Ukrainians, Italia
Irridentists and Finn s. Professor T. G. Masaryk, President
of the Czecho-Slovak National Council, was elected Presi¬
dent of the union, and Professor H. A. Miller, formerly
President of Oberlin College, Director.
at
U. S. S.
TAMPA
SUBMARINED
118 LIVES.
WITH
LOSS OF
IVol. 107
commodities to Denmark will
Denmark out of the Danish
tonnage which at present is employed in overseas trade.
The remainder of the Danish tonnage in that trade will
remain at the disposal of the United States and its associated
powers.
A press dispatch from Washington gave the fol¬
lowing details as to the exports provided for, and the terms
under which they are to go forward:
vessels sufficient to carry the
be placed at the disposal of
Conditioned upon no exports of cereals or cereal products to the Central
Powers Denmark will get annually 1,000 tons of corn starch, 4,000 tons
of rice and 3,000 tons of sago and tapioca products.
Upon the same con¬
ditions will receive 7,000 tons of apples, bananas and citrus fruits and
3,000 tons of dried fruits.
The allotment also includes 16,000 tons of coffee, 2,000 tons of cocoa,
lubricating oils. 150,0000 tons
products, including shipbuilding materials; 3,500 tons
of copper and 3,000 tons of lead and manufactures.
Danish requirements in automobiles, bicyles, electrical machinery, tools,
hardware, &c., will be met as will the requirements of textiles, including
raw cotton and woolen goods.
The tobacco allotment is 5, 700 tons.
No articles imported into Denmark under the provisions of the agree¬
ment are to be directly or indirectly exported from Denmark to the Central
Powers, nor to any neutral country where such exportation will directly
or indirectly serve to release for export to Germany, or her allies, any arti¬
cle or commodity of whatever origin.
Nor shall commodities which the
80.000
tons
of gasoline, crude petroleum,
of iron and steel
United States
or
its associates in the war furnish Denmark be used in the
commodity to be exported to the Central Powers.
supplies the agreement provides for a
restriction and distribution of exports of food products to the Central
Powers and our European associates along the lines of existing restrictive
production of
any
In return for the facilities for such
agreements.
A feature of the agreement is the encouragement and facilitation of
inter-Scandinavian trade, under which a considerable proportion of Den¬
mark’s
exportable surplus will assist in satisfying the food needs of her
neighbors, Norway and Sweden.
The conclusion of the new agreement, it is stated, has
been received with enthusiasm in Denmark,which has
suffered great hardships as a result of the restriction of im¬
ports. Direct communication with this country has been
suspended since last April, and the industries of Denmark,
for lack of
raw
materials, had almost
come
to
a
standstill.
The naval patrol boat Tampa, formerly the coast guard
Miami,
torpedoed and sunk with all on board118 men—on the night of Sept. 26, while escorting a convoy
in the Bristol Channel, off the coast of England.
The
loss of the Tampa wafc made known in a special report from
Vice-Admiral Sims given out by the War Department on
Oct. 3.
The vessel, it seems, was steaming some distance
ahead of its convoy when struck, and went down so quickly
there was no chance to rescue any of the crew. The Navy
Department’s announcement gave the following details:
cutter
was
The Navy Department has been informed of the loss of the U.
Tampa, with all the officers and
S. 8.
board, on Sept. 26, off the English
The reports indicate that this ship was
men on
Ooast, in the Bristol Channel.
night by a torpedo while engaged in escorting a convoy. It is
reported by other vessels of the convoy that the Tampa, for some unknown
reason, had gone well ahead of the convoy, and that about 8:45 p. m. the
shock of an explosion was felt.
The vessels which conducted the search in the vicinity found large quan¬
tities of wreckage, and one of the Tampa’s lifeboats.
Two dead bodies in
naval uniform, but otherwise unidentified, were found.
The U. S. S. Tampa was a former coast guard cutter, and was in command
of Captain O. Satterlee of the coast guard.
Her complement consisted of
10 officers and 102 enlisted men, and it is reported that she had on board
also one British army ofticer and five civilian employees.
The Navy Department has received a dispatch from Vice-Admiral Sims
stating that Rear-Admiral Niblack on Sept. 5 1918 addressed a letter to
the Commander of the U. S. S. Tampa, setting forth that from Oct. 1 1917
to July 31 1918, the Tampa steamed on an average more than 3,500 miles
each month, and was under way more than half of the total time.
Since
beginning service on the station she had escorted eighteen convoys between
Gibraltar and British ports, and was always ready for service when called
FRANCO-SWISSCOMMERCIAL TREA TYTERMINATED.
Dispatches from Geneva
on
Sept. 13 stated that the
French Government had denounced the Franco-Swiss
Commercial Convention of 1906. It was explained that this
was due to the Entente policy to put an end to all commercial
treaties in which the most-favored nation clause exists with
a view to preventing the enemy from benefiting after the
war.
The Commercial Convention between the United States
and Switzerland also
expires
on
Oct. 3, and negotiations for
its prolongation, it is understood, will begin shortly.
sunk at
upon.
She was never disabled and made only one minor request for repairs.
Admiral Niblack points to this as a notable example of efficient organiza¬
tion and spirit in keeping the ship in service with the minimum of shore
repairs.
He warmly congratulated officers and crew on the record made
by them.
Admiral Sims expresses his own nign appreciation of the fine service
performed by the Tampa and his sincere sympathy with the families of
the officers and men lost in the sinking of the vessel.
The Tampa was a vessel of 1,118 tons, and
Newport News, Va., in 1912.
was
built at
»
DA NISH-AMERICAN COMMERCIAL AGREEMENT
SIGNED.
A commercial and
shipping agreement with Denmark
signed at Washington on Sept. 18, as a result of which
that country will receive from the United States a
supply
of foodstuffs, metals, machinery, textiles, non-edible animal
and vegetable products, chemicals, drugs and other com¬
modities required for its needs in an aggregate
quantity,
it is stated of well over 352,000 tons annually. The
agree¬
ment had been in course of negotiation for some time be¬
tween a special Danish mission and the War Trade
Board,
was
and in the main follows the lines of similar agreements made
with Norway and Sweden. Commercial agreements have
now been made with all the
European neutrals except Hol¬
land. One of the terms of the present agreement is that
REGULATIONS GOVERNING EXPORT OF COMMODI¬
TIES TO DENMARK.
Under date of Oct. 9 the War Trade Board announced that
in consequence of the conclusion of a general commercial
agreement with Denmark, applications for licenses to export
all commodities (with the exception of cereals and fodders)
to that country are now being considered.
Previous an¬
nouncements with respect to exports to Denmark (W. T. B.
R. 50, Feb. 201918; W. T. B. R. 96, April201918; W. T. B.
R. 118, May 22 1918; W. T. B. R. 146, June 20 1918;
W. T. B. R. 180, Aug. 3 1918;
W. T. B. R. 206, Aug. 21
are hereby withdrawn.
The Board says:
1. Exporters should apply for licenses to the Bureau of Exports, Wash¬
ington, D. C., using Application Form X, attaching thereto Supplemental
Information Sheet X-105 and such other supplemental information sheets
concerning the commodity as are required.
2. Exporters in the United States before filing applications for export
licenses must obtain from the prospective importer in Denmark advice that
there has been issued, either by the Merchants* Guild of Copenhagen or the
Danish Chamber of Manufacturers, an import certificate covering the pro¬
posed consignment. The War Trade Board is advised that certificates
issued prior to the signing of the agreement will be confirmed by the asso¬
ciation issuing the same, and if such confirmation is given, the old certifi¬
cate will be considered valid for future shipment.
The number of this
certificate should be forwarded by the importer in Denmark to the Ameri¬
can exporter and must be specified on Supplemental Information Sheet
X-105 when application is filed.
Such shipments need not be consigned
to the Merchants* Guild of Copenhagen or the Danish Chamber of Manu¬
facturers, but may be consigned to the individual or concern securing the
import certificate.
3. Commodities to be exported to Denmark may only be shipped on
vessels flying the Danish flag.
4. The War Trade Board further announces that no purchases for export
to Denmark, nor arrangements for the manufacture of any article for ex¬
port to that country, should be made before an export license has been
1918)
secured.
TREATY
ARBITRATION
WITH
GREAT
EXTENDED FOR TEN YEARS.
BRITAIN
period of ten
the treaty of arbitration between the United States
and Great Britain were exchanged at the State Depart¬
ment on Sept. 24 between Secretary Lansing and Counselor
Colville Barclay of the British Embassy.
Ratification of the treaty extending for a
years
Oct. 19
1918.]
AMERICAN PUBLICITY BUREAU ESTABLISHED IN
DENMARK.
A branch office of the American Committee of Public
Information has been established in Denmark, according
to
3.The
THE CHRONICLE
Copenhagen dispatch to the New York “Times,” dated
The new bureau, designed to promote a closer
understanding between the two countries, and presumably
ringe the rights of the Constituent Assembly or retard in any way the be¬
ginning of the Assembly’s activities.
Government will, without delay, report concerning all its acts
to the Constituent Assembly, from the very beginning of its activities;
It owes entire submission to the Constituent Assembly as
the only possessor
of sovereign power in Russia.
a
Sept. 20.
to combat the effects of German
propaganda, is under the
direction of Edward V. Riis, son of the late Jacob Riis, an
eminent Danish-American publicist and reformer.
GERMAN-SWISS AGREEMENT PROVIDES FOR TRADE
BETWEEN SWISS AND NORTHERN NEUTRALS.
A
dispatch from Berne, Switzerland, dated Sept. 18,
reported that an agreement had been reached between
German and Swiss delegates concerning the transit of Swiss
exports and imports through Germany. Henceforth, ac¬
cording to an official statement, after the approval of both
Governments, Swiss cottons, silks and watches will be
allowed to pass through Germany to Holland, Denmark,
Norway and Sweden, and exports from those countries to
Switzerland.
Other merchandise
accordance with individual cases,
will
be
dealt
with
in
especial attention being
paid to goods without which workmen cannot continue
their employment.
A similar arrangement was discussed concerning the transit
from Rumania and Russia of various commodities, but for
the present each consignment must, it is stated, be dealt
with individually.
NEW
RUSSIAN GOVERNMENT ASSUMES POWEROUTLINE OF PRINCIPLES.
Further details of the organization of a new central Gov¬
Russia, referred to in last week’3 “Chronicle,”
1551
Immediate Aims of the Provisional Government.
In endeavoring to reconstitute the unity and independence
of Russia,
the Provisional Government sets forth as its immediate aim:
1. A struggle for the liberation of Russia from the
power of the Bolshevist
Soviets.
2. The reintegration in Russia of adjoining regions
which were detached
separated.
or
3. Annihilation of the treaty of Brest-Litovsk and of all other inter¬
national treaties concluded after the revolution of March 1917, either in
the name of Russia or in the name of its provinces, by any
authority except
the Provisional Government.
4. Restoration of treaties with the allied nations.
5. Continuation of war against the German coalition.
In its interior policy the Provisional Government pursues the
Military Affairs.
1. The creation of a single and powerful Russian army beyond the in¬
fluence of political parties and subordinate, through its military chiefs,
to the Russian Provisional Government.
2. Exclusion of intervention by military authorities in the domain of
civil authorities except in the fighting zone of the armies or regions declared
by the Government, in
cases of extreme necessity, in conditions of siege.
3. Establishment of strict military discipline based on law and humanity.
4. Interdiction of political organizations into the
army and its entire
isolation from politics.
Civil Affairs.
1. Liberated
Russia
must
1353, have been received at the Russian Embassy at
Washington. The Embassy was notified on Oct. 7 that the
newly formed Provisional Government created by the State
Convention at Ufa had actually taken over the reins of power
as
successor
to the Provisional Government of 1917.
Re¬
markable progress has been made, it is said, toward the re¬
creation of a national army, 200,000 men having been raised
by conscription by the Omsk Government in Siberia, who
being trained by 30,000 experienced officers along lines of
strict discipline.
The text of an Act signed by the representatives at the
are
National Convention at Ufa
was
also received at the Em¬
bassy, setting forth in detail the plans and purposes of the
movement.
It is in effect a preliminary constitution, and
reads
as
follows:
The National Convention was composed of:
1. The present members of the Constituent Assembly and representatives
of the committee of the same Assembly.
2. Representatives of the Temporary Government of Siberia, the Re¬
gional Government of the Urals, the Temporary Government of Esthonla.
3. Representatives of the Cossacks of Orenburg, Ural, Siberia, Irkutsk,
Semiretchensk, Enisseni and Astrakhan.
4. Representatives of the Government of the Bashkirs, the Kirguio, the
Turkestan and the Turko-Tartars of interior Russia and Siberia.
5. Representatives of the Convention of Municipalities and Zemstvos of
Siberia, the Ural and the Volga.
6. Representatives of the following parties and organizations: Socialist
Revolutionists, Social Democrats (Mencheviks), Socialist Labor Party,
Constitutional Democrats (Narodnaia Svoboda) of the Social Democratic
organization “Iedinstvo,” and of the Association of the ‘‘Rebirth of Rus¬
sia.”
In
a unanimous effort to save the Fatherland, to re-establish its unity and
independence, the Convention has decreed to transmit the supreme
power over the whole territory of Russia to the Provisional Government,
composed of five persons:
Nicholas D. Avksentieff, Nicholas I. Astroff, Lieut.-Gen. Vassili G.
Boldyreff, Peter V. Voiogodski, Nicholas V. Tchaikovsky.
The Provisional Government in its activities will be guided by princi¬
ples announced in this Constitutive Act, as follows.:
its
General Principles.
1. Until the moment of the convocation of the Constituent Assembly, the
Russian Piovisional Government is the sole possessor of supreme power
over
the whole territory of Russia.
2. On the order of the Russian Provisional Government all functions of
supreme power temporarily exercised by
mitted to the Provisional Government.
Regional Governments are trans¬
3. Definition of the limits of the power of the Regional Governments,
are to te founded on the principles of broad regional autonomy and
in accord with the program stated below, is confided to the judgment of the
Russian Provisional Government.
which
Obligations of the Government Toward the Constituent Assembly.
The Russian Provisional Government accepts the following obligations:
1. The Provisional Government will aid the Convention of Members of
the Constituent Assembly, which is acting as a State institution, in its work,
aiming to secure the attendance of members of the Constituent Assembly
and to prepare for the opening of the session of the Assembly, as elected in
November, 1917, at the earliest possible date.
2. All acts of the Government will be based on the sovereign and unques¬
tionable right of the Constituent Assembly.
The Government will take
vigilant care that the subordinate administrative institutions shall not in-
be
constituted
in
accordance with liberal
principles of regional autonomy, taking into consideration the geographical,
economic and ethnographical differences.
The national organization and
federation of the State will be determined by the Constituent
Assembly,
possessor of the supreme power.
2. The Government secures to national minorities which do not occupy
definite territories the free development of their national culture.
3. The Government secures to the liberated parts of Russia the re¬
establishment of democratic municipalities and zemstvos, fixing Imme¬
diately the nearest possible date for the
new
elections.
4. The Government secures the realization of civil liberties.
5. The Government will take necessary measures actually guaranteeing
public security and order.
ernment in
page
following
aims:
Economic Regulations.
1. To cope with the economic disorganization.
2. Development of productive forces of the country with the aid of
private capital, Russian
as
well
as
foreign, and of personal initiative.
3. Legal regulation of commerce and industry.
4. Increase the productiveness of labor and reduce the non-essential
expenditure of national revenues.
5. Development of labor legislation, protection of labor and regulation
of the conditions of employment and discharge of workmen.
6. The Government recognizes full liberty of unions.
7. Relative to questions of supplies, the Government stands for abolition
of State monopoly of wheat and abolition of fixed prices, continuing at the
same time to regulate distribution of
products existing in sufficient quan¬
tities, and will organize State warehouses with the aid of private commerce
and co-operative societies.
8. In the sphere of finance the Government will combat the depreciation
of paper money in working out the reconstitution of the fiscal system, in¬
creasing the direct income tax and the indirect taxes.
9. The Constituent Assembly alone has the right to solve definitely the
agrarian question, and the Government cannot admit any modification
which would impede the work of the Constituent Assembly.
It, therefore,
temporarily leaves the exploitation of the soil to its present holders and
resumes activities aiming to regulate and increase to the utmost the ex¬
ploitation of the soil, in conformity with the peculiarities of the regional
customs.
Order
of Substitution
of Members of the Government.
Government, possessor of supreme power, exorcises this
power in accordance with the above principles.
Until the convocation of
the Constituent Assembly the members of this body cannot be recalled
and are not responsible to anybody for their activities.
The following persons are chosen to serve as substitutes for members of
the Provisional Government who may be obliged to quit their functions;
Andrew A. Argunoff, Vladimir A. Vinagradoff, General Michael V.
Alexieff, Vassili V. Sapojnikoff and Vladimir M. Zenzinoff.
In case of the absence of one of the members of the Provisional Govern¬
ment their substitution will take place in the following manner:
N. B. Avksentielf would be replaced by A. A. Argunoff.
N. I. Astroff would be replaced by V. A. Vinagradoff.
Lieut.-Gen. V. G. Boldyreff would be replaced by General Michael V.
The Provisional
Alexieff.
Voiogodski would be replaced by V. V. Sapojnikoff.
Tchaikovsky would be replaced by V. M. Zenzinoff.
So as fully to realize the activities of the Government, those members
of the Provisional Government who are at present absent are replaced in
order designated in the preceding article.
Members of the Provisional Government will take a solemn oath when
assuming their functions.
P. V.
N. V.
ABOUT
TRUST COMPANIES, &C.
sold at the Stock Exchange
this week and five shares of trust company stock were sold
ITEMS
BANKS,
Ten shares of bank stocks
were
at auction.
Shares. BANK—New York.
Low.
*10 Commerce, National Bank of. 175
TRUST COMPANY—New York.
5 Hudson Trust Co
*
Sold at the Stock
139
High. Close.
Last previous sale.
175
175
Oct. 1918— 172
139
139
Jan.
1916— 12*
Exchange.
*
At
a
meeting of members of the Philadelphia Clearing
House Association
on
Oct. 14 it
was
decided to have all banks
their customers to make all
deposits before 2p.m. daily. It is stated that this move will
serve to assist in remedying the situation Caused by the
and trust companies request
shortage of help. According to the Philadelphia “Press/’
the proposal to close the institutions at 2 p. m. instead of
3 p. m. was not pressed.
The Detroit Clearing House Association at a
Oct. 2 unanimously adopted the following hours
and closing of all member banks and branches:
meeting on
for opening
On all business
days,
noon
On
on
[Vol. 107.
THE CHRONICLE
1552
day.?. 10 o’clock a. m. to 3 o’clock p. m., except on Satur¬
which days the banking hours will be 9 o’clock a. m. to 12 o’clock
.
Mondays of each week, savings banks and branches will be
open
from
6 o’clock p. m. to 8 o’clock p. m.
4
At the annual meeting of Group VIII of the New York
State Bankers’ Association, held at the New York Clearing
House on Oct. 15, the following officers and members of the
executive committee were elected: Chairman, Gates W.
MoGarrah; Secretary and Treasurer, Herbert P. Howell;
and other members: Willard V. King, James N. Wallace,
Henry J. Cochran, Samuel H. Miller, Herbert K. Twitchell
The acceptances of this
freely sold in the market and the bank has
developed a large business in the financing of imports to
the United States and of exports to the Philippine Islands.
The Philippine National Bank is also the exclusive depository
of Government deposits.
Outside of the Government
control of its stock, the balance of its capital is held by private
shareholders throughout the islands. The executives are:
V. Concepcion, President; J. E. Delaney, Vice-President;
Charles C. Robinson, Vice-President and American repre¬
sentative; Archibald Harrison, Secretary; Adolph Kopp and
Aliguel Concepcion, Assistant Secretaries and D. Pekson,
aggregate resources $105,471,248.
institution
are
Cashier.
4
The New York Trust Co. of this
city has been authorized
by the State Banking Department to establish a branch
office at 1 East 57th Street.
As yet no date has been set
for the opening of the new office, but in all probability, it is
stated, it will take place some time next month.
and William A. Siminson.
r4
—
The
«
Challen R. Parker, Vice President and Cashier of the
Anglo & London, Paris National Bank of San Francisco,
was elected a Vice President of the Guaranty Trust Co.
on Oct. 17, and will have charge of the Department of Banks
and Bankers of that company.
Mr. Parker, who is a gradu¬
ate of the University of California, class of 1902, spent
two years in Central and South America with an import and
export house, his headquarters being in Santiago, Chile.
In January 1905, he entered the service of N. W. Halsey
& Co., remaining in their San Francisco office for three
years, and during the next two years was in charge of their
Los Angeles office. Air. Parker became Assistant Cashier
of the Anglo & London, Paris National Bank of San Francisco
on April 1 1909, and organized the bank’s bond department.
He was made Cashier of the bank in 1915, and
Vioe President and Cashier in January 1918.
was
elected
Farmers
& Mechanics
Secretary of the company.
William C. Bradley, Manager of the Bond Department
of the Guaranty Trust Co., has resigned to accept an ap¬
pointment as director and Treasurer of the Rollin Chemical
Co., Inc., of Charleston, W. Va.
Phila¬
delphia, which recently was absorbed by the Philadelphia
National, has gone into voluntary liquidation. Howard W.
Lewis, formerly the President of the Farmers & Alechanies
National Bank and now a Vice-President of the enlarged
institution (see our issue of Sept. 21), is the liquidating
agent. The capital of the institution was $2,000,000.
•
The election is announced of Owen J. Roberts, as a
director of the Real Estate Title, Insurance & Trust Co. of
Philadelphia, Mr.
resigned.
At
a
Roberts succeeds
Emil Rosenberger,
meeting of the directors of the Provident Life and
Trust Co. of Philadelphia on Oct. 14, Carl W.
was
Fenninger
appointed Assistant Trust Officer.
D. W. Buchanan
At a meeting of the Executive Committee of the Guaranty
Trust Co. of New York on Oct. 14, J. A. Griswold, Manager
of the Madison Ave. office, was appointed an Assistant
National Bank of
was
recently elected
a
director of the
National City Bank of Chicago to fill the vacancy caused by
the death of Homer A. Stillwell.
Air. Buchanan is President
of the Old Ben Coal Corporation.
The
proposal to double the capital of the American
raising it from $1,000,(XX)
to $2,000,000, has been approved by the Comptroller of the
Currency.
National Bank of San Francisco,
4
At the
seventy-seventh ordinary general meeting of the
shareholders of the Yokohama Specie Bank, Ltd., held at
At a meeting on the 14th inst. of the directors of the the head office in Yokohama on
Sept. 10 the semi-annual
Commonwealth Bank of this city (formerly the Germania), report for the half year ending June 30 1918 was submitted
President Edward C. Schaefer tendered his resignation which
by Junnosuke Inouye, Chairman of the Board of directors.
was accepted by the board of directors who
immediately The report shows gross profits, including yen 2,720,449
elected him Chairman of the Board in which capacity he
brought forward from the precedning half-year period, of
will in future serve. Mr. Schaefer started as a clerk with
yen 65,384,476.
From this sum yen 58,680,473 were de¬
the bank when it was organized in May 1869, became a ducted for
interest, taxes, current expenses, rebate on bills
director in 1878 and was elected President in 1892 continuing current,
bad and doubtful debts, bonus for officers and
as such up to the present time.
During his presidency the clerks, &c., leaving a balance of yen 6,704,003 for dis¬
bank’s deposits have grown from $3,000,000 to over $8,000,- tribution.
Out of this balance, the report states, the
000. At the same meeting First Vice-President Charles A. directors
propose that yen 1,200,000 be added to the reserve
King was elected President with Bernhard Beinecke as fund, and recommend that yen 2,400,000 be paid as a divi¬
First Vice-President and William H. Schmidt, Second Vice- dend at the rate of
12% per annum, leaving a balance of
President.
yen 3,104,003 to be carried forward.
The National Bank of Discount of New York,
a new
bank¬
ing institution, with capital of $300,000, has applied to the
Comptroller of the Currency for a charter.
•
»
Louis W. Wormser, the last surviving member of the
family of Wormser, the well-known New York bankers,
died suddenly at his home on Fifth Avenue, this city, on
Oct. 16. Mr. Wormser retired from business
He was forty-five years of age.
in
1907.
4
The Philippine National Bank, of which Charles C. Rob¬
inson is Vice-President and American representative, will
move on or about Dec. 1 to larger banking offices on the
ground floor of 37 Broadway, this city, to accommodate
its growing business.
The Philippine National Bank was
established in 1917 in Manila with
an
authorized stock of
$10,000,000, of which about one-half is paid-in capital.
The institution is under the control of the Philippine Govern¬
ment, which is also interested in its ownership and manage¬
ment.
There are now forty-eight branches in operation
in the Philippine Islands. The deposits at the last semi¬
annual period (June 30 1918) were over $72,000,000 and
THE
ENGLISH GOLD AND SILVER MARKETS.
We reprint the following from the weekly circular of
Samuel Alontagu & Co. of London, written under date of
Sept. 19 1918:
GOLD.
We referred last week to the strong gold position of the Bank of England.
This week again we have to note a further increase of £207,330, in the
amount neld in the Issue Department.
These figures show an improvement
since this time last year, of no less than
£17,925,795, an amount consider¬
of the increase in the holding of gold by any European
country diming the same period.
That the gold increment of the Bank
of England should be larger than that of the State banks of other belliger¬
ents is natural, because the British Empire is the only European Power
which has a constant supply of gold from its own mines.
But it is worthy
of note, that no neutral country, not even Spain (whose stock of gold has
shown so phenomenal a rise since the early days of the war), can show
anything quite approaching this record.
Gold deposits have been discovered recently on the border of Westmeath
and Kings County, Ireland.
A similar find was made in Donegal in 1908.
ably in
excess
CURRENCY.
An arrangement similar to that effected between the Allies and Argentina
has been effected between the Allies and Peru, with the object of protecting
the
exchange rate between the latter country and the Entente.
Peru has
passed a law, enacting that bank notes to the equivalent of £3,000,000 can
be issued against sterling or dollar deposits in London or New York banks.
The extension of this practice is of particular interest, for, if it were per¬
manently and universally adopted, systems of currency and methods of
international finance would be radically effected.
Oct. 19
1553
THE CHRONICLE
1918.]
SILVER.
No change has taken place in the position of the market.
The trade
demand is fairly active.
The Shanghai exchange is nominally quoted at
5s. 6d. the tael, but business has been effected at considerably higher
rates.
The stock in Shanghai on the 14th inst. considered of about 25,300,000 ounces in sycee and 12,800,000 dollars, as compared with 26,270,000
in sycee and 14,000,000 dollars on Sept. 7 1918.
Quotation for bar silver per ounce standard:
Sept. 13
cash-49 Md. Sept. 19
casa_49*£d.
Sept. 14
_49 Hd. Average
49'Hd.
5%
Sept. 16
.49 Hd. Bank rate
Bar
Sept. 17
gold per ounce standard_77s. 9d.
49*$d.
Sept. 18
_49Hd.
No quotation fixed for forward delivery.
The quotation to-day for cash delivery is the same as that fixed a week
ounces
ago.
We have also received this week the circular written under
date of Sept. 26 1918:
GOLD.
The Bank of England gold reserve against its note issue continues to
show a steady increase.
The improvement amounts to £528,065, as
compared with last week’s return.
From Aug. 1 1914 to June 14 1918 the following movements of gold
took place with regard to the United States of America.
Imports.
$1,750,484,000
Net Imports.
$1,066,078,000
Exports.
$684,406,000
During this period the world’s production was about £360,000,000 net.
Consignments to the United States were therefore equal to about 60% of
this amount.
shipments
September 1918, as re¬
ported to the Anthracite Bureau of Information at Phila¬
delphia, Pa., aggregated 6,234,395 tons, comparing with a
movement of 6,372,756 tons in September 1917.
Appar¬
ently there were less working days in the month this year
than last, for the Bureau says: “The average daily shipments
in September of this year Were 259,766 tons, against 254,910
tons for the corresponding month of last year, a record
which, considering labor conditions at the present time, indi¬
cates that the anthracite industry is not laggard in its duty
to the Government and the public.”
The shipments for the
coal year (beginning April 1) to date stand at 40,623,391
i;ons, as against 39,669,865 tons for the same period last
year, being, therefore, a gain of 953,526 tons.
Below we give the shipments by the various carriers for
the month of September 1918 and 1917 and for the respective
coal years to Sept. 1:
ANTHRACITE COAL SHIPMENTS.—The
of anthracite coal for the month of
September
1918.
Road—
1917.
Statistics as to the holdings of gold resources, by the twelve Federal
Reserv e banks in the United States of America show where a large portion
of the above mentioned important gold imports found a resting place.
The official return dated July 7 1918 thus compares the position of these
banks in respect to gold:
$1,959,110,000
1,317,703,000
It will be observed that between these two dates the gold resources of
these banks had increased by nearly 50%.
This is interesting but in the
circumstances not surprising.
On
July 5 1918
On July 6 1917
-
559,581
973,529
698,731
422,482
717,129
155,886
340,396
6,372,756
40,623,391
39,669,865
.6,234,395
.
.
.
.
.
.
.
Total
1917.
7,562,874
7,370,946
3,536,845
6,214,638
4,471,142
2,869,645
4,556,139
1,018,010
2,069,626
1,246,100
1,258,922
_
Yr.,Sept.30
7,996,029
7,694,157
3,574,745
6,071,574
4,775,049
2,866,556
4,587,653
1,045,026
2,012,602
tons .1,231,435
.1,167,784
Lehigh Valley
571,147
Central Railroad of New Jersey.
927,608
Delaware Lackawanna & Western.
736,497
Delaware & Hudson
433,068
Pennsylvania
Erie
703,363
New York Ontario & Western.-..
157,387
306,106
Lehigh & New England
Philadelphia & Reading
6 Mos., Coal
1918.
-
©ommercial autlBX IsccUatwous foetus
SILVER.
with
The tone of the market continues good
manufacture.
fair inquiry for home
a
quotation for Shanghai exchange has not changed, but
business has been done again at higher rates.
The correspondent of the “Times” telegraphed from Pekin on Sept. 20
that “the Japanese have removed their objection to the proposal to place
an embargo on the export of silver from China.
So much silver was going
out lately, which it was impossible to replace, that trade was seriously
hampered. It is expected that the embargo will adjust matters, and, in
any event will prevent any event will prevent a further rise in the price
of silver” (that is to say in China).
The nominal
Indian
(In Lacs of Rupees.)
Notes in circulation
Currency Returns.
Aug. 31.
131,41
Sept. 7.
132,73
Sept. 15.
134,16
1
Reserve in silver coin and bullion (within and
without India)
24,96
Gold coin and bullion in India
20,33
12
Gold coin and bullion out of India
__
26,30
20,32
27,71
20,34
12
12
is to hand as to the stock in Shanghai, which consisted on
the 14th inst. of about 25,290,000 ounces in sycee and $12,800,000.
No fresh
other securities, the following
usually dealt in at the Stock Exchange were recently sold
Auction Sales.—Among
not
at auction:
By Messrs. Adrian H. Muller & Sons, New York:
Per cent.
139
Stocks.
Shares.
5 Hudson Trust Co
5 United Gas & Electric
Canadian Bank Clearings.—The clearings for the week
ending Oct. 10 at Canadian cities, in comparison with the
same week in 1917, show an increase in the aggregate of
30.2%.
news
Quotations for bar silver
per oz.,
Week ending October 10.
Clearings at—
standard:
cash-49Hd. Sept. 26
cash_49Hd
2049.5d
49Kd. Average
21
Bank
rate
49Hd.
5%
23
24
_49Hd. Bar gold per ounce standard-77s. 9d
49*£d.
25
No quotation fixed for forward delivery.
The quotation to-day for cash delivery is the same as that fixed a week ago.
Sept.
Sept.
Sept.
Sept.
Sept.
Canada—
Montreal
Toronto
Winnipeg
i
Vancouver
Ottawa
Quebec
Halifax
Hamilton
ENGLISH FINANCIAL MARKETS—PER CABLE.
Calgary
daily closing quotations for securities, &c., at London,
reported by cable, have been as follows the past week:
The
as
Oct. 12.
Sat.
London,
Week ending Oct. 18.
Oct. 14.
Mon.
49 H
49?*
.Holiday 61
Holiday 96
.Holiday 100**
■
.
......
.ioi y9
Oct. 16.
Wed.
Oct. 17.
Thurs.
49**
49**
60 **
60
49**
60)6
96
96
96
100**
100*6
100*6
62
62
62
62
88.50
88.50
88.50
88.55
in New York
Silver In N. Y., per oa_.
Oct. 15.
Tues.
101**
the
on
101**
same
101**
S
rH 00
Fri.
49*6
60*6
96*6
100*6
....
....
St. John
Victoria
London
Edmonton
Regina
Brandon
Lethbridge
Saskatoon
Moose Jaw
Brantford
Fort William
New Westminster
Mediclne Hat..
Peterborough
—
day has been
101*6
40
J10 per share
$10 per share
(Conn.) first preferred
250 Liberty Farms Corp., pref. v. t. c
250 Liberty Farms Corp., com., v. t. c
1918.
1917.
$
$
1916.
1915.
$
$
%
+ 39.0
+ 36.8
+ 16.2
+ 24.4
+ 47.8
+ 61.3
+ 83.5
120,760,183 88,300,520
74,239,847 54,244,116
61,728,371 53,139,177
9,161,054
11,397,564
5,578,456
8,245,371
3,528,768
5,691,272
3,047,178
5.593,144
4,042,289
5,713,635
8,374,956
7,629,833
1,726.622
2,441,470
2,226,470
1,738,873
2,073,053
2,614.038
2.598,535
3,661,615
4,700,187
4,979,250
710,300
806,003
1,310,709
1,114,313
2,249,648
2,177,576
1,624,389
1,995,749
772,861
1,037,901
590,047
1,012,596
320,781
494,081
765,286
540,055
856,833
551,575
605,524
702,73C
690,602
807,735
70,159.431 51.784,575
43,634,612 32,697,178
39,672,482 43,453,023
4,830,110
5,879,350
3,526,798
4,766,096
3,201,154
3,750,555
1,820,493
2,049,018
2,715,427
•+41.3
3,554,059
—8.9
3,809,031
3,466,109
+ 41.4
1,555,843
1,252,745
1,238.144
+ 28.1
1,562,668
1,555,672
+ 26.1
1,812.839
+ 40.9
2,116,360
1,494,851
2,076,405
+ 5.9
2,908,425
572,987
465,559
+ 13.5
—14.9
592.632
374,958
—3.2
1,266,008
1,353,231
829,664
+ 22.4
1,059,933
510,845
+ 34.3
733,326
514.868
384,657
+ 73.2
204,730
249,300
+ 54.4
—29.4
393,640
237,376
349,763
+ 55.3
474,927
+ 16.1
612,503
+ 36.7
532,774
328,467,635 252,345,506
+ 30.2 194,220,890 159,736,242
101*6
Total Canada
Inc. or
Dec.
TRADE AND TRAFFIC MOVEMENT.
LAKE
SUPERIOR
IRON
ORE
SHIPMENTS.—The
shipments of Lake Superior iron ore during the month of
September 1918 amounted to 8,995,014 tons, a decrease of
541,138 tons from September 1917. Notwithstanding that
September shipments are the smallest since May last, the
season’s total to Oct. 1 1918 still exceeds that for the
same
period in 1917. The shipments to Oct. 1 aggregated 48,329,278 tons, comparing with 46,059,706 tons in 1917 anc
48,816,650 tons in 1916.
Below we compare the shipments from different parts for
September 1918,1917 and 1916 and for the respective seasons
to Oct. 1:
1917.
Escanaba-.tona-l,025.741 1,078,531
509,754
1916.
1918.
922,517
6,037,222
1917.
6,167,722
1916'.
5,630,994
557,140
2,812,978
2,408,816
3,026,845
1,096,686 1,199,297 1,255,328
5,679,195
5,625,209
6,051,712
Superior
1,978,984 2.174,530 1,945,171 11,176,917 10.376,746
9,760,966
536,886
3,204.829 3.190.347 3,455,611 16.361.722 15,189,368 16,174,159
Harbors—1.151,888 1,383,693 1,465,019 7.261,244 7,291,845 8,171,974
Duluth
Two
Total
APPLICATIONS FOR CHARTER.
For organization of national banks:
The National Bank of Discount of New York, N. Y
The First National Bank of Maynard, Iowa
For conversion of State banks:
The Orangeburg National Bank, Orangeburg, S. O.
Conver¬
sion of the Planters Bank of Orangeburg
The Warren National Bank, Warren, Minn.
Conversion of
the Swedish-American State Bank of Warren
The Fanners & Stockmen s National Bank of Ochiltree, Tex.
Conversion of the Farmers & Stockmen’s State Bank of
Ochiltree
Capital.
$300,000
25,000
100,000
30,000
25,000
$480,000
Total
CHARTERS ISSUED.
Ashland
Marquette
Currency, Treasury Department:
Season to Oct. 1
September
1918.
National Banks.—The following information regarding
national banks, is from the office of the Comptroller of the
,8.995.014 9,536,152 9,600,788 48,329,278 46,059,706 48,816,650
Original organizations:
The American National Bank of Eastland, Tex
$30,000
....
INCREASES OF CAPITAL APPROVED.
Amount.
The American National Bank of San Francisco, Cal.
The Duncan National Bank, Duncan, Olda.
from $30,000 to $60,000
Total
Capital
Capital increased
30,000
$1,030,000
THE CHRONICLE
1554
[Vol. 107
VOLUNTARY LIQUIDATIONS.
The Farmers A Mechanics National Bank of Philadelphia, Pa.
Miscellaneous (Concluded).
General Motors, common (quar.)
Preferred (quar.)
Gillette Safety Razor (quar.)
Extra
Globe Gil (monthly)
Goodrich (B. F.) Co., common (quar.).
Goodrich (B.F.) Co., common (quar.)
Preferred (quar.)
Granby Cons. Min., 8m. A Pow. (quar.)
Gray A Davis, Inc., pf. (accl. accum.div.)
Great Northern Paper
Harbison-Walker Refract., pref. (quar.)
Hercules Powder, pref. (quar.)
DIVIDENDS.
following shows all the dividends announced for the
by large or important corporations.
Dividends announced this week are printed in italics.
The
future
Name
Per
Cent.
of Company.
Railroads (Steam).
Atch. Topeka A Santa Fe, com. (quar.)
Atlantic Coast Line RR.. pref
Central RR. of N. J. (quar.)
Cleve. Cin. Chic. & St. L.. pref. (quar.).
Delaware Lack. & West, (quar.)
Georgia Sou. & Fla. 1st & 2d pref
Great Northern (quar.)
Nashua & Lowell
tNew York Central RR. (quar.)
Norfolk & Western, adj. pref. (quar.)..
Northern Pacific (quar.)
tPere Marquette, prior preferred (qu.).
Pittsburgh & West Virginia, pref. (qu.).
Reading Company, common (quar.).
First preferred (quar.)..
Street 9c Electric Railways.
Carolina Power & Light, com. (quar.)..
Cities Service, com. & pref. (monthly) Common (payable in common stock).
Cities Service, com. & pref. (monthly)
Common (payable in common stock)
Commonwealth Pow. Ry. & L., pf. (qu.)
—
IX
2X
2
IX
5
2X
IX
*X
IX
1
IX
IX
IX
91
♦50c.
X
fX
X
fX
—
OlX
IX
IX
When
Books Closed.
Payable.
Days Inclusive.
Dec.
2
Nov. 11
Nov.
1
Oct. 21
Oct.
Nov.
Nov.
Nov.
Nov.
Nov.
Nov.
Nov.
Nov.
Nov.
Holders of
Oct. 30
Holders
Holders
Holders
Holders
21
8
1 Sept. 9
1
Holders
1 Holders
19 Holders
1 Sept. 26
1
Holders
30 Holders
14 Holders
Dec. 12 ♦Holders
Nov.
Nov.
Nov.
Dec.
Dec.
Nov.
Nov.
Oct.
Nov.
Oct.
Oct.
Duquesne Light, pref. (qu.) (No. 15)..
Georgia Ry. & Power, 1st pref. (quar.).
Havana Elec.Ry.,Lt.APow., com. Apf
3
Milwaukee Elec. Ry. & Lt., pref. (qu.).
IX
Ottumwa Ry. & Light, pref. (quar.).
*1X
Philadelphia Co., com. (qu.) (No. 148). 75c. Oct.
91.50 Nov.
6% preferred (quar.) (No. 12)..
Public Service Invest, pref. (quar.)
IX Nov.
Virginia Railway & Power, common. _p 92.51 % Oct.
West Penn Power, preferred (quar.)..
IX Nov.
York (Pa.) Rys., pref. (quar.)
IX Oct.
Holly Sugar Corp., pref. (quar.)
rec.
to
of
of
of
of
rec.
rec.
rec.
rec.
to
of
of
of
rec.
rec.
rec.
to
of
of
of
of
rec.
rec.
rec.
rec.
Oct.
Nov.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Nov.
Oct.
Nov.
31a
11
25a
Homestake Mining (monthly) (No. 530)
Idaho Power, pref. (quar.) (No.8)
Illinois Northern Utilities, pref. (quar.).
la
Illuminating A Pow. Sec. Corp., pf. (qu.)
Indiana Pipe Line (quar.)
Ingersoll-Rand Co
Inspiration Consol. Copper Co. (quar.)
Int.Harvester(new company),com.(qu.)
International Nickel, preferred (quar.).
Kayser (Juiius) A Co., 1st A 2d pf. (qu.)
Kellogg Switchboard A Supply (quar.)...
Kelly-Springfield Tire, com. (quar.)
Kelsey Wheel, pref. (quar.) (No. 9)
Kerr Lake Mines, Ltd. (quar.) (No. 5).
Keystone Telephone, preferred
Keystone Watch Case
Kress (S. H.) A Co., com. (quar.)
Lake of the Woods Milling, com. (quar.)
Preferred (quar.)...
Lindsay Light, common (quar.)
Preferred (quar.)
’
Loft, Incorporated (quar.)
Massachusetts Gas Cos., com. (quar.)..
Miami Copper Co. (quar.)
Michigan Drop Forge, com. (monthly).
Midvale Steel A Ordnance (quar.)
Midwest Oil, pref. (quar.)
Midwest Refining (quar.) (No. 16)
Mohawk Mining (quar.)
Nash Motors, pref. (quar.)
Nat. Carbon of N. Y., Inc., com. (quar.).
Preferred (quar.)
Nat. Enamel A Stpg., com. (quar.)
National Lead, preferred (quar.)
Nevada-California Elec. Corp.pref.(qu.)
New England Co., lsf preferred
New Jersey Zinc (quar.)
Nipisslng Mines Co., Ltd. (quar.)
5a
29a
10
15a
s8a
31a
25
15a
15a
25a
26a
1 Holders of rec. Oct. 15
1 Holders of rec. Oct. 15a
1 Holders of rec. Oct. 15a
1
Holders of rec. Nov. 15
1
Holders of rec. Nov. 15
1 Holders of rec. Oct. 16a
1 Holders of rec. Oct.
1
20 Holders of rec. Oct. 10a
15 Oct 26
to
Nov. 15
31
Holders of rec. Oct. 21a
15 ♦Holders of rec. Sept. 30
31 Holders of rec. Oct.
la
1 Holders of rec. Oct.
la
1 Holders of rec. Oct. 17a
21
Holders of rec. Sept. 30a
1
Holders of rec. Oct. 21a
31 Holders of rec. Oct. 21a
Banka.
Bowery (quar.)
3
3
5
4
$1
2
Extra
Commonwealth
Corn Exchange (quar.).....
Pacific (quar.)
Westchester Avenue (quar.).
Trust Companies.
Farmers Loan & Trust (quar.)..
4X
Hamilton, Brooklyn (quar.)
Lincoln (quar.)
3
1
Miscellaneous.
American Bank Note. com. (quar.)
Sugar, «om. (quar.)
American Cigar, common (quar.)
Amer. Gas A El. pref. (quar. (No. 47).
American Glue, common
Common (extrapay .InLib.Loanbonds).
Amer. Ice, pref. (quar.)
Preferred (extra)
Amer. Beet
Am. La France Fire Eng.,Inc.,com.(q%)
Amer. Laundry Mach., common
.44
Amer. Light & Tract., com. (quar.)
Common (payable In common stock).
Preferred (quar.)
American Locomotive, preferred (quar.)
American Navigation (quar.)...
American Shipbuilding, com. (quar.)..
Com. (extra pay. in 3H% L. L. bds.).
Preferred (quar.)
Amer. Sumatra Tobacco, com. (quar.)
Amer. Zinc, Lead & Smelt, (quar.)
Anaconda Copper Mining (quar.)
Arizona Commercial Mining (quar.)...
Atlas Powder, pref. (quar.)
Barnhart Bros. & Spindler—
First and second preferred (quar.)
Brill (J. G.) Co., preferred (quar.)
Pref .(extra account accumulateddivs.)
Brown Shoe, pref. (quar.)
Burns Bros., common (quar.) (No. 21).
Common (extra payable in com. slock)..
Preferred (quar.) (No. 23)
Canada Cement, Ltd., pref. (quar.)..
Canadian Converters, Ltd. (quar.)
Canadian Explosives, Ltd., com. (quar.)
Common (extra)
—
Central Leather, common (quar.)
Common (extra)
Chicago Pneumatic Tool (quar.)..
City Investing, common
Cleveland-Cliffs Iron (quar.)
Clinchfield Coal Corp., com. (quar.)
Preferred (quar.)
Cluett, Peabody A Co., Inc., com. (qu.).
Colorado Fuel A Iron, com. (quar.)
Preferred (quar.)
Commonwealth-Edlson (quar.)
Consol. Interstate-Callahan Min. (qu.)
Consolidation Coal (quar.) Coal (qu.)..
Continental Guaranty Corp. (quar.)
Continental Motors Corp., com. (qu.)_
Cosden & Co., common (qitar.)
Crocker-Wheeler Co., com. (quar.)
Preferred (quar.)
Cudahy Packing 7% preferred
Six per cent preferred
Dominion Coal, Ltd., pref. (qu.) (No. 52)
Dominion Steel, Ltd., pref. (qu.) (No. 27)
duPont(E .1.) deNem .ACo. ,deb .stk. (qu.)
du Pont (E.I.)de Nem.Powd.,com.(qu.)
Preferred (quar.)
Eastman Kodak, common (quar.)
Common (extra)
Preferred (quar.)
Edison Elec. Ill., Boston (qu.) (No. 118)
Eisenlohr(Otto)ABros., Inc..corn, (qu.)
Electric Bond A Share pref. (qu.,(No.54)
Electrical Securities, preferred (quar.)..
Elk Basin Petroleum (quar.)
Emerson-Brantingham Co., pref
Emerson Shoe, preferred (quar.)
Eureka Pipe Line (quar.)
Fairbanks Co., 1st pref. (guar.)
Fajardo Sugar (quar.)
Federal Sugar Refg., pref. (quar.)
Fisher Body Corp., pref. (quar.)
Fort Worth Power & Light, pref. (quar.)..
Gaston, Williams A Wigmore, Inc. (quar.)
General Cigar, Inc., common (quar.)
—
Nov.
Nov.
Nov.
Nov.
Nov.
Nov.
1
1
1
1
1
1
Oct. 29
to
Oct. 29
to
Holders of rec.
Holders of rec.
Oct. 20
to
Holders of rec.
Oct. 31
Oct. 31
Oct. 15
Oct. 31a
Oct. 31
Oct. 30
Nov.
Nov.
Nov.
1
1
1
Holders of
Holders of
Holders of
rec.
Oct.
Oct.
rec.
Sept. 25a
75c. Nov. 15
2
Oct. 31
IX Nov. 1
Nov.
1
IX
5
Nov. 1
i5
Nov. 1
IX Oct. 25
1
Oct. 25
IX Nov. 15
IX Doc. 5
2X Nov. 1
I2X Nov. 1
IX Nov. 1
IX Oct. 21
15c. Oct. 20
IX Nov. 1
<10
Nov. 1
olX Nov. 1
2X Nov. 1
$1 50 Nov. 1
Nov. 25
$2
50c. Oct. 31
IX Nov. 1
IX
Nov-.
Nov.
Nov.
Nov.
Nov.
Nov.
Nov.
Nov.
Nov.
Oct.
1
rec.
Holders of rec.
Holders of rec.
Holders of rec.
Holders of rec.
Oct. 19d to
Oct. 19d to
Holders of rec.
Holders of rec.
Holders of rec.
Nov. 26
to
Oct. 12
to
Oct. 12
to
Oct. 12
to
Sept. 17
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Oct. 20
to
of
of
of
of
of
of
of
of
rec.
rec.
rec.
rec.
rec.
rec.
rec.
rec.
to
Holders of rec.
1 Oct. 24
to
1 Oct. 24
to
1 Holders of rec.
IX
15
Holders of rec.
2X
15 Holders of rec.
f2X
1 Holders of rec.
IX
16 Holders of rec.
IX
15 Holders of rec.
IX
31
Holders of rec.
IX
11
Oct. 31 Holders of rec.
IX Nov. 1| Holders of rec.
2
Nov. 1 Holders of rec.
IX Oct. 25 Holders of rec.
Nov.
2
1
Holders of rec.
to
2X Oct. 25 Oct. 16
Nov.
1
Holders of rec.
IX
IX Nov. 1 Holders of rec.
.IX Nov. 1 Holders of rec.
X Oct. 25 Holders of rec.
2
Oct. 25 Holders of rec.
2
Nov.
1 Holders of rec.
75c. Oct. 21 Holders of rec.
IX Oct. 31 Holders of rec.
2
Oct. 18 Holders of rec.
*1X Oct. 30 ♦Holders of rec.
12Xc Nov. 1 Oct. 19 to
Oct. 15 Holders of rec.
2
IX Oct. 15 Holders of rec.
3X Nov. 1 Oct. 22
to
3
Nov.
1 Oct. 22
to
IX Nov. 1 Holders of rec.
IX Nov. 1 Oct. 16
to
IX Oct. 25 Holders of rec.
IX Nov. 1 Holders of rec.
IX Nov. 1 Holders of rec.
2X Jan. d2 Holders of rec.
2 Holders of rec.
7X Jan.
2 Holders of rec.
IX Jan.
3
Nov. 1 Holders of rec.
1
Nov. 15 Holders of rec.
IX Nov. 1 Holders of rec.
IX Nov. 1 Holders of rec.
12Xc Nov. 1 Holders of rec.
IX Nov. 1 Holders of rec.
IX Nov. 1 Holders of rec.
5
Nov. 1 Holders of rec.
2
Nov. 1 Oct. 21
to
2X Nov. 1 Holders of rec.
IX Nov. 1 Holders of rec.
IX Nov. 1 Holders of rec.
IX Nov. 1 Holders of rec.
91
Nov. 15 Holde-s of rec.
1
Nov. 1 H IdCrs of rec.
1
A3
Per
Cent.
Name of Company.
Ab¬
Liquidating Agent, Howard W. Lewis, Philadelphia.
sorbed by the Philadelphia National Bank, Philadelphia. Cap.$2,000,000
19a
25a
Nov.
Oct.
Oct.
Oct.
Nov.
Nov.
Oct.
Oct.
Nov.
Dec.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
la
11
15a
18
1
1
15a
15a
9a
5
27
27
27
15
10
15a
15a
15a
25a
25
19a
19a
31
Oct.
Oct.
Oct.
Oct.
Nov.
Nov.
26a
31
31
21a
la
la
19a
31a
31a
3a
3a
10a
10a
15a
24
25
26a
26a
21a
5a
5a
15a
14a
19a
16a
21
31
5
5
1
1
12
1
10a
19
19a
30
30
30
15
la
16
22a
15
18a
la
15
31
19
19a
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Nov.
Nov.
Oct.
Nov.
Oct.
Oct.
Oct.
Nov.
Nov.
Nov.
Oct.
Nov.
Oct.
Oct.
Oct.
Oct.
Nov.
Oct.
Oct.
Oct.
Oct.
Aug. 24a
Oct. 20
Nov. la
Oct. 24
—
Extra
North Butte Mining (quar.) (No. 48)_.
Northern States Power, pref. (quar.)
Ohio Brass, pref. (quar.)
Oklahoma Natural Gas (quar.)
Pacific Coast Co., common (quar.)
First preferred (quar.)
Second preferred (quar.)
Pacific Development Corporation (quar.)..
Pacific Power A Light, preferred (quar.)..
Packard Motor Car, common (quar.)..
Penmans, Limited, com. (quar.)
Preferred (quar.)
Pennsylvania Lighting, preferred (quar.).
Peoples Natural'Gas A Plpeage (qu.)
Pierce-Arrow Motor Car, com. (quar.)..
Pittsb. Coal of Pa., com. (quar.)
Preferred (quar.)
Pittsb. Coal of N. J., pref. (quar.)
Pittsburgh Rolls Corp., common
Plant (Thomas G.) Co., pref. (quar.)
Portland Gas A Coke, pref. (qu.) (No. 35)
Prairie Oil A Gas (quar.)
Extra
Prairie Pipe Line (quar.)
Procter A Gamble, common (quar.)
Public Service of Nor. III., com. (quar.)..
Preferred (quar.)
Pyrene Manufacturing (qu.) (No. 24)._
Quaker Oats preierred (quar.)
Republic Iron A St., com.(qu.)(No. 8)..
Russell Motor Car, pref. (quar.)
Sapulpa Refining {quar.)
Sears, Roebuck A Co., com. (quar.)
Shattuck-Arizona Copper (quar.)
Capital distribution (quar.)
Smith (A.O.)Corp.,pref. (qu.) No. 8)..
Southern Pipe Line (quar.)
Spring Valley Water (quar.)
Standard Motor Construction
Steel Co. of Canada, com. (quar.) (No.7)
Preferred (quar.) (No. 29)
Steel Products Co., common (quar.)..
Superior Steel, common (quar.)
First and second preferred (quar.)
Swan A Finch Co
Taylor-Wharton Iron A Steel, pref. (quar.)
Texas Pacific Coal A Oil (extra)
Texas Power A Light, preferred (quar.)
Tobacco Products Corp., com. (quar.)
Tonopah Mining of Nevada (quar.)
Trenton Potteries, preferred (quar.)
Union Oil of California (quar.)
Extra
United Alloy Steel Corp. (quar.)
United Cigar Stores, com. (qu.) (No. 24)
United Coal Corp., preferred (quar.)
United Drug first pref.(quar.) (No. 11)
Second preferred (quar.)
United Electric Securities, preferred...
United Verde Extension Mining (quar.)
Extra
U. S. Glass (quar.)
U. S. Rubber, 1st pref. (quar.)
U. S. Steamship (bi-monthly)
Extra
Vacuum Oil
Extra
Va.-Caroltna Chem.,com.(qu.) (No. 45)
Warner (Chas.) Co. of Del., pref. (qu.).
Warwick Iron A Steel.:.
Westlnghouse Air Brake (quar.)
...
Westinghouse El. A Mfg., com. (quar.).
Wheeling Mould A Fdy., com. (quar.)..
Common (extra)
Willys-Overland Co., common (quar.)..
Woolworth (F. W.) Co., common (qu.)
3
When
Books Closed.
Payable.
Days Inclusive.
Nov.
Nov.
Nov.
Nov.
Nov.
Nov.
Feb.
Jan.
Nov.
Nov.
Nov.
Oct.
Nov.
Nov.
1 Holders of rec. Oct. 18a
1 Holders of rec. Oct. 18a
$2
30 Holders of rec. Nov. 1
30 Holders of rec. Nov. 1
$1
10 Holders of rec. Oct. 20
lHc
1
15 Holders of rec. Nov. 5a
*1
15 ♦Holders of rec. Feb.
5
2 ♦Holders of rec. Dec. 20
*1X
1
Holders of rec. Oct. 18a
2X
1 ♦Holders of rec. Oct. 21
*3X
1
Holders of rec. Oct. 25a
IX
19
Holders of rec. Oct.
IX
9a
1 Vi.
15 Nov. 6
to
Nov. 15
1
Holders of rec. Oct. 15
IK
50c. Oct. 25 Holders of rec. Oct. 19a
IX Nov. 1 Holders of rec. Oct. 19a
IX Nov. 1 Oct. 20
to
Oct. 31
IX Nov. 15 Holders of rec. Oct. 31
S2
Nov. 15 Holders of rec. Oct. 23
5
Oct. 31 Holders of rec. Oct. 14a
$2
Oct. 28 Holders of rec. Oct. 11a
Oct.
25 Holders of rec. Oct. 10a
IX
IX Nov. 1 Holders of rec. Oct. 16a
IX Nov. 1 Holders of rec. Oct. 21a
2
Oct. 31 Holders of rec. Oct. 26a
$1
Nov. 1 Holders of rec. Oct. 15a
IX Nov. 1 Holders of rec. Oct. 21a
25c Dec. 16 Holders of rec. Dec. 2a
91.50 Nov. 1
Holders of rec. Oct. 19a
*IX Nov. 1 ♦Holders of rec. Oct. 17
1
Nov. 1
Holders of rec. Oct. 19a
3
Dec.
2 Holders of rec. Nov. 23
IX Dec. 2 Holders of rec. Nov. 23
50c. Nov. 30 Holders of rec. Nov. la
17 Xc Nov. 30 Holders of rec. Nov. la
IX Nov. 1 Oct. 18
to
Nov. 1
IX Nov. 1 Holders of rec. Oct. 15
Nov. 15 Holders of rec. Nov. la
91
15c Nov. 1 Holders of rec. Oct. 15
91.50 Nov. 1 Holders of rec. Oct. 15a
2c.
Oct. 19 Holders of rec. Oct.
la
91
Nov. 1
Holders of rec. Oct. 15a
Nov. 1
Holders of rec. Oct. 11a
92
IX Nov. 1 Holders of rec. Oct. 19
SI
Nov.
1
Holders of rec. Oct. 21a
2
1
Nov.
Holders of rec. Oct. 21a
Nov.
29
Holders of rec. Nov. 9a
IX
IX Dec. 14 Holders of rec. Nov. 22
IX Oct. 30 Holders of rec. Sept. 30a
2X Nov. 15 Holders of rec. Nov. la
4
Nov. 9
Holders of rec. Oct. 31a
25c. Oct. 21 Oct.
1
to
Oct. 17
25c. Oct. 21 Oct.
1
to
Oct. 17
25c. Oct. 28 Holders of rec. Oct. 11a
IX Oct. 21 Holders of rec. Sept. 30"
IX Oct. 15 Holders of rec. Sept.30a
50c. Oct. 21 Holders of rec. Oct.
9a
1
1
Nov.
Holders of rec. Oct. 23a
Nov.
1
Holders of rec. Oct. 23a
IX
1
Nov. 1
Holders of rec. Oct. 23a
87 Xc Nov. 15 Holders of rec. Oct. 15a
IX Nov. 1 Holders of rec. Oct. 22
4
Oct. 31 Holders of rec. Oct. 15a
IX Nov. 15 Holders of rec. Nov. 6
IX Nov. 1 Holders of rec. Oct. 21
IX Oct. 15
50c Oct. 25 Holders of rec. Oct. 19a
$1.25 Nov. 1 Holders of rec. Oct. 15a
IX Oct. 25 Holders of rec. Oct. 10a
IX Oct. 25 Holders of rec. Oct. 10a
IX Oct. 25 Holders of rec. Oct. 10a
1
1
Jan.
Dec. 21
to
Jan.
1
IX Oct. 31 Holders of rec. Oct. 17a
IX Nov. 1 Holders of rec. Oct. 22
3
Oct. 31 Holders of rec. Sept. 30a
2
Oct. 31 Holders of rec. Sept. 30a
5
Oct. 31 Holders of rec. Sept. 30a
r5
Nov. 15 Holders of rec. Oct. 25a
*1
Nov.
1 ♦Holders of rec. Oct. 15
*1X Nov. 1 ♦Holders of rec. Get. 15
25C. Nov. 1 Oct. 22
to
Oct. 31
IX Nov. 30 •Holders of rec. Nov. la
IX Nov. 1 Holders of rec. Oct. 16a
to
IX Nov. 1 Oct. 11
Oct. 31
12Xc Nov. 1 Oct. 20
to
Nov. 1
2
Nov. 15 Holders of rec. Oct. 31a
25c. Oct. 19 Holders of rec. Sept. 30a
25c. Oct. 19 Holders of rec. Sept. 30a
IX Nov. 15 Holders of rec. Nov. 1
5
Dec.
Holders of rec. Nov. 15
1
Sept.
Sept. 18
to
Sept. 30
$2
Dec.
Holders of rec. Oct.
7
IX Nov.
Holders of rec. Oct. 10
IX Nov.
Holders of rec. Oct. 10
3
Oct.
Holders of rec. Oct.
5a
Nov.
IX
Holders of rec. Oct. 15a
2
Nov.
Holders of rec. Nov. la
2X Nov.
Holders of rec. Oct.
1
Oct. 25
IX Nov.
Oct. 31
to
5
Oct.
Holders of rec. Oct. 19a
IX Nov.
Holders of rec. Oct. 19a
olX Nov.
Holders of rec. Nov. 6
15c. * Oct.
1
Oct.
to
6
Oct.
2
Oct.
Holders of rec. Oct. 17a
IX Oct.
Oct.
9
to
Oct. 20
1
Oct.
Oct.
9
to
Oct. 20
$1
Oct.
Holders of rec. Oct.
9a
2X Nov.
Holders of rec. Oct. 30a
IX Oct.
Oct. 16
to
Oct. 25
Holders of rec. Oct. 15
87^c. Nov.
IX Dec.
Holders of rec. Nov. 15
Holders of rec. Oct. 11a
3X Nov.
50c. Nov.
Holders of rec. Oct.
3a
25c. Nov.
Holders of rec. Oct.
3a
*1
Oct.
2
Oct.
Holders of rec. Oct. 15a
10c. Nov.
Holders of rec. Oct. 18
5c. Nov.
Holders of rec. Oct. 18
3
Oct.
Holders of rec. Oct. 15
2
Oct.
Holders of rec. Oct. 15
1
Nov.
Holders of rec. Oct. 15a
Holders of rec. Sept. 30a
IX Oct.
*30c Nov.
♦Holders of rec. Oct. 31
91.75 Oct.
Holders of rec. Oct. 10a
Holders of rec. Oct.
87Xc. Oct.
4a
1
Nov.
Oct. 22
to
Nov. 1
3
Nov.
Oct. 22
to
Nov. 1
25c. Nov.
Holders of rec. Oct. 21a
2
Dec.
Holders of rec. Nov. 11a
IX
,
* From unofficial sources,
a Transfer books not closed for this dividend,
b Less
British income tax.
d Correction,
e Payable in stock.
/Payable In common
stock,
g Payable in scrip. ~h On account of accumulated dividends,
i Payable In
Liberty Loan bonds.
I Red Cross dividend,
m Payable in U. S. Liberty Loan
.
4H% bonds,
o Declared 7% payable in quarterly installments of IX % each on
Nov. 1 1918, Feb. 1, May 1 and Aug. 1 1919, to holders of record on Oct. 15
1918, Jan. 15 1919, April 15 1919 and July 15 1919, respectively,
p Payable In
stock of Old Dominion Iron A Steel Corp. at rate of one share of Old Dominion
Iron A Steel Corp., par value $3, for each share of Virginia Ry. A Nav. common
stock,
t Declared subject to the approval of Director-General of Railroads,
The New York Stock Exchange has ruled that stock will not be quoted ex-dividend
on this date and not until further notice,
s Ex-dividend on this date.
r
Oct. 19
1918.]
THE CHRONICLE
555
Member Banks of the Federal Reserve System.—Following is the weekly statement issued-by the Federal Reserve
Board giving the principal items of the resources and liabilities of the Member Banks. Definitions of the different items con¬
tained in the statement were given in the weekly statement issued under date of Dec. 14 1917 and which was published in the
“Chronicle” of Dec. 29 1917, page 2523.
STATEMENT SHOWING PRINCIPAL RESOURCE AND LIABILITY ITEMS OP MEMBER BANKS LOCATED IN CENTRAL RESERVE
AND OTHER SELECTED CITIES AS AT CLOSE OF BUSINESS OCTOBER 4 1918.
Largely increased holdings of Treasury certificates following the Oct. 1 issue of these certificates, also gains for the first time since July 19, in
the amounts of U. S. bonds on hand are indicated by the weekly statement of condition on Oct. 4 of 745 banks in leading cities.
Certificates on hand went up 297-6 mllions, of which 179.7 millions represented the increase reported by the oanks in the three central reserve
cities and 159.2 millions the increase for the Greater New York member banks.
Holdings of U. S. bonds, other than circulation bonds, show an
increase of 36.5 millions, mainly at the banks in the central reseve cities.
Loans secured by U. S. war obligations increased 17.6 millions, while other
loans and investments declined 110.2 millions, largely at the Greater New York and Chicago banks.
The ratio of U. S. war obligations and loans se¬
cured by such obligations to total investments rose from 18 to 20.3%.
For the central reserve cities this ratio shows a rise from 19.3 to 22.5%.
During the week total Government deposits increased about 258 millions, of which 177.8 millions represent the increase at the central reserve
city banks.
Net demand deposits declined 13.4 millions, the banks in the central reserve cities reporting a somewhat larger declines.
Time deposits
show a reduction of about 16.9 millions.
Reserve balances with the Federal Reserve banks fell off 8.3 millions, while cash in vault shows a gain of
12.1
millions.
For all reporting banks the ratio of investments to deposits mainly because of the large gains in Government deposits, declined from 127.6 to
127.1%.
For the central reserve city banks this ratio shows a corresponding decline from 119.2 to 118.4%.
The ratio of combined reserve balances
and cash deposits shows a decline from 15.1 to 14.8% for all reporting banks and from 16.3 to
15.6% for banks in central reserve cities.
“Excess re¬
serves” of all reporting banks work out at 77.7 millions compared with 83,2 millions the week before.
For the central reserve city banks a decrease
of this item from 56.9 to 51.7 millions is noted.
1. Data for all
Member Banks.
Ho.-ton.
Number of reporting banks
Liberty bonds
U. S. certifs. of Indebtedness..
Total U. S. securities
Loans sec. by U. 8. bonds, Ac.
All other loans A investments.
Reserve with Fed. Res. Bank.
Cash In vault
Net demand deposits
'
Time deposits
Government deposits
1
PhUadd. Cleveland. Rtchm’d.
New York.
44
.
U. 8. bonds to secure circulat’n
Other U. 8. bonds. Including
St. Louis
Chicago.
Kan. City
Minneap
Dallas.
San Fran.
Total.
52
84
80
45
100
32
35
73
45
62
745
50,923,0
11,492,0
42,186,0
24,251,0
15,465,0
$
18,847,0
17,677,0
6,369,0
13,710,0
17,238,0
34,515,0
267,025,0
$
$
$
$
Oaca for banks in each Central Reserve city, hanks to
$
S
13,657,0
243,337,0 29,950,0 48,308,0 30,023,0 21,479,0
43,592,0
126,313,0
868,314,0 93,474,0 125,207,0 46,564,0 48,516,0
192,289,0
154,322,0 1,162,574,0 134,916,0 215,701,0 100,838,0 85,460,0
254.728,0
40,475,0
209,416,0 51,926,0 34,693,0 20,170,0 14,086,0
76,369,0
768,086,0 4,232,387,0 618,262,0 957,442,0 373,221,0 305,131,0 1,412,895,0
72,005,0
616,026,0 59,474,0 81,773,0 32,535,0 27,373,0
145,989,0
25,397,0
123,939,0 20,243,0 35,978,0 16,839,0 14,723,0
57,612,0
683,727,0 4,434,285,0 627,087,0 747,888,0 322,233,0 220,213,0 1,063,784,0
99,928,0
263,442,0 16,458,0 233,178,0 55,261,0 89,768.0
371,238,0
384,262,0 38,540,0 50,903,0 14,393,0
7,892,0
68,815,0
66,125,0
New York.
Two ciphers
Atlanta.
Two olphers (00) omitted
103
$
14,352,0
reporting banks In each district..
$
S
$
S
15,162,0
7,147,0 13,513,0 12,979,0 22,477,0
501,624,0
50,187,0 25,480,0 52,107,0 23,492,0 93,702,0 1,745,645,0
83,026,0 38,996,0 79,330,0 53,709,0 150,694.0 2,514,294,0
14,514,0 11,827,0
4,784,0
5,686,0
9,144,0
493,090,0
376,928,0 287,283,0 461,057.0 185,082,0 533,132,0 10,510,906,0
34,926,0 22,279,0 43,141,0 16,422,0 50,795,0 1,202,798,0
12,442,0 10,443,0 15,798,0 12,052,0 21,672,0
367,138,0
264,230,0 210,100,0 375,295,0 153,559,0 416,040,0 9,518,441,0
72,756,0 45,176,0 61,404,0 24,359,0 114,212,0 1,447,180,0
21,643,0 15,467,0 19,343,0
5,757,0
693,140,0
all other Reserve cities and other reporting banks.
Chicago. St. Louis. Total Central Res. Cities.
Other Reserve Cities.
Country Banks.
Total.
(00) omitted.
Oct. 4.
Number of reporting banks
Sept. 27.
70
70
%
U. 8. bonds to secure circulat’n
Other U. 8. bonds. Including
Liberty bonds
U. 8. certifs. of Indebtedness..
Total U. S. securities
Loans sec. by U. 8. bonds, Ac.
All other loans A Investments.
Reserve with Fed. Res. Bank.
Cash In vault
Net demand deposits
Time deposits
Government deposits
Ratio of combined reserve and
cash to total net deposits
Oct. 4.
43
$
36,729,0
14
S
127
$
10,577,0
Oct. 4.
Sept. 27.
127
$
1,119,0
36,729,0
Oct. 4.
Oct. 4.
$
48,425,0
452
$
48,383,0
Oct. 4.
Sept. 27.
451
$
$
Sept. 27.
745
$
747
$
48,276,0
48,387,0
44,548,0
93,573,0
186,508,0
26,048,0
849,098,0
59,935,0
37,630,0
699,031,0
198,494,0
27,750,0
16.2
170,049,0
168
220,861,0
198,021,0 17,053,0
9,110,0
247,024,0
221,578,0
206,680,0
199,033,0 47,920,0
824,365,0
665,125,0 105,034,0 38,612,0
968,011,0
788,271,0
668,999,0
566,204,0 108,635,0
1,081,955,0
899,875,0 123,206,0 58,299,0 1,263,460,0 1,058,232,0 1,046,003,0
935,286,0 204,831,0
191,380,0
185,945,0 57,829,0 11,264,0
260,473,0
250,180,0
206,063,0
199,268,0 26,554,0
3,893,572,0 3,939,676,0 871,102,0 273,369,0 5,038,043,0 5,110,783,0 4,621,455,0 4,661,262,0 851,408,0
598,687,0 103,551,0 27,197,0
587,867,0
718,615,0
626,627,0
425,324,0
424,533,0 58,859,0
110,326,0
110,066,0 34,245,0
150,629,0
6,058,0
149,940,0
176,101,0
167,505,0 40,408,0
4,113,975,0 4,134,468,0 733,215,0 189,258,0 5,036,448,0 5,057,972,0 3,773,410,0 3,774,823,0 708,583,0
210,334,0 141,148,0 51,924,0
211,482,0
404,914,0
407,076,0
844,295,0
858,537,0 197,971,0
352,522,0
192,866,0 44,200,0 16,550,0
413,272,0
235,506,0
171,844,0 47,094,0
232,774,0
15.5
170,324,0
Oct. 4.
Sept. 27.
167
$
267,025,0
266,819,0
501,624,0
465,159,0
1,745,645,0 1,448,048,0
2,514,294,0 2,180,026,0
493,090,0
475,496,0
10510906,0 10,621,143,0
1,202,798,0 1,211,095,0
367,138,0
355,075,0
9,518,441,0 9,531,826,0
1,447,180,0 1,464,107.0
693,140,0
435,100,0
&
17.0
15.3
15.6
16.3
14.1
14.1
■
fcf--
14.8
15.1
The Federal Reserve Banks.—Following is the weekly statement issued by the Federal Reserve Board on Oct. 11
Saturday, Oct. 12, having been proclaimed a holiday in Washuugton, the Federal Reserve Board issued its weekly statement to-day as at close of
business Thursday, Oct. 10.
The statement indicates considerable activity of the Federal Reserve banks in financing the Liberty loan operations
of the member banks, largely through the discount of their notes secured bv U. S. war loan obligations.
The effect or such financing is seen also in
creased deposits and note circulation.
INVESTMENTS.—Discounts on hand of war loan paper, including both member banks and customers’ notes secured by war obligations
snow an increase for the week of 52.6 millions, largely at the New York bank.
Other discounts show a decline of 3.2 millions, notwitnstanding
the increase under this head of 8.4 millions reported by the New York bank.
All the banks show increased holdings of acceptances, the total
on hand being 26.6 millions larger than the week before.
Increases aggregating 9.7 millions in the holdings of short-term securities are composed
chiefly of 2% certificates deposited with United States Treasurer to secure Federal Reserve bank notes. Total earning assets show an increase
for the week of 85.7 millions.
DEPOSITS.—Government deposits are given as 33.5 millions in excess of the total shown Oct. 4; members’ reserve deposits show an increase of
11.5 millions and net deposits an increase of 31.9 millions.
RESERVES.—Gold reserves increased 5.8 millions, largely through the exchange of Federal Reserve notes for gold.
The banks’ reserve per¬
centage because of the considerable increase in deposit and note liabilities declined from 51.5 to 50.6%.
NOTE CIRCULATION.—The week witnessed an increase of 39.9 millions in the net total of Federal Reserve notes issued by the Agents.
The
banks report an increase of 47.4 millions in their Federal Reserve note circulation, besides an increase of 11.7 millions in their aggregate liabilities
on Federal Reserve bank notes in circulation.
CAPITAL.—An increase of 53,000
members.
in paid in
admitted
capital, largely of the Chicago bank, is due primarily to payment for F. R. bank stock by newly
The figures of the consolidated statement for the system as a whole are given in the following table, and in addition we
present the results for each of the seven preceding weeks, together with those of the corresponding week of last year, thus
furnishing
useful comparison.
show the resources and liabilities separately for each of the twelve
Agents* Accounts (the third table following) gives details re¬
garding the transactions in Federal Reserve notes between the Comptroller and the Reserve Agents and between the latter
a
Federal Reserve banks.
In the second table
we
The statement of Federal Reserve
and the Federal Reserve banks.
FEDERAL RESERVE BANK OF NEW YORK.—The weekly statement issued by the bank sub-divides some certain items that are included
under a more general classification In the statement prepared at Washington.
Thus, “Other deposits, &c., as of Oct. 10, consisted of “Foreign Govern¬
ment deposits,” $93,698,263; “Non-member banks deposits,” $5,772,920; and “Due to War Finance Corporation,” $5,576,905.
,
Combined Resources
and
Liabilities
Oct. -10 1918.
RESOURCES.
Gold In vault and In transit..
Gold settlement fund—F. R. Board
Gold with foreign agencies
$
372,922,000
448,720,000
5,829,000
of the
Oct. 4 1918.
$
Federal Reserve Banks
the
Close
of
Business Oct. 10 1918
Sept. 27 1918 Sept. 20 1918. Sept. 13 1918. Sept. 6 1918. Aug. 30 1918. Aug. 23 1918. Oct. 11-1217
$
373,255,000
419,665,000
5,829,000
at
$
.
370,220,000
437,319,000
5,829,000
367,660,000
459,997.000
5,829,000
$
386,214,000
465,298,000
5,82«#,000
$
383,228,000
496,531,000
5,830,000
$
384,009,000
520,926,000
5,829,000
$
$
385,072,000
553,060,000
5.829,000
482,716,000
321,778,000
52,500,000
Total gold held by banks
798,749,000
833.486,000
827,471,000
813,368,000
857,341,000
885,589,000
910,764,000
943,961,000
Gold with Federal Reserve Agents.... 1,157,000,000 1,181,485,000 1,161,731,000 1,145,950,000 1,123,132,000 1,087,760,000 1,061,597,000 1,018,767,000
Gold redemption fund
46,765,000
45,200,000
45,714,000
44.122.000
44,086,000
43,634,000
41,433,000
40,323,000
856,994,000
580,734,000
9,717,000
•
2,031,236,000 2,025,434,000 2.020,813,000 2,023,558,000 2,024,559,000 2,016,983-,000 2,013,794,000 2,003,051,000 1,447,445,000
52,122,000
51,937,000
52,481,000
51,363,000
53,173,000
53,168,000
53,511,000
52,215,000
48,113,000
Total gold reserves
T.pgnl tender notes, silver, Ac
Total reserves
Bills discounted: Secured by
ment war
All other
2,083,358,000 2,077,371,000 2,072,176,000 2,076,039,000 2,077,732,000 2.070,494,000 2,066,962,000 2,055,266,000 1,495,558,000
Govern¬
obligations
.
Bills bought In open market
1,304,383,000 1,251,787,000 1,221,533,000 1,146,357,000
450,086,000
453,246,000
513,789,000
491,897,000
311,990,000
338,620,000
250,032,000
288,391,000
} 1613 247 000 1,541,999,000 1,428,235,000 1,393,795,000
239,750,000
233,741,000
232,563.000
236,526,000
293,164,000
185,775,000
Total bills on hand
2,093,089,000 2,017,023,000 2,001,821,000 1,910,178,000 1,852.997,000 1,775,740,000
28,214,000
28,289,000
29,022,000
29.563,000
28,545,000
29,768,000
U. S. Government long-term securities.
56,514,000
66,193,000
50.098,000
33,777,000
41,878,(00
U. 8. Government short-term securities
28,030,000
202.000
188,000
84,000
102,000
81,000
AH other earning assets
75,000
1,660,798,000 1,630,321,000
2,187,684,000 2,102,028,000 2,080,566,000 1,981,162.000 1,916.418,000 1,833,613,000
Total earnlne assets
Uncollected items (deduct from gross
704.046,000
723,430,000
654,843,000
697,225,000
649,448,000
642,377,000
deposits)
1,716,987,000 1.684,486.000
582,435,000
568,655,000
601.983,000
338,352,000
1,164,000
11,787,000
958,000
11.294,000
500,000
1,000,000
5% redemp. fund agst. F. R. bank notes
Total resources
Includes amount formerly shown
3,177,000
13,485,000
2,679,000
13,262,000
2,447,000
12,858,000
2,112,000
12,610,000
1,405.000
13,013,000
1,313,000
12,076,000
30,350,000
25,772,000
67,000
30,624,000
23,479,000
62,000
478,939,000
54,878,000
48,517,000
101,000
5,011,134,000 4,899.386,000 4,817,495,000 4,726,766,000 4,705,793,000 4,559,873,(KM) 4,365,555,000 4,353,987,000 2,417,845,000
against Items due from
or due to other
Federal Reserve banka net
THE CHRONICLE
1556
Oct. 4 1918.
Oct. 10 1918.
[Vol. 107
Sept. 27 1918. Sept. 20 1918. Sept. 13 1918. Sept. 6 1918. Aug. 30 1918. Aug. 23 1918. Oct. U-12’17
$
$
$
s
S
%
S
78,802.000
78,903,000
78,956,000
78,689,000
78,553 000
61,1*4,069
78.359,000
78,168,000
77.750.000
1,134,000
1,134,000
1,134,000
1,134,000
1,134,000
1,134,000
1,134.000
1,134,000
191,623.000
197,359,000
230,889,000
169,141,000
206.733.000
74,167,99*
173.027,000
104,729,000
197,325,000
1,508,334,000 1,496,815,000 1,535.490,000 1,524.528.000 1,469.603.000 1,465.102,000 1,478,639,000 1,459,480.000 1,265,3*9,999
Due to members—reserve account
485,059.000
512,227,000
514,110,000
490,265,000
Collection items..
527,752.000 461,640,000
173,825,99*
450.947.000
437,885,000
108,256,000
103,907,000
104,385.000
Other deposits, ind. for. Gov’t credits.
100,173,000
115,302.000
52.377,9*9
119,960.000
120,300.000
112.597,000
$
$
LIABILITIES.
Capital paid in
Surplus
Government deposits
—
Total Krofls deposits
2,361,589,000 2,310,308,000 2,316,557,000 2.284,107,000 2,319.390.000 2,244.027.000 2,141,553.000 2,196.051,000 13 '>5,678,90*
F.’R. notes in actual circulation
2,478,378,000 2,431,004,000 2.340,326,000 2.295,031.000 2.245,429,000 2,180,679,000 2,092,708,000 2.032.837.000
779,885.99*
40,305,000
52,031,000
35,819.000
F. R. bank notes in circulation, net liab.
33,208,000
27,672,000
20,687,000
8,999,999
23,964,000
16.864,000
37,732.000
39,046,000
All other liabilities
35,857.000
29,351,000
34,597,000
33,615.000
3,178,99*
31,710,000
31,305,000
Total liabilities
5,011,134,000 4,899,386,000 4,817.495.000 4,726,766,000 4,705,793.000 4,559,873.000 4.365,555,000 4,353.987.000 2,417,845,999
49.7 %
Gold reserve against net deposit liab..
50.6%
48.8%
52.9%
51.1%
69.8%
55.3%
57.9%
59.2%
49.6%
Gold res. agst. F. R. notes in act. clrc’n
50.5%
51.4%
51.9%
77.2%
51.9%
52.7%
52.1%
51.9%
Ratio of gold reserves to net deposit and
60.2 %
50.1%
Fd. Res. note liabilities combined—
50.3%
52.4%
55.3%
72.6%
51.6%
53.3%
65.7%
Ratio of total reserves to net deposit and
|i»Fed.
Res. note liabilities combined..
Ratio of gold reserves to F. R. notes in
actual circulation, after setting aside
35% against net deposit liabilities...
60.6%
51.5%
51.6%
62.9%
53.7%
54.9%
56.4%
50.7%
60.9%
62.3%
63.4%
65.6%
67 2%
69.6%
72.5%
73.7%
74.5%
Distrlbuiio i by Maturities—
1-15 days bills discounted and bought. 1,425,804,000 1,358,365,000 1,323.052,000 1,245,724,000 1,172.359.000 1.159,716,000 1,047,516,000 l,008,967,000i
1-15 days U. S. Govt, short-term secs.
10,750,000
9,153,000
14,300.000
7,182.000
4.660.000,
13,161,000
5.388,000;
4,945,000
10.000
1
31.000
31.000
1-15 days municipal warrants
10,000
16-30 days bills discounted and bought.
203,960,000
175,342,000
192,414,000
184,223,000
194,084,000
144,517,000
141,558,000
16-30 days U. 8. Govt, short-term secs.
5,412,000
1,420,000
10,000
4.414.000
298,000
3,722,000j
16-30 days municipal warrants
2,000
31,000
34,000
10,000
31-60 days bills discounted and bought.
273,091,000
264,546,000
302,709.000
219,928,000
285,806,000
294,595,000
248,807,000
223,723.000
31-60 days U 8. Govt, short-term secs.
707,000
901,000
4,841,000
467,000
197,000
4.685.000
1,046,000
4,690,000
31-60 days municipal warrants
7,000
9,000
33,000
41.000
9,000
1,000
41,000
41,000
61-90 days bills discounted and bought
174,622,000
193,457,000
171,434,000
171,718,000
187,668,000
223,655,000
216,473,000
207,398,000
61-90 days U. 8. Govt, short-term secs
669,000
8,104.000
1,716,000
5,692,000
728.000
771,000
798,000
1,527.000
61-90 days municipal warrants
11.000
11,000
11,000
11,000
10.000
11,000
5,000
5,000
Over 90 days bills disc’ted and bought.
15,612,000
25,313,000
12,212,000
14,152,000
12,846,000
22,588.000
28,141,000
15,302,(W0
Over 90 days U .8.Govt .short-term secs
41,220,000
35,408,000
34,652,000
27,494,000
19,564.000
16,347,000
15,339,000
13,365.000
Over 90 days municipal warrants
10,000
16,000
16.000
10,000
10,000
10,000
21,000
16,000
Federal Reserve Notes—
Issued to the banks
2,163.837.000
2,623,339,000 2,583,418,000 2,494,205,000 2,446,194,000 2.388.863,0002,319,772,000 2,218.938,000
Held by banks
144,879,000
144,961,000
152,414,000
151,163,000
131.000,000
126,230,000
259,725,99*
169,576,666;
64,976,009
94,864,099
11,00*
57,225,009
80,999
2,149,009
Vo,666
837,425,000
57,540,00*
143,434,000j 139,093,000
2,478,378,00012,431,004,000 2,349,326,000
In circulation
Fed. Res. Notes (Agents Accounts)
Received from the Comptroller
Returned to the Comptroller
v
2,295,031,000!2,245.429.000'2,180,679,000 2,092,708.000 2.032.837.000
779,885,099
3,414,220,000 ^
3,364,480.000 3,286,140,000 3,229,400,000 3,153,080.000 3,057,280,000 2,995,480.000.2.940,240.000 1,251,580,099
555,671,000 550,217,000 546,315,000 542,126,000 533,070,000 520,568,000
497,152,000 206,695,000
516,032,0001
2,858,549,(^00 2,814,263,000 2,739,825,000 2,687,274.000 2,620.010,000 2,536,712,000 2,479,448,0002,443,088.000
Amount chargeable to Agent
In hands of Agent
235,210,000
230,845,000
245,620,000
241,080,000
231,165,000
216,940,000
260,510,000
1,044,885,000
207,460,000
279.251,000
Issued to Federal Reserve banks.. 2,623,339,000 2,583,418,000 2,494,205,000 2,446,194,000 2,388,845,000 2,319,772,000 2,218,938,000 2,163,837.000
How Secured—
By gold coin and certificates
By lawful money
By eligible paper
Gold redemption fund
208,167,000
208,239,000
1,460',33*9,666
1,401,933.000
113,060.000
860,186,000
77,477,000
871,356,000
With Federal Reserve Board
Total
a
214,239,000
837,425,009
217,240,000
217.240.000
219,240,000
219,239,000
220.239.000
274,221,009
1,332,474,666 1,300,244,666
1,265.713,000
65,788.000
840,104.000
1,232,012,666
1,157,341,000
61,708,000
780,650,000
1,145,076.666'
256,691,000
30,430,000
276,083,009
73,363,000
874,129,000
70,608,000
858,102,000
61,690,000
806,830,000
63,419.000
735,109,000
1
2,623,339,000 2,583,418,000 2,494,205,000 2,446,194,000 2,388,845,000 2,319,772,000 2.218,938.000 2,183,837,000
837,425,009
2,049,522,000 1,942,433,000 1.699.364.000 1,864,987,000 1,797,546,000 1,719,854,000 1,613.814,000 1.573.109.000
b This item Includes foreign Government credits,
t Revised figures.
263,164,009
Net amount due to other Federal Reserve banks,
WEEKLY STATEMENT of RESOURCES and LIABILITIES of BACH of the 12 FEDERAL
Two ciphers
Boston
(00) omitted.
RESOURCES.
Gold coin and certifs. in vault.
Gold settlement fund
Gold with foreign agencies
New York.
%
PhHadel. Cleveland.
$
9
2,978,0
51,714,0
408,0
274,399,0
72,448,0
2,011,0
55,100,0
68,267,0
5,445,0
Richm’d.
Atlanta
Chicago.
%
%
%
St
at
CLOSE of
Ltruu. Vf inneap
S
%
BUSINESS Oct.
Kan. City
Dallas.
.Sa» Fran
S
9
9
19 I9l».
Total,
t
372,922,0
448,720,0
5,829,0
25,678,0
66,595,0
816,0
22,219,0
10,713,0
233,0
8,199,0
36,552,0
233,0
135,0
24,324,0
291,0
5,996,0
4,755,0
204,0
348,858,0 63,714,0 68,133,0
285,627,0 108,412,0 148,386,0
14,821,0
6,000,0
645,0
38,788,0 18,468,0 93,089,0
50,967,0 45,844,0 200,880,0
6,089,0
437,0
3,818,0
13,165,0
44,992,0
2,804,0
44,984,0
31,232,0
3,061,0
24,750,0
52,322,0
1,237,0
10,955,0
25,215,0
2,167,0
128,812,0
2,634,0
649,306,0 178,126,0 217,164,0
44,022,0
508,0
323,0
90,192,0
671,0
68,130,0 300,058,0
1,031,0
156,0
60,961,0
1,614,0
79,277,0
60,0
78,309,0
191,0
38,337,0 142,564.0 2,031,236,0
671,0
241,0
52,122,0
Total reserves
131,446,0
Bills discounted: Secured by Govt
693,328,0 178,634,0 217,487,0
90,863,0
68,286,0 301,089,0
62,575,0
79,337,0
78,500,0
39,008,0 142,805,0 2,083,358.0
589,817,0
106,391,0
118,702,0
49,945,0 47,644,0 193,575,0
17,373,0 29,579,0 59,144,0
5,020,0
8,749,0 37,063,0
52,128,0
28,036,0
4,454,0
22,572,0
34,309,0
1,070,0
32,971,0
48,599,0
1,547,0
30,008.0
26,947,0
1,925,0
_
Total gold held by banks
Gold with Federal Res. Agents..
Gold redemption fund
Total gold reserves
Legal-tender notes, silver, Ac
war
obligations
All other
Bills bought in open market....
75,205,0
11,830,0
53,825,0
146,0
63,160,0
408,0
9
30,065,0
RESERVE BANKS
37,543,0
525,0
90,362,0 55,686,0
18,477,0 28,807,0
24,883,0 53,598,0
6,210,0
32,374,0
204,0
6,948,0
11,345,0
175,0
9,949,0
37,197,0
321,0
47,467,0
827,471,0
94,856,0 1,157,000,0
241,0
46,765,0
64,470,0 1,304,383,0
40.594,0 450,086,0
27,784,0 338,620,0
»
140,860,0
537,0
2,416,0
814,910,0 133,722,0 138,091,0
1,348,0
1,090,0
1,408,0
29,276,0
4.321,0 11,222,0
72,338,0
1,234,0
1,510,0
85,972,0 289,782,0 84,618,0
506,0
4,509,0
1,153,0
1,991,0
7,112,0
3,321,0
37,0
61,0
57,951,0 83,117,0 58,880,0 132,848,0 2,093,089,0
116,0
8,867,0
3,977,0
3,469,0
28,214,0
982,0
1,672,0
1,111,0
1,259,0
66,193,0
90,0
188,0
Total earning assets...
143,813,0
Uncollected items (deducted from
845,594,0 139,391,0 150,403,0
75,082,0
88,530,0 301,403,0
89,129,0
59,049,0
93,095,0
64,529,0 137,666,0 2,187,684,0
54,396,0
162,449,0
80,434,0
65,659,0
51,229,0
37,023,0
80,242,0
74,397.0
19,581,0
55,525,0
20,611,0
31.884,0
723,430,0
71,0
945,0
1,374,0
2,475,0
200,0
1,987,0
180,0
733,0
50,0
982,0
76,0
831,0
355,0
1,415,0
52,0
688,0
88,0
207,0
431,0
969,0
160,0
847,0
140,0
1,406,0
13,485,0
Total bills on hand
U. 8. long-term securities
U. S. short-term securities
All other earning assets.
gross
-
deposits)
5% redemption fund against Federal Reserve bank notes
AU_other resources
Total
3,177,0
330,671,0 1,705,220,0 400,646,0 424,462,0 218,206,0 194,746,0 684,504,0 226,841,0 158,262,0 228,520,0 125,155,0 313,901,0 5.011,134,0
resources
LIABILITIES.
