Full text of Commercial and Financial Chronicle : October 20, 1917, Vol. 105, No. 2730

The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.

-It**'

THREE

Bank &

SECTIONS—SECTION

ONE

Quotation Section

Railway & Industrial Section

Electric

Railway Earnings Section

Bankers' Convention Section

State and

COPYRIGHTED IN 1917 BY WILLIAM B. DANA COMPANY, NEW

VOL. 105.

YORK.

NEW

& TRUST

financial

LIBERTY

THE

HARVEY FISK & SONS
'

COMPANY
:

NO. 2730.

YORK, OCTOBER 20 1917.
Jftnanctal

LOAN

City Section

ENTERED AS SECOND-CLASS MATTER JUNE23, 1879, ATTHE POST OFFICE AT NEW YORK, NEW YORK, UNDER THE ACT OP MARCH 3, 1879.

Jf manual

THE FARMERS'

Railway Section

62 Cedar St.

NATIONAL

BANK

NEW YORK

Foreign Exchange, Cable Transfers,

NEW

OF

YORK

Travelers' Letters of Credit
BROADWAY and CEDAR ST

UNITED STATES BONDS
The

Company Is

moneys

legal depositary for
paid Into Court, and Is author¬

ized to act

a

other fiduciary
Acts

as

BONDS

NEW YORK CITY

Executor, Administrator,

as

AND OTHER CHOICE

Trustee, Guardian, Receiver, and In all

capacities.

V

Capital

INVESTMENT SECURITIES

Trustee under Mortgages made

$3,000,000.00

•

-

4,000,000.00

Surplus & Profits

by Railroad and other Corporations, and
Transfer Agent and

as

Registrar of Stocks

and Bonds.

Receives deposits upon Certificates
interest

on

The National Park Bank

of

Deposit, or subject to check, and allows

of New York

dally balances.

Manages Real Estate and lends money
on

bond and

Will act

mortgage.

Agent In the transaction of

as

Harris, Forbes &Co

,

approved financial business.
Depositary for Legal Reserves of State
Banks and also for moneys of the City

any

Fine

Capital
Surplus & Undivided Profits
Deposits (Sept 11, 1917)

-

-

-

-

-

$5,000,000 00
17,000,000 00
174,000,000 00

27 Austin

RICHARD

Fiscal Agent for States, Counties and

Friars, LONDON, E.

w.

Inc.

BOSTON

DELAFIELD

Vice-Presidents

GILBERT G. THORNS

fiscal agents for munici¬

as

palities

JOHN C. VAN CLEAF
MAURICE H. EWER

WILLIAM O. JONES

deal

in

and

and

corporations

munici¬

Government,

pal, railroad and public utility

SYLVESTER W.LABROT

GEORGE H. KRETZ

475 FIFTH AVENUE

BONDS

Cashier
ERNEST V. CONNOLLY

NEW YORK

YORK

HARRIS, FORBES & CO.,

Act

Cities.

William

Corner

NEW

President

of New York.

16-22 WILLIAM STREET

Street,

Organized 1856

FOR
List

on

INVESTMENT

Application

Assistant Cashiers

PARIS

LONDON

WILLIAM A. MAIN

FRED'K O. FOXCROFT

J. EDWIN PROVINE

WILLIAM E. DOUGLAS

HENRY L. SPARKS

BYRON P. ROBBINS

Cable Address SABA, NEW YORK

PERCY J. EBBOTT

Established

1874.

Edward B. Smith & Co

John L. Williams & Sons

Established

18#§

BANKERS
Corner

8th

and "Main

bankers

Streets

Established 1810

RICHMOND, VA.

Members New

Baltimore Correspondents:

MIDDENDORF, WILLIAMS & CO.. Inc.

NATIONAL

GARFIELD
Fifth

Avenue

Building

of the

POOR, Vice-President.

(I

Capital

-

-

-

-

-

-

-

•
j!

-

$6,000,0002?

-

-

$9,000,000

-

-$187,000,000

The Chase National Bank
of the

ARTHUR W. SNOW, 2d'V.-Pres. & Cashier.

RALPH T. THORN, Asst. Cashier.

JOHN

W.

PEDDIE, Asst.

New York

Street

City of N ew York

Surplus, $1,000,000

RUEL W. POOR, President.
HORACE F.

30 Pine

,

Corner Fifth Ave. and 23rd St.. New York.

Capital, $1,000,000

and Philadelphia

1411 Chestnut Street, Philadelphia

National Bank?

BANK

York

Stock Exchanges

The Mechanics and Metals

Surplus and Profits

-

>

City of New York

United States DevositOru

Cashier.

Deposits Sept 11, 1917

Foreign Exchange Department

THE

Capital
Surplus and Profits (Earned)
Deposits, Sept 11th 1917 -

-

AMERICAN EXCHANGE

:

NEW YORK

over

$130,000,000

Francis Ralston Welsh,

First National Bank

Philadelphia, Pa.
CHARTER NO.

BONDS
OF RAILROAD,




GAS AND ELECTRIC

LIGHT AND POWER

1
109-111

ACCOUNTS

-

$10,000,000
12,623,000
302,027,000

,

Chairman

A. BARTON HEPBURN,

President '
Vice-President
Vice-President
Vice-President
Vice-President
Cashier
CHARLES C. BLADE,
Asst. Cashier
EDWIN A. LEE,
Asst. Cashier
WILLIAM E. PURDY,
Asst. Cashier
CHARLES D. SMITH,
Asst. Cashier
WILLIAM P. HOLLY.
Asst. Cashier
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
ALBERT H. WIGGIN,
SAMUEL H. MILLER,
EDWARD R. TINKER,
CARL J. SCHMIDLAPP.
GERHARD M. DAHL,
ALFRED O. ANDREWS.

NATIONAL BANK

Resources

-

-

OFFICERS

-

-

COMPANIES

SOUTH FOURTH

PHILADELPHIA

INVITED

i

STREET

DIRECTORS
Henry W. Cannon
Hepburn
Albert H. Wiggin
John J. Mitchell

Frank A. Sayles
Charles M. Schwab
Samuel H. Miller

Guy E. Tripp
James N. Hill
Daniel C. Jackling

Henry B. Endicott

A. Barton

Edward

R.

Tinker

Edward J. Nichols
Newcomb Carlton
Frederick H. Ecker

II

THE

CHRONICLE

[VOL. 105.

Jnbastmtnt tytmett anli Bratoeta of jfowisn

J. P. MORGAN & CO

Cxtfjange

Maitland, Coppell & Co.

Wall Street, Corner of Broad

52 WILLIAM STREET

NEW YORK

NEW YORK

DREXEL

&

CO.,

PHILADELPHIA

Corner of 5th and Chestnut Streets

MORGAN, GRENFELL&CO., LONDON
No. 22 Old Broad Street

Orders executed for all Investment Securities.
Act as agents of Corporations and negotiate and
issue Loans.

Bills of Exchange,
Telegraphic
Letters of Credit

J. & W. Seligman & Co.

Transfers,

na 1 William Street

on

HOEGAN-HARJES

&

CO.,

PARIS

Union of

London

31 Boulevard Haussmann

Smiths Bank,
London.
&

Limited,

NEW YORK

Messrs. Mallet Freres & Cie, Paris,
Securities bought and sold on Commission.

Banco Nacional de Mexico,
And its Branches.

Foreign Exchange, Commercial Credits,
Circular

Letters

for

Travelers,

'

Agents for the Bank of Australasia.

Cable Transfers.

v

available

In

al'

parts of the world.

TRAVELERS' LETTERS

OF

CREDIT

Available throughout the United States

Brown

Brothers

PHILA.

NEW

YORK

&
;

Co

BOSTON

69 Wall Street

Members N.Y., Phila. & Boston Stock Exchanges
New York,

August
Members

(Alex.Brown ASons) Connected, by private wires
Investment
sold

Securities

bought

Accounts

of

porations,
received

on

New

Agents and

and

York

fers.

Travelers' Letters of Credit.

Investment Securities
'

for Travelers

tificates of Deposit.

Foreign
Exchange,
Domestic
and
Foreign Collections, Cable Trans¬

33 Pine Street, New York

ROTHSCHILD

ISSUE LETTERS OF CREDIT*

Cer¬

terms.

MMdaCtt

Exchange.

London, Paris and Vienna.

Banks, Bankers, Cor¬
Firms and Individuals
favorable

NEW YORK.

Stock

Correspondents of the

Messrs.

Commission.

on

Belmont & Co.

43 EXCHANGE PLACE.

Philadelphia, Boston and Baltimore

Available

in

all

of

parts

the

Members

world.

New York Stock

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

Execute

orders

Commercial Letters of Credit for the

for

the

purchase

Bonds and

sale

and

Buy and sell Securities

of

Commission and act

Stocks.

financing of exports and imports.

BROWN, SHIPLEY & CO., LONDON

Agents

Lawrence Turnure & Co.

Corporations

Correspondents of

Ltd., London

Jordaan & Cie, Paris

New York

T. Suffern Tailer

for

on

Fiscal

as

London & South Western Ek.,

64-66 Wall Street,
Grenville Kane

Exchange

Rus'so-Asiatic Bank,

Hong Kong

James G. Wallace

Investment securities bought and sold
mission.

Travelers'

credits,

available

on com¬

through¬

out the United

States, Cuba, Puerto Rico, Mexico,
Central America and Spain, Make collections In and
issue drafts and cable transfers on above countries.

TAILER&©

London Bankers:—London
Bank, Limited.

Joint

Stock

,

Paris Bankers:

-Banque

Francaise—Heine

& Co.

Graham, Parsons &Co.

10 Pine Street, New York

bankers
435

HEIDELBACH, ICKELHEIMER & CO.
Investment Securities

37 William Street.

Chestnut street
PHILADELPHIA

V

*

Government
MEMBERS

N.

Y.

STOCK

EXCHANGE.

Securities

Execute orders for purchase and sale of

69 CEDAR

NEW

BANKERS.
^Deposits

Received

Allowed

on

Bought

Subject

to

Deposits,
and

Sold

Draft,

Interest

Schulz &

Ruckgaber

Securities
27 Pine
on

Street,

•

■

.

■

•

Members New York Stock

Commission.

JPoreign Exchange, Letters of

Credit

New York

■

Exchange

Execute orders for purchases and sales
of stocks and bonds.

Foreign Exchange bought and sold.
Issue

commercial
available

in

NEW YORK

CHICAGO

and

Electric

of

established

value.

BOISSEVAIN
^

24 BROAD

&

CO.

STREET, NEW YORK

Members of the New York Stock

Exchange.

INVESTMENT SECURITIES
COMMERCIAL DEPARTMENT
FOREIGN

EXCHANGE

MESSRS. PIERSCN & CO.
(Successors toAdolphBoissevain &Co.)

Amsterdam, Holland.

Produce

BERTRON, GRISCQM & CO.
A

Exchange Bank

Broadway, Corner BEAVER
105 So. La Salle St.

Dollars

Japan

York

New

8 Nassau Street

Gas

and East Indies.

Kean, Taylor & Co.
Investment Securities

in

credits

China,

Bonds

Electric

Cable Address, "Graco," Philadelphia.

Iss^e Commercial and Travelers' Credits
available in all parts of the world.

YORK

Municipal

Railroads,

Light and Power Companies

Foreign Exchange Bought and Sold.

STREET

of

Railways,

Stocks and Bonds.

Winslow, Lanier & Co

and

-

Capital

.

'Land Title Building,

ST.

40 Wall Streel

PHILADELPHIA.

NEW YORK,

$1,000,000

,

...

INVESTMENT SECURITIES

Surplus and Undivided Profits 1,000,000
Foreign Exchange bought and sold.
Cable
Commercial and Travelers' Letters of
Credit available in all parts of the world.
Transfers.

■

ACCOUNTS INVITED.

John Munroe & Co.
NEW YORK

ALDRED & CO.

BOSTON

H. AMY

&

CO.

24

Letters of Credit for Travelers
Commercial Credits.

Members N. Y. Stock Exchange
Foreign Exchange

44 AND 46 WALL

Cable Transfers.

Exchange Place
New

York

ST.,
Fiscal Agents for

MUNROE & CO.,




Transact

Paris

a

Genera!

Investment

Exchange Business

and

Stock

Public Utility and Hydro-Electric

Companies

©«r. 20 1917.]

THE

in

CHRONICLE

SnStestment anti financial House*

Millett, Roe & Hageis

Wm. A. Read & Co.

Lee, Higginson &Co.
INVESTMENT SECURITIES

Investment Securities

BOSTON
53ew York

Chicago

MEMBERS

NEW YORK STOCK EXCHANGE

NASSAU AND CEDAR STREETS

HIGGINSON

BOSTON STOCK EXCHANGE

NEW YORK

& COe

80 Lombard Street

BOSTON

PHILADELPHIA

CHICAGO

LONDON, E. &

52 WILLIAM

LONDON

15 CONGRESS S?

ST.

BOSTON

NEW YORK
;

''

■'

i

,

I

■

1

Second LIBERTY LOAN of 1917
A Direct

Obligation of the

Bears 4%

U. S. Government

Interest

'

I

'

Company

BOSTON

CHICAGO

Investment

Local Personal Property Taxes

Readily Marketable and Acceptable

as

g5

'

The National City

NEW YORK

Free from the Normal Federal Income Tax and

Collateral

•'

Goldman, Sachs & Co.

Securities

National City Bank

Building

New York

Hornblower & Weeks
Members of New York & Chicago Stock Exchanges
42

BROADWAY, NEW YORK

BOSTON
PROVIDENCE

Robinson & Co*

CHICAGO

PORTLAND

DETROIT

U. S. Government Bonds
Investment Securities

Ghandler&Company
INCORPORATED

Win. Morris Imbrie & Co.

26
35 Pine St

Franklin Bank Bldg.

NEW YORK

New Y©s£>

Exchange Place

PHILADELPHIA

Members New York Stock Exchange
'

r

''

'

'
•

,

185 Devonshire St

boston

mm

immumm

mm

•

■» ■

!

Investment Securities
Government Loans,
(Established 1882)

and

Railroad

Municipal

Securities

Bonbright & Company
Incorporated

]

High Grade Industrials
61

-

BROADWAY,

NEW YORK

25

208 South La Salle St., Chicago

STREET,

NASSAU

NEW YORK

DETROIT

BOSTON

CHfCA^®

PHILADELPHIA

LONDON
William P.

Frazier & Gh.
Securities

Investment

Liberty Loan Bonds

PHILADELPHIA

simon

211 E. German Street,

Bonbright & Cc

PUBLIC UTILITY SECURITIES

W. C. Langley & Co

Broad and Sansom Streets,

15 Broad Street,

PARIS

Bonbright & Co.

115

borg & CO.,

Broadway, New York City

Baltimore.

New York.

.

'■ Members of New York Stock Exchange

No. 46 Cedar Street

•

*

New York

HALSEY, STUART & CO.
Incorporated—Successors to
N.

HALSEY

W.

&

CO.

CHICAGO

CHICAGO
NEW

PHILADELPHIA

YORK

DETROIT

BOSTON
ST.

Hemphill, White

MILWAUKEE

LOUIS

Government, Municipal,

HIGH-GRADE

INVESTMENT SECURITIES

C®, Chamberlain

Railroad

Members

New York Stock "Exchange

and Public Utility Bonds.
Fiscal Agents for Cities and Corporations.

37

Wall Street

Fidelity Bldg.

New York

h.

t.

holtz & co.

MUNICIPAL AND RAILROAD

Buffalo

BONDS

Investment Securities
FOR INVESTMENT

MUNICIPAL AND
PUBLIC UTILITY
BONDS

HARPER

INVESTMENT

SOUTH LASALLE STREET
CHICAGO




BANKERS

I STOCK EXCHANGE BUILDING
,

39

& TURNER

Colgate, Parker & C®-

WALNUT STREET ABOVE BROAD

PHILADELPHIA

Members Philadelphia Stock Exchange

49 Wall Street New York

IT

the

chronicle

^financial

Jfimmtel

ESTABROOK & CO.

Light, Power and Street

Railway Enterprises with records
of

Jftnanttel

finance

we
Electric

[VOL. 105.

Members New York and Boston
Stock Exchanges

earnings

established

INVESTMENT

chase

&

SECURITIES

BONDS

we offer
Bankers
Proven

and

Investment

Public

15 State Street.

Dealers

24 Broad Street,

Securities

Utility

company

Correspondence Solicited

BOSTON

-

NEW YORK

ST.,

BOSTON

SPRINGFIELD

BALTIMORE

HARTFORD

19 CONGRESS

ELECTRIC BOND ft SHARE CO.
(Paid>Up Capital and Surplus, $21,000,000)
71

Ervin &. Company

BROADWAY, NEW YORK

Prudence

Members
New

MUNICIPAL AND RAILROAD

:

York

Stock

Exchange

Demands

Philadelphia Stock Exchange

that

BONDS
'

HBONDS FOR INVESTMENT

A

*01 Trinity BIdg.,

For Conservative Investment

study of their status

NOW may prevent losses
later.

"

NEW YORK
Telephone Rector 3061

R. L.

do not neglect
investments.

you

your

Write

Day & Co.

suit

call

or

and

Service

our

eon-

Depart¬

ment.

35 Congress St., Boston

;h. f.|bachman & co.
New York

Established 1866

Correspondents

A. A. Housman & Co.
N. Y. Stock Exchange
N. Y. Cotton Exchange

REMICK, HODGES & CO.

INVESTMENT BANKERS

Members] N. Y. Coffee & Sugar Exchange
N. Y. Produce Exchange

I

.CMegargel &
Members

of

20
1512 Chestnut St.,

61 Broadway,

PHILADELPHIA

_

yew York Stock Exchange*

f

Chicago Board of Trade

Members N. Y. and Phlla. Stock Exchanges

C. I. HUDSON & CO.
No.

66

Branch Office—25 West 33d

Municipal Bonds

New York, Philadelphia and
Chicago Stock Exchange*

EXEMPT FROM FEDERAL INCOME TAX

Eligible to Secure Postal

TELEPHONE RECTOR 7401
3P

3

27 Pine

St.

BROADWAY, NEW YORK

Member*

Securities

Street, New York

NEW YORK

f

Investment

Broad

Savings Deposits

Miscellaneous Securities

Street, New York

William R.(ompton(b.

in all Markets
PRIVATE WIRES

TO

PRINCIPAL

CITIES

Municipal Bonds
Over

a

Quarter Century in this business

14 Wall Street

parkinson & burr

New York

St. Louis

Cincinnati

Chicago

Pittsburgh

Meinbers of the New York and
Boston Stock Exchanges

MUNICIPAL RAILROADa#

Corporation Bonds

53 State Street

T Wall Street

BOSTON

NEW YORK

so

Broad St-reet

New York

-

Mountain

Telephone

FHOKE RECTOR 9140—CABLE ADDRESS "ORIESTHEST"
List C gives current

offerings

States

BELL

NEW

SYSTEM

MEXICO,

IN

COLORADO,

ARIZONA,

UTAH*

WYOMING, IDAHO AND MONTANA

BONDS

H. D.

Walbridge & Co.

14 Wall Streets New York

Baker, Ayl ing & Young

7% STOCK
No Bond*—No

Public Utility Securities

Preferred Share*

BOETTCHER, PORTER
COMPANY
DENVER

BOSTON

PHILADELPHIA

SPRINGFIELD, MASS*
CHICAGO

sls

John Burnham & Co.
ESTABLISHED 1865.

Chicago

New York

STERN & SILVERMAN
INCORPORATED

PHILADELPHIA
o

Nassau St., N. Y.

MEMBERS NEW YORK STOCK EXCHANGE
Deal in

Underlying Railroad Bonds
and

/

A. G.

Becker & Co.

ELECTRIC RAILWAYS

(INCORPORATED)
/

FINANCING

Tax-exempt Guaranteed & Preferred
Railroad &

Telegraph Co. Stocks




COMMERCIAL

PAPER

N. E, Cor. La Salle & Adams

Sts.,

Chioago

ENGINEERING

OCT. 20 1917.]

THE

v

CHRONICLE
Canal) fan

BANK OF MONTREAL
CAPITAL

Government and Municipal

paid

$16,000,000

up

16,000,000
ASSETS

-

-

-

$386,806,887

-

General

yield from

to

NEW

Wood, Gundy & Co.
14 Wall

Toronto

Manager

Buy and Sell Sterling and Continental Ex¬
change
and
Cable
Transfers.
Collections
made at all points.
Travelers* Cheques and Letters of Credit Issued;

the Dominion of Canada and Newfoundland.

available in all parts of the world.

Banking and Exchange business of every de¬
scription transacted with Canada.
LONDON

47 Threadneedle St., E. C.

9 Waterloo

OFFICE—2

BANKERS

Place, Pall Mall, S. W,

The Bank of

--£1,000,000 Sterling
£620,000 Sterling
Head Office:

Toronto, Ont.

Building,

London, E. C.

5 Gracechurch Street,

Street,

New York Office: 52 Wall

Grade

High

?tnd

W. T. OLIVER
1 Agents
P.C.HARRISON f
Buy and Sell Sterling and Continental Exchange
and Cable Transfers.
Grant Commercial and
Travelers' Credits and Cheques, available in any
_

Canadian
Government

Bank

of

England,

Bank

of

Scotland,

Municipal and School

part of the world.
Issue Drafts
Collections in all parts of Canada.

on

,

and make

Agents for Banco de Londres y Mexico,
Mexico City and Branches

THE BANK OF NOVA SCOTIA
(Incorporated 1832)
PAID-UP

CAPITAL

MEREDITH & CO.,

C.

High Grade

LIMITED

-

Municipal and School Bonds
to yield from

5% to 6%

Head Office, Halifax, N. S.
General Manager's Office, Toronto, Ont.
190 branches throughout Canada, Newfoundland.
Cuba, Jamaica, Porto Rico, and In Boston, OhK
cago and New York.
Commercial and Travelers'
Credits Issued, available in all parts of the world.
Bills

on

Canada

negotiated

or West Indian
points favorably
collected by our branches in tht

or

United States.

Correspondence solicited.

New York

H. F. Patterson, Agent.

Correspondents (London Joint Stock Bank,Ltd,

C. B. Gordon, Vice-Pres.
Wm. McMaster,
Bartlett McLennan,
H. B. MacDougall,

A.E.Holt.

112 St. James St.

CANADIAN ISSUES

MONTREAL

THE

ROYAL BANK OF CANADA
1869

Capital Paid Up
$12,911,700
Reserve Funds...... $14,324,000
Total Assets
$300,000,000
Head Office

0. Meredith, President
C. R. Hosmer,
D. C. Macarow,
A, Baumgarten,

J. M. Mackie. Manager

(Royal Bank of Scotland.
•

Bond Brokers and Financial Agents

Montreal

SIR HERBERT S. HOLT.
E. L. PEASE.
President
Vlce-Pres. & Man. Director
C. E. NEILL, Gen. Manager
Branches throughout the DOMINION OF CAN¬
ADA and NEWFOUNDLAND; In HAVANA and

CANADA

MONTREAL,

Agency, 52 Wall Street,

Established

1.J. Reed,

LIMITEE

179 St. James St.

12,000.006

110,000,005

%

BOARD OF DIRECTORS.

Credit -Cauada,

$6,500.00(1

RESERVE FUND
TOTAL ASSETS OVER

In Great Britain

BONDS
We invite correspondence

Limited.

Bank,

®

Incorporated by Royal Charter in 1840
New York Agency opened 1843
Capital
Fund

Street, IB. O.

BRITAIN.

The

Established In 1836

Paid-up
Reserve

Lombard

GREAT

The

British North America

Corporation Bonds

P. R.

IN

Lloyd's

Canadian Government,

R. C. Matthews & Co.

}
} Agents

STEPHENSON,]

C.J.

G. C. CASSELS, Manager.

C.

Exchange Place

F. B. FRANCIS,
J. A. C.KEMP.

Chicago Branch 108 South La Salle St.
Spokane, Wash.
Mexico, D. F.

London Offices,

Municipal and

Manager: Sir John Alrd.
V. F. Joans.

Assistant General Manager: H.

New York Office, 16

Buy and Sell Sterling and Continental Exchange
Commercial and Trav¬
elers* Credits, available In any part of the world;
Issue drafts on and make collections at all points In

London

$13,500,000

YORK AGENCY

and Cable Transfers; issue

St., New York

Montreal

815.000.000

General

R.Y. HEBDEN,
|
W. A. BOG,
Agents
J. T. MOLINEUX.j

6%

to

OFFICE, TORONTO

REST

WALL STREET

64

5%

HEAD

PAID-UP CAPITAL

SIR VINCENT MEREDITH, Bart., President.
Sir Frederick Williams-Taylor,

ing Canadian Government and

COMMERCE

PreaidenttSir Edmund Walker.C.V.O..LL.D..D CLL-

Head Office—Montreal

We invite correspondence regard¬

BANK

CANADIAN

OF

REST,
TOTAL

Bonds

Municipal Bonds

THE

(Established 1817)

Canadian

A. P. B. Williams, Sec.

46 Threadneedle St.

LONDON, E.C.

all

principal points In

CUBA. PORTO

RICO,

DOMINICAN REPUBLIC, COSTA RICA and
VENEZUELA.
Also
in
ANTIGUA,
BAHA¬

MAS, BARBADOS, DOMINICA, GRENADA.
JAMAICA, ST. KITTS, TRINIDAD. BRITISH
HONDURAS and BRITISH GUIANA.
LONDON OFFICE—Bank Buildings.
Princes Street. E. O.

periodically

issue

We

high

Canadian

grade

Securities.

will send

Investment

We shall be pleased to

mail these to you as
.

booklets

Daly & Co.

R. A.

descriptive of sound,

and circulars

us your

issued if

name

you

and address.

New York Agency—Cor. William 5c Cedar Sts
F. T. WALKER, O. E. MACKENZIE and
R. L. ELLIS, Agents.

CANADIAN

GOVERNMENT, MUNICIPAL
AND CORPORATION BONDS
Bank of Nova Scotia

CANADIAN

SECURITIES

Building

TORONTO, ONT.

Government, Municipal

Securities

Royal

Corporation

Corporation

Canadian
Lists on

LIMITED

MONTREAL, CANADA

request

Government, Municipal
and Corporation

Bonds

A. E. AMES & CO.
74 Broadway, NEW

Toronto

&

Greenshields

Company

Members Montreal Stock Exchange

Dealers in Canadian Bond Issues

dian

St. John

Monthly

Review

Montreal

Dgmhuqh Securities
corporation- limited
VrOFLQMTO.

Our

YORK

,

JM.OriTREAl-.l-Qr4DQM.Erta

Canadian Securities

of Cana¬

Conditions sent on request

W. GRAHAM BROWNE & CO.

MONTREAL

Street,

222 St.

Canadian Securities

CANADIAN

Correspondence Solicited

Inquiries Solicited

Municipal and Public Utility

James Street

MONTREAL

Bonds

Kemerer, Matthes & Co.

MESBITT, THOMSON
M 6 COMPANY. LIMITED
822

ST. JAMES

MERCANTILE

ST, MONTREAL

TRUST




ll

SL'D, H AM

ILTON.

B. W.

Members Phila. Stock Exchange.

50 Broad Street,

Toroatti-

MamiUon,
Dirvct

New York

London,
Private

Buffalo.

Wires

SOUTHERN

Strassburgcr

INVESTMENT

Phila.
MONTGOMERY,

SECURITIES
JLLA.

VI

CHRONICLE

THE

[Voi* 105.

Joreignj
AUSTRALIA & NEW ZEALAND

BANK OF

NEW SOUTH
Paid

up

UNION OF LONDON & SMITHS BANK

BANK LIMITED

LIMITED

Head Office:

WALES

HEAD

5, THREADNEEDLE STREET, LONDON, E. C. 2

(.ESTABLISHED 1817.)
Capital.

J. RUSSELL

FRENCH, General Manager

Paid-up Capital
Reserve Fund

337 BRANCHES and AGENCIES in
tralian States,

New Zealand,
Guinea), and London.
The

Bank

transacts

the Aus¬

every

description

of

Head Office
GEORGE

London Office

STREET

STREET, E. C.

-

Bills of Exchange
This Bank has Branches In all the
American

OFl«SmlTsiited

Established 1837

Capital—

Reserves

$966,110,435
$241,454,680
$111,760,185

-

Incorporated 1880

and

Issued

Camps where

Troops an stationed In England.

To-

~~~~

Reserve Fund
£1,980,000 / gether
Reserve Liability of Proprietors

December
SIR FELIX

EDWARD

H

HOLDEN.

Bart..

SMITH, Deputy Governor

General
H.

H.

HART

L.

E.

Managers

(Town and Foreign")

THOMAS

(Country)
Secretary H. R. HO ARE

BARCLAY & COMPANY
HEAD

OFFICE

54, Lombard St.? London, E. Co

£3,980,000
£4,000,000

The Union Discount Co.

Reserves——£7,980,000

Telegraphic Address, Udisco, London.

Nominal

Capital

and

SOUTH AUSTRALIA, 22 in WESTERN
AUSTRALIA, 3 in TASMANIA and 44 in NEW
ZEALAND,

Office

:

71 CORNHILL, LONDON, E C.

Authorized
Subscribed
Paid-Up
Fund

Assistant Manager—W. J. Essame.

NOTICE

RATES

CAPITAL & COUNTIES BANK
Established 1834

Subscribed Capital
.$43,750,000
iDeposit & Current Acts., 30-6-16.$241,722,285
Paid-up Capital.
—
$8,750,000
Reserve Fund
$4,000,000
(5 dollars equal £1)
TMs Bank has upwards of 500 Offices in England,
Wales and Channel Islands.

Every kind of Banking Business transacted.
THE FOREIGN EXCHANGE DEPARTMENT
llssues Currency Drafts on all Cities.
Letters of
GreiUfc and Circular Notes payable throughout the
World.
Mail and Telegraphic Transfers.
Ap¬
proved
Freight
Bills purchased.
Commercial
Credits established available' anywhere, against
OBual shipping documents.
Shipowners Freight
Remittances and Disbursements to all parts.

At

Call

Per

4

The

GREAT

BRITAIN

DEPARTMENT

54, Lombard Street, London, E. C.
-

-

W. O.

-

the

Stevenso®

money

BANCA COMMERCIALE ITALIANS

Notice, 4l4

Per Cent.

Head Office MILAN

Company

CHRISTOPHER

R.

Paid-up Capital
Reserve

$31,200,000

Funds-.—

$11,640,000

London Office, 1 OLD BROAD STREET, E. Cc
Manager : E. Console.
<\

NUGENT, Manager.

Agency and London Office of the
Italian State Railways, 12 Waterloo Place,
Regent St., S. W.

West End

LONDON

COUNTY

&

Correspondents to the Italian Treasury.

WESTMINSTER BANK

Subscribed

Capital £14,000,000,

In 700,000 Shares of £20 each.

Agent for American Banks and

Paid-up Capital

-

£3,500,000

Reserve

Codes:

Union, Peterson's International

-

£4,000,000

-

-

-

BRANCHES

Agents in London for
BANQUE FRANCAISE ET ITALIENNE POUR

HEAD OFFICE

TORNQUISfTcOOda.

L'AMERIQUE

y

Buenos Ayres, Rio de

Lothbury, London, E. C* 2*

41,

ITALY:

IN

Acireale, Alessandriap Ancona, Bari, Bergamo,
Biella, Bologna, Brescia, Busto Arsizio, Cagliari,
Caitanissetta, Canelli, Carrara, Catania, Como,
Cremona, Ferrara, Florence, Genoa, Ivrea, Lecce,
Lecco, Leghorn, Lucca, Messina, Naples, Novara,
Oneglia, Padua, Palermo, Parma, Perugia, Pescara, Piacenza, Pisa, Prato, Reggio Emilia, Rome,
Salerno, Saluzzo, Sant. Agnello, Sampier-d' Arena,
Sassari, Savona, Schio, Sestri Ponente, Syracuse,
Termini Imerese, Trapani, Turin, Udine, Venice,
Verona, Vicenza.
'

LIMITED

Cable Address' "Elmfield London

ERNESTO

IN

FOREIGN EXCHANGE

discounts approved bank and
mercantile acceptances,
receives money, on de¬
posit at rates advertised from time to time, and
grants loans on approved negotiable securities.

Trust Companies and Invites Correspondence.

Western

that
for

£2,200,000

BRANCHES

800

MANAGER
GIVEN

allowed

Cent.

Days'

FOREIGN BILLS COLLECTED

"

-

INTEREST

£4,594,443

—

deposit are as follows:

on

At 3 to 7

as

—

$10,000,000
8,500,000
4,250,000
4,000,000

STERLING.

HEREBY

IS

OF

Up Capital.

.

LTD.

Head Office: 39 Threadneedle Street.
London, England.

The Bank acts

—

$5=£l

Manager—A. C. Willis,

£13,500,000
.£12,679,440

Reserve Fund

39 CORNHILL.

Capital
Capital
Capital
Reserve

Capital

Capital Subscribed
Paid

14 in

•

1916...______£55,231,863

Chairman.

The Bank has 41 Branches in VICTORIA, 39 In
NEW SOUTH WALES, 19 in QUEENSLAND,

ttafbers.

31,

SCHUSTER, Bart., Governor

LINDSAY ERIC

of London, Limited

.

£3,554,785
£1,150,000

Current Accounts,

LIMITED
Sir

.£6,000,000

Paid-up Capital £2,000,0001

Head

and

Deposits

'

Authorized

Total

£25,000,000
£22,934,100

29, THREADNEEDLE

SYDNEY

THE UNION BANK

Deposits

Sterling.

,

•

^

Capital

Reserve Fund

Fiji, Papua (New

Australian Banking Business.
Wool and other Produce Credits arranged.

OFFICE

ST., LONDON, ENGLAND

Subscribed Capital
Paid Up Capital

(JS=fl>

Aggregate Assets 31st Mar, 1917...$287,130,043

.

.

Authorized

$114,739,020
$23,903,960
$20,000,000

Subscribed Capital

,

.

3

i, FINCH LANE, LONDON, E. C.

Proprietors.19,474,900
$52,949,890

2 PRINCES

Foreign Branch Office:

$19,474,POO
14,000,000

Reserve Fund

Reserve Liability of

THE

LONDON CITY & MIDLAND

THE

DU

LUD,

Janeiro, San Paulo, Santos,

&c. Socleta Commerciale d'Orlente. Tripoli.

BUENOS AIRES
MADRID* BRANCH

Established 1830

Hong Kong & Shanghai

CALLE DE ALCALA 43.

BANKING

Oldest

business

establishment

in

the

River Plate

PARIS

London

County & Westminster Bank

up

and Reserves

Fnnd(In Gold...$15,000,0001....633,600,000

Reserve l
Reserve

una|Sllver

js,500,000/

_

Reserve Liabilities of Proprietors

(Paris) Limited
Capital fully paid

CORPORATION

Paid-up Capital (Hong Kong Currency).... J15,000,000

15,000,000

GRANT DRAFTS, ISSUE LETTERS OF
CREDIT,
NEGOTIATE OR COLLECT BILLS PAYABLE IN

22, Place Vendome

£?2£A\.JAPAN' PHILIPPINES. STRAITS

£2,500,209

TLEMENTS. INDIA.
.

General Financial, Banking and

SET-

GARDNER, Agent, 36 Wall St

NATIONAL BANK of EGYPT
Head Office—Cairo.

Commercial Business

Established tinder Egyptian Law June, 1898,
right to issue Notes payable at
Bight to bearer.

with the exclusive

Clermont & Co.

WADE

Capital, fully paid
Reserve Fund-.

£3,000,000
£1,831,850

—

The

Anglo-South American

LONDON AGENCY

BANKERS

6 AND 7 KING WILLIAM ST.. LONDON, E.C.

Bank, Ltd.

GUATEMALA,

The

Central America

National

Discount

Cable Address: "Clermont"

Company, Limited
35

LEU and CO.' BANK,
LIMITED

ZURICH

CORNHILL

000,000

NESS TRANSACTED,

.

Exchange negotiated and collected*

Drafts and Letters of Credit issued.

Telegraphic Transfers effected.
Booking pnd Travel Department*




•

LONDON. E.

URUGUAT

SPAIN: Madrid* Bilbao, Barcelona
C.

.$21,166,625

Paid-up Capital

2,250,000

CAPITAL & RESERVES

4,233,325

Reserve Fund

£6,040,785 @ $5

per

($5=£1 STERLING.)

2VERY DESCRIPTION of BANKING BUSb

.

-

CHILE

FRANCE: Pari.

Cable Address—Natdls. London.

Founded 1755.

of

-

Subscribed Capital

(Switzerland)

C,^vP.aFunS°nd}—Fr"

-

ARGENTINA

£=$30,203,928

NOTICE
IS
HEREBY
GIVEN
that
the
BATES
OF
INTEREST
allowed
for money
on

deposit

are

as

HEAD OFFICE, OLD

follows :

At 3 to 7

or

14

Days' Notice, 4*4 Per Cent.

Approved bank and mercantile bills discounted.
Money received on deposit at rates advertised
from time to time ana for fixed periods upon
specially agreed terms.
Loans granted on approved negotiable securities.
PHILIP HAROLD WADE,

Manager.

BROAD STREET,

LONDON, E. C.

At Call 4 Per Cent Per Annum.

NEW YORK (Agency), 60 WALL STREET

Every

description

of

Banking and

Exchange business

OCT. 20 1917.]

THE CHRONICLE

Jforefp

JBanfeeM & probers outslbe fl. g. Panfter* & Prober* outaftie fl.
CHICAGO

CHICAGO

SPERLING
Basildon

CO.

&

House, Moorgate St.

London, E. C.
FISCAL

AGENTS

FOR

Warren Gorrell & Co.

Public Utility
and

INVESTMENT SECURITIES

Hydro-Electric Companies
BONDS

TIMBER
NEW

based always upon

208 South La Salle Street

expert verification

CHICAGO

YORK AGENTS

SPERLING & CO., INC.,

of

120 BROADWAY.

Camptoir National d'Eseompte do Paris
Capital fully paid
Reserve Fund

HEAD

London

Office:

Frs.

RUE

King

332 so. Michigan Av., Chicago

Frs. 200.000,000

up..

OFFICE: 14

underlyingassets

42,000,000

BERQERE,

William

PARIS

Street,

E.

C.

Branches at Manchester and Liverpool
Nearly 300 Branches In France, Spain, Tunis,
Egypt, Madagascar, India and Australia.
Agents

of

the

BANKING
every

French

AND

description

gggRENT

Colonial

EXCHANGE*

transacted,

ACCOUNTS,

AND TRUST COMPANY

jforetgn

Banks.

Southeast Corner La Salle and Madison Sts.

business

of
AND

DEPOSIT

DOCUMENTARY

DISBURSEMENTS

AND

COLLECTION OF FREIGHTS in all parts of
the world.

CHICAGO

SwissBankCorporation

Suitable

for

Estates,

(Bankers to the Governments of the Colonies of
the Gambia, Sierra Leone, Gold Coast & Nigeria.)

LONDON OFFICE, 43 Lothbury,

E.C. 2

Individuals

Trustees and

Write for Bond Circular

BANK of BRITISH WEST AFRICA, LIMITED

$2,000,000

and Surplus,

5J£% CHICAGO FIRST MORTGAGES 6%

Lausanne

Basle, Zurich, St. Gall, Geneva,

Capital

Oldest Banking House in

C 25.

Chicago.

A State Bank#

-11 Regent Street,

West End Branch

Waterloo Place, S. W. 1

Head office 17=18

Leadenhall Street,
LONDON, E. C.

Authorized Capital
Subscribed Capital
Paid Up Capital

-

Reserve Fund-*
$5 equal £1.

310,000,000
7,000,000
2,800,000
1,100,000

The Bank has Branches in Liverpool, Manches¬
all the principal
towns in West Africa,

ter and

Canary Islands and Morocco, and Is prepared to
transact every description of Banking Business
with those places.
.

New York Agency, 6 Wall

Sanford F, Harris & Co.

Capital paid up,
Surplus,

.

incorporated

are

Bancaria

Societa

and

Societa

Italiana

the

MEMBERS OF
,MILITARY AND NAVAL

Special facilities offered to
THE

AMERICAN

LYONNAIS

Provinciale

Central Management and Head Office: ROME

Special Letters of Credit Branch,
20. Piazza di Spagna—Rome

London Office, 49

at: Genoa, Milan, Naples, Pa¬
lermo, Turin, Venice, Bologna, Busto Arslzio,
Catania,
Florence,
Ancona,
Biella,
Como,;
Monza, Sanremo, Verona and 50 others in the.

CENTRES

OF

ITALY.

Lombard St., E.C.3.

London West End Office, 4 Cockspur St.,S. W1
390 branches in France, Algeria and Tunis, and
also at. Alexandria, Barcelona, Brussels, Cairo,

Constantinople,
Gepeva,
Jerusalem,
Madrid,
Moscow, Odessa, Port Said, Petrograd, San Se¬
bastian, Seville, Smyrna, Valencia,
Correspondents in Lisbon and Oporto:
Credit Franco-Portugais

O. Slaughter

& Co.

(New York Stock Exchange,
| New York Cotton Exchange,
|New York Coffee Exchange,
j New York Produce Exchange,
Members! Chicago Stock Exchange,
| Chicago Board of Trade,
j Minn. Chamber of Commerce,
| St. Louis Merchants' Exchange.
(Winnipeg Grain Exchange.

Municipal and

dom no

Corporation

COLONIAL BANK

BONDS

(Established by Royal Charter 1836)

BANKING

EVERY KIND OF
FACILITY

OFFERS

PARIS OFFICE, 2 Rue Le Peletier

A.

CHICAGO, ILL.

Lyons.

19 Boul. des Italiens, Paris.

BRANCHES

CHIEF

[ Harrison'^""'

110 WEST MONROE STREET

Fes.175,000,000

Head Office,

Subscribed Capital
Lires 115 millions
Piad-up Capital—
"
§0
"
Deposits and Current Ac*
counts (31st Dec. 1916)—
"
685
Cash in hand and with the
Bank (31st Dec. 1916)—
"
49

,

Fes.250,000,000

Capital (fully paid)
Reserve fqnd
Central Office,

Credito

Telephones

FORCES.

Italiana

tne

di

ROOKERY

THE

CHICAGO

CREDIT
which

INVESTMENT SECURITIES

Street

Banca Italiana Di Sconto
with

•

•

•

Frs.82,000,000
Frs.27,750,000

.

Clearing Agents: The London & South¬
western Bank, Ltd., 16S, Fenchurch Street.

SHARKER, WALLER & CO,

London

Head Office

16, BISHOPSGATE,
"The Only American Bank in the Orient"

International Banking Corporation
65 WALL STREET. NEW YORK CITY

Capital

—

———————————

———33,250,000

Surplus & Undivided Profits—.,—

$4,598,000

York Agency—22

New

Branches in:

Straits Settlements
Panama

China

*

Philippine Islands

Colombia
Santo Domingo

London

San Francisco

Japan

Mercantile Bank of India Ltd.

le

Head

London, E. C.

William Street

NATIONAL BANK OF INDIA Limited
Government in British East
Africa and Uganda.
Head Office: 26, Bishopsgate, London, E. C.
Branches in India, Burma, Ceylon, British East
Africa,
Uganda
and at Aden and Zanzibar.
Bankers to the

_

London

Paid

pital £1,500,000.
Reserve Fund

up

£562,500.

£600,000.

India, Burma, Ceylon,
Elements,
Federated Malay States,
i Mauritius.
Branches

in

STANDARD BANK OF

Straits
China,

SOUTH AFRICA, Ltd

C.
£1,548,525 or
$7,742,625
Reserve Fund
£2,000,000 or $10,000,000
Total Resources—£35,066,998 or $175,334,990
About Two Hundred and Fifty Branches and
Agencies throughout South Africa.
W. H. MACINTYRE, Agent
HEAD

OFFICE, LONDON, E.

Paid-up Capital—

68 Wall St.,

Also

New Vork

representing The Bank of

Wales with

The Commercial Banking Co. of
Established

15 Gracechurch Street,

branches throughout




New South

Australasia.

_

Subscribed Capital—£2,000,000
Paid-up
Capital
£1,000,000
Reserve Fund
—
£1,200,000
The Bank conducts every description of banking
and exchange business.

Office

CHICAGO

,

,

India

LA SALLE STREET

134 SOUTH

LONDON, E. C.

Cash and Bills Department:
51, Threadneedle St.,

Sidney Ltd

Paul H.Davis <Sc
Industrials

Public Utilities

Motor Stocks

Sugar Stocks
Film Stocks

Bank Stocks
39 SO. LA SALLE

Wales.

Pald-Up Capital
—£2,000,000
Reserve Fund and Undivided Profit*
Reserve Liability of Proprietor*
2,009,000

payable on
demand, and
Letter«
by the London
on the
Head Office.
Branches and Agencies of the Ban*
In Australia and elsewhere.
Bills on Austoalaais
negotiated or collected.
Remittance* cabled.
London Office: 18. Blrchln Lane. Lombard 8t. E.C

ST.

.

CHICAGO

COLLINS & COMPANY
Incorporated

1834.

Incorporated in New South

Gompanjf

High Grade Unlisted Stocks and Bonds

BANKERS AND

BROKERS
CHICAGO

137 So. La Salle Street.

Draft*

Credit are Issued

PATROLEUM BANKING & TRUST
Apartado

(P.

O.

Box)

Tamps,

No.

CREDIT SUISSE

468—Tampico,

Mexico.

the American
Association.

Members of

CO., S. A.

Jforetgn

Bankers'

Offers every Banking Facility.
Payments
collections made on all parte of Mexico,
in both Mexican gold and
New York Exchange.

Established 1856

Capital & Reserves francs, 100,000,000
Head Office:

Zurich, Switzerland
^

and

^

Branches at Basle, Geneva, St. Gall, Lucerne,

Giaris, Lugano, Frauenfeld.
ALL

BANKING

BUSINESS

[VOL. 105.

CHRONICLE

THE

vm

Ranker* anb Profeers outstbe iJeto godt
•T.

ST.

LOUIS

PROVIDENCE

LOUIS

STRANAHAN

G. V. HALLIDAY

Specialists in

COMPANY

&

Bonds and

A, G. EDWARDS & SONS

Public

ST. LOUIS CORPORATION

Wall Street

38

New York

STOCKS

COMPANY

&

..

Companies

Providence

Boston

New

Stocks of

Service

Haven

Worcester

Maine

Augusta,

In St. Louis at 412'Olivet Street

Specialists

BO DELL

ST. LOUIS BANK STOCKS

,

SS

SECURITIES
St. Louis,

the

Beaton

St.,

Congr.t*

111

Naw

Broadway,

York

N. Broadway

314

of

CO.

&.

II W.ybo.svt St., Pravld.nes

Bonds, Preferred Stocks and Local

Missouri

Securities

CEN TRAL WEST
J.

Charles W. Moore

Smith

Herndon

William

H.

Burg

Richardson

Clark

&

Established 1893

MOORE & CO.

SMITH,

II Exchange Street, Providence, R. I,

Investment Bonds

ST. LOUIS SECURITIES

Dealers in
ST. LOUIS.

ST.

809 OLIVE

MARK C. STEINBERG & CO.

MO.

MICH.

DETROIT,

R. S. MOORE & COMPANY

lembert St. Louis Stock Exchange

300

Broadway

ST.

HIGBIE

KEANE,

Bonds, Stocks and Local Securities

Specialists

MUNICIPAL BONDS

Co.

&.

and

Service

Local Securities

Weybosset St.

Providenco, R.

VA.
MINNEAPOLIS

MOTTU

GO.

&

Established

809 Olive St.,

Public

of

BROKERS

Members St. Louis Stock Exchange

Bonds

in

Companies.
10

NORFOLK,

INVESTMENT

Stocks

DETROIT

Bldg.

Bank

Dime

Stix

SECURITIES

INVESTMENT

CO.

&

LOUIS

1892

WELLS-DICKEY CO.

ST. LOUIS, MO.

MINNEAPOLIS, MINN.
NEW YORK

VA.

NORFOLK,

60 Broadway

MILWAUKEE

Original Purchasers of City of Minneapolis
and high-grade Northwest Municipal Bonds.
*
Twin City

Rapid Transit Co. 5% Bonds.

Minneapolis National Bank Stocks.

INVESTMENTS

edgar, ricker
WISCONSIN

&

co.

CORPORATION

WILLIAM W. EASTMAN OCX,

ATLANTA

ISSUES
WELLS

BLDO..

MILWAUKEE

PITTSBURGH

We offer

,

GA.

BONDS

NDtTOEAPOLIS

R. & BNKG.

R.

DULura

XOCAL SECURITIES

Guaranteed Stock
CINCINNATI

Goddard, Hunter & Co.
0T ATH AVE.

PITTSBURGH

,

Stock Exchange BIdg.

Robinson

Philadelphia

-

Wardlaw Co.

Humphrey

ATLANTA

Adembera

GEORGIA

FIELD, RICHARDS & CO.

ALABAMA

Pittsburgh £ Chicago Stock Exchanges
Cincinnati

INVESTMENT

SECURITIES

CALDWELL & GARBER

List of offerings on application.

BANKERS

and

BROKERS

Cleveland
Detroit

Chicago
York

New

ROBERTS

HALL

&

Municipal,

Railroad, Public Utility
and Corporation Bonds
for Investment

!New York Stock Exchange

Chicago Board of Trade
Cincinnati Stock Exchange

Alabama

Birmingham

INVESTMENT
We

Invite

Otto

Inquiries in all

Marx & Co.

CINCINNATI

.

SECURITIES
.

.

OHIO

.

BANKERS

Pittsburgh Securities
V*

:

$25,000 ALLIANCE,

Birmingham, Ala.

_

WATER

Ward-Darley-Lupoid Company
First

National

Bank

Dealers in

Due

Southern Investment Securities

Price

5%

OHIO

BONDS

1941-42-44
cm

application

•

Building

Weil, Roth & Co.

PITTSBURGH, PA.
BUFFALO

CINCINNATI

Pittsburgh Securities

CHILDS, KAY
Union

Bank

Bldg.

a

Specialty

New

JOHN

BUFFALO,

& WOODS

Members
NEW

STOCK EXCHANGE

YORK

PITTSBURGH
CHICAGO

STOCK

BOARD

EXCHANGE

OP

TRADE

N

edgar

Y

Government, Municipal
and Corporation Bonds

PITTSBURGH, PA.

SPECIALISTS

Buffalo

and

York

Western

IN

New York

COKE
First

CINCINNATI

AUGUSTA

DUQUESNE BOND CORPORATION
Pittsburgh




Buffalo

BALTIMORE

BALTIMORE

JOHN W.DICKEY
AUGUSTA, GA.

York

OHIO

Westheimer & Company

Southern Securities
Establish d

1886.

CINCINNATI

Members of the

Maturing 1931

New

IN

Cincinnati Securities

Securities

COMPANY.

Mortgage 5% Bonds.

friedlander
DEALER

_

THOMPSON-CONNELLSVILLE

Chicago

T. STEELE

New

York

Stock

Exchange

Cincinnati

Stock

Exchange

Chicago Board of Trade.

Oct. 20 1017.]

THE

CHRONICLE

ii

JSanfetrs attb prober* oulafht ifieto Port
GRAND

RAPIDS

The Preferred
of

LOS

ANGELES

SAN

Stocks

Pa

the

flc Coast

E. F. HUTTON & C©

Securities

'*

American Public Utilities
Company,

Utah Gas & Coke
pay

They

Direct Private "Wire New York to San
Franciss^

of MUNICIPALITIES AND

and Other

CORPORATIONS

Company

61

having substantial assets

regular quarterly dividends.

Managed by

Grand

Broadway, New York
Oakland

Kelsey, Brewer & Co.

WILLIAM R. STAATS CO.

Operators

SAN

FRANCISCO

Angelse

Pasadena

BOND DEPARTMENT

San Franciesj

CHICAGO

Quotation, and Information furnished

PASADENA

Rapids, Michigan

Los

•

•

343 Powell St.

LOS ANGELES

Engineers

Principal Cities

San Francisco

and earning power

safe, profitable investments.

are

Members:

NEW YORK STOCK EXCHANGE

BONDS

Wisconsin-Minnesota Light & Power
Company

FRANCISCO

an

Pacific Coast Securities

PHILADELPHIA

F.

Wm. G.

Hopper & Co.

M.

BROWN

TORRANCE, MARSHALL & CO.

&

CO

DEALERS IN

STOCK & BOND BROKERS
as

SOUTH

California

THIRD STREET

Philadelphia, Pa.
W.

Q.

Hopper

Member Phils.

H.

Stock Ex.

LOS

.

S.

Municipal and Corporation

Securities

ANGELES,

BONDS

CALIFORNIA

Hopper.

tOO Sensome Street, Corner California

Member Phila. Stock Ex

SAN

FRANCISCO, CALIFORNIA

'

We Specialize In California
1

KANSAS

CITY, MO.

Municipal and Corporation

Quotations
•

PRESCOTT & SNIDER
Investment

RILEY

LOS ANGELES

Securities

Bidg.,

KANSAS CITY

INVESTMENT

R. SUTHERLIN
MUNICIPAL

&

CO.

Title

Insurance

MUNICIPALS

Building,

A.

YIELDING 5 TO 0%

E.

Bidg.,

on request

L EW 1S

of

Direct

24

the

PACIFIC COAST
Security Bidg.,

& CO.

Wire to

Herzog & Glazier

BONDS

KANSAS CITY, MO.

Broad

St.,

Members of the

LOS ANGELES, CAL.

New

482

S. F. Stock & Bond Ex.

York

CALIFORNIA Sf.

SAN

CLEVELAND

OTIS

&

INVESTMENT
Second

SAINT

COMPANY

PAUL

White, Grubbs & Co.

Floor, Cuyahoga Bidg.
Cleveland, Ohio

Pacific Coast Securities
Member

INVESTMENT BONDS

Branch Offices: Columbus, Ohio: Akron. Ohio
Youngstown, Ohio; Denver, Colo.;Colorado
Springs. Colo.; Casper, Wyom.

San Francisco Stock and Bond Exchange

State Sewings Bank

Bidg., St. Paul

Mills
SAN

of New York, Chicago
Columbus
and Cleveland Stock Exchanges and

Members

MUNICIPAL

AND

CORPORATION

BONDS
Commercial

LOUISVILLE

CHAPMAN DE WOLFE CO.

Paper

361-803 Montgomery Street,

Local Securities of the Twin Cities

Globe Building

SAN

FRANCISCO, CALIF.

ST. PAUL, MINN.

Stocks and Bonds

Rochester Railway 1st fit 2d Mtge. 0s
Buffalo Railway 1st Consol 0s
Buffalo Crosstown 0s
Louisville Henderson fit St. Loujs 1st 0s
International Railway 6s
Louisville Lighting 1st 6s
LOUISVILLE

INDIANAPOLIS

Information

and

Indiana &

Henning Chambers & Co.

Indianapolis

Wanted—Wichita
due

The

Financial

Largest

Institution

in

H.

INDIANAPOLIS

CINCINNATI.

CHICAGO

Investment Securities
PORTLAND

PHILADELPHIA

\

Municipal Bonds
Traction, Gas and Electric
Lighting Bonds and Stocks

Municipal and Corporation
BONDS
PACIFIC COAST SECURITIES A SPECIALTY

OTTO

F.

HAUEISEN
Established

INVESTMENT
Local and

Pacific

BONDS

Coast Securities

St

41S

Fletcher

Trust

Building,

Exchange St.,

Great

Portland, Main

Eastern

Paper Co.

To Those Interested in Pulp, Paper and
Lumber Securities
First Mortgage 6% Bonds offered with
of Capital
Stock.
Information

bonus
upon

request.

BEYER

&

84 EXCHANGE ST.,

SMALL

PORTLAND, MAINE

A, CO.
MACON

Indianapolis

W.

M.

DAVIS

Southern

NEWTON TODD
Local

CO.

Investment Bankers

1902

Specialists in Local Securities

HALL & COMPANY

M. PAYSON &

Indiana.

BREED, ELLIOTT & HARRISON

BROTHERS

Water Go.

1931

National Bank
WILL H. WADE, Manager Bond Dept.

98

MORRIS

Paclfls

PORTLAND, MAINE

The Fletcher American

Members New York Stock Exchange

ORE.

all

Member San Francisco Stock & Bond Exchar *■

INVESTMENTS

PORTLAND,

on

Municipal and

KY.

LOUISVILLE. KY.

Quotations

Coast Securities

Corporation Bonds

404 West Main Street.

Building

FRANCISCO

F. E. MAGRAW

Chicago Board of Trade

Green

FRANCISCO

MAX I. KOSHLAND

BANKERS

John W. & D. S.

a

INVESTMENT SECURITIES

MUNICIPAL AND CORPORATION
Commerce

San Francisco Stock
Bond Exchange

J. BARTH

LOS ANGELES

BONDS

Descriptive Circular

BROKERS
Members

Montgomery St.

R.H.M0ULT0N& COMPANY
CALIFORNIA

J.

on

1858.

San Francisco

Bonds
Bank

Furnished

SUTRO &. CO.
410

Nat.

Information

Coast Securities

Established

PERRIN, DRAKE &

Municipal and Corporation
1st

and

Pacific

Securities and

COMPANY

Municipal Bonds
AND

Guaranteed Stocks

Indiana Corporation Bonds & Stocks
L39IS

BUILDING.

PORTLAND,




OREGON

Fletcher Amer. Bank Bidg., INDIANAPOL

MACON

.

-

.

GEORGIA

[VOL. 105.

CHRONICLE

THE

X

3nqu tries

Current

J. LISMAN & CO.

F.

embers

York and Chicago

New

Aside from

Stock Exchanges

Carolina Clinchf. & Ohio

Central Vermont 4s
'

Duluth Rainy

5s

Liberty Loan Fours

England 4s

Central New

j

Marquette Houghton &

Henderson 5s

converted into) until after thettwar.

Ontonagon 6s
H. C. SPILLER & CO.

All Issues

Pacific 5s

INCORPORATED

63'

27 State Street

Wabash RR., All Issues

Wall Street
New York

Boston

Terminal 4J/£s

Wichita Union

SECURITIES

AND STEAMSHIP

AND ALL RAILROAD

Robt. Glendinning & Co.
Securities

Investment
WE owr^r AND

Maturing

WOOD, STRUTHERS & CO.

OFFER

Bonds

Railroad Equipment
TO

hold¬

ing bonds (or others they may be

~

Vicksburg Shreveport &

believe,

we

chance of attractive profit by

City & Fort Dodge 4s

Missouri Kansas & Texas,

offering,

5s

Louisiana & Arkansas

Mason

economic side of the

the

investment,

Housatonic 5s, 1937

WE DEAL IN

is

there

Lake & Winnipeg 5s

Galveston Houston &

patriotism that should

inspire the purchase of

BROADWAY, NEW YORK

61

MEMBERS

Street

Nassau

5

New York Stock Exchange

1918-1932
NEW YORK

YIELD S.10%-6.20%

Philadelphia Stock Exchange
Pittsburgh Stock Exchange

List of offerings on

applicatUm.

Atl. & Charl. Air Line 5s,

CAR TRUST

SECURITIES

400 Chestnut

Chic. & Northwest Ext. 4s, 1926

COMPANY

FREEMAN &

1944

New

i

34 Pine Street

Jersey Junction 4s, 1986

;
REPUBLIC

Lehigh Valley Terminal 5s, 1941

NEW YORK

Atlantic City

Members

cons.

Short Term Notes

Railway

&Co.

R. B.Hutchinson

25 BROAD

Equipment Bonds

Battelle

New York Stock Exchange

ELDREDGE

BULL &

INVESTMENT SECURITIES
Members of the

of New York Stock Exchange

Foreign Government Issues

Hartshorne &

5s, 1937

4s

'

Pittsburgh McK. & Youghioh'y Lake Shore 3^s
6s, 1932

CO.

&

NEW YORK

120 BROADWAY,

Rock Island Gen. 4s

West Side Belt RR.

BROS.

SUTRO

Buffalo Rochester & Pitts. 4^s

Pittsburgh Terminal RR. & Coal
M. St. P. & S. S. M.
5s, 1942

CUBA

OF

5% Gold Bonds of 1904
5% External Loan of 1914
4H% Gold Bonds, due 1949

Ry. 1st 5s, 1919

C. B. & 0. 111. 3^s

RR.

Carthage & Adirondack
4s, 1981

Street*

PHILADELPHIA

'

Tel. 632 Oort.

31 Nassau Street, N. Y.

NEW YORK

STREET

pittsburgh, pa.

Descriptive List

MUNICIPAL BONDS
Savings

Legal

Banks

J. S,

Trust Companies

Insurance Cos.

for

Municipal Bonds

New Jersey

OHIO

on

RIPPEL &

CLINTON
Federal

from

Income

NICIPAL

COMPANY

PAR

PRICE

Tax

STOCK

Correspondence Solicited

'

BONDS

NEWARK, N. J

STREET

PRICES ATTRACTIVE
Free

CENT

PER

FIVE

Request

AND

INT.

AND

BONDS

for cash, or
conservative terms.

bought ana

carried on

Inactive and unlisted securities.

Inquiries invited.

Seasongood & Mayer
CINCINNATI,

FINCH

O.

TARBELL

&

Members New York Stock Exchange.

120 BROADWAY.

-

-

-

Feibel-Elischak Co.

The

NEW YOR

Cleveland

SOUTHERN BONDS

Pittsburgh

Municipal, Drainage, School or Road

absolutely first-class securities and usually
interest

return

than

can

us

for descriptive




attractive

the big financial centers.

circular of high-grade Southern Bonds.

BOND

HIBERNIA

a more

be secured through the purchase of the

obligations of communities nearer
Write

District Bonds are

yield

& Tol.

Los Angeles Pacific 4s,

Wisconsin
Chic.

1959

4s,

& Glov. 4s,

1950

& Pacific Ref. 4s, 1934
Hamilton & Dayton 1st 4J4s, 1937

111. Bonds—Ev. & Ter. Haute Bonds

Second

Avenue

6%

Wichita
Louis

Lasky

Falls

&

Rec. Ctfs.
Mexico Inc. 5s, 1935

&

New Orleans Tex.

St.

6s, 1922

1950

Rock Isl.

Cine.
East

Ref.

Central

Fonda Johnstown

Southern

CINCINNATI

Union C.ntr.1 Bid,.

Northwest

Rocky Mt.

5s,

1939

& Pacific Stock

Famous Players

Film Corp. Stock

DEPARTMENT

BANK & TRUST CO.
NEW

ORLEANS

WOLFF & STANLEY
Tel.

Resources over 28 Million

2860

27 William

or

6557 Broad

St., New York
*

%

OCT. 20

1917.]

THE

CHRONICLE

Current

XI

Snqutries

$1,000,000

J. S. FARLEE & CO.

Detroit Cold Storage & Termiaal Co.
First
iunrant-eed

Established

66

Mortgage Serial 6s
by

Booth

New York Central Deb. 4s, 1934
International Traction Co.

Fisheries Company

(Buffalo) 4s, 1949
Lehigh Valley Terminal 1st 5s, 1941 (Reg.)
Wichita Union Terminal 1st 43^8, 1941
Marquette Houghton & Ontonagon Gen. 6s, 1925
Wilkes-Barre & Eastern 1st 5s, 1942
Denver & Rio Grande Adj.
7s, 1932
Consolidation Coal Ref. 5s, 1950
Northern Pennsylvania 8% Stock

Net earnings of Booth

Fisheries Company for
1917 are
conservatively estimated at $2,000,000.
or
twice the entire authorized
amount of this
Issue of bonds.

Detailed Circular

Request.

on

Anderson, Hyney & Co.
19

S. La Salle St.

1882

BROADWAY, NEW YORK

American

CHICAGO

Thread

Co.

Preferred

Otis Elevator Co.

American

Public

2-YR. 6%

SECURED
DUE

Lorraine

Utilities

Co. Preferred

NOTES

1919

Secured
on
Wisconsin-Minnesota
Light
Power 1st & Refunding 5s, due
1944, at 75%

their par value.

Earnings three times all
50% of this Company's

&

Norfolk Ry. & Light 1st 6s, 1949
Norf. & Ports. Trac. Co. 1st 6s, 1936

of

interest charges.

NEW LIBERTY LOAN

Cosden &

Company 1st 6s
Underlying Public Utility Bonds

gross receipts is now
derived from the sale of electricity generated by

water

Preferred

Mfg.

"Do Your Duty"

power.

Price: To yield 7%.
Particulars on application.

Incorporated

BioREN & Co,
314
CHESTNUT ST.. PHILADELPHIA
Members of New York and

BALTIMORE.

Philadelphia Stock

Railroad.

Exchanges.

Public

Municipal.

Utility

Entire

1934

MD.

BOSTON and

Industrial

Bonds

Conservative

for

Security

Issues

CLEVELAND

and

Investment.

Railways St. Louis
4s,

C. E. DENISON & CO.

INVESTMENT SECURITIES

BAN KERS

United

Orders Executed Fret

Middendorf, Williams & Company

Negotiated

Kirby Lumber
Lehigh Valley Coal Sales
Chic. & East. 111. Stocks & Bds.

St. Louis Transit Co.

W. W. LANAHAN & CO.

Impt. 5s, 1924

WILLIAM C. ORTON

BANKERS
Members

N.

Y.

Sr.

Baltimore

Stock

Exchanges

Specialist Reorganization Securities

NEWBORG & CO.
Members

60

New

York

Stock

Exchange

WIRE

TO

ST.

Consolidated

LOUIS

of

(Established 1874.)
7 SOUTH ST.
BALTIMORE.
Members Baltimore Stock Exchange

Columbus Street

Buy Now.

Building

Adams

BOSTON

MD.

the

Exp.

Porto Rican-American Tobacco

Ry. First 6s, 1932

SCRIP

Syracuse Gas Co. First 6s, 1946

BURGESS, LANG & CO.
Sears

WANTED

1. HARMANUS FISHER & SONS

Investment

World.

Tel. 7160-1-2-3 Broad

Corp. Securities

Penn. Water & Power Co. Securities

Second

Premier

BroadSt., New York

Gas, Electric Light &

Elk Horn Coal

Liberty Loan 4% Bonds
The

25

Power of Baltimore Securities

BROADWAY, N. Y.
Telephone. 4390 Rector

PRIVATE

Consolidation Coal Co. Securities

East Ohio Gas Co. First 6s, 1939

Bldg.,

NEW YORK

RIGGS & McLANE
U. S. Mortgage & Trust Co.

J. S. Bache & Co.

32 South Street

NEW YORK

Westchester Fire Ins. Co.

BALTIMORE, MD.

Buffalo

RIGHTS
FRANK J.
71

M.

Broadway

Members New York

All Issues
25

Broad

Street

Stock

Dry Dock E. B. & Batt. 5s, 1932

Exchange

Lex. Ave. & Pav.

NEW YORK

.

Offerings Wanted

Kan.

STAN
Weekly

Summary

6s

.

St. Louis Rocky Mt. & Pac. 6s
New Orleans Great Northern 5s
Motor 6s

4*1 B'way, New York.

Q

Standard Oil
Issues

CARL

I

New

Jersey Zinc Co. 1st 4s, '26

Eastern Steel Co. Pref. & Com.

Will be mailed

Investors

L

Wm.

on

request

H. PFORZHEIMER

•Phones 4860-1-2-3-4 Broad

HENSEL

H.

C.

DARD

to

City Via. Term. 4^8

Peerless Truck &

Ferry 5s, 1993

Minneap. Gen. Elec. 5s, 1934

FORSHAY

St., New York

Lima Locomotive

Albany

B'way & 7th Ave. Con. 5s, 1943
TOBEY & KIRK

Japanese Government Bonds

9 & 11 Wall

Broad

.Baltimore

Syracuse

American Press Assn.

Tel. 548 Rector

&

»

WILL BUY

DILLON
NEW YORK. N. Y.

ZlMMERMANN

6400

Rochester

Montreal

Carnegie Ewen

100

Broadway, N. Y.
Tel. Rector 3880

A. CO.

25 BROAD ST., N.Y.

Tel. Rector*3672-3-4-5

Dominion of Canada
Delaware

Lack.

&

West.

RR.

Stock

Chicago Burl. & Quincy RR. Stock
Lehigh Val. Coal Sales Stock & Scrip

2-year 5s, 1919
City Ft. Scott & Memphis 4s
& O., P.L.E.& W.Va. 4s & Tol. Cinn. 4s

Kansas
B.

Detroit Edison

^Stalker A jpoua
Member*

New

York Stock

Exchange

61 Broadway
Private Wire to

Scioto

Valley & New England 4s

New York

Cincinnati Gas & Electric 5s

Philadelphia

Oregon & California 5s

W E~HA VE~FO R~SA L E
Amer.

Refunding 5s

Western N. Y. & Pa. 4s & 5s

Cerro de Pasco 5s

Ga3 & Elec. Com.

N. Y. & Erie 2nd 5s, 1919

Central Petroleum Pref.
Northern Ohio

Elec., Pref.
Northern Ohio Elec., Com.

Sinclair Gulf Corp. 6s
Pierce Oil 6s, 1921

j-

Farmers' Loan & Trust Co.

Seaboard Air Line 6s

Rauscher & Childress
64 Wall St.

New York

Tel. 5834 Hanover




SAM'L
Pboaa 5380-1-2-3 Broad

GOLDSCHMIDT
25 Broad Street

THE

xn

[VOL. 105.

CHRONICLE

Current JESonti SnqutrteiJ

and

A Patriotic Duty

a

Amer. Investm't Sec. Com.&Pref

Premier Investment

Guanajuato Red. & Mines 6s
Pacific Coast Com.

BUY

Hartford & Conn. Western RR.

Dayton Lighting 5s
Manning Bowman
i
American Mfg. Com. & Pref.

LIBERTY LOAN NEW 4s
Services Free

Gray & Davis Com. & Pref.
4J^s

Twin States Gas & Elec.

Louchheim, Minton & Co.
Member* New York and Philadelphia Stock
71

Phone 7230 Rector

Birmingham Water Co. 5s (Ala.)

Exchanges

BROADWAY, NEW YORK

HOTCHKIN & CO.

Private Wires to Philadelphia and Boston

Incorporated

St., Boston, Mass.

53 State

SHORT

^crdrll brother#
PubUcMtilto Securities
Ul 3aroaau»aa.

TERM

York, N. Y.

84 Pine St., New

SECURITIES

K}£

Chicago Securities

Curtis & Sanger

For Sale

1

Members

New York. Boston and Chicago

Dayton

Power &

*

Light Co.

Stock Exchangee

Ref. 5s
N. Y. & East River Qas Co.
General 5s
Nassau Electric Company
1st

Y.

N.

Queens

&

1st

West

Penn

Penn

Lt.

5s

Exchange*.

Cities Service

Company

7 Wall St.

Chicago

Co.

Pr.

New York

MacGregor

&

Glover

Company

Common and Preferred

•

345 Fourth Ave..

PITTSBURGH, PA.

Amer. Wat. Wks. & Elec. 5s, 1934

Private Phones to Philadelphia fk Boston

DUNHAM &
YOUR LAST CHANCE

CO.

Securities

Investment
43

Subscribe

Members New York & Chicago Stock

137 S. LaSalle St.

5s

Traction
1st

&

Chicago

New York

5s

Power
1st

West

Elf

BABCOCK, RUSHTON& CO.

49 WALL STREET
Boston

McKeesport Tin Plate 5s, 1930

'Phone 450l'2-3 Hanover

Exchange Place,

Now

I

Russian Government 6^8, 1926

Second U. S. Liberty Loan

Russian Government 6^8, 1921

DEAL

IN

DEFAULTED (Irrigation Bonds)
DEFAULTED (Timber Bonds)
DEFAULTED (Mexican Bonds)

Russian Government 6^8, 1919
SPECIALISTS

IN

Public Utility Bonds
Short Term Securities

DEFAULTED (Railroad Bonds)
DEFAULTED (Qas, Electric &

Options in Russian Roubles

,

DEFAULTED (Coal, Iron

NEW YORK CITY

Phone, Hanover 4616

Water Bonds)

& Steel Bonds)

Bought—Sold—Quoted

ALFRED R. RISSE CO.
04 WALL STREET,

Industrial Bonds

Stocks

United Coal Corporation

P. WARD,

FRANK

Bankruptcy,

15 Broad St., N. Y.
Reorganization

Receivership,
Bonds

JOSEPH&U/IENER

STEEL, JONES & CO.

MEMBERS NEW YORKlm STOCK EXCHANGE

TtuPHONi:27l5-9BROADf f 25 BROAD ST.N.Y.

j

Lafayette Building, First Floor

Puget Sound Tr.f Lt. & P. 6s,
Detroit United Ry. 5s, 1918
N. Y. N. H. & Hartf. 5s, 1918

S. N. BOND & CO.

PHILADELPHIA, PA.

1919

Commercial Paper
Member*

Exchange

of Philadelphia Stock

Long Island Lighting 5s, 1936

Municipal Bonds

Lehigh Power Sec. 6s, 1927

New Jersey

J. A. CLARK & CO.
Rector

EQUITABLE BLDG.,
7126.
New York City

111

Securities

Wayne & Wab. Vail. Tr. 5s,
Penna. Coal & Coke Ser. "A" 6s,
Buff. Roch. & Pitts. Eq. 4s-4^s,
Lima Findlay & Toledo RR. 5s,
Ft.

1934
1932
var.

Street

PHILADELPHIA

Tel. 20 Montgomery

15 Exchange Place

Jersey City, N. J.

OIL COMPAVY
Preferred and Common Stocks
BOUGHT AND SOLD

Park

L.

N.

80 WALL

1936
& Ref. 6s, 1937

Tilford Deb. 6s,

&

Binghampton Lt., Ht. & Pr; 6s, 1942
Louisville Gas & El. 1st & Ref. 6s, r18
Cuban Government 4J^s, 5s, 6s

MILLER

Circular on Request.

,

Nat'l Conduit & Cable 1st 6s, 1927
Merchants Refrig. 1st

KNICKERBOCKER-WYOMING

& CO.

120 B'way

BUY

Phlla. Stock Exchanges
'Phone 3900 Rector
New York

I

LIBERTY BONDS

Nl.GRANT&CO.

R

COMPANY

&,

Members New York and

ROSENBAUM

Bond Dept.

OUTWATER & WELLS

1925

SAMUEL K. PHILLIPS&CO.
Chestnut

Street, Boston

W. F. Baker, Manager

WANTED

427

New York

Broadway
60 State

31

NASSAU

ST.,

NEW

YORK
CHICAGO

BOSTON

NEW YORK

ST.

Atlantic Coast Line of So. Car. 4s, 1948
Cinn. Wabash & Michigan 4s, 1991

Bank of Commerce
Title Guarantee &

Trust

Guaranty Trust
Westchester Insurance

Metropolitan

Investment

Fisk Rubber Common
Cleveland & Pittsburgh
Penn Seaboard Steel

Securities

"Rights"

Trust

7% Pfd.

.

Chicago & Alton Debenture 5s, 1922
Colorado Springs & Cripple Creek 5s, 1939
Houston Belt & Terminal 5s, 1937
Jackson Lansing & Saginaw 3>£s, 1951
Lehigh & New York 4s, 1945
Midland Terminal Ry. 5s, 1925
New Orleans Terminal 4s, 1953

Railroad Securities 4%, 1952
Francisco San Joaquin Val. 5s, 1940

Ogden Mines RR.
American Piano Preferred

San

Galena Signal Common
National Transit
S. O. of New York
S. O. of Ohio

Toledo Walhounding Valley &

Vacuum Oil

Wise. Cent. Marshf. &

South Pacific Coast 4s, 1937

NEW YORK




36 Pearl St.

HARTFORD

Ohio 4Hs
19.39
Southeast. 4s, 1951

Wichita Falls & Northwestern 1st 5s,

BAKER, CARRUTHERS & PELL

DICK, GREGORY & Co.
25 Broad St.

Spokane Falls & Northern 6s, 1939

Bonds—Bank Stocks—Standard Oil Stocks
15

BROAD ST.,

NEW YORK

Phones

5161

to

5169 Hanover

Oct. 20
«'

1

1917.]

—

THE

•—

CHRONICLE

tin

—

jHnantial

flmntiiil

V

H. M.

Byllesby & Company

Timber Bonds

Incorporated

LYON, GARY & COMPANY

Engineers

Managers

Continental Timber Land
Great Northern Lumber

Operate Electric

Gas,

Street

6s

6s

_

Kentucky-Tennessee Property Company
Lumber Company
The Lyon Company
The Mowbray & Robinson
Company
Merrill & Ring Logging
Company.
Menzies Bay Timber
Company, Ltd
Southern Timber Company
Stack Lumber Company
West Side Lumber Company

6s

Leona Mills

SECURITIES
AND

6s

Alston & Lulu Fairservice

and

Examinations and Reports

BOUGHT

6s

Carpenter-O'Brien Company.
Fischer Lumber Company

Water Power Properties.

UTILITY

6s

Cameron Lumber Company

Light,

Railway

6s

Company, New Issue
Company, New Issue

Purchase, Finance, Construct
and

6s

Bagdad Land & Lumber Company.

6s
6s

6s
6s
6s

6s
6s

6s

WE SPECIALIZE IN TIMBER SECURITIES AND ARE
IN TOUCH WITH THE MARKET FOR ALL ISSUES.

SOLD.

Bids, Offers and Inquiries Invited
CHICAGO

NEW

220 So. La Salle St.

Lyon, Gary & Go.

YORK

1220 Trinity Bldg.

JOS So. La Salle

Metropolitan

F. B. HITCHCOCK & CO.

Trust Company

NEW YORK LIFE BUILDING

OF THE CITY OF NEW YORK

offers

complete

a

service of the

Street, CHICAGO

39 SOUTH LA SALLE STREET

CHICAGO, ILLINOIS

banking

highest order

to business clients and

respondent financial

cor¬

"SlSjSi'

BONDS

insti¬

tutions.
GEO. C. VAN TUYL, Jr.,
President

BEVERLY

CHEW,

Vice-President
EDWIN F.

ROREBECK,

2d Vice-President

J. F. McNAMARA,
3d Vice-President.

UNITED STATES RUBBER COMPANY

H. B. THORNE,

4th Vice-President
BERTRAM CRUGER,
Treasurer

To Holders of:

GEO. N. HARTMANN,

UNITED STATES RUBBER COMPANY Ten-Year

Secretary

Trust

Capital and Surplus

Collateral

Sinking Fund Gold Bonds;

MORGAN AND WRIGHT Five

Per

Cent.

Gold

Debentures;

'

$7,000,000

CANADIAN CONSOLIDATED RUBBER

COMPANY, Limited,

Five Per Cent. Gold Debentures:

Wall

60

Street
The United States Rubber

Company hereby offers to purchase:

UNITED STATES RUBBER COMPANY Ten-Year

Collateral

Trust Sinking Fund Gold
102.35

Bonds, due December 1, 1918, at
and accrued interest;

MORGAN AND

WRIGHT

Five

Per

Cent.

Gold

Debentures,

Should

due December 1, 1918, at 101.25 and accrued interest;

Business Men

Five

CANADIAN CONSOLIDATED RUBBER
Per

Cent.

Gold

COMPANY, Limited,
Debentures, due December 1, 1918, at

101.25 and accrued interest.

Buy Stocks

The holders of the above bonds and

obligations desiring to accept
present the same at the office of Messrs. Kuhn,

A large number of good securities are now

such

selling lower than they did in the panic

Loeb & Company, 52 William Street, New York City, and upon sur¬
render thereof, will receive payment in cash.
Such bonds, with all

of 1907.
An urgent warning,

anticipating this de¬

in

on

throughout the year, was placed

the hands

of

our

clients

the

long

on

any business day, except Saturdays, on or before October 27th,
(the last day for subscriptions to the Second Liberty Loan), on
which date this offer will expire.
The above offer is on about a 3.85% interest basis for the above
bonds and obligations and is made at this time with the hope that

January

noon on

2, 1917.
We

1917

understand

Market and
stantial

should

unmatured coupons attached, and in the case of registered bonds, duly
endorsed in blank for transfer, must be presented at such office before

cline in the Stock Market, which has been

going

offers

can

profits,

swings

of the

readily help you to sub¬

correctly

thru

advising

the proper

time for you to make your next

purchases.

Write for free particulars.

Address Dept.

F. C. 19 of the

Babson Statistical Organization
WELLESLEY

HILLS,

MASS.

Largest Organization of its Character
in the World.
1
.




'

*

•

it may

facilitate subscriptions to the Second Liberty Loan.
THE UNITED

STATES

RUBBER

COMPANY,

by SAMUEL P. COLT, President.
New York, October 8,1917.
/

'
.

v'

THE

XIY

[VOL. 105.

CHRONICLE

meetings

^financial

THE NEW YORK, NEW HAVEN AND HART¬
FORD RAILROAD COMPANY

To;the Stockholders of the New York, New Haven

Short Time

and Hartford Railroad Company:

Notice is hereby given that the Annual Meeting
of the Stockholders of The New York. New Haven

andjHartford Railroad Company wul be held In
Harmonie Hall, No. 9 Elm Street, in the City
of New Haven, Connecticut, on Wednesday, the
24th day of October, 1917, at 12:00 o'clock noon,
for the following purposes:
1.
To consider and take appropriate action
upon the Statement of the affairs of The New
York, New Haven and Hartford Railroad Com¬
pany for the year ending December 31, 1916,
and all acts described therein or reported at said

Investments
HillHHIUHl

meeting.
.
2.
To elect a Board of Directors to serve
until the next annual meeting and until their
.

4. The

shall have been elected and qualified.
3.
To act upon proposed amendments to the
Stockholders' by-laws as follows:
Amend Article III by changing the date for
the Annual Meeting of the Stockholders from
the fourth Wednesday of October in each year
to the third Wednesday of April In each year,

Margin of Security

successors

Up to Sept. 15,1917, the leading banks and
Trust Companies of America have bought

and by striking out the words "Chairman or
the Board" and inserting in lieu thereof the

$30,214,000. of our Collateral Trust
Securities of which $25,195,000. have
matured and been paid.

rr-

5-1

These Securities are

based

upon

word "President ', so that said article as

meeting of this corpora¬
tion at which directors shall be chosen, shall be
held in the City of New Haven, Connecticut,
on the third Wednesday of April in each year
at 12 o'clock M., at such place as shall be fixed
by the President or Directors."
Amend Articles IV, VII and IX by striking
out the words "Chairman of the Board" when¬
ever they occur and inserting in lieu thereof the
word "President" so that said articles as amend¬
ed shall read as follows:
"IV. A special meeting of this corporation
may be called at any time by order of the Board
of Directors and shall be held in the City of New
Haven at such hour and place as shall be fixed
by the President or Directors."
"VII.
For each annual and special meeting
of the Stockholders the Board of Directors
shall
appoint two tellers to receive and count
the votes cast thereat.
In case of the failure of
the Board of Directors to make such appoint¬
ment, or in case of the failure or inability of
either or both of the tellers to serve at such
meeting, the President shall appoint another
teller, or tellers, In his, or their, places."
"IX. All the meetings of this Corporation
shall be presided over by the President when he
shall be present."
4. To transact any other business which may
properly come before said meeting.
For the purpose of this meeting the transfer
books of the Company will be closed from Octo¬
ber 10th to October 24th, 1917, both days Inclu¬

trade acceptances

purchase money notes arising from the finan¬
cing of both wholesale and retail sales of trucks and
and

fig

passenger'automobiles.
Back of them the following Security:—

$39,873,783.63 of Purchase Money
and Trade Acceptances deposited
with the Metropolitan Trust Company of
New York as trustee: a margin of over
Over

1.

Notes

$9,000,000. ■ $32,498,236.09 .have matured
and $32,451,142.40 have been paid.

§3#

Each of the 46,650 underlying notes and

2.

acceptances bore at least two names

■

of

approved credit standing.
3.

Each note and acceptance secured by direct
lien on fully insured merchandise worth at

4.

i

In addition to the above elements of collat¬

forced sale more than the debt it secures.

strength the Collateral Trust Securities
are
the
direct obligations
of
Guaranty Securities Corporation which has
$1,000,000 Capital and undivided profits of
$218,698.02 at August 31,1917. The Corpora¬
tion is organized and subject to supervision
under New York State Banking Laws.
eral

offered

"

E> I

amended

shall read as follows:
"III. The annual

sive.

Connecticut, this first

Dated at New Haven,

day of October, 1917. • '
';
By order of the Board of Directors.
ARTHUR E. CLARK, Secretary.
NOTICE

SPECIAL

OF

OF

MEETING

STOCKHOLDERS
Notice is hereby given that a Special Meeting
of the Stockholders of the New York, New Haven

other" conservative investors should
booklet, "Collateral Trust Securities,"
which discusses in detail this exceptionally attractive
form of short-time investment in the following phases:

Bankers and
3

have our new

^0

'

*

Volume of Paper;

ment

to

tained In

.

of

State

said Annual Meeting,
I
of the amend¬

charter of this corporation con¬
Act of the General Assembly in the
Connecticut, approved May 15th,

the
an

1917, entitled:

Insurance Protection.

ter of The New

"An Act Amending the Char¬
York, New Haven and Hart¬

to the

Railroad Company," in reference
issue of shares of preferred stock.

ford

I:1

GUARANTY SECURITIES

i
i

CORPORATION

acceptance of the amend¬
ment to the charter of this corporation con¬
tained in an Act, passed by the Commonwealth
of Massachusetts, approved May 25th, 1917,
entitled:
"An Act Relative to the Issue of
Preferred Stock by The New York, New Haven
and Hartford Railroad Company."
3. To act upon a proposition to authorize
the issue of not exceeding four hundred and
fifty thousand (450,000) shares of cumulative

Undivided Profits $218,698.02.

NEW YORK CITY

120 BROADWAY

I:1

San

Francisco

Montreal

-

Affiliated with Guaranty Banking Corporation, Chicago

B .IB

a

ItB ■

M

mJUBLJLm

To act upon the

2.

Incorporated under the banking law# of the State of New York

Capital $1,000,000.00.

IS

the adjournment of

upon

for the following purposes:
1. To act upon the acceptance

Geographical Distribution of Underlying Names;
Credit Check on Underlying Collateral;
Should Automobiles Be Sold On Credit;

*

held in

New

ber, 1917, if the Annual Meeting shall have ad¬
journed at that hour;
if not, then immediately

10,000 Name Paper;

Collection Record of Underlying Collateral;

i

Railroad Company will be

Hall, No. 9 Elm Street, in the City
Haven, Connecticut, at three o'clck in
the afternoon of the twenty-fourth day of Octo¬

Vocational Diversification of Underlying Names;
.

Hartford

Harmonie

of

Maturities;

Self Liquidation;

,

and

ollars ($100)
Sreferred stockeach, the holders of one hundred
of the par value of which shall

HBBHWUmBfrniakJ

net in¬
dividends of not exceed¬

be entitled to receive out of the annual

fflMnMnTnMiinnM

come

ing
For

of the Company,

seven per centum per annum.

the

purpose

be closed from Octo¬
1917, both days in¬

clusive.

The

IONIAN BANK, Limited
having its

transfer

of this meeting the

books of the Company will
ber 10th to October 24th,

,

,

„

,

Dated at New Haven, Connecticut, this first
day of October, 1917.
By order of the Board of Directors.
ARTHUR E. CLARK. Secretary.

own

BRANCHES AND CORRESPONDENTS

Opportunity

THROUGHOUT GREECE
is

able

business

to

in

A well-known Investment Bank¬

exceptional facilities for. banking
Country, and particularly places
the disposal of members of the

offer

ing House will consider associa¬
tion of gentleman with capital,
either as special or general part¬
ner.
Address CF, P. O. Box
63, New York.

that

its services at

AMERICAN NAVAL AND MILITARY FORCES
Capital, £485,580

Incorporated 1839
HEAD

OFFICE

25 ABCHURCH

LANE,

LONDON, E. C. 4

Pacific Power &

Light 5s, 1930
1922
American Gas & Elec. 6s, 2014
Kansas Gas & Elec. 5s,

Hantcb
An experienced teacher will give instruc¬
in accounting principles, and business
penmanship by appointment.
Address, C.P.,
care Commercial and Financial Chronicle.

tion




American Power &

W. H. Goadby &
Member* New

Co-

York Stock Exchange

NO. 74 BROADWAY

Light 6s, 2016

Central N. Y. Gas & Elec. 5s, 1941

H.

L.

NASON

NEW YORE I 85 Devonshire St.

&

CO,
BOSTON

Oct. 20

1917.]

XV

THE CHRONICLE

Sikfttnfe*

SOUTHERN

RAILWAY

Preferred
To

the

Holders
for

the

Stock

of

BURNS

books

for

Stock

Trust

Certificates have
when

been closed since July, 1914,
Yoting Trustees announced their in¬

the

tention

to

holders

of

surrender
their

the

trust

certificates

and

to

notified

exchange

the

them

for stock certificates, the
Voting Trustees realize
that in many cases the registered

ownership of
July, 1914, may no longer correspond with the
actual ownership of the Stock Trust Certificates,
and

in

may

be

order

that

on

Southern

registered in the

October 31,

of the Voting Trustees on

names

1917, the Voting Trustees again
present your Stock Trust Cer¬

to

you

tificates
for

actual

owners promptly
of 234% on the Pre¬
Railway Company to
November 20, 1917, on the stock

Stock of

paid

urge

the

obtain the dividend

ferred

the

at

exchange

October 31,

office

for

of

the

undersigned

definitive

stock

before

1917.

dend

No.

and three-fourths per

one

TOPEKA

RAILWAY

SANTA

&

the regular quarterly dividend No. 17 upon the
common stock at the rate of one and one-half

cent (134%), payable on the 15th day of
November, 1917, to stockholders of record at the
close of busihess on Nov. 1st, 1917, and at the
same time the Board set aside Seventy Thousand
Two Hundred Dqllars ($70,200) of common stock
to be distributed as a quarterly stock dividend
to holders of the common stock of the Company
pro rata in the ratio of one (1) share of new stock
to each one hundred
(100) shares of common
stock held by the holders of common stock of
record at the close of business on Nov. 1st, 1917,
per

Scrip will be issued in place of certificates for
fractions of a share, and no dividend will be paid
on said scrip or fractions of a share represented
thereby, and said scrip will not be entitled to
vote until such scrip aggregating whole shares
has been exchanged for certificates for whole

ASSOCIATED DRY GOODS CORPORATION.
Hoboken, N. J., October 12, 1917.
A dividend of one and one-half per cent (134%)

COMPANY.

New York, October

The Board of Directors has declared

2, 1917.
a

the

First

dividend No. 50)
on
the COMMON
STOCK of this Company of ONE DOLLAR AND
FIFTY CENTS ($1 50) per share, payable De¬
cember 1„ 1917, out of surplus net income to
holders of said COMMON Stock registered on
the books of the Company at the close of business
on November 2, 1917.
Dividend cheques will be

business November
mailed.

C. K. COOPER, Assistant Treasurer.
York City.

1917.

Transfer Agents.

HOUGHTON COUNTY ELECTRIC LIGHT CO.

23. 1917.
Checks will be mailed to stockholders
who have filed dividend orders with the Treasurer.

Michigan.

Houghton,

PREFERRED DIVIDEND

NO.

30.

DIVIDEND

NO.

25.

COMMON

A semi-annual dividend at the rate of 6%

STONE &

at the close of

tificates

are

urp;ed to consolidate them with full

shares of stock on

before said last-mentioned

or

date.

THERON S. AT WATER, Treasurer.

GAS

&

EDISON ELECTRIC ILLUMINATING COMPANY

ELECTRIC

OF BROCKTON

no

Brockton,

The Board

of Directors will meet

NO.

quarterly dividend of $2 00 per share has
been declared on the capital stock of Edison Elec¬
tric Illuminating Company of Brockton, payable
November 1, 1917, to Stockholders of record at
the close of business October, 17, 1917.

STONE &. WEBSTER,

October

31, 1917, and declare the regular quarterly divi¬
dends to that date of $1 50 per share upon the
full-paid First Preferred and Original Preferred
Capital Stock of the Company, payable by checks
mailed November 15,
1917, to stockholders of
record at 3:30 o'clock p. m. October 31, 1917.
The transfer books will not close.
D. H. FOOTE, Secretary.
San Francisco, Cal., October 10, 1917.

Transfer Agents.

;

PUBLIC SERVICE INVESTMENT COMPANY
Boston, Massachusetts.
PREFERRED DIVIDEND NO. 34.
A

of $1 50 per share has
preferred capital stock of
Company, payable
November 1, 1917, to Stockholders of record at
the close of business October 19, 1917.
quarterly dividend

been

declared

Public

the

on

Service

Investment

&. WEBSTER,

STONE

RAILROAD CO.
(Southern Lines).
First Mortgage Four per cent Gold Bonds.
Coupons due Nov. 1 1917 of the above bonds
will be paid on presentation at our office on and
after that date.

PHILIPPINE

NATIONAL

BANK.

New York,

Transfer Agents.

CONSOLIDATION COAL COMPANY.
Baltimore, Md., October 1st, 1917.
The Board of Directors has declared a quarterly
dividend of One Dollar and a Half ($1 50) per
share on its Capital Stock, payable October 31st,
1917, to the stockholders of record at the close of
business October 20th, 1917.
The transfer books
remain

will

York Agency,
Woolworth Building.
New

Dividend

open.

checks

will

be

mailed.
T.

Oct. 17 1917.

K.

STUART,
Assistant Treasurer.

SIERRA PACIFIC ELECTRIC COMPANY
Nevada.
PREFERRED

Office of the

RAILWAY, POWER & LT.

CO.

The Board of Directors of The Columbus Rail¬
way,

Power & Light Co. has declared the regular

?uarterlyupon the of one and one-quarter per cent
dividend Preferred Stock, Series B, of
34%)
1

the Company, payable November 1st, 1917, to
stockholders of record at the close of business
October 15th,

Checks will be mailed.
BURINGTON, Secretary.

1917.

P. V.

October

COMPANY

for

stockholders of record at the close

October 22, 1917.
GEORGE

F.

of business

on

NEVINS, Treasurer.

way,

ILLUMINATING
&
POWER
SECURITIES
CORPORATION.
Regular quarterly dividend No..21 of IX% for
the quarter ending October 31, 1917, has been
declared on the preferred stock of this Corpora¬
tion, payable November 15, 1917, to stockholders
of record at the close of business on October 31,

of

1917.

E. W. CLARK & CO., Bankers.

Office of the
COLUMBUS RAILWAY, POWER & LT. Co.
COMMON STOCK DIVIDEND NO. 15.
The Board of Directors of The Columbus Rail¬

Power & Light Co. has declared a dividend
and one-quarter per cent (134 %) upon the
payable Novem¬
ber 1st, 1917, to stockholders of record at the
close of business October 15th,
1917. I Checks
one

W. F. POPE, Secretary.

Common Stock of the Company,

October

TOBACCO

will be mailed.
•
P. V. BURINGTON, Secretary.

At
E.

CLARK & CO.,
Office of the

W.

BANGOR

RAILWAY & ELECTRIC CO.

1%) upon the Common
payable November 1st,
of record at the close of

of one per cent (34 of
stock of the Company,

1917, to stockholders
business October 20th,
1917.
Checks will be
mailed.
HOWARD CORNING, Treasurer.
W.

CLARK & CO., Bankers,
Office of the

i

•

EAST ST. LOUIS & SUBURBAN COMPANY.
PREFERRED STOCK DIVIDEND NO. 15.
The Board of Directors of The East St. Louis
&
Suburban Co. has declared a dividend of

Three-quarters of One per cent (X of 1%) upon
the Preferred stock of the
Company, payable
November 1st, 1917, to stockholders of record at
the close of business October 20th, 1917.
Checks
will be mailed.
G. L. ESTABROOK, Secretary.

PORTLAND GAS & COKE COMPANY,
PORTLAND, OREGON.
PREFERRED STOCK DIVIDEND NO. 31.
The regular quarterly dividend of one and threeauarters (124%) per cent has been declared on
tbe PrefeiTecl Stock of Pbrfcland Gas & Coke
Company for the quarter ending October 31,1917,
payable November 1, 1917, to stockholders of
record at the close of business on October 22,
1917'
GEORGE F. NEVINS. Treasurer.




a

PRODUCTS

CORPORATION.

meeting of the Board of Directors held this

WESTINGH0USE
MANUFACTURING

ELECTRIC
COMPANY.

A dividend of one and three-quarters per cent

(8734 cents per
this Company

Fall

share) on the COMMON stoek of
for the quarter ending Sept. 30,

1917, wilLbe paid Oct. 31, 1917, to stockholders
of record as of Oct. 5, 1917.
H. F. BAETZ, Treasurer.
„

New York, September

October 17,

Light Company.

STONE

92.

&, WEBSTER,
Transfer Agents.

AMERICAN ZINC, LEAD & SMELTING CO.
The Directors of the American Zinc, Lead &
Smelting Company have declared a regular quar¬
terly dividend of one dollar and fifty cents ($1 50)
per

share on the preferred capital stock, payable

November

1,

1917,

to

E.

stockholders

of

record

FAR WELL, Treasurer.

LEAD COMPANY.
Broadway. New York.
dividend of one and threequarters per cent on the Preferred Stock of this
Company has been declared, payable Decem¬
ber 15, 1917, to stockholders of record Novem¬
NATIONAL
Ill

The regular quarterly

ber 23 '

1917
FRED R. FORTMEYER, Treasurer.

FEDERAL SUGAR REFINING CO.
October 16, 1917.
The regular quarterly dividend of 'ONE AND
ONE-HALF PER CENT (134%) on the Pre¬
.

Shares of this
October 29th, 1917, to

ferred

Company will be paid
stockholders of record at

the close of business October 26th, 1917.
Trans¬
fer books will not close.
PIERRE J. SMITH, Treasurer.

three-

Stock

Light Company has been de¬
clared, payable November 1,1917, to stockholders
of record at the close of business October 20,1917.
M. H. ARNING, Treasurer.

INTEROCEAN

OIL

COMPANY,

90 West Street, New York.
The Board of Directors has this day declared a

six months' dividend of three and one-half (334)
per cent on the First Preferred stock, payable
November 1st, 1917, to stockholders or record
October 20th, 1917.
GEO. W. S. WHITNEY, Secretary.
New York, October 3rd, 1917.

COLUMBIA GAS & ELECTRIC COMPANY
DIVIDEND

D ividend No. 22

The regular quarterly dividend of one and
quarters per cent (124%) on the Preferred
of Texas Power &

NO.

1917.

.

THE

Preferred Stock

Massachusetts.

quarterly dividend of $3 00 per share has
been declared on the capital stock of Fall River
Gas Works Company, payable November 1, 1917,
to Stockholders of record at the close of business

26, 1917.

AMERICAN SUMATRA TOBACCO CO.
New York, N. Y., October 11, 1917.
A regular quarterly dividend of one and one-half
per cent on the Common Capital Stock of this
Company has been declared, payable on Novem¬
ber 1, 1917, to stockholders of record at the close
of business October 25, 1917.
The transfer books do not close.
FRANK M. ARGUIMBAU, Secretary.

Texas Power &

River,

DIVIDEND
A

S.

a

&

FALL RIVER GAS WORKS COMPANY,

October 27, 1917.

dividend of $1 50 per share was declared
on the Common Capital Stock of this Corporation,
payable on November 15th, 1917, to stockholders
of record as of the close of business November 1st,
1917.
Checks will be mailed.'
GRAY MILLER, Secretary.
day,

Bankers.

Bangor, Maine.
COMMON STOCK DIVIDEND NO. 15.
The Board of Directors of the Bangor Railway
& Electric Co. has declared a dividend of One-half

E.

16, 1917.

~

Transfer Agents.

the

quarter ending
31, 1917, payable November 1, 1917, to

33.

STONE &, WEBSTER,

POWER & LIGHT CO.
Portland, Oregon.
PREFERRED STOCK DIVIDEND NO. 29.
The regular quarterly dividend of one and
three-quarters (1X% ) per cent has been declared
on the Preferred Stock of PACIFIC POWER &
LIGHT

NO.

quarterly dividend of $1 50 per share has
declared on the preferred capital stock of
Sierra Pacific Electric Company, payable No¬
vember 1, 1917, to Stockholders of record at the
close of business October 22, 1917.

PACIFIC

PREFERRED STOCK, SERIES B,
DIVIDEND NO. 15.

DIVIDEND

A

been

E. W. CLARK & CO.. Bankers.

COLUMBUS

64.

A

CO.

on

Massachusetts.

DIVIDEND

HARE, Secretary.

MANILA

WEBSTER,

Transfer Agents.

Office of the
THE

per

amounting to seventy-five cents (75c.)
share on the preferred capital stock, and a
semi-annual dividend at the rate of 5 % per annum,
amounting to sixty-two and one-half cents (6234c.)
per share on the common capital stock of Hough¬
ton County Electric Light Company have been
declared, both payable November 1, 1917, to
Stockholders of record at the close of business
October 22, 1917.
annum,

per

Checks will be

dividend is payable in respect of Scrip Certificates
representing fractional interests in said First
Preferred Stock, and holders of such Scrip Cer¬

PACIFIC

holders of record at the close of business October

3.

STONE & WEBSTER,

FIRST PREFERRED DIVIDEND NO. 13. I
ORIGINAL PREFERRED DIVIDEND NO. 47.

READING COMPANY
General Office, Reading Terminal
Philadelphia, October 17. 1917.
The Board of Directors has declared from the
net earnings a quarterly dividend of two per cent
(2%) on the Common Stock of the Company,
to be paid on November 8, 1917, to the stock¬

V.

15th,

Attention is called to the fact that

off COMMON Stock who file
suitable orders therefor at this office.
5 Nassau Street, New

NO.

A quarterly dividend of $1 50 per share on the
preferred capital stock and a dividend of $5 00
per share on the common capital stock of Chicago
Wilmington & Franklin Coal Company have been
declared, both payable November 1, 1917, to
Stockholders of record at the close of business
Octbber 22, 1917.

Stock of Associated

Dry
Corporation has been declared by the
Board of Directors, payable December 1st, 1917,

to holders

JAY

Preferred

7.

NO.

DIVIDEND

Goods

to holders 6f record of said stock

dividend

(being

PREFERRED DIVIDEND
COMMON

such sltock to be distributed and delivered to stock¬
holders on the 15th day of Nov. 1917.

GEORGE S. WEAVER, Treasurer.

FE

(Massachusetts Corporation.)
STATE OF ILLINOIS.

cent

(IX %) upon the preferred stock of said Com¬
pany, payable Nov. 1st, 1917, to stockholders of
record at the close of business on Oct. 20th, 1917.
At the same meeting the Board also declared

on

ATCHISON

mailed

19 of

shares.

J. P. MORGAN & CO.,
Agents for the Voting Trustees,
23 Wall Street, New York.
October 15, 1917.

THE

COMPANY

regular meeting held by them on the 9th day of
October, 1917, declared the regular quarterly divi¬

COMPANY:
said

CHICAGO WILMINGTON & FRANKLIN COAL

BROS.

The Board of Directors of Burns Bros, at the

Stock of

RAILWAY

transfer

COMPANY

Dividend

Stock Trust Certificates

Preferred

SOUTHERN
As

ZMbtoenb*

NOTICE.

Notice is hereby given that a quarterly dividend
of One Per Cent (1%) upon the Capital Stock of
this Company has this day been declared, payable

November

15th, 1917, to the stockholders of
record October 31st, 1917.
Ti F. WICKHAM, Secretary.

m

CHRONICLE

THE

[Vol. 105.

jflnaneial

War Tax

Analysis

For Individuals, Partnerships and Corporations
A

Study of the Law by Experts

Many perplexing problems confront the taxpayer
in

complying with

War

Tax

This

provisions

the

of

the

|

new

Law.

64-page booklet analyzes and explains the—

Income, War Income and

•J;

War Excess Profits Taxes
Tables show the tax
net incomes and
on

invested

The book is

liability

capital.
as

on a

wide

range

of

varying percentages of profits

on

'

-

complete

a

treatise

as can

;

be issued

"

pending official interpretation.

A copy

of this booklet C.R.500 will be sent

The National

upon

request

City Company

National City Bank

Building

New York

CORRESPONDENT
PHILADELPHIA, PA.

BOSTON. MASS.

1421 Chestnut St.

10 State

PITTSBURGH, PA.
Farmers Bank Bldg.

424 California St.
LOS ANGELES, CAL.

BALTIMORE, MD.

CLEVELAND, OHIO

DETROIT, MICH.

Munsey Bldg.

Guardian Bldg.

Dime Bank Bldg.

ST. LOUIS, MO.

WASHINGTON, D. C.

.

;

BUFFALO, N. Y.

,

Marine Bank Bldg.

.

DENVER, COLO.

Hibernian Bldg.

Bank of Commerce Bldg.

SEATTLE, WASH.

First Natl. Bank Bldg."
NEW

SAN FRANCISCO. CAL.

137 So. La Salle St.

ATLANTA, GA.
Trust Co. of Georgia Bldg.

KANSAS CITY, MO.

Republic Bldg.

St.

ALBANY, N. Y.
Ten Eyck Bldg.

WILKES-BARRE, PA.
Miners Bank Bldg.

OFFICES
CHICAGO. ILL.

741 15th St., N. W.

PORTLAND, ORE.

Hoge Bldg.

MINNEAPOLIS, MINN.

Railway Exchange Bldg.

ORLEANS, LA. 303 Baronne St.

'

McKnight Bldg.

LONDON, B. C. 2 ENG., 36 Bishopsgate.

Common Sense

Glenrock Oil Co.

Higher
Railway Rates
on

The New Leader in the Wyoming Oil Fields
11

Producing wells in the
Pilot

3

Butte

fi Producing

Field

Producing wells in the
Grass

Creek

wells in the

Elk Basin Field

3 Producing wells in the
Big Muddy Field

Field

showing a capacity production of over 3,000 barrels per day, and are
drilling additional wells in these fields.
The Stock enjoys an

Active Market

on

the

New

York

now

"How the Financial

Depends in Large Measure

on

on

the

Credit of the Railroads,"
A

Bulletin

sent

on

request.

Issued by \

Railway Investors' League

Curb.

61
Circular

Stability

and War Success of the Country

Broadway, New York City

revest
JOHN MUIR, President.

KIRKPATRICK & LEWIS

LIONEL SUTRO, Vice-President.
B. C.

FORBES, Vice-President.

PAUL

10 Wall Street




Tel. 9976-7-8-9 Rector

New York

MACK

WHELAN,

Secretary.

GEORGE A. MUIR, Treasurer.

Oct. 20

1917.]

THE

mi

CHRONICLE
^financial

Patriotism

Common Sense

gUSINESS is good to-day.
at
Our

month

Government
this

in

More men and women are now employed than

other time in the history of

any

and

allies

our

Ninety

country.

expending

are

per

country.

our

over

$1,500,000,000

of this great

cent,

is

sum

a

paid

for labor.

Meanwhile the cost of the

is also

war

And when those taxes go

run¬

ning into billions of dollars per month.

The

will have to

American

you

pay

must
way

people must foot the bill, and
share.

pay your

in which

There is

possible

no

rent,

your

every

and

avoid it.

you can

time

your

help

pay

them

every

time

you; buy

into effect, you

you

But there is
rest of
war

us can

a

way

in which

pay our

you

and all the

you

yourself

a penny

to meet those taxes will every

you

buy food,

for

clothing

family, and not

time

every

pay

you

back to

come

again.

share of the cost of the

and get our money

back.

Remember, too, that high taxes and high

That is by the

cost of necessities

purchase of Liberty Bonds.

always

mean a

decrease in

buying—a decrease in manufacturing—men
These Bonds
the world.
in the

are

the safest investment in

thrown Out

The greatest and richest country

all

disaster

world, the United States of America,

stands behind them and guarantees their pay¬
ment.

of work—suffering and

along the line.

You will

not

only get

your

back, but will be paid 4% for the
But suppose

paid just the

war

must

It is up to you to

Both

be

•way.

Your

How?

By taxation.

are

on

sale at

make

employer will tell
on

easy

you

Buy all
how

you can.

you can

partial payments.

Banks, Trust Companies and Savings Banks.

LIBERTY LOAN COMMITTEE

120 Broadway, New York

Second Federal Reserve District

This Space Contributed by John




your

patriotism and self-interest point the
Buy Liberty Bonds.

them

same.

Bonds

the American people to make

choice.

of it.

the Liberty Loan is not sub¬

The cost of this

scribed for?

use

It is up to
their choice.

money

Nickerson, Jr. 61 Broadway, New York

get
«

xym




THE

CHRONICLE

[Vol. 105.

jFtnanctal

Money Wins Wars

Your Dollars

Will

Help Win

A Victorious Peace

Back

Up Our Men

at the Front

Space donated by A. B. Leach & Co., Inc.
New York

Chicago

Baltimore

Philadelphia
St. Louis

Buffalo

Minneapolis

Boston

INCLUDING
Bank &

Quotation Section

Railway & Industrial Section

Electric

Railway Earnings Section

Bankers' Convention Section

State and

VOL. 105

SATURDAY, OCTOBER 20 1917

Inc.

1917.

One Year
for Six Months

6 00

13 00
7 60

£2 14 6*
£1 11a,

Canadian Subscription
(including postage)

$11 60

+ 5.5

28,910,118

24,025,085

+20.3

18,048,473

Indianapolis

11,045,519

11,991,572

—7-9

9,154,077

Columbus

10,176,500
10,435,984
5,000,000
4,827,613
3,380,037
3,006,133
1,800,000
1,213,807

10,374,900

—1.9

7,499,100
7,149,840

1,686,694

+ 6.7

1.749.907

—30.6

5,430,000

3,727,000

+ 45.7

942,625
1,920,198
4,033,710

1,453,788

+ 32.1

1,036,401

913,285

3,068,127

+ 31.5

1,762,795

1,702,135

_

<

Evansville

Springfield,

Transient matter per inch space (14 agate
n e
Two Months

Standing Business Cards

Three Months

{

Fort

lines)
(8 times)
(13 times)

$4 2©

Six Months

(26 times)
Twelve Months (52 times)

22 0©
29 0©
60 00
87 ©0

„

B. DANA

Ul__

Wayne

Akron

Lexington
'

Rock ford

■„

Youngstown
South Bend

every

Selbert Jr..

+ 27.7

3,550,000

+40.9
+ 5.4

3,229,511

2,764,317

3,422,009

3.108.906

+ 8.8

1,917,295

3,237,395
1,838,013

2,376,698

+26.5

1,883,438
1,126,704
1,275,404
2,137,000

4,580,386

696,563

$6,355,672,449

+ 14.2
+ 15.2

713,655

659,650

+ 10.7

813,676

820,507

2,600,000

2,514,933

1,586,059

737,731
1,112,304
843,511
875,000

..

Jacksonville,

Clearings—Returns by Telegraph.

Per

York.

New

$3,503,488,799

$3,244,023,298
417,815,081
280,166,875

+ 19.6

261,167,487

211,750,371

+ 23.3

160,026,316

110,751,906
110,057,747

+ 44.5

+ 27.5

99,893,533
73,012,618

72,467,188

+37.9

60,728,662

+ 20.2

49,515,566
44,572,281
43,891,511

46,835,241

+ 5.7

34,373,688

+ 29.7

499,669,967

Philadelphia

.........

Boston..

.....

....

*

Kansas City..
St,.
LopiS

140,330,021

Francisco.:

...i

Pittsburgh
Detroit.

1

Baltimore
New

Cent.

337,007,076

Chicago

San

1916.

.

Orleans

'

+3.4

1,919,371

743,528

—0.8

508,326

1,112,379

—0.0

739,399

742,779

615,887

+37.0

525,237

516,195

943,202

—7.2

651,856

500,000

+4.5

362,586

—1.4

266,193
458,209

265,420

545,715

675,000

—11.1

510,334

464.537

+ 1.7

671,280

588.538

+ 1.4

306,485

265,528

+ 10.5

66,550

1,072,273
353,634
107,956
450,000

1,054,432
348,669
97,668
355,640

Tot. Mid. West

688,320,819

640,412,499

San Francisco...

90,379,081
24,229,000

Owensboro..

All cities, 1 day

+ 7.8
+ 20.3

360,600

412,978,644
54,647,100
22,949,832

Spokane

58,922,853

—4.9

21,341,624

12,745,622
14,140,233

6,160,593

+ 13.6

13,246,433

+ 21.4

3,484,503

2,757,672

+ 28.4

Diego..
Fresno.........
Stockton
San Jose

+ 5.5

2,338,591
2,087,690

+ 83.3

1,612,885

+ 7.5
+ 79.3

tl,843,512

San

4,553,591

4,285,363
2,239,691
2,892,000

1,196,010

+ 54.1

1,523,598

Yakima..

1,279,850

1,384,731

—27.8

747,089
539,867

+ 38.5

1,054,8601

975,929

521,000
509,017

598,170

+ 6.8

+ 20.3

135,304,469

128,709,820

171,503,208

126,291,127
37,024,817

85,110,533

67,813,516
38,447,598

Minneapolis

42,809,853

1,074,977,509

+ 15.9

Omaha....

39,999,699

$7,282,988,155

$6,355,6^2,449

+ 14.6

+25-9

Long Beach
Total Pacific..

+ 6.5

Kansas

City

17,042,554

30,773,597
16,531,694

Denver

23,588,595!

15,335,564

St.

14,661,9981

Joseph..'

+ 35.8

31,272,863

+ 30.0

22,933,278

18,577,454

+ 3:1

12,843,120

+ 53.8

12,388,940

12,239,661
10,247,007
6,726,701
7,419,598
4,906,335

•

"r+

*

■

$

ending October 13.

York.

1915.

1914.

%
$
$
—11.2 2,860,690,408 1,161,740,377

2,957,988,989 3,342,579,117
285,338,233
256,562,241

Philadelphia
Pittsburgh.

63,531,967

Baltimore

41,853,662

Buffalo

18,797.221

Albany

4,143,786

62,109,776
37,946,468
13,527,595
4,963,807

i 1,000,000
6,574,751

+ 38.1

7,128,624
7,910,963
5,920,027

Sioux City

8,664,092.

5,321,410

+ 62.8

4,101,369

7,239,859;
3,287,831
2,240,760

5,709,710

+26.7

1,939,542

+ 69.5

3,784,084
1,475,990

1,970,475

+ 13.7

4,207,672i

3,955,980
2,033,662

+ 6,4

...

'

+ 11.2

199,283,288
53,439,558

140,830,285

+ 2.3

+ 10.3

38,381,287

33,996,612

51,616,036

1,629,129
'»

2,517,711

<

3.289.737
3,593,845
1,432,063
1.380.738
2,265,195
1,556,257

+34.2

2,183,167

2,839,942.

1,729,833

+ 64.2

1,066,269

—18.3

633,212,
764,9871

670,644

—5.5

1,777,569
739,234
371,986

1,729,563

871,151)

+ 5.9

366,492

343,897

2,400,060

722,448
2,060,746

+ 16.4

1,803,519

1,271,757

2,586,575

2,202,138

+ 17.4

1,419,491

1,712,336

1,062,451

+ 61.2

1,047,116

1,233,538
868,140

485,514
1.922,230

534,093

—9.1

232,963

1,128,551

+ 70.4

223,658
878,849

Total other West

369,518,408;

281,616,044

+ 31.3

209,827,712

187,440,339

2,729,224

.

Fargo

,

New

+ 31.2

6,520,396

Cedar Rapids.4.

l/l

Dec.

S

6,342,669

Topeka

Clearings at—

19k.

+ 37.2

8,323,664
9,002,452

Lincoln

V.

„

10,688,228

Duluth
Des Moines.....

Davenport

Saturday, and hence in the above the last day of the week has to.be In

1917.

317,619

+ 12.9

Wichita.

clearings being made up by the clearing houses

A/bO.

714,894

175,838,634

575,000

+ 14.3

Week

906,960

211,524,771

"

$5,280,694,940

as we go to press Friday night,
Detailed figures for the week ending Oct. 13 follow:'

1,932,098
1.361.115,

638,692

Reno...

+ 20.4

all cases estimated,

3,692,850
2,038,706

533,094
302,908
512,755

.

+ 12.7

The full details for the week covered by the above will be
given next Saturday.
at noon on

12,573,068
3,961,301
6,310,234
1,977,088

1,106,884
883,982
732,810

+ 19.0

999,650

Pasadena

13,320,999

4,387,153
7,848,443
2,159,345
3,726,123
2,430,739
2,171,564
1,358,337

+ 26.4

4,805,742

...

Sacramento

North

+ 19.7
+ 44.0

•

■

We cannot furnish them to-day,

53,353

299,719

,

17,842,721
18,534,806

1,245,941,217
„

403,263

506,227,230

16,087,800

Portland
Salt Lake City.
Tacoma

Oakland

75,482,181

St. Paul

Total all cities for week.....

+ 7.5

25,475,752

36,445,969

...

+ 26.4'

25,708,1141
23,797,165!
7,000,000,

Los Angeles
Seattle...

825,471,823

Total all cities, 5 days...

457,698

379,017

$4,625,416,026
655,278,914

$5,211,575,175

719,001

536,944
600,000

111.

Danville
Lima

$6,037,046,938

Eleven cities, 5 days.
Other cities, 5 days

891,682

the
to.

1917.

551,081

880,245

Adrian.

The foho wing table, made up by telegraph, &c., indicates that the total bank clear¬
ings of all the clearing houses of the United States for the week ending to-day have

Week ending October 20.

726,454

849,192

Ann Arbor..

CLEARING HOUSE RETURNS.

and

1,104,273
1,749,000

1,016,563

Lansing

week

1,226,275
1,265,974

1,014,429
978,822

Mansfield

Addresses of all, Office of the Company.

last

+ 35.3

•

1,125,065

Springfield, O

Saturday
morning
by
WILLIAM B. DANA COMPANY.
President and Treas.: George 8. Dana and Arnold G. Dana,

been $7,282,988,155, against $5,377,877,807
corresponding week last year;.

6,554,700
5,920,945

8,168,388

Bloomington
Qulncy

Jackson
Published

17,514,529
8,223,271

27,325,110

Decatur

COMPANY, Publishers,

Front, Pin© and Depeyster Sts., NewYorJu

Vice-Presidents; Arnold G. Dana, Sec.

276,509,991
22,341,400
23,833,822

Canton

Chicago Office—39 South La Saile Street, Telephone Majestic 7398.
EjOndon Office—Edwards & Smith, 1 Drapers' Gardens, & O.

WILLIAM

50,015,574

Milwaukee-

Dayton

Advertising—Per Inch Space

+ 8.8

Detroit.:

Grand Rapids

(yearly)

+ 11.9

339,807.107
28,117,050
33,967,488
34,625,112

Peoria

(3 times yearly)
(3 times yearly)

31,2S9,050

1914.

$

52,905,375
47,409,412

.

Electric Railway

Bankers' Convention

416,135,009

1915.

%
-1-5.9

57,527,635

.

■railway and Inddstrial

(monthly)

Terms of

440,852,580
35,006.100

Chicago
Cincinnati
Cleveland

Toledo..

Subscription includes following Supplements—

or

Dec.

$

$10 00

Bank and Quotation

1916.

Advance

European Subscription (including postage)
European Subscription six months (including postage)
Annual Subscription in London (including
postage)
Six Months
Subscription in London (including postage)

Bailway Earnings (monthly)
state and City (semi-annually)

NO. 2730

Clearings at—

PUBLISHED WEEKLY.

Terms of Subscription—Payable
^n

City Section

Week ending October 13.

%\xt CtottMje.

Jacob

Railway Section

Colorado

Springs

Pueblo

Fremont

Waterloo.......

Helena...
Aberdeen.

Hastings
Billings

.

...

719,780
662,373

482,683

+29.0

12,060,671

11.308,430

—16.5

5.840,184

6,756,144

9,460,789

+ 16.1

8,140,558

5,938,144
2,888,886

+ 10.7

5,475,023

4,600,169

St.

143,378 ,581 j

122,378 ,843

+ 17.2

89,168,803

3,490,870

+20.8

2,933,198

2,867,430

New Orleans

42,445 ,312!

32,721 ,718

+ 29.7

20,603,036

70,175,768
15,570,883

3,743,974

3,819,324

—2.0

3,477,837

3,162,186

Louisville

16.719 ,427,

17,521 ,972

—4.6

12,623,503

11,240,847

Reading.

2,358,416

Houston.

16,000 ,000,

17,659 ,682

—2.5

2,132,849
2,353,113

1,963,942

2,785,796.

2,393,810
2,856,586

—1.0

Wilmington

Galveston

2.188.5S5

1.681,969

+ 30.1

1,562,721
1,525,782

3,383,014

7,899,789
3,767,500
8,522,413
13,805,644
7,182,078

Washington
Rochester

.......

Scran ton

:

Syracuse

...

Wilkes-Barre

...

Wheeling..

"7,244,348
'

"

1,858,345
2,372,445

2,039,160

Louis

......

6,891,754

17,034 ,2451
13,153 ,6931

1R533 ,675

+ 47.7