6,580.0
75,0
Capital paid in
Surplus
Government deposits...
28,319^0
Due to members—Reserve acc’t.
Collection Items
Oth. deposits lncl. for Gov’t cred.
91,828,0
44,311,0
Total gross deposits
164,458,0
F. R. notes in actual circulation. 155,320,0
F. R. bank notes in clrc’n—Net.
1,408,0
All other liabilities
2,830,0
Total liabilities
•Difference between
20,184,0
649,0
42.240,0
641,429,0
137,858,0
103,048,0
7,362,0
8,808,0
24,924,6
27,030,0
97,229,0 108,139,0
55,287,0 37,222,0
1.0
4,010,0
116,0
7,372,0
48,999,0
39,041,0
3,149,0
40,0
10,996,0
216,0
3,734,0
2,898,0
38,0
10,146;0 14,435,0 14,563,0
38,399,0 214,326,0
29,003,0 52,101,0
33,0
1,873,0
50,408,0
47,178,0
192,0
924,575,0 177,440,0 172,392,0
95,412,0 77,581,0 282,735,0 112,341,0
727,384,0 211,234,0 237,403,0 116,401,0 111,640,0 375,749,0 107,506,0
18,119,0
2,571,0
3,069,0
498,0
9,642,0
1,148,0
1,706,0
14,309,0
2,790,0
2,039,0
1,769,0
1,188,0
5,166,0
1,554,0
9,673lO
,
47,175,0
12,030,0
24,0
3,600,0
3,108,0
19,441,0
61,290,0
30,719,0
7,514,0
34,613,0
12,905,0
165,0
68,902,0 111,450,0
84,272,0 103,135,0
747,0
7,995,0
1,405,0
2,340,0
4,527,0
78,956,0
1,134,0
230,889,0
74,499,0 1,508,334,0
16,455,0
514,110,0
2,920,0
108,256,0
25,232,6
55,197,0 119,106,0 2,361,589,0
62,373.0 185,961,0 2,478,378,0
3,174,0
1,954,0
52,031,0
1,303,0
2,353,0
39,046,0
330,671,0 1,705,220,0 400,646,0 424,462,0 218,206,0 194,746,0 684,504,0 226,841,0 158,262,0 228,520,0 125,155,0 313,901,0 5,011,134,0
from and net amounts due to other Federal Reserve banks, s Net amount due to other Federal Reserve banks
net amounts due
STATEMENT OF FEDERAL RESERVE AGENTS’ ACCOUNTS AT CLOSE OF
Two ciphers (00) omitted.
Boston.
New York.
PhUadel. Cleveland. Richm'd.
Atlanta.
Chicago. St. Louis.
BUSINESS Oct. 10 1918
M inneap. Kan. City
%
Dallas.
San Fran.
Total
9
9
*
%
9
9
9
9
9
9
9
9
218,540,0 1,142.840,0 283,160,0 278,960,0 160,080,0 161,240,0 471,860,0 138,780,0 107,160,0 137,700,0
41,550,0
257,196,0 50,620,0 25,234,0 30,301,0 23,140,0 33,525,0 22,606,0 16,832,0 22,059,0
96,460.0 217,440,0 3,414,220,0
18,668,0 13,940.0
555,671,0
176,990,0
17,200,0
885,644,0 232,540.0 253,726,0 129,779,0 138,100,0 438,335,0 116,174,0
92,000,0
8,120,0
8,180,0
7,840,0 23,335,0 47,280,0
4,940,0
90,328,0 115,641,0
5,340,0
6.520,0
77,792 9 203,500,0 2,858,549,0
14,455,0
235,210,0
Issued to F. R. Bank
159,790,0
Held by F. R. Agent—
5,000,0
Gold coin and certificates..
9,267,0
Gold redemption fund
Gold Sett. Fd., F. R. Board.. 54,000,0
91,523,0
Eligible paper, min. req’d
793,644,0 224,420,0 245,546,0 121,939,0 114,765,0 391,055,0 111,234,0
84,988,0 109,121,0
63,337,0 203,500,0 2,623,339,0
158,740,0
16,812,0
16,887,0 11,457,0 13,574,0
110,000,0 96.955,0 118,000,0
508,017,0 116,008,0 97,160,0
13,102,0
1,830,0
16,300,0
53,756,0
12,010,0
208.167,0
3,321,0 10,155,0
77,477,»
9,884.0 84.701,0
871,356,0
38,122,0 108,644,0 1,466,339,)
Federal Reserve notes—
t
Received from Comptroller
Returned to Comptroller
F
Chargeable to F. R. Agent
Inchon da .of F. R. Agent
967,0
50,000,0
70,972,0
2,503,0
2,171,0
2,025,6
41,170,0 198,855,0
68,921,0 190.175,0
2,861,0
42,131,0
66,242,0
2,962,0
49,360,0
56,799,0
ii
169,790,0
Total
Amount of eligible paper deliv¬
ered to F. R. Agent
140,860,0
F. R. notes outstanding
159,790,0
F. R. notes held by banks
4,470,0
fit
f«|
F. R. notes In
actual clrcula’n.
155.320,O'
793,644,0 224,420,0 245,546,0 121,939,0 114,765,0 391,055,0 111,234,0
i
84,988,0 109,121,0
814,910,0 127,615,0l 135,341,0 71,160,ol 77,793,0 289,781,Ol 79.952,0
793,644,0 224.420.0 245,546,0 121,939,0 114,765,0 391,055,0 111,234,0
66,260,0 13,186,0
8,143,0
5,538,0
3,125,0 15,306,0j
3,728,0
53,794,o!
-
.
727,384,0 211,234,0
237,403,0'll6,401,o'lll,640,0
375,749,0 107,506,0
83,117,0
84,988,0 109,121,0
716,Oj
84,272,0
5,986,0
63,337,0'j203,500,0
2,623.339.0
58,880.0 116.319,0 2,049,522,0
63,337,0 203,500,0 2,623,339,0
964,0, 17,539,0 1 144,961,0
103.135.01 62,373,0'l85,961,0 ■2,478,378,0
Oct. 19 1918]
THE CHRONICLE
Statement of Neir York City Clearing House Banks and Trust Companies.—The following detailed statement
shows the condition of the New York City Clearing House members for the week ending Oot. 11. The figures for the sep
arate banks are the averages of the daily results.
In the ease of totals, actual figures at end of the week are also given.
NEW YORK WEEKLY CLEARING HOUSE RETURN.
CLEARING HOUSE
MEMBERS.
Net
Week Ending
Oct. 11 1918.
Metropolitan
Corn Exchange
Importers A Trad Nat
National Park
East River National
Beoond National....
First National
Irving National
N T County National
Continental
Chase National
Fifth Avenue
Commercial Ezch
Commonwealth.
Lincoln National....
Garfield National
Fifth National
Seaboard National..
..
Liberty National
Coal A Iron National
Union Exchange Nat
Brooklyn Trust Co..
Bankers Trust Co
U 8 Mtge A Trust Co
Guaranty Trust Co..
Fidelity Trust Co
Columbia Trust Co..
Peoples Trust Co
New York Trust Co.
Franklin Trust Co
Llnooln Trust Co
Metropolitan Trust..
Nassau Nat, B'klyn.
Irvlng Trust Co
Farmers Loan A Tr.
Average for week.
actual
actual
actual
actual
eondltl
oonditl
oonditl
oonditl
State Banks.
Greenwich
Gold.
Tenders.
%
8
&
47,534,000
2,000,000
5.374.800
6.769.400
56.570.000
2,500,000
2,000,000
2,743,500
28,197,000
6,000,000 11,026,500 169,827.000
6.744.200
31,625,000
1,500,000
25,000,000 c52,572,400 567,110,000
83,689.000
3,000,000
9.557.600
905.100
18,032,000
1,000,000
300,000
103.100
3,211,000
5,000,000
5.991.400
124,253,000
25,000,000 23,745,300 406,601,000
1,055,300
15,849,000
500,000
96,375,000
3,500,000
3,033,500
137.163,000
3,000,000 17,479,400
44,121,000
2,550,000
3.034,900
28,098,000
2,000,000
2.207.700
116,141,000
3,500,000
7.892.800
39,800,000
I,500,000
7.843.600
5,000,000 17,923,800 201.560,000
2,974,000
250,000
79,500
19,372,000
1,000,000
4,011,100
10,000,000 31,189,000 321,802.000
100,106.000
4,500,000
5.828.200
10,932,000
361,900
1,000,000
669,000
6,266,000
1,000,000
10,000,000 14,591,000 307,947,000
2.347.800
17,690,000
200,000
880*700
5,606,0001
200,000
811.700
6,696,0001
400,000
16,502,000
2,000,600
*000,000
12.181.000
1,000,000
1,389.000
7,671,000
406,800
250,000
48,031,000
1,000,000
3.724.800
72.136.000
4.281.700
3,000,000
14,195,000
974.700
1,000,000
15,666,000
1.292.200
1,000,000
37,523,000
2,227,500
1,500,000
239,888.000
II,250,000
14,842,300
4,791,000
60,209,000
2,000,000
504,341,000
25,000,000 26.725.700
11,127,000
1,000,000
1.288.600
89,362,000
5,000,000
6.693.200
28,221,000
1,000,000
1,274,400
90,791,000
3,000,000 10.510.700
25.002,000
1,000,000
1,106,900
16,088.000
552.100
1,000,000
54,424,000
4,312,600
2,000,000
13,870,000
1,000,000
1.174.800
40,754,000
1.100.700
1,500,000
139,309,000
5,000,000 10,965,200
24.000
295,000
77,000
Average.
»
123,000
314,000
81.000
124,000
177,000
7,936,000
264,000
8,235,000 3,055,000
162.000
289,000
116,000
86,000
54,000
12,000
166.000
599.000
158,000
276,000
48,000
213,000
458.000
491,000
232,000
4.129,000
112,000
32,000
602.000
195,000
749.000
156,000
70,000
401,000
402,000
30,000
115,000
2,000
31,000
59,000
666,000
9,000
420,000
1,003,000
50,000
27,000
19,000
29,000
2,600,000 2,488,000
53,000
160,000
49,000
55,000
40,000
30,000
121,000
307,000
1,000
5,000
17,000
44,000
339,000
270,000
40,000
153,000
56,000
6,000
12,000
48,000
66,000
32,000
96.000
158,000
333,000
82,000
119,000
1,774,000
90,000
45,000
17,000
36,000
46.000
81,000
53,000
78,000
38,000
15,000
18,000
102,000
31,000
4,000
87,000
150,000
111,000
3,743,000
21,000
$
817,000
145,000
502,000
334,000
2,005,000
685,000
141,000
8,000
893,000
1,583,000
299.000
3,172,000
721,000
319,000
837,000
4,709,000
200,000
1,072.000
39,000
528,000
550,000
1,195,000
599,000
107,000
973,000
557,000
102,000
150,000
893,000
180,000
166,000
425,000
Local
Deposi¬
Legal
Deposi¬
with
taries.
taries.
Average.
t
Average.
%
Net
Demand
Net
Time
Average^
9
Average.
%
National
Bank
Circular
Average.
S
789,000
33,969,000
1,774,000
52,842,000
399.000 1,821,000
22,005,000
140,750,000 11,089.000 3,769,000
26,234,000
569,431,000 11,631,000 1,445,000
440,000
61,921,000
4,550,000
147,000
575,000
14,816,000
286,000
2,619,000
5,909,000 4,879,000
86,134,000
4,700,000
308,988,000
13,441,000
50,000
7,633,000 2,219,000
77,575,000
200,000
132,145,000
31,197,000
251,000
089,000
4,675,000
9,834,000
-
3,042,000
20,620.000
3,421,000
98.886.000
8,561,000
1,947.000
449,000
11,585,000
41,621,000
1,735,000
13,205,000
16,686,000
4,916,000
4,074,000
13,347,000
3.301,000
21,104,000
548.000
2,132,000
19,930,000
12,519,000
1,372,000
709,000
38,159,000
2,586,000
797,000
1,292,000
2,140,000
1,580,000
860,000
6,807,000
9,311,000
2,200,000
1,489,000
4,035,000
27,170,000
5,733,000
47,303,000
1,389,000
8,253,000
2,451,000
6,967,000
2,037,000
2,061,000
3,763,000
1,164,000
4,500,000
192,900,000 348,409,700 4,552,498.000 35,144,000 12,549,000 19,230,000 36,043,000 520,157,000
3,632,824,000 149,952,000 35,618,000
Oct.
Oct.
on
on
4,540,196,000 35,353,000
4,569,023,000 35,195,000
4.440.114,000 34,898.000
4.453.785.000 34,975,000
11
5
Sept. 28
Sept. 21
on
on
606,000
179,000
480,000
749,000
367,000
3,040,000
165,000
714,000
635,000
245,000
212,000
334,000
565,000
122,000
1,971,000
275,000
12,658.000
12,837,000
12,536,000
12,072,000
20,366,000
19,142,000
18,439,000
19,086.000
39,627,000
33,098.000
34,113.000
33.317,000
530,675,000
514.426,000
526,399,000
542,333,000
133,000
22,000
556,000
581,000
207,000
16,000
413,000
388,000
1,064,000
686,000
266,000
1,662,000
2,527,000
277,000
986,000
1,505,000
4,866.000
20,499,000
32,858,000
810.900
1,159.800
d434,200
478.000
273,000
549,000
969,000
3,663,867,000
3,643,789,000
3,655,672,000
3,634,803,000
146,874,000
150,724,000
150,564,000
152,496,000
120,000
48,000
15,712,000
4,435,000
21,238,000
31,278,000
4,000
5,000
34*666
43,000
73.610,000
3.368,000
1,292,000
1,024,000
2,855,000
5,041,000
168,000
72,663,000
73,356,000
73,804,000
71,989,000
72,350,000
3,227,000
3,372,000
4,172,000
4,285,000
1,211,000
1,160,000
1,137,000
1,167,000
1,008,000
1,097,000
985,000
978,000
3,013,000
2,951,000
2,917,000
2,870,000
5,737,000
5,183,000
3,945,000
3,876,000
274,000
164,000
315,000
249,000
72,689,000
72,915,000
71,983,000
70,857,000
43,000
43,000
5,000,000
4,000,000
of Federal Reserve
Son*.
95,000
11,834,800
38,510,000
451,000
5,205,300
23,934,000
125,000
189,000
220,000
72,000
558,000
176,000
2,334,000
1,173,000
132.000
22,377,000
397,000
13,916,000
611,000
433,000
9,000,000
17,040,100
3,750,000
actual oonditl
actual oonditl
on
actual eondltl
actual eondltl
on
Lawyers Title A Tr..
Average.
Deposits
15,891,000
250,000
N Y Produce Exch..
1,000,000
State
d 2.000,000
Trust Companies.
Title Guar A Trust..
Average.
%
103,000
451,000
181,000
1,805,000
337,000
776,000
295,000
211.000
59,000
325,000
595,000
266,000
907,000
521,000
724,000
649,000
2.312,000
51,000
257,000
15,000
253,000
724,000
2,108,000
168,000
15,000
1,383,000
407,000
76,000
210,000
205,000
144,000
109,000
108,000
11,000
124,000
258,000
129,000
75,000
93,000
290,000
45,000
199,000
261,000
13,000
168,000
46,000
45,000
204,000
459,000
60,000
Reserve
with
28,578,000
105,329,000
25,278,000
51,000
160,216,000
3,856,000 4,959,000
3,285,000
60.000
14,731,000
650,000
143,539,000
1,562,000 8,247,000
97,025,000
780,000
790,000
10,159,000
166,000
199,000
5,004,000
273,510,000 11,916,000 i.ibo.656
18,564,000
5,375,000
6,680,000
15,526,000
101,000
210,000
24,000
10,060,000
398,000
6,272,000
196,000
247,000
70,000
45.433.000
2,038,000
800,000
64,135,000
724,000
414,000
14,796,000
475,000
399,000
12,658,000
4,609,000
27,059,000
194,464,000 16,149,000
4,993,000
46,477,000
359,812,000 22,446,000
491,000
8,622,000
63,686,000 11,228,000
1,663,000
22,983,000
3,458,000
52,332,000
1,603,000
14,414,000
1,645.000
13,180,000
1,167,000
32,307,000
9,610,000
608,000
30,000
994,000
34,656,000
8,499,000
113,002,000
Bank.
Not Mem bars of Fed oral Reserve
15,387,000
600,000
500.000
1,403.400
Totals, avge for wk
SUver.
Ac.
A
Additional
National
Bank
and
Federal
Reserve
Notes.
Legal
Average.
Bowery
Totals,
Totals,
Totals,
Totals,
Loans,
Discounts,
Investments,
Net. Banka Aug. 311
State Banka June 201
Trust Co's June 20 j
Members of Federal
Reserve Bank.
Bank of NT.NBA
Bank of Manbat Co
Merchants' National
Meeh a Metals Nat.
Bank of America
National City
Chemical National.
Atlantic National
Nat Butch A Drovers
American Exeh Nat.
Nat Bank of Comm..
Pacific
Chat A Phenlx Nat..
Hanover National..
Cttlsfloa* National
Totals,
Totals,
Totals,
Totals,
Profits.
Capital.
Oct.
Oct.
on
3,868,300
11
5
Sept. 28
Sept. 21
on
35,645,000
35,665,000
35,670,000
35,536,000
43.000
38,000
Not Mem hers
62,444,000
546,000
314,000
292,000
734,000
3,507,000
529,000
36,293,000
1,044,000
62,193,000
62,553,000
62,735,000
62.887.000
546,000
546,000
545,000
541.000
324,000
296,000
287,000
216,000
204,000
683,000
635,000
660,000
774,000
4,083,000
3,530,000
3,934.000
3,728,000
706,000
674,000
224,000
191,000
36,302,000
36,420,000
38,007,000
37,982,000
1,052,000
1,042,000
1,064,000
1,035,000
Grand aggregate.avge 205.650.000 369,318,100 4,688,552,000 39,058,000 14,155,000 20,546,000 39,632,000 528,705,000
Comparison prev wk.
+ 54,000
—95,000 +2988000 -10,077,000
+ 33,301,000 —139,000
+ 148,000
Grand ag*gate. actual
Comparison prev wk.
condition
on
980,000 b3,772,858,000 147,969,000 35,645,000
—20,000
+ 142,000
+ 19,734,000 —3,840,000
Grand
Grand
Grand
Grand
condition
condition
condition
condition
Oct.
Totals,
Totals,
Totals,
Totals,
Totals,
a
avge for wk
actual
actual
actual
actual
oonditl
eondltl
oonditl
oonditl
ag*gate, actual
ag’gate, actual
ag'gate, actual
ag’gate. actual
U. S. deposits
on
on
on
on
Oct.
Oct.
11
5
Sept. 28
Sept. 21
11 4,675,745,000 39.126,000 14,193,000 21,670,000 43,323,000 540,495,000
+ 13,000 —123.000 + 1144000 +6639000 + 17356000
—29,635,000
Oct.
5.
4,705,380,000
4,574,838,000
4,589,022,000
4,516,374.000
Sept. 28.
Sept. 21.
Sept. 14.
deducted, 3295,809,000.
319,000
328,000
330,000
39,113,000 14,316,000 20,526,000 36,684,000
39.615.000 14,001.000 19,640,000 37,690,000
39,801,000 13,569,000 20,268,000 36,961,000
40.064.000 14,161,000 20,398,000 37,199,000
b U. S. deposits deducted, $246,489,000.
c
523,139,000
534,278,000
549,937,000
506,655,000
697,000 a3,741,780,000 151,039,000 35.618,000
—19,331,000 —1,109,000 —43,000
3,753,124,000
3,765,662,000
3,743,642.000
3,721,280,000
838,000
539,000
440,000
241,000
Includes capital set aside for foreign branches, $6,000,000.
151,809,000
151,671,000
153.569,000
164,522,000
35,665,000
35,670,000
35,536.000
35,658,000
d As of Aug. 311918.
STATEMENTS OF RESERVE POSITION.
Actual Figures.
Averages.
Members Federal
Reserve Bank.
State Bank
Trust
companies*
Total Oot. 11.
Total Oct.
5.
Total Sept. 28.
Total Sept. 21.
•
Cash
Reserve
to Vault.
$
Reserve
in
Inc. or Dee.
a
Reserve
Surplus
from
Depositaries
Total
Reserve.
Required.
Reserve.
Previous Week
9
$
$
$
9
Cash
Reserve
in Vault.
9
b
Reserve
in
Total
Reserve.
9
9
.
Reserve
Surplus
from
Required.
Reserve.
PreviousWeek
9
9
9
520,157,000 520,157,000 476,765.680 43,391,320 —7,712,980
500,660
+ 164,080
8.539,000
5,041,000 13,580,000 13,079,340
—141,750
def50,950
1,886.000
5,443,950
3,507,000
5,393,000
530,675,000 530,675.000 480,708.930
5,737,000 14,196,000 13.084,020
8,459,000
4.083.000
5,932,000
5,445,300
1,849.000
495,288,970 43,841,030 —7,690,650
497,813,320 51,531,680 + 10,370.200
495,810,520 41,161,480 —7,951,1*0
493,557,340 49.112,660 + 19,373,030
10,308,000 540,495,000 550,803,000 499.238.250
10,367,000 523,139,000 533,506,000 496.801,990
10,960.000 534,278,000 545,238,000 498,412,270
11,149,000 549,937,000 561,086,000 495.550.830
10,425,000
10,563,000
11.162.000
11,271,000
528,705.000
538,782.000
525,810,000
531,399,000
539.130,000
549.345.000
536.972,000
542,670,000
Inc. or Deo.
b
Depositaries
49,966,070 + 13,754,360
+473,680
1,111,980
486,700
+632,700
51,564,750
36,704,010
46,825,730
65,535,170
+ 14,860,740
—10,121,720
—18,709,440
+40,580,950
Not members of Federal Reserve Bank.
This Is the reserve required on net demand deposits In the ease of State banks and trust eompanles, but In the ease of members of the Federal Reserve Banks.
Includes dm amount of reserve required on net time deposits, which was as follows: Oct. 11, $4,498,560; Oct. 5. $4,531,380; Sept. 28, $4,554,930; Sept. 21, $4,636,380.
a
b This is the reserve required on net demand deposits In the ease of State banks and trust eompanles, but In the ease of members of the Federal Reserve Bank
also amount of reserve required on net time deposits, which was as follows: Oct. 11, $4,406,220; Oct. 5, $4,521,720; Sept. 28, 4,516,920; Sept. 21, $4,574,880.
c Amount of eaSh In vault, which is no longer oounted as reserve for members of the Federal Reserve Bank, was as
Oct. 11, $102,966,000; Oct. 5, $100,020,000; Sept. 28. $101,632,000; Sept. 21. $100,122,000.
d Amounts of
in vaults, whleb la no longer oounted as reserve for members of the
Oct. 11, $108,90$,000; Oot. 5, $100,272,000; Sept. 28, $99,986,000; Sept. 21. $99,450,000.
follows:
Federal Reserve Bank, was as follows:
haaledss
THE CHRONICLE
1558
[Vol. 107.
STATE BANKS AND TRUST COMPANIES IN NEW YORK CITY.
weekly figures
showing the condition of State banks and trust companies
In New York City not in the Clearing House, as follows:
The State Banking Department reports
Slate Banks.
SUMMARY OF STATE BANKS AND TRUST COMPANIES IN GREATER
NEW YORK. NOT INCLUDED IN CLEARING HOUSE STATEMENT.
Oct. 11.
previous week.
Inc. $6,587,000
Inc.
28,500
Inc.
785,800
Dec. 7,181,700
Dec. 3,880,300
$724,534,800
Loans and Investments
Specie
10,161,200
Currency and bank notes
Deposits with the F. R. Bank of New York
Total deposits
Deposits, eliminating amounts due from reserve
15,468,000
52.042,700
772,684,100
-
Capital
8urplus
Loans and Inveatm’ts
R. Bank of N. Y._
Dec. 2,394.400
Dec. 10,011,300
693,967,600
122,160,300
Reserve on deposits.
P. C. reserve to dep.
*
Total
-
-
The averages
——Trust Companies
$15,360,100
12.00%
12,226,000
9.55%
$61,362,800
33,211,400
12.79%
6.92%
$27,586,100
21.55%
$94,574,200
19.71%
Deposits In banks and trust cos
of Sept. 10
of Sept. 10
Deposits.
Stale Banks
Cash In vaults
as
as
Differences from
previous week.
Oct. 11
1918.
Differences from
previous week.
$
%
S
S
*23,718.700
•41,842,100
491.869.600 Inc.
Specie
Currency A bk. notes
Deposits with the F.
de¬
positaries and from other banks and trust companiesln N Y. City, exchanges and U.S.deposits
Reserve on deposits
Percentage of reserve, 20.0%.
Oct. 11
1918.
Differences from
(Figures Furnished by State Banking Department.
Trust Companies.
Week ended Oct. 11.
99,050,000
166,698,000
4,559,700 1,959.363.600 Inc.
169,700
14,155,300 Inc.
1,514,800
18,835.400 Inc.
11,095,100 Inc.
25,322,400 Inc.
43,068.000 Inc.
576.276.600 Dec,
96,711,600 Inc.
2,354,800
182,318.100 Dec. 7,981,300
5,752,000 1,886,399.100 Dec. 29,593,400
2,284,900
0.4%
21.5% Inc.
Boston Clearing House Banks.—We give below
COMPANIES
BOSTON CLEARING HOUSE MEMBERS
Oct. 12
1918.
June 15
June 22
June 29
Demand
Investments
Deposits.
%
%
Specie
*
Aug.
Aug.
Aug.
Aug.
Aug.
3
10
17
24
31
Sept. 7.
Sept 14.
5,231.510.0 4.297.646.1
5.281.063,9 4.317.718.7
5.230.921,4 4.314.490.2
5.173.0X1.5 4.406,150.0
5.249.106.5 4.475.183.9
5.233.177.2 4.418 249.8
Sept. 21
8ept. 28
5
5.294.283,6 4,427,043.3
5.296.960.1 4.450.212.9
5,373.198.8 4,537.675.4
12
5,413,086,8 4,435,747,6
"Included with ‘Legal Tenders
%Cld by State banks and trust ooa
Loans, dlsc’ts A Investments
Individual deposits, lnd.U.8
Reserve In
Tenders
Total
Cash in
Vault
r
f
9
Legal
5.293.378.3 4.473.266.6
5.242.919.0 4.433.580.1
5,147,055,5 4.401.117.1
5.107,950,8 4,335,634,9
5.143.094.5 4.328.256.7
5.089.497.1 4,308,018.7
5,058,802,7 4.239.295.8
5.137.068.5 4.295.324.2
July
6
July 13
July 20
July 27
Oct.
Oct.
and
Circulation
IN
(Two ciphers omitted.)
Loans
Week
Ended—
82.146.6
86.257.3
80.450.7 88.787.6
80.119,9 89,726.9
78,499.8, 88,676,0
78.372.1 89.309.8
76.008,0 87.138,5
75.037,7! 87.536.0
74.037.61 88.453.1
Change from
previous week.
Oct. 5
Sept. 28
iyix
1918.
$
«
taries.
594.047.9
669.593.9
586.136.5
570,046.4
563.383.2
561.439.9
578.552,0
national bank notes and Fed Reserve uotee
but not thorn held by Fed Reeerve members.
<00) omitted
Oct. 5
Memb’rs of
F R
Syst
panies in New York City not in the Clearing House," furnished
Capital.
Surplus and profits
Loans, dlsc'ta A Investin'^
Exchanges for Clear .House
Dy
For definitions and rules under which the various items
are made up, see “Chronicle,” V. 98, p. 1661.
The provisions of the law governing the reserve require¬
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 ana what deductions are permitted in
the computation of the reserves were given in the “Chronicle”
April 4 1914 (V. 98, p. 1045).
14,179,000
15,186,000
Wttk ending Oct. 12 1918.
Two ciphers
com¬
the State Banking Department, the Department also
presents a statement covering all the institutions of this
class in the City of New York.
2,2.3,000
Philadelphia Banks.—The Philadelphia Clearing House
the week ending Oct. 12, iyith comparative
figures for the two weeks preceding, is as follows. Reserve
requirements for members of the Federal Reserve system
are 10% on demand deposits and
3% on time deposits, ail
to be kept with the Federal Reserve Bank.
“Cash in
vaults” is not a part of legal reserve.
For trust companies
not members of the Federal Reserve system the reserve
required is 15% on demand deposits and includes “Reserve
with legal depositaries” and “Cash in vaults.”
are
.
*
14,000
4,750,000
4,763,000
1,547,000 522,832,000 504,912,000
3.040,000 453.132.000 437.001.000
3,637.000 124,165.000 115,754,000
151.000 14.534.000 14,717.000
1,834,000 16.800.000 13.846.000
753,000 80,021.000 79,140,000
1,658,000 62,663,000 61.604.000
statement for
73.349.2! 87.040.8
557.064.2
72.650,0 90.058.1
549.748.1
551.742.5
72.419,2| 86.569.3
71.853.11 86.335.2
558.574.4
70.700.11 87.712.1
583.554.8
71.038,6 88.345.3
554.898.2
70.472.1 96.532.8
571.118 2
70.816,0 94.623.1 165,439.1 567.573.3
69.970.7 91.4.34.6 161.405.3 587,014,3
69.765.2 85,254,71 155,019,9 574.142.4
In addition to the returns of “State banks and trust
ments
4,764,000 Inc.
521,285,000 Dec.
450,092,000 Dec.
Due to banks
120,528,000 Dec.
Time deposits
14.685.000 Inc.
Exchanges for Clear. House
14,966.000 Dec.
Due from other banks
80,774.000 Inc.
Cash in bank A in F.R. Bank
64,321,000 Inc.
Reserve excess In bank and
Federal Reserve Bank
16,392,000 Inc.
Deposi¬
168,403,9 581.941.7
169.238.3
169.846.8
167.175.8
167.681.9
163.146.5
162.573.7
162.490.7
160.390.0
162.708.1
158.979.5
158.138.3
158.412.2
159.383.9
167.004,9
a sum¬
showing the totals for all the items in the Boston
Clearing House weekly statement for a series of weeks:
$
TRUST
273,141,800 Dec. 11,579,200
18.2% Dec.
0.5%
mary
of the New York City Clearing House banks
AND
63.400
1,572,700
As of June 10.
and trust companies combined with those for the State banks
and trust companies in Greater New York City outside of
the Clearing House are as follows:
COMBINED RESULTS OF BANKS
GREATER NEW YORK
7,751,800
.
Due from banka.
Bank deposits.
Individual deposits
Time deposits
Total deposits.
U S. depoalta(not'Included)
Res’ve with Fed Rea. Bk
Rea’ve with lesral deposit*
Cash in vault"
Total reserve A.cash held.
Reserve required
Excess res. A cash in vault
Trust
Cos.
$27,975,0
76,005,0
618,393,0
25,189,0
128,095,0
158,030,0
464,041,0
4,935,0
627,006,0
$3,000,0
7,498,0
25,335,0
284,0
10,0
437,0
16,716,0
17,153,6
53,494,0
3,039,6
16,014,0
69,508,0
47,026,0
22,482,0
"Cash in vault Is not counted
778,0
3.817,0
2,528,0
1,289,0
as reserve
Sept. 28
Itf i*
1918
Total.
$30,975,0
83.503,0
643,728,0
25,473,0
128.105,0
158.467,0
480,757,0
4,935,0
644,159,0
28.138,0
53,494.0
3.039,0
16,792,0
73,325,0
49,554.0
13,771,0
$30,975,0
83.498.0
645,335,0
26,741,0
134,331,0
161,70y,0
483,040,0
4,913.0
649.662.0
34,398,0
50,136,0
3.826,0
17,156,0
71,118,0
49.386,0
21,732,0
$30,975,0
83.455.0
630.491,0
23,261,0
130.247,0
168.839,0
469,569.0
5.007,0
643,415,0
23,347,0
51,634,0
1.728,0
16.869,0
70.231,0
49.417.0
20,814,0
for F. R. bank members.
Non-Member Banks and Trust Companies.—-Following is the report made to the
member institutions which are not included in the “Clearing House return” on«the
Clearing House by clearing
preceding page:
non¬
RETURN OF NON-MEMBER INSTITUTIONS OF NEW YORK CLEARING HOUSE.
Net
CLEARING
NON-MEMBERS.
.Capital.
Week ending Oct. 11 1918.
■
(Nat.
banks Aug. 31
State banks
20
June
(Trust
Members of
Federal Reserve Bank.
Battery Park Nat Bank
New Nether land Bank
W. R. Grace A Co.'e bank...
YorkvtUe Bank.
First Nat. Bank, Brook/yn.
Nat. City Bank. Brooklyn..
First Nat. Bank, Jersey City
Hudson Co. Nat., Jersey City
Total
State Banks.
Not Members of the
Federal Reserve Bank.
Bank of Washlugton Heights.
Colon al Bank
Columbia Bank
International Bank
Mutual Bank
Mechanics’ Bank. Brooklyn.
North Side Bank. Brooklyn..
.
Total
Trust Companies.
Not Members of the
Federal Reserve Bank.
’
Ham on Trust Co., Brooklyn
Meohanice’ Tr. Co.. Bayonne
Total
Grand aggregate
Comparison previous week
Excess reserve..
Grand aggregate Oct.
5...
Grttnd *i£*;ree»i*- Sept. 28.__
Grand aggregate 8ept. 21...
Grand aggregate Sept. 14
■
U. 8. depodt,
Profits.
Loans,
Discounts,
Investments,
•
Ac.
Gold.
Average.
Average.
$
Legal
Tenders.
Silver.
cos. June 20
$
400,000
200.000
600,000
100,000
300,000
300.000
400.000
1,334.600
250,000
765.100
11,598,000
3,858,000
4,383,000
7,826,000
8,096,000
6,590.000
8,965,000
4,843,000
2.460.000
5.407.600
100.000
500,000
1.000,000
500.000
200.000
1.600,000
200.000
478,000
1,040,300
627,100
168.800
$
$
Average.
Average.
$
National
Bank
A Federal
Reserve
Notes.
Average.
$
Reserve
with
Additional
Legal
Deposi¬
with
Deposits
Legal
Deposi¬
Net
Demand
Net
Time
taries.
taries.
Deposits.
Deposits.
Average.
Average.
Average.
$
%
Average.
$
1,000
81,000
67,000
$
16,000
5,000
3,000
187,000
11,000
26,000
331,000
4,000
56,159,000
191,000
583,000
453,000
1,086,000
6,030,000
5,630,000
41,005,000
5,923,000
71,000
470.000
665,000
160,000
399,000
21,000
11,000
31,000
267,000
392,000
51,000
204.600
2,514,000
10,500,000
13,369,000
5.916,000
8,255,000
26,405,000
5,570,000
107,000
11,000
319,000
13,000
528'000
108,000
179,000
462,000
383,000
448,000
461,000
1,071,000
292,000
138,000
694,000
766,000
320,000
951,000
1,550,000
265,000
238,000
398.000
55,000
166,000
617,000
305,000
2,301,000
11,573,000
12,769.000
6,276,000
7,872,000
25,837,000
4,998.000
352,000
423,000
271,000
43,000
419,000
4,100.000
3.907.300
72,529,000
1,474,000
815,000
1,490,000
3,296,000
4,684,000
1,779,000
70,626,000
1,508,000
500,000
200.000
1.012,400
368.600
8,811,000
8,104,000
367,000
18,000
11.000
22,000
20,000
74,000
142,000
116,000
318,000
406,000
235,000
6,369.000
4,912,000
1,255,000
3,288,000
700,000
1.381.000
16,915,000
385,000
33,000
94,000
258,000
724,000
235,000
11,281,000
4,543,000
2,050.000 1,431,000
+ 100,000! + 258,000
2,037,000
4,640,000
11,438,000
—84,000;
2.I2I.OOOI
+ 539,000j —440,000
699 800
204.600
664.600
573.900
681,700
683,400
554.600
833.900
7,250,000 10.695.900 145.603,000
+ 2.211,000
decrease
7.250.000
7.695,000
7.595,01X1
7.595.000
$145,290*
10.654.500
11.569.700
11.466,300
11.466,300
deducted, $9,247,000.
143,392.000
141.705.000
140.941.000
139,583.000
12,000
19,000
4,000
""Y, 000
39,000
68,000
127,000
127,000
42,000
121,000
55,000
72.000
56,000
130,000
83,000
154,000
276,000
189,000
1,242,000
94,000
638,000
235,000
523,000
858,000
650,000
844,000
424,000
746,000
697,000
895,000 2,781,000
284,000
749,000
%
NatIona
Bank
Circula¬
tion.
Average.
S
7,512,000
4,174,000
2,633,000
4,258.000
6,050,000
5,536,000
7,043.000
3,799,000
85,000
133,000
640,000
3,589,000
493,000
427,000
’556*666
120,000
391,000
194,000
1,195,000
196,000
'294:666
--------
1
1.950.000
1.994.0001
1,173.000
1.237.000
1.184.000
2.259.000
l.lll.OOO!
1.946.000!
4.101.000 11,878.000
1.968,000j 4.630.000 11.275.000
2.22I.OO0; 4.098.000 11.351.000
2.775.000
4.336.000 10.9S9.000
7,644,000 al22,912,000 11,974.000
+824,000
+ 836,000 + 602,000
6.820.000
7.118.000
8.462.000
7.392.000
122.076.000! 11.372.000
122.294.000 11.877.000
118.563.000! 1.867 000
122.701 000!
8.241.000
--------
--------
1,195,000
+ 4.000
1.191,000
1,202.000
1.143.000
1.202.000
Oct. 19 1918 •IS
~o5»
BTHE CHRONICLE
ABSTRACT FROM REPORTS OF THE NATIONAL BANES MADE TO THE COMPTROLLER JUNE 29 1918.
Surplus
and
No.
June 29 1918.
Undi¬
vided
Capital.
of
Banks
Profits.
In thousands of doUa
Maine
63
55
New Hampshire
Vermont
48
141
Massachusetts.
Boston
15
17
Rhode Island..
Connecticut
67
New England
New
York
Albany
Buffalo
New York..
New Jersey
Pennsylvania.
_
Philadelphia.
Pittsburgh
.
.
Delaware
Maryland
Baltimore
Washington DC
Eastern
6,404
5,431
4,108
26,976
43,175
7,091
19,460
$
5,403
4,943
4,279
16,049
5,191
4,552
12,468
406
96,773 112,645
52,885
425
3
2
49
202
782
30
21
20
83
12
14
41,255 44,934
2,100
3,102
7,000
6,505
125,725 228.120
22,567 32.007
68,173 98,134
21,155 51,335
28,350 28,696
1,459
2,215
5,119
5,516
10,861 10,829
7,427
6,602
rs.
5,235
4,935
25,774
28,395
5,570
19,899
1,643
Virginia
142
7
Richmond
We3t Virginia.
North Carolina
South Carolina
Charleston..
5
2
Atlanta
Savannah
Florida
Birmingham.
Mississippi
Louisiana
New Orleans
Texas
Dallas
Fort Worth.
Galveston
Houston
San Antonio.
Waco
Arkansas
Kentucky
Louisville
7
96
2
3
5
Tennessee
Chattanooga
Memphis
Nashville
Southern.... 1,588
Indianapolis.
Illinois
Chicago..
_.
Peoria
Michigan
Detroit
Gran lRapils
Wisconsin
Milwaukee.
Minnesota
.
MinneapolisSt. Paul
Iowa
Cedar Rapids
Des Moine3.
Dubuque
Sioux City..
Missouri
Kansas
St.
St.
City.
Joseph..
Louis
North Dakota.
South Dakota.
Nebraska
Lincoln
Omaha
Kansas
Kansas City.
Topeka
Wichita
Montana
....
a
Wyoming
Colorado
Denver
Pueblo
New Mexico..
Oklahoma
Muskogee
Oklah’a City
Tulsa
Western
....
Washington
Seattle
Spokane
Tacoma
Portland
California
Los
Angeles.
TTtah
Ogden
SaltLakeCitj
Nevada
Arizona
Alaska
Pacific
944
3.693
792
5,553
4,857
6,722
1,664
2,781
3,508
3,478
32,278
4,449
2,530
7,618
1,630
2,760
2,513
2,218
24,880
4,048
1,585
918
*
7,287
2,166
2,756
2,671
5,143
11,509
17,395
11,675
7.999
438
353
936
3,400
1,800
4,654
2,920
1,800
3,237
11,118
4,536
6,439
1,750
12,094
3,453
61,105
42,161
24,131
4,308
34,190
18,283
18,570
6,001
29.672
11.948
11,501
32,939
1,638
37,305
41,393
12,091
21,094
27,138
27,116
174,699
31.481
18,941
1,951
31,559
954
22,536
10,301
7,063
6,380
7,481
1,475
21,792
1,741
2,927
2,263
8,544
1,541
1,073
3,835
14,101
7,463
'
112,768
60.129
74,686
60.965
43,112
10,602
43,149
43,921
3,798
44,833
41,419
11,467
20,507
32,102
31,497
199,415
38,002
22,336
3,346
38,773
16,061
8,324
2,201
3,767
2,100
9,336
182,351 147,173 141,930
205,076
944,714
301,233 1,188.418
27,442
8,478
5,070
10,339
3,061
2,633
2,990
4,789
14,439 19,924
6,335
4,516
27,009 24,357
1,440
43,703
2,354
1,791
7,628
6,715
1,630
5,251
1,973
1,792
9,396
8,386
3,053
5,240
11,409
9,842
2,235
9,487
1,144
5,447
14,246 15,885
6,331
34,055
53,053
7,697
6,853
13,329
16,456
205.124
52,948
94,093
102,035
863
3,956
7,361
4,247
4.647
1,267
745
1,065
2,097
30,650
10,310
800
814
2,250
1,491
500
287
836
766
808
393
872
5,583
4,576
4,304
8,061
1,013
11,755
836
10,732
802
539
5,497
9.022
1,928
9,407
500
400
530
302
750
394
394
225
4.882
2.162
4,938
4,439
3,749
1,822
4,654
2,600
1,300
2,050
1,384
81,553
7C
?
2
4,410
4,300
2,450
1,000
5,076
4,626
22,136
7,600
1,500
28,500
4,016
931
6,266
3,304
20 742
3,690
22,186
261,596
4,145
2,870
16,146
2,707
5,108
17.632
10,337
33,569
21,839
19,509
10,317
11,330
972
14,571
5,134
83,129
12,324
71,803
26,611
20,004
115,212
35,202
172,807
361,446
10,978
44,635
61,096
8,021
58,377
45,177
77,096
59,978
44,095
88.045
4,408
11,416
2,150
8,686
34,842
63,505
7,662
69,688
765.048 1,783,302
13,872
9,801
847
6,655
6,160
2,451
6,081
9,833
53,101
2,194
100,237
27,176
5,419
69,885
9.230
7,761
'70,224
21,084
88,152
11,987
7,201
82,107
3,241
3,003
,
8.54
2,888
9,233
6,390
2,825
12,780
32,260
62,324
40.985
43,726
16,775
7,949
22,578
211,182
74,964
127,333
26.393
26,610
133,373
38,075
211,851
515,263
15,283
71,1.50
64,344
15,835
92,597
68,114
141,760
98,400
58,864
157,597
12,214
20,869
2,599
17,667
37,062
114,660
17,067
123,297
723,532 2,494,478
25,277
34,405
51,014
7,852
41,920
78,391
3,804
4,092
8.94*
41,624
20,84$
45,714
40,916
6,939
17,.545
96,376
6,989
14,597
31,954
31,722
27,298
33,997
63,437
635
11.035
6,252
25,873
1,819
3,539
6,920
69,366
89,756
5,068
3,49!
13,837
53,822
23,994
50,042
46,909
4,664
21,841
92,686
7,973
14,715
28,716
600
661
377
2,830
12,820
1,810
5,879
1,817
8,379
750
318
939
1,056
700
646
604
4,066
9,674
9,096
5,909
40,233
9,433
3,367
1,370
7,143
4,433
2,565
2,297
14,043
2,459
2,168
5,670
1,413
5,241
7,289
58,193
53.254
137,919
579,206
239,178
722,439
2,385
1.43C
2,20*
1,407
10,239
4,442
17,458
671
844
7,11*
1,121
25,055
2,25!
3,597
2,725
15,14(
4,80?
1,501
19,195
3,125
1,07?
9,399
9,07?
20.89C
3,274
84,709
2,345
35,394
45,417
10,675
7,175
35,014
36,235
128,165
37'
545
50
574
IK
35,917
43,557
17,273
6,436
33,474
39,626
136,322
73,437
13,54*
187,29!
29,557
4,27*
5,16;
17,62;
7,47:
11,611
1,000
7,660
2,190
6,640
3,400
3,722
7,160
3,166(’
2,001
66*
218
3,472
2,79;
14,01(
630
57
2.200
1,485
55< I
1,436
1,550
1,1611
2,
1
66.03
92,020
2,13,
1,22'
97()
62,19
1,391
5,821
1,75.'
1,00'
6,252
15, oo;
595,245
3
65()
10'5
425 1
g?j
46“ l
K
364 1
Non-mem. b’kj3
5
750)
52*7
6V7
371 }
5 7 681 63
2,404
4,10?
14,73':
157,93?
Hawaii
l jr
10,685
160,38.:
27,046
152
int)
J7.TO =i 1,099.5 V
56,409
15:
>
tt. «■
43.520
4,575
17,263
7,635
31,747
58,237
26,780
36,390
7,997
7,458
16,245
^,137
5fyl
....
900
6,414
3.925
3,143
6.938
J
1<>
11i
l
.
1,600
8,108
4,100
2,923
9,186
6,510
5,694
1,188
6,260
5,540
8,825
1,150
5,550
12,088
(
6?
14
38,482
27,073
11,209
26,814
42,291
145,986
112,952
128,735
34,051
10,049
8.799
12,284
6,575
13,535
10,967
5,215
1,588
6,710
8,695
78,043
36,197
9.790.50
499
155
3,78(
25,237
9,737
20,292
17,582
2,742
6,459
14,641
16,257
10,241
3,74?
10,277
15,677
49,085
21,337
1,96?
14,77*
9,847
2,535
1,59?
6,05!
3,841
2,44!
65,258
75,826
16,630
6,415
10,884
8,606
6,936
2,108
8,015
6,504
930
140
10,124
5,008
4,446
1,769
2,853
3,525
1,486
13,532
3,102
2,203
10,217
3,837
4,224
4,176
6,620
36,398
7,621
3,576
827
131
8,121
4,939
1,857
4,612
1,723
1,445
5,978
543
,
680
275
3,513
8,285
15,735
27,533
24.625
1,645
2,702
7,326
3,906
7,975
84
297
184
191
11,673
1,230
2,660
66.191
10.616
26,150
13,247
714
2,988
3,915
780
227
4,373
3,610
1,754
1,954
2,755
3,414
15,640
4,292
2,306
3.468
965
877
473
867
3,481
2,657
3,512
1,303
4,438
2,469
211,801 108,852
91,424
202,072
100,520
63,558
16,120
10,342
7,448
5,487
26,611
5,076
37,979
41,764
13,826
23,725
6,372
6,276
19,885
7,949
35,623
96,633
3,055
18,849
8,431
13,341
15,315
14,457
4,473
4,949
2,492
2,388
14,199
3,794
19,999
25,940
1,230
7,318
1,794
3,091
9,464
7.134
4,214
16,425
7.953
7,729
24,568
1,022
3,137
4,731
2,910
3,083
9,495
605
395
712
522
1,743
35,632
2,727
30,848
9,892
2,478
23,502
8,496
14,203
4,925
5,989
7,798
1,188
519
699
1,798
2,860
5,354
10,680
15,250
3,005
952
2,711
5,010
4,000
1,177
3,285
3,056
10,455
4,089
17,558
67,195
1,394
5,514
7,799
819
540
280
1,869
3,180
10,299
1,344
15,764
11,033
328,035 159,198
343,383
467,109
821
2,098
13,531
20,638
3,368
2,564
19,687
19,476
1,018
8,178
2,907
3,652
362
4.517
6,686
5,815
8,700
7,012
5,162
10,334
1,173
1,763
14,714
11,641
4,391
8,323
37,022
5,026
22,145
1,792
7,594
8,237
2,480
22,345
.6,978 14,336
2,020 2,514
7,010 5,619
3,025 3,031
837 2,470
7,862
4,643
6,248
3,788
2,406
8,356
2,008
38,400
14,064
10,402
6,076
5,690
27,978
11,170
36,754
30,326
4,135
11,444
4,988
3,272
49
474
599
327
207
475
356
680
1,233
2,032
2,187
580
72,657 151,099
2,291
595
3,027
3,833
1,444
5,724
12,916
696
244
2.198
3,867
5,131
2,261
5.64C
452
924
347
353
396
374
727
732
17,324
17,616
1,691
1,002
6,104
7,217
5,286
3,128
6,298
7,165
2,569
1,314
3,072
1,150
1.364
104
854
5.79!
54*
535
1,15!
3,875
1,95!
4,212
6,352
1,743
957
580
189
699
787
100
,uua8
Aua OAnkera other than
335
1,595
1,666
187
1,387
2,453
2,767
1,327
111
795
855
555
448
658
593
2,420
4,148
7,561
282
242
475
154
351
820
431
476
1,175
1,958
1,601
90
631
454
287
466
1,342
793
931
187
481
591
1,166
1,391
438
453
160
153
202
698
703
512
250
653
8,193 14,172
25.703
48,068
6,673
1,772
1,950
1,175
12,158
2,681
2,952
1,862
2,890
2,533
174
349
270
79
735
653
417
227
1,649
1,438
628
619
2,641
3,962
2,179
7,865
216
121
800
327
142
832
389
961
54
67
1,112
233
922
108
51
1,963
2,586
1.558
1,838
739
535
928
639
950
3,654
1,822
5,083
11,455
6,741
3,009
9,903
23,282
324
661
3.944
2,183
1,954
1,004
485
373
2,335
375
584
2,149
1,431
2,522
1,317
4,093
2,053
4,448
1.910
1,402
4,949
978
1,584
1,134
2,231
76
85
51
95
51
152
24
153
406
97
626
44
337
844
1,067
1,931
130
258
541
1,590
2,298
4,087
387
187
153
199
254
236
487
12
234
81!
17
*
75
89*
224
863
119
585
1,637
3,195
56,122 101,228
694
829
1,378
1,432
2,048
1,039
203
302
1,018
2,081
1,639
8,826
116
93
34!
160
250
545
1,781
3,277
8,352
5,13!
322
421
1,076
1,123
3,273
3,340
4,80!
11,610
5,487
8,287
9,222
3,561
4,747
15,651
1,140
4,343
10,907
86,494
39.334
66.230
147,668
61,409
6,02!
6,146
15,11!
27.294
4.741
3,564
1,608
6,934
9,625
3,155
1,725
3,83*
8,320
28,17?
5,691
1,895
27,911
3,06!
6,468
13,978
2,58!
3,335
4,785
1,623
1.883
1,798
827
363
35!
20!
91
297
155
1.13C
1,094
1,728
6,228
6,373
18,275
17,512
1,283
72,49?
5,35(
39C
345
12
91
655
44
255
32!
477
511
1,01.'
1,965
731
928
1,455
1,32!
3,47!
2,09?
6,263
3,557
34!
46'
42?
1,02!
4,00?
2,13!
2,624
11,588
1,299
1,476
2,106
6,527
4,977
1,050
4,872
5,174
21,090
9,335
2,190
30,675
4,12!
623
755
3,821
1,730
1,88;
662.62?
103,58!
2,113
34*
15(
61?
2,46:
40?
631
3,04(
49?i
3,07?i
7.838,15'
2,343.58!1
1,044
1.386.25
986
947
2,486
4,591
12,223
7,747
717
5,307
2,491
421
57!
99!
544
84?
1
48.06!
915
2,51!
1,37.'
1,57'
9,i
106,711 )
3,27!
7!
163,23?)
783
1,614
7,926
788
1,597
3,134
4,381
11,46!
5,915
1,5K
20,43!
2,26!)
15!
777
1,351
9K
65
1,36* 1
1,28<5
77!l
1,33' 7
2()
19:1
3!i
6!)
7()
5
27!J
2?i
63,81’7
6,05?5
25,>
47'
1,446
1,397
55(
5
73(
29:
35
6?
12(
8. >
22
2,640
2,961
249
511
395
792
1,716
127
345
486
2.977
223
736
746
35?
467
3,04'
54?
5!
105
5,141
1,032
123
240
494
431
>
4,95. j
15,46!1
26,487
2!)
9i
1-l
1
364
628
13
992
IK1
48 7
1,49?J
32
53
43i
60 1
1,74
85.2
12 2
1.740,8*,5 1,462.41:1 1.129,55' 7 77.17 1
8
730,534
.
304
295>
5841
6?1
Ill
32? >
24.
967
639
93,06
1,078
99
200,82 3 382.701
Federal Reserve Bank, b Demand deposits are made up of: Individual deposits subject to check, $7,161,368,000;
of deposit due In less than 30 days, $344,386,000; certified checks, $49,633,000; cashier's checks outstanding, $102,678,000; State and municipal deposits,
and deposits with notice of less than 30 days, $37,068,000; dividends unpaid, $23,011,000; other, $44,134,000.
c One report for May 10 1918 used.
*
4,488
1,134
3,199
1,855
1,129
279
553
174
4,079
5,407
9,981
12,935
612
1,629
3,894
3,094
382
744
579
458
113
561
501
79
660
794
85
93
343
3
135
43
3,054
2,811
2,391
10,103
1,315
430
367
522
87
387
926
27
14!
121
598
16!
417
213
61
188
918
93
256
217
1,823
2,648
4,110
752
882
157
712
319
91
33
335
378
8
406
646
129
128
131
26
993
63
35
35
152
216
7
331
604
422
682
67
132
73
241,166 19,183 25,846
5,322
6,121
10.910
1,051
5,932
2,190
8,950
13,163
3,990
962
1,512
24,022
6,082
13t521
7,181
6,796
605,789 33,345 33,542
5.990
9.847
698
56,856
2,196
1,385
2,018
6,034
8,118
6,707
1,441
6.056
774
2,95:5
9,408
5,437
■
4,017
3,810
18,703
42,404
35,709
29,471
L
1,348
1,430
5.107
838
10,147
8,416
6,555
4,538
4,662
4,547
32,888
7,283
5,449
790
735
847
381
413
424.422
7,187
2,677
1,611
7,411
9,407
%
$
394
196
1,343
209
412
226
$
425
190
903
3,749
2,563
1,233
4,137
6,225
2,259
3,722
3,028
1,815
188
195
121
880
1,036
415
4'
9,620,40!
11,996
2,851
1,154
2,163
1,399
9,169
88,451
29,915
71,369
53,703
41,287
1,443
4,116
14,817
9,271
House.
1,810
3,704
8,059
4,392
2,280
4,909
14,947
7,529
8,232
2,771
187,14!
925
$
3,074
2,147
1,473
11,711
27,553
2,456
8,442
11.041
3,500
7,394
27,133
5,578
8,328
3,343
2,018
4,104
10,930
12,921
165
125
178
4
9
225
2
3
4
126
38
115
5
2
43
324
4
5
7
f
Oakland
SanFranclscc
Idaho
87,622
$
Gold
Coin.
Total
Cash
ind.
Clear.
SUver
and
Minor Paper.
Coins.
Cents.
4,576
4,153
2,995
18,457
52,149
3,626
26,996
9,598
3,558
7,045
6,636
5,887
2,049
3,570
1,783
12,482
6,289
9,389
6,895
4,233
1,434
7,172
4,897
303.912 243,673 176,965
24;
i:
735,411
630,728
18,558
6,179
18,312
1,917
16,503
5,793
3,089
8,502
$
367,641
6,300
7?
Oregon
131.195
117,528
$
25,143
8,486
Banks.
986.511
11,575
1,100
18,700
....
18,495
9,869
89,962
2,274
8,324
$
2,658
3,829
Net*
567,673 334,357
1,350
Middle We3t 2,125
$
7,044
6,186
4,958
26,385
3.602
14,797
36,616
13,770
8,077
from
Banks,
Ac.,
760,811 3,813,950
32,979
13,900
11,500
3,100
3,500
21,787
6,700
•30,695
45,425
2,100
8,930
7,000
2,100
12,830
6,300
14,731
11,550
6,600
19,610
343
8
6
8
4
252
6
442
23
4
99
3
3
142
5
282
6
6
338
2
3
3
6
107
14
4
6
Ohio
Cincinnati
Cleveland
Columbus
Toledo
Indiana
Indebt.
$
40,421
23,768
22,283
153,504
360,057
32,076
103,302
35,838
26,470
25,657
12,426
147,700
274,474
31,117
112,884
2,035
3.356
1.708
counts.
Lawful
Reserve
with
Fed. Res.
341,191 517,995 193,889 1.412,676 3,301,917
3,150
2,048
5,711
11,791
4,995
7,525
1,750
1,300
2,900
6
$
$
$
Loan
Bonds.
Ctfs. of
Due
10,366
25,130
288,684
97,879
259,590
60,775
67,187
5,354
19,500
11,149
12,162
400
5,500
72
125
Time.
Liberty
Bonds and
Other
Securi¬
ties.
47,858 43,096
4,259
1,334
8.991
8.576
310,620 144,361
27,884 22,866
81,361 60,134
28,877 19,659
34.456 18,691
1,710
1,107
4,790
4,966
8,614
2,756
6,572
8,492
3,800
3,785
3,800
37,185
4,650
2,300
8
b Demand
Net*
U. S.
148,514
281,430
32,870
5,042
4,538
50,218
85,995 2,114,812
84,743
197,58S
340,950
409,015
340,853
6,121
220,080
28,873
4.030
7,519
37.394
36,653
77,907
3,988
11,364
43,724
8,870
1,750
5
2
6
Banks,
Ac.,
Loans
and
Dis¬
267,219
30,643
10,111
27,635
1,775
27,256
74,304
5,819
10,713
38,973 1,044,435 1,655,546
226,527
14,425
13,723
58.829
392,033
8,318
8,847
297,659
156,902
215,698
18,394
97,545
515
8,925
1,142
936
24,225
4,066
33.604
4,905
65,455
8,618
6,071
46,691
6,585
56
89
2
33
28
3
511
5
Alabama
$
15,244
5,550
10,267
8,940
7,847
116
81
76
5
90
Georgia...
$
6,965
DEPOSITS.
Due to
Nat.
Bank
Notes
Out.
certificates
$76,982,000
THE CHRONICLE
1560
$3;tnhsrs' fl5a*rtte.
Wall Street, Friday
Night, Oct. 18 1918.
The'Money Market and Financial Situation.—The
security markets reflect, better than anything else, per¬
haps, the universal belief that the backbone of the war is
broken and that if peace is not very soon declared it cannot
be long postponed. The latter is, however, a matter of
considerable uncertainty. Many of our readers will recall
the fact that the
cause
for which
our own
Southern States
IVol. 107
The oil stocks have taken the lead of the industrials.
Mexican Petroleum has advanced over 52 points, that is
from 129% to 182 and Texas Co. is up 13% points, from
186% to 200. Although the general Steel list has reacted
in anticipation of losing the demand for war purposes and
Bethlehem Steel has dropped 2% points, U. S. Steel has
moved up 7 points, and Amer. Smelting & Refining 13%.
Studebaker has gained 8% points on the prospect of restric¬
tions removed and General Motors is up 5.
For daily volume of business see page 1569.
The following sales have occurred this week of shares not
fought in the early 60s received its death blow at Gettys¬ represented in our detailed list on the pages which follow:
burg, yet Gen. Lee did not surrender until nearly two years
STOCKS.
Sales
Range for Week.
had elapsed. Of course conditions are very different now
Range since Jan. 1.
Week ending Oct. 18.
for
and the internal dissatisfaction and unrest which is doubt¬
less increasing in the Teutonic empires may be quite as
strong
an
incentive for the present
fears that Gen. Foch’s armies may
border?
peace overtures as are
on to the German
push
beyond.
or
President Wilson’s second letter touching upon
proposal for
an
first and leaves
armistice
no
was
much
more
Germany’s
explicit than the
doubt in the mind of any one as to the
requirements to be met. Whether the German Govern¬
ment is ready to fulfill these requirements is the question
of to-day and upon its decision, apparently, the continuance
or cessation of the war depends.
In view of all this is not
the immediate future fraught with grave possibilities?
The probable status of the money market after the Fourth
Liberty Loan drive has ended has absorbed some attention in
Stock Exchange circles, but the drive itself is at the moment
next in importance to the war in all financial discussion.
The international exchanges are steadily moving towards
a normal basis in this market and
foreign Government and
city bonds have continued to advance. French Rep.
5%s sold on Thursday at 103,against 94 a few months ago.
Foreign Exchange^—Sterling exchange being so com¬
pletely under official control has in a broad sense not been
affected by the momentous events in Europe. The neutral
exchanges, on the other hand, ruled, as was ^uite natural,
spectacularly weak while the Continental Allied exchanges
were on the whole quite steady.
To-day’s (Friday’s) actual rates for sterling exchange were
4 73@4 7334* for sixty days, 4 7545@4 75 % for checks and
4 7655 @4 76 9-16 for cables.
Commercial on banks, sight,
4 75%@4 75%; sixty days, 4 72@4 72%; ninety
days,
4 70%@4 70%, and documents for payment (sixty
days),
4 7134@4 71%. Cotton for payment, 4 75%@4 75% and
for payment, 4 75% @4 75%.
To-day’s (Friday’s) actual rates for Paris bankers’ francs
were 5 53% for long and 5 48% for short.
Germany bank¬
ers* marks were not quoted.
Amsterdam bankers’ guilders
were 42 1-16 @41 13-16 for long and 42 7-16
@42 3-16 for
short.
Exchange at Paris on London, 26.09 fr.; week’s range,
26.08 fr. high and 26.09 fr. low.
The range for foreign exchange for the week follows:
Sterling Actual—
Sixty Days.
High for the week
4 73* %
Low for the week
4 73
Paris Bankers' Francs—
High for the week
5 53*
Low for the week
5 53 %
Amsterdam Bankers' Guilders—
High for the week
42 9-16
Low for the week
41 13-16
Checks.
4 75*
4 7545
Cables.
4 76 9-16
4 7655
5 48
5 48 *
5 47
5 47*
43
42*
43*
42*
Domestic Exchange.—Chicago, par. Boston, par. St.
Louis, 25@15c. per $1,000 discount. San Francisco, par.
Montreal, $20,625 per $1,000 premium. Cincinnati, par.
State and Railroad Bonds.—Sales of State bonds at
the Board are limited to $2,000 Virginia 6s, deferred trust
receipts at 70.
Week.
Par. Shares
Adams Express.. ..100
400
American Snuff
100
100
Am Teleg & Cable.. 100
25
Associated Oil
100 3,100
Atlanta Blrm k. Atl. 100
300
Barrett, pref
52
..100
.
Lowest.
Highest.
54* Oct
95
55
Oct
Oct
62* Oct
8
Oct
$ per share. % per share
Oct 17 48
16 56
Sept
Oct 15 85
Oct
15j 95
16 55
Oct 16 51
Jan
Oct
18
54
15| 69
Apr
17!
9
Oct 14
8
July
15 100 * Oct 15 99 X June
100* Oct
1 'A Oct 18
20 2,100
IX Oct 18
100
90
Oct 16 90
100
Oct 16
200 11* Oct 14 11* Oct 16
100
Batopilas Mining
Beth Steel, pref
Lowest.
% ver share.
1
Highest.
f
per
share.
80
100
May
60
69
Feb
Oct
Jan
10* June
102
June
IK Mar
Jan 94
Sept
Jan 16* June
May 13
Oct
Jan 71
May
Oct 41* Apr
Oct 53
Apr
Apr 220
Oct
Janj
90
Brunswick Terml
6*
Butterick
100
200 12
Oct 17 13
Oct 18
7*
Calumet A Arizona... 10
600 67# Oct 14 69 X Oct 18 63*
Central Foundry.
830 24* Oct 18 25
100
Oct 17 24*
Preferred
1001 35
100
Oct 18 35
Oct 18 35
Central RR of N J..100
112 220
Oct 18 220
Oct 18 202
Cent A So Am Teleg. 100
8102
Oct 16 102
Oct 16 102
Oct 110
Mar
200 54* Oct 14 55
Cluett.PeabodyACo. 100
Oct 17 45
Jad 50
Feb
Cons Interstate Call. .10
100! z9* Oct 14 *9* Oct 14
7 H Septj 13
June
Continental Can, pf.100
600102
Oct 14 104
Oct 18 99
Mar
July 105
Continental Insur
300! 51X Oct 16 52 X Oct 17 44
25
Feb 53 X July
Detroit Edison
100
214109
Oct 18 109
Oct 18" 98
Jan 109
Oct
Detroit United
200 87
100
Oct 15 88
Oct 15 80
Jan
Apr 90
Duluth S S A Atlan. 100
300
3
Oct 16
Feb
3X Oct 16
2*
4X May
Elec 8 tor Battery
200 51
100
Oct 18 54* Oct 18 48
Apr 56
July
Elk Horn Coal
50
100 29
Oct 18 29
Oct 18 22
Jan 30X Aug
Federal M A 8
100 3,700 11X Oct 17 15
Oct 18
9 H Apr 15
Oct
Preferred
100 4,300 38X Oct 14 44 X Oct 17 27
Jan 44 X Oct
General Chemical... 100
Oct 16 165
280178.
Oct 15 178
Jan 185
Aug
Preferred
134100
100
Oct 15100
Oct 15 99 X June 103X
Jan
General Cigar, Inc.. 100 1,250! 45 * Oct 14 46* Oct 15 34
Jan 58
June
Hartman Corp
100 46* Oct 18 46 X Oct 18 37
100
Mar 48
Sept
Homestake Mining.. 100
50 90
Oct 18 90
Oct 18
68
June 89
Jan
Iowa Central
100
450
3
Oct 17
Oct 17
2* Jan
4* Oct
Kelsey Wheel, Inc.. 100
800 28
Oct 16 35
Oct 18 24 X July 35
Oct
Kings Co Elec LAP. 100
95 96
Oct 14 104
Oct 1
87
Aug 94* Oct
Kress (S H) A Co... 100
200 60
Oct 14i 64
Oct 14 50
Jan 64
Oct
Laclede Gas
300 87 X Oct 15j 89
100
Oct 14 82
Mar
July 90
Liggett A Myers....100
100 184* Oct 14184* Oct 14 164* Aug 195* Feb
Preferred
200 107* Oct 17109* Oct 1
100
98
Jan 109*
Oct
Loose-Wiles 1st pref. 100
90 X Oct 15 90 X Oct 15 82* Jan 91* Oct
200;
Lorillard (P)
100 1,100154
Oct 14 159
Oct 17 144* Aug 200
Mar
Preferred
200 107
100
Oct 18 107
Oct 18 98
Jan 107
Oct
Manhattan (Elev)Ry 100
100 98 X Oct 15 98 X Oct 15 94
Mar 100
May
Manhattan Shirt
300 74
100
Oct 14 76
Oct 15 65
June 76
Oct
Marlin-Rock vtcno par
100 75
Oct 17 75
Oct 17 75
Oct 87
Sept
May Dept Stores
400 55
100
Oct 14 56
Oct 15 47
Jan 56
Oct
Preferred
100
600 99
Oct 15 100
Oct 17 98
Oct 103
Feb
Minn StPASSM.,100 1,100 89
Oct 14 93 X Oct 16 80*
Jan 94
Sept
Morris A Essex
50
70 69
Oct 18 69
Oct 18 67
Mar
July 75
National Biscuit..__ 100
900 107
Oct 16 109
Oct 14 90
Aug 109
Oct
Preferred
100 110
100
Oct 15 110
Oct 15 106* Sept 114
Mar
Nat Rys Mex 2d pref 100 2,700
9
Oct 18
6* Oct 17
9
4* May
Oct
N O Tex A Mex v t c 100
300 24
Oct 18 24 X Oct 18 17
Apr 24* May
N Y Chic A St Louis. 100
400 18* Oct 14 20
Oct 15
13* Oct 20
Oct
New York Dock.... 100
200 20
Oct 16 20
Oct 17 18*
Jan 27
May
Norfolk A West pref. 100
300 72
Oct 16 72
Oct 16 69
Mar
Sept 79
Nova Scotia S A C-.100
100 61
Oct 18 61
Oct 18 56* July 70
Aug
Ohio Fuel Supply
600 42 X Oct 17 44
25
Oct 18 40
Oct 46* June
Owens Bottle-Mach_.25 3,100 60
Oct 17 61* Oct 14 55*
Jan 70* Aug
Pacific Tel A Tel..
100
750 24
Oct 17 26
Oct 17 18*
Feb 27
Oct
Peoria A Eastern.
100
100
5X Oct 14
5X Oct 14
6
4* Apr
Jan
Pitts C C A St Louis. 100
100 54
Oct 16 54
Oct 16 25* June 54* Sept
Pitts Ft Wayne A C.100
7 124 X Oct 17 124X Oct 17 124*
Aug
Octjl30
Pitts Steel pref
100 94
100
Oct 15 94
Oct 15 90
Apr 98
Jan
Rensselaer A Sara
25 114
100
Oct 15 114
Oct 15 100
Oct
July 114
St L-San Fr pref A.. 100
200 28 X Oct 14 28 X Oct 16 21
Apr 30
Jan
Savage Arms Corp. .100
900 61
Oct 17 63 X Oct 16 53
Jan 80* May
Standard Milling... 100
300 118
Oct 15 118 X Oct 15 84
Jan 118*
Oct
Stutz Motor Car..no par 2,500 41X Oct 14 43
Oct 18 37
Oct 47*
Feb
Third Avenue Ry
100 3,100 19 X Oct 15 21X Oct 1* 15* Sept 21* Jan
Tol St L A West tr rects 2,800
4
6X Oct 17
June
7X Oct 18
7* Aug
Preferred tr rects
Oct 14 15
1,400 11
Oct 1«
8* Mar 16
Aug
Transue A Wms-.no par
100 37 X Oct 16 37 X Oct 16 36*
Oct 42
May
United Drug
100 75
100
Oct 18 75
Oct 18 69
June 75
Oct
2d preferred
100
100 78X Oct 14 78X Oct 14 77
June 80
Jan
U 8 Realty A Impt--100
600 21X Oct 15 22 X Oct 14
8
Mar 22*
Oct
Wells, Fargo Express 100
200 68
Oct 14 71
Oct 171 63* Sept! 83*
Jan
.
.
.
.
„
.
.
.
_
.
The market for railway and industrial bonds has shown
Outside Market.—Trading on the “curb” this week was
increasing activity and prices an upward tendency, notwith¬
standing the special attention given to outstanding Govern¬ the most active seen there in some time. The oil shares were
by far the dominating features, many establishing new rec¬
ment issues and the new Fourth
Liberty Loan. Moreover, ords.
The former Standard Oil subsidiaries made spectacular
foreign Governments and Cities have been in request,
advances. Ohio Oil advanced from 306 to 337; Prairie Oil &
the French 5%s, as noted above, selling at 103 on
Thursday. Gas from 505 reached
The railways seem to have taken on new life.
574; Prairie Pipe Line advanced from
Of a list
of 20 representative issues in this group, 15 have advanced 258 to 280. South Penn Oil gained 33 points to 300; Standard
and 3 are unchanged.
So. Pac. conv. 5s have led the Oil (Cal.) sold to-day up to 242. against 215, the last pre¬
upward movement in a net gain of 6% points, 4 of which viously recorded transaction, and closed at 240; Standard Oil
were added to-day.
So. Ry. gen. 4s are 3% points higher of N. J. advanced from 524 to 580 and Standard Oil of N. Y.
from 268 to 285, closing to-day at 280.
than last week.
Ches. & Ohio conv. 5s 3, Atch. gen. 4s
Vacuum Oil was in
4, active demand and
rose from 317 to 385.
Penn .-Mex. Fuel
and Balt. & Ohio, Rock Island, Lehigh
Valley, New York
Cent., Reading and Inter. Mets. are from 1 to 2% higher. which has almost doubled in price in the last two months
advanced from 41 to 48 and finished at 47. The other oil
On the other hand, Inter. Mer. Mar. 6s
dropped *a point shares were also in
of their recent advance; Cons. Gas 6s are
heavy demand. Midwest Refg. jumped
fractionally lower.
United
States
Bonds.—Sales of Government bonds
reported at the Board are limited to Liberty Loan 3%s at
99.84 to 100.02, L. L. 1st 4s at 97.10 to
98.40, L. L. 2d 4s
at 96.90 to 97.54, L. L. 1st 4%s at 97.70 to
98.48, L. L.
2d 4% at 96.90 to 97.50 and L. L. 3d 4%s at 96.90 to 97.50.
Railroad and Miscellaneous Stocks.—The stock
market
has been decidedly more active than in
many months past
and shown a strength not equalled in some
years.
This
is true of railway as well as the more
speculative issues.
Of the former group Southern Pacific leads in an
advance
of 8% points. Atchison is 6% points higher than at
the
close last week and Union Pacific 6%, while New
York
Central, Reading and Northern Pacifio have advanced
between 3 and 4 points and the entire active
railway list is
up from 1 to 3.
from 120 to 134 and closed to-day at 132. Pan-American
Petr, com., which is reported will be listed on the New York
Stock Exchange, was specially active, advancing from 57 to
69%, the close to-day being at 69.
Merritt Oil improved
from 22% to 25 and ends the week at 24%. Oklahoma
Prod. & Ref. advanced from 7 3-16 to 8%. Sinclair Gulf
Corp. gained 3% points to 21%.
In the industrial
group
Cities Service com. moved up from 244 to 300, closing to-day
at 298.
Burns Bros. Ice., com., from 43% reached 52%
and ends the week at 51%. A stock dividend of 2%%
was declared.
British-Amer. Tob. stocks made good ad¬
vances,
the ordinary stock from 18% to 21 and the ordinary
bearer stock from 18 % to 21 %. The former closed to-day at
21 and the latter at 21 %.
Chevrolet Motor gained 22 points
to 145.
United Motors eased off at first from 32 to 31%,
then recovered to 34, the final figure to-day being a* 33%.
>
New York Stock
!
Record. Daily, Weekly and Yearly
Exchange—Stock
OCCUPYING TWO PACKS
,
•f mIm daring th« «Mk of stocks
Pot
PER SHARE
HIGH AND LOW SALE PRICES—PEE SHARE. NOT PER CENT.
Saturday
Monday
Tuesday
Wednesday
Thursday
Oct. 12.
Oct. 14.
Oct. 15.
Oct. 16.
Oct. 17.
S per there
S per share
88% 91
85
85
987* 99
S
per
share
S per share
891, 91
% per share
90*4 92
1
Friday
Oct. 18.
Salssfor
the
Week
Shares
M
PER SHARE
Range for Prestons
Tear 1917
JciAvllAjN vio
Highest.
Lowest.
Railroad*
% per share
Range since Jan. 1.
On hosts of 100+hare lose.
STOCKS
NEW YORK STOCK
1561
^
usually liactifi, (M prsesdln* p*t«. "
Par
$ per share.
S per share.
81
Mar23
947S Oct08
80
Jan30
85*s Oct 8
89*8 Apr22 100 Oct 17
49
Jan24
57*4 Sept 4
53
Apr25
59*2 Oct 18
36 June26
48*4 Jan 2
135
Mar25 17478 Oct 14
60*8 Marl4
49*4 Janl5
6
8*4 Jan 2
Apr 9
25*8 Aug29
18tg Apr 9
54*4 8ept 7
37% Apr22
81*2 Sept 3
66*4 April
89i2 Mar25 101 Oct 18
Jan29
125
Julyl5 137
18
28*% Oct 18
Apr22
82*4 Sept 5
66*4 Janl5
46
Janl5
69*4 Sept 3
Lowest.
Highest.-
$ per short % per share
76
Dee 107% Jan
75
Deo 1001* Feb
Jan
*797* Dee 119
85
Jan
38*4 Deo
48*4 Dee
767* Jan
82
36
Jan
Dec
126
Deo 167% Mar
42
65% Jan
Nov
6
Deo
14% Jan
171* Deo
41% Jan
20,100 Atch Topeka A Santa Fe.-lOO
Do
prof
84
84
1,300
100
84
85
8414 841,
600 Atlantic Coast Line RR..100
LOO
100
99
99
99
Baltimore
A
Ohio
100
56
15,700
56*2
55*4
55
551,
55*4
55% 5612
56%
Do
pref
58
2,600
100
591,
60
563, 56l2
58
56% 57
58U
12,400 Brooklyn Rapid Transit.. 100
435s 45
427. 43U
43% 447,
42l2 43
43% 437,
100
Canadian
Pacific
171
L73
172l2 24,200
171
1721, 170
1747, 170*4 1731* 170
100
14,400 Chesapeake A Ohio
59i8 60
5812 5914
59
59
58% 5912
581, 5914
400 Chicago Great Western.. 100
8
7*4
7*4
*7i2
8
*7
*7
8
75,
77,
Do
pref
25
100
25
1,100
2414 24%
25
25
*241, 25
247, 25
Jan
35
92
Nov
51
5212 24,700 Chicago Milw A St Paul.. 100
497, 51*4
481, 49*4
48*4 5012
48l2 49l2
62** Dec 125% Jan
Do
pref
80
8,400
100
8H2
7934 81
79
80
781, 795,
787, 80*4
85
Dee 124% Jan
100
101
2,700 Chicago A Northwestern.. 100
99
98
97
97U
97% 98
951, 97
1371* Dee 172% Feb
Do
pref..
100
*128
[37
L35
*125
*125
135
*125
135
*125
135
16
381* June
Deo
27U 28*8 23,400 Chlo Rock Isl A Pac temp ctfs.
23
26*4 27%
26*4 27
26*4
26i4 27*,
44
84% Apr
Dec
7% preferred temp ctfs
3,500
81
81
80i2 81*8
79
80
81
79
80
80
71
Apr
35%
Dec
6% preferred temp ctfs....
3,900
68i2 69
68*, 68*4
68
68
685, 68*4
68*4
68l2
51
Jan
17
26
Feb21
39
Oct
24
Nov
Clev
Chic
St
Louts..
Cin
A
100
900
39
38
38
36
38
36
37
38%
80
Jan
67
61*4 Oct
Aug28
58*4 May 7
Do
pref
..100
80
*68
*68
*68
80
80
*68
80
30
Jan
18
18
Apr22
24U Oct 14
Nov
100
800 Colorado A Southern
24
24
23*4 23*4
23i2 2414 *2312 24U *2314 2414
Octll
62
571* Jan
47
Apr 3
447* Nov
Do
1st pref
200
54
100
*52
52
52
*51
60
*50
60
*51
60
46
Mar
45
Marl4
40
41
Apr
4
Do
2d pref
Sept
100
100
*45
48
*44
48
*44
48
47
44*4 44*4 *44
87
100*2 April 11578Oct 18
Nov 1517* Jan
100
114
3,500 Delaware A Hudson
L1578
113l2 114
113
1105, 113*4 112% 1131* 113
185 Sept 4
160
Mar
Aprl7
167t*
Dec 238
Delaware
Lack
A
Western.
.50
100
*160
L85
176
*175
176
*175
185
185
6
Jan 3
5
17
Jan
2*4 Jan 4
Dec
100 Denver A Rio Grande.... 100
4
4
*4
5
*4
*4
5
5
5
41
Jan
Apr23
13% Jan 2
97* Deo
Do
800
pref
100
9
*7
914
9*8
9U
9i2
912
91,
91,
912
14
Aprl7
17*8
Mayl5
34% Jan
13** Dec
100
161, 16i2
16*8 16*4 20,100 Erie
15*4 I6I4
15*4 16U
157, I6I4
35
Mayl4
23%
Janl6
49%
18*4
Jan
Dec
Do
1st pref
100
33
333,
32*4 33*8 12,100
32% 3312
31*4 33U
32l2 32*4
24*4 Mayl4
39% Jan
18*2 Jan25
15*8 Dec
Do
2d pref
600
100
24
*2212 23i2 *23
23
22*4 23
22*4 2312 *22
86
Janl5
9334 Oct 14
79*4 Dec 118*4 Jan
Great
Northern
100
pref
92
93
26,800
92
92*4 9312
93
92
93U
917, 93*4
34% Mayl6
25*8 Janl5
38*8 Mar
22*8 Nov
Iron Ore properties...Vo par
33,800
315, 327,
32*8 33
315, 3212
31*2 32*8
30*, 32i2
92
Jan 7
98*2 Oct 14
85*4 Dec 106% Jan
100
98
2,900 Illinois Central
98
98%
98i2
98
97
98t2 9812
98i2
98i2
Sept20
9*2
Jan
3
6*4
5*4
Dec
17% Jan
9
9,400 Interboro Cons Corp..Vo par
8*8
87,
87,
8l2
8
8l2
8
8*4
77,
29
47*2 Jan 3
39 ** Dec
Scptl6
Do
72% Jan
pref
1,000
100
37
36U 37
36l2 36*2
37
35*2 351,
347, 35
20*2 Oct 18
15*8 Aprl7
257g Jan
13** Nov
5,400 Kansas City Southern.... 100
19i2 20i2
19l2 19i2
19U 19U
187, 19*4
19% 19i2
45
Jan 5
40
55*8 Augl4
Nov
58% Jan
Do
200
pref
100
*52
53i2 53l2
52i2 52i2
55
56
*52
55
*52
10*2 Feb 19
7*4 OctlO
8** Nov
25*4 J*°
rle A Western
100
100 Lake
914
914
*7i2 10
*7i2 10
*712 10
*712 10
23
18
23
Sept
Apr23
4
53*4
Oct
Do
*22
24
*22
pref
100
25
*22
25
25
25
*20
*20
55
Janl5
627g
Marll
60%
Dec
79% Jan
50
61
6,750 Lehigh Valley
60i2 6118
61*8
607. 611*
6078 61
59*4 615,
ll6
Jan 2
119*2 Oct 19
103
Dec 133% Jan
2,300 Louisville A Nashville.... 100
118U 119i2
117*8 118
117
116*4 117l2 117*8 117*8 117
7*2 Aprl7
ll7g Sept 3
32% Jan
678 Deo
100
2,200 Mlnneap A St L {new)
10*4
10t2 10i2 *10i4
10
*914 10*4
10i2
10l2 11
11
Jan
4*8 Jan 5
6*2 Jan 2
3‘* Dec
3,600 Missouri Kansas A Texas. 100
5*8
5*4
6I4
5*8
5*8
5*8
5*4
5*,
578
5%
12
7
8ept 4
20% Jan
6*2 Jan29
Nov
Do
500
pref
100
1034 11
10*4
10*4 *10
*10
10*4
10*4 10*4 *10
34
Jan
20
Janl5
26*4
Oct
18
197*
Nov
100
25
2514 26% 26,700 Missouri Pacific tr ctfs
25*4
24*4 25*8
247, 25i2
24*4 2512
Jan
41
61
Jan15
59*4 Sept 4
37** Dec
Do
pref tr ctfs
100
2,500
57i2 58i4
575, 581,
573s 57*4
*56*4 5812
577, 58
7778 Oct 18
67i2 Janl5
62** Dec 103% Jan
100
76i2 7778 30,300 New York Central
75*4 76*4
75
75
75*8 76
75*4
761,
27
527g Jan
457g May29
April
21** Sept
100
4134 42% 31,600 N Y N H A Hartford
40
40*8 42*8
41
4078
41*4
397, 41
23
17
Nov
29% Jan
18*4 Jan22
July 9
22
22
1,000 N Y Ontario A Western..100
*21
22
2214 22i2
22
22
211, 22
><
109
Oct
18
102
Jan24
138%
Jan
92% Dec
100
9,700 Norfolk A Western
107*4 109
1067, 108*4 10714 108^8 1065, 10778 107*8 103
93
Oct
18
75
110%
Jan
81*8
Jan24
Dec
100
23,200 Northern Pacific
91*4 93
91
907, 91*4
90
917,
921,
90*4 917,
47U Jan 2
67% Jan
43*4 June27
40*4 Dec
Q
44
50
4412 45U 26,068 Pennsylvania
44*4
44
4378 44U
44*4
437, 44*4
12
16U June27
36% Jan
Dec
9*2 May 1
15
15
1,700 Pere Marquette v t c ....100
15*8 15*2
14
15*,
14*4 1434
63
Oct 5
45
W1
73% Jan
Nov
52*2 Apr 3
Do
300
prior pref v t c
100
5934 59*4
59
59*4 59*4 ♦
41
Oct
1
57 June
30
37
Oct
Apr 5
Do
100
40
pref v t c
100
40
£>
*33i2 40
38*2
June21
3584 June
22*s
Jan
2
18*4
Dec
A
West
Va.___100
16,300
Pittsburgh
3678
36
35*4
36i4
373s
36
37U
ffl
37*8
36% ”3714
81
Jan
61
68
53% Apr
*
JanlO
Aug 13
Do
80
pref
100
80
*75
*75
80
*75
80
80
*75
95 June27
70*8 Janl5
60** Nov 104*4 Jan
s
60
9U2 9278 131,800 Reading
90i4 91*4
89*4 91i4
89*4 9n2
895, 91U
39
45
Jan
35
34
Janl2
Mayl5
Nov
Do
1st
100
pref
50
37
*36
36i2 36l2
u
37
*35
*35% 37
*351, 37
40
35
Mar30
45** Jan
July 6|
337* Dec
Do
2d pref
290
5
38
38
*38
38
39l2
a
3912 §38
381, 38i2 *38
14
Jan
2
26%
June
12
9*8 Apr 3
Dec
12
4,900 St Louls-San Fran tr ctfs. 100
12
12l2
12i4
12
11
111, 12l8
1U2 12
o
32
Jan
19
Oct 2
22
23*4 May 15
Dec
200 St Louis Southwestern.... 100
*20
23i2
20
20
231, *20
23
*20
22*4 *20
53
Jan
28
Oct
2
Jan
40*2
3
o
Do
41 3a
pref
.......100
37i2
*30
*321, 3712 *30
47U *30
36
*30
Jan
18
7
9*8 Sept 3
7*4 Dec
Aprl7
100
9
9
9
2,000 Seaboard Air Line
9i8
9
9
9
1'
87,
878
91,
23
39% Jan
Sept 3
1678 Dec
15*8 Aprl9
Do
22
22
22
22
pref
100
1,400
22
217, 217,
22i2
21*4 21*4
Q
9934 Oct 18
98*2 Mar
75*4 Dec
80*2 Jan24
100
93
99*4 72,400 Southern Pacific Co
9H4 925s
90
9H2
901, 91*4
897, 915,
32% Octl8;
20*8 Apr30
33*8 Jan
21** Dec
w
100
31
3U2 325g 108,100 Southern Railway
32i8
301, 3n2
29*4 3H,
29*4 30*8
70*2
70*2 Jan
57
Jan21
Oct
61%
18.
May
CD
Do
pref
100
4,500
70
70i2
69
6978
6934
70
70
69*4
681,
69U
14
198* Jan
197g Feb20!
May 4
11% Nov
100
o
5,400 Texas A Pacific
17
16
1714 18
17i2
16
17
17*8
157, 16
95
Jan
65*4 Jan31
62
Dec
39*g Junel3
Twin City Rapid Transit.. 100
52
*45
*45
52
j
*45
*45
52
52
*45
51
101*4 Dec 149% Jan
109*4 Jan 15 136*2 Octl8
100
133
135
134*4 136l2 8>,666 Union Pacific
o
1301, 133% 13114 132*4 131*4 134
Jan
85
Jan
69
3
74*4 Marll
69*4 Dec
Do
pref
100
70
70
1,800
70i2 70*8
70
70U
70
70*,
7012 70i2
12
June27
11% Jan
4*4 Dec
4*4 Janl5
United Railways Invest.. 100
10
500
*9
9
9
9i2
9l2
*9
9
a
9i2
914
20 May 7
23% Jan
11*4 Dec
10*2 Apr 9
Do
pref
100
2,400
17*4 18
17*4 18
16*4 17
161, 16*4
16*4 16*4
0
7
7
11*4 July 8
Nov
15*4 Jan
Apr25
100
5,000 Wabash
9
914
9
87g
87g
9
87s
9
9ig
9*8
58
Jan
37
44*2 Jan 2
Aug 2
36*4 Dec
&
Do
pref A
100
6,300
38*4 3914
38i2 38*8
39
381, 39
3914
38*4 39*8
18
Dec
30% Jan
26*2 June26
20*4 Jan 15
Do
100
pref B
1,300
<
237g 24U
*23*4 24
24
24
*23l2 24
*23*4 24
23
Apr
12
Dec
17*4 FeblS
12*4 Oct 8
13
13
1,600 Western Maryland (new). 100
133s
13i2
13i2 13*2 *12*4 13i2 *12*4 13U
a
41
Mar
32 Juue22
20
20
Dec
Jan29
Do
2d
pref
100
28
600
26
29
*25
26*4 *25
29
25
r\
2512 *24
13
Jan
June20
18** May
2
24*2
10**
Dec
Pacific
100
400 Western
19
19
*18
19
19
19
19
19U *18i2 19
July
64
48
June27
Jan 3
46
35*2 Dec
x
*
900
Do
preferred
-100
595s 60
60U 60i2
58
58% *56% 59*4 *58% 59*4
8
227* Jan
10*4 Jan 2
7»* Dec
Apr22
9
9*4
1,700 Wheeling A Lake E Ry--100
a
8*4
8*4
8*4
9
8*4
914
8i2
*8*4
22*4 Febl8
50% Jan
16% Nov
17*2 Aprl7
Do
21
100
21
preferred
1,300
21*4
20
*19
19*4 19*4 *19
19
20
34 May 2
39*2 Jan 3
33
Dec
54% Jan
100
100 Wisconsin Central
36
36
*34
38
*34
38
a
*34
38
*34
38
Industrial A Miscellaneous
o
11
18% Jan
Janl9
20*8 Oct 18
7** Nov
100
17
17
6,500 Advance Rumely
20i8
17
17
1714
*161, 17l2 * 16*2 1712
o
52 Oct 18 !
37% Jan
257s Jan 9
19
Oct
49
52
Do
pref
___.100
48
48
5,600
485, 49
48% 49
47*8 48i2
80
Jan
49
Jan 2
65*4 JulylS I
45i* Deo
h
300 Ajax Rubberlnc
60
59
50
56i2 56l2
11% Jan
I
Dec
1*4 Apr27l
4*8 July 5 i
TO
10
4
4
10,800 Alaska Gold Mines
3l2
3*8
3i2
35s
3*,
3i2
314
3i2
8%
Mar
1*4
Deo
1*2 Apr 1[
3*2June2l
2
2
2i2 14,900 Alaska Juneau Gold Mln’g.10
2*8
2i4
2
178
17,
17s
17,
32% May
15
Dec
37
May24
17*4 Janl5 i
13,300 Allls-Chalmers Mfg v t C..100
28% 30
27
27*4 2812
2712
27i2 28
251, 28i2
66
Dec
867* Mar
72*4
Jan
4|
86*2May24
Do
82
preferred v t c
100
*80
1,100
8178 82
801*
81
81
801* 8012 *791*
Doc
951* May
78
72
Jan 21 106
Oct 17
105
105i2
6,800 Amer Agricultural Cbem.-lOO
1007« 101*4 102*4 106
99*4 1001*
997. 100*4
91
Dec
103*2 Jan
Aug27
89*8 Janl7 1U1
Do
200
100
93
pref
93
*92
94
94
93
*92
93
84
Feb27
63
Dec
102**
Feb
64 JunelO
100
5,200 American Beet Sugar
69% 70*4
68
6812 7114
6878
681, 68i8
66*4 68*4
Jan
98
*82
91*2 May 8
78*2 Dec
Septl3
Do
85
pref
100
*75
*75
85
*75
85
85
95
*75
*75
May
63
50*4 Mayl7
34*a Jan 15
29*2 Nov
100
44
4512 46*4 31,300 American Can
44*4 47
44
447,
45i2
44% 45i2
97
Dec 111** June
87
Apr30
89*4 Jan23
600
Do
pref
100
92*4 93
9212 92l2 *92% 92*4
92i2 92i2 *917, 92*4
80% June
57
Feb
88% 8epi27
68*4 Jan 14
85*8 86i4
85*8 86*8 18,100 American Car A Foundry. 100
.85
8634
8512 8612
837, 85
106
100
Nov 118*4 May
Jan 3
111*2 Sept30
Do
100
100
1105. 1105.
pref
60%
21
Dec
Jan
25
Oct
Jan16
44*4
18
100
4312 4438
4312 44*4 10,200 American Cotton Ol
41
4212 44
4Ug
4212 4212
84
80
Dec 101% J an
78
May2 2
Mayl*
Do
150
pref
100
8.314
*79
84
183% 83U *78
82
82
*75
83
17*4 Mar
10
Feb
22*8 Sept 4
1178 JanlO
3,200 American Hide A Leather. 100
16U 17*8
17*8 173g
1712 17*4
165, 17U
17*4 18*8
75
Jan
Jan 2
50
94'8 Aug24
43*4 Dec
Do
pref
100
84
85
5,400
82i2 84i2
83
80
84i2 84i2
837, 86
167t Aug
47*4 Oct 17
87* July
11*2 Jrn 2
100
46
47i2 45,600 Amertcao Ice
41
4512 47*4
35
44*4
36*4
36% 39i2
July
55
35
Deo
58*2
18
Oct
38*4 JanlO
Do
56
preferred
100
56
55
7,600
58i2
52
54i2
53
53
z51% 5212
6 )*2 Oct 14
46
02^4 Auj|
Oct
51% Septl3
58*4 59*4
57*4 5914 25,350 Amer International Corp. 100
5312 59*4
58i4 60
58l2 60i2
43
29% Aug
27
Jan
7
AuglO
15*4 Feb
100
11,355 American Linseed
4H4 42
415s 4178
40
41U 417,
40i2 4178
40*8
Nov
75
48
Feb
81*2 Junel3
69*4 Jau 7
Do
pref
100
3,550
78*4 7934
79is 79*4 }78l2 78i2
77i2 78*4
77i4 77%
82% Jan
71*4 Mayl6
46% Deo
53*t Jaul5
68
100
67
18,400 American Locmotive
66i8 6758
657, 67*8
64i2 66
60*4 66U
Dec
1067a
Jan
93
Jan 4
101*2 Oct 18
Do
880
100
pref
100 z95
101i2
*991, 100
100
100
100
99>2 9912 100
19% Mar
13*2 Feb 6
8*4 Dec
2*8 Sept28
800
American
100
Malting
4i2
4*8
4
4
414
4
414
3*4
3l2
3l2
71% July
60
Dec
39
58*8 Feb 6
Sept25
Do
1st pref
100
100
40*4 40*4
93
Nov
144
88
Nov
90
Feb21
Mayl4
American Shipbuilding
100
*108
145
*108
142
•1261** 142
*114*4 142
73 May28
94*4 Oct 18
67% Dec 112% June
83U 9U2
9H2 94*4 293,i00 Amer Smelting A Refining. 100
82l4 84
78 * 80U
795, 82U
103
*99*8 Nov 117% Jan
Sept25 106*4 Mar 2
500
Do
pref
100
105
10518 105i8 1061, 10618
104i2 105
104U 104U *104
75
June
58
Jaol5
92*4 Sept27
60*8 Dec
100
84U
7,700 Amer Steel Foundries
86i2
83i2 86I4
84
85i2 86*4
82
84*4 85*8
116
98
Jan16
May
15
89>* Nov 126% June
American
Refining..