9,596,435

10,521 ,077
3,912 .053

+ 25.0

7,817,870

6,506,253

+ 56.8

2,110,860

1,759,594

1,911,207

+ 33.3

1,201,972

1,020,090

Greensburg

1,000,000

1,434,439
797,265

+ 25.5

691,447

688,972

1,239,963

1,245,259

—0.4

845,600

+ 5.2

1,079,059
736,400

781,744

889,500

600,000

546.780

+ 10.0

521,408

598,183

2,357,920

1,936,619

+21.7

1,872,623

1,694,033

432,998

412,338

+5.0

423,339

.384,385

Middle. 3,418,700,935 3,760,411,665

—9.1

Altoona

Total
Boston

New Haven

Augusta

6,135 ,055

Norfolk

Birmingham

5,731 ,499;
3,308 ,544!

+ 7.2

203,964,782
10,151,600

8,364,100

Mobile

4,330,732

Oklahoma...

4,612,002

—8.9

6,880,376
4,217,899

3,64.3,120

Macon

2,658,429
1,900.000

—4.4

3,476,552

2,200,000

+ 13.6

2,100,000

3.490,300
2,000,612

—9.4

3,714,899

+ 0.8

1,452,196

1,721,722

—3.6

1,606,319

924,102

+ 32.1

916,631

2,017,202,
...

...

Holyoke
Bangor
Total New Eng.

1.659.29L
1,221,178,

677,789:

Chattanooga..

+ 92.9

2,465,205

1,053 ,240.

Austin

...

.....

—1.8

2,631 ,9161 + 25.7
5,387 663i —10.9
+ 8.0;

3,936,152

2,640,103
2,233,768
1,652,549
2,190,737

2,681,148
2,153,508

+ 4.5

1,071,678

1,000,000

3,058,000

3,068,300

2,000 ,000

6,976 ,718| + 55.5
8,974 ,375! —77.7

4,675,004

2,900 ,000

2,750 .000,

+ 5.5

1,613,693

3,794,276
1,501,411

323,859

276,685

,00l!

—11.9!

Vicksburg

441 ,523;

501

Jackson

625,,000

561 ,000

2,458 556

2,005 ,484

+ 22.6

497,557
1,051,778

431,314

Muskogee

1,185,470
703,333

Tul

6.794,,602

4,391 ,294

+

1,622,408

1 516,921

873,339

—22.4

706,911

732,745

860.196

760.483

+ 13.1

542,996

+ 4.0

239,731,161

162,1.50,103

Dallas

437.371

229,966,362




2,560 ,964!

1,100 ,000
10,845 ,168!

5,838 ,954;

3,806,006
9,290,577

2,960,050
1,011,633

239,155,385

Nole.—rFor Canadian clearings see "Commercial and

4,939 .2381

Jacksonville

—9.5

3,704,358

+ 34.7

Knoxvilie.....

—26.5

2,500,000

3,100 ,000

3,000 ,000

8,287,081

3,541,977,

River

4,177 ,095

4,800 ,000

11,670,400

3,163,256

SprlDgfield

+ 31.0

Little Rock

139,721,963

134,223,120

2,695 ,450

2,780 ,053
2,057 ,645|

2,554,479
4,328,712
2,701,636
2,723,203
2,248,025
1,978,793
3,041,302

Charleston...

8,580,000

Portland

Lowell

Nashville.

203,234,076

Worcester

New Bedford

Fort Worth

4,200,420

....

Hartford

Fall

_

7.500,000

...

Providence

3,207,825,828 1,439,83.5,338

9,793,463

+31.1

Erie

Montclair

20,015,570

—6.0

11,327 ,302

Memphis
Savannah

Lancaster

+ 59.2

30,573 .1061

1,012,195

1,843,308

679,500

12,651,821

15,758 ,579"

1,016,908

+ 0.4

....

+ 54.9

14,810 ,240
14,849 ,1471

+ 7.1

BInghamton

4,526,823

48,664 ,274!

—2.1

1,048,361

1,979',90S

Chester

10,546,090

Atlanta

3,436,684

1,986,687

.

—9.4

+ 33.9

32,692 ,241;

1,123,406

.....

5,228 ,316
21,107 ,420;

Richmond

Trenton..

York

7,000 .000)

Miscellaneous News."

Total Southern

Total all

21,938

599|

16,703 .169

450.657

,489j

368,517".219

5,377,877 ,807 5,456,762,523

Outside N. Y. 2,419,888,818

2,114,183,326'

+

11.4;
54.7,

959,851

+ 31.3

+ 22.3!

240,090,500

-1.4 4,539,106,900 2

189,915,341
,521,029,635

+14.5 1,678,416,492 1,359,289,258

mand."

appeal to that of

President Wilson now adds his

and

Reserve Board

Federal

the

tion of the war,

Reserve
is to enlarge still

banking institutions to enter the Federal

The

banking system.

purpose

Almost from the

put on more

the
Board.
compelling grounds.

clined to urge our

have

officials

Reserve

But

institutions.

these

fortunate in

been

not

It

enter the

lem

the

The country

made very

President,

little

the State institutions, they

as

in their campaign.

progress

He wants to see the resources

of these institutions added to those of the

banks

that the banking power of

national

the whole country

be available for the active prosecution of the

may
war

so

The

already stated, puts his appeal on more

compelling grounds.

under

common

control,or

more

specifically under

The President declares that

on

the

part of the banks is a patriotic duty at this time,

and

"co-operation

membership in the Federal Reserve system is a

patriotism."
This' changes the aspect of the matter.
He points
out that there are probably eight or nine thousand
and

distinct

doing the job successfully. At such a time there is
no
room
for divided counsels.
Responsibility for
conduct of the

the

significant

State banks and trust

of

evidence

companies eligible for member¬

ship which have not yet united with the system, and
institutions have "it in their power to add

these

enormously to the

institutions should place

best

can

measure

resources

of the Federal Reserve

system," his decision must be accepted as controll¬
ing and opposing views be

be

will

unprecedented

amended,

been

has

that

that "a vigorous prosecution

satisfactory termination of the
small degree upon the

war

will depend

ability of the Government

only to finance itself but also to aid the Govern¬
,

ments associated with it in the war,

functions

(of the Federal Reserve banks in the sale of the
securities, in receiving and transferring

the billions of dollars

facilities,
country.
few

weeks

protecting

the entrance of 1 State
serve

involved, in supplying credit

of the
He adverts to the fact that Congress a
ago prescribed very generous terms for
in

and

concerns

the

reserves

into the Federal Re¬

removing the objections that had
eyes of the State banks

system,

command
remote

a

The law

the President well says, so

as

their charter

the Re¬
withdraw
again after the conclusion of the
analysis the question whether the

They

system.

serve

from the

system

In the last

no

shall not join the Reserve

departure from sound methods in

operation

and

conduct

to

too,

the President mustrb^Trusted to see

much at stake,

the

or

free,

of wise administration and, with so

one

that there is

are

of

confederated

the

system.

which must be

He refers to the important

Government's

be the

not

rights and privileges, even if they do enter

Some

kept supplied with munitions, fuel, food and supplies
of all kinds "

should

State institutions retain all

the

banks shall

The President urges

It is too
financing

contingency, suffice for the requirements.

is

whole financial structure

our

there

slightest doubt that the resources at the
of
the
Reserve
banks will,
even in

system

not

surrendered.

needs of the United States and of the Allies,

the huge

outside

which

rest."

no

responsi¬

to their duties and

up

through membership in the Federal Reserve

bilities

foundation upon

in

the State

at the dis¬

resources

posal of the Federal Reserve banks, going so far
as to express his "solemn conviction that they

banks, "thereby broadening and strengthening the

and

their

even

war.

must

rests exclusively with the

war

President, and since he is convinced that

plain for argument that since the strain in

Federal control.

that

handling the finances con¬
the single end of

nected with it must be directed to

peared to be aiming at mere size, and as until quite
lately they were not especially considerate of the
distinctive position of

is engaged in a gigantic war and all

and plans for

measures

The Reserve authorities ap¬

system;

financing is

war

daily becoming of larger dimensions.

is

itself

the

these State institutions have evinced no
to

admitted that

also be

must

proceeding with such rapid strides and is proving
of such unexampled dimensions that the banking prob¬

attain that end, and accordingly
special desire

methods pursued to

not in¬

we are

against the President's in¬

as

in.

come

intended that the sys¬

view

appeal to the banks and trust companies to

sistent

day of the organization of the system

embrace

should

But

strong outside of the system.

persuade the State banking institutions to join the
tem

highest and best service by keeping themselves

the

Federal Reserve officials have been endeavoring to

system, and certainly it was

companies, be¬

possibilities involved in the

operation of the Reserve banks, would be rendering

repeated promptinigs of the Federal Reserve

is1

of the inflation

cause

likely to prove more effective than have been

appeal, too,

It has heretofore been our

view that the State banks and trust

respondingly expanding their loaning capacity and
their note issuing powers.
The President's appeal is

His

and assist in the prosecu¬

while outside of the Reserve system,

when inside of it.

or

banks, cor¬

further the resources of Federal Reserve

question, therefore, for the State insti¬

the welfare of the country,

the State

urges

The

tutions to consider is, whether they can best promote

SITUATION.

FINANCIAL

THE

[Vol. 105.

CHRONICLE

THE

1552

house

forty

in

a

years ago a

engaged

daughter

friend, visiting at a certain

village "up-State," observed the small

in

the

and

ancient

innocent

amusement of

making mud pies, with the difference

that the child

was

and

sugar

using the real materials of flour,

The friend ventured

eggs.

tle class who take

which the mother,

and think it easier to

trol them,

a

mild

query

of the gen¬
the line of apparent least resistance

of remonstrance, to

one

yield to children than to con¬

languidly replied that it did not matter

much, since the mixture would be consumed by
It seemed to the friend that the child

previously appearedin the

very

when

the hens.

considering th^^xoposition of memberships

The law

now

leaves member State banks and'trust

could

the exercise

quite

them by the

to

companies practically
of all the

banking

undisturbed in

powers

conferred

upon

It cannot of

must rest

on

course

be

the firmest

denied that "our finances

possible foundation and that

they must be adequately and completely conserved
as

to

respond instantly to




every

legitimate de¬

pleasure from common dirt

well, and that the hens did not profit enough

atone

could be

States.

so

get imaginative
as

for the evident waste;

but nothing more

fitly said.

The country

had not then worked back to specie

payments, yet we were in our time of

abundance, the

land

On the 26th of

last

flowing with milk and honey.

month, the morning journals contained

a page

Oct. 20

1917.]

THE

CHRONICLE

advertisement, signed by 27 savings banks and 94

lines.

banks and trust
companies of this

as

oval of the

was an

city.

Liberty Statue,

At the top
become

now

more

familiar than ever,
lapping upon an oval of the bust
of

Franklin,

one

formed

the

at

foot.

the

of whose mottos, "Save and Have/'

headline, while "Save and Serve"
The

eleven lines of

of

text

large type

the advertisement

for

was

this

across

the

was

and since

page,

nobody's private profit,

this brief text:

copy

was

advertisement

'

we
'

\

"The purpose

1553

It is true that

announced

by

basis than in either

corresponding period of either of the two preceding
In other words, the September yield, at an

years.

of 24,608 five

average

with

25,719 fine
in 1915.

ounces

nine months'

soldiers and
are

sailors, backed by thrifty people at home,

invincible force for

an

victory and

The

peace..

future of the United States, after the
war, will be
more

if every

secure

American will spend carefully,

It requires only the will to

further

large

no

same

ounces

saving.

Banks, trust

panies, and savings banks have made it
vest.

individual

to

com¬

to in¬

easy

,y >;'■

essential

and two

years

as

compared with 1916 and

a

year

ago

of 1915.

excess

in

September to exhibit in most localities the

is

It

It is, to¬

finds

some

months past, and which

explanation in the twin adverse influences of

shortage of labor and scarcity and high prices for
tions have been affected is indicated

Yesterday Mrs. Hoover

was

to be guest of honor

"war luncheon" at Food Administration head¬

quarters, 124 East 15th Street; last evening she

Union,
John

food

a

and

the

conservation

other

rally

speakers

was

Cooper

at

announced

were

To what

extent opera¬

an

by the fact that

of the

109
year

164 cities reporting for
September this
show decreases from the like period a year ago,

in many cases very

heavy decreases, and that in the

aggregate for all the cities the expenditure contem¬

plated is

Mitchell, the newly-appointed Food Adminis¬

trator of this

com¬

parative lack of activity that has been the feature

people."

speak at

under that for

ounces

all classes of materials.

to

a

and only 91,799 fine

day, absolutely vital to the welfare of the American

a

a

the current total of 6,825,715

ago,

in construction work for

;

success.

the foundation of the power of nations.

at

The

ago.

Building operations in the United States continued

"Investment follows

is

one

con¬

and the

save

character to keep at it.

"Thrift

fine

and 776,750 fine

ounces

being 119,956 fine

period

in

compares

25,871

narrowing of the margin of increase

two years
ounces

diem,
and

1917, at 738,231 fine ounces,

contraction

fine

per

1916

yield of 1917, consequently, shows

rather notable
over

in

771,567 fine

respectively,

ounces,

the

carefully, and invest carefully.
"Saving requires no technical knowledge,

save

capital.

with

trasts

ounces

ounces

Furthermore, the total production

soldiers and sailors alone cannot win

Our

higher per-diem

August—only nominally

or

however—but it was, at the same time, less
satisfactory than the outcome for the month in the

for the month in

war.

was upon a

July

so,

of this advertisement is to bring the
importance of saving to the attention of the public.
Never before has saving been so
necessary.
Our
the

production in September 1917,

cable,

As

23J^% under 1916.

some

regards the building situation locally, and

more

State; Miss Katherine B. Davis, Mr.
Henry Moscowitz, of the city's Food Commission;

particularly in Manhattan Borough, the committee
appointed at the conference held at the City Hall on

Mr.

Sept. 20 under the auspices of the Building Materials
Exchange to examine into the whole situation and

U.

H.

S.

J.

Hill, national campaign

Food

Administration, and

sioner Emerson.

With little

has been

for

going

on

manager

of the

Health Commis¬

publicity,

endeavor

to

has been

actively engaged

a

ministration, and thousands of homekeepers have
signed a pledge to observe occasional wheatless or
meatless
cut

or

sugarless days,1 and to do their utmost to

off wastes; a demonstration.

war-mothers at Union
next

Saturday.
nor a

"Clean

the

by war-wives and

Square is also announced for

For the last nine months there has

been much of what may be
fensive

derisive

called (in neither

more

rational

menu,

pinched garbage pail, the Simpler Life.
lable

can

Not

a

the

syl¬

against all this; it is timely, it is
it is for the good of the whole world.
The

exhortation
a

of¬

be said

necessary,

form

an

sense) Hooverism, the gospel of

Plate," the

and

campaign for

economy

and thrift

distinct movement,

tion to the

having no natural rela¬
attempted Control.
We may doubt and

criticise the

latter, without deprecating

or

doubting

the former.

and

times, and

woman

a

we

have cited is

a

distinct sign

hopeful indication.

who possesses

knot tied to

a

Every

head that is

more

advertisement

conservation
what

the

man

than

a

prevent ravelling out at the top should

give it heed, hope and honest endeavor.
this

first steps
to

make

agree

and

the

with,

Hoover

supplement

Moreover,

push

towards

and

enforce

"Chronicle" has been saying

concerning

waste and thrift.

operations in the Transvaal continue

along what might be rightly called ultra-conservative




was

canvass

the selection of Allen E. Beals

of the condition of

shipped to New York

are

so as

to determine whether

there is warrant for the belief held

investors that

the

cost

by

of materials

many

building

would

decline

simultaneously with the fixing by the Government
of the base

has been
of the

prices for coal and steel.

That survey

completed and report made at

a meeting
Buildings' Committee held in the office of the

Building Material Exchange

on

Tuesday.

Summar¬

izing briefly the results of his investigations, Mr.
Beals stated that the

causes

for the present stagna¬

tion in construction work

are:

tation that there will be

drop in the price of mater¬

ials.

will be at
come;

a

First, general

Second, uncertainty of deliveries.
as

regards realty values.

at which he arrives
or

are:

expec¬

Third,

un¬

The conclusions

(1) Building material prices

above present

levels for

many years

to

(2) consideration should be given to investi¬

gation of railroad conditions to discover how long

embargoes and
after the crops
ways

and

delayed haulage

Committee

may

be exqpeted

have been moved; (3) consideration of

means

enterprises.
its

Gold mining

taken

a

remedy for existing conditions,
ever since.
One of the

a

supply at all
manufacturing centres from which building materials

certainty

The advertisement

of the

find

campaign

weeks by the Hoover ad¬

some

of protecting investment building

In addition to the foregoing report, the
on

Supply and Price of Labor announced

conclusion

that shortage is likely to continue
lasts, but that agreements in effect

while

the

war

tend to hold wages at or near present levels.

CHRONICLE

THE

1554
Our returns of

building operations for September

1917 from 164 cities furnish

total of contemplated

a

this comparing with

$54,716,177,

outlay of only

slightly greater loss from 1915.
records

to be noted

aiso

in

been informed that Americans would not submit to

the

over

compara¬

and gains

of New

York the

month's

against

as a

whole the contrast

$63,352,791

sum

last

only

up

representative cities

Pittsburgh,

St.

Louis,

Chicago,

as

Minneapolis,

New

behind the Government.

are

American citizen and

our

country.

hand, mentionable gains

and

Indianapolis.
are

to be

seen

at

only Cleveland, Hartford, Salt Lake City, Denver,
Rochester,.Wichita and several less prominent cities.
The aggregate
much less than

a

for the period since Jan. 1 is

very

The disbursements

year ago.

ar¬

ranged for at the identical 164 cities reach $582,785,917 as against 790 millions in 1916 and 625
millions in

Greater New York's figures are

1915.

ance

Russians

already
base

Finland,
began

the

opposite

south

Vremya"

millions, and 41 places in the
(New York City excluded) show a
falling off of 34% millions.
The Middle West (28
cities) records

a

diminution in total of

nominal

41 mil¬

over

Chicago, but there is

a

gain in the aggregate for 15 Pacific Coast
The "Other Western" division,

points.
25

at

comprising

cities

in

the

territory west of the

Mississippi
River, show a loss of 17 millions, to which
Minneapo¬
lis, St. Paul and Duluth were the principal contribu¬
tors; at the'South (31 cities)

decline of 2 1-3 millions

a

is disclosed.

Returns

the

and

threat of

of Finland.

grad.

from

Canada

give but little

for

cause

a

little

mains

doing than in September

more

construction

in

month

work in the Dominion

the

comparatively

by month since the

European

as

naval

a

The latest advices suggest that the German

Moon

Sound, which is

vessels

completely bottled

are

up,

but Petrograd

suggests that they may yet escape.

The Germans

n

an

of

at

dollars.

battle to the Germans

They

breaking

out

of

the

result is to be

promoted.

sarily be

as

war

sub¬

will

tremendous
the country if this
desirable

accomplished.

A huge

fective

over

$4,000,000,000) will be filed,

over

feature

as

must be

and

Russian

one

relic of the days before the
Russo-Japanese War, was sunk.
Other units were
so

a

badly damaged that the entire Russian flotilla
forced to seek refuge in Moon Sound.

was

It

seems

obvious from these
operations that recent

reports of mutinies in the German naval fleet and
also

of

disaffection

and

Austrian

of

seamen

ported.

in

the

Austrian

friction
not

serious

are

as

These various reports
German

fleet

between

are

officers.

In

the

sailors

Adriatic

at

in

the

German

and

at first

as

re¬

largely circum¬

are

Ostend.

are

Austrian

reported

[for duty

one

of their

seanten

have

tween the Germans and

naval base in the
a

fight in wtiich

Austrians

Adriatic^ is said

men on

at

Pola, Austria's

to have resulted in

both sides

killed.

were

trouble is said to have been due to the
conduct of the German
to the

who

seamen

submarine flotilla.

It

was

were

But

one

a

change the

point further south.

swallow does not make

does not appear unreasonable to

attached

necessary as the

result of the bad blood thus
caused, to
German base in the Adriatic to

The

overbearing

a

summer,

and it

consider these up¬

risings, while perhaps symptomatic of
discouragement and unrest,

more

general

as

or

less

isolated

instances.
.

neces¬

to the enemy and
the appearance of

American army in France.




Enthusiasm

over-subscription would

discouraging

outclassed, however,

were

battleship, the Slava,

mutinied/owing to ill treatment by their officers and
unsatisfactory food.
The bitterness of feeling be¬

moral force that is behind
the
obvious that a week of

effort is at hand all

Thursday, attempting

on

back the enemy armada off Oesel
Island.

force

to

said to have thrown overboard

noted

subscriptions
hope are that
least $5,000,000,000
(which

allotment of

It is

a

gave

and

state

bases

against Viborg, Reval, Kronstadt and finally against
Petrograd.
The Russians

declined to go aboard submarines

inactive

Island.

naval offensive

a

to have

re¬

campaign
offering of Liberty Bonds, the

or^er to show the

Moon

stantial.

i otments of one-half the
surplus
the minimum.
The plan and the
mean

for

also to have seized

seem

islands, presumably, will be used for

whole

subscriptions is substantially $2,000,000,000.
$3,000,000,000 as a minimum
Secretary McAdoo reserves the right to make all

scriptions

Riga and

Dago Islands in the Gulf of

year ago,

The Government asks

but

Russian vessels in

more

inlet of the Gulf of Riga.
According to official German accounts these Russian
an

a

At the close of the second week of
the
total of

campaign into the Gulf

a

war.

to market the second

of the Gulf of

Reval is about 200 miles from Petro¬

fleet has trapped a score of

Adriatic,

comment, for, while the few reports at hand indicate

shore

Tuesday and was made necessary by the
operation of the German fleet in the Gulf of Riga

These

loss of 11

this

on

collectively the total is .495% millions, 602 millions
and 492 millions.
Twenty-three cities in New Eng¬
Middle Section

move

Helsingfors, according to the
of Petrograd.
The evacuation

have captured Oesel and

lions, of which 32 millions

duty of

foreign resident in

said to be evacuating Reval,

are

on

millions, 187% millions and 134% millions, re¬
spectively, in the three years, and for the other cities

a

no

man

'

.87

land exhibit

in
a

operations in the Baltic and in further-1
of their supposed advance on
Petrograd.
The

"Novoe

On the other

Here lies the

every

The Germans have made another bold

Spokane, Oakland, Syracuse, Akron, Dayton, Dallas,
San Diego, Nashville, Birmingham, New| Bedford,
Worcester

'

people to

our

week in their

Orleans, St. Paul, Kansas City, Los Angeles,
Seattle, Washington, Richmond, Portland, Ore.,

Mass.,

learn that

way may

the naval

Springfield,

is most needed is that the
enemy

now

every

approximately

and

year

What

equivocal

$45,820,182,

Heavy percentages of decrease

shown at such

Philadelphia,

Outside

expenditures arranged for under

contracts

62 millions in 1915.
are

are

Brooklyn and Richmond boroughs,

is between $8,895,985 and only $8,165,486.

the

overwhelming strength and

than anything else to bring
the enemy to his senses.
The German people have

conscription, and that they are so lukewarm as to
make it impossible to
voluntarily raise a large army.

a year ago,

that for Greater New York

so

our

more

a

trifling augmentation

a

loyalty,

our

wealth, will tend

Manhattan Borough

$71,518,277 for the month in 1916 and showing

tively small aggregate of

unity,

[Vol. 105.

a

as

ef¬

large

A demonstration of

our

Otherwise the week'has noF witnessed

important contests.
French guns still are

particularly

In^Belgium, the British and
battering the German position**

Oct. 20

1917.]

but there is
of

when

no

evidence, either official

renewed

pected. "French troops
attacks in the Verdun

be

may

ex¬

the southern portion of

on

the line have succeeded in

also

unofficial,

or

infantry operations

repulsing strong German

sector

along the Ainse front

Bezonvaux and

near

the Vauclerc plateau.

on

1555

CHRONICLE

THE

idea of the strain that
circles in

believe

Germany.

that

pending.

actions have been recorded with

the

fighting.

Chancellor to

German

Large Austrian parties (quoting the official state¬

terms,

urging

that

West.

Count

Czernin

and

Dogna valleys.

west of Selo

dispersed in the Giudicaria

were

Austrian storming parties south¬

the Carso plateau were

on

Wednesday intensive air fighting
the

tween

French

and

the

repulsed.

On

reported be¬

was

Germans,

German

11

planes being driven down by French aviators, making
a

total of 36

destroyed

to that time this week.

up

The German office asserts that 13 French machines

destroyed.

were

raids

There have been

additional air

no

London reported, though when the moon

over

becomes brighter to permit night
series of raids is expected.
that

announcement

operations

a new

On Tuesday last formal

England intends to make

prisals in kind for the German air raids

re¬

unfortified

on

state

concessions
received

Germany's peace
be made in the
a

clared to

longer

no

have made

the part

great sensation, being par¬

a

against the

marks
in

peace

A German Socialist

of Austria.

news¬

declares that the Socialists have decided to

paper
vote

de¬

are

ticularly illustrative of the fervent desire for
on

im¬

were

These developments

necessary.

ne¬

the latter made vague

clearness and frankness

statements when

peratively

as

reply,

vague

.

whereupon • he "stated that he could

gotiate with Dr. Michaelis

requested

recently

Minister,

Foreign

ment from

Rome)

re¬

im¬

are

saying that Count Czernin, Austro-

as

Hungarian

local

Michaelis, the Chancellor,

The "Deutsche Tageszeitung" of Berlin

quoted

Along the whole Austro-Italian line moderate artillery
some

quite reasonable to

seems

important changes, including the

tirement of Dr.

is

undoubtedly exists in official
It

new

credit of 10,000,000,000

war

(which is to be submitted to the Reichstag

December) unless Chancellor Michaelis resigns.
Kaiser

German

The

Tuesday. A He

was

arrived

at

Constantinople

on

met at the station by the Sultan,

British towns, was made in the House of Commons by

the

Bonar

senators, deputies and other prominent personages.

that it

raids

He stated

Law, Chancellor of the Exchequer.

the Government's intention to make air

was

and

bombard

German

"as far

towns

military needs will release the

the

as

machines."

necessary

Imperial Princes, the Grand Vizier, ministers,

The

Emperor's reception

Dardanelles.

Vice-Admiral

man

bases in

week to have resigned.

has extended

military service to

and is

up

calling

men

47

Germany
of

years

age

those who heretofore escaped service

Cappell, the Ger¬

von

Minister of Marine, was reported

Meanwhile the British have been bombing German

Belgium quite freely this week.

The Em¬

imposing.

was

then proceeded to inspect the defenses in the

peror

fender of U-boat
to cast

He has been

Rightfulness.

doubt upon

some

early in the
active de¬

an

Later advices

seem

his reported retirement.

*

on

account of

of 45 years,

a

army

the authorities taking the ground that,

British

Admiralty

could be mobilized,

results

of

age

requirement existed for the discharge of

no

favorable

Another

large number above the legal limit

though nobody above that
yet

The German

military unfitness.

already includes

soldier reaching that age

The

while in service.

a

new

regulation calls to the colors all exempt born after

Austria's

Sept. 8 1870.

has been

army

down that it has been necessary to

Landsturm for

men

for first line

so

draw

duty.

worn

upon

the

war,

The first occurred

week.

submarine

which

was-

attacked

make

A Ger¬

Wednesday.

on

American

an

destroyer

patrolduty, and although the vessel

on

severely damaged by

was

to

reported by the Navy Department this

were

man

casualties, the first of the

One

port.

was

able

gunner's mate,

was

torpedo she

a

man,

a

killed, being blown into the

sea

the

Five other

men were

official report, forwarded

by Vice-

explosion of the torpedo.
The

wounded.

Admiral Sims

by the force of

gives, few details, but it is assumed

vessel.
tons

the

In

were

and

were

4 steamers

The

1,600 tons and 1 under that size.

over

Office

Foreign

Norwegian

Norwegian steamships Darbro
and Hovde of 1,196 tons gross
German

submarines.

hagen quotes Count

A

zu

to be in the confidence

intimating in

a

reports

that the

of 2,356 tons

gross

have been sunk by

from

dispatch

Copen¬

Reventlow, who is supposed
of the German Admiralty as

German

newspaper

article that a
September

decrease in submarine destructiveness in

shown by

as

German statistics will he published.
Britain

Reventlow advances the theory that Great
has withdrawn

ships from service for the remainder

after
The

transport the Argentine harvests in January.
These
withdrawals decrease the opportunities of the sub¬

made

good her

of the destroyer and the location of the
been

The second
was

made

casualty
more

operating

nately, the Antilla

„

attack

was

reported yesterday after¬

serious.

on

It

was

the

Antilla, formerly
the

Morgan

sinking of
a

coastwise

Line.

Fortu¬

returning after discharging
American troops in France.
Sixty-nine were lost
was

out of the total of 170 on board.

soldiers; the remainder

were

marines for
of

public.

the American transport

30

shipping

1,600 tons and the French losses were 1 mer-

escape

U-boat

not

steamer

previous week 14 vessels of 1,600

torpedo without, showing herself.

have

and

sent

fishing

of the year

^as

name

noon

were
one

fight

that the
a

size, also

lost, 2 under that tonnage and 3 fishing

Losses to Italian

vessels.

depredations.

than 1,600 tons

more

no

by the Navy Department that there

launching

submarine

to the bottom and 6 under that

chantman

American naval

Two

Wednesday concerning the

German

Only 12 vessels of

over

.

the

report was furnished by the

on

Those lost included

members of the

crew.

to American

of

received

by cable this week any connected and satisfying




are

submarines to

for

Sudden changes in the routes
making'it increasingly difficult

sinkings.

ships, too,

passenger

their

find

authority

a

pre^.

He attributes

statement that the voyage

liners between America and England

require 26 days.

now

Advices

cabled from

Rio Janeiro

announce

the Brazilian Government purposes to
German

tional

zilian
It is difficult to obtain from the reports

in ordfer to have them in readiness to

and

steamers

for the

steamship lines.

that

utilize seized

organization of interna¬

Vessels will fly the Bra¬

flag and will be used in the interest of Brazil

the

made up

Allies.

of

The

crews

Brazilians.

of the vessels will be

Brazil severed« diplomatic

THE

1556
relations with Germany on

merchant

German

46

and seized
in Brazilian

April 11 1917

ships laid

up

The official Treasury statement
and

week

the German naval and

markets

London

the

military successes in the Gulf of Riga appear to have
about nullified the effect of the British advances, in

war

has

There

Flanders.

5%

been

some

realizing

of the

loan following the recent advance in quota¬

easier tendency displayed by the
money market quotations for investment securities
have not declined on a large scale.
Russian bonds
tions, but with

reflected the

an

by moderate declines.

war news

cial announcement that up to
than

of the expenditures

receipts for the week ending last Saturday shows

expenditures of £46,660,000, against £55,965,000 the

harbors.

In

[Vol. 105.

CHRONICLE

£38,000,000 of the

been sold

was

the evident

Offi¬

last Saturday no less

ne w national war

The total outflow, including the

re¬

and advances, was £89,349,000, against £149,481,000 the week preceding.
The
repayment of Treasury bills amounted to
£34,104,000, against £77,962,000, while the repay¬
of advances were

ments

The

500,000.

£8,500,000, against £15,-

aggregated

revenues

£18,153,000,

comparing with £19,885,000 for the week ending
Oct. 6.
The total inflow, including sales of bonds,
treasury bills, &c., was

£89,887,000, against £146,-

The Treasury bill issues were £50,776,000,

095,000.

Other debt incurred amounted
The national
£7,809,000, against £6,154,000, The

bonds had against £69,139,000.

So also was

interpreted favorably.

preceding

payment of Treasury bills

weakening of the German U-boat cam¬

£16,896,000, against £26,067,000.

to

bond sales

were

of the revolts in the German Treasury balance at the close of the week was
£18,855,000, against £18,318,000, while the out¬
on
Wednesday began to transfer to the Bank of standing Treasury bills amounted to £956,793,000,
England the subscriptions received by them to the against £940,238,000.

paign,

as

well

as

the

news

and Austrian navies.

The London joint-stock banks

national

but the heavy maturities of

war

bonds,

imports into Great Britain for the month of
comfortable
September register a decline of £14,300,000 from the
position. Another batch of Russian credit bills
They nevertheless indicate an in¬
has been arranged at the British centre at 4 13-16%. August figures.
crease
of £8,859,000 over September 1916.
The
The speculative demand for English securities ap¬
September exports also were well below those of Aug¬
pears to have shifted from stocks of high yield to
what may be termed speculative peace securities, ust, showing a loss of £6,500,000 and were also
namely those with a low present yield or no yield slightly (£233,000) below the figures of the corre¬
sponding month last year.
Cotton goods exported
at all, but with prospects of advances based upon
in September totaled 420,448,000 yards,
against
peace activities.
Following
The London County & Westminster Bank announ¬ 461,698,000 yards in September 1916.
The

Treasury bills served to keep money in a

t

ces

absorption of the Ulster Bank (Ireland),

the

.following the acquisition of Irish connections by

the

through the Belfast Banking
The Ulster Bank has a capital of £3,000,000

London City & Midland
Co.

subscribed but only £500,000
are

about £12,000,000.

for each
of the

one

paid in.

Its deposits

Its shareholders will receive

share they hold, two-thirds

of

one

figures of imports and exports

are

the Board of Trade

for

September and for the nine months ending with

that

•'

month:
—September

Imported

1916.

1917.

£77,440,183

£777,950,300

43,244,677

43,477,677
£33,962,506

_____

Excess of

1917.

imports.__.£43,054,506

Export*

-

'

'■

Since Jan. 1

—

£86.^99,183

'

i

1916.

£703,029,500

394,129,571

379,147.745

£383,830,729

"

£323,881,755

share
Financial Paris continues without

purchasing bank plus £2:10 cash.

ure.

Paris omnibus shares have

important feat¬

displayed consider¬

shipping companies appears to able irregularity because of the labor troubles. The
proceeding quite as freely as smong banks.
The Saturday sessions of the Bourse, which have been
Royal Mail Steam Packet Co. and the Lamport & resumed, are unpopular, especially as the banks close
Consolidation of

be

Holt

Co.

have

purchased

the controlling interest

at

noon.

The

Transatlantique

(French

Line)

is

Mihanovitch in the issuing 140,000 shares of ordinary stock of 150 francs
at, 235.
It has reserved for old shareholders a pro¬
portion of 1 share of new for two of the old shares.
An estimate based on official statements gives the
also are taking substantial interest in the Argentine
concern, these companies being the Transport Marifollowing, as the French crops for 1917: Wheat,
times, the Chargeurs Reunis and the Compagnie 3,950,000 metric tons, against 5,841,070 metric tons
Sud-Atlantique.
An Italian shipping company, the in 1916; spelt, 90,000, against 111,427 tons; rye,
Transatlantica Italiana also has taken a substantial
700,000, against 911,632 tons; barley, 700,000,
amount of the Argentine concern stock.
All the against 857,940 tons; oats; 3,500,000 tons, against
Entente companies named will be represented on the 4,127,960 tons.
The American Consul-General at
board of the Argentine concern, which will retain its Paris reports that the permission to export canned
separate identity.
'
<$ and preserved fruits to the United States and other
A new company has been formed in London, en¬
Allied countries in derogation of the embargo has
titled the Furness Shipbuilding Co., of which Lord
been withdrawn by a Ministerial order of Oct. 13.
Furness is Chairman.
Its objects are shipbuilding Special licenses will now be required for the exporta¬
and repairing, and its capital is £650,000.
Munro tion of such fruits to any country.
Sutherland, of Newcastle-on-Tyne, has purchased
A report on German food conditions (received by
six steamers from the International Steamship Co.,
way of London) purports to give the results of an
of Whitby, at a price, it is stated, of £440,000.
investigation by the German Chancellor of the 1917
Mr. Sutherland is a director of several tramp lines.
crops.
The yield of food will, it is stated, be 40%
The British Parliament reassembled on Tuesday lower than in more nearly normal years for wheat,
The total
after a recess of two months.
One of its first duties and 45% lower for rye, oats and barley.

formerly

owned by Nicholas

Argentine Navigation Co., which owns more than
300 vessels.
French companies, three in number,

will be

Action

the authorization

of

a

new

vote

of credit.

in^this respect is expected early next week.




harvest of wheat and rye is

7,500,000 tons, as com¬

pared with 13,000,000 tons in 1915.

The shortage

Oct. 20

will

be

1917.]

THE

partly compensated from

CHRONICLE

Rumania.

The

report states that the food situation in
Germany this
coming winter will depend mainly on the potato
harvest.
Potatoes are now
being delivered with
fair

regularity, but should frost, lack of labor, or
other reasons cause a
shortage it will spell disaster.
The situation in
than in

Austria-Hungary is said
Germany.

Field Marshal

Ludendorff

von

have

to be

worse

Hindenburg and General

received

leaders

of

the

von

German

trades unions who
presented

complaints against the
regulations issued by department heads of the
army
limiting, or in some cases, paralyzing the freedom
of action of the unions.

ference
Diet

has

at

was

been

not

reassembled

made

once

which the

on

The outcome of the
announced.

The

Wednesday.

that

the

Prussian

Announcement

franchise

reform

There was,
as

Note circulation decreased £39,-

result

a

reserves

however,
the

declined to

expanded £586,000.
large expansion in loans and

a

proportion of

curities

ties)

increased

loldings

£960,000.

aggregate

455,151

a

total

serves

£32,846,000 on which compares with
£38,237,291 in 1916 and £44,762,225 the year be¬

fore.

Loans

in

Oct.

13, the amount of

the

week

previous.

best

the

redemption of such

debate

be

can

concluded

before

chance
the

that

the

of

the

terms

present members of the Diet expire.

500,000.
able to

The Bank of France this week announced

a

fur¬

We

108,500 francs held abroad) to 5,324,500,975 francs,
comparing with 4,885,784,692 francs (of which 674,last

held abroad) in the corresponding

and

year,

4,692,674,062 francs

(all

in

vault) in 1915.

Silver holdings decreased 2,078,000
Bills discounted showed a
gain of 14,233,000

francs.

notes out¬

currency

against

£164,479,242

The amount of gold held for
notes is still

special

given

correspondent is

as

£28,longer

no

give details by cable of the gold movement
the

append

holdings, this time of 1,784,brings the total (including 2,037,-

week

Our

as

ther increase in its gold
725 francs.
This

were

£165,628,761,

into and out of the Bank for the Bank
much

558,075 francs

at

with

1915
of

stand

now

£100,309,000, as con¬
£101,389,822 the preceding year and
£98,618,395.
The English Bank reports,

trasted

as

little

(other securi¬

The Bank's gold

£56,035,326, as against £56,and £58,885,570 in 1915.
Re¬

year ago

standing

seems

Loans

increased £11,415,000.

were

system,
probably would not be ready before December. At
Christmas and there

liabilities

to

reserve

18.79%, against 19.90% last week and

a year ago.
Public deposits were increased
£546,000, while other deposits showed the substan¬
tial
expansion of £12,444,000.
Government se¬

as

only the formal first reading is expected before

were

23.30%

bill

new

£546,567.

0; hence total

in time

Emperor ordered to be submitted

that elections could be held under the

so

con¬

in of

1557

Bank

has

week, inas¬

discontinued such reports.

tabular statement of comparisons:

a

BANK, OF ENGLAND'S COMPARATIVE STATEMENT.
1917.

Public

1915.

1914.

1913.

Oct. 18.

Oct. 20.

Oct. 21.

Oct. 22.

£

Circulation

1916.

Oct. 17.

£

£

£

41,639,000

.......

deposits

36,667,860

42,731,000

32,573,345

55,589,446

46,128,445

Other deposits..... 132,069,000
108,495,580
Govt, securities
59,231,000-

98,380,914

Other

securities....100,359,000

Reserve notes & coin 32,846,000
Coin and bullion...

Proportion of
to

42,187,840
101,389,822
38,237,291

56,035,326

56,455,151

18.8%

18,896,781
98,618,396
44,762,225
58,885,570

23.30%
6%

£

34,798,900
15,764,074
143,068,390
24,074,087
108,787,978
43,713,856
60,082,756

28,674,890
5,951,439
41,321,966
13,488,105
24,929,023
26,601,438
36,826,328

reserve

liabilities.....

Bank rate..

5%

31.00%
5% :

27.50%
■;
5%

56.25%
5%

francs, and the Bank's advances also gained 10,052,000 francs.

Notes in circulation increased

000

Treasury deposits

francs.

347,000

francs

francs.

and

general

Notes in circulation

francs.

deposits

are now

At this time last year

016,425 francs and
In the week

standing

in

1915

72,227,-

increased 10,-

were

37,841,000

21,680,179,800

the total

was

16,800,-

13,831,993,620 francs.

ending July 30 1914 the

amount out¬

6,683,184,785 francs, that being the
last statement issued by the French Bank after the
was

outbreak of the

war

until Dec. 24.

Comparisons of

the various "items with the statement of
.

and the

corresponding dates in 1916 and

BANK

OF

FRANCE'S

COMPARATIVE

Changes

\v.

,

Francs.
.Inc.

Abroad

...

Silver
Bills

1,784,725
No change

Total

Inc.

1,784,725

Dec. 2,078,000
discounted

Inc.14,233,000
Inc.10,052,000
circulation..__Inc.72,227,000
Treasury deposits...Inc.10,347,000
General deposits
Inc.37,841,000
Advances

Note

week ago

STATEMENT:

—Status
Oct. 181917.

of
Ort. 19 1916.

Oct. 21 1915.

Francs.

Francs.

3,287,392,475
2,037,108,500

4,211,226,617

no

__

5,324,500,975
4,885,784,692
4,692,674,062
256,965,022
328,560,402
363,291,901
606,337,604452,150,469
268,326,000
1,137,451,719
1,188,490,577
575,512,316
21,680,179,800 16,800,016,425 13,831,993,620
'
36,662,549
79,451,276
82,594,291
2,857,535,757
2,541,755,921
2,574,027,430
If

change in official

rates at

leading
European centres from 5% in London, Paris, Berlin,
Vienna and Copenhagen;
5J/£% in Italy, Portugal
and Norway; 6% in Petrograd and
43^% in Switzer¬
land, Holland and Spain.

In London, the private

bank rate continues to be
quoted at

4%% for sixty

days and 4 13-16% for ninety days.
London

is

still

been received
as we

quoted at 4%.

by cable of

open

have been able to learn.

advanced

its

bank

rate

on

Call money in

No

reports

market rates,

have
as

far

The Bank of Sweden

September

28

from

5V2% to 6%.
The Bank of

gold, reporting,

statement

trust

further

a

of

New

York

companies,, issued

as

a

result of preparations for the

returns

bursements.

Loans

than

showed

Saturday,
well

as

as

largely

reserves,

Liberty Loan, and

the banks of dividend and interest dis¬

to

amount

associated

on

heavy increase in loans

gains in both aggregate and surplus

the

expanded by

were

$95,438,000.

Net

no

demand

less

an

deposits

almost

phenomenal increase of $129,039,000, to $3,651,097,000 (Government deposits of
$173,448,000 deducted), while net time deposits

gained $12,295,000.
of

4,692,674,062

.

There has been

showed

•

674,558,075

week's
and

Cash in

of the Federal Reserve

as

Francs.

for Week.

Gold Holdings—
InFrance.

a

1915 follow:

Last

banks

own

vaults

Bank) registered

(members

expansion
$9,623,000 (largely due to the inclusion of the

Guaranty Trust Co. for the first time
bank)

to

$99,805,000

(not

counted

an

as

as

a

member

reserve).

Reserves in the Federal Reserve Bank of member
banks increased

$98,598,000 (this change also being
Guaranty Trust Co.
Company Group to the Member Bank

influenced by the transfer of the
from the Trust

Group) to $465,633,000,
012,000

a

year

ago.

as

The

compared with $171,in own vaults

reserve

(State banks and trust companies) declined $6,162,(the elimination of the Guaranty Trust from un¬

000

der

this

head

$65,784,000.

affecting this change likewise) to
Reserves in other depositories (State

banks and trust
of

sum

the

companies)

$62,922,000 by

were

reason

reduced in the large

of the elimination of

Guaranty Trust, to $72,415,000.

now

$32,448,000,

aggregate

reserve

an

increase

of

Circulation is

$J72,000.

The

showed the substantial increase of

$29,514,000, to $603,832,000 (not counting $99,805,-

England has added
as




against

a

to

its stock of

decline last week,

a

000 cash in vault of member banks of
Reserve sys¬

tem), which

compares

with $632,929,000 in

cash in vault of member banks

1916,
being then included.

,

'

increased
$11,020,260, in consequence of which the gain in
surplus reserves totaled only $18,493,740.
This
brings the total of excess reserves up to $102,483,290

Reserve

the basis of only

Federal

the

of

13%

reserves

Reserve

but this

on

at

discretion will be exercised as to the prices at which

banks

national

circles while the position is more or

arbitrary quoted rates are a shade lower on most
The Committee of Bankers which is

maturities.

operating in association with the Liberty Loan cam¬

made
during the

at this centre has not openly

managers

to show its control of rates

move

any

Nevertheless the fact that it stands ready,

week.

stabilizing influence and is permitting business

a

to continue

of

ance

along

operations

normal lines than if this assur¬

more

protection

were

large lines

on

All financial
necessarily being deferred

not present.

are

necessities of the

to the

new

war

loan.

direction.

coming

so

comparatively small

of the banks is of

ness

Initial

tions.

subscriptions
be

cannot

deposits that

a

Preparations

ignored.

loan

demand that
are necessarily

in the aggregate

are

propor¬

war

accompany

ago.

basis,

3J^%

and

the low.

was

2@4% and 3% for renewals.
On Thursday 3^% was the highest, 2y2% the
minimum and 3% the ruling rate.
Friday the range
Wednesday's

range was

3@4% with 3% the basis for renewals.
there has been very little doing,

was

In time money

with

the,demand for funds exceptionally light.
the

is not unnatural in view of

^enormous

This

volume of

A

liquidation in securities on the Stock Exchange.

slightly easier tone prevailed, with sixty and ninety

5^@5M%, four months at

days at 5J4%> against

5J^2% against 5%% and five and six months' money

of

that
Speculative operations in fact are be¬
restricted that the Stock Exchange busi¬

week

a

renewal

the

also

at

for funds in

demand

the

modifying

course

to

proportion

Monday 3J^% was the
ruling quotation. On
Tuesday the maximum moved up to 4%, which was

The recent

steady decline in Stock Exchange quotations is

pe-

as

high, with 3% the low and

virtually without notice, to lend out funds is acting
as

class securities, and

of the depreciation should be
charged off in any six months' period."
Dealing with specific rates for money, call loans
this week have ranged between 2% and 4%, against

what

2J/2@43^%

paign

reasonably be

safely and

can

mitted to carry such high

subsequent section of this issue.

less

intelligent and conservative

abnormal figures, but an

reserves

In local money

unquestioned intrinsic value

such investments down to present

and merit to charge

The bank statement in fuller detail is given in

18%.
a

year

"require national banks hold¬

ing high grade bonds of

amounted to $68,914,410,
the basis of reserve requirements of

surplus

was

Last

national bank examiners that they

need not at this time

for the member banks
(but not counting

banks).

*

instructed

has

system

cash in vaults held by these
this time

were

above the $100,000,000 mark—on

more

once

—or

however,

requirements,

[Vol. 105.

CHRONICLE

THE

1558

i

5^@5M% against b%%.

;

.

rates were still unchanged, with
sixty and ninety days' endorsed bills receivable and
six months' names of choice character at 5j^@53^%,

Commercial

and
were

paper

known at 5Sales

less well

names

limited in volume, and

various

the belief is expressed in

little activity need be

quarters that very

being made for the 18% payment on Nov. 15 on Jooked for until the war loan; campaign is over.
Banks' and bankers' acceptances continued to
account of the loan.
The experience of the June
be
maintained, at previous quotations.
Trans¬
distribution may be expected to be repeated, namely,
that

a

large proportion of subscribers will ,wish to

in full for their bonds rather than take advan¬

pay

However, the
Treasury will aid matters to its full ability by per¬

actions
rates

mitting subscription funds to remain in the banks
during the

negotiated with
has

ence

minimum of disturbance in money

a

Bankers' Committee

The

circles.

to

which

already been made will remain

refer¬

on

duty

throughout the full distribution of the loan and will

Thirty

tcithi«

Days.

Days.

30 Days.

---3%@35<{i 3%@3%
3%@3^

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

4
5iz

44@34

week by

changes in rates were announced this

No

34 bW
bid
bid

3H@34
34 @34

44 @4

.6@4

......1

Ineligible bills

Sixty

Days.

of first distribution of "the bonds.
15 adjustment to be

process

Delivery

Delivery

Spot
Ninety

This should enable the Nov.

be

follows:

as

of the installment privileges.

tage

Detailed

light and the market quiet.

were

were

of the Federal Reserve banks, as far as our

any

knowledge
in the

Prevailing rates for various classes

goes.

the different Reserve banks are showm

of paper at

following:
DISCOUNT

RATES

OF

FEDERAL

BANKS

RESERVE

prepared to lend funds to keep conditions reason¬
A loan of $25,000,000 to Italy ob¬

ably stable.
tained

two

in New York

ago

years

was

issue of

an

This loan was in the form of
year 6% notes.
It originally be¬

one

«

paid off

early in the week.

9

S
CLASSES

I

OF

DISCOUNTS AND LOANS

1

a

9

|
£

m

§

1
3

3

3
e.

W

55

I

I

8

I

$

*

1
5

I

•

Member Banks, Coll. Loans:

came

due Oct. 15 1916,

a

second

made it is understood

from

but

was

extended for

Payments

were

proceeds of advances to Italy by

our own

Gov¬

ernment.

.

to.30

"

"

.,-v

41 to 60

"

"

.....

11 to 90
A

3*z

34

34

34

3

34

3

3

34

34

3

34

34

34

34

34

34

4

4

34

34

4

4

4

4

4

4

4

4

4

44

4

4

4

4

4

1

4

4

4

4

4

4 4

4

4

4

4

44

4

44

44

4

44

44

44

4*

6

6

44

6

■*4

6

6

6

6

ft

6

5

34

3*4

4

34

34

,

1 to 15 days' maturity...
id

the

•3

34

maturity

Discounts

year.

34

4

1 to 16 days'

"

cirHlrurat and

Live-Stock Paper—

President Wilson's call for the''mobilization of all

U days to 6 months maturity
"rode

the
the

nation's gold

under the supervision of

reserve

Fedeijal Reserve Board, to which we refer further

above, is expected in banking circles here to

In fact, the prevailing opinion

entirely effective.
appears

prove

to be that the President's action will have

full

weight

of

exigencies of the
•

»

the

prove

an

aid

strain.




of

ones now

some

current is expected to

importance

Comptroller

The

34

34

34

34

34

34

34

34

4

34

34

34

4

3 4

34

34

34

4

4

34

8 4

34

4

34

34

4

days' maturity

34

4

i

84

4% to 4%.
For notes, drafts and bills
of exchange Issued or drawn for the purpose of buying or carrying bonds, notes or
certificates of indebtedness of the U. S., and secured thereby, having a maturity
at time of discount of not more than 90 days, 34%.
Note.—Rate for bankers' acceptances, 2

Rate of

2% to 4%

on

member banks' 1-day collateral notes in

connection with

the loan operations of the Government.

Sterling exchange continues in its former arbitrary

of

in

preventing

the

Currency

position.

Unsatisfactory

0

•

•

'

mail opportunities serve
is passing very largely

to confine whatever business
to

cable

have

not

transactions.
been
...

•

34

34

34

Commodity Paper—

Treasury officials permitting

investment securities at prices above

abnormally low

money

under the

34

34

situation.

war

*

The decision of the
banks to carry

issued

command

a

"

34

4

"

34

4

"

GtoOO

*

the

4

1 to 30 days' maturity

31 to 60

I to 90

«.

Acceptance*—

altered

Rates

from

for

these

4 76 7-16.
/

transfers
Demand

i

Oct. 20

bills
net

1917.]

just

are

THE

shade firmer, but otherwise the week's

a

alterations

trivial.

are

There have been

of gold for export from
'
■'><■

gagements
week.

As regards
quotations in
on

Demand

ruled

day's

4

at

at 4 76 7-16 and

detail, sterling exchange

sixty days at 4 71 @4 71%.

operations
result of

a

decline

sixty

to

days

transfers

showed

changes in

toward increased ease,

was

was

7510@4 75 3-16 for demand, while

continued

4 71 @4 71%

at

4 76 7-16.

at

only trifling

Mon¬

Sterling rates

and

cable

Tuesday

on

maintained at the levels of the preceding day

were

about

was

steady.

slight improvement in
announcement of

the

inquiry,

mail steamer

a

On Wednesday

fractional

advance

in

incidental

a

to

having been sched¬

uled to sail at the end of the
week,
demand

brought about

bills, which rule

day at 4 7520; cable transfers and sixty day bills

remained

tively.

4 76 7-16

at

and

Extreme duiness

and demand
4

ago,

unsatisfactory mail service; there
4

and the tone

all

week

a

was

again

4

was

71@4 71%,

evident

On

4 76 7-16

and

still

were

4 71

were

for

4 76 7-16

ninety

4

at

days

was

dull and featureless and

unchanged.

Closing

transfers.

74%@4 75,

quotations

Commercial

sixty

4 68)4,

at

days

documents

sight

4 70%,

at

for

payment

(sixty days) at 4 7034 and seven-day grain bills at
4 74@4 7434Cotton and grain for payment closed
at 4 74%@4 75.

other

Continental

to

business in this class of remittances.

dinavian rates

ception

of

exchanges have experienced

still confined to fractions.
was

one

two

or

14

at

grad,

one

well

as

reverses

time

in the

as

on

with

the final

tinued

ruled

a

reac¬

of Russian military

exchange closed firm at fractional net ad¬
Swiss

pesetas

activity

was

at 43 %^

essential

The

or near

Lire

con¬

last week's closing

practically pegged and

change.

exchange

are

No

dealings

sterling check rate

in

being 'put through
on

27.18, unchanged for the week.
on

are

not

Paris finished
In New York

the French centre closed

at

5

79%,

against 5 79%;

cables at 5 77%,. against 5 77%;
sight at 5 80, against 5 80%, and com¬
mercial sixty days at 5 85, against 5
85% the week
preceding. Lire finished at 7 76% for bankers' sight
commercial

bills and7

75% for cables.

This compares

and checks

the

on

previous

23.40.

sight bills and 4 62 for cables.

Copen¬

at

Checks

37, in contrast with 37.50,

Norway closed at 31%, against 32.00
week.

The close

a

Spanish

finished

pesetas

week ago was

at

23.60.

The New York

Clearing House banks, in their oper¬
banking institutions, have gained

ations with interior

$2,910,000 net in cash

as

result of the currency

a

movements for the week

ending Oct. 19.
Their re¬
ceipts from the interior have aggregated $8,196,000,
while the shipments have reached $5,286,000.
Add¬
ing the Sub-Treasury and Federal Reserve operations,
which together occasioned a loss of
$186,554,000, the
combined result of the flow of money into and out of
the New York banks for the week
appears to have
been a loss of $183,644,000, as follows.
It should he
understood, however, that a good part of this loss repre¬
sents transfers to the Federal Reserve Bank and
therefore
as

a

loss in

reserves.

Week ending October 19.

Into

Banks'

interior movement

$8,196,000

Net Change in
Bank Holdings.

32,556.000

$5,286,000 Gain $2,910,000
219,110,000 Loss 186,554,000

$40,752,000

$224,396,000 Loss$183,644,000

Sub-Treas. & Fed. Res've operations
Total

Out of

Banks.

Banks'.

■

i

The

following table indicates the amount of bullion

in the

principal European banks:
October
Gold.

England,.

1917.

October

were

marked

Guilders, following last weeks

Total.

Russia

5,6 ,035,326

129 .340,000

Aus-Hun.c

51 ,578,000

Spain

77 ,024,000
41 ,455,000

Italy

■_

19

1910.

12,140

000

63,718,000

47,177.000
44,065,000! 37,783,000

29,807, 000
3,109, 000

76,984,000
40,892,000

56,926,900. 48,940,000

515 ,700

49,461,700

15,380,000

600 ,000

600 000

Nat .Bel. h

15 ,380,000

Swltz'land

13 ,965,000.

Sweden

11 ,362,000

Denmark.

10 ,584.000

Norway.:

7 ,031,000

Tot. week. 721,775,975
Prev. week 718.419,029

56,455,151
13,142 ,400 182,671,465
844 ,000 125,900,000
9,785; 000 165,400,000

2,610 000
600 900

Gold

Total.
£

29,385, 000 106,409,000

50 ,326,000

*

Silver.

56,035,326 56,455,151
10,240 000 141,735,699169,529,065
5,449, 900 125,649,850125,056,000
12,375 000 141,715,000155.615,000
12,140 000 63,718,000 51,578,000

Netherl 'ds

held

Gold.

£

Francea.. 131 ,495,699

15,980,000

13,965,000! 11,533,400
11,302,000; 9,499,000

168,600

15,980,000

11,533,400
9,499,000

10,742,000

8,647,000

7,031,000

6,274,000

6,274,000

73,558,800795,334,7751743,472,616

70,164,100 813,630,716
70,609,130 810,932,198

73.693,600 792,112,629740,323,003

holdings Of the Bank of France this

year

are

221,000

exclusive of

8,868,000

£81,484,340

abroad.

The gold holdings

of the Bank of Russia for both years in the above statement
have been revised by eliminating the so-called gold'balance held abroad.
On the
"atest
c

reported date, the amount so held, £230,880,000.

July 30 1914 in both years,

While

our

canvass

after the
loan is

the

WAR FINANCE.

Government is

for the second

war

bringing to completion
loan, only four months

first, and while the seventh German

following the sixth at

an

war

interval of six months

operations being in long-term funded loans—

British Government

financing
the

h Aug. 6 1914 in both years.

NEW PLANS OF

.

—both

Dealings in the neutral exchanges

18

Silver.

£

checks.

new

pronounced rise, broke sharply and touched 42%
for checks—a drop of 3 [cents—chiefly,
however, on

defer

report of Great Britain's intention to cut off cable

funded loao.




against 45%; cables

43,

with 4 68 and 4 66 last week.

Sweden finished

on

its

irregularity.

at

specific

Bankers' sight

case.

hagen checks closed at 31%, against 31.75.

Rubles, after rallying to 14%,
eased off and closed at 14, against 15.20 a week
ago.
Greek exchange continues to be quoted at 5
15% for

some

closed

Spanish

no

against 45%; commercial sight at 43 3-16,

at 4 64 for bankers'

This compares with 7 76

and 7 75 last week.

by

either

and

though

against 45 9-16, and commercial sight at 42 15-16,
against 45 1-16 a week ago.,* Swiss exchange finished

a

sight bills

steady,

Banks of

quotations for reichsmarks and kronen

available.

ruled

maintained,

noted in

Amsterdam

on

regained,

were

further decline took place,

remained

German and Austrian

francs

well

were

Germany. 120 ,199,950

without

entered

buyers and both guilders and Scan¬

as

dinavian

.Later supporting orders

quotation at the lowest.

Francs

Toward the close of the week,

of rubles, which closed

news

heavy, and ruled at

figures.

at

,

Riga region.

although at the close

and

case

put forth and most of the losses

were

ex¬

ruled

vances.

unsettling reports from Petrothe

which

important financial institutions

the market

.

on

with the

Stockholm

on

Scan¬

an¬

During the earlier days

irregular, with slight downward

tions, particularly in the

declined, in sympathy,

exchange

strong throughout.

quiet, uneventful week, with changes in rates

the tone

furthermore

was

ex¬

will not count

The

It

change would be compelled to apply for licenses

not changed

were

sixty days, 4 75 3-16 for demand and

for. cable

finished

Thursday

on

sixtyl days' from 4 71@4 71%.

Friday the market

rates

communication with Holland.

shade easier, at 4 7517%@

a

7520, although cable transfers

from

respec¬

1559

reported that banks desiring to deal in neutral
carry on

7515@75 3-16, cable transfers

rates, although the trend

a

en¬

quiet but steady and without essential change.

was

a

no

New York this

Saturday, compared with Friday of

as

CHRONICLE

more

has introduced

to the London market.

a

form

Its results,

hbpeful Londoners have predicted,

indefinitely

the

necessity for
-

of

may

another large

subject to tax,

The offer consists of short-term 5s

optionally, of 4s free of the normal income tax.

or,

They

offered at

are

has

at 103, or after

not

and the investor has the choice of 5s
five years at

102, after

at the issue

thirty

seven years

at 105, or of 4s repayable after ten years

ten years

war

1929), and with
tional
sold at

for the 4s then

years,

par—both being redeemable at

(which of

course

bonds

makes the increment of value in the

redemption price considerably greater) is not the

National War Bonds.
be purchased at any of sixty-six

only novel feature of the

new

that advances to the Government have

process by its enormous re¬
($1,000,000,(300 in a single week, on one
occasion) whenever those private institutions had

facilitating the

to make their

This

new

that point, but its statement appears

on

discounts

par.

of the

But the shortness of the term

say.

of the Bank of Germany is

mainly arranged by private banks, the Reichs-

been

term of twenty years, with op¬

a

redemption in twelve

clear

to indicate

bank

(the Government having the option to redeem in

financing

similarly conducted it is difficult to

The last annual report

term of

a

entirely to advances to their Govern¬

How far the German Government

been

loan sold at 95

This contrasts with

price.

for the latest 5%

years

almost

due

ments.

the amount is unlimited
repayable after

par,

[Vol. 105.

CHRONICLE

THE

1560

quarterly reports.

English procedure

new

out to throw some

light

other Governments in the

conceivably turn
of finance by

may

the

on

program

longer future.

More than

people realize, the experiment which our own

most

Government is

trying is

in all the

new

war

finance.

designated English banks, or may be obtained by

England has been extremely careful to allow a gener¬
ous interval for capital to accrue between the dates

mail from the

of her

The

bonds

must be
seen

may

Exchequer's London

paid for in full

agency,

It will be

application.

on

that the idea is to have

a

stream of

and they

capital

con¬

stantly flowing into the Exchequer, thereby avoiding,
far

so

as

be, both the heavy interim borrowings

may

for the banks* for three to nine months, and

gaging in
a

the

en¬

great operation for a single war loan, with
subscriptions and with in¬

a

definite term fixed for

stallment payments
This

period of months.

over a

English plan is not in all respects a new

tried' at
outset by the French Government, whose
Something resembling it

expedient.
the very

de

"bons

months

to

amount

Between

nationale"

defense

la

many
as

spread

sold

were

during

the counter, without limitation

over
or

was

the

to

as

of

time

subscription.

est, were disposed of in the sum of 1,591,000,000
As

francs.

rule they ran, however, no

a

longer than

months, and therefore amounted really to

twelve

French financing was on the

result of the

whole

good, but it could not be more than a stop¬

gap.

At their early maturity the bonds had to be
a new loan, and therefore, when a suf¬

redeemed in,

ficient number had

matured,

a

formal offering of

The idea which
has governed the fixing of maturities in the new
English bonds is evidently that the dates assigned
will fall after the ending of the war.
Thus far the

long-term bonds became necessary.

Government

British

financed the

has

war

largely

Of these, indeed, she

loans.

war

only three—one in the autumn of 1914,
in the summer of 1915 and the third last Febru¬

There

ary.

opportunity for incomes and profits
private hands during such a lapse
fact, combined with the very careful

was

to accumulate in

This

of time.

adjustment of taxes so as to raise the
revenue with a minimum of friction

and scientific
maximum I of

unsettlement, explains both the absence of irri¬

and

tation

complaint and the composure of the stock
readjustment on the

or

markets after their first drastic

removal of minimum

Germany

left between
war

war

our

a

own

so

we

case

issuing

are

at

of

...

our

second large

moment when taxes are being increased

a

single stroke almost
increased in the

were

case

barely four months after the first, and are

loan

doing
at

almost negligible.

taxes have been

In

Even in the

prices.

six months' interval has regularly been
the war loans, and meantime the German

a

as

much

course

those of Ehgland

as

of three

or

four separate

experiment whose
good or bad results guided the Exchequer in arrang¬
ing for further taxation. One need not be severe
in arraigning the recent Congress, in order to prove
that no such system, has been employed in our own
budgets—each of which

Treasury bills placed with the general public.
The

one

September 1914 and the end of 1915 such-

bonds, sold at 95 to 99 and bearing 4 to 5% inter¬

large funded

has issued

was

an

arrangement of the tax levies.
action

and

ence

whether
on

of

unlimited

an

England with her war loans,
reckoning somewhat

not

are

we

At all events, it is

ask, in the light of the experi¬

at least reasonable to

of

fund

perpetually

blindly

available

capital.
For

this

English experiment will be

the

reason

through Treasury bills placed with the English banks.
The entire war finance between the middle of 1915

watched

by

and the issue of the last British war loan was con¬

In

important respects, the plan resembles the

ducted
new

the

bonds

are

taken by banks

by the general public.

English

so

and to what extent

The intent at least appears to

public will take them.

Thus far in the

about

little
the

war

war

it has been

remarkable fact

a

finance that the prodigious burden

disturbed the position

steadiness

banks

or

money

markets.

has

problems of the

experiment, therefore, will be to what extent

new

be that the

has

One of the

that basis.

on

of the

of the English

London stock and

The Bank of England in particular

apparently acted only as

a source

of temporary

credit; its loans to the Exchequer have been duly
paid off when the particular need of the occasion had

some

financiers with great interest.

our own

notably successful

canvass

1864 for the Civil War

of Jay Cooke in 1863 and
were sold like

loans; which

operated
of book
agents, and of whicji $800,000,000 were placed in a
little over twelve months, when the Wall Street
through

merchandise,

throughout

market
case

of

the

canvassers

country

in

had seemed unable

the

to

is not wholly analogous,

capital in

upon

in

give

no

a

every

who

manner

The

absorb them.

because the reserves

country have already been drawn

degree to which the early Civil War years

precedent.

Nevertheless, it is at, least a
course of events the plan and

possibility that in the

general machinery of

war

finance through Govern¬
adapted to new circum¬

whatever

ment credit will have to be

against Government obligations, like the banks of

stances, in this country as

France

and

Russia,

consideration

during

the

past

disappeared.

It

has

issued

no

notes

whose increase in

twelve

months,

circulation

amounting

$880,000,000 and $3,500,000,000, respectively,




to
was

which

gives

special

economic test which England is now
market.

This is the
value to , the
applying to the

in others.

-

•

Oct. 20

1917.]

THE

CHRONICLE
shall

THE (<FRIEND IN NEED": A

VNIT ED STATES

BOND.
But

great

loan.

approach those in other countries, the time

even

may come

when other investment securities held

be commandeered

week remains in which to subscribe

one more

to the

1561

Thousands of keen and

future

bond

by the Government

issues.

No

may

basis for

as a

quasi-conversion

of

this

affect the status of these United States borjds.

sort

can

engaged in presenting reasons
why the citizens of the country should buy these

All

things considered, all possibilities of the future

bonds!

der

war

thusiastic workers

is

en¬

are

And from

conceivable standpoint it

every

being shown that the people should

of the Government.

come

to the aid
V

'•

the

tiny raindrop that wished to

parched lands and withering

terred

by

a sense

of its

panion in the clouds replied, "If
it would avail
and

nothing; but let

'combined effort will

our

result that

no

all

go

more

the other side of the shield,

And in

a

doing this

but that it is

cause,
we

bond

necessary

an

ef¬

need not stress the fact

that bonds prevent the whole weight of the war bur¬
den from

falling in taxes

Rather let
in

time of peace.

a

few current

Though there

paradox, there is
must be met.

of

upon a

consider these bonds

us

And he who

to be

may seem

for this

none,

bonds, to the

When the

owners

is

finally

these

over,

of small amounts, will embody

unrivalled investment security.

an

is

It

that

well-established

a

security should

lurement of
ficed

be sacrificed to the al¬

high rate of interest*

a

variety of investments sufficient,

them in

assuming the risk

But the small
So well

or

warrant

a

chance."

in "taking

recognized is this that strict laws

out of their

that

deposits.

are

savings banks

.

risk.

thrown

make

may

When the purchaser contem¬

plates the security offered by

one

of these present

bonds, he does not have to think long, for the

veriest tyro
and energy
of the
can

to

cannot afford to take any

saver

around investments

war

It may be sacri¬

•

by those who have funds and property enough,

and

knows that, backed by all the wealth

of the entire people, and the taxing

Government,

no

Now the

owner

of

power

stronger investment security

be offered in all the world

bonds, whatever

be the vicissitudes of life in the years to come, can¬
not

have

there is
as

a

a

bank,

faithful

as

long

friend.

Just

as

long

which

can

credit for

commercial credit exists,

as

come

to his relief.

It is

a

form of credit

immediately.be converted into
amount

an

as

a

personal

nearly approaching its face

affixes itself to any other form of security.

when

as

normally helpful agent in human affairs, this

bond will

as

more

a

all other friends fail,

steadfast..

And

holds for him.
at the mercy

finance.

In

no

The

man
man

this friend will remain
means

of the great changes in

is

peculiarly

commerce

and

proportion to the United States bonds,

of the present

security quality,

millions, the investment

are no

conditions in this country, in the




these

holder of

in

some

appraised,

way

principal.

to

years

And

other

man

to furnish

Other

circumstances

far

as

hundred and fifty

one

may

individual

of this toll, at the

interest and,

pay

false,

prove

bring down

may

the

in the country is working
fund to

a

friends

is pledged

come

while

bond must pay a part

a

present

so

fifty billions of dollars, the toil

bonds.

time every

same

disaster,

other

but this

friend, this bond, will not change its character while
the Government stands and the
to their

obligations.

STANDING

°

people remain true

.

AND

PULLING

TOGETHER—DE¬

STROYING FOOD PRODUCTS BY FIRE.
The article in

issue of last week

our

fire waste and hazards received

by the destruction,
of

the

on

concerning

forcible

a

emphasis

day, of the

same

group

buildings at the foot of Pacific Street, Brooklyn,

known

Dow's

as

dustrial

plants in

started

Stores, and while that fire

was

or near

was

driven

that
The

was

one

was

$944,150,

The

reported

on corn,

the destruction is not

the

on

oats, buckwheat and barley;

on

contents

quite

as

of wheat.

These

insurance

the grain contents

on

to have been

seems

mention is made of wheat,

no

so

became impossible.

group

$511,410; that

85% of the loss

barley, and

a

of these buildings, and

used for grain, and grain formed

were

contents.

about
on

of the

any

buildings

buildings

The larger fire

by the west wind towards the others,

saving

their

Brooklyn.

Saturday morning, directly following

on

holiday, in the tower of

serious

so

that

if it had been

as

•

buildings

were

old and of ordinary flimsy

construction, with abundant floor openings.

The

less attractive.

financing of the

reports was a "cask and three pails on first floor of
each

store, on each floor of cupolas, and on each

floor of

If
war,

machinery building above the first"; there is

mention also

of

night watchman,

a

a

time detector

clock, two calls during night in cupolas, also outside
watchman,
central

begins
that

an

outside fire alarm connected with the

station, and
as a very

any

either

even

roof-tank

A

or

no
are

to have been any

ate.

standpipe.
one,

The largest fire

and there is

serious precautions had

extinguishing

a

a

small

sprinkler system,

within

issue he holds, he becomes immune.

To those able to invest

and its

And

knows all that the future
of small

concerned, at

are

people for twenty-five

pay

self-interset

only fire protection mentioned in the underwriters'

to-day!

of these

one

patriotism impels,

It does not matter whether the

raging, three others broke out in storehouses and in¬

principle in investments

never

though

two hundred and

or

a

helps himself by the act
war

that,

of the