113
Sugar
100
15,400
114*8
llli8
114U
111
110*4
110 '
11012
109i2 111
106
Dec 121** Jan
108*4 Mar23 113't May 8
Do
114
200
111
111
*109
pref
100
113
110*4 110*4 *109
*10Sl2 111
62% Dec
30
May
60*4 Jan 5 145 May24
1127, 28,300 Am Sumatra Tobacco....100
113*8 109
11312 111
113
115*2 113*2 11512 111
95*4 Dec 128** Jan
90>8 Aug 5 109*4 Feb 1
7,300 Amer Telephone A Teleg.100
107
1077s 105U 107U 1051s 106i2 105l2 106
107i2 108
220
Mar
123
Dec
140*2 Jan 5 188*2 Oct 17
100
1,100 American Tobacco
188i2
186
187% 187% I88I2 188i2 187
185
187*2 185
109% Jan
89
Dec
99
Feb23
92%
Septl4
Do
pref
(new)
95
1,000
100
95
96
*93
95
95
95
95
68*4 June
37*8 Feb
6078 Vfay24
44*8 Janl5
100
5,700 Am Woolen of Maas
49*8 5112
501, 5078
51
51U
50
515,
515, 51*4
June
87
Nov 100
Jan 4
92
957g Marl2
Do
*94
pref
100
*94
95*4
*94
95U
95
95U
*94
95
*94
54** Mar
17
Nov
39% Aug28
20*4 April
36
100
36
’2,600 Am Writing Paper pref
3514 35i2
33
33
33l2 35%
32
31
41% Jan
21% July 3
10*2 Dec
127t JanlS
25
3,200 Am Zinc Lead A 8
151, 16U
14i2 14*4
14l2 14*8
15
14
14U 14U
72** Jan
41
39** Dec
Jau 2
63*4 July 1
Do
pref
25
*46i2 51
S2
*461j 52
*461, 52
87
May
61*« Nov
*59*8 Janl8 2:74*4 Oct 18
Anaconda
Copper
Mining.50
11*7,766
73*4
7414
7U2
*72%
71
71l2
70% 717,
69U 70i2
87% Sept 121% Jan
97*4 Jan 5 120*4 Feb 18
Atl Gulf A W I 88 Line... 100
!
104
9,900
107U
10514
10678
108
106
107
106*4
106i2 109
66
Jan
Feb
65
54
July 9
Jan 6
58
Do
100
pref
*63
K41; *63U 64l2 *63i2 65 1 *63l2 64
76** July
43
Feb
56'a Janl5 101*4 Mayl8
74
7514 79*4 85,500 Baldwin Locomotive Wks.100
7712
75*8 77*4
76*4 7958
74*8 78*4
102% Jan
93
Dec
103
Oct 18
93
Jan 2
Do
103
pref
100
I 103
1,000
*0914 103
136
Jan
82
Deo
Oct 18
85
Jan 4 109
100
109
103
104
3,469 Barrett Co (The)
99
99i2 100
Jan
9812 99
616
*98 100
96
66*4 Dec
Mayl6
63*2 Oct 18
Bethlehem
Steel
Corp....
100
69
2,000
67
71l2
6812
73% 73i2 1
71*2
71
x66% Dec 156 June
94 Mayl6
6738 0ct 18
Do
class
B
common.. 100
71
68
153,100
7H2
72*i
705.
| 67*8
71
73*,
721, 735,
93
Dec 101% Oet
96*2 Jan 15! 1067a Apr29
Do
cum oonv 8% pref
2,500
103*4
103 I 103*« 103*4 1025, 103l2 103
1023, 102i2 103
21
Jan2l! 28*2 Sept 5
800 Booth Fisheries
Vo par
25
1 *24*2 25
24U
*24l2
24U
25
25
25*2
24*4
i
■o mIot on this day.
t Ex-rights
I Lass than 100 alura
s «*-div tad Menu
•Btdiad
891,
84i2
985,
555,
*56*8
90*2
92i2
947,
84
„
_
■
-
,
....
__
|
1563
New York Stock
For record
of mIm durini the
BWB AND LOW 8ALB PRICKS—PER SHARK.
NOT PER CENT.
Monday
Tuesday
Oct. 14.
Wednesday
Thursday
Oct. 12.
Oct. 15.
Oct. 16.
Friday
Oct. 17.
Oct. 18.
S per share
$ per share
158
159
63
64
64%
681*
e
«
s
p
p
c
o
I
p
w
e
0
P
o
n
o
s
◄
n
o
M
w
M
G
O
h
K
43*2
21*2
62*2
63
42%
21*4
62%
67%
34*4
3514
95
20**
385*
417,
37*4
2H*
39l2
42i2
39U
20*8
3912
42i4
38iS
105
102
104
73%
431* 44
10H* 1011*
54** 56l4
*88% 9012
287, 29**
79
79U
47l2 49
10i2 111*
27
271*
153*4 158
P
21
92
102
73
◄
*42%
21U
63*4
68*4
159% 159*2
10%
*10
23
67
67%
105
*103
106
*103
35
351* 35*8
35
35%
94
9414
94% 95
95
105
ft
63
67
105
S per share
158
160%
10
9*41
10%
24%' 23
23*4
721,
435,
101
56
*88i4
28*8
21*8
40
43
39
1025,
731*
44
101*8
5714
90i2
29*8
20%
39%
42%
38%
21%
39*4
43%
40%
102
103
72% 74
43% 44
101
101
55
56%
*89
90
28*4 29
10%
24
25
43*8
24%
66%
68*2
43%
23*2
65*2
67%
106
107
35%
95%
21%
39%
22
43
44
35*2
96%
22*4
41%
43*4
40%
40%
40% 41%
102*4 104
74% 76%
43% 44%
101
74%
43%
101%
101
53%
*89
29
79
102%
56
90
53
*89
69
107
36%
99
24
42*4
44%
41%
103*4
75*2
44%
101*2
55*2
89%
32%
eeeond
STOCKS
NEW YORK STOCK
30%
79%
Par
4,400 Burns Bros
100
2.300 Butte Copper A Zinc ▼ t c._5
3.200 Butte A Superior Mining..10
500 California Packing....No par
30,500 Califomai Petroleum
100
9.300
Do
pref
100
22,100 Central Leather
100
Do
2,500
pref
100
4.200 Cerro de Pasco Cop
No par
4,250 Chandler Motor Car.
100
66,700 Ch le Copper
25
9,860 Chino Copper
5
5.300 Colorado Fuel A Iron.... 100
Columbia
29,600
Gas A Elec
100
9.200 Consolidated Gas ( N Y)..100
8,600 Continental Can. Inc
100
36,400 Corn Products Refining.. 100
Do
1.300
pref
100
28,800 Crucible Steel of America. 100
46.900
82
4.400
45
48
19,500
12
12% 12,100
30% 31%
9,900
157
158*2
9,800
zl21% 124%! 28,700
z77*4 78%
4,425
58
59% 18.900
1,100
....
,
8334
12%
*105
*69
84%
12%
110
72
ss
85
12%
z53*4
*106
*69
12%
13
54 .
54
110
*107
72 I *69
92
93%
92%
43%
93%
46%
92
44
60
60
60*4
46%
2134
83%
47
22%
83%
47
47
21%
22%
83
56
83
*53
56
122% 123
*112
116
53% 54
*85
90
66
66
Ex-dlvldend.
45%
60*4
84%
13%
57%
13%
57%
110
>108
*69
72
92%
92%
44%
43%
60%
|
24
.
j
47%
23%
83%
,
90
67
!
*85
*64
59
110
72
I
91%
44*4
90
68
*87
*64
I
!
'112
*51
*85
*64
116
53
90
I Less than, IOO shares
v t c
A C
100
Western Union Telegraph. 100
Westtnghouse Elec A Mfg.60
Do
1st preferred
50
White Motor
50
Wlllys—Overland (The).. 25
Do
pref
(new)
3,8001 Woolworth (F W)
30!
700,
I
IOO!
:
Chem.-lOO
100
3,800, Wilson A Co, Inc,
67
10
100
pref
‘ Vlr8,nla Iron C
45%
127% 128
i
I
|
58
25%
116
53
90
68
Do
56*4
25%
83%
126%
3,700
84
-
48
;
92
pref
Utah Copper
Utah Securities
18,500 Vlrginla-Carollna
4,400
36,100
!
500
48%
2,300
26% 117,000
84
1,100
47%'
58
^
---
92%
45
15%'
58*4
1
-
47%
22%
57
56*4
58
59*4
122% 123% 123% 128%
116
*112
§116
116
*112
54
*53% 55
54
52
*85
*64
88%
14%
57%
14%
*e:q
47
isfix
-r
92% 35,600
■
88
lit
pri
Do
100
pref
Worthington P A M
Do pref A
Do
Ex-rights
100
v t c
▼ t e.
pref B
<t
Bx-div
100
100
100
100
.100
and
per shark
Range sines Jan 1.
Do
pref
100
Cuba Cane Sugar....No Par
79
7J
78*4 78%
Do
pref
100
48i2 4914
47% 48*2
47%
Distillers' Securities Corp. 100
10*3 10*4
10% 10%
10%
Dome Mines, Ltd
10
27
27
2714
28
30
27%
Gaston W A W Inc. .No par
155U 1577* 155
157*d 156% 158%
General Electric
100
119
121
119
12212 121% 124% 123
12434
General Motors Corp
100
75*4 761*
76
757, 76*8
78
77
78*4
Do
100
pref
5212 53% *52
57
52*4
52% 57
59*2
Goodrich Co (B F)
100
ini
101*4 102
10078 101%
Do
pref
100
81
*80** 81
81
*80~ 82” 82
82
*80* 8*2”
200 Granby Cons MSA P
100
495* 5H2
51
52
51% 53
63*4 54%
55
57
Greene
8,567
Cananea Copper.. 100
*69
71
71
711$
70%
70%
71
70%
70*2
70%
1.400
Oulf
States
Steel tr ctfs.,100
►
t
9812
9812
98*2 *
98% *
98*2
Do
1st pref tr ctfs
100
*44
46
*43" 46
45
45
45
45
45
46
1,000 Haskell A Barker Car..No par
54
55
53l2 54*8
54
54i2t 54
55U
55l2 53% 43,400 Inspiration Cons Copper..20
*13
16
*13*4 16
1512 15i2; *14i8 16
16
16
400 Internat Agricul Corp....100
59*4 59*4 *5714 60
58
60
*58
62
59
597,
1,100
Do
pref
100
104
109
107l2 1077s 106 IO8I4 107
109l2 108
10914
6,600 intern Harvester (new)
100
2912 30**
31
30i8 3H2
33
31*2 33
2912 317, 118,000 Int Mercantile Marine.. 100
117*4 121
116*4 120*8 117*8 121*4 117i2 119*4 113*4 1177, 249,400
Do
pref..
100
30l4 30l2
301* 301*;
301s 3014
30'4 325,
32*4 33*4 25,500 International Nickel (The)25
32
34
331*! 33
34
33
3412
33*8 337g
5,200 international Paper
100
*61
63
63
62
62
62V *62
700
62i4 62i4
Do
stamped pref
100
51
51l2 *49*4 50*4
49*4 53
541*
55*8 56
3,500 Kelly-8 pri ngfleld Tire
25
335, 35
35
34% 35^8
37
35*8] 35i8 36
38*8 44,900 Kennecott Copper
No par
727, 74
73
74is 74*4
73
75
74i8
73
75*4
6,800
Steel
Lackawanna
100
*19
20
187s 19
20
195, 20
20*4
20*8 21
2,100 Lee Rubber A Tire
No par
29
30
3012 30*4
30
31
30
351*
35i2 39*4
5,400 Loose-Wiles Biscuit tr ctfs. 100
*79
8212 *81
82% *81
82i2
825, 825,
100
Do
2d pref
100
*74
79
*76
79
76*8 76*8 *73
79
*75l2 79
100 Mackay
Companies..
100
*64
65
*64
68
*64
65 I *64
65
*64
64i8
Do
pref
100
3H2 317,
3012 32
32i4 35%:
35l2 37l2
36i4 3714 18,500 Maxwell Motor, Inc
100
61*2 62i4
6H4 62
65
6212 64*4
6634
66i8 67*4
3,800
Do
1st pref
100
23
24
23
24
24l2
28
25%
2514 28%
29*8 12,800
Do
2d pref
100
131U 1397, 134
1447, 143
152
148
158i2 15814 192 435,700 Mexican petroleum
100
Do
pref
100
277, 28*4
2778 28 j
277, 28
2778 28%
28% 29% 16,700 Miami Copper
5
471* 49i2 z47% 487g' 46*8 48
45*8 4714
45% 47% 34,400 Midvale Steel A Ordnance.50
74
74% 75i2
74*8
72i4 76
77
7512 76*4
78
2,200 Montana Power
100
*99
*9914
; *9914
*9912
Do
pref
100
16
17 !
17*8
17
167, 17
165s 16*4
17% 18*2
3,800 Nat Conduit A Cable No par
435, 4412
45
45U
45*4 46
46
4512 4578
45*4
2,100
Nat Enam'g A Stamp'g
100
*91
94
94
§94
*92
94
*92
94
*92
94
5
Do
pref
100
53*8 58*8 *58
59
59
59
60
61
61% 64
4,100 National Lead
100
103i8 1031s *103
106
103
110
*103
110
*103
110
100
Do
pref
100
20
2018
20i8 2014
20
20U
2018 20*8
20% 20%
4,400 Nevada Consol Copper....5
115
115
11512 115
115
115*8 115
115
115%
1,400
New York Air Brake
100
*46
55
4612 4612 *47
50
*47
55
*50
55
100 North American Co
100
40*8 4H2
40*8 41 I
45
401s 45
46*41 46% 48 106,300 Ohio Cities Gas (The)
25
71*
75,
714
7%'
7U
7*8
7i2
7%
7%
712!
1,600 Ontario Silver Mining
100
3U2 3H2
3U2 32 I
32
32i8
32i8 32%|
32%
32%;
1,600 Pacific Mall SS
5
101
102l2 1021* 108*8 109i2 II7I2 114
117
116% 120 | 17,000 Pan-Am Pet A Trans, pref. 100
54
54*4 5512
55
54
56
55*4 571s'
56% 57*4' 10,600 people's O L A C (Chic).. 100
31*4 3178
31*4 32 , 31*4 32
32
33 1
33
33*4 11,500 Philadelphia Co (Pittsb)..50
41
4H2 z40
40%
40i4 42*8
4H2 42%
42
42%; 23,900 Pierce-Arrow M Car...No par
*98i4 99l2
9914 99%
99
99U! *99
99i2 *9814 99i2
400
Do
pref
100
I8I4 18*4!
1778 18% I
1812 19isj
18% 19
18% 19 j 94,240 Pierce Oil Corporation
25
48*4 49 I 48*4 49*81 48*4 49%; 49i8 49*4
49*4 53%! 12,600 Pittsburgh Coal of Pa
100
*8H2 83l2 *8H2 83V 83
83 I
*82
100
Do
83%;
pref
100
67
67*4; 67*4 68*41 *67% 69%
68
69
69
69*8 j
2,400 Pressed Steel Car
100
*94
98 I *94
98
*94
97
*94
96
Do
pref
..100
*88
90V *88
90
90%
90
92
90*4 91%
93
”800 Public Serv Corp of N J..100
124i2 125
126
129
126
128
127
127
127
127%
2,800 Pullman Company
100
66>4 67%
67*4 68i2
67% 68
68% 69
67% 68*4
6,500 Railway Steel Spring
100 •
10H2 10H2 *101
102V 102% 102% *101 102% *101% 102
200
Do
pref
100
23*4 24i8
24
24%
24
24 |
24
24%i
24% 25
10,200
Ray
Consolidated
Copper. 10
86
88%
87% 88*4 z86
85
86%’
86%
84% 87
31,600 Republic Iron A Steel
100
lOOU IOOI4 *99
100% *99% 100% *99
100% *99
100%
100
Do
pref
100
110*4 HI
108% 109% 110
134 i 140
118*4 121
145
7,600 Royal Dutch Co ctfs dep
7
612
7
7 I
7
8%
9
10%'
12
10%
7,300, Saxon Motor Car Corp
100
165
169
163
168%! 163% 165 j 164 165% 166% 166%
3,700; Sears, Roebuck A Co
100
1478 15
15
15%: *14% 15%:
15% 15%
15% 16%
2,300,
Shattuck
Aris Copper
10
33% 35%
34% 35%
37
35% 37%
37
38%
38%'
85,100;
Sinclair
Oil
A
Ref'g
No
par
55
*51% 55
55
55
55
*52
56 |
53% 53%
600; Sloss-Sheffield Steel A Iron 100
59
60%
65
58*4 65
70
66% 70%
6634 69% 167,700 8tudebaker Corp (The).. 100
*92
96
95
95
*94
96
100
Do
pref
100
39
39
z38
38
38% 38%
37% 38%
39
39%
2,000 Superior Steel Corp’n
100
*96
100
*96
100
*96
100
*96
100
*96
100
Do
1st
pref
...100
16% 17
16% 17
16% 16*4
16% 17
17
18%
9,700
Tenn
Copp
ctfs.No
A
C
tr
par
187*4 194% 190 193*4 191% 194*4 192*4 198
198
203
63,700 Texas Company (The)
100
71*4 74
72% 74%
72% 73%
72*3 74%
73*8 7.5*4 57,500 Tobacco Products Corp.. 100
*92
94% 95
95
*93
97
*92
97
96
.96
300
Do
pref
100
*71
75
*71
75
*71
71
75
72% *70
75
200 Union Bag A Paper Corp 100
37
7
37%
37
37
37
37% 37%
37*4 37*4
800 United Alloy Steel
No
par
102*4 1041(
102*4 103*4 101% 103
102% 104% 103G 105% 19,800 United Cigar Stores....100
*102
*100
120
*102
120
*100
120 ,*100 “ 120
Do" pref
146
100
147 | 144% 144% 143
143 I 145
145
144
147
2,100 United Fruit
100
14
15
15 I
15%
14% 14%
15
15%
15
15%
3,200 U 8 Cast I Pipe A Fdy
100
43% 44%
44% 44% *4234 45 j
443*
45
I
*44
47
900
Do
pref
100
100
103
103
105% 102
103% 101% 103% 100% 103% 22,200 U S Industrial
*93
Alcohol.. 100
95
94% 94% *93
95% *93
95% *93
95%
100
Do
pref
100
64% 64%
633* 64%
63% 69%
67*4 70%
67% 69% 32,100 United States Rubber.... 100
103*4 104 zl02% 102% 103
103
103
103% 103% 103%
2,400
Do
1st
preferred
100
43*8 44%
43% 44%
44% 45%
45% 48
48% 50% 17J00 U 8 Smelting Ref A M
50
*43% 44 j *43% 44%
43% 44*4 *44
45
*43
48%
900
Do
pref
50
30%
79%
48%
12%
peee
Mange for Preston*
Year 1917
On basis of 100-shars lots.
EXCHANGE
Iadustrfal&Ml*c.(Coa.)
10*4
25%
43%
24*4
68
<ee
PEE SHARE
Sales for
the
Week
Shares
Saturday
168*4 159% 159
9% 101$
9*4
237* 24V 24
425, 425,
207, 22
20*4
t
Record—Concluded—Page 2
«veeh of eteefce usually Itteetire.
rights
Lowest.
Highest.
$ per share
% per share
108
Feb
6
8% Apr 25
16% Jan 2
36% Jan
12
36
Jan
Jan
Lowest
160% Oct 16
12% July 10
33% May 14
45% MaylO
24% Oct 18
68
Oct 18
61*2 Jan 15
73% Feb 27
102% Mar 14 *107 Mar 8
29% Mar 6
68% Jan 2
14% Apr 4
36% JunelO
34*4 Jan 29
28*4 Mar25
82*4 July 15
65% Oct 7
29% Jan 15
*90% Jan 7
52
86
Jan 12
Jan 31
27% Apr 10
78% Mar25
z33
6
Jan
2
Junel9
25*4 Oct 11
127*4 Jan 7
106*4 Jan 15
75% Oct 10
38 Jan
2
96
Jan 10
74 Jan 25
38% Jan 17
68*4 Oct 10
99% Aug
34 Jan
42% Jan 15
10 Jan
8
33 Jan
104 Oct 14
21
Jan 15
83% Jan
27 Jan 15
24% Jan 15
58 Jan 22
41
Apr 2
29
Mar25
72 Oct 10
12
Apr 2
17% Jan 8
63
Feb 15
71*4 Junel8
57 Jan
4
23%Jan 15
51
Apr 24
19
79
87
May27
Jan
5
Jan 15
26% June 7
43%Mar23
64
June25
95
Mar 19
13% Apr
8
37% Jan
7
92
Sept25
43% Jan 7
99*4 Mar 2
17*4 Mar25
115 Oct
8
37‘2 Augie
35% Mar25
4% Jan 22
23% Jan 21
Jan
8
39% Jan 2
21
Apr 12
34
Jan 16
89*4 Jan 26
15
Scptl3
42
Jan 15
79*4 Jan
2
86
56% May28
93
Apr 27
85 Oct
2
100% Jan
7
45% Jan
7
95
Jan
2
22%Jan 15
x72%Jan 15
92% Jan
2
70% Mar23
4*4 Aug22
133*4 June 8
14% Oct
9
25% Apr 11
39 Jan 24
33% Apr 24
80% July 3
34% Mar25
95
Feb 16
12% Jan
2
136% Jan
7
48% Mar25
z87% Mar 19
65 Jan 24
37
2
Jan
83*4 M ar28
101% Jan
5
116% Jan 16
11% Apr 6
41
Mar26
98% Oct 9
94 Oct 11
51
z95
Jan 15
Jau 15
32%
42%
86%
108
76*4
Apr 12
Apr 12
Mar25
M ar25
Mar25
11
Sept16
2
98 Jan 16
50 Jan
5
77% Aug 2
38%Jan 17
59
Jan 11
36% Jan
15% Jan 15
75
Jan
3
45% Jan
110 Mar25
111
Oct
21
34
Jan
4
85% Feb 5;
69 Jan 18
33% Jan
Jfe
Du#
«>A
36% Oct 18
99
24
Oct 18
Oct 18
47% May 16
54% May24
41% Oct 17
104
95
Oct 14
Feb 19
45% Julyl8j
103
3
Oct
74% Mayl6
91% June 4i
33% Feb 20
83
Feb 18!
64*4 M ty24
12% Oct 18
39
Feb 13
158% Oct 18
164
88
Aug.’l
Feb
1
59% Oct 18
102
84
67
Oct 14
Sept 5
Oct 18
111% Apr 25
102 Jan 10
*9% July30
58% Oct 18
19
65
June20
JuuelX
109% Oct 17
33 Oct 16
121% Oct 16
33*4 Oct 18
45*2 May 15
65% Jan 3
56 Oct 16
38% Oct 18
91% Mavlrt
22% July30
39*4 Oct IS
82% Oct 17
78% Feb 28
65 May2s
37% Oct 17
67*4 Oct 18
29% Oct 18
192
100
18
5
33% Jan 31
61. May 16
78 Oct 18
101% July26
21%Juiy 5
54% May20
99% Feb 20|
64 Oct 18!
Oct
Oct
105% May 181
21% Mayl6i
139
May22|
46% Oct
48
13
Junei7j
33% Aug
120
8
Oct 18
Oct
318
57*4 Oct 18
33*4 Oct IS
43% Mar 1
99% Oct 15
19% Oct 16
58*4 Feb 28
84
Feb 19
73
Aug 13
100
Aug 6
109% Mar 5
129 Oct 15
71*4 Sept28
102*2 Aug 29
26% Mayl6
96
May 16j
102% Sept 17i
145 Oct 18
12
Oct 18
169
Oct 14
18% Feb 19
39
Feb
5!
Feb
147
19
47*4
137
99
Oct
i:
May 131
44% MaylO
105% June24j
110
July 18!
73%
95%
47*2
64*2
48%
26%
July27
Apr 15
May 16
Feb 20
Oct 18
Oct 18
84 Oct I81
66% M ay24
128% Oct 16
115
Sept 9
69 Aug 28
91% Apr 6
70*s July26
76
Nov
18
Feb
88i 2 Nov
45*4 Dec
83
Dec
24% Nov
74% Dec
11*4 May
6*2 Nov
28
118
74*2
72*4
32%
z91%
65
34
77
101*2
27*2
38
7*4
26*4
17%
62%
24%
18*2
50%
36%
26
68
10%
T2%
55
70
57%
19%
49
13
67
Feb
Dec
Nov
Dec
Dec
Dec
Nov
Nov
Nov
Nov
Nov
Nov
Nov
Nov
Dec
Feb
Dec
Nov
Nov
Dec
Nov
Nov
Nov
Nov
Jan
Nov
Dec
Nov
Dec
Nov
Dec
84% Nov
25
Nov
3912 Dec
z58*4
Dec
95*2 Dec
13% Dec
24
Feb
90*2 Mav
37% Dec
99
16
98
Dec
Nov
Nov
39
Dec
31% Oct
3% Nov
18
Feb
87
Nov
35
Dec
24i2 Dec
25
Dec
88
Nov
19*2 Nov
Feb
6
14
May 7
Feb
1
May24
Mar21
70% Oct 17
106% Julyl3
50% Oct 18
45*4 Feb
1
116% Aug 28
112% Jan 31
92% Oct 18
15% Feb is
59 Oct 17
109%July 6
11%
35%
29*4
25%
76*2 Dep
60
89
59
July 6!
Oct 18
Aug
25
56
'62% 'Jan
42*4 Aug
30*2 Jan
62% Jan
101% June
115% Jan
41
Feb
104*4 Mar
27% Mar
63*4 Mar
June
58
47% Apr
134% Jan
103*4 June
37*4 July
112% Jan
91% July
117*4 J»n
55*4 Jan
94% Jan
'44% Oct
24*4 Jan
41% Aug
171*4 Jan
146% Jan
93
Jan
61%
Jan
Jan
112
92%
47
137
110
40
Jan
Jan
Jan
June
June
66*2 June
21% May
60*2 July
36% Mar
106** Oct
47% Mar
49% Jan
77*2 June
64*2 Jan
50% May
103% June
Jan
30
27% Jan
64
Jan
89*4 Feb
67*2 Jan
61% Jan
74% Jan
40
Jan
106*2 Jan
977, June
43*4 Apr
67*2 June
109% Jan
117% Mar
39
June
46*4 0<rt
99% July
63% Mar
114
Jan
26% June
156
Mar
72*8 Mar
143% Apr
7% Sept
30*2 June
98
Jan
106% Jan
42
Jan
41%June
98*2 Aug
54*2 Sept
Dec
90
Aug
Dec
83% Jan
Nov 2107
Jan
99
Dec 131
Jan
106*4 Dec 167*1 Jan
58
Jane
36% Nov
Jan
88*2 Dee 101
75*4 Oct 18
98
80
55
97
Dec
Nov
Dec
Nov
Dec
Dec
Dec
Nov
Nov
Nov
Nov
Nov
74
49
z90
45% May 3'
100 Sept-27 j
21
203
12*4
33*4
10*4
29*2
37*2 Dec
71% May24!
70% Oct 17
95
Hiohtn.
t per share f per share
89
Jan 125% Apr
.
Dec
32%
94*2
105%
73%
Apr
June
May
Not
May;
4% Nov
68
Jan
123% Dec 238% Jan
15
Dec
29% Mar
25% Dec
59% Mar
33*2 Novi
74% Mar
Nov
33%
110*2 Jan
85
Nov
108% Jan
30*4 Nov
51% June
96
Dec 102*2 July
11
Nov
19*2 June
114*4 Dec 243
Jan
42*2 Dec
80% Aug
z86
Dec
105
Mar
59% Dec 112
Jan
34% Dec
49% June
81% Nov 127% Aug
98*4 Dec 120% Mar
zl05
Dec
154% Jan
10
Nov
24% June
42
Dec
63
Jan
98*8 Nov 171% June
June
88
Nov 106
45
Aug
Dec
67
91
Dec 114% Jan
40
Dec
67% Jan
43'** Nov
52*4 Jan
79% Dec 136% May
102% Dec 121% Jan
70*4 Dec 118% May
9% Dec
24% Jan
46
26
Nov
May
97
Dec 112% Jan
46
Feb
77
Mar
z76
Dec
99% Jan
33*4 Dec
56
May
62*4 Dec
70*8 J»n
33*4 Nov
52*2 Jan
15
Nov
38*2 Jan
69
Nov 100
Mar
42
Nov
84% Mar
99% Dec 151
Jan
113
Dee 126% Jan
23% Feb
37%June
88
Nov
97*4 June
50
May
New York Stock
Exchange—Bond Record, Friday. Weekly and Yearly
method of mating bands was changed and priest are nou>—“and interest”—except tor interest and detanked bands.
BONDS
N. Y. STOCK EXCHANGE
Week Ending Oct. 18.
11
rrW
rfrdnm
Week's
Fridas
Oct. 18.
Range or
Range
Since
Jan. 1
Last Sale
Ask Law
Bid
Sf
So. Low
High
High
U. S. Government.
Foreign Government.
Amer Foreign Secur 5s
1919
Anglo-French 5-yr 5s Ex ter loan
Argentine Internal 5s of 1909
Bordeaux (City of) 3-yr Os. .1919
Chinese (Hukuang Ry) 5s of 1911
Cuba—External debt 6s of 1904
Exter dt 5s of 1914 ser A..1949
External loan 4 4s
1949
Dominion of Canada g 5s
1921
Do
do
1926
Do
do
..1931
French Repub 5V$s secured loan
Japanese Govt—£ loan 414s. 1925
Second series 4 4s
1925
Do do
“German stamp’*.
1931
Sterling loan 4s
Lyons (City of) 3-yr Os
1919
Marseilles (City of) 3-yr Os.. 1919
Mexico—Exter loan £ 5e of 1899
Gold debt 4s of 1904
1954
Paris (City of) 5-year Os
1921
Tokyo City 5s loan of 1912..
O K of Gt Brit A Irei 2-yr 5s 1918
54% notes....... 1919
54% notes
1921
Convertible § 4 % notes.. 1919
.These
are
prices on the basis of
99.88
Bale 99.88
10002
97 50
97.10
Sale 97.50
Sale 96.90
98 40
97.70
Bale 17.70
98.48
97.04
97.30
98
98
Sale >6.90
Sale 96.90
10-yr
conv
1933
44s
•
.
*No price Friday, latest
423 93.90 99.00
...
m
....
98
98
..
mm
..
85
-
98
99
85
89
..
.
.
....
85
.
„. .
Aug’18
May'is
May 18
Oct *18
Sept’18
.
99
98%
J....
-
...
July'18
Sept'18
98
99
85
89
97*8
85
June 18
Feb
107
107
105
105
98
....
June 18
100
987s
99*2
99*4
97*t
_
_
83
....
15
....
,
_
.
Chesapeake & Ohio (Con)—
General gold. 4 %e
1992
Registered
1992
29-year convertible 4 %a__ 1930
30-year oonv secured 5s. .1946
Bis Sandy lot 4e
1944
Coal River Ry 1st gu 4a..1945
Craig Valley i*t. g 6e
.1940
F
A
M
M
J
M
F
F
A
A
A
F
J
98
A
Sale
Sale
O
95*4
s
87
N
99*4
D t 70
8
A
93*s
A
78
O
96
94 s*
O
o
95
-t.h-
95
Sale
102*4 Sale
89
A t 88
J t 88** S ile
85*2 Sale
99*2 Bile
99*2 Bile
61*2
40*4
97*4 Sale
M N
M N
Q
J
A
M
M
M
M
F
743.
J 1
Sale
—
-
'
—
987s
97*4
100*8
78
84
389
71
1
28
10
44
829
79*2
93*2
931* Sale
93*2 94
Q
A
Q
..
J
J
M
M
J
M
A
F
J
A
A
M
M
A
J
F
J
A
J
F
M
J
J
J
J
M
J
D
N
J
J
N
O
O
J
J
J
o
J
..
D
J
N
N
J
5
O
A
D
O
O
s
N
O
J
A
D
O
D
A
*»
wees
0
N
93*2
93
985s 99*8
98*2 99
89*2
90
....
89
87
...
.
89 ~8
98*2 99*8
981*
79*2
96
90
96
96
106
98
991s
81 *2
'
101
100
98
108
Vlav
«5
107*2
104*2
106** 107*4 106*2
l'Hjig
78% 74
69*2 70i* 70
.
56
53
82
s
7434 Sale
Sale
75
74
72
72*4
911* Sale
86
....
79
.
827.
‘
... .
821*
78*8
95 <4
761*
110'
.
.
.
; 79
.
.
.
.
88
78
.
.
92
>4
Mar’17
82*8 82*4 80U
82*4
82*8
82*8 Sale 797g
112
Jan
12
9714
80 s Oct ’18!
80 ‘
74*8
74*8 Sale 73*2
84
"
85*4
91*8
Sale
....
89*8
88
85
99
90*. U/7
87*2
76'.*
80*2
100
84
100
84
Apr 17
93*2 Aug’18
101*4 Nov ’10
99*4 Oct 17
88
.VI ay’18
99's Mir’is
99 ;s June 18
99*2 Oot 17
Nov* 16
103i8 v-'t) 16
101
May IS
8
92
757s
*4
34
Sale
99% Sept’18
90 8
89*4
78
Aug 17
90
’
65
8534
85>4
85*8
82*8
102
94*4
98*2
99 "
98*2
98*2
94*4 96
105
108*2
104*2 104*2
104*2 107*2
100*8 IOH4
....
90
Dec 17
2
..
.
44
.
45
....
21
•
-r
-r
27
9
3
1
—-
4
....
71
51*s
59
79
86
79*2
71*4
73*2
*0
70
78
76
73*2
71*2
V
82
91*2
91*2
91*2
79
79
74%
80*2
79
35
77
74
84*4
78
78
..
12
14
16
.
32'2
76*2
69*4
.
24
90
35*2
991f
8912
87
73*8
78%
75*4
7578
82*4
'*3*8
80*8
83*2
.
.
48
96
5
12
....
“2
70
80
85
93*2
....
1
(_
9612
S3
S8
99i8
99%
99%
99
Ti
-.1
June 18
102%
SeDt’18'
Oct ’18
97*8
96 s 101*4 100
Apr 18
100*2 Jin '13
66
65
Sept’IS
85
91*4 Aug'18
98
97
97
96
104*2 ' n 17
iOih Jan
e .jus Aprd.
e
101
103"
99*2 10312
2
34
90
vlay 18
97*8 J-irie' 17
84*2 Aug’18
83
Sale 102
100
99i2 98
Bid
Ill
Ml
F
A
j.
J
85'
91*4
90*2
99*4
85
90%
90
84*4
83
29 100
i 100
....
1
..1
90
8412
83
104
104
97* 9*12
100
100
i
1
1
2
06
67*4
81
94
94*2 100*8
Doe May
a
Week's
id.
oa.
s
...
7744
78
84
Range
Since
-
Jan. l
High
No. Low
3 72
High
83
1563
f!
Range or
Lon Sate :
Ask Low
797s
78%
86*4 Mar* 17 ....1
78*4 Sale 77
78*2 167 65*t 781*
85
Sale 82
85%
85*2 346 76
8
78*8
....
A
o
67
....
—
.
Ap ’17
85*2 No* ’16
96*4 Feb *16
84*4 Jan ’13
.
.
73
70>s
82*2 71
73
88*a Sept*16
97*2 113’« Feb ’15
5414 51*4
51*a
Sale 3878
42
51 if
42
-r->
...
mmWbWn
No* *17
Oct *17
64"
5
16
50
62
35*4
47%
Chicago Burlington A Quincy—
Denver Div 4s
1922
Illinois Dlv 344s
1949
Illinois Dlv 4s
1949
Iowa Dlv sinking fund 5s. 1919
Sinking fund 4s
1919
Joint bonds.
See Great North
Nebraska Extension 4s
1927
Ragiflfivari.
1927
General 4s
1958
Chic A E III ref A Imp 4a g__1955
U S Mtg ATrCo ctfs of dep.
1st consol gold 6s
1934
General consol 1st 5s
1937
U 9 Mtg A Tr Co ctfs of dep'
Guar Tr Co ctfs of dep...'..
Porch money 1st coal 53..1942
Chic A Ind C Ry 1st 5s
1936
Chicago Great West 1st 4a..l959
Cblc Ind A Loulsv—Ref 68.1947
_
_
_
F
I
)
A
A
A
J
J
o
o
m
KM
M
J
N
N
S
J
o
M
N
.
99%
80
98
97
87%
99*4
99%
Sale
91
82
8978
94%
Sale
91
78
25
22
98
72
.
91*8
83
29
29
100
73
71
f" "a
j
M
J
J
J
|
J
J
56
j
s
J
J
J
J
J
D
J
j
D
O
Gen ref conv Ser B 5s
<*2014 F A
Gen’l gold 344 * Ser B
J
«1989 J
General 4 44b Series C
J
el9S9 J
25-year debenture 4s
1934 J
J
Convertible 4448
..1932 J D
T
J
Chic A Mo Rlv Dlv 5s... 1920 J
J
Chic A P W 1st g 5b.
1921 J
J
C M A Puget Sd 1st gu 4s. 1949 J
J
J
Dubuque Dlv 1st s f 6s...1920 J
Fargo A Sou asum g 6s. .1924 J
J
La Crosse A D 1st 5s
1919 J
J
WIs A Minn Dlv g 5s
J
1921 J
Wls Valley Dlv 1st 6s....1920 J
J
Milw A Nor 1st ext 444s..1934 J D
Cons extended 444b
1934 J D
Cblc A Nor West Ex 4a 1886-1920 F A
1886-1926 F A
Registered
General gold 344s
1987 M N
Registered
pl987 O F
1937 M N
General 4s.
Stamped 4s
1987 M N
General 5s stamped
1987 M N
Sinking fund 6s
1879-1929 A O
1879-1929 A o
Registered
Sinking fund 5s
1879-1929 A o
Registered
1879-1929 A o
«
Debenture 5s
1921 A
o
Registered.
,1021 A o
Sinking fund deb 5s
1933 M N
Registered
1933 M N
Des Plaines Val 1st gu 4 44s *47 IN 8
From Elk A Mo V 1st 6a. 11933 A O
Man G B A N W 1st 3448.1941 J
J
Milw A 8 L 1st gu 3 44s
j
1941 J
Mil L 8 A Wast 1st g 6s...1921 M s
Ext A Imp s f gold 5s
1929 F A
Ashland Div 1st g 6s
1925 M 8
Mich Div 1st gold 0s...1924 J
J
MU Spar 4NW lat gu 4s. 1947 M 8
St L Peo A N W 1st gu 58.1948 J
J
_
97*8
71*2
10
83*2
83*2
99*4 Oct *18 ...J
5
99*4
99*4
1
1
91*8
91*8
....
....
Refunding gold 5s
1947
Refunding 4s Series C
1947
Ind A Loulsv 1st gu 4s.
1956
Chic In i A Sou 50-yr 4s
1956
Chic 1.9 A P-ftat. 1st. 4
1909
4£s
Chicago Milwaukee A St Paul—
Gen’l gold 4s Series A
«1989 J
Registered
£1939 o
1925 J
Permanent 4a
Gen A ref Ser A 444s....a2014 A
.
99-8 July’18
83
99*4
99*« Sale
.
A
9«% 100
74
70*4
59
101
80
*84
Chicago Rock Isl A Pac—
Rail wag general gold 4s... 1988
.1988
Registered
Refunding gold 4s
1934
.1932
2ft-year debenture 5fl.
R I Ark A Louis 1st 444b.. 1934
Burl C R A N 1st g 5a
1934
C R I F A N W 1st gu 5s
1921
Choc Okla A G gen g Ha
pl9t9
Consol gold 5s
.1952
Keok A Des Moines 1st 5s 1923
St Paul A K C Sb L 1st 4 44a ’41
Chic St P M A O cons 6s
1930
Cons 0s reduced to
3t^s
1931]
Debenture 5s
..1930
North Wlscjnsln 1st 6s
1930
St P A S City 1st g 0s
.1919
Superior Short L 1st 5s g.cl930
Chic T a A So East 1st 5s.. 1900
Chic A West Ind gen g 6s..?1932
Consol 50-year 4s
.1952
Cln HAD 2d gold 444s
1937
C Find A Ft W 1st gu 4s g 1923
Day A Mich 1st cons 4 44s 1931
Clev Cln Cb A St L gen 4s.. 1993
20-year deb 4 44s
1931
General 5s Series B
1993
Cairo Dlv 1st gold 4a....1939
Cln W A M Dlv 1st g 4s. .1991
St L Dlv 1st coll tr g 4S...1990
Spr A Col Div 1st
g
4b....1940
W W Val Div 1st g 4S....1940
C I St L A C consol 6 j
1920
1st gold 4s
£1930
Registered
£1930
Cln S A Cl cons 1st g 5a..1923
C C C A I gen coos g 6s..1934
Ind B A W 1st pref 4s._. .1940
O Ind A W 1st pref 5s...dl938
Peoria A East list cons 4s. 1940
Income 4s
1990
Cleve Short L 1st gu 444s... 1961
Colorado A Sou 1st g 4s._._1929
Refund A Ext 444)
1935
Ft W A Den C 1st g 6s...1921
Conn A Pas Rlvs 1st g 4s
1943
Cuba RR 1st 50-year 5s g
1952
Del Lack A Western—
Morris A Ess 1st gu 344B.2000
N Y Lack A W 1st 6s
1921
Construction 5s
1923
Term A Improvt 4s
1923
Warren 1st ref gu g 3 44b. .2000
Due June.
5 Due July.
ir
tt
7412
91
84%
30
30
101
72
70
72%
54
98
60*4
LOO**
Sale
Sale
8178
68*8
80*4
80's
79
82*2
94*8
...«*
90*8
72%
99*2
99
98*4 108
_
.
..
103*4
96*4
95
....
82
SI
89
....
....
84'x
69
72
82*2
81
101*2
102
98*2
95
93
96*8
‘
.
92*4
92*4
77
53
79
7ftU
73*2
80
g4
64*4
73%
97
.Tan’IR
92
Oct ’18
!
90*4 Oct ’18
74 * Sept’IS
97*8 Aug’18!
101-8 8cpt’17i
98
Jan '18
66
84%
74
81
97
92
94
95*2
7**8
97*2
98*2
74%
99%
98
100
98
95
__
95*4 Oct *18
97-s Mav’is
86
July’18
81'4 PAh ’18
89
Sept’18
85*2 Aug’18
97%
97*a
T
69
71
3
8
2
85
85
81*4
81%
89
89
85*2
071*
85%
73%
71
71
7978
79*i
991*
104
__
85*4
82iS
103
' 104
94*8
94*8
96*2
95
inn
----
100
92*8 97
94%
94*2
—
10O18 1)1
93
93
1
93
11178 On
98
93
102%
102i«
102*8
70%
98
15
102*8 Mav ix
74
Sept’18
Sale 92
93
...
105
101
100*2 Auv’18
98
102
70
93
80
66
74 "
i
3 77*2
93 ! 667g
92
71*4
Oct ’18
71
82*2
83
82*4 82
82
104 *8 101
Sept’18
104
Mav‘18
100*2 Apr '6
100
94*8 July’18
103*2 At»r 16
95*8 Mav’18
97
100
Jan ’18
96
92*8 Oct ’ 18
97
94•* Vlav’ 1 x
101*2 Oot ’10
HO 105
Apr IR
88
»'
Jan
-
105*8
70*8
*10
" 84'
75 1 66
8ept*18
Sale 8218
82*2
Sale 70-8
73*8
Sale 77
81
73
80
8
10
96
202
114
76*2
Fa*
*
84
73
93
.1
—
83**
76
_
92
_
Mar >8
_
m
761a Sale
.
Oct ’15
.
71
_
..
73
62
30
29*2
10
2912
29*4 28*2
14
29ls
101
100
June*18 ——1
84*2 72
Auk’18
72*2
2
72*2
75
7b
July’17
97\, Feh ’13
32
M ir
Sale 67*8
59
92
100*2
1
100*2
100*2 Apr 1 7
84*2 Apr ’17
Vav’IP
70
78
96*2 Jnn ’17
97 *8 Deo *10
-r
.
1007* Sept’18
88'
90*8
99
....
97
toots
99
18
.
.
90*4
93»» 101%
9312 101*2
70
82*2
....
78*4
.
101 %
91*2
91 %
91‘8
S5
'
75
105
93
85
85
S5
....
June 18
! 78U
83*2 July’18
100 I 99*4 July 17
Sale 81*2
82*2
7778
78
9i>-*4 Aug'18
78 ’ Oct ’18
1297* Aug 15
761* 7278
76*2
115
July 17
105
July 15
991* May fl
Sale 87
88
90*2 Sept’17
Sale 76*2
78
.
2
75
72
91*2
91*2
91*2 Aug'IS
....
25
Dec ’17
70
8234
86
80*2 Ap>
8
72
74*4
73*2 June 18
857g
59
96*2
96*4
96*4
9314 101-8
Sept’18
51*8 July’18
U97g.
40
87*4
S778
8772
IS
line 18
Oct ’18
Jum- 18
84
9778 10038
Sept’18,
Aug’18
Oct ’18
99U
Sept’18
99
July’18
98*2 July 18!
98*2 Aug'18
92*2
92 s
8512
76
40
a J
38 99
68
5212
97
100
95*4 99*2
91*8 975s
8
3
|
Oct ’18
99
Oct ’18
Sept’18
103
40
457
170
816
93*2
93*2
93
995s
981*
89*8
89U
90*4
89‘4
9834
98*2
8034
....
Nov
M N
D
J
J D
M 8
J
J
J
J
IN
8
M S
M 8
J
M
J
J
M
A
A
J
J
93
96*4
95*4
95
77
737*
84
100
*5to£
95
84
80*2
S31*
205
172
10
2
771
2
59
40
99
00
«0
94
92
69
9978
a
93>4
Vft%
*8%
....
10)
95*4
87
53*2 70
90*2 100
90*4 94U
.
_
98is
94*2
88*4
7
87
100
70
80
99^, Aug’18
Sale 98
99*2
Sale 97
975*
Sale 997S
10038
80
—
951* 2051
99
99
59
40
97
J 1 60
D
O
s
s
N
N
A
95*8
95(* Sept’18
93*8
93*8
84
Apr 18
95
96*2
94*4
95*8
95
94*2
101*8
103
85 s Oct *18
86*2
88*2
831*
8512
73-* June 18
-
j
98*s
87
99
68
Sale
Sale
95
S le
82
491
9738
Price
Frldag
D
D
j
j
Potts Creek Br 1st 4s
1946 t
J
R A A Div 1st con g 4s
1939 I
j
2d consol gold 4eZ
1989 1
J
Greenbrier Ry 1st gu g 4a 1940 M IM
Warm Springs V 1st g 5s
1941 N g
Chio A Alton RR rtf g 3s...1949 A o
Railwag 1st lien 34*8
1950 1
J
.
.
N
D
J
J
J
N
J
J
Registered
51987 Q
Am Dock A Imp gu 5s... 1921 J
J
J
Leb A Hud Rlv gen gu 5s '20 J
N Y A Long Br gen g 4s. .1941 M s
Cent Vermont 1st gu g 4s _.e!920 Q F
J
J
M N
RdTluta.i-i
J
96 93 00 98 50
97.54 2828 93 00 98.01)
97.50 12732 93.10 98.00
97 50 14184 94.71 99 10
99
97
98*4 Aug 18
98%
99**
99*8
106*4 1071* 1061*
106
106*4 107**
Railroad
Ann Arbor 1st g 4s
—51995 Q J
Atchison Topeka A Santa Fe—
Gen g 4s
1995 A O
A O
Nov
Refund A gen 5s Series A. 1995
Pitts June 1st gold 0s
1922
P June A M Dlv 1st g 3 4s 1925
PLE A W Va Sys ref 4s..1941
Sonthw Dlv 1st gold 3 48.1925
Cent Ohio R 1st c g 4 4s. .1930
Cl Lor A W con 1st g 5s.. 1933
Monon River 1st gu g 5s.. 1919
Ohio River RR 1st g 5s... 1930
General gold 5s
1937
Pitts Clev A Tol 1st g 0s._ 1922
Buffalo RAP gen g 5s....1937
Consol 4 4s
1957
All A West 1st g 4s gu
1998
Clear A Mab 1st gu g 5s. 1913
Roeh A Pitts 1st gold 0s..1921
Consol 1st g 0s
1922
Canada Sou cons gu A 5s... 1902
Car Clinch A Ohio 1st 30-yr 5s '38
Central of Ga 1st gold 5s
pl945
Consol gold 5s
1945
Chatt Div pur money g 4s 1951
Mao A Nor D*v 1st g 5s. .1940
Mid Oa A Atl Dlv 5s
1947
Mobile Dlv 1st g 5s
1940
amt RR A B of Ga ooll g 5s. 1937
Cent of N J gen gold 5s.... 1987
17.20 102JO
|
State and City Securities.
N Y City—4 4* Corp stock 1960 M 8
Corporate stock....1904 M 8
44s Corporate stock
1900 A O
44a Corporate stock.... 1905 J D
44» Corporate stock....1903 IM 8
4% Corporate stock
1959 M N
4% Corporate stock
1958 M N
4% Corporate stock
1957 M N
4% Corporate rtock reg.. 1950 M N
New 4 4e
1957 M N
44% Corporate stock
1957 M N
34% Corporate stock...1954 M N
N Y 8tate —is
1901 M 8
Canal Improvement 4i
J
1901 J
J
Canal Improvement 4s
1902 J
J
Canal Improvement 4s
1900 J
J
Canal Improvement 44a. 1904 J
J
Canal Improvement 4 4s. 1905 J
M
S
Highway Improv’t 4 4s.. 1903
Highway Improv’t 44s.. 1905 M 8
J
Virginia funded debt 2 3s... 1991 J
0s deferred Brown Bros ctfs
Rocky Mtn Dlv 1st 4s
1905
Trans Con Short L 1st 4s 1958
Cal-Ariz 1st A ref 4 4s* A’’1902
8 Fe Pres A Ph 1st g 5s
1942
Atl Coast L 1st gold 4s
£1952
Gen unified 4 4s
1904
Ala Mid 1st gu gold 5S...192S
Bruns A W 1st gu gold 4s. 1938
Charles A Sav 1st gold 7s. 1930
LAN coll gold 4s
01952
8av F A W 1st gold 5s
1934
1st gold 5s
1934
BU8pO(aA G gu g 4s....1918
Balt A Ohio prior 34s
1925
..51925
Registered
1st 50-year gold 4s
51948
Registered
51948
2417,
:
54-year
U B 3Hi Liberty Loan.. 1933-47 J D
0 8 4s converted from let Lib¬
erty Loan
...1933-47 J D
0 S 4a 2d Uberty Loan. .1927-42 M N
U 8 4%s converted
from 1st
Liberty Loan
1933-47 J D
U 8 4|te
converted
from 3d
Liberty Loan
...1927-42 M N
U 8 4%s 3d Uberty Loan..1928 M S
U 8 2a consol registered
41930 Q J
U 8 2s consol coupon
41930 Q J
U 8 3s registered
11918 Q F
U 8 3s coupon
11918 Q F
U 8 4s registered
1925 Q F
F
U 8 4s coupon
1925 Q
U 8 Pan Canal lft-30-yr 2s.ll936 Q F
0 8 Pan Canal 10-30-yr 2s reg ’38 Q N
tJ 8 Panama Canal 3s g
1901 U M
Registered
1901 Q M
U 8 Philippine Island 4s. 1914-34 Q F
If
BONDS
N. Y. STOCK EXCHANGE
Week Ending Oot. 18.
73
92
.
18
93
1
J
J
J
J
A O
j
J
M 3
A O
A. o
J
J
M N
O
A
F
A
D
J
D
J
M
S
J
J
A o
M s
D
J
Q M
J
J
J
J
M N
J
J
J
D
J
J
D
J
J
J
J
J
M N
M %
J
J
M N
Q F
Q F
J
J
J
J
A O
Q J
A
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Aor
A
F
M
J
A
J
o
A
N
D
J
J
F
Ml
F
D
J
A
N
A
O
J
•
76*2 Sale
75*4
-
-
-
72
76
77
7178
72*2
| 80 h auk'19
70*2 Sale 68*2
70*2
85
96
May* IS
95
100
Vfav'ix
93
r.i
Sept’18
08*2
103*4
Sept’18
57
59
jn->
63
69
63
63*2 Sale 68
103*2 105*4 103
79
88
90
100
90
loo*
118
67*2
-v wr — -r
99*2 100
88
96
60
101
63
103
62*8
63*2
71
90
Nov’lfl
99*4 Oct ’18 j
95
Mhv‘18
58
July’18
105
July 18
63*2
90
88
76
.
...
06*2
80*8
68
75
85
65*4
81*2
62
83
80
84*8
63*2
63*2
9912
77*4
85*4
.
.
79
3
_
.
88
90%
100*4
_
95
58
105
95
58
103
....
3
63*2
106%
81*s
85%
1
03*2
66%
59
80
66%
77*f
86%
02
63
65
68
99
99
40
12
59
13
90
87
76
Mav’17
Mar’ll
Jan
7
18
6514
2
3
63
X4
Nov’16
99
87
Sept’18
Dec *17
88*2 Mav 15
102*8 Jan ’17
107's Apr *17
94
July’08
57*2
63
12
83
86
70
12*2
12*2
86*2 83*2 Sept’IS
861* 85
’ R7
Sale, 74*4
76
99*4 97
Sept’18
97
85
....
66*4
673*8 June’17
....
.
84
64*4
60*8
77*2 Sept’18
80*4 A UK’18
8378 Mar’17
63
80
104
70
9«
60
....
70%
93
65
77%
71%
72%
80%
96
97
92
71%
62*2
96
Feb ’18
.
72
97
0“
96
95
21
71 'a M *v’18
Sale
|
In Jan. 1909 the
59
Oct ’18 1
5
83*2
3
31
....
i
8:>Si
66
96
'
98*1
.
85
94
71
74*2 74*2 8ept*18
1007. 102
100
Oct ’18
96
96
93*8
92
93*4 Jan 18
102*8 e'en ’08
....
* Due Aug. oDueOet. pDueNov.
73*8
100
1
95
....
....
_
_
.
Feb ’lfl
....
< Due Dec.
75%
102%
93*4
f Option
98
93%
aal*
New York Bond
1564
BONDS
Pries
West's
Range
N. Y. STOCK EXCHANGE
Week ending Oct. IS.
Friday
Range or
oa. 18
LcM Sale
Since
Jan. I
Ask Lots
Bid
Delaware * Hudson—
1st Ilea equip g 4 Vis
1st A ref 4s
1922
94
96ii
1943
83>2
881*
7212
Sale
Sale
75
20-year conv 6s
1935
Alb A Susq oonr 3 Vis
1946
Renas A Saratoga 1st 7s..1921
Dearer A Rio Grande—
1st eons g 4s
Consol gold 4)4s
Sale
69 >4
72 >s
80
1936
...1936
Improvement gold 6s.... 1928
1st A refunding 5s.......1955
Rio Gr June 1st gu g 6s... 1939
Rio Or Sou 1st gold 4s
1940
Guaranteed........... 1940
Rio Gr West 1st gold 4s..1939
Mtge A coll trust 4s A..1949
Det A Mack—1st Lien g 4s.. 1995
747*
Sale
Sale
95
61*8
62
68*4
70*4
65
58
No. Low
High
94
Sept’18
48
15
1*
8212
8312
871*
ggi,
721*
72U
103*2 Sept’18
67*4
71i2
77
57!
65
7,
12
6U*
61**
37
Aug ’17
6U4 Apr’11
39 July *17
64
55
82
64
55
Dec *16
BONDS
N. Y. STOCK EXCHANGE
Week ending Oct. 18.
93 *4
79
851*
94
86i*
90
71
76
5
4
73
81
48U
61**
63
50
671*
55
78
Gold 4s
1995
7512 July’16
8
79
Sale 77
Det Rlr Tun Ter Tun 414s.. 1961
73
79
79
93
Dal MJssabe A Nor gen 6s..1941
96*4 June’18
96*4 97*2
97
Dul A Iron Range 1st 6s
97
97
May’18
1937
871* 9412
Registered
1937
10512 Mar 08
87
Dul Sou Shore A Atl g 5s
Mar’18
80
87
61
1937
90
93*2 June’ 18
Elgin Joliet A East 1st g 5s—1941
881*
931*
Erie 1st consol gold 7s
100
101
1920
997* 100'2 109 Oct ’18
N Y A Erie 1st ext g 4s... 1947
78
791* .... 78!* Oct ’18
781*
2d ext gold 6s
...1919
941*
98i* June 18
90*s 961*
3d ext gold 444s
84
931*
Jan
18
1923
93*2 95
4th ext gold 6s
991* July'17
1920
947* 96
6th ext gold 4s
1928
94*4 N«*v’15
If YLEA W 1stgfd7s.. 1920
100 >4 109** July’18
100!* 100**
Erie 1st cons g 4s prior...1996
70
Sale 70
70
65
70
84
Deo
16
Registered
...1996
61 49>2 58
1st consol gen Hen g 4s. 1998
58
58
Sale 54
J
—-I 73 June’16
Registered
1996
Penn coll trust gold 4s.. 1951
A
78*| 79*2; 78*2 Oct ’18
75U 79
13
42
60-year conv 4s Ser A.. 1953
O
50
49*4 Sale 48*4
497*
71
do Series B
Sale 48*2
1953
49
49
O
421* 497*
178
51
Gen eoov 4s Series D...1953
Sale!
53
53
O
481* 56
5
Chic A Erie 1st gold 6s... 1932
88
88
N
82
93
87*2 91
Clev A Mahon Vail g 5s.. 1938
1007* Jan ’17
J
Erie A Jersey 1st s f 6s... 1955
3; OH‘* 100
J
98i2 99
99
Genesee River 1st s f 6s
1957
98
99 I 96
95
J
96
Aug ’18
Long Dock consol g 6s
1935
O 105
<110 2 Nov’17
Coal A RR 1st cur gu 6s._1922
103
Jan’18
N
99
lOi
103
Dock A Impt 1st ext 5s... 1943
82 *
J
1021* July’17
N Y A Green L gu g 5s... 1940
80
88
85 J in ’18
N
85
85
N Y Susq A W 1st ref 5S..1937
70
81
Oct’18
J
74
81
2d gold 444s
A
1937
100U Dec ’06
General gold 5s
1940
A
59*4 60 June 18
60
61
Terminal 1st gold 5s
108
Jao ’17
1943
N
70*4
Mid of N J 1st ext 6s
108
86
1940
Jan ’17
O
Wilk A East 1st gu g 6s.. 1942
67
67
D
62
62*2 67
67
Er A Ind 1st cons gu g 6s.. 1926
231* Jan *17
J
Evansv A T H 1st cons 6s.. 1921
97
97
90
No
Vi
J
1st general gold 5s
1942
851* iuae’17
O
Mt Vernon 1st gold 6s... 1923
108
Nov’II
o
Sull Co Branch 1st g 6s. .1930
95
Jun*-’ 12
o
Florida E Coast 1st 444s
D
1959
81** July’18
81*2 92
81
8U2
Fort St U D Co 1st g 4 44s.. 1941
92
J
Aug ’10
Ft Worth A Rio Gr 1st g 4s. 1928
J
55
5612 Oet ’ 17
Galv Hous A Hen 1st 5s.... 1933
o
35i* June’10
Great Nor C B A Q coll 4s..1921
J
93*4 Sale 931*
9334 130 92
941*
5
Registered
*1921
J
9314
9314 Sale 9Ji4
91*4 9334
51
A
1st
ref 414s Series A .1961
85
J
88i2‘ 86i2
85
90
86i2
96
June 16
Registered
1951
J
8k Paul M A Man 4s
1933
J
84U
89>2 Apr ’ 18
86i* 89i2
1st consol g 6s
110
1933
105
J 105
Oct’18
103
108
Registered
1933
J
99>* 110
118
Apr’17
Reduced to gold 4 44s. 1933
J
91*4 103*4 92
Oct’18
91U 95
Registered
1933
J
1021* M iy’16
855* 99
Mont ext 1st gold 4s... 1937
D
81'>* 89
815* Sept’18
8112 ”5
Registered
1937
D
80'*
95*2 Mar'16
Pacific ext guar 4s £...1940
J
851* Nov'15
E Minn Nor Dlv 1st g 4s. 1948
O
75
80’* Deo’17
Minn Union 1st g 6s
1922
J 1001*
IOOI4 May’18
IOOI4 100 4
MontC 1st gu g 6s
.1937
J 105
105 Sept’18
1045* 105*
*
Registered
1937
104
J
136*4 M iv 06
1st guar gold 5s
1937
J
931* .... 95
Sept’18
925* 95
Will A S F 1st gold 5s.. 1938
D
90
109*4 Aug 16
Green Bay A W deb ctfs “A”.... Feb
79U 69*4 Dec ’16
Debenture ctls "B”
Feb
71* Oct *18
7i* 10
7
Gulf A 8 I 1st ref A t g 5s..*1952 J
76
76
J
73
84
75
Aug’18
Hocking Val 1st cons g 4 44s 1999 J
75
J
88
7S*.
76
Oct’18
74
Registered
1999 J
J
731* June’18
731* 711*
Col A H V 1st ext g 4s....1948 A O 731*” Sale 7312
73i2
73i2 73i2
P
711* 73i2 75 Feb ’18
671* 76
1937 J
J
901* Apr '17
8U2 95
89
1951 J
93
j
85
95
87
Sept’18
92
.1951 1
93
j
09
Sept’17
77
.1951 J
90
j
70
July’18
77
77
Registered,
1951 J
84
j
Nov’15
615*
attended 1st
80
.1951 A 0
June’17
03U
Registered,
.1)51 A 0
615* ....
it gold 3a ate
1951 M s
80
July’OJ
Registered,
.1951 M s
bilateral tru
.1952 A 0
77
77*2 777*
777*
721* 78*4
Registered.
1952 A 0
95*i Sep ’12
.1955 M N
Sale 78
80
80
773* 83
1952 J
71
J
64
75
Mav IS
70
71
L N O A Texas gold 4s_. .1953 M N
74
76
81
11
74i2
711* 76i2
Registered
M N
72
84
70
Feb ’18
72
72
.1950 J
89
D
71
Apr ’17
.1951 J
J
79
58
Feb ’ 14
1953 J
J
65
6U4 Sept’IS
....
|
“
....
....
—-
....
....
----
_
....
.
.
-
....
_
.
.
—I
.
J
A
A
J
J
J
.1951
J
.1951
A
A
1923
D
.1932
3
.1951
D
D
D
.1951
D
.1963
D
1951
O
.1951 J
D
.1931 M S
.195C J
J
-1919;m N
-19591J D
-1950 A
J
A O
1921
.1951
.1951
.1951
-
8pringf Dlv
1st g 3Vis
Registered.
Registered.
.
Registered.
lad Ill A Iowa 1st g 4s..
Int A Great Nor 1st g 6s...
Registered.
J
F
F
J
I
J
J
F
F
J
M
J
J
J
J
J
J
Kansas City Term 1st 4s...I960
Lake Erie A West 1st g 5s. .1937
2d gold 5s
1941
North Ohio 1st guar g5 s.. 1945
lAh Val N Y 1st gu g 414s..1940
Registered
1940
Lehigh Val (Pa) cons g 4*..2003‘M
General cons 4 vis
2003, M
95-*
53*4
—
.
66
83i2
June’16
62
Oct ’18
65
Oct’18
80
June’16
80 >8 Nov’16
79*4
78'4 Aug’18
....
92
955*
90
63s*
No.’10
117*2 Mav l•
90
Jan’17
Sale 955*
95-*
Sale 90
90
__ —
94
96
761*
60'*
90
70i4
83
76
Sale
Sale
86
80
80
89
93
Sale
88
837*
....
87
79**
77
85
No price Friday: latest
t»
1
an
1 asked tms weet
62
785*
79
65*4
90
651*
651*
851*
70*
91
Feb ’18!
Apr ’17
80
80
9312 Mav’181
821* June’17!---6U*
6U*
3
78
Oct ’09,
90
931*
58
621*
73*4
711*
83
7g
78
92
80*s
8412
80*
94*4
65
89
89
83
76 I
Oct’18
23
10
805* Feb *17!—..!
80** Oct *18 -—J
86
89
77
85
a
70s
Nov’17|----
791*
75
85
Registered
1941
Sale
100*4
1933
1st lnt reduced to 4s
Leh A N Y 1st guar g 4s
Registered
Oct’18
...
J
Oct’17j
1
77
2
Oct’18
1945
Gold 4s
Unified gold 4s
Debenture gold 5s
701*
1949
1934
^937
Dus Jan
....j
1
78
85
90l«
Oi. Ka.
«
Gold 5s
Unified gold 4s
July’18
70
70
Oct’18
Juue’16
91*4
95
97
75
721*
791*
921*
921*
87U
90
1107*
941*
881*
Aug ’18
99
8ept’18
Aug’18
Apr 18:
‘951*
104
8ept’18l
‘89
Feb *17!
Aor ’12;
M
100U
J
M
93
87
—
Aug’18
98*4
811*
87
101
100
jiooi* ion*
—
10
77
95i*l 951* July’18
103'2;103lf Sept’18
78
Sale
99
1001* 1001*
July’18j
‘Sale
...
...
75
Sept’18
92i*
9414
Oct’18
85
6714 Sept’18
571*
58»4
801*
95t* 951*
102
1031*
74
73
90
Feb’05
Aug’18
May’16
July’18
*
75
96
831*
67U
85
6812
95
96*4
101i2 10212
A nr ’18
Jan '18
99
99
93*2
93*2
July’18
60
60
101
104
77
Mar’ 10
75
Nov’10
91*2 June’17
80
101
103
72
101
July’18
Oct ’16?
Oct *18
457*
46 |
6
41
Sept’18—60
Feb’15
78
Oct’18
45
46 I
52
83*4
92
4
83l4i
J
*17
in
71*4
79*4
41
40
46
46
75*4
40*2
81*2
461*
86I2
80
....
851* No/’17,
95
Dec’16
Sale
67
41
44
32
40
47*2
3U*
42 May’181
261* Sept’18
13
67
60*8
67
I
28
32
40
41
35
32
45
42
1
25'4
34
50
36
60
49
60
37
62
40
40
79
86
897*
8514
551*
92
90
6U2
991*
17,
Sept’18!.---1
33*4
20
41
No/’16
Apr’17
1
60 |
Apr’18
Oct’18
56 I
Dec'16
Jan ’18
Sale
Sale
89 I
Sale
100 !
....
....
95
79*4
84
85
90h
87*2
58**
91*8
87»*
46
12
8
970
1
2
6H*
99
58
82
100
4
99
58
102
Sale, 79*4
79*4'
71
....I
78
95
65
....
St Louis Dlv 5s
1927
St L A Cairo guar g 4s....1931
Nasbv Chatt A St L 1st 5s..1928
Jasper Brancb 1st g 6s... 1923
44
73*2
87
78
I
93
90
77
1(1
Sale!
98
73*2
81*2
Deo
ij
Sale
74
Sale
81
957*
98
327
74
74
20
807*
81*2
92
45
721*
80
66*2
73*2
1021*
95
651*
65
!>«<
62
19
I
63
69**'
75
845*
96*» Apr *17
95*4 Nov 10
92
104
89
70*
98
69
77
75
85
69
74t4
7114
8H2
‘
94U
51
1
’
'651*
01
62
621*
687*
72
791*
955*
951*
May 16
Nov 16;.
Sept’18
.1 89*> Feb ’16
J
91i2
,
I
Oct’18
Mar 17;
72
.
21
64
605*
74*4
....
'16
62
21
60
92
40
!
61*4Oct’18;
65’4
64*8
Die 0*».
‘951*
951* 101
May’17 j
35
Aug '101
067* Feb ’13
21
Aug’18
03
Aug ’18
92
92
50
51
717*
7i78!
66>8 Aug ’18
77*2 Oct’18
72
i
90*2
17:
I
845*
80
Jo
50
52
781*
101
92
65
May’18
Aug ’18
July ’17,—.
Aug 17
100*2 957* Oct’18
10414 110*4 Mar’17;
Nat Rys of Mex pr lien 4 Vis. 1957
Guaranteed general 4s
1977
Nat of Mex prior lien 4 Vis.. 1926
1st consol 4s
1951
New Orleans Term 1st 4s...1953
N O Tex A Mexico 1st 6s
1925
Non-cum income 5s A
1935
New York Central RR—
Conv deb 6s
1935
Consol 4s Series A
1998
Ref A Imp 4 Vis "A"
2013
New York Cent A Hud Rlv—
Mortgage 3Vis_._.
1997
Registered
1997 J
Debenture gold 4s
1934jHi
Registered
1934IM
Lake Shore coll g 3 Vis
1993 F
Registered
1998! F
Mlcb Cent coll gold 3Vis..l998|F
Registered
1998 F
Battle Cr A Stur 1st gu 39.1939 J
Beech Creek 1st gu g 4a.. 1936 J
Registered
19361J
2d guar gold 5s
1938; J
Registered
1936J
Beech Cr Ext 1st g 3 ViS-61951 A
Cart A Ad 1st gu f 4s.... 19811J
Gout A Oswe 1st gu g 5a. .1942 J
Mob A Mai 1st gu g 4s
1991 jM
N J June R guar 1st 4s
1986 F
N Y A Harlem g 3 Vis
2000M
N Y A Northern 1st g 6s. 1923-A
58
Sept’15!
1)1*2 Sept’18
1
102
98
58
July*14|
807* Oct *17Sale
56*4
Apr ’17
Feb ’13'
971* Dec’13;
79*2 Oct’18
100*4 Apr *18
93*4
93*41
I
On Sv»t
711*
109
93
37
81
J
F
5s. 1947
n
85
71
97
70
86
Jan ’17
.
J itv.
721*
85
Apr *18
Apr ’18
Aug’16
Aug’18
July’18
Oct’18
Atl Knox A Cln Dlv 4s...1955 M
Atl Knox A Nor 1st g 5s.. 1946 J
Hender Bdge 1st s f g 6s.. 1931 M
Kentucky Central gold 4s. 1987j J
Lex A East 1st 50-yr 5s gu 1965; A
LANA MAM 1st g4Vis 1945 M
L A N-South M Joint 4s. 1952! J
Registered
A1952 Q
N Fla A 3 1st gu g 5s
1937 F
N A C Bdge gen gu g 4Vis.l9l5!J
Pensac A Atl 1st gu g 6s..l921|F
SAN Ala cons gu g 5s... 1936 F
Gen coos gu 50-year 5s. 1983 A
L A Jeff Bdge Co gu g 4s
1945
Manila RR—Sou lines 4s... 1936
Mex In teroat 1st cons g 4s. .1977
Stamped guaranteed
1977
Midland Term—1st s f g 5s. 1925
Minneapolis A St Louis—
1st gold 7s
1927
Pacific Ext 1st gold 6s.... 1921
1st consol gold 5s
1934
1st A refunding gold 4s
1949
Ref A ext 50-yr 5s Ser A.. 1962
Des M A Ft D 1st gu 4a. .1935
Iowa Central 1st gold 5a.. 1938
Refunding gold 4s
1951
MSt PASS Mcong4s lnt gu. 1938
1st Chic Term s f 4s
.1941
MSSMAA 1st g 4s lntgU-’20
Mississippi Central 1st 5s... 1949
Missouri Kansas A Texas—
1st gold 4s
1990
2d gold 4s
pl990
1st ext gold 5s
1944
1st A refunding 4s
2004
Trust Co certfs of dep
Gen sinking fund 4 Vis...1936
St Louis Dlv 1st ref g 4s..2001
5% secured notes “ext”.’16
Dali A Waco 1st gu g 5a..1940
Kan City A Pac 1st g 4s..1990
Mo K A E 1st gu g 5s....1942
M K A Okla 1st guar 5«-.1942
M K A T of T 1st gu g 53.1942
Shor 3b A So 1st gu g 5s..1912
Texas A Okla 1st gu g 5s.. 1943
Missouri Pacific (reorg Co)—
1st A refunding 5s Ser A..1965
1st A refunding 5s Ser Bn.1923
1st A refunding 5s Ser C..1926
General 4s
1975
Missouri Pac 1st cons g 6s..1920
40-year gold loan 4s
1945
id 7s extended at 4%
1938
Boonv St L A 8 1st 5s gu. 1951
Cent Br U P 1st g 4s
1948
Pac R of Mo 1st ext g 4s. .1938
2d extended gold 5s....1938
St L Ir M A 8 gen con g 5s. 1931
Gen con stamp gu g 5s..1931
Untfied A ref gold 4s
1929
1929
Registered
Rlv A G Dlv 1st g 4s...1933
Verdi V I A W 1st g 5s... 1926
Mob A Ohio new gold 6s....1927
1st ext gold 6s
A1927
General gold 4s
1938
le
715*
Oct’06
Aug’18
Jan’18
75
Jan 'll
1937
1940
1940
Collateral trust gold 5s
1931
E H A Nash 1st g 6s
1919
L Clu A Lex gold 4Vis... 1931
N O A M 1st gold 6s
1930
2d gold 6s
1930
Paducah A Mem Dlv 4s..1946
St Louis Div 1st gold 6s..1921
2d gold 3s
1980
h D
Aug’18
Sept’18
'78
Registered
Die J m3,
97* 101
96U 101
Oct *13
86t 2
Sale
85
20-year p m deb 5s
Guar refunding gold 4a
*1949
Registered
.,1949 M
N Y B A M B 1st con g M£1935
N Y A R B 1st gold 5S
,.1927
Nor Sb B 1st eon g gu Im1933
Louisiana A Ark 1st g 5*
1927
Louisville A Nashv gen 6S..1930
g
462
101
Aug’18
70
98
1932
...
74i«
99*4
99
105
1945
Long laid 1st cons gold 5S..A1931
1st consol gold 4s
A1931
General gold 4s
1938
Ferry gold 4 Vis
1922
Montgomery Dlv 1st
High
102
Mar’17
1933
_
Oct’18
Oct’18
1
•
02
83
98
701*
761*
68*4
90
87
98
58*4
947*
I 651* July'ig
705#
71
2
58U Sept' 18
....
64*2
0412
' i
102
m
00
71
641*
•
83
—
High No. Low
Sept’18
96
113
Leb Val RR lOyr coll 6s. _n 1928
Leh Val Coal Co 1st gu g 5*. 1933
.....
68
70
Kongo
Since
Jan. 1
96
Lab V Term Ry 1st gu g 5a._1941
Registered
601* 70
West's
Range or
LaatSHa
Low
High
1011* 1031*
70
73
81
IVOL.J07
Record—Continued—Page 2
..
..
80
May 171.
955* June’18
Option *j|e
Oct.
19
New York Bond
1918.]
11
BONDS
N. Y. STOCK EXCHANGE
Week Ending Oct. 18.
N Y Cent AHRkR (Con.)—
N Y A Pu lot cone gu g 4S.1993
Fine Creek reg guar 6s
1932
RWtO con'lst ext Ss..kl922
Rutland 1st eon g 4Vis
1941
Og&LCham letgu~4eg. 1948
Rut-Canada 1st gu g 4s. 1949
St Lawr A Adlr 1st g 5s.. .1996
2d gold Ha
1096
Utica A Blk EUv gu g 4s..1922
Lake Shore gold 3V4S....1997
Registered
1997
Debenture gold 4s.....1928
25-year gold 4s
1931
1931
Registered
Ka A A G R 1st gu e 5s
1938
Mahon C*1 RR 1st 5s
1934
Pitts A L Erie 2d g 5s...a 1928
Fitts McK A Y 1st gu 6a. .1932
2d guaranteed 6s
1934
Michigan Central 5a... 1931
Regtotered
1931
4a
1940
Registered
1940
JLAS 1st gold 3 Vie. .1951
1st gold 3 4s
1952
20-year debenture 4s
1929
N Y Chic A St L 1st g 4s .1937
Registered
1937
Debenture 4s
1931
West Shore 1st 4s guar
2361
Registered
2361
NYC Lines eq tr 5s..1918-22
Equip trust 4 4s. .1919-1925
N Y Connect 1st gu 434s A..1953
N Y N H A Hartford—
.
A
I
A
r
i
i
F
A
1
1
J
M
M
M
J
J
A
J
J
m
Non-conv deben 3 Vis
Non-conv deben 4s
Non-conv deben 4s
1955
Mnrwvmv deben 4a
Vnn^vmv dehen 4a
.1955
1956
Harlem R-Pt Ches 1st 4s. 1954
B A N Y Air Line 1st 4s..1955
Cent New Eng 1st gu 4s.. 1961
Hartford St Ry 1st 4s
1930
Housatonic R cons g 5s—1937
Naugatuck RR lat 4a.
.1954
N Y Priw A. Rnaton 4a
1942
NYWcbesAB 1st serI4 Vis
1946
.1939
Rnatnn Terminal lat 4a
Net* England ertna fla
1945
OniMnl 4a
Provldenne Secnr deb 4a
Prnv A Springfield lat 5fl
Providence Term lat 4a
1945
1957
.
.
1922
1956
W A Con East lat 4 Vis... 1943
01992
{71992
NYOAWreflstg4s
Registered $5,000 only
General 4s
1955
Norfolk Sou 1st A ref A 5s. .1961
Norf A Sou 1st gold 5e
1941
Norf A West gen gold 6s
1931
Improvement A ext g 6a_ .1934
New River 1st gold 6a
1932
N A W Ry 1st cons g 4s..1996
1996
Registered
Dlv’l 1st lien A gen g 4a. 1944
10-25 year conv 4a
1932
ld-20-year
.1932
1938
conv 4a
10-25-year conv 4 Vis
gold 4s.. 1931
40-year guar 4a ctfs Ser E. 1952
Gin f>b A Nor gu 4a g
1942
Cl A Mar 1st gu g 4 Vis
1935
Cl A P gen gu 4Vis ser A.1942
.
SeriM B
SerleaC3Vi«
flurlat O 3 Via
_
_
.1942
1948
1950
3 Via B. 1940
Erie A Pitta gu g
Seriea C
1
1940
Gr R A 1 ex 1st gu g 4 Vis. 1941
Ohio Connect 1st gu 4s... 1943
Pitts Y A Ash lat con* 5a 1927
Tol W V A O gu 4Vi* A..1931
Series B 4Vi*---1933
Series C 4*.
1942
.
PCOAStLgu4 Vi* A..1940
Series B guar
1942
F
J
i
A
J
M
F
J
M
M
M
A
J
A
J
J
M
J
M
J
M
M
J
F
M
M
F
A
A
A
J
J
M
M
J
J
M
F
J
A
M
M
M
J
A
A
M
F
J
J
J
M
M
J
J
M
A
A
M
M
F
Series F guar 4s
•
gold—1953
No prtoe Friday; latest bid
8618
84*8
BONDS
Since
Jan. 1
N. Y. STOCK EXCHANGE
Week Ending Oct. 18
Mav*15
95* Oot *18
67* June’18
-
.
60
70
.
-
— _
101
103
94
71
71
.
.
.
-
Sale
.
„
.
June’18
Jan 18
Nov’16
Nov*16
Apr 18
71
71
.
95*
67*
98*
67*
60
70
63
70
86*
86*
83*4
85
83* Nov’17
94*
75
73
81*
87*
86*
....
....
.
98
75
..
„
.
104* Dee '15
103
May’17
130* Jan ‘09
123* M&* *12
99* Aug ’17
92
Apr *18
74* Aug *18
87
90
70
-
Sale
Sale
80*
78*
77
Feb
..
74*
92
75
72*
75*
82
June*08
... .
Nov* 17
81
Oct ’18
56
55
59
69
59
54
Sept’17
Sept’18
Sept’18
Sept’18
80*
<TT
84
1940 >s
1043 J
1997 J
Registered
1997 J
Jersey Central coll g 4s...1951 k
j
0
J
J
J
0
J
J
40
92*
84
75
80
60
91
93
93
i
'96*
High
88*
tmm
96* 100*
'
June i. ....1
Mar’16
...J
17
84
Sept’ 18
T
Oot *18
Jau *18
aah
•
Sale
97* D«f ’17
82*
84
81* June 18
25
8234
81* Sept’18
....
.
79%
62*
84
66
44
99
60
99
80%
81*
81*
86
81*
86
*
63
1
irF 63
AUC’IS
61*
St Louis A San Fran (reorg Co)—
161
Sale
60
Prior Lien So- A 4s
J
6212
62*
66* 62
1960 J
75
Sale 73 w 75* 132 66
Prior lien Ser B 6s
J
75*
1950
87 60
72
Sale 68**,Cum adjust Ser A 6s
72
72
51955 K O
Income Seriea A 6a
hlOAft Oet
54
49* Sale 47 ^
49* 166; 44
St Louts A San Fran gen 6e.l931 1
J 101*
100% Sept’18
100* 101*
92
1
93
95
General gold 5s
J
971*
Sept’18
91
1931
78
I
J
May’16
90
A
O
May*17
K C Ft 8 A M cons g 6s. 1928 M N
99* 101* 100 Oct'’18
99% 106*
K C Ft S A M Ry ref g 4sl936 A
67
67
5
68*
O
63
69
87
K C A M RAB 1st gu 5s. 1929 A
O
85* Aug ’18
85* 85*
St L 8 W 1st g 4s bond ctfa.. 1989 M N
67
45
70*
70*
63* 70*
2d g 4s Income bond ctts.pl989 J
J
54* 55 Aug 18
50* 55
Consol gold 4s
D
59* 64* 61
90 57
70
1932 J
70
61
1st terminal A unifying 5s. 1952 J
Sale 58
20 52
J
61
61
J
D
Gray’s Pt Ter 1st gu g 5s 1947
98* •»<! <4
8 A A A Pass 1st gu g 4s....1943 J
58
58*
Oct ’18
J
54* 60*
8 F A N P 1st sk fd g 5s
loo
J
June’18
1919 J
100
100
Seaboard Air Line g 4s
80
67
71*
July’18
67
1950 A O
Gold 44 stamped
70* 73* 72*
5
1050 A O
72*
68* 72*
58
Sale
56
A
70‘ 4u
Adjustment 5s
©1949 F
5914
59*
60
Sale 59*
60
Refunding 4s
1959 A O
51*4 60
71
Atl Blrm 30-yr 1st g 4s. _«1933 M 8
76
75
Mi. *18
73
75
76
Caro Cent 1st con g 4s
Sale 76
2
76
J
75
77
1J49 J
j
j
90
1st land grant ext g 5s.. 1930 J
101
De*' ’15
J
Consol cold 5s
_1943 J
2
92*
J
92*
92*
921s 93*
am*
901*
J
J
86'4
90* June IK
Ga Car A No 1st gu g 5s. 1929 J
94
JuneT<
J
86* 94
95
94
87
Seaboard * on*n ist 5s
97
J
91* Juue IS
1926 J
91* 91*
Southern Pacific rv>—
3
Gold 4s (Cent Pac coll)__kl949 J
75* 76* 75*
D
75*
70
76
Registered
Feb ’14
Jfcl949 J
73* 90
D
162
20- year conv 4s
82*4 Sale 80*
83
01929 M S
75* 83
Sale 94
D 100
20-year conv 5s
1934 J
100* 331 86* 100*
15
Cent Pac 1st ref gu g 4s
7934 Sale 78*
793^
75' 82
1949 F A
A
87* 8ept’16
Registered
1040 F
Mort. guar gold 3*8
85
85*
J
D
*85
86*
88
Sept’18
1:1029
70
75* 747* Sept’18
71
Through St L 1st «u 4s. 1954 A O
96
90
100
101
Oct ’17
GHASAMAPlstSs 1931 M N
2d evten 5a guar
97
96*4 Jau D
J
1031 J
96% 96*
95
Gila V O A N 1st gu g 5s
100* Jan 16
1924 M N
88
95
Hous E A W T 1st g 5s
85* July*18
1933 M N
85* 85*
q>»
88
101
Oot ’16
lift, guar 5a red
1033 M N
H A T C lot. g fa Int, gu
104
Ite*
J
103*
A'ia
17
J
1037
92
Gen gold 4s lot guar
89* 92
May’iv
87
92*
1921 A O
<09i* Nov'16
Waco A N W dlv 1st g 6s ’30 61 N
A A N W lat gu g fa
93
J
101* Deo *16
1941 J
98*
Louisiana West 1st 6s
J
100* Oct 17
1921 J
104*
100
J
J
Apr ’lv
Morgan’s La A T 1st 6s. .1920
ioo' 109
No of Cal guar g 5s
93*
102* Oct T7
19.>8 A O
Ore A Cal 1st guar g 5s
90*
96* Feb ’IV
J
1927 J
93*s 96%
94
So Pac of Cal—Gu g 5s
107* Sept'16
1937 M N
So Pac Coast 1st gif 4s g._1937 J
90s
J
93* Aug ’17
San Fran Terml 1st 4s
72* 76
717* Oct ’18
1950 A O
71* 81*
80
94
Tex A N O con gold 5a
N»C16
J
J
1943
95 75* 82%
80 Pac RR 1st ref 4s
80* Sale 78*
J
1955 J
8034
Southern—lot. cons g 5s
62
93* Sale 9134
J
93*4
1991 J
86* 9334
Registered
1994 J
J
100* Aug '16
68
Sale
64
288
68
59
68
Develop A gen 4s Ser A
1956 A O
67
66
4
66
Mob A Ohio ooll tr g 4s... 1938 M S
65
68*
92
Mem Dlv lot g 4*8-51)
92
J
J
84*
87
July’18
92
1096
69
3
St Louis dlv 1st g 4s
69
J
67* 69
1951 J
64* 691s
Ala Gt Sou 1st cons A 5s. .1943 J
D
8/78 Mir’18
87* 87*
Atl A Chari A L 1st A 4*sl914 J
J
84*
82* Sept’18
82* 82*
Sale
7
1st 30-year 5s Ser B
J
J
92*
92*
91
95
92*
1944
70
70
Atl A Danv 1st g 4s
J
Oct ’18
70
70*
1948 J
80
2d 4s
J
1948 J
81* Mar l'
Feb '17
A
75
O
Mar’ll
E T Va A Ga Dlv g 5s.1.1930 1
J
96
92* 99* 96
96
92
Cons 1st gold 5s
94* 9178 Oct ’18
91* 97*
1956 M M
88
Sale
5
88
E Tenn reorg lien g fa
6i
a
88
86
88
1938
45
Ga Midland 1st 3s
51
63
._1946 A
O
j •->< Mai 18
100* 103 ! 100
Seot’18
Ga Pac Ry 1st g 6s
J
100
100*
1922 J
Oot ’18
101* 100
Knnxv A Ohio lat g fta
J 100
**v% 101*
1925 J
95
85
1
Mob A Blr prior lien g 5s. 1945 J
J
91*
91*
91* 91*
68
Jan
’18
J
J
72*
Mortgage gold 4s
1945
68
88
95
Jan ’18
95
Rich A Dan deb 5s stmpd. 1927 A O
89* 102
95
73
Rich A Meek 1st gu 4s ..194? M H
Sept’12
98
99
So Car A Ga 1st g 5s
98* Aug ’18
96* 98*
1919 61 N
93
102* Jun9’ll
Virginia Mid Ser D 4-6S..1921 61 S
92
93
£
93
93
Apr 1*
Series E 5s
192? 61
91
IU4*j D“C ’lfl
S
Series F 5s
1926 M
94
90
98
94*
93
General 5s
JulyTfi
1936 61 N
82
J
81* Sept’18
Va A So’w’n 1st gu 5s..2003 J
81% 81%
01
75
07* Sept’18
1st cons 60-year 5s.. 1958 A O
67* 72*
W O A W 1st cy gu 4s.