tremendous need

helping others takes nothing from the good of the

result obtained.

So

commands.

years.

they will exist

as

bonds.

war

big business is

"a friend indeed!"

these bonds

it not

may

of

man

alone

go

insistently what the Government is

Not that this is

fect.

better investment for large

a

capital than this issue of

And the friend in need to the

to

doing in aid of the individual by this

to-day

wealth of the United States be

dovm together

But

exist

and idle

com¬

possible suggestion in the present¬

be worth while to present

issue?

to

de¬

bring relief "—with the

patriotic duty is wanting.^

and show

was

shower saved the crops.

a

Certainly
ment of

but

crops,

you were

us

there

down to aid

go

littleness, when its

own

if

un¬

control laws estimated, it is doubtful

present

means

,

Secretary Wilson is to be thanked for reciting to
the American people the beautiful fable, or
allegory,
of the

discounted, all of the entanglements of business

detecting

an

mentioned,

such guarding

last few

evidence

taken for

incipient fire;

no

portable extinguishers, and not
nor

as

nearby resident reports that
the

no

been

months

he

does there

is

now

on

seem

appropri¬

two Sundays

visited

this

place,

strolled about the buildings, stepped on board tugs
and loaded barges at

attention, met

no

the docks, but he attracted

challenge, and

saw

no

nobody who

appeared to have

interest in casual visitors. We
sources that a number of

any

from

hear

also

CHRONICLE

THE

1563

private

farmers' barns in the central part of this State have

week.

Kansas City,

supply of fresh meat during

motive.

but

combustion

spontaneous

Warnings

precautions,

were

appear

given early in the

to have been largely neglec¬

is by
by the old habitual American

material, especially needed and valuable
deliberate

arson

lack of care,

it

or

a

are

by act of

comes

supposition, it is
is

season,

Whether this destruction of food and of other

ted.

a

now,

an enemy;

scarcity of labor,

and old?

The

those unfit for

the

precious stocks

Have

upon

been, and

we

even

if

we

military duty, to guard

which everything depends.
to-day, acting

are we

to the

up

duty of self-preservation and the duty owed to the

Are

world, in this matter?

we

standing and pulling

The question is for the judgment and

together here?

conscience of every

good citizen, and it demands

Turn from this to the great

of each daily

loan which is urged

newspaper

standing and pulling together
Both

city and country

upon
are

issue;

that?

on

are we

Not thus

lagging behind, al¬

though it is to be expected that the

energy

enthusiasm will

to the end, as

intensify from

with the loan of the

now

On the

summer.

suc¬

Further, there
in the

even

are

savings bank,

large in the aggregate, being in old stockings,

are

various holes.

The

owners

bits of cash should be

suaded to
bond is

buy

pillows, and tucked in

of these idle and unsafe

sought out and earnestly

begin buying

or

registered, the

owner

a

bond.

must

per¬

Unless the
to its safety;

see

and the

score

of per¬

exposed to theft

more

no

or

accidental de¬

companies have been asked (and will probably
sent) to keep
without

sell, to

day and night for its

use

after it

owner

currency

as

in purchasing,

or

as

se¬

loan, having the maximum of converti¬

a

The. disposition to help

bility.

year

bond; the bond will always be available

a

curity for

con¬

a

Instead of rusting in idleness, the

charge.

turns into

to

small amount in bonds for

a

hoard will work

universal that

nearly

every

on

the bond is

so

employer will aid in this

gradual purchase, towards which everything possible
is done.

•

There

store, and by several advertisements

several pages

far.

an

attention by placards posted everywhere, in

upon our

street and

not

are

under mattresses and inside

->7;"

'

answer.

depend.

struction than the cash, and some of the safe deposit

has not

war

withdrawn,there must be enough left,

small hoards which
but

whose action the complete

of the loan must

but it is

painfully know; but where

we

nevertheless, the bone and sinew of

are,

There

crime against humanity.

all the men, young

must count

small size (speaking in the language of the

the nation and upon
cess

the individual will

upon

a

either

upon

yet destroyed any, and although a goodly number
are

we

of present

Thus the

single completed payment.
refer, of course, to the men and women

dollar) who

and of
dust explosion are made as to this Brooklyn fire, but
they are less than probable even if plausible; these
fires in grain stores are too many and have too obvious
a

Here

incendiary, has also further

savings.

the financial markets will

minimized, and the effect

,

of

Suggestions

upon

vastly better than by

reduced the available
the past

disturbing influence
be

been

have

to

for their bonds by

pay

be

A stockyard fire in

gathered.

assumed

deposits untouched and to

installments taken from current

and always after the crops had

burned this season,
been

[Vol. 105.

hundreds

are

who have

women

of

thousands

owned

never

bond

a

of
or

becoming investors; who perhaps have not
a

and

men

dreamed of

had

even

savings bank account; who have perhaps been de¬

nouncing while also envying the rich, yet have
made

effort to

an

habit of

thrift,

denial.

a

Poor

never

Turn those into the

at the cost of

even

Adopt the

practice of

dollar.

a

save

a

little helpful self-

Richard

philosophy and

most wise and good early American,

strong in sense as in patriotism.

as

We need to stand

sonal selfishness in the disposition of money, this loan

and

is less attractive to the very

by the widest distribution of this loan.

issue, but
not

taxes

attractive to the great

more

touched

was

the other

mass

who

Thus far, the owners of

to be somewhat

appear

great salaried and wage-earning

large

halting, and the

mass are

The loan will

tribution
verdict

and

and

success

with

every

capital.

beaten in upon

sense

men

It should be reiterated
and

women,

everywhere

hour, that the load should be taken

A local banker in
even

a

suburban town is reported as

if the savings banks

by the loan it will rnphe
the

as

the money

Treasury.

National

a

Strength

declaration may

no

will

are

drawn

upon

difference to the banks,
soon

return to them from

If this banker is neither misquoted

misunderstood, he is mistaken; any withdrawal
savings deposits for the loan will tend to increase

a

be said of

are

beaten

shining

us

exerts, and the advice of

a

large savings bank in

OF A

from waste

UNIVERSITY.

university,

as

sea

of time."

a

guide,
Until

a

know what life

warning,

is, and how to live it,

questions of matter and methods,
separating the two, education,
through
are

a

comfort, whenever there is danger and fear.

we

shall not know what education is.

ceeded

many

as a

Wavering

combining and

theories, to find itself

science is supposed to further.

system of education

can

progress

which the

Any public

or

comprehended in the term, for education in

urge

their depositors to leave

their

all its

are

scope

is life itself, with all its activities,

ideals, all its hopes and possibilities.

students, all

State

represent but a part of that

and

errs in
raising its dividend rate from 4% to
4}^% in order to forestall withdrawals.
All savings

pro¬

amena¬

"leading out," that "unfolding,"

inseparable from the

in purpose

we

over

science, has

ments

bank

fail,

never

Boston that

depositors buy their bonds on install¬
through the bank is much better, albeit that

'

has been said of

and bright above the tumult,

which

disturbing tendency which the loan, inevitably

a

by storms, the light should

pure

ble at last to that




by

grows

become true.

great book, it is "a lighthoufee in the

of

banks should

was

And when the waters of human endeavor around it

nor

the

Blessing."

THE MISSION
It may

popular; the

by current savings and not by past accumulations.

inasmuch

selling campaign of 1862-64 there

exerting strength, and if the huge debt which this

unless it wins the widest dis¬

becomes in

and until the last

saying that

Debt

than

way

paradoxical advertising line, "A National

to thrift that

ancj the effect lie with individual workers,

rather than

rather

better

unquestionably be fully taken, yet it

full

a

a

no

taking in-, country cannot avoid results in turning

sufficient notice.

cannot be

pull together, and there is

In the bond

are

by surtaxes and pot concerned about

inheritances.

on

incomes

rich than

teachers, in the

University of Life!

one

All

are

high school—the

Oct. 20

It

1917.]

THE

CHRONICLE

follows that any large centre of education is

essentially democratic in its
And

in this

political

ligious

it

can

than it

whether

a

liberal

as

ment it would

of it, all of time is

than any

period of it, that

of religion.

And

thought be the result of outside

mits itself to

which

and storm,

in

no

product of physiological

way a

need to explore

realize that

a

university

as

psy¬

recondite problems to

no

an

of popular

agency

light

destroys its usefulness.

it should keep burning the fires of learn¬

ing and research that
of

life

That its

and

are

inclusive of every aspect

advancement.

If

State

a

in

which

exists be at war, and if, incidental to its

compendium of all knowledge,

and

successive

generations, to fulfill its true mission it

stand

must

light and leading to

above

all

divisional, social, economic,

political and religious questions of

permitting the unwasting
express

To

of

given period,

any

of soul and mind to

energy

itself in and through the individual.

thought, is to put shackles

And in

this, suppression by

becomes

ment

upon

whatever be its form

agency,

no

or

educational

an

special

purpose.

ger

of

error

a

from sup¬

trusteeship is in dan¬

when in the interest of the State it under¬

make ho mistake
for

bars

the

here,

think, and

we

taught.

We

let down

we

propaganda of what is termed

and

loyalty," for by these

uni¬

versity which embraces all of knowledge, truth and

become the

power,

founded upon
the inalienable
d°.

of

support

very

Statehood

a

the "consent of the governed," and
right of the individual to be and to
■;

At the very moment

university.

of time when

student shall bear toward

in that moment

trusteeship

a

it

denies

a

a

fixed and continuous than is

The law of the land is

efficacy of that law,

else

can

as

fessor

innate

are
or

more

life itself.

a

inculcate

in

a

or

sup¬

bad law be repealed, how

wrongful policy be abandoned?

can

"disloyalty"

comprehensive

who

way

No

pro¬

presents to

the history and

philosophy of government according to the democ¬

university
of the State, if that State be

of free thought, without which

racy

must become

in truth

a

an

enemy

ing

a

the citizens of

among

opinion and excited feel¬
a

republic, aside from

obeying the spirit and letter of the law, it
come as

may

great an evil for a teacher to insist upon

view of what constitutes

loyalty

as

be¬
his

what constitutes

But teacher and student should obey the

disloyalty.

law, though they may believe it to be not in the
interests of

the people, or in accordance with the

spirit of the Government.
that

a

made

And

one

law which is not specific and
so.

reference

There is but
to

an

one

need not add

clear should be

conclusion to draw with

educational policy as followed by




over¬

are

giving life

an

obligation

that resting^upon the

the facilities of the

use

active propaganda.

an

Still

he by his acts and deeds place the'university

false

a

There is
as

light.

of his beliefs

He must not
to convey

as

spread knowledge

so

the impression that it is

university sentiment that he is expressing, when he is

merely voicing his

isolated opinion.

own

of conduct does not appear to
in the controversy at

This rule

have been observed

Columbia.

THE

NEWSPRINT

PAPER

Our last mention of this

PROBLEM

AGAIN.

subject," about six weeks

left the Federal Trade Commission putting

ago,

its hands in confession, of its own

it

what

was

methods of

up

impotence to do

expressly created to do, prevent "unfair
competition in commerce," and

recom¬

mending that Congress legislate for taking Over all
Just before the session

Committee

closed, the Senate

indorsing

and

quoting

Printing submitted

on

a

long report,

Commission's

the

recom¬

mendation "that all mills producing and all agencies

distributing print

paper

and mechanical and chemical

pulp in the United States be operated on Govern¬
account, that their products be pooled in the

ment

hands of

and

Government agency

a

tributed

at

price based

a

distribution, plus

It is evident that

and equitably dis¬
cost of production

upon

fair profit

a

newsprint

per

paper

ton.".

falls under the

"any necessaries" in Section 6 of the Control Law,
a scheme of licensing and gives a

which authorizes
distinct

or,

power

declare

to

prices

any

practices

or

unreasonable and to order such to

cease,

instead, to prescribe prices for licensees.

This

unjust

or

appears as

ample

a

control

as

statutory terms- can

establish; yet the Senate committee proposed a joint
resolution

(which went

over

to the regular session

beginning Dec. 3), authorizing the Commission "to

representative republic.

When there is conflict of

not

may

university to promote

inalienable right,

an

democracy, cannot be denied

a

a

no

they relate to the public wel¬

How else can

students

policy,

thing, and must and should

one

fare, is another thing,, arid is

which, in

or

own

university's
education,

teacher

a

An opinion of the right, wisdom and

obeyed.

pressed.

State's act

Policies of governments

democracy.

be

He

plain

as

.

undertakes to declare the attitude which
©r

him

upon

the mills.

'

when the

no

"dis¬
a

a

harm

savings in support of it, must noUabuseJthe priv¬

resting

laws of the evolving and

very

life, the liberty and democracy of

war

in

way, no

whelming majority of his countrymen

■

unfold ng

discussions

But he who opposes war,

can ensue.

in

takes to limit and define what shall be

classroom

philosophic, comprehensive and liberal

less may

And just here, owing

turbulence of the, times,

into

enter

it

teaching

and politics, questions of

economy

peace

character

different in

represented in the State.

as

political

independent endow¬

an

pression by the authority of organized government
to the

of

ilege of freedom of speech.

undertake, therefore, to direct the normal flow

per¬

political

shine steady and clear above the tumult

may

education cannot "induce" thought by suppressing
it.
So that, while it is a laboratory of research, a
a

hopeful

more

university which

a

propaganda in times of stress and passionTnarrows
its influence and

we

much

so

govern¬

much greater

so

become the partisan of any

Munsterberg put it in some of his later
writings, there exists a series of parallel phenomena
are

policy of the free

All of life is

than part

a

or, as

chology,

the

as

uphold.

re¬

not all

or

stimuli,

become sectarian in

can

all of politics and all

are

partisan in

no more

those in charge of a great and important university—
it must be

Yet in the blended elements of its

sense

sense.

being

^become

mission.

and

nature

1563

supervise, control, and regulate the production and
distribution" of this article and declaring that all
mills of this class in the country
Government account;

on

to distribute the

war,

shall be operated

further, the Commission is

product and fix its price during the

and then the resolution falls back upon one

provision

in

the

Control law that

any

concern

objecting to the price tendered shall receive 75% of
such
for

price and be at liberty to sue the United States

anything further, just as in the case of coal.

It

is

of

interest

to

find

the

Senate

committee

deeply concerned for the future of thejpress and

1564

deeply sensible that
national

the

CHRONICLE

THE

free

a

welfare.

is indispensable to

press

The

submits to the

report

[Vol. 105.

publishers

the

Brother to

that

prospect

the

Senate "whether it is better to safeguard the con¬

sight of the conduct of the

tinuance of

tinuance of

it

free press in this country

a

adequate supply of print

an

reasonable

paper

by assuring

at

fair and

a

price;" it declares that the general and

presses to imperil

the life of the Government

democracy

itself,

dependent is

so

a

the prompt and wide-spread infor¬

upon

The

worked out

nullified

been

without

really

in the

necessities

whether, if the

This statement of the service of the press
words of which

(a few

law, and

urging all along, while

we were

along the procedure laid out for it

convicted

THE BRITISH

to

One of the great

abuse, in the form that at last
on

for

a

of

treating it

modified terms.

some

free press which
as

dumps burdens
friend and

a

,a

A

upon

concern

it instead

public

necessary

service, and[4Pr°fei3sed attempt to help it by secur¬
ing lower costs for white paper, do not comport wel
together.
No

publisher

advanced

will

prices of

pretend

tion to cry to

for

excuse

further

if he is

even

cannot

business existence.

indifference

the

to

whereby his profits

paper,

seriously diminished,
lished that he

perceive

There is

so

any

are

firmly estab¬
tempta¬

a

accepting the possible

intervention

in

private

consequences

affairs.

of

Early

a

in

July the vice-president of the American Newspaper
Publishers' Association sent to the Chairman of the
resolution

a

(quoted in this report)

EMPIRES

had been

trust

would

obey

the

TIMBER NEEDS.

plans for the post-bellum trade

Canada and the United

of

larger part

of John

Kingdom is to direct

normal year, we
dollars of
in

his

of

At present,

taking

a

sell him from ten to fifteen million
timber.

sawn

list

a

Bull's timber orders towards

the forests of the Dominion.

wood

This is

only

minor item

a

purchases which exceed 650,-

000,000 board feet annually; of the latter total only
one-eighth is produced within the British Isles and
than

more

60% of the imported balance

comes

from

Russia.
The uncertainties of Russian
export

to his

menace

inevitably

Hercules, and to make necessity the

Senate committee

parties

Ottawa, Can., Oct. 18.

enacted, and

was

burdens in tax and postage rates that

through in

simple question

defy them?

Congress were persistently seeking to impede
and penalize the press by a censorship which is liable

did go

the

against the

case

or

Is

Has not the Commission

CANADA TO PLAY A NEW PART IN MEETING

in

by putting

enforce its remedies."

fact?

then to reach

the

Federal courts

a

italicize) is sound and well put,

we

agreeing with what
some

to

power

had time to carry

sustained,

alleges that "the plan of relief

by the fact that the Commission is

legal

wise affects the welfare of the Government and the

necessities."

report) might be brought into

by the Federal Trade Commission has

publication of its

of such publications become in )act public

con¬

(vide the

preamble to the July resolution of the Pub¬

lishers' Association

that "fact"

and periodicals like¬

over¬

peril.

mation of its people; therefore, whatever affects the
newspapers

some

whereby "the

press,

free press in this country"

a

Senate committee's
some

efficient dissemination "of all proper news" is "essen¬

tial to the national security and defense;" also, that
"to jeopardize the existence of the

attiiude of Big

the

tends straight to

press

the

attention

mittee upon

Canada

of

the

British

the problem of

have forced

Reconstruction

Com¬

Empire wood supply.

an

naturally becomes the centre of that in¬

quiry for the

reason that no other part of the Em¬
pire, except India, contains large commercial bodies of
timber; India,in turn,is out of the running as against

Baltic

Canadian sales to United

or

Commission to fix prices, and adding that this was

Kingdom users.
Australia, New Zealand, although once fairly well
forested, are now large importers of timber, and

adopted by 2 to 1

the

"earnestly urging" that Congress

28 the committee
contract

the Trade

referendum vote.

on a

On July

of that Association announced

with

made

empower

Lord

Northcliffe's

Newfound¬

land mill

whereby 80,000 tons of newsprint paper
annually would be available, without contract, for

small

publishers who have been paying the highest

prices because compelled to
the

stated

announcement

go

in

into the
some

The

market;

detail the

mittee's belief that this would "result
all around!"

open

com¬

injlower prices

•

matter

of

the

papermakers' trust, in clear

defiance of the Sherman Act, stands where it stood
when

we

be

doubt

of the

fact, virtually admitted by
the barren attempt of the Commission to
compound
the

case

which

by

the

them for

agreement

an

Commission

a

upon

six months' term.

members of the

prices, following

reported that it had fixed
Trial of the indicted

papermakers' committee and others

was

lately put forward to the 12th of

and

a

renewed hint

next

dropped "that

was

an

month,

amicable

arrangement might result."
As

heretofore,

we

into discussion of
men

As

who

before,

vention
are

seem

we

as

we

prices

or

any

proposed, for




of the culpability of these

clearly to'be exposed to prosecution.

deprecate

able to

go

view

so

such Government inter¬

more

than

lightly

as

one

do

reason, nor

some

of the

has

a

facturing plants
Ihere

year.

standing

total

timber

supply of from 500

is,

timber

therefore,
that

can

accessible of this timber is
British

Domestic

consume about
a

be

Baltic exports to the United

great, quantity
utilized

to

Kingdom.

on

manu¬

billion feet

a

of

replace

The most

the Pacific Coast of

Columbia, but large demands

can

be met

economically from Ontario, Quebec and New Bruns¬
wick, which between them have a total timber sup¬
,

ply of approximately 322 billion feet.
The

ber

great handicap under which Canadian tim¬

exports have been working their

very

Taking

a

number of normal

Scandinavian

pay

ports

with this has been
sive

trade

behalf

on

with-no

4
to

an

pence

the

years,

against llA

Canadian

pence

the British Isles.

from

Coupled

almost entire lack of aggres¬

representation in England and Scotland
of

the

Canadian

timber

trade.

Not

a

complaints have been made that the smaller

Canadian

shippers did not keep strictly to specifi¬

cations and that mill work

Against
no

way

remarkable speed has been the shipping rates.

shipment has to

few

have not thought it best to

is true of South Africa.

to 800 billion feet board measure.

fbst considered this subject; there appears

no

to

same

Canada

a

such

the

was

long-established

evidence

has been

sometimes defective.

exporters,

offered.

Most Canadian timber exporters
ever,

however,

'

recognize, how¬
that the only apparent method of switching

Oct. 20 1917.]
the

Baltic

Canada is

monopoly of Britain's timber trade to

world.

tariff preference coupled with Gov¬

a

vations in British

shipping, both of which inno¬

policy

degree of favorable

receiving

are

increasing

an

For,

and

Take

THE REJUVENATION OF

THE SOUTH.

meeting of a representative commercial con¬
in the city of New York, at any time, is an

event of

great importance and benefit to the people

of the entire
the

For not only is New York

country.

facilities for the dissemination of

those of any

other city.

news

this time, owing to

tions, carries with it

a

than at any

larger view,

a

ble, that other

that

in the impending future of

prosperity and
the greatest

progress..

of unifying powers to peoples and nations.

And while

the old divisional
in

that

constantly growing

are

we

sectionalism, it yet remains true

industry and Commerce there

peculiar

natural

advantages

industrial

possibilities

such

is "The South."-

area

it

that

is

now

are

wonderful strides since Henry W.

has. made

It

Grady, the Atlanta

Gone

made his famous address.

editor,

One

are

The plantations have passed

days of the Cavalier.

A generation of active young men

to other hands.

off the lethargic, pride of ante bellum

have shaken

times, and set in motion activities that

utilizing indigenous

of New

major part—though cotton

York

States have liberal¬

resources.

in contra¬

distinction to. the old idea, now permeates the

"The South" has the wealth.

of endeavor.

knows

it.

But

a

with

the growing

sense

spirit

It

of

now

power,

realization not only of integral national

interests, but of international trade benefits that
accrue

to

Down, and
Puritan and
the

up,

along the Ohio, the two streams,

Cavalier, flowed and mingled, to people

great central valley, with what is not inaptly

termed by some, the typical citizen of the
nation.

And it is but

of that outward tide is

primal

areas

now

solidified

that the backward flow

bringing,

new

vigor to these

of development, beneficial alike to New

England and the Old South, by the investment of
capital, the inauguration of new enterprises, the
rejuvenation of lands and peoples.
ment is to increase in the years

with it the accumulated
that

reserve

And this

move¬

to come, and draw

in wealth and energy

the

first

meeting

outside

Southern States, there

ism, of pride in

a

the

borders

while

a

state of

very

united national endeavor,

character

war

of

may

a

years.

discover

a

pride
And

intensify this feeling, by

nature of a commercial congress of
we

the

is sounded the note of patriot¬

conspicuous in this section in recent
the

deeper and

more

this

abiding idea

and influence at work.

It is that the South, by its

intensive development,

will not only help itself to

come

into/its own, but will aid the nation in its on¬

ward and

triumphant march into the markets of the




geographical

Lumber may

advantage

be

shorter story.

a

and

the lush grasses for
the

inherent

But in minerals

round;

year

cattle, that

the

believe that

Then there

beginning only has been made.

a

may

live in the

and wheat add

corn

swelter, if the nights

mate in

southern

the "South."
of

'No matter how the day
are

cool.

If they sell cli¬

And the area?
can

Lay Texas

measure

now

the

on

the

map

possibili¬

applying to this region that intensified produc¬

tion,

the

to

common

Mediterranean,

may

Not that the old

sometimes

is

It

the

inconsiderable

California, they give it away in

Who

France.

ties

no

the

on

And then there is the climate, and after

prospect.

may

are

open

marshes for rice,

sedgy

all, this is the wine of life.

countries

bordering

on

the

yet bring?

regime has entirely disappeared.

said, not unkindly, there

are

yet

spots where the people are still living on "rice and

recolletions"; where they
"family tree" to.
toil and
and

But

commerce.

are

still clinging to the

them from the rising floods of

save

a

little of the old chivalry

courtesy poured into the methods of business—

these will

looks

ever

be

a

welcome addition.

And

though

could support a magazine, as one

never

the welter of

over

cheap fiction round about

love of the old classics, and

now, a

a

us

little vanity for

original poetry, if they linger on, cannot seriously
the literary production of the day.
And if

harm

politics clings to the old school of the forum and the
law, there

may

be

and oratory may
It is this

for

the

New

clear voice left in the turmoil,
a lost art.

one

not become entirely

region and this people that

themselves in

first time beyond

York

as

now

the borders, and which

trade and publishing centre is so

a

And

we are

pleased and earnest

regard the event, in its content and bearing, as of

deep import to the nation at large.
did

no

more

here this

congress

"promised land" of the future, it would be

When the Civil War closed,

to St. Louis in the one

another, there
many

If the

than to herald to the capital congested

highly significant.

of the

came

sons

^outh, to build

new

direction,

so

as

to New York in

from that devastated region,

of the section,

fortunes amid

sons

of the Old

new scenes.

became active and influential citizens of these
an

assert

commercial congress which is carried

a

glad to welcome.
to

belong to congested centres."

Naturally, in the meeting of the Congress, hailed
as

a

:

the "South"

whole country.

our

plays

and mineral oils there is every reason to

hungrily

are

The nobility of labor,

ized their laws.

there is

the

to

them, and

rising uplands

It is not enough to say
South."

upon

if their

to be made known.

"New

the

impinges

favored

are

commercial and

and

come

of the civilization

reason

greatest single foodstuff of the world; while

which must speak in their own voice

areas

from

away

blessings to its producers that

through the Canal to Japan illustrates another and

peace,

Trade, without doubt, is

South

proba¬

And in this, the great city

strength.

way,

in

even

will show adaptability to this

areas

surrounds and

now

interests," out of which
business

States

of

deliver

can

and round the

exchanges with them.

irreducible

a

seas

product, but generations must elapse before its price

metropolis is surcharged with the feeling of "world
much is to be hoped, in

the

growth

people of the South by

other time, for the "atmosphere" of the

so

rapid

be desirable to

may

Africa, it is possible, it is

return the

wider outlook,

a

the

the

condi¬

investors

as

day the South

can

war

and

be termed local inde¬

across

news¬

Then, too, the meeting of

commercial body at

In

America and in

it

may

a

indispensable staple

world.

as

for what

crops

exceed

country's greatest business centre, but its

paper

Much

cotton.

pendence, forever and
this

The

know,

men

world.

attention.

THE "SOUTHERN COMMERCIAL CONGRESS"—

all

as

embrace, these Gulf States h^ve "the goods,"
can
deliver them to supply the wants of the

diversify

gress

1565

should

by

direction of

ernment

CHRONICLE

THE

They
cities,

integral and energizing part of their advance¬

ment and of the

And

prosperity of the

common

country.

they now peculiarly represent the unity of

us

all.

THE

1566
We are,

it
is

nation

a

By
be

flat and unprofitable to

of the Union.

confront

we

to which this

As

a

people

region will contribute

amazing part.

an

efficient coastal trade much of it will naturally

an

tributary to New York, reaching through it

free port, to

burdened countries

helping to build
over

it,

say

future of vast expansion,

a

up

as a

Co.

present executive of the Southern Railway
Fairfax

is

Council

These

In

and

Mississippi

"The South" needs

gloom,
The

time of stress, of hope

must all hail the meeting

we

with satisfaction

congress

night will

and the day

pass

the activities of

Circling the earth, good ships

men.

the products of all countries to each, in

mutual and helpful exchange.
tional

will

trade

obstructive laws

And out of interna¬

international

come

amity and unity—if

only will it

we

fellowship,

and place

so,

envious rivalries in

and

Tq the magic endeavor our country

well

as

no

the way.

and people will

has

shall all advance

together.

If all the railroads in the

Railway Co. and the Atchison Topeka
ending

year

June

afford

and railroad securities
not

be

their

in

course

noteworthy

in that

as

property which only

have

a

prosperity.

income statement
above annual
the payment

and

months.

Railway Co. is the

Now that
a

appeared to

years ago

any very

an

surplus of annual income

charges large enough to render possible
on

the

common

on

the

preferred

stock, if such

deemed prudent and in the line of

a course

good railroad

policy.

seem

industrial activity that has

come

to the

along with other sections of the country

result of the

war

this accession

enjoying large

of

in

Europe has been
growth from

natural 'and. normal way

result of the

one

as a

element in

prosperity, but the South is also

new

(in

no

year

operating

have

small

intelligent and far sighted
been

new

high levels, reflect¬

Expanding business has

14.46%.

or

gain in
felt the

Expenses consumed $7,589,020 of this

rising cost of operations the

as

the great

tion in

still left

801,630 in net earnings.

significant

extent

same

an

the

two

twelve

an even more

months

striking

immediately

the net has risen from

years

$27,758,189.

to

improvement of $3,-

This gain in the net is the

it follows

as

in

In

The

previous

year,

comparison

was

with

preceding, while

year

now

comparison is with

In the fiscal

heavy totals.
sudden and

year

poor

totals in the
very

1914-15, under the

unexpected collapse that occurred in the

price of cotton, the South's chief staple, following
the outbreak of the

European

the

war,

company

had

to contend with

a

sion, and

earnings accordingly dropped from

gross

period of

industrial depres¬

severe

$70,750,997 to $62,199,509, and .net earnings from
$18,990,347 to $16,024,799.
have seen, is up to
risen

from

of the gross
and

is

The

we

has

As

com¬

therefore, comparison

$81,388,325 against $70,750,997;

of

the

net

$27,758,189

against

'

$18,990,347.
this

as

gross

$81,388,325.

to

ago,

years

now

comparison

Now the net,

$27,758,189, while the

$62,199,509

pared with three

relatively small augmentation in

in

expenses

three-year period affords striking testimony to
has

what

economy;,

achieved

been

and this

keynote to the

in

economy

success

the

way

of operating

and efficiency furnishes

which has been established.

Speaking with regard to the late year's operations,
Mr. Harrison says

that the study and practice

efficiency of operation

were

continued and

flected in the fact that the average

a

substantial

developed for the benefit of the

other

same as

Eastern trunk lines, but the augmenta¬

expenses

measure as

in which

for the twelve months

increase of $11,390,650,

an

systems, though not, of course, to the

average

way

Never¬

expenses.

showing that the Southern Railway Co.

gross,

a

year

of

revenues

$81,388,325, being

were

in

to

transportation facilities of the Southern Railway

itself

improvement and betterments

that the South may be expected to prosper."

Total

the

k

The great

the

high

submits

company

of dividends not alone

stock, but also

South

more

the regeneration is that of

few

showing

that has

way

comparatively little prospects of

order of

were

Exchange would

weeks

recent

case

railroad

ground for uneasiness,

the Stock

on

The record of the Southern

a

1917—the

30

little

just submitted

depreciating in the alarming

marked

made by

as are

& Santa Fe in their annual reports
the

and of income,

theless, until business shall again contract it would

however,

country could present

satisfactory exhibits of income

situation would

Mr. Harrison.

says

.expenses

standards

the

warranted,

preceding.

SOUTHERN RAILWAY PROSPERITY.

for

a

before, and perhaps higher than is economically

ever

$16,024,799

the Southern

of

South.

the

to

come

improvement

such

year,"

through, all reached

more

heart, part and parcel of the magnificent
we

record

a

the extent of

hand and

And

report.

those of

complete and thorough knowledge

a

been

has

make, this fair and favored Southland will bring its
whole..

the

are

ing the good and the evil of the prosperity which

come

day wherein trade will again dominate and^deliver

will carry

in

be said,

brought in large returns, but it has set higher than

more.

purely commercial

a

and interest.
-=-a

yet

confidence, albeit tinged with foreboding and

darkened with

of

may

the world in

conquer

time like the present, a

a

remarks

may

"The volume of revenue,

carried

peaceful and beneficent trade.

through his

"It

And west¬

as

recognition, little

a

But out and

ward, through the Panama Canal, lie the Pacific

argosies that shall

playing such

on

remarks, too, it

who has

man

who is

the Railroad War Board of the
of National Defense, and there is a note of

joy running

and the Orient.
float the

Harrison,

prominent part

of the railroad business and of railroad operations.

the Caribbean lies South America.

And down the

[Vol. 105.

the Atlantic,

across

broken world.

a

The

This "New South,"

nation.

one

indissoluble part

an

and

indeed,

almost stale,

seems

CHRONICLE

load

car

were

decrease

are

train load and the

increased; that there

in

the

of
re¬

charges

was

for loss

a

and

damage of freight; that the balance of hire of equip¬
ment

was

for the first time in four years on the right

side of the account

and, most of all, that

more

than

territory tributary to the lines of the system) and

17,000,000

the foundations for the present success of the South¬

passenger's life in a train accident.
It is interesting to observe from the foregoing the

ern

Railway system

original

were

organization

laid strong and deep in the

of

the company by J. P.
Morgan & Co. out of the wreckage of the old Rich¬

mond

&

Danville and East Tennessee Virginia &
Georgia lines after previous attempts by other parties
to reorganize and rehabilitate these lines had failed.




various

ways

achieved,
serves

passengers were

to

as

in

which

operating

this is evidence that

account for the

Harrison is

carried without loss of

efficiency
no

single

good return made.

a

was

cause

Mr.

obliged to note, however, that operating

unit costs were,

nevertheless, distorted

as

compared

Oct. 20

with

1917.]

THE

CHRONICLE

the

preceding year by the large increases in
which took effect during the twelve months,
and by unprecedented increase in the cost of fuel.

consummated

wages

In another part

cost of coal

conditions

existing

in

the

selling them.

Eight-Hour Law effective Jan. 1

1917, and the advanced

because

investment market prevented the sale of
long term
bonds on terms
sufficiently advantageous to justify

of the report the statement is made

that the so-called

1567

Accordingly, it

during the latter

short

term

was

again to resort to

necessary

and

notes

$25,000,000

two-year

5%

part of the fiscal year, increased transportation costs

obligations of this kind dated

during the last six months approximately $1,393,-

payable Mar. 2 1919, were sold to provide for matur¬
ing notes and to discharge the obligation incurred in
acquiring, the stock of the New Orleans & North¬

777.

As
of

showing what

ments

important part better lading

an

and of trains has

cars

we

freight carried
preceding

played in operating attain¬

note that while the number of tons of

may

mile increased 12.73%

one

6.32%.

only.:

In

been

mileage

car

This is the record for

the

no

under review the

freight,
was

no

than 228

more

454 tons.

was

ceding it

441 tons.

,In the

As recently
This

tons.

In the

train load, including

average

'

company

year

immediately preceding the
less noteworthy and thus there has

cumulative record of achievement.

a

more

single

a

years

progress was no

year

the

the freight train mileage increased

year,

only 11.93%, and the freight
than

over

year

pre¬

1908 it

as

with the result that

notwithstanding

rate realized

average

the latest year

only $1,883

per

ton per mile the trains in

earned $3,405

in

1908;

decline in the

a

per

The

mile

run, as

against

moved 7,326,-

system

107,685 tons of freight

one mile in 1917 with a freight
mileage of only 16,112,534 miles, whereas in

train

1908 it took

18,151,530 freight train miles to

move

only 4,142,913,656 ton miles.
We may repeat

previous

what

noted

for

review of the

our

trainload

revenue

1916-17 averaged 454 tons,

year

above, must be considered exceedingly good

system spread out

a

said in

we

that the company's

year,

which, for the fiscal
as

over

such

large

a

is the

area as

Southern

Railway, with much scattered mileage and
large pieces of road having only a very light traffic.
As

Mr.

Harrison

well said

in last

considering the achievement the

year's report, in

of the South¬

map

Railway and the characteristics of its traffic

ern

should not be

portion

of

system and

forgotten.

branch-line
on

The relatively large

mileage

embraced

pro¬

in

the

merchandise and

As

perishable freight carried,

limitations
a

on

average

result of the great

ings there

against $9,333,899 in the fiscal
$1,600,557 in 1915.

5%

on

and

as

1916 and only

year

In other words, the surplus for

only two

was

pay

the $60,000,000 of preferred stock and the

yet leave

on

an

the $120,000,000 common stock and

undistributed balance of

As it was,

000.'

$12,360,161,

This surplus of $12,360,161 would

rate

same

earn¬

charges for

over

nearly eight times what it

was

years ago.

modest

preferred

the

begins in

company

by

way

shares,

over

resuming

moderate

a

dividends

having declared

$3,000,-

2J^%,

on

the

payable

November 20 to stockholders of record at the close
of

business

board

of

October

directors

income account

be

31.

Mr.

concluded

this

Harrison

that

in

view

of

the

existing

and

stockholders




a

future

capital

last

January,

financing

requirements.

and

small amount of ad¬

Out of the year's

less than $10,418,688 for additions and betterments to and upon
the

Atlanta

&

company spent no

This

property.

of tlie sale of

from the proceeds

apart

was

$4,000,000 30-year 5% bonds of the

Charlotte

Air

Line Railway Co., which
applied towards meeting the expense of the

were

work

of

double

tracking that line.
The year's
expenditures, however, on this double track work
to have aggregated $8,410,921.

appear

THE ATCHISON TOPEICA & S ANTA FE REPORT.

The

Atchison

long held
and

under

the

war

in

Topeka & Santa Fe Ry. Co. has

unique record for

a

prosperous results,
stimulating conditions produced by
Europe, and the entrance of this country

the

into the

conflict, the company's distinctiveness in that

respect

has

been further emphasized.

Its income

showing for the period covered by the present annual
report, namely the twelve months ending June 30
1917, is probably not surpassed by any other rail¬
road in the

country, though it will not be possible
verify this statement, since nearly all the larger
railroad companies have, during 1917,
changed their
to

fiscal year to correspond with the calendar
year, and

Atchisbn itself contemplates making the

the

change.

A

same

/v •:

The feature of the Atchison's results for the fiscal

under

year

review which stands out with especial

prominence, is that after providing for fixed charges
and the year's dividends on both classes of stock, a
surplus

remains

months in the

the

on

large

operations

of the

twelve

of $19,875,211, and the whole

sum

new

physical property—$11,000,000 for equipment and
$8,875,211 for other additions and betterments. It
long been the policy of the management to set

aside considerable
and

out of

sums

earnings for additions

betterments, and, indeed, its position of

tional

strength

excep¬

largely be ascribed to that cir¬

may

cumstance; but, of course, it has
been

possible to make

of such

magnitude

as

For the fiscal year

and dividends
was

was

set aside in

ments, and

a

never previously
contribution for the purpose

a

that for the

year

under review.

1916 the surplus above charges

$13,819,090, of which $7,000,000

lump

sum

in the fiscal

$6,513,397, all of which

for additions and better¬

year
was

1915 the surplus

was

appropriated for addi¬

tions and betterments.
of

trade

In 1914, which was a period
reaction, the surplus above the dividend

requirements
was

the

paid, notwithstanding the fact that there still

comprehensive plan to this end
the

says

dividend might conservatively

remains unsolved the problem of permanent
of

and to furnish

surplus income the

has

improvement in net

balance of income

was a

are con¬

tonnage.

the late fiscal year of no less than

1917

capital for improvements.

1917,

which an'arbitrary service must bej of this has been appropriated for investment in

maintained, together with the amount of high class
stant

RR.

2

was

that in nine

means

eastern

ditional

the train load has been just about doubled,

years

Mar.

was

only $2,719,318, which, likewise,

set aside for additions and betterments.

These

figures make it apparent that it is only during
that the surplus has been of un¬

the last two years
usual

size, and the explanation is found in the great

growth of traffic and
present

revenues occasioned by the
As indicating the extent of this growth
note that during the last two years gross earn¬
war.

was

authorized by

we

but

could

ings have risen from $117,665,587 to $156,179,121,

not

be

may

and net

[Vol. 105

THE CHRONICLE

1568

earnings (before the deduction of taxes) from

The remarks in the

$41,574,034 to $59,845,552.

between

report (which appear over the names of President

and time

Edward P.

the

Ripley and Chairman Walker D. Hines)

and

$68,544,367

$68,392,720.

this,

Of

$39,047,787 June 30 1917 consisted of actual cash

deposits, against $44,364,922 at the end of

previous-

It

year.

in view of this splendid

strange,

point out that, contrary to expectations, all of the
abnormal reasons cited the previous year as account¬

showing made by the report in all respects, that

accentuated

Atchison stock should have declined in recent weeks

ing for the company's large
during the

under review.

year

remain in active

opean war

States is

revenues were

enor¬

supplies and for transportation.

The

for

Pacific Coast is still without
,

but the United

progress,

participating in it and spending

now

mous sums

Not only did the Eur¬

shipping via the Panama

The metal market has been unprecedentedly
branches,, and this has largely in¬

Canal.

active in all its
creased the

zinc and
their
still
it

company's traffic, especially in

lead, and the

production.

increasing.

was

The oil tonnage

Even the

believed had in the

previous

cific

Coast,

the lines is

on

traffic, which

passenger

maximum with the two great

San

copper,

materials entering into

raw

reached its

year

expositions

the Pa¬

on

at Ban Francisco and the other at

one

Diego, increased still further in 1916-17, and

attained

It is to be noted that the

which remains from 1917

remains

after

stock

receiving only

6%.

Thus, whatever

surplus of $19,875,211

over

moderate

charges and dividends,

dividends,

5%

the

and

has

advantage

preferred

the

stock

common

the system,

inasmuch

betterments

burden

any

interest

such

considerable

users

of

It is owing to the fact that
of

amounts

us

that

on

all sides

has been confronted with the necessity

increasing

and salaries, and that the

wages

roll for the last six months of the year was

33% in

years

partly

was

forces.
the

of the pay-roll for the corresponding

excess

period two

due

before.

It is explained that this

the

to

Nevertheless,

of increased

employment

after

allowance for

making

larger number of employees, current

salaries

found to be

are

the wages and

over

It is also

pay¬

nearly

on

an

and

wages

about 20%

average

salaries in effect two

years ago.

pointed out that, owing to high prices and

labor, it has not been possible to add material¬

ly to equipment, and the result has been that in the
effort to handle the
in upon
to the

the

enormous

business which crowded

had to be strained

company every nerve

utmost, and,

even

with all that could be done,

results

of added

way

dividends which in the end the

or

the road have to pay.

the company

of

like that of other railroad

Thus the report tells

systems.

the situation

unfavorable factors in

which affect this property,

taught to expect and the management wanted to

earnings does not impose

the property in the

upon

Exchange along with all other shares,

are

by

paid for additions

money

as

of

out

there

re¬

accrued

dounds to the benefit of the communities served

and

the Stock

but

lack of

high record.

a new

on

seem

may

earnings have been

not

were

always what the patrons had been

Very much against the will of the officers

give.
and

directors, large orders had to be given for

equipment and the prices the
tracted to pay

has

company

new

con¬

for this equipment when received aj*e

almost double those of two years ago.
Another grave

and steadily increasing burden is
For the fiscal year

put back into the property, avoiding additions to

the item of taxes.

fixed

enjoying

State and local tax accruals

that the

$9,870,634, the increase for the twelve months being

charges, that the

such great

company

is

now

prosperity. ' The report tells

us

development of the company's business and of its

$3,660,268,

efficiency have been due principally to the

eral

large

very

expenditures (over $331,000,000) which have been
made in the extension and

improvement of the

prop¬

erty since Jan. 1 1896.

In order to make such

penditures the

has raised since 1896

company

ex¬

over

or

50%.

over

taxes, it is stated,

serious

concern.

1917 Federal,

aggregated

no

For the first time Fed¬

have become

a

tion, it is declared, is revolutionized by the
tem of Federal taxation

plies for all of the calendar

1917.

year

wrought,

are

by the increase in taxes for the fiscal

which

of the convertible bonds

(in the

sold)

of

many

represented by common stock

are

standing.

now

out¬

The fact should not be overlooked that

after the great expansion in revenues the return

even
on

case

or

the

capital investment is only moderate.

in the report

shows that for the late

the

property investment
was

a

other years,
years

the annual

average

over

months of the calendar year

year

the net

that

they will be $12,000,000,

for the last twenty

having been only 4.95%.

The report

-more.

State

Commerce

was

again de¬

creased, the amount of the reduction having been
$12,743,454.
were

The principal items in the reduction

the payment

of $7,449,000 of convertible 5%

bonds, which matured June 1 1917, and the exchange
(by the exercise of the privilege of conversion) of
of convertible 4% bonds into stock.

$5,336,000
The total

expenditures during the

and additions and for other

year

for extensions

capital outlays

gated $12,931,479, and surplus earnings
to take care of the whole of

cash
the

assets

same

as

on

on

June 30
June 30




this,

1917

so

aggre¬

were

able

that the current

remained

practically

1916, the comparison being

no

means
or

calendar

improbable

about twice the

to advance

explains the failure of the InterCommission

"In

to

give

permission

freight rates and the likelihood of

application being made

of the funded debt

new

annual average of taxes for recent years, and possibly

■

The aggregate

1917, to which the

with accuracy the taxes for the full

cast

ending

While it is impossible to fore¬

apply.

1917, it is thought by

the return in

year

contains only six

year

year

only 6.93%, though

was

great improvement

1917, because that

Federal taxes

ap¬

The change

told, is not adequately indicated

A table

income (before the deduction of interest charges) on
this

June 30

are

we

new sys¬

just adopted, and which

stock and of bonds which

outstanding

matter of

Indeed, the company's tax situa¬

$225,000,000 of "new money" by the sale of capital
now

less than

»

as

■

*

.

a new

follows:

,

.

.

-

•

';t

with all other carriers in the country,

common

sought for relief in increasing its rates,
denied, the denial being based on our large
earnings.
It was unfortunate that when the case
was decided the large earnings were plainly visible,
while the greatly enhanced expense had not yet
come
clearly into view; and this same condition
prevailed up to the end of the fiscal year for which
the report is made.
But the expenses are now be¬
ginning to tell on all the carriers, and, somewhat
later, conditions maycall for the renewal of our appli¬
your company

but

was

cation."

Notwithstanding all drawbacks and hindrances,
the property is being operated with
■

'

A

-lj

'

increasing effi-

Oct. 20

ciency.

1917.]

THE

One evidence of this is found in the steady

development of the train-loads.

freight,

1908

1569
the Inter-State Commerce Commission's

we use

was

For the late
year

totals,

but

for

lading of the trains, including company
497 tons, against 468 tons the previous

the average

results

just

as

442 tons in 1915 and 420

year,

CHRONICLE

GROSS AND

EARNINGS

There

is

change in the character of

no

196

FOR

furnish

railroad

earnings.

Gross

current

earnings

con¬

tinue to expand in a

striking and noteworthy manner,
but such is the rise in
operating costs that expenses
are
increasing in still larger amounts, leaving the
net

earnings actually smaller than

In these circumstances

State

Commerce

advance

a

renewed

Commission

freight rates follows

for

permission

This, however,

of

as a matter

sum of $44,440,403, or
Consequently, net earnings were dimin¬
ished in amount of
$4,668,828, or 3.71%, as will be
seen by the
following:
August (460 roads)—

1917.

Miles of road

net

0.37

11.92

+44,440,403

21.35

—$4,668,828

3.71

comparison is with heavily enlarged
well as gross in 1916.
But these antecedent

course,
as

gains in

small

no

previous losses,
For

%

+909

+$39,771,575

$125,899,564

earnings.....—.—..$121,230,736

Of

(—).

246,190
$333,555,136
207,655,572

..$373,326,711
252,095,975

expenses

Inc. (+) or Dec.
Amount.

1916.

247,099

Gross earnings...

Net

measure

reflected

a

of

recovery

the absence of previous growth.
August 1916 the improvement aggregated $54,-

673,436

in

or

and

gross

$26,373,215

in

net.

This,

followed $5,272,843 increase in gross and
$10,039,578 increase in net in 1915.
Prior to 1915,

moreover,

however, the returns

were

poor

or

indifferent

for

several years.

Thus, in August 1914 there was a loss
of $11,326,412 in
gross, though accompanied by
a
trifling gain in the net.
In August 1913 our
compilation registered a gain o: $4,342,006 in the
gross, but attended by an increase of
$13,448,176
in expenses,
170.

In

thus producing

a

loss in net of $9,106,-

August 1912 the results

were

very

satis¬

factory, there having then been $25,860,384 gain
in gross and
$11,425,466 gain in net.
This, though,
followed

a

falling off in both

gross

ings in August 1911, but not
in

off

either

$1,967,695

case,

in

was

having been

a

loss

before

in

(1909)

in both gross
ment

the

of

was

also

less

earn¬

large falling

decrease in" net,

due

the addition to the

than

$18,279,972, but
$18,939,835, hence causing

$659,863.
there

a

expenses,

no

having risen
net

and net

very

the decrease then having been
and $595,069 in net.
In

entirely to augmented
expenses ;

a

gross

August 1910 there
gross

was

Im August of the
material

year

improvement

and net, but here again the improve¬
[to an unfavorable showing in

related

preceding

In other words, the improve¬
circumstance that in 1908,

year.

ment followed from the

succeeding the panic of 1907, there had been tre¬
losses., According to the tabulations of

mendous

the

Inter-State

Commerce Commission, the
gain
August 1909 reached $29,682,863 in gross and
$15,065,001 in net. i In August 1908 the decrease in
for

gross

Net

by the figures of the Inter-State Commerce

Commission

was

In the table

we

$34,366,578, and in
now

comparisons back




to

present

1896.

we

net

$9,222,389.

furnish the August

For

1910,

1909

and

Inc.

(+) or
Dec. (—).

66,842,723

Year

Given.

Preceding.

Dec.

19,023,398
19,592,169
28,189,822
25,200,009
31,032,360

—1,604,439

678 + 12,134,654

17,418,959
24,228,620
27,942,601
29,730,968
33,216,118
40,548,771

428
+ 3,279,201
446 + 15,783,293

35,928,409

37,776,146

41,282,319

35,747,474
40,913,469

55,319 991

—3,079,794
+ 8,154,908

58,687 815

76,324 949
+ 1,521,964
70,965 451 + 10,987,344
85,191 125 + 6,876,298

,743

+ 155,892

43,168,250
43,201,744

48,074,911
45,629,104
75,028,707
90,384,539
89,517,074
86,224,971
99,143,971

—34,366,578

1909... 236,559,877 206,877 ,014 +
29,682,863
1910... 254,005,972 235,726 ,000 +
18,279,972
1911... 243,816,494 245,784 ,289

—1,967,695

1912... 276,927,416 251,067 ,032
+25,860,384
1913... 259,835,029 255,493 ,023
+ 4,342,006
1914... 269,593,446 280,919 ,858

—

Inc. (+) or

(—).

83,143,024

34,210,061

+4,636,451
—247,221

+4,530,959
+2,183,758
+ 6,338,710
—1,847,737
+ 5,534,845
+2,254,781

40,480,712

+2,721,032
+ 5,355,143
+ 779,119
84,251,096 —9,222,389
75,319,538 + 15,065,001

42,719,768
44,849,985

90,176,937

—659,863

86,820,040

—595,069

87,718,505 + 11,425,466
92,249,194 —9,106,170
87,300,840
+471,544

—11,326,412 87,772,384
+ 5,272,843 99,713,187 89,673,609 +
10,039,578
333,460,457 278,787 ,021 + 54,673,436 125,837,849
99,464,634 +26,373,215
373,326,711 333,555 ,136 + 39,771, 575121 ,230,736
125,899,564 —4,668,828

1915... 279,891,224 274,618 ,381
1917

Earnings.

Year

1905... 125,099,694 114.112 ,603 +
10,987,091
1906... 137,589,560 122,898 ,468 +
14,691,092
1907... 144,913,337 128,178 ,064 + 16,735,273
1908... 206,755,864 241,122 ,442

increase in

21.35%.

52,240,197

96,440
1902... 105,390,629 102.111
1903.1. 121,050,739 105,267
1904... 119,821,635 119,665

course.

days to

S

77,846,913
81,952,795
1900...
92,067,423
1901... 108,575,332

to

in the prodigious

Preceding.

1898...

$39,771,575, or 11.92%.
attended by an augmentation in

was

Given.

1897—

August, and

an

Year

1899...

appeal to the Inter-

the comparison with last year shows
the gross of no less than

Operating

Gross Earnings.
Year

1896...

at this time last

Our compilation covers the month of

expenses

of the roads in those

some

August.

notwithstanding the great expansion in traffic.

year,

give the

tables each

monthly figures for publication.

Year.

of

we

own

portion of the railroad mileage of the coun¬
try being always unrepresented in the totals, owing

AUGUST.
exhibit

years

our

year—a

tons in 1914.

NET

preceding

registered by

to the refusal of

RAILROAD

the

Note.—In 1896 the number of roads Included
for the month of
August was 127;
In 1897, 135; In 1898, 138; in
1899, 113; in 1900, 129; in 1901, 116; in
1902, 105; in
1903, 114; in 1904, 100; in 1905, 95; in 1906, 91; in
J1907, 86; in 1908, the returns
were based on 231,220 miles; in
1909 on 247,544 miles; in 1910 on
238,493 miles; in
1911 on 230,536 miles; in 1912 on
239,230 miles; in 1913 on 219,492 miles; in 1914
on 240,831 miles; in 1915 on
247,809 miles; in 1916 on 245,516 miles; in 1917 on
247.099 miles.
,

The returns of the
separate roads partake of the
character of the general results—that

is, there are
quite generally losses in net in face of considerable
gains in gross.
There are prominent exceptions to
the rule in the
and
ern

case

of

Western and Southern

some

Southwestern roads.

As

heretofore, the East¬

trunk lines have fared most

of increased expenses.

badly in the matter

The New York Central with

$1,676,471 gain in
These

net.

gross falls behind $1,352,971 in
figures relate to the operations of the

New York Central itself.
Including" the various
auxiliary and controlled roads, the whole going to
form the New York Central

gain of $3,681,251 in
.

in net.

In

August last

System, the result is

but

gross

year

a

loss of $1,297,738
the New York Central
a

System registered $6,336,338 improvement in gross
and $2<,806,084 in net.
The Pennsylvania Railroad
the present year on the lines

directly operated records

decrease of $626,687 in net

a

notwithstanding

an

increase of $4,222,660 in gross.
Including all lines
owned and controlled which make
monthly returns
to the Inter-State Commerce Commission the
result
is

gain of $6,113,856 in

a

was a

gross but only $69,894 in
the result for the Pennsyl¬
gain of $6,305,828 in gross and

$1,923,931 in net.

The Baltimore & Ohio for the

net.

The

vania

System

of

previous

year

shows $2,319,477.gain in gross with
$201,276 loss in net; the Erie has $496,299 gain in
present

year

with $810,562 loss in net; the New Haven
gross with $322,951 loss in net,and

gross

$451,138 gain in

the Boston & Maine

$429,546, addition

to gross with

J

$254,969 decrease in net.

Among Western roads. tEte Southern Pacific has
$1,554,979 to gross and $702,853 to net, but

added

the Union Pacific reports

$389,042 increase in

with $540,629 decrease in net.
has

$492,662 increase in

in net;

with

gross with $208,934 decrease
the Great Northern $160,997 increase in gross

$812,672

decrease

North West with
falls

gross

The Northern Pacific

an

in

net.

The

Chicago

&

addition of $1,145,051 to
gross,

$311,554 behind in net; the Burlington &
Quincy

while having added $740,237 to
gross loses

$623,597
and the Milwaukee & St. Paul with
$479,607
gain in gross suffers a decrease of.no less than
in net,

739 in net.

$984,-

>

THE

1570
the

gain fn

gross

$1,192,439

while showing

Atchison

Southwest

the

In

[Vol. 105.

CHRONICLE

reports a shrinkage of

Island with $258,073
gain in gross reports $601,334 decrease in net; but
the St,
Louis-San f Francisco shows $585,835 im¬
provement in gross and $484,685 in net, and the
$216,545 in net,and the Rock

and $424,651 in
Southern roads nearly all have saved a portion

When the roads

arranged in

are

net

.

gain in

& Nashville has added
275 to net;

Thus the Louisville

for the net.

gross

$1,121,440 to gross and $114,-

the Southern Railway $1,356,918 to gross

the Atlantic Coast Line $749,-

and $251,132 to net;

Norfolk &
The
Chesapeake & Ohio on the other hand with $428,527
addition to gross loses $102,215 in net.
In the fol¬
lowing we show all changes for the separate roads

751

to

and $147,904 to net; the

gross

Western $678,959 to gross

for amounts in excess

with the exception
have losses in

of the Southern and Southwestern
Our summary by groups is as
.

BY GROUPS.

SUMMARY

Gross

■

and net:

—

gross EARNINGS IN AUGUST.
Increases.

$242,612

_a$4,222,660 Virginian

237,367
236,143
235,551
229,959
213,234

2,319,477 Buff Roch & Pittsburgh.
———61,676,471 Colorado & Southern....
1,554,979 Carolina Clinch & Ohio..
1,356,918 N Y Chicago & St Louis..
.

Baltimore & Ohio
New York Central.

.

Pacific...
—
Southern Railway.
Illinois Central ^.....
Southern

1,258,811 Toledo & Ohio Central...
208,967
1.192.439 Kansas City Southern. ...
Top & Santa Fe
Central of Georgia—
.
202,737
Chicago & North West... 1,145,051
Western Pacific.
196,252
Philadelphia & Reading.. 1,022,529
187,797
1.121.440 Cine New Orl & Tex Pac..
Louisville & Nashville—.
186,976
891,119 Mobile & Ohio...
Phila Jtylto & Wash—
183,990
762,556 West Jersey & Seashore._
Clev Cine Chic & St L_ —.
178,055
749,751 Internal & Great Nor
Atlantic Coast Line
167,839
748,364 Wheeling & Lake Erie. ...
Delaware Lack & West..
167,801
740,237 Texas & Pacific...
Chicago Burl & Quincy
160,997
678,959 Great Northern.........
Norfolk & Western.
592,119 Chic St P Minn & Om__152,869
Delaware & Hudson.....
151,579
585,836 Bessemer & Lake Erie
St Louis-San Francisco...
150,569
577,551 Duluth & Iron Range
Central of New Jersey...
570,479 Spokane Port & Seattle..
147,543
Michigan Central— — —
143,825
570.138 N Y Ont & Western
Missouri Pacific_........
137,147
564,516 Alabama Great Southern.
Missouri Kansas & Texas.
Atch

—

—

..

—

— ..

— —

.

_

_

Erie..

.........

Northern

Pacific.

Chicago Milw & S Paul..
N Y N H & Hartford—
Duluth Missabe & Nor...
Lehigh Valley
Boston & Maine..........

Chesapeake & Ohio—.1..
Union Pacific.

Long

—

....

Island..

Chicago & Eastern 111

Elgin Joliet & Eastern—
Seaboard Air Line;......

Chicago & Alton...:
St Louis Southwestern...
Hocking

Valley

Wabash

—

Yazoo & Miss Valley

Pitts & Lake Erie
Chic Rock Isl & Pac
a

Lines

This is the result for

496,299
492,662
479,607
451,138
434,753
431,211
429,546
428;527
389,042
387,026
368,389
328,855
324,749
281,751
280,627
277,841
276,292
269,263
267,051
258,073

Pere Marquette.
135,404
Western Maryland
132,940
Toledo,St.Louis&West'n.
130,930
Cumberland Valley. —129,808
Lehigh & New England..
117,680
Richmond Freds & Potom
113,859
Maine Central.
107,285
— .

—

—

—

Groups C &

Group 10 (48

Representing
in

our

roads

71

compilation..$37,242,817
Decreases.

$231,320
150,921
129,238
111,778
102,684

El Paso & Southwestern..
New Orl Tex & Mexico.

Wabash-Pitts

__

Terminal..
Coast

Florida East

Pitts Shawmut & Nor._

__

$725,941

.....

net EARNINGS

IN AUGUST.
7)prrpn

Increases.

Pacific........
St Louis-San Francisco...
Missouri Pacific
Missouri Kansas & Texas.
Delaware Lack & West
;
Phila Balto & Wash.....
Delaware & Hudson.....
Illinois Central
Duluth Missabe & Nor...
Southern Railway.
Clev Cine Chic & St L__Central-of New Jersey

Southern

_

308,122
301,738
298,757

Chic Burl & Quincy.

284,265
251,132

Minn St Paul & S S M—

218.606

Chic & North Western.__

210,091
200,454

El Paso & Southwestern._

468,952

Long Island
Elgin Joliet & Eastern. — _
St Louis Southwestern...
Atlantic Coast Line.

Denver & Rio Grande

Chic Rock Isl & Pac Lines
Union Pacific.
—

N Y N H &

Hartford—.

Boston & Maine..

154,817 Philadelphia & Reading. _
147,904 Atch Top & Santa Fe
147,224 Northern Pacific
142,007 Baltimore & Ohio—
136,562 /Pittsburgh & Lake Erie..
116,862 'St. Jos. & Grand Island._
116,070 Union (Pa)
114,275 Grand Trunk Western
106,316 Bessemer & Lake Erie....

Virginian
N Y Chicago & St Louis—
Carolina Clinch & Ohio..
Colorado & Southern

Valley^
Louisville & Nashville
Chicago & East Illinois..
Hocking

—

Atlantic & St Lawrence..
Florida East Coast
New Orl Tex &

Mexico

Chicago Great West

Chesapeake & Ohio

23 roads
compilation...$5,790,022

Representing
in our

a

QPQ

—Hi,352,971
$702,853 New York Central
984,739
484,685 Chic Milw & St Paul—
812,672
424,651 Great Northern
810,562
391,726 Erie
.
o626,687
361,953 Pennsylvania

_

,

...

«,

623,597
601,334
.540,629
479,189
322,951
311,554
265,490
254,969
244,413223,494
216,545
208,934
201,276
165,115
131,639

138,909
132,522
123,653
119,965
117,624
112,759

110,838
102,215

28 roads
compilation..$10,337,245

Representing
in

our

Pennsylvania RR., together with the Pennsyl¬
Pittsburgh Cincinnati Chicago & St. Louis, the

This is the result for the

vania Company, and the

Pennsylvania RR. reporting $388,959 decrease, the Pennsylvania Company
$459,346 loss and the P. C. C. & St. L. $221,618 gain.
Including all lines
owned and controlled which make monthly returns to the Inter-State Com¬
merce Commission, the result is a gain of $69,894.
b These figures merely cover the operations of the New York Central
Including the various auxiliary and controlled roads, like the
Michigan Central, the "Big Four," &c., the whole going to form the New
York Central System, the result is a loss of $1,297,738.

itself.




12.11
18.88

8.80

75,625,907

Southwest.. 56,456,982

51,311,996

+ 5,144,986

10.03

Pacific Coast-- 22,872,291

roads;

21,655,625

+

1,216,666

5.61

—— —

—

373,326,711 333,555,136 +39,771,575 11.92
-Net

-—Mileage

lnc.(+) or Dec.I—)

$

5,330,048

4,509,405

7,815

7,824

Earnings-

1916;

$
Group No. 1

1917.

1916.

1917.

—820,643

%
15.40

—1,587,038

4.95

—490,705

3.24

$

Group No. 2.......

29,775

29,438

30,477,151

32.034,189

Group No. 3

23,087

22,988

14,648,829

15,139,534

41,717

41,537

14,460,450

13,644,327

+ 816,123

5.98

Groups Nos. 6 &

7_. 68,437

68,148

28,103,198

31,367,803

—3,264,605

10.41

9.. 57,323

57,555

19,471,356

18,590,590

+ 880,766

4.74

18,936

18,709

9,560,347

9,763,073

—202,726

2.08

—4,668,828

3.71

...

Groups Nos. 4 & 5..

.....

247,099 246,190 121,230,736

Tital

125,899,564

.

includes ail of the New England States.
Group II. Includes all of New Vork and Pennsylvania except that portion west
of Pittsburgh and Buflalo; also all of New Jersey, Delaware and Maryland, and
the extreme northern portion of West Virginia.
Group III. Includes all of Ohio aDd Indiana; all of Michigan except the northern
peninsula, and that portion of New York and Pennsylvania west of Buffalo and
Pittsburgh.
v'•v-v.
Groups IV. and V. combined include the Southern States south of the Ohio and
east of the Mississippi River.
Groups VI. and VII. combined include the northern peninsula of Michigan, all of
Minnesota. Wisconsin, Iowa and Illinois;
all of South Dakota and North Dakota
and Missouri north of St. Louis and Kansas City; also all of Montana, Wyoming
and Nebraska, together with Colorado north of a line parallel to the State line
passing through Denver.
Groups VIII. and IX. combined include all of Kansas. Oklahoma, Arkansas and
Indian Territory, Missouri south of St. Louis and Kansas City;
Colorado south
of Denver, the whole of Texas and the bulk of Louisiana;
and that portion of
N^w Mexico north of a line running from the northwest corner of the State through
Santa Fe and oast of a line running from Santa Fe to El Paso.

Nt)TE.—Group I

Group X. includes all of
the

Arizona and

and

Washington, Oregon, Idaho.
part of New Mexico.

California, Nevada, Utah

western

FURTHER

MAKES

STATES

UNITED

LOANS

TO

ALLIES.

made additional
$25,000?00f to Great Britain,
$20,000,000 to France and $3,000,000 to Belgium,-and on
Oct.. 19 advanced an additional $20,000,009 to France.
The total of all loans made by the United States to the Allies
now amounts to $2,731,400,000.
Of this sum Great Britain
has received $1,320,090,000; France, $770,000,000;
Rus¬
The United States

Government on Oct. 16

$50,000,000 to Russia,

and Serbia,

RR., together.with the Pennsyl¬

and the Pittsburgh

IN

+ 7,291,554

Northwest.. 82,285,573

roads)

Total (460 roads).

SALE OF

Pennsylvania RR. reporting

CHANGES

38,624,498

sia, $325,009,000; Italy,

Representing 5 roads in
our compilation

the Pennsylvania

+4,989,399

41,199,338

+ 6,659,666

7 (71 roads)

Groups 8 & 9 (95

46,188,737

Southern... 45,916.052

Middle West—

roads;

Groups 4 & 5 (92

' $'=:•■■■<'-i' '
15,059,388
^1,017,031
6.95
England ... 16,106,419
90,078,384 +13,422,273 14.90
& Middle.. 103,590,657

: ' .'■'

■,

Group 3 (62 roads),

loans of

pany $377,605 gain and the
lines owned and controlled

PRINCIPAL

'

Inc.(+)or Dec.{—)
;
5 ■
■
%

— .

Cincinnati Chicago & St. Louis, the
$2,961,173 increase, the Pennsylvania Com:
P. C. C. & St. L. $883,882 gain. Including all
which make monthly returns to the Inter-State
Commerce Commission, the result is a gain of $6,113,856.
b These figures cover merely the operations of the New York Central
itself.
Including the various auxiliary and controlled roads, like the
Michigan Central, the "Big Four," &c., the whole going to form the New
York Central System, the result is a gain of $3,681,251.
Note.—All the figures in the above are on the basis of the returns filed
with the
Inter-State Commerce Commission.
Where, however, these
returns do not show the total for any system, we have combined the
separate roads, so as to make the results conform as nearly as possible to
those given in the statements furnished by the companies themselves.

vania Company,

August— "'V

Group 1 (18 roads), New

:

Earnings

1916.

1917.

■■

Group 2 (74 loads), East

Group No. 10

~T ncYPfiwt

'

Section or Group.

Groups Nos, 8 &

of $100,000, whether increases

PRINCIPAL CHANGES IN

Pennsylvania

geo¬

net.

follows:

and $25,262 to net.

decreases, and in both gross

or

or

graphical divisions according to their location every
division records an increase in gross but all the groups

Missouri Pacific $570,138 in gross

of the

groups

&

The

$255,0.00,000; Belgium, $58,400,000,

$3,000,000.

:

<

BRITISHjTREASURY BILLS BY J. P. MORGAN
TEMPORARILY

CO.

weekly offering of 5Yi%

DISCONTINUED.

ninety-day British Treasury

placed upon the market
The discontinuance of the offerings,
is only temporary, and was due, it is said, to the desire of
the bankers to do nothing that might interfere with the suc¬
cessful operation of the second Liberty Loan campaign.
The first offering of the bills was made by J. P. Morgan
& Co. on Aug. 22, and since that time nearly $100,000,000
of the notes have been disposed of.'
Under the terms of

Bills by

J. P. Morgan & Go. was not

during the past week.

the

p'an for placing the bills the total of notes outstanding
never exceed $150,000,000, and no more than $15,-

must

$15,000,000 of the bills will mature on
ITALIAN
■

'

The first lot of
Nov. 21.

in any one week.

000,000 must be sold

GOVERNMENT REDEEMS
\

ONE-YEAR

NOTES.

by Lee, Higginson & Co.
,gold notes, issued by the
in October 1915 (a detailed description

According to an announcement
of

New

York,

the $25,000,000

Italian Government
of which was
in

our

published by us in an

this week (Oct.

15).

advertisement appearing

1915) were redeemed on
The loan was in the form

issue of Oct . 30

Monday of
of one-year

15 1916, convertible at the option of the
note bearing the same rate.
The entire issue was converted under this option. The notes
were in denominations of $100,
$500 and $1,000 and were
underwritten in this country in 1915 by a syndicate, headed

6% notes, due Oct.

holder into a similar one-year

Higginson & Co. and the Guaranty Trust Co.,
investors at 100 and interest.
The issue, it is said, was paid off from the proceeds of
advances to the Italian Government by the United States
Government.
*

by Lee,

which offered the loan to

OCT. 20

1917.]

THE

CANADIAN GOVERNMENT

TEMPORARY

CHRONICLE

NOTES

PRESIDENT

BEING EXCHANGED.
It is

officially announced tliat the Dominion

interest, yielding about 6.07%,

for definitive coupon notes at

of Canada

City.

loan will be found in

issue of

our

being exchanged

are now

the agency of the Bank of

Montreal in New York

Further particulars of the

July 28.

IN GREAT BRITAIN.

Attention to the fact that the

participation in

security

new

is

forbidden

by the

British

Treasury is called in the following notice, promul¬
gated by Press Bureau on Sept. 6:
It has come to the

that offers of

knowledge of the Lords Commissioners of the Treasury
underwriting and of participation in new issues have recently

been made

before the conditions of Regulation 4 (3) of the
Temporary
Regulations for the reopening of the Stock Exchange have been
complied

Lordships desire to inform all

and

in

stocks, shares, bonds

companies who may

or

and houses who transact

persons

other securities and all corporations

wish to issue the

that

same

provisions of this

Regulation forbid underwriting and the offer of participation in

is¬

new

until permission for dealings has been duly given.

sues

TREASURY

BEARER

companies
with

the

which

tion and

The

IN

DANGER

OF

TERRITORY

small

country

cial strains for which

largely

Bearer Securities left by allied subjects in
may

have

The

.

desire to draw the attention of all

or

Majesty's Treasury

public companies in the United Kingdom

who have issued Bearer

Securities, to the necessity for taking the strictest

precautions against

any.

evasion of the existing regulations in regard to the

cashing of

and to dealings in securities which have not been

coupons

con¬

tinuously in physical possession in the' United Kingdom since Sept.

30

While these regulations are in force and are strictly adhered to, the

rightful

with

banking

financial

reserves

that there should be

All who

familiar

banking power and of providing financial machinery
adequate for meeting the very great financial requirements imposed upon
country by

of the war.,

reason

A vigorous prosecution and satisfactory
will depend in no small degree upon the ability of

war

the Government not only to finance itself but also to aid the Governments
associated with it in the

war,

which must be kept supplied with munitions,

V

banking problem involved is

which,

one

banks.

The

burden

and

the

all banks alike

concerns

Its solution does not depend upon the national banks

alone,

privilege must

be

nor

the

uppn

shared

by

every

The important functions of the Fed¬

eral Reserve banks in the sale of the Government's
securities, in receiving
and transferring the billions of dollars
involved, in

supplying credit facili¬

ties, and in protecting the
to all that I

am sure

we

staying

must be

of the country

our

so

familiar

country can withstand the financial strains for

prepared will depend

very

largely

of the Federal Reserve banks.

power

have become

it is unnecessary to dwell upon or expound them.

The extent to which

which

reserve

upon

The

the strength and

Federal Reserve Act

is the only constructive financial legislation which we have ever had which
was

broad, enough to accommodate at the

powers granted
are

tem and the

principles

time banks operating under

the

banks

The unification of

complete mobilization of

of

same

by the General Government and

granted by the respective States.

reserves are among

whose
our

charters

banking

sys¬

the fundamental

Act.

The State banking institutions for some reason have until

inclined to hold aloof.

Congress

a

few months

ago

recently; seemed

prescribed very gen¬

terms for the admission of the State banks into the Federal Reserve

system which have removed the

hen

objections heretofore raised by State banks

when considering membership.

be removed.

are

our

Governments, what steps should be taken to deal with the problem
come to

complete mobiliza¬

a

of the United States.

operations must appreciate the importance of developing

erous

existing restrictions

very

of the Federal

power

;

His Majesty's Government are considering, in consultation with the Allied

the

withstand the finan¬

can

banks."

to the maximum

of such securities will be safeguarded in this country against

owners

action by the enemies into whose hands the securities have passed.

any

asso¬

following is the statement issued by President Wilson:

tion of the

unlawfully

come

of enemies who may attempt to cash the coupons

realize the securities, the Lords Commissioners of His

prosecu¬

prepared will depend

the strength and staying

upon

Reserve

must be

we

banking institution in the country.

enemy

con¬

ciated with it in the war," and he furthermore asserts that
"the extent to which our

The

Treasury, appeared in the "London' Stock Exchange
Weekly Official Intelligence" of Sept. 8:
<

the possession

unite

thereby

The President states that "a vigorous

occupied territory, issued by the Press Bureau of the

territory temprarily occupied by the

"to

#

satisfactory termination of the war will depend in
degree upon the ability of the Government not

State

view of the danger that

and

now

fuel, food, and supplies of all kinds.

British

1914.

system

following notice, regarding bearer securities seized in

enemy

into

Reserve

only to finance itself but also to aid the Governments

OCCUPIED BY ENEMY.

In

eligible for membership,

are

Federal

country."

our

WARNS AGAINST

SECURITIES

reserves

statement is¬

a

sued under date of Oct. 13 (made
public on Oct. 16), urges
the officers and directors of all non-member banks and trust

termination of the

BRITISH

SYSTEM.

States," President Wilson in

It is manifestly imperative

Their

IN¬

BANKING

complete mobilization of the banking

a

of the United

with.

business

STATE

RESERVE

Declaring that "it is manifestly imperative that there
should be

no

underwriting and offer of

issues

URGES

tribute their share to the consolidated gold reserves of the

NOTICE AGAINST UNDERWRITING OF NEW ISSUES
■

WILSON

STITUTIONS TO JOIN

temporary 2-year 5% notes, representing the $100,000,000
loan arranged for in
July last by a syndicate headed by J.
P. Morgan & Co., and later
disposed of to investors at 98
and

1571

As the law now stands it leaves member

State banks and trust companies practically undisturbed in the exercise

NATIONAL BANKS NOT TO BE REQUIRED TO MARK

DOWN INVESTMENTS TO ABNORMAL FIGURES.
In

a statement issued under date of Oct. 13
dealing with
heavy shrinkage in the market value of securities gen¬

the

erally since the beginning of the
States

between the United

provides also in definite terms the conditions upon which
trust

company

State banks

Germany,

the

Comptroller

of

the

Currency

that he has instructed National Bank Examiners

that

withdraw from

may

war

we

our

must conserve all of the

so

as

to

respond instantly to

national banks

as

to the

says

prices at which

safely and reasonably be permitted to

can

such high class securities, and

as to what proportion
depreciation should be charged off in any six months'
period."
We quote the Comptroller's statement herewith:

carry

of the

After the outbreak of the European war in 1914, the
Comptroller of the
Currency instructed National Bank Examiners that national banks need
not

be required to charge down the values of their
high grade bonds to meet

the abnormal and sacrifice quotations,
on

the outside markets

which at that time

were

which for awhile

This office also earnestly endeavored to prevent

securities

the sacrifice by national

banks, whiie the exchanges were closed and there

policy pursued

being made

on

being thrown overboard regardless of real worth.

for securities of bonds and shares held

The

were

(the stock exchanges being closed)

as

was

general market

no

collateral for customers' loans.

proved fortunate at

that

After

time.

the

first

pressure was over and money conditions relaxed, the security market was

re-estabdshed; the

losses which"

grave

shrinkage in values

were

were

averted, and'

threatened by the

borrowers

from

banks

commencement

there has been

a

of

cases

a

between

this country

very

were

en¬

and Germany,

highest grade which have heretofore

ready market in competition with Government issues; and in

prices have shrunk to figures which

are

many

manifestly far below the prices

which

would prevail under any normal conditions.
This shrinkage or
marking down of values is partly due to the efforts of investors to sell other

conditions, the Comptroller of the Currency has instructed

of the country?

best

serve

their

own

can

high class securities, and

safely and reasonably be
as to

an

in¬

member •'
pro¬

and that

membership in the Federal Reserve system is
evidence

There

are

I believe

the part of the banks is patriotic duty at this time,

of

patriotism.'

probably eight

or

a

distinct and sig¬

.

nine thousand State banks and trust com-

panics eligible for membership which have not yet united with the system.
These institutions have it in their power to add enormously to the resources
of the

Federal

Reserve banks, therby broadening and strengthening the

foundation upon which our whole financial structure must rest.
me

to urge

that every bank officer and bank director owes

tion to the country which I am sure they wish to

wish again

to impress

measure up

upon

them

my

Permit

a

solemn obliga¬

discharge.

I, therefore,

solemn conviction that they can best

to their duties and responsibilities through membership in the

Federal Reserve system.
The White House, Oct.

E.

.

WOODROW WILSON.

13 1917.

0.

McDOUGAL

URGES NEW

to carry such

YORK

STATE BANKS

TO TRANSFER GOLD TO FEDERAL RESERVE BANKS
The

following letter urging the members of the Association

of the State banks of the State of New York to assist in the

strengthening of the gold

reserves

of the Federal Reserves

by sorting out their legal tender notes and .shipping them,

gold to the Reserve Bank, accepting in exchange

Federal Reserve notes, has been sent out by the President

prices at

what proportion of the depreciation should

be charged off in any six months' period.




permitted

the

as

interest and the interest of their customers.

that co-operation on

of the Association, E.

to

I feel sure that

ddgrqe than is possible otherwise in

themselves the advantages offered by the Federal Reserve system they will

of Buffalo:

charge such investments down to present abnormal figures; but
as

our

non-

moting the national welfare, and that at the same time, by securing for

to

telligent and conservative discretion will be exercised

can

companies which have the required amount

banks they will aid to a greater

National Bank Examiners that they need not at this time require national
banks holding high grade bonds of unquestioned intrinsic value and merit

which national banks

Hqw

be made permanently ef¬

system now and thereby contribute their share to the

consolidated gold reserves

and all their

high class securities for reinvestment in Government bonds.
In view of all

legitimate demand.

temporary

heavy depreciation in the quoted values of securities gen¬

erally, including those of the
found

war

the firmest

by the concentration of the banking strength of

abled to meet their obligations without the sacrifice of their collateral'

Since the

on

capital and surplus to make them eligible for membership, to unite with

nificant
Oct. 13 1917.

physical, financial, and

May I not, therefore, urge upon the officers and directors of all

the (Federal Reserve

figures;" "an intelligent and conservative discretion,"

or

largest

country in the Federal Reserve system?

of

the Comptroller, "will be exercised

every

this necessary condition be brought about and

fective better than

meinber State banks and trust

charge such investments down to abnormal

The law

State bank

of the

possible foundation; and that they must be adequately and completely con- •

and

to

any

Many

system.

country, that our finances must rest

"they need not at this time require national banks
holding high grade bonds of unquestioned intrinsic value
merit

the

and,trust companies are now becoming members, realizing

that to win the

moral resources of

served

and

announces

war

of all the banking powers conferred upon them by the States.

C. MeDougal, President of the Bank
I
Buffalo, N. Y., October 17 1917.

To Each Member of the

Association} of State Banks of the Stale of New York:

Referring to the message of the President of the United States calling for
the strengthening of the gold reserves of the Federal Reserve banks; in the

.

present crisis. It is necessary, for the good of our country,

refuse to pay out gold
other purpose not absolutely

It is the patriotic duty of each bank to

banks.

the counter for pay-rolls,

over

that practically

dollar of gold in this country be in the vaults of the Federal Reserve

every

for any

or

With
the exception of its use as reserves in vault, the purposes for which such
gold is absolutely necessary to banks are so few that there is no good reason
why each bank should not ship to the Federal Reserve bank practically
every dollar of gold in Its vaults.
To do this it is not at all necessary that
necessary,

and to ship it to the Federal Reserve bank in its district.

State banks wait until they become

members of the Federal Reserve System.

A non-member bank can help as quickly and as

effectively

as a

[Vol. 105

CHRONICLE

THE

1573

member

applies to individuals and institutions of large income

This statement

it does to wage earners who are urged to buy

with just as much force as

And the men and women of means should

$50 bonds by paying $1 a week.

also not hesitate to pledge a part

of their incomes for fifty weeks as the

The banking power of the country is entirely ade¬
such loans, no matter what they may aggregate,
being rapidly increased by the admission of these new institutions

wage earners are

doing.

quate to take care of all
and it is

Federal

the

to

Reserve system.

Consequently, the patriotic action of the trust companies in joining the

the slogan which should be adopted by al
"Borrow and buy; save and pay.'l

system lends a new point to

subscribers to the Liberty Loan Bonds:

All that is necessary is for each bank to sort out its legal-tender

bank.

notes and to

if each bank does its duty, all the gold in bank vaults in

Won't

you

Our State bank¬

do it at once?

Yours very truly,

FEDERAL

RECENT APPOINTMENTS IN N. Y.

•

little

this country can

be mobilized in the vaults of the JFederal Reserve banks.

ing law permits this.

a

RESERVE BANK.

In that short time,

bank can do this in two or three days.

extra work, any

With

I

■

ship them and all of its gold to the Federal Reserve bank in

its district and to take Federal Reserve notes in exchange.

announcing the election of J. Herbert Case as Deputy
Governor and Fred I. Kent as an Acting Deputy Governor,
In

of the New York Federal Reserve Bank under date of

Oct. 11

E. O. McDOUGAL, President.

makes known several other
tion of Mr, Case

INCREASED LENDING CAPACITY OF N. Y. RESERVE
BANK WITH ADMISSION OF TRUST COMPANIES.
The

bearing

the

on

the Federal Reaserve

system will have was referred to by

Benjamin. Strong, Governor of the New York Federal Re¬
Bank, in

serve

Mr. Stropg
six

statement made public on the 15th inst.

a

contends that

as a

result of the admission of the

companies which filed applications for member¬

trust

ship in the Federal system the cash reserve of the Federal
Bank will be increased from about. $630,000,000
10 to about

of Oct.

our

issue of Sept. 29.

New York, October 11 1917.
To the Cashier:

Sir—I take pleasure in

base," he said, "and without impairing the minimum

re¬

quired by law to be held against note and deposit liabilities,

advising you that Mr. J. Herbert Case has been

elected Deputy Governor of the bank and

undertook his duties on Oct. 8
temporarily as Deputy

Mr. R. H. Treman, who has been acting

1917.

Governor, will continue in that capacity at the request of the directors

until

probably the close of the year.

.Acting Deputy Governor of the
bank to take charge of matters pertaining to the licensing of exports of
coin, bullion and currency under the President's proclamation of Sept. 7
Fred I.

Mr.

Kent has been elected an

1917, and other matters pertaining to foreign exchange..
Mr.

Adolph J. Lins has been elected an Assistant Cashier of the bank.

Mr. R. M. Gidney has been

"Upon this reserve

$720|,000,000.

The follow¬

ing is the Reserve Bank's announcement:

Reserve
as

referred to in these columns Oct. 6,

was

and that of Mr. Kent in

of the second Liberty Loan

success

which the entrance of the New York trust companies into

The elec¬

changes in its staff.

appointed Assistant Federal Reserve Agent.

Messrs. W. M. St. John and J. W. Jones have been elected Acting As¬

sistant Cashiers of the bank to take charge of certain divisions
connected with the Liberty Loan bond

the Federal Reserve Bank of New York could increase its

of the work

issues.

Facsimilies of the signatures of all the officers

of the bank are enclosed

herewith.

loan and

deposit accounts by no less than $1,100,000,000,
which amount could be correspondingly increased as other
institutions

State

join the system."

Mr. Strong further

stated that should the Federal Reserve Bank of New York
increase its loans

by the

sum

The Bond Issue Division, mentioned in our circular

1917, is

less

no

a

division should be addressed to the

Federal Reserve Bank of New York,

indicated, the lending capacity

sum

Bond Issue Division,

desirable,"

Mr. Strong, "still to the extent that expan¬
place, the provisions of the Federal Reserve

says

sion does take

Act

such

are

cial

thoroughly safeguard the country's finan¬

to

as

Mr. Strong's statement in full follows:

system."

Room 517, 120 Broadway,

than about $8,000,000,000.

"While expansion of such volume is neither necessary nor

New

the

Bond Exchange Division has been organized under the

of Mr.

C.

H. Plainer, and is located at 50 Wall Street,

letters and

either the 334%

15-30-year gold bonds

be

addressed

of

resources

serve of

$1,536,000,000.

now

As

a

include

six

companies

bearing

with

tota

Bond

Exchange Division,
50 Wall Street,

result of their admission the cash

Deposit Department is

Upon this

reserve

now

located at 50 Wall Street,

re

Government

Deposit Department

50 Wall Street,
New York, N. Y.

base, and without impairing the minimum requried

Bank of New York could increase its loan and deposit accounts by no less

All matters

Federal Reserve Bank of New York,

of Oct. 10, to about $720,000,000.

by law to be held against note and deposit liabilities, the Federal Reserve

,

pertaining to this department should be addressed to the

the Federal Reserve Bank will be increased from about $630,"
as

V

'

New York, N.Y.
The Government

•

000,000

bonds,

to

New York, under the supervision of the officers of the bank.

membership

All

exchanging interim certificates

Federal Reserve Bank of New York,

and, in fact, upon the Government's entire financial program, is not fully

for

or

definitive 334 % 15-30-year gold bonds into the new issue of 4%

should

The bearing which this has upon the success of the second Liberty Loan

Applications

management

New York.

inquiries with respect to exchanging interim certificates into

the larger New York trust companies to become members of the system.

understood by the public as yet.

of the first

Liberty Loan bond issue into the permanent 334 % 15-30-year gold bonds,

the flotation of the second Liberty Loan, is the decision of a number of

on

York, N. Y.

For the purpose of exchanging full-paid interim certificates

or

One of the most important developments in the entire history of the
Federal Reserve system and one of the most vital in its immediate

first Liberty Loan cam¬

All letters and inquiries with respect to matters handled by this

paign.

of the banks of the New York District would thereby be

expanded by

No. 71, dated June 11

under the direct supervision of the officers of the bank, in¬

now

stead of being managed by a committee as in the

Messrs.

G.

W.

/

.

Davison, Edward A. Seasongood and Harry E. Ward

have been requested to act as an advisory committee with respect
ters

to mat¬

pertaining to this department.

than $1,100,000,000, which amount could be correspondingly increased as

Respectfully,

other State institutions join the system.

BENJ.

STRONG, Governor.

But that is far from expressing the full strength of the banking situation.

Every loan made by the Federal Reserve Bank of New York

to its

mem¬

bers is, in fact, creating new reserve money for the member banks and in
turn increases the lending power of the banks as

about

100 to

a

W.R.GRACE & CO :S BANK TO JOIN FEDERAL SYSTEM.

whole in the ratio of

Along with

13.

Of course, no such huge demands will
member banks.

be made upon the reserve and

But should the Federal Reserve Bank of New York in fact

increase its loans by the sum of

$1,100,000,000, the lending capacity of the

to in another

has made

a

number of other institutions, which

application for admission to the Federal Reserve

announced that in

rowings from the Reserve Bank would inevitably give them this added

Reserve system,

lending

power if

they cared to exercise it.

While expansion of such volume is neither necessary nor desirable, still
to the extent that expansion does take place, the provisions of the Federal

Reserve Act

are

such

as

to

thoroughly safeguard the

country's financial

system.
The New York

Clearing House Association has

members make advances to subscribers for

his made a similar recom¬
The directors of the Federal Reserve Bank of New York have

stated that they see nothing in

tfte

present situation

outlook which would

rediscounted at the Federal Reserve Bank of New York.
no

hesitation

on

on

the part of any subscriber to borrow from his

nor need there

by

any

hesitation

the part of banks to make these loans when they
can, directly or in¬

directly, resort to the Federal Reserve Bank
their
If

a

become

reserves

to rediscount

them, in

case

impaired.

subscriber to Liberty Bonds sells property and securities for the
pur¬

pose, he performs a patriotic service, but, of course, the purchaser of the
property or securities will himself thereby inyest cash which otherwise he
might invest in Liberty Bonds.
This is

simply

while it probably results in

sarily

do

an

a

to

be

hand,

a

shifting of credit, and

subscriber who is willing to commit himself to future

buying bonds for which he

chase price is directly contributing
the purchase of bonds as well as




to

must borrow

a

portion of the pur¬

increasing the fund available for

Contributing to national

a

undertaken, the variety of which will be much

of the greater

diversification of American import and

J. Louis Schaefer, President of the bank,

says:

Aside from patriotic

derived
in

a

from

reasons,

there are distinct financial advantages to be

joining the system.

better position and

The institution is

June 1915 with

a

The paper of the bank will be placed

immediaately strengthened in South America.

to accommodate

a

New York State bank,

capital of $100,000 and

economy.

a

established in

surplus of $25,000,

part of the banking business of the export,

import and shipping business of the firm.

capital and surplus of

more

It

now

than $1,000,000 and

has

a

corre¬

spondents in all Central and South American countries.
NEW

MEMBERS

In response to

On the other

the directors felt the affiliation would-be

OF

increase of subscriptions, it does not neces¬

so.

economies by

It is

into the Federal

There should,

bank at these reasonable rates, in order to subscribe for bonds which his

expected savings will enable him to pay for;

resources

of greater prestige to wider foreign banking operations

export trade.

_

or

require Increasing the present rate of 3H% at which such loans may be

therefore, be

soon

bringing their

greater than would have been possible before the war, be¬
cause

and the Liberty Loan Committee of this district

mendation.

source

recommended that its

Liberty Bonds, at 4% interest

refer

system, its directors having voted to take this course.

banks of the Second District would thereby be expanded by no less a sum
than about $8,000,000,000.
The increase in their reserves

through bor¬

we

item, W. R. Grace & Co.'s Bank of this city

FEDERAL

RESERVE

SYSTEM.

the suggestion of President Wilson that all

State banks and trust

companies contribute their share to

the consolidated gold reserves of the country by

joining the

Federal Reserve system and as a result of tho special efforts

Oct. 20

1917.]

THE

made by the Federal Reserve
officials, several large and im¬

portant banks and trust companies in this city and in other
sections of the country have this week announced their in¬
tention of joining the Federal Reserve

On Oct, 16

system.

the

Bank of

America, W. R. Grace & Co.'s Bank and the

Mercantile Trust & Deposit Co. of this city decided to
join
the system and on Oct. 17 the
Metropolitan

Bank, the Pacific

Bank and the

mission.

Fidelity Trust Co. decided to apply for ad¬

Similar

action

taken

was

People's Trust Co. of Brooklyn.

the

on

On Oct.

17th

by the

companies of

Brooklyn voted to make application for entrance into the
The Manufacturers'

system.
also

applied for

On

Trust Co.

of

Brooklyn has

membership.

Highland Park State Bank of Highland Park, Mich.,

decided to apply for membership in the system, and

on

Oct. 15

the board of directors of the Industrial Trust Co. of Provi¬

dence,1 R. I., voted to enter,
Co. of Utica, N. Y.
on

as

did the Utica Trust & Deposit

The Central Savings Bank of Detroit

Oct. 17 also decided to make

State of the United

(e)

application for membership,

day, Oct. 18, two of the oldest banks operating

in Detroit under

State charter, the Detroit

a

Savings Bank

and the First State Bank of Detroit, reached a similar de¬

cision.

The executive committee

Trust Co.

on

of the Baltimore

(Md.)

Oct. 18 decided to recommend to the directors

of the institution that

application be made for admission to

the Reserve system

delphia

and the Commercial Trust Co. of Phila¬
Oct. 19 applied for admission.
It is said that

on

rants issued

by

obligations of the country
but not
a

including

whole; all at 90% of market value;

a

market price to yield more than 5)4% per annum, nor any

obligations which at the date of this circular
than

more

6%

per

such other

market price to yield

are at a

standard

if held to maturity, according to

annum,

tables of bond values.

Approved dollar bonds and obligations of foreign Governments (and

(f)

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
territory of any

such foreign

any

Government

province or city within the

dependency, issued since

or

July 30 1914, at 75% of the market value thereof in the United States.
Approved

bonds,

listed

recognized

some

on

equipment

obligations

trust

of such

approved

approved bonds and notes of domestic electric railway and traction com¬
panies, telephone and telegraph companies, electric light, power, and gas

(directly or by the pledge

compahies, and industrial companies, secured
of mortgage bonds)
States and listed

on

by mortgage upon physical properties in the

of this

to

circular,

any

such bonds

obligations which, at the date

or

market price to yield

are at a

than 6)4% per annum,

more

such notes which at the date of this circular

any

yield

than 7)4% per annum, if held to

more

United

recognized stock exchange: all at 75% of market

some

value; but not including

at

are

a

market price

maturity, according to

standard tables of bond values.

(ft)

Commercial paper and

bankers'

having maturity at

acceptances,

the time of pledge of not to exceed six months, exclusive of days
which

and

Reserve
bank

otherwise

are

banks;

such

All

eligible for rediscount

or

the depositary is located;

in which

commercial

dorsement of the

paper

depositary bank

obligation,

during the past 10

or

The

evidence

or

at 90%

Reserve
of face

and acceptances must bear the in¬

or trust company.

No security shall be valued at more than par.

bond,

of grace,

purchase by Federal

and which have been approved by the Federal

of the district

value.

companies of the Quaker City.

No State or municipal

shall

of indebtedness

be

accepted if the

municipality has made default in payment Of principal or interest
years.

right is reserved to call for additional collateral security at any time.

approval and valuation of

The

securities is committed to the several

Federal Reserve banks, acting under the direction of the Secretary

The

application of the Central and Bankers trust

nies of this

compa¬

city, and the Chicago Savings & Trust Co. pf

Chicago, 111., for admittance to the Reserve system have
been

approved by the Federal Reserve Board.

Savings & Trust Co. has

a

Treasury.

The withdrawal of

required

or

Securities Committees.

Each Federal Reserve bank is authorized to designate a committee, or

committees, to be composed of experienced bankers, in such city or cities
in its district as may be deemed necessary, to

Each

committee.
three

ACCEPTABLE

FOR

GOVERNMENT

DE¬

POSITS GROWING OUT OF SECOND LIBERTY LOAN

PAYMENTS.
The list of securities
ment

the

case

of the First

include

Liberty Loan issue, which

June

columns

these

made public by Secretary McAdoo

The list differs somewhat from that

October 6.

approved

2.

notes,

The

present

regulations governing the commercial

.V

matter:

was

paper

The

permit its

The following is the

A

.

;, >

Special deposits of Government funds in connection with
bonds and

■

24

1917.

Any incorporated bank or trust company in the United States desiring
to

participate in deposits of the proceeds of bonds of the Second Liberty

the lists of

,

All securities accepted as collateral security for

depositary is located

or,

Reserve bank,

Federal

deposits hereunder must

Federal Reserve bank of the district in which the
by the direction and subject to the order of such

with

custodian

a

and under rules and regulations

custodians designated by it,

or

prescribed by it.

How Deposits are to be

Made.

Each qualified depositary will be required to open

and maintain for the

account of the Federal Reserve bank of its district, as

United States,
be known

as

a

fiscal agent of the

separate account for deposits to be made

hereunder, to

the "War Loan Deposit Account."

Qualified depositaries will

be permitted to make payment by credit

when due of amounts payable on

subscriptions made by or through them

for Treasury certificates of indebtedness and for Liberty

In order

bonds.

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

to make

advice

to

Federal

such

addition to all
such

depositary)

of

and must on said date issue a certificate

Reserve

bank

that a sum specified

stating,

other amounts standing to the credit of

(in

said fiscal agent

with such depositary for the

has been deposited

bank, as fiscal agent of the United States,

the War Loan Deposit Account.

unexpended cash proceeds, if any, of the sale of any issue of cer¬

The

banks and other banks and trust companies incorporated
United States or of any State.

To Federal Reserve

than

more

compensation.

■

be deposited with the

in

under the laws of the

of not

Custody of Securities.

account of such Federal Reserve

Office of the Secretary, Washington, October 6 1917.

consist

transmit them
promptly to the Federal Reserve bank of the district with the committee's

with

TREASURY DEPARTMENT.

be known as the securities

sbali

collateral security for deposits and. to

as

when such payment is due,

subscriptions for

certificates of the United States issued under the Act of Congress

approved September

tendered

given in

by the Treasury Department in the
..

committee

It shall be the duty of such securities committee to examine
securities

list is broadened to

certificates of indebtedness and

acceptance at 90% of its face value.
latest circular issued

on

applying in

warrants, issued by any State at 90% of market value.
new

securities

less than two members, who shall serve without

recommendation.

purchases of the Second Liberty Loan bonds and certificates
of indebtedness, was

nor

acceptable by the Treasury Depart¬

collateral for Government deposits growing out of

as

Reserve banks acting under like

permitted by the Federal

direction.

Lucius

Teter is President.

SECURITIES

of the

securities, the pledge of additional secur¬

ities, and the substitution of securities shall be made from time to time as

The Chicago

capital of $1,000,000.

and

companies;

railroad

domestic

and

exchange

stock

notes, of domestic railroad companies within the United States;

State

by at least three other large trust

city in the United States which are direct

city as

or

in the

indebtedness and war¬

such bonds which, at the date of this circular, are at

any

tem will be

upon

county, city or political subdivision

any

any country or

within the next week the question of admittance to the sys¬

passed

States, at 90% of market value.

Approved bonds of

United States; and approved notes, certificates of

nor

and the next

Bonds of any State of the United States, at market value; and ap¬

(g)

Friday, Oct. 12, the Dime Savings Bank of Detroit

and the

(d)

proved notes, certificates of indebtedness and warrants issued by any

18 directors of

both the Brooklyn Trust and Franklin Trust

1573

CHRONICLE

tificates

nearly

or

bonds

as may

will

be deposited

among

the qualified depositaries as

be in proportion to the subscriptions made by and

through

them for such issue.

All deposits

and withdrawals will be made by the Federal Reserve banks

Loan and of certificates of indebtedness of the United States issued under

by direction of the Secretary of the Treasury.

approved Sept. 24 1917, should make application to the
of its district, on Form H hereto attached, and

The amount deposited .with any depositary

the Act of Congress

Federal

Reserve bank

accompany

such

applications

by

a

certified

copy

of

resolutions

duly

adopted by its board of directors, in Form J hereto attached.
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

have to make, for itself and its customers, on account
allotments of such bonds and certificates, and, as well, by any statutory

which it expects to
of

limitations upon the amount

of deposits which the applicant bank

or

trust

receive from any one depositor.
Any application may be
rejected 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
company may

depositaries.

been

designated

as

a

depositary,

(6)

nor

collateral security pledged by it taken at
Withdrawal of
All

the aggregate amount of the

the rates hereinbefore provided.
Deposits.

deposits will be payable on demand without previous notice.
Interest

on

Deposits.

Each depositary will be required to pay
annum

on

deposit.

interest at the fate of 2% per
the period of the

the. average daily balance maintained during

Interest payments must be made when deposits are finally

with¬

drawn, but not less frequently than quarterly.
W.

G.

McADOO,

^

Collateral

shall not In the aggregate

(a) the maximum amount for which it shall have

exceed at any one time

Secretary of the

Treasury.

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

Forms II and J referred to

above,

are

annexed:

Form H—Liberty Loan.

APPLICATION FOR

equal to such deposits:

Act

DEPOSITS.

of September 24

1917.

(а) Bonds and certificates of indebtedness of the United States Govern¬
ment,

of any issue, including

bonds of the Liberty Loans and

interim

certificates or receipts for payments therefor; all at par,

The

(б) 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.

The 3H % bonds of the Territory of Hawaii at 90% of market value;
and other bonds of said Territory at market value.
(c)




To the

Federal Reserve Bank of

fiscal agent of the United States:

undersigned bank or trust company, in accordance with the pro¬

visions of Treasury Department Circular No. 92, dated Oct. 6

1917, and

pursuant to due action of its board of directors, hereby makes application
for the deposit
ness

with it of proceeds of the bonds and certificates of indebted¬

issued and to be issued from time to time under the Act of Congress

amount'of such deposits

24 1917, the aggregate

approved Sept.

exceed at any one time $___

and assigns and

_—

agrees to

not to
pledge,

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

_____

______

which will then obtain the new fours from the Federal

_Of--___._

handle

business.

this

,

'

expected that a majority of all the bonds and certificates of the

will be converted by the Federal Reserve Bank of New

first Liberty Loan

'

_

By.______

the Bond Issue Division of the Federal Reserve Bank

In both instances,
will

York, even though they were floated

.

It will be necessary for persons

Act
I

APPLICATION

AUTHORIZING

RESOLUTIONS

of September 24

FOR

DEPOSITS.

meeting of the board of directors of the below-named bank (or trust com¬
pany), which meeting was duly called, and duly held on the
of

________

day

being present, and that the said resolutions

a quorum

—______

Resolved, That in accordance with the provisions of Treasury Department
Circular No. 92, dated Oct. 6 1917 this bank (trust company) make
cation for the

appli¬

deposit with it of proceeds of the bonds and certificates of

into four percents.

converted

well

this transfer as

a

first loan for definitive bonds. It is
hisV>r her interim certificate

however, for a person to change

issue converting.it into 4%.

definitive of the 3)4%

person

,

The interim

bank or the Federal Reserve Bank.

certificate may be presented to a
The

The branch at present is ex¬

to the conversion.

as

changing interim certificates of the
not necessary,

■■

:

Issue Division at 50 Wall Street will attend to

of the Bond

A branch

into

spread upon the minutes of said meeting:

were

changed into certificates of this Federal Reserve District before they can
be

1917.

hereby certify that the following resolutions were duly adopted at a

who obtained Interim certificates of the

Federal Reserve banks outside of New York to have them

first loan from

Form J—Liberty Loan.

through the other branches of the

System.

Federal Reserve

President (Vice-President.)

Reserve

The other is by applying directly to the Federal Reserve Bank.

It is

of the character and amount required by said circular.

in the bonds or certificates of the first issue to the

One is by turning

banks,
Bank.

the Federal Reserve Bank of

from time to time, to and with

[Vol. 105.

CHRONICLE

THE

1574

of the maturity,

3)4% will get a 4%

who converts his

15-30 years, as his 3)4%.
This 4% of the 15-30 year variety
confused with the4% of the 10-15 year class, now being issued*

namely,

indebtedness issued and to be issued from time to time under the Act of

must not be

Congress approved Sept. 24 1917, the aggregate amount of such deposits

in denominations from

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___'
as

fiscal agent of the United States, as collateral security for

as.

may

be made from time to time pursuant to this application, securities

of the character and amount

is hereby authorized

(or trust company)

application, assignment, and agreement as aforesaid and from
pledge with said Federal Reserve bank, or

time to time to deliver to and

custodian or custodians appointed by it, securities of the undersigned

any

(or trust company) of a character and amount at least sufficient to

bank

such deposits

secure

according to the terms of said Treasury Department

circular, and from time to time to withdraw securities and to substitute
other securities and to pledge and

deposit additional securities.
affixed the seal

In witness whereof I have hereunto signed my name and

the_*_

of

_

_

i

_

_

_

bonds must

before they can

_.

_

of.

_

__ _

__

_

TAX-EXEMPT PROVISIONS OF 4% LIBERTY BONDS.
Word

Cashier

(Secretaryi)

the Treasury Department's announce¬

securities eligible

collateral for Government

as

deposits.

Four per cent

1.

except estate or

They

with

the

(1)
for

Department

Treasury

Circular

attention is especially Called to the following'

Enclosed herewith is

designation

as

depositary of the proceeds of the bonds of the second

Liberty Loan and of certificates of indebtedness,
"(2)

You will also find enclosed

of resolution which must be passed

copy

by the board of directors of the applicant bank, and accompany the appli¬
cation.

should

be

commercial

or

listed

beneficiary is entitled to independent exemption of the interest on

In

paper

offered

security

as

alphabetically in sufficient detail to set forth clearly

name

three copies of the resolution and

(5) You will be advised later concerning custody of those of your secur¬
approved

are

Please forward

Federal

possible to

as

your

security for United States deposits.

application

Reserve

Bank of

and

list of securities

New

York,

that

Act

upon

scription and also to those Issuable upon

as

soon

Deposit

Liberty Loan

and whose securities

are

previous issues of Certificates of Indebted¬

or

still on deposit with this bank or

with author¬

ized custodians, should list those securities so that they can be
new
are

transferred

trust company

desirous of having each and

in this district designated

every

incorporated bank and

depositary at

a

bonds

once so

that all

can

be

made

by

book credits,- thereby greatly facilitating

Your attention is called to the fact that the 2% payments for

payments.

OWNERSHIP

OF

as

well

as

UNDER

FEDERAL

GOVERNMENT. BONDS.

not
on

drfect

that the Federal tax authorities will

require certificates of ownership when interest coupons
Government bonds are presented for payment are con¬
circular, issued by the Federal Reserve Bank of

a

Richmond, under date of Oct. 15, which we quote as follows:
Banking Institutions and the Publiq of the Fifth Federal Reserve

We have received

District:

inquiries from several sources as to whether for the pur¬

of the tax authorities certificates of ownership will be required
interest coupons on Government bonds are presented for payment.

poses

Upon the authority of the Treasury Department you are
Income Tax Law,

information

at

as

when

advised that

Title 1, part 3, Section 28, of the

amended by Section 1211 of the new bill requiring

the source,

expressly states that this provision shall not

apply to the payment of interest on obligations of the United States.
Respectfully,
•'
•
•
FEDERAL RESERVE BANK OF RICHMOND,
Fiscal Agent of the

Liberty Loan bonds and the payments for small cash subscriptions can be
by credit

■.

.

TAX LAW NOT REQUIRED IN CASE OF

such certificates will not be required.

depositary account.

very

payments by them for their subscription to the forthcoming issue of Liberty

made

how offered for sub¬
conversion of the 3)4% Liberty
..Jr;-■■

CERTIFICATES

To

Those institutions which were designated depositaries for the pro¬

ceeds of the last

The

undistributed income.

Bonds end of quota.

tained in
as

Government

Department, 50 Wall Street, New York City.

Loan

by

imposed

tax

foregoing statements apply to the 4% Liberty. Bonds

giving

three copies of the list of securities should be furnished,

We

information at the source

the War Revenue Act in connection with the payment
owned.

Advices to the

Three copies of the application,

to the

iyf...

Undistributed income invested in these bonds is not subject to the

5.

additional

'

ities which

ness

$5,000 principal

interest on

v'

No ownership certificate or other so-called

4.

will be required under

and address of the maker, the endorser and the maturity of the

paper.

(7)

.

for such deposits

Commercial paper should be listed in the order of maturity

stated.

(6)

and each Child, if the actual owner, is

exemption of the

independent

$5,000'

the trustee is identical, if the trusts be sepa¬

of families,,the wife

case

to

The full name, rate and maturity of the bonds should be

the exact issue.

(4)

This is true though

of holdings by trustees, each

by typewriter on the forms enclosed for that purpose.

Bonds should be listed

the

case

'

Bonds

(3)

inheritance taxes.

In

their total holdings exceed $5,000.

of the interest on those bonds, whatever amount

form upon which you may make application

a

individual, partnership, association or corporation is exempt

amount so owned.

No. 92 (Liberty Loan Circular No. 7) of which the Department has sent
you a copy, your

\

and from all other
and except income surtaxes,

$5,000 principal amount of bonds and certificates

interest on

owned by any

entitled

New York, October 9 1917.
connection

inheritance taxes.

exempt from U. S. normal income taxes

are

from all U. S. taxes except estate or

rate.

FEDERAL RESERVE BANK OF NEW YORK.

Sirs.—In

follows:

as

profits and war profits taxes.

The

3.

the 17th inst., setting

on

Liberty Bonds are exempt from all State and local taxes

in trust for him even though

(Circular No. 86.)

Dear

It is

4% Liberty Loan bonds.

excess

of

McAdoo

clearly and distinctly the tax-exempt provisions of the

forth

U. S. taxes except estate and inheritance taxes

The New York Federal Reserve Bank has issued the follow¬
ment

received at the Liberty Loan headquarters in

was

New York from Secretary

2.

on

1

convert them.

■________________

_

•

ing circular bearing

registered

the Secretary of the Treasury

assign and transfer them to

vice-president, or cashier, or secre¬

or any

of the undersigned bank

make

to

their securities to the banks or

Reserve Bank, as stated above, but the owners of

required by said circular; and

Resolved, That the president,
tary,

such deposits

$50 to $1,000.

of coupon bonds may present

Holders

the Federal

Government.

other payments.

It will be necessary for those institutions that were designated deposi¬
taries under the last
any

Liberty Loan to again qualify as depositaries to receive

MAINTAINED

PRICES

of the funds arising from the sale of the forthcoming issue of bonds.

Applications will be passed

on

in the order they

are

Respectfully,
• «

I

BENJ. STRONG, Governor.

OF INDEBTEDNESS OVERSUBSCRIBED.

Treasury Department officials

Oct.

on

Oct. 16 announced that

indebtedness, subscription books to which closed

15,

had

been

"tremendously

oversubscribed."

on

The

certificates bear interest at the rate of 4% and mature on
N o vember 22.
_____________

CONVERTED INTO NEW ISSUE.

Liberty Loan will be able to convert their holdings into
on

and after NoVi 1.

There

effecting this conversion, according to

a

are

two ways of

statement issued

by the Liberty Loan Committee of the New York Federal
Reserve

District




which

adds:

as are

have

DENOMINATIONS

same

paid for larger amounts, influential banking
steps for creating an equally good
smaller issues.
The result was shown in the

the New York Stock Exchange for the
were maintained on a basis exactly the
for the $500 and $1,000 bonds.
The 334j%

quotations

small issues.
as

that

holders of $50

bonds to obtain as good prices for their

taken

market for the
latest

on

Prices

Liberty bonds represent the only issue, so far as known,
where odd lots—that is, amounts less than $500—can be
time there
for the

Owners of interim certificates and definitive bonds of the

first

holdings

sold at exactly

HOW FIRST LIBERTY LOAN BONDS MAY BE

4% bonds

and $100 Liberty

interests

'

recently offered $300,000,000 issue of Treasury certifi¬

cates of

LOW

Realizing the importance of enabling the

"'

$300,000,000 OFFERING OF TREASURY CERTIFICATES

the

ON

OF LIBERTY BONDS.

received.

was

the
a

same

price

spread of

as

some

the larger bonds.

For

a

extent between the price

larger bonds and the small pieces, due probably to
realized in all quarters that the small

the fact that it was not

pieces could be exchanged in correct

denominations for the

The equality of price now prevailing is a
which does not exist in the case of most corporation

larger pieces.
feature

issues, which in many cases show
between the small bonds and

considerable discrepancies

the larger ones.

Oct. 20 1917.]

NET

YIELD
ON

THE
OF

LIBERTY

LOAN

4S

CHRONICLE
Federal Reserve Bank of New York will have

BASED

30% of these

FEDERAL INCOME TAX.

available

The

following table, purporting to show the net yield of
second Liberty Loan 4s' based on the Federal War

the

Revenue Tax Law,

to

conies

■

The

by

a

following table and information
are

FEDERAL
Based

on

prepared

sufficient

TAX.

not

'•

Total
When Bulk of

part of the telegram

The Bond Issue Division will allot in full to the banks if

Law of October 3 1917, Married Person Basis-

UV v'.'-

•

•

were

believed to be accurate.

INCOME

a

the Federal Reserve banks.

way to
official but

are not

how these shipments compare with

us

necessity from day to day," read

from Washington, announcing that the bonds were on their

LIBERTY LOAN.

well-known statistician and

approximately

A large part of its quota will be

distribution at the beginning of next week.
ship to each bank ah approximate portion of its

Please advise

quota.
your

Bank of Richmond.

bonds.

new

for

"We will

from the Federal Reserve

us

1575

■

quantity of bonds is received here.

are

among

the

enough bonds, the supply will be divided

banks pro rata.

The expectation is that the prompt issue

Net Yield

of the fours will speed up

Income Is

Is Free

of Liberty

Subject to

from

4's—?

viduals who have received their bonds from the banks

Normal Tax.

Normal Tax.

Per Cent.

•'

When Income

''

Income—

i—........

$1,000-..

$

0

$

0

4.00

0

4.00

3,000

20

0

4.00

4,000-..

40

6

4.00

because the drive

0

4.00

25

could be put on

3.96

:

80

Indi¬
the

or

Liberty

0

5,000...

the subscription campaign.

Bond Issue Division will take them home and exhibit them,
with the result that they will stimulate interest in the

2,000
c

a

If there

Loan.

In

the

first

campaign

started almost

was

impetus

this

over

lacking

was

night and

no

bonds

the market before the subscription books

7,500

205

10,000

355

75

3.92

12,500

530

150

3.88

apply only to the second Liberty Loan.

stood, also, that holders of bonds of the first loan cannot

15,000.

730

closed.

were

Deliveries

which

250

3.84

20,000

1,180

500

3,580

2,100

3.68

exchange their holdings for the

6,780

4,500

3.52

Announcement

converted into 4s will be made in

Monday,

on

It must be under¬

3.80

40,000—

60,000.

.

started

were

—....

80,000-.

—

—

10,980
—

7,900

3.32

16,180

...

100,000

12,300

to the

as

who

his

turns

into

a

amount

tax law

provides for "an additional tax of 10%

upon

the

of the total net income

year,

company,

association,

or

of every corporation,

joint stock

insurance company received during the year.

or

The law distinctly provides, however, that this tax shall not apply to that

portion of such undistributed net income which is actually invested
employed in the business,

or

This

the first

that if

means

a

The

or

is invested in obligations of the United

corporation had undistributed profits for the

year

ation.

In order that subscribers to the
the bonds when due

possible,

a

Postmasters

been

authorized

coupons or

ment. of interest

the

to

registered bonds.

on

pay

interest

To the Federal Reserve Bank of

The

and they

warrants

Postmasters
the coupons

will

be

to

less, to

any one

subscriber

payment

upon

undersigned

the

goes

subscribers therefor,

from

for

$

face

value

of

the

according to the terms of Treasury Department

90, dated Oct, 1 1917.

Please notify

of the face amount of bonds which you are

us

from time to time

prepared to deliver against this
we agree

make payment in full to you of the

as you may

notify

that

us

you are

face value of such bonds

to

prepared to deliver up to the amount above specified:

Upon receipt of such payment

deliver to

you are to

us

the bonds covered

We hereby agree that no bonds shall be delivered by us except against

payment of the face value thereof in full by subscribers whose total sub¬

this

We hereby agree

application with coupons attached not subscribed for

us

the face value

LIBERTY

on

us upon

before

or

tjhereof without interest.

LOAN

Washington for all

and warrants which they cash.

subscriber.

31 1917, bonds delivered to

Oct. 27 1917, as provided above, and upon such delivery you are to repay

or

BY

interest when

CAMPAIGN—SPEEDING

TREASURY

URGED

UP

DEPARTMENT.

The United

States sub-treasuries and banks will also pay.

any one

to redeliver to you on or before Oct.

to

will be cashed immediately.

reimbursed

New York;

applies

scriptions shall not exceed $1,000 for

The method of ob¬

A bond holder merely

hereby

thereby.

pay¬

post office in his locality, presents his coupons

Treasury

or

application and immediately upon receipt of such notification

that

on

Treasury Warrants issued in

taining interest will be simple.
to

simply and conveniently

Treasury McAdoo has announced

had

Liberty Bond

Liberty Bonds may obtain

as

letter from Postmaster General Burleson
the

$1,000,

10-25-year 4% convertible gold bonds of the United States to be delivered
Circular No.

Secretary of

years

their bonds for subscribers who have paid in full:

sold by them in lots of

to

POSTMASTERS WILL CASH LIBERTY BOND COUPONS.

as

as

now

Application by incorporated banks and trust companies for bonds to be

__

on

The 4s

in full by such subscribers of the face value thereof.

1917."

invested in the Second Liberty Loan 4s, it would be free from such tax¬

interest

maturity

same

years.

the counter will mature in 10-25

over

man

being issued, but will

now

4, which has the

a

be

can

The

following is the form which the banks will fill out in

order to get

of $100,000, it would be subject to a tax of $10,000, but if this $100,000
was

fours

new

Liberty Loan, namely 15-30

being put out

is retained for employment in the reasonable

requirements of the business,
States issued after Sept. 1

or

the

as

convert his bond into

remaining undistributed six months after the end of each calendar

fiscal

or

new

maturity

same

3}^s

few days.

a

does not get a bond with the

4

Note that the

man with an income of $60,000 or less gets a
larger net
by buying the 4% bonds of the Second Liberty Loan than by buying
the Z}4 % tax-free bonds of the first issue.

being issued.

now

in which the

3.12

return

Note.—The

fours

new

manner

due,

as

nated
to

heretofore.

The post offices have simply been desig¬
additional agencies, for cashing the coupons in order

as

The

necessity for speeding

tions to the second

by

the

Treasury

the campaign for subscrip¬

up

Liberty Loan offering

Department in

actually
TO LEND MONEY AT 4%
b

The

members

TO BUY LIBERTY

LOAN BONDS.

of

the

Loan.
at

Liberty Loan

Committee

have

desiring to purchase bonds of the

second

Liberty

A number of the banks have agreed to make loans

this rate, accepting the bonds

as

collateral with

a

10%

margin.
SHIPMENT OF NEW

4% LIBERTY BONDS RECEIVED

IN NEW YORK.

ReservelBank of
preliminary shipment from
Washington of 10,000 pieces of Liberty Loan coupon fours.
On Monday and Tuesday of this week
thisjand a larger
consignment, since received, were ready for distribution to
a

who will have subscribed and paid-in full for bonds
denomination or less by Oct. 27, the last day of the
campaign.
The new fours will be handed;out to this class
of subscribers by the banks which have applied on
special
persons

of $1,000

forms to the Bond Issue Division.

They also will be sent
by registered mail from the Bond Issue Division to persons
who
or

have

entered

individual subscriptions at

that office,

will enter them by Oct. 27.

Department in Washington

Last week the Treasury
advised the Federal Reserve

Bank of New York that 100,000 of the $50

bonds, 475,000

of the $100 bonds, 8,000 of the $500 bonds and 170,000 of
the $1,000

bonds

were




to

$325,465,000.

up

to

being shipped from that city,

the

issued

10

bank

and

amounted

work

on

subscriptions
the
but

to

the part of

on

for the balance of the campaign," which

closed Oct. 27, was forecast
age

Reserve

Oct.

The "hardest kind of

daily subscriptions, it

by the Department; the

was

York Federal Reserve

aver¬

[pointed out, must amount

$208,000,000, whereas the daily

had been but $36,000,000.

average up to

the

10th

The subscriptions in the New

District, which headed the list made

public in the Treasury Department statement of the 11th,
amounted to $228,527,000, San Francisco coming second on
the list with

subscriptions of but $16,047,000.

of all the Reserve Districts

The Bond Issue Division of the Federal

New York last1 week received

Federal

Department

the whole country

recommended to the banks that they lend
money at 4% to
persons

filed with the

Treasury

pointed out

was

statement

Oct. 11, in which it was reported that the total

facilitate the interest payment.

BANKS

a

which

The showing

set out in the statement,

was

quote herewith in full:'

we

'

Secretary McAdoo announces that the total subscriptions for the second

Liberty Loan actually filed with the several Federal Reserve banks and the
Treasury Department up to the close of business Oct.
While

$325,465,000.
trust

a

very

large

number

10, .amounted to

of incorporated

banks

companies throughout the country have not yet reported

scriptions to the Federal Reserve banks, and while the Liberty Loan
mittees have

have

not

yet

unreported

and

sub¬

any

com¬

unofficially reported a number of large subscriptions which

been formally filed,

amounts,

the

even

subscriptions

making due allowance for these

thus

far

received

necessity for the hardest kind of work on the part of

the

indicate

whole

the

country

for the balance of the campaign.,

Daily Average Should Exceed $208,000,000.
The Secretary of the Treasury has requested

subscriptions to

an amount

of $5,000,000,000, in order that allotments might be made up to $4,000,-

000,000 in accordance with the terms of
No. 90.

There

are

Treasury Department Circular

24 business days during the campaign period, and in

order to obtain subscriptions of $5,000,000,000, the average daily subscrip¬
tions must amount to over $208,000,000 per day; whereas up to date the
average

has been only about $36,000,000.

It is particularly important to impress upon the people Of the
country
that this vast undertaking must not.be left to the people of great wealth.

THE

1576
subscribed except by the earnest

such sum can be

as no

co-operation of all

people of the country.
It is estimated tbat in the first campaign there
were about
5,000,000 subscribers and with the better organization now
the

of educational work which has been done,
count at the close of the campaign subscriptions from

available, and the large amount
we

should be able to

10,000,000 people.

at least

New York..

Reporting.

Richmond

_

.

—— 1,237,000

Minneapolis

-

City—--

Kansas

Dallas--

—

.

San Francisco

Total

16,047,000

———

and Central West and Southwest,
Pacific Coast and Missouri regions, gave
loan among the farmers and small-town
of telegrams were received indicating a determination
carry away honors for subscriptions and make it a city,

particularly through the Lakes,

estimates

high hopes of strong support of the

districts alone

Scores

residents.

not to let the East

"financiers'

and

sale.

bank

unreported sales make it appear

and the rest was scattering.
-above $17,000,000. and
official figures. Cleveland
25 times the official report,

reported that its subscriptions were

New York's was known to be

district

subscriptions

messages

may

far in excess of the

high as

as

run

declared. Within 15 minutes
Omaha, unofficial reports said, that city had sub¬
$7,000,000, or about five times the amount reported to
committeemen there

from local

after the sale opened in
scribed more than

careful estimates of

of the maximum

that not more than 14 %

worth

been subscribed.
If it is to be attained, $358,000,000
be sold every day between now and the close of the drive.
the hardest kind of work the goal may be accomplished.
Com¬

of bonds must

With

actually subscribed.

$7,000,000, Connecticut almost that amount,
Louis

"

official figures and most

quota has

official figures represent a far smaller
San Francisco's unofficial total
at noon Thursday had reached $30,000,000.
New England's estimated
total was $48,000,000, Massachusetts giving $29,000,000, Rhode Island
St.

$5,000,000,000

add $180,000,000.

words, the latest

In other

Chicago reports indicate that the

amount than has been

:

the official figures would greatly in¬
total, possibly to $650,000,000 or $700,000,000.
Conservative
from the New York, Cleveland, Chicago and 8an Francisco

the

crease

175,000,000
200,000,000
125,000,000
350,000,000

-.$399,654,900

—

-

200,000,000
135,000,000
700,000.000
200,000,000

unreported sales added to

Doubtless

from the West

reports

-—

— —

500.000,000

10,601,000
3,786,000
No report.
2,025,000
3,175,000
24,111,000,

-

Louis..

1,899,000

San Francisco

1,703,000

Unofficial

_

Dallas-

12,229,000

_

No report.

_!
_

Kansas City

1,895,000
:

1,729,000

—;

13,583,000 Minneapol is

_

_

Richmond
Atlanta_

St. Louis

228,527,000

Philadelphia
Cleveland

$4,816,000

$41,800,000 Chicago

__

——

—

Chicago..

official figures follow:

New York

——

Cleveland

St.

Boston

—

—

$500,000,000
1,500,000,000
415,000,000

$59,100,000
250,910.000
16,617,900
1,971,000
21,827,000
5,531,000

-

-

Philadelphia

Allotted.

Reported.

'•

!•

Boston...

Atlanta

Official Figures by Cities
The

[Vol. 105.

CHRONICLE

mittees

where it can be said positively that failure is
probable, despite the fact that many sections are far below their quotas.
Designation by the President of Wednesday, Oct. 24, as Liberty Loan
Day will have.a stimulating effect on sales, different cities striving to hang
♦

high marks for the day.
South, where, next to

up

splendid new spirit is showing.
1from most of the country west of the Mississippi

Reports

tions and has

Loan

Sentiment for

Strong in New

York.

Secretary McAdoo has had
much confidence in the ability of the various
sales.

Chicago workers art)

their quotas.

although buying has been
slow, and committee men insist that they will make their maximum quota.
Interest in Chicago is quickening, small banks asking for installment plan
payment details, and decision has been reached to make the Gran Prix
automobile race prizes next Saturday Liberty Bonds instead of cash.
Business organizations are taking the sale in hand in Philadelphia.
Among the large sales reported were Bell Telephone Co., St. Louis,
$5,000,000; Crocker National Bank, San Francisco, $3,000,000; Western
Pacific
Railway
Co.,
$1,077,000; Studebaker Corporation,
Chicago,
$1,000,000; United Fruit and United Worsted companies, Boston, $1,000,Sentiment for the loan is strong

in New York,

*
Campaigning has just started in Minnesota and other Northwestern
States east of Montana.'
Work in the far South and Texas is proceeding

Minneapolis, slow sales have caused

In the

greatest concern, a

enthusiasm and brisk

the Kansas City Bank.

There is not a

in sight.

Many prospects are

determined.

are

single spot in the country

the

.

indicate great
wonderful recep¬
districts to make

going steadily.

m

subscriptions of more than
$2,000,000,000 are expected by officials to be paid into the
various banks by to-night.
According to reports received
yesterday (the 19th inst.) by the Treasury Department from
the various Federal Reserve districts, subscriptions to date
total $1,535,000,000, this amount representing unofficial
It

was

reported last night that

estimates of the Liberty

Loan committees".

000 each.

The total

subscriptions

of the eleventh day

at the end

$344,195,550,
of the $5,000,000,000 gold.
The Treasury
statement announcing the figures for the 11th

reported by the Treasury Department as

was

In

stating that the results

tions

slowly.

less than

7%

Department's

the

to

Secretary of the Treasury
said:

It is better than

hour's notice.

Federal Reserve

maximum

public to the Treasury Department.
This is less than 7 % of the
amount of subscriptions desired by Secretary McAdoo before the

$5,000,000,000 on Oct. 27.

the drive for

close of

.

"10,000,000

of

Liberty

throughout the land.

,

made public up-to the

The official returns

_

-

New York——..

—

Philadelphia-.-.-

V

.

________
$5,671,000
$48,600,000 Chicago
3,113,050
-228,527,000 St. Louis--.-..-.
Kansas City
:
1,237,600
14,712,850
2,208,400
1,971,000 Dallas.
-

14,360,450

Richmond--

where the campaign has not

from Minneapolis,

report

22,091,200

San Francisco.

1,703,000

Atlanta
unofficial

■\

--------

Cleveland-.i-

An

close of business on Oct: 11

'.V 'ft

follow:
Boston

in view
buyers" will be sounded

Bond

said the State deposit board had adopted a resolu¬
tion directing that State funds be withdrawn from all banks failing to push
the loan and subscribe for bonds with their own funds, if their reserves
warrant.
This action is expected to greatly stimulate the sale.
Iowa,
another State in which the work has been slow in getting under way, was
gotten well under way,'

reported to be showing new enthusiasm.
The
would be met by "hard and persistent efforts.""

Country banks, farmers and wage-earners
State. ■ »

State's quota, it was said,

Chicago continues a steady

particularly are lining up for

Illinois districts.

.

''

in the South, Atlanta reporting that sub¬
scriptions were coming in steadily.
Nashville got $2,500,000, and two
Atlanta banks subscribed $1,500,000 each.
Great rivalry is being stirred
Quickened interest is displayed

in Southern army training camps over which
and good sales are resulting.

up

amount of bonds

Thomas H. West,

dividual subscription
and

Chairman of the St.

shall buy the largest
,

.

Louis Union Bank, made an in¬

Rawlins, Grand Secretary
of Railway Telegraphers, announced that his

Treasurer of the

Order

that it would reach its

announcement

on

people should fail, it would be a more fateful disaster than
the loss of a great battle."
His slogan is "buy a bond and
stop the war."

The'Los Angeles -'Times"

of the 12th inst.

dispatch from San Francisco, quoted him as saying:
I should like ^ou to realize that every dollar that is paid to a soldier,
every pair of shoes that is put on his feet, every piece of clothing that he
wears, every gun that he carries, every cartridge that he fires, every 16-inch
shell that is fired from the monster guns of our battleships and every

in

a

shovelful of coal that is

consumed in them depends upon

the money in the

the gold pile in the
it so large and ample
that whatever strain your Government puts upon it for the purpose of this
war shall find a ready response, then the light of Liberty goes out into the
United

States

Treasury.

Treasury sufficient for

world—and where is
I

my

And so, unless you keep

the demand; unless you,keep

America?

believe this war is coming to a

•

conclusion in a shorter time

I do "not base this on any

belief in the results- that

than is

inside information, but on
which I see on all sides

American efficiency

•

,

$18,000,000,000 was needed by June 30
1918, Secretary McAdoo said:
Four billion of this amount will be raised by taxation., and the remaining
$14,000,000,000 by bond issues.
Of this amount $8,100,000,000 is required
to equip the army now going to the training camps.
There is needed
$1,250,000,000 to $1,500,000,000 to increase the navy and a large part
Stating

tbat

devoted to the

construction of torpedo-boat

destroyers.

Oct. 13 in
of the Treasury Department made public
which we give herewith:

the 15th inst.,

Loam bond sale reported to eleven of
the twelve Federal Reserve banks of the country during the first half of
the $5,000,000,000 drive closed Oct. 13, totaled $399,654,900, or a shade,
under 8% of the maximum figure desired by Secretary McAdoo for the
campaign ending Oct. 27.
The latest official -returns

the Seoretary at the outset

and the ^llotme«Gs made to

of the sale follows;

each district by

INTIMATES CONSCRIPTION OF
LOAN FAILS.
by Secretary of the Treasury McAdoo that

SECRETARY McADOO

WEALTH IF LIBERTY
An intimation

maximum quota.

Subscriptions to the second Liberty




speech at San Francisco on the 11th inst. Mr. McAdoo
that "if one single loan offered to the American

declared

rousing reception and insisted

$399,654,900 were reported up to

an

/

4%

entitled to be a citizen.

of $250,000, and Charles B.

organization would subscribe $100,000.
San Francisco gave Secretary McAdoo a

Returns of

$1 25 a week at the rate of

will achieve.

,

good sales in the various

drive and reports

a

The
$10 a

:*

•

can't lend his Government

generally expected.

'

the loan throughout the

In

face.
afford the $50 for a bond speaks untruly.
for a $50 bond and

the rate of $5 a month

$100 bond.

interest is not

number of

the rallying cry

takes the attitude of "let
and. I would like nothing

who says he Qan't

A man who

particular needs of the campaign, workers report, is an increased
small subscribers to spread the message of the loan and with this

to the Government,

refused to subscribe or who

bond can be bought at
a

of this country want to win this
If they don't subscribe for this
they are helping the enemy.

them to show it.

tell it to him to his

better than to

month for

taxation,

it," is a friend of Germany,

Every person who

A man

increasing sales will be resorted" to throughout the
country next week.
While the unofficial figures received from different
sections indicate that subscriptions are much larger than those shown by
the official returns, progress made thus far is causing no optimism.
The
Vigorous methods for

of patriotic citizens

loan and lend their money

the other fellow do

cash because it is exempt from

4%.

is the time for

war now

They think they are speculation.
be converted into cash in an

stocks.

Any bond of this issue can

They are not.

If the thousands

eleventh day's sale of second Liberty Loan bonds total
$344,195,550 had been reported to eleven of the twelve
banks in the United States, according to returns, made

At the end of the

subscriptions of

discouraging

McAdoo at Los Angeles on Oct. 12

:

People look at the bonds like

and bears interest .at

said:

of the efforts to secure subscrip¬

Liberty Loan bonds were

new

the

Government

carry on

might conscript money,

if necessary to

following excerpt from his
Diego, according to the New York "Sun" of

the war, was given in the

speech at San
the 18th inst.:
Suppose

that such an

unspeakable thing should happen as

that the

buy these Liberty bonds. Then
the nation. We do not want to
doit, but when the Government is conscripting the manhood of the country
and when it is conscripting human life to carry on the war to a successful
conclusion is it any time to be more tender with our dollars?

BOftptaref the United States should fail to
we shall have to conscript the wealth of

Oct. 20

LIBERTY LOAN

Loan

the larger subscriptions to

the Second Liberty

offering in the New York Reserve district, unofficially

compiled since
Trust

Guaranty

last report, have been

our

Co.

to

S26.500.000

Central Trust

Savings Bank of Utica

1,000,000

25,000,000

Union Trust Co. of N. Y...
American Express Co..

1,000,000

Scandinavian Trust Co

20,000,000

F. S. Smithers & Co.

1,000,000
1,000,000

(subscrip¬

date)
Co

1__

New York City

...

—

1,000.000

Chatham

20,000,000

United States Steel Corp;,..

15,000.000

Bankers Trust Co.....

10,000,000

Phenix

&

Nat.

.1.

Bank)

organized to strike

a

1,000,000

....

1,000,000.

Dry Dock Sav. Inst........

10,000,000

Ladenburg, Thalman & Co..

1,000,000

Guaranty Trust Co....

6,000,000

Title Guarantee & Trust Co.

1,000,000

Louisville & Nashv. RR. Co.

6,000,000 .American International Corp.

in

oversubscription of

an

"Let the

says:

Brown Bros. & Co...

5,000,000

Empire Trust Co._

5,000,000

American Brass Co....

unequaled support to hearten the men who are
face the fire .of battle for us."
The proclamation fol¬

Public Nat. Bank, N

5,000,000

Continental Insurance

to

1,000,000

5,000,000

Fanners Loan & Trust Co..

Mechanics

Metals

&

Bank

N. Y. Life Ins.

I.

E.

New

Nat.

.....

du

Pont

Co
de

■

,

(through

Co...

1,000,000

ized to

1,000,000

rights and of the cause of liberty.

(through

Co.)......'

battles and to assist the nations with whom we are

Philippine Nat. Bank (sub¬
scriptions in the Islands)..

750,000

Auburn Trades Committee..

730.000

New York Dock Co.,

600,000

Lincoln Trust Co

570,000

3,500,000

Johns-Manville

VV.

Atchison, TopekaA Santa Fe

First

3,000,000

Chicago, Mil. & St. Pauilty,
Co. (through National City
Gas

Co.

2,500,000

Dominick

(through
Co.)

500,000

500,000
500.000

Domlnfck

2,500,000

one

land, under the general direction of the Secretary

Co..

500,000

21000.000

burn Co., Buffalo.'.......

500.000

Guggenheim

Brothers._____

2,000,000

The Chemical Nat. Bank...

1,500,000

Gillette Safety Razor Co
Globe & Rutgers Fire Ins. Co
Hud3on & Mannattan Co...

The

people responded nobly to the call of the first

.

_

i

1,500,000

.

•500,000

Midvale Steel & Ordnance Co.

1,500.000

International Agri. Corp....

500 000

Bank.......

1,500,000

Jacob

large that it will serve as an
unequaled support to hearten the men who are to face the fire
us.
Let the result be so impressive and emphatic that it will

Fur Merchants..

1,300,000

New York

Ruppert Brewery..__
F. B. Keech & Co

500.000

of

assurance

of battle for

throughout the empire of our enemy as an index of what

echo

tends to do to bring

500,000

Nat.

Liberty Loan with an

Let the response to the second loan

greater, and let the amount be so

even

500.000

500.000

hamlet throughout the

of the Treasury and the

Loan committees which have been

Liberty

oversubscription of more than 50%.
be

Foster of Foster, Mil-

of the

direction

organized by the Federal Reserve banks.

500 000

American Locomotive Co

Marlin-Rockwell Corp..

Day, and urge and

On the afternoon of that day I request that

of financial support.

patriotic meetings be held in every city, town and

500.000

II. II. Franklin Manu.

President of theUnited States of

people to assemble in their respective communities and pledge
another and to the Government that represents them the fullest

immediate

Fidelity Trust Co., Buffalo.
O. E.

perform a

patriotism.

Now, therefore, I, Woodrow Wilson,

measure

Co. of London......
&

making common cause

To subscribe to the Liberty Loan is to

foe.

America, do appoint Wednesday, Oct. 24, as Liberty

to

Commercial Union Assurance

Transit
Guaranty

of

500.000

..."

(through
Corn Exchange Bank),
Chandler & Co., Inc

(sub-

'd.-

-

service

500,000

......

Co

Bowery Sav. Bank

2,500,000

City Bank)
sidiarits)
Inter borough Rapid
:

a common

advise the

(through Central
Trust Co.)....

F. B lumen thai &

New York City

against

Ry. Co.

3,500,000
3,000,000

Corn Exchange Bank

Seaboard

Billions of dollars are required to arm,
forth to fight our country's

feed and clothe the brave men who are going

U. 8. Mortgage & Trust Co..

Consolidated

another
sustain their coun¬

The might of the United States is being mobilized and organ¬
strike a mortal blow at autocracy in defense of outraged American

750,000

Bank)...

Co.

opportunity to lend their funds to their Government to
try at war.

850,000

Del., Lackawanna & Western

Tmst

1,000:000
1,000,000

4,000,000

Co.

AMERICA—

gives the people of the United States

....

.

Co..

H.

Chicago&North Western RR.
(through Nat. City Bank).

Nat.

The second Liberty Loan

STATES OP

PROCLAMATION.

City Trust Co. of Buifalo...

(Newark)

Coal

A

4,000,000

__

Mutual Benefit Life Ins. Co.