937s Mar’ 17
1924 F A
81
J
95* Mar’17
Spokane Internat 1st g 5s 1955 J
85
Term Assn of St L 1st g 4*8.1992 A O
99* 86
July’18
85* 86
1st cons gold 6s
A
95
05
82* 95 |1 95
.1894-1944 F
Fet* T8
i 61
70
Sale 70
70
Gen refund s f g 4s
J
82*
1953 J
St L M Bridge Ter gu g 6s. 1930 A O
99*1 95* Jul.v’17
83
Sale ! 82*
49
D
Texas A Pac 1st gold 5s....2000 J
83
79% 86*
45 | 41
2d gold Income 5s
41
46*
Sept’18
?200C Mar
93
80
La Dlv B L 1st g 5s
J
J
86 86
May'l>
1931
W Mio W A N W lstgu 5«1930 F
A
106* N'»>'ni
Tol A Ohio Cent 1st gu 5e..i935 J
ii 90
J
90* 91
90*
93
90*
100
96
Jau
l.
0
Western Dlv 1st c 5s
1935 A
80
90
Feu
1'
General gold 5s
D
73*
1935 I
Kan A M 1st gu g 4s
70
80* 67* Sept’18
67* 69
1990 A O
88
2d 20-year 5s
I 91* Dec • 7
J
1927 J
52
Tol P A W 1st sold 4s.
1917 J
J
35
50
Au« 1;
Tol St L A W nr lien s 3 Via. 1925 J
80 l 77
J
77
5
67* 80
51
Sale 51
51
2
45
50-year gold 4s
1950 A O
63
32
Coll trust 4s g Ser A
F
A
18
>8
Mar’Of
1917
22
Trust co ctfs of deposit....
Tor Ham A Buff 1st g 4s. .51946 j
65
80
D
Apr 17
88
D
85
Ulster A Del 1st cons g 5s. .1928 J
88
Sept'18
88
58
1st refunding g 4s
70
1952 A O
Sopt’17 L29
Sale 85*
Union Pacific 1st g 4s.
J
87
87
81
89
1947 J
84
J
Registered
83
86
1947 J
85* 83
Aug ’1 ^
89
J
87*
ll
20-year conv 4s
1927 J
87* Sale 87
l 80
ID
1st A refunding 4s
81*
75
81*
81*
y200£ M £
145 101% 104
104
Temp securel 6s July... 1928
103* Sale 103*
1 80
Oct 18
Ore RR A Nav con g 4s. .1946 J
D
83
78% 82*
Ore Short Line 1st g 8s.
100*
1 100% 104
1922 F A 100 101 * 100*
98
1st consol g 5s
96
J
J
1046
I .»5>8 July’18!
! 94* 9713
Guar refund 4s
192t J
O
85*'
8 80* 85*
85* Sale 83*
Dee 'li
Utah A Nor gold 6s
J
1921 J
90* 95
89
Feb *18
1st extended 4s
1933 J
J
89
89
80* 89
Vandalla cons a 4s Ser A
1955 F
A
80
Jan ’18
80
80
Consols 4s Series B
1957 M N
80* June’18
79*
80* 8t*
Vera Crus A P 1st gu 413s. 1934 J
35
Sept’17
J
.
_
„
3
3
10
™
96*
No. Low
High
Sept’18
Sept* 18
61
.
.
....
....
-
Pitts 8b A L E 1st g 5s
1 Kt. ennonl gold
Ka
Reading Co gen gold 4s
Ask Loto
91
91
93
93
Sale 96*
LOO
87
Sale 8212
65
45
50
99
89is
Since
Jam. 1
_
6
4
64
64
647b 67
77* Sale 75*
77*
72
72
72* 75*
99* 100* Jan’17
98* July'17
Last Sale
Mat*
|1
....
14
79* July’17
80*
80*
76*
79*
85
92
....
Oct. 18
67
1QJW
1
92
70
71
82
6
1
10
70
WeeVs
Range or
Price
J Bid
1957 SI N
?
A
C St L A P 1st eons g 5s..1932 14 O
Peoria A Pekin Gn lift 6e
1921 <J F
g
2d sold 4 Vis
51921 1SC N
Pere Marquette 1st 8er A fie. 1956
1 at. Seriea R 4*
i
101*8
1004
88*
P C C A St L (Con.)
Seri an O 4* guar.
II
Frida*
71*
65
80
70
76*
77*
88
55
55
62
.
_
.
....
-r
....
....
.
a.
—
.
.
....
....
Q
i5^25-year
113
-
54
1968 J
Q
Nor Pac Term Co 1st g 6S..1933 J
Oregon-Wash 1st A ref 4s
1961 J
Pacific Coast Co 1st g 5s....l94f i
Pnrincah A flla 1st a f 4 V$a
1955 J
Pennsylvania RR 1st g 4s.. 1923 <11
Consol gold 5a
1919 M
Registered
191? Q
Consol gold 4s
...1943 M
Consol gold 4a
1948 M
Consol 4 Vis
I960 F
General 4 Vis
1965 J
Alleg Val gen guar g 4s... 1942 M
D R RR A R’ge lat gn 4a g 193A F
Phlla Balt A W 1st g 4a.. 1943 M
Rodim Ray A Sou lNt g Aa 1924 J
Sunbury A Lewis 1st g 4a. 1936 J
U N J RR A Can gen 4a .1944 M
Pennaylvanla Co—
Guar 1st gold 4 Vis
1921 J
Registered
1921 J
Guar 3 Via coll tnmt. reg A 1937 M
Guar 3 Vis coll trust ser B.1941 F
3Vi* tnmt. ctfa G
1942 J
Guar
66
S
N
N
Rang0
High No. Low High
72* 74*
43*
71
D
ll
74* Mar'18
55
52
.
1931
Ask
.
8
S
O
J
N
J
J
A
J
Pocah C A C Joint 4a... 1941
f! f! A T 1st guar gold 5a 1922
SdO V A N E 1st gu 8 4S..1989
Northern Pacific prior lien
railway A land grant g 4s. 1997 Q
Registered
1997 Q
General lien gold 3s
a2047 Q
Registered
a2047 Q
j
St Paul-Duluth Dlv g 4s..1996 J
St P A N P gen gold 6s.-.1923 F
St Paul A Duluth 1st An
lat conaol gold 4a
Bid
71
D
101 lg
O
96 '
J
69*
60
J
J
55
J
o
J
91*
D
71
O
85
J
Non-conv deben 4s
Last Sale
81
1948 J
1930
Oct. 18
90
102
1956 M
Conv debenture 6s
Cons Ry non-conv 4s
Weak*
Range or
J
O
J
i
3
M
Q
J
J
j
J
M s
M N
A
O
A
o
o
A
M N
J
J
J
J
M N
J
J
A
F
1947 M
1947 M
1954 A
1955 J
Non-oonv dehen 4a
Non-conv deben 3 Vis
Pries
Friday
1565
Record—Continued—Page 3
J
56*
63
55
55*
•
••
•
60
74
73
Aug'18
79 * Dec ’17
69
69
54
Sale
90
J
59
Oct ’18
87*
90
50
Oct ’17
91* Jan 12
60
July’18
....
•
....
50*
«...
61*
52
55
10
29
....
51*
61
60
82
90
60
60
72
60
S
N
N
o
J
o
J
J
N
J
S
J
g
s
D
A
N
89
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60
73
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81
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87
July’14
83
55
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69
60
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Aug ’13
3
5512
45
60
63*
68*
60
60
60
66
70
57
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66
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Oct *18
107
122
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106
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83
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..
105
85
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....
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103
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’ 74*
Sale 74*
83
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104*
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74*
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sale
New York Bond
1566
Weeks
Pries
{BONDS
N. Y. STOCK EXCHANGE
Week ending Oct. 18.
Friday
Range
oa.
Last Sale
Bid
Virginian 1st 5s series A... .1062 M N
.1939 M N
Wabash 1st gold 5a.
A
.1939 F
2d gold fis
.1939
Debenture series B
1st lien equip s fd g 5s... .1921
1954
1st lien 50-yr g term 4a.
Det A Cb Ext 1st g 59... .1941
Dee Moines Dlv 1st g 4a. .1939
Om Dlv 1st g 3 He
.1941
Tol A Cb Dlv lat g 4a... .1941
Wasb Terml lat gu 3^8— .1945
.1945
1st 40-yr guar 4s
West Maryland lat g 4s— .1952
West N Y A Pa 1st g 5a... .1937
.1943
Gen gold 4s
Income 6s.........
P1943
Western Pac lat aer A 5s.. .1946
Wheeling A L E lat g 5s... .1926
Wheel Dlv 1st gold 5s... .1928
Ex ten A Impt gold 5s
.1930
Refunding 4^s series A. .1966
RR lat consol 4a
1949
Winston-Salem S B 1st 4s. .1960
WIs Cent 50-yr 1st gen 4s.. .1949
Sup A Dul dlv & term 1st 4s’ 36
_
.
...
J
S
J
i
J
o
M
8
A
A
O
J
A
O
Nov
9
O
J
A
S
M
S
J
J
N
90ix
is
Ask Low
Sale
83* Sale
96 >8
98
96
....
70
84
59
93
60
'8312
90
80
74*
75
80
90*
..
17
84* Jati 17
76
Dec ’17
82
Aug’18
Apr
60*
75
6212
73
82
25
Jan T8
AugT8
82
57*
62*
90
60
99
70
Oct *17
83*
Oct* 18 --..I
17
79*
84
90
93
60
60
551*
67*
69*
60*
67*
73*
77*
Feu
99* Mar* 17
60
Sept’18
59* Oct’18
67* Aug ’18
73*
73*
76
May’18
72
Street Railway
Brooklyn Rapid Tran g 5s.. 1945 A
1st refund conv gold 4a
2002 J
6-year secured notes 5s
1918 J
Ctfs 3-yr sec 7 %notes op A1921 J
3-yr 7% secured notea../j 1921
Bk Cty 1st cons 4s..1916-1941 J
Bk Q Co & S con gu g 5s..1941 M
Bklyn Q Co A 8 1st 5s
1941 J
Bkiyn Un El 1st g 4-5S...1950 F
Stamped guar 4-5s
1950 F
Kings County E 1st g 4s.. 1949 F
Stamped guar 4s
1949 F
Nassau Elec guar gold 4s. 1951 J
Chicago Rys 1st 5s
1927 F
Conn Ry A L 1st A ref g4^sl951 J
Stamped guar 4V4s
.1951 J
Pet United 1st cons g 4 ^s._ 1932 J
Ft Smith Lt A Tr 1st g 5s...1936 M
Hud A Manhat 5s aer A....1957 F
Adjust Income 5s
1957
N Y A Jersey lat 5s
...1932
Interboro-Metrop coll 4 Mis. 1956
In ter boro Rap Tran 1st 5s.. 1966
Manhat Ry (N Y) cons g 4s. 1990
Stamped tax-exempt
1990
Manila Eleo Ry A Lt a f 5s..1953
Metropolitan Street Ry—
Bway A 7th Av 1st c g 5s. 1943 J
Col A 9th Av 1st gu g 5s.. 1993 M
Lex Av A P F 1st gu g 5s..1993 M
Met W S El (Chic) 1st g 4s.. 1938 F
Mil* Elec Ry A Lt cons g 5s 1926 F
Refunding A exten 4 5^8.. 1931 i
Mlnneap St 1st cons g 5s
1919 J
O
J
J
J
i
N
i
A
A
Income 6s
J
8
A
....
83
81
65
64
70*
....
....
Sale
Sale
75
8 tie
87
54*
82*
76*
75*8
Sale
8 tie
77
77
79
196
1
84
79*
83*4
65
69
92*
98*
96
97
94*4
96
89
89
May 12
May I
83
Oct ’18
M tv*18
78
78*
87*
85*
66
66
55
05*
86*
85*
86*
July* 17
Oct ’18
83*
85* Sept’18
80*
85*
86*
85
68
86*
73
72*4
84
Jan ’14
60
64
19 *
19*
90
July 18
54
54*
80
83
73* Oct’18
75*
77
43
33
48*
14*4
64
25
*57
90
48
77*
90
73*
74*
80*
82
80
80
76*
85
201
76*
July' 18
60
72
92*
J
D
N
O
J
J
F
N
J
J
78* Aug ’18
95
May’17
80
SepL’i;
85
58
36
85
N
J
O
O
85
85
87*
50*
21*
N
M N
F
A
J
J
M N
J
J
Pat A Passaic G A El 5s
1949 M
Poop Gas A C 1st cons g 6s. 1943 A
Refunding gold 5s
1947 M
Oh G-L A Coke 1st gu g 5s 1937 J
Con O Co of Ch 1st gu g 5s 1936 J
Ind Nat Gas A OH 30-yr 5sl936 M
Mu Fuel Gas 1st gu g 5s.. 1947 M
Philadelphia Co conv 5s
1919 F
Conv deben gold 5s
1922 M
Stand Gas A El conv s f 6s.. 1926 J
Syracuse Lighting 1st g 5s.. 1951 J
Syracuse Light A Power 5s. 1954 J
Trenton G A El 1st g 5s
la4 • M
Union Elec Lt A P 1st g 5s.. 1932 M
Refunding A extension 58.1933 M
United Fuel Gas 1st s f 6s.. 1936 J
Utah Power A Lt 1st 5s
1944 F
Utica Elec L A P 1st g 5s...1950 J
Utica Gas A Elec ref 5s
1957 J
Westchester l.tg gold 5s
1050I t
99*
Sale
84
80
75
«
....
82*
65
Sept’18
96
8ept'18
96'« Aug '18
98
95*
89
80
101
83
81
66
78
62
81
BONDS
Y. STOCK EXCHANGE
Week Ending Oct. 18.
80
58
67
23
23
23
7734
93*
87*
90*
80
105
‘94'
92
30
Mar’l1
100* Juoe’l 7
81* July* 18
98*4 Aug T
96* 97* July'17
74
78
Aug K
99
94
MaV17
Sale 50*
50*
Sale 21
21*4
63
63
8ept*18
99
88* Njv'16
67
72
Aug'18
90* Feb ’17
95
Jill -'17
102* Mat'12
Sale 57*
58
Sale 35
36
90
104
Aug* 18
91* Oct'18
76
Mar’18
56
Aug’18
69
59 Aug T8
51
52
July’l
57
50
June’17
35
25
Mat*’ 1 8
29
22* July’18
24
22
Sept 18
83
77
Oct’18
103
91* 91
91* 90
81
79*
97
Sale 104*4
95
91*
57*
85
95*
95*
91*
85
'87*
86
96
73*
98
91*
84*
88*
70*
90
80
...
94
75
98
A
N
D
D
J
100
77
N
J
A
J
J
O
100* 100
77*
96*
70
S
S
85
'
100
’75*
84
93*
84*
87
Oct’18
95
100
iod"
80*
87
69
92
Sale
96
100
89
94
400
Q‘>
Oct’18
70
68
52*
27*
90*
59
38*
95
91
56
58
96
80
60
60
50*
55*
25
*26*2
27
80*
89*
95*4
90*
75
80
99
106
91*
93*4
89*
91*
92*
95 2
98
92*
94
94
97
73
97*
88*
84*
...
80*
7
99*
73*
98*
94*
86*
68
90
73
94*
94*
86*
76*
92*
80*
86
Jan ’17
July’17
100
98* 100
71* 81
77*
Sept*17
Apr ’17
Mtr’17
July’17
78
90
91
Oct *18
97* M ty’17
84
July’17
93*8 Oct T7
92 i Sept’17
84
91
101* Nov’10
92
83
96
105
Aug’18!
84*1
6
Junr’17
Aua ' 1 7i__
M-f’17
Last Sale
Ask Low
62
23
30
Sale
84*
85*
..
!
J
91*
97*
80
84
26
26
90
93*
78*
77
80
82 <8
79*
87
87*
114*
Sale
Sale
86
Sale
Sale
85*
80
94
94
87
102
98*
90
Sale
Sale
87*
77
_____
66
92
69
_
_
_
_
7
_
_
58
83*4
92* Sepl’18
83
Sept’18
8034 Sept T 8
79*
79*
58
85
112
84
84
80
94
97
93
102
87
75
83
94
An- ’14
June’16
67
Sept’18
1
94*
90
93*
—
84
77
30
28
81*
87*
90
89*
93
83
75*
84*
74
81
58
68
00
85
122 102* 116
144
73
86*
11
77
90*
1
78* 83
98
J 91
91
*97
_•
90* 94
Mar’18
Oct ’18
116
8634
85*
80
8ept'18
Sept 18
Sept’18
103*
83*
Sept’IS
92
High
66*
90
79
...
_
_
176
90
20
103*
75
92
75
85*
__
j
1
92
1
65
67
90*
98*
83
87*
87*
1
J
_
_
95
Sale
95
79
18
Feb T8
100* 105*2 Oct 16
83* 93* 89* Oct ’17
83
Oct’18
84*
86 * Sept’ 18
86*
_
Since
Jan. 1
So. Lotc
1
60
4
18
26
28
83*
Rang*
Bonds Sold
Hiah
62
67*
90
_
85*
_
Jun ’17
79
10
2
94*
94*
90* Aug 18
92
93*
73*
_____
104
82*
88
95
90*
90*4
96*4
907i
I
Manufacturing
&
1
Industrial
Am Ag Chem 1st c 5s
1923
Conv deben 5s
1924
Am Cot Oil debenture 5s...1931
Am Hide A L Istsf g 6s
1919
Am Sm A R 1st 30-yr 5sser A d '47
Am Thread 1st coll tr 4s
1919
A.o Tobacco 40-year g 6s.-.1944
Gold 4s
1951
Am Writ Paper 1st s f 5s...191J
A
F
M
M
J
A
F
J
M
F
a
F
M
M
A
J
Baldw Loco Works 1st 5s__1940
Cent Foundry 1st s f 6s
1931
Cent Leather 20 year g 5s.. 1925
Consol Tobacco g 4s
1951
Corn Prod Ref s t g 5s
1931
1st 25-year s f 5s
1934
Distil Sec Cor conv 1st g 5s. 1927
E I du Pont Powder 4
-1936
General Baking 1st 1ft-jr 6s. 1936 J
Gen Electric deb g 34s....1942 F
Debenture 5s
1952 M
Ingersoll Rand 1st 5s
1935 J
Int Agricul Corp 1st 20-yr 5« 1932 M
Int Paper Co—
Consol conv s f g 5s
1935 J
1st A ref 3 f con / 5i ser A1947
Liggett A Myers Tobac 7s. .194* A
6s
1951 F
Lori Hard Co (P) 7s
1944 A
5s
1951 F
Mexican Petrol Ltd con 6s A 1921 A
1st lien A ref 6s series C..1921 A
Nat Enam A Stpg 1st 5s
1929; J
Nat Starch 20 yr deb 5s
1930 J
National Tube 1st 5s
1952 M
N Y Air Brake 1st conv 6s. .1928 M
Pierce Ol 5-vear conv 6s.?1920
10-vea-- conv deb 6s....51924.
Sinclair Oil A Refining—
1st s f 7s 1920 warrants attach
do
without warrants attach
Standard Milling 1st 5s
1930 M
The Texas Co conv deb 6s. .1931 J
Union Bag A Paper 1st 5s..1930 J
Stamped
1930 J
Union Oil Co of Cal 1st 5s.. 1931! J
U 8 Realty A I conv deb g 5s 1924J
U S Rubber 10 yr col tr 6a..1913
jJ
1st A ref 5s series A
1947 IJ
U 8 Smelt Ref A M conv 6s. 1926 F
V-Car Chem 1st 15-yr 5s... 1923 J
Conv deb 6s
el924 A
West Electric 1st 5s Dec
1922 J
96*
O
A
N
S
105
83*
10
J
O
A
96*
96* *
Sale
99
82
84
100* 100
Sale 86*
*
89*
99*
_
99*
117
120
117*
Sale 71*
88
Sale 8634
97* 99
84
74* 80
95* Sale 943j
65
81
71*
J
N
A
99* 100
99*
84* Sale
N
N
O
D
D
A
S
J
N
_
_
_
_
_
I
42
83*
Oct’18
Oct *18
96*
_
1171
79
99
80
26
93
1
41
71*
88
Sept’18
Aug’18
95*
M1-T8
99* 8ept*l8
99* Sept’18
84*
_
_
_
_
34
84*
77*
94*
77*
94
6
1
110
O
A
O
A
88*
103
88*
O
O
D
J
N
N
130
_
93*
_
_
_
97
_____
_
97
95
_
_
_
Sale
97*
Oct’18
98
94
97
97
88*
98
Sale
963g
93*
98
90
99
87
87
_____
61
100*
84*
95*
94
97*
95*
Beth Steel 1st ext s f 5s
1st A ref 5s guar A
1926 J
1942 M
20-yr p m A Imp s f 5s
1936
Buff A Susq Iron s f 5s
1932
Debenture 5s
a 1926
Cahaba C M Co 1st gu 6s.. 1922 J
Col F A I Co gon s f 5s
1943
Col Indus 1st A coll 5s gu..l934
Cons Coal of Md IstAref 5s. 1950
Elk Horn Coal conv 6s
1925 J
Gr Rlv Coal A C 1st g 6s__ftl919
III Steel deb 44s
1940
Indiana Steel 1st 5s
1952
Jeff A Clear C A I 2d 5s....1926
Lackaw Steel 1st g 5s
1923
1st cons 5s series A
1950
Midvale Steel A O conv s 1 5sl936
Pleasant Val Coal 1st s f 5s 1928
Pocab Con Collier 1st s f 5s. 1957
Repub I A S 10 30-yr 5s s f.1940
St L Rock Mt A P 5s stmpd.1955
Tenn Coal I A RR gen 5a. .1951
U S Steel Corp—'coup
<11963 M
s f 10-60-yr 5a reg
<fl963 M N
Utah Fuel 1st s f 5s
1931 M N
Victor Fuel 1st s f 5s
1953 J
J
Va Iron Coal A Coke 1st g 5s 1949 M S
94*
92*
89
89
80*
Sale
Sale
85
96
91*
..
95*
93*
87*
87*
,
_
_
_
101
94*
84*
Sale
84*
961*
28
23
2
2
90
94*
94*
i
‘8634
Sale
93
47
®
e» m
08
•9
93*
83*
90
85
90
83
86
76
90
95
94
86*
m
73
83
95
94
81
1
_
3
Oct’18
88
31
i
85*
92
97
94*
88
96*
96*
80*
92
82*
Ap- ’18
85*
92*
87*
98*
95* Sept’18
97*
98*
97
j
80
80
1
921$
97*
123
Oct’18
96
96
100
83
86
99*
'
f
747b
86
80
88
Dec’16
Sept’18
....
1
82* Sale
81* Sale
87* 92
91* Sale
99* Sale
Q
Q
97
82
81*
90
90
Sale
96*
95
87*
89*
-
-
89
91*
83*
77*
81*
1
Oct’18
82
86
38
718
92*
99*
99* Mav’l
99
N<n ’17
68* Jan ’18
J
F
M
M
83*
85*
91*
95*
93* 100
98* 99*
40
8234
81*
91*
73
68*4
J
J
J
J
M
M
J
78*
97*
98*
J
95*
80
93
98
J
J
M
...
1
8
79*
93*
92
86
36
90
95
77
101*
87
83
90
90
45
81
100
101
85
76
92* 98
179
84*
86* Oct ’18
93*
93*
§8
94*
93*
867$
3
167
9
Aug' 18
Aug ’18
Feb ’18
90
Sale
971*
100
83
Dec'14
Sale
86
88
90*
86*
93*
89*
93
97
23
4
Oct’18
95
88
87
97
98
92*
246
71
82* July'18
73*
73*
84*
94*
150*
95* 101
83
881*
81
90
Ma\’l8
86* July’18
87
95
94
99
76*
1933 M
•
Sale
90
83
95
1936 M
aixed. « Om Jan. 4 Dus April, e Dus May. # Due J rue. n Due
July. * Due Aug.
93"*
73*
85*
95
Tolograpti A Tolophono
Am Telep A Tel coll tr 4s...1929 J
1946
S lb recta full pd com 6s. 1925
Cent Dlst Tel 1st 30-yr 5s.. 1943
Commercial Cable 1st g 4s__2397
Registered
2397
Cumb T A T 1st A gen 5a...1937
Keystone Telephone 1st 5a. .1935
Mich State Teleph 1st 5s
1924
N Y A N J Telephone 5s g._1920
N Y Telep 1st A gen s f 4 4s. 1939
Pacific Tel A Tel 1st 5e
1937
South Bell Tel A T 1st s f 5s. 1941
West Union coll tr cur 5s
1938
Fd and real est g 44s ....1950
Mut Un Tel gu ext 5s ....1941
Northwest Tel gu 4 4s g .1934
85
93*
2
4
256
232
8034
101
77*
91*
98
98
Jane’18
Sale 99
99*
88
86*
87
83
94
Aug ’18
90
90
90
Sale 60
61
Sale 100
100*
Sale 82*
85
Sale 95
95*
Sale 93*
94*
100
98*
98*
97
95*
9534
92*
68*2
105*4 123
97*
85*
75
74
61 106
95
150*
Sale
Sale 100*
75
66*
88
37 107* 117
11
86
95
9 107
115
4
83* 93
Mav’18
Aug T8
97
100*
83*
94* Sale
N
J
148*
99*
99*
■
Sale 109
110
89
89*
90
Sale 108
100
87
88*
123
Oct ’18
88
101*
84*
97*
97*
95
75
j
90
..
99*
117*
74*
94*4 100
1
77*
Coal, iron A Stool
Convertible 4s
20-yr convertible 4 4s
30-yr temp coll tr 5s
92* 1001$
90* 106
83
80
98* 101
84* 89*
_
92*
J
_
5
124
96*
103
Oct ’18
100
100
104
vl
’17
79
Mav’18
66* Sale 66*
66*
96
96
97* 96
83
100
Oct ’13
_
75*
.
99* \..v’15
78
Sept’18
101
86*
63
85
94* Sept’IS
96* Aug ’17
"88*
80
90
84*
Apr’17
79*4
24
25
22
22
77
91
84*
104*
90
54
17*
71
93*4 Sept’18
90
Sept’ 18
91*
91*
92
82
81*
46
62*
Feb ’18
Feb ’13
N )V’17
92*
90*
95
96* Dec ’17
90* Dec’ 16
90
Dec ’17
97
Aug 18
110 JunV17
77
73* Oct’18
98* 98
Oct’18
97
91*
91*
Sale
Week's
Range or
26*
...
..
94
100
9
O
S
J
J
N
N
81*
Sept’15
June’18
Oct ’18
Feb ’15
106
Aug ’18
Price
Friday
Oct. 18
Bid
60
Miscellaneous
Adams Ex coil tr g 4s...... 1948 M
Alaska Gold M deb 6e A
1925 M
Conv deb 6s series B
1926 M
Am S3 of W Va 1st 5s
1920 M
Armour A Co 1st real est 4 His ’39 J
Booth Fisheries deb s f 6s— 1926 A
Braden Cop M coll tr s f 6s. 1931 F
Bush Terminal 1st 4s
1952 A
Consol 5e
1955 J
Bldgs 5e guar tax ex
I960 A
Chic C A Conn Rys s f 5s
1927 A
Chic Un Stat’n 1st gu 4 4s A 1963 J
Chile Copper 10-yr conv 7s. 1923 M
Recta (pirt paid) conv 6s ser A A
Coll tr A conv 6s ser A.. 1932 A
Computlng-Tab-Rec s f 65.. 1941 j
Granby Cons M 8 A P con 6s A ’28 .VI
1928 t
Stamped
Great Falls Pow 1st e 1 5s.._ 1940
Int Mercan Marine s f 6a... 1941 \
Montana Power 1st 5e A
1943 j
Morris A Co 1st s f 4»4S-.-_ 1939 j
Mtge Bond (N Y) 4s ser 2.. 1966 a
10 2fVyr 5s series 3
1932 j
N Y Dock 50-yr 1st g 4s
1951 F
Niagara Falls Power 1st 5s.. 1932 J
Ref A gen 6s...
a 1932 A
Nla« l/ock A O Pow 1st 5s.. 1951 M
Nor States Power 25-yr 5s A 19*1 A
Ontario Power N F 1st 5s... 1943 F
Ontario Transmission 5s.... 1945 m
Pub Serv Cory M J geu 5s..l'459 A
Tennessee Cop 1st conv 6s.. 1925 M
Wash Water Power 1st 5s. .1939 J
Wilson A Co 1st 25-yr s f 6s. 1941 A
-
D
S
S
A
1933
oi i *ui
92
90
80*
80
8
Eq G L N Y 1st cons g 5S..1932
S
Gas A Elec Berg Co c g 5s..1949
D
Havana Elec consol g 5s.... 1952
A
Hudson Co Gas lat g 5s.... 1949
N
Kan City (Mo) Gas 1st g 5s. 1922
O
Kings Co El L A P g 5s....1937
O
Purchase money 6s
1997
O
Convertible deb 6s
1925 M
S
Ed El Ill Bkn 1st con g 4s. 1939 i
J
Lac Gas L of St L 1st g 5s__el919 Q F
Ref and ext 1st g 5s
1934 A O
Milwaukee Gas L 1st 4s
1927 Hi N
Newark Con Gas g 5s
1948 J
D
N Y G E L H A P g 5S....1948 J
D
Purchase money g 4a
A
1949 F
Ed Elec Ill 1st cons g 5s..1995 J
J
NYAQ El LAP 1st con g 5s. 1930 F A
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 J
J
Pac Pow A Lt 1st A ref 20-yr
5s International Series
1930 F A
•No price Friday; Ubutt
Sile
19* Sale
A
M
J
M
A
J
J
Q
M
J
J
M
M
J
F
M
A
A
A
68*
96
88
83*
86*
86*
73*
J
J
84*
95*
A
J
J
J
J
1948
United Rys Inv 5s Pitts las.. 1926 M
United Rys St L 1st g 4s...1934 J
St Louis Transit gu 5s
1924 A
United RRs San Fr a f 4a... 1927 A
Union Tr (N Y)c ertfa dep...
Equit Tr (N Y) inter ctfs_...
Va Ry A Pow 1st A ref 5s..1934 J
Gas and Elactric Light
Atlanta G L Co lat g 5s
1947
Bklyn Un Gas lat cons g 5s. 1945
Otndn Gas A Elec latAref 5s 1956
Columbia G A E lat 5a
1927
Columbus Gss 1st gold 5s.. 1932
Consol Gas conv deb 6s.... 1920
Cons Gas ELAP of Balt5-yr5a'21
Detroit City Gas gold 5s... 1923
Detroit Edison 1st coll tr 5s. 1933
lat A ref 5s ser A
51940
9512
65*
56*
.
Undergr of London 4^s
....
A
A
J
.
Montreal Tram 1st A ref 56.1941
New Or! Ry A Lt gen 4^a..l935
N Y Munlcip Ry 1st s f 5s A 1966
N Y Rys 1st R E A ref 4s...1942
30-year adj inc 5s
ol942
N Y State Rys 1st cons 4 His. 1962
Portland Ry 1st A ref 5s
1930
Portld Ry Lt A P 1st ref 6s. 1942
Portland Gen Elec 1st 5s. 1935
ftt Jos Ry L H A P 1st g 5a.. 1937
St Paul City Cab cons g 5s. .1937
Third Ave 1st ref 4s
1960
Adj Income 5s.
a 1960
Third Ave Ry 1st g 5s
1937
Tri-city Ry A Lt 1st s f 5s.. 1923
83i2
N
..
62*
99
85* 60
45
36
Sale 82
93
96
99*4 100
100
67*
73*
71
So, Low
High
55
84* 93
J 90
95*
19
80
83*
82*
86*
90
Aug T8j ....j 90
90
98
96
100*
8eptT8|
65
65
Sept’18
66
77
98*
61
*59
High
Oct’18
99* S«pfl7
Aug 12
87* 102
....
Range
Since
Jan. 1
or
88*
92
93
[Vol. 107.
Record—Concluded—Page 4
_
87
90
98
Apr *16
89* Oct ’18
97
Aug *18
2
_
86*4
87*
9034 90*
90* !
90
87* Oct’18
92
89* Oct’18
85
83*
82*
99
101* 8ept’17
_
_
_
68*
1
,
!
I 85*
I 97
81
8
Sale
84
87
86
‘
_____
! 87*
| 37
94
Due Oot. 9 Dus Nor. «
85
1
80
68*
93*
90
98
89
92*
95
93*
88
NV’fi
Due Dec.
$
Option aoig
Ocr.
191918.]
SHARE PRICES—NOT PER CENTUM PRICES.
Oct. 13.
Monday
Tuesday
Oct.
Oct. 15.
14.
*130
73
90
131
| 131
*
*
*14
28
*137
*84
106
60
*105
28
145
80
80
21*
124
2*4
144
41*4
63
61*4
109
*78
2*4
1314
40U
*82
101
24
90
49
55
23
*87
49
55
*23
*87
49
•56
*.80
STOCKS
BOSTON STOCK
EXCHANGE
44
41*
1107*
11912 1101*
1071* 108
*41*
162
3
30
145
105
"
61*4
109
"
31*
15U
39*4
31*
16*4
40i2
58i2
1
5
49
*58
86
101
24
89
49
95
80
80
•80
83
80
15
164
1312
141*
4*4
165
551*
*163
58
55U
1564
31U
6U
154
154
3112 3H*
*612
1712
3*4
1712
37*
90
90
88U
89
67
67
18
3*4
•881*
*8712
*67
1187* 1187* *125
*881*
95
894
*8812
*
ioo’
100
66
100
*61
*122
*61
*124
....
42
*13
421*
13i2
117U
114
*51
145
M
m
N
*.60
1
o
%
77U
3U
77*4
3s*
*.20
.36
*.15
◄
48i2
481*
H
15
15
*4814
•14U
O
*.60
78
*3U
|
’i5i’« ”l5l* "1512
H
.30
*.25
fl
M
456
o
•HU
46*4
*25*
o
H
458
lH*
47
5
10U
*4
*80
*50*4
*512
*.68
531*
*794
*25
10U
41*
84
52
6
.80
54
80
26
1 456
.
*1114
47U
•25*
51*
101*
1
781*
31*
14*4
*141*
*48
15s*
.30!
251*
684
458
117*
84
*524
*6
*65
54
534
64
*5334
80
26
*212
20*4
Hz
*20
14
15
70
*13
*12
*68
*814
134
8*4
134
*.40
*.80
41
.80
34
24
*.93
44
44
2
94
*84
2
At
*24
14
*22
*
laMil.ej
HZ
5
*312
*4*8
2
20*4
Hz
144
*l*z
27*
691*!
460 I
*23
691*
241*
704!
50
48V 49
27*
Oct’18
51*
54
5
512
IOI4 105*1
1012 105*
Last Sale 414
Oct’18
Last Sale 83
Sept’18
Last Sale 50
Oct’18
6i*
8 I
8
81*
Last Sale .80 Sept’18
54»2 54V
54i2 55
*80
81 I *80
81
251* 25*2
26
26*4
57*1
5*4
5*4
6I2
Last Sale .90 Sept’18
6U
6V
6I2
6i2
2
54
2412
Last Sale
*4
2
2*4
15*4 16V
Salej.35 Oct’18;
47*4
51*
34
44
54
*20
Oct’18:
|
460
460
460
Last Sale III2 Oct’18
*24
*31*
54
15*4
Last Sale 3
3
54
20*4
15S
201*
is*
14V *13
Oct’18
*4
4i2
3U
3i8
3U
55 |
55
20V *20*4
is*
*1*4
144
414
5
3
Last Sale 12
Last Sale 68
4i2
45*
3*4
34
56V
21
2
8*4
13*4
•8U
*13U
8*4
13*4
84
134
*.40
*.75
.80
*.40
*.75
.80
1
41
56
*.40
.30
.30
.80
Last Sale .75
Oct’18
41
41
424
414
56
56
16i2
164
674
66
*24
48
*.60
334
14
34
*1
*12
-
5’
*44
3*4
37*
14
414
55
164
66
14
.19
5
37*
3
.95
43*4
4334
*17*
94
*844
444
2
24
24
14
22*4
*1
22
*
*>0
so
u
41
*53
16
65
24*4
48
.70
4
3
.95
At
pru.es.
*2314
6712
*5
5
16
Last
54
44
151*
Last Sale 50
15*4
3
24
2*4
471*
15 j
*84
*134
66
24
46
.60
2
lAe
47
*14U
15
70
164
9*4
844
*.99
37*
3V
Sept’18
48
48V
4
Last Sale .25
*12
*68
414
*534
164
3
.95
44
44
2
1
54
*797* 81
*25
226
6
*5*4
Last Sale .99
Oct’18
80
*80
82
*78
35*
15
70
14
.
10U
•414
3
*80
54
«
68
460
459
*1H2 12
6
.80
55
80
26
3
55
*1
*.12
5
241*
524
*4
*2
*34
244
6712
84
4
2
46
.60
.30
6
*.65
44
66
15*4
*514
lAt
*234
151*
*.25
*4
*80
54
*24
*31*
*524
164
15
53
5U
10*8
4*4
6
3
41
55
481*
471*
5*4
*68
.40
*5
5*4
14
1
471*
•25*
*.99
14
*12
!*125
78*2
3i2
5'*
104
41*
5*4
*21*
128
48
3
lAt
*54
*20
*31*
*.20
48
5*4
4
2
*.60
*78
.30
49
*.99
*5
*24
4»4
*.25
*24
25 I
67*4 *671*
*23l2
67l2
241*
13s*
15
421* 4212
4H2
I 4H2 43 I 421* 43*4
*1212 131* *12*4 131*
Last Sale, 13
Oct’18
118 I 1157* 1171* 116
1161* 11712' 117
116*4
*51
53
*51
52 I *51*4 52
52
52
143
144121 142 143*4 1421* 145
144
14612
407* 411*!
41
41
41U
4H2
4114 43
26
26 I
26
261*
26
264 [ 257* 26
IOSI4 llOU 107*4 109 ; 107*4 1095* 109U 112*4
*110
1114 1104 1101* *110U 110*4
8
77*
7*4
7*4
7*4
77*
■
I *
1064:1094
*1104 111
71* *77*
1
241*
1312
141*
42
i 52
U464
407* ' ill*
26 l 26
fl
2412
13*4
15 |
4V
13i2 137*
14l2 1412
54
*4*4
165 | 162
163
165
165 | 167
170
5512
551* 5812'
58
58
59 I
584
1564 156
157l2 *158
15312
3H2
3H4 321*,
324
31*4 3212 32
6 j
6I4
6
6
6I4
6I4
6I4
18 I *184
19
*181*
1
37*' *35* 3V
35*
3*4
-—I *881*
*8812
'
8712
85
85
86 i
86
861*
85
68 I
67
68
6712 68 ! 674 671*
.._.*126
117*4 117*4
95
Last Sale 89
*88»2 85
Sept.18
894 *....
8914
Last Sale 924 Aug’17
100
99
99*4 99*4! 99
99
99*4
65
*62
66 j
Last Sale 64 Sept’18
128
44
24
94
85
2
67
.60
*3i2
*1
.18
*4i2
3i2
*25,
.93
44
437*
*17*
*94
*845*
2
24
14
224
*21*
14
214
75
*50
8**
14 |
164
684
24*4
Oug’18:
Sept’18
*84
8V
14
j *53
167*
14*4
17
72
254
494
4841
70
25
484
.70
.70
.70
*.60
4
34
34!
4
.70
4
*.12
5
.17
6
4
37*
34
3
.95
44
34
244
484
14
.18
5
312
34
.93
45U
4414
24
9*4
85
2'A
24,
14
23
.75
76
567
2412
13l2
*1412
4*4
13l2
147*
4*4
20
70
5,420
6,971
110
111 I
105
106** 10514 1061*
*50
51
50
50"
95
95
941* 95
83
83
85
85
*79
82
Last Sale 14
Oct’18
105*4 1061* 104
104
*63
64
*63
64
*80
*79
66 Boston
305 Boston
Boston
Boston
Do
25*
14*4
*41*
5 j
11314 113V
83
*79
82
80
82
*
15
15
1061* 1061* *106‘ 10712 *1051* 107
63
63
*63
64 ; *62
63
24*4 251s
25U 25U' 24*4 25
1312
141*
5U
2i2
12i2
102
1044 105*4 106
92
92 |
92
92V
Last Sale 1
Oct’18
111
110
52
3i2
15*4
Oct*
1
5
941*
*51
Range Since Jan. 1.
•
Lowest.
268 Boston Sc Albany
4,053 Boston Elevated
41
42U
4H2 42i2
Last Sale 84
Oct’18
101
105
105
105
*24
Last Sale 87
is
49
49
56
58
....
5812
*41*
111
110
llOU
111
110*4 *110
108
107U
1051* 10712
*5114 52
*5012 51
94i2 95
94U 95
110
Oct. 18.
2i2
1412
100*4 ion*
92*4 93
*.80
Oct. 17.
Week
Shares.
j
34*4
3U
15*4
40i2
24
90
49
*.80
92
80
*82
*100
*23
*88
Friday
132
135
1331* 134l2
74
7412
731* 74**
92
92 I
95
97
34
34
33
34
List Sile 162
Oct’18
List Sile 3
June’18
List Sile 14i2 July’18
Last Sale 4i*
Nov* 16
*27
,__J
Last Sale 138 Sept.18
Last Sale 83
Oct’18
105
105 I
*59
61*4 "ei" Vi
Last Sile 108 Sept’18
Last Sale 70
Oct’18
80
80
79i2 80
7412
80
10012 101
92*4 93
1
132
80
85
Thursday
1567
Sm Next Pat*
-
Range for Presume
Year 1917
1
Highest.
Lowest
Highest
Railroads
*70*4
100l2 101
99l2 101
91*4 92
?
o
*107
145
*7034
41
*82
o
J
*61
*105
*70*4
131*
13*4
*-..-
o
*10512 111
*27
*137
*84
105
*137
*84
*100
s>
j *27
108
60
109
16.
132
74
92
*90
34
341*
170
*160
*
3
30
*14
*14
1
Od.
7444
*
3
30
Wednesday
132
74V
74
92
*90
354 35U
34
•162
170
*162
2
Salesfor
the
Saturday
BONOS
boston STOCK EXCHANGE—Stock Record
*24
484
1
*.12
5
34
*3
.95
45
44
2
94
854
14
.17
5
.95
48
444
484
44*4
.95
504
45
24!
97*
97* 10
854! *924 93
2
24!
24 2*/,
*24
24
24
24
1
1
1
14i
22
22
*214 22
L'stS’lelit Sept’18
415
95
”l55
22
3,430
167
""56
1221* Aprl7
100
100
100
37
80
19
150
Julyll
Jan23
AprlS
2
Jan26
Suburban Eleo-.n# par
no par
pref
Boston A Wore Eleo_.no par
Do
pref
no par
Chic June EyAUS Y....100
Do
pref
100
Connecticut River
100
Fitchburg pref
100
Georgia Ry A Elec stampd 100
Do
pref
100
Maine Central
100
Mass Electric Cos
100
Do
pref stamped
100
N Y N H A Hartford
100
Northern New Hampshire. 100
Old Colony
loo
Rutland, pref
100
Vermont A Massachusetts. 100
West End Street
50
Do
pref
50
Miscellaneous
Amer Agrtcul Chemical
100
Do
100
pref
Amer Pneumatic Service.. 25
Do
pref
...
ISO Amer Sugar Refining
75
Do
pref
25
138
Julyl9
July 2
824 Aprl8
104
53
106
70
27
84
Jan 2
Aug 6
Feb20
JanlO
784 Jan 2
884 Jan 2
.40 July 1
4
Sept30
99
107
Jan 2
June 4
90*4 Aug 5
454 Jan 8
90
Jan 3
604 Jan 2
76
11
98
Jan 7
Feb21
Janl5
584 Janl7 |
1
j
21
1,660 Century Steel of Amer Inc.
Jan25
!
Electric Ilium.
[New Eng Cotton Yarn
100
pref
100
192:New England Telephone.. 100
1 Nova Sootla Steel A C
100
10 Pullman Company
100
1,485; Punta Allegre Sugar
50
Reece Bu ton-Hole
10
100
25
100
5,809 Swift A Co
10 Torrington
955 United Fruit
6,469,United Shoe Mach Corp.. 25
625
Do
pref
25
6,827i U S Steel Corporation
100
35
Do
pref
100
3,470 Ventura Consol Oil Fields. 5
Mining
Adventure Con
35 Ah meek
1,315 Alaska Gold
25
25
10
Algomab Mining
25
190 Allouez
25
195 Amer zinc. Lead A Smelt. 25
Do
25
pref
5
3,990! Arizona Commercial
jButte-Balaklava Copper.. 10
10 Butte A Sup Cop (Ltd)
10
926 Calumet A Arizona
10
46 Calumet A Hecla
25
Centennial
25
...
1,420 Copper Range Co
Daly-West
1,265 Davis-Daly Copper
2,145 East Butte Copper Min...
25
20
10
10
[Granby Consolidated
100
Greene Cananea
100
575 Hancock Consolidated.... 25
Indiana Mining
25
145 Island Creek Coal
1
25
Do
pref
1
295 Isle Royale Copper
25
240 Kerr Lake
5
'Keweenaw Copper
25
75 Lake Copper Co
25
1
La Salle Copper
25
200 Mason Valley Mine
5
160 Mass Consol
25
...
128
27
Janl6
Aug29
44 Oct 10
12
Apr23
34 Aug23
Sept30
*774 Janl5
62
107
88
Junel7
Junell
Janl5
824 July30
56
July 5
102
29
11
102
45
Jan 7
Jan 3
Jan29
Aug30
Jan29
1154 Janl7
384 July 9
24*4 Aug 9
87
108
5
Mar25
Mar25
Jan 2
4June27
71
Junel3
14 Apr25
.15 Julyll
x47 Junel4
124 Ma-23
41
Jan 2
11
Jan 5
.22 Sept 3
17
Mar25
624 Janl5
427
Feb28
10*4 June27
434 Mar25
14 AprlO
5
Jan 2
54 Mar25
June21
50
Janl4
794 Oct 1
194 Janl4
Nov
Jan30
Mar 6
Jan 3
1164 Jan 9
81
Feb25
85
Jan 3
74 Mayl6
Mayl6
May29
33
46
90
105
25
90
50
62
JanlO
Oct 18
Jan 8
4
Oct
106
Oct 18
July 5
Apr 1
954 May21
24 Mar 2
154 Mar 4
1154 Mayl5
113*4 May 9
1094 Oct 9,
604 May24;
96*4 Marl2j
85
82
18
Oct 18
June 5
July 8
1204 Feb 16
64
Julyl9
284 Sept 5
[New River Company
pref
60| Vlplsslng Mines
850 North Butte
20 North Lakh
Ojlbway Mining
160 Old Dominion Co
20 Osceola.
1,250 Pond Creek Coal
246 Quincy
130 Ray Consolidated Copper.
180 St Mary’s Mineral Land..
1,030 Santa Fe Gold A Copper..
295 Shannon
111 South Lake
500 South Utah M A S
75 Superior
1,470' Superior A Boston Copper.
395 Trinity
1,500 Tuolumne Copper
3,580 U S Smelt Refln A Min...
25
5
100
100
5
1574
35
64
18
54
924
Oct 16
Aug
834 Dec
1024 Nov
Dec
Deo
June
Deo
Dec
Dec
21*4 Sept
904 Oct
85
Dec
164 Dec
83
Dec
34
Dec
x45
Dec
44
116
83
78
1
6
73
88
Dec
Dec
1
Dec
74 Dec
90
Nov
105
Dec
96
Dec
384 Nov
x874 Dec
60
Dec
75
Dec
6
Dec
88
Sept
554 Feb
Jan
175
Jan
79;
133
45
213
3
30
Mar
Mar
Jan
38
150
108
140
Feb
July
July
Jan
Jan
Mar
784 Mar
Jan
133
924 Jan
1001* Mar
6*s June
314 July
52*4 Jan
105
Apr
Jan
135
841* Feb
110
Jan
564 Mar
Jan
74
94*4 May
1034 Jan
2*s Jan
Mar
14
126U June
1214 Jan
1284 Jan
58
June
100*4 June
75
July
974 Jan
14*4 Dec
1214 Jan
Jan
66
91
70
124
Mayl6
10
Marl8
Feb28
924 Dec
Jan 3
Jan31
Jan T
Oct 16
43*4 Oct 18
137* Marl6
1464 Aug’17
524 Aug 7
1464 Oct 18
484 Mayl6
264 May28
1164 Aug28
1124 Julyl7
8*4 Aug 9
1*4 Jan25
Jan 3
44 July 6
.45 Mayl3
54
Feb27
214 July 3
54
July 6
164 Aug24
.45 Jan 7
33
Mayl4
734 Mayl6
465
May27
144 Feb 19
50
May 16
3
8ept30
67* Mar 8
104 Oct 17
Febl8
Oct
1
104 Jan 2
Mayl5
Feb18
July 3
Oct 18
34 8ept20
3*4 Septl7
6
7
Febl3
Jan 2
Oct 18
Oct 18
12
65
Aug29,
Aug29
8% Janllj
20
80
Mayl5
Mayl4
Mar 5
Dec
Dec
71
63
110
35
60
93
259
107
29
10
116
40
2105
Dec
Dec
Dec
Jan
Jan
Dec
Nov
Dec
Dec
Dec
Nov
794
1034
44
Nov
Dec
Dec
Oct
Dec
Dec
Dec
1
70
1
Oct
Dec
Dec
374
25
4 Sept
Dec
Dec
Nov
45
11
40
84 Nov
.25 Dec
124 Deo
55
411
11
204 June
10
Jan
Jan
Dec
Dec
Dec
184 Jan
334 Jan
102
Jan
lOOt* Mar
Mar
Jan
Mar
81
169
95
924 Aug
1241* Mar
Jan
112
1664 Jan
Jan
Mar
46
16
1627* Apr
June
68
155t* Jan
584 Jan
304 Mar
135 May
Jan
121
87* Jan
44 Jan
Jan
108
lit* Jan
14 Jan
70
Mar
414 Jan
Jan
154 June
24 Jan
73
Jan
52
854 Jan
590
Feb
274 Jan
68
Jan
394
14
34
84
Dec
Apr
Nov
Dec
4
66
35
7
Dec
Dec
16
9
92
Nov
Dec
464 Jan
204 Jan
Jan 3
64
1*4
8*4
34
3*4
34
664
204
24
174
1704 Jan
Julyl9
69
128
1
70
84
29
118*4 Dec
4
1004 Oct 10
6
226
Feb 6
894 Mayl6
83
9
Dec !
34 Dec
1334 Dec
Aug30
5
Jan 2
.80 Septll
5
Mar25
2
Jan 2
z5340ct 11
184 Jan30
14 Aug29j
134 Jan 2
Ex-dividend and rig me. • Assessment paid, A Ex stock dividend
30
148
Aprl7
51
25
25
400' Victoria
810 Winona
401 Wolverine
Wyandott
Mar 6
30
147
85
120
65
83*4 Sept 5
Janl7
54 June21
.40 July23
25
5
pref
June
734 Junel4
218:Mohwak
30 Nevada Consolidated
175 New Arcadian Copper
10 New Idrla Quicksilver
Do
July
9
39
5,165 Mayflower-Old Colony
490 Michigan
250 Utah-Apex Mining...,
710 Utah Consolidated
30 Utah Copper Co
2,700 Utah Metal A Tunnel
2
144 Augl9
Jan29 ,
174 May 1
3an31 !
54 Mayl5
June21 170 Oct 18
59
Oct 17
274June27
.65
Mar26
.40June28
421)
Sept 9
Aug 9
June 5
Junel7
12
3
Do
Jan 2
4
; 134
288 General Electric
]
3,576 Gouon-Pew Fisheries
230 Internat Port Cement....
170
Do
pref
2,200 Island Oil A Trans Corp
12 McElwain (W H) 1st pref. 100
1,031 Massachusetts Gas Cos
100
931
Do
pref
100
30 Mergenthaler Linotype
100
1
100
40
170
3
15
120
Dec
27
Dec
704 Dec
15
Dec
150
Dec
104 Mayl8 |
:
Do
3
Feb25
Oct
7
20
80
37
47
...
1
Septl9
Oct
x884 Junel4
10 American Woolen of M
323
Do
pref
131 Amoskeag Manufacturing....
1
Do
pref
Art Metal Construo Inc.
203 Edison
Febl9
Jan22
774 Junel814 Sept 6
84 Jan22
50
100
no
Jan 2
104 Mar 1
100
100
2,333|Amer Telep A Teleg
5!
Do
pref
625 Booth Fisheries
135 June24
761* May29
100
100
A Lowell..
A Maine
A Providence
*4 Dec
52
80
20
1
3
Jan
74 Jan
4
Jan
Mar
Jan
Mar
Nov
Nov
Dec
764 June
94
Apr
44 Apr
14 June
Aug
44 Jan
5
Oct
14 Dec
44 Nov
6
1
Nov
Nov
14 Aug
Mayl6
Mayl4
July 1
Mar 7
57
16
Jan 2
Jan31
22
65
Dec
Nov
14 Dec
10
Nov
Jan
Dec
36
6
Jan
18
5
Jan
Jan
8** Aug
154 Jan
3
May
54 Mar
98
Jan
264 Mar
6
Jan
174 Apr
30
Mar
924
9s*
244
2*4
27*
Mar
Sept
Mar
Jan
Jan
Mar
67*4
15
25
134 Oct 14
978 April
17** Mayl6
.25 Feb 14
.95 Mar 19
25
4June21
39
May28
464 Junell
14 Mar30
451* Jan 3
.30 Nov
.98 Dec
33
Nov
65
534 Dec
95
16
65
Oct
204 Feb20
78
Mayl6
25*4 May23
46
Oct
16
60
20
48
.58
28*4 June
94i* Feb
324 Apr'
89*4 Mar
25
25
10
25
10
25
10
10
25
5
25
10
25
1
10
Sept30
21*4 Mar22
4
4June21
3
AprlO.
4 Sept30.
.11
4
Jan23|
Fob 19
5
14 Augl3i
24 Sept23
.85 May lj
36
Aprl3
42
July24
14 May31
5
8*4 June25
10
1
774 Mar23
Is* June 5
24 Aug26
50
60
25
25
25
25
1
JanlO
214 Oct 8
.40 Mayl9
57
Jan 9
Jan 2
14 Feb21
5*4 Jan 2
2
6*4 July
11*4 Oct
Nov
Nov
Nov
Dec
Dec
54 Oct
Jan 3
Jan 8
.89 Dec
.10 Dec
64 Mayl5
4*4 Sept27
44 Feb 13
1% Aug20
504 Oct 18
34 Dec
34 Dec
.20
46
Jan 2
24 Feb 8
12
Janl6
3
1
404
434
17*
94
Nov
May
Dec
Nov
Mar
Dec
854 Oct
1
3'di Apr 8
71
3
Jan 3
2
Jan 3
Jan 3
36
1 At Mar 7‘
2
Oct
2
Oct
31
Dec
.15 Aug
A Ex-rlghta 9 Ex-dividend, w Hall-paid
Dec
24 Dec
2
19
Mar
Jan
Jan
64
Jan
.31
Jan
164 Mar
84 Jan
8t* July
2 At Jan
67*4 Jan
52t* Jan
37* Sept
2lt* Feb
1184 May
64 Jan
6
Jan
5t* Jan
534 Mar
91.
Van
THE CHRONICLE
1
.
"
=
'
...
==
^[V<&. 107.
1
1568
f
Friday
Last Week’s Range
Sale.
of Prices.
Price. Low.
High.
Outside Stock Exchanges
Boston Bond Record.—Transactions in bonds at Bos¬
ton Stock
Bond*—
U S Lib Loan 3 4»-1932-47
1st Lib Loan 4s. 1932-47
2d Lib Loan 4s.. 1927-42
1st Lib L’n 448-1932-47
2d Lib L’n 448-1927-42
3d Lib L’n 44s
1928
Am Tel Sc Tel coll 4s. 1929
824
Atl G Sc W I 8S L 5s. .1959
K C Mem Sc B Inc 5s. 1934 ..64
Mum Gas 4 4R
.1929
.
44s
JJ
1931
N E Telephone 5s.
1932
Punta Alegre Sugar Cs 1931
.
.
.
Swift A Co 1st 5s
1944
U S Smelt RAM conv 6s.
Ventura OH conv 7s. .1922
884
91
99.74
97.54
96.74
98.00
96.74
96.74
824
754
Range since Jan. 1.
for
Week.
Low.
99.90 $18,550
98.86 10,800
97.20 27,500
98.50
1,450
97.50 236,350
97.30 269,450
83
4,000
754
64
88
83
64
88
83
874
844
884
84 4
914
91
95
91
95
92
5,000
5,000
2,000
2,000
2,000
1,000
9,000
3,000
6,000
96.52
93
92.84
93.64
93.04
94.54
July
July
Aug
Aug
Sept
Apr
Sept
Sept
Aug
May
Sept
July
85
804
844
77
904
93
80
Jan
102.50 Aug
98.86 Oct
97.90 Mar
98.50 Oct
97.50 Oct
101
May
83
Jan
Jan
79
64
Oct
914
864
914
844
954
Am
Last
Sale
Par. Price.
Stock*—
97
Feb
Feb
Oct
Feb
June
94
May
American Radiator.... 100
Amer Shipbuilding-... 100
Preferred
100
American Woolen
Armour A Co pref
Booth Fish com new (no par)
Preferred
10(J
Chic City A C Ry pt sh com
Preferred
Chic Pneumatic Tool.. 100
Chic Rys part ctfs “2”.
Commonwealth-Edison 100
_
.
.
244
1
154
65
114
1104
126
Diamond Match
100
Hartman Corp
100
Hart Shaff A Marx com 100
Illinois Brick
100
Libby McNeil A Libby...
Lindsay Light
.10
Middle West Util com.100
Preferred
100
Page Woven Wire Fence 20
People’s Gas Lt A Coke 100
Pub Serv of No Ill com. 100
Preferred
100
Quaker Oats pref
100
Sears-Roebuck com
100
Stewart War Speed com 100
Swift A Co
100
Swift International
Union Car A C Co. (no par)
United Paper Bd com. 100
Ward, Montg A Co pref..
Wilson A Co common.. 100
Preferred
100
1094
474
60
994 100
244 254
80
804
1
1
144
154
65
11
108
65
114
1104
1174 1264
97
974
108
46
59
110
48
62
494 60
224
164
214
164
26
17
27
50
25
50
27
50
54
57
168
694
116
33 4
584
194
95
5.4
54
54
81
57
81
824
944
95
161
67
114
32
824
1684
72
1174
344
554 58 4
194 20
1044 105
54
93
59
95
Range since Jan. 1.
for
Week.
Shares.
235
240
122
1234
90
90
504 504
Cudahy Pack Co com. .100
Deere A Co pref
100
.
Sales
Week’s Range
of Prices.
Low. High.
10
25
5
100
422
560
46
230
175
100
97
576
2,250
38
241
138
275
730
7,215
400
195
144
35
145
100
10
50
1,930
6,529
17,659
9,566
9,060
220
78
305
277
Low.
235
87
High.
265
144 4
844
504
June
Jan
Mar
Oct
96.4
Sept
184
Jan
Oct
100
28
86
79
4
Aug
Feb
May
934 May
504 Oct
Oct
Sept
Feb
12
24 June
184 July
474
714
June
Jan
Jan
June
1074 Jan
92
June
102
Jan
30
Jan
53
Jan
45
Oct
Oct
214
8
100
154 Sept
Sept
Sept
18
40
5
Mar
404
70
79
924
133
47
102
32
Apr
June
Sept
Aug
June
Jan
Aug
Oct
474
144
100
46
92
Apr
Feb
Aug
Jan
Sept
Apr
June
1104 Oct
1264 Oct
974 Oct
114
May
49
Sept
67
Feb
60
Oct
26
Oct
28
Jan
28
Jan
65
Jan
7
May
57
Oct
81
Oct
90
Jan
Jan
100
1684 Oct
72
Oct
146
Apr
344 Oct
16
59
July
224 May
110
Feb
654 May
994 Mar
Bonds—
Chicago City Ry 5s.
1927
Chic C A Con Ry 5s. .1927
_
864
.
55
Chic Gas L A C 1st 5s. 1937
Chicago Rys 5s
1927
Chic Rys 4s.__.series B
884
82 4
Commonw-Edison 5s. 1943
904
Lib Loan 1st 4s... 1932-47
Liberty Loan 3d 44s
Met W S El ext g 4s._1938
Ogden Gas 5s
1945
Pub Ser Co 1st ref g 5s 1956
Swift A Co 1st g 5s
1944
Wilson A Co 1st 6s... 1941
884
824
554
894
864
554
884
$1,000
10,000
82 4
1,000
5,000
5,000
554
904
97.30 97.38
96.80 97.30
78
574
754
774
574
78
90
93
2 000
300
2,000
2,000
774
914
5,000
2,000
1,500
93
4,000
844
52
87
82
50
Wind Glass Mach....
97
97.48
Philadelphia Co, old 5s
954
954
Pittsb Coal deb 5s
1931
Pittsb McK A Con 5s. 1931
95
86
95
86
Jan
Jan
Sept
June
Jan
874 Sept
93.30June
94.70 Aug
45
Apr
75
June
77
Aug
90
Sept
92
Oct
884 Apr
624 Aug
Oct
884
884 Apr
594 Jan
944 Mar
97.50
97.30
57 4
80
814
954
96
Jan
Oct
Oct
Apr
Jan
Jan
Mar
Pittsburgh Stock Exchange.—The complete record of
transactions at the Pittsburgh Stock Exchange from Oct. 12
to Oct. 18, both inclusive,
compiled from the official sales
lists, is given below. Prices for stocks are all dollars per
share, not per cent. For bonds the quotations are per cent
value.
Friday
Stock*—
'
Par.
Amer Rolling Mill com..25
Amer Sewer Pipe
100
Am Wind Glass Mach. 100
Preferred
100
Am Wind Glass, pref..l00
Columbia Gaa & Elec. 100
Crucible Steel, pref
100
Last
Salt
Price.
46
14
63
.
Westlngh’se ElecAMfg.50
46
14
14
60
74
98 4
64
74
384
Indep Brewing, pref
50
Lone Star Gas.
100
Mfrs Light & Heat
50
Nat Fireproofing, com..50
Preferred
...50
Ohio Fuel OH
..1
Ohio Fuel Supply.
25
Oklahoma Natural Gas .25
Pittsb Brewing com.... 50
Pittsburgh Coal, com.. 100
Pittsb Jerome Copper
1
Pittsb A Mt Shasta Cop. 1
Pittsb Oil St Gas
100
Riverside East Oil, com. .5
Union Natural Gas.... 100
U 8 Steel Corp, com
100
Westlnghouse Air Brake.50
Sales
Week’s Range
of Prices.
Low.
High.
175
89
5
175
47
4
15 4
444
294
24
524
158
33c
74
133
4
94
144
414
294
984
41
89
5
180
484
44
10
154
444
30
for
Range since Jan. 1.
Week.
Shares.
43
1,225
40
74
98
10
10
160
87
10
238
425
100
265
30
1,645
1,102
24
49
15c
30c
24
10
52 4
16c
33c
465
64
4
74
4
1324 133
1064 1104
93
90
93
454
434
454
Low.
100
376
8,000
15,400
1,525
75
90
230
665
1,587
124
284
89
High.
Aug
Jan1
Jan
Sept
Oct
Jan
Mar
44 Sept
95
464
3
7
14
45
13c
21c.
54
4
1324
874
90
39
55
154
68
964
101
41
92
April
Jan
Sept
Jan
Feb
Oct
May
94
Jan
Jan 197
53
Sept
Jan
54
June
134
16
Sept
Aug
134
1404 Sept
23
97.48
Oct
$9,000
844
500
1,000
954
Feb
Sept
95
86
99
91
Aug
Oct
Mar
June
Philadelphia Stock Exchange.—The complete record
Friday
Stocks—
Par
Sales
Last
Week's Range
for
Salt
Week.
of Prices.
Price. Low.
High. Shares.
Alliance Insurance
10
American Gas
100
American Railways preflOO
Baldwin Locomotive.. 100
Preferred
100
Cambria Iron
50
Cambria Steel
50
ElecStorage Battery.
General Asphalt
.
.
Preferred
Insurance Co of N A
J G BH11 Co
61
37
100
100
534
564
34
37
704
254
734
254
23
50
100
50
50
Minehill ASH
Pennsyl Salt Mfg
50
Pennsylvania.
50
Philadelphia Co (Pitts).50
Pref (cumulative 6%) 50
Phila Elec of Pa
25
Phlla Rap Tran v t r
50
Philadelphia Traction..50
Reading
50
Tono-Belmont Devel
1
Tonopah Mining
1
Union Traction
50
United Gas Impt
50
U S Steel Corporation. 100
Warwick Iron Sc Steel. _io
West Jersey St Sea Shore 50
Westmoreland Coal....50
Wm Cramp St Sons.
100
174
614
_
834
454
33
36
25
274
924
24
24
38
694
1124
70
...
Bonds—
U S Lib Loan 34s. 1932-47
3d Lib Loan 4 4s.
1928
Amer Gas St Elec 5S..2007
Consol Trac N J 1st 5s 1932
Elec St Peoples tr ctfs 4s’45
do
small
1945
Equit I Gas L 5s
1928
Lake Superior Corp 5s 1924
Lehigh Coal & Nav—
Consol 44s
1954
_
_
Lehigh Valley 6s rects 1928
Consol 6s
79
i004
1923
Annuity 6s
Lehigh Val Coal 1st 5s. 1933
Pennsylvania RR—
1154
100
P W A B ctfs4s.... 1921
Philadelphia Co—
ConsAcol tr 5s stpd.1951
Phila Elec 1st 5s
do
small.....
Reading gen 4s.
United Rys g tr ctf 4s.
United Rys Invest 5s.
x
78
1966
1966
1997
1949
904
1926
63
834
564
23
74
164
684
604
464
174
614
48 4
50
83
44
50
324
344
244
264
664
33
90
24
24
834
454
364
25
274
684
924
24
24
38
65
38
41
41
70
79
694
1064 1124
84
84
70
77
July
Mar
Jan
Oct
Jan
Jan
Oct
Oct
Mar
Oct
Jan
Jan
Aug
Aug
Jan
464 June
314 Aug
44 Aug
584 Feb
1
48c.
74
14
Feb
Mar
Mar
Jan
151
May
116
Aug
974 May
47
May
6
1,985
295
106
330
2
148
90
100
100
1004
1014 1014
116
1154
585
150
3,634
7,830
276
20
27
78
10,0001
904
93
95
824
564
604
834
49,000
2,600
44,000
6,000
9,000
70
63
July
Mar
594 May
514 Jan
Mar
Oct
85
474
29
24
364
Jan
Jan
Oct
Oct
33
26
30
May
Jan
71
Jan
15-16 Sept
714 Feb
944 June
34 Mar
24 July
364 Aug
Oct
Z624
864 Mar
74 Apr
424 Jan
724 Jan
1164 Aug
84 Mar
May
Mar
Jan
97
Jan
94.30 Sept
764 Sept
85
Sept
67
Sept
65
Oct
1014 May
474 Jan
4,000j
11,000
764
904
214 July
Jan
Jan
Jan
Jan
1,000
884 Sept
31,000
974 Sept
2,000 1014 Apr
6,000; 1154 Sept
994 Sept
944
27 JulyF
9
Jan
Aug
434 June
214 Apr
39
69
74
285
944
57
63
734
274 July
*654 Sept
1,310
Oct
Oct
Oct
37
Mar
June
234 Mar
59
740
Oct
Mar
Jan
664
Jan
Jan
Jan
50
80
99.96 99.96 $10,000
96.98 97.42
9,000
77
79
10,000
86
86
2,000
69
71
21,000
65
70
950
102
102
1,000
52
52
3,000;
90
100
102
43
136
144 May
434
35
139
1004 May
47
24
18
7
12
55
3,162
1,675
Jan
Jan
Feb
89
80
Oct
Jan
Jan
Oct
Jan
Mar
614
3,252
High.
194
Aug
37
115
48
57
16
23
74
|
Jan
584
954
1,529
4,191
2,972
26
69
19
50
58
15
15
53
37
1254 126
72
Low.
1,000
37
56
Range since Jan. 1.
15
25
32
70
61
364
...
50
50
194
744 784
1014 102
100
10
100
Keystone Telephone.
Lake Superior Corp
Lehigh Navigation
Lehigh Valley
Midvale Steel St Ord
19
65
58
4
1
Jan
48
76
Mar
Jan
954 June
102.40 Aug
98.52 May
82
Jan
95
Feb
734 May
74
Jan
1024 Aug
594 Aug
95
Jan
Oct
Oct
1004
1014
120
101
May
May
944
Oct
96
Apr
73
Apr
82
96
97
85
60
63
May
894 Sept
July
804 Sept
56
July
54
Apr
93
Jan
May
Jan
Feb
Oct
Ex-dividend.
Baltimore Stock Exchange.—Complete record of the
transactions at the Baltimore Stock Exchange from Oot. 14
to Oct. 18, both inclusive, compiled from the official sales
lists, is given below. Prices for stocks are all dollars per
share, not per cent. For bonds the quotations are per cent
of par value.
Friday
of par
9225 95.97 Oct
of transactions at the Philadelphia Stock Exchange from
Oct. 14 to Oct. 18, both inclusive, compiled from the
official sales lists, is given below.
Prices for stocks are all
dollars per share, not per cent. For bonds the quotations
are per cent of par value.
Mar
Chicago Stock Exchange.—The complete record of
transactions at the Chicago Stock Exchange from Oct. 14
to Oct. 18, both inclusive, compiled from the official sales
lists, is given below. Prices for stocks are all dollars per
share, not per cent. For bonds the quotations are per cent
of par value.
Friday
High.
i
High.
Jan
June
June
774
744
584
Low.
Bonds.
Friday
Sales
Range since Jan. 1.
for
Week.
Scrip.
Exchange Oct. 14 to Oct. 18, both inclusive:
Last
Week’s Range
Sale
of Prices.
Price. Low.
High.
Sales
Sales
Last
Weeks Range
Sale
Par. Price. Low.
High.
Stock*—
Atlan Coast L (Conn). 100
Atlantic Petroleum
10
Celestine Oil v t c
Consol Gas E L A Pow. 100
Consolidation Coal
100
Cosden A Co.
5
Preferred
5
Davison Chemical..no par
Elkhom Coal Corp
50
Gulf Mobile A Nor
Preferred
Houston Oil trust ctfs.. 100
Preferred trust ctfs. .100
Mer A Miners’ Trans. .100
Mer A Min Tran V T.. 100
MtV-Woodb Mills v t r 100
Northern Central
50
Pennsyl Wat A Power. 100
United Ry A Elec
50
Wash Balt A Annap
50
Wayland Oil A Gas
5
1.25
1014
74
354
294
90
90
2
2 4
1.25 1.30
104
1014
87
874
6
74
4
34
35
36
284
8
30
82
..
744
664
674
16
70
.
204
744
204
27
34
34
294
8
30
84
74 4
674
674
16
70
75
204
28 4
34
for
Range since Jan. 1.
Week.
Shares.
Low.
16
898
2,000
366
95
2,225
110
325
355
29
33
30
100
8
3
56
143
60
435
680
400
High.
80
“
May
14 Sept
1.25 Aug
94
Jan
834 July
54 Sept
34 Jan
30
224
8
30
40
64
56
62 4
14 4
69
60
Jan
Jan
Oct
Oct
Jan
Apr
Jan
Aug
June
Aug
Jan
174 June
24
3
Jan
Apr
90
Jan
Feb
1.65 June
104
Oct
Jan
106
84 Jan
4
Jan
34
394
304
Aug
Aug
Oct
Oct
June
804 June
Jan
92
Mar
90
8
30
86
17H Sept
74
-
75«
June
Oct
Feb
244
314 Sept
34 Jan
Bonds—
Atl C L RR conv deb 4s.’39
Balt Spar P A C 448.1953
Balt Traction 1st 5s. .1929
74 4
89
964
Chicago Ry 1st 5s
1927
City A Suburb 1st 5s. 1922
ConsolGasELAP 448.1935
5% notes.
.
Consol Coal ref 5s
.1950
Cosden A Co ser A 68.1932
Series B 6s
1932
Elkhom Coal Corp 6s 1925
Ga Car A Nor 1st 5s
1929
Norf Ry A Lt 5s
1949
United Ry A E 4s
1949
Income 4s
1949
824
82
.
Funding 5s small
1936
Wash Balt A Ann 5s. 1941
.
814
964
814
77
$58,100
89
1,000
96 4
2,000
814
97
97
794
944
794
954
87
96
87
82 4
82 4
96
924
924
94
75
56
74
94
75
56
75
814
814
804
804
73 4
89
78
90
81
77
78
3,000
5,000
15,000
4,000
1,000
90
71
52
800
Oct
Oct
Oct
964
814
964 Sept
3,000
2,000
2,000
27,000
1,000
62,000
45,000
11,000
July
Oct
June.
Jan
June
June
934 Aug
914 July
Apr
Sept
Aug
734 Aug
80
Jan
77
934
994
85
100
84
95
Oct
Jan
Feb
Mar
Feb
Feb
Jan
894 June
824 Feb
834 Jan
984 Jan
95
94
Feb
RJune
774' Feb
584 KJan
824 "Feb
834 Feb
THE CHRONICLE
0«J®. 19 1918.]
Sales
1 Friday
Week’s Range
Last
for
Sale.
Week.
of Prices.
Shares.
Price.
Low.
Other Oil Stocks. Par.
High.
Volume of Business at Stock Exchanges
rkAN8AOTION8
AT THE NEW YORK STOCK EXCHANGE
DAILY. WEEKLY AND YEARLY.
Railroad.
8t>vck$.
Week ending
Oct. 18 1018.
Par Vatue.
Shares.
State, Mun
A Portion
Ac.,
Bonds.
Allen OU r
Amer Ventura OU
Barnett OU A Gas
u. a
Bond«
Bond*
_
$92,524,800
67.651.500
93.955.500
108,657,500
148,091,200
$2,534,000
2,022,000
2,843,000
2,351,000
3,169,500
5,507,707 $510,880,500
$12,919,500
989,965
723,775
978,515
1,187,605
1,627,847
Friday
Total
$4,956,000
6,799,000
5,515,000
5,870,000
8,506,500
$1,223,000
942,000
1,084,000
2,384,000
1,138,500
$6,771,500 $31,646,500
-
Week ending Oct.
Holes at
Sew York Slock
Exchange
1918.
Jan
18.
18.
1 to Oct.
1917
1918
1917
151,893,591
Stocks—No. shares...
108.332,856
5,507,707
4,383,297
Par value
$510,880,500 $402,682,400 $10,123,915,690 $13,985,946,155
Bank shares, par
$17,700
$95,600
$1,000
$8,400
Bonds.
$140,162,750
$917,727,000
Government bonds... $31,646,500 $16,838,000
State, mun., Ac., bonds
RR. and mlsc. bonds.
Total bonds
6,771,500
12,919,500
3,955,000
7,057,500
$51,337,500
$27,850,500
252,658,000
400,023,500
202,389.500
234,590,000
$1,354,706,500i
$792,844,250
AT THE BOSTON. PHILADELPHIA
BALTIMORE EXCHANGES*
DAILY TRANSACTIONS
Week ending
Oct. 18 1918.
Shares,
Shares.
j Bond Bales.
AND
Bond Sale t
Shares.
Bond Sales
18,718
17,292
16,626
24,045
24,158
$39,650
35,750
245,950
245,200
10,000
7,661
5,668
6,455
*8,694;
10,199;
100,839
$576,550
38,677i
Monday
Tuesday
Wednesday
Thursday
Friday
Total
842
52,000
1,427
1,196
4,040
1,333
$58,700
53.100
31.100
74,000
26,000
$240,350
8,838
$242,900
$10,500
31,000
67,750
79,100
give a record of
the transactions in the outside security market from Oct. 12
to Oct. 18, both inclusive.
It covers the week ending
Friday afternoon.
It should be understood that no such reliability attaches
to transactions on the “Curb” as to those on the regularly
organized stock exchanges.
On the New York Stock Exchange, for instance,
members of the Exchange can engage in business, and
only
they
permitted to deal only in securities regularly listed—that
is, securities where the companies responsible for them have
are
complied with certain stringent requirements before being
admitted to dealings. Every precaution, too, is taken to
insure that quotations coming over the “tape,” or reported
in the official list at the end of the day, are authentic.
On the “Curb,” on the other hand, there are no restrictions
whatever. Any security may be dealt in and any one can
prices and have them included in the
lists of those who make it a business to furnish daily records
of the transactions.
The possibility that fictitious transac¬
meet there and make
tions may creep in, or even that dealings in spurious securi¬
ties mav be included, should, hence, always be kept in mind,
particularly as regards mining shares. In the circumstances,
it is out of the question for any one to vouch for the absolute
trustworthiness of this record of “Curb” transactions, and
we give it for what it may be worth.
Sales
Friday
Week’s Range
Last
Range since Jan. 1.
for
Shares.
Sale.
of Prices.
High., Week.
Par. Price. Low.
Stocks—
Aetna Exploe.r...(no par)
Brit-Am Tobac ord
£1
£1
Ordinary bearer
Burns Bros Ioe com r .100
Charcoal Iron of Am comlO
10
Preferred
Chevrolet Motor
100
Cities Service cam r
100
Preferred r
100
Curtiss Aero A M com (t)
General Asphalt com.r. 100
Gillette Safety Razor r (t)
Hall Switch A Signal r.lflO
Pn>fMT«rt r
lTV)
10
Hupp Motor Car
Intercontinental Rubb.100
Lake Torpedo Boat.r__.10
Lima Locom com r
100
Marconi Wlrel Tel of Am.5
Nat Mot Car A Veh r__(t)
N Y Transportation
10
North Am Pulp A Pap (t)
Penn Seaboard Steel
(t)
Penna Coal A Coke r
50
Rele Equipment r
10
Smith Motor Truck r
10
Standard Mot Constr.r.10
Submarine Boat v t e._(t)
United Motors r..(no par)
U S light A Heat com r. 10
U 8 Steamship..
..10
5
Wayne Coal r__
Wright-MartlD Aire r__(t)
Former Standard Oil
.
8H
21
21H
51 h
7X
6
145
298
76 X
30 X
36
4
_
3X
6X
18 X
18H
43 X
7X
3X
40
4X
12
••••••
3X
31X
13X
3X
3X
3X
33
4X
12
40
14X
15X
3M
4X
12
3
49
27
13 X
31X
13 X
X
7-16
8H
8X
15X
14X
13
33 X
31X
IX
5X
3X
5H
IX
5X
3X
5X
21X
52 X
7X
14
2X
7-16
••••••
21
6
6
145
133
300
244
73 H 77
30X 30 X
34
37 X
100
101 x
4
3
14
18
10
14
9H
49
34
IX
6
3X
6
32,000
2,700
16,500
18.300
250
100
12,500
3,076
3,690
300
6,150
405
High.
Low.
6X
14 X
14X
18X
7X
6
Feb
Apr
Apr
June
Oct
Oct
Jan
Feb
68* Jan
25
Jan
23 X June
77 X Mar
100
200
1,500
1
Sept
300
13
Jan
Jan
1,700
2,000
1,065
435
2X
8
2*
33
Aug
Apr
Oct
33,000
2X July
200
500
Sept
13X Aug
2
Apr
43
May
26 X Sept
10 x July
X
Sept
1,400
50
1,300
1,800
3,100
1,000
5,400
20,500
1,400
7,600
8,100
19,800
6
8*
Oct
11X
19X
Mar
Jan
1
4X
2X
5H
Mar
Jan
Oct
Oct
Subsidiaries.
Anglo-Amer Oll.r
£1
Buckeye Pipe Line.r...50
Ohio OU.r
25
Penn-Mex Fuel r
25
Prairie Oil A Gaa r
100
Prairie Pipe Line.r
100
Southern Pipe Line r.-lOO
South Penn Oil r
100
Standard Oil (Calif) r_.100
Standard Oil (Indiana) r 100
Standard Oil of N J.r__ 100
Standard Oil of N Y.r.100
Standard Oil (Ohio) r__100
Union Tank Line r..._100
Vacuum OU r
100
X
20c
2X
3X
81X
Imperial Con Oil i. r_.__l
X
Intemat Petrol.r
Island OU A Trans r
Merritt OU Corp.r
7*
4c
10
Metropolitan Petroleum.5
i32
8X
_______
69
Butte ANY
21X
25c
1 3-16
1W
IX
IX
2X
2X
42c
84c
52c
84c
3Xc
X
43c
46c
5c
4c
17X
......
570
174
300
240
650
580
280
415
.
385
15X
90
309
44
505
258
174
267
236
630
627
269
415
100
317
17 X
91
337
48
574
280
175
300
242
651
580
285
415
101
385
8,200
25
516
2,625
537
375
20
340
150
175
467
610
5
275
495
11*
85
290
26
418
249
166
245
210
620
490
248
415
85
317
Feb
Sept
Sept
Oct
Jan
Sept
Oct
Sept
June
June
Sept
Sept
Oct
Mar
Sept
16* May
21
Oct
Oct
Oct
Feb
Feb
7
Oct
145
Oct
300
Feb
79
42
June
Oct
37 X
Oct
102
Jan
7X
Oct
18
3* Oct
Oct
14
6
May
50 X May
Oct
4*
Feb
18
21X
52 X
8X
20
July
4 X Aug
56 X June
34
July
13* Oct
2X Apr
13*
20*
34 X
2X
7X
3X
11X
June
May
June
17 X
100
365
48
574
2 0
182
300
242
651
580
285
415
101
385
Jan
Feb
Jan
Oct
Oct
Oct
Feb
Oct
Oct
Oct
Oct
Feb
Oct
Oct
Oct
40c
56c
5X
_
.
-
-
31
5
5
4X
1
Mutual Min A Leas pf r 1
Nat Zinc A Lead.r
1
New Cornelia r
5
NIxoq Nevada
1
Ohio Copper.r
1
Onondago Mines.r
1
Pacific Tungsten.r
1
3X
17
32c
33c
par)
73c
1
1
1
1
.
Washington Gold Quartz. 1
West End Consolidated..5
Western Utah Exten i r..l
Waite Cape Mining... 10c
15c
X
_
1920
r
1921
1923
100
99 X
5e..l919
97 X
Cities Service deb 7s r i ’66
Cudahy Packing 7s w f ’23
108
99 X
96 X
Denver
City 4Xs
r.
..1948
PArlnml Farm I /inn Km
Gen Elec 6% notes.. 1920
nntM
1919
_
Interboro R T 7s ....1921
Moline Plow serial 7s rl922
Serial 7s r
..1923
Procter A Gamble 7s r 1919
Russian Govt 6Xs r..l919
8c
3 15-16
10c
17c
74c
96c
14c
1921
6Xs r
4X
37c
IX
11c
18
36c
X
14c
73
64
9c
4
11c
32c
77c
97c
18c
10c
2,000
2,500
2,565
1,700
1,200
350
550
1,300
9,350
500
9,000
1.400
9,000
12,200
5,600
2,000
1,900
3,000
12,600
700
21,000
3,400
4,300
4,500
17,300
2,500
2,000
300
2,850
350
3,000
3,355
5,000
185,500
3,600
3,600
57,900
9,700
$1,00(
9,000
14,000
1,(XX
3,000
16,000
46,000
100
98 X 248,000
97 X 139.00C
109
51,000
100X 48,000
96X 10.000
104X 130,000
10,000
100X
99 X 14,000
98 X
10,000
98 X
16,000
98
6,000
100
1,000
78
331,000
66
195,000
99X
97 X
97 X
103
99 X
96 X
104X
100
99 X
100
73
64
6-16 Jan
Feb
4
Jan
5
86 X June
17»t Oct
-
15X
IX July
Apr
July
July
X Sept
38c
Sept
4o
X
Oct
Oct
39o
May
*X Sept
IX Ad
37c
3o
42c
1 5-16
Aug
Oct
Jan
Feb
2XC Oct
•As
Oct
Oct
Feb
June
58o
2X
'
2X Feb
6X Mar
70o
86c
13c
May
OCt
Feb
Mar
96c
Mar
X Mar
IX May
IX
66o
IX July
2X Jan
*7X May
5X Jan
2* July
Oct
1
2X June
2X
5% Aug
32
July
2X Sept
38c
20
July
2X
4X
Oct
Oct
Mar
Mar
Apr
*
Odd lots,
t No par value. 4 Listed as a prospect. 1 Listed
Exchange this week, where additional transactions will be found,
r Unlisted,
ti Ex-cash and stock dividends,
to When Issued, x
e Ex-rights,
t Ex-stock dividend.
July
Jan
July
X June
7c
Feb
X
Apr
Jan
Apr
3X Mar
IX Jan
X
5X
60c
32c
77o
Jan
May
Feb
Mar
Oct
Oct
IX June
Sept
X Jan
23c
99 X
99 X
99 X
101
100 X
100
100 X
9^X
Sept
•
43c
64o
May
13 X
Oct
Oct
750
1
Aug
98 X
109
Jan
Jan
Mar
July
IX
Jan
Oct
Feb
May
1
6
July
Aug
Sept
June
Jan
Jan
Apr
6X
4
24c
Aug
June
June
July
July
July
Apr
66o
IX Sept
Jan
IX
2X Sept
7o
Sept
3
July
96
95
95
98 X
98 X
98
96 X
94 X
97
102
97 X
96 X
101 X
98 X
99
98
98
98
98
38
Jan
Jan
90o
24c
11-16
42
16c
8Xc Sept
Jan
46c
Aug
7-16 Jan
86o
Sept
Jan
Oct
Jan
Oct
Feb
19c
70
May
Jan
IX Mar
2X
Jan
45c
Sept
Aug
Feb
Mar
IX May
lie
9o
4c
73c
65c
lie
Oct
9X Jan
X Sept
IX Mar
23 X
Feb
Jan
34c
3c
Jan
8X
Oct
5-16
Jan
IX
11 m. Mar
69 X
Oct
76
Oct
10 X May
X Sept
X Sept
IX Sept
1.24
134
89c
July
Sept
Sept
X Sept
30c
July
X Aug
.Oct
5X Mar
29 X June
Jan
15
250
Feb
Oct
8X
7X
6X Apr
IX Sept
40
56
6
6
X Oct
7-16 July
X Feb
IX
99
99
98 X 99 X
99 X
98 X
100X 100X
100
100X
100
100
98 X
98
98
.
Sept
1,700
IX 1 7-16
2X
2X
9X
99 X
1,500
5,400
6,400
Mar
3,500
1,300
5,000
X 13-32
Bond*—
1924
15,600
18,500
6,400
11,900
97
42c
X
1
llXc 12c
2 7-16
2X
....
400
Jan
X June
12 X Feb
IX Jan
17.X Mar
H Jan
87c
Apr
1
Apr
4X
3
3X
13-16 15-16
4
4X
36c
35c
32c
37c
13 X
13X
71c
75c
14c
1 7-16
2 11-16
35,300
17,500
6,500
16,500
44,000
29,600
11-16 Jan
2le
June
1 3-16 Jan
33c
Jan
Aug
Sept
4X Aug
4X Mar
7-16 15-32
3c
3Xc
13-32
6,500
1,400
12,100
2,700
8,700
4,900
1,500
3,980
17,100
6
15-32
10c
32c
Serial 7s r
Serial 7s.r
Canada (Dom of)
3Xc
IX
IX
X 15-16
U S Lead A Zinc i r. ...1
Ward Min A Milling.r
1
Serial 7s
2
45c
X
......
1
1
X
100
IX
2X
39 X
IX Sept
9c
......
52c
800
5,000
15c
Sept
6X Sept
6 X July
3c Sept
30c
June
3-16 June
33c
June
Jan
2X
47c
Sept
8c
July
25c
Jan
27
May
3X Aug
25o
Jan
Feb
1
Oct
7c
15X Jan
31c
Oct
X Oct
Jan
2
'As Oct
Jan
3X
34c
Oct
Jan
27c
7X Jan
60c
Sept
X Mar
7-32 Apr
Ho
18
35c
13-16
1
.
X
X. Aug
-
300
33c
X
3X
Mining.......
1
Tonopah-Belmont Dev r.l
Tonopah Extension..... 1
Tonopah Mining
1
Troy-Arizona r
....1
United Eastern Mining.. 1
r
47c
7c
6-16 May
Jan
6o
4,000
36c
Riimim
Debenture 8e
53c
86c
High.
•
1%
IX
Ray Hercules Mining.r..5
Rochester Combined r
1
Homester Mines
Seneca Cop Corp (no
Silver Canon
Silver Flaeue Silver
Sliver King of Arizona
Silver Pick Cons.r
Standard Silver-Lead
Stewart
3
Low
6,750
2,000
16,000
2,500
10.500
8,000
10,100
8,800
2,550
5,800
31,800
8,800
1,836
30,500
1,600
4,425
43,900
10,000
4,300
18,900
Range since Jan. 1.
40c
40c
20c
22c
56c
56c
5
5 3-16
48c
50c
9c
9Xc
7-16
X
31
31
1%
1
Fortuna Cons’df r
Goldfield Consolidated .10
Ha*tie Gold Mln.f.r
1
Hecla Mining
25c
Jim Riirier.r.
1
Jumbo Extension
1
La Rose Consol Mines..5
Magma Copper.
Mason Valley
Mother Ljde.r....
IX
X
5
Copper
34c
3Xc 3Xc
X
X
48c
52c
Caledonia Mining'
1
9-16
9-16
Calumet A Jerome Cop.r 1
Canada Copper Co Ltd..5 1 16-16 1 15-16
43c
45c
Candalaria Silver _r
1
3c
Cash Boy
1
1
1
*
Cerbat Silver M A M_r__l
IX
Consol Arizona Smelt....5 1 11-16
5
5X
Consol Copper Mines
5
4X
Cresson Cons Gold MAM 1
11-16
X
Denbigh Mines.r
...1
X
Dundee-Arizona Copper. 1
IX
Eureka Croesus Min r
1
1X
First Nat
7X
7X
X
X
21X
7-16 7-16
13-16 15-16
7-16
1
Copper
1.09
7-16
18
25c
......
Boston A Montana Dev..5
Butte-Det Cop A Zinc
1
97c
7X
X
X
5
2X
3X
6X
7X
Alaska-Brit Col Metals..1
America Mines.r
1
Atlanta Mines..
1
2X
3X
120
134 "
48c
59c
7X
8X
2
2X
69 X
57
72
76
58c
Southwest Oil r
1
Stanton OU.r
....
1
Texana OU A Ref.r
1
United Western OU new r.
Victoria OU.r
10
4c
7X
4c
IX 1 3-16
1.09
Sapulpa Refining.r
5
5
Savoy Oil
Security Prod A Refg
5
Sequoyah OU A Ref
1
Sinclair Gulf Corp r...(t)
7X
78
85
7-16 17-32
13 X
15X
4
3X
22 X
25
15X
3X
24 X
IX
Midwest Oil common r..l
Preferred r
1
Midwest Refining.r.
50
Northwestern Oil, com.r.l
Oklahoma Prod A Ref...6
Okmulgee Prod A Ref...6
Pan Amer Petrol com.r.50
Royal Dutch Co new r
800
1,500
6X
5X
7H
£1
10
X
7c
5-16
20c
------
New York “Curb” Market.—Below we
Week ending Oct. 18.
5-16
1
r
Coeden A Co common r__5
Elk Basin Petroleum r
5
Esmeralda OU Corp r..._l
Federal Oil r
5
Glenrock OU r
10
Houston OU oom r
100
Big Ledge Cooner Co
HOLI DAY
Saturday
5-16
6c
X
Mining Stocks.
Baltimore
Philadelphia.
Boston.
r
Boston-Wyoming OU
HOLI DAY
Saturday
Monday
Tuesday
Wednesday
Thursday
1
1
1
r
,
Oct
Oct
Oct
Aug
Oct
Aug
Oct
Oct
Mar
Oct
109X Oct
06X Sept
I06X Aug
101H May
100 X Apr
98 X
Oct
98 X
Oct
98
102
78
66
Oct
May
Oct
Oct
on the Stock
o New stock,
Ex-dlvtdend.
May
May
Sept
May
CURRENT NOTICE
—The National City Company, 55 Wall Street, tnls city, in its page an¬
nouncement to-day, advertised elsewhere in this issue, cordially invites
the bank official to make himself known to the company’s local manager
Federal Reserve city in his district or to any other city
a branch office.
The bank official is assured of a
hearty welcome and will be made to feel at home. The local managers will
be glad to exchange views on investment security problems and to be of
This is part of this organiza¬
service to the banker in many capacities.
tion’s service to banks, which now maintains thirty correspondent offices
in the United States and an office in London.
The company’s current list
of investment securities will be mailed to inquirers who write for FE-91.
—A. H. Bickmore & Co.. Ill Broadway, this city, will mail a copy of
their monthly publication called “Bond Topics” free of charge to inquirers
when ne goes to the
where the company
who ask for “O. F.
200.”
1570
THE CHRONICLE
pres¬
ent
banking conditions, on account of short maturities, absolute self¬
liquidation and attractive rates. Complete information and a list of offer¬
ings of available maturities will be sent to any bank or banker on request.
The Continental Guaranty Corporation was
formerly the Guaranty Se¬
curities Corporation.
The title was changed to the present form April 15
1918 to avoid confusion with the name of the Guaranty Trust Co. of this
city.
—Following the close of the Liberty Loan campaign. William R. Comp¬
ton Company, 14 Wall Street, this city, will mail a list
of Government and
municipal bonds exempt from Federal income tax to investors and financial
institutions upon application.
YEAR BOOK OF MERCHANTS’ ASSOCIATION OF NEW
YORK.
The 1918 Year Book of The Merchants’ Association is
being distrib¬
uted among the members of the Association.
It covers the activities of
the organizatoin from May 1 1917 to
May 1 1918. The predominating
feature of the book is the space that is given to the war
work done by the
Association in co-operation with the Federal authorities.
A large propor¬
tion of the energy and activity of the
Association was devoted during the
year to this kind of work.
The book contains alphabetical and classified
lists of the members.
The names of nearly all the leading commercial
houses and financial institutions in the
city appear on these rolls, together
with the names of many individual
professional men and others.
The
membership of the Association now stands at the highest point in its his¬
tory. with a total of 5.481. The fact that the Association is in constant
touch with the various bureaus and commissions in
Washington which
now control every phase of business
activity, have stimulated a decided
membership Increase during the summer months, when
usually a slowing
up is no ed.
In his report 8. O. Mead,
Secretary of the Association, speaks of the
war service rendered by the Association in
part as follows:
“Two kinds of
more
service have been increasingly rendered; the first and
tne service which the Association has been able to
war
Important is
give
in co-operating with Governmental authorities and
agencies in their stu¬
pendous task of equipping and preparing the nation for active
participation
in the war.
The second is the service which the Association has been
able
to render to its members, and to business in
general, in aiding them to
prepare to meet the business conditions arising from the war and
thereby
to conserve themselves as effective units for business
development after
the war, thus furnishing the foundation
upon which the nation will be able
to meet its war financial obligations.
“In each of the Liberty Loan campaigns, the Red
Cross, Y. M. O. A.,
Y. W. C. A., Knights of Columbus, Jewish War Relief
and War Camp
Community Service drives, and in the War Savings Stamp campaign,
the Association through its membership and
through its office staff
actively
large extent co-operated with the official committees or
agencies charged with the conduct of those activities in this
community.
“Among the Governmental war agencies with which the Association
actively and continuously co-operated were the War Industries Board, the
War Trade Board, the United States
Shipping Board, the Emergency
Fleet Corporation, the United States Food
Administration, the United
and to
a
very
States Railroad Administration, the United States Fuel
Administration,
the Council of National Defense and the
Adjutant-General of the State
of New York.
During the first part of the year under review, through a
committee of members of the Association, intimate
and daily assistance
was rendered to the Quartermaster’s
Department in connection with the
purchase, inspection and storage of supplies, and in connection with the
organization of the physical facilities in this city and port for the
Quarter¬
master’s purposes.
“The war has fanned into flame keen
patriotism on the part of the
American business men.
The history of the year under review has demon¬
strated that the Association’s members are
willing to make any sacrifices
necessary to enable the nation to fulfill its destiny in
helping to win the
war.
The conditions under which business has oeen conducted
necessarily
fluctuated from time to time, leaving the business men
uncertain as to the
amount of sacrifice really
required, and as to the regulations or procedure
under which they should continue to conduct their affairs
so that they
might preserve their business integrity and thereby
We prepared to partici¬
pate in meeting the nation’s needs after the military side of the war is ended.
New York
City Realty and Surety Companies
All prices now dollar* per share.
Alliance R’lty
Amer Surety.
Bond A M G.
Casualty Co.
City Investing
Preferred
.
.
Bid
55
54
178
Ask
65
59
185
75
19
67
14
60
Companies
All price* now dollars per share.
Sank t—N.Y
America*
Amer Exch.
Atlantic....
Battery Park
Bowery
Bronx Boro*
Bronx Nat..
Bryant Park*
Butch A Drov
Chase
Chat & Phen
Chelsea Ex •
Chemical
Citizens
195
•22
387
....
City
Coal ft Iron
Colonial *...
218
Columbia*..
Commerce..
165
Comm’l Ex*
Common¬
GO
wealth *.
Merchants..
Metropolitan
123
Mutual*
New NetbV
New York Co
New York..
Pacific *
Park
Prod Exch*..
Public...
Cosmoptitan
340
675
Hanover....
Harrtman.
600
215
140
Farm LA Tr
515
Guaranty Tr.
Irving
Fidelity
2*M*
Hudson
400
125
100
115
145
500
275
425
135
108
160
175
310
UnltedStates
H’ts*
..
Hillside *....
Homestead *.
Mechanics' •
Montauk *..
Nassau
National City
North Side*.
290
140
260
145
150
110
130
155
Metropolitan.
MutuaUWeatchester)
.
Y Life Ins
ft Tru^t
N Y Trust...
Scandinavian
155
270
57
85
200
133
175
166
120
110
62
95
207
138
200
130
140
too
Trust
Law Tit & Tr
Lincoln Trust
Mercantile Tr
A Deposit
N
Bid.
Ask
360
375
250
90
290
328
350
370
385
2( 0
Fulton
Second
Sherman
State*
23d Ward*...
Union Exch.
...
Trust Co’s.
New York
Bankers Trust
Central Union
olumbla
Commercial..
Empire
Equitable Tr
4<U
People’s
270
288
130
175
210
Greenpolnt
....
167
195
First
Flatbush
......
165
37 b
200
130
42a
135
500
Ask.
280
4aU
Brooklyn
Coney Island*
Cuba (Bk of)
East River..
Fifth Ave*..
Fifth
First
Garfield.
Gotham
Greenwich*.
250
ltiO
280
Seaboard
Westch Ave*
YorkvIUe *..
.
.
Bid
j Wash
Continental •
Corn Exch*
imp A Trad.
tlrVtng (tr
certificates!
Llbertv.
Banks.
Lincoln
Manhattan *
Mecb & Met
rule Gu ft Tr
225
318
+ 139
United States
Westchester.
Brooklyn.
Brooklyn Tr
Franklin
lHamllton....
Kings
County
M anufacturers
People's
iQueens Co..
100
SU0
335
365
210
255
322
csee
Irving
Nat
90
95
Bank
195
310
97
105
320
105
126
875
585
265
220
900
Transatlantic
U S M rg ft Tr
260
400
875
130
595
230
i
0
410
900
140
490
225
265
505
235
275
620
650
160
280
65
>5'
N
Y
Bid
88
80
185
Ask
92
90
189
■'
Title A
Mtge
55
65
Realty Assoc
(Brooklyn)
U S Casualty.
US Title Guar
West A Bronx
Title A M G
Bid
Ask
60
175
190
65
60
150
170
Quotations for Sundry Securities
All bond price* ere “end Interest” except where marked “I
Standard Oil Stock*
RR. Equipment *—FerCi Basis !
Bid. Ask.
A Ohio 4V4«..
6.50 6.00
1010
Buff Roob A Pittsburgh 4 V*
6.60 6.00
475
Equipment 4e
6.60 6.00
95
Canadian Pacific 4 Vis
6.70 6.26
350
Caro Clinehfteld A Ohio Ss
7.50 6.50
Colonial Oil
100
10
40
Central of Georgia fie
6.75 6.00
Continental OH
10*' 450
475
Equipment 4lfi
6.75 6.00
Crescent Pipe Line Co
42
50 *37
Chicago A Alton 4s
7.50 6.50
Cumberland Pipe Llne__100 135 145
Chicago A Eastern Ill 6 Hi
8.00 7.00
Eureka Pipe Line Co
100 190 .00
Equipment 4 He
8.00 7.00
Galena-Signal Oil oom... 100 100 110
Chic Ind A Loulsv 4Vis._
7.00 6.20
Preferred old
100 115 125
Chic 8t Louis A N O 5s
6 25 5.75
Preferred new..
102
107
Chicago A N W 4 Vis
6 15 5.85
Illinois Pip* i.me
10C' 175 180
Chicago R I A Pao 4Vis...
7 25| 6.50
Indiana Pit* Line Co
50 *93
97
Colorado A Southern 5s..
7 00 6.00
International Petroleum. £1 *1514 16
Erie 5s...
6 50 600
National Transit Co...12.60 *13
14
Equipment 44s
6.50 6.00
New York Transit Co...100 190 200
Equipment 4a
6 50 6.00
Northern Pipe Line Co.. 100 110 120
Hooking Valley 4s
6 50 6.00
Ohio Oil Co
2* *332 337
6 50 6.00
Equipment 5s
Penn-Mex Fuel Co
2-:
*45
48
Illinois Central 5s
6.30 580
Prairie OH A Gas
..ICO 565 575
6. 41 5.80
Equipment 4 4s
Prairie Pipe Line
100 280 285
Kanawha A Michigan 44*
7 00 6.25
Solar Refining
100 330 350
Louisville A Nashville 5s.
6 25 5.75
Southern Pipe Line Co. .100 175 178
Michigan Central 5a
64C 6.00
South Penn OI1
100 295 300
Minn St P A S S M 4*8...
6.40 6.00
Southwest Pa Pipe Lines. 100 100 110
Missouri Kansas A Texas 5»
7.75 6.75
Standard OH (California) 100 238 242
Missouri Pacific 5e
7.75 6.75
Standard OH (Indiana).. 100 650 6 0
Mobile A Ohio 5s
6 75 6.00
Standard OH (Kansas)
100 485 500
Equipment 4 4s
6.75 6.00
Standard OH (Kentucky) 100 315 330
New York Central Lines 5s
6.50 6.00
Standard OH (Nebraska) 100 460 485
6 50 6.00
Equipment 4 4s.
Standard Oil of vew Jer.100 575 585
N Y Ontario A West 44«6.75 6.10
Standard OH of New Y'k 100 280 285
Norfolk A Western 44s..
6.25 5.75
Standard OH (Oblo)
100 415 430
Equipment 4s.
6 20 5.75
SwanA Hroh
•___
100 100
105
6 15 5.70
Pennsylvania RR 4 4s...
Union Tank Line Co....100 102
105
Equipment 4s.
6.15 5.70
vacuum OlI
100 380 385
St Louis Iron Mt A Sou 5s
7 50 6.50
Washington OH
42
..10 *36
St Louis A San Francisco 6*
7.50 6.50
Seaboard Air Line 5s
7 50 7.00
7 50 7.00
Equipment 4 4»
Ordnance Stocks—Per S bars
Southern Pacific Co 44«..
6.38 5.88
Aetna Explosives pref
50
100
60
Southern Railway 4 4s
6 70 6.00
American A British Mfg. 100
2
5
Toledo A Ohio Central 4s.
7.00 6.00
Preferred
20
100
35
Tobacco Stock*—Per Sba re.
Atlas Powder common... 100 162
170
Pa
Bid.
Ask.
Preferred
100
87
89
American Cigar oommon. IO
98
103
Babcock A Wilcox
100 110 112
Preferred.
83
90
100
Bliss (E W) Co common
60 *275 350
Amer Machine A Fdry.-lOC
70
60
Preferred
50 *
75
British-Atner Tobac ord..£i *19
20
Canada Fdys A Forgings 100 200 205
Ordinary, bearer
£1
*19i2 204
Carbon Steel common...100 100
108
Conley Foil
100 180 210
1st preferred
90
100
100
Johnson Tin Foil A Met-IOT
90
60
2d preferred
66
70
100
MaoAndrews A Forbes.. 1(X
170
150
Colt s Patent Fire Arms
Preferred
80
90
100
Mfg
25 *48
52
Reynolds (R J) Tobacco lot
300 325
duPont (E 1) de Nemours
B com stock
10ft 240 260
A Co oommon
100 260
275
Preferred
105
100 102
Debenture stock
100
88
89
A d'vldend scrip..
94
98
Eastern Steel
100
87
R dividend scrip
94
98
Empire Steel A Iron com 100
35
45
Young (J S) 0)o.
100 HO 140
Preferred
100
74
78
Preferred
90
95
100
Heroule# Powder oom
100 215 225
Preferred
105
100
109
Short-Term Note*—Per Cent.
N1 lee-Remen fc^Pnnd nnm 100
Am Cot Oil "Va jqio
Q7So
077a
MA<*
Preferred
95
100
9712
99-ii 100 "
7% notes Sept 1919
Penh Seaboard Steel (no par) *46
50
A tner Tel A lei os 101»
FA A
9012 99*4
Phelps-Dodge Corp
100 275
B<o A Ohio 5s 1019
JAJ
98i4 98*8
Soovlll Manufacturing
410
100
Canadian Pao 6s 1924.MAS 2
98ig 9812
Thomas Iron
50 *22
30
Del A Hudson 5e 1920 FAA
9734 98 ig
Winchester Repeat Arms.100 600 650
Erie RR 5s 1919
96 34 97U
...A-*
Woodward Iron
50
55
100
Fed Sug Rrg 5s 1920...JAJ
9534 97
Oen Elec 6s 1920
JAJ 100
100U
6% notes (2-yr) *19. JAD
99*4 100
Public Utilities
General Rubber 5s 1918. J Alt
997g
095s
Amer Gas A Elec oom.
60 *85
90
Great Nor 5s 1920
97
MAS
Q7*g
Preferred
60 *38
4012 Hooking Valley 6s 1918 MAN
9912100
Amer Lt A Trao oom.... 100 240
245
KCTerm Ry 448'18-MAN
99li
Preferred
94
100
96
44S 1921
JAJ
°3i2 95Amer Power A Lt oom
100
40
45
Laolede Oaa L 6s 1919. .FA*
98
98*s
Preferred
100
70
75
Morgan AWright 6s Dec 1'lr
9912
Amer Public Utilities comioo
12
20
N Y Cent 5s 1919...MAS15
99
99U
Preferred
100
35
45
Penn Co 44s 1921.. JAD U
96
96*8
Cities Service Co oom
296
100 294
Pub Ser Corp N J 5s 19 MA;94i2 95l2
Preferred
100
76i2 77
Rem Arms U.M.C 5s'19FAa
99
994
Com'Wltb Pow Ry A L. 100
24
27
Southern Ry 5s 1919
M-S 2
98lj 98*4
Preferred
100
43
46
84
Corp
M-S
82’5
[Utah Sec
6s 22
If
Elec Bond A Share pref.. lots a90
95
W’house FI ft M 6s ’19. FA A
9912 99*4
Federal Light A Traction 100
10
15
Winches RepArm«7s’19 MA^
99U 991*
Preferred..
100
40
45
Great Weet Pow 5s 1946 JA J
72
74
Industrial
Mississippi Rlv Pow oom. 100
(2
15
and Miscellaneous
Preferred
100
42
46
American Braes
100 208 212
First Mtge 6s 1951 ...JAJ
71
73
A merican Chicle oom
45
40
1(X
Nortb’n States Pow oom. 1<X
60
50
Preferred
65
10b
60
Preferred
lot
82
85
American Hardware
125
127
HX.
North Texas Elec Co oom 100
60
65
Amer Typefounders oom. 100
36
40
Preferred
100
70
75
Preferred
80
85
100
Pacific Gas A Elec com.. 100
39
40
95
Borden's Cond Milk com. 100
92
1st preferred
83
86
100
Preferred
98
94
100
Puget 8d Tr L A P oom. 100
10
15
Celluloid Company..
100 138 145
Preferred
100
44
46l2 Columbia Graphoph Mfg (+) *63
65
Republic Ry A Light....100
17
20
67
Preferred
63
10C
Preferred
100
55
58
32
*30
Freeport Texas Co
(C
South Calif Edison oom.. 10C»
73l2 77
3
Havana Tobacco Co....100
1
Preferred
100
93
96
2
5
Preferred
100
Standard Gas A El (Del). 60
*6
9
1st g 5s June 1 1922. .J-D /38
43
Preferred
60 *29
32
14
12
IntercomIneu Rubb com. 100
Tennessee Ry LAP com 100
2
4
Internal Banking Co....100 160
Preferred
10
13
.100
58
International Salt.
10C
621*
United Gas A Elec Corp. 100
5
7
66
1st gold 5# 1951
681*
A-C
1st preferred
100
38
40
70
International Sliver pref. 100
2d preferred..
10
7
..10C
89
Lehigh Valley Coal Sales. 60 *86
United Lt A Rys oom
31
10C
35
54
50
Otis Elevator common—100
1st preferred
61
64
100
74
Preferred.. .•
76
100
Western Power oommon. 100
12
14
Remington Typewriter—
Preferred
55
100
60
26
27
10(
Common
94
97
1st preferred
».--10€
83
86
2d preferred
10C
Royal Baking Pow com.. 10C 120 125
Prefer nrQ
85
89
10c
Singer Mfg
—IOC 175 178
Tex Pae rvtal A OH100 910
925
P* r&Aart
Pat But
Oil new. £1
17
Anglo-American
Atlantic Refining
..’OF 990
Borne-Scrymaer Co
1(X 450
Buckeye Pipe Line Co
60 *92
Cheaebrougb Mfg new
10< 330
4*4
17i2 Baltimore
..
-
.
.
New York City Banks and Trust
Lawyers Mtge
Mtge Bond..
Nat Surety..
!
CURRENT NOTICE
—The Continental Guaranty Corporation, Continental Guaranty
Bldg.,
Madison Are. and 38th St., this city, announce that they have sold
more
than $44,000,000 of Guaranty collateral trust securities to several
hundred
banks and trust companies throughout the United States and
Canada.
The corporation states that these securities appeal to bankers under
[Von. 107.
..
--
•
-
—
•
Bafiha um;M wltu » (•) are State bank*,
change this week,
t Include* one-third s*are
gFx-rtghls.
t Sale at auction or at
Stock Ex.
IrviDg Trent Co.
I New stock
•Per share. J Baala. A
f Flat price, s Nominal,
..
Ptuchnan..also-peyaaccrued-dividend.
s
Ex-dividend,
y
Ex-right*,
«
N«
(t) Without par value
Oct. 19 1918.]
1571
THE CHRONICLE
%xmzztmmt ixtxxX HJUixtoaxl JuixIIigcixce.
RAILROAD
EARNINGS.
GROSS
The following table shows the gross earnings of various STEAM roads from which regular weekly or monthly returns
can 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.
The returns of the electric rail¬
ways are
brought together separately
on a
subsequent
Latest Gross Earnings.
ROADS.
W ek
or
Month.
Alabama & Vicksb. August
Current
Year.
page.
Current
Year.
4th
ROADS.
Previous
Year.
2ll,537
175.326 1.518.520 1,3(X),998
92,824
70,717 2,427,780! 2.356.120
wkSept
15461214 12374 162 102780780 91,263.165
August
August
1,647.095 1,381.397 12.900.290 10.834.487
530,198
630,842 3.880,693 4,524,160
August
420.373
318.227 2,843,681 2,539,976
August
213.123
160.037 1,538,464 1,688,739
August
708.093
August
539.380 2.686,271 2,238,292
5.444.024 3,355,674 36,526.374 28,618.672
August
June
926.429
197,384
122,364
986.133!
19559118 12869 706 106225 192 85,960.497
August
189.446
171,459 1,011,222 1.151.638
July
Bangor & Aroostook August
430.640
297,104 3,037,841 2,962.004
Belt Ry of Chicago. August
395.027
350.520 2.604.763 2,563.756
Bessemer & L Erie. August
1,589.825 1,524.039 8,297,340 7,942.889
523.312
Bingham & Garfield August
295,397 2,282,073 2,089,121
Birmingham South. August
94.085 1.049.811
128.713
757,793
Boston & Maine... August
5,599.912
44.825.716 38.867.210
7,674.120
Buff Roch & Pittsb 2d wk Oct
386.553
356,489 14,404,215 11,797,780
Buffalo & Susq rr. August
220.90S
167,765 1.504.866 1,144,777
Canadian Nor Syst. 2d wk Oct 1,040.300
960.600 34,430,600 31,924,100
Canadian Pacific
2d wk Oct 3,524.000 3,333.000 116079883 113593646
Can P Lines in Me. August
107.276 1.565.539: 1,734,655
138,455
Caro Clinch & Ohio August
466.756
386.553 2.965.102 2.677.049
Central of Georgia. August
1.888.066 1,318.030 13.204.681 9,837.343
Central RR of N J. August
4,913.656 .3520.261 28.842,129 24.476.974
Cent New England. August
612,573
490.707 4,004.8451 3,635.058
Central Vermont
457.971
401.200 3.258.982' 2.904.583
August
Charleston & W Car August
237.378
205,560 1,792,606 1,464,027
Ches & Ohio Lines. August
7,546.976 4.735.959 44.506.790 35.209.723
Chicago & Alton
2.752,476 1 910 441 15.234.094 13.421.541
August
Chic Burl & Quincy August
14592 194 10956606 90.015.508 79,935.814
Ch Det & C O Trk.'July
163,436
122.207!
800.805
748.485
2,841,806 1.856.104 16.691.992 13.716.771
Chicago & East Ill. August
2.092.818 1.469.080 12.216.138 10.682 061
Chicago Great West Au'mst
Chic Ind & Louisv. August
822.096 6.860.861 5.961.596
1,199,781
325.474
283.116 2.393.649 2.152.290
Chicago June RR.. August
Chic Milw & St I’.. August
13308111 10500 802 80.980.099 72.978.913
Chic & North West. August
13334 147 10153 927 78.082.132 69.432.152
Chic Peoria & St L. August
221.755
189.726 1.456.267 1,396,677
Chic R I & Pacific.. August
10154 796 7.519.819 62.861.462 54.790.108
Chic R I & Gulf.. August
417,351
298.963 2.865.265 2.421,284
Chic St P M & Ora. Au ust
2,367.356 1,916.079 15.332.700 13.569 152
Chic Terre H & S E August
557.255
344.096 3,105,900 2.409,211
Cin Ind & Western. August
311,295
218.324 2,027.500 1,779,921
Coal & Coke
149,424
109.794
913.606
858.361
August
Colorado Midland. August
981,547
61,145
138,427
Colorado* South..1st wk Oct
234,439
201,455 9.303.283 8,156,616
Ft W & Den City August
722.018
566.747 4,819.947 4.001.116
Trin & Brazos Val August
728.374
608,629
90.446
76.918
Colo & Wyoming._jAugust
117.757
104.415
751.988
810.143
89.199
635.899
765.082
117.195
Crip Crk & Col Spgs August
Cuba Railroad
I August
1.017.027
839.815 9.189.284 4,869,773
Delaware* HudsoniAugust
3.817.632 2,946.281 22.276.983 19.6>0.o91
Del Lack & West..(August
6,900.082 5,097.696 43.195 651 37.775.422
Denv & Rio Grande August
3,096.025 2,438.395 19.061,497:18.033.832
Denver & Salt Lake August
230.785 1,374,932 1,344.172
237,144
Detroit & Mackinac 3d wk Sept
946.423
29.211
24,953 1.022.588
Detroit Tol & Iront August
426.068
283,703 2,012.403 1,959.110
Det & Tol Shore L. August
166.554
159.358 1.269.091 1,252,705
Duluth & Iron R
August
1.561.640 1.128.599 6.061.025 4.423.645
Dul Missabe & Nor August
3,757.830 2.518.205 13.327.616 8 933.556
Dul So Shore & Atl. 4 th wkSept
267,508
114.149 3,557,809 3,226.120
Duluth Winn & Pac August
164,800
162.606 1,141,833 1,445,916
East St Louis Conn August
723.324
688,414
132,836
91,119
Elgin Joliet & East. August
2.073,588 1.498.266 12.233,195 10.583.460
E1 Paso & So West. August
1.262.876
957.037 9.844.866i 9.300.262
Erie
August
9.818,517 6.426.236 53.857.115 46.141.826
767.792 6.643.206i 5.785.805
1,093.307
Chicago & Erie.. August
Florida East Coast. August
475.858 6.214.149 5.864.948
595.607
Fonda Johns & Glov August
710.328
109,738
103.023
726,690
Fr Smith & Western August
665.080
93,626
810.688
114.806
Galveston Wharf.. August
717.612
763.769
87,064
51,705
Georgia Railroad.. August
569.709
371.886 3.946.947 2.405,639
Grand Trunk Pac.. 3d wk Sept
119,765
118.602 4.037,482 3.874.680
Grand Trunk Syst. 2d wk Oct 1,433,788
989.067 54.955.185 47,605,668
Grand Trunk Ry 3d wk Sept 1,456,814 1,104,741 42.044,489 37.049.413
Grand Trk West. August
1,649,552 1.409,683 7.582.109! 6,959,585
Det G H & Milw. July
265,944
274.888 1.759.411 2.015.444
Great North System August
9.087,418 8.175,031 57.598.909 56.377.774
Mobile
&
Gulf
Nor. August
228.292
247,723 1.546.856 1.495.002
Gulf & Ship Island. August
258.668
246.739 1.748.488 1.430.773
Hocking Valley
1.606.675 1.093.533 8.332.765 6.841 351
August
Illinois Central
10246824 7.752.920 68,422.055 56.707.044
August
Intemat & Gt Nor. August
1,172.264 1,037,152 8.449.386 7.563.735
Kan City Mex & Ori August
781.861
805.321
118.827, 112,839
K C Mex & O of Tex August
772,609
844.812
90.570
97,147!
Kansas City 8outh_ August
1.226.967 1,066.863 9.561.842 7.954.675
Texark & Ft Sm. August
724.203
790.354
108,999
93.880
Kansas City Term. June
557.812
575.883
107.593
91.135
237.030
221.485 1,521,320 1.520.403
Lehigh & Hud Riv. August
607.294
360.302 2.831.071 2.405.005
Lehigh * New Eng. August
7,051.975 4.866.857 40.977.960 35.261.606
Lehigh Valley
August
Los Ang & Salt L__ August
1,309.734 1.043.699 9.196.874 8,342.635
990,760
Louisiana & Arkan. August
145,428! 160.287 1,127,259
Louisiana Ry & Nav July
286.162
182.727 1.667.681 1.266.762
Louisville & Nashv. August
10873 686 6,771.278 63.377.202 49.244.083
Lou Hend & St L_. August
270,708
203.304 1.760.713 1,435.639
Maine Central
1.728.257 1,292.510 10.48! .258 9.329.582
August
Midland Valley
270.674 2.194,242 1.863,796
302,848
August
897,144
Mineral Range
4th wkSept
857,329
35.553
29.881
961.371 7.481.419 7.027.206
1,127.144
Minneap & St I ouls August
Minn StP&SSM. August
3.529.864 3.088.470 20.311.451 22.320.179
525.713
848.025
129.081!
106.369
Mississippi Central. August
3.175.057 2.371.388 20.307.283 16.627.308
Missouri Kan & Tex August
Mo K&T Ry of Tex August
1.769,621(1,350.871 12.294.465 9.636.927
963.994
934.222
Mo & North Arkan. August
154.953
934.222
158.687! 164,821 1.188.804 1,246,418
Mo Okla * Gulf... August
Ann Arbor
Atch Topeka & S Fe
Gulf Colo * S Fe
Panhandle & S Fe
Atlanta Birra & Atl
Atlanta & West Pt.
Atlantic City
Atlantic Coast Line
Atlantic & 9t Lawr.
Baltimore & Ohio..
BiOCh Ter HR
.
July 1 to Latest Date.
Latest Gross Earnings.
July 1 to Latest Date.
Previous
Year.
Week or
Month.
Current
Year.
Previous
Year.
Previous
Current
Year.
Year.
S
!
1
$
$
$
8,507.547 6,894.566 56.334,002 50,978,116
313.659
185.916 1,961,915 1,415,531
133.8261 1,545,962 1,252.211
243,631
Nashv Chatt & St L August
2,264,739 1,305,209 13,438,395 9,615.385
6,298
Nevada-Cal-Oregon 1st wk Oct
9,196j
218,915
276,567
Nevada Northern. August
290,685
212,024! 1,720,016 1,599,921
Newburg & Sou Sh_ August
842,206
167,214
88,949
652,044
New Orl Great Nor August
219,250
197.226 1,453,778 1,226.651
New Orl * Nor East August
697,620
395.237 4.155.303 3,062.408
N O Texas & Mex. August
145,890
108,800 1.313,236
894,884
Beaum S L & W_ August
121.610
77,780
948,627
627,235
St L Browns & M August
560.593
269,607 2,714,349 2,583,844
New York Central August
31102 238 21634298 180114 566 155306443
Boston * Albany April
2,045.392 1.872.719 6.997.425 6,755.467
Lake Erie & W. August
942.297
724,957 5.925,172 5,427.170
7,111.090 4.643,172 42.920.224 33.889.492
Michigan Central August
Cleve C C & St L August
7,933,327 5.014,065 44.319,039 34.054.367
Cincinnati North August
287,477
237,490 1,722,699 1,561,579
Pitts & Lake Erie August
3,415.464 2,470.518 20.660.672 16,659,945
Tol & Ohio Cent. August
1,116,479
831.227 6.315,509 5.032.099
Kanawha A Mich August
649.354
364.175 3.663,733 2,329,339
N Y Chic & St Louis August
2,341.173 1.532.528 13.403.856 11.169.521
N Y N H & Hartf
11113 939 7.600.871 65.695.038 56.045,098
August
N Y Ont & Western August
1,303.077 1.113,636 7.393.590 6.181,345
N Y Susq & West
546.922
August
323,233 2,740,337 2,389,141
Norfolk & Western. August
8.610.301 6.021.972 51.310.742 42.645,801
Norfolk Southern. August
488.381
458.725 3,633,268 3,578.526
Northern Pacific.
August
9,804.525 7,533.664 60,302.799 57,340.415
Minn <& Intemat. August
81,650
715,545
742,685
71,302
Northwest’n Pacific August
682.398
501,636 3,732,457 3,117.913
Pacific Coast Co
August
497.111
528,405
36975640 26908690 226180291 190686863
Pennsylvania RR.. August
811,673
Balt Ches & Atl.. August
189.732
857.014
197.934
Cumberland Vail August
699.904
441.218 3.484.422 3 107.182
August
2.628,653
993.966 14.742.53 110928.221
Long Island
645.034
641,760
149.768
131.698
Mary’d Del & Va August
N Y Phila & Norf August
537.363 4.631.075 3,607.107
775.211
W Jersey & Seasn July
1,291.458 1.072.328 5,266.033 4.610,793
Penn Western Lines August
9,832,456 7,714.591 57.670.586 51,397.150
Grand Rap & Ind August
744.922
676,300 4.607,411 4.324.650
Pitts CC&StL. August
8,806,666 6.557.430 54,856 567 48,657.920
Penn System—
Lines East
34178634 28200869 137033977 126673981
May
Lines West
15109144 14030228 62,878.383 61.431.347
May
Lines E & W
49287 779 42231 098 199912 360 188105327
May
Peoria & Pekin Un_ August
828.354
812,624
102,472
116.702
Pere Marquette
2.756.665 2.087.351 17.624.281 15.403.002
August
761,292
Pittsb & Shawmut. August
896,971
104,047
143,045
824,203
Pittsb Shaw & Nor. August
881.924
103,381
99,844
Pittsb & West Va__ July
208.591
140.463 1,065.307
Port Reading
1,286,080
1.563,785
262.032
186,470
August
Reading Co—
Phila & Reading. August
7.601,216 6.062,282 52,010,622 44,109,116
Coal & Iron Co.. May
4,543,35: 4.175.608 21.411.789 18.757,138
Total both cos
11462818 10062 833 50.263.813 45.511 853
May
Rich Fred & Potom August
396.995 4,127.794 3.167.558
709.607
Wash Southern
402.228
217,178 2.298.511 1,615.206
August
403.4.50 2.948.242 2.843.225
Rutland
452.079
August
St Jos & Grand Isl. August
217.851
165.793 1,744.759 1,542,070
St Louis-San Fran. August
6.791,512 5,252.903 43.462.857 36,715,480
Missouri Pacific
August
August
Monongahela Conn. August
Monongahela
_
.
.
_
.
_
_
__
486.617
79.427
614.563
759.126
935.999
97.880
364.000 13.969.000 11.764.000
472.613 4.496.880 3.405.648
August
375.702 2.599.812 2.493.798
365.223
August
3.724.774 2.293.844 24.633.261 19.447.605
August
835,925
150.680
August
85.731! 1.050.791
15745887 11619281,96.710,305 83.323.278
August
273.8781 2,930,806 2.947.934
352.414
August
August
2.062.184 1.664.765 13.829.624 12.580,115
645.808 5,812.721 4.838.238
944.616
August
149.016 1.318,480 1,174.989
203.726
August
300.599 2,833.058 2.214.754
420.858
August
544.492
5.301.979 4.210.056
802.350
Morgans La & Tex August
Texas & New Orl August
550.318 4.871.424 4.037.493
680.612
13218912 7.853 628 79 715.755 56.477.775
Southern Ry Syst.. August
631.833 5.749 576 4.518,443
997.653
Ala Great South. August
Cin N O & Tex P. August
1,761.597 1.163.125; 9.819.043 8.590.088
New Orl & Nor E August
395.237 4.155.303 3.062.408
697.620
Mobile & Ohio.. August
1,494,896 1,195.153 9,533.752 8.986.341
231.281 2,283.024 1,805.004
308,201
Georgia Sou & Fla August
867.378
774.354
111,077
South Ry in Miss August
136.619
591.872
651.523
88.323
87.345
Spokane Internat’l. August
645.712 4,544.909 3.765.975
738.963
Spok Port & Seattle July
148.009 1,199.415 1,014.004
Staten Island R T. August
219,324
101.589
93,953
2.662
Tenn Ala & Georgia 4th wkSept
4.068
165.349 1.924,890 1,158.514
Tennessee Central
384.427
August
332.033 2.460.018 2.574,875
Terra Assn of St L. August
397,766
267.463 2,354.925 2 011.829
St L Mer Bdge T August
412.876
1st wk Oct
473.691 19,443.698 16.364.882
Texas & Pacific
540.528
843.268
117.103, 1.014.278
Toledo Peer & West August
163.281
Toledo 8t L & West August
897.769
657.521! 5.244.516 4.593.357
695.679
139,563'
Ulster & Delaware. August
679,694
129.189
Union Pacific
10570269 6.874.184 59.330.927 47.141.945
August
3.306.089 2.598.091 21.334.801 19.545.290
Oregon Short L_. August
Ore-Wash RR&N August
2,726.068 1,801.087; 16.685.085 14.039,112
♦76 971
4S2P99
17H.MS7
173.599
Union RR (Balt).. Marrtj
678.763
Union RR (Pa)
586,212 4,310,173 3,816,451
August
890,382
Utah
159.079
August
Vicks 8hreve & Pac August
169,259 1.617.166 1,298,213
219.983
256.449
967.754 7.499.158 6.931.895
Virginian RR
August
Wabash RR
5.160.001 3.526.219 29.801.084 26.179.859
August
1,507.616 1.205.505 9.514.107 8.733.445
Western M ary land. August
Western Pacific.... August
1.286.680 1,002,909| 7.311.475 6.270.577
166.799 1.512.109 1.038,514
Western Ry of Ala. August
192.906
Wheel & Lake Erie. August
1,446.966 1,146.9571 8.558.730 6.949.404
667.929
653.236
Wich Falls & N W. August
86.803
104.353
Yazoo & Miss Vail. August
2,155.567 1,512.822 13,824,572 11,141,401
Ft W & Rio Gran
St L S F of Texas
St Louis Southwest.
St L S W of Texas
San Ant & Ar Pass.
Seaboard Air Line..
South Buffalo
Southern Pacific
Arizona & East..
Galv Hous & S A.
Hous & Tex Cent
Hous E & W Tex.
Louisiana West..
July
94.489
August
102,337
3d wk Sept
359.000
650.561
.
AGGREGATE OF GROSS EARNINGS—Weekly and Monthly.
•
Weekly Summaries.
Current
Year.
%
4th week July (11 roads).
1st week Aug (12 roads)
2d] week Aug (15 roads).
3d {week Aug (14 roads).
4th week Aug (14 roads).
1st (week
2d iWeek
3d week
4th week
1st week
2d week
Sept
Sept
Sept
Sept
Oct
Oct
(16 roads).
(15 roads).
(14 roads).
(13 roads).
(10 roads).
( 7 roads).
8,715.679
5.812.844
6.168.850
6.102.758
9.306,598
7.102,544
6,484.655
7.230.476
Previous
Year.
%
7.973.165
5.045.973
5.610.287
5.299.050
7,916.611
5.908.578
5.564,164
6.251.935
9,735,164
7.172,415
8.158.016
5.658.143
ft.3q4.q4i
ft ftfto 1 5ft
Increase or
Decrease.
*
%
Monthly Summaries.
Cur. Yr. Prev. Yr.
Mileage.
%
+742 .514
+766 871
+ 565 260
+803 .708
+ 1.389 .987
+ 1,193 .966
+920 .491
+978 .541
+ 1.577 .148
+ 1.516 .272
20.21
16.54
15-65
19.33
26.81
+ 74ft 435
57
8 17
15.19
9.96
15.17
17.56
247.018
November..242.407
October
December
.247,988
January
240.046
February. ..230,336
March
238.891
.
233.734
April
230.355
May
220.303
June
231.700
July
Auffuet
.
,4-a 7W-
Current
Year.
Previous
%
$
Year.
1
!
245.967 389.017.309 345.079.97?
241 621 360.062.052(326.757.147,
247.265 343.875.052 317.836.386
Increase or
Decrease.
!
S
!
%
+43.937.332 12 73
+33.304 905 10.19
8.18
+26.038.666
239.885 282.394.665 294.002.791 —11.608.126 3 95
228.835 362.761.238 312.276.881 +50.484.357,16 22
237.463 285.776.203 260.627.752 + 25.148.451 9.65
232.255 369,409.895 319 274 981 +50 134.914 15.70
228.892 374.237 097 342.146.096 +32.091.001 (9.38
+40.002.412 12,38
230.570 463.684.172 346.022.857 +117661 315 34.00
W * 1ftft7ftQ~aft 37,45
1M
219.294 363.165.528 323.163.161
THE CHRONICLE
1572
Latest Gross Earning by
follows we sum up separately
week of October.
The table
Weeks.—In the table which
the earnings for the second
22.52% increase in the aggregate
over
the
same
Week of October.
1917.
1918.
Buffalo Rochester Sc Pittsburgh
Canadian Northern
Canadian Pacific
Grand Trunk of Canada
Grand Trunk Western
Detroit Grand Hav Sc Milw.
Canada Atlantic
%
386,553
1,040,300
3,524,000
Increase. Decrease.
S
356,489
%
30,064
79,700
191,000
960,600
3,333,000
%
1,433,788
989,067
6,384,641
444,721
5,639,156
1918.
745,485
Nevada-California-Oregon
Texas St Pacific
Total (10 roads)
Net increase (26.81%).
399,512
1,072,900
3,458,000
234,439
356,489
758,500
2,842,000
201,455
43,023
314,400
616,000
32,984
1,460.738
1,014,812
445,926
6,298
540,528
473,691
7,172,415
•
Earnings.
Current
Year.
Previous
Year.
Jan. 1 to Latest Date.
Current
Year.
Previous
Year.
9,196
2,898
66,837
5,656,143 1,519,170
1,516,272
2,898
199L397 1614.988 14.536.535 12.980.396
167.316 143.612
26.280
23,298
204,534
198.993
319.921
34,399
226,042
48,779
2725.191 2436.681 20.864.946 19.570.543
59,268
54,690
144,119
117,812
671,067
505,552
87,255
Puget Sd Tr, L & P August
1000,340
(/Republic Ry Sc Light August
445.649
84.791
586,369
426,115
Railways.'July
Santiago El Lt & Tr. August
%
I
Gross
Port(Ore) Ry,LScPCo.| August
Richmond Lt Sc RR. May
St L Rocky Mt St Pac August
Increase. Decrease.
1917.
$
Buffalo Rochester St Pittsburgh
Canadian Northern
Canadian Pacific
Colorado Sc Southern
Grand Trunk of Canada
Grand Trunk Western
Detroit Grand Hav Sc Milw.
Canada Atlantic
Pacific Gas Sc Electric August
Pacific Power St Lt.. August
a Paducah Tr Sc Lt Co August
Pensacola Electric Co August
Phila Rapid Tran <it_j August
Phila Sc Western
'August
Portland Gas Sc Coke Juiv
g
For the first week of October our final statement covers
10 roads and shows 26.81% increase in the aggregate over
the same week last year.
First Week of October.
Week or
Month.
Company.
Porto Rico
.
Total (7 roads)
Net increase (22.52%)
or
Road
weak last
year
Second
Latest
Name of
7 roads and shows
covers
IVol. 107.i
Savannah Electric Co
Second Avenue (Rec)
Southern Boulevard
Southern Cal Edison.
Staten Isl Midland..
August
May
May
August
May
Tampa Electric Co.. August
Tenn Ry, Lt Sc P Co. August
Texas Power St Lt Co August
Third Avenue Ry
|May
D D E B Sc B RR. May
42dStMSc8tNA Ry May
Union RyCo( NYC) May
Yonkers Railroad.IMay
N Y City Inter Ry May
Belt Line By Corp. May
Third Avenue System July
Twin City Rap Tran.iAugust
Virginia Ry Sc Power.; August
Wash Balt St Annap. July
Westchester Electric. |May
York Railways
..August
39,705
467,825
57.839
103,477
77 890
18.639
834.007
25,600
89.567
540,892
257.750
330,733
40,461
149.763
237.919
72.069
60.725
54,282
888,579
808,224
665.656
272.987
50.632
93 2 VI
Youngstown St Ohio. July
38,607
36.881
377.990
51,185
86.570
69.222
18.841
700,165
29,128
79,321
489,569
196,192
350,327
37.730
150,474
250,676
72.489
64,502
60,290
983.315
848,477
592.903
113,622
44.570
85.985
31,835
4,988.085
594.001
6,608.432
3,707.282
167.111
3.484.371
440.507
756.682
312.004
83.010
5.200.496
104,205
693.673
3,880,2o6
529.771
5.136,058
3.043.584
563.598
2.489.142
369,565
616.608
313.010
86.764
5.260.176
122.195
672.895
1.705.118
180.225
1.593,223
189.439
658.863
1.047.046
323,046
280,371
250,417
3,907.722
6,472.755
5.245.663
1.472,655
217,326
715,193
1.165.959
315.513
307.661
287.556
4,187,820
6,882,599
4.221.470
608,611
204.998
233,112
195,806
Now covers only the lines east of York Beach, Me.; In the first four
months of 1917 covered also the lines west of York Beach, Me.
b Repre¬
sents income from all sources,
c These figures are for consolidated com¬
a
Net
Earnings Monthly to Latest Dates.—In our “Rail¬
Earnings” Section or Supplement, which accompanies pany. f Earnings now given in milreis. (/Includes constituent companies.
to-day’8 issue of the “Chronicle, we give the August figures of
Electric Railway and Other Public Utility Net Earn¬
earnings of all steam railroads which make it a practice to issue ings.—The
following table gives the returns of ELECTRIC
monthly returns or are required to do so by the Inter-State railway and other public utility
gross and net earnings with
Commerce Commission.
The reader is referred to that Supple¬
charges and surplus reported this week:
ment for full details regarding the August results for all the
•Gross EarningsNet Earningsway
separate companies.
Current
In the following we give all statements that have come
in the present week for that month or for any other period.
We also add the returns of the industrial companies received
this week.
-Gross
Current
Year.
Boads.
EarningsPrecious
Year.
%
Net Earnings
Current
P revious
Year.
Year.
$
$
Charleston St W Caro.b.Aug
237,377
205,559
45,129
Jan 1 to Aug 31
1,792.606
1.*64,026
354,765
Colorado MidIand_b___Aug
138,421
61,144
def6,520
Jan 1 to Aug 31
981,546
382,372 defl51,184
b Net earnings here given are before the deduction of taxes.
%
75,523
462.618
def29,121
defl8,427
Name of Road
or
Week or
Month.
Company.
Alabama Power Co._ August
Amer Power Sc Lt Co August
Atlantic Shore Ry
August
BangorRy Sc Electric. August
Baton Rouge Elec Ry
Blackstone V G & El.
Brazilian Trac, L Sc P
Brock Sc Plym St Ry.
August
August
August
August
Bklyn Rap Tran Syst May
Cape Breton Elec Co August
Cent Mias V El Prop. July
Chattanooga Ry Sc Lt August
-
Current
Year.
269.049
1131,825
23,054
82.666
23,413
197.612
Previous
Year.
$
186.070
864.729
24,863
78,486
18,122
158.136
| Jan.
1 to Latest Date.
Current
Year.
$
1,884,557
Pnvinis
Year.
$
1,313.352
121,654
177,410
601,765
171.235
1.529,918
566,221
150,814
1.267.446
f949i000 /8064000 /68649!000 /60505!00p
12,290'
15.509
73,105
85.683
2761.039 2607.401 12,466.574 12.201.995
323,175
292,145
44.716, 39,683
28.981
26.196
190,036
173.802
164.063 148,801 1.174.431
862.965
Cities Service Co
September 1907,155 1594,961 16.868,716 14,147,729
Oleve Palnesv Sc East July
57.6571
56.773
313.850
300.094
Columbia Gas Sc El
August
185,153! 135.193 1.482.307 1.163.355
Columbus (Ga) El Co July
97,806
87,492
689,834
597,191
Colum (O) Ry P Sc L August
343,770 333,849 2,790,107 1.574,148
Com’w’th P, Ry Sc Lt August
1862.921 1585.919 13.995.456 12.445.536
Connecticut Power Co August
86,563
72,222
626.688
556.468
Consum Pow (Mich) August
536,708 449.831 4,109.789 3.649.716
Oumb Co (Me) P & L August
336,524 324.901 2,116,541 2,040.455
Dayton Pow Sc Light August
779.688 719.936 7.660.976 7.150.015
g Detroit Edison
September 1062,045 921,871 9,795.669 8,698.234
^Detroit United Lines August
1700,390 1544,248 12.393.560 11.654,834
Duluth-Superior Trac August
143.302 139.688 1,132.868 1.042.867
East St Louis Sc Sub. August
372,462 317.838 2,665,899 2.376.534
Eastern Texas Elec.. July
105.879
84,332
644.000
542.399
El Paso Electric Co.. July
99.958 103.172
730.202
744,877
a Federal Lt Sc Trac. August
283.088 230,227 2,289,886 1.798,732
Ft Worth Pow St Lt
August
107,896
83,567
Galv-Hous Elec Co.. August
254,354 183.598 1,743*.374 1,298" 706
Grand Rapids Ry Co August
107,383 109.269
844,135
867,903
Great West Pow Sys July
409.300 320.959 2.475.841 2,282,646
Harrisburg Railways. July
118.677 105.457
742.445
665.607
Havana El Ry, L Sc P August
713,637 592.416 5.327,811 4.418,945
Honolulu R T Sc Land June
67,737
60.182
348.658
346.942
Houghton Co El Co. August
32.234
29.991
267.837
270.301
Houghton Co Tr Co. August
27,544
29.134
221.658
231,321
b Hud Sc Manhat RR May
421.724 366.582 2.073.755 1.858.718
Illinois Traction..__ August
1267,346 1114,511 9,550.762 8.677,624
In ter boro Rap Tran. May
3524.432 3511.496 17.539.100 17.585.883
Jacksonville Trac Co. August
84,255
53.176
584.972
453.054
Keokuk Electric Co. August
23.330
21,480
172.068
160.525
Key West Electric Co August
17,970
12,405
123.998
92.071
Lake Shore Elec Ry. July
220.269 171.234 1.179.111
985.156
Lewlst Aug Sc Waterv August
97.837 100,579
578,726
599,295
Long Island Electric. May
19.131
21,111
80.330
88,297
_
_
Louisville
Railway.. May
Manhat Bdge 3c Line
Milw El Ry Sc Lt Co.
Milw Lt Ht Sc Tr Co.
Nashville Ry & Light
Newp N&H Ry.G&E
Nevada-Oal El Corp.
N Y St Long Island..
N Y St North Shore..
N Y Sc Queens Co...
New York Railways.
New England Power.
Northampton Trac..
Northern Ohio Elec..
North Texas Electric
Ocean Electric (L I).
326.156
May
12.417
September 734.456
September 288.831
August
249.935
August
216.061
August
196.206
May
40.928
May
13.618
May
83.921
May
1017.842
August
333.665
July
21.578
June
593.513
August
224.382
May
11.854
268.675
10.542
637.050
202.283
200.686
130.286
185.726
36.654
1.465.288
50.817
5.744.520
1.810.157
1,601.532
14.525
54.141
97.584
1045.802
199.365
358.846
4.679.714
2.162.322
19.059
527.232
210.459
10.134
1.271.788
57.575
6.475.939
2.174.068
1.365.856
1.481.894
166.154
„
130.577
Gross
Bangor Ry & Elec
12
ELECTRIC RAILWAY AND PUBLIC UTILITY COS.
Latest Gross Earnings.
Previous
Current
Year.
Year.
Year.
$
S3
Cincinnati & Sub Telep b July
275.980
258,779
89,155
Jan 1 to July 31
1,912,467 1,796.452
704,086
N J Power & Lt Co.a.-Sept
27,143
18,564
10.641
Jan 1 to Sept 30
212,373
72.039
160,066
a Net earnings here given are
after the deduction of taxes,
b Net earnings here given are before the deduction of taxes.
Companies.
1,640,503
809.291
1,335.700
159.837
60.954
490.349
5.042.054
1.653.896
122.831
3.468.309 3,121.605
2.036.848 1,465.566
36.896
34.856
Caddo Oil & Ref
Co of La
Aug *18
mos
’17
’18
’17
Aug ’18
%
Earnings.
82,666
78,486
921.663
865,266
148,808
199,422
Net after
Taxes.
$
33,612
34,965
369.126
373,028
40,738
74.005
622,897
’17
’18 1.848,261
’17
Chattanooga Ry & Aug ’18
164,063
42,927
Lt Co
’17
142,801
40.923
12 mos ’18 1,577.686
178,398
’17 1.379.817
412,899
Cities Service Co
Sept ’18 1,907,155 1,852,302
’17 1.594,961
1,566.373
12 mos ’18 21,973,480 21.524.119
*17 18,169,849 17,842,204
Columbus Ry &
Aug ’18
343,770
88,447
Pow & Lt Co
’17
333,849
100,222
12 mos ’18 4,240,145
1,154,933
’17 3.824,984
1,226.942
Consumers Pow Co Aug ’18
536,708
185,993
’17
(Mich)
449,831
140,097
12 mos ’18 6.235.442
2,635,733
’17 5,407,372
2,455,005
Commonwealth Po Aug ’18 1,862,921
589,675
’17 1,585,919
Ry & Lt Sy
563,236
12 mos ’18 21,269.646
7,035,798
’17 18.582,072
7,550,718
Cumberland Co
336.524
Aug ’18
131,520
&
Lt
Co
Pow
’17
324,901
143,737
12 mos ’18 3.158.011
964,390
*17 3,038,213
1,040.785
Detroit Edison Co Sept ’18 1,062,045
243,961
’17
224,483
921,871
9 mos ’18 9,795,669
2.510.250
’17 8,698.234
2,612,328
East St Louis &
372,462
Aug ’18
68,475
Suburban Co
’17
317.838
103.198
12 mos ’18 3,981,837
1,029.661
’17 3.484.103
1,246,319
Federal Light Sc
Aug ’10
283,088
62.745
Traction
’17
230,227
61,300
8 mos ’18 2,289,886
692.652
’17 1,798,732
550.420
Grand Rapids Ry
Aug ’18
107,383
20,209
Co
’17
109,269
32.066
12 mos ’18 1,280,904
319.695
’17 1,305,304
434.071
Huntington Del Sc Aug ’18
71,372
33,874
& Gas Co
’17
49.436
27,902
12 mos ’18
910.838
435.402
’17
549.158
320.136
131,335
Keystone Telep
51,705
Sept ’18
’17
134.850
61.603
9 mos ’18 1.198.893
495.027
’17 1,175.552
558,077
Lewiston Augusta Sc Aug ’18
97,837
24,151
Waterville Street Ry '17
100,579
39,387
12 mos ’18
877,803
123,562
’17
875.287
229.504
Milw Elec Ry Sc
734.456
145.549
Sept ’18
’17
637,050
Light
194.974
9 mos •18 6,475.939
1.235.760
’17 5.744.520
1.383.884
Milw Lt Ht Sc
288.831
78,403
Sept •18
Tract
•17
202.283
60.221
*18
9 mos
2,174.068
415.514
•17 1.640.503
384.185
Nashville Ry Sc Lt Aug •18
249.935
86,371
Co
*17
200,686
66.911
12 mos •18 2.666.946
961.699
*17 2.431,327
884.611
12
mos
Previous
Year.
$
101,760
741,000
7,379
59,948
Fixed
Balance
Charges.
Surplus,
20,354
13,258
19.227
15,738
132,906
149,051
236,220
223,977
11.797
12.500
142,883
28,941
61,505
480,014
32,079
10,848
29,871
11.052
371,764 defl93,366
357,054
55,845
48,628
1,803,674
227
1.566,146
100,642 21,423.477
3,151 17.839.053
59.245
29,202
50.761
632,821
543.857
113,714
68,098
1,209.208
901.567
506,306
437.829
5,778,119
5,158.724
71,423
70.302
852,272
813.884
129.128
83.990
968.005
765.937
67,380
65.175
806.511
771,280
51.427
49.663
404.239
392,126
19.438
18.476
230.835
209.954
15.908
15.938
194.738
184.577
29.129
28,226
364.837
357.609
19,809
15.498
210.679
185.464
107,260
86.476
918.279
720.567
43.718
40.023
393.617
352.763
40.104
41.374
437.313
495.209
49.461
522,112
683.085
72,279
71,999
1,426,525
1,553.428
83,369
125,407
1,257,679
2,393.994
60,097
73,435
112,118
226.901
114,833
140.493
1,542,246
1.846,391
1,095
38.023
223.150
475,039
11,318
11,637
288.413
158,294
771
13,590
88,860
224.117
17.966
11.964
240.664
135.559
22,576
33.377
130.190
200.468
4.342
23,889
def87,117
44.040
Z45.186
*118.712
*400.755
*734.905
*34.902
*20.428
*22.813
*32.182
46.267
25.537
474.386
389.402
•
Oct. 19
Gross
Net after
Fixed
Earnings.
Taxes.
Charges.
%
216,061
57,851
Newport News A
Aug ’18
130,286
55,799
Hampton Rds Ry Gas ’17
A El
8 mos ’18 1,365,856
382,850
’17
809,291
315,527
Portland Ry Lt & Aug ’18
218,481
671,067
Pow Co
’17
505,552
201,630
12 mos ’18 7,131,359 2,664,502
’17 5,785,649
2,643,152
Tennessee Power
194,743
56,538
Aug ’18
Co
’17
180,216
70,184
12 mos ’18 2,080,483
751,825
’17 1,903,641
714,669
Tenn Ry Lt & Pow Aug ’18
188,502
540,892
Co
’17
489,569
180,775
12 mos ’18 5,662,119
1,922,205
’17 5,249,843 2,030.861
x After allowing for other income received.
Balance,
Surplus.
*38,315
*35,573
*225,322
*153,031
28,197
23,195
483,709
476,766
3,779
17,579
120,914
162,322
47,923
43,192
261,438
474,803
21,045
20,792
164,075
164,770
190,284
178,505
2 J.80,793
2,166,386
52,759
52,605
630,911
552,347
140,579
137,583
1,660,767
1,556,058
FINANCIAL REPORTS
Atlantic Coast Line Co. of Connecticut.
(Report for Fiscal Year ended June 30 1918.)
37,725
78,375
70,480
36,450
929,530
11,949
5,600
1,301,342
1,301,342
15,190
5,880
60,000
Total (interest and dividends)
$1,383,685
Expenses and taxes
$35,789
Interest—5% ctfs., $250,000; 4% ctfs.
B, $2,472; 4% ctfs. C, $120,000...
372,472
Int. on Dutton Phos. Co. bds. bought
150
$1,824,281
$46,504
$1,833,723
372,472
372,472
200
50
Balance for other deductions
$975,274 $1,405,105
Amalg. Phos. Co. 1st M. 5s carried as bds. at 92%,
redeemed at 102 lA %
2,415
Unexp. bal. $192,500 res. in respect of litigation of
title to Bone Valley lands of Prairie Pebble Phos.
Co. (litigation settled)
146,787
$1,408,957
$1,554,307
$1,411,897
13,484,027
Miscellaneous
Dividends on Stock Received—
Atl. Coast Line RR. common
Other dividends
Westinghouse Air Brake Co
12,669
16,170
60,000
Charleston A West Carolina Ry
forward from previous years
13,176,825
78,375
88,966
$52,245
2,940
332
of fire loss at Barrs Tram, Fla.
Deer, in book val. $189,705 Dutton Phos. Co.notes
Dividends paid (12%)
Atl. C. L. RR., 50%
Total profit & loss surp. as per
xl.OOO
1,058,400
188,705
1,058,400
bal. sheet below__$13,484,027 $13,836,192
x Book value of 1,000 shares Dutton Phosphate Co. stock, charged to
profit and loss as all the property of said company was sold under fore¬
closure of mortgage and deficiency decree, and nothing was realized for stock.
BALANCE SHEET JUNE 30
Assets
1918.
Securities deposited with Safe Deposit
A Trust Co. of Baltimore
a$5,136,960
bl,220,835
Railroad bonds
Other bonds
cl ,935,050
Railroad stocks
d21,094,283
e151,026
Other stocks.
f39,530
Ot/liGr assets
Sisal Hemp & Development Co. prop¬
Deposits for interest and dividends.
Cash on deposit
$5,136,960
$5,136,960
964,500
1,888,810
964,500
1,907,970
21,094,283
36,063
1,563
43,063
48,230
_
Dividends accrued
Income tax retained from int. on ctfs.
20,000
20,000
20,495
67,593
498,887
650,671
20,000
h22,153
66,948
447,741
650,671
erty (60-95ths interest)
Notes receivable
1916.
1917.
21,094,283
Capital stock
5%
4%
Debenture ctfs. of indebtedness, 4%.
Div. on stock & int. on ctfs. unpaid-_
$8,820,000
Interest received in advance
Reserve acc’t Prairie Peb. Phos. Co__
Profit and loss, surplus
Income tax from int. on certificates._
$8 ,820,000
$8,820,000
5,000,000
5 ,000,000
67,593
61,800
3,000,000
67,433
13,836,192
13 ,484,027
g192.500
13,176,825
61,800
3 ,000,000
518
425
Securities Owned June 30 1918.
a
Securities deposited with Safe
cure
Deposit & Trust Co. of Baltimore to se¬
of indebtedness, viz.:
5% and Class B 4% certificates
Par.
Atl. Coast Line Cons. 4% bonds
$1,250,000
Atl. Coast Line RR. of S. C. 4% bds. 1,550,000
Atl. Coast Line RR.4^% unif. bds.. 3,008,000
b Railroad bonds—
Colum. Newb. & Laur. RR. Co. 3%__
Northwestern RR. Co. 1st Consol. 4%
Northwestern RR. Co. 1st Consol. 5%
Atlantic Coast Line RR. consol. 4%_.
Atl. C. Line IiR. Co. L. & N. coll. tr.4s
Charlestown & West Carolina Ry. 1st
cons. mtge. 2-5% bonds
$318,000
285,000
75,000
4,000
340,000
Book Value.
..,125,000
1.395,000
2,616,960- -$5,136,960
228,000
67,500
3,600
256,335
474,600— 1,220,835
c Other bonds—
180,000
U. S. “Second Liberty Loan” 4%
180,000
1,097,250
International Agricultural Corp. 5%._ 1,567,500
657,800—$1,935,050
Amalgamated Phos. Co. IstM. 5%—
715,000
d Railroad stocks—
$50,000
Northwestern RR. Co__T—
$50-V™
1,100
1.100
Atlantic & North Carolina RR186,600
Atl. Coast Line RR. Co. Class A
Atl. Coast Line RR. Co. common
18,409.000 19,749.227
15,000
Woodside Cotton Mills Co. common..
16,000
5,000
Woodside Cotton Mills Co. preferred5,000
88,751
South Carolina Pacific Ry. preferred._
104,600
960,000
Charleston & West Carolina Ry
1.200.000
43,605-121,094,283
Nashville Chattanooga A St. L. Ry.__
48,000
e Other stocks—
$42,063
Westinghouse Air Brake Co
$843100
$151,026
108,963Alachua Phosphate Co
2,356 shares
^
f Other assets—
___
Colum. Newb. & Laur. 5% ctfs
$127,200
Atlantic Coast Line RR. 4% ctfs
294
Other securities
e Reserve against stockholders’ liability for claim
Prairie Pebble Phosphate Co. represented by
^
$1,272
291
37,967—
$39,530
to certain lands of
$275,000 International Agri¬
cultural Corp. 5% bonds, held in escrow by the Bankers Trust Co., N. Y.,
which are carried among the assets of this company at 70%.
h Includes in 1918 bills receivable and advances Colum. Newb. A Laurens
RR
notes
$6,153, and Alachua Phosphate Co. 6% notes, $16,000.—
V.
107,
p.’
1481
$246,988
41,155
year
205,833
395,269
Total increases
$1,356,406
Decreases—Reduction of sinking funds due to retirement of
bonds, car trust certificates, Ac
$363,000
Proportion of cost of near-side cars charged off against renewals
Amortization of 1910 strike expense
Balance net increase in capital asset account
512,000
99,446
$381,959
Bonds, Ac.—The account “Bonds, Mortgages, Ground Rents, Ac.,”
shows a net decrease of $867,000, as follows:
Bonds, car trust certificates, stock trust certificates and real estate
mortgages retired through the operation of sinking funds, Ac..$363,000
Car trust certificates retired through the renewal fund
512,000
Increase through issue of purchase money mortgage issued. .$8,000
$10,000,000 Mortgage of March 1912.—Of these bonds $8,008,000 were
sold ($7,398,000 under special agreements reserving us the right of re-
$1,382,000
534,000
Appropriated to the renewal fund
Purchased and canceled for the sinking fund
76,000
Equipment Trusts, Series “B” and “C.”—Of the total issue of $6,144,000
5% car trust certificates maturing from 1913 to 1925, $2,560,000 during
the five years ended June 30 1918 have been retired through the renewal
fund, leaving $3,584,000 now outstanding.
($512,000 were retired in
year 1917-18.)
Renewal Reserve and Renewal Fund.—Appropriations from income for
renewals amounted to $1,022,373.
The charges during the year were for
car trust certificates, Series “B” and “C” retired, $512,000; and renewal
expenditures, $408,039; leaving a balance of $102,333, increasing the total
of renewal reserve June 30 1918 to $2,625,000,
Of this amount $1,434,391
is in cash and $1,190,609 consists of securities, including $225,000 Liberty
Loan bonds.
Accident Reserve.—On Dec. 31 1910 there were 4,953 suits unsettled and
outstanding. This total has been decreased in the 7H years by 57%,
leaving only 2,132 suits pending, while the reserve itself has decreased less
than 27%, or from $1,433,603 to $1,052,289.
Surplus Account.—The surplus of $4,884,078 as at June 30 1918 repre¬
undistributed net earnings during the period of the Stotesbury
management. Of this total surplus accumulation $2,653,439 is represented
by additional cash or casu assets, the balance of $2,230,639 having been
temporarily advanced to finance capital expenditures. Of the 5% bonds
of 1912, $1,382,000 are held by tne company available for sale to reimburse
the treasury on account of such appropriations from surplus for capital
requirements. The abnormally large inventories snould ultimately liqui¬
sents the
During the
period to June 30 1918 $753,880 of the 1910 strike expense
$934,347 (incurred by the former management) has been amortized
through
appropriations from surplus.
These charges exhausted the initial
surplus of $607,100 as of Dec. 31 1910, and requiring in addition $146,780
of the surplus acquired during the period.
Fares.—-The City Councils on June 20 passed a resolution referring all
procedure in the matter of an increased fare to the P. S. Commission, this
action being taken upon two considerations entering into the situation:
First, because the new contract with the company as pending before the
P. S. Commission contained provisions for changes in rate of fare; and
second, that the Attorney-General of the State had advised that the sole
power to regulate fares is now vested in the Commission (V. 106, p. 2230,
2758; V. 107, p. 292).
Wages.—In recognition of the loyal services rendered by the great body
of employees, the management made effective as of May 16 an increase of
2 cents per hour, and as of July 15, approved an advance of 3 cents, thereby
granting the 5-cent per hour wage increase requested by its employees.
On Aug. 4 the management adopted the scale of wages determined by the
National War Labor Board as being applicable to street railways in cities
of the first class.
This represented a further increase of from 9 cents an
hour for the newer trainmen to 5 cents an hour for the motormen and con¬
ductors longest in the service with proportionate adjustments in the wage
rates of other employees.
The wage increases above enumerated will, with other advances made
since the first of the year, involve an added annual expenditure of over
$4,000,000 (V. 107, p. 292, 604, 906, 1101).
Improvements—New Cars—Hog Island Extension, Ac.—Government Loan.
—We have arranged for additions and improvements to cars and other
property, representing an aggregate outlay of over $8,000,000.
Over
$5,000,000 of this total sum will be loaned to the company by the Federal
Government to provide additional transportation facilities demanded by
the exigencies or the war industries located in Philadelphia and vicinity.
The expenditures for the improvements to and rehabilitation of its present
$190,800
<91,000
dining the
Payments and accretions to sinking funds, Ac., for the retirement
of capital obligations
i
date into much free cash.
$30,785,198 $30,433,939 $30,318,983
Total
29,338
sales during the year
Less discount and commission amortized
of
5,000.000
61,800
3,000,000
66,948
258
Certificates of indebtedness,
Certificates of indebtedness,
on
67,433
415,316
464,765
425
447
Liabilities—
$217,650
repurchased
Discount and commission
209,705
$30,785,198 $30,433,939 $30,318,983
Total
shipbuilding,
Philadelphia and vicinity, while the preponderant increase in operating
expenses records the wartime costs of labor and material.
The gross earnings show an increase of $1,890,337, or 6.62% for the year.
The increase in total operating expenses amounted to $2,578,410, the
principal items contributing to this abnormal increase being the hlguer
wages paid, the increased price of coal and other materials, the larger
appropriations for maintenance and renewals, and the additional allowances
to provide for Federal war taxation.
The fixed charges show a net de¬
crease of $11,189.
The resultant surplus for the year was $2,106,986, as against $2,783,870
for the preceding fiscal year.
Two semi-annual dividends of 2M% each
called for sums aggregating $1,499,290.
Capital Account.—The capital asset account ‘‘Leases, franchises, con¬
struction, equipment, advances to leased lines, sinking funds, Ac.,” shows
an increase of $381,959 during the year, as follows:
$755,304
Capital charges account additions and betterments to prop., &c_
Temporary discount on bonds sold with right of re¬
purchase. This charge will be canceled when bonds
Eurchase
[eld free to
31 1919). The remainder include:
in Dec.
the treasury
$14,731,132 $14,895,924
Total for dividends, Ac
1
Earnings.—The results for the year ended June 30 1918 reflect the tre¬
mendous industrial and economic developments of this vast productive
country concentrated upon the prosecution of the war.
The larger gross
traffic revenues indicate the quickening and expansion of the
munition and otner essential or contributory war industries located in
are
38,925
91,736
58,425
Amalgamated Phosphate Co. 5s
Internat. Agricultural Corp. 5s
Philadelphia Rapid Transit Co.
{Report for Fiscal Year ending June 30 1918.)
Pres. T. E. Mitten, Oct. 16 1918, wrote in substance:
_
INCOME ACCOUNT FOR YEARS ENDING JUNE 30.
1916-17.
1917-18.
Interest Received on—
1915-16.
Atlantic Coast Line RR. of S. C. 4s_
$62,000
$62,000
$62,000
50,160
50,160
Atlantic Coast Line RR. Consol. 4s_
50,160
135,360
Atl. Coast Line RR. Gen. Unif. 4Hs.
135,360
135,360
Total
Total surplus brought
1573
THE CHRONICLE
1918.)
rolling stock, track and other property, it is estimated, will amount to
$3,000,000, of which approximately $2,000,000 will be provided from the
earnings set aside in the renewal fund during the past few years (V. 107,
604; V. 106, p. 2451).
The new rolling stock will consist of more than 200 cars of large capacity,
which have been secured for service to the Hog Island shipyard, the League
Island navy yard and Frankford Arsenal lines, and to the war industrial
p.
plants in the vicinity of Chester.
cars
rebuilt for winter service.
The company is also having 100 open
These additonial cars, with other con¬
templated improvements, will increase the carrying capacity of available
equipment over 25% as against last year.
The Hog Island track extension, together with 100 new cars, and the
necessary additional power equipment will represent an expenditure esti¬
mated at $2,700,000, to be advanced by the Emergency Fleet Corporation
to the company.
The U. S. Housing Corporation will advance tne funds
required for 60 cars for the League Island navy yard, 30 cars for service
to Chester, 20 cars for the Frankford Arsenal and the necessary additional
power supply and storage tracks, representing an outlay estimated at
$2,300,000. These loans are at 5% interest, the general terms providing that
the cars and other property are to be appraised after the
of
the war, with repayment at the appraised value then to be made by this
company in five annual installments.
The present cost of these new cars
will exceed $13,000 each, or twice the normal pre-war cost.
In addition to the new equipment the company is undertaking a com¬
termination
prehensive rehabilitation of its existing rolling stock.
City Contract.—The city of Philadelphia in 1913 inaugurated a program
for the construction of a comprehensive system of subway and elevated
lines. (V. 97, p. 298, 1734; V. 98, p. 1000, 1609, 1695.)
Negotiations be¬
tween the city and the company have since been in progress to determine
upon an equitable basis for the unified operation of the city’s high-speed
lines and tne system, of the company. (V. 105, p. 389, 998, 1209, 1310.)
1574
THE CHRONICLE
All prior negotiations having failed, the Department of City Transit
prepared a new draft of contract and submitted it to city councils on
Aug. 17 1917. After public aearlngs this contract was, with certain
amendments, approved on behalf of the city as of Jan. 3 1918 and tendered
to this company by the Mayor and city councils. (V. 105, p. 819, 2366;
V. 106, p. 86, 296.)
At a special meeting of the stockholders of the com¬
pany held on Feb. 8 1918, 332,077 snares (v. t. c.) were voted in favor of
the acceptance and approval of the lease and agreement as against 47,271
shares voting negatively.(V. 106. p. 608.)
The city and the company under date of Feb. 18 1918 executed the lease
and agreement and forthwith petitioned the P. 8. Commission for its ap¬
proval of the contract. (V. 106,
p. 822.)
Commencing in March 1918,
and continuing until June, the P. 8. Commission held public hearings in
the matter.
The decision of the P. 8. Commission not having been handed
down, the annual stockholders’ meeting was adjourned until Oct. 16.
w The Commission, in its consideration of
the contract, desired additional
information regarding the company, in response to which your manage¬
ment on Sept. 6 1918 reviewed the operating
progress and financial con¬
dition of tue company, and in closing urged the imperative need for definite
action upon the pending contract.
We also stated that we did not antici¬
pate that there would now be any necessity for filing an application for a
general increase of fares until after Jan. 1 1919, prior to which time we antici¬
pated submitting to the Commission such a plan as will provide for a
continuation of the present base fare of 5 cents with an additional charge
for the longer riders who are getting more than 5c. worth of transportation.
► The next annual meeting in accordance with the
proposed changes in
the by-laws would be held m March 1919.
At that time the management
expects to be able to report on the action of the Commission with reference
to the pending city contract and to also make its recommendations con¬
cerning the future policy of the company.
The time required for the preparation of the financial statistics asked for
by the Commission precludes an immediate decision in the matter of the
pending contract.
New Fiscal Year.—The stockholders at the annual meeting Oct. 16 1918
will be asked to approve changing the fiscal year to the calendar year.
*
Change in Accounting.—We plan to discontinue, as of Dec. 31 1918, the
system of appropriating a fixed percentage of gross earnings for mainte¬
nance and renewals.
The appropriation of 15% of gross earnings for this
purpose was adopted as of July 1 1910, and as a result for the 8-year period
to June 30 1918 a cash reserve of 82,627,548 has been accumulated
from this source after meeting all current renewal expenditures, including
$4,103,639 used in the purchase of new cars and the requirements of the
original Stotesbury rehabilitation program.
In view of the changed operating conditions, including the new standards
of prices for labor and material, it is thought better that hereafter each
year’s operating expenses should stand the proportionate annual charges
necessary for the proper maintenance and upkeep of the property.
Co-operative Plan.—This plan, adopted in Aug. 1911, established a fund
which represented 22% of the gross passenger earnings for use in payment
of wages, pensions and death benefits to the motormen and conductors
engaged in the passenger service.
This fund had a surplus of $358,781
on July 31 1918, at which time a maximum wage of 43 cents per hour had
been made effective under tne workings of the co-operative plan.
This
wage scale exceeds the amounts represented by the monthly appropriation
of 22% of passenger earnings.
Commencing witu Jan. 1919, when this
surplus fund will have been fully utilized, the operating charges will be
increased by approximately $70,000 each month, and thereafter represent
the actual expenditures as made.
The management has adopted the War Labor Board rate of 48 cents per
hour maximum for trainmen and is now fixing t*ie wages of the employees
of the other departments at the average scale for the cities of Chicago,
Detroit, Cleveland and Buffalo, covered by the War Labor Board award
of Aug. 4 1918.
This gives a permanent basis for any future adjustment
of the wages of our employees and makes unnecessary the longer continuance of any fixed or percentage appropriation to a wage fund.
INCOME
ACCOUNT
YEARS~ENDING
1917-18.
Passenger earnings
Other receipts
Total
Expenses—
Maintenance
Reserve for renewals
1916-17.
Total expenses
Rentals
Sink, fund
$30,443,951 $28,553,614 $25,839,344 $23,843,606
$2,712,121
1,570,921
1,694,151
7,129,739
1,498,826
1,398,413
Total
$2,506,731
i,369,171
1,441,422
6,447,078
1,343,326
1,264,701
$2,435,415
1,141,126
1,417,240
6,205,100
1,329,829
1.348,723
.$18,582,581 $16,004,171 $14,372,428 $13,877,433
$11,861,370 $12,549,443 $11,466,916 $9,966,173
$2,268,492 $2,280,180 $2,308,780 $2,259,471
7,365,891
7,365,393
city contract
120,000
120,000
Dividends
(5%)1,499,583 (5)1,499,278
Balance, surplus
30.
1914-15.
$29,318,138 $27,504,041 $24,871,255 $22,971,595
1,125,813
1,049,574
968,089
872,011
$3,544,220
1,022,372
Oper. of power plants._ 2,576,845
Operation of cars.
7,843,021
General
1,750,668
Taxes
1,845,455
Net earnings
Interest
JUNE
1915-16.
7,365.432
120,000
(2)599,011
7,364,997
120,000
$11,253,966 $11,264,851 $10,393,223
$607,404 $1,284,592 $1,073,693
$9,744,468
$221,705
BALANCE SHEET JUNE 30.
1918.
1917.
1916.
Assets—
$
$
$
Leases, franchises, construe., equip.,
adv. to leased lines, sink, fund, &c_ 113,478,757
113,096.798 112.981,148
Securities in treasury
x2,132,000
2,350,000
2,350,000
Cash after payment of all fixed
charges due July 1
1,933,326
3,386.460
2,212,758
Reserve fund for renewals
y2,625,000
2,525.000
1,875,000
Supplies, material, prepaid items and
accounts receivable
3,247,804
1,602.636
1,532,551
Total
123,416,887
Liabilities—•
Capital stock paid in
29,991,660
Bonds, mortgages, ground rents, Ac_ 80.225,475
Accts.
pay'le, pay-roll, accr. taxes,Ac.
Accrued fixed charges, &c
2,018,219
2,477,729
1,052,289
2,627,548
139,889
4,884,078
Accident reserves.
Renewal reserve
Sinking fund
Surplus
reserves
Total
x
122,960,893 120,951,457
29,991,585
81.092.475
1.343,301
2,477,729
1,073,673
2,525,215
111,015
4,345.900
29,978.875
81,653.216
967,734
2,477.729
1,032,686
1,853,243
2,987.975
123.416,887 122,960,893 120,951,457
Securities in treasury in 1918 include P. R. T.
5% bonds of 1912
2?°.?:
$1,434,391
’
certificate of participation, $750,000, representing $909.5T° bonds ?f 1912. y Reserve fund for renewals includes cash
stud securities $1,190,609»
General Motors Corporation.
(Statement for Half-Year ended June 30 1918.)
The company has issued the
following statement for the
half-year ended June 30 1918, which we compare with earlier
figures as shown below (see report V. 106, p. 1224):
INCOME ACCOUNT FOR THE CORPORATION
& ITS SUBSIDIARIES.
6 Mos. end. 5 Mos. end.
Net profits after deducting all expenses of
17"
manufacture (incl. maintenance), selling &
admin., as
well as ordinary taxes, insur. and
120 *17 359 asa
Less—Provision for Federal taxes A depreciation..$26,078
extraord. exp.
Un* 30 18‘ DeC' 31
13,49(L861
Balance
General Motors Corp. proportion thereof
Preferred dividends at rate of 6%
I”$12’307’784
1-
Undivided profits
Rotors Carp, (incorporated^ Oct.
2[848!574
$12 5R7 okq tu tin
A
*14 284 R73
590.304
$11 717
* ’49L890
4on *13 709
ooq
13 1916) paiditsinitial
[Vol. 107.
CONDENSED CONSOLIDATED BALANCE SHEET OF THE CORPORA¬
TION AND SUBSIDIARY COMPANIES.
Assets—
June 30 *18. Dec. 31 *17.
Permanent investment, incl. real estate, plants,
equipment, patents, good-will, Ac., less re¬
serve for depreciation
$68,708,686 $50,629,438
Investments in allied and accessories companies.
5,927,688
2,030,273
Current and working assets—Cash
31,186,737
18,865,645
Liberty bonds
9,098,123
Notes ($1,033,148) and acc’ts receivable
23,975,412
13,595,538
Inventories at cost or less
56,219,729
46.559,394
Investment in marketaole securities
Deferred expenses
1,255,000
1,231,360
854,435
Total
$196,342,737 $133,789,724
Liabilities—
stock
Preferred
(auth. $50,000,000), issued
$19,676,800 $19,676,800
Common stock (auth. $150,000,600) issued,
$110,827,200; less in treasury of Gen. Motors
Corp.. $5,685,500
105.141,700
Outstanding capital stock (par value) and sur¬
plus of subsidiary companies, being the por¬
tion not owned by Gen. Motors Corp
540,500
Surplus
1,138.558
Current liabilities—Accounts payable
16,032,126
Notes payable
1,100,000
Taxes, pay-rolls and sundries accrued, not due
7,287,600
Reserves—For 2 months’ proportion of pref. div.
196,768
For Federal tax^s and extraordinary expends.
15,865,735
For sundry contingencies
2,657.196
Surplus
26.705,753
Total
As to acquisition of United Motors Co.
following
page.
see
76,873,300
540,500
859,083
10,665,718
4,858,327
196,768
6,939,019
1,671,818
.11,508,393
$196,342,737 $133,789,724
General Motors Corp. on a
The “Chronicle” learns upon investigation that the
large increase in the
item of plant investment, Ac., in the above balance-sheet is
the building of new plants in order to carry out Government chiefly due to
contracts and
also the acquisition of some plants of moderate
size, including that of the
Zanesville (Wis.) Machine Co.
This acquisition of plants, however, does
not include the interest in the United Motors Co. (see unier it'-ms
below).
The Increase in the item of inventories is accounted for in
the very large
accumulations of supplies necessary for the fulfillment of the
extensive
war and other business that the
corporation is engaged in.—V. 107, p. 1388.
International Harvester Co. (New Merger Company).
(Digest of Statement Made to N. Y. Stock Exch. Sept. 19 1918.)
The New York Stock Exchange recently
authorized the
listing of this new company’s $60,000,000 7% cum. pref.
stock and $80,000,000 com. stock when and as issued in
exchange for the stock of the old companies per plan in
V. 107, p. 608, 699, 1104, 1195, 1290.
As of Sept. 19 the
company reports in substance:
Merger.—A new company created under the General Corporation Laws
of New Jersey, on Sept. 19 1918 by merger of International
Harvester Co.
of New Jersey and of International Harvester
Corporation, both New
Jersey
corporations, by which it acquired all the property, real, personal and
mixed, and all rights and franchises of said companies, and assumed all
their debts, liabilities, Ac.
Preferred Stock.—The pref. stock is preferred as to dividends at the rate
of 7% per annum, payable quarterly.
Said dividends are cumulative, and
in case of liquidation, said pref. stock is pref. both as to
unpaid accumulated
dividends and its par value.
The pref. stock is not redeemable.
Each
stockholder has one vote for each share of pref. or common stock
held.
The merger agreement contains the following: “The holders of
pref. stock
shall be entitled to receive when and as declared from the
surplus of the
Corporation or from the net profits arising from the business of the Corpora¬
tion, cumulative dividends at the rate of 7% per annum, and no
more,
payable quarterly on dates to be fixed by the by-laws.
Neither the pref.
nor the common
stock shall at any time be increased or diminished
except
with the consent in writing, or by the affirmative vote at a
special meeting
of stockholders called for the purpose, of at least two-thirds in
amount of
each class of stock at the time outstanding.”
The merger agreement forbids the creation of any mortgage or other lien
upon its real estate, plants, tools, or machinery except with the consent in
writing, or by the affirmative vote at a special meeting of the stockholders
called for the purpose, of the holders of at least two-thirds of each class
of stock outstanding; but this restriction shall not be construed to
apply to
any purchase money mortgage or lien.
Except as herein otherwise provi¬
ded, the directors shall have power and authority
...
to issue the
bonds, debentures, notes and other obligations or evidences of debt of the
Corporation.
Long-Term Loan.—The only long-term obligation of debt of the company
is an unsecured loan of $10,000,000, due in 1921.
Properties Owned.—The manufacturing and raw material properties owned
by the company are described in brief:
Manufacturing Properties.
Works and
LandArea No.
Twine Mills— Acres. Empl.
Annual Capacity—No. of Pieces.
Champion Works
/Harvesting A seeding machines,
850 85,0001
Springfield, Ohio. 70.23
Hay presses, manure spread’rs
Deering Works
(Binders, reapers, rakes, mowers,
Chicago, Ill
80.50 5,600 300,000\Harv. threshers, corn machines.
56.660
Keystone Works
Rock Falls, Ill
Tons twine
/Corn shellers and harrows, hay
5.90
400 100,0001
loaders, side delivery rakes.
McCormick Works
(Binders, reapers, mowers, rakes,
Chicago, Ill
120.83 7,300 375,000\
Harv. threshers, corn mach’s
60,666 Tons twine
Osborne Works
1 70.84 2,000 225,000 Harv. mach., tillage implem’ts.
Auburn, N. Y__(
20,600 Tons twine.
St. Paul Works, St. P_ 67.10
400
12,006 Tons twine.
Akron Wks.,Akron_ 11.46 2,200
15,000 Comm’l cars and motor trucks.
Milwaukee Works.
30.50 4,500
70,000 Engines, cream separ’rs,tractors
Plano Works, West
/Corn planters, corn cultiv.,trac53.56 1,800 50,000\tors, mot. cultiv.,manure spread
Pullman, Ill
Tractor Wks., Chic. 48.60 2,446
35,060 Tractors and engines
Weber Works,
Auburn Park, Ill. 24.18
860 45,000 Wagons.
Raw Material Properties.—The iron ore mines, coke works, blast furnaces
and steel mills are partly owned and operated by Wisconsin Steel Co., a
Wisconsin corporation, entire$1,000,000 capital stock owned by
company.
Iron Ore Mines—Blast Furnaces, Steel Mills, Saw Mills, &c.—
Agnew Mine, Hibbing, Minn.—34-year mining
Annual Capacity.
lease; underground operation
200,000 tons iron ore
Hawkins Mine, Nashwauk, Minn.—14-year min¬
ing lease; open-pit mine and ore-washing plant.
1,000,000
do
do
Sargent Mine, Keewatin, Minn.—50-year mining
lease; open-pit and underground mine
100,000
do
do
Illinois Mine, North Freedom, Wise.—35-year
mining lease; underground mine
100,000
do
do
Coke works at Benham, Ky.—6,500 acres coal
lands, with 329 tenements, Ac., Harlan County,
Ky.; 2 drift mines; capacity
600,000 tons coal
_
_
400 beehive coke ovens
3 blast furnaces at South Chicago, HI., land area,
134.28 acres
Steel mills at South Chicago, Ill., Bessemer mill,
blooming mill, merchant mills
Sawmills, Ac., operated by Wise. Lumber Co.,
entire $250,000 stock owned by company:—
At
200,000 tons coke
450.000 tons pig iron
350,000 tons steel bar
Deering, Mo.—58,000 acres timber lands in
Southeastern Missouri, principally ash, cotton¬
wood, gum, maple and oak. Sawmill, Deering,
Mo
20,000,000 ft. lumber
At Rives, Mo.—Sawmill to cut dimension stock
from low-grade logs
2,000,000 ft. lumber
At Valley Park, Miss.—22,000 acres timber lands in
Southwestern Mississippi, principally oak A gum.Not yer under oper’n
Fiber plantation at Matanzas Province, Cuba—2,900
acres for growing fibre for manufacture of twine;
also SS. “The Harvester”
10,000 tons
Oct. 19
Subsidiary Companies.—The entire capital stocks of the following sub¬
sidiary companies (excepting in some cases directors’ qualifying shares) is
owned or controlled by the company:
(1) Ma ufacturi q Comps iei aid Plaits Owned by Each—
Stock Issued
International Harvester Co. ol Canada, Ltd. (Org. 1903 In Ontario)
$15,000,000
Acres.
Laid
Empl.
Annual Capacity.
At Hamilton,Ont—127.58 1,850 125,000/HarvestingAseed’gmach.,
(Tillage lmpl’ts, man’re spr.
15.80
180 15,000 Wagons
Compagnie Internationale des Mach. Agricoles 8. A. (France 1905)..Ft.5,000,000
At Croix, France.. 33.45
800 75,000 M owers, rakes .tedders .harrows
9,000 Tons twine
International Harvester Co. m. b. H. (Germany 1908)
Mks.6,000,000
At Neuas, Germany 28.70
600 75,000 Reapers.mowers,rakes,tedders
9,000 Tons twine
Internat. Harv. Co. in Russia (Org. In Maine Jan. 26 1910)
$31,000,000
Lubertzy Works
164.32 1,725 65,000 Engines, mowers, reapers,
(near) Moscow../
binders, lobogreikas
Aktiebolaget International Harvester Co. (Sweden 1904)
Kr.3,000,000
At Norrkoping
300 40,000 Mowers, rakes
117.77
Sweden
J
2,000 Tons twine
The Int. Harvester Co. of Canada, Ltd., also acts as company’s general selling
agent In Canada with warehouses owned or leased in 17 principal cities.
At Chatham, Ont—
'
197-Se
(2) Railroad Subsidiaries Operating in Connection with Company's Plants.
Stock
Miles
Organized.
Ill. 1909 $400,000 Oper.
Chicago West Pullman & Southern RR
Operates between West Pullman and Irondale, Ill., connecting
the works of Int. Harv. Co. at West Pullman and other Industries
with adjacent railroad lines.
Miles: 8.64 owned, 23.50 leased.
10 locomotives, 46 gondolas and flat cars and 1 caboose car.
Deering Southwestern Railway
Mo. 1903 $400,000 36.72
Operates between Caruthersville and Horaersville, Mo., doing
a general passenger and freight business.
Mileage, 33.18 miles
owned and 3.54 leased.
3 locomotives, 1 log loader, 65 log cars, 34
general freight cars and 3 passenger coaches.
Illinois Northern Railway
Ill. 1901 $500,000 28.85
Operates within city limits of Chicago, furnishing transportation
to various industries, including the Tractor Works or I. H. Co., con¬
necting them with adjacent railroad lines.
Mileage, 9.16 miles
owned, 19.69 miles leased.
7 locomotives, 63 freight cars, Ac.
Owasco River Ry., operating within city
limitsof Auburn, N. Y$30,000
_N.Y. 1881
Furnishes transportation service to various industries, connecting
them with adjacent railroad lines.
Mileage, .87 miles owned, 1.74
miles leased.
3 locomotives, 37 freight cars.
Other subsidiaries: Columbian
Shipping Co. (N. J. 1904),
2.61
for¬
warding agent of I. H. Co. at N. Y,, stock, $24,000; Macleod & Co.,
Inc., two cos. for purchase and sale of Manila fibre, (1) organized in Philip¬
pines, stock, $1,000,000, (2) N. Y. State, stock $100,000; Eastern Building
Co., Ltd., Hamilton, Ont., stock issued $50,600.
(8) Setting Companies in Various Countries—Principal
Stock Issued.
International Harvester Co. of America
Branches, &c.
Branches, &c.
91 cities in U. 8.
(Wisconsin corporation), Chicago—$1,000,000
Australia, Proprietary,
Ltd., Melbourne
£500,000
Int. Harv. Co. G. m. b. H. (Austria),
Int. Harv. Co. or
9 cities Australia
Note.—In addition to the funds withheld in Russia and enemy countries,
the company’s investment in those countries, included in the balance sheet,
is plant property and inventory at Lubertzy Works, Russia, $4,750,000,
and Neuss Works, Germany, $2,100,000. *
The fiscal year ends on Dec. 31 of each year.