•

Lamar

de

BY THE PRESIDENT OP THE UNITED

Y. C__

Zinc Co.

Bankers Trust

5,000,000

...

Nat. State Bank of Newark,
N. J

R.

J.

Nemours

Powder Co

Jersey

large that it will serve as an as¬

so

of

lows:'"; '"

1,000,000

...

resulted

than 50%, the President

more

to the second loan be even greater,

response

and let the amount be

1,000,000

Kubn, Loeb & Co...

mobilized and

mortal blow at autocracy in defense

outraged American rights and of the cause of liberty

of

surance

Louis G. Kaufmann (through

National Bank of Commerce,

proclamation the President sets out

might of the United States is being

Pointing out that the call of the first Liberty Loan
$1,000,000

25,000,000

Gential Trust Co.
tions

Wm. A. Read & Co

(sub¬

scriptions to date)
J. P. Morgan & Co

follows:

as

In his

Committees.

SUBSCRIPTIONS.

that "the

Some of

1577

THEiCHRONICLE

1917.]

For

this

war

America in¬

to a victorious conclusion.

v

all em¬

of participating in Liberty Day celebrations

the purpose

1,057,400

Lincoln Nat. Bank, N. Y. C.

500.000

Mercantile Bank of America.

500,000

whose services
can be spared may be excused at 12 o'clock Wednesday, October 24.
In witness whereof, I have hereunto set my hand and caused the seal

Bank).:._

1.000,000

Nat. Bank of Glens Falls...

500.000

of the United

August Belmont & Co..

1,000,000

E. Naumburg & Co........

500,000

Bank

1,000,000

N.

'

,

Adolph Lewisohn

Bank,

Nat.

Manufacturers

Troy

American

Can

First Nat.

Co.

(through

of Long Island....

Dime Sav. Bank of Bkln

Erie

Savings

County

1,000.000

through

($500,000

mers

1,000,000

Corn

-•

Loan & Trust Co.)..

Pump

chinery Co

&

500,000

International Nickel Co....

1,000.000

International Banking Corp.

500.000

Newburgh Savings Bank....

500 000

Metropolitan' Bank...__

500,000

Garfield National Bank

500,000

(through At¬

Bank)_......i

1,000,000

1,000,000

B. Lissbergcr & Co

Natfonal

Merchants

Co.;

New York Air Brake Co....

Cable

&

First

1.000.000

Nat. Bank)

1,000,000

N. Y. Produce Ex. Bank...

Rochester, N. Y

Secretary of State.

Following the issuance of President Wilson's proclamation,
Governor Whitman of New York, on Oct. 16, proclaimed
Oct. 24

Liberty Day throughout the State.

Similar action

by the Governors of other States.

as

"«

taken

was

500 000

500.000

......

500,000

West Virginia
Co

500 000

SUBSCRIPTIONS

the second

TO

TO

AGENTS

LIBERTY

LOAN

IN

pro-German agents to defeat

The disclosure of efforts of

500,000

Savings Bank..

Liberty Loan

Washington
DAILY

PRO-GERMAN

OF

DEFEA T LIBERTY LOAN.

Pulp & Paper

..........

1,000,000

*_

EFFORTS

ALLEGED

500,000

Clarke, Dodge & Co..

Union Dime

Bank,

Savings

First National Bank).....

Miller & Co...............

1,000,000

Inc

Phelps Dodge Corp. (through

Rochester

500 000

Lawrence Turnure & Co....

1,000,000

Conduit

ROBERT LANSING,

(Signed)

National Biscuit Co. (through

B^nk,

New York City.

National

500 000

Holme Co

George W,

WOODROW WILSON.

500,000

......

1,000.000

Buffalo

and of the

of America the one hundred and

States

United

the

500,000

Manton B.

Lackawanna Steel Co.,

of

By the President.

•

•

12th day of October, in the

this

Columbia,

(Signed)

500,000

Yokohama Specie Bank, Ltd.

lantic Nat.

of

forty second.

'

Ma-

1,000,000

Kountze Bros,

District

Lord, one thousand nine hundred and seventeen,

our

Independence

1,000.000

Metcalf..

of

500,000

Howard Sav. Inst,. Newark.

The

States to be affixed..

the

year

Ry.

Worthington

Exchange Bank).

Done in

500.000

Co. (through
Nat. City Bank and Far¬

Virginian

1,000 000

...

N.Y.C

Heidelback Iekelheimer & Co.

ployees of the Federal Government throught the country

Y,

Railway Steel Spring Co..

Bank

Giinhel Brothers.-

500.000

& Son...^

Rys. Co.
(through
Guaranty Trust Co.)._.._

1,000,000

of Buffalo..

Harriman Nat. Bank,

-

was

reported in dispatches from

The New York "Times" in its

Oct. 17.

on

dispatch said:

.

'

Their organized

YORK FEDERAL RESERVE DISTRICT.

NEW

localities from

The

following table showing the

progress

of the Second

inst.

was

made public by the Liberty Loan Com¬

Each day's subscription is indicated, its

mittee.

proportion
Because

of the average daily allotment and the percentage.
of the

practically two-day holiday, occasioned by the
of

servance

Columbus

Day,

the

percentage

ob¬

for Friday,

small, and in the

Oct. 12, and

Saturday, Oct. 13,

thirteen days

of the campaign only $290,000,000 (19%) was

was very

Day—

(Daily)

Per Cent.

Subscription.

.

$15,000,000

$62,500,000

24fe"

40,000,000

64%

62,500,000

50,000,000

80%

62,500,000

40,000,000

64%

50,000,000

80%

62,500,000

.....

'

;•

3-__.

"

4

"

5

"

•

Allotment
.

2

"

6_:

"

8

"

11

"

11%

33,000,000

53%

15,000,000

24%

62,500,000

19,000,000

30%

62,500,000

12

"

7,000,000

62,500,000
.....

15,000,000

62,500,000

10

"

24%

62,500,000

62,500,000

.....

.....

9-...

"

more

than two weeks.

4,000,000

6%

.

62,500,000

2,000,000

3%

$750,000,000

13

$290,000,000

39%

$1,500,000,000

Total allotment-

Total subscriptions

first twelve days

290,000,000

day (Oct. 17) by Colonel
ment at the
new

PRESIDENT WILSON.

enlisted

men

from various cantonments.

"There has been organized
man

of to-day's meeting,

A

proclamation, officially proclaiming Oct. 24

as

Liberty

that

patriotic meetings be held in every city, town and
general direction of the Secretary of the

hamlet under the

Treasury and the

immediate direction of the Liberty Loan




,

effort," said Colonel Lord, who was

Chair¬

"to discourage and defeat the loan."

he added, had been made by "seeking to

misrepresent the

patriotism of the National Army,"
Colonel Lord added to-night in explanation that what he really said to
conferees

the

was

that if they had read the

observed there was an organized

morning newspapers they had

effort to discourage and defeat the loan.

knowledge other than what he saw in the
knew; there was no organized effort
among the soldiers to discourage the loan.
An official account of the proceedings of the conference, which was held
behind closed doors, issued to-night by the Treasury Department, reads
He

explained also that he had no

newspapers,

as

and that, so far as he

follows:
"Jn convincing

men

refutation,of the slander, which was to the effect

of the new National Army were

that the

opposed to the war, Colonel Lord an¬
for the loan already aggregate

nounced that subscriptions from the army

and that some of the subscriptions were

written in foreign

languages.
"The announcement

the army

caused great enthusiasm among the delegates

and navy, marine corps and coast

ence), 500 of whom

from

guard (attending the confer¬

swarmed up to the platform following the address

applications, all of which, except forty, were for

and
the

maximum of $10,000."

Assembled from various sources, the efforts
appear to

Day throughout the nation, was issued by President Wilson
on Oct. 12.
On the date designated the President requests

Herbert M. Lord, representing the War Depart¬
Conference, at which the details of the
being explained to officers and

War Risk Insurance

soldiers' and sailors'insurance law are

signed war insurance

OCTOBER 24 PROCLAIMED LIBERTY DAY BY

carried

indicate, to. conduct their operations here in the
national capital,
' \
Official recognition of the propaganda against the loan was voiced to¬

$26,000,000,
Total

.discourage subscriptions.

Some of the workers have had the temerity,

reports to the Treasury

This effort,

1

"

for

scattered

where weak efforts have been made,

pro-German agents, officials assert, has been

The work of the
on

subscribed.
Oct.

Minnesota to Texas,

openly, but by indirect methods, to

not

Liberty Loan in the New York Federal Reserve District up
to the 13th

propaganda is alleged to have borne fruit in,

of workers against the loan

have been directed along four main channels:
to discourage prospective buyers of Liberty bonds.
to prevent certain banks from handling the bonds.

Attenipts
Efforts
The

publication in certain newspapers and other mediums of publicity
which, while not directly opposing loan subscrip¬

of editorials and articles

tions,
The

tend to discourage buyers.

,

prevention, so far as local and sporadic efforts can prevent, of the

placing of Liberty Lean posters and advertising
be most beneficial.

literature where theyfcwill

The Federal Government

rounding

CHRONICLE

THE

1578

identified with

Oct.

on

18 took steps

toward

pro-German workers who might have been

up any

movement

a

defeat

to

the

Liberty Loan.

raindrop replied, "It would be useless for you to go down alone, but let
all go down and our combined effort will
advice was

And

a

statement

calling

upon

all banks upon

which German pressure has been brought to bear in
to induce them not to aid the loan to report

to

him, and promising to

effort

an

so

and consternation to

investigation into the workings of the alleged conspirators
a
view to prosecutions, where justified, under the

Espionage and other laws dealing with sedition and attempt
thwart

to

the

Government's

war

Secretary

purposes.

follows:

was as

From several sections of the country bankers have
reported to me that
some of their customers have threatened to withdraw

deposits if their banks

subscribed to the Liberty Lqan.

by disloyal and traitorous

Such attempts at intimidation

persons and are serious offenses

made

are

against the law.

for which stern punishment should be inflicted.
I

earnestly

request

any

banks.

State

national,

or

against which

such

threats have been made to report

immediately by telegram or letter to the
Secretary of the Treasury, Washington, the names and addresses of the
guilty of such disloyal and traitorous actions and I shall

person or persons
to it that

see

they

are

immediately if

deposits are

any

withdrawn because they subscribed to the Liberty Loan,
giving me the name
of the person or persons who have made such withdrawals.

Every bank in the United States subscribing to the bonds of thp United
States Government will be protected with all the power and resources of
No bank shall be punished for doing its patriotic duty

the Government.

by assisting the Government to prosecute the
'

FRANK

A.

swift and victorious

war to a

conclusion.

STAFF

TO

ASSIST

HIM IN SELLING WAR SAVINGS CERTIFICATES.
Announcement

derlip,

was

Chairman of

made

the

AND DEPARTMENT
The Sub-Treasury
will be used

or

in denominations from $50 to $1,000.
4s

joan

Oct. 19 that Frank A. Van-

on

War

Savings

Certificates

Com¬

savings

certificates

recently

au¬

by Congress,, had named the complete personnel

of the staff which will assist him in
His staff will be composed of the

selling the certificates.

of

New

York

City; H. D.

Marshall,

Bank, of Phoenix, Ariz.; Milton

Vice-President

of

the

W. Harrison, Secretary

Savings Bank Section of the American Bankers' Association; G. B.
Bryer, bond broker, of New York City; Joseph Bagley, of the American
Note

Co.;

F.

It.

Ayres,

The

of

the

Liberty

new

Brooklyn.

The supply of bonds

them in all parts

bonds

of the city.

The stores which have the

B. Altman & Co., Lord & Taylor, Franklin Simon

are

Co., Bonwit, Teller & Co., Gimbel Brothers and James

McCreery & Co. in Manhattan, and Abraham & Strauss,

Oppenheim, Collins & Co.,Loeser's and A. I. Namm &Son
in Brooklyn..

No individual will be permitted to buy

than $1,000 worth of the new 4s.
for

He

larger amount* however, at

a

or

she

New York is kept

which

bonds

of the department

any

campaign for delivery.

Federal

filed

portion of their bonds

Then,

subscribe.

to

the department stores
be stimulated

may

the banks

too,

the counter to their

over

These banks will distribute

among

Liberty Loan campaign

shoppers.

4%

new

by various banks in the Second

District.

Reserve

Reserve Bank of

busy filling the orders for the

were

more

subscribe

may

a

so

among

will sell the bonds

depositors and others who wish

own

'

following:

of the

Bank

Not

in these stores is limited because of the great demand for

James E. Kavanagh, Fourth
Vice-President of the Metropolitan Life
Insurance Co., of New York City; R. F. Hunt, President of the
Morris
Plan Co., of Philadelphia; C. C.
Conway, Vice-President of the Davis

Co.,

Oct. 17,

on

being sold to-day for cash by ten department

are

stores in Manhattan and

the

Phoenix National

announced

the sale of the Liberty Loan bonds.

ton, will be displayed there and may be bought for cash

that the

Piano

STORES.

was

being sent from the Treasury Department in Washing¬

are

mittee, which will have charge of the campaign in selling the
thorized

Building, it

only will subscriptions be taken for large and small bonds,
but some of the new 4s, quantities of which have been and

$2,000,000,000. of

war

bring joy to the hearts of the boys at the front

stores and wait until the end of the

,

NAMES

a

enemies.

our

The Bond Issue Division of the Federal

VANDERLIP

but

shower of funds that will

a

NEW LIBERTY L0 IN BONDS SOLD IN SUB-TREASURY

&

dealt with to the limit of the law.

I also request such banks to inform me

the land and

has available is

the circumstances

prosecute to the limit of the law

with

McAdoo's statement

The funds each

drop, but all of the drops together can make
furnish the needed supplies,

"disloyal and traitorous persons" making such attempts
intimidation.
Department of Justice officials also began

an

on

us

The

saved for the harvest.

it is with the workers.

the
at

bring the needed relief."

accepted and a beautiful shower poured down

the crops were

Secretary of the Treasury McAdoo at Salt Lake City author¬
ized the issuance of

[Vol. 105.

Ilanff-Metzger

Co.,

LIBERTY LOAN SUBSCRIPTION FROM

The first

ABROAD.

Liberty Loan subscription from abroad to be

reported at Liberty Loan headquarters

was received through
Guaranty Trust Co. of New York from the Commercial

the

Union Assurance

Company of London for $500,000.

advertising

agents, New York City.

LOAN PLACES GREAT RESPONSIBILITY
E.

F.

McMANUS,

OF

LAWRENCE

TURNURE

&

"The banks

CO.

MEMBER OF LIBERTY LOAN EXPORT COMMITTEE.

existence," is, the keynote of

Edward F. McManus, of Lawrence Turnure & Co. of this
city, has been appointed a member of the Shipping, Import

Association,

and

Committee.

Export Division, of the Liberty Loan Committee, to
solicit subscriptions from all individuals and firms
doing

Genetal

SECRETARY OF LABOR WNB..WILSON IN APPEAL TO
WORKMEN REGARDING LIBERTY LOAN.

appeal to the workingmen of this country to
ticipate in the Second Liberty Loan to the fullest extent

be

Secretary of Labor.
workers have

14

by

par¬
was

William B. Wilson,

Secretary Wilson points out that "the
at stake in this

more

This statement,

.

of

great conflict than any

the American Bankers'

the Liberty Loan

directed at the banks of the
usual.

as

On

the contrary, it

quite unusual.

Loans and rediscounts will need be temporarily
The safety of the nation depends upon a proper handling of
the problems of financing.
Every dollar must be made to do its maximum
service.

upon

.

Is just.

cause

America has gone in for victory.

the second Liberty Loan.

lion subscribers
must

Oct.

on

Committee

is co-operating with

expanded.

The

A strong

Washington

Loan

which

responsibility in their

statement just issued by the

a

The business of the banker will not be

will

at

War

ON BANKS.

United States, goes on to say:

business with these trades.

made

face the greatest

now

were

be added in the second drive.

$5,000,000,000 to her last
is double

that

patriotic.

of Great

They

others, because it is only in a democracy that the common
people can come into their own."
Secretary Wilson's state¬

appeal.

ment is

war

respond

The

follows:

as

great

European

•
war

■. •

in

•

.

•

which

The

Our

but

population of the United

people are

must

be

no

less

reached

States

are

now

Involved

through

no

the

to

portion

wage-earners of the

They believed in and wanted international
peace, but they
wanted it on a basis of international
justice which would insure the right of
our people to govern
themselves.
When the Imperial German Govern¬

destroy the lives of
our consent

United States Government, there
,

The workers have

cause it is
own.

only in

1 hh groat

the battlefield
can serve

or

a

more

the youth of

our

people and to impose a rule of
places under the jurisdiction of the

was no course

at stake

in

democracy that the

this

in

the trenches,
are

left but to resist.

conflict

common

of

but there

than

people
us

are

others,

be¬

to serve our country on

other

privileged to carry

The impulse of sacrifice for the

any

can come into their

our

ways in

flag

common

on

which

we

the battle¬

personal

forth to do battle

for the
secured

in the field must be

forthcoming to furnish

fighting forces

the

am

equipped and sustained.

men

Funds

food, the fire-arms and other supplies
Finances for that purpose must be

immediately from the sale of bonds.
reminded of the

"

because of fear of disturbance to their de¬

This situation has been*

sale of bonds

on

met

by others through promotion of the

the partial payment plan.

It is better to mortgage the

future savings of the peopie than to have money withdrawn
and consequently from business.

from banks

The fact that the funds arising from the

sale of Liberty bonds will be spent in America and will graduaUy return to
the banks through the channels of trade should not be overlooked.
To win this

war

the bonds must be sold, production must

be'stimulated,

savings must be increased and waste

must be eliminatedThese things
accomplished only through wholehearted co-operation and deter¬
mined effort on the part of every banker.
The success of the second

be

Liberty Loan will cast

Empire.
won't fail

an

everlasting shadow of gloom

Failure to promptly sell the bonds

The bankers have

never

failed to

answer

across

the German

increased

means

taxation.

the call of the nation and

now.

.

they

1

The

workers

can

"I

want

of water,

would




VISCOUNT READING AT CARNEGIE MASS MEETING
APPEALS FOR

help by

Viscount

LIBERTY LOAN.

Reading, Lord Chief Justice of England,

chief speaker at
18th inst. at

a

Liberty Loan

mass

meeting held

was

the

on

the

Carnegie Hall.

Dr. Nicholas Murray Butler,
University, presided at the gathering.
Reading in using all the force within his power to

President of Columbia
fable

of

a

great drought when the crops were
and one little
raindrop said to another in
like to go down to the
relief of the farmer,and his
perishing crops, but I am so little it would be
useless."
And another little

Wasting for the
the clouds.

Knows their habits, circumstances and debt paying
It is, therefore, necessary that every banker double and redouble

who

of the nation.

contributing their inite.
I

people

good is sending

The

must be

knows the

our

country into the trenches in defense of
liberty, humanity,
and democracy.
To those of us who must of
necessity remain at home to
till the soil, harvest the
crops, man the factories, mines and
mills, the wayis open for additional service.
We too must make sacrifices.
go

posits.

can

privilege is not given to all

and assist those who

fields of Europe.

in

He

community.

ability.

Some bankers have faltered
came

United States.

ment undertook to

one can reach them as can the banker.

and

prosperous

,

we

people of the Western Hemisphere as a terrible
shock, and to
of the people did it come
as,a greater shock than to the

conduct upon us without

his

more

Citizens of Great Britain subscribed

loan.

Britain.

Four mil¬

Ten million

his efforts.

of

No

will

Much depends

It cannot be allowed to fail.

marshalled in the first campaign.

Viscount

impress

on his hearers the necessity of subscribing to the
Liberty Loan bonds, said in part:
>
■
rt

Oct. 20 1917.]
If you have

Jaith in

your trust in your

then

pour out

The

more

chance of

your

Government,

money

you

have, if

earlier close to the war; the

scriptions and with

you

longer

you

delay with

by those, all those whom

run

You

fighting for

are

Paradoxical

able peace, for

you

love best

glorious cause;

a

children and

sight—if it

earlier than

comes

relax your precautions.
at times that peace

of

not

is drawing

give forth

universe with

a war

for

to end

united

one

In each

Let

no

man

superintendents (city, village and district)

county,

the ones which, in their estimation,

submitted

Fourth.

Topics

to be drawn from material suggested in the Source

are

Book for Teachers.

Fifth.

think that peace is in

Essays cannot be accepted if written after Oct. 27 1917,
State award,

submitted for the
Such essays

if the

as

will last for

war

a

very

for

■

.

form.

-V

'-'v.

»

Teachers

hallelujah, "The world has been

'

,

'

•

"

class work.

JOHN H. FINLEY.

Commissioner

for liberty."

won

' '

.

asked to make this a part of regular

are

which will resound throughout the whole

cry,

,

will be allowed for content and 50%

In judging essays 50%

Seventh.

When the peace comes, let us all be able

15.

should be sent to the Secretary to the Commissioner of Educa¬

Essays are to be from 500 to 750 words in length.

Sixth.

long

and, if

will not be received later than Nov.

tion, Educational Building, Albany.

near.

are

committee to meet at some appointed time and place

a

entitled to the awards for the county.

are

dur¬

peace, a

When the peace comes, it must be one which will be

our

Third.

requested to appoint

When the peace comes, it must be our peace,

may not.

Germany.

a war

It is part of the enemy's wile to make you think

based upon justice and liberty.
to

fighting for

fighting

expected, it is all to the good; but never

Preparations must be continued

while—pray that it

you are

each

gold medal and a Liberty Bond for the best essay

from the State at large.

children's children when the end comes

our

—and it is yet at a remote distance.

a

to select from the essays

it may seem, you are

as

our

Assembly district and

and the

who have gone or are
going to the war.

York State

A bronze medal will be awarded for the best essay from

Second.

sub¬

your

war,

Pupils in public and private academic schools of New

eligible to enter the competition.

are

give, the better the

contributions, the longer will be the

your

greater the danger that will be

war.

First.

put

you

to help the Administration shorten the war.

help, the greater the assistance

you
an

I believe

as

President and his Administration, as I believe you do,

your

1579

CHRONICLE

THE

of Education.

George W. Wicker sham, formerly U. S. Attorney-General,
and

the

George Wharton Pepper of Philadelphia also addressed

BUILDING

Morgan, Benjamin Strong/Governor of the

pont

Federal

Building and loan societies in New York City have been

District; Martin Vogel,

brought into the Second Liberty Loan campaign through

Among those

Bank

of

the

on

the platform

York

New

Assistant Secretary of the

vA:':y'

Treasury; Jacob H. Schiff and

Charles H. Sabin.

LIBERTY LOAN SUBSCRIPTIONS.

banks

the

,

of

New

was

of

York

Walter E.

LOAN.

At

District

Reserve

on

A'

Y--

'

Consequently

Speaking
of Music

ON

subscribing for their own account, an amount sufficient to take care of

subscriptions of the building and loan societies up to a reasonable

a

LOAN.

Oct.

year on

their

j

regular payments from week to week or from month to month,

bonds,

And that

as

your

It

members.

"What is the

use

of reiterating these things?

Of telling

first mortgage on the wealth and resources of America,
and that that wealth is estimated at not less than 225 millions—75 times the
that this loan is
of this

amount

a

loan?

Of shaming you by saying that since war

began

England, France, Italy and Russia have borrowed from their people almost
50 billions of dollars and yet their combined wealth is no greater than ours

f

•

■

simply—Are

you

determined

are!

It is a question

City

soldiers

are

to

save

your

Government?

And I know

guarding the port of New York, the men

manning the big-gun batteries at Fort Hamilton,

Fort Totten and Fort Wadsworth, are

bration to help

going to hold

the Liberty Loan campaign.

there is scheduled

a

a

cele¬

On Oct. 24

field day at Fort Hamilton, at which

There will be

2,000 soldiers will take part.
and other athletic events.

'■

.

are

to be canvassed in behalf of the Liberty Loan.
on national banks, State banks and trust

companies have outlined their part in the campaign in the
following memorandum:
three

various

apportion among themselves the

Bank Committees should

institutions

a

foot-ball

game

In the evening several speakers

concert.

According to Capt.

Clifton of the

Clarence A.

Artillery Corps, the officer in charge of the flotation

of the bonds in the coast defenses of New York

City, fully

allotted to him should appreciate the necessity of

functions:

(1)

Make adequate provisions for carrying bonds on a

basis of partial *

official partial payment plan adopted by the Depart¬
ment, or at the option of the subscriber, a partial payment plan based on
the payment of $1 a week.
The banks should also see that so far as possible
the bonds are carried on partial payment plans at an interest rate not in

payment, either the

own
a

of the interest rate borne

by the bonds.

The Committee should see that

(2)

each bank arranges to canvass its
far as possible, endeavor to have

employees for subscriptions, and so

100% record in this respect.
(3)

The Committee

.

should see that each bank supply adequate facilities
windows and information bureaus to accom¬

through the use of sufficient
modate inquirers.

(4)

that each institution delegate a sufficient
head clerks who normally come in contact with

The Committee should see

under the scheme of partial

the

cashiers and tellers, to canvass personally
allotted to such committee, with a
view to obtaining a subscription commensurate with the depositors' means.
(5) Each member of the Bank Committee should see that each of its
employees and those of the institutions allotted to it receives sufficient
information about the Loan to discuss it intelligently with inquirers.
The
public, such as assistant

all of the

..."

sub¬

of encouraging the subscription

who borrow money with a view to liquidating the
loans out of future savings and if necessary rediscount freely with the
Federal Reserve bank in order to preserve their cash position.
In detail
the institution should be requested furthermore to perform the following
by depositors and others

number of its officers and

by the War Department.

should, if unable to do

of his officers th^ work of seeing that

scribing to the Loan for its own account,

75% of the troops in the defenses have already bought bonds
payment evolved for soldiers

committees according to personal

acquaintance, and each member of such committee

excess

explain the importance of subscribing to the Liberty
Loan.
Also there is going to be a banquet and a band

allotted to their

this work himself, delegate to one

will

Coast

'

•

,

,

..

The committees

each institution

The

.

Depositors in the banks and trust companies of New York

.

SOLDIERS TO HOLD FIELD DAY FOR LIBERTY LOAN.

who

.

,

No, friends, this is not a question of details like this.

you

and loan

'

LOAN.
j

The

alone?

building

the

BANK DEPOSITORS TO BE CANVASSED FOR LIBERTY

country

Pays you
4% interest per annum—a wonderful rate for a U. S. bond—promises to
pay you an even higher rate if later on it issiles a bond yielding a better
interest return?

that

Isn't

promises to pay it back to you after a certain number of years ?

you

believed

is

effective medium for the distribution of small

they have for year sbeen operating along the lines of co-operative

saving.

the details of the loan.

enough that your country needs the money?

and loan societies thus assuming the obligation on behalf of

respective

societies represent a very

17, Thomas W. Lamont said:

It is not necessary for me to enlarge on

specific loan at the

a

aside out of bonds from which they

figure, these bonds to be taken up by the building and loan societies within

/

THE

of establishing

number of the banks represented on the Liberty

the

the Liberty Loan at the Brooklyn Academy

on

on

LAMONT

W.

it appears, have

are

the building

THOMAS

a

Loan Committee have agreed to set

Wednesday, Thursday and Friday evenings of next
;

and loan societies,

their following the customary practice
bank.

Frew, President of the Corn Exchange Bank,

week.

The savings

members.

certain fixed restrictions on their borrowing powers which militate against

announced that all the branch, offices of his bank would be
open

their

from

18.

Oct.

facilities at the disposal of the savings and loan

societies in New York City to assist them in obtaining small subscriptions

in the evening to handle Liberty Loan
Federal

Oct. 11 authorized the following statement:

on

meeting of the Liberty Loan Committee, arrangements were per¬

a

fected for placing special

warranted,

demands

Arthur M. Anderson, Executive

by these banks.

headquarters

requested that banks in

where

the Liberty Loan Committee.

on

building and loan societies will be

of the

Secretary of the Distribution Committee at 'Liberty Loan

adopted by the Liberty Loan Committee

subscriptions
New

was

York'City

should remain open

the

it

which

in

OPEN

REMAIN

TO FURTHER LIBERTY

EVENINGS

resolution

sections

TO

YORK BANKS ASKED

represented

Subscriptions

..

handled

NEW

it

RECEIVE

J. Pier-

Reserve

A

SOCIETIES .WILL

LOAN

AND

were

gathering.

depositors of the institution

J

BUSINESS FIRMS ADVERTISE LIBERTY LOAN.

Through the
the New

in
are

generous

co-operation of

York City newspapers,

over

300 advertisers

Liberty Loan appeals

appearing each day in both morning and evening papers

advertising of these firms. The Lib¬
erty Loan advertisements are scattered through the papers
as

part of the regular

so

that the loan is mentioned on nearly every page.

Big

display advertisements will shortly appear in space which
has been donated to the Liberty Loan Committee by the
department stores which have placed 15 full pages at the

disposal of the Committee.

*

-

REGULATIONS FOR THE CONDUCT OF THE REGENTS
LIBERTY LOAN CONTEST.
The

following

are

the regulations announced by John H.

Finley, Commissioner of Education, for the conduct of the
Regents

Liberty

Loan




contest:

Committee plans to prepare

for distribution a small card which

will cover

this subject.
It is

suggested that a meeting be held

immediately of the four com¬
each bank coming under its

mittees, and that every committee canvass

personal telephone or by selecting a few bond men to
each bank, so that each bank will be certain to accept subscriptions

direction either by

call
on

on

the

partial payment plan.

MORRIS

PLAN

COMPANY'S

SUBSCRIPTION

TO

LIBERTY LOAN BONDS.
The Morris Plan Col of New

York has arranged to take

subscriptions for the Second Liberty Bond issue in small
denominations, increasing its aggregate amount from $1,-

Subscription blanks are being dis¬
the 700 or more branch
money order stations of the American Express Co., where
initial and monthly money order payments may be riiade
000,000 to $2,000,000.

tributed by the company among

,

„

1580
the Morris Co.

to

The money

[Vol. 105

CHRONICLE

THE

order phase of making in¬

THIRTY

LIBERTY BONDS FREE.

^

bond

buying

the above plan.

on

Thirty of the safe deposit companies and banks in New
York

U.

S.

SOLDIERS

FRANCE

IN

The French

AUTHORIZED

Government, according to

dispatch from Paris
in France to the

on

TO

LIBERTY LOAN.

SUBSCRIBE TO

out

Associated Press

an

Oct. 15, has authorized subscriptions

Liberty Loan by American soldiers.

The

and for bonds

up

to $500, but the

majority adhered to the plan proposed by the Committee
on Trust and Safe Deposit Companies and will take bonds
of

and

of money.

Some of the companies made the offer of free

charge.

storage for two years

tion of the general decree against

subscriptionsjto foreign
France, and also the interdiction of the exportation

City have agreed to help in the Second Liberty Loan

campaign by caring for bonds of small denomination with¬

Government, it is said, in this instance waivesjthe applica¬
loans in

VtflLL $TORE

COMPANIES

DEPOSIT

SAFE

stallment payments for the bonds is expected to facilitate

Frederick Hawkins, Secretary of

banks, according to

replied favorably

the committee,

This-privilege is limited to American soldiers.

to the 11th inst.:

up

Central Park,

Broadway,

Bankers',

Asfcor,

The following.companies

$100 for one year.

$50 and

Empire City,

Equitable,

Knickerbocker, Lincoln, Madison,
Metropolis, New Maiden Lane,
Exchange, Safe Deposit Co. of New York, Standard,

Fidelity, Garfield, Guaranty, Hudson,

POST OFFICE CONDUCTS LIBERTY LOAN CAMPAIGN.
In the

campaign to sell to

the New York Federal Reserve District
the

loan, the New York postal authorities, from Post¬

new

the

Post

office building,

post

Office

Boys in the Trenches:

adopted

eral

Order

the

The motto is:

Liberty Bond."

a

General

Postmaster

The

drive

New York Produce

Thirty-Fourth Street, United States, and Woolworth Building Safe Deposit
Companies, as well as the Chatham and Phenix, Coal and Iron, Harriman,
Pacific Bank.

Burleson

regarding

reads:

T—

REVENUE

of the

Office

Postmaster

Attention is called to the fact that the special tax of 10%

imposed
in the

following letter sent out by James F. Curtis, Secretary

General,

employees attached to

the terms

on

can

as

paid by

or

requested to

you are

office in subscribing

your

with subscribers for making

prescribed by the Treasury Department

payments
or

such

on

and

Liberty Loan
it is

liberal and

were

hoped that the showing

gratifying to the

very

Department,

the second Liberty Loan will be

on

as

Dear

take the liberty of calling to your attention a new

Sir—May I

Act of Oct.,3 1917.
Section

of this

1206

law provides that

A subscription to the second

encouraging thrift

association

or

insurance company remaining

or

vision that this tax "shall not
income which is actually

Liberty Loan will not only be

the part of the individual,

on

a

The

of

means

but will be another in¬

or

retained

What is most important at this time is that postmasters and postal em¬

ployees generally should be

very

careful to

see

is given to all circulars, literature and

that the widest dissemina¬

in the business are subject to

use

postmasters

are

hereby directed

Bonds,

in conspicuous places in

to put up

in the business is not

the business,

a

undistribqiedearnings

from this special tax of 10%.

Treasury Department advocating the purchase of Liberty Loan Bonds.
A.

S.

*

exemption
I

General.

proud of the record the postal employees made in the last cam¬
paign in the matter of subscribing to the Liberty Loan.
The ten thousand
are

issued

to

hope and

.It should be noted that the law limits this/

Sept.

after

out

put

need

hardly

call

1917.

1

In other words,

the

attention to the great advantages which the

your

chase of any other investment out of

funds which

a

corporation has remain¬

ing undistributed from the results of this year's operation.
Yours very truly,

people in the Department in Manhattan and the Bronx purchased
I

Consequently, all undis¬

purchase of bonds of the Second Liberty Loan would have over the pur¬

Postmaster Patten of New York is quoted as saying:

nearly $700,000 worth of the bonds.

invested in the Liberty Loan

accumulated during the 1917 year, which

exemption would not apply to investments made in the First Liberty Loan.

BURLESON,

Postmaster

(In other words,

of tax otherwise payable.)

be invested in the Liberty Loan 4% bonds, will be absolutely exempted

may

poster and circular sent them by the

every

is not reasonably required in

bonds, however, is not-Subject to review.

4%

tributed surplus of your company

they will be

by the public

or

collected thereon.

penalty of 50% ofj/ne amount

a

The amount of the

the lobbies of all post office buildings and all post office quarters where
seen

review, and if the Secretary of

of the amount retained for employ¬

employed

so

tax of 15% is to be

this amounts to

documents sent them by the

Treasury Department advocating the purchase of Liberty Loan

"

questions involved with respect to the employment or retention of

funds for

the Treasury finds that any portion

against Germany.

so

further pro¬

requirements of the business, or is invested in obligaCions

for the reasonable

ment

or

a

employed in the business

or

war

We

undistributed six months

But there is

apply to that portion of undistributed net

invested

dication of his-patriotism and his desire to help the United States win the1

tion

special tax of 10% shall be

a

levied on the amount of earnings of every corporation, joint stock company

of the United Slates issued after Sept. 1 1917."

creditable.

and

YORK.

NEW

provision in the Corporation Tax Law as amended by the War Revenue

after the end of each calendar or fiscal year.

be arranged for with local banks.

The subscriptions of postmasters and postal employees generally to the
first

OF

October 16 1917.

Liberty Bonds, fully explaining to them the advantages of the bonds

safe investment and arranging

easier terms

BANK

RESERVE

FEDERAL

With reference to the circular of the Secretary of the Treasury, dated

either

undistributed earnings under the War Revenue
apply to the Second Liberty Loan Bond Issue,

on

Act does not

Employees:

Sept. 7 1917, in relation to the second Liberty Loan,
to the

EARNINGS

TO SECOND LIBERTY LOAN.

NOT APPLICABLE

! Washington« Oct. 2 1917.

aid all postal

UNDISTRIBUTED

ON

TAX

and General Counsel of the New York Federal Reserve Bank:

To all Postmasters and Postal

as a

•

.•

'Back

A Gen¬

Banks, the Park National Bank, and the

and Fulton, National

Market

significant motto

a

his Department i$ going to play in the Liberty

part

Loan

from

Buy

elevator boy

"doing their bit."

are

Department has

which it is following to the last letter.
the

Bond of

Liberty

a

master Thomas H. Patten down to the newest

in

and child

every man, woman

Metropolitan,

Mercantile,

Manhattan,

J.

\

F.

CURTIS,

Secretary.

I confidently expect

them to equal that record in this campaign.
So much for the

You must know

buying of the bonds.

we are

doing what

Now

we can to

and to instruct them where necessary.

the selling campaign.

as to

great

a

to

see

and talk

Liberty Bonds to
Thus,

citizen who

any

anybody that

wants

comes to

know

to

him desirous of

about

the

loan,

its

terms, its benefits and the vital necessity for all Americans subscribing to
the limit of their

resources

Can

simply step into the post office station in

his neighborhood and learn
everything he wants.

new

McGARRAIFUWES

WANSUBSCRIPTIONS.

President of the Mechanics & Metals National Bank, Presi¬
dent of the New York Clearing* Bouse, and member of the

Liberty Loan Committee, said:
American people

diligently studying the bill since it was introduced in Con¬

military situation; if they
to win

the war without

great difficulty
so

readily

to

"that

were

our

that

which limits taxable tickets to
The

were

brought to realize the

Loan

that

this issue would be doubly

over¬

TO

AID

passengers

Reserve District

announces

this week.

stimulate

that

a

captured U-boat lent to

the present

campaign arrived

This submarine is the U. C. 5, which

was

captured by the British in the North Sea while engaged in
the pernicious business of laying floating mines.
type

110 feet

parts,

its

Pacific

'

•

System carries about four million

Auditor T. O. Edwards of the company estimates

month.

a

on

that of this number the amount

exempted because of commuter

classification will be three million.

This leaves

a

million

a

or

month,

low-rate

or

twelve

annually, subject to taxation on the Southern Pacific
Baggage charges are not taxable.

The application of the tax to

LOAN.

Liberty Loan Committee of the New York Federal

the committee to

a

Pacific

Southern

information

is of

less, and

or

35 cents.

To other foreign countries a stamp tax is

all (tickets costing over $10.

on

System alone.

GERMAN SUBMARINE

in port

over

1 and imposes a war tax of 8 % on

million passengers

subscribed.

The

.

is to be imposed, upon tickets which are part of through

trips to Canada or Mexico;

if they

taxation under the. provision

fares, except as noted, and 3% on all freight shipments.

This passenger tax

The

escape

for distances of forty miles

valuation of

a

law becomes effective Nov

new

passenger

brought to realize the inability of the Allies

support;

will

suburban commuters

which exempts commutation trips

placed

confronts the Allies, even now, they would respond

the Liberty

primary importance to the more populated, centres is the announce¬

ment

brought to realize the difficulties of the

were

to the method of applying

as

sale of passenger and freight trans¬

gress:

.

Speaking of the second Liberty Loan Gates W. MeGarrah,-

If the

tax to the

war

TO

portation has been supplied by the general offices of the
Southern Pacific at San Francisco, where officials have been

Of

GATES IF.

following information

The

the

TAX

FREIGHT TRANSPORTATION.

Under orders from the Postmaster

Bureau of Information to disseminate knowledge
pertaining to the loan.
I have instructed "the
superintendent of every sub-station to be prepared

REVENUE

WAR

APPLYING

OF

PASSENGER AND

,

General, the Post Office Department in New York has become

information.

METHOD

interest the people in the loan

never

before

seen

The boat

in the United States.

It is

The tax

portation.

not used until that

the tax and made
The rate of

berths
in for

or

The Mayor

has co-operated personally in the plan to feature this sub¬
marine.
Under the direction of the City Engineer and the

Commissioner of Parks it will be set up in Central Park

immediately and put




on

exhibition.

on

day

a

cash fares will be collected by conductors, who will

collecting the tax on tickets sold prior to Nov. 1 and
or

later, provided agents have not already collected

notation to that effect on the ticket.

10% will apply on the purchase of seats in observation cars,

staterooms on its river steamers.

•

distance,
on

Cent

its
as

Tax

on

Freight Charges.

offers no exemption either as to amount or

except on shipments for the U.

S. Government, or the States,

export and import business and strictly company business, such as

the transport of
over

come

■

Three Per

The 3% tax on freight charges

.such

Sleeping car tickets also

10%, the method of collection to be announced by the Pullman Com¬

pany.

and

mileage or scrip sales is a waiting" further
officials.

will collect the war tax at the time of the sales of transr

also be responsible for

long by 10 feet wide and has been shipped in three

weighing 35 tons, 37 tons and 42 tons.

Government

from

Ticket agents

own

materials for the

lines.

A

use

of the carrier itself or its subsidiaries

special clause excluded also amusement business,

theatrical and circus trains, which come under different provisions

Of the bill.

Oct. 20

1917.]

THE

Considerable discussion is being had due to lack of rulings
the tax

on

as

to whether

freight will include refrigeration, switching, reconsignment and

similar charges for special services.

While the Government holds the carriers
responsible for the

collection of

this tax, the bill provides that the
person purchasing the service
the tax.

This will throw
roads.

vast amount of

a

The Southern

shall pay

special accounting work upon the rail¬

Pacific, for instance, will have to maintain a special

force of clerks to handle the vast detail involved and to make monthly re¬
turns to the Government.

the

on

Pacific

When it is considered that the Southern Pacific,

System alone,

freight transactions a year,

the size of the special accounting can be appreciated.

cific plans that on prepaid freight the shipper will be
for his

war

tax on the

The Southern Pa¬

furnished

a

receipt

On freight sent collect, the tax wil

bill of lading.

be put on the consignee's

On the basis of the fiscal year ending

freight bill.

June 30 this year, the Southern Pacific would collect on freight taxes alone
for

the

for that

Government from

period the

000,000

$2,000,000 to

freight

gross

approximately $1,500,000

;,v

On freight traffic

$2,500,000.

amounted to $81,576,000, and

revenue

on passenger

'

a year.

All the other members of the Exports
members of the
of the
of

man,

traffic—an enormous total of $4,1 '

■-"■.

'•

representative of the Secretary of State; a repre¬

as

sentative of the

Treasury Department, yet to be appointed;

Dr. Alonzo

Taylor,

of

E.

United States Shipping
been

appointed

It

was

announced at

Britain had agreed
which fixed

letters

three

to

cents

out, will bring

postal treaty

United States,

for practically

so

all foreign

This, it is pointed

large quantity of foreign mail into a class

a

where the United States may

collect the additional one-cent

imposed by the War Revenue Tax Law, beginning
The three-cent rate will

Nov. 2.

apply to the Bahamas,

British Hon¬
England,
Ireland,. Wales, Scotland, Leeward Islands, Mexico, New¬
Canada,

Cuba,

British Guiana,

Barbadoes,

Counsellor of the Board.

as

duras, Dominican Republic, Dutch West Indies,

foundland, New Zealand and Panama.

in

an

Chairman Edward N.

Council, and

ports

A War Trade

advisory capacity
includes the present members of the Ex¬

It

to the Board.

The

Hurley of the

War Trades Board will have

new

complete charge of the supervision of exports and imports

applications for licenses to trade with enemy
over all of the machinery of the Ex¬

It will take

ports Administrative Board, and its branch

The

cities, including New York.

new

offices in

WAR

BUREAU'S

RISK

ful, under severe criminal penalties, for anyone in the United
States

probable

"enemy"

States

cause

or

must

a

license

with any person

ANCE OF SEAMEN
Announcement
Oct. 12 that

that

any

person

crews

vessels

on

on

of

the insurance of officers

traversing the

reduced one-third; from

war

zone,

had been

apply for

a

1%, 50 cents per $100. The reduction
applies to crews of all American vessels sailing between
American ports and European ports and from African ports
on the Mediterranean, and follows closely upon the reduc¬
tion in the War Risk Insurance Bureau's rate on
vessels and cargoes

traversing the

12th inst. also announced

the Canary

crews

referred to in

the
that after Nov. 1 all officers and
The Treasury Department on

these columns last week.

members of

war zone,

American

of American vessels trading to the Azores,

Islands, and the ports of Morocco on the Atlantic

Ocean, must be insured by their owners against loss

Department
Secretary

on

Oct. 12 read

McAdoo

of life

A statement issued by the Treasury

personal injury.

or

as

reduced

has

follows:

the

authority to grant licenses to German or ally, of Germany
insurance

reinsurance companies who

or

maintain branches

and wish to continue in business—provided

the hands of

the War Trade Board,

rate

for

seamen's insurance

on

Public

the Mediterranean from three-fourths of 1%,

75 cents per $100, to one-half of
new

1 %, 50 cents per $100, of insurance.

The

rate is effective immediately.

This reduction

follows

reduction

a

announced by the

Risk Insurance last Saturday of rates on

Bureau of War

all American steamers and cargoes

% to 5%, and is made for the same reason

traversing the war zone from

—the decrease of the risk incurred by the insured.
Announcement also is made of a

ruling now making mandatory seamen's

insurance on all vessels trading to the

Azores, the Canary Islands, and the

Atlantic Ocean.
Heretofore this insurance was
American vessels trading to and from European and

ports of Morocco on the

mandatory only on
African ports on

the Mediterranean Sea.
impracticable to have the necessary forms ready

On account of its being

and in the hands of those interested, this insurance will not become

tory until Nov. 1 for all vessels
for all vessels sailing from

manda¬

definition of
in

the

new

THE ENEMY

AND

TRADING WITH

ESPIONAGE—EXPORTS

...

ADMINISTRATIVE BOARD REVOKED.
President

Wilson

on

Oct.

14

promulgated

an

individual

"enemy"
from

the

or

or

"ally of

Trade

War

Board.

The

Alien

under the President's order, may
compel the payment to him of all such amounts as may
belong to such persons in the United 'States.
The money
will be held by him until the end of the war; but he is au¬
thorized in the meantime to invest such sums as he re¬
ceives in United States Government bonds.
President Wil¬
Custodian,

selected

has not yet

son

an

Alien Property Custodian, al¬

though he is expected to do so within a few days.
Since the entrance of the United .States into the war,

Treasury McAdoo, through the Federal
charge of the regulations concerning

Secretary of the

Reserve Board has had

the export
under

President Wilson
law, has
Secretary of the Treasury "the executive
any investigation, regulation or prohibi¬

of coin, bullion and currency.

authority of the Trading with the Enemy

vested in the

now

administration of
tion of any

transaction in foreign exchange, export, or ear¬

marking of gold
ers

or

silver coin, or bullion or currency, transform (other than credits relating solely
be executed wholly within the United

of 'credits in any

transaction

to

indebtedness or of
United States and any
country or between the residents of one or more
countries by any persons within the United States*"
and transfers of evidences of

ownership of property between the
foreign
foreign

executive

an

licenses

Property

States)
PRESIDENTIAL ORDER GOVERNING

corporation within the
an enemy" as defined
law, except property belonging to those who

erty may belong to any

to

'

is that empowering the Government,

Property Custodian, to take over and
property in the United States.
The prop¬

Alien

an

control enemy

sailing from the United States and No v. 15

the foreign ports involved.

important features of the Trading ^vith

the Enemy measure,

receive

and Post Office Departments,

and the Chairman of the Committee

Information.

One of the most

through

placed by the President in

Censorship Board, consisting of repre¬

new

a

sentatives of the War, Navy

on

Censorship

cables, radio and telegraph messages passing out

of mails,

masters/officers, and crews of vessels trading to and from European ports
and from African ports on

business.

to continue in

license

Application for such licenses must be made to the Board.
The President has vested in the Secretary of the Treasury

three-fourths of 1%, 75 cents per

$100, to one-half of

who is

"ally of enemy" doing business in the United

of the United States has been

Department on

owing to the "decrease of the risk" the rate

the War Risk Insurance Bureau
and

LOWERED.

made by the Treasury

was

whom

to believe is an enemy or ally of

provides

also

The law

enemy.
an

without

trade

to

there is

in this country

RATE FOR INSUR¬

many

law makes it unlaw¬

application is made within 30 days from Oct. 6.
FEDERAL

the

Thomas L. Chadbourne has

Board.

Council has been organized to act

firms.

Oct. 17 that Great

taking the two-cent stamp.

now

letter tax

on

to a modification of the

two-cent letter rate from the

a

increase it

to

as

Washington

cfee.

Munson, representing

Frank C.

and

Administrator,

Secre¬

Beaver White, representing the Food

tary of Commerce;

and will consider

BRITAIN, MEXICO, PANAMA,

representative of the Secretary

as

Agriculture; Thomas D. Jones, representing the

Shipping Board.

THREE-CENT POSTAGE RATE ON LETTERS TO GREAT

Board will remain as
and a representative

War Trades Board,

new

Treasury Department will be added.
The personnel
new board
follows:
Vance C. McCormick, Chair¬

the

handles twelve million taxable passengers

transactions and from twelve to fifteen million

1581

CHRONICLE

The

Postmaster

General,

under

the

President's order,

and se¬
magazines and other
publications. Under the President's order, it will be neces¬
Enemy Act, the full text of which was given in these columns
last week.
Virtually all of the important Governmental sary for the publishers of these publications (unless a permit
agencies at Washington are called upon in the President's to omit doing so is granted) to file with the Postmaster in
order to enforce some of the provisions of the Act, and to. the city where they are published a complete translation of
impose the severe criminal penalties provided for their every news item, editorial or other matter which it is pro¬
violation.
The
President, however, has delegated the posed to print relating to the Government of the United
States or of any nation engaged in the war.
The Post¬
enforcement of many of the Act's provisions to a newly
master is empowered to bar from the mails, and to prevent
created War Trade Board, which will displace the present
order, signed by him Oct. 12, which puts into operation the

will have charge

drastic and far-reaching

provisions of the Trading with the

ditious

Exports Administrative

Board that has up to the present

the circulation of

time concerned itself with the
C.

McCormick,

regulation of exports.

Vance

Chairman of the Exports Administrative

Board, will remain as Chairman of the War Trade




Board.

foreign language newspapers,

if the
detrimental to the conduct of the
whether reflecting on the United States or any of its

articles which
war,

of all restrictions against disloyal

allies.

the publications in any other way,

appear are

I

The Federal Trade

Commissionjhasibeen empowered by
applications for patents by American

the President to receive
citizens for

protection in

during the

war,

ally of

enemy or

and for the

countries

enemy

in the United States by

use

citizens of the United States of enemy-held patents
the

war.

during

Authority is alsojgivendor the suspension of in¬

-

formation

regarding certain. patent ^applications

the United States, secrecy as to

which is

made in

necessary

for mili¬

to direct the payment

of claims against

the hands of the Alien

enemy

property in

Property Custodian, and Collectors

of Customs in the different
clearance to vessels which

portsjarejempowered to refuse

areJtransporting

in viola¬

cargo

tion of the provisions of the Trading with the Enemy

This is intended to

as

serve

further check

a

which might find their way to enemy or ally
tries.' '
An

shipments

''

enemy"

"an ally of

or

enemy."

an

matter of what nation¬

any person, no

ality, who resides within the territory of the German Em¬

pire

the territory of

or

any

of its allies

or

their military forces is expressly made an
of

who have elected to remain within such

"enemies"

are

that occupied .by

"enemy"

"ally

or

Even citizens of the United States

enemy" by the Act.

clared,

lion,

"allies of

or

provisions of the Act.

Further,

territory, it is de¬

enemy" within the

an

not residing

any person

doing business within such territory, is

placed within the definition of "enemy"
So also is any

such

the

than

or

"ally of enemy."

corporation created by Germany

So also, it is stated, is any

nation

territory.

United

its allies.

or

corporation created by

States

doing business

purpose

ally of such nation and

of such Government is

the Act makes

no

an

other

within

of the Act, the
subdivision of

every

officer, official agent,

"enemy"

restriction

or agency may

fact that not

as

or

"ally of enemy," and

to where such

be located.

or agency

officer, official,

Emphasis is laid

only is it unlawful to trade with

an

thority to issue, upon such terms and conditions as are not inconsistent

trade with

to

any

"enemy"

an

ence
son

what the
may

or

are

issued by me under

thority not vested in other officers by subsequent provisions of this order

or

cause

no

differ¬

what the residence of such

.them.

we

told,

are

make them "enemies"

prevent persons in
from having ordinary commercial relations with
: '
'
.

•

,

necessary

for

a

so

•

German subject

or

the subject

ally of Germany who is resident in this country to
apply for a license unless for some other reason he falls
an

within the definition of

"enemy"

or

"ally of enemy."

It is

also pointed out that if

a license is granted to an "enemy"
"ally of enemy" to do business within thr United States

it is then lawful for any one within the United States to trade
the United States

with

It is also worth

"enemy'
a

or

"ally of

license.

noting that the Trading with the Enemy

duty of every concern within the United
issuing shares or stock, within sixty days after the

approval of the Act to report to the Alien Property Cus¬
todian the
as

names
are

of such of its

known

to

be

officers, Directors, and stock¬
or

is

directly or indirectly for, or on account of, or on behalf

of,

or

shares owned

reasonably believed to be

"allies of enemy" and the amount of stock

or

following is the text of the Executive order issued by
the President on the 12th inst. and
given out Oct. 14.
Executive order vesting power and authority in
designated

ing rules and

regulations under Trading

with the Enemy Act

officers and
and

Title

I further hereby vest in said War Trade Board the power and au¬

insurance

ally of

within thirty days of Oct.

enemy

me

by "an

VII.

Act to define, regulate,

and for other purposes," approved Oct.

as the Espionage Act,) I hereby make the
following orders and rules and regulations:
• i

Trade

con¬

And I hereby authorize said board to issue licenses

ginning of the war.
not inconsistent with

the provisions of law or to withhold or to refuse li¬

ally of

to any enemy, or

censes
or

the executive ad¬

provisions of Section 4 (b) of the Trading With the En¬

ally of

enemy

is

a

member or

to assume or use any

of enemy or

partnership

enemy, or

partnership of which

an enemy

member at the beginning of the

was a

other than that by which such enemy

war,

was

or

ally

ordinarily known at the beginning of the

name

war.

7.1 hereby revoke the executive order of Aug. 21 1917, creating the Ex¬

ports Administrative Board, all proclamations, rules, legulations, and in¬
structions made

or

given by me under Ti le VII. of the Espionage Act and

being administered by the Exports Administrative Board are hereby

now

continued, confirmed, and made applicable to the War Trade Board,and
all employees of the Exports Administrative Board are hereby transferred

employees of the War Trade Board in the

same

capaci¬

ties, and, said War Trade Board is hereby authorized to exercise, without

interruption, the powers heretofore exercised by said Exports Administra¬
tive

Board.

'\

.

The said War Trade Board is hereby authorized and empowered to

take all such

hereby conferred.

powers

conferred

power

be

measures as may

upon

expedient to

necessary or

administer the

And I hereby vest in the War Trade Board the

the President by Section 5 (al to make such rules

and regulations not inconsistent with law, as may be necessary and proper

for the exercise of the powers conferred upon said board.

9.

•

■'

■

.

I hereby establish a War Trade Council to be composed of the Secre¬

tary of State, Secretary of the Treasury, Secretary of Agriculture,

Secre¬

tary of Commerce, the Food Administrator and the Chairman of the Ship¬

ping Board, and I hereby authorize and direct the said War Trade Council
thus constituted to act in
acts as may

advisory capacity in such matters under said

an

be referred to them by the President

or

the War Trade Board.

Secretary of the Treasury.
I hereby vest in the Secretary of the

Treasury the executive admin¬

istration of any investigation, regulation, or prohibition of any transaction
in

foreign exchange, export,

or

earmarking of gold

or

transfers of credit in

currency,

form

any

or

silver coin, or bullion,,

(other than

credits relating

solely to transactions to be executed wholly within the United States) and
transfers of evidences of indebtedness
tween the

I

of the

or

ownership of property be¬

United States and any foreign country or between residents

foreign countries by

one or more

of

within tho United States, and

any person

hereby vest, in the Secretary of the Treasury the authority and power to

require

any person

engaged in

complete information

any

relative

books of account, contracts,

such transaction to furnish under bath

thereto,

letters,

including

transaction

11.

is

the production of any

other papers in connection there¬

or

with in the custody or control of such
person,

either before or after such

completed.

I further hereby vest in the Secretary of the Treasury the execu¬

tive administration of the provisions of

Subsection (c) of Section 3 of the

Trading With the Enemy Act relative to sending, or taking out of, or bring¬
ing into, or attempting to send, take out of, or bring into, the United
letter, writing,

any

or

tangible form of communication, except in

the regular course of the mail; and of the sending, taking, or transmitting,

attempting to send, take,

letter,

or

transmit,

out of the United

telegram, cablegram,

or

intended for

delivered, directly

of enemy.

or

to be

wireless message,

or

or

other form of communication

indirectly, to

or

or

refuse the

I further authorize the
terms

refuse the

an

or

and

same

agency

branch

or

as

to any

within thirty

office

same.

Secretary of the Treasury to grant

conditions

are

or

inconsistent

not

"enemy"

reinsurance company doing business

13.

(c) and give such

grant such exemption in respect thereto, as is not inconsistent

under such

or

ally

transmit out of the United

or

States anything otherwise forbidden by said Sub-section

with law, or to withhold
12.

an enemy or

And said Secretary of the Treasury is hereby authorized and

empowered to issue licenses to send, take,
consent

States, any

other writing, book, mapTplan, or other paper, picture, or any

or

or

within

otherwise,

with

a

license

law,

or

to

"ally of enemy" insurance
the

United States through

which shall make

application

days of Oct. 6 1917.

I hereby authorize and direct the Secretary of the Treasury, for the

purpose

of such executive administration, to take such measures, adopt such

and use such agency or agencies as he may from
time to time deem necessry and
proper for that purpose.
The proclama¬
tion of the President, dated
Sept. 7 1917, made under authority vested in
full force and

under the
new

effect.

of the United States

Congress, approved June 15 1917, shall remain

The executive order,

dated Sept. 7 1917, made

authority of said title, shall remain in full force and effect until

regulations shall have been established by the President or by the

Secretary of the Treasury with the approval of the President, and there¬
shall be superseded.

upon

Board.

Censorship Board.

War Trade Board, to be composed of representa¬

tives, respectively, of the Secretary of State, of the
Secretary of the Treas¬
ury, of the Secretary of Agriculture, of the
Secretary of Commerce, of the'




otherwise to

other names than those by which they were known at the be¬

sume or use

pur¬

poses." (hereinafter designated

Administrator, and

the

Act relative to granting licenses to enemies and enemy allies to as¬

emy

in

Food

or

And I further hereby vest in said War Trade Board

fj.

ministration of the

him by Title 7 of said Act of

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

War

United

6 1917, licenses temporary

Act to

a

enemy

business within

tinue to do business, or said board may withhold or refuse the same.

6 1917, and by Title VII. of the Act, approved June 15
1917, entitled "an

I hereby establish

other than enemy or ally of

doing

administrative procedure,

By virtue of the authority vested in

1.

enemy,

companies,

reinsurance

or

States through an agency or branch office, or otherwise, applying therefor

mak¬

of the Act approved June 15 1917:

punish trading with the

taking

or

fcr the benefit of, an enemy or ally of enemy. *

or

withhold

by each.

The

and

an enemy ot

thority, under such terms and conditions as are nor inconsistent with law,

•

"enemies"

ally of enemy, or is conducting

such other person

or

Act makes it the

holders

indirectly,

or

part in such trade

States,

such

enemy" without himself applying for

States

licenses to trade, either directly

refuse,

or

of, any other person, with knowledge or reasonable cause to believe that

10.

...

is, not

within

withhold

to

or

with, to, or from, or for, or on account of, on or behalf of, or for the benefit

per¬

hand, in dealing with subjects of Germany

meaning of this Act, and

this country

or

issue, under such terms and conditions as are not inconsistent with law,

to

War Trade Council.

resident in the United States, the mere fact of their

within the

of

Section 11 of the Trading with the Enemy Act.

I further hereby vest in said War Trade Board the power and au¬

4.

be.

nationality does not,

It

importation of which may be restricted by any proclamation hereafter

the

or

account of or for tli© benefit

or on

"ally of enemy," and it makes

nationality

On the other
who

who, there is reasonable

person,

believe, is acting for

of

withhold or refuse, licenses for the importation of all articles

with law, or to

the

on

"enemy"

"ally of enemy" without license, but it is equally unlawful
to

I further hereby vest in said War Trade Board the power and au¬

8.

the

or

such Government and every

agent,

under said Title VII. of the espionage Act.

3.

to and constituted

and

Further, for the

any

Government of any nation with which the United States is
at war

be restricted by proclamations heretofore or hereafter issued by

States may
me

in the United States, of whatever nationality and wherever
he resides, who is

all articles, except coin, bul¬

the exportation or taking of which out of the United

currency

or

to issue to every enemy or

pointed out that

and authority to issue license8

power

refuse licenses, for the exportation of

or

5.

enemy coun¬

important provision of the Trading With the Enemy

Act is its definition of "an

It is

on

of

Act.

said board the

I hereby vest in

2.

i

under such terms and conditions as are not inconsistent with law, or to with¬

hold

The Attorney-General has been empowered

tary reasons.

[Vol. 105.

CHRONICLE

THE

1582

Shipping Board.

14.

I

hereby establish

a

Censorship Board, to be composed of represen¬

tatives, respectively, of the Secretary of War, the Secretary of the Navy,
the Postmaster

Committee

on

General, the War Trade Board, and the Chairman of the

Public Information.

,

OCT. 20

1917.]

THE

CHRONICLE

15. And I hereby

;

tion

vest in said Censorship Board the executive administra¬
rules, regulations, and proclamations from time to time es¬

of the

30.

with the

radio,

Enemy Act, for the censorship of communications by mail, cable,

other means of transmission passing between the United States
foreign country from time to time specified by the President, or
carried by any vessel, or other means of
transportation touching at any
port, place or territory of the United States and bound to or from any
foreign country.
or

16.

The said

.

conferred.

or
as

be necessary or expedient to administer the

powers

17.

United States

or

under

such terms

and

conditions

as

are

hold

not

citizen of the

32.

or

or

fee which may be required by the laws of such
enemy or ally of enemy

nation in

relation to patents, trademarks, prints, labels, and copyrights.

I hereby vest in the Federal Trade Commission the power and au¬

18.

thority to issue, pursuant to the provisions of Section 10 (c) of the Trading
With the Enemy Act, upon such terms and conditions as are not incon¬
sistent with law, or to withhold or refuse, a license to any citizen of the

United States
manufacture

or

or

corporation organized within the United States, to

any

be manufactured

to

cause

a

machine, manufacture, com¬

process under any patent,

or

to use any trademark, print, label, or copy¬

controlled by an enemy or ally of enemy, at any

or

time during the present war; and also to fix the prices of articles and prod¬
ucts

manufactured

under

such

licenses,

jbo the health of the

necessary

military and the naval forces of the United States,

or

the successful prose-

cqtion of the war; and to prescribe the fee which may be charged for such

license, not exceeding $100,

and not exceeding 1% of the fund deposited

by the licensee with the Alien Property Custodian
19.

I

as

of filing statements of

manner

the extent of the

and enjoy¬

use

20.
and

not inconsistent with

out the

or

may

8

(b), conferred

34.

the President shall prescribe," have administration of all

as

erty, other than money, which shall come into his possession in pursuance of
the provisions of the Trading With the Enemy Act, in accordance with the

provisions of Section 6, Section 10, and Section 12 thereof.

The

detrimental to the public safety or defense,

The said Federal Trade Commission is hereby authorized to take all

The

hereby

conferred.

'

ing with the

Postmaster

Enemy Act and the President's Executive

and outlining the administrative machinery under

which

they will be carried into effect,

provisions (except the penal provisions) of Section 19 of the Trad¬

ing With the Enemy Act, relating to the printing, publishing or circulation
in any foreign

language of

any news

of the

war

master at the

or

of

any

The President

Oct.

on

6

1917 approved the Trading With the Enemy

Act, and by an executive order signed Oct. 12 1917, has established the
This act has conferred

on

the President

relating thereto, and the filing with the Post¬

place of publication, in the form of an affidavit of

a

true and

complete translation of the entire article containing such matter proposed
to be

published in such print, newspaper or publication, and the issuance

of permits

for the printing, publication and distribution thereof free from

said restriction.
to issue such

And the Postmaster General.is authorized and empowered

permits

upon

such terras and conditions

as are

not inconsistent

with law and to refuse, withhold or revoke the same.

23.

The

sum

of $35,000, or so much thereof as may be necessary, is here¬

by allotted out of the funds appropriated by the Trading With the Enemy

Act, to be expended by the Postmaster General in the administration of
said

Section

19

thereof.

as

may

be necessary

or

conferred.

r

on

25.

expedient to administer the powers hereby

any
to

It creates
it

of Section 3 of the Trading With the En¬

or

citizen of

an enemy or

ally of an enemy nation, and relative

in charge of a vessel

person

of American registry, from

other place, such subject or citizen of an enemy

any

or enemy

or

other

place to

any

ally.

26. And I hereby authorize and empower the Secretary of State to issue
licenses for such transportation of enemies and enemy allies,

or

to with¬

27.

or

refuse the

And

said

Secretary of State is hereby authorized and

empowered

be necessary or expedient to administer the

hereby conferred and to grant, refuse, withhold or revoke licenses

thereunder.

is

definition of

a

highly important

mination.

Collector of Customs, under the provisions of Sections 13 and

14 of the Trading

of the United States should

citizen

every

successful ter¬

in the United States of

enemy-held patents which may be of assistance to, us in carrying on the
It

\

provides for taking over and administering the property in the United
It confers upon the President

States of "enemies" and "allies of enemies."

complete power to censor all communications
this country and any foreign country.
It

in

of every, sort passing between

provides certain regulations with regard to the foreign-language press

the United States.

\

These are merely the broad outlines of the Act, but it will
that the Act confers power to deal

to be exercised

the Attorney

■

readily be seen

effectively with the abnormal conditions

the exigencies of the public safety .
Trade Board.

War

Certain of the powers conferred .by the Act the President

has directed

through the State Department, the Treasury Department,

General, the Post Office Department, the Commerce Depart¬

ment, and the

Federal Trade Commission.

As to many of the powers con¬

President by Congress in this Act, no single existing de¬

ferred upon the

and the President has provided for their joint
War Trade Board composed of representatives of the

partment is interested,
administration by a

departments which are most vitally concerned.
established is composed of Mr,

The new War Trade Board

Vance C. McCormick, Chairman, as

representative of the Secretary of State; a representative of
of the

Treasury, to be appointed;

of the Secretary

of the Secretary

With the Enemy Act, to clear

any

of Commerce; Mr. Beaver White, as

Administrator;

States

Mr.

Shipping

ap¬

representative of the

Chadbourne,

Jr;, is
<

,

under the President's direction, succeeds to all

have been exercised by the Exports

Board, which goes out of existence.

pointed, the executive administration of all the provisions of Section 7 (a)

forbidding the export of various

(d) of the Trading With Enemy Act, including

full force and effect, but licenses

Section 7 (c), and Section 7

as

Thomas L.

Exports.

the functions which

Custodian, to be hereafter

Munson,

C.

Mr.

follows:

The War Trade Board,

I hereby vest in an Alien Property

Frank

Board.

vessel, domestic or

Alien Property Custodian.

representative
representative of the

The functions arid' organization of this board are

counsellor to the board.
as

the Secretary

Dr; Alonzo E. Taylor, as representative

of Agriculture; Mr. Thomas D. Jones, as

foreign, for which clearance is required by law.

29.

"enemy" and "ally of enemy," with which

an

that

The Act further provides for the use

war.

United

I hereby vest in the Secretary of Commerce the power to review the

refusal of any

.

port of the Government in its efforts to wage the war to a

Food

Secretary of Commerce.
28,.

who trade or communi¬

same.

to take ail such measures as may

powers

porsons

promptly familiarize himself for his own protection and for the loyal sup¬

so

hold

.

the

"Enemy" and "Ally of Enemy"

The New

transporting or attempting to transport by any owner, master