Annual meeting the
second Thursday in May.
Office
Chief business office, Harvester
Compagnie Internationale des Machines
Agricoles de France, Paris
2,500,000 Fr.
Deutsche International Harvester Co.
m. b. H. (Germany), Berlin
1,000,000 M.
International Harvester Co. of Great
Britain, Ltd., London
£50,000
International Harvester Co. of New
Zealand. Ltd., Christchurch
£100,000
International Paper Company.
(Digest ofOfficial Statement as to Company Dated June 4 1918.)
The company’s First & Refunding Mtge. 5% Sinking
Fund Convertible Coupon bonds, series A, due Jan. 1 1947,
to a total of $6,423,000 were recently listed on the New York
Stock Exchange, based on an official statement dated June 4
1918, which the “Chronicle” has summarized as follows:
Organization.—Incorporated Jan. 31 1898 in N. Y. State. Duration of
Capital stock authorized, $45,000,000 (par $100), viz.:
$25,000,000 Cumulative pref. stock and $20,000,000 common stock, of
which there is issued stamped pref. stock $22,945,500 and unstamped pref.
stock $2,054,500.
The unstamped pref. stock is stock upon which 33%
charter 100 years.
in dividends are in arrears.
Of the stamped pref. stock $301,988 is reserved
for the payment of the 14% in pref. stock due the holders of the unstamped
pref. stock in part payment of the said 33 H% dividends in arrears, under
the plan of Jan. 31 1917, and to retire at par any pref. scrip outstanding
(June 4 1918, $14,358). Common stock issued, $19,873,100, of which
$131,904 is reserved to pay the 12% in common stock due the holders of
unstamped pref. stock in part payment of the said 33 H % dividends in
arrears, under the said plan of Jan. 31 1917, and to retire at par the com¬
mon scrip (outstanding June 4 1918, $12,264).
(See said plan, V. 104,
p. 563, 1049, 2121.)
Bonds and Properties.—The First & Refunding Mtge. bonds are a lien
upon all the real estate, mills, buildings, water and property rights of said
company wherever situated, including properties formerly owned by the
following named companies [see “(1) Mills owned” in table below—Ed.l or
since acquired from others and situated in the following States and counties:
Description of Mills and Daily Production.
Ground Sul. Paper
(1) Mills Owned,
Floor
and Names of Former Owners.
Space, sq. ft. Wood, tons. tons. tons.
Plattsburg Paper Co., Cadyville. N. Y
97,000
105
-_
Lake George Paper Co., Ticonderoga, N. Y_
-85,000
40
54
Hudson River P. & P. Co., Palmer, N. Y-... 452,000
62
262
230
Niagara Falls Paper Co., Niag. Falls, N. Y 292,000 See foot-note below
Herkimer Paper Co., Herkimer, N.Y
70,000 Leased to Herk.F.Co
7 cities France
7 cities Germany
5 cities Gr. Britain
Glens Falls
Mill Co.
5 cities New Zeal’d
7% in
1917, and two dividends of 1*4% each were paid on April 15 and July 15
1918, respectively.
No dividends have been paid on the common stock
--
--
Corp. in 1917 earned $9,086,103; less war losses charged off in
1917, $10,436,825; deficit. $1,350,722.
*
Subject to exchange depreciation and war losses not determined.
Earnings, &c.—The new company is unable to submit at this time an
income account and balance sheet.
The last complete income accounts
and balance sheets of the two merged companies are given in consolidated
form below [and will be found separately given in V. 107, p. 1917 to 19201.
CONSOLIDATED INCOME ACCOUNT FOR 1917 OF INTERNATIONAL
HARVESTER COMPANY OF NEW JERSEY AND OF INTER¬
NATIONAL HARVESTER CORPORATION.
Income from operations, after charging all taxes (lncl. Federal
income and excess profits taxes), but before deducting interest
on loans and annual provision for plant depreciation, special
Int. Har.
maintenance, losses on receivables, &c.:
On sales of farm implements, motortrucks, repairs & twine. $18,945,778
On steel products, &c., incl. miscellaneous earnings
11,471,433
$30,417,211
Deductions—
Interest on loans
Ore and timber exting’m’t
Res’ve for plant deprec’n
Res’ve for special maint.
Res’ve for losses on rec’les
$100,000
$973,821 Res’ve for collection exp.
500,000
581,486 Contingent reserve
300,000
2,172,146 Approp. fire insur. fund.
750.000
530,996 Approp. pension fund
250,000
1,163,066 Approp. prof, shar’g fund
Balance after all deductions (excluding dividends)
$23,095,697
Profit and loss deductions: War losses charged off in 1917, $10,436,825; less charged to contingent reserve, $1,350,721 — -9,086,103
Net profit for season 1917
$14,009,593
Note.—In 1917 no income is included resulting from operations in Russia
and enemy countries.
CONSOLIDATED BALANCE SHEET OF INTERNATIONAL HAR¬
VESTER CO, OF NEW JERSEY AND INTERNATIONAL HAR¬
VESTER CORPORATION AS OF DEC. 31 1917, ELIMINATING
ALL INTER-COMPANY ACCOUNTS.
Assets ($264,711,337)—
Real estate and plant property, ore mines, coal and timber
lands, &c., $80,937,559; less res. for plant depr., $18,427,154_$62,510,405
,
,
Fire insurance fund assets,
Raw mat Is, work in proc.,
^
t
^
$1,258,950; def. charges, $149,481--
finished products, Ac., at cost or less
Receivables—Farmers’ and dealers notes, $27,105,720; accts.
receivable, $15,981,319; total, $43,087,040; less reserves
for losses, $6.740,333
---Funds withheld in Europe by war conditions—At normal ex¬
change rates, $45,432,972;
1917, $10,120,000
1,408,431
78,682,825
36,346,707
less war losses charged off in
35,312,972
15,191,670
35,258,327
C^pRal^s^ck—Prefei4(xi3^$60,000,000;
common, $80,000,000-$140,000,000
Bills payable (incl. $10,000,000 loan maturing 1921)
12.784,300
Accounts payable
26,089,261
Cash
—
—
Reserves
—
—
— — - —
— — — _ —
(appropriated surplus)—
Special maintenance
Collection expenses
Fire insurance fund
Pension fund
Surplus (subject to war
covered by reserves)
-
(marketable securities)
$2,690,960
——— —
— — — ——
Industrial accident fund
2,000,000 Profit-sharing fund
5.696,106 Contingent for war
losses, Ac.
3,192,856
losses not yet determined and not
$950,000
850,000
9,406,518
_
61,051,338
135,000
-_
May 1918)
50,000 (Leased to Contin.
Paper Bag Co.)
-
-
_
_
....
-
International Harvester Corporation since July 15 1914.
Earnings of Merged Companies Since 1913
(b) Int. Har. Corporation—
(a) Int. Har. Co. of N. J
1913 --$7,915,526 1916_$10,682,160 1913 --$7,155,253 1916-*$5,137,098
below
4.262.594
1914
7,463,231 1917. 14,009,593 1914
1915 -.*3,720,141
1915
8,576.436
--
272,000
60
142
50
80
148
36
95
120
9 (Part .burned
N. Y., “A”
Remington Paper Co., Watertown,
N. Y., ”B”
42
94
35
Fall Mt. Paper Co., Rockingham, Vt
249,000
45
35
Winnipiseogee, Franklin Falls, N. H
158,000
103
80
60
Glen Mfg. Co., Berlin, N. H
443,000
47
36
Montague Paper Co., Turners Falls, Mass.. 135,000
80
302
65
Otis Falls Pulp Co./Chisholm, Me
437,000
80
(Riley, Me
76,000
(Mill torn down)
Umbagog Pulp Co., Livermore, Me
Falmouth Paper Co., Jay, Me
(Elec, power here gen.& trans¬
mitted to Otis Mill)
preferred stocks of the International
Inter¬
of the
343,000
61,000
(Fort Edward, N. Y
Ontario Paper Co., Brownville, N. Y
C. R. Remington & Son Co., Watertown,!
International Harvester Corporation.
Dividends at the rate of 5% per annum have been paid on the
national Harvester Co. of N. J. common stock from 1913 to 1916:
330,000
Paper/So. Glens Falls, N. Y
(Milton, Vt.-_
Aktieselskapet International Harvester
Co. (Norway), Christiania
380,000 Kr. 3 cities Norway
International Harvester Co. A | G (Switz¬
erland), Zurich
150,000 Fr. 3 cities Switzerland
Dividends of Merged Companies.—Regular dividends at the rate of 7%
Jersey
annumCo.
New paid
the
gjrarvester
haveof been
on and
at 51 Newark St., Noboken, N*. J.
Building, 606 South Michigan Ave.
Chicago. New York office, 17 Battery Place.
Directors.—(a) Term expires 1919: James Deering, Miami, Fla.; John J.
Glessner, Harold F. McCormick and George A. Ranney, Chicago-George
W. Perkins, New York City.
(6) Term expires 1920: Charles Deering,
Miami ,Fla.; Thomas W. Lam ont, Englewood, N. J.; William J. Louderback, Highland Park, Ill.; Cyrus H. McCormick and John J. Mitchell,
Chicago,
(c) Term expires 1921: Edgar A. Bancroft, Chicago; John A.
Chapman, Lake Forest, Ill.; Richard F. Howe, Jericho, N. Y.; Thomas
D. Jones and John P. Wilson, Chicago, Ill.
Officers.—Cyrus H. McCormick, President; Harold F. McCormick,
James Deering, John J. Glessner, Vice-Presidents; Edgar A. Bancroft,
General Counsel; George A. Ranney, Secretary and Treasurer; William M.
Gale, Assistant Secretary and Assistant Treasurer.
The certificates of each class are interchangeable and directly trans¬
ferable either in New York or Chicago.
N. Y. transfer agent. Guaranty
Trust Co.; N. Y. registrar, New York Trust Co.
Chicago transfer agent.
First Trust A Savings Bank; Chicago registrar. Merchants’ Loan A Trust
Co.—V. 107, p. 1388.
Vienna
(paid:
^
Jin) 50,000 Cr. 4 cities Austria
Aktieselskabet Int. Harvester Co. (Den500.000 Kr.
mark), Copenhagen
Investments
1575
THE CHRONICLE
1918.]
Webster
Rumford Falls Paper Co..
/Rumford
Rumford Falls Sulphite Co.,\
Falls, Me..
„
Mills Leased from—
Piercefield Paper Co., Piercefield, N. Y
Olcott Falls Co., Wilder, Vt
Curtis Estate. Palmer, N. Y
35,000
30
35
653,000
90
120
189
184,000
40
90
85
90
45
35
111 ,000
13,000
47
53
4,824,000
1,483
457
1,634
33,000
34,000
Falls, Me..
Me-__
Umbagog Paper Co. (Livermore
(Solon,
Total (see note)
—
28
76,000
Paper Co., Orono, Me
Piscataquis Falls P. & P. Co., W. Enf’d, Me.
Note.—The Niagara Falls plant above mentioned stopped making paper
in Feb. 1918 and is now making a product essential to the prosecution of
the war.
Prior to this event the daily production was ground wood, 64
tons: sulphite, 45 tons; paper, 154 tons.
This tonnage is additional to the
total shown In the foregoing table.
(2) Acreage of Woodlands by
Counties and States.
Acreage.
11,784
460
26,067
2,351
12,895
346
Saratoga Co
3,958 Washington Co_
5,330
St. Lawrence Co 11,889 Windsor Co
N. Y. State. Acreage.
Clinton Co
2,091
Essex Co
12,843
Franklin Co
23,779
Hamilton Co___ 62,333
Herkimer Co
44.148
Warren Co
Vermont—
Addison Co
Caledonia Co
Essex Co
rleans Co
Rutland Co
990
New Hamp.
Coos Co
Grafton Co
Acreage.
75,638
48,204
Maine—
Aroostook Co_.
Franklin Co
Oxford Co
2,654
28,500
4,947
Total N. H. &
Maine
159,943
59,233
Total
Total
162,031
The said mortgage is also a lien upon all right, title, interest and claim
of the company in and to and under the following perpetual leases, agree¬
ments and grants, viz.: (a) Niagara Falls Power Co. to Niagara Falls Paper
Co.; (5) Bellows Falls Canal Co. to Fall Mountain Paper Co., at Bellows
Falls, Vt.; (c) Turners Falls Paper Co. to
(d) Turners Falls Power &
Turners Falls;
Montague Paper Co., Ac., at
Electric Co. to International
Paper Co.; (e) Rumford Falls Power Co. to
and also to Rumford Falls, Sulphite Co.
Rumford Falls Paper Co.,
Power leased
Rental
Rental per
(3) Water Power Leases’■—
Niag. F. Power Co., Niag. F., N. Y. gross H.P.
per Year.
gross H.P.
(Power temp, taken over by Govt.) .11,100
$75,562
$6 80
Rumford Falls Power Co., Rumford,Mel4,900
74,218
5 00
Turners Falls Co., Turners Falls, Mass. 3,683
9 40
34,570
Bellows Falls Canal Co., Bellows F., Vt. 9,650
41,850
4 35
Together with the said leases and also any other leases for water power,
woodland, wood or any other property now or hereafter owned or held
by the corporation.
„.
The water powers used at the other mills of the company are owned by It.
The water and steam power developed in all the mills of the company,
including mills leased ana operated by the company is equal to 202,000 h.p.,
propelling pulp grinders, producing 1,483 tons of ground pulp wood per
day, sulphite digesters producing 457 tons of sulphite pulp per day and
paper machines producing 1,634 tons of paper per day
The company and its subsidiary companies hold title In fee simple to
approximately 1,400,000 acres of woodlands, located in the States of N. Y.,
N. H., Maine, Vt., Mich, and in the Dominion of Canada, and has per¬
mits to cut and use wood from over 2,800,000 acres in
The company controls by stock ownership the
the Dominion of Can.
following companies
(except Champion-International Co.) and the mortgage is also a lien upon
the following snares of stock of the following companies owned by the com¬
pany,
which securities are deposited with
the Equitable Trust Co. of N. Y.
1576
THE CHRONICLE
(4) Stocks Pledged under
Company
Stock
Stock
Qualify. Outst'a
Said Mortgage—
Incorp. Authorized. Issued. Direc. {Part100)
Piercefield Paper Co
N.Y. 1897 $400,000 $377,200 $500 $376,700
Olcott Falls Co
N.H. 1848
500,000
300,000
300
299,700
St. Maurice Lumber Co. _Que. 1916
600.000
600,000 1,100
598,900
Champlain Realty Co...N.Y. 1904
500.000
400.000
700
399,300
Umbagog Paper Co.
Me. 1898 2.500,000 2,050,500
500 2.050,000
American Realty Co
Me. 1901
500,000
350,000
700
349,300
Ram Island Power Co...Me.
1909
100,000
500
100,000
99,500
Winnipisiogee Lake Cot¬
ton & Woolen Mfg. Co.N.H. 1831
Champion-Intemat. Co-.Me. 1901
70,000
70,000
700
69,300
650,000
650,000
300
239,200
(5) The First & Ref. Mtge. is also a lien upon underlying bonds pledged
with the trustee as shown in the following table, these
including bonds of
the company and the Hudson River Pulp St Paper Co. and Rumford Falls
Sulphite Co. exchanged for First Sc Ref. Mtge. series “A” 5s or otherwise
acquired by the company as here indicated [tabulated as in other cases
above by Ed.]:
Underlying
Bonds—
Oulst’d’g
Mar. 1917.
Now Pledged
Paid at
Retired
Outsl'd’g
Ezch'ged. Acquired. Maturity, by Sk. Fd. July 1918.
$$$$$$
1st
Consol. 6s due
1918
7,976,000 4,337,000
377,000 3,262,000
Consol. 5b due Jan.14,176,000 1,722,000/1,514,000\
1935
1
1x2400000/
Hudson River, due
Jan. 1918
1,500,000
377,000
108,000 1,015,000
Rumford Falls 6s due
Feb.
None
171,000
769,000
Todd
Shipyards Corporation, New York.
{Report for the Fiscal Year ending March 31 1918.)
President William H. Todd on Oct. 7 1918 says in subst.:
Since March 31 1918 the property of Seattle Construction St
Dry Dock
Co., with the exception of its ary docks, has been sold at a
satisfactory
price, and the bonds of that company are no longer an obligation of Todd
Shipyards Corporation. Todd Dry Docks, Inc., has been formed to ac¬
quire the dry docks and has purchased land and constructed a complete
repair plant at Harbor Island, Seattle. This plant is now in operation.
The Todd Dry Dock St Construction Corporation has constructed a
com¬
plete shipyard, covering 100 acres, at Tacoma, Wash., where work is in
progress on the construction of ships for the Government, and contracts
now held assure full operation
through the year 1919. The $500,000 pref.
stock of this company, referred to in the balance
sheet, has, since March 31
1918, been purchased by the Todd Shipyards Corporation.
[The report names as included under the company’s ownership or manage¬
ment the following: Robins Dry Dock St Repair Co..
Brooklyn, N. Y.;
Tietjen St Lang Dry Dock Co., Hoboken, N. J.; Tood Dry Docks, Inc.,
Seattle, Wash.; Todd Dry Dock St Construction Corp., Tacoma,
Wash.;
Tebo Yacht Basin Co., Brooklyn, N. Y.; Todd Shipyards
Corp.. Quintard
Iron Works Plant, N. Y.; White Fuel Oil
Engineering Corp., N. Y.l
CONSOLIDATED INCOME STATEMENT YEAR END. MAR. 31
1918.
(Including Subsidiary Companies.)
None
July 1918
350,000
45,000
18,000
287,000
None
x These $2,400,000 bonds were previously in the
treasury.
(6) Also all real property, machinery, See., now or hereafter owned, etc.
Series “A” Bonds Issued, Ac.—Of the $7,500,000 First & Ref.
Mtge. 5s,
Series “A,” $6,481,000 were issued in exchange for the $6,481,000 under¬
lying bonds included under heading “Exchange” in the table just preceding,
while the remaining $1,019,000 were sold or delivered to the
company to
reimburse it for expenditures made in the acquisition of the
underlying
bonds shown in the table as “Acquired.”
There are now outstanding
$6,423,000 Series “A” bonds, the sinking fund prior to June 4 1918 having
retired and canceled $163,000 and a further $914,000 being in
treasury.
Sinking
Fund—Redemption Right.—The company is required to pay to
the trustee each year for the redemption of bonds,
by call at 102 M and int.,
if not purchasable at or below that price, an amount of cash
equal to at
least 1 % of all bonds theretofore issued under the mortgage, whether
or not
then outstanding.
[Interest on bonds retired by the sinking fund also ac¬
crues for the benefit of the
fund.] All or any part of the bonds may be
called for redemption on any interest date after due notice at 102
M and int.
Convertibility.—At the option of the holder or registered owner of any
Series “A” bond, each suen $1,000 bond upon July 11919, and
atany time
thereafter to and including July 1 1922, may be converted, subject to the
conditions and regulations prescribed in said mortgage, into
ten fully-paid
and non-assessable shares of the preferred stock of the
par value of $100
each, with a cash adjustment of current dividends and accrued interest.
All bonds converted are to be canceled and no bonds in
place thereof are
to be issued.
Series “B” bonds are not convertible.
Future Issues.—The First & Ref. Mtge. bonds are limited to
$20,000,000
[of 5% bonds dated Jan. 1917 and due Jan. 1 1947, all in $1,000 pieces c*J,
whereof $7,500,000 are Series “A” bonds convertible as
aforesaid, and re¬
mainder Series “B” non-convertible.
Bonds of each series are payable
both as to principal and interest without deduction for
any taxes, assess¬
ments or otner Governmental charges
(except such proportion of any Fed¬
eral income tax in
respect
to
income
derived
from
such interest as shall be
in excess of 2%), which the company or the trustee under the said
mortgage
may be authorized or required to pay thereon, or to retain or to deduct
therefrom under any present or future law of the United States of
America,
or of any State, county or
municipality thereof.
[The $12,500,000 Series “B” bonds have been or are to be applied as fol¬
lows: Reserved to retire Piercefield Co. 5s, due Sept. 1 1919,
$338,000; and
Olcott Falls 5s, due Mar. 1 1919, $389,000; $727,000; issued to the com¬
pany in exchange for Consol. Mtge. 5% sinking fund bonds similarly held
or immediately issuable to the
company, but held in treasury, $3,400,000;
reserved under restrictions for extensions, &c.,
$8,373,000.—Ed.]
Net earnings from operations
powers
Mar. 31*18. Dec. 31*17.
Liabilities—
$
$
Common stock...19,751,060 19,750,940
Preferred stock...24,709,570 24,709,430
38,927,885 39,237,258
2,904,346 Bonds
Woodlands
2,912,655
Secur. (incl. stock
7,494,000 11,942,000
Accounts payable. 1,124,010
1,313,314
of sub. cos.)
11,332,194 11,396,113 Accrued bond Int,,
94,340
81,950
Sinking fund
688 Dividends payable
375,000
375,000
Cash
1,178,465 2,426,428 Deferred dlv. pay.
694,957
695,293
Accts. & notes rec. 5,298,831
5,219,749 Notes payable
3,900,000
Mater. ,supp. ,&c .14,208,079 12,762,692 Reserve for Income
Adv. to sub. cos.,
tax (3 months).
40,000
purch. woodl'ds. 3,324,971
1,983,030 Miscellaneous res.
290,477
Deferred assets
365,673
272,495 Reserve for taxes. 2,500,000 2,500,000
Due from sub. cos.
1,457,947 Insurance fund
378,056
340,634
Sinking fund
749
Conting. reserve..
500,000
500,000
Surplus
15,698,032 15,452,186
Total
77,549,502 77,660,746
Total
77,549,502 77.660,746
Funded debt: Consol. M. 5s (due 1935), $769,000; First &
Refunding 5s,
Series “A” (duo 1947), $6,429,000; Rumford
Sulphite Co. 6s (paid
1918), $287,000; Piscataquis Pulp & Paper Co. 4s (due and paid July 1
Aug. 1
1918), $9,000.
SECURITIES INCL. STOCKS OF SUBSIDIARY
COS., MARCH 31 1918.
Par Value
Par Value
I. P. Co.
Capital
Stock Owned
Investment
Stock.
by I. P. Co.
Value.
International Paper Co., preferred
$24,709,570
$424,1121
$311,960
International Paper Co., common
19,751,060
37,856/
Upper Ammonoosuc Railway Co
50,000
50,000
20,000
Bellows Falls Boom Co
12,000
12,000
6,000
St. Maurice Lumber Co
600,000
600,000
1,119,553
Piercefield Paper Co
377,200
377,200
400,966
Rumford Falls & Rangely L. RR. Co.
300,000
25,000
12,500
Olcott Falls Co
300,000
300,000
1,464,617
Continental Paper Bag Co,, common 2,000,000
1,001,2001
623,396
Continental Paper Bag Co., preferred
1,500,000
751,500/
American Sulphite Pulp Co
65,000
32,500
20,237
Umbagog Paper Co
2,050,500
2,050,500
2,050,500
Ram Island Power Co
100,000
100,000
180,386
Champlain Realty Co
400.000
400.000
554,484
American Realty Co
350,000
350,000
847,626
Michigan Pulp Wood Co
100,000
100,000
100,000
Winnipiseogee Lake Cotton & Woolen
Manufacturing Co
70,000
70,000
85,000
Gould Paper Co
2,000,000
340,000
453,333
Champion International Co
650,000
239.500
628,044
Atlantic Coast Steamship Co
250,000
250,000
346,000
Miramichi Lumber Co
700,000
700,000
700,000
Herkimer Fibre Co
47,500
23,750
23,750
Black River Power Association
3,000
600
600
H. P. Cummings Construction Co
50,000
35,000
35,000
Glen Junction Transfer Co
30,000
30,000
30,000
Androscoggin Reservoir Co
790,000
197.500
150,000
Eibel Process Co
300,000
100.000
10,255
Montague Machine Co
35,000
35,000
35,000
Portland Wood Handling Co
50,000
50,000
50.000
Indian River Co
124,700
68,950
26,647
Grand Lake Co., common
50,800
3,000
32
Grand Lake Co., preferred
260,000
Timberlands Mutual Fire Ins. Co
50,000
10,000
10,000
Miscellaneous Securities
1
Grand Falls Co., Ltd
1,203,500
804,300
469,390
Chicoutimi Pulp Co. 6% bonds
31,800
John J. McCabe, 5% mortgage
"""
8,000
Mortgage receivable
15,000
I. P. Co. First Liberty Loan bond investment account
”
4,346
I. P. Co. Second Liberty Loan bond investment
account. I
^
507,771
Total International
-V. 107, p. 700.
Paper Co. investment value.
.$11,332,194
$11,998,550
481,491
722,553
5,865,461
4,929.046
Deduct—Interest charges
Reserve for depreciation
Reserves for Federal taxes, Stc
Net profit for year
Provision for sinking fund reserve
Dividends ($7 per share on 89,470 shares)
_
Balance transferred to
common
985,809
626,290
stock equity
$3,316,946
CONSOL. BAL. SHEET MARCH 31 1918, FOR CORP. AND
ITS SUBS.
Assets ($32,452,149)—
Real estate, buildings and machinery, $14,151,233;
patents,
patterns St draw’gs, $107,107; less res. for depr., $989,571
__$13,268,768
Cash, $1,404,150; accounts receivable, less reserves, $7,462,863
8,867,013
Work in progress, less rec’d on account, $6,004,168; material
and supplies, $2,468,106
8,472,274
U. S. Liberty bonds and certifs. of indebtedness, at par
1,617,565
Marketable secure., $57,493; cash depos. agst. contracts, $50,000
107,493
Deferred charges
119.035
Liabilities ($32,452,149)—
Stated capital and equity, April 1 1917
Add—Provision for sinking fund reserve, $985,809; net avail¬ $4,713,247
able profit for year ended March 31 1918, after making sink¬
ing fund provision and paying divs. of $626,290
3,316,947
Capital stock, total equity, against $89,470 outstanding shares.b$9,016,003
Outstanding pref. stock of Todd D. D. St Constr. Corp., Tacoma
500,000
Funded Debt Robins Dry Dock St Repair Co. 1st 5s,
1961
Todd Shipyards Corp. 6% Conv. Notes, 1921 ($724,888 still 2,700,000
to be redeemed under Sinking Fund
requirements for the
12 months ending March 31 1918)
1,994,000
Seattle Construction St Dry Dock Co. 1st 4Ms. 1926
1,500,000
First and General 6s, 1922
1,000,000
Tietjen St Lang Dry Dock Co. 1st 5s, 1936
946,000
Tebo Yacht Basin Co., real estate mortgages
580,000
Notes payable
600,000
Accounts payable and advances on contracts
6,665,301
Reserves for Federal taxes, &c
6.950
845
b Authorized and issued, 116,000 shares;
deposited with the Brooklyn
Trust Co. for exchange of 5-year gold notes,
$21,310; in treasury. $5,220:
outstanding, $89,470.
Pennsylvania Salt Manufacturing Go.
(68th Annual Report—Year ending June 30 1918.)
Pres. Joseph Moore Jr. on Oct. 1 1918 wrote in
substance:
INTERNATIONAL PAPER CO. BALANCE SHEET.
Mar. 31’18. Dec. 31’17.
Assets—
$
$
Mill plants <fe water
[Vol. 107
Financial.—Harassing war conditions, together with constantly mounting
costs, led to an increase of inventory of nearly $1,000,000 over
the close of
1916, thus unduly absorbing working capital, but
happily the need of loans
was avoided.
No money has been borrowed for three
years.
With the deductions just made for depreciation,
the rehabilitation of
the finances of the company is practically completed.
While the existing
inflation of values leaves no spare working capital, and
none yet for the
much needed self-insurance funds, each month
witnesses a steady increase
in resources, with surplus profits
employed in developing earning capacity.
Improvements, Ac.—Expenditures for repairs were necessarily large
in view
of the depletion incidental to working the
plants to the utmost capacity,
as well as to the known
economy of high modern efficiency.
This
charge
for the fiscal year was $865,106, all of which was
carried directly to expense.
In addition, $704,496 was appropriated for
to maintain
improvements,
the works on a progressive basis, so vital to meet
competition.
War Restrictions and Orders.—During the spring months
the imperative
demands for war transportation led the Government to limit
importations
of foreign ores to small tonnages.
This action affected pyrites to such an
extent that equipment to burn American brimstone had
to be installed at
your works for the manufacture of sulphuric acid.
Constantly increasing
restriction and regulation also prevail in other departments,
marking the
transition from a peace to a war regime, and creating
perplexing obstacles
and commercial disturbance.
The growing needs of the United States and
of the Allies received the heartiest attention, in
some cases requiring
enlarged facilities.
Copper.—Copper, which is a by-product of the Spanish pyrites, has con¬
tinued to be a drawback.
When the Government fixed the reduced
price
of 23M cents a pound, it involved a net loss to the
company of $242,000
on the quantity then in stock.
The burdensome contract with an English
company for pyrites under which your company has worked for more than
four years, terminates with the present calendar year, and
very different
terms must be granted should it be renewed.
The profits of the Green¬
wich works have been small because of this unjust
burden, as well as acid
sales contracts antedating the war.
The Board has authorized a further
reduction of the inventory val :e of the two
copper extraction plants of
$250,000, now placing them on the books at $500,000, which
approximates
their actual worth.
The original investment was
$2,300,000, besides
maintenance.
Sales.—With an occasional exception, demand for our
products has been
unabated throughout the fiscal year, and promises to
continue longer.
Sales amount to $10,924,691, as compared with
$11,406,223 in 1917;
$10,855,416 in 1916 and $7,797,782 in 1915.
Reduction in tonnage,
caused by the impediments already recited, was offset in total of sales
by
higher prices.
Losses on sales were only $696. The renewal of long term
selling contracts has become inadvisable, on account of the necessity to
readjust prices frequently, consequent upon varying costs.
Outlook.—The net earnings, considering the tribulations, are
exceedingly
gratifying, and augur well for the future. No man can yet forecast what
average profits may be permitted manufacturing after the
war, and to
what extent extreme taxes will be imposed,
especially if prohibition elimi¬
nates the enormous revenues from alcoholic beverages.
When prices begin
to recede, it will be impo>dble for badness carrying
stocks of merchandise
to escape the losses of falling markets, and
notably if accompanied by de¬
pression. Through preparedness it is believed your property can be safe¬
guarded against threatening emergencies.
RESULTS FOR FISCAL
N?
1917-18.
Income sale of products
after exp.,
YEARS ENDED JUNE 30.
1916-17.
1915-16.
1914-15.
repairs, &c. $1,558,520
141,196
Other income
Total
Interest
earnings
on
notes
$1,699,716
_
$2,380,716
152.731
$2,610,808
196,738
$1,115,997
$2,533,447
$2,807,546
$1,279,872
$33,333
$75,892
200.000
Depreciation
$250,425
Inc. St exc. profits taxes.
157,344
Dividends paid
(12M %)937,500
447,957
150,000
(8)600,000
Balance, surplus
$354,446
Total surplus June 30.. $5,412,075
Jl.302.157
15*243,661 $1,931,654
$4.20i;505
163.875
$92,246
200,000
(8)600.000 (10)750,000
•0^7
$2,5081963
Oct. 19
BALANCE SHEET JUNE 30.
1918.
9
Assets—
Real estate,
coal lands
1917.
*
incl.
509,006
Bldgs., mach.,Ac_a8 ,320,847
Cash
253,593
U. S. Lib. bds.(4 Jis)
50,000
Bills A accts. rec.. 1 .487,835
Inventory
3 ,311,179
Secur. of oth. cos_
109,338
Prepaid insur.,Ac.
Total
.
at
8,996
Liabilities—
Capital stock
7,500,000
654,418
513,515 Acc*ts payable
Accrued
8,116,777
Interest,
347,741
taxes, Ac
296,799
Diva. pay. July 15
187,500
1,443,607 Surplus and undi¬
vided profits... 5,412,077
3,017,341
109,338
9,223
14,050,794 13,557,542
1917.
S
1918.
$
7,500,000
460,647
353,233
5,243,663
Includes in 1918 buildings, machinery and equipment at plants located
Philadelphia and Natrona, Pa., and Wyandotte, Mich., $16,901,964;
depreciation, $8,581,117.—V. 107, p. 1485.
a
Edison Electric Illuminating Co.
of Boston.
{Report for Fiscal Year ending June 30 1918.)
Pres. Charles L. Edgar, Oct. 8, reported in substance:
Connected Load.—The total connected kilowatts June 30 1918 amounted
33o,19S, against 278,051 in 1917, 243,337 in 1916 and 219,440 in 1915.
I he increase this year of
approximately 57,000 k. w. emphasizes the
statement made in last year’s report .hat “the strenuous times through
which the country is
passing have not seemed to retard the
business.
While it is true that a considerable proportion of this increase
is due to war industries,
notably the Watertown arsenal with 10,000 k. w.
and the Victory shipbuilding plant at Squantum with 2,000 k. w., the fact
remains that our general growth i3 more
rapid than it has ever been, not¬
growth of the
withstanding the fact that the building industry is now regulated by the
Federal Government and practically no new buildings are being constructed.
The growth seems to come from two sources: The large number of apart¬
ment houses and small dwellings that have been under construction for
two or three vears and are now being completed and the increase, due to
conditions, in the connected load of the majority of our power customers.
Earnings.—While the war, therefore, does not seem to nave affected the
growth of the company unfavorably, the comparative statement of opera¬
tions shows very clearly the effect of war conditions upon the co’s earnings.
The undivided profits are considerably less than for the years 1916 and
1917, but are considerably greater than for the years 1914 and 1915.
This
is due to a smaller increase in gross earnings and a larger increase in ex¬
penses, both being due very largely to the fuel situation which existed
during the year. The so-called lightless nights and workless days ordered
by the Fuel Administration last winter resulted in a decrease in earnings
of at least $175,000.
The Daylight Saving Act which went into effect
March 31 1918 cost us another $150,000 during the fiscal year.
In addition
to these two specific reductions the company’s customers have undoubtedly
war
.
varying from 25% to 100%.
Notwithstanding all these unfavorable circumstances, the balance sheet
published herewith shows that the company after the payment of its
regular dividends and fixed charges was able to show amounts in the various
surplus accounts larger than were shown in the report for the previous year.
Additions Restricted.—In the interest of conservation it was decided in
Nov. 1917 to make no further extensions of the company’s street system
unless they were directly or indirectly for war purposes, or as service
connections upon a street on which our lines had already been constructed
for municipal uses.
This policy is still in force.
The installation of the first 30,000 k. w. turbine, to which reference has
been made in past reports, has been practically completed, and it will be
In operation in the early autumn.
The delivery of the second 30,000 k. w.
turbine which, when ordered, was expected to be in operation in the
autumn of 1918, has, at the suggestion of the Power Department of the
War Priorities Board, been postponed until May 1919.
This decision was
arrived at after a thorough investigation of the power situation in this
section of the State, showing our ability to meet practically any require¬
ments growing out of the necessities of the times.
The Chauncey St. sub¬
station will be in operation during the coming winter.
Arbitration of Street Lighting Prices.—The arbitration by the Gas A Elec¬
tric Light Commission between the city of Boston and this company a.s to
street
lighting prices has been concluded and the Commission has
handed
a decision reducing our income from Boston street lighting approxi¬
mately $15,000 per year.
This reduction being retroactive, the company
has rebated to the city and charged off for the period from Dec. 7 1914,
when the contract was made, to Feb. 26 1918, when the decision was
handed down, the sum of .$144,760.
Notes.—The general financial conditions of the country continue to make
down
it inadvisable to issue any additional capital stock, and to provide the
necessary funds for the company’s extensions an issue of $3,000,000 twoyear 6% coupon notes was made on Dec. 1 1917.
YEARS ENDING JUNE 30.
1914-15.
1915-16.
1916-17.
219,440
243,337
278,051
STATEMENT OF OPERATIONS
1917-18.
Kilowatts connected
Gross
335,198
$9,623,606
earnings
Expenses (excl. deprec.)
Net from operations.
Miscellaneous profits
Total
Taxes
Interest
Dividends (12%)
_
.
Total deductions
Undividend profits
...
4,831,271
$9,235,778
4,384,312
$8,302,814
3,625,417
$7,429,124
3,426,832
$4,792,335
89,606
$4,851,466
$4,677,397
197,967
124,051
$4,002,292
118,910
$4,881,941
$938,179
705,664
2,703,360
$5,049,434
$1,022,565
$4,347,203
$534,738
$4,801,448
$9.54,760
$4,121,202
$843,450
407,059
276,235
2,703,066
2,702,184
371,475
2,457,174
$4,132,690
$3,933,179
$868,269
$3,672,099
$449,103
$916,744
BALANCE SHEET JUNE 30.
1918.
$
Assets—
1918.
1917.
$
Liabilities
1917.
S
22 528,000 22,528,000
Capital stock
Installation and
50,073,725 47,437,523 Premium on stockl7 919,158 17,919,158
property
First ratge. bonds.
152,000
Unfinished instal¬
1 ,250,000
1,250,000
lation
5 ,246,913
3,009,900 Consol. bonds
766,973
3,702,610 Coupon n>te3
13 ,014,500 10,021,500
Cash in banks
204,546
268,897
i ,650,356
Stock on hand
1,370,496 Accounts payable.
Notes
payable....
1 ,891,000 2,257,000
Notes & accounts
350,106
339,504
r receivable
862,173 Accr’d int., Ac
965,758
675,840
Dividends
675,840
in
Cash
sinking
840,044
827,559
20,698 Reserve for depr__
► fund
Profit and loss
151,458
234,893
300,000
U. S. Liberty bds.
108,123
Sundry ledg. accts.
59,003,725 56,403,401
Total
-V. 107, p.
Total
59,003,725 56,403,401
1289.
Intercontinental Rubber Co.
{Report for Fiscal Year ending July 31 1918.)
Secretary Willard P. Smith on Oct. 7 1918 wrote in sub^t.:
Operation of the company’s factory at Torreon, Mexico, was resumed
continued to date, with frequent interruptions and
on a scale materially less than maximum capacity.
Although general
conditions nave somewhat improved, the operation and administration of
our business in Mexico, particularly at the Cedros Ranch, still present ab¬
normal difficulties which it has been possible only partially to overcome.
The profits on operation shown on the accompanying statement resulted
from deliveries of rubber to customers up to July 31.
A maximum price
of 35 cents per pound f.o.b. New York, for standard moist $uayule rubber
was fixed by the War Trade Board on May 1 1918, and this regulation is
still in effect.
However, thus far no minimum price has been guaranteed
Nov. 1 1917 and has
or
in which your company owns a 50 % interest has been under requisition by
the British Government, and at present the net income from this source is
Because of abnormal conditions in the security market, no revaluation
of securities is made, but they are carried at the same figure as in the prior
report, or at the cost if purchased during the year.
INCOME ACCOUNT YEARS ENDING JULY 31.
1910-17.
1915-16.
1914-15.
$581,903
$238,373 $1,195,895
$274,421
a72,679
135,044
45,914
34,185
$165,694 $1,060,851
$535,988
$240,236
Balance, surplus
*
Includes net profits and income from investments, interest, &c., (after
adjustment of investment securities to current market values).
a Includes
in 1917-18 $19,489 cost of caring for Mexican properties, including Mexican
1917-18.
*Gross income
Admin. A gen. expenses
taxation.
BALANCE SHEET JULY 31.
1918.
S
Assets—
Investments
x31,328,897
Patents
15,142
Advs. to sub. cos.,
&c_
430,646
Sundry accounts..
Invest, securitiesAdvs. on rubber..
Cash...
1917.
S
31,038,897
15,142
29,101
1,559,020
484,747
32,171 Surplus
1,411,520
78,275
521,683
1917.
$
1918.
Liabilities—
$
Common stock
29,031,000
Acc’ts payable, ac¬
crue! taxes, Ac.
27,706
Reserve accounts.
734,434
29,031,009
16,942
734,434
4,005,596
z4,169,625
805,494
33,962,764 33,787,971
33,962,764 33,787.9711
Total
Includes in 1917 investments in stock-merged and subsidiary companies
Total.
x
by cash, $3,030,322; by stock issues, $28,198,575, and steamship stock
$100,000. z After deducting $1,665 for reserve against loans to subsidiary
companies.—107,
p.
1484.
Spanish River Pulp & Paper Mills, Ltd.
{Report for Fiscal Year ending June 30 1918.)
President Geo. H. Mead on Aug. 30 1918 says in substance:
Results.—While the operations of the early part of the period indicated
considerably greater earnings the net revenue shows a reduction of ap-
economies. It is impossible to determine the extent of the Eroximately
dueand
largely
to theStates
pricesGovernments.
fixed for newsprint
y both the$390,000
Canadian
United
This paper
price
Eractised
itter, butmany
the amount Involved has been considerable.
WgThe increase in expenses during the year is due to various causes: First
and foremost is the abnormal cost of coal which during the year exceeded
pre-war cost bv $463,000.
In addition to this a 10% increase in wages
was granted on May 1 1918 to all employees receiving $3,000 a year or less.
Fortunately, the price of incandescent lamps, which is one of the large
items of expense, increased only a nominal amount, but all other materials
msed in the operation or repair of the company’s property increased by
amounts
The company’s development program in Sumatra was inaugurated dur¬
ing the year and is being satisfactorily prosecuted as planned, the only
unfavorable feature being losses in exchange due to depreciation of the
American dollar in all neutral countries.
Partially as a result of general war conditions, the Agricultural Products
Corporation has deemed it advisable to curtail somewhat its development
program in Arizona, although all important experimental features are be¬
ing continued.
There has been no change in the status of our steamship investment,
since the last report to stockholders.
Since April 1917 the remaining vessel
negligible.
14,050,794 13,557,542
Total
less
to
1577
THE CHRONICLE
1918.]
established.
regulation has affected your company unduly since its output up to the
present time has been almost exclusively newsprint paper, while nearly
all other Canadian mills produce diversified products which have benefited
from unrestricted prices.
Your directors have, therefore, considered it
necessary to develop an output of products other tnan newsprint.
A
further expenditure during the year or approximately $960,000 was made
largely with this object in view. The productive capacity of the plants
has been increased 100 tons per day.
The company suffered during the winter from the drought which affected
certain sections of the country, necessitating the purchase of groundwood
to the amount of approximately $300,000.
This had a material influence
in reducing the profits for the year.
Except for the above, the operation
of the plants continued during the year as nearly normal as labor conditions
would permit.
The groundwood mills having been extended at all our
plants during 1916-17 a surplus of pulp has been manufactured during this
and stored.
Construction Work
summer
Completed.—With the sulphite mill enlargements and
improvements finished, the board mill in full operation, and paper mills
brought to a state of high efficiency, the company's now balanced plants
should proceed with improving results.
The total da ly production of
pulps, board and paper for market sale now amounts to 570 tons, and will
shortly be increased to 600 tons, the capacity of the plants.
Stocks of
newsprint paper being unusually low, and the demand strong, we anticipate
no difficulty in disposing of the entire output during the ensuing year.
Bank Loans.—Wnile it was expected that the profits for the year would
provide sufficient funds to complete the above enlargements and improve¬
ments as well as supply additional working capital for the increased output,
the low prices fixed by the Governments rendered necessary additional
accommodation from the banks.
The directors also considered it wise to
keep heavily stocked in all raw materials.
COMBINED RESULTS {INCL. LAKE SUPERIOR PAPER CO.. LTD.)
Years ended June 30—
Total net revenue for the year
Reserved for depreciation
Interest on funded debts and other
500,000
$1,071,301
$993,72$
993,726
profit and loss surplus
30 {Incl. Lake Superior Paper Co., Ltd.)
$300,-
supplies, $1,422,627; paper mill products,
670.
after providing for doubtful
debts, $1,324,921; cash,
$276,741
Securities purchased for sink, fund payments
Insur. prem. unexpired & payments in advance..
Alterations & impts. to property during year
Deferred discount charges, bal. to be written off..
Deficiency account, balance to be written
Total
Liabilities—
Common stock auth.,
1917.
1918.
$22,868,093; net additions dur¬
$958,966
..$23,827,059
Securities of other companies owned
11,400
Pulpwood, $3,828,936; Woods operations—equip¬
ment, stores, Ac., $424,271; mill stores and
year,
Accounts receivable,
718,409
$1,129,504
699,621
835,399
$577,575
Property account,
ing
269,821
807,519
loans
loss account
Approrpiated towards deficiency account
Total
$2,117,734
344,137
Total net surplus for the year
Balance of consolidated profit &
CONSOL. BAL. SHEET JUNE
Assets—
1916-17.
1917-18.
$1,729,231
$22,868,093
11,409
5,976,504
4,220,97$
1,601,662
22,566
1,479,628
22,566
31,425
39,130
108,591
121,791
off
136,149
151,871
500,00$
$31 708,702 $29 ,422,1$8
$10,000,000; less unissued
$2,000,000
7% cum. stock autn., $10,000,000; unissued,
$4,300,900 (divs. on $3,000,000 pref. stocks are
cum. from July 1 ’13 and on bal. from July 1 ’14)
Spanish River Pulp A Paper Mills, Ltd., 1st M. 6s,
auth. A issd., $2,500,000; less red., $172,987...
Ontario Pulp A Paper Co., Ltd., 1st M 6s, auth.,
$2,500,000; issued, $1,500,000; less redeemed,
000,000
$8 ,000,00$
5 699,100
,699,10$
2 327,013
,327 ,$13
1,399,100
1,399,1$$
5 000,000
5,000,00$
1,606,000
1,331,219
217,85$
$8
Pref.
$100,900
Lake Superior Paper Co., Ltd., 1st M. 6s, auth.
and issued
Second mortgage 6% debentures, £330,000.
Deferred int. on bonds and notes due in 1922
Mortgages on newly acquired property
Loans from banks (secured by lien on forest pro¬
ducts and accounts receivable)
Accounts and bills payable
Current interest on bonds and debentures due
July 1 and Sept. 1
Deprec. reserve, $861,461: misc. res., $467,886..
Profit and loss account, as per income acct. above.
1 606,000
1 411,084
192,000
2 ,000,000
1 ,429,852
243,903
,329,347
1 ,071,301
1
950,00$
1 ,033,637
243,903
620.508
993,72$
$31.708,702 $29,422,108
Ltd., guarantees the principal
Paper Co.. Ltd., (all of whoss
capital stock it owns), also the bonds of the Ontario Pulp A Paper Co., Ltd.
Under the arrangement for postponement of bond Interest the bond¬
holders of the Spanish River Pulp A Paper Mills, Ltd,, the Ontario Pulp
A Paper Co., Ltd., and the Lake Superior Paper Co., Ltd., are entitled
pro rata to 10% of profits from time to time available for dividends
Contingent liabilities June 30 1918 amounted to $61,437.—V. 107, p. 11$5
Total
The Spanish River Pulp A Paper Mills,
and int. of the bonds of the Lake Superior
1578
THE CHRONICLE
Lake of the Woods Milling Co.
{Report for Fiscal Year ending Aug. 31 1918.)
Aug. 31 Years—
1917-18.
1916-17.
1916-16.
Profit for the year
x$857,914 $569,748 $525,142
Deduct—
Interest on bonds
$54,000 $54,000 $54,000
Int. on Keewatin Flour Mills bonds.
45,000
Preferred dividends (7%)
105,000
105.666 105,000
Common dividends (8%)_.
168.000
168,000
168.0-K)
Written off prop. & good will accts.. 100,000
100,000
100.000
Div. from Sunset Mfg. Co. (4%)—
84,000
Total deductions
Balance, surplus
1914-15.
$518,920
$54,000
45,000
105,000
168,000
100.000
$511,000 *427,000 $472,000 $472,000
$346,914 $142,748 $53,142 $46,920
x Includes milling profits, $601,520; profits from commodities
other than
flour and feed, $169,394; dividends from Sunset Mfg. Co.. $87,000.
BALANCE SHEET AUGUST 31.
1917.
1918.
Assets—
$
$
Real est., bldgs., Ac .3 ,133,075 3,018,702
Stable and warehouse
equipment, Ac...
Stocks *_
Ad van. to Keewatin
67,352
300,000
181,061
Flour Mills Co
j
'
Liabilities—
Common stock
1918.
1917.
%
$
2,100,000 2,100,000
j Preferred stock
1,500,000 1,500,000
62,736 bonds, 6%, due 1923 900.000
900,000
300,000 Interest on bonds (3
months)
181,061 Bond redemption ac¬
Goodwill, trade mks.
count
Ac
500,000
550,000 Bills payable
Materials A supplies. 669,879 1,371,728 Accounts payable
Open accts. recelv.. 660,388 1,012,764 Contingent reserve.!
Cash
.1, 088,381
24,927 Profit and loss
Victory Loan bonds. 200,000
13,500
13,500
400,000
200,000
300,000
676,536
166,002
742,436
978,798
831,884
[Vol. 107
City & Suburban Homes Co., New York City.
(22d Annual Report—Year ended Dqp. 31 1917.)
The City & Suburban Homes Co. (1) owns and manages six model tene¬
housing 15,000 people in the Borough of Manhattan, City of New
York,
(a) Model tenements located at 217 W. 68th St., 372 apart¬
ments; 415 E. 64th St., 1,051 apartments; 511 E. 78th St., 1,256
apart¬
ments; 415 E. 73d St., 94 apartments.
(6) For colored people; 213 W. 62d
St., 46 apartments; 210 W. 63d St., 128 apartments.
(2) It manages at
541 E. 78th St., N. Y., a hotel for working women
accommodating 326
guests, the erection of which was made possible by subscriptions to the
company’s stock by Mrs. Willard Straight and other members of the Junior
League; terms, room and board, $5 to $8 per week.
(3) It has developed
at 67th to 74th Sts., between 16th and 17th Aves.,
Brooklyn, a busurban
property known as “Homewood,” comprising 263 one-family houses.
Organized in 1896 and has an unbroken dividend record of 20 years.
ments
President Allan Robinson, May 1, wrote in substance:
Earnings.—It will be noted that all net earnings in excess of dividend
requirements have been transferred to the reserve for reproduction of
buildings, and that this reserve, which was set on our books Nov. 1 1915,
now stands at $126,849.
The winter's increase in expenses was partly offset by an increase in
receipts in the summer months, as a result of fewer vacancies and partly by
a raise in rents
averaging about 4%, which took place in the latter part of
the year.
The earnings this year were also increased by the saving in
mortgage interest due to prior payments on the principal of mortgage in¬
debtedness.
Rents were raised generally throughout the city
last year, the
range of increase being from 10 to 30%.
These raises in rents represented
In many cases what the landlords could get rather than what
they needed in
order to meet the heavier expenses.
Our slight raise of 4% may not be
sufficient to meet our added burdens, but we do not intend to raise rents
further unless it becomes a matter of imperative
necessity to do so.
The
loss from
vacancies in the tenements in the summer months of 1917 was
as compared with a loss of $12,793 the jear before.
For tne
April 30 1918 the cost of coal was $45,582, against
*
$34,181 in 1916-17, while taxes amounted to $63,249, as against $53,814.
Includes Keewatin Flour Mills Co., Ltd., $200,000 Sunset
Mfg. Co.,
Ltd.. $50,000, and Medicine Hat Milling Co., Ltd., $50,000.
Mortgages.—Fortunately, all of our mortgagees were Institutions of great
soundness and large resources, and they were not under the same
Indirect liability on customers’ paper under discount
necessity
Aug. 31 1918,
to
call loans as were weaker lenders.
$109,312.
Furthermore, the present financial
condition of this company is most
x Including provision for war tax for two
satisfactory, and its earnings afford such
years.—V. 107, p. 1484.
ample margin over all requirements that our mortgages are more than
9
usually attractive as investments.
Enemy Aliens.—In some of our properties, notably the largest, located
Bucyrus Company, South
Wise.
directly on the water front, known as “Avenue A,” in which there are over
5,000 people, we had a number of alien enemy tenants.
In co-operation
{Report for Fiscal Year ending Dec. 31 1917.)
with the public officials, we made a canvass of our
tenants, with the result
that several of them were
required to vacate their quarters.
Pres. W. W. Coleman, South Milwaukee, Wis., March 5 German
The use of the
language, which had been customary in the branch office in the
wrote in substance;
“Avenue A’ property, was discontinued and German
signs removed.
Coal.—The severe cold weather, which set in on Dec. 31
1917, and con¬
Results —After making the usual deductions and those due to additionar
tinued practically during all of
January,
found
this
company, like most
taxes, including the excess profits tax (as nearly as can be determined to
other users of coal In New York, with
Our
empty
bins.
needs
were 85 tons
date), the net earnings for the year were $854,281.
a day, and by
Of this amount ap¬
superhuman efforts we obtained this supply of coal every
proximately 75% resulted from our usual pre-war products.
The remainder
so that during that entire
day,
period of cold weather we were able to give
resulted from our munition contracts and other special
our tenants a better heat schedule
products arising
than many of the high-class apartment
from war demands.
During the year a 1 % dividend was paid quarterly
houses in Park Avenue maintained.
Earlier in December an unusually
on the preferred stock, or a total
paid during the year of $160,000.
large fall of snow had made deliveries of coal a practical impossibility,
and
Dividends.—The earned surplus at the end of the year was
for
4M days the
approximately
was unable to supply any heat to its tenants,
30% on the preferred stock issued and the cumulative unpaid dividends although it gave company
them their usual supply or hot water.
To compensate
thereon aggregated 22% at the same date, after
deducting the dividend them for the loss of the heat, we made a rebate to each tenant of 10 cents a
payable Jan. 2 1918.
day.
This rebate amounted in cash for the four and half days to $1,120.
Owing to the unusual cash requirements for the. payment of excess profits
Fortunately, the weather at this time was not excessively cold, and the
and additional income taxes, the amount of
tenants were able to keep
money involved In the inventory
comparatively comfortable with gas stoves.
the approaching date of maturity of the gold note
Issue, and the uncer¬
Operating Costs High, Due to Welfare Service.—In ordinary tenement
tainties of the coming year, your directors deemed it wise not to
increase
management
the operating costs are lower than in high-class apartment
the dividend disbursements above the rate of
4% per annum.
houses, so that it will readily be seen that our 34% represents greater
Notes.—The note issue dated Dec. 15 1915, of $1,000,000, matured
attention than Ls ordinarily given to tenants’ welfare and
convenience.
It
June 15 1917, at which time $400,000 was paid from the cash
resources
may be said that what we are doing in the way of service for our tenants
and the balance paid from the proceeds of a sale of a new issue of
$600,000 amounts to paternalism, and perhaps that characterization of it Is correct
one-year 6% gold notes authorized May 29 1917, and
maturing June 15
to-day,
but if our “service” is paternalistic to-day, we are even confident
1918 (V. 105, p. 182; V. 106, p. 2652).
that in the not-distant future the path this
company has blazed will be
Inventories.—Inventories of stock and manufactured materials were
followed by landlords
made on Oct. 1 at South Milwaukee and on Nov. 1 at Evansville.
generally, whether they want to follow it or not.
There are over 15,000 persons
The
In the various properties that this company
value of these inventories at cost prices is $842,139
greater than on Dec. 31
owns and manages, and all but a
negligible minority of the heads of our
1916, due largely to the increased price of raw materials and to a less extent tenants’ families
are in the wage-earning class.
to additional quantities of material.
The material on hand was not in
excess of that
INCOME ACCOUNT FOR YEARS ENDING APRIL 30.
required to fill the orders on the books and to complete stock
machines scheduled at that time.
1917-18.
1916-17.
1915-16.
Operations—Business.—The munition contract was completed at the Gross earnings—
.$781,919
$742,759
$694,225
Evansville plant about the end of March, and, as stated
Operating expenses
above,
the net
436,259
398,332
373,864
proceeds are included in the present statement.
The press forge plant—built primarily for the
Net earnings
production of munition
$345,660
$344,427
$320,361
steel—was operated throughout the year on miscellaneous
Interest
forged products,
124,415
125,923
130,382
including a large proportion of forgings for our own requirements.
Dividends (4%).
The
167,643
164,258
164,177
net result of these operations was
satisfactory
and profitable.
The shipments of our usual products exceeded in value those of
Total deductions
the pre¬
$292,058
$290,186
$294,559
vious year by over 60%, which is accounted for in
Balance, surplus
large part by the higher
$53,602
$54,246
$25,802
prices prevailing during the latter period. These products
Note.—Entire excess earnings In 1917, $53,602, transferred to reserve for
are to a greater
or less degree essential to the
successful prosecution of the war and
reproduction
of
through¬
buildings and used to reduce mortgage indebtedness.
out the year many machines were ordered
by our own and Allied Govern¬
ments.
The larger portion of our
BALANCE SHEET APRIL 30.
output has gone into coal-mining equip¬
ment, consisting of coal stripping and coal
1918.
1917.
1918.
loading machines and a smaller
1917.
quantity into iron and copper mining.
Assets—
$
$
Liabilities—
$
$
In addition to products
Inv. in land & bldgs.7,196,442) 7,140,433 Capital stock
mentioned, the company has entered Into several
x4,191,480 4,185,980
contracts for material used
Donation fund stock
2501
directly
in
the
I’d
prosecution
of
Mtges.
on
A
the
bldgs2,671,500 2,622,500
war, the na¬
ture of which we are
Inventories
requested not to divulge at this time.
21,9211
Accounts payable...
10,255
138,086
Since the completion of the munition
Deferred charges
Accr’d int. payable.
5,020)
57,372
contract,
the
Evansville
33,574
plant Unearned proportion
has been operated at
Accr’d taxes A water
practically full capacity upon our regular products,
!
results for the year have been
ins. prem. A water
rates
1
57,908
The South
Milwaukee plant was operated at an reasonably satisfactory.
rates
25,925|
Sundry reserves
average or only 80% of its capacity,
21,936
due to the difficulty in
Acc’ts receivable—
Res've for reproduc¬
obtaining
material and the shortage of both skilled
1.612J
and unskilled labor.
At South Milwaukee a number of
Cash
93,471
52,908
tion of bldgs
126,849
additions have
73,249
been made, including a new
P. A L. surplus
power unit and a new erecting shop for our
231,139
230.898
larger machines.
Our foreign business for the
Total
7,344,641 7,250,713 |
Total
year was maintained at about the same
7,344,641 7,250.713
pro¬
portion to our total business as in the previous
year, which was our record
for
year
foreign business, notwithstanding that Russia ceased to be a fac¬
x Total stock, $6,000,000; $1,808,520 unissued
stock, par $10 a share.
-V. 106, p. 2454.
to1*; Shipments of excavating machinery were made to
Total
6,800,736 6,521,919
Total
6,800,736 6,521,919
only $2,723,
six months expenses to
Milwaukee,
Russia,France,
Colombia, Chile, Cuba, Manchuria, England,
Africa, Sweden, Costa
R*ca. Siam, Bolivia, Australia. Now
Zealand,
and
Spain
Malay
States.
Sale of Stock to
Employees.—Early in 1917 we instituted a plan for selling
stock to employees.
At the present time there are
approximately
100 employees who are
participants in this plan.
Outlook.—We entered 1917 with a larger volume of orders on
our books
l“an in any previous year.
New orders have more than
kept pace with
shipments, and 1918 opens, therefore, with more orders
than at the begin¬
ning of last year, exclusive in each instance of
special contracts for unusual
products.
INCOME ACCOUNT FOR CALENDAR YEARS.
Net,
after deducting costs of
manufacturing,
maintenance, adminis., selling, royalties, deprec.,
int., insur.
and taxes
(incl. in 1917
Preferred dividends
1917.
1916.
excess
(4 %) 160,000
$312,589
(2)80,000
$694,281
$232,589
Balance, surplus
BALANCE SHEET DEC. 31.
Assets—
1917.
$
Land,bl]gs.,mach.,
patents, secur’s,
patterns, Ac
6,781,117
Cash
146,013
Paid on Lib. bonis
152,798
Accounts and bills
receivable
1,449,641
Inventories
Total
2,792,653
1916.
$
1917.
Liabilities—
$
Preferred stock... 4,000,000
Cimmon stock... 4,000,000
6,953,926 Gol l n Jte3
243,383 Liberty bond acc't
.
Acc’ts A bills pay.
Adv. pay’ts rec’d.
600,000
140,790
466,732
463,046
40,000
289,999
1,321,942 Pref.div.pay.Jan.2
1,937,684 Reserves
Surplus
1,321,655
1916.
%
4,000,000
4,000,000
1,000,000
443,963
217,948
40,000
127,641
627,374
11,322,222 10,456,935
Total
11,322,222 10,456,935
Cumulative dividends aggregated 22% at
Dec.
deducting dividends payable Jan. 2 1918.—V. 106, p. 2652.31 1917, after
Note.
GENERAL INVESTMENT NEWS
RAILROADS, INCLUDING ELECTRIC ROADS.
Alabama Tennessee & Northern
RR.—Reorganized Com¬
incorporated in Alabama early this
month, has taken possession of the property of the Alabama
Tennessee & Northern Railway, following foreclosure. The
new company was organized in accordance with the
plan of
reorganization prepared by the bondholders’ committee, of
which George C. Van Tuyl Jr., President of the Metropolitan
Trust Co. of N. Y. is Chairman, and will issue the fol¬
lowing securities, viz.:
pany.—This
company,
Capital Stock and Bonds—
Authorized Now Is suable
Common stock in $100 shares
$2,500,000 $2,500,000
Pref. stock 6% cumulative after Jan. 1 1924
1,700,000
1,700.000
Prior Lien 30-year 6% gold bonds, dated Oct. 15
1918, and due July i 1948, but redeemable on any
Interest day at 102 H •
Denom. $1,000, $500 and
$100. Interest J. & J. in New York
3,500,000
850.000
Gen. Mtge. 30-year 6% gold bonds (income bonds
for five years).
Dated Oct. 15 1918 and due
Oct. 1 1948, but subject to call at 105-.
2,116,000
2,116,000
Mortgage trustees: Prior lien mortgage, Metropolitan Trust Co. of N. Y.
and James F. McNamara; General mortgage, Columbia Trust Co. of N. Y.
and George E. Warren.
The Prior Lien bonds will have their interest
exempt from normal income tax not to exceed 2%.
Pres., John T. Cochrane; Treas., K. R. Guthrie.
Office, Mobile, Ala.
-
Compare V. 106,
p.
2558; V. 107,
p,
290, 400, 1286.
Oct. 19
Aurora Elgin & Chicago RR.—Coupon
Payment.—
Notice is hereby given that interest which was dne and payable July 1
1918 on Hie First Sc Refunding Mortgage 5% 40-year gold bonds, due 1946,
together with interest thereon from July 1 to Oct 15 1918, will be paid in
the usual manner, on and after Oct 15 1918.—V. 107, p 1098, 905
Bay State Street By., Boston.—Fare Increases.—
Receiver Donham has announced new zone fares to become effective
Nov. 10, upon Jie approval of the Massachusetts P. S. Commission.
The
present zone fares will be increased from 6c. to 10c., while present suburban
and interuroan rates now averaging between 2 He and 3c. will be advanced
to 5c.
The fare zones will be enlarged, and the reduced rate suburban and
workmens’ tickets will be abolished.—V. 107, p. 1481, 1384.
Belt Railway
of Chicago.—Treasurer.—
its 5-cent fare zone so as
to bring about an increased
tariff will go into effect
Nov. 12, after which date service will be discontinued for the present at
least on the “Huckleberry” line from Lee to Huntington and from Great
Barrington to Egremont and from Great Barrington to Canaan, Conn.
—V. 107, p. 290.
a readjustment of
revenue.
The new
Boston Elevated By.—Fare Increase Needed.—The fol¬
issued by R. R. Miller on Oct. 10 in
behalf of the trustees who hold that further increases in
the matter of fares are essential:
Speaking roughly, the trustees are confronted with new expenses and
requirements chargeable against the cost of operation, expressly
required by the statute, amounting to $7,500,000. This sum is made up
of the $3,000,000 wage increase, an item of additional depreciation of sub¬
stantially C1,600,000, an additional rental charge on account of the Dor¬
chester subway of $400,000, increased cost of coal $500,000, interest and
dividend charges upon recent issue? of bonds and the new pref. stock of
the Boston Elevated Ry. of $300,000, 5% dividend upon the common stock
of the Boston Elevated Ry. of about $1,200,000.
The increase in the fare unit from 5 to 7 cents on Aug. 1 was followed by
an increase in revenue of $368,000 for August, which was 23.79% more
than the revenue in August 1917.
In Sept, the revenue increase was $186,000, or 12.13% increase.
For the
first ten days of Oct. there has been an actual decrease in revenue as com¬
financial
pared with the same period of 1917.
It should be pointed out that the
in Sept, and the actual decrease suffered in
Oct. has undoubtedly been due in a considerable measure to the epidemic
of influenza recently prevalent.
low rate of revenue increase
The trustees have no option under the law but to establish rates of fare
of some kind that will, in their judgment, meet the cost of service.
Any
deficit which results, if such cost of service is not covered, is in the first
instance reimbursed to the company by the Commonwealth and later pro¬
rated by the Commonwealth on the cities and towns served by the Elevated.
Recognising the evident ineffectiveness of the mere increase in the fare
unit, the trustees have inaugurated searching investigations as to various
possible other means of fare collections. It is in the mind of everybody
that the zone system of fare charges should be carefully considered in i*s
possible application to the Boston situation.
It is obvious that with the disappointing increase in revenue which has
followed the Increase in the fare unit, the showing for the first quarter will
be very bad.
In particular, the statement for the month of July is certain
to be almost disastrously bad, because in that month were some unusual
expenses, while the increase in the fare unit did no„ become effective until
Aug. 1. It is obvious that there must be a very large increase in the com¬
pany’s revenue.—V. 107, p. 1481, 1384.
Boston & Maine BB.—Official Circular— Treasurer.—
Pres. Woodward Hudson, referring to circular recently issued asking
stockholders to send the “Minority Stockholders’ Protective Association
$1 for each share of their stock holdings, on Oct. 10 issued the following
in part: “The wording of the circular is such that some stockholders have
assumed that.it was issued by authority or with the knowledge and acqui¬
escence of the officers of the Boston Sc Maine RR.
Such is not the fact.
No officer of this road is in any way responsible for the circular.
On the
contrary, thev do not consider that the proposed reorganization, which
has been handled, not by the association but by the reorganization com¬
mittee appointed by the Boston Jc Maine and its largest leased lines, will
be in any way facilitated by the contribution asked for in this circular,
nor do they regard any such contribution by the stockholders as at all neces¬
for the protection of their interests.”
Arthur B. Nichols has been appotnted Treasurer for this corporation.—
V. 107. p. 1286, 801.
sary
Boston & Worcester Electric
1917-18.
Income—
1914-15.
$55,687
$44,357
$33,936
6,349
$67,631
$67,872
2,808
$91,573
$84,840
1,773
$71,322
$67,872
1,862
$40,285
sur.$4,072
$70,680
def .$3,149
$86,613
sur.$4,960
$69,734
sur.$1,588
Total income
Preferred dividends....
Miscellaneous
Total
1915-16.
$75,937
$25,313
Balance, sur. or def
—V. 105, p. 1305.
1916-17.
$50,625
Ry.
19,044
16,906
15,636
15,635
British Columbia Electric Ry.—Franchise, Fares, &c.—
This company has presented to the Vancouver (B. C.) City Council,
proposals regarding the renewal of its franchise. The company demands
a continuance of the six-cent fare, with half-fares for children, and prom¬
ises an announcement of a reduction in lighting rates to be made co-inci¬
dent with the citizens voting on the new five-year franchise by-law.
The
City Council and the officials of the company will shortly start joint ne¬
gotiations, the company promising to give improved car service, pro¬
viding the six-cent fare is allowed to stand.—V. 107, p. 401.
Central Vermont Ry. Co. —Earnings.—
1917.
1916.
Cal. Yrs.—
1916.
1917.
Total revenue $4,816,578 $4,811,330 Fixed charges. $731.283
$731,099
Balance
def.
Net profit
$154,729sur4206,796
894,175
526,168
Other income.
50,387
43,720
—V. 107, p. 180.
Chicago & Western Indiana RR.—Treasurer.—
A. R. Barton has been elected Treasurer and Assistant Secretary of this
company and the Belt Railway Co. of Chicago.—V. 107, p. 1481, 1286.
Midland RR.—Status, &c.—The “Denver
News,” in referring to the Government’s offer of compensa¬
tion and the effort of the mortgage trustee and others to
discontinue the service, says:
Colorado
In filing its answer on Oct. 10 to the complaint of shippers before the
Colorado!*. U. Commission, the Colorado Title Sc Trust Co. attempted to
show that the railroad could not be operated as suggested by the Railroad
Administration.
The Commission is asked to approve the order entered
by the U. 8. District Court at Colorado 8prings ordering the discontinuance
of service early in August.
The Railroad Administration has offered the owners $100,000 a year as
compensation for the use of the property, according to the shippers. The
trust company, which is trustee of $2,000,000 mortgage bonds against the
railroad, dating from June 1 1917, contends that tne Commission should
approve of the discontinuance of service and consent to the dismantling
of the railroad, in which event the bonds could be liquidated.
In referring to the offer of the Railroad Administration of a compensation
of $100,000 a year, the trust company says:
“The exigencies of the Government operations will result in favoring
railroad competitors with both through and local business,and the Midland's
patronage will be destroyed.
Under the contract, the U. 8. Railroad
,
_
_
Administration may purchase equipment and invest in betterments and
charge the same to the Midland RR. at the present high war costs.
“If the railroad is to be operated, these items alone will far exceed the
credit to the company for compensation.
It might reasonably be expected
that under contract these would be charged against annual compensation.”
Dodge Des Moines & Southern RR.—Dividend
Payments.—The company writes as of Oct. 17 1918:
Fort
We are experiencing some delay in getting our dividends approved by the
Railroad Administration.
We finally received approval of the usual IH%
dividend due Aug. 1 on the preferred and a dividend of IK % on the
common.
The latter is less than our usual rate and we are appealing from
the decision.
These dividends have been paid.
We expect to receive
some authority for our November dividend within the next ten days.
—V. 107, p. 1192, 1003.
International Traction
Co.—Committee.—The under¬
signed, at the request of the holders of a large amount of the
Collateral Trust 4% bonds, announce that they will act as a
committee for the protection of all holders of such bonds who
shall deposit the same with them under an agreement now
in preparation.
The serious difficulties in which both the traction company and the
International Railway Co already find themselves, together with the further
troubles which threaten them, sufficiently prove the need of Immediate
and united action on the part of the traction company’s bondholders for
the protection of their interests
Notice will be given of the completion of the protective agreement and
of the terms of deposit thereunder
Meantime, holders of bonds are
requested to communicate with the undersigned through their counsel
named below.
Committee.—T. De Witt Cuyler, Philadelphia, Pa.; Elliott C. McDougal,
President of Bank of Buffalo, Buffalo, N. Y.; T. E. Mitten, Pres. Phuidelphia Rapid Transit Co., Phila., Pa. Counsel, Simpson, Thacher Sc
Bartlett, N. Y—V. 107,
p.
1482, 398.
Kansas City Mexico & Orient RR.—Officers.—William
T. Kemper, receiver and President, as of Oct. 7 writes:
(1) Kansas City Mexico A Orient RR. of Mexico—
William T. Kemper of Kansas City, Mo., and S. W. Rider, Mexico
City,
are receivers for the property; D. J. Haff is general counsel; A.
DeBernardi is general manager; John L. Case is general manager of the
western lines and Juan Trevino is the local manager of the lines operating
from Chihuahua.
There is a total mileage in Mexico of approximately
Mex.,
230 miles, part of which is being operated regularly and part intermittently.
(2) Kansas City Mexico & Orient Ry. of Texas—
W. T. Kemper, President; Herbert F. Hall, Chairman of Board of Direc¬
tors; Clifford Histed, V.-Pres. & Gen. Solicitor; M. L. Mertz, San Angelo,
Tex., V.-Pres. & Treas.; W. S. Me Lucas, Sec.
Directors; James Rooney,
Ft.
Stockton, Tex.; M. L. Mertz, San Angelo, Tex.; Thomas Trammel,
Sweetwater, Tex.; J. Z. Miller Jr., Kansas City, Mo. There are 478 wiilai
operation. The officers named above are also directors of the company.
in
(3) Kansas City Mexico A Orient Ry. of Kansas and Oklahoma—
W. T. Kemper, receive,’; Townley Culbertson, V.-Pres. & Treas.; Walter
S. McLucas. Sec.; D. J. Haff, general counsel; C. W. German, Asst. Gen.
Counsel; Clifford Histed, Asst, to the receiver; Hyden J. Eaton, Asst.
Gen. Attorney.
All Of the property
in the United States is managed, by J. A. Edaou,
DeBernardi, Gen. Mgr. under Federal control.
Federal Mgr., and A.
—V.
107,
p.
1004. 905.
Kansas City Southern By.—Usual Dividend Paid
Referring to the declaration of the regular quarterly dividend of 1% on
vhe pref. stock, payable Oct. 15 to holders of record Sept. 30, conditional
upon receipt of funds from the RR. Administration, it is now announced
that funds have oeen received and the dividend paid.
Compare V. 107.
p.
Cos.—Earnings.—
Results for Fiscal Years ended June 30.
Div. Bos. Sc W. St.
Other income
quested to communicate with the below-named committee,
who have been designated to act as a committee for the pro¬
tection of the bondholders’ interests.
,
has arranged
was
Colorado Springs & Cripple Creek District By.—
Default.—In view of default of coupon maturing Oct. 1 last,
holders of First Consolidated 5% bonds, due 1942, are re¬
,
Berkshire Street By.—Fare Readjustment.—
lowing statement
The trust company gives figures to show that the expenses from June 1
1917 to Dec. 31 1917 exceeded the income by $75,000, and that the loss In
the first four months of 1918 was $150,000..
Losses in May and June
exceeded $75,000, while the depreciation is given at $300,000.—V. 107. p.
1287, 905.
Committee —Mortimer N Buckner, President New York Trust Co N Y ;
Frederick J Lisman, F J Lisman Sc Co
61 B’way, N Y —V 105, p 1898
See Chicago Sc Western Indiana RR. below.—-V. 107. p. 603.
This company
1579
THE CHRONICLE
1918.]
1192. 1004.
Kansas Electric Utilities Co.—Abandonment.—
This company has applied for permission to abandon or discontinue (he
railway system at Parsons, Kan. No application has been filed for
Emporia or Lawrence, as stated in last week’s issue, and we are informed
that there is no intention of doing so.
At Lawrence. Kan., the street rail¬
way fares were increased to 7c.
(This supersedes the item in last week's
street
issue.)—V. 107,
p.
1484, 1004.
Lehigh & New England RR.—Federal Treasurer.—
G. W.
SItgreaves has been appointed Federal Treas.—V. 107, p.1004,603
Lehigh Valley RR.—Acquisition.—
This company has taken over tne Susquehanna Sc New York RR., run¬
ning about 40 miles from Williamsport to Towanda, Pa., connecting at
the latter point with the Lehigh Valley RR.
The line was formerly owned
by the Central Leather Co. of N. Y.—V. 107, p. 1101, 905.
London & Lake Erie RR. & Transp. Co.—Dissolution.
on Oct. 8, as the first step
This property ceased carrying passengers
towards scrapping the road.
Other service
as possible.—V. 106, p. 2649.
will be discontinued as soon
Mahoning Coal RR.—Dividends Unimpaired.—
Minority stockholders of this company, which is controlled by the New
York Central RR,. are notified that tne lessee company will continue to pay
the Mahoning company 40% of its gross, based on earnings for the pre¬
war period.
This assures the minority interest of a continuance of their
dividends which, it was feared in some quarters, would be reduced materi¬
ally under Government control.:—V. 107, p. 1004.
Maine Central RR.—Federal Treasurer.—
Louis M. Patterson has been appointed
Frank W. York.—V. 106. p. 2560
Federal Treasurer to succeed
Missouri & North Arkansas RR.—Federal Manager.—
J. A. Edson, Federal Manager for the Kansas
other lines has had his jurisdiction extended over
recently placed under Federal control.
City Southern Ry. and
this company which was
Compare V. 107, p. 1385.
Montreal Tramways Co.—Dividend
Again Deferred.—
The directors of this company, which deferred its dividend of 2 H % for
the quarter ended June 30, pending the decision regarding its application
for an increase in fares, has further deferred it for the quarter ended Sept. 80
until the new fares granted be given time to take proper effect (uncon¬
firmed).—V. 107, p. 1380, 1288.
New Orleans Ry. & Light Co.—Fare Increase.—
The New Orleans City Commissioners on Oct. 8 passed the ordinance
making the street car fares 6c. and increasing charges 30c. for gas and elec¬
tricityhy a unanimous vote. The new ordinance went into effect Oct. 1#.
It is understood that arrangements are being made to protest this action
in the courts at the council, on the ground that the company’s franchise Is
a contract with the city which cannot be abrogated during the life of (he
franchise.—V. 107, p. 1482, 1101.
New York Central RR.—Dividend Paid.—
Referring to the declaration of the dividend of $1 25 payable Nov. 1 to
holders of record Oct. 8, conditional upon receipt of funds from the U. 8.
RR. Administration, it Is now announced that such funds have been re¬
ceived and that the dividend will be paid.—V.
107, p. 1385, 1192.
THE CHRONICLE
1580
Norfolk Southern
James T. Avery, Asst.
Oct. 2.—V. 107, p. 1094
,
Ey.—Obituary.—
Secy, and Treasurer of this
803.
died
company,
on
Norfolk & Western RR.—Federal Treasurer.—
J. B. Lacy is now Federal Treasurer for this company and not local
Treasurer as noted last week.—V. 107. p. 1482, 1385.
Ohio Electric Railway.—Strike.—
Conductors and motormen seeking recognition of a union, on Oct. 16
struck and. It is stated, tied up two thirds of the entire system, which covers
central and western Ohio and eastern Indiana.—V. 107, p. 1385, 604.
Pacific Great Eastern Ry.—Control, &c.—The “Chron¬
icle” has been favored with the following statement:
The Province of British Columbia now Is absolute owner of the capital
shares and of the properties of the three companies mentioned in paragraph
1 of the schedule in the copy of the statutes approved April 23 1918 (namely,
Pacific Great Eastern By., Pacific Great Eastern Development Co. and
Pacific Great Eastern Equipment Co.)
The Province has exercised its
option under paragraph 7 of the schedule [to retain all the capital stock of
said Development Co. and also all its lands and assets], and the party of
the second part have been released entirely from their obligations.
There has been no change in the bonded indebtedness of the Pacific Great
Eastern Ry., tne Province being fully liable for both prin. & int. on bonds.
The construction of the railway is proceeding and will be completed not
only to Prince George but also the contemplated extension into the Peace
River District of the Province.
Extension Construct io
This company
i.
—
has awarded
to the Northern Construction Co.,
Ltd., Vancouver, B. C., for
from Mile 183, north of Squamish,
B. C., to Mile 225 north of that
point, or a distance of 42 miles. In
addition to grading, track-laying, ballasting and the installation of telea contract
an extension
Sraph
andsection
telephone
lines,water
the tanks
work involves
the construction
uildlngs,
houses,
four timber
trestles, twoofofstation
which
and
will be 300 ft. in length, one 600 ft. and one 900 ft. long.
Track has been
laid for seven miles ana one bridge haslbeen constructed.—[“Railway Age.’]
V. 107, p. 1101, 182.
Paducah & Illinois RR.—Federal Manager.—
C. G. Burnham. Federal
Manager of the Chicago Burlington & Quincy
RR., has had his jurisdiction extended to cover this co.—V. 104, p. 1801.
Pere Marquette Ry.—Dividend Subject to Approval of
Director-General of Railroads.—
The directors of this company have declared a dividend of 1M %, payable
Nov. 1 to nolders of Voting Trust Certificates of this company’s Prior
Preference Stock of record Oct. 5 1918, “subject to the approval of the
Director-General of Railroads.”—V. 107, p. 1385, 1004.
Petaluma & Santa Rosa Ry.—Final Steps in Reorg n.—
The Reorganization Committee has
applied to the Calif. RR. Commis¬
sion for authority to take final steps in the reorganization of the corpora¬
tion by bidding in the property at public sale on Oct. 29.
The committee
has incorporated the Petaluma & Santa Rosa Railroad under the order of
the Commission made Aug. 16 last, with Thomas Maclay as Pres., George
P. McNear as V. Pres, and Treas., and R. W. Wise as Secretary.
Com¬
pare
V. 107.
p.
1193, 906.
Results.—For the year ended June 30 1917, after providing for income
tax, excess profits duty, interest on all the company’s debenture capital,
and the sinking fund in respect of the 4H % Redeemable Debentures, there
remained a balance of net revenue of £660,912.
The accounts for the year ended June 30 1918 have not yet been received
but the cabled gross receipts showed an increase of £752,519 over 1916-17,
while from July 1 1918 to Sept. 7 1918 there is an increase of £122,623 over
the corresponding period of 1917.
Purpose of Issue.—Owing to the expansion which has taken place in the
company’s business, large sums have had to be expended on capital account
out of revenue to provide the facilities necessary to enable the company to
deal with the increase in the traffic.
The proceeds of the present issue will
be applied to partly reimburse revenue and to provide further equipment.
Voting Rights.—The voting rights of the different classes of the com¬
pany’s shares are one vote for each £10 nominal amount of shares or stock
of any class, except that the ordinary shares, numbered 140,001 to 140,003,
held by the trustees for the 5% Consolidated Irredeemable Debenture
stock, are entitled to so many votes as may be equal to one-half of the num¬
ber of votes conferred by all other shares or stock of the company for the
time being.
Stock Rights.—Subject to the preferential rights of the 5% Cumulative
Pref. capital over the ordinary and deferred ordinary capital of the com¬
pany, the company’s 600,000 deferred ordinary shares of £1 each (of which
494,756 have been issued and are fully paid and converted into deferred
ordinary stock) are entitled to receive in every distribution of assets on
capital account in liquidation or otherwise, after the ordinary capital has
received the amounts paid or credited as paid,the amounts paid or credited
as paid on such deferred ordinary capital.
The balance, if any, of the assets available for distribution, are divisible
amongst the 5% cumulative preference, the ordinary and the deferred
ordinary capital pari passu in proportion to the amounts paid or credited
as paid until 10% over par has been paid.
Any further balance is divisible
amongst the ordinary and deferred ordinary capital in proportion to
amounts paid or credited as paid.
The deferred ordinary capital is
Dealings Approved in London.—
The London Stock Exchange has approved dealings in the above de¬
scribed £1,000,000 5% Irredeemable Debenture stock (1906), 22% paid,
after issue of allotment letters.
Compare V. 107. p. 1288, 1194.
Washington Baltimore & Annapolis RR.—Earnings.—
RR. Rev.
8
8
a
Sinking Fund as of Oct. 1 1918.
below).—V. 107, p. 1385, 1288.
$1,634,000 of said bonds
(See also Public Service Ry.
Justice Swayze in the New Jersey Supreme Court on Oct. 18 filed an
opiwm affirming the order of the Board of P. U. Commissioners made
recently by which the company was given permission to put into effect a
7-cent fare in addition to 1 cent for each initial transfer issued.
At the same time Justice Swayze upheld the Commission in its recent
action allowing the Trenton & Mercer County Traction
Corp. to abolish
its six trip tickets for a quarter and put into effect a straight 6 cent fare as
emergency.
The decisions by the Justice will be carried to the highest
court in the State, the Court of Errors and
Appeals, inasmuch as it was
agreed by the litigants that the losing side should immediately appeal.
The Errors Court will hear the appeal, therefore, at the coming November
107,
p.
803, 697.
com¬
panies, succeeding F. A. Smith, resigned.
Frank S. Elliott, President of the Spokane & Inland Empire and the
United Railways, with headquarters at Portland, Ore., has also been
elected Vice-President of the Oregon Trunk, the Pacific & Eastern, and the
Oregon Electric, csucceeding W. F. Turner, who is now President of these
companies.
Mr. Elliott has also been elected Vice-Prest. of the Spokane
Portland & Seattle, succeeding George T. Reid.—V. 107, p. 697.
Spokane Portland & Seattle RR .—Officers.—
See
p.
Winnipeg Electric Railway.—Fare Petition.—
INDUSTRIAL AND MISCELLANEOUS.
See
Lehigh Valley RR. above.—V. 105,
Tidewater
—
p.
1345.
Toronto Railway.—Fare Increase Denied.—
Oct. 10 refused to consider this
$590,000
2,389,000
$407,399
4,138.070
pay.”
to
William Allis, formerly Chairman of the board of directors, passed away
Oct. 10—V. 107, p. 1005, 605.
on
American Glue Co.-—Dividend in
An extra dividend of
“Liberty” Bonds.—
5% has been declared on the common stock, payable
Liberty Loan bonds (with adjustment of fractions in cash), in addition
to a semi-annual dividend of 5%, both payable Nov. 1 to holders of record
Oct. 21.—V. 106, p. 2124, 1463.
in
Goodenbugh, resigned.—V. 107,
Shipbuilding Corp.—V. Pres.
p.
606.
American Locomotive Co.—-Italian Contract.—
President Fletcher is quoted as saying, after the annual meeting of the
stockholders, that a contract has been signed with the Italian Government
for 150 locomotives, the cost in excess of $5,000,000.
Mr. Fletcher says further: “Business is very good, and we are highly
optimistic over the situation. At present we have orders on our books
which are sufficient to carry us well into 1919.”—V. 107, p. 1103, 1096.
American
Railway Express Co.—Organization.—
Two hundred and twenty-eight ($228,000) First Mtge. 5% gold bonds
dated Nov. 1 1900 and due Nov. 1 1920 (ranging in number from 30 to
5142 incl.), have been called for redemption on Nov. 1 at 105 and int. at
Illinois Trust & Savings Bank, Chicago, Trustee.—V. 102, p. 346.
American Window Glass
com¬
pands proposal that it be permitted to charge a straight 5c. fare.—V. 106,
Trenton & Mercer Co. Traction Co.—Fare Decision.—
See Public Service Ry. above.—V. 107, p. 1482, 1288.
Years ending—
Total income
Deductions
United Railway Co. (St. Louis).—Vice-President.—
Royalties
United Rys.
of the Havana & Regia Warehouses,
Ltd.—Offering of £1,000,000 Debenture Stock.—The London
County Westminster & Parr’s Bank, Ltd., was authorized
by the company to receive subscriptions until Sept. 26 at
£82 per £100 stock for £1,000,000 5% Irredeemable Deben¬
ture Stock (1906).
An advertisement says in part:
This debenture stock forms part of an issue which is a first
charge on
portions of the system and also a charge on the entire system, ranking after
the 5% “A” and 5% Consolidated Irredeemable Debenture stocks, amount¬
ing together to £1,805,900. Int. J. & J. Under the regulations of the
company., the amount of all its debenture capital may not exceed the
amount of the share capital for the time being issued, or agreed to be issued
Share Capital Issued.
Debenture Issues Outstanding.
5% cum. preference stock. £2,786,671 5% “A” Irred. Deb. stk._ £380,000
Ordinary stock & shares._ 6,536,410 5% Cons. Irr. Deb. stock. 1,425,900
Deferred ordinary stock..
494,756 5% Irr. Deb. stock (1906)
mcl. present issue
4,129,667
Total all fully paid
£9,817,837 4% Red. Deb. & deb. stk. 1,281,455
4>$ % Redeem, debentures
973,603
Company.—The railways, comprising 681 miles in length, are situated in
the eentral and more important part of Cuba, and are in communication
with other railways extending throughout the whole island. •
%
Balance, surplus
.V
int;
i7ns
American
Co.—Earnings.—
Aug. 31 ’18. Aug. 31’17. At/0. 25’16. Aug. 27’15.
$5,875,952
$5,011,769 $3,517,731
$2,167,587
279,219
180,536
193,971
304,139
1,784,312
1.541,180
1,380.861
862,295
(7 %)279,650 (7%)279,650 (18M)739075 (49) 1957,550
Pref. dividend
R. S. Warner, Boston, succeeds Murray Carleton as Vice-President of
the United Ry. Co. and replaces D. R. Francis, Jr., as a director.—V. 107.
p. 1482, 1386.
$3,167,442
21,954,494
American Steamship Co.—Bonds Called.—
O. M. Levey. President of the Western Pacific RR. has also been elected
President of this company, succeeding B. A. Bearce.—V. 106,
on
dec.—Obituary.—
Attention is called to the fact that the tax reserve deduction for August
was at a rate in excess of $7,000,000 annually, “although officials estimate
$6,000,000 will cover any possible taxes the company will be called upon
p. 1523.
Southern Ry.—President.—
The Toronto Board of Control
Allis-Chalmers Co.—Sales, Earnings,
The “Wall Street Journal”, reports:
Results for August and the Eight Months ended Aua. 31 1918.
Sales Billed. Tax Reserve. Net Profit.
The “Railway Review” as of Oct. ,12 publishes an outline of the Govern¬
ment’s scheme of organization for handling express business during the war,
being an abstract of an address delivered at a recent meeting of the Traffic
Club of Chicago by E. A. Stedman.—V. 107, p. 1194, 183.
1005, 697.
Susquehanna & New York RR.—New Control
Surplus.
William W. Locke has been elected Vice-President to succeed Walter
Robert Crosbie has been elected Secretary and Paul McKay Treasurer
of this company, the Spokane Portland & Seattle RR., the Oregon Trunk,
the Pacific & Eastern, the Oregon Electric and the United
Railway
Spokane & Inland Empire RR. above.—V. 106.
Interest.
This company has formulated a petition for increased fares based npom
the increase of 40% in wages recently granted.—V. 107, p. 1288.
American International
Spokane & Inland Empire RR.—Officers.—
Taxes.
mos.
August 1918
Eight months ended Aug. 31 1918
Public Service Ry., N. J.—Fare Advance Sustained.—
term.—V.
Net Misc. Tot. Net.
1918..$1,781,484 $62,979 $1,046,748 $337,066 $189,449 $530,620
1917-764,174
7,499
355,766
34,902
181,042
149,070
Augustl918._
308,830
9,223
200,623
124,276
29,425
47,624
Dividends at rate of 6% p. a. have been paid since 1912 on the pref.
stock, which now amounts to $1,455,750.
An initial dividend of 3% was
paid Oct. 1917 on the $3,000,000 common stock; 3%, Jan. 1918; 2% April
1918; 2% July 1918, and 2% Sept. 1918.—V. 107, p. 83.
mos.
Public Service Corp. of N. J.—Stricken From List.—
the
held In the
entitled, after the ordinary capital has
received a non-cumulative dividend of 8%, to a like non-cumulative divi¬
dend of 8%, and the balance is distributable pro rata between the ordinary
and deferred ordinary capital.
When the deferred capital has received 8%
dividend in respect of two consecutive years, the deferred is to cease to be
deferred but become ordinary capital, ranking pari passu in all respects
with the existing ordinary capital.
The Phila. Stock Exchange has stricken off the regular list $264,000
Gen. Mtge. 5% Sinking Fund 50-Year bonds, due Oct. 1 1959, reported
Oct. 9] $35,866,000,
for the Sinking
Fund, $1,395,000
leaving the listed
of said
bonds listed
{mrchased
amountbonds
excepting
and
purchased
neld in
Sinking Fund. This makes
total of
[Vol. 107
$3,532,771
$2,886,800
$1,217,259def.$846,229
Writing Paper Co.—Plan.—The committee
named below acting at the request of the holders of a large
number of the 1st M. sk. fund 5s of 1899, due July 1 1919
have issued a circular dated Oct. 10 1918, submitting to the
holders of these bonds the financial plan which is summar¬
ized below.
The committee urges the prompt deposit of
bonds with one of its depositaries (see below) as a preliminary
to
an
exchange $ for $ for bonds of
a
smaller and
more
attractive issue.
The deposited bonds should carry the
Jan. 1 1919 and July 1 1919 coupons.
Interest on deposited
bonds will be paid by the committee as and when received
by it.
The plan is summarized briefly
1. Debt Reduction.—The bonded debt
now
as
follows:
consists of
20-year 5s, due July 1 1919, of which $11,000,000
are
$17,000,000 IstM.
in the hands of the
in the
sinking
and $2,223,000 have been purchased
Eublic,
$3,777,000and
fundtreasury.
the company
are held
in its
y
This indebtedness is to be reduced to $12,000,000 and the $11,000,000
bonds now in tne hands of the public are to be retired and canceled on or
before maturity July 1 1919.
2. Creation of New Mortgage.—A new (closed) $12,000,000 mortgage will
be created, dated as of Jan. 1 1919, due Jan. 1 1939, of whicn $11,000 000
will be reserved for refunding the $11,000,000 of bonds now
outstanding
Oct. 19
in the hands of the
public and $1,000,000 will, under the terms of the
indenture, be issued to the company, and be held free in its treasury for
corporate requirements.
The new bonds are to bear interest for the period from Jan. 1 1919,
to and including Jan. 1 1921, at tne rate of 7% per annum and thereafter
until maturity or earlier redemption at the rate of 6% per annum; provided,
however, that if the present war shall continue beyond Jan. 1 1921, then
and in sue' event t’ e interest rate shall continue at the rate of 7 % per annum
to and including the first interest payment after the termination of the war
between the United States and Germany as proclaimed by the Government
of the United States.
3. Exchange.—Each $1,000 of outstanding bonds is to be exchanged for
$1,000 par value of the new issue.
4. Establishment of Sinking Fund for New Bonds—This will embrace:
(а) An annual payment of 1 % of the par value of the bonds outstanding.
And to accelerate the retirement of the bonds an additional sinking fund of:
(б) 25% of the net surplus earned in any one year, after providing for
depreciation, fixed charges, &c., as defined in the mortgage, until the
amount of bonds
outstanding has been reduced to $10,000,000 par value;
(c) And tnereafter 15% of the annual net surplus, as so defined, so long
any of the bonds are outstanding.
The committee considers the plan highly advantageous to tne bondholders
and unhesitatingly recommends its prompt acceptance.
Committee.—George C. Lee, Chairman; Gordon Abbott, W. Murray
Crane, A. Willard Damon, George C. Gill, Henry Evans, James N. Wal¬
lace, Albert H. Wiggin, and Melville C. Branch, with Josiah F. Hill,
as
as
Secretary, 44 State St., Boston.
Depositaries.—Old Colony Trust Co., Boston; Central Union Trust Co.,
New York.
A letter from President George A.
1 1918,
Galliver, dated Oct.
points out:
The physical value of the company’s
property, conservatively appraised,
upon which the new bonds will havea direct first lien, exceeds $16,000,000.
In addition, the
company’s net working capital exceeds $5,000,000, making
total net assets of over 521,000,000 or nearly twice the $11,000,000 bonds
to be outstanding in the hands of the public.
Tne average annual net earnings available for interest since the company’
organization have been largely in excess of the annual requirements for
interest on the new bonds.
The stability of the company’s business has been demonstrated over a
long period of years. It is at the present time doing the largest volume
of business in its history and is rapidly developing both its domsetic and
foreign trade.
Jan. 1 1914 to Jan. 1 1918 to Average
Recent Earnings.-—
July 31 1918. July 311918. per Year.
Sales
$63,686,589 $11,695,248 $13,895,000
Net earnings
$9,471,228
$1,607,861
$2,066,000
Reserved for depreciation, repairs
and maintenance
2,913,452
533,956
635,000
Balance applicable to interest on
funded debt
$6,557,776
$1,073,905
$1,431,000
The annual interest charge on the proposed $11,000,000 of bonds to be
outstanding in the hands of the public will be $770,000 for the years 1919
1920, and $660,000 thereafter if the war shall have terminated by that date.
Based upon the actual sales and net profits for the seven months ending
July 31 1918 and a reasonable estimate for tne balance of the year, the
sales for the calendar year 1918 will be by far the largest in tne company’s
history. The indicated net earnings applicable to bond interest charges
are at least $2,000,000 for this year (assuming that the existing general
business conditions will not be adversely affected by the war during the
remainder of 19181 after deducting all expenses including estimated taxes,
and
including libera] allowances for maintenance and depreciation.
Earnings for the 19
ifears £ince
Organization, Showing Large Margin over
Interest Requirements.
Net sales
Net earnings, $32,394,845;
Of which there has been expended or
$210,874,022
_
__
miscellaneous profits, $f,044,896-- $33,439,741
reserved for depreciation,
12,053,071
repairs and maintenance
$21,386,670
Balance (average per year, $1,125,000)
Interest on funded debt in hands of the public required
Net
$13,837,046
$7,549,624
1,247,898
profits
Dividends paid
Undivided surplus, representing increase
liberal reserves for depreciation
—Y. 107, p. 1483. 907.
in net assets, after
$6,301,727
Atlantic Coast Lumber Corp.—Bond Payment— In
reply to our inquiry Vice-President Norris on Oct. 11 writes:
Regarding bonds, Series “B”, maturing Nov. 1 1918, would
inform you as follows:
The May 1 1917 interest on these bonds not having been paid they were
thereafter declared due.
Under an arrangement subsequently made with
a Bondholders Committee certain surplus funds are payable to the Sinking
Fund Trustees and applied to the payment of the principal of said bonds
and thereafter to the payment of the interest.
Under that arrangement
the entire principal (viz. $410,000) and the Interest on the bonds. Series
“A.” has been paid off and 5%, or $100,000 of the principal of the bonds,
Series *‘B,” was paid Oct. 10 1917.
A further payment of 5% on said
principal will be made in a few days. Compare V. 107, p. 1483.
Borden’s Condensed Milk Co.—Oct. Milk Prices.—
issue.—V. 107, p. 1387:
Bourne Cotton Mills
Corp.—Dividend Increased.—
that the directors have declared a quarterly dividend
of 5% on the $1,000,000 outstanding capital stock, payable Nov. 1 to
holders of record Oct. 16.
On Aug. 1,3% was paid, being an increase of
1% over the May payment.
In 1917 1Y±% was disbursed, and from 1910
to 1916 6%.
In 1903 the company made the largest payment in its his¬
tory, that of 49K%-—V. 107, p. 405.
Brown Shoe Co.—Maximum Prices of
Shoes Fixed Under
Agreement With War Industries Board— Shipments.—
last week’s issue.
from Boston states that for the 12 months ended Sept. 30
last, the total shipments by this company were valued at $31,953,293, an
increase of more than $10,000,000, or 50% over those of the fiscal year
ended Oct. 31 1917, and an increase of 200% as compared with 1915.
It is
stated that only about 20% of the 1917-18 business represents U. S. Govt,
orders.—V. 107, p. 698.
*
See p. 1437 in
A press report
Burns Bros.
(Coal).—Dividend in Stock.—
A dividend of 214% on the $7,146,300 outstanding common stock, has
been declared, payable in common stock Nov.15 to holders of record Nov. 1.
The initial quarterly dividend of 1K % was paid Nov. 15 1913 and main¬
Aug., Nov. 1917, and Feb. 1918
1H % was paid in cash and 1 % in common stock.
In May, last, 2 lA% was
tained until Feb. 15 1917, incl., May,
gaid
onds.—V.
and in 106,
June, 5%2347.
extra was disbursed in Second Liberty Loan 4%
p.
California Wine Association.—Bond Conversion.—
The California RR. Commission has authorized this company to issue
8.548 shares of Its common stock in exchange for outstanding 6% debenture
bonds deposited
for conversion with the Union Trust
Compare V. 107, p. 1480, 1483.
1387.
Calumet & Hecla Mining Co.—Output
reports output as follows:
A Boston paper
September, 1918
30 1918.
—J07, p. 1194. 698.
Jan. 1 to Sept.
Cal. & Hec.
Co. of San Francisco.
(Lbs.).—
......
.
Subsidiaries.
_
,
.
Total.
5,376,596 10,341,468
4,964,872
106,559.268
106,559,268
Canada Land & Irrigation Co., Ltd.—Listed m London.
has approved dealings in this company’s
£445,000 6% Debenture Stock.—V. 107, p. 606.
The London Stock Exchange
Canadian Vickers Co., Ltd.—Ship
Contract.—
A dispatch from Montreal states that this company has received con¬
tracts from the Canadian Government approximating $9,000,000 calling
for the construction of 5 ships of 8,100 tons each and 1 of 4,200 tons.
New Chairman.—
Douglas Vickers has been elected Chairman to succeed Albert
—V. 104, p. 1705.
Central Leather Co.—Controlled Company
See
Sale.—
Lehigh Valley RR. under “Railroads” above.—V. 107, p. 1289, 406
Central Union Telephone
See
Vickers.
Co.—Merger Status.—
Indianapolis Telephone Co. below.—V. 107, p. 84.
Charlton Cotton Mills Corp.—Extra
Dividend.—
Press reports state that the directors have declared an extra dividend
3% on the $800,000 outstanding capital stock (par $100), along
quarterly payment
of
with the
of 2%, both payable Nov. 1 to holders of record Oct. 14.
1% was paid Aug. 1 1915, which rate was paid
quarterly to and including May 1 1916. From Aug. 1 1916 to May 1 1917
1 Y % was paid quarterly and from Aug. 1 1917 to date 2% quarterly.
In
Feb. and May last 1% extra was paid.—V. 106, p. 1580.
The initial dividend of
Chevrolet Motor Co.—Exchange
General Motors Corp. Approved.—-J.
as of Oct. 11 addressed stockholders
of Stock for Shares of
T. Smith, Secretary,
as
follows:
The stockholders to-day approved the action of the directors authorizing
the officers to make an offer to the stockholders to acquire the capital stock
of this company, by issuing in exchange for each share of Chevrolet stock
1 1-7 shares of General Motors Corp. common stock and 44 cents in cash.
A statement of the assets and liabilities of the Chevrolet company, as
of Oct. 11 1918 (see below), shows that the assets of the company consist
solely of General Motors Corp. common stock and cash in an amount equal
to exactly 11-7 shares of General Motors common stock and 44 cents in
cash for each share of the capital stock of Chevrolet company issued and
outstanding.
As the Chevrolet company can issue no factional shares of General Motors
common stock, all fractional shares of General Motors common stock
will be bought by the company and paid for in cash at $125 per share.
Corp.
Stockholders may send their Chevrolet stock to the Guaranty Trust Co.,
N. Y., upon receipt of which the Trust company will immediately forward
check and certificates for the number of shares of General Motors common
stock to which each stockholder is entitled.
The General Motors Corp. has declared a dividend of $3 per share, pay¬
able Nov. 1 1918 to its common stockholders of record Oct. 18 1918, so
that those stockholders of the Chevrolet company will on Nov. 1 receive
said dividend either directly or through the Guaranty Trust Co., if their
Chevrolet stock has been turned in after Oct. 18.
Statement of Assets and Liabilities as of Oct. 11 1918.
Cash
$278,042 Capital stock outstand¬
ing 641,095 shares
$64,109,500
732,680 shares Gen. Mot.
9,436,542
Corp. com. stock at par 73,268,000 Surp. & undiv. profits._
Total assets
—V. 107, p. 1289.
$73,546,042
Total
liabilities
$73,546,042
Chicago Pneumatic Tool.—New Bonds.—Shareholders
on authorizing an issue of 6% Refunding
Mortgage bonds not to exceed $3,250,000 to be secured
by a mortgage or deed of trust to the Central Trust Co.
will vote Oct. 21
be designated, the
proceeds to be applied to the extension of plants and the
retirement of outstanding bonds under the existing mortgage.
of Illinois
or
other trust company as may
H. A. Jackson to Stockholders, dated
Chicago, Oct. 1 1918.
Business is in a very satisfactory condition, but circumstances are such
as to render it important that new financial arrangements be made so as
to provide a substantial amount for plant extension, as well as for ad¬
ditional working capital.
Owing to the great activity in the shipbuilding industry, the existing
facilities of the pneumatic tool industry of the country have proved in¬
sufficient, and most of the manufacturers, including ourselves, are many
months behind in filling orders.
In view of the fact that the Boyer riveter
manufactured by this company is the best riveter on the market, it would
be unfortunate if we should fail to take adequate steps to meet the increased
demand, which we have reason to believe will continue after the war.
Our company is committed to doubling its output of pneumatic tools
within the next few months, and making still further increases later.
We
have arranged for an extension of our plant at Cleveland at an expected
cost of about $200,000, and at Detroit at a cost of about $500,000.
We
also desire to enlarge our Franklin plant at an expense of about $200,000.
Letter of Pres.
Data from
The
production resulting will necessitate greater working
In view of this your board has adopted a resolution providing,
increased
capital.
subject to authorization of stockholders, for an issue of $3,250,000 par
value of 6% Refunding Mortgage bonds, the proceeds to be applied towards
the above purposes, and towards the retirement of the remaining bonds
outstanding under the existing mortgage.
An agreement for the sale of the new bonds has been made with a syndi¬
cate composed of Messrs. Hornblower & Weeks and Messrs. Elston & Co.
Your directors believe that the carrying out of their plans in the matter
of the new mortgage will not only be of great benefit to the United States
Government, by reason of the increased facilities afforded to the ship¬
building industry, but will also result in substantial financial advantage to
For these reasons the directors and officers of the
recommend that you give your consent to the mortgage
Proxies mailed on the printed form enclosed will be
voted in favor of the new mortgage.—V. 107, p. 1483, 1195.
your corporation.
company earnestly
referred to above.
See p. 1436 in last week’s
Press reports state
1581
THE CHRONICLE
1918.]
Chile
Copper Co.—Copper Production (in pounds.)—
—1918—Sept.—1917—
7,346,000
3,294,000
—V. 107, p. 1483, 1289.
Increase. I —1918—9 Mos.—1917—
4,052,000172,830,512 62,498,000
Increase.
9,332,542
Coniagas Mines, Ltd.—Extra Dividend.—
the directors have declared an interim dividend
2Y% and an extra dividend of 2H%. both payable Nov. 1 to holders
record Oct. 19.
The last payment was2H%» on Aug. 1.—V. 107, p. 405.
Press reports state
of
of
Cosden & Co.—First Cash Dividend in 1918.—
The directors have declared a cash dividend of 2Y/%. payable Nov. 1
to holders of record Oct. 19.
This is the first cash payment declared this
year.
On Feb. 1 1918, in view of extraordinary conditions due to cold
weather and railroad congestion, the common dividend of 5% was paid in
stock in lieu of cash, and this was repeated in May.
In Aug. a
2lA% stock dividend was disbursed.
(See V. 107, p. 85; V. 106, p. 1464,
300.).—V. 107, p. 1097.
common
Dallas Automatic Telephone Co.—Merger.-—
See Dallas
Telephone Co. below.—V. 105, p. 1712.
Dallas (Tex.) Telephone Co.—Incorporated.—
This company
has been Incorporated under the laws of Texas with an
authorized capital stock of $5,000,000.
It is presumed that this company
constitutes the merger of the Dallas Automatic Telepohne Co. and the South*
western (Bell) Telegraph & Telephone Co., for which see V. 105. p. 1712.
Denver Gas & Electric Co.—Rate Increase Asked.—
has applied to the Colorado P. U. Commission for
This company
an
increase in the price of gas for domestic and industrial users, of 10 cents
per thousand cubic feet.
The increase is sought because of the advance
in cost of production due to the war.
The schedule calls for new rates
effective Nov. 4.—V. 106, p. 1342, 931.
Eastern
Steamship Co.—Vice-President.—
George W. Sterling has been elected
in New York.—V. 107, p. 1290.
Everett
Vice-President with headquarters
Mills, Massachusetts.—Extra Dividend of $5.—
an extra dividend of $5 per share on the
$2,100,000 outstanding capital stock (par $100), along with the regular
The directors have declared
THE CHRONICLE
1582
semi-annual distribution of $3 per share, both payable Nov. 1 to holders
Ofrecord Oct. 18.
On Mar. 9 1917 the company increased the outstanding
of stock $700,009 by declaring a stock dividend of 50%.—V. 105.
SSSt
p.
1620.
Ford Motor Co.—Balance Sheet as of July 31 1918.—
Statement Filed with the Massachusetts Commissioner of Corporations.
Assets—
Real estate....
1917.
$
1918.
%
37,117,363
Mach, equipt.. 29,335,982
Merchandise
44.522,562
Cash, debts,rec. 91,471,851
67,981
Patents, Ac
Inventories
1,231,906
1,815
Investments
-V. 107, p. 1195, 1103.
—
....
1918.
$
Liabilities—
1917.
S
2,000,000
26.739,262 Capital stock..
2,000,000
12,445,379 Accts. payable. 10,653,327
15,546,682
122,408,491 120,000,366
49,297,639 Surplus
53,064,760 Pro-loss
52,834,237
Accr’d expenses
5,950,564
Depreciation
9,902,841
—
—
TotaKeach side)203,749,460 137,547,038
Fulton Steel Corporation.—Receiver.—
Judge A. N. Hand in the Federal Court at N. Y. on
William Nottingham. Harry C. Beavers and Edward
for this company which was organized a year ago to
Sept. 15 appointed
Quirk as receivers
make special steel
desired by the Postmaster-General.
The way you propose, however, is
attended with much delay and difficulty and an uncertain result, as we
know very well by experience in former efforts to merge.
A practical and
efficient unification of service can be accomplished in a very short time—
within 60 days, under favorable circumstances—by a physical connection
between the two systems and by giving the subscribers or each system the
opportunity, without extra charge, of reaching any and all subscribers of
tne other system.
The expense of making such a physical connection would
be
Gaston Williams & Wigmore, Inc.—Vice Presidents.—
W Frank and C. K. Fauver have been elected Vice-Presidents to
succeed W. H. Williams and Jas. A. Wigmore, who resigned some time
ago.—V. 106, p. 2554.
Granby Consol. Mining, Smelting & Power Co., Ltd.
Production (Lbs.)—
Month of September, 1918
9 months to Sept. 30
—V. 107, p. 1388. 1478.
Anyox.
1
Grand Forks.
Total.
688,539
3.371,535
2,682,996
24,724,936
6,431,250
31,156,186
law, will,
on
Great Western Milling Co.—Offering of Pref. Stock.—
W. P. Blakewell & Co., Los Angeles, has offered, at prices
ranging from 103.68 to97.60,according to maturity,yielding
8%, $200,000 First 7% preferred (a. & d.) stock, of which
the authorized amount is $300,000.
Divs. Q.-J. Par $100.
Red. at 105 and divs.
“Passed by the Capital Issues Committee as not incompatible with the
national interest, but without approval of legality, validity, worth or
security.
Opinion No. All 14.”
Capitalization—
Authorized.
Issued.
$300,000
$200,000
Common stock
350,000
250,000
Maturities and Redemptions.—Series A, $20,000 redeemable July 1 1919,
Series B, $30,000 1920; Series O, $30,000 1921; Series D, $30,000 1922;
Sottas E, $30,000 1923; Series F, $30,000 1924; Series G, $30,000 1925.
Accrued dividends to be added.
The pref. stock is a first lien on the real estate, buildings and machinery,
appraised at $367,669. A trust deed on this property in the amount of
$200,000 has been placed with the Title Insurance A Trust Co. together
with 200 First Mortgage bonds of $1,000 denomination.
Should the com¬
pany fall to redeem the preferred shares or pay the interest thereon the
preferred shareholders may exchange their shares for First Mtge. bonds.
No common dividends until the profit and loss surplus equals three times
the Amount required to pay the year’s dividend on the preferred stock out¬
standing. Stock must be canceled at redemption; not subject to re-issue.
$55,137; autos and trucks, $22,010; trade-marks, brands, Ac.,
$8,241; furniture and fixtures, $4,287; less reserve for deprecia¬
tion on plant and machinery, $10,376
$357,293
Current assets—Cash, $19,152; accounts receivable, $177,878 (less
reserve for bad and doubtful debts, $8,666); bills receivable,
$230,634
3,200
38,592
Capital and surplus—Capital outstanding, $200,000; capital sur¬
plus, $150,101; profit and loss surplus, $20,855
$370,956
♦Bills payable—Farmers’ 8c Merchants’ National Bank of Los
Ahgdes, $130,880; California Savings Bank, Petaluma, $27,000;
sundry, $5,891
163,771
Trade acceptances, $63,129; accounts payable, $143,052
369,952
Deferred payments._
93,000
Total
$833,909
Bonds Authorized in treasury (unissued)
-'-'-"-"- -'-'-"--'- --'-'-"-".'- $200,000
•The net proceeds of this issue are being used to liquidate all short time
-
-
-
-
obligations.
No prior or equal stock during the life of this issue without the written
consent of 75% of the outstanding preferred stock.
Property.—Complete flour mill with a milling capacity of 275 barrels
daily with an additional flour blending capacity of 150 barrels. Complete
switching facilities are available and warehouse and storage faculties with
modern wick warehouses and grain elevators having a total
capacity of
about 6,000 tons.
The manufacturing units have capacities as follows: Corn
products such
as cracked corn, feed
meal, table meals, 25 to 30 tons per 24 hours; rolled
barley, 55 tons per 24 hours; poultry mixing plant for balanced rations,
75 tons per 24 hours; attrition mill about 20 tons per 24 hours; total man¬
ufacturing tonnage capacity for 24 hours is 400 barrels of flour and 210
tops
of feeds. Included in this feed tonnage is about 15 tons not listed
above which is a blending capacity In the flour mUl on ‘by-products.
Bata /rom Letter of
E. Woolner, Dated July 25 1918.
Business.—Our business is that of milling. During 1917 total sales
aggregated
$2,226,399, being an increase in value of $976,820 over 1916.
fmPurpose of Issue.—To increase the zone of activities and increase output
Presideni^H.
jggS!SSSI!!SS!!SiSS!SiS55iiS55553355353BS8K33ISSS85SSMSSAwwJSiyAwii!S^Ii!MMBSSM3SBMBM8BSBBIB
h Hawaiian Commercial & Sugar Co.—Extra Dividend.—
A®
extra dividend of 50 cents (2%) per share has been declared on the
$18,000,000 outstanding capital stock (par $25), along with the usual
monthly 25 cents (1 %) per snare, both payable Nov. 5 to holders of record
Oct. 25.
This is the first extra dividend declared this year.
In 1917,
the company paid three extras (50 cts. each),
amounting to $1 50 and with
the
12 regular monthly payments, the total disbursed for the
gregated $4 50.—V. 105, p. 1213.«*
year ag-
Hydraulic Pressed Steel Co.—Note Payment.—
was prepared to pay off
notes due no that date.
for payment at the Guardian
in cash Its $1.800,000
Holders of the notes
Savings & Trust Oo.,
The Guardian Savings & Trust Co. gives notice that it is
prepared upon
surrender of interim certificates representing First
Mortgage & Collateral
Trust 7% gold notes dated July 1 last, to deliver the definitive notes
For offering, Ac., Y. 107,
Indianapolis Telephone Co.
of Central Union Telephone Co,
p.
505.
-Reply to Merger Proposal
Laclede Gas
Light Co., St. Louis.—Rate Situation.—
Referring to this company’s petition asking for an increase of 25%
in rates the Missouri P. S. Commission has ordered produced an itemized
statement of production, and distribution costs as well as the prices received
for products.—V. 107, p. 1484, 1104.
Magma Copper Co.—Production (in Lbs.).—
January
February
560,000 April
800,000 May
900,000 June
__
1,050,000 July
800,000
-.900,000
1,169,083 August
March
947,128 September
747,805
Production for the 9 months aggregated 7,874,016 lbs.—V. 107, p. 1196.
Mason Valley
January
February
Copper Co.—Production (in Lbs.).—
1,536.6001 April
1,058,4001 July
1.190,177
1,759,7281 August
l,253,000|May
1,245.600
March
1,455,200 (June
1,222,845J September —1,471,442
Production for the 9 mos. aggregated 12,192,992 lbs.—V. 107, p. 1196.
Mohawk
January
February
Mining Co. (of Mich.), N. Y.—Production (lbs.).
984,343
944,302 July
April
748,835
1,088,654 May
913,005 August
711.129
March
925.222 June
783,771 September
812,225
Production for the 9 mos. amounted to 7,911,486 lbs.—V. 107, p. 1196.
Moore
Shipbuilding & Dock Co. (Oakland, Cal.).—
The California RR. Commission has approved the consolidation of the
Moore Iron Works and Moore A Scott Ship A Dock Co.
These companies
have conducted the operations of the Moore A Scott Shipyards on the
Oakland estuary.
This new company has been permitted to ls4ue its entire capitalization
of $3,000,000 of common shares to the two constituent corporations in
exchange for their property and assets, having a net value of approxi¬
mately $5,400,000. Included in the transfer to the nwe company is all the
real property, plant,
ment contracts, Ac.
equipment, vessels under construction.
Govern¬
The directors and officers are to be R. 8. Moore. Chairman; George A.
Armes, Pres.; Andrew Moore, 1st V.-Pres.; Joseph A. Moore, 2d V.-Pres.;
J. H. Small, Sec., and R. S. Shainwald and W. E. Duzan, directors.
Outstanding Bonds Called.—
This company has called for payment on Dec. 1 all of the outstanding
First Mtge. 6% Marine Equipment gold bonds, 2nd series, dated June 1
1915 (denom. $1,000) at 103 and int., also all the outstanding 1st series,
dated Jan. 1 1915 at 105 and int. on Jan. 1 1919 at the Mercantile Trust
A Deposit Co. of Baltimore.—V. 104, p. 1494.
Representatives of this company have informed the Nebraska RR. Co mmission of the necessity of increasing telephone rates by 20%.—V. 107,
p.
914.
Newark
Telephone Company.—Dissolution.—
Vice-Chancellor Lane in the New Jersey Courts has signed an order
directing Receiver McCarter to pay to the Friendship Telephone Co., as
a preferred creditor, whatever balance
may be lent out of total cash assets.
Upon the consummation of this action the receivership ends and the com¬
pany ceases to exist.-—V. 70, p. 133.
New Britain (Conn.) Machine Co.—New Stock.—
Robert 8. Brown, Secy., as of May 10 1918 writes: “The directors on
May 10 voted to issue 10,000 shares of the unissued authorized capital stock:
that the privilege of subscribing to such be offered stockholders of record
May 10 1918 until June 1 to 1-5 of the number of shares held on said day,
that payment be made $25 per share on or before July 3 1918.”—V.
105,
p.
1714.
N. Y. & Honduras Rosario
Mining Co.—Amortization.
The directors have voted a distribution equal to 5% of the capital stock,
1 % for dividend and 4% for amortization, both payable Oct. 25 to holders
ofrecord Oct. 15.—V. 106, p. 2455.
North Star Mines Co.—Dividend Omitted.—
The directors have omitted the quarterly dividend on the $2,500,000
outstanding capital stock (par $10).
In connection with the omission.
President George B. Agnew said in part:
“As a result of war conditions, the operation of the North Star mines
has yielded but small profit for
the year so far, and we are not justified in
declaring the dividend usual at this time. Costs have steadily risen and
lately, owing to a shortage of labor, milling has been curtailed. Further¬
more, since March we have been obliged to stop all development work.
Additional taxation has had its share in increasing the cost of operation.
“During the first six months of the year dividends amounting to $100,000
were paid.
Of this sum, it seems probable, subject to adjustment at the
end of the year, that $30,000 must be considered as having come from the
surplus earnings of previous years and $70,000 from reserve for depletion,
as a payment in liquidation of capital.”
[This company was incorporated April 10 1899 in N. J., successor to the
North St3r Mining Co., which was incorporated in 1884 in Calif.
In 1913
purchased the Champion mines at Nevada City, on which there is a 40stamp mill.
It has an authorized capital stock (par $10) of $5,000,000. of which
amount $2,500,000 is outstanding.
It has no bonded debt.
Dividends
have been paid as follows:
Year—
08. 09-10. ’ll. 12. ’13. ’14. ’15. ’16. ’17.
1918.
Rate
17
10
10
15% 23%
18
10
10
12
2,-,-.-.
Officers.—G. B. Agnew, Pres.; 8. M. Colgate, V.-P.; W. D. Pagan,
Sec. A Treas.J
Ogilvie Flour Mills Co., Ltd., Montreal.—Earnings.—
Years ended Aug. 31'—
Profits after bond interest and pro¬
vision for
1918.
1917.
1016.
tax:
(a) milling
(b) Other income
Less—Preferred dividends
$832,911
$721,0381
$774,270
1,122,504
637.809/
(7%) 140,000
140,000
140,000
Common
dividends
(27 %) 675,000 (25)625,000 (12)300,000
Transferred to contingent account.
1,250,000
war
_ .
TSie receivers of the Central Union Telephone Co., namely, David R.
Forgan, Edgar 8. Bloom, Frank F. Fowle and Edward H. Schmidt, re¬
cently proposed a merger with the Indianapolis company.
The reply
to the Central Union Company receivers is
given in part herewith:
This company [the Indianapolis company] is in favor of a unification
of
the two telephone systems in Indianapolis at the earliest possible date, a„
825.
Nebraska Telephone Co.—Rate Increase Asked.—
$434,824
Deferred assets—Insurance prepaid, $2,200; taxes prepaid, $1,000Investments—Capital stock sub. company, $8,083; Southern
Warehouse Storage Co., $500; U. S. bonds, Liberty Loan, $29,758: membership L. A. grain exchange, $250
represented thereby.
p.
A press report states that negotiations will soon be taken
up looking
towards the arrangement of a contract between this company and the
Government.—V. 106, j. 2754.
Munson SS. Line.—All
Balance Sheet Dec. 31 1917 (Total Each Side, $833,909).
Assets—
Fixed assets—Real estate, $154,000; plant, $123,995; machinery,
Cleveland, Ohio.
106,
...
Preferred stock
may present th<
be necessary.—V.
See Swift A Co. below.—V. 90, p. 376.
preferred stock on
of record Oct. 21.
Dividends on this issue were omitted during 1917 and for the first threequarters of the current year.
Accrued dividends remaining unpaid now
amount to 8&%.—V. 102, p. 1629.
company on Oct. 15
7% Collateral
1-year
course,
Keystone Telephone Co.—Government Contract.—
Accruals.—
The directors have declared a dividend of $3 50 on the
account of accrued dividends, payable Nov. 1 to stock
.This
of
Libby, McNeill & Libby (Canners).—Segregation.—
Gray & Davis, Inc.—$3 50 Paid
$15,825; inventories,
inconsiderable.
I propose a valuation of the properties of both systems—by the same
appraisers, using the same yard stick. I believe that we should submit
to the Postmaster-General and the Public Service Commission the question
as to whether the consolidation should be accomplished
through owner¬
ship by your company or ours.
One of your number has stated that if a merger should be accomplished
the automatic system of this company would be thrown out.
I denounce
this as unwarranted.
Under Government control such questions will be
decided only by the proper Government officials.
Whether the final plan should involve either a purchase or a sale by
this company, the approval thereof by the stockholders of this company
and by tne authorities of the City of Indianapolis, so far as required by
products.
A
[Vol. 107.
*
Balance, surplus..
107, p. 1291.
$1,140,415
-Y.
$516,153
$334,270
Packard Motor Car Co.—Dividend Increase.—
The directors have declared
utstanding
common
a cash dividend of 4% on the $11,656,930
stock, payable Oct. 31 to holders ofrecord Oct. 15.
Oct. 19
1918.]
THE CHRONICLE
iSa^LP*111 on,,,t£e P'T’i- 7% (IH% Q.-MJ from Dec. 1909 to
V918- Common, 40% paid In common stock
Oct. 1913, 10% pavf£?2a£llL8tockJ?eh• 1916 and 1
cash Feb., May, Aug. and
J.™
-UKw5!!^ payable in common stock Aug.
1 1916; 1917, Feb., April,
/hmS,ectMcliuii<laa*r-then
no”.®.H'!Juoe ms. 2%.
Secretary.—V.
107,
J^n“Amer* Petroleum
• -a
p. 1196.
& Transp. Co.—Apply to List.—
S?™pany
has aPPU«i to the New York Stock Exchange
common
8o0.000.000
stock.—V. 107, p. 909
,
to list
809, 796.
Pressed Metal Co. of Canada.—Interim Dividend.—
The directors have declared an interim
dividend of 1% on the common
stock, payable Nov. 1 to holders of record Oct. 31.
The preferred stock
holders get 2% quarterly.
The officers and directors are C. E. Calvert,
i res.; J. W.
Leighton, Vice-Pres. and Man. Director; H. L. Nussoaum,
Sec.-Treas.; and J. R. L. Starr, of Toronto; S. Goldsmith, New York.
Pullman Co.—No Financial Statement Yet.—
Pres. J. 8. Runnells, as of Oct.
10, writes:
“The customary annual
imanclal statement to stockholders is
not sent with the notice of annual
meeting this year.
As stockholders are aware, the sleeping car portion
or
j^he company
s business was taken over by the Government Jan. 1 1918,
since been conducted for Government account.
No contract him
yet been made with the Government
and until made and the amount
or compensation
fixed, the result of the corporation’s business for the fiscal
year cannot be ascertained
“It is hoped a contract with
the Government will be completed in the
near, future, and as soon as practicable thereafter, a statement of the
years results will be forwarded to
stockholders.’’—V. 107, p. 807.
Rainy River Pulp & Paper Co.—Director.—
„
Henning Helin, formerly
director and manager of the Wyagamack
a director and will have charge
of the
Plants with the title of Managing Director.—V. 104,
a
pulp & Paper Co., has been elected
ope3S«on of Hie
P- 2239.
Republic Iron
& Steel
Co.—Earnings to Sept. 30.—
-Quarters ended——
Sept. 30.' June 30. Mar. 31.
9 Mos. Ended-
Sept. 3018
Sept. 30'17
Net aft. Federal tax_2,829,555 3,675,444 3,527,730
10,032.729
Int. A Inc. from inv_
82,645
178,860
254,327
515,822
Total income
4,675,383
190,533
2,912,200 3,854,294 3,782,057 10,548,551 14,865,916
573,606
496,255
1,605,132 1,037,152
90,669
86,264
71.932
248,865
202,585
178,943
188,651
192.101
559,695
580,841
437,500
437,500
437,500 1.312,500 1,312,500
407,865
407,865
407,865 1,223,595 1,223,595
1M%
1H%
4
1M%
4H%
Deprec. & renewals. 535,271
Exhaus ’n of
minerals
Interest on bonds
Preferred dividends.
Common dividends.
P. C. of com. div.
Balance, surplus. 1,261,952 2,160.408 2,176,403
Unfilled Orders
5,598,763 10,509.243
Hand—Finished and Semi-finished.
%’H,191730
June 30 1918.
Sept.
1918.
Mar. 31 1918.
418,943 tons
315.164 tons
299,737 tons
421,021 tons
Note.—The board of directors authorized a deduction from the net
profits
for the quarter ending Sept. 30 1918 of an amount in excess of that required
by existing tax laws as a provision for “increased excess profits taxes7’
sug¬
gested by pending legislation.
These results are subject to change and ad¬
justment at the end of the year when accounts are
finally audited.—V. 107,
p.
on
409.
Republic Motor Truck Co.—Government Order.—
This company it is stated has received a further order from
the Gov¬
ernment for 2,000 Class B heavy
army trucks. It is stated that the com¬
pany s present schedule calls for 1,000 commercial trucks a month.—Y.
106, p. 714.
Republic Rubber Corp.—Capital Readjustment.—
The shareholders will vote Nov.
4 on amending the certificate of incor¬
poration so as to provide for the authorization of $10,000,000 first preferred
7%*cmnuiative stock; $2,500,000 second preferred 8% cumulative con¬
vertible stock and 650,000 shares of common stock without par
value, the
last amount being an increase of 400,000 shares over the
present authorized
issue.—V. 107, p. 807.
Rollin Chemical Co., Inc.—New Treasurer & Director.—
William C. Bradley, formerly of the Guaranty Trust Co. of N. Y.,
has been elected Treasurer and a director.—V. 107,
p. 1485, 1291.
Rhssell Motor Car Co., Ltd.—Earnings.—
Yrs. end. July 31.
1918.
Net prof, after war
1917
ta««
Yrs. end. July 31.
1918.
Com. divs. (7%). $56,000
628,582 643,591
Pref. divs. (8%).
84,000 *392,000 Bal., surplus
1917.
$488,582 $251,591
Including 26H% preferred dividends accrued, due in former
—V. 107, p. 297.
x
St. Lawrence River Power
WA.
-years.
Co.—Right Denied.—
press dispatch from Ottawa states that the Canadian Government
has informed the United States Government that it declines to
recognize
theifdedsion of the International Waterways Commission, allowing this
company the rights to dam the St. Lawrence River at Long Sault.-
V.
107. p.1291.
Shannon Copper Co.—Output {in Lbs.).—
Output, month of September.
Output, nine months
—YT 107, p. 1105, 186.
1918.
1917.
1916.
722,000
7,247,000
(closed)
5,433,000
774,000
6,999,500
Southwestern (Bell) Teleg. & Teleph. Co.—Merger.—
See Dallas Telephone Co. above.—V. 107, p. 1008.
P Standard Oil Co. of Indiana.—New President.—
F’
William M. Burton has been elected President to succeed Lauren J
Drake, deceased.
Robert W. Stewart has been elected Chairman of the
board of directors.—V. 107, p. 1485.
Swift
&
Co.—Segregation of Libby, McNeill & Libby
—Swift & Co. Shareholders offered Right to Exchange OneTenth of Their Shares for an Equal Par Value in the $10
Shares of Libby, McNeill & Libby—Plan of Exchange—Balance
Sheet.—F. S. Hayward, Secretary, in a letter to the share¬
holders of Swift & Co. dated Oct. 12 1918, says in subst.:
Libby, McNeill & Libby is a corporation organized in Maine, with a
present capital stock of $12,800,000, par $10 [not $100], fully paid and non¬
assessable.
It is a canner of an extensive variety of food products (meats,
vegetables, fruits, Ac.). Its business has a world-wide reputation.
It is now thought advisable to separate the business of Libby, McNeill
A Libby, in which Swift & Co. has been to a large extent interested, from
that of Swift A Co. and that Swift A Co.’s shareholders be given the oppor¬
tunity of acquiring this valuable property and business in proportion to
their holdings of snares of Swift A Co.
With this in view your directors
propose on or about Nov. 6 to offer 1,275,000 shares of capital stock of
Libby, McNeill A Libby to shareholders of Swift A Co. of record Oct. 26
1918 on the following basis:
Each shareholder of Swift A Co. of record Oct. 26 1918 shall have the
right to exchange one-tenth (1-10) of his shares of 8wift A Co. capital
stock for as may shares [of the par value of $10 each] of Libby,
McNeill A
Libby capital stock
record Oct.
26
as
1918.
he owned shares of Swift A Co. [par $100] of
On receipt of such offer each shareholder should
deposit with the First Trust A Savings Bank of Chicago, as depositary,
not later than Nov. 30 1918, Swift A Co. stock certificates endorsed to the
order of said bank to an amount equal to at least one-tenth of his holdings.
Any excess shares will be returned to him.
As Swift A Co. does not issue certificates for fractional shares, warrants
representing fractions will be issued by the depositary whenever neces¬
sary and may be bought and sold, and upon surrender thereof to the de¬
1583
positary, properly endorsed, in amounts aggregating one or more whole
may be exchanged for certificates for whole shares of Swift A Co.
capital stock. Warrants shall not entitle the holders thereof to voting or
shares,
dividend rights until converted into certificates
representing whole shares.
If the shareholder prefers, he may avoid handling
warrants for Swift
fractional shares by substituting a cash
payment at the rate of $10 for each
one-tenth of one share contained in the Swift fractional share.
He may
also purchase through First Trust A Savings Bank at
$10 for each one-tenth
of one share a warrant
representing such fractional share of Swift A Co.
capital stock as will enable him to convert the fractional share received by
him in exchange of shares into a whole share; or he may sell such warrant.
Any shares of Swift A Co. which the company may receive in exchange
for shares of Libby, McNeill A Libby shall be held as
treasury stock.
The stock of Libby, McNeill A Libby will be listed on the
Chicago
Stock Exchange as soon as practicable.
Bal. Sheet of Libby. McNeill A Libby, May 41918 {Total Each Side
$44,393.323).
Resources—■
Liabilities—
Cash
$1,807,395 Capital*
$8,000,000
Accounts receivable
9,314,300 Surplus
10.708,878
Inventory
__21,014,442 Reserves
3,717,021
Investments
1,045,205 Bills payable
-19,598,500
Cars
107,370 Accounts payable
2,368,925
Real est., bldgs. A equip_ll,104,610
*
Since the date of this statement the capital stock has been increased
out of surplus to $12,800,000.
Time Extended for Deposit of Stock Listed in
Chicago.—
The time for the deposit of stock to be exchanged tor shares in the new
Swift International Co., has been extended, to the close of business Oct. 19.
The Chicago Stock Exchange authorities have admitted the stock of the
Swift International Corp. to trading privileges.—V.
107, p. 1198, 910.
Texas Company.—Possible New Stock Issue.—
Although official confirmation Is lacking it is generally understood that
the directors of this company have under consideration a plan
providing for
the issue at par of approximately $17,500,000 new stock, or
about25%
of the total now outstanding. The proceeds from the financing, it is
stated,
will oe used to liquidate existing bank loans of $10,000,000, while the bal¬
ance may be devoted to increasing oil production.—V.107,
p. 1389, 1096.
Texas & Pacific Coal & Oil Co.—Stock Increase.—
This company has filed an amendment to its charter in Texas
increasing
the capital stock from $4,000,000 to $5,000,000.
This stock was sola
some time ago to the shareholders at par $100.
Stock certificates are ready for delivery in exchange for full-paid subscrip¬
tion receipts at the office of Central Union Trust Co., 54 Wall St., N.Y.
It is recommended that holders of
subscription receipts present and ex¬
change the same for stock certificates on or before Oct. 19.
A special divi¬
dend of $5 a share is payable Oct. 30 to holders of record Oct. 19.
Checks for interest payable
on subscriptions, as provided in the subscrip¬
tion receipts, will be delivered with the new stock certificates.—See V. 107,
p. 1291.
Tobacco Products Corporation. —Status.—
President George J. Whelan in a letter to a stockholder is quoted as
saying that earnings for the first 8 months of the current year before making
allowances for excess profits taxes have amounted to $300,000 more than
the earnings for the full year 1917, on the same basis.
Mr. Whelan farther
says: “I am of the opinion that Tobacco Products will show increased earn¬
ings each year from now on, although, as far as that goes, tnis is the opinion
of all the leading tobacco concerns of the country.
The gross of this comny’s business as well as that of other concerns operating along a like line
the past four years does not show in the selling price of their securities.
Most of the companies are earning twice as much as they did when the war
started.
In fact, I see no reason why on a peace outlook tobacco stocks
should not advance just as easily as have the oil shares.”—V. 107, p. 409.
United Alloy Steel Company, Canton, O.—Govt.Work.
This company’s plant at Canton, O.,
Government work.—V. 107, p. 516.
it is stated, is engaged wholly in
United States Steel Corp.—Status of Industry.—
Chairman E. H. Gary is quoted as follows on after-the-war conditions:
“Undoubtedly there will be a lame volume of business which has been held
up on account at the war and willprooably become active after the demand
for military necessities has materially decreased.
With proper manage¬
ment we will continue to be the leading nation In industrial and financial
effort.
Therefore the iron and steel men are not going to entertain any
panicky sentiments.”
r-
«
Sub. Co. Bonds Called.—
See American S. S. Co. above.—V.
107,
p.
1486.
Wages.—Anthracite Wage Increase.—
Announcement has been made by the U. S. Fuel Administrator of a wage
readjustment in the anthracite coal region affecting about 150,000 miners.
The awards will amount to from 15% to 40% of present wages.—Y. 107,
p. 1389, 910.
Whalen Pulp & Paper Mills Co.—Operations.—
This company’s plant, at Port Alice. Quatsino Sound. B. C., which has
been in course of construction for two years, is now in operation.
For
description of property and bond offering, see V. 105, p. 2280.
Western Union Telegraph Co.—Contract with Govern¬
ment.—Pres. Newcomb Carle ton as of Oct. 15 1918, writes
to the stockholders as follows:
On Oct. 9 1918, the Postmaster-General, on behalf of United States,
entered into a contract with the company
respecting compensation for the
use of the land line properties during the period of Federal control, the
salient features of which are:
1. The contract leaves to the company its non-operating income and the
income from its eight transatlantic cables.
2. The Government to maintain all land line reserves for depreciation
and amortization upon the same bases as heretofore; to continue the main¬
tenance and operation of the property in as efficient condition as when
taken over and to return the property, on the termination of Federal control,
In as good condition as when received; to pay all other land line operating
charges, including taxes, bond interest and guaranteed rentals and dividends
and to continue the company’s plan for pensions, disability and death
benefits
3. As compensation, the Government will pay the company the sum of
$8,000,000, per annum. Out of such compensation the company will
loan to the Government each year the sum of $1.000,000, without interest,
toward financing approved additions and extensions, funds required for
these purposes beyond such amount to be furnished by the Government.
If new securities are issued by the
company for land line additions or other¬
wise required, the Government will pay the interest or other costs of such
securities.
The company to limit its dividends during Federal control
to 7%.
4. On the basis of returns for the first eight months of this year, it is
estimated that the company’s net income for the calendar year 1918
will be approximately $11,500,000.
5. Viewed in every aspect, the contract is a fair one to the company and
the Government, and tne arrangement was reached through the pursuit
of a broad policy by both parties to the negotiation.
Compare Y. 107,
p. 1486, 1105.
Wilson & Co., Inc. —Suit Dismissed.—
The Federal Trade Commission has dismissed the case against this com¬
pany, alleging that it had supplied unfit meat to the Army and Navy,
because it was not conclusively shown that the allegations were true.—
V. 107, p. 910, 702.
Wolverine Copper Mining Co.—Production {in Lbs.).—
January
February
March
350,957 April
403,736 May
383,635 June
Production for the 9
mos.
391,989 July*.
(F. W.) Wool worth Co.—September Sales.—
1918—8ept.—1917.
$8,768,817
$8,249,832
—V. 107, p. 1105, 612.
394,664
340,099 August
334,647
336,455 September
276,125
amounted to 3.211,207 lbs.—V. 107, p. 1198.
Increase. I
1918—9 Mos.—1917.
Increase.
$518,9851$72,300,548 $64,813,652 $7,486,896
THE CHRONICLE
1584
£he (&oxamzxtvx\ Times
COMMERCIALEPITOME
Friday Night, Oct. 18 1918.
Governmental business is still first and foremost, but if
events seem to suggest, the
trade in the United States
is perhaps not many months off.
The whole business world
is watching international developments with the keenest
interest. Meanwhile colder weather in parts of the West
and Northwest tends to help retail business; and warm
weather here in the East quite as certainly retards it. Wher¬
ever opportunity opens, however, there is a good wholesale
business, even allowing for a certain degree of caution among
buyers here and there owing to existing high prices and the
prevalence of economy among the fixed salaried class. The
purchases of the prosperous working and gricultural por¬
tions of the population in the meanwhile are on as large a
scale as the restricted opportunities of these times permit.
The big buying by women has become a noteworthy factor
in the nation's trade.
Collections are still good and failures
comparatively few. The weather has generally been good
for the crops. Winter wheat looks well.
Owing to an un¬
usually open fall the cotton crop will be larger than was at
one time expected.
The active and rising stock market
attracts general attention in the commercial world, as it
indicates a growing belief that peace is not so far off. Goods
as a rule are in larger demand than supply.
Yet the influ¬
enza epidemic which is so widely prevalent has handicapped
many industries.
Thousands are ill with it. This with the
great interest in the Liberty Loan campaign has restricted
business in not a few sections of this country. Coal is in
better supply; railways are believed to be better stocked.
Cars are more plentiful.
Live stock and other food prices,
it is believed, are on the whole tending downward. Wheat,
corn and oats are being marketed on a big scale.
Raw ma¬
terials are still scarce, almost everywhere. This year the
total aoreage in cultivated crops is about 3.4% more than
last year.
The total production of important products this
year oompared with last year is estimated as f ollows:
Wheat,
141.2%; oorn, 86%; oats, 96.8%; barley, 113.2%; rye,
127.6%; buckwheat, 111.5%; white potatoes, 88.4%; sweet
potatoes, 98.1%; tobacco, 105.8%; flaxseed, 184.2%; rice,
115.5%; hay (all), 90.9%; clover hay, 102.3%; clover seed,
102%; apple3, 113.6%; peaches, 89.2%; sugar beets, 108%;
kafirs, 95.7%; broom corn, 100.6%; beans 112.2%, and
peanuts, 120.7%. The leval of prices paid producers
of the United
States for
the
principal crops de¬
ceased about 1.4% during September. Tim prices of
meat
animals—hogs, cattle, sheep and chickens—to
producers of the United States increased 2% from Aug.
15 to Sept. 15.
On Sept. 15 the index figure of prices for
these meat animals was about 13.3% higher than a year ago,
73% higher than two years ago, and 86.4% higher than the
average of the last eight years on Sept. 15.
The gasless
Sunday order has been revoked, but it will be renewed if
necessary.
American yards still lead in shipbuilding.
From January to September, inclusive, of the present year
they turned out 2,042,944 tons of merchant shipping, as
against 1,761,960 at the British yards. For the fourth con¬
secutive month the American output has exceeded that of
the British, though in each of the previous four months the
British yards were ahead.
So great is the demand for labor
at the shipyards that riveters at the plant of the Submarine
Boat Corporation are generally earning about $100
week.
a
The revival
of
Mississippi River traffic
between St. Louis and New Orleans began on Octo¬
ber 12 with the opening of the new barge service.
The conservation of food is being rigidly looked into.
The
householder has to sign a card whpn buying sugar. No one
is now to have over 2 pounds a month.
This is expected
to effect a saving of 200,000,000 pounds a year.
The new
regulation became effective on the 15th instant. It requires
the consumer to purchase his allotment every 15 days,
rather than every week. Some features of the new war
program for public eating places are these: bread and butter
not to be served unless on request and never put on the table
peace is near at hand as recent
return of normal conditions of
until after the first course is served. Not more than one
kind of meat or poultry is to be served at a meal; no sugar
to be served except by request, and one teaspoonful, or its
equivalent, is to be sufficnet for one person at a meal. Chair¬
man Baruch of the War Industries Board has told the House
Appropriations Committee that non-war industries will have
to be eliminated almost completely to enable the Government
to meet its ordnance and ammunition program for 1919.
It is estimated that 500 persons have just perished in forest
fires which have spread across northern Wisconsin and
Minnesota. Timber land valued at many millions of dol¬
lars have been destroyed.
The total damage, in fact, is
estimated at $100,000,000. The Governor of Minnesota
has asked the United States Government for military as¬
sistance in fighting the fires in that State. Steel production
[Vol. 107.
in this country has broken all records.
It turns out that the
output in September was at the rate of 46,800,000 gross tonfc
of ingot per year.
Yet it is an unfortunate fact that on
Jan. 1 there will be, to all appearance, at least a theoretical
deficit of 3,000,000 tons. There is complaint at the South
as elsewhere of a scarcity of labor.
And there is some fear
that unless peace comes in the meantime it may be difficult,
or impossible, to plant and raise an adequate cotton crop
next year.
Efforts are being made to meet the difficulty,
which may, moreover, be solved by the return of peace.
The coal output in the week ending Oct. 12 was consider¬
ably reduced by the rapid spread of influenza in various
sections of the country, notably in Pennsylvania, Alabama,
Kentucky, Tennessee, Virginia, West Virginia and Mary¬
land.
In Cumberland-Piedmont district influenza
was
so
prevalent and physicians and nurses so scarce that many
of the smaller mines were completely idle and the large ones
practically only half manned. But bituminous produc¬
tion was high, during the week ending Oct. 5, i. e., 16%
in excess of that for the corresponding week of last year in
spite of a decrease of 3H% as compared with the week
ending Sept. 28. From April 1 to Sept. 28, 311,216,000
tons of bituminous and 51,651,000 tons of anthracite coal
were mined, a new half year record for America, an increase
of 12% and 2.1% respectively over same 1917 period.
The State Fuel Administrator, has issued instructions to
restrict the sale of coal to residents in the country who
have either standing or cut wood available for fuel. A
gratifying fact is that the bituminous coal production in
this country during the past few weeks has almost reached
the amount that it is estimated will be needed for the com¬
the Fuel Administration has authorized the stor¬
of larger amounts by consumers.
LARD lower; prime Western, 26.35 @26.45c.; refined to
the Continent, 28.25c.; South America, 28.65c.; Brazil,
ing
year,
age
29.65c.
Futures advanced on better cash demand and a
rise in corn.
Also there was some natural response to the
strength in pork, which in a single day ran up 100 points.
That was on the announcement of large Government re¬
quirements. Also although hogs at one time declined
they have latterly advanced. The dismissal of the armis¬
tice idea naturally had a tendency to strengthen prices,
though later prices reacted with corn. To-day prices de¬
clined.
They are lower for the week.
DAILY
CLOSING
Sat.
OF LARD FUTURES
Mon.
Tues.
Wed.
Holiday
26.50
25.25
PRICES
October delivery—cts_
November delivery
26.65
25.62
26.15
25.12
CHICAGO.
Fri.
25.65
25.20
24.62
24.20
IN
Thurs.
PORK lower; mess, $40@42; clear, $42@$50. Beef
products firm; mess, $35@$36; extra India mess, $58@$59.
Cut meats steady; pickled hams, 10 to 20lbs., 29^@30^c.;
pickled bellies, 37@38c. A Chicago dispatch said that the
Food Administration has made out a larger order calling
for 2,600,000 tons of meats and fats for our soldiers and
the Allies and neutrals before July 1.
Representatives of
400 American packers got the message from Food Adminis¬
trator Hoover.
The order means an increase of over 1,000,000 tons over last year’s shipments, he said.
Other supplies
to be shipped will amount to 5,730,000 tons more than were
delivered last year. To-day November pork was $35, a
substantial rise for the week. Butter, creamery, 58H@
59c.
Cheese, flats, 27H@33^c. Eggs, fresh, 57@58c.
COFFEE higher; No. 7 Rio, 10^@10%c.; No. 4 Santos,
15c.; fair to good Cucilta, 13J4@14c. Futures continued
more or less in a state of deadlock.
It has been an¬
nounced, however, that the coffee imports will hereafter
to be
by the United States Government through the
Sugar Equilization Board. This, some think, will have a
tendency to strengthen prices here, reduce prices in Brazilian
markets and generally affect the stabilization of conditions
throughout the trade. But one of the aims seems to be to
effect economy in the use of coffee in the United States.
Details of the plan have not yet been made public.
It is
assumed that they will conform as far as possible with
ordinary trade usages. Many holders are disposed to con¬
tinue to hold rather than accept present maximum prices.
Prices here have been fully up to the maximum permitted
by the Food Administration’s regulations. Switches have
been made at 20 points difference from May to September,
and at 10 points from July to September.
Also, consider¬
able March to September at 40 points.
High Brazilian
prices have recently checked cost and freight market. Of
late there has been a conference here between George W.
Lawrence, head of the Coffee Division of the Food Adminis¬
tration, and the Advisory Committee, supposedly to discuss
the situation as a whole, with particular reference to the
existing deadlock in the trading in futures and the new pro¬
cedure of distribution through the Sugar Equalization Com¬
mittee.
To-day the board of managers of the Exchange
here suspended trading in futures, pending negotiations
with the Food Administration at Washington looking to the
clearing up of all uncertain questions involved. This suspen¬
sion seems to be only temporary.
Twenty-four hours’
notice will be given prior to the resumption of trading.
be controlled
cts. 8.501 November
cts. 8.651 December
Trading suspended until further notice.
October
cts. 8.80
SUGAR unchanged; centrifugal, 96-degrees'test, 7.28c.
granulated, 9c. Exports of Cuban sugar have been falling
off.
The result is that Atlantic ports have received much
less than usual and Europe none at all of late.
The Interna-
Oct. 19
1918.]
tional Committee has bought San Domingo afloat and for
prompt shipment to New York at 4,799c., c. i. f. to Canada,
and Porto Rico for October shipment at 6.055c., c. i. f.,
the latter for account of the Sugar Equalization Board.
Stocks at Cuban ports are large, i. e., 348,367 tons, a de¬
crease within the week of about 10,000 tons.
A year ago
the total was 62,168 tons, and two years ago 225,171 tons.
The exports from Cuban ports last week were only 22,499
tons, against 58,765 in the previous week; receipts at Cuban
ports 12,239 tons, against 16,939 in the previous week.
OILS.—Linseed
1585
THE CHRONICLE
breaks
Mon.
Sat.
Galveston
Texas City
Pt.
9,259
8,037
11,615
5,299
1 Total.
Fri.
Thurs.
Wed.
Tues.
2,703
5,019
41,932
'
_
Arthur, Ac__
New Orleans
Mobile
Pensacola
Jacksonville
6,004
645
_
‘6,858
7,497
346
913
449
_
_
_
_
7,i63
_
.
298
298
7,858
1,417
4,863
40,243
4,058
490
490
7,479
3,000
286
_
_
•
Savannah
Brunswick
6,078
6,709
7,916
12,913
4,924
Charleston
1,410
2,087
1,804
875
53
709
248
1,486
3,373
1,348
1,002
1,297
2,161
1,726
614
1,248
2,501
46,019
3,008
8,904
4,169
12,869
148
148
Wilmington
Norfolk
2,000
N’port News, Ac.
sharply; city raw, carloads, New York
78
323
"245
317
317
$1 61@$1 63; five barrel lots, $1 63@$1 65. Lard, prime, Boston
879
879
edible, $2 50. Cocoanut, Ceylon, barrels, 16^g@17c.; Baltimore
Philadelphia
Cochin, 173^@17^4'c. Soya bean, 18@18y&. Corn oil,
crude, barrels, 17%@18c. Olive, gal., $4 25. Cod, do¬ Totals this week. 25,741 24,725 31,802 33,022 21,193 27,164 163,647
mestic, $1 45@$1 50. Spirits of turpentine, 65@65^c.
The following shows the week’s total receipts, the total
Strained rosin, common to good, $15 20@$15 30. Prime
since Aug. 1 1918 and the stocks to-night, compared with
crude, Southwest, 17.50c.
last year:
PETROLEUM steady; refined in barrels, cargo, $15 50@
$16 50; bulk, New York, $8 25@$9 25; cases, New York,
Stock.
1917.
1918.
$19 25@$20 25. Gasoline firm; motor gasoline, in steel
Receipts to
This
Since Aug
This
Since Aua
barrels, to garages, 24 J^c.; to consumers, 26 J^c.; gas machine,
Oct. 18.
Week.
1917.
1 1918.
Week.
1 1917.
1918.
41 He.
The discontinuance of gasless Sundays by the Fuel
Administration has had the effect of stimulating the demand Galveston
170.104
482,129 81,583
41,932
556,833 280,925
808
2,546
3,035
1,614
6,504
for gasoline. Although the autoless Sunday order has been Texas City
'298
289
Port Arthur, Ac.
2,068
9,594
rescinded, it is announced by the Fuel Administrator that it New Orleans.... 40,243 243,270 54,078 261,712 261,560 126,569
will be renewed as soon as reserves become too low.
Late
field advices state that labor and material shortages handicap
new
Nevertheless
operations.
the most notable
one
some new
wells
are
in the north Texas field.
reported,
Two other
important operations were reported in the Mid-Continent
field, one of 1,000 bbls. capacity in Oklahoma and the other
doing 700 bbls. in Kansas; a 1,000 bbls. strike was credited
to Wyoming.
Pennsylvania dark $4 00 South Lima
2 77 Indiana
1 40 Princeton
Cabell.
Orichton
.....
Corning
Wooster
Thrall
JStrawn..........
De Soto
North Lima
.........
.......
$2 38 Illinois, above 30
2 28
degrees
$2 42
2 42
Kansas and Okla¬
...
...
......
2 25 Canada.....
2 33 Healdton
Henrietta
...
2 78
1 45
2 25
TOBACCO has been quiet, but steady, with many await¬
ing the
new
distribution of Sumatra tobacco.
situation shows little, or no change.
cpiiet,
The general
Sumatra has been
pending developments, i. e., the allotment on the 21st
inst. of
12,000 bales.
Havana leaf has been in brisk demand
and firm.
COPPER supply still short and labor scarce. The opin¬
ion of the trade is that there will be no change in the price
for the next quarter at the meeting to be held Oct. 25.
Tin quiet at 80 Yi @82 M>c., awaiting definite information
from Washington as to the questionnaires filed by the trade.
Lead dull at 8.05@8.90c.; supplies continue light and Gov¬
:
—
30,267
'490
4,892
—
30,399
1,155
12,368
361,784
53,000
66.188
29,662
58.6 J5
24,762
—
13,172
110
42,387
72,561
8,606
156,749
11,000
45,198
37,399
32,794
90,022
11,193
3,576
9,805
83,916
8,976
24,678
5,943
163,647 1,187,753 235,53911.546.324 1,126,511
727,933
46,019
3,000
8,904
4,169
12,869
Wilmington
Norfolk
280,627
New York
Boston
Baltimore
2,200
34,920
4,000
16,111
7,575
13,987
148
323
317
879
N’port News, Ac.
276
1.207
8,100
2,044
4,243
42,585
21,318
34,407
433
2.961
....
Totals
homa
2 25
2 85 Somerset, 32 deg.. 2 60
2 58 Ragland
1 25 Caddo, La., light. 2 25
2 25 Caddo, La., heavy 1 55
2 25 Eiectra
2 25 Moran
2 15 Plymouth
2 38
4,056
Mobile
Pensacola
Jacksonville
Savannah
Brunswick
Charleston
Philadelphia
—
—
....
10,400
260,500
2,800
49,406
comparison may be made with other years,
give below the totals at leading ports for six seasons:
In order that
we
121,979
13,928
3.593
40.271
2.000
18.986
4,837
42,080
13,893
5.961
276
19.281
198
2,009
17,020
11,709
3,643
9,745
268
4,022
113.671
28.049
59.152
24,762
133.263
13,500
32.870
34,529
30,339
328
18.159
163,647
235,539
340,497
277.910
240.067
488,622
Wilmington.
4,169
12,869
81.583
1,097
54.078
4,892
34,920
4,000
16.111
7,575
13,987
148
298
40.243
4.056
46.019
3.000
8.904
N'portN.,Ac.
All others
Total this wk.
1913.
96.986
37,470
41,589
41.93?
Norfolk
1914.
125,300
30,703
93,156
2,612
39,057
4.0jO
10.175
5,696
28,089
Galveston
Texas City, Ac
New OrleansMobile
Savannah
Brunswick
Charleston,Ac
_
1915.
1916.
1917.
1918.
Receipts at—
'
26.582
3.000
7,665
Since Aug. 1. 1,187,753 1.546.3242,237,852 1,868,119 1.042,0883.116.993
Spelter firmer at 8.85@9c., due
The exports for the week ending this evening reach a total
purchases.
of 74,537 bales, of which 40,828 were to Great Britain,
PIG IRON output is being pushed with all possible 10,034 to France and 23,675 to other destinations. Exports
vigor. But of course Government business monopolizes for the week and since Aug. 1 1918 are as follows:
it to a very large extent.
Civilian needs have to wait.
The production thi3 year is likely, it is believed, to exceed
From Aug. 1 1918 to Oct. 18 1918.
Week ending Oct. 18 1918.
Exported to—
that of last year, in spite of the fact that in some regions
Exported to—
Exports
the supply of coke has latterly fallen off sharply. Yet
Great
Great
from—
Other.
France.
Total.
Britain.
Total.
the October weather, as usual, has been favorable thus far,
Britain. France. Other.
and with the Fuel Administration endeavoring to speed up
70,373 226,095
155,722
13,843
Galveston.. 13,843
the production of coal there is a growing hope that con¬ Texas City.
12,200
12,200
130
130
ditions in this respect will improve materially. After PortNogales
62,659
26,953 196,064
22,823 106,452
New Orleans 17,184
5,639
11,866
11,866
peace is declared, it is believed,there will be an enormous Mobile
31,594
109,201
37,600
40,007
3,400
3,400
demand to meet the requirements of construction delayed Savannah..
11,196
11,196
2,170
Brunswick
2,170
by the war. The aim is to reach maximum production, not Wilmington
"V,646
5,646
*5,646 *5,646
20
31
51
*51
*31
*20
merely regardless of peace talk but perhaps on account of it. Norfolk
80,675
166,105
59,784
25,646
New York.
In any case the trade is doing its best.
964
8,875
7,911
*964
*4,635
Boston
*3,671
11,220
3,833
11,220
STEEL production has been curtailed by the influenza Baltimore.. 3,833
*107
1,077
1,077
*107
Philadelphia
epidemic, notably at eastern Pennsylvania plants. Two Pacific
43,387
43,387
18,029 18,029
Ports
plate mills, it is stated, have lost several turns during the
405,255 126,900 270,958 803,113
Total.-.. 40.828 10,034 23,675 74,537
week. One leading concern lost about 7%, it seems, of its
work in course.
This may tell on the total October produc¬ Total 1917. 92,055 31,565 36,572 160,192 784,448 203,802 241,176 1,229,426
213,342
453,695 1,342,519
tion. Meanwhile, there is no let-up on account of peace Total 1916. 67,412 53,219 34,860 155,491 675,482
talk. Every effort is being directed to turn out the largest
September exports not previously available.
possible quantity. One big concern is running at 101 % of
In addition to above exports, our telegrams to-night also
its rated capacity.
Military demands from across the sea
give
us the following amounts of cotton on shipboard, not
are expected to continue at their present big figures.
Mean¬ cleared,
at the ports named. We add similar figures for
while, blast furnaces are operating at 92.7% of their rated New York.
capacity, in some cases. In the event of peace it is believed
the long-deferred building will create an enormous civilian
On Shipboard, Not Cleared for—
demand. It looks to some as though the demand for steel
Coast¬
Other
Ger¬
Great
Leaving
will be enormous, even if only from civilian sources, for some
wise.
Total.
Stock.
Cont't.
France.
ernment demands large.
to increased Government
......
_
_
—
—
.
-
-
-
-
—
*
years
COTTON
Friday Night, Oct. 18 1918.
OF
THE
THE MOVEMENT
CROP, as indicated by our
telegrams from the South to-night, is given below. For the
week ending this evening the total receipts have reached
163,647 bales, against 169,334 bales last week and 159,431
previous week, making the total receipts since
Aug. 1 1918 1,187,753 bales, against 1,546,324 bales for the
same period of 1917, showing a decrease since Aug. 1 1918
of 358,571 bales.
bales the
Britain.
Oct. 18 at—
to come.
Galveston
New Orleans*.
Savannah *—
49.646
15,000
15.000
many.
1
10,666
9,841
15.000
5.000
5,000
Gharlfistnn
Mobile
8,498
New York *—
Other ports—
8.000
5,000
4,666
4,000
Total 1918-- 101,144
Total 1917.
38.764
119,926
Total 1916.
19,000
8,000
18,289
33,841
20,013
57,209
_
*
12,000
6,000
5,000
2,000
71,487
46,000
30.000
2.000
8,498
500
500
! 16.000
1
5,000
209,438
215,560
230.500
47,406
16,264
72,061
74,022
81,775
25,500 179,485
14,155 80,932
947,026
647,001
32,638 228.062
947,290
Estimated.
Speculation in cotton for future delivery has remained with¬
in moderate bounds and prices have been irregular. But
on the whole the drift has been slightly downward at times.
1586
THE CHRONICLE
The weather has been good. In fact over much of the
belt it has been almost ideal.
Certainly we are well past the
date when
killing frost occurred last year, and no frost or
has yet appeared. The plant is making
all the time. The tendency is, therefore, to increase esti¬
mates of the crop.
Meanwhile, the consumption declines
in this country and apparently abroad.
The point is that
the drift here is now downward, owing to the shortage of
labor at the mills, aggravated by the influenza epidemic, and
the tendency to economize among a large section of the popu¬
lation. In Fall River alone, according to a report early in
the week, there had been 8,500 cases of influenza among mill
operatives and nearly 300 deaths attributed to it. Other
textile centres, it seems, have also been hard hit. Mean¬
while, the draft is coming on. The American Government
is not relaxing its war efforts.
From the White House comes
the announcement that 250,000 men monthly will continue
to be sent across to Europe.
Apart from this, mills stock
are large, in spite of some reduction in September.
They
are not far from double those of last year.
And of course
stocks at the ports and interior towns are steadily mounting.
Meanwhile, exports are small, even though the total for
September showed some increase over those for August.
Meanwhile, the London Board of Trade reports the British ex¬
ports of cotton goods in September at only 247,790,000 yds
against 420,448,000 yards in September last year. Even in
the event of an early peace, it is argued that exports of cotton
from these shores would not increase materially at first.
The tonnage
supply is still inadequate, in spite of the re¬
markable increase in shipbuidling during the present year.
It is argued that the evacuation of Northern France and
Belgium by the Germans will make it necessary for the
United States to supply food to something like 10,000,000
half-starved people. Many assume that the exports will
be of food rather than cotton for a time, even after the
suspension of hostilities. And Liverpool and the South
have been steady sellers. So have Wall Street and the
West. There is a widespread and deepseated conviction
that peace will mean lower prices for cotton and the belief
is growing that peace is not many months off. Not much
credence is given to daily reports that the Kaiser has ab¬
dicated, that Germany has surrendered, that this, that and
the other big event in the world’s history is imminent or
has actually come to pass.
It is suspected that such reports
had been started with a view of hampering the Liberty Loan,
which had already been slowed down by Allied victories and
peace talk.
But whether such reports are mere camouflage
or not, there is a widely prevalent belief that this
winter,
if not this fall, will see the end of the world’s greatest tragedy.
And this, it is insisted by many, will mean the cancellation
of big Government orders.
Already, it is said, that the
mills are beginning to show more disposition to look for
any consequence
civilian business. And the crest of the crop movement
wave has not, it is believed, yet been reached.
Meanwhile
speculation is slack.
side.
Nobody is enthusiastic
on
the bull
Nobody believes that the Government would tolerate
rampant bull market. And would it permit prices to go
very high even after the war and thus entail additional
a
taxation
penses
on the Allies
already sorely burdened with ex¬
growing out of the war? Not a few believe that
nothing of the kind would be permitted. Also, some look
a process of deflation
following the inflation brought
about by an extension of credits in most branches of business
during the~war. This, they maintain, would of itself tend
to prick the bubble of high prices all
along the line. And
cotton, it is averred, would share in this deflating process,
entailing at least a gradual decline in prices. On the other
hand, there are those who believe that peace will bring bet¬
ter home trade and higher prices.
War needs would con¬
tinue to be large since the armies could not
immediately be
returned to America, Australia, Canada and India.
The
armies might, it is urged, remain abroad for several years.
Government contracts of goodly size would still have to be
given out. And the civilian trade would grow. At present
it is supposed that the Government is
taking 60% or more of
the American mill output.
Any decrease in such pur¬
chases, it is urged, would be more than made up by an in¬
creased civilian demand.
And, of course, European stocks
are a mere
nothing to what they used to be in the old pre¬
war days.
They would have to be replenished somehow.
Large populations of Europe now suffering from insufficient
clothing would have to be provided for. And in the belief
of many the South is bound to have a
shortage of labor for
some time to come.
The date of peace would, of course,
for
have much to do with this matter.
drag along
many
But if the
months longer it might be
war
a
should
question
whether the South would be able to plant an adequate
crop.
And changes in the labor world may result from the ex¬
periences of the war. Southern laborers have had a taste
of
high
wages in the big manufacturing towns.
Will they
readily go back to the cotton fields and their modest wage
of pre-war times?
That may be at least open to question.
[Vol. 1U7.
Southern hedge selling has not been too large, as a
rule, to
be easily digested by even a comparatively narrow market
here like the present one. And trade interests
keep buying
declines.
Heavy recent Wall St. buying of March has
attracted attention. Japanese interests have bought to
some extent and
recently Italian interests bought, it appears.
The Italian Government has ordered that the
financing
on
of
Italy’s 1918-19 cotton requirements shall be done entirely
through New York. To-day prices advanced on war news,
peace talk, light offerings and Liverpool, Japanese and
American trade buying, and buying also by Wall St.,
for
both sides of the account. Prices are slightly higher for the
week. Middling upland closed at 32.85c. an advance of
25 points for the week.
The official quotation for middling upland cotton in the
New York market each day for the past week has been:
Oct. 12 to Oct. 18—
Sat.
H.
Middling uplands
Mon.
32.60
Tues.
32.30
Wed. Thurs. Fri.
32.30
32.55
32.85
NEW YORK QUOTATIONS FOR 32 YEARS.
The quotations for middling upland at New York
on
Oct. 18 for each of the past 32 years have been as follows:
1918.c
1917
1916
1915
1914
1913
1912
1911
32.85
28.65
18.60
12.50
1910.C
1909
1908
1907
1906..
13.80 1905
10.95 1904..
9.35 1903
14.45
13.95
9.30
11.75
11.25
10.00
10.35
9.80
1902 .c
1901
1900
1899
1898
1897
1896
1895..
8.70
8.50
9.94
7.38
5.44
6.19
7.94
9.25
1894 -c
1893..
1892
1891
1890
1889.
1888.
1887
5.94
8.56
8.12
8.44
10.25
10.56
9.69
9.50
MARKET AND SALES AT NEW YORK.
The total sales of cotton on the spot each day during the
week at New York are indicated in the following
statement.
Spot
Futures
Market
Closed.
Market
Closed.
Saturday
Monday
Tuesday
Spot.
Contract
Total.
HOLIDAY
Quiet
Barely steady
Barely steady.
Barely steady.
Steady
Steady
Quiet 30 pts. dec
Wednesday. Quiet
Thursday
Friday
SALES.
__
Quiet 25 pts. adv
Steady pts. adv,
_
_
"
_
Total....
100
200
100
200
300
300
THE VISIBLE SUPPLY OF COTTON to-night, as made
by cable and telegraphy is as follows. Foreign stocks, as
as the afloat, are this week’s
returns, and consequently
all foreign figures are brought down to Thursday
evening.
But to make the total the complete figures for to-night
(Friday), we add the item of exports from the United States,
including in it the exports of Friday only.
up
well
Oct. 18—
Stock at Liverpool
Stock at London
Stock at Manchester
1918.
bales.
207,000
17,000
48,000
Total Great Britain
Stock at Hamburg
Stock at Bremen
Stock at Havre.
Stock at Marseilles
Stock at Barcelona
Stock at Genoa
Stock at Trieste
272,000
1917.
303.000
19,000
558.000
25,000
45,000
1916.
347,000
1
Total Continental stocks.
Total European stocks
India cotton afloat for Europe
Amer. cotton afloat for Europe..
129.000
4,000
47,000
10,000
147,000
190,000
419,000
18,000
Egypt, Brazil,&c.,afloat for Eur’pe
Stock in Alexandria, Egypt
Stock in Bombay, India
Stock in U. S. ports
Stock in U. 8. Interior towns
U.S. exports to-day.
105,000
1,000
1^,000
22,000
197,000
62,000
169,000
*661,000
1,126,511
1,011,610
25,219
1915.
943.000
71,000
57,000
30.000
633.000 1,071.000
*1.000
*1,000
*1,000
*2,000
163.000
207.000
7,000
2.000
45,000
64,000
158,000
110,000
*1.000
*1,000
376,000
387,000
537.000 1,009,000 1,458.000
55.000
40,000
59,000
477,000
550.796
548.769
53,000
43,000
34,000
118,000
95.000
184.000
*650,000
340.j00
455,000
,
727,933 1.175.3o2 1,218,521
673,994 1,053.374
918,630
13,051
2,211
49.350
Total visible supply
3,689,340 3,304,978 4,308,733 4,925,270
Of the above, totals of American and other descriptions are as follows
American—
Liverpool stock
bales.
Manchester stock
14,000
*128,000
197,000
U. S. port stocks
U. S. interior stocks
U. S. exports to-day
1,126,511
1,011.610
25,219
Total American
East Indian, Brazil, Ac.—
London stock
Manchester stock
Continental stock
India afloat for Europe
103,000
17,000
34,000
♦19,000
18,000
62,000
169,000
*661,000
...
Egypt, Brazil, &c., afloat
Stock in Alexandria, Egypt..
Stock in Bombay, India
Total East India, &c
Total American
198,000
413.000 I 712.0J0
18,000
38,000
47.000
*158,000 *289,000 *300.000
477,900
550,793
548,769
727,933 1,175.352 1,218,521
673.994 1,053.374
918,630
13,051
2,211
*
49,350
2,606,340 2,265.978 3,521.733 3,794,270
Liverpool stock
Total visible
104.000
—
Continental stock
l.
American afloat for Europe
105.000
19.000
7.000
*32,000
55,000
53.000
118.000
*650.000
145,000
231,000
71,000
10,000
*87.000
59.000
34.000
184,000
455.000
30.000
7.000
*87,000
40.000
43.000
95 000
340.000
1,083,000 1.039.000
787,000 1,131.000
.2,606,340 2,265.978 3,521,733 3.794.270
supply
Middling upland, Liverpool
Middling upland, New York.
Egypt, good brown, Liverpool..
Peruvian rough good, Liverpool
Broach, fine, Liverpool
Tinnevelly, good,.Liverpool...
.
.
3,689,340 3,304.978 4.308,733 4.925,270
22.10d.4 20.52d.
10.&7d.^k 7.12d.
32.85c. 128.65c.
18.40c.
l 12.45c.
„
33.35d.
33.13d.
23.50d.
23.75d.
33.30d.
j 27.50d.
10.25d.
16.78d.
14.00d.
10 05d.
; 10.10d.
6.i5d.
Meanwhile, the South has sold enough cotton this season at
10.07d.
6.87d.
high prices to be in easy circumstances. This is making no
*
‘ r*-i “
Estimated/
3
account of the high prices which have prevailed for several
Continental]
imports
for'past
week
have’
been]31,000.
bales.
The
South
must
be
years.
more prosperous than ever before
The above figures_for41918 show an
in its history.
That means that the farmers and dealers are
increase’overjast week
of 158,223 bales, a gain of
in a better position to hold if they see fit to do so than
384,362 bales/) ver 1917, a.decreaie
they
were in former years.
And the tone of the spot markets of 619,393 bales from 1916 and a loss of 1,235,930 bales from
during the past week is represented as on the whole firm. 19157"
‘
_
.
20.55d.
20.73d.
,
Oct. 19 1918.]
THE CHRONICLE
FUTURE8.—The highest, lowest and closing prices at
New York for the past week have been as follows:
The foregoing shows the week’s net overland movement
has been 33,601 bales, against 34,403 bales for the Week last
fear,
Saturday, Monday, Tuesday, Wed" day, Thursd’y, Friday,
Oct. 12.
Oct. 14.
Oct. 15.
Oct. 16.
Oct. 17.
Week.
Oct. 18.
1587
and that for the
and exhibits
a
season
decrease from
to date the aggregate net oper¬
a
year ago
of 46,598 bales.
-1918-
October—
Range
Closing
In
31.25-.01 31.12-.50 31.00-.44 31.42-.80 31.66-.90 31.00-101
31.45-.52 31.30-.35 31.30-.35 31.55-.56 31.85~.90
—
Week.
30.74
30.88
Closing
—■
—
31.20
30.64
—
—
—
30.36
—
30.90*.15
30.63 — 31.02
—
Slnce
Week.
Aug. 1.
November—
Range
-1917Since
Sight and Spinners'
Takings.
30.74-.20
—
1,187,753
175,444
955.000
235.539
34,403
84,000
2,318,197
353,942
129.403
.
Aug. 1.
1,545324
222342
1,011,000
December—
O.,
Range
Closing
January—
Range
Closing
February—
Range
Closing
30.45- .35 30.30- 00 30 10- 51 30 30- 75 an 57. nn 30.10-135
30.78-.82 30.54-.58 30.26-.30 30.48-i52 30.87-.91
Total marketed
30.12-.95 29.85-.45 29.65-.12 29.79-.30 30.05-.47 29.65-J95
30.35-.36 30.14-.15 29.87-.89 30.00-.06 30.35-.37
Came into sight daring week
Total In sight Oct. 18
—
HOLIDAY.
280,248
314,994
349,639
29.85
—
—
29.73
—
29.85
—
30.25
—
a
Range
Closing
April—
29.97-.90 29.70-.17 29.32-.95 29.65-.10 29.83-.24 29.32-J90
30.17-.18 29.80-.87 29.68- .69 29.75-77 30.15-.18
Closing....
Map—
Range
Closing....
July—
Range
Closing
August—
Range
Closing
30.09
29.73
—
29.63
—
29.70
—
30.10
323,207
53,808
364,127
—
March—
—
-
3,098,418
2,633,191
Nor. spinners’ takings to Oct. 18. 49,656
30.22
483,345
_.
2,771 .366
319 .052
—
!
29.84-.55 29.61-.00 29.15- .85 29.53-.95 29.69-.il 29.15-J55
30.04-.06.29.68-.75 29.57-.61 29.61-.63 30.00-.03
—
These figures are consumption; takings not available.
Movement into
sight in previous
Week—
1916—Oct. 20
1915—Oct. 22
1914—Oct. 23
Bales.
years:
Since Aug. 1—
575,710 1916—Oct. 20
468,493 1915—Oct. 22
459,986 1914—Oct. 23
Bales.
4.106.978
3,226.520
2,390.786
WEATHER REPORTS BY TELEGRAPH.—Advices to
29.85-.35 29.50-.90 29.01-.20 29.52-.8l 29.50-.92 29.01-J35
29.82-.85 29.58- .62 29.47 — 29.50 — 29.85-.90
29.05
29.05
—
—
29.00
28.80
—
—
28.98-.40 29.10- .50 28.98-.50
28.62-.74 28.90 — 29.20 —
—
The
September—
28.80
Range
Closing....
i32c.
—
—
/31c.
128.50
—
28.50
—
28.50-.80
28.25- .50 28.40
—
and from Texas it is reported that
28.40-.50
j 30c.
AT THE INTERIOR TOWNS the movement—that is,
the receipts for the week and since Aug. 1, the shipments for
the week and the stocks to-night, and the same items for the
corresponding period of the previous year—is set out in de¬
tail below.
Movement to Oct. 18 1918.
Towns.
Receipts.
Stocks
Oct.
18.
Ship¬
ments.
Week.
Ala., Eufaula.
Montgomery
Season.
300
.
.
Selma
Ark., Helena..
Little Rock..
Pine Bluff—
3,423
3,266
1.500
5.843
3.500
600
Ga., Albany
Athene
Atlanta
Augusta
Columbus
Macon
Rome
La., Shreveport)
Miss.,Columbus
Clarksdale
Greenwood...
Meridian
Natchez
—
....
Vicksburg.._.
Yazoo City..
Mo., St. Louis.
N.C.,Gr’nsboro
Raleigh
Cincinnati.
Okla., Ardmore
4.500
8,640
21,575
5,000
6,587
3,096
7,878
1,048
4,344
5,013
2,000
2,508
1,524
2,000
8,390
900
84
3,319
S.C., Greenville
2.500
1.843
1,000
2,000
Greenwood—
849
Chlckasha
__
Hugo
Oklahoma...
Tenn.,M emphi3 26,703
Nashville.
_.
Brenham
Clarksville
Dallas
'281
5001
2,292
4,438
1,795
59,028
Week.
Receipts.
....
3 ,382
500
Stocks
Oct.
19.
Ship¬
ments.
Week.
i
Season.
200
451
2,648
1,893;
37,286
1,874 19,636
2,398
29,686
1,830 14,441
2,845
700
7,531
2,77® 4,171
30,575
3,098 18,712! 13,966
15,265
1,500 21,0001 8,000
200
455
6,584
3,337
30,810
1,500 28,887
7,966
44,380
5,688 26,954 13,854
137,612 15,186106,628! 26,301
22,500
1,000; 15,250, 4,500
47,944
6,455 25,019: 9,385
14,536
2,118! 11,028: 3,067
42,099
5,8991 28,832 15,614
570
7,964
953! 3,617
35,441
1,762 34,431
8,129
40,335
1,518 32,620 7,000
12,555
1,000
7,334| 2,223
16,591
1,205
8,632' 4,036
585
376
6,591
5,5281
900 13,278;
3,256
10,058
41,194
6,791 12,210 25,938
400
1,532
6,027
5,069
133
558
1,988
1001
14,850
1,806: 13,725 5,663
3,000
4,000
10,368
MOO
8,808
10,128
1,112! 4.164 3,355
400!
7,795
2,8001 2,800
10,102
i.ioo; 13,96® 4,871
773
678
4,389
4,085
130,157 24,847230,451 42,484
'
.
Tex., Abilene.
Movement to Oct. 19 1917.
2841
408
872!
3,000
Week.
2,415
2,154
24,406
1,858 16,797
18,118
2,284
4,494
939
8,368
8,511
29,238
5,528 21,669
25,283
3,000 19,536
673
9,473
2,539
27,205
3,981 13,422
48,902
7,975 24,381
181,589 15,119!104,236
15,152
1,500 11,782
52,793
5,731 13,956
8,283
2,105 4,169
61,904
9.881 30,872
5051 1,693
2,332
1.882 27,401
30,606
2,000
26,604
20,000
1,096
8,911
10,262
21,148
2,466 10,675
4,943
3,369
1,193
9,174
12,666
146,047 24,914
2,274
6,254
1,102
1,374
450
217
1,513
29,695
3,282 22,081
500
9,250
7,500
800
10,702
8,820
9,078
1,033
5,288
600
6,138
4,915
20,496
2,118 10,553
36
2,859
1,924
107,000 18,893 79,875
14,322
400; 5,063!
884!
11,342
5,515
5,127
3,944; 11,910
7,000
27,285
1,249
5,809! 4,229
10,853
566,545 41,095244,239 90,076
30,039
2,937) 9,569! 5,019
910
18,280.
1,444| 3,117;
680
’
592
160
404
1,000
10,715
3,853
698
13,432
2,850
15,530
4,250
5,613
47,427
5,000 14,164
2,634
19,504
5,955
698,678 79,399 130,014
16,222
2,441
5,991
588
14,931
1,557
in
some
localities the pros¬
pects of a top crop are still promising.
Galveston, Tex.—Frequent showers occuring during the
week interfered with harvesting but pastures and other
late crops have improved.
In some localities a top crop is
still promising. We have had rain on three
the week, the precipitation reaching one inch
four hundredths. Average thermometer 73,
lowest 64.
days during
and twenty
highest 82,
Abilene, Tex.—There has been rain on one day of the
week, to the extent of sixty four hundredths of mi inch.
The thermometer has averaged 64, the highest being 82and
the lowest 46.
Brenham, Tex.—We have had. rain on one day of the
past week, the rainfall being nine hundredths of an inch.
The thermometer has averaged 69, ranging from 53 to 85.
Brownsville, Tea;.—There has been rain on two days dur¬
ing the week, to the extent of four hundredths of an inch.
The thermometer has ranged from 60 to 94, averaging 77.
Cuero, Tex.—The week’s rainfall has been one inch and
fifty two hundredths on three days. Average thermometer
73, highest 93, lowest 53.
Dallas, Tex.—There has been rain on three days of the
week, to the extent of eighteen hundredths of an inch. The
thermometer has averaged 67, the highest being 84 and the
lowest 50.
Henrietta, Tex.—There has been no rain during the week.
averaged 66, ranging from 44 to 87.
Huntsville, Tex.—There has been rain on two days during
the week, to the extent of one inch and twenty hundredths.
The thermometer has ranged from 49 to 83, averaging 66.
Kerrville, Tex.—It has rained on four days of the week,
The thermometer has
the
precipitation being sixty nine hundredths of an inch.
Average thermometer 63, highest 86, lowest 40.
Houston
Lampasas, Tex.—We have had rain on two days the past
Paris
4,937
San Antonio
625
week, the rainfall being one inch and forty seven hundredths
of an inch. The thermometer has averaged 67, the highest
Total, 41 towns215,649< 1,518,037146,2581,011,610349,9861,807,753 220,583 673,994
being 87 and the lowest 47.
The above totals show that the interior stocks have in¬
Longview, Tex.—-We have had rain on two days of the
creased during the week 69,391 bales and are to-night
past week, the rainfall being twenty five hundredths of an
337,616 bales more than at the same time last year. The inch. The thermometer has averaged 68, ranging from
receipts at all towns have been 134,337 bales less than the 51 to 85.
Honey Grove.
same
week last year.
Luling, Ter.—There has been
OVERLAND MOVEMENT FOR THE WEEK AND
SINCE AUG. 1.—We give below a statement showing the
overland movement for the week and since Aug. 1, as made
from telegraphic reports Friday night. The results forthe
week and since Aug. 1 in the last two years are as follows
up
1917
1918
Since
Since
Oct. 18.
Aug. 1.
a24,914
9,037
472
Aug. 1.
42,679
58,482
1,820
Week.
3,516
1,788
4,892
.11,532
25,652
11,769
32,626
95,292
2,751
3,293
12,271
13,714
al53.126
54,014
365
11,316
11,083
73,658
119,881
Total gross overland
— .39,966
Deduct shipments—
1,519
Overland to N. Y., Boston, &c._
1,987
Between Interior towns
268,320
66,045
423,443
15.029
13,554
64,293
14,820
2,984
13,838
101,271
20,022
80,108
6,365
92,876
31,642
201,401
Leaving total net overland *— .33,601
175,444
34,403
222,042
Week.
Shipped—
Via St. Louis
Vis Mounds, &c
Via Rock Island
Via Louisville
Via Cincinnati
Via Virginia points
Via other routes, &c
6,791
.10,975
.
1.
_
.
.
.
.
.
Inland, &c., from South
Total to be deducted
*
.
.
2,859
Including 1 movement by rail to Canada,
a
65
Revised.
the week, the rainfall being
inch. The thermometer has
rain
on
three days during
forty seven hundredths of an
ranged from 54 to 84, averag¬
ing 69.
Nacogdoches, Tex.—We have had rain on two days during
the week, the precipitation reaching thirty one hundredths
of an inch.
Average thermometer 66, highest 81, lowest 51.
Palestine, Tex.—We have had rain on two days the past
week, the rainfall being ten hundredths of an inch.
The
thermometer has averaged 66, the highest being 80 and
the lowest 52.
Paris, Tex.—We have had rain ion two days of the past
week, the rainfall being thirty hundredths of an inch. The
thermometer has averaged 69, ranging from 49 to 88.
San Antonio, Tex.—There has been rain on two days
during the week, to the extent of one inch and ten hun¬
dredths. The thermometer has ranged from 56 to 84,
averaging 70.
Weatherford, Tex.—The week’s rainfall has been nine
hundredths of an inch on three days. Average thermome¬
ter 63, highest 81, lowest 44.
THE CHRONICLE
1588
no rain the past week.
averaged 68, the highest being 86 anc
Ardmore, Okla.—We have had
The thermometer has
the lowest 50.