Conferred

-

all

acting on their behalf or for their benefit.
.

I hereby vest in the Secretary of State the executive administration

subject

was

directly or indirectly with an "enemy" or "ally of enemy," or with

any person

of trade created by. the war and

v"

Act, relative to any person transporting or attempting to transport

emy

of the widest extent.

powers

the President the power to prohibit or regulate all

It imposes severe criminal penalties on
cate

Secretary of Slate.

of the provisions of Subsection (b)

war

all exports, which

the President by the Espionage Act, the power to prohibit all imports

It has conferred

24., The Postmaster General Is hereby authorized to take all such meas¬
ures

embargo

into the United States except under such licenses as may be granted.

nation engaged

policies, international relations, the state or conduct

any matter

or

issued at Wash¬

administrative machinery to carry out its provisions.

item, editorial, or other printed matter

respecting the Government of the United States
in the present war, its

was

06t. 14:

on

United States and all foreign countries.

General.

I hereby vest in the Postmaster General the executive administration

of all the

,

of the Trad¬

scope

transfers of credits, money, currency, bullion, and securities between

; ;".-;

,

The

22.

,

following statement explaining the

order,

be necessary or expedient to administer the powers

may

WILSON.

Whitehouse, Oct. 12 1917.

upon

as

said rules and regulations

,

(including checks and drafts payable on demand), and of all prop¬

moneys

war.

21.

(a)

The Alien Property Custodian, to be hereafter appointed, shall, "un¬

withheld

such measures

the President by the provisions,

upon

der the supervision and direction of the President, and under such rules and

regulations

It has added to the power to

of the

be necessary and proper to carry

duly approved by the Attorney General

kept secret and the grant of letters patent

the end

as may

provisions of said Section 7 (a), Section 7 (c), Section 7 (d), Section

(a), and Section 8

to be

assist the enemy, or endanger the successful prosecution of the war,
until

hereafter appointed, is hereby

law, to administer the powers hereby conferred, and

to order that the invention be

*

•

thereof and by the provisions of Section 5

I further hereby vest in the Federal Trade Commission the power

authority, whenever in its opinion the publication of an invention or

the granting of a patent may be

said sections relate

:

'

lations not inconsistent with law

ington

i.v.

..

as

authorized to take all such measures as may be necessary or expedient, and

payments, in accordance with the Trading With the Enemy
•

Section 8 (b), and Sec¬

,

far

WOODROW

licensesee shall make payments to the Alien Property Custodian, and the
amounts of said

V'"

The Alien Property Custodian, to be

provided by. law.

prices received and the times at which the

Act.

so

he shall further have the power and authority to make such rules and regu¬

executive administration of the provisions of Section 10 (d) of the Trading
With the Enemy Act, the power and authority to prescribe the form of and
time and

With the Enemy Act,

and duties of said Alien Property Custodian.

;

33.

hereby further vest in the said Federal Trade Commission the

ment of the license and of the

Property Custodian the executive ad¬

I vest in the Attorney General all power and authority conferred upon

Act.
I

position of matter, or design, or to carry on or cause to be carried on a
righted matter owned

same.

the President by the provisions of Section 9 of the Trading With the Enemy

shall be subject to the control of

case

to pay to any enemy or ally of enemy any tax, annuity,

Presi¬

permit

inconsistent with law, or to with¬

are

as

further vest in the Alien

to the powers

and to pay the fees required by laws and the
customary agents' fees, the

commission;

I

tion 9 of the Trading

letters patent or for registration of trademark, print, label, or
copyright,
maximum amount of which in each

is presented for

enemy

Property Custodian for

transfer, assign, deliver or pay such money

ministration of all the provisions of Section 8 (a)

and prosecute applications in the country of an
enemy or ally of enemy for

such

so convey,

Alien

property to him, and said Alien' Property Custodian i» hereby

refuse the

or

31.

corporation organized within the United States to file

any

permit to

the

to whom any obliga¬

or

ally of

enemy or

such terms and conditions

upon

to withhold or refuse the same to any

or

other

liability to such

shall file application with

dent by the provisions of said Section 7 (d) to consent and to issue

I further hereby vest in the Federal Trade Commission the
power and

authority to issue licenses

ally of enemy, not holding a license granted

enemy or

authorized to exercise the power and authority conferred upon the

hereby

Federal Trade Commission.

inconsistent with law

form of

or

consent and
or

an

provided in the Trading With the Enemy Act,

payment,

vv.V,-:

'

.

for the benefit of

tion

Censorship Board is hereby authorized to take all such

V-V.,

.•

payment,

transfer,

delivery, under the provisions of Section 7 (d) of the Trading

or

With the Enemy Act, to the Alien Property Custodian of any money or
other property owing to or held for, by or on account of, or on behalf of,

and any

measures as may

Any person who desires to make conveyance,

assignment

tablished by the President under Subsection
(d) of Section 3 of the Trading

1583

Administrative

The proclamations of the President

articles without a license are continued in
will hereafter be granted by the War Trade
Administrative Board, and all applica¬

all power

and authority to require lists and reports, and to extend the time

Board, instead of by the Exports

for filing

the same, conferred upon the President by the provisions of said

tions for such licenses and

all correspondence with regard to them should
of Exports of the War Trade Board.

Section 7 (a), and including the power and authority conferred upon the

be addressed to the Bureau

President by the provisions of said Section 7 (c), to require the conveyance,

quarters will for the present

transfer, assignment, delivery, or payment to himself, at such time and in

ington, D. C.

such maimer as he shall
to or

prescribe, of

any money or

other properties owing

belonging to or held for, by or on account of, or on behalf of, or for

the benefit of any enemy or ally of an enemy not
under the

holding

a

license granted

provisions of the Trading With the Enemy Act, which after in¬

vestigation said Alien Property Custodian shall determine is so owing, or
so

belongs, or is so held.




and being established
ministrative Board,

in various cities in the country by the Exports Ad¬

anji these branch offices will have the same power and

functions as to exports

under the Exports
with exports

Its head¬

continue to be 1435 K Street, N. W., Wash¬

It will take over the branch offices at present established

under the War Trade Board that they now have

Administrative Board.

The War Trade Board will deal

under the powers created by Title VII. of the Espionage Act,

approved June 17 1917.

-

to it

the President the power
to prohibit the importation of any article or to impose the terms and con¬
ditions upon which it may be imported.
No proclamation has yet been
issued by the President imposing any such prohibition or restriction, but
upon the issuance of such proclamation the licensing of such importations
the War Trade Board.

will be done by

severe

who there is
The Act gives an
It provides that

penalties, to trade without a license with any person

criminal

ally of enemy.

probable cause to believe is an enemy or

constitutes trade.

extremely broad definition of what

Patents.

The Act contains

citizens of the United States

obligation.

.

receiving

Custody of Enemy Property.

ing With the

The property

perform any contract, agree¬

To enter into, carry on, complete, or

(c)

obligation.

or

transmit, transfer, assign, or otherwise

property.

To have any form of business or

(e)

dispose

with.

course

"ally of enemy" requires careful con¬

The definition of an "enemy" or

In the first place, any person, no matter

sideration.

who resides within

of what nationality,

German Empire or the territory

the territory of the

their military forces is expressly
Even citizens of the
United States who have elected to remain within such territory are "ene¬
mies" or "allies of an enemy" within the provisions of the Act.
Further,
of its allies or that occupied by

of any

made

United States, of whatever nationality and
wherever he resides, who is doing business within such territory, is placed
within the definition of "enemy" or "ally of enemy."
So also is any
not residing in the

any person

So also is any corporation
and doing business
Govern¬

corporation created by Germany or its allies.
by

other nation than the United States

any

Further, for the purposes of this Act, the

within such territory.
ment of any

natjion with which the United States is at war or

"ally of
to where such officer, official,

of such Government is an "enemy"

or agency

the ally of

of such Government and every officer,

such nation and every subdivision

official agent,

enemy," and the Act makes no restriction as

or

located.

agent, or agency may be

the public to have clearly in mind that not only is it
trade with an "enemy" or "ally of enemy" without license,

It is important for

unlawful to

who, there is reason¬
benefit of an
"enemy" or "ally of enemy," and it makes no difference what the nation¬
ality or what the residence of such persons may be.
On the other hand,
in dealing with subjects of Germany who are resident in the United States,
it is important to remember that, while other provisions of-Jaw make it
possible to intern them, the mere fact of their nationality does not make
equally unlawful to trade with any person,

but it is

is acting for or on account of or for the

able cause to believe,

them "enemies" within the meaning of this act,

and

so

prevent persons

not,

continue doing business in the United States.
Ger¬
resident in the United States do
from the mere fact of their nationality, fall within these definitions.
Act makes it the duty of every concern within the United States is¬

The

subjects and the subjects of her allies

Trading With the Enemy Act, however, while imposing

Directors, and stockholders as are

"enemies" or "allies of enemy"

be

owned by each.

provides, in addition, under severe penalties, that every person
holding any property for an "enemy" or "ally of en¬

The Act

efit of

or

for the ben¬
"ally of enemy" should be sent to the War Trade
'
:
'

'"enemy" or

an

V

Board.

behalf of

"ally of enomy," or a person acting on

be

an

"enemy" or "ally of enemy," must report the

enemy," or to
an
.

or

United States.

"enemy"

a person

"ally of enemy," must make a similar report.

or

Property Custodian may,

The Alien

require

tive order,

behalf of an

In

With the

Act

Enemy

("enemy" or "ally of enemy," or the payment of any money

The
main application of these provisions will be to German or ally of German
concerns which are doing business in the United States through branch,
houses

or

"ally of enemy" may continue to do business within the

States until such
in the

Such an
United
but under the restrictionns,
companies.

agents, such «os insurance or reinsurance

or

"enemy"

case

applications are acted upon,

President's proclamation of July

of insurance companies, of the

It will not be necessary under these provisions, however, for a

13 1917.

Alien

license unless for some other reason he falls
of "enemy" or "ally of enemy," as explained above.

Lawful Trading

All funds

license is

a

Within United States.

granted to an "enemy" or "ally of enemy" to do business

States

within

trade

to

United

the

for

any one

with

States

within the United

"enemy"

such

The President has

delegated to the Attorney General the power to direct

ever, even

is

if it is granted

executive administration of the broad powers con¬

Treasury the

the

"ally

or

prohibited from the time the Act takes effect from transmitting out of the

United

States

any money or

property, or using such money or property as a

basis for the establishment of any

States

for

the prohibition and regulation of a transfer between
foreign

the United States and

the

benefit

or

credit within

behalf of

on

Applications for license by

an

outside of the United

or

"enemy"

an

"enemy,"

or

or

"ally of enemy." '

"ally of enemy" in the United

countries of coin, currency, bullion, credits,

Secretary of the

The

securities.

will continue', with the

Treasury

Reserve banks, to pass on applications for leave

assistance of the Federal

as

/,■

his Executive order has copimitteed to the Secretary

ferred by the Act as to

and

Custodian.

Foreign Exchange and Gold Transfers.

The President by

No prohibitions or regulations have

export bullion, coin, and currency.

the transfer of credits or securities between the
arid foreign countries.
\

yet been made as to
States

United

Censorship

Board.

President has created a Censorship Board to administer such regu¬
lations as he may prescribe as to the censorship of cables, telegraph and
The

mail

comrpunications between the United States and foreign countries.
composed of representatives respectively of the Postmaster

This board is

General, of the Secretary of War, of the Secretary

tion.,

of the Navy, of the War

the Chairman of the Committee on Public Informa¬

Trade Board, and of

:,'.!vv',.

.

y:y'\-V.\.

Foreign Language Press.
The Trading

With the Enemy Act provides that every paper printed in a

foreign language shall
is

'

him1.

furnish translations to the Postmaster General of the
omit doing so

concerning the war printed by it, unless a permit to

The administration of this provision is committed to

granted to it.

Postmaster General,
'

cense

for any

of

an

.

-•

•

■

Transporting An Enemy.

v

provides that it shall be unlawful for any person without a li¬

to transport or

or

the

and applications for such permits should be made to
'. -

■

The Act

license to do business within the United States,

a

all persons interested.

todian, upon the consent of

of

of the Cus¬

of claims against enemy property in the hands

the payment

Such "enomy" how¬

enemy" without himself applying for a license.

bonds and held in

.;

•

of

dealt with as Congress shall direct.

ready money may be invested in Liberty

or

such form.

matter

"

within the United States it is then lawful

Alien Property Custodian will be

Property or money transferred to the
held until the end of the war and then

this country to apply for a
within the definition

holding any property or so

such property or pay such money to the
Property Custodian with his consent.

owing any money may transfer

ally of Germany who is resident, in

German subject or the subject of an

If

"ally of enemy" by a person in the United States.

addition, any person in the United States so

license to continue to do business In the United States.

a

under the provisions of the execu¬

reansfer to himself of any. property held for or on

a

owed to an "enemy" or

to

provides that a person who Is an
"enemy" or "ally of enemy," under the definition of that Act, doing business
within the United States, may,, within thirty days after its enactment,
The Trading

apply for

in any way to an "enemy" or "ally of
whom he may have reasonable cause to believe to be

in the United States indebted

person

.

Enemies Doing Business in the

he may have reasonable cause to believe to
fact to the Alien Property
the passage of the Act.
So, also any

emy," or for any person whom

Custodian within thirty days, after

(

"enemy"

Custodians

in the United States

such strin¬

President to grant licenses to trade with
the Presi¬
Applications for license to trade with an

;

*

Reports to Alien Properly

The President will hereafter name an Alien Property

The exercise of this power has been delegated by

dent to the War Trade Board.

Custodian the names of such of its officers,
known to be or reasonably believed to
and the amount of stock or shares

report to the Alien Property

gent provisions, gives power to the
the enemy.

within sixty days after the approval of the Act, to

suing shares or stock,

commercial relations with them.

this country from having ordinary
The

in

the definitions of the Act referred to above, ex¬

"ally of enemy" within

cept those licensed to
man

"enemy" or "ally of enemy" by the Act.

an

created

affected by these provisions is that which is located in the
corporation that is an "enemy"

United States and belongs to any person or
or

trade in, deal with, exchange,
of or receive any form of
'
commercial communication or inter¬

To buy or sell, loan or extend credit,

(d)

and far reaching of the provisions of the Trad¬

Enemy Act are those dealing with the taking over by this
of the custody and control of "enemy" property within the

States.

United

negotiable instrument or chose in action.

ment,

for military reasons.
The Federal Trade
President to deal with all these matters,
applications and granting licenses with regard to them.

Commission Is empowered by the

Government

payment, or indorse

(b) T6 draw, accept, pay, present for acceptance or
any

certain patent applications made in the United States,

to which is necessary

secrecy as

Among the most important

give security for the payment or

To pay, satisfy, compromise, or

satisfaction of any debt or

in "enemy" and "ally of enemy" countries dur¬

for the use in the United States by citizens of the United
of enemy-held patents during the war, and also for the suspension

ing the war, and

"trade" shall be deemed to mean:

(a)

various provisions as to the application for patents by

of information as to

the Enemy Act makes it unlawful under

be referred

may

War Trade Board.

by the President or the

States

Trading With the Enemy.
The Trading With the

advisory capacity in such matters as

cil and will act in an

Imports.

With the Enemy Act confers upon

The Trading

[Vol. 105.

CHRONICLE

THE

1584

attempt to transport into or from the United States,

American vessel to transport in any part of the world any citizen

enemy or

ally of an enemy nation.

vision is vested in the State

tary of State to grant

The administration of this pro¬
authority given the Secre¬

Department, and

the necessary licenses for such transportation.

States to continue to do business in the United States should bo sent to the

War Trade Board, except in the case of
surance

companies, in which case

they

"enemy"

or

beginning of the

war, can

make

a

or

"ally of enemy" was

change of

War Trade Board is

The

ceive and act on

name

a

The

during the

war

or

empowered by the President

to re¬

States intended for any

"enemy"

or

SUSPENDS SHIPPING TO ENGLAND.

cation
from

The British Government

except by mail.

any

form out of the United

"ally of enemy," and also makes it

lawful to bring in or take out of the

United States

any

un¬

form of communi¬

and the Secretary of the Treasury is

empowered by the President to receive applications for and grant such
licenses.
War

War

composed of the Secretary of State, the Secretary of the

Treasury, the Secretary of Agricullture, the Secretary of Commerce, the
Food

Administrator,

Board.

and

the

Chairman

of the

This War Trade Council will take the




time

the Netherlands

as

striction

Government places

Germany to Belgium by way of Holland.
contended

Absolute

re¬

the transit of sand, gravel and scarp metal from

on

that this concrete

raw

material

Great Britain
was

being used

by the Germans in great quantities in the construction of

Trade Council.

In addition to the War Trade Board, the President has created a
Trade Council,

Oct. 11 placed a ban on all

on

commercial cable communications with Holland, until such

Power is given by the Act, however, to relieve

these prohibitions by license,

,

ENGLAND CUTS OFF CABLES TO HOLLAND—LATTER

applications for such licenses.

sending any communication in

by the executive order

President.

without

Trading With the Enemy Act prohibits and imposes severe penalties

taking

of the

member at the

Communicating With the Enemy.

on

Power to review such refusal of clearance by the

Collector is vested in the Secretary of Commerce

No "enemy" or "ally of enemy" doing business in the United States, or a

partnership in which an "eneiriy"

Provisions.

given the right to refuse clearance to vessels

transporting cargo in violation of the provisions of the Trading

With the Enemy Act.

Change of Name..

license.

Collectors of Customs are
which are

Department.

a

Clearance

"ally of enemy" in¬

should be sent to the Treasury

United

States

dugouts,
Dutch
use

to

the

detriment

of the British

of British cables by

Holland

Shipping

place of the Exports Coun¬

soldiers.

Foreign Office in regard to the prohibition

following

official

statement:

on

Oct.

12

The

of

the

issued

the
,

Oct. 20 1917.]
The Netherlands Government
transit of sand and gravel to
can

show,

despite

By virtue of the agreements made with the cane refiners and the assistance

satisfy the British desire to stop the

can

Belgium only when the British

declarations

the

received from

Government

poses.

The Dutch
Government

r

Minister

London has been instructed to ask

at

communicate

to

producers has now been distributed to the jobbers and retailers and

expect.
Lord Robert Cecil, British

Minister of Blockade, in

terview with the Associated Press

on

an

two months, or upon a

ex¬

borhood of 9 cents per

in¬

either the

in peace

time, and there is not the slightest doubt that the Germans are
direct

making

of this

use

to

detriment.

our

Germans are using

The

quantities of concrete in pill-boxes, dugouts, and in many other

enormous

the

able to submit paper

tities of concrete

going into the war zone

decided, inasmuch

permit

at the present.

complaints with no result, until we finally

they are to obtain even this meagre ration we must

sponded to the appeals for voluntary reduction, and, unless we can secure
a wider and immediate reduction of the sugar consumption in candy, ice

pn the 6th inst. the Food Administration sent the following telegram to
producers and the matter is still under consideration by

scribed

communication

of the Netherlands Overseas

which could
with

declared
to

such

only have been devised by persons

a

commercial

Dutch

that

or

measure

men

try to influence the

never

Government to

^ -JY y.' V
•
Oct. 16 quoted the
"Zutphen Courant" as saying that Germany had informed
Holland that she would cease the transportation of sand and

yield.

'

.

yf

graveh by

way

to make such

a

•

.

■■

.

Amsterdam

from

Dispatches

on

of Holland if Great Britain forces Holland

.

.

-v.

the American
time when we are

the ration of the French
The French have reduced their
month per person, or equal to 1 pound per
This is to be compared with our American

or

one-half ounce daily.

pounds per month. The beet-sugar
they will not sell their sugar for
To effect these
ends of protection to our millions of people and to help against
parting with
our margins to supply the French, we need similar action by the Louisiana
producers.
We have agreed with the refiners that they will limit refining
charges to the pre-war average plus the actual increase in expenses due to.
the war.
T wish to appeal to the Louisiana producers that they should also,
consumption of 4 ounces daily or 7

producers have patriotically agreed that
than $7 25 per

more

He

yield

speculation and extortion in sugar at a

ration to only 500 grammes per
month

unacquainted

would

.

people until Cuban sugar is available.

between

situation and with feeling against Holland.

the

from

parting with our national supplies to protect

Dutch colonies, as a very serious measure

including the

;

know, making an earnest effort to protect

"We are, as you
consumer

placed by Great Britain on cable
Holland and
other countries,

restrictions

the

them:

interview printed in the "Handelsblad, "de¬

an

curtail the supplies

has been done all over Europe.

as

the Louisiana sugar

of the
pending differences between Great Britian and Holland.
Cornelius Van Aalst, President

industries,

to these

shipping to England has been stopped on account

Trust, in

and sweet drinks, it will be necessary next year to

cream

Amsterdam on Oct. 14 quoted the
saying that it had learned'that all Dutch

as

have a reduction in

Many householders of the country have re¬

here.

consumption

sugar

.

"Moasbode"

consumption of candy and sweet drinks.

large proportion of their sugar which they formerly

from

Dispatches

made if the American people will at once

It seems unnecessary
the West Indian market for a
obtained from other
quarters, and that, although they have reduced the consumption of sugar
to less than one-fifth of the average consumption in the United States, if

quantities of
through Holland.

something is done about
of concrete material.
That's where the matter stands
'
v;\\>'' UyU"'
'"S: ■•■V"'."
■■

the transportation

We

.

repeat that the Allies are thrown upon

to

the further use of our cables until

you

price.

reduce their

that we should say to the Dutch we cannot see a way

matter of courtesy,

and that the retailers, in turn,

limited quantity to any one customer.

will refuse to sell sugar to any retailer who advances

A remedial contribution can be

juggle by which they

the Dutch have no right to use our cables except as

as

much reduced quantities,

also trust that jobbers
the

that all jobbers in the

well as in the East, should distribute their sugar with care among

as

should refuse to sell but a very

But we have this fact—enormous quan¬

proof.

We made repeated diplomatic

to

permitted to trans¬

being used at the front, and enormous

are

concrete material are

a

West,

I have no doubt that the Germans

employed for strictly civil purposes.
are

Furthermore, the Food Administration requests

Dutch territory, but they say

have given such assurances, and there may be some

less basis than the cane

upon a

prices above mentioned.

given them assurances that all this material is being

have

Germans

When the supply of beet sugar reaches
available

the Atlantic seaboard it should be

the retailers in

The Dutch do not claim that the Germans should be

port material for this war concrete through

for sugar during the present shortage than it has been

paying during the last thirty days.

••

ways.

hand of

The Food Administration asks the pub¬

producer or the refiner.

lic not to pay more

quantities of

The total was out of all proportion to that transported

gravel and sand.

Therefore, if by virtue of the shortage in

pound.

has been increased at the hands of the handling trades—not at the

Oct. 12, said:

port across Dutch waterways from Germany to Belgium vast

basis that should reach the consumer in the neigh¬

price of sugar should increase, it is only proof that It

the Eastern States the

The Dutch in recent months have been allowing the Germans to trans¬

has,

the prices maintaining during the last

above said, been distributed at

as

plaining Great Britain's action against Holland, in

months despite the

Practically all of the cane sugar in the hands of the refiners and the

the

proofs it may possess in this

any

been increased during the past two

possibility of shortage and famine prices.

investigations of Dutch officers, that the materials are used for war pur¬
B ritish

producers the price of cane sugar from the

certain Cuban

refiners has not

German authorities and the

of the

1585

CHRONICLE

THE

'

agree to

100 pounds, less 2% New York basis.

sell their sugar upon the same basis as the beet-sugar producers in
them the base price at New Orleans

addition that we endeavor to secure to
the

This

refined in New Orleans.

that at New York for all sugar

same as

patriotic service will be a signal demonstration to the country, not only of
the desire of the industry to national service but the advantage of home
industry in sugar.

(Signed)

demand to Germany.
It

HOOVER,

reported yesterday afternoon (the 19th inst.) that
following

was

the American Refiners' committee has f-eceived the
FOOD ADMINISTRATOR

A

was

a

States which

reduction
Issued

the

in

advices
.

sugar shortage in the
only be met by an immediate
consumption of candy and sweet drinks

warning against

Eastern

HOOVER'S WARNING OF

SHORTAGE IN EASTERN STATES.

SUGAR

.

temporary

can

by Food Administrator H. A. Hoover on Oct. 16.

loyal homes to reduce con¬
sumption, and the unusual exports to France in order that
the French people may have their meagre ration of one
public outside of

many

month, "Unless," Mr.
wider and immediate reduc¬
tion of the sugar consumption in candy, ice cream and sweet
drinks it will be necessary next year to curtail the supplies to
these industries, as has been done all over Europe."
His
of

pound

per

sugar

Hoover says,

"we

person

per

can secure a

There will be a temporary

shortage in the supply of sugar to the area

north of Savannah and east of Pittsburgh
the month of

during the latter part of October

November, pending the arrival in the market of new

The beet-sugar factories in the Western States are

sugar.

into action, and,

rapidly conimg

together with the Hawaiian production, will be able in a

short time to take care of

the

sugar

supply in the area west of the territory

of

Production

price of beet sugar and Hawaiian sugar has been fixed by

The

7.25

cents,

Atlantic and

Allowing for freight differentials
should not exceed 8 cents,

and handling charges, the retail prices

San Francisco; 8lA

Chicago; 8 1-16 cents, St. Louis; 8 cents,

Pittsburgh.
As the

contract

Pacific seaboard basis, from the factories.
cents, Denver; 8% cents,

New Orleans, and 8 1-6 cents,

candy

must

This

request

luxuries.

all

applies to manufacturers
"

An

will gradually extend eastward, and beet sugar
by the end of November.

The rapidity

invasion from the West can take place will be largely

controlled by the economies shown

in the consumption of sugar by the

Food Administration makes a special
rigorously reduce the consumption of
especially of candy and sweet drinks, in order that the North¬

people in the western area, and the
appeal to them that they should

States may be supplied at the

The shortage

agreement between the

now

War Industries Board and

fixing maximum prices for steel products (said to
be about one-third under existing market prices) was ap¬
steel

men

proved by President Wilson on the 11th inst.
The prices,
affect blooms, billets, slabs, sheet bars, wire rods, shell bars

The pres¬
of Sept. 24, which govern
iron ore, coke, pig iron, steel bars,, shapes and plates.
The
details of that agreement were printed in our issue of Sept. 29.
The following is the announcement relative to the new price
subject to revision Jan. 1 1918.

and

skelp; they

agreement supplements that

are

agreement as made public by the War Industries
the Council of National Defense on Oct. 11:
,

The following statement hah been
National Defense:

Board of

issued by the War Industries Board

of the Council of

The President has

approved an agreement between the War Industries

Board and the steel men,
come

fixing the following maximum prices, which be¬
subjec^ to revision Jan. 1 1918, viz.:

effective immediately, and are

Price

Sheet
Wire

confronting the Eastern States.




■

•

inches and larger

.Gross tons_$47

Base.,

Pittsburgh

51 00

barsrods

-Per 100 lbs.

inches

Over 5 inches to 8

"

inches

Pittsburgh

$3 25

3 75
4 00

10 inches

Skelp—Grooved

town.

3 50

inches.

Over 8 inches to 10

Over

Youngs-

57 00

—

Shell bars—3 inches to 5

and

50 00

inches

•-

—

Pittsburgh

2 90

u

3 15

Universal

Sheared

501

51 00,

Billets under 4 by 4

Slabs

earliest possible moment.

the failure of the American public

upon.

Commodity—
Blooms and billets 4 by 4

of sugar in the Northeastern States is due to two causes;

outside many loyal homes to
adequately reduce their consumption of sugar on the constant and insistent
appeals that have been made by the Food Administration since June; and
secondly, to the unusual exports made to France in order that we might
maintain to them their ration which has now been reduced to 1 pound per
month per person.
The consumption of sugar in the United States is,
even now, over 7 pounds per month per person, and a saving
of one-third
of the candy and sweet-drink consumption would have saved the situation
First,

-

agreed

source

with which this sugar

eastern

'

PRODUCTS.

•

■

''

APPROVES PRICES FOR STEEL

WILSON

PRESIDENT

of gums, cordials, syrups and

•

should reach the Atlantic seaboard

sugar, more

be reduced in order to provid

household and Allied food needs.

production of beet and Hawaiian sugar increases, the areas sup¬

plied from this

sugar

■

reduce consistently the sale of sugar to con

We consider it essential to

fectioners.

above referred to.

at

Chairman of the

Rolph,

ent

notice follows:

and

George M;

Administration, is due to the failure

The shortage, says the
of the

from

division of the Food Administration:

1-

3 25

enumerated have been fixed by the President on the assurance
of those representing the steel industry that these prices equitably adjust
the relations of the steel interests to each other, and will assist them in
The prices

fulfilling their obligations to give
to

the country 100% of production at not-

exceed the prices heretofore announced.

158G

THE

CHRONICLE

Measures will be taken by the War Industries Board for
placing orders
and supervising the output of the steel mills in such manner as to facilitate
and

expedite the requirements for

nations associated with us, and to supply the needs of the
to their

tion

spirit of co-operation

as

far

with production.

be made to bring the production as
possible up to the extraordinary demands resulting from the war.

as

Judge Elbert IL Gary, Chairman of the United States
Steel

Corporation,

prices,

speaking with regard to the

new

results

were

by

the representatives of

Sept. 25.

satisfactory to the steel trade, although the
are lower than had been expected."
He also

stated that "the steel

):■■■■

the

miners

in

to 70

%

formulated

were

Washington

on

The demands called for—

Increases of 15 cents a ton on

pick and machine mined coal at all basing

points in the United States.
The percentage of

industry generally will be benefited

increase granted

to all differentials existing

&1

on

machine and pick coal to be applied

between thin and thick vein mines.

by the attitude and action of the War Industries Board and

Advances of

the President."

20% raises on all dead work and yarding.

Our committee

Judge Gary's statement follows:
in

was

conference

with

Wednesday and Thursday of iast week

the

War

Industries

Board

It

on

and agreed upon recommendations

to the

On the whole it may be said that the
negotiations with the War Industries
Board and the results were satisfactory to the steel
are

wage

lpwer than had been expected.

The disposition of the members of the Board to
carefully inquire into the

to

The steel

industry generally will be benefited by the attitude and

the manufacturers Will be somewhat decreased.

tors

be

more

normal and they will be

unjustified,

understanding that
period of two

a

said, would

were
ac¬

the

The profits of some of

healthy.

no

ADMINISTRATOR

MINERS AGAINST
As

result of reports

a

west coal

GARFIELD

WARNS

COAL

STRIKES.

of threatened strikes in the South¬

districts, Fuel Administrator H. A. Garfield tele¬

graphed the heads of the district unions demanding that there
be no walkouts, and giving warning that he would use
every
power

vested in him to prevent them from stopping work.

Similar messages were also

territory.

The

dispatched to operators in the

sent by Dr. Garfield to the union

message

Newspaper statements that strikes have been ordered in the Southwest
Districts 14, 21 and 25 have been confirmed by telegram.

as

informed that the officers of your national association have
appealed

am

to you to use every effort in your power to avert a strike at this time, in
of the

view

Wilson.
take

national

situation

the great

task imposed on President

Strikes must not
If they have been ordered the order ought to be revoked at

The terms of the agreement agreed upon at Washington between

operators and miners
to is the clause

I shall

you against

are

fair.

I understand that the only clause objected

providing for penalty.

use

It is just that this should be agreed

every power committed to me to

allowing the order to stand.

with operators at

home, meet

If

prevent strikes and warn

you cannot compose

increase of 15 cents

an

generally regarded
entire

used

intended to

as

The

country.

reach

mines at work.

A further

involved

the basis of

as

selling prices

demands

warning to the miners and operators in the fields
contained in

telegram to them

serve

agreement

an

was

an

on

made by the sub-committee

to reach

a

decision I

shall postpone it and use whatever
powers are necessary to

compel the production of coal to meet the country's needs."
The following is his second
warning:
American citizens engaged in the mining of coal, whether
operators or
miners, are for the most part mindful of the fact that our country is at war

them to produce the coal needed without

interruption.
But there are evidently some who fail to understand the
gravity of the situation and who do not hesitate to advocate strikes at the
present time

as a means of

coal be revised

upward to permit an advance in pay to miners
by Dr. H. A. Garfield, the* Fuel Administrator,
and by him laid before President Wilson.
After a tentative

on Oct^ 2 a compromise on a
agreed to by the representatives of the
operators and miners on the 5th inst., the operators assenting

contract

new

to the

coal

new

was

wages on

condition that they be absorbed in higher

prices.

It is

stated that the wage increase,
according to opera¬
estimates, will add from 35 to 50 cents«a ton to the cost

tors'

of

producing coal in thick vein mines and considerably more
containing the thinner veins.
The new contract,
is said, will contain provisions to
prevent strikes and lock¬

in mines
it

outs and will be

so

drawn

to

as

.miners to break it

or

conditions.

It will

run

make, it impossible for either
the

on

grounds of changed

for the duration,of

forcing the Government to at

once

decide whether

the

war

does

continue

not

paid for pick and machine mining

advance in the prices fixed by the President.

The matter has been submitted to
me,

to co-operate.
and

I

hope to reach

am
a

of the

are

expected

giving immediate and close attention to the question

decision at

my control which will

and all concerned

an

early date.

The only circumstance within

dead work will be increased

Provisions

15% instead of 20% demanded.

day raise and other boys SI*
penalizing strikes and lockouts and making it
a

impossible to terminate the
on

cbntraet

by the operators, who sought

If either the operators or the miners
attempt to
reach a decision, I shall

bring

will

at

cen¬

competitive field of Ohio, Illinois, Indiana and Pennsyl¬
a

short time

Fuel Administrator Garfield and John P.
of the United Mine

Workers,

on

Oct. 18.

was

expressed by

White, President
President White

left

Washington on the 18th for his headquarters in In¬
dianapolis to continue his efforts to induce the men to return
to work.

Despite reports indicating a spread of strike sen¬
timent among the men, Mr. White was
optimistic when he

left

Washington.

At the offices




of

the

prices to

insisted

during the life of

seeking

a revision of coal
increases, operators, it is understood,
an

additional increase

higher mining costs generally.
John P. White, President of the United Mine
Workers,

said

the

cover

increased
mine

wages would stimulate production and
employees from leaving the mines.

pressure upon me to

Confidence that the strike of the coal miners in the
vania would be settled in

wage

were

guarantee that the

some

will ask the Fuel Administration for
in

postpone it and use whatever powers are necessary
to compel the production of coal to meet the
country's needs.

tral

It is stated that in

prices to meet the

arrangement

no

ton will be

day labor will be advanced SI 40
day instead of the $1 90 asked; the pay for yardage and

Trappers will get 75 cents

delay that decision will be the violation of the spirit

between the operators and miners, which was that
circumstances should the production of coal in the United States
at the present time be allowed to diminish.
under

pro¬

years.

first demand for 15 cents;
a

the contract.

justly be covered

a

war,

two

against the miners';

as

miners would not seek further increases,

of the Central District should

the

than

more

the wage increase agreed to at the
meetings recently held at Washington

an

announc¬

"were heard

by the operators and miners

by

pro¬

ing their belief that it would look like conspiracy between
higher coal prices.
On Sept. 28
demands of coal operators that the Government
prices for

Under the agreement an increase of 10 cents

and that the burden rests
upon

a

Sept. 27.

on

proposition,

the miners

me

to

Sept. 26.

on

the miners'

which he stated that "if either the
operators or
upon

basis for

increase which might be
appeal to the Government for higher

vided

pressure

a

an

Oct. 17, in

attempt to bring

as

presented

on

a

be

miners and operators to force

operators

was

to

were

ton, the opera¬

a

were

The operators declined to consider the

differences

here in Washington, meanwhile keeping

me

demands

The demand of pick and

joint sub-committee of miners and operators

I cannot too strongly reinforce this
message.

place.

once.

to.

and

general

a

agreement had been reached

officials and operators read as follows:
districts known

as

to have lasted

was

mean an average wage

A vain attempt to

THREATENED

the increases,

pay

inasmuch

more

years.

posal that the operators grant
FUEL

r

increase of about 25%.
The increases asked, while stipulated for the central
field,
comprising Ohio/ Indiana, Illinois and western Pennsylvania,

be

However, conditions will

employed in and around mines.

granted last April, which

was

machine miners for

deliveries, yield profits sufficient to bring them within the

tion of the War Industries Board and the President.

raise

distinct

President's original proclamation.
The prices of commodities not
already considered by the Board will
fixed by arriving at a parity.

men

Oct. 25 that the operators, aside from

on

demands

the

made for

spond to the request of the Board for production equal to full capacity, and
the prices determined upon
will, with some adjustments between manu¬
as

day for all

a

until next March.In addition, they pointed to an increase
given in April 1916, which they said was granted with the

*

facts relating to cost, capacity, facilities and
profits has been so fair and
frank that the manufacturers without
exception will be influenced to re¬

facturers

stated

was

declared

producers, although the

prices named

90

contending that they could not afford to

President concerning the prices to be fixed for
many of the leading
semi-finished and finished steel products, and these were
adopted by the
President as published.

i

ry

increases of from 20

by miners in the central competitive field

steel

Oct. 15 stated that "on the whole it may be said
negotiations with the War Industries Board and, the

prices named

In the meantime,
a

.

Demands for immediate wage

on

that the

taken by the Government.

are

reasonable time

a

plan which will
provide for drastic action if the strike continues to interfere

Is entertained that every effort will

nearly

said that

was

settlement of the difficulties before

a

it is stated, Dr. Garfield has completed

as prac¬

manifested by the steel men, and no doubt

was

permitted for

steps

any

public according

public importance and in the best interests of all,

ticable.
A

yesterday (Oct. 19), it

will be

of the Government and those

war purposes

[Vol. 105.

Fuel Administra¬

Differences between miners and operators in the
Tennessee coal fields
ment to

resume

were

adjusted

on

Kentucky.

Oct. 4 when

an agree¬

work, pending final settlement by

tration committee at

Washington,

was

an

arbi¬

signed at Knoxville

3y
18,000 miners.
The agreement had previously been
signed by officials of the Southern Appalachian Coal Opera-

,ors' Association and officials of the United Mine Workers

of

America.

that any
ferred

to

It

is

reported

that the agreement

grievance from either miners
a

miners and

or

joint board composed of two
an

provides

operators be
operators,

re¬

two

umpire, the latter to be chosen by the four

•

Oct. 20

1917.]

CHRONICLE

THE

members of the board if

possible.

meet this demand the mines have been

If the members cannot

before equaled.

umpire, then he shall be selected by

agree on a permanent

Coal Administrator

Garfield.

dispute will come| up

duction

first:

(a) The question of

The

following questions in

advance in wages, tonnage, rates,

an

a

was

at a rate never

1,900,000 tons, the highest point yet attained;

August the lowest rate for the

1,638,000 tons,

summer,

In the first eight months of 1917 the output of soft coal was

500,000 tons,
1916.

check weighman.

than

recorded; and in the last week of September the daily rate was 1,823,000

tons.

yardage and

producing soft coal

In the second week of July, 1917 the average daily pro* ;

more

in the middle of
was

dead work; (b) questions of hours of labor and
working conditions; (c) ques¬
tion of maintenance of

1587

37,000,000 tons,

or

In the

same

those of 1916.

.

363,"

than in the first eight months of

more

period shipments of anthracite increased 16% over

'

The agreement set out that the miners would resume work

Oct. 8, and that the term of contract whenever signed

on

NO

shall be for the term of the war, except as to wage rates,

which may

be subject to change by

In

special arbitration

a

price of coal f.o.b. at mines.

SHORTAGE IN

Oct. 6

on

Denial of reports of a coal

The strike had been in

THE

EAST.

declaring that there is

shortage in Washington, D. C.,

shortage in Eastern points, either present

or

Fuel Administrator Harry A. Garfield.

since Aug. 11.

progress

COAL

statement

no

coal

shortage in the East, the Fuel Administration said:

board at such times only as the Government may change
the

a

of

or

a

general

prospective, is made by Federal

There is not

enough coal in

now

Washington for the winter; but the quantity needed will be supplied after
on the Great Lakes Nov. 15.

navigation closes

FUEL ADMINISTRATOR ORDERS

VIDED

AMPLE

FOR PENNSYLVANIA

COAL

PRO¬

Shipments to the Great Lakes

being given preference in order to

are

provide sufficient coal for the Northwest before the close of navigation.

RAILROAD.

This is necessary in order to prevent shipment of coal all rail to the North¬

What is regarded as the first move
trator to guarantee a

taken

was

October

on

11, when announcement

that the carriers of the country
to

move

distribute coal

regulate the movement of the coal
Railroad, it

was

its needs taken

west after the close of

would

cars

This is the first of

on

care

other carriers wrill be

of and

through similar orders

all

a

series of orders to distribute coal on a priority basis

Railroad,

that the Pennsylvania

provides

700 mines, shall have its needs properly taken care
will be served through similar orders soon to

two weeks with

The

a

series, giving preference

COAL

SUPPLY

AMPLE

FOR

MIDDLE

REQUIREMENTS OF

The Fuel Administration issued the
an

^

WEST.

Middle West's immediate requirements is assured:
An

ample supply of coal to meet the immediate requirements of the

trator,

states.

'

the following:

T have just returned from

G.

Service;

Service,

W.

Kirtley,

Assistant to Judge R.

H. De Groot Jr., Chief

G. Gut-

Inter-State Commerce Commission; A.

Coai Association; and B. W. Warren, attorney for the
V■'••

.

on

a

trip to Ohio, where I took

Pennsylvania System that their coal was being confiscated by the
whose right to do

railroad,

This diverted a good deal of com¬
dealers to whom it

this is unquestioned.

mercial coal already contracted for, which displeased

It resulted also in confiscation of cars that would
Often the railroad

been consigned.

otherwise have been available for commercial loading.

obliged to keep coal on the cars longer than is necessary in
of business.

the regular

Operators who have already
agreed to supply the road with the amount that would be deemed their
correct percentage will continue their contracts and remain unaffected by
to the fuel needed for its operation.

order.

Administration,

at

the

Government price.

"The priority

lead

"I also

from persons or

.

Indiana and Michigan to feel that coal is being

"Arrangements have been made for the supply of coal through State
where

appointed,

public officials of the States.
proper
or

officials of

a

and

It is now

consignmehts called

withhold coal
corporations needing it least, and that they attend par¬
essential that coal needed by the United States
interfered with.
The Fuel Administration may make

It is deemed particularly
Government be not

special priority order in special cases and intends to care fully for domestic
users.
Munition plants and firms manufacturing necessaries of life would

a

into the priority order

class.

The plan is expected to show immediate
and a steady equitable flow of

results in an increased supply of coal cars
fuel to the railroads.

yet

that on receipt from the

statement naming the public institution requiring coal

the dealers supplying coal to domestic consumers in need, the amounts

being specified and also the places at which deliveries are to be made, coal
will

be

ordered shipped

These statements are to be filed

immediately.

with the State Fuel Administrators, or, when they have not been

the Federal Fuel Administrator at Washington.

with

appointed,

In every case coal

be furnished at Government prices.

"When local officials have undertaken to confiscate coal for the use of

public institutions

or

local communities they not only have assumed

exercise powers not vested in them
pay

to

but, at the best, would be required to

{.

contract prices for the coal."

ARIZONA COPPER MINERS TO ALLOW WAGE ADJUST¬
MENT COMMISSION TO SETTLE STRIKE.

MEET
So much is

Announcement

made

was

Information at Washington

THIS

YEAR'S

TO

DEMANDS.

by the Committee

on

workers in the Globe Miami

ment

Commission

troubles.

The

the

adjustment
Adjustment

Wage

of

to the

operators,

that it

announced

Department of the Interior, on production in 1917, compared

was

on

now

a

plan of settlement, which it was hoped would satisfy

and thus give the country the

the

due to the failure of the soft-coal mines to

tin," reads

than in the past,

finish the year

with

an

coal

September 1 was about
in output and is expected to

for the country

month ahead of last year

more

on

increase of 10%

and of 25% over 1915.

over

1916, the banner

A statement issued by the

Department under date of October 11, further says:
The tremendous increase in

created a demand for soft coal in excess of any in the past,
demand that is difficult to measure in terms of tons, but that

mpre

than the 10% by which production has increased.




To

war.

copper

it needs

The telegram received from the Wage

Adjustment Commission, according to the "Official Bulle¬
The

as

follows:

President's

mountain region,

Labor

,

Commission,

to

the

Southwest

and

the

district of Arizona.

The Commission

gratified to hear that the State leader of the strikers and President

Moyer of the
have

sent

has concluded the hearing of the side of the striking

miners in the Globe Miami copper
was

into

manufacturing and transportation activity

telegram

co-operation of both the miners and their employers, formualte

to carry on

produce

a

dispute had been obtained the Commission would, With the

report, prepared by the statisticians of the Geological Survey,
Director Geo. Otis Smith points out that the shortage is not

on

In

and when the news of both, sides of the labor

both sides,

In commenting

is

now

the 12th inst., the Commission
hearing the side of the mine

this

particularly timely.

which

Labor William B. Wilson, is

Washington officials

gains in output made by the operators under trying con¬
ditions, last summer, over all previous records, that the state¬

1916 is

Arizona labor

the

Commission,

touring the Western States in an effort to compose the labor
differences there, which have seriously hampered the carry¬

coal, and the general public realizes so little the important

just issued by the United States Geological Survey,

Public

Copper district of Arizona had

ing out of the Government's War program.

being said about the shortage of bituminous

on

Oct. 12 that the striking mine

agreed to place in the hands of the President's Wage Adjust¬

headed by Secretary of

DAILY OUTPUT OF COAL BREAKS ALL RECORDS

is certainly

appointed through

when not

ifnderstood

by the

ticularly to the supply of other railroads than the Pennsylvania.

increase in

in telegraphic

order and the coal shipments by Lakes to the Northwest

the people of Ohio,

The Fuel Administration suggests that operators

this year has

was

the Middle West.

carried through those States without due consideration of the local needs.

But the railroads must be kept

by their contracts with customers.

running.

supply," the Fuel Administrator said.

The amounts required

will, in some instances, interfere with delivery of full

an

with the newly

.

Other mines must contribute the amount declared to be equitable

year,

up

"The situation in the regions bordering on the Lakes is this:

win

,

producers of bituminous along the Pennsylvania lines will contribute

pro rata

coal

communication with Indiana and other points in

administrators

Representations were made some time ago by mine operators on the

a

on

ample supply of coal to meet the

tion, also meeting with the Cleveland Chamber 6f Commerce committee

Car

Fuel Administration.

with

A

following statement

Middle West is assured, H. A. Garfield, the United States Fuel Adminis¬

after conferences extending over the past

committee composed of

President National

ment

receiving con¬

now

This will provide additional cars, which should result in increased pro¬

Other railroads

Snead,
representing the Fuel Administration; T. H. Watkins, President Penn¬
sylvania Coal & Coke Corporation; J\ Lloyd Jr. of the Altoona Coal & Coke
Co., Altoona, Pa.; W.K. Field, President Pittsburgh Coal Company, and

come

of coal cars is

movement

duction sufficient for all necessary purposes.

heim, attorney examiner Inter-State Commerce Commission; L. A.

Fuel

prompt

movement, both loaded and empty, over other slow freight.

S.

on

Division of Car

for

of

matter

sideration and it will undoubtedly be necessary to give them preference in

public utilities, and all com¬

Lovett, Director Priority in Transportation; E.

new

according to need; and we

anticipate there will be sufficient coal available for necessary requirements.

appointed State Fuel Administrator, Homer H. Johnson, the Ohio situa¬

Commission

the

the Lakes such shipments will

on

Shaeffer, Chairman Commission on Car Service; D. E. Spangler,

C. M.

All

navigation closes

soon as

which serves about
of.

organizations using coal.

The present order was adopted

course

As

Oct. 16 to the effect that

order to the Government domestic users,

was

section^ of the

shipments are not being made for storage purposes because

follow, which will comprise

Commercial coal will be distributed by the second

had

Eastern

The

and

the first series.

mercial

shortage.

car

surplus coal is being shipped to the Lakes for Northwest delivery from

regulate the movement of coal cars, issued yesterday by Fuel Administrator

in

navigation, thus sending cars out of service, which

actual

Oct. 11, issued the following statement:

on

The first of

Garfield,

an

be diverted to Eastern points and distributed

served

The Fuel Adminis¬

to follow.

soon

-

The Pennsylvania

cars.

announced, serving 700 mines, will have

in

but increased

the docks.

a

priority basis and

a

result

country are being supplied with sufficient coal for necessary requirements,

made

was

would be supplied with

the production of the mines..

series of orders to

tration,

by the Fuel Adminis¬

distribution of coal to various railroads

International Union of Mine Mill and Smelter Workers,

unreservedly placed the adjustment of the Arizona labor difficulties
the hands of the

abide by any decision

Commission with

the Commission

an

may

unconditional agreement

to

make for the maintenance of

peaceful labor relations in Arizona, at least duriqg the period of the war.
The Commission is now hearing the side of the operators, and when that

side is concluded and the views of other

pities

interested in the CoM-

THE CHRONICLE

1588

task of

inquiry are submitted the Commission will begin the

mission's

formulating

plan of settlement through the co-operation of all interested

a

parties, which it is hoped will satisfy all sides and thus give the nation the
copper it needs under just conditions of employment.
The striking unions concluded the presentation of their case to the Com¬
mission by making an unqualified offer to go back to work immediately
the agreement of the operators to submit t ,e dispute to arbitration

upon

by the Commission, and to continue at work pending the arbitration.

The
delay
for the

THEODORE E. BURTON DESCRIBES THIS AS A

normal production of

copper

Theodore S. Burton, President of the Merchants' National
Bank of this

city in addressing the New York Chapter of

the American Institute of
to other

Banking recently advised attention

subjects besides the

problems of this

year

routine of banking.

mere

require increased breadth of vision as
MERCHANTS

MEMPHIS

PROHIBITS

EXCHANGE

but

legitimate trade interests
Memphis

(Tenn.)

adopted

were

Exchange.

Merchants

confined

to

Oct. 13 by the
The new rules

on

purchase or sales for future delivery beyond two
months ahead, and permit the closing out of present con¬
prohibit

for any month within

tracts

the life of the contract.

daily fluctuation limit of $1 50

per

A

ton, beyond the bid of

The action of the

the,last previous close, is also provided.

banker

of

to-day

with its methods,

arity

an

acquaintance with international relations is

ban

a

cottonseed oil, both by trade and

these

in

columns

further speculation in

on

outside interests.

womanhood, and of the demands of humanity.

To the

graduating class of the Chapter M/TBurton offered

practical suggestions

some

methods of study, such as
so prevalent at this time

upon

the avoidance of the discursiveness
and the concentration of efforts

on

be finished.

can

time when the

less useful member of the

a

com¬

The day of the expert has
said Mr. Burton, and his services will be more and
of

the

as

the part

BY MAYOR

To
is

MITCH EL.

was

that which

never was a

munity that at present.
required

RIGHT TO BUY AND SELL FOOD ASKED

best

very

meaning to our conceptions of equality of the dignity of manhood and

"Jack of all trades"

noted

(as

Oct. 9 placed

on

fundamental

All the citizens of this republic must give their

quite essential.

Produce

Exchange, which

the

thought to the political and social movements which are now giving a new

He referred to the fact that there

week)

understand

must

principles of finance, of taxation and of economics.
International banking
is assuming far greater prominence than formerly, and along with a famili¬

Memphis Exchange is similar to that taken by the New York
last

condition of useful¬

a

Mr. Burton added:

success.

successful

The

prohibiting speculative trading in cottonseed meal,

permitting hedge selling for protection,

and

ness

SPECULATION IN COTTONSEED MEAL.

Rules

The

and other problems of probably greater

import in years which are to follow will, he pointed out,

of the nation.

use

YEAR

OF AWAKENING AND OF PERIL.

strikers expressly stated that they were eager to do away with any
which would in the least hold up the

[Vol. 105.

a

years go

In

more

war

and

■

equally true with all the rest of the world that this
We enjoy in

of awakening and of peril.

year

reference to the

a

country in it, Mr. Burton said:

our

in America it is

us

by.

come

especial degree the

an

triumphs of science and education; the benefits of unparalleled opportunities

Mayor Mitchel of this city

on

Thursday (Oct. 18) wrote

to Chairman Mitchell of the New York State Food

sion, asking permission to exercise the city's
in the

new

Commis¬

power as

State Food Control Law, enacted

granted

by the 1917

Legislature and published in full in these columns last week
(pages 1486 to 1489, inclusive) to purchase, store and sell
food and fuel to the

people of the city.

The Mayor wrote

also to the Board of Aldermen and the ..Board of Estimate

all in evidence in

are

regarded
life

Apportionment-urging them to transmit a similar request
Mitchell, declaring by resolution, as required

to Chairman

law, that such

In his let¬

exists.

by the

new

ter

Chairman Mitchell the Mayor wrote:

to

For

State Legisla¬

right to buy food direct from the producer and sell it to the con¬

through such channels

as

from time to time

seem

The Legis¬

wise.

lature refused tt> make direct grant of this power to the city,
recent State Food Commission Law

of which you

authority

was

but in the

given to the Commission,

have been made Chairman, to consent to this exercise by the

city of power to buy, store and sell food and fuel through suctragencies as

ImlEl'ia

it may determine.

Mayor spoke of the burden
and other classes and

seems no

power

of the power

conferred

save

abroad and of
It

is

truly

All

likely to exist
For these
actual and

saries, by

I,

current

Against

won.

account of the deprivation of neces¬

of excessive charges and decreasing purchasing

reason

power"

exists, and apply to you for consent to the exercise by the Cjty of New York
of the power to
as

am

a

transmit^to

request that they adopt and

Com¬

your

mission the resolutions required by the statutes.

In his letter to the Board of Estimate the

the efforts he made to obtain passage
it

was

Mayor relates

of the food law long

finally adopted by the

Legislature.

That

influenced by the pernicious lobby maintained by the food

monopolists, denied the
>

power

"Finally," he continued, "after three

of effort on the part of the

years

war

impact of public opinion the Legislature enacted
statute law and which contains

a

a

conditions and to the
bill which has become

grant of power sufficient to secure

some

accomplishment."

a

as

new

of

for world

policies.
by

domination

one

and

in

of

their

raCe

own

conscience,

■

earth.

on

as

the sword

on

tempered with mercy.

made for

man wns

an

insane

attaining whose objects force,

no

been

one

without

character,

humanity,

Against this

fraud

the dominant

are

fitly described than

more

"Learning without

organization

until victory is

nation actuated by

man, a

liberty and ideals without dignity."
up

come

with the affairs of all the rest

German culture has by

without

taken

nation

any

nation whose rulers believe that

knowledge

discipline

without

peril we have

supreme

behalf of lasting peace, order, liberty and justice
Our normal activities will indeed in part continue,

which the world's future depends.

upon

EASTERN

RAILROADS

TO

RENEW

PETITION

HIGHER RATES.

Food Control Law (Chapter 813;

Laws of 1917)

FOR

^

The intention of the Eastern railroads to present anew

petition for higher freight rates

their

indicated this week.

was

At

informal conference between representatives of the roads

of

the

Inter-State Commerce Commission the executives

roads

sought

on

a

presented

a

list

of proposed

Commission's award of June 29 in the
a

increased rates

long list of commodities nbt included in the

petition, of the rail¬

general 15% increase in freight rates.

ing to the dispatches from Washington it
at the conference

(which took place

on

will take, but it

advance

Accord¬

not disclosed

was

Oct. 17) what form
intimated that

was

the Commission would be asked to authorize

a

general rate

.

After the Commission
the railroads in

disposed last June of the 15%

proposing virtually the

same

such applications, and

proposed

tariffs

increases that had been denied.

under

are

McChord,, seeking to shorten the

way to

a

number of

Commissioner

suspension.

disposition of the

railroads' request, suggested on the Nth inst. that it

apply for

but withdrew the suggestion

case,

case

number of instances filed individual tariffs,

a

be well for the roads to

provisions of the

pending is one in

now

The docket has many

requested by the city."

city administration and due to the pressure of

The

Is

the railroads' program

body, he declares "either blinded to the approaching crisis,
or

us

and constant meddling

roads for

simultaneously to the Board of Estimate and the

transmitting

Board of Aldermen

before

real interests at home and

The awful contest

purchase, store, and sell to its inhabitants food and fuel,

provided in Section 14 of the State Food Commission Law.
I

no

up our new

obligations to all other peoples.

time of"peril.

government, and not government for

and the

Mayor, do hereby certify to you that both "an

emergency on

our

had

conjectures and thoughts as to the duration of the contest must be

an

as

quickened sense of

barriers

We must take

ftt war and this is as much our war

are

our

winter sets in.

as soon as

reasons

anticipated

a

we

national

our

and natural

overshadowed by the resolution that the end cannot

similar emergency, indeed one far more acute, is

a

oceans

of infinite self-sacrifice and struggle, are hanging in the balance.

Con¬

Furthermore, in view of the constant rise in prices during the
it is clear that

distinctive feature of

which not only national existence but all our cherished ideals, the results

tinuing, he said:
year,

our

a

through the operation

the,, city by the law."

upon

a

The wide

upon wage-

expressed the belief that "there

of relief in sight

longer.

but in this trying hour our first duty is to our country and to the great

imposed

now

favored land, but along with these advantages

of strength and

no

us

responsibilities with

causes

The

earners

our own

realization of the fact that the isolation which

longer divide us from the old world or the new.

desire

fromjthe

long time this city has been trying to get

a

ture the
sumer

emergency

an

a

as a source

belongs to

We

and

aroused to

we are

a

might

reopening of the 15%

upon

learning of the

num¬

dealing with'the purchase of food and fuel by
municipalities in the State are contained in Section 14 and

ber

provide that, with

hearing that the roads notify the Commis¬
formally of what they desire in the way of temporary
increases, and said that the Commission would confer over

the consent

municipality in this State
pated

by

may,

emergency on account

reason

of

of excessive charges

and fuel with

municipal funds

municipality

may

The

which

in
a

or

of

the

case

of

Commission,
an

actual

or

any

antici¬

deprivation of necessaries,
otherwise, purchase food

or on

municipal credit.

Any

also store and sell food and fuel.

newly established Department of Public Markets, of
Henry Moskowitz is the head, will be the municipal

food and fuel agency.
An office
the Municipal Building.




was

opened

on

Oct. 18 in

of

pending

cases

Chairman

course.

which would

Hall

of

the

be

affected

Commission

by such

a

suggested at

the close of the

sion

methods of procedure suggested
cate its

pers

decision

Representatives of ship¬
asked that they also be informed of further develop¬

ments in the case

tative
was

the

by the roads, and communi¬

the carriers.

to

of

the

This week's appearance

roads

before

the

of the

Inter-State

represen¬

Commission

incidental to a conference among the Commission,
roads, shippers, State railway commissioners and other

Oct. 20 1917.]

THE

interested parties at which the question of specific advances
taken up.

was

The broad features of the whole rate revision

sion centred almost
involved in

was

wholly

desired in the form of increased rates
are

as

on a

told,

long list of

carriers and

They would not

sections

of the country.

George Stuart Patterson, General Counsel for the Penn¬
sylvania R. R. and spokesman for the roads, in outlining
the roads

plans to the Commission, said:

We come with two

specific suggestions.

practicable and whether

application be filed

so as

The second

meeting

Railway Commissioners
of the

in

Washington.

Association opened

inst. and will close to-day (Saturday).

The delegates were

Chairman Hall of the Inter-State Commerce

Commission, and in addressing them he said:
There

is

need

of greater

can prepare a way

for such co-operation.

their desires, and the needs of the country at war.

Max Thelan of

tariffs covering all those commodities,
Capnot

blanket

a

commodities?

suggestion is this: Would it not be desirable and in accord

public interest to postpone the hearings which have now been set

California, President of the Association,

in his address to the

to obviate the necessity of filing separate applica¬

tariffs under suspension covering increased rates on
graim grain products, live stock, dressed meats and certain other miscellane¬

Commissioners, who represent thirty-

one

States, said the railroad problem in the United States

has

permanently moved beyond the ownership and

tion

of

railroads

the

disconnected

as

It is the opinion of

the gentlemen whom I represent that any relief which

entities

in

private ownership and

commodities will be only a temporary relief and that it is only a question

general and

specific

more

than is contemplated in these particular tariffs.

way

The request

for

a

conference

on

behalf of the roads with

the Inter-State Commerce Commission was made by

George

Randolph, Commissioner of Lines in Official Classifica¬

F.

tion Territory.
dated Oct;

In his communication to the Commission,

12, Mr. Randolph said:
informal conference with the Commission next

try to arrange for a short

Wednesday

Thursday (Wednesday preferred) to talk over the rates on

or

traffic not favorably acted upon in the recent
in rates case,

some

decision of the 15% advance

of which are now covered by suspended tariffs and

hearings arranged for, others covered by tariffs which carriers canceled at
the suggestion of the

Commission, and possibly other matters germane to

the subject of securing all of
The thought arises from

results since the

the results originally asked for.
was

banquet held by the Association

co-operation

on

With

a

feel

can

we

encouraged by the language
V

could have the privilege of such conference on next Wednes¬

day, it is thought it would be of great assistance at the present time in
reaching

a

The

prompt conclusion as to future action.

Pursuant to your

referred to may be
at 2 p.

scarcely be too highly praised, we of the War Board,
progress

tons to

more

miles per
ger

a

car

It

was

reported

on

a

there

public session Oct. 17-

and to

train; moving freight cars and engines more

trains; securing prompter unloading, and in many ways releasing men,
and

trackage

equipment

to

for the

care

movement

supplies, food, fuel and other necessaries.
ments under mandate of the Federal Law.

We
By

are

of troops,

military

making priority ship¬

our own

agreement, we are

they are most urgently needed, and are arranging the routing of traffic
according to the best physical conditions, and without reference to bene¬

needs

the

of the
are

of the

These

but part Of the response of the railroads

are

national defense.

Other examples of subordination

competitive activities of individual railroads to the general welfare,

supplied by the efforts made in expediting coal shipments; in furnishing
for

the

cantonments;

providing additional facilities for

in

new

700,000 troops to camp and to seaports for transportation abroad, and in
Other ways.
All of this means forcing of traffic out of its normal channels, foregoing

of the Eastern roads

move

it is

extraordinarily difficult to conserve railroad revenues.

to face with an

asking consideration of increased freight rates.

We

are

face

absolutely unprecedented scale of prices for ,all materials;

higher than

wages are

in

a

profitable business and making great financial sacrifices at a time when

the 15th inst. that the railroads of the

expected to follow the

are

making

We are expediting traffic; carrying

day; eliminating unnecessary train service; consolidating passen¬

material

request by letter dated yesterday, the matters

presented to the Commission at

are

toward obtaining the maximum service out of the

transportation plant of,the country.

shipyards, industries and mines; in handling the movement of more than

said:.

Notice is being given accordingly.

m.

West

in its reply,

Commission,

Mr.

degree of co-operation on the part of the general public, which

material

to

us

In part

Rea said:

the necessity became apparent.
few of

the 17th inst.,

on

the part of the State railroad commissioners

fiting individual roads.

a

railroads,

Pennsylvania Railroad, urged

with the Inter-State Commerce Commission.

of the Commission on page 23 of its decision as to amplifying its order if
If

our

moving empty cars about the country so as to put them promptly where

the carriers' keen necessities, as shown by the

presented, and

case was

At the

Samuel Rea, President of the

very

The trunk line traffic executives, after a discussion to-day, desire me to

operation of

their unified operation directly

by the Government through Government ownership."

short time when the needs of the Eastern carriers will be brought to

the attention of this Commission in a much more

opera¬

by private

and hereafter," he declared

now

issue between consolidated

an

permitting these increased rates in respect to these

a

"The issue

companies.
"is

commodities?

will be secured from

of

Federal

co-operation between the -State and