Vicksburg, Miss.—The week’s rainfall has been one inch
Average ther¬
mometer 67, highest 78, lowest 50.
Mobile, Ala.—Heavy rain in the interior early part of
week, but no serious damage. Cotton picking continues.
We have had rain on six days the past week, the rainfal
being one inch and sixty-six hundredths. The thermometer
has averaged 73, the highest being 83 and the lowest 64.
Selma, Ala.—We have had rain on five days of the past
week, the rainfall being one inch and sixty hundredths. The
thermometer has averaged 71.5, ranging from 55 to 86.
Madison, Fla.—There has been rain on three days during
the week, to the extent of twenty-five hundredths of an inch.
The thermometer has ranged from 61 to 89, averaging 75.
Augusta, Ga.—The week’s rainfall has been three hun¬
dred tns of an inch, on one day.
Average thermometer 68,
highest 82, lowest 54.
Savannah, Ga.—There has been rain on three days of the
week, to the extent of twenty hundredths of an inch. The
thermometer has averaged 71, the highest being 83 and
and thirty-three hundredths on four days.
the lowest 60.
Hi Charleston, S. C.—There has been
no
rain during the week.
The thermometer has ranged from 56 to 83,
averaging 70.
Spartanburg, S. C.—It has been dry all the week. Average
thermometer 60, highest 81, lowest 39.
Charlotte, N. C.—We have had no rain the past week.
The thermometer has averaged 67, the highest being 87
and the lowest 46.
Memphis, Tenn.—There has been rain on two days during
the week, to the extent of ninety hundredths of an inch.
The thermometer has ranged from 50 to 80, averaging 65.
Muskogee, Okla.—We have had no rain the past week.
The thermometer has averaged 66, ranging from 47 to 85.
Brinkley, Ark.—There has been rain on one day during
the week, to the extent of two hundredths of an inch.
The
thermometer has ranged from 43 to 85, averaging 69.
Eldorado, Ark.—We have had rain on one day during the
week, the precipitation reaching eighty five hundredths of
an inch.
Average thermometer 63, highest 80, lowest 46.
New Orleans, La.—There has been rain on six days of the
week, to the extent of five inches and four hundredths.
The thermometer has averaged 75.
Shreveport, La.—There has been rain on four days during
the week, the rainfall being six hundredths of an inch. The
thermometer has averaged 66, ranging from 50 to 82.
Greenwood, Miss.—There has been rain on four days
during the week, to the extent of one inch and thirty six
hundredths of an inch.
The thermometer has ranged from
46 to 88, averaging 67.
The following statement we have also received by tele¬
graph, showing the height of the rivers at the points named
at 8 a. m. of the dates given:
New Orleans
Memphis
Nashville
Shreveport
Vicksburg
*
Oct. 18 1918.
Feet.
4.6
Above zero of gauge.
2.1
Above zero of gauge.
6.9
Above zero of gauge.
5.5
Above zero of gauge.
3.3
Above
zero
Oct. 19 1917.
Feet.
4.5
3.9
of gauge.
7.3
*4.3
4.2
[Vol. 107.
glance the world’s supply of cotton for the week and
Aug. 1 for the last two seasons, from all sources from
which statistics are obtainable; also the takings, or amounts
gone out of sight, for the like period.
at
a
since
Cotton Takings.
Week and Season.
1918.
Visible supply Oct. 11
Visible supply Aug. 1
American in sight to Oct. 18
Bombay receipts to
3,531.117
68,000
Oct. 17
2,814,776
37,000
3,098,418
170,000
25,000
108,000
28,000
3.899,756
6,104,641 3,630,774
3,689,340
3,689,340 3,304.978
3,304,978
2,415.301!
325,796
1,976,301!
260,796
2.938.216
2.352.216
6,244,194
!
Oct. 18
Total takings to Oct.
HOf which American
Of which other
*
Season.
483,345
10,000
1,000
37,000
2,000
350,000
2,000
55,000
67,000
64,000
_
Week.
3,097,429
3,027.450
2,633,191
349,639
Other India snipm’ts to Oct. 17
Alexandria receipts to Oct. 16.
Other supply to Oct. 16 *
Total supply
Deduct—
Visible supply
1917.
|
Season.
Week.
_
210.416
209.416
1,000
18_a
439,000
65,000
587.000
Embraces receipts in Europe from Brazil, Smyrna, West Indies, &c.
This embraces the total estimated consumption by Southern mills,
955,000 bales in 1918 and 1,011,000 brles in 1917—takings not being
available—and the aggregate amounts taken by Northern and foreign
a
spinners, l,46o,3dl brles in 1918 and 1,928,216 bales in 1917, of which
1,021,301 bales and 1,341,216 bales American,
b Estimated.
RECEIPTS FROM THE PLANTATIONS.—The follow¬
ing table indicates the actual movement each week from the
plantations. The figures do not include overland receipts
nor Southern consumption; they are simply a statement of
the weekly movement from the plantations of that part of the
crop which finally reaches the market through the outports:
Week
Stocks at Interior Towns.
Receipts at Ports.
Receipts from Plantations
end'g.
1918.
1917.
1916.
1918.
1917.
1916.
1918.
30.
[ 1917.
1910.
1
Aug.
.
75,988 99,115 139,059
626,645
247,888
264,271
112,138 187,016
142,060 182,381
160,421 230,375
185,430 285,561
628,183
661,407
736,904
808,094
253,166
261,941
287,143
355,449
325,618 91,190117,416248,303
411,183 137,334 150,836267,946
542,558 215,253185,622 361,750
693,690 227,777 253,736436,093
49,099102,930136,037
i
Sept.
0__
13..
20..
27..
Oct.
4..
11..
18..
89,652
104,110
139,756
156,587
'
159,431 208,398 324,221 866,570
169,334 207,209 322,759 942,219
163,6471 235,539 340,497 1,011,610
1
I
439,165 830,921 217,907292,114461,452
544,591 964,982 244,983 312,455 457,820
673,994 1,053,374 233,038 364,942 428,889
The above statement shows:
1.—That the total receipts
plantations since August 1 1918 are 1,502,747 bales;
in 1917 were 1,865,376 bales, and in 1916 were 2,937,492
bales. 2.—That although the receipts at the outports the
past week were 163,647 bales, the actual movement from
plantations was 233,038 bales, the balance going to increase
stocks at interior towns. Last year receipts from the plan¬
tations for the week were 364,942 bales and for 1916 they
were 428,889 bales.
from the
COTTON CONSUMPTION AND OVERLAND MOVE¬
MENT TO OCT. 1. —Below
present a synopsis of the
movement for the month of September and the two
months ended Sept. 30 for three years:
we
crop
Below.
QUOTATIONS FOR MIDDLING COTTON AT OTHER
MARKETS.—Below are the closing quotations of middling
cotton at Southern and other principal cotton markets for
each day of the week:
Closing Quotations for Middling Cotton
wvgk
on—
c runny
Oct. 18.
Saturday. Monday. Tuesday. Wed'day. Thursd'y.
Galveston
New Orleans
Mobile
Savannah
Charleston
Wilmington
Norfolk
HOLIDAY.
Baltimore
Philadelphia
Augusta
Memphis
Dallas
Houston
Little Rock
32.50
30.75
30.00
30.50
30.25
30.25
30.50
31.50
32.85
30.62
31.50
31.10
32.25
31.50
32.50
30.75
30.00
30.25
30.25
30.25
30.25
31.75
32.55
30.62
31.50
30.80
32.00
31.50
32.25
30.75
29.75
30.00
30.25
30.25
30.00
31.25
32.55
30.32
31.50
30.60
31.75
31.50
32.25
31.00
29.75
30.00
30.50
30.25
30.00
31.25
32.80
30.37
31.50
30.85
32.00
31.50
Friday.
32.50
31.00
30.25
30.25
30.50
30.25
31.00
33.10
30.75
31.50
31.40
32.30
31.50
NEW ORLEANS CONTRACT MARKET.—The clos¬
ing quotations for leading contracts in the New Orleans
cotton market for the past week have been as follows:
Saturday, Monday, Tuesday, Wed.'day, Thursd'y,
Oct.
12.
October
December
January
March"
May
HOLI-
DAY.
Oct. 15.
Oct. 16.
Oct. 17.
Oct. 18.
30.00-.02
29.68-.75
29.50-.54
29.36-.38
29.68-.73
29.43-.45
29.24-.25
29.12-.15
29.45-.47
29.15-.17
28.89-.93
28.77 —
29.82 —
29.42-.46
29.15-.20
29.05-.10
29.99-.04
29.74-.83
29.47-.49
29.33 —
29.20-.24
OQ
Q CL_
07
Tone—
Spot
Options
Steady
Steady
Steady
Steady
Quiet
Steady
Steady
Steady
Steady
Steady
WORLD’S SUPPLY AND TAKINGS OF COTTON.—
The following brief but comprehensive statements indicate
bales.
Exports in September
Exports in two months
Port shocks on Sept. 30
Northern spinners’ takings to Oct. 1
Southern consumption to Oct. 1
Overland to Canada for two months (in
eluded in net overland)
Burnt North and South in two months.
Stock at North’n interior markets Sept.30
Came in sight during September
Amount of crop in sight Sept. 30
Came in sight balance of season
—
1917.
74,977
166,215
51.956
87,377
530,454
747,232
285,35ft
112,236
573,556
941.601
210,494
729,000
27,617
1916.
765,000
90,093
163,612
63,092
100.896
959,247
1,292,556
493.588
858,170
826,386
245,408
688,000
16,898
9,968
24.305
12.827
265.755
49,206
133.076
634.288
929.597
412.998
856.990
569.006
218,468
_
Total crop
Average gross
--
r
12,192
1,138.410
1,693,609
514.37
489.37
weight of bales
Average net weight of bales.
1,171,327 1,814,339
1.842,452 2.445,452
10,069.444 10.530.117
11,911,896 12,975,569
513 34
488.34'
515.39
490.39
DOMESTIC EXPORTS OF COTTON MANUFAC¬
TURES.—We give below a statement showing the exports
of domestic cotton manufactures for June and for the twelve
months ended June 30 1918, and, for purposes of compari¬
like figures for the corresponding periods of the previous
year are also presented:
son,
Friday,
Oct. 14.
29.31 -.34 29.92-.OK 9ft A7- Id
Gross overland for September
Gross overland for two months
Net overland for September
Net overland for two months
Pore receipts in September
Port receipts in two months
1918.
Manufactures of Cotton
Exported.
Month ending
1918.
Piece goods.
Piece goods
yards
value
45,659,735
$9,314,917
Wearing apparel—
Knit goods
value
All other
Waste cotton
Yarn
All other
value
value
value
value
1,520,291
962,464
404,845
690,638
2,220,944
June 30. 12 Mos. ending June 30.
1917.
|
1917-18.
1916-17.
71,749,906 684,949,942
$8,655,224 $103,416,010
690,193,896
$72,608,110
15,353,565
10.891.811
17,758,193
13,386,534
6,027,327
5,195,559
21,324,119
1,191,565
1,401,017
485,397
478,125
1,813,843
Total manufactures of...value $15,114,099 $14,025,171
9,829,867
7,571,383
22,335,784
$169,398,420 $136,299,842
Oct. 19
1918.]
THE CHRONICLE
DOMESTIC EXPORTS OF COTTON MANUFAC¬
TURES.—We give below a statement showing the exports
of domestic cotton manufactures for
July and for the seven
months ended July 31 1918, and, for
purposes of comparison,
like figures for the
corresponding periods of the previous year
are also presented:
Spot.
1589
Saturday.
Market,
Monday.
(
{
1
12:15
P. M.
Month ending July 31.
of
Cotton Exported.
1918.
Pieoe goods
yards
Piece goods
value
Clothing, &c.—Knit goods .value
Clothing, &c.—All other
value
Waste cotton
value
Yarn
value
All other
value
1917.
45.G60.007
$9,418,686
1,590,928
1,003,028
828,913
799,927
2,173,379
value
Total manufactures of
7 Mos. ending July 31.
1918.
1917.
48,535,250 322,980.552 405,540,612
$6,015,124 $57,530,679 $46,191,682
1,056.231
8,761,257
7,882,284
692,981
6,560,531
7,432,154
1,088,456
4,711,364
4,166,486
379,127
4,331,603
2,922,546
1,390,346 13,855,165 11,413,444
$15,814,861!$10,622,265
Mld.Upl’ds
results for the preceding year are appended.
1917-18.
November
December
...
January
February
March.
1,804.211
1,436.312
1,044,538
762,301
831,905
1916-17.1
Months—
1917-18.
631,113 i April...bales.
1,814.339 May
1916-17.
624,765
543.083
548.939
439,037
2,551
610,418
620.503
2,513,519 June
560.479
2.034,901 July
396.505
1,512,695! Deductions*.
51,819
924.114i
Total com670,220
721,3951
mercial cropl 1,911,896 12,975,569
*
Deductions include all corrections in port receipts and overland, made
at the close of the season, as well as the excess in Southern
consumption,
as shown by the actual results.
This total is increased or decreased by
interior town stocks.
BOMBAY COTTON MOVEMENT.—The receipts of
India cotton at Bombay for the week ending Sept. 26 and for
the
season
from
Aug. 1 for three
have been
years
1918.
Week.
1917.
Bombay
Since
Aug. 1.
18,000
223,000
foil
as
Since
Week.
Since
Aug. 1.
5,000
ws:
1916.
Sept. 26.
Receipts at—-
144,000
Week.
Aug. 1.
11,000
99,000
ALEXANDRIA RECEIPTS AND SHIPMENTS OF
COTTON.—The following are the receipts and shipments for
the week ending Sept. 25 and for the
corresponding week
of the two
previous
Alexandria, Egypt,
years:
1918.
1917.
1916.
49,411
199,712
137,419
340,846
148,636
376.587
September 25.
Receipts (cantars)—
This week
Since Auer. 1
Exports {bales)—
To
To
To
To
Since
Week. Aug. 1.
40,040!
Liverpool
Manchester, &c
11,549
Continent and India.
1,200
America.
Since
Week. Aug. 1.
6,962
14,996!
22,9881
Since
Week. Aug. 1.
15,109
4,882
13,263
1,375
33.254
1,375
__
Total exports
12,749
78,024!
6,962
Friday.
Quiet.
Quiet.
Quiet.
Quiet.
22.20
22.35
22.23
22.09
22.lt
22.83
22.98
22.86
22.72
22.73
2,000
2,000
2,000
2,06#
Steady
Steady
Good Mid.
HOLIDAY.
Sales
2,000
Futures.
Market
/
opened \
Market,
4
P. M.
The
f
{
{
Irregular
Quiet
Quiet
11 @23 pts. 23 @36 pts. unch. to 5 7 @13 pts. 11 @25 pts.
decline.
advance.
decline.
pts. dec.
decline.
Irregular
6
•
@67
pts.
decline.
Steady
37@48 pts.
advance.
Very st’dy
Steady
Steady
7 pts. adv. 4 @16 pts. 13 @40 pts.
decline.
advance.
tollpts.dec
prices of futures at Liverpool for each day are given below.
Sat.
Months—
Thursday.
$95,750,599 $79,998.596
AMOUNT IN SIGHT.—-Supplementary to our Annual
Cotton Crop Report, and in response to various
requests,
we give below a table
showing the amount of cotton which
came into sight during each month of the cotton season
1917-18 as revised.
For purposes of comparison, similar
August .bales.
671,125
September... 1,171,327
October
2,054,091
Wednesday.
Quiet.
Uplands
Manufactures
Tuesday.
.
This statement shows that the receipts for the week ending
were 49,411 cantars and the foreign
shipments 12,749 bales.
MANCHESTER
14,888
3,290
5,406
1,133
24,717
Sept. 25
MARKET.—Our report received by
to-night from Manchester states that the market is
easy for yarns but firm for cloth.
The stoppage of looms
for a week will possibly result in higher prices.
We give
prices for to-day below and leave those for previous weeks
of this and last year for comparison:
Mon.
Tues.
Wed.
Thurs.
Oct. 12
to
Oct. 18.
New Contracts.
October
November
December
January
February
Frl.
4
12 Vi 12 V4 12 Vi
12 Vi
12 Vi
4
12 Vi
4
4
12 Vi
4
p. m. p. m. p. m. p. m. p. m. p. m. p. m. p. m. p. m. p. m. p. m. p. m.
d.
d.
HO LIT)AlY.
d.
22.13
21.43
20.91
20.54
20.14
d.
d.
d.
d.
21.87 22.1722.26 22.17
21.04 21.42 21.52 21.42
20.47 20.84 20.85 20.70
20.04 20.4420.45 20.27
19.64 19.97 20.01 19.82
d.
d.
22.33 22.24
21.52 21.46
20.85 20.78
20.35 20.28
19.90 19 81
d.
d.
4.
22.26 22.29 22.3*
21.48 21.56 21.76
20.74 20.80 21.0$
20.24 20.30 20.58
19.74 19 80 20.14
BREADSTUFFS
Friday Night, October 18 1918.
Congestion of supplies her#
is an outstanding factor.
In fact, stocks are huge. And it
is a question when the situation will be relieved. The
pendulum has swung to the opposite extreme. The scarcity
of last winter has given place to unwonted abundance now.
Consumers have apparently more flour on hand than at any
Flour has remained quiet.
time since the Food Administration took hold. Nobodr
has any clear idea when the equilibrium will be restored.
Mills find it no easy matter to sell their output. They art
steadily offering flour here, in spite of the fact that New
York is heavily overstocked.
This is naturally considered
significant. The influenza epidemic makes matters worse
here.
It is hard to
move
flour from the docks.
Mills
are
naming lower prices, though such offerings are futile. Mean¬
while rye flour is rather steady and .the offerings from the
mills small and the rye grain firm, after recent Government
purchases. Barley flour has also been rather firm, supplies
being moderate. Prices on barley flour have been well
sustained on the spot, whatever may be the case as regards
offerings for forward shipment. Advices from the United
Kingdom state that conditions are gradually improving, as
millers continue to receive ample supplies of foreign wheat,
especially American winters, and the demand has been
active despite the increased distribution. More Australians
and occasionally some Manitobas have been in evidence.
English offerings are somewhat better, although conditions
were unfavorable for threshing and had a
tendency to delay
this operation.
The demand for Government regulation
flour is generally steady, but in some parts of the United
Kingdom it is very quiet. Owing to the deterioration of
the harvest prospects at the last moment there is little
likelihood that the quality of the bread will be improved
in the near future.
Wheat supplies continue to gain rapidly.
The visible
stock in the United States increased last week 7,608,000
bushels, as against an increase in the same week last year of
1,784,000 bushels. The total now is up to 104,494,000
bushels, against 9,596,000 bushels a year ago. In Canada
the visible supply increased last week 2,790,000 bushels, as
against an increase in the same week last year of only 252,000
bushels.
The total visible in Canada is now 8,836,000
1918.
bushels, against 7,125,000 a year ago. The shipments from
1917.
North America for the week ending Oct. 12 were 6,825,000
8 Vi lbs. Shirt- Col’n
8 Vi lbs. Shirt- Cot'n
32* Cop
bushels, including 918,000 bushels cleared in the form of
Mid.
32* Cop
ings. Common
ings. Common ! Mid.
Twist.
to finest.
Twist.
Upl’s
to finest.
flour, allowing 4Yi bushels of wheat to a barrel of flour.
j Upl’s
In France generally mild weather, together with good rains,
d.
Aug. d.
s. d.
s. d.
d.
d.
d. 8 d.
s. d. 1
d.
23 52 Vi
54 VS 26 0
©
@34 6
23.97 25M
@
'18.90
26*4 14 0 @18 6
improved
the condition of crops still in the ground. Despite
30 53 VS
@
5514 30 0
@38 714 25.10 25X
26 Ji 14 0
@
@18 6
118.25
the rainfall, threshing has made satisfactory progress and
Sept
6 54 Vi
@
the returns show the yield of wheat to be good and of excel¬
5614 30 3 @38 lOVi 24.58 24
@
2514 13 9
@171014 17.20
13 54 Vi
56 H 30 3 @38 1014 25.10 2314
@
25
13 6
@
@17 9
16.95
lent
quality. Preparations for autumn plowing and sowing
20 55 Vi
©
56*4 30 3 @38 1014 23.34 24
25 Vi 13 7 V4 @171014 17.82
@
27 55 Vi
have made favorable progress and the agricultm-al situation
56 H 30 3 @38 1014 23.23 25 Vi
®
@
26Vi 14 0
@18 014 18.62
Oct.
on the whole is regarded optimistically.
i
Official announce¬
4 55 Vi
30 3 @38 1014 23.43 26J4
©
28
14 3
@
19.37
@18 6
ments from Italy are to the effect that the yield of wheat
11
55
30 0 @38
©
6
22.02 27
28 Vi 14 6
@
@181014 20.07
56
18 54 Vi
30 0 @38
@
6
22.10 27
29
15 0
@
20.52
@19 0
will amount to approximately 158,000,000 to 165,000,000
SHIPPING NEWS.—In harmony with the desire of the bushels, which is practically the same as previous estimates
Government to observe secrecy as to the destination of cotton and may be compared with 140,000,000 bushels last year.
leaving United States ports, our usual details of shipments are Owing to the added requirements of the Italian army, it is
understood a substantial quantity of wheat will have to be
suspended until further notice.
imported by Italy during the season. Plowing and seeding
LIVERPOOL.—By cable from Liverpool we have the fol¬ have been progressing, cultivation
being concentrated on
lowing statement of the week’s sales, stocks, &c., at that port: good lands. In the United
Kingdom
harvesting reports
Sept. 27.
Oct. 4.
Oct. 11.
Oct. 18.
have not been favorable, as the broken weather interrupted
Sales of the week
9,000
13.0C0
14,100
9,000
Of which speculators took
it.
Fair portions of the grain crops in the northern counties
Of which exporters took
still uncut have been damaged by sprouting and -shedding.
Sales. American
4,000
4,000
8,000
4,008
Actual export
Conditions in the South, however, are favorable as most of
Forwarded
35,000
39,000
52,000
70,000
the crops are safely under cover.
Total stock
Reports from the mid¬
145,)00
150,000
184,000
207,000
Of which American
lands are also generally favorable.
44,000
50,000
89.000
104,000
It is officially announced
Total imports of the week
13,000
41 000
110,000
66,000
from Denmark that the wheat crop there promises to be
Of which American
13,000
27,000
99,900
54,000
over the average, which is about 5,500,000 bushels.
Amount afloat
249,000
231,000
194,000
From
Of which American
181,000
165,000
126,000
Spain reports continue to mention the dissatisfaction of
The tone of the Liverpool market for spots and futures farmers, and many growers have affirmed their resolution
each day of the past week and the daily closing prices of not to sow
requirements. Government measures affecting
spot cotton have been as follows:
the last crop were not altogether satisfactory to the farmers.
cable
.
[Vol. 107
THE CHRONICLE
1590
Plowing and sowing continue, but this work has slowed
down recently. There appears to be a scarcity of native
grain supplies. In Argentina weather conditions continue
favorable for the growing crop, and the general outlook
for wheat is excellent.
The movement to the ports has de¬
creased owing to the more limited export demand. Absence
of subitantial foreign buying has partially removed a factor
which had previously induced large interior shipments to
the shipping ports. Further rains in Australia are reported
over a wide area, and the crop outlook is generally regarded
as favorable on a smaller acreage.
Substantial quantities
of wheat have been shipped, but goodly amounts still re¬
main, a portion of which has been somewhat damaged by
vermin.
Meanwhile Australian shipbuilding is making
good progress. It is reported that orders have been placed
for 52 ships and that work on these has already commenced.
Shipments continue fair, with a percentage of these clear¬
ances going to the American Pacific Coast.
In India there
has been excess rainfall in several important provinces;
elsewhere precipitation has been fair to normal. Satis¬
factory progress is being made in the preparation for the
new crop, and the soil condition in some sections is reported
as excellent, owing to the good rains.
Holders continue to
ship their wheat to ports more freely, but clearances have
increased only moderately as the tonnage supply remains
small. Good supplies of wheat, it is believed, still remain
in the interior, and this encourages the hope that shipments
will increase if there should be any increase in the available
supply of tonnage.
DAILY CLOSING PRICES OF WHEAT IN NEW YORK.
Sat.
Mon. Tues. Wed. Thurs.
Fri.
No. 2 red
cts.Holi- 237% 237% 237% 237% 237H
No. 1 spring
day 24034 24034 24034 24034 2403^
com advanced on good Government buying and an
ersold condition of the market. On the 14th inst. prices
advanced in a few minutes 11 cents on buying by the Food
Administration and covering of shorts. The Government
Indian
o
wants cash com for
export.
The Government has been in
the market for the last two weeks. To all appearance it is
disposed to buy both old and new-crop com ror NovemberDecember delivery, but is naturally disinclined to advance
cash prices at the ratio with which futures have risen, owing
to the scramble of shorts to cover.
On the 15th inst. prices
ran from 10 to 15 points above the low prices of the 14th.
Farmers have recently complained of the rapid decline in
prices of com. Increased Government buying, or expecta¬
tions of it, has naturally had a stabilizing effect. So of
course has the buying by shorts.
The short side is not so
against
increase in the
week last
of 473,000
Coun¬
try offerings to arrive have not been very heavy. Premiums
have been firm at times at 2 to 2>£ cents over November.
Recent purchases by the Government have had a more or
less bracing effect, raising expectations of further buying.
Barley advanced, partly on Government buying, and al¬
though the visible supply increased last week 140,000 bush¬
els, it is still only 2,690,000 bushels, against 4,754,000 a
year ago
Yet of late the export demand for oats has been
disappc nil g. There has been very little of it for about a
week. Th * scarcity of ocean freight naturally hurts export
business. Certainly exporters have been indifferent, owing
to the scarcity of ocean tonnage.
And this has been a
damper on the general situation. Otherwise oats might
have made a more emphatic response to the big advance
in com. Without a good export business the opinion
is that prices
must decline. To-day oats advanced on
what looked like buying of cash oats by the Government,
and also in response to a rise in com. Later reports were
that the Government was not buying much. Prices for
the week are a little higher.
an
same
year
A fair domestic business has taken place.
bushels.
DAILY CLOSING PRICES OF OATS IN NEW YORK.
Sat.
Mon. Tues.
Wed. Thurs. Fri.
cts.Holi79
79
Standards
79
No. 2 white
day
79 M 79 H —
—
77
__
PRICES
CLOSING
DAILY
OATS
OF
following
are
Wed. Thurs. Fri.
Tues.
69)i
68%
87%
Oct. del. in elev. (new contr’t).cts.HoliNov. del. in elev. (newcontr’t)
day
Dec. del. in elev. (new contr’t)
The
FUTURE8 IN CHICAGO.
Mon.
Sat.
__
87%
88%
85%
68M
67Vi
67
87%
85%
85%
87%
66 H
85%
closing quotations:
FLOUR
$10 60 @$11 00 Barley floor (to arrive). $8 40@9 00
inter
10 35# 10 50 Tapioca flour
nom.
Kansas
10 60# 11 00 Hominy
$4 30
Yellow
granulated
40734
8 50# 9 50
Rye floor
Corn goods, all sacks 100 lbs.
Barley goods—Portage barley:
No. 1
6 00
White
$4 2r
#
Noe. 2. 3 and 4
5 25
Bolted
3 8234®
Noe. 2-0 and 3-0
6 00@6 15
Corn floor
4 35
# 4 50
No. 4-0
6 25
Rice flour, spot and to
Oats
goods—Carload, spot doarrive
per lb.
nom.
livery
10 00
GRAIN.
Oats—
Wheat—
No. 2 red
.$2 37 %
2 40%
2 39>4
lorn—
No
No
No.
No.
4 mixed
2 yellow
3 yellow
4 yellow
Argentine...
1 72%
1 58%
1 47%
79
77
Standard
No. 2 white
No. 3 white
No. 4 white
7834
78
Barley—
Feeding
Malting
Rye—
Western
1 12
1 15
1 77
........
EXPORTS OF BREADSTUFFS, PROVISIONS, COT¬
large scale. Still, it is buying. It TON AND PETROLEUM.—The exports of these articles
has made no concealment of it. Possibly there was a purpose during the months of August and the eight months for the
in this very fact. Government buying, meanwhile, has en¬ past three years have been as follows:
couraged farmers and country shippers. The ending of
1916.
1917.
1918.
Exports
armistice talk was also a bracing factor. Not that war or
from
8 Months.
peace news had a very marked effect.
Technical conditions
8 Months.
U. 8.
August.
8 Jonths.
August.
August.
and Government buying have been the outstanding factors,
Quantities.
though the President’s latest note undoubtedly had a bullish Wheat. bu 15,119.873 21.838.948 5,169,649 88,800.050 11,059,980 100.204,205
857.662 10.347,861
7,876,428
effect. Trading in futures at Chicago, however, has fallen off. Flour, bbls
972,470 17,469.290
1.014.649
On the other hand, the visible supply last week increased Wheat* bu
9,735.569 124,243,976 13,319,459 146,769,579
19,495,988 100,450.753
107,000. bushels and it is now 5,610,000 bushels, against Corn bu 1,850,413 32,394,201 2,669,519 45,520,396 6,700.142 40.715,329
1,551,000 a year ago. Farmers have recently been selling Total bush 21,346,401 132.844.954 12,405,088 169,764.372 20,019,601 187.484,908
their old corn very freely.
S
$
$
Values.
The weather conditions have
%
$
$
been very favorable for curing the crop. Selling against Breadst’ffs 68,067,166 482.551.985 47,957,008 439.950.077 35,715,846 287,431,706
Provision
78,303,358 663,077,554 30.709.014 99,832.373 19,273,287 176,815,855
country offerings has had a tendency to check the rise to a Cotton
46,166,498 385,295,352 62,723.615 312,417,71 J 30,394,521 279.865,607
certain extent. So has the war news, and the growing Petrol., &c 32.919,914 227,470,466 21.307,382 154,931,531 22.203,177 134.227,995
836,050 14.062.729
660,095 14,861,973
719,648 18,060,272
belief that the end is not far off, and may come during the Cot’s’d oil
1221993665
108,422,881
892,403.892
Tot.
value
1776455629
163,357,094
next two months, if not sooner.
226,176,584
Cornmeal has been dull.
popular
now. True, the Government has apparently not
been
buying
on a very
.
.
s
And at times the demand for corn grain has slackened and
bids have been below a working basis.
The Food Adminis¬
tration said it would be in the market with orders for com
for November and December shipment. This does not mean
that it will buy corn for November and December deliveryin the Chicago grain pit but that cash corn only is wanted.
The Food Administration only buys cash grain and is not
permitted to trade in futures. It is proposed to return to
the old time contract grades of com here. Changes in the
rules to bring it about have been posted; No. 1 and No. 2
white and yellow corn are to be l/z cent premium; No. 1
and No. 2 mixed contract prices; No. 3 white and yellow
2c.; No. 3 mixed 2^c. discount; No. 4 white and yellow
4^o. and No. 4 mixed 5c. discount. No. 4 grades are
deliverable only from Nov. 1 to the end of February.
It is
proposed to make the new rule effective Jan. 1. To-day
com advanced on covering and talk of fixing a minimum
price. For the week prices are higher.
DAILY CLOSING PRICES OF CORN IN NEW YORK.
Sat.
Mon. Tues.
Wed. Thurs. Fri.
*
Including flour reduced to bushels.
The statements of the movement of breadstuffs to market
indicated below are prepared by us from figures collected by
the New York Produce Exchange.
The receipts at Western
lake and river ports for the week ending last Saturday and
since Aug. 1 for each of the last three years have been:
Flour.
Receipts at—
Wheat.
Corn.
Barley.
Oats.
Rye.
bbls.imbs.bush.60 lbs. bush 56 lbs. bush 32 lbs. bushASlbs. bush.56lbs.
Chicago
Minneapolis
221.000
.
Duluth
Milwaukee
Toledo
Detroit
Cleveland
St. Louis
Peoria
Kansas City.
Omaha
__
Total wk. *18
Same wk. T7
Same wk. T6
11,000
346,000
4,538,000
5,630,000
536,000
73,000
2,962,000
298,000
103,000
33,000
57.000
40,000
339,000
33,000
49,000
413,000
419,000
205,000
156,000
426,000
346,000 12,666,000
359,000
5,625,000
353,000 11,468,000!
4,993,000
1,680,000
2,769,000
16,000
53,000
45,000
102.000
451.000
2,032,000
1,230,000
343.000
866.000
99,000
70,000
789,000
786.000
336,000
98,000
46,000
219,000
500,000
20,000
41,000
156,000
278,000
212,000
87,000
268,000
2,000)
6,641.000 1.511,000
6,383,000 2,897,000
9,369,000 2,863,000
826,000
797,000
723,000
No. 3 yellow
cts.Holi- 153
15434
16834
day
DAILY CLOSING PRICES OF CORN FUTURES IN CHICAGO.
Sat.
Oct. del. in elev. (new contr’t).cts.HoliNov. del. in elev. (new contr’t)
day
Dec. del. in elev. (new contr’t)
Mon.
Tues.
Wed.
Thurs. Fri.
12334 12834 122J4 126
12134 12434 11734 11934 12134
11834 121% 11434 11534 11634
Oats have advanced in sympathy with com, though the
rise has been nothing like as great. Minneapolis has re¬
good cash demand, however. The Government has
been in the market there for barley. And prices for that grain
have risen there. At Chicago, Omaha and country houses
have been good buyers. The interior has bought December
oats there.
At one time this buying
was a feature. Cash
prices have been generally firm, despite large receipts. The
visible supply decreased 764,000 bushels last week, as
ported
a
Since Aug.l—
1918
3,771,000188,650.000' 50,671,000
1917
3,286,000 57,874,000 26,918,000
1916
4,014,000125,057,000 39,757,000
The exports from
ending Oct. 12
Exports from
are
90.960,000 14,278.000 7,633,000
90,259,000 26,553,000 8,118,000
86,312. 00027.030.000 6,661,000
the several seaboard ports for the week
shown in the annexed statement:
Wheat.
Corn.
Flour.
Oats.
Bushels.
Bushels.
Barrels.
Busheli.
34,0
New York
Boston
Baltimore
Pensacola
2,187.334
306,700
1,555,225
Total week
Week 1917
4.049.259
931,725
45,418
Rye.
Barley,
Peas.
’ushels. Bushels. Bushels.
900
43,615 50,915
47,264
______
579,0 V
90,879 50.915
613,0
45.418
114,409 2.761.856 125.442 392.457
900
Oct. 19
The destination of these exports
July 1 1918 is
as
for the week and since
below:
Flow.
Wheat.
Cbm.
Mtparts for Week,
and Since
July 1 to—
Week
Oct. 12
July 1
Week
Oct. 12
July 1
Week
Oct. 12
Barrels.
Barrels.
Bushels.
Bushels.
Bushels.
United Kingdom.
Continent
So. A Cent. Amec.
West Indies
Brit .No.Am .Cota.
Other Countries..
Since
17,571
28,847
261,126
688,730
7,154
40.182
Since
1,042,162
3,007,097
Since
July 1
Bushels.
1,591.499
578,696
3,220
15,464
6,612,591
13,372,700
--
2,190
22,946
45,418’
Total
Total 1917
1591
THE CHRONICLE
1918.]
1,020.138 4,049,259
1,700,612
931,725
114,409
2,191,069
5,849,539
19,985,291
22,842,633
THE DRY GOODS TRADE
New York, Friday Night, Oct. 18 191$.
in
No increase
activity has been noted in markets for dry
goods during the past week. In fact, talk of peace and the
possibilities of marked changes in the international political
situation have resulted in increased conservatism
of both manufacturers and
ever,
consumers.
on the part
No attempt, how¬
has been made to anticipate future developments, and
there has been no diverting of attention from war work.
Manufacturers are doing everything possible to assist the
Government in securing the fabrics needed, and will not
relax in their efforts until peace is actually assured. Some
the seaboard ports for attention, nevertheless, has been given to after-war develop¬
ments.
Should the war end suddenly the requirements of
the Government would, no doubt, fall off rapidly, and fears
Flour.
Wheat.
Com.
Oats.
Barley.
Rye.
Receipts at—
of large cancellations of orders have been expressed. The
Bushels.
Barrels.
Bushels.
Bushels.
Bushels.
Bushels.
Government is not likely to cease buying supplies altogether,
New York...
198,000
72,000
562,000
3,000
8,000
1,569,000
45.000
41,000
6,000
Philadelphia
3,000
367,000
2,000
notwithstanding the fact that it will have large reserve
Baltimore
67,000
9,000
54,000
257,000
14,000
579.000
stocks, as it will take a long time to demobilize the army
N’port News.
New Orleans*
43,000
64.666
70.000
27,666
during
which period supplies will be needed. Business for
Montreal
402,000
15,00<
24,000
3,000
962,000
Boston.
ordinary account continues quiet, and while prospects for an
32,000
91,000
309,000
early ending of the war are more promising, merchants do
2’ 00Q
Total wk. ’18
213,000
145,000
291,000
1,694,000
3,534,000
not appear anxious to have large stocks of goods on hand
Since Jan. 1’18 13.229.000 54.072,000 18,349,000 80,869,000 8,08* .000
.980,000
The ending of the war will result in the elimination of much
Week 1917...1
3,266,000
245,0*
780,000
122,000
397,000
2,810,000
of the present inflation, and it would be difficult to get rid
Since J&n.ri7il6,921,000 162,333,000 45,242.000 120,877.000 14.869.00
9,702.000
of fabrics purchased at the present high level of prices.
Receipts do not include grain passing through New Orleans for foreign ports
According to reports from jobbing centres, business for retail
on through bills of lading.
distribution has fallen off materially. Mills complain that
The world’s shipments of wheat and corn for the week they are having great difficulty in keeping up production,
ending Oct. 12 1918 and since July 1 1918 and 1917 are owing to the spread of the Spanish influenza, and conse¬
shown in the following:
quently are falling behind with orders. In New England
the labor situation has become very serious.
Export trade
Com.
Wheat.
continues as large as mills are willing to permit.
Inquiry
from South and Central America continues to increase for
01917.
1918.
1918.
al917.
Mxports.
various fabrics, while purchases for the Allied countries are
Week
Since
Since
Since
Since
Week
liberal. At a meeting of the National Council of Cotton
Oct. 12.
Oct. 12.
July 1.
July 1.
July 1.
July 1.
Manufacturers at the close of last week, it developed that
Total receipts of flour and grain at
the week ended Oct. 12 1918 follow:
.
*
Bushels.
Bushels.
Bushels.
Russia
Danube
Bus fids.
Bushels.
Bushels.
142,000
4,874,000
10,384,000
3,672*666 *7*9*4*666
6,1*58*666
4,799,666
866,000
1,255,000
.NorthAmer* 6,825,000 57,365,000 89,093,000
....
Argentina...
1.212*666 48,*812*,666
690.000
290.000
96,000
Australia
India
Oth.countr’s
Total....
11,070,000 19,662.000
3,710,000
7,806,000
720,000
668,000
74,000
9,113.000 121,677,000 120,901,000 1,010,000 11,898,000 16,438,000
*
North America.—The Canadian Government has officially prohibited the
Issuance of both manifests and exports until after ten days.
This is effective
during the continuance of the war. a Revised.
The quantity of wheat and corn
mentioned was as follows:
afloat for Europe
United
United
Kingdom.
Continent.
Bushels.
Bushels.
Not avail able
Not avail able
Not avail able
Total.
Kingdom.
Continent.
Total.
Bushels.
Bushels.
Bushels.
Bushels.
19,142,000
42,720,000
The visible
dates
Corn.
Wheat.
Oct. 12 1918..
Oct. 5 1918..
Oct. 13 1917..
Oct. 14 1916..
on
supply of grain, comprising the stocks in
at principal points of accumulation at lake and
seaboard ports Oct. 12 1918 was as follows:
granary
GRAIN STOCKS.
United States—
New York
Boston
Philadelphia
Baltimore
—
Wheal.
bush.
Corn.
Oats.
bush.
bush.
Rye.
bush.
2,186,000
744.000
25,000
3,000
831,000
240,000
1,302,000
19,000
1,142,000
47,000
57,000
Newport News
New Orleans
Galveston
Buffalo
Toledo
Detroit
___
5.527,000
2,664,000
9,991,000
1,255,000
23,000
17,900,000
3,352,000
Chicago
Milwaukee
Duluth
19,820,000
Minneapolis
12,424.000
St. Louis..
Kansas City
Peoria
3,105,000
IndianapolisOmaha
On Lakes
On Canal and River
13,573,000
19,000
180,000
4,840,000 •
4,055,000
336,000
Barley.
bush.
147,000
357,000
71,000
15,000
861 000
73,000
3,000
445,000
75,000
1,250,000
268,000
67.000
87,000
850,000
1,304.000
305,000
623,000
15.000
55.000
145,000
58,000
2,480,000
7.261,000
514,000
611,000
100,000
5,000
731.000
407,000
55,000
302,000
336,000
313,000
55,000
148,000
487,000
219,000
617,000
687,000
221,000
3,076,000 1,628,000 1.053,000
43.000
146,000
3,075,000
45,000
655,000
261,000
46,000
1,438,000
34,000
110,000
514,000
297,000
46,000
...
104,494,000 5,610,000 23,914,000 4.041.000 2,690,000
97,886,000 5,503,000 24,678,000 4,723,000 2,550,000
9,596,000 1,551,000 15,190,000 2,710.000 4,754,000
59,324,000 4,456,000 41,880,000 1,731,000 3,550,000
Note.—Bonded grain not Included above: Oats, Duluth, 3,000 bushels; total*
3,000, against 195,000 bushels in 1917; and barley, Duluth, 43,000 bushels; total,
43,000, against 229,000 in 1917.
Total
Total
Total
Total
Oct. 12 1918
Oct. 5 1918
Oct. 13 1917
Oct. 14 1916
Canadian—
2,330,000
Montreal
Ft. William A Pt. Arthur.. 4,649,000
1,857,000
Other Canadian
106,000
Oct. 12 1918
Oct. 5 1918
Oct. 13 1917
Oct. 14 1916
Summary—
American
r!*n«/nan
Total
Total
Total
Total
Oct. 12 1918
Oct. 5 1918
Oct. 13 1917
Oct. 14 1916
8.836.000
6,046,000
7,125,000
18,317,000
104.494.000
181,000
715,000
..
Total
Total
Total
Total
4,010,000
1,817,000
106,000 6,542,000
123,000 5,032,000
29,000 3,521,000
838,000 12,414,000
4,000
122,000
181.000
339,000
12,000
799.000
5,610,000 23,914,000 4,041,000 2,690,000
8,836,000
106,000
6,542,000
113,330.000
103,932,000
16,721,000
75,641,000
5,716,000
5.626.000
1,580,000
5,294,000
30,456,000
29,710,000
18,711,000
54,294,000
181,000
4,041.000
4.723,000
2,714,000
1,853,000
2,871,000
2.889,000
4,766.000
4,349,000
the trade as a whole were adverse to foreign interests,.aside
from those in the Allied countries, being favored with
prices
as
fixed by the Government.
It also developed that
exporters in general were in favor of reforming the methods
for packing merchandise so as to carry more goods in the
limited
freight
space
available.
DOMESTIC COTTON GOODS—While the majority
of houses have given much of their time to the new
Loan, business in staple cottons has been more active during
the past week.
Inquiry for fabrics has been on a large
Liberty
scale, though purchases tor the most part have been confined
to nearby deliveries.
Spot merchandise, on the other hand,
is scarce and hard to obtain, and buyers find it no easy
matter to provide for their requirements.
According to
reports, mills having spot merchandise on hand are using
what they have to fill back orders placed at higher prices
than those now prevailing.
Heavy fabrics have been in
good demand. A large portion of the Government orders
have been for heavyweight fabrics, and mills still have large
unfilled orders on their books. Manufacturers of colored
goods report severe labor troubles as a result of the Spanish
influenza, and are finding it impossible to keep up produc¬
tion. Some holders of fine goods have been offering con¬
cessions from the maximum prices fixed by the Government,
in an effort to reduce their stocks, but are finding demand
for this class of goods slow.
Inquiry for sheetings continues
in excess of offerings.
Trade in print cloths has been fairly
active, with some good-si zed sales reported for delivery
running as far ahead as the second quarter of next year.
WOOLEN GOODS.—In markets for woolens and worsteds
there is considerable anxiety as regards the supply of fabrics
available for civilian use. No allotment of raw material for
the manufacture of civilian goods has been made, and none
is expected during the remainder of the current year.
late advices from Washington, nevertheless, are more
Some
hope¬
ful, as it has been reported that the War Industries Board
is endeavoring to secure shipping facilities for the transporta¬
tion of wool from the Argentine.
Manufacturers hope that
this will result in at least a partial supply of wool, so that
they can continue their business for ordinary account. In
the dress goods and men’s wear trades, stocks are believed to
be sufficient for the remainder of this year and the early part
of next.
Several manufacturers have offered a few lines of
staple worsted dress fabrics for November and January de¬
li veiy, and are said to be alioting customers small amounts of
fabrics.
are devoid of
Business continues to grow smaller and there are
apparently few expectations of any improvement for some
time to come, or at least until well after the war ends.
Im¬
FOREIGN DRY GOODS.—Linen markets
feature.
porters are not trying to anticipate international develop¬
While demand for pure linens is quiet, there .s some
ments.
business going on in domestic and foreign substitutes.
Stocks of pure linens are very light, with holders unwilling
sellers. Manufacturers abroad are offering virtually noth¬
of household linens, and most of the trading
substitutes. Burlaps remain
quiet at the Government's fixed prices of 14c. for light weights
and 16.50c. for heavy weights.
ing in the
way
in this class of goods consists of
1593
THE CHRONICLE
Financial Statement Sept. 30 1918.
Total bonded debt, including this issue
$9,868,fit
General obligation bonds
$1,712,438
Water bonds
6,919,000
Special assessment bonds
1,237,213
J>tatc and City Jpjqrartunut
NEWS ITEMS.
statement recently issued by the State Comp¬
troller’s office, for 1918, is $71,384,700, and the total
assessed value of property in the various counties of the
State, $3,806,865,179.
The total valuations for the State are given as follows:
on
$1,872,582,539
real estate
751,072,333
452,324,692
45,018,193
Personal property
Money and solvent credits
Non-qperative property
Operative roll.
$3,120,997,757
507,901,295
Total value property returned
Railroads as assessed
by Auditors
$3,628,899,052
177,966,127
Grand total.
$3,806,865,179
New York State.—Municipal Debts.—In addition to the
State’s bonded debt of $250,000,000, State Comptroller
Travis in opposing the taxation of municipal bonds
points
out that bonded indebtedness involved by
various counties,
cities, towns and villages amounts to approximately $1,705,353,980. This amount is apportioned as follows:
Indebtedness
Indebtedness
Indebtedness
Indebtedness
of
of
of
of
er New York
Indebtedness of
first-class cities
$1,533,237,261
second-class cities
'
54,504,198
third-class cities
49,030,971
counties, excepting those comprising Great¬
villages (355 out of 466 report indebtedness,
78 report none and 53 filed no report)
Indebtedness of towns (340 out of 931 report indebtedness,
501 report none and 90 filed no report)
Special
25,306,002
636,75#
362,20#
43,815
$300,000,000
230,450.20#
$i §4
assessment bonds
Total value of all property (estimated)
Last assessed valuation of property
Tax rate
for taxation (1917)
(1917)
Population 1910 (Census). 69,065
1918 (estimated), 160,666.
ALLENDALE, Bergen County, N. J.—NOTE OFFERING.—Pro¬
be
posals will
received by Chas. F.
Smith, Borough Clerk, until 8 p. m.
Oct. 24 for $5,000 5% 5-year
temporary park notes. Date Oct. 1 1918.
Int. semi-ann. (A. & O.).
Cert, check on an incorporated bank or trust
company for 2% of the notes bid for, required.
Purchaser to pay accrued
int.
The notes have been approved
by the Capital Issues Committee and
the successful bidder will be furnished with the
opinion of Hawkins, Delafield & Longfellow of N. Y. that the notes are
binding and legal obligations
of the borough.
ALLIANCE, Stark County, Ohio.—BOND
OFFERING.—Proposal*
will be received by Chas. O. Silver,
City Auditor, until 12 m. Nov. 4 for
the following 5}4% coupon bonds authorized
Sept. 16—V. 107, p. 1495:
$11,500 street water mains exten. bonds—V. 1&7,
p. 1399.
Due $1,00#
yearly on Nov. 1 from 1920 to 1930. incl., and $500 Nov. 1 1931.
11,000 water mains exten. bonds.
Due $1,000 yearly on Nov. 1 from
1920 to 1930, incl.
Denom. $500.
Date Nov. 1 1918.
Prin. and semi ann. int.
payable
at the office of the Sinking Fund
Trustees.
Certified check on a solvent
national or State bank for 3% of the bonds bid for, payable to the
City
Treasurer, required.
Bids to be made on blanks furnished by
the city
and purchaser is to furnish blank bonds.
BONDS AUTHORIZED.—On Oct. 7 an
ing
an
ordinance was passed authoriz¬
issue of $3,000 5% 5-year coupon storm sewer
system impt. bonds.
Date Nov. 1 1918.
Int. semi-ann.
Due Nov. 1 1923.
Denom. $500.
ASTORIA, Clatsop County, Ore.—BOND ELECTION PROPOSED.—
Newspapers state that the City Water Commission will ask that
$800.060,
bonds for extensions and repairs to water
system be voted at the general
election in November.
BEDFORD, Cuyahoga County, Ohio.—BOND SALE.—The $7,000
5H% 1-7 year serial coupon public guilding bonds, offered without
suc¬
cess on Sept. 19—V.
107, p. 1399—have been sold.
BIG
9,726,232
SPRING, Howard County, Tex.—BONDS DEFEATED.—At
a
recent election
Total.
The
33,549,316
369,945
Water bonds
a
Real estate
Improvements
9,868,651
Certificates of indebtedness:
Special assessment notes, property’s portion
Sinking Funds:
For general bonds
California (State of).—Debt and Assessed Values of
Counties.—In the San Francisco “Chronicle” of Oct. 9 it is
stated that the total funded and floating debt of counties,
according to
[Vol. 107
..$1,705,353,980
Comptroller
says:
“The greater part of these securities are held in a fiduciary
capacity by
trust and insurance companies and estates for the benefits of widows and
orphans and other dependents, while sinking funds also hold over $61,500,0(K).
Income from funds of this character is founded upon investments
yielding rate of return based upon purchase price, so that if proposed
Federal tax were deducted from such income it mignt cause
hardship to
those who, through lack of earning capacity, could not overcome the loss
of income which this tax would entail
on
them.”
Rhode Island (State
of).—Special Session of Assembly
Requested.—Theodore Francis Green, Federal Trustee of
the Rhode Island Company, has requested Governor Beeckman to call a special session of the General
Assembly to
consider State control of the trolley lines on a service-at-cost
basis.
Mr. Green urged, it is stated, that if the Governor
was of the opinion that the General
Assembly wouldn’t
do anything until after election, he might now call a
special
session to convene immediately after election.
Taxation of Municipal Bonds Dropped by U. S.
Senate Finance Committee.—In revising the War Rev¬
enue Bill on
Thursday of this week, the U. S. Senate Finance
Committee struck out, in addition to the House provisions
taxing the salaries of the President, members of the Supreme
Court and Superior Courts, and State officials, the
provisions
taxing State and municipal bonds. The committee held
that such imposts would be unconstitutional.
For further particulars see our “Current Events and
Discussions” on a preceding page.
BOND CALLS AND REDEMPTIONS.
Hood River County (P. O.
Bond Call.—It is reported that the
to retire $6,000 of the $75,000
5%
Hood River), Ore.County Court has voted
issue sold in 1914.
Panama (Republic of).—Bonds
Called.—Through the
Farmers Loan & Trust; Co. of New York the
Republic of
Panama calls for redemption the
following 5% Secured
Sinking Fund gold 30-year bonds dated Nov. 2 1914, at a
price of 102^6 and accrued interest to the date of such
redemption:
76
100
146
301
438
503
641
658
698
699
720
915
917
951
1140
1317
1396
1485
1494
1496
1520
1540
1811
1864
1990
2006
2134
2135
2168
2208
Payment will be made on Nov. 1, at the above trust com¬
pany and bonds will cease to bear interest after that date.
BOND PROPOSALS AND
this week have been as follows:
NEGOTIATIONS
AKRON, Summit
County, Ohio.—BOND OFFERING.—Sealed bids
will be received until 12 m. Nov. 7
by Thos. S. Heffeman, City Auditor,
for the $1,315.000 5% coupon (with pr
vilege of
extension bonds, mentioned in V. 107, p. 1207. registration) water works
Auth. Sec. 3939, Gen.
Code.
Denom. $1,000.
Date Oct. 1 1918.
Prin. and semi ann. int.
(A. & O.) payable at the National Park Bank, New York
Due
City N Y.
as follows: $20,000 1919, $21,000 1920, $22,000
1921, $23,000 1922,
$24,000 1923, $25,000 1924, $26,000 1925. $27,000
1926, $28,000 1927
$29,000 1928, $30,000 1929. $31,000 1930, $32,000 1931.
$33,000 i932, $34,000 1933. $36,000 1934, $37,000 1935, $38,000
1936, $39,000
1938, $41,000 1939, $42,000 1940. |43.000 1941, $44,000 1937, $40,000
1943, $46,000 1944, $47,000 1945, $48,000 1946, $49,000 1942, $45 000
1948, $51,000 1949, $52,000 1950, $53,000 1951, $54,000 1947 $50 000
1952 $55i000
1953.
Certified check for 1%, payable to the City
Treasurer, required.
Bonds are ready for immediate delivery.
The principal and interest of
this issue will be paid from the earnings of
the water company, which is
declared self supporting.
Official circular states that no default has ever
been made in payment of either principal or interest.
yearly
„
a
proposition to issue $75,000 road bonds failed to carry.
CALIFORNIA (State of).—BONDS
APPROVED.—According to local
newspapers, the Capital Issues Committee has
approved the issuance of
$400,000 State highway bonds.
CAN\AN TOWM5HIP RURAL SCHOOL DISTRICT
(P. O. Lon¬
don), Madison County, Ohio.—BOND SALE.—The $4,500
6% school
bonds offered
on
Oct. 5—V.
107. p. 1399—were awarded on that
to
Seasongood & Mayer of Cincinnati for $4,730 (105.11) and interest. day
Date
Oct. 5 1918.
Due yearly on Mar. 1 from 1937 to
1945,
incl.
Other
bidders, all of Toledo, were:
W. L. Slayton & Co
*$4,737 151 Stacy & Braun
$4,667 3#
* This
bid, we are informed, contained a qualifying clause and was not
considered,
CANTON, Haywood County, No. Caro.—BOND
SALE.—We are
advised that this town has disposed of
$45,000 water bonds.
CANYON COUNTY (P. O. Caldwell),
Ida.—BONDS NOT TO
RE-OFFERED.—The $70,000 bridge bonds offered without success BE
on
Sept. 3—V. 107, p. 1399—will not be re-offered until they have been
ap¬
proved by the Capital Issues Committee.
CLEARCREEK TOWNSHIP (P. O. Savannah), Ashland
County,
Ohio.—BOND SALE.—On Oct. l6 the $6.006 6%
1-9-year serial townshiphall bonds (V. 107, p. 1208) were awarded to
Seasongood & Mayer of Cin¬
cinnati for $6,121 (102.016) and int.
Other bidders were: W. L.
Slayton
& Co. of Toledo bid $6,078 60; the
Hanchett Bond Co. of Chicago bid
$6,067 75 and free bonds or $11 prem. for
and Stacy & Braun of
5Ms,
Toledo bid
$6,040 59.
CLEVELAND, Ohio.—BOND SALE.—During September
Fund of the Board of
June 1 1918.
the
Education purchased at par $70,000 bonds.Sinking
Date
Due $10,000 yearly on June 1 from 1919 to
1925,
incl.
COLUMBUS, Platte County, Neb.—BOND OFFERING.—Proposals
will be received bv Wm.
Becker, City Auditor, until S^p.
(opt.) paving bonds.
stated, for $37,000 6% 1 10 year
Certified check for 5% required.
Oct. 25, It is
Int. semi ann.
m.
COLUMBIA IRRIGATION DISTRICT
(P. O. Kennewick), Benton
a vote of 185 to 46 the proposition
11-20-year serial canal-impt. bonds, carried at the elec¬
107, p. 1303.
Date of sale not yet determined.
CONVERSE COUNTY SCHOOL DISTRICT NO. 15
(P. O. Glenrock), Wyo.—BOND SALE.—On Oct. 12 the $15,000 6%
10-year serial
funding bonds (V. 107, p. 1303) were awarded to Keeler Bros, of Denver
for $15,250, equal to 101.666.
Denom. $1,500.
Date Oct. 12 1918.
Int. ann. (March).
Other bidders were:
Powell, Garard & Co., Chicago
$15.000 00
C. H. Coffin, Chicago
15,081 00
Bosworth, Chanute & Co., Denver
15,6l7 60
John Nuveen & Co., Chicago
15,025 00
Hanchett Bond Co., Chicago
.•
15,()00 00
Sweet, Causey, Foster & Co., Denver
1.5,006
00
Spltzer, Rorick & Co., Toledo
15,028 00
COVINGTON SCHOOL DISTRICT (P. O.
Covington), Alleghany
County, Va.—BONDS CANCELLED.—We are advised by Baker.
Watts
& Co. of Baltimore that the contract
awarding the $30,000 6% 5-30-year
tax-free school bonds to the said
company—V. 107, p. 419—has been
canceled.
County, Wash. —BONDS VOTED.—By
to issue $440,000 6%
tion held Oct. 3—V.
CRAWFORDSVILLE SCHOOL DISTRICT (P. O.
Crawfordsville),
SALE.—On Aug. 1 $50,006 5%
school-building bonds were awarded to ,J. F. Wild & Co. of
Indianapolis
at 100.752.
Denom. $1,000.
Date Aug. 1 1918.
Int. F. & A.
Due
yearly from 1919 to 1937, incl.
Montgomery County, Ind.—BOND
CROOKSTON, Polk Coftnty, Minn.—BOND SALE.—On Oct. 8 the
Minneapolis Trust Co. of Minneapolis was awarded $15,000 5%
refunding
bonds for $15,155
equal to 101.033. Denom. $500. Date Dec. 1 1918.
Int. J. & D. Dec. 1 1933.
DAWSON COUNTY SCHOOL DISTRICT NO. 50
(P. O. Glendive),
Mont.—BOND SALE.—The $1,000 6% school bonds offered
on Aug. 36,
527, were awarded at par to the State of Board of Land Com¬
missioners.
Denom. $500.
Due Aug. 30 1928, subject to call any interest
bearing date with 30 days notice.
V. 107, p.
Is
DENVER, Colo.—BONDS PROPOSED.—According to reports the city
considering the issuance of
$3,000,000 water bonds.
DRY CREEK SCHOOL DISTRICT
(P. O. Meridian), Lauderdale
County, Miss.—BOND SALE.—On Oct. 8 the $5,000 6% 5-14-year
serial school bonds, dated April 1
1918, (V. 107, p. 1399) were awarded to
the Citizens National Bank of Meridian at
103 and interest.
ELLIS, Ellis County, Kans.—DESCRIPTION
OF
BONDS.—Further
details are at hand relative to the sale of the
$30,000 5% 10-20-year (opt.)
electric light bonds, awarded on Aug. 15 to D. E. Dunne & Co. of
Wicnita
at par (V. 107, p. 1116).
Denom. $1,000.
Date Aug. 1 1918. Int.
F. & A.
GUTHRIE, Loean County, Okla.—NO ACTION YET TAKEN.—
No action has yet been taken
looking toward the issuance of the $250,000
6% water-works extension bonds, voted at the election held Sept. 16
(V. 107, p. 1364).
Geo. L. Anderson is City Clerk.
HENKYETTA, Okmulgee County, Okla.—BONDS
By request of the Capital Issues Committee
works bonds has been rescinded.
an
RESCINDED.—
issue of $100,000 water
•
Oct. 19
1918.]
THE CHRONICLE
HIGHm°RE. Hyde
Tne $5,000 5% electric County, So. Dak.—DESCRIPTION OF BONDS.—
„
MEMPHIS, Tenn.—BONDS TO BE ISSUED.—'The
will offer In
January 1919 approximately $750,000 revenue notes, to city
run about eight
The City of Memphis will furnish
approving opinion of the
Capital Issues Committee and legality of notes will
be
Thompson, of New York City. Notes to be preparedapproved by John C.
light bonds, recently awarded
to the State of South
in denom. of $500 and are dated Oct.
Due 1938, subject to call on
any interest paying
(v- 107, p. 1400)
PM
I 1918.
date.
Int. J. & J.
are
months.
HURON TOWNSHIP
CONSOLIDATED SCHOOL DISTRICTS
(P; O. Burlington), Des Moines
$55,000 5% school bonds voted on County, Iowa.—BOND SALE.—The
Sept. 7 (V. 107, p. 1209) were awarded
on Sept. 21 to Geo.
M. Bechtel & Co. of
Davenport
JOHNSTOWN,
livery and retirement will be made in New York.
Commissioner of Finance.
Fulton County, N. Y .—BOND
OFFERING.—
will be received by W. J.
Eldridge, City Chamberlain, until
Nov. 9 for $9,400 6%
1-5-year serial coupon (with privilege of
registration) municipal bonds. Denom. $500 and $380.
Date Oct. 1
1918.
Prin. and semi-ann. int.
(A. & O.) payable at the Johnstown Bank,
Johnstown. Cert, check on an
incorporated
bank or trust company for
2% of the bonds bid for, payable to the order of
the above Chamberlain,
required. Bids must be made on blanks
which will be supplied on applica¬
tion to
a.
Proposals
the
City Chamberlain.
gurchaser. The City of Johnstown
FINANCIAL STATEMENT, OCT. 1 1918.
Bonds.
Sewer
.$67,000 00
Paving
Funding
Railroad
School
Water.
$122,000 00
16,109 46
Less sinking fund
27,800 00
28.000 00
6,500 00
66,000 00
105,890 54
„
Temporary
$301,190 54
,
loans
*
3,670 94
Sinking Fund Investment.
Cash (interest department
Peoples Bank)
Bonds and mortgages
Real
MINNEAPOLIS, Minn.—BOND SALE.—On Oct. 16 the $25,000 4%
5-year workhouse bonds (V. 107, p.
1305) were awarded to Halsey, Stuart
m.
The legality of the issue of bonds
will be passed upon
by Caldwick &
Masslich of New York City whose
favorable opinion will be furnished the
l the
(incorporated 1895) has never defaulted
payment of principal or interest,
the official circular states.
$8,109 46
8,000 00
$16,109 46
Assessed Valuation.
estate
Special franchises
$3,541,965
Personal
$3,800,355
307.300
258,390
$4,107,655
Population (Census of 1915), 10,687; present
(estimated), 12,000.
KING CITY SCHOOL DISTRICT
(P. O.
County, Calif.—BOND SALE.— On Oct. 8 the Salinas), Monterey
$32,000 6% 1-32-year
serial school bonds, dated Oct.
8 1918 (V. 107, p. 1400) were awarded
to the National
City Co. of San Francisco for $33,256
(104.768) and
interest.
Other bidders were:
Lumbermen’s Trust Co..$33,012 00 William R. Staats Co
$32,770 50
„
Frank & Lewis
Blyth, Witter & Co
Girvin & Miller
33,010 00 E. H. Rollins & Sons
32,815 00 McDonnell & Co
32,774 401
32,700 00
32,188 00
KIRKERSVILLE, Licking County,
Ohio.—BOND ELECTION.—
A proposition to issue
$5,000 National Pike impt. bonds will be
voted
upon at the coming general election to be held
Nov. 5.
L. F. John is Village
Clerk.
LAC QUI PARLE COUNTY (P. O.
Madison), Wis.—BOND OFFER¬
to reports A. G. Shogren, County
Auditor, will receive
bids until Oct. 26 for $93,800
5% 5-20-year serial drainage bonds.
ING.—According
LAKEWOOD, Cuyahoga County, Ohio.—BONDS
ELECTION.—
At the general election to be held
Nov. 5 a proposition to issue
$75,000
street opening bonds will, it is
stated, be voted upon.
LA
VINA SCHOOL
DISTRICT, Madera
ELECTION.—The question of issuing $15,000 6%County, Calif.—BOND
1-15-year bonds, will be
submitted to
voters
on
Oct. 26, it is reported.
Denom. $1,000.
LICKING COUNTY (P. O. Newark), Ohio.—BONDS
According to local newspapers the Capital Issues CommitteeAPPROVED.—
has approved
of the issuance of $119,000
sanitarium and $45,000 smallpox hospital bonds.
McCORMICK COUNTY (P. O.
McCormick), So. Caro.—EXPLANA¬
TION BY BOND HOUSE.—We have
been favored with a copy of
the
letter which H. A. Kahler & Co. of New York have
just addressed to John
L. Kennedy, Secretary of the
McCormick County Commissioners, for
Permanent Highways,
explaining the action of the firm in not taking
$85,000 of 5% construction bonds after
having taken the first $90,000 of
bonds of the same issue and
protesting against the strictures upon such
action made by Mr.
Kennedy. The letter is as follows:
October 18 th 1918.
John L. Kennedy, Esq.,
Secretary, County Commission for Permanent High¬
ways, McCormick County, S. C.
Dear Sir.—We received
your registered favor of Oct. 1 in connection
with the aboveJssue of bonds, in
which you say:
“There is absolutely nothing irregular
or illegal about these bonds and
we are satisfied
you know it as well as anyone else’’
and
again:
“If you are inclined to be
entirely fair you might have stated in your
notice that the County offered to
submit this question to the Supreme Court
of the State for its decision and
you declined to do this and further declined
to accept service of
papers in this State (South Carolina) to have the
ques¬
tion settled.”
In reply we desire to advise
you that we never presume to pass on the
legality of any bond issue, but are guided by advice of counsel and we
are
entitled under the legality clause of the
original purchase contract, to rely
on our counsel’s opinion, and
McCormick County, a party to the contract,
had full knowledge and is bound
by its conditions. There is no obligation
direct or implied on our part or in the
contract of purchase to submit
questions of legality to any court.
Our South Carolina counsel
presented
on or about
May 3 1918 their opinion to the attorneys for the
county, who
asked for a Supreme Court decision.
The contract is specific, and we
had,
and have a clear, legal and ethical
right to be guided wholly by our counsel’s
opinion and have acted accordingly.
We disclaim any intention to blacklist
the bonds as you charge.
The
following uncalled for statement of McCormick
County in its official
advertisement:
"The
purchasers have refused to comply with their contract of purchase
balance of said bonds”
imposed upon us an obligation to the investing
public to make known the
reason why the unissued
portion of these bonds was not delivered to us.
for the
MADISON, Lake
County, So. Dak.—BOND ELECTION.—On Oct.
22 the voters will decide whether
they are in favor of issuing the following
three issues of bonds, aggregating $60,000
(not $150,000 as first reported—
V. 107, p. 1496), at not exceeding
5H% interest.
$10,000 15-25-year (opt. electric light bonds.
25,000 15-20-year (opt.) water bonds.
25,000 15-20-year (opt.) sewer bonds.
MARSHALL SPECIAL ROAD DISTRICT (P. O.
Marshall), Saline
County, Mo.—BONDS NOT TO BE OFFERED.—The $85,000 road bonds
recently voted—V. 107, p. 1209-—will not be offered until after the war.
MARTINS FERRY, Belmont County, Ohio.—BONDS AUTHOR¬
IZED.—On Sept. 21 the City Council passed an ordinance
authorizing an
issue of $3,748 26 5% coupon street impt. bonds.
Denom. $500 (1 for
$248 26).
Date Oct. 1 1918.
Int. M. & S.
Due yearly from Sept. 1
1928 to Sept. 1 1935.
C. T. Bare is City Clerk.
MEDFORD IRRIGATION DISTRICT (P. O.
Medford), Jackson
County, Ore.—BONDS VOTED.—By a vote of 141 to 120 the question
of issuing $1,500,000 bonds carried, it is
reported, at the election held
Sept. 28.—V. 107. p. 1117.
MEETEETSE, Park County, Wyo.—BOND OFFERING.—Proposals'
will be received until 8 p. m. to-day (Oct. 19) by Lewis
Zimmerman, Town
Clerk, for $7,500 6% bonds. Int. annually, payable at Meeteetse. Due
,
,
in 10 years “redeemable after 5 years from date
at the pleasure of said
town, and at any event 1-5 of the amount of said bonds shall be
redeemable
each year after the fifth year after the same are issued.”
Cert, check for
5% of bid, required.
by the city.
DoAlfred D. Mason is
MINERAL WELLS, Palo Pinto
County, Tex.—BOND OFFERING.—
will be received at any time by L. E.
Cowling, Mayor, for $100,000
6% 20-year bonds.
at par.
Proposals
II
1593
&
Co., of Chicago, at 95.55.
MONROE COUNTY (P. O.
Bloomington),
—Proposals will be received by R. F. Walker,Ind.—BOND OFFERING.
County Treasurer, it is
stated, until 2 p. m. Oct. 21, for $4,800 4M
% 10-year highway impt. bonds.
MOORE
HAVEN, De Soto County, Fla.—BOND OFFERING.—
Klutts, Town Clerk, will receive bids until 12 m. Oct.
25 (date
changed from Oct. 11—(V. 107, p. 1400), for
$30,000 6% 20-year school
bonds.
C.
C.
NEW BEDFORD, Bristol
County, Mass.—BOND
Sept. 17
Harris, Forbes & Co. of Boston purchased at 100.27 anSALE.—On
issue of $69,439 50
4H% 1-10-year serial registered highway bonds. Denom.
Date
$1,000.
Sept. 1 1918. Int. M. & S.
2^3
NILES,
Trumbull
County, Ohio.—BONDS AWARDED.—Prudden & Co. of Toledo have been
awarded, it is stated, the $20,000 and
$5,000 waterworks 5H% bonds offered on
Oct. 1 and Sept. 24, respect¬
ively.—V. 107, p. 1118 and V. 107, p. 1024.
NORWOOD SCHOOL DISTRICT (P. O.
Norwood), Hamilton
County, Ohio.— BOND SALE.—On Oct. 14 the
$20,000 5% coupon
school bonds—V. 107,
p. 1401—were awarded to the Ohio
National Bank
of Columbus for $20,286,
equal to 101.43.
Due on Oct. 14 as follows:
$3,000 1927, $1,000 1934 to 1938,
incl.,
and
$3,000
1939 to 1942, incl.
Other bidders, both of Cincinnati, were:
Seasongood & Mayer
$20,2201 Atlas National Bank
$20,000
ONTARIO COUNTY (P. O.
Canandaigua), N. Y.—BOND SALE.—
On Oct. 16 the $15,000
5% highway improvement bonds (V. 107, p.
1496)
were awarded to W. I. Jones for
$15,283 (101.886) and interest. Date
Sept. 1 1918.
Due on July 1 as follows: $8,000
1927
and
$7,000 1928.
Other bidders, all of New
York, were:
George B. Gibbons & Co
$15,262|H. A. Kahler & Co
$15,252
PARKER COUNTY (P. O.
Weatherford),
Tex.—BOND
OFFERING.
—Proposals will be received until Oct. 24 by the
County Judge, for the
$400,000 5% 10-40-year (opt.) road bonds, authorized
by a vote of 1,564
to 1,010, at the election held
Oct. 5.—V. 170, p. 1118.
PHILLIPS COUNTY SCHOOL DISTRICT NO.
5 (P. O. Zortman),
Mont.—BOND SALE.—On Sept. 21 the $6,000
(V. 107, p. 921) were awarded to the State Board6% coupon school bonds
of Land Commissioners.
A bid of 101.866 was also received from
Elwood Wiles Co. of Portland.
PORT HURON, St. Clair County, Mich.—BOND
SALE.—On Oct. 14
the $55,000 5% 1-11-year serial water bonds
(V. 107, p. 1496) were awarded
to the H arris Trust & Savings Bank
of Chicago for $55,031, equal to 100.056.
Other bidders Avere:
Charles H. Coffin, Chicago—$55,151 flat less
$1,000 expense.
Edmund Atkinson, Detroit—$55,011 and accrued
interest.
First Nat. Exchange Bank, Port Huron—Par
& accr’d int. less $950
expense.
Spitzer, Rorick & Co., Toledo—$54,450 and accrued interest.
U. S. Savings Bank, Port Huron—Par &
acer’d int. less $275 expense.
Hanchett Bond Co.. Chicago—Par & accr’d int. less
$495 expense.
Denom. $500.
Date Oct. 1 1918.
Prin. and semi-ann. int.
payable at
the Hanover National Rank of N. Y.
Total bonded debt
(including this
issue) Oct. 1 1918, $923,887 50; water debt (incl.), $55,000
(this issue).
Sinking fund (cash), $25,684 26. Assessment debt
(incl.), $42,987 50.
Assessed valuation of real estate and personal
property, 1918, $19,372,865,
Population 1918 (est.), 24,000.
PORTLAND, Ore.—BOND ELECTION.—It is reported, that
aproposition to issue $5,000,000 bonds will be
submitted to the voters at the com¬
ing November election.
PRI NEVILLE,
Cook County, Ore.—BONDS VOTED.
—Reports
state that a proposition to issue $85,000 bonds
carried at a recent election
by a vote of 127 to 9.
ROSEAU
COUNTY
(P.
O.
Roseau), Minn.—BOND
SALE.—An.
issue of $9,000 6% County Ditch No. 17
bonds, has been disposed of.
Date Aug. 1 1918.
Due yearly from 1923 to 1934, incl.
SAN JOAQUIN COUNTY (P. O.
Stockton), Calif.—BOND OFFER¬
ING.—Sealed bids will be receded until 2 p. m. Oct. 21
by W. C. Neumiller, County Treasurer, for $59,000 reclamation
bonds, it Ls stated.
Certified check for 10% required.
SAVANNAH, Ashland County, Ohio.—BOND SALE.—On
the Farmers Bank of Savannah
Oct.
5
was awarded at
par $5,000 6% electric
light plant bonds.
Denom. $250.
Date Sept. 1 1918.
Int.
payable at the office of Clerk of the Sinking Fund Trustees. semi-ann.,
Due $250
each six months from Mar. 1 1921 to Mar. 1
1930, incl.
SCHENECTADY, N. Y.—CERTIFICATE SALE.—On Oct. 14 the
$200,000 certificates of indebtedness maturing Feb. 14 1919
(V. 107, p
1401) were awarded to S. N. Bond & Co. of N. Y. at 5M%
interest, plus
$36 premium.
There were no other
bidders.
SPRINGFIELD, Clark County, Ohio.—BOND SALE.—On Oct.
the $46,602
14
5% 1-10-year serial coupon special assessment
bonds, dated
Sept. 1 1918 (V. 107, p. 1305), were awarded to the Ohio National Bank
for $46,654 (100.111) and interest.
There were no other bidders.
STONEWALL COUNTY (P. O. Aupermont),
Tex.—BONDS VOTED.
—At a recent election the question of
issuing $60,000 Precinct No. 3 bonds
was favorably voted, it is stated.
BONDS DEFEATED.—It is also stated that at the same
election the
question of Issuing $80,000 Precinct No. 1 bonds was defeated.
STRYKER VILLAGE SCHOOL DISTRICT (P. O.
Stryker), Wil¬
liams County, Ohio.—BOND SALE.—On Oct. 5 the three
issues of 6%
school bonds aggregating $16,500 (V. 107, p.
1401), were awarded to the
Exchange Bank of H. F. Bruns for $16,515 (100.09) and interest.
Spitzer,
Rorick & Co., of Toledo, bid par and accrued interest.
TAUNTON, Bristol County, Mass.—TEMPORARY LOAN.—O*
Oct. 15 the $100,000 temporary loan
maturing Mar. 12 1919 (V. 107,
p. 1497) was awarded to Salomon Bros. & Hutzler of New York at
4.91%
discount.
TEXARKANA SPECIAL SCHOOL DISTRICT (P. O.
Miller County, Ark.—BOND SALE.—On Sept. 4 the Wm. Texarkana),
R. Compton
Investment Co. of St. Louis Avas aAvarded $30,000
6% school-building bonds.
Denom. $500.
Date July 1 1918.
Int. J. & J.
Due yearly on July 1
from 1919 to 1938, inclusive.
TOLEDO, Lucas County, Ohio.—BID—BONDS AUTHORIZED.—
Sidney Spitzer & Co. and Homblower & Weeks, both of Cincinnati, bid
jointly on an issue of $200,000 5% university dormitory bonds, it Ls stated.
An issue of $30,000 street and alley
cleaning bonds has been authorized
by the City Council.
UNION COUNTY (P. O.
Marysville), Ohio.—NO
BIDS RECEIVED.
—BONDS AWARDED IN
PART.—Although no bids were received for
an issue of $6,000 6% ditch
bonds, private parties have agreed, it is stated,
to take part of the issue at par and interest.
WESSINGTON SPRINGS, Jerauld
County, So. Dak.—BOND
OFFERING.—W. B. Wilson, City Auditor, will receive
proposals at any
time for the $20,000 5% bonds, authorized
by a vote of 115 to 12 at the
election held Sept. 10—V. 107,
p. 925.
Due $10,000 in 10 years and
$10,000 in 20 years.
WILMINGTON, Los Angeles County, Calif.—BONDS AUTHOR¬
IZED.—Reports state that tne City Council has authorized the issuance
of
$135,000
YAKIMA
sewer
bonds.
COUNTY DIKING DISTRICT NO. 3, Wash.—BOND
SALE.—During July $3,600 8% 6-year (opt.) dike-improvement bonds
were awarded to Gretta B. Thornton of
Yakima at par. Denom. $200.
Date July 10 1918.
Int. J. & J.
1,50San
292,,5500HLiumnetston
TEXAS.—BONDS REGIS TERED .- The following bonds hare been
ragftrtered by the State Comptroller:
Date Rea.
Due.
Amount.
Place and Purpose of Issue.
Oct.
3
20 years
$6,600 Floyd County O. 8. D. No. 19Oct.
40 years
5,000 Floyd County O. 8. D. No. 6-Oct.
1-20 years
5,000 Travis Co. C. 8. D. No. 35
Oct.
12 years
1.200 Wfeco Co. C. 8. D. No. 2
4
Oct.
5-10 yean
1.000 Bee County C. 8. D. No. 18—
4
Oct.
$200 yearly
4,000 Wichita Co. C. 8. D. No. 6
Oct.
4
10-20 yean
1,000 Anderson Co. C. 8. D. No. 34_
4
Oct.
$1,000 yearly
300,000 Van Zandt Co. R. D. No. 3—
4
Oct.
$1,000 yearly
250,000 Van Zandt Co. R. D. No. 4—
Oct.
4
$2,000 yearly
80.000 Fort Bend Co. Dr. D. No. 3._
Oct.
5
40 yean
PartricioCo. C.S.D.No. 2.
Oct.
5
20 yean
1.500 Callahan Co. C. 8. D. No. 47—
5
Oct.
20 yean
1,100 Callahan Co. C. 8. D. No. 39—
Oct.
5
10 yean
1,000 Callahan Co. C. 8. D. No. 14—
Oct.
5
10 yean
2,000 Bell Co. C. 8. D. No. 101
Oct.
5
20 years
750 Bell Co. C. 8. D. No. 107
Oct.
5
20 years
4.500 Bell Co. C. 8. D. No. 15
5
Oct.
5-20 yean
2.500 Matagorda Co. C. 8. D. No. 14
5
Oct.
10 yean
2,000 Matagorda Co. C. 8. D. No. 9_
5
Oct.
10-20 yean
3.500 Matagorda Co. C. 8. D. No. 37
Oct.
20 yean
800 Cherokee Co. C. 8. D. No. 78_
Oct.
7
5-20 yean
1,000 Cherokee Co. C. 8. D. No. 14.
7
Oct.
5-20 yean
1,000 Cherokee Co. C. 8. D. No. 4—
Oct.
7
10-20 years
2.500 Bastrop Co. C. 8. D. No. 17—
Oct.
7
$125 yearly
County C. 8. D. No. 438
Oct.
10-20
yean
5,000 Angelina Co. C. 8. D. No. 12—
Oct.
8
10-20 yean
3,000 Angelina Co. C. 8. D. No. 26.Oct.
8
10-20 yean
2.500 Three Oaks Indep. Sch. Dlst. .
8
Oct.
20 yean
3,000 Smith Co. C. 8. D. No. 13
8
Oct.
10-40 yean
4,000 Caleman Co. C. 8. D. No. 23—
8
Oct.
10-40 years
5,000 Caleman Co. C. 8. D. No. 30- 8
Oct.
10-20 years
1,000 Houston Sc Anderson Co. L. 39
8
Oct.
$100 yearly
2,000 Hunt Co. C. 8. D. No. 93
8
Oct.
10-20 years
1,300 Erath Co. C. 8. D. No. 34
9
Oct.
10-20 years
1.500 Coryell Co. C. 8. D. No. 10—9
Oct.
5-20 years
4,000 Caldwell Co. C. 8. D. No. 38—
9
Oct.
5-20 years
3.000 Johnson Co. C. 8. D. No. 80—
9
Oct.
10-20 years
2,800 Lamar Co. C. 8. D. No. 70
9
Oct.
10-20 years
3,000 Lamar Co. C. 8. D. No. 83—
9
Oct.
10-20 years
1,400 Lamar Co. C. 8. D. No. 105—
Oct. 10
$125 yearly
2.500 Hunt Co. C. 8. D. No. 5
Oct.
10
20-40 yean
Co. Rd. Dlst. No. 9
2.000 Morris Sc Cass Co. C. L.O. S.D.
Oct. 10
f
5-20
20-30
10-20
10-20
10-20
3-20
10-40
yean
years
years
years
years
years
years
20 years
10-20 years
5-20 years
5-20 years
30 years
5-20 years
No. 11
4.500 Orange Co. C. 8. D. No. 14.—
2,000 Parker Co. C. 8. D. No. 19. —
2,000 Parker Co. C. 8. D. No. 37...
3,000 Parker Co. C. 8. D. No. 30- —
3.000 Shelby Co. C. 8. D. No. 4
25,000 Dallas Co. Road & Bridge
50,000 Angellne Co. Hospitals
800 Wood Co. C. 8. D. No. 30
800 Wood Co. C. 8. D. No. 23
1.200 Wood Co. C. 8. D. No. 4
3,000 Wise Co. C. 8. D. No. 39
300 Shelby Co. C. 8. D
CANADA,
GALT,
{Voi.. 107
THE CHRONICLE
1594
its
PENTICTON, B. C.—NO SALE.—No sale was made of the $19,600
5% 30-year debentures offend on Oct. 9 (V. 107, p. 1402), as no satisfactory
bids wen received.
They will probably be offered, we an informed, after
the Victory Loan.
SASKATCHEWAN
the Province:
Revenue for year
.
Total debt at April 30 1918
Amount at credit of sinking fund accounts.
Dominion Government annual subsidy
.
£1.538.900
1,425,358
5,878,841
220.944
834296
Population (estimated), 733,000.
SASKATCHEWAN SCHOOL DISTRICTS, Sash.—DEBENTURES
AUTHORIZED.—The Local Government Board has authorized the fol¬
lowing school districts to issue debentures to the amount stated: KOlaley,
$1,000; Bird’s Hill. $2,000: Ruth, $2,500; Badgerdale, $2,000; Mountain
Cedar, $2,500; Headlands, $2,600; Wheat Valley, $3,500; Seward, $2,600;
Landis, $2,000; Lancer, $3,500; Sasman, $1,200; GrifTin. $2,500: Ogema,
$16,000; Butte Valley, $2,800; Paragon, $1,500; Snowflake, $2,600; Horse
Creek, $2,500; Harrowby, $2,500; Mohela. $2,000; Alfred. $2,500; Prairie,
$2,800; Hanley. $3,000; Monmouth, $700; Eden Valley. $1,500; OheremnsAT
*o rwv>
DEBENTURE SALES.—For
the period Aug. 15 to Sept.
27 the follow¬
ing sales are reported: Schuler, $1,000, to G. A. Stinson « Co.; Scentgraes
Lake, $1,800, to Drake-Ballard Sc Co., Moose Jaw; Hoey, $2,000, to Canada
Landed Sc National Investment Co., Winnipeg; Stony Knoll, $2,300, to
G. A. Stinson Sc Co., Toronto; Dlsley,
$1,500, to Canada Landed Sc
National, Winnipeg; Burton Lake, $2,500, to Bond Sc Debenture Corpo¬
ration, Winnipeg: Normanton, $1,500, to Canada Landed Sc National Inv.
Co., Winnipeg; Howendale, $3,000, to Nay Sc James, Regina; Plenty,
$1,700, to J. A. Rogers; Senlac, $4,300, to Drake-Ballard Sc Co., Moose
Jaw; Stoner Rest, $2,800, to Waterman-Waterbury Mfg., Co., Regina;
Grange Corner, $2,200, to Waterman-Waterbury Mfg. Co., Regina;
Ogema, $16,000, to W. L. McKinnon Sc Co., Regina; Butte Valley, $2,800.
Mfg. Co., Regina; Chinook, $500, to Allan Gor¬
Sandringham, $2,200, to J. R. Trumpour, Alameda;
to Waterman-W aterbury
don Sc Gordon, Regina;
Harrowby, $2,500; Chisel hurst, $2,500; Seward, $2,500, to WatermanWaterbury Mfg. Co., Regina; W66terham, $3,400, to Nay Sc James,
Regina: Kingslyn, $600, to Canada Landed Sc National Inv. Co., Winnipeg;
Five Mile Creek, $2,200. to W. L. McKinnon Sc Co., Regina; Lashburn.
$2,000, to Jas. Greer, Lashburn: Osage, $8,500, to Canada Landed Sc
National Inv. Co., Winnipeg; Oxford. ll,200; Rutland, $3,800, to Great
West Life Assur. Co.. Winnipeg; Clarke, $2,000, to Jas. Almond. Lloydminster; Rhondda, $3,000; Veregin, $2,000, to Canada Landed Sc National
Inv. Cp., Winnipeg.
11
11
11
11
11
Oct.
been supplied by the Treasurer of
1917-18
Expenditure for year 1917-18
10
10
10
10
Oct. 10
Oct. 10
Oct. 11
Oct.
The following information has
charge.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
of) .—DESCRIPTION OF DEBEN¬
(Provinca
TURES.—Further details an at hand relative to the offering of the £850,000
6H% debenture#—V. 107. p. 1402. Proposals will be received at 99 by
the Union Bank of Canada. London, E. C. 2. payment aa follows: 10% on
application and 89% on Dec. 30 1918. Denom. £100, £500 and £1,000.
Debentures may be
Semi-ann. int. (J. Sc J.) payable at the above bank.
converted into registered stock at any time up to Jan. 18 1919 without
SOREL, P. Q.—DEBENTURE SALE.—Versailles, Vidricaire Sc Boulais
purchased, it is stated, an issue of $75,000 6% 6-year
water-works debentures at 95.00.
of Toronto have
TARA, Ont.—DEBENTURES
Provinces and Municipalities.
issuing hydro-electric
ceived locally.
Ont.—DEBENTURES PROPOSED.—A proposal has been
PROPOSED.—The village contemplates
them has been re¬
debentures and application for
WHITBY, Ont.—DEBENTURES PROPOSED.—'The town is asking the
approval of the Ontario Railway and Municipal Board for two money by¬
laws, $6,475 for additions to the sewerage system and $6,250 for extensions
to electric light and water systems.
The debentures will probably bear
6% interest and run for five years.
by-law to the people authorizing an issue of $15,000 for
home for the Great War Veterans of Galt.
NEW WESTMINSTER, B. C.—DEBENTURE SALE.—On Oct. 1 an
Issue of $100,000 6 % 5-year debentures was awarded to the Lumbermen’s
Trust Co. of Portland at 91, it is reported.
made to submit a
a
NEW LOANS
FINANCIAL
$5,000
MELLON NATIONAL BANK
PITTSBURGH
STATEMENT OF CONDITION AT THE CLOSE OF
BUSINESS AUG. 31 1918
BOROUGH OF ALLENDALE,
Bergen County, New Jersey
5% Temporary Park Notes
RESOURCES
Loans, Bonds and Investment Securities....
Overdrafts
Cash..
Due from Banks
$97,443,557 82
Proposals will be received by the Mayor and
Allendale. New Jersey,
Council of the Borough of
Borough Hall, on
67 11
3,220,802 10
15,402,057 94
at the
LIABILITIES
$6,000,000 00
4,398,817 49
Capital
Surplus and Undivided Profits
In each year.
The Notes will be sold to the bidder offering
pay the highest price therefor
est from the date of the Notes to the date
1,000,000 00
delivery.
All bidders
4,378,700 00
98,187,333 67
Circulating Notes
Deposits
to
and accrued Inter¬
2,101,633 81
Reserved for Depreciation, etc
Borrowed from Federal Reserve Bank
THURSDAY, OCTO¬
BER 24, 1918, at 8:00 o’clock jp. m., for the pur¬
chase of $5,000 Temporal Park Notes.
Said
Notes will be dated October 1, 1918, will mature
on October 1, 1923, will bear interest at the rate
of five per centum per annum, payable semi¬
annually on the first days of April and October
are
•
required to deposit a
of
certified
check payable to the order )f tine Borough
two per cent of the amount of Notes
drawn upon an incorporated bank or trust com¬
pany.
Checks of unsuccessful bidders
returned upon
award of the Notes.
interest will be allowed upon the amount of the
check of the successful Didder and such check
will be retained to be applied in part payment for
the Notes or to secure the Borough against any
loss resulting from the failure of the bidder to
$116,066,484 97
for
bid for,
will be
No
the
comply with the terms of his bid.
Proposals should be addressed to Charles F.
Borough Clerk, Allendale, New Jersey,
Smith,
BINDERS
CHRONICLE’S
and enclosed in a sealed envelope marked on the
outside “Proposal for Notes”
The District Committee on Capital Issues,
Federal Reserve District No. 2, has given Its
opinion that the issuance of said bonds is not
incompatible with the national Interest (District
Committee opinion No. C-135).
The successful bidder will be furnished with
the opinion of Messrs. Hawkins, Delafield &
Longfellow of New York City, that the notes are
binding and legal obligations of the Borough.
By order of the Mayor and Council.
Dated, October 16, 1918.
CHARLES F. SMITH,
Borough Clerk.
.
The “Chronicle” offers to its subscribers
a new
binder of the sectional
expanisve type, superior to the old style binders used for many years.
These file
covers can
volume, and
are a
be readily adjusted to hold a
single
copy or a
complete
marvel of simplicity and convenience.
In order to introduce this
new
cover,
.
ixi
$8,000
the “Chronicle” will receive
Town of
orders for them at $1 50, the cost price, and postage 15 cents.
.
Shelby, Montana
WATER BONDS
Notice is hereby given that the Council of the
Town of Shelby, Montana, will sell at public
auction Water Bonds of the Town for $8,000 00
6%
WILLIAM B. DANA CO.,
138 Front Street, New
York.
Twenty-Year,
optional
after
ten
years,
interest semi-annually, payable In N. Y. City,
on the 6TH DAY OF NOVEMBER, A. D. 1918,
at 8 o’clock p. m., at the office of the Town Cleric.
Certified check for $2,000 00 on National Bank
as guarantee.
LENA SOHROER, Clerk.
@FedFRASER