with respect to the

ous

The
16th

the

on

We must consider the needs of the shippers, carriers and the public, not

The first is whether it is not

tions for increased rates with respect to each one of these

with the

of

annual

regulatory bodies, and this meeting

r

•

brick, copper, stone, sand and many others.

as

ciation

blanket application should not be filed by the

a

carriers asking for permission to file
such

Government in the conduct of the war* was

welcomed by

■

ad¬

an

Wednesday at the session of the National Asso¬

on

cop¬

affect, except indirectly and by combination, rates in other

special War Committee to act ip

shippers in transmitting to them the desires and

needs of the

voted

The proposed increases would apply to traffic east of the

a

visory capacity to all State railway commissions and to the

com¬

live stock, dressed meats, petrol¬

Mississippi River and north of the Ohio.

The creation of

tempo¬

was

grain and grain products, sand, stone, cement and

eum,

REMARKS.

the technicalities of procedure

on

This temporary relief, the Commission

modities, chief of which
per.

COMMISSIONERS—SAMUEL REA'S

45

.

obtaining what the roads characterized

relief.

rary

CONVENTION OF NATIONAL ASSOCIATION OF RY.

it is stated, remained in the background and discus¬

program,

1589

CHRONICLE

ever

known before; labor is difficult to obtain at any

price, and much of it is incredibly inefficient; we are practically unable to
obtain new locomotives, a,s France has the first call on the American supply ,

FOtt

TRAINMEN'S DEMANDS

WAGES.

INCREASED

Notice is said to have been served on the railroads of the

Classification

Eastern

by

Territory

Brotherhood of

the

and similar conditions exist in the case of steel rails and many other ma¬

We

terials.

daily made to feel more keenly the competition of indus-

are

tries in the labor market,

railroads cannot afford.
service months ago, and

because they are able to pay wages which-the

Many of

our

thousands

best men volunteered in the military

more

have just been taken in the draft.

Railway Trainmen and the Order of Railway Conductors

Nevertheless, the railroads have disregarded all of these factors which make

that demands for increased wages

operation difficult beyond precedent; they have put profits in the second

be

presented to the roads

Jan.

The task of drawing up a

1.

which

the

passenger crews

higher

wage

in the hands of the executive

Conductors, in convention at Ottawa
Oct.

on

18 that.the

on

Railway

that

wage

representatives of the

or¬

increases of not less than 20% be demanded
are

trainmen, conductors, baggage¬

brakemen and yardmen.

men,
on

involved

the part

Trainmen

question
of the

The vote

was

unanimous

of 104 chairmen of the Brotherhood of Railroad
the

and

Order

of

will be submitted to

brotherhoods.

W. G.

Railway
a

should

The

Conductors.

regularly be represented at all Federal rate hearings, and that the

organization, in announcing the decision of the

con¬

vention, said it had been determined that railroad workers

holding positions of responsibility were entitled to better
He explained that workers in steel mills and kindred

pay.

industries had received increases of 42% in wagesfe in the last

than

while trainmen and conductors have not had
30% in thirteen years.

In 1913, he
but in

a

said, the

majority of

the two hours

men

and

cases

this meant little to them unless

they gained could be turned into




money.

upon
-

authorize all changes necessary

to conform

thereto without further

proceedings.
The failure of the States to take a proper

railroads has given rise to great

regulation

was

rather

a

place in the regulation of

our

misgivings, and many States have allowed

the railroads and investors—and I suspect

the public—to feel that railroad

partisan question than a serious

business

I do not desire to press this matter too hard.

and

We all

economic

question.

have

shortcomings and you men can fully appreciate the significance

our

of what I

am

saying.

We want your

•

-

.

,

co-operation, and co-operation meahs prompt action and

In this country^ when action and leadership are not forth¬

leadership.

coming in the affairs of a corporation or any public body , it must
go to

eventually

the scrap heap, and some other corporation or body must carry out

the national will, but meanwhile
Here let

me

say

the country suffers.

that we are deficient in terminal facilities and equipment

because of insufficient earnings and unduly low rates

produced.

High costs, high taxes and high wages cannot be paid without

sufficient rates.
average rates
rates of

sincjp 1907, and the
notwith¬
Bricks without staw cannot be

and the businessman are paying the price of neglect,

standing all our efforts to help them.

The Pennsylvania Railroad faced the war of 1861 with

of 2H cents per ton mile, and the war of 1917 with average

slightly over 6 mills per ton mile.

into the expense

more

obtained the eight-hour day,

a report

extraordinary reason exists, the State

Commissions should acquiesce in the judgment of the Federal Commission,

the Civil War

year,

back prepared to make

And I also feel that, unless some

country

men's

this subject, I feel that State Commissions

upon

which immediate action on intra-State rates should be based.

referendum of the members

Lee, President of the train¬

judgment

members in attendance should go

It-was

ganized railroad workers in the United States and Canada
in convention had decided to recommend to their unions
The workers

To suni up my

was

committee of the
Oct. 17.

place.

place and national service in the first

on

schedule

place before the roads

Brotherhood of Railroad Trainmen and Order of

announced

will

employees of railroads in northeastern United

States and eastern Canada will

lodged

for

Dec. 1 to become operative

on

Yet nearly everything that

goes

of railroad operation costs far more now than it did when

opened.

Testifying before the Joint Commission of the States of New York and
New Jersey yesterday on port
to

conditions in New York Harbor, I

was

obliged

pojnt out the results of the unremunerative rates which the railroads

have been

compelled to accept, stating that over*$20,000,000 should have

been spent on
to serve

the Pennsylvania's New Jersey yard and terminal facilities

that port properly.

•

THE

1590

It has been suggested that the

In the city of Baltimore

little different elsewhere.

is

situation

The

upon

might be considered, it would be only a court plaster

them over $10,000,000 for additional facilities; the Northwest System
between Pittsburgh and Chicago—serving the Lake ports,

quate for very many years.

lending creditors, but from shareholders.

higher rates, both State and inter-State, to widen

co-operation by the State Commissions lies in aiding to

and may I suggest that in the search
for uniformity we shall not witness the usual conclusion, namely that noth¬
ing can be accomplished without adding further bureaus, reports, statistics,
investigations, hearings and detailed action by the various public service
commissions of our 48 States

way

order that

of accounting, elimination
of unnecessary reports, prompt according of reasonable rates, legalizing
pooling of traffic under proper public supervision, encouragement of mer¬
gers to promote efficiency, relief from obsolete restrictions of State statutes
and the Sherman Law, and obtaining real valuation of the railroads.
Your
influence in all these matters is potent.
We further ask each of you to re¬
member that your State, however important, is only a link in the chain of
public regulation of transportation.
Make your link as strong as possible
to protect the credit, and so the physical efficiency, of our railroads.
It is recognized as never before that railroad transportation is at the base
of all our national activities and powers.
The Government cannot move,
in this great struggle, without its effective aid.
Therefore, let us, through
co-operation, jnake it a real and vital force, and a mighty arm of the nation
In achieving success in our battles, our commerce and our national ideals.
When you return home, carefully consider the narrow margin of earnings
allowed to the railroads, under public regulation, since 1907, upon the huge
investment placed at the disposal of the public.
I think you will then rea¬
lize why it has been, and is now, impossible to provide the requisite capital
to furnish adequate terminal facilities, and take full advantage of electrifi¬
cation and improved appliances in equipment and operation to keep the
co-operation in these matters: Simplification

and

railroads well in advance of the

to do for

We must

aside and the duty to volunteer,

and

that it may be in the first rank to fight
preservation of those ideals which underlie

war or

carriers

that

urges

association

comprising practically

cement manufacturer in the

Committee of the National Car Service Commission.

best in

guarantee to every man and every

be

The

belief that if all the shippers do their

resolutions express the

nation the
right to work out their own lives and destinies, are not buried by the powers
of force and barbarism.
In this great work it is an honor for us all to share,
realizing that transportation, and especially railroad transportation, is a
national service and in the highest degree essential to national prosperity
in times of

when the

will be effected on as broad and

laid for our banking resources.

United States, with ton¬
nage of raw and finished product and fuel amounting to
over forty million tons annually, has passed resolutions urg¬
ing that carriers be required by law to give preference in
supplying cars to the shippers who load heaviest and re¬
lease cars the promptest.
The resolutions were adopted at
the Chicago convention and forwarded to Judge R. S. Lovett, in charge of priority shipments and to the Executive

life and our relations with other
insure ourselves that the sacrifices of bygone generations

and the efforts of the past to

as was

The Portland Cement Association,
every

Government, our business, our private

nations.

has the opportunity

required to give preference to
shippers loading heaviest.

be

accept the selective draft, have been adopted as the proper courses of
We have given a sign to all the world

for the world's freedom and the

dollars?

I believe that the day is near at hand

transportation.

cement

corporate wealth to the nation, so

our

the gigantic task of mobilizing banking

Administration did for banking it now

foundation

a

It builded better than

of the nation.

imagined, when the Federal Reserve System was inaug¬

mobilization of our transportation resources
solid

The

Washington Administration was the mo¬

by the thousands of millions of

What the

action for the individual citizens.

dedicated its men, its honor and its private

credit and railway regulation, both of which

decentralized.

urated, that we would so soon face
credit

be produced with the avail¬

operation, there is even greater

task to command the highest constructive statesmanship.

a

it knew, for who

fighting for the nation and serving its ends.

that this democracy has

too much

This is

bilization of the banking resources

growth of traffic.

Questions of conscription have been set

Now that we have mobilized

first achievement of the present

review the events
through which we are now passing, and have achieved the results for which
we are working as a nation, I want to see set out in history, for the eyes of
future generations, the story of the immediate and loyal response of citizens
to the common defense, and of the devotion of men and enterprises in

and to

operation of the railways has been mobilized in

maximum of transportation may

need that we mobilize railway
are

V

that when we have time to

In conclusion, let me say

a

able facilities.

the fact that rail¬
national defense. For the

has brought vividly before the country

transportation is an indispensable arm of

service of the nation the

wider and better way.

a

financial island.

now a

The great war

these few thoughts and leave the field to you, to cover
To return to my starting point, we ask your aid

I must stop with

absolutely new world of credit, and that America

fact that we are living in an
is

the foundation instead

I assume railroad commission will not ignore the

of the superstructure.

bring about uniformity of State laws,

in

already too large?

enable them to meet their existing obligations,
Why pile up Govern¬
ment debt on the already top-heavy load of private debt?
We ought to
have a broader foundation of capital from shareholders, and we must have
What they need is revenues to

not from

the returns allowed to the

Another field for

when the trouble to-day is that their debts are

ment

Youngstown and other great industrial districts—is

limitations of embargoes; all, in my judgment, because
Pennsylvania System have been entirely inade¬

suffering from the

Why encourage the carriers to go into debt to the Govern¬

real trouble.

of our iines,

Pittsburgh,

Government make large loans to the rail¬

While some temporary relief of this sort
and would not cure the

from the public Treasury.

ways

freight is being unloaded on the streets; the lines of the
Philadelphia Baltimore & Washington RR. should have immediately spent
embargoes exist and

and the

[Vol. 105.

CHRONICLE

utilizing equipment to the best advantage, there will

plenty of

cars

and locomotives to meet all needs.

pierson on "financial aspects of

l. e.

"i;:-■ cottonv

peace.

':

Discussing "The Financial Aspect of Cotton" before the
trumbull

frank

railroad need is for

says

Southern

shareholders and higher rates.
'

That there

be

can

Pierson,

E.

Congress in this city

tion of his subject,

particularly

Oct.

on

16,

the Board of the Irving

Chairman of

considera¬

National Bank of New York, stated that in the

such thing as "business as usual"

no

Commercial

Lewis

from,

capital

of

foundation

broader

as

to the national financial

the assertion made by
Railway Executives'

aspect, two phases of the situation appear to demand the

Advisory Committee, before the American Association of

said, is the attitude of the South concerning the extent to

under

conditions in any

war

Frank

line

was

Chairman of

Trumbull,

the

Passenger Traffic Officers at St. Louis on Oct. 16.

greatest portion of attention just now.

To meet

which the

changed conditions, said Mr. Trumbull, there have
been and must continue to be important changes in the
these

for

the

inconvenience

and

follow these changes was

Mr. Trumbull's

the attitude of those most

important ends to be served.

speech also dealt with the urgent need of the

railways for reasonable and

even generous

rates, and in re¬

question of what constitutes a proper present price for cot-

that while

railways from the public Treasury, he stated

some

temporary relief of this sort might be con¬

sidered, "it would be only
the real trouble.".

a

court plaster and would not cure

"We ought," he

said, ""to have

foundation of capital from shareholders

and

a

broader

we must

have

The

ton.

the

principal bearing of this said Mr. Pierson is upon

possibilities of foreign competition.

Mr. Pierson fur-

said:

her

ferring to the suggestion that the Government make large
loans to the

intimately concerned, the Gov¬

ernment, the cotton producer, and the banker toward the

asked by Mr. Trumbull on behalf

of the railroads in view of the

be increased

versification; the other phase mentioned by Mr. Pierson was

inevitably

which

annoyances

area may

diminished, this he stated, involving the question of di¬

or

The patience of the public

service.

of railroad

character

exclusively cotton growing

One of these, he

Unless

we are

able to see American cotton in proper perspective, that is,

against a background in which all other cottons, actual and

reasonably

possible, appear, we are nearly certain to give it an improper place—-an

economic plan for the future.

exaggerated importance—in our national

experience of the past might be accepted as sole

If the light of our cotton

guide for the future, the entire case would be simple and easy.
continue to

We would

produce our immense crop under the comfortable, reasonably

old-time conditions—England would remain as our best and most

secure,

higher rates, both State and inter-State, to widen the founda¬

important

tion instead of the

supply upon .which to work, and those of other countries would

superstructure."

from his remarks:

We give the following

*

cupy

When, to expedite the transfer of important freight, in order to furnish
the motive power and the rolling

stock hnd the labor the war traffic demands

they reduce the number of passenger trains,
submit to delays, the

therefor

reasons

a late passenger
or

some

or

troops, on their way to fight for us on Europe's

The delayed receipt of some household comfort or

article of desired merchandise may easily be offset by the expedition

of troops on
under which

their way to protect the home and make safe the institutions
we

live.

As

a

leading Western raiiroad executive recently said:

"The emergency confronting the
than

any

emergency

ration; and
must

we,

Government and the nation is greater

that can confront any private individual or corpo¬

representing the transportation interests of this country,

stand together and co-ordinate all of our

activities to

one

end; the

early and successful termination of the war."
The urgent

may

these

and

manufacturing,

comforta¬

South America, as now, would oc¬

absorbing

China

would go on

her' commercially

indifferent

the
and Africa, and South America,

product, along antiquated lines—Egypt would play her proper part in
long staple
would
way

exist

class—India,

and

Russia,

countries in which cotton was produced, but which in no

as

threatened the

domination of the

Unfortunately, however,

American product

the steady,

It

may

other

natural process of industrial and commercial evolution con¬

counties,

challenged

disposed to take for granted, are not

be that even though there had been no war,

stantly going on throughout the world
in

our

would have been sufficient to create

cotton-producing activities which in time would have

supremacy.

As it is, with the war

wish it or

upon a new

look forward with confidence to early and constructive action by

object lessons upon the impor¬

self-sufficiency, the larger view is thrust

not,

upon us

whether

and it becomes certain that the future must be built

and larger basis—one, in which the past wiH play only a minor

part.
In

•

and its disturbances and institutional over-turn¬

ings and destruction of relationships, and
tance of national

and I hope

and, in the

king.

these delightful conditions to which we have

become accustomed, and which we are

certain to endure.

we

need of the railways for reasonable, even generous rates, is

i beiieve, recognized by both State and national authorities,
we

mills always would be sure of an ample

place of minor importance—old-fashioned

a

growing,

train may easily mean that right of way has been given

fuel, munitions

far-flung battle line.

own

economic life of the South, cotton would continue as

judgment.

generous

to food

extend their schedules and

railroads ask that the public give consideration to the

and not let the irritation of the moment interfere with

customer—our

bly absorb the surplus—the cotton of

public authorities.




treating, the second phase of this question—the determination of a

proper

present

price for- cotton—we find that, here too, considerations

.

Oct. 20 1917.]

THE

1591

CHRONICLE

"'

■

;

.

'

■

■

——

of the future instead of those of the
past, or even
trol
in
our
conclusions.

We must realize that to

a

very

a

-

individual and his obligation are clear.

of the present, must con¬

or govern,

Whether he produce, or finance,

considerable extent, our domination of

of

the cotton markets of the world has not been based
upon inherent super¬

and, after that, to

iority

this production may play its greatest part

other nations/or upon any other condition which may not yield

over

to the influence of time and new
impulses.
gin in 1792 by Whitney and the fact that for

The invention of the cotton
a

number of years it

was

everything in

his first and most important obligation is to do

his power to promote the development

prise—to win the

use every

greater national

a

production
end that

effort and make every sacrifice to the

in our greatest national enter¬

war.

used

exclusively in the United States, might be enough to account for the start
which American cotton then received and
it to outstrip all competitors.

conferred

was

upon

which

ever

since has enabled

it by the possession of negro labor which

ditions existing in the cotton-growing sections.

same

con¬

The United States

But the cotton gin now

the world and not of Mulberry Grove, Georgia.

in the South at last has encountered the

RELATIONS WITH GERMANY.

cheap,

was

undisturbed, fairly efficient and ideally suited to climatic and other
is the property of

U. S. APPROVES ACTION OF PERU IN BREAKING OFF

Then, too, there is the advantage which

L^bor

matic relations with

disturbing influences which

affect it in other parts of the country and cheap-labor cotton is a thing of
the

past.

sion of

State

superior methods of machinery

the assets of

particular nation.

a

transmit

commercial supremacy based upon the posses¬

or

longer safely

no

the

to

Scientific methods of production, labor-

with Berlin.

world

need

The

longer represent advantages upon which

no

possess

exclusive monopoly.

an

few years ago were

burg,

confined to New York,

London,

or

or

Paris,

or

did though they be, do not provide

sufficient assurance concerning its future

justify anything like the recently developed tendency to concede to it

preferential treatment
to the effect upon

itself.

cotton

In

the

regards price, without any particular reference

as

national resources or even upon the possible future of

-

message

was

development of this tendency,

involved, the Peruvian Government has

are

loyally maintained the neutrality of the Republic, trusting that its neutral
rights would in turn be respected by the belligerents.

But when the

un¬

con¬

flagration spread to the American continent, notwithstanding the efforts
exerted for nearly three years

by the United States Government to keep

that great people out of the conflict, Peru was confronted by new duties '

springing from its passionate desire for the continental solidarity that has
ever

three elements have been con¬

which, for some reason not generally

written in

of State of the United States, Washington, D. C.

been the goal of its foreign policy, and by the necessity of defending

its rights from the new form of maritime warfare set up by

cerned—one, the Government

its break

on

strictly performed the duties imposed upon it by international law and has
.

the past and present of American cotton, splen¬

Affairs,

Foreign

Your Excellency—From the beginning of the great war, in which the most

powerful peoples of the world

Ham¬

Borneo and the Philippines.

The point of all this is that

for

facilitating Peru

note from the Peruvian Minister which said:

a

To the Secretary

Methods which only

being applied in the Soudan, in Manchuria, and among the

now are

savages of

to

reply to

piart of the

developments of modern science and industry have brought the

different parts of the world together in many ways.
a

any

severing diplo¬

Oct. 15 Secretary of

on

Minister

Secretary Lansing's

saving machinery, advanced processes for treatment of-product, skill in

distribution,

Peruvian

Francisco Tudela, a message

be included in

may

Germany, when

Lansing instructed the American Minister at Lima to

•

Continuing industrial

Government took official cognizance

of the action of the Peruvian Government in

That

was

United

the

States

why,

reason

caused

Germany.

receiving notice of the belligerency of the

on

by the proceedings of the

Berlin Government in

fit to remove cotton from the operation of price-fixing

violation of international law, the Peruvian Government, far from declar¬

regulations—the other, the cotton producer who talks of holding his crop

ing itself neutral, recognized the justice of the stand taken by the Washing¬

derstood, has

seen

until there is available

a

arbitrarily fixed by him and by

price

sidered unreasonably high—and the

many con¬

third, the banker who by exercising

unusual class of liberality toward the cotton producer, makes it possi¬

an

ble for him to hold his cotton until he can force the market upon
has

sion in

it

a

too free

means

a

which will find

certain class of American producers the right to

in one of the country's most important staples, and one

corner

both during the war and after it, is seriously

in which national interest

concerned.
The

It

possibilities of harm naturally resulting from this ultra-liberal, Gov¬

engaged in financing cotton would regard that agricultural product in the

all banks should regard the financing of all agricultural

as

products during the war, by encouraging rather than retarding free move¬
ment to'market.
the most important element in this situation is the cotton

Of course,

If his attitude is

producer himself.

banking errors of judgment

nor

can

a

correct one, neither Governmental

do serious harm.

If he has

a proper

conception of his duty in the present crisis, and his conduct along every
other war line indicates that he has, or if he is able even to read the signs
of the times correctly and to see how definitely world
been brought out by the war
not make the mistake

mediately

may

bear upon the future of his cotton, he will

.of insisting upon

a

temporary advantage which im¬

work to the detriment of the national interest, and ulti¬

nation in the

our

war must

the immediate

receive first consideration, it is al¬

equally important that we do not neglect the future of this great staple

which has played such an important part in American trade and in American
financial life, and which has meant so
If

we

for the future upon

which

even now

operation the audacious plans

the warring nations of Europe

are en¬

gaged, wre might find much which would disturb oiA present sense of com¬
mercial security.
it is
to

a

We might see that which would force

us

to realize that

short-sighted business policy, which, in effect, offers

a

inducements

class of competition which cannot be met successfully.

We might

of

an

the observance of international law.

higher price which has b een demanded, there is to be found the germ

impulse which,, when carried to its logical

to be an

But the

conclusion,

would

course

of events did not

it to seVer its

of

an

It

was

the defense of those rights which led

diplomatic relations with the Imperial Government

outrage for which. It duly but

a

Spain while the ship

was

as

the

vainly claimed appropriate

reparation: the sinking of the vessel Lorton by
coast of

uniform

nation in the face of Germany's disregard of the

principles of naval warfare.
result

a

maintained with, the utmost firmness the integrity of

sovereign

German submarine on the

a

plying between

neutral

lawful trade, without infringing even the German rules

ports, engaged in

respecting closed

zones—unknown to international law.

The reluctance of the Imperial Government to meet our just demands

according to the general principles of international law; the

very

arbitrary

rules laid down by that Government; and the unsuccessful presentation of
a

precedent in

an

analogous claim favorably entertained by it—these are

course

of the German Government's

is for the

juridical standard that will forever

lack of justice that marks the

policy and the sound foundation there

effort to check that policy,

so

cause

as

to establish in the world

a

justice to prevail in international

relations.
The contents of this message
to your

excellency will enable

fundamental grounds

upon

and the documents which I shall forward

your

which

Government to acquaint itself with the

attitude rests, and also with the

our

negotiations with Germany above referred to, which the Government has
now

and

brought to

an

capital, with the
I

end by recalling the minister of the Republic at Berlin

delivering his passports to the representative of Germiany at this
avail

approval of the Parliament.

express

myself of this

assurances

opportunity

to

tender'

to

your

excellency the

of my high and distinguished consideration.

array

FRANCISCO TUDELA.

Secretary Lansing's reply read
The Government

expert upon cotton to realize that these

as

follows:

of the United States has received from the Minister

dangers which threaten American cotton are real dangers, or to see how

for

easily they might be made imminent by ill-advised action upon our part

a

in the present

Peruvian Government after having vainly endeavored to procure from the

to

exceedingly difficult situation.

If, in

our

war-created zeal

promote the interest of cotton, we exaggerate its importance among our

Foreign Affairs of Peru through the Peruvian Minister in Washington
of Oct.

statement under date

German Government

a

6

1917, in which it is set forth that the

settlement of its claim for the sinking of the Peru¬

agricultural products, or develop it to the exclusion of lines which mean
more in the national life, we shall be guilty of an error which will find dis¬

vian bark Lorton in violation of the fundamental

agreeable expression in our after-the-war economic condition, and which

factory solution of the question within eight days, and, that solution having

even

may

law,

was

If, in our anxiety to take fullest advantage of the favors which war has

a

principles of international

compelled to exact of the Imperial German Government

been declared

affect our interests in the war itself.

an

absolute impossibility by

a

satis¬

the German Government within

peremptory term, the Peruvian Government had resolved to break diplo¬

conferred upon our commerce, we create so conspicuous a demonstration

matic relations with Germany and had taken the appropriate measures to

in favor of cotton, and

that end.

supreme
error

high prices for cotton,

as to spur

other nations to

effort to compete with American cotton, weshall be guilty of

a

an

which will find its most disagreeable expression in injury to American

cotton itself and to the interests of those

naturally most concerned in its

Whether it is to be cotton, or other crops, the South of the future in order
to keep

This declaration has been received on the part of the Government of the

United States with

the cost of production of staples within the limits which the trade of

a

mingled sentiment of sympathy and pridej.sympathy,

because another country has been forced by aggression to take this decisive

step,

welfare.

and pride, because another American nation has thus declared its

adherence to the principles of justice in relation to American peoples which
is the basis of American

solidarity.

.

normal times requires, and which will be necessary if these Southern staples
are

their place in the markets of the

to hold

largely to

a

(world—must confine itself
a much smaller

class of agricultural production which will use

proportion of labor than that required by cotton either now or in the past,
and which will make possible a greatly increased utilization of labor-saving
machinery.
Of course,

this means extreme diversification of products—not

mere

rotation of crops—such as proper treatment of the soil requires—not an

conditions—but

intelligent,

broad-gauged,

world-sized

Dispatches from Lima
Government had

thanked
of this

and

Advices from

Santiago, Chile,

potential.

Peruvian Government

consider the financial aspect of cotton, or wheat,

or

steel,

dther of our great staples, the case is the same, the. lesson to the




of its ports to

a

British

privilege.

Chilean Foreign

or any

use

that

foreign nation which reasonably may be viewed as a competitor, active or
we

Oct. 12 stated that the Peruvian

diversification,

sound understanding of the best continuing producing pos¬
sibilities of the South, and including the producing possibilities of every
based upon a

Whether

on

granted the

President Pardo of Peru had been
by the British Minister at Lima for the extension

squadron,

occasional shifting about in obedience to the whims of temporary market

,

individually prompted in its adherence to the-

Peru, for its part, while endeavoring to. give prevalence to
its rights as a

against our cotton interests, combinations of intelligence and population
necessary

was

principles declared by the United States.

and soil and climate, which would be irresistible.
It is not

it

as

continental policy,

discover, for illustration, that in the high price of cotton we now enjoy, or
in the

the policy of the whole

result in joint action; each country shaped its course in defense of its own

much to the people of the great South.

could look ahead and see in active

'

Government's wish that

the facts in which Peru reads the complete

While in the treatment of the financial aspect of cotton,

interest of

approval of the Parliament, solemnly affirmed

be a concerted ratification of the attitude of the Washington
Government, which took up the defense of neutral interests and insisted

conditions which have

mately almost certainly to the detriment of his own.

most

the Peruvian

was

his

for foreign affairs, in the Chamber

country to the principles of international justice pro¬

our

invaded rights

light

express

the President of Peru, in

same reason

continent

on

ernmental attitude toward cotton would be materially reduced if the banks

same

Deputies, with the

the adhesion of

expres¬

Expressed in plain English,

operation of this tendency.

conceding to

a

of

And for the

Congress, and the minister

claimed by President Wilson.

It should not bfe difficult to appreciate the danger

develop

which he

mind.

his

set

ton Government.

message to

on

Oct. 16 stated that the

Minister in replying to

announcing the

a

note sent by the

of diplo¬
j matic relations with Germany, declared that Peru's action
severance

1593

THE

CH

*

applauded by Chile.

was

The Chilean Foreign Minister

also added that his Government
taken

by Peru,

he said, it

as,

[Vol. 105.

gratified by the

was

The sales of bank stock at the Stock

A sale of 75 shares of

auction.

The Security Bank in July 1915 was

made at auction at 10.

CAPITAL

CLAIMS

OF

PUBLIC

absorbed

UTILITY

L.

executive

Dame

committee

Co., has made

investments,

an

New

of

of

York

the

City,

a

Republic

Railway

the

acute

second

Liberty Loan is out of the

"Electrical

The

World''

of

utility it is pointed out

in

article in question

the

particularly

the

electric

central

new

says:

station

industry

proportion of its output which energizes industries
the

in

against

war

German

the

government.

Central station capital needs are associated too intimately
with the true

industries

remotely connected with the
the

cooly disregarded in favor of
In his claim for

and power
3,000

companies Mr. Dame

5,000

to

spendthrift

any

case

says
of

of

user

install

plant

power

a

to

generate electricity for distribution through his factory if at all modern in

to

the manufactorer would

This would

serve.

mean

saving'in capital of $50

per

we come

to smaller units the

pound of coal

favor of the

Oct. 24

as

Loan Day.

the

on

measure

that day and pledge the
of financial support,

suspend business at

noon

on

Oct. 24, Liberty

Similar action has been taken by the New York

Philadelphia

the New York Cotton Exchange,

Exchange,

Stock

the

Pittsburgh Stock

Exchange, the Baltimore Stock Exchange, the Chicago Stock
Exchange and the New Orleans Cotton Exchange.

city has organized

The Bankers Trust Co. of this

department to take
investment

clientele.

third

of

floor

a

bond

of the growing requirements of its
This department is located on the

care

the

banking house at

company's

16 Wall

Street, and is equipped with all facilities for giving every
A well-organized

statistical. de¬

partment will analyze for customers their investment hold¬

ings and will make suggestions for exchange where it seems
advisable.

The

also

department

suggestions in regard to

stands ready

make

to

investments.

new

per

central

Baron Fan-fax of Cameron, formerly

bankers of this

k.w.h., after allowing for transmission

station

the

over

for 1,000 k.w. to 1,500 tons

Albert Kirby Fair¬

fax, member of the firm of William P. Bonbright & Co.,

manufacturer referred

At 60% load factor this amounts to over 1XA tons of coal per

per year, or

their fullest

Coffee & Sugar Exchange,

As

disparity will increase.

Similarly in the matter of operation, it is probably safe to say that there
will be at least

above.

respective communities

Oct. 18 decided to

k.w., or $50,000

k.w.—33 1-3% of the capital required by the central station.

in

appointing

be, say $200 per k.w., without adequate re¬

a

for 1,000

losses

in their

Government

While the cost to the central station using much larger units

him, would, probably be $1,50 per k.w. at present prices, the cost

to serve

in

President

the

convenience to customers.

in part:

manufacturer requiring,'say,

a

undoubtedly

He would

k.w.

and fuel to have its

priority of capital for electric light

Taking first, for illustration, the

his methods.

of

Liberty Loan Day and calling upon the people to assemble

wholly de¬

war or

Likewise is the central station too

war.

effective in the conservation of energy

coal."

was

public interest to be set aside lightly for other

tached from

claims

previous to which the last sale

.

action

the

of

industry, the public nature of its indispensable service, and
mobilized

$50,000.

The Governors of the New York Stock Exchange, in view

a

because of the unusually large rate of annual growth of that

the great

at

No public

'•

World"

were re¬

reported posted for transfer,one for $50,000 and

were

the other for $48,000,

question of priority in financing is vital for utilities. It

affects

-.-V'-'

Last week two member¬

$46,000 and $45,000, respectively.

ships

an

adequately meet the needs of

can

rapidly growing community without the ability to raise
"Electrical

1917— 165

Oct.

Exchange memberships

York Stock

New

Two

5th

capital.
The

162

ported posted for transfer this week, the consideration being

in

way,

October

supports this view in its leading editorial article.

"This

Last previous sale.

Close.

■■

services which the electric

the

question of prior rights of issue shall become

matter.

162

Light

&

fuel, should entitle their securities to especial consider¬

case

High.

160

84 Nat. Bank of Commerce

earnest plea on behalf of electric utility

urging that

ation when the

Low.

BANK—New York.

Shares.

member of the

companies render to the public through conserving capital
and

by the Century Bank, which was merged into the

Chatham & Phenix National Bank in September 1915.

CONCERNS.
Frank

news.

Exchange this week

No trust company stocks were sold at
Security Bank stock was

aggregate 84 shares.

unification of the South American republics.

TI1E NEW

financial

and

banking

course

further step toward the

was a

to

k.w'.

per year.

his American
honor and

city and London, who in 1908 relinquished

citizenship to establish his blaim to the "title,

dignity of the Twelfth Baron of Fairfax,"

the 10th inst. elected by the

was on

Scottish Peers to sit and vote

in the British House of Lords.
4

EDUCATION

THROUGH ADVERTISING.
The

"Education
address

Through Advertising"

was

by Guy W. Cooke, advertising

the theme of

manager

of the First

National Bank of Chicago, and President of the
Advertisers'

Association,

Association at Omaha

on

before
Oct. 11.

"When the work of the

talk of bank advertising, did not finance play so important

a

this

address

The

of

Hour," delivered

Liberty Loan Committee, has been reprinted in pamphlet
form and is

now

being distributed by the Fulton Trust Co. of

part in finance."

scribe to the second

men

city to its depositors, with the request that they sub¬
Liberty Loan.
:

advertising

of finance,

as

a

business force is comparatively recent,

by vocation and training conservative to

a

degree,

the last to recognize this force as applicable to their business.

were among

Within the memory of bankers still active any direct invitation to do busi¬
ness was

looked upon with a feeling almost akin to horror.

came,

if at all, hat in hand.

to the

depositor.

Proffered accounts

That the relation

was one

were

New business

accepted

as a

tage seemed lost in the impressive dignity with which the banker surrounded
himself.

was

years ago

the propaganda for the free

national politics.

a

thing."

so

well begun and left the great

mass

of

tion of educational activity after the dominant need had passed unques¬

tionably

was an

error.

The

the country was the appeal
was

one

thing that saved the financial honor of

to honesty.

on a

hands of American people forced upon the financial interests the necessity

campaign again educational in nature.

in still another such

that

a

vast

We

are

campaign, forced to build from the

now

very

engaged

beginning,

majority of people bear about the same relation to economics

mule does to motive power.

Sheer force of argument, personal and

printed, made the first loan

a success.
Few people realize how much hard
truly popular bond issue requires.
The oversubscription was the
result of an unprecedented campaign of
advertising and education.
Every

work

a

method of attracting public attention was laid under contribution.
itative

estimates

placed the cost

at

upward

Government spent less than 10% of the sum.




of $5,000,000,

Author¬

though the

Vice-President of the

Mr. Fox has

a

up

his

new

position.

He is

a son

of

an

1916

retired

from the presidency of the

office he had held for twenty-seven years.
4

.»

The Broadway Trust

Co. of this city has declared a special

dividend of 3^% along with the regular quarterly distri¬
bution1 of 2%, both payable Nov. 1 to holders of record
Oct. 23.
4

52-cents-

Last spring came another crisis—the placing of Liberty Loan bonds in the

a

taking

in January

bank,

Nelson Dean Jay,

on-the-dollar basis.

since

upon

Few Americans, when the fact

brought home to them, wanted to compromise their debts

of another

been

coinage of silver, then the paramount issue in

living example of the truism, "A little knowledge is a dangeroifs
That the work was worth while heeds no argument, bqt the cessa¬

a

effective Nov. 1.

Joseph Fox, Chairman of the Board of the Columbia Bank,

With the elimination of that economic fallacy bankers

dropped the educational work
people

firm of

the education of the American people in money and

undertaken by the financial interests of the country to defeat

,

member of the architectural
Buchman & Fox of this city, from which he will

for the past twenty years

resign

"

—

Mortimer J. Fox has been elected
Columbia Bank of this city,

who

Twenty-one
economics

♦

favor

of mutual interest and advan¬

entitled "The Fateful

Oct. 3 1917 before the Stock Exchange

made by Mr. Cooke:
The advent of

Beck,

M.

James

on

this

and

increase

city, raising it from $4,500,000 to $5,000,000.

part in the destiny of nations, and publicity so important

We quote below son\e of the observations

an

capital of the Irving National Bank of
•——

Bankers'

whole world is war, it would be futile," said Mr. Cooke, "to

a

Comptroller of the Currency has approved

of $500,000 in the

Financial

Nebraska

the

an

Co.

of this city, has

Vice-President of the Guaranty Trust
been commissioned a captain in the

Quartermaster's Department of the Army and will leave
shortly for France.
Mr. Jay received his commission, it is
said, at the request of Lieutenant-Colonel Charles G. Dawes,
President of the Central Trust Co. of Chicago, now attached
to

General Pershing's staff in France.

Mr. Jay has been

active in floating both the present and first Liberty Loan
issues, having been a member of

distribution.

He

became

the committee in charge of
with the Guaranty-

connected

Oct. 20

19x7.]

Trust Co. in 1915

elected

was

1916.

as

manager

He is thirty-four years old, and is the 214th
employee
Guaranty Trust Co. to enter the service of the United

of the

States in the present war.
in

1915 Mr.

Jay

Prior to coming to New York
Vice-President of the First National

was

William F. Foos, President of

of its bond department, and

Vice-President of the institution in November

a

1593

CHRONICLE

THE

Bank of Wisconsin.

Besides his banking relations, Mr. Foos was

Oct. 5.

also
including the
Springfield Coal & Ice Co., and Mast, Foos & Co', Mr.
Foos had retired from active business for several years and
interested in many

had been

second

32

entitled

has been

concise

"Our United States."

published with
the

way

a

a

pamphlet of

This

view to answering in

questions which the

many

a

pamphlet
quick and

company

has

received regarding the Liberty Loan and also to give a com¬

prehensive idea of the vast wealth and

of

resources

Government

obligations;

Copies

applying to the bond department

can

be procured

on

.

Bank

a

trustee of the New York Trust Co.

city.

organized with

Cashier,

January

of

of the

Andrew

Moreland, who has been in charge of the

bank

its

are

Banking Department for several

and who

years

was

for¬

merly Secretary of the American Institute of Banking, has
been chosen
of

Vice-President of the Adirondack Trust Co.

a

Saratoga Springs, N. Y.

intendent of Banks

and in 1911 he

Clark Williams when Super¬

appointed Mr. Moreland bank examiner

this State by

Superintendent Geo.
born in

duties

new

.

Van Tuyl Jr.

Charleston, S. C.

He will

surplus of $25,000.

a

reported

as

The

March 16

on

resources

of the

$850,000.

Africa; Ltd., has established

branch at Tabora, German East Africa, in territory con¬

a

quered

by

British,

the

The

cities in the former
of South

German

Africa, Ltd., has

already

bank

branches at Dar-es-Salaam and

opened

has

Tanga, two other important
The National Bank

colony.

New York branch at 10 Wall

a

R. E. Saunders is the New York Agent.

Street.

Mr.

assume

his

Nov. 1.

on

of the founder

given charge of the Eastern District of

was

Moreland

was

who

son,

The First State Bank in¬

capital from $25,000 to $50,000

now

his

C. G. Henderlider became Cashier at

The National Bank of South

exam¬

The bank

James Patmor

elected to the Presidency of the bank

bank, is Vice-President.

Washington Heights, 1915 Amsterdam Ave., this city.

ining force for the Eastern District of the New York State

capital of $25,000.

a

was

1910.

•

has been elected Cashier of the Bank

County in point of number of

Mrs. Bertha A. Patmor, widow

the time.

1912 and created

Walter B. Poggenburg

building for

The First State

actively engaged in the banking business.

creased
«

new

died in December 1909, and Jay N. Patmor,

in

Co., has been elected

the

organized in 1903 by the late James Patmor, then

was

years
was

Hoggson Brothers, the

on

Pittsburg, Kan.

the senior banker of Crawford

had been

Clarence M. Wooley , President of the American Radiator

Chicago builders,

the First State Bank of

»

of this

miles from Springfield.

seven

Active work has been begun by
New York and

the

country, the indebtedness of the Government and the nature
of

concerns,

city, in connection with the

Liberty Loan campaign, has issued

pages,

manufacturing

confining his activities to operating Foosland, a

large dairy farm
The Bankers Trust Co. of this

the Springfield National

Bank, of Springfield, Ohio, died at his home in that city on

The Ionian

Bank, Ltd* (head office, 25 Abchureh Lane,

London, E.C.) having its

branches and correspondents

own

throughout Greece, calls attention to the fact that it offers

exceptional facilities for banking business in that country,
The State Trust Co. of Plainfield, N.

Feikert is

President, has recently issued

trated booklet

handsomely illus¬

The State Trust Co. began business in
It has a capital of $100,000, and on a

September 1910.
and

a

descriptive of the organization and building

of the company.

recent date

J., of which E. F.

and

particularly places its services at the disposal of members

of the American naval and

capital of

a

Greece.

£485,580,
also

It

branches

in

sub-branches

in

eleven

operates

and

branches

nine

has

The bank has

military forces.

and

Egypt.

reported surplus and undivided profits of $83,586,

deposits of $1,600,564.
THE ENGLISH GOLD AND SILVER MARKETS.

The Fidelity

second floor of the Board of Trade Building, where it has

carried

heretofore

We

Trust Co. of Boston has moved from the

business, to the ground floor of its

on

reprint

the

of

following from the weekly circular

Samuel Montagu & Co. of London, written

under date of

Sept. 20 1917:
GOLD.

newly erected building at 148 State Street.
and

bank

the

those

The vaults of
of the safe deposit department are

equipped with modem and efficient fireproof and burglarproof devices and protected by
seventeen

a

huge steel door weighing

tons.

The Bank of

England gold reserve against its note issue shows an increase

of £496,465, as

New York reports that
South
without license has
by the United States customs authorities.
It would appear
compared with last week's return.

gold to the value of $1,000,000 has been engaged for shipment to
An attempt to ship £10,000 in gold to Spain

America.

been frustrated

this

from

that

prohibition of bullion exports from America, except

the

under license, to which we

The directors of the Easton National

Pa., have elected James V. Bull President, succeeding the
late William Hackett.

Pennsylvania,
D.

elected Vice-President, replacing

William H. Heil has been appointed
Frank Sletor is also

Assistant Cashier.
ier.

W. Clayton Hackett, Senator from

has been

Nevin, resigned.

an

Assistant Cash¬

Henry G. Siegfried, Cashier of the. Easton

has been elected

death

of

the

a

National,

director to fill the vacancy due to the

late William

SILVER.

Supplies have again proved insufficient to satisfy the demand, as a con¬
The

meeting

Monday,

on

to-day,

Oct., 1,

authorized

After

statement

this change, the Columbia National Bank's

shows capital

and undivided

of $600,000, surplus of $900,000

a

The United States Consul-General at Hongkong

speculate
being ac¬
and brass coins due to the exports of

gold exchange, which has been felt for more than a year, is

centuated by a shortage of copper
"such coins

as

metal."

three

last

Indian

.

currency

returns received by cable give

follows:

■

15 the

Aug. 31.
....105,15

Bank, of Uniontown, Pa., which closed its doors

on

Jan. 18

were

paid

a

10% dividend, amounting to $125,556.

105,86

28,79

28,84

13,28

13,73

...i.....

12,12
2,55

2,17

1,80

Gold coin and bullion in India
Gold in England..

consisted of 3,300 bars, as com¬
the 4th inst.
The stock in Shanghai on Sept. 15
22,000,000 ounces in sycee and $15,000,000, as

The stock in Bombay on the 18th inst.
of about

'

Quotations for bar silver per ounce
Sept.

»

1

i

l

__51

t

i

1

4

Average

'

52

18--—.
19

The

standard:

cash)

51

17
u

t<

depositors since the bank closed.

and $15,000,900 on Sept. 8

1917.

a

Including the present dividend of 50% has been paid to

Sept. 15.

105,72

29,00

Reserve in silver coin and bullion.,.

'

1915,

Sept. 7.<

...

Notes in circulation..——

1917 consisted

depositors of the defunct First National

details

.

(In lacs of rupees.)

compared with about 22,200,000 ounces in sycee

On Oct.

a recent report

following the high prices abroad, and the desire of the Chinese to
in

pared with 2,100 bars on

profits of $123,000,

stated in

excessive exports of the white metal

"The shortage of silver, due to

The

$100,000 transferred from undivided profits to surplus ac¬
count.

quotation has risen by leaps of y2d. and Id. to 54d., the figure

that:

as

a

of silver.
quoted
rise of 4d. during the week and the highest price since Sept. 1890.

of which further advances have taken place in the price

sequence

Hackett.

The board of directors of the Columbia National Bank of

Pittsburgh at

referred last week, is already operative.

Bank, of Easton,

-

Bank

52H
53^

Bar gold, per oz.

"

rate

...

.52.33
-.5%

standard_.77s. 9d.

!

quotation to-day for cash delivery is 4d.

above that fixed a week ago.

Frank W. Hausmann, Vice-President and Cashier of the

Noel State Bank of Chicago, was elected a director

of the

institution at the regular meeting of the board on the 10th
inst.

Mr.

Hausmann




the circular written under

Sept. 27 1917:
GOLD.

has been identified with the bank

early in 1906, and, next to Mr. Noel, the President,
is the senior in the service of that bank.
since

We have also received this week
date of

The Bank of England gold reserve

against its note issue shows an increase

compared with last week's return.
During the week New
York has announced outgoings of gold to the value of $1,000,000, half of

of £398,865, as

which has been sent to Canada and half engaged for shipment, to Japan

1594
;

The

CHRONICLE

THE

following

received

was

from

Washington

under

date

Sept.

"Acting under the President's recent gold embargo proclamation, the
Treasury officials have virtually decided to prohibit the export of gold
to Spain.
It has been disclosed that between Jan. 1 and Sept. 1 of this
year £17,600,000 was exported to Spain, the largest amount in any similar
period.
This has adversely affected the trade balance, which on Sept. 1
in favor of the

was

United States to the extent of £10,000,000."

Another interesting gold movement

taking place is the transfer of

now

substantial amounts from Holland to Switzerland.

The indirect effect has

been to lower the exchange on London in Amsterdam and to raise the value
of the pound sterling in Switzerland.

rise of Id., which brought the
price to 55d., a figure
exceeded since February 1S78.
This

saw a

that has not been

price was main

tained until yesterday, when a fairly considerable
amount was offered, pro¬
a fall of Id., and was followed by a further fall
to-day to 51

ducing

2645

INTEREST-BEARING DEBT.
(Payable on or after specified future dates.)
Interest

silver

2s, Series 1906

—Q.-F,
.Q.-F.
3s, Series 1911
Q.-M.
3s, Conversion bonds..Q.-J.
2s, Series 1908.—

dollars, has induced
the

of the few remaining private holders to

most

bulk of their stocks with the result that
during

silver has been

on offer

than for

the last few

time past and many long¬

some

standing buying orders have been able to be filled.

This, combined with
almost complete cessation of the Chinese
demand, has produced the first
setback in the price of silver that has occurred since it started its
an

phenomenal

upward

just two months

run

Up to the present this setback has been

ago.

small in comparison with the great rise that has taken
place, and we must
also bear in mind that if the coinage and industrial demands continue on
the
same

scale

recently there may be the

as

The last three Indian currency returns received
by cable give details as

follows:

(In lacs of rupees.)

_

—

28,84

28,57

13,28

13,73
1,80

Sept. 22.

1.80

The stock in Bombay on the 25th inst; consisted
pf 3,300 bars, the
as

reported

on

the 18th inst.

same

The stock in Shanghai on the 22d inst.

con¬

sisted of about 23,500,000 ounces in
sycee and $14,900,000, as compared
with about 22,000,000 ounces in sycee and

$15,000,000

Quotations for bar silver per

Sept. 21
,r

...............55

"

55
55

"
"

.-.—54

"

rate

-5%

Bar gold, per oz. standard__77s. 9d.

./

delivery is 2Hd. bejow that fixed

a

week ago.

daily closing quotations for securities, &c., at London,

reported by cable, have been

as

London,

Oct. 13.

-

Week ending Oct. Id.

Silver,

Consols, 2 %

44*

"

War

6%

Oct. 17,

MonTues.

Oct. 18.

Wed.

Thurs.

56%

56%

56%

95%

95%

95%

100%

100%

100%

42%

61.50

42%

———

The

62.00

(in

——fr.

88.45

Silver In N. Y., per oz..cts. Holiday
♦The price of silver
was

45%d.

88.40

on

66%

88.50

the

same

85%

Friday, Oct.

on

'

12, not given in

88.55

843^

of June 30 1917.

S.

JUNE 30

1917.

This statement

was

not made

public

account of the enormous financial transac¬

on

tions in which the Government has been
engaged, and is given
here as a matter of record.
CASH

AVAILABLE

TO

PAY

by the
Treasurer of the "U. S.

1917i

ceipts

The amount of $885,000,000 has been expended to above date from the
proceeds
When

ernments.

of the

payments

coupons

and

sequently received..

55,678,280 85

correspond¬
Below we give the shipments by the
various carriers for September 1917 and 1916 and for nine
months ending September 30 this year and last:
September
Road—

—

DEBT

10,501,351

8,936,442

627,975

931,610

6,250,089
9,278,349

7,758,383

551,665

6,349,672

5,285,548

480.266

—.

57,778,097

Included only in June, July, August and
September
■

IRON

ORE

140 tons.

Below

'v

.

compare the shipments from different ports
Sept. 1917, 1916 and 1915 and for the season to Oct. 1:
we.

Ashland

Superior

—2,174,530

Duluth

...3,190,347

47,716,318 41

_

Two

.

—

Harbors—1,383,693

1916.
1916,

Season to Oct.

'

1915.

..9,536.152 9,600,786 7,863,146 46,059,706 48.816,650 34,669,566

Summercial httdlBHscellanecrtts

over reserve....

!___ 5193 791

.

"tifwt/wvvvwv

63

990 37

The

future

'

wvwvt*

following shows all the dividends announced for the
by large or important corporations:

Dividends announced this week

are

48,235 167 00

6,846!568

-

—

SINCE

MATURITY.

Railroads

presentation.)

Funded loan of 1891, continued at
2%, called for redemption May 18
1900; Interest ceased Aug. 18 1900
Funded loan of 1891, matured
..

Sept. 2 1891..

Loan of 1904, matured Feb. 2 1904
•,
Funded loan of 1907, matured
July 2 1907
Refunding certificates, matured July 1 1907
Old debt matured at various dates

—

Ill

"""

1

prior to Jan. 1 186II and"other
items of debt matured at various
dates subsequent to Jan. 1 1861
Certificates of Indebtedness, at
3%, matured June 30 1917

Cent.

$4,000 00
20,950 00
13,050 00

506,100 00
11,560 00
900,970 26

12,775^600

00

Delaware Lackawanna & Western (quar.)
Elmira & Williams port, common

Ft.DodgeDes Moi. & So., com. &pf.(qu.).
Georgia Southern <k Florida lsf & 2d pref..
Great Northern (quar.)
Extra

Books Closed.

Days Inclusive.

(Vo.128)

1%

Dec.

Holders of rec. Nov.
2o
29
to
Nov. 10

—

2%

Nov.

Oct.

2

Nov.

Holders of

$1.50

Nov.

Oct.

1%
SI.25

Oct.
Oct.

2.26

Central RR. of N. J. (guar.)___
Cincinnati Sandusky & Clev., pref. (qu.)__
Cleve. Cin. Chic. & St. Louis, pref. (qu.).

Illinois Central {quar.)

$14,232,230 26

When

Payable

(Steam).

Atchison Topeka & Santa Fe, com. (qu.).
Atlantic Coast Line RR., pref. (guar.)._...

Total




Name of Company.

—$248,836,878 02

-

printed in italics.

15
Per

CEASED

-

1

dividends.

53,152 50

'

presentation:

on

1915.

INTEREST.

152,979^025

(Payable

1

1916.

1,066,983,361 07

^

$346 681 016 00

HAS

1917.

922,517 1,015,820
5,167,722
5,630,994
4,pil,682
557,140
539,879
2,408,816
3,026,845
2,313,532
1,255,328 1.028,363
5,625,209
6,051,712
3,829,582
1,945,171 1,557,935 10,376,746
9,760,966
5,997.023
3,455,611 2,428,689 15,189,368 16,174,159 11,807,219
1,465,019 1,292,460
7,291,845
8,171,974
6,710,528

$1,119,784,531 68

BEARING NO

INTEREST

,

SHIPMENTS.—The

shipments of Lake Superior iron ore during the month of
September 1917 were 9,536,152 tons.
This compares with
10,146,786 tons in August 1917, a decrease of 610,634 tons,
and with 9,600,786 tons in September
1916, a decrease
of 64,634 tons.
The total shipments for the season to Oc¬
tober 1 1917, 46,059,706 tons, are
2,756,944 less than for
the same period last year, when
they were 48,816,650 tons,
but exceed the total,
34,669,566 tons, in 1915 by 11,390,-

570,330 79

notes!.

WHICH

1,503,475

ending Sept. 30

was

SUPERIOR

357,454 86

officers'

National bank notes and Federal Reserve bank notes
assumed by
the U. 8. on deposit of lawful
money for their retirement
Fractional currency..

ON

*1,590,42.7
49,930,418

♦156,541

5,544,076

4,472,634
5,786,255

1,511,892
♦1.889.508

After deducting (to avoid duplication) tonnage delivered to the
Central.RR.
of New. Jersey at Hauto by the Lehigh & New
England RR., and included as part
of the tonnage,of the latter.
This amounted to 127,136 tons in Sept. 1917 (against
92,084 tons in Sept. 1916) and to 1,013,240 tons for the nine months

509,754
1,199,297

Old demand notes

Total

4,274,475
6.668,984

175,329

6,372,758

.

5,302,548

495,6.31

155,886

*217-,260

—

-September-

Less gold reserve....

on

1916.

9,394.704

1,053,756

636,717
973,529
698,731
422,482
717,129

——

1917.

(Payable on presentation.)
Obligations required to be reissued when redeemed:

Obligations that will be retired

1917.

1,071,303 s 11,053,797

1,258,922

Ontario & Western.

Total...

Jan. 1 to Sept. 30—-

1916.

1,246,100

—

—

New York

Total

Excess of notes

1917.

Reading..... tons.

34,137,066 55

$1,119,764,531 68
PUBLIC

United States

year.

Marquette..-..

Balance

shipments
September 1917, as re¬

for the nine months of 1917 amounted to 57,778,097
tons,
increase of 7,847,681 tons, or 15.7% over the

checks

checks

SHIPMENTS.—The

an

1,078,531

.

applied to the reduction of the

ported to the Anthracite Bureau of Information at WilkesBarre, Pa., amounted to 6,372,756 tons, comparing with
5,544,076 tons shipped in September 1916.
The shipments

Escanaba-tons.

Disbursing

sub¬

Revised balance.

COAL

of anthracite coal for the month of

Matured coupons...
Interest checks.....

excess of re¬

for purchase of the, obligations of foreign Gov¬
received from foreign Governments on account

bonded debt of the United States.

Treasury warrants..

$1,064,086,250 83

reports

are

principal of their obligations, they must be

outstanding:

over payments

DEBT

*

of sales of bonds authorized by law

Settlement warrants,

dally Treasury
Statement for June

as per

in June

1,908,635,223 82

for

MATURING OBLIGATIONS.

held

Add—Net

1,066,983,361 07

*Net debt

issue of last week,

our

as "Statement of the Public Debt.")
following statements of the public debt and Treasury
cash holdings of the United States are as
officially issued

•30

oblig'ns (see above).

2,975,618,584 89

1917: in 1916 this tonnage

83%

{Formerly Issued

Balance

able to pay maturing

LAKE

U.

avail¬

14,232,230 26
2,712,549,476 61

.

STATEMENT OF

DEBT.

(opposite).$2,975,618,584 89

Deduet-Balance

*

The

until Oct. 15

NET

Gross debt

$248,836,878 02

Lehigh & New England—

62.25

days has been:'

84%

principal of Liberty Loan bonds

DEBT.

which interest

on

and amounted to 328,807 tons.

"

FINANCIAL

as

GROSS
Debt bearing no int

Pennsylvania

/VS V

price of silver in New York

of

on account

RECAPITULATION.

Erie—
•

'

Paris)

887,960

30.

.

100%

61.20

9,151,800

$2,238,800 have been converted into conversion

/Thisamount represents receipts
to June

Delaware & Hudson

56%

95^

61.25

801,260

,

Central Railroad of New Jersey..
Delaware Lackawanna A'Western.

Fri.

43%

95

..

821,820
86,700

$3,439,000 Into one-year Treasury notes.
*
Of this original amount Issued $2,007,600 have been converted into conversion
bonds and $2,045,000 into one-year Treasury notes.

Lehigh Valley

Oct. 19.

43%

100%

Paris)-fr.

Loan

16.

56

..

British 4% per cents
French Rentes (in

Oct.

43%

56

per cents......

British 5 per cents

8,329,980

e

Phi lad el phi a &

follows the past week:

as

Oct. 15.

Sat.'

per oz..........._d_

French

d Of this original amount issued

ing period of last

ENGLISH FINANCIAL MARKETS—PER CABLE.
The

1 ,466,335,094

9,151,800
887,960

bonds and

ANTHRACITE
51 % cash
54.25

No quotation fixed for forward
delivery.
The quotation today for cash

61,306,032
211,551,100

the 15th inst.

Sept. 27
Average
Bank

27,362,000

61,306,032
211,551,100

celed and $500 have otherwise been purchased and canceled.
c Of this original amount issued $43,825,500 have been
purchased for the sinking
and canceled.

oz. standard:

.........._....55 cash

22

on

26,092,000

fund

15,22

2,17

.

50,000,000
28,894,500

1,270,000

28,894,500
27,362,000

107,07

..I

48,954,180
25,947,400

8,366,500
22,920,500

25,793,520
41,633,500

50,000,000

Gross debt

105,86

I 28,79

Gold in England..'.-

118,489,900

10,140
153,880

a Of this amount $24,648,100 have been converted into
conversion bonds and
$21,878,000 into one-year Treasury notes.
■
b Of this original amount issued $132,449,900 have been refunded into ths
2%
consols of 1930 and $2,396,800 have been purchased for the sinking fund and can¬

has ceased..

Sept. 15.

105,72

Reserve in silver coin and bullion

17,022,150

48,944,040

Interest-bearing debt..

Sept. 7.

Gold coin and bullion In India..

63,945,460

Aggregate of int.-hear.dt_3,542,826,544 879,172,350 367,042,032 2,712,549,476

Debt

Notes in circulation......

%

599,724,050

5,974,000

d54,631,980
e30,000,000

—

2%n, 1st to 11th series J.-J.
21^s,'17-37,(12th ser.) J.-J.

difficulty in meeting it, in

same

view of the fact that private holders are
practically cleared out.
Still for
the moment there do not appear to be
many unsatisfied demands.

s

2,539,150
16,172,060

468,205,000
400.000,000
3%n, Certs, of indebt.Matur.
3^3, Liberty L'n 1917. J.-D./1466,335,094
Postal Savings bonds:

large stcok of coined

more

Outstanding June 30 1917Registered.
Coupon.
Tolal.

S

Panama Canal Loan:

%d.

realize

Issued.

2s, Consols of 1930—Q.-J. a$G46,250,150 597,184,900
3s, Loan of 1908-1918..Q.-F. 6198,792,660
47,773,400
4s, Loan of 1925
Q.-F. cl62,315,400 101,467,400

The high prices now ruling, combined with certain
vague rumors as to
what America is going to do or not going to do with its

days

Amount

Payable.
Title of Loan—

3s, One-yr. treas. notes Q.-J.
3s, Certs, of indebt-.Matur.

SILVER.
The 21st Inst,

[Vol. 105.

24:

Nov.

1%
2%
1%

Nov.

Holders of rec. Oct.
Holders of rec. Oct.

20a

Nov.

Holders of rec. Oct.

30a

rec.

Oct.

27a

21
to
Nov.
1
Holders of rec. Sept. 28a
Holders of rec. Oct.
5a

20a

Nov.

Sept. 22

1%

Dec.

Holders of

rec.

Nov.

5a

1

Dee.

Holders of

rec.

Nov.

5a

to

Oct.

12

Oct. 20

THE

1917.]

Railroads

(Steam)

Nashua

When

Books Closed.

Payable.

Days. Inclusive.

Miscellaneous

Concluded

A Lowell__
New York Central RR. (quar.)
_

_

15a

8a

2

Dec.

1 Holders of rec. Nov. 21

1

Nov. 19 Holders of rec. Oct.

31a

General Cigar, Inc., common (quar.).....

1

Nov.

8a

General Motors Corp., common (quar.)..

3

rec.

Oct.

rec.

Oct.

rec;

General Chemical, common

(quar.)..

Oct,

Nov.

IK

Nov.

1 Holders of rec. Oct.
8 Holders of rec. Oot.

23a

Nov.

IK

Nov.

1 Holders of

Goodrich (B. F.) Co., common (quar.)__

1

Nov. 15 Holders of reo. Nov.

Goodrich (B. F.) Co., common

1

Feb.

15 Holders of reo. Feb.

5

ik
2K

Jan.

Holders of reo. Deo.

21

Nov.

Holders of rec. Oct.

19a

si

Oct.

Oct.

Oct.

21

Guaranty Securities Corp. (quar.)..
Harbison-Walker Refract., pref. (quar.).

2

Oct.

Holders of reo. Oct.

22

IK

Oct

Holders of reo. Oct.

10a

15a

Nov.

50c

Preferred

13 Holders of rec. Nov. 27a

Dec.

(quar.)

.....

(quar.)

Preferred (quar.)
GranbyCons.Min.,Sm.& P.(qu.) (No.28)

reo.

Nov. 20 Holders of rec. Oct.

31a

1

Oct.

31 Holders of rec. Oct.

11a

IK

Nov.

1 Holders of rec. Oct.

20a

K

Nov.

1 Holders of rec. Oct. 20a

IK

Nov.

1 Holders of rec. Oct.

15a

3

Nov.

1 Holders of rec. Oct.

15a

K

Nov.

1

K

Nov.

1 Holders of

fK

Nov.

1

K

Dec.

1 Holders of rec. Nov. 15a

f K
K
f K

Dec.

1

Jan.

1 Holders of rec. Dec.

K

Feb.

1

Jan.

15a

Inspiration Consolidated Copper (quar.).

rec.

Oct." 11a

f K

Feb.

1 Holders of rec. Jan.

15a

International Nickel, preferred (quar.)__

IK

Nov.

Holders of rec.

Oct.J 16a

31

Interocean Oil, first preferred

3K

Nov.

Holders of rec. Oct.

Street and Electric Railways.

23)..

Carolina Power & Light, com. (quar.)
Cities Service, com. and pref. (monthly).

Common (payable in common stock)
Cities Service, com. and pref. (monthly)__
Common (payable in common stock)
Common and preferred (monthly).

__

Common (payable in common stock).
Common and preferred (monthly)

stock)
Civic Invest. A Industrial (quar.) (No. 5)_
Columbus Ry., Pow. A L,,com.(qu.) (No. 15)
Preferred Series B (quar.) (No. 15)
common

Holders of rec. Oct.

15

Oct.

15

Holders of rec. Oct.

15

rec.

Holders of rec. Nov. 15a

1 Holders of rec. Dec. 15a

Jan.

Holders of

rec.

6

to

Hart, Schaffner A

Nov. 30 Holders of rec. Nov. 20a

Hercules Powder,

Nov. 15 Nov., 6

1
Marx, Inc.,com. (qu.)
isx
pref. (quar.)...
...
IK
Holly Sugar Corp'n, preferred (quar.).
65c.
Homestake Mining (monthly) (No. 518).
Houghton Co. Electric Light, com. (No. 25) 62^0.
75c.
Preferred (No. 30)
Illinois Northern Utilities, pref. (quar.)..
IK
$2
Indiana Pipe Line (quar.)..,.,
....

Extra

15a

Nov. 15 Holders of rec. Oct.

1

rec.

rec.

Oct.

20a

1 Holders of

rec.

Oct.

22a

Nov.

1 Holders of ret. Oct.

22a

Nov.

1 Oct.

Oct.

21

to

Oct.; 31
Oot.s 23

Nov. 15 Holders of rec.

29 Holders of

Oct.

S2

....

1 Holders of

25 Holders of

Nov.

Nov.

Nov. 15 Holders of rec. Oct.' 23

SI

—

Not. 15
Oct. 15

to

1 Holders of rec. Oct.

15

Isle Roy ale Copper Co.

Oct.

Holders of ret.

Nov.

1 Holders of reo. Oct.

15

Kayser (Julius) A Co., 1st A 2d pref.(qu.)

IK

Nov.

Holders of reo. Oct J 20a

l

Nov.

1 Holders of rec. Oct.

17a

Oct

Holders of

Nov.

1 Holders of

rec.

Oot.

17a

Kellogg Switchboard A Supply (quar.)....
Kelly-Springfield Tire, common (quar.)__

2

IK

SI

Nov.

Holders of rec. Oct.

15a

1

Nov. 15 Holders of

rec.

Nov.

I

Kelsey Wheel, Inc., pref. (qu.) (No. 6).._

IK

Nov.

Holders of rec. Oct.

20

SI

(quar.) (No. 7)

UK

Nov.

1 Holders of rec. Oct.

2

Dec.

1 Holders of rec. Nov. 15a

Duquesne Light, pref. (quar.) (No. 11)__

IK

Nov.

1

Holders of

rec.

Oct.

1

(quar.) (No. 49)
Keystone Telephone, preferred
La Rose Consolidated Mines (quar.)....

East St. Louis A Sub. Co., pf.(qu.) (No. 15)

K

Nov.

1 Holders of

rec.

Oct.

20

Lima Locomotive Works, Inc., pref......

3K

Oct.

Lehigh Valley Transit, preferred (quar,)
Lewiston Augusta A Waterville, pref. (qu.)
Milwaukee Elec. Ry. A Light, pref, (qu.).
Montreal Tramways (quar.)
Philadelphia Co., com. (quar.) (No. 144).
6% Preferred (No. 10)

IK
IK

Nov.

Lindsay Light, common (quar.)

3

Nov. 30 Holders of rec. Nov.

IK

Oct.

17a

.

Holders of

rec.

Oct.

17a

rec.

Oct.

20a

2 Holders of rec. Oct.

Nov.
2 K
87Kc. Oct. 31 Holders of

rec.

17

Holders of

rec.

la

1 Holders of rec. Oct.

19a

Mldvalo Steel & Ordnance (qu.)

1 Holders of

rec.

Oct.

15

Midwest Oil,

[52 K

Nov.

Holders of

rec.

Oct.

gl5

IK

Nov.

IK

Oct.

common..

West Penn Power, pref. (quar.) (No. 7)__
IK
York (Pa.) Railways, preferred (quar.).. 62)^0.

1 Oct.

21

Nov.

to

30 Holders of

reo.

1

Oct.

Oct.

rec.

Oct.

31

rec.

Oct.

20

si

Nov,

1 Holders of

rcc.

Oct.

20 •";

Preferred (quar.)................

2

Nov.

1 Holders of

reo.

Oct.

20

IK

Dec. 15 Holders of rec. Nov. 23

IK

Oct.

30 Holders of

rec.

Sept. 30

Oct.

Nov.

1

Holders of

rec.

Oct.

23

New England Fuel Oil of Mass. (quar.)_.
New Jersey Zinc (quar.)...

Nov.

1

Holders of

rec.

Oct.

23

New River Co.,

4K

Nov.

1 Holders of rec. Oct.

20a

3

Nov.

1 Holders of

25a

Oct.

rec.

5 Holders of rec. Nov. 20

Dec.

| 75c *

Nov. 15 Holders of rec. Nov.
31 Holders of rec. Oct.

2

Oct.

IK

Nov. 15 Holders of rec. Oct

4 K,

Nov. 15

IK

Nov.

1

Oct.

IK

Extra

Nov.

American Cigar, common

(quar.)..
A mer. District
Teleg. of New Jersey (quar.)
Amer. Gas & Elec., pref. (quar.) (No. 43)
American Glue, common

,

13a
31

29 Holders of rec. Oct.

15a

1 Holders of rec. Oct.
1 Oct.

20

to

1 Oct.

20

to

25 Holders of

Oct.

Nov.

Oct.

1

IK
IK

Dec.

5 Nov. 26

to

Nov.

1 Oct.

11

to

Oct.

28

f2K

Nov.

1 Oct.

11

to

Oct.

28

IK

Nov.

1 Oct.

11

to

Oct.

28

IK

Oct.

IK

Nov.

__

Preferred

(quar.)__,
American Locomotive, pref. (quar.)
Amer. Malting; 1st & 2d pref. (quar.)..
American Navigation (quar.)
American Shipbuilding, common (quar.).
Preferred (quar.)
_

IK

■

American Sumatra Tobacco, com. (quar.)..
Amer. Water-Works A Elec., pref. (quar,).

IK
IK
SI.50

8a

Dec.

5

22 Sept. 18
to
Oct. 16
1 Holders of rec. Oct. 17a

30c. Oct. 20 Holders of
Nov.
1 Holders of
IK

.

Amer. Zinc, Lecul A Smelt., pref. (quar.)..
Anaconda Copper Mining (quar.).

Oct.

10

roc.

Oct.

15

1 Holders of rec. Oct.

Nov.

rec.

15

Holders of

rec.

Oct.

Nov. 26 Holders of

rec.

1

Nov.

25a

Holders of rec.,Oct.

1

Holders of

rec.

Oct.

22a

Nov

1 Holders of rec. Not. 17

Pacific Power A Light, pref. (qu.) (No. 29)
Packard Motor Car, common (quar.)

IK

Nov.

1

2

Oct.

1

IK

Nov.

Common (extra)

II

Central Sugar Corp., pref. (quar.)
Chevrolet Motor (quar.).

31a
15a

1 Holders of reo. Oct.

15a

Nov.

2

Nov. 15 Holders of rec. Oct.

31

25c

Nov.

Holders of rec. Oct.

18

Quaker Oats,'preferred

IK

Nov. 30 Holders of

IK

Nov.

1 Holders of rec. Oct.

30c

NOV,

1 Oct.

Nov. 15 Holders of

31

Nov. 15 Nov. 11

20a

Refining

(quar.)..

......

Nov. 15 Holders of rec. Oct.

31

25c.

Nov. 15 Holders of rec. Oct.

31

Nov. 14

Oct.

20 Holders of rcc. Sept. 29a

Oct.

20 Holders of

Nov.

1

1

Sinclair Oil & Refining Corp.

IK

10a

Nov.

1 Holders of rec. Oct.

10a

Steel Co. of Can., Ltd., com.

1 Holders of rec. Oct.

15

Superior Steel Corp.,

25

Oct,

2:

Swift&Oo. (extra)

1 Holders of rec. Oct.

22

Taylor-Wharton Iron A Steel, pref. (quar.)

IK
2K

Nov.

25 Oct.

16

rec.

to

Oct.

25

Texas Power A Light

1 Holders of rec. Oct.

25a

1 Holders of rec. Oct.

26

Tonopah Mining of Nevada

IK

Nov.

1

26

Transue A Williams Steel Forglngs

(quar.)___.

IK

Oct,

20a

Colorado Fuel & Iron, common
Preferred
(quar.)___'i

Oct.

25 Holders of rec. Oct.

10a

Oct.

25 Holders of rec. Oct.

10a

Union Bag A Paper Corporation (extra)..

1

Nov. 15 Holders of rec, Oct/ 31

K

.-.II

ElectricAquar.)...

Nov.

1

rec.

Oct.

1 Holders of rec. Oct.

20a

Nov.

IK

Oct.

IK

Nov.

1

IK' Nov.

1

Consolidation Coal (quar.)
..III
Continental Paper Bag, common (extra).
•Preferred
(extra)..,
1
Cosden A Co., common (quar.)_:_.1.1
Common
(extra).....

2

Nov.

1

13

to

Nov. 15

4

Nov.

1

13

to

Nov. 15

31

Holders of rec.

Holders of rec. June 30

non-cum.

III'

;

IK
K
x2

Nov.

Oct.

87Kt- Nov.
Nov.
3K
■

IK

IK

U. S. Rubber, first pref.

United States Steamship

ioa

United Verde Exten. MIn.

Nov.

1

Oct.

20a

1

Oct.

20a

Dec.

1

Oct.

31a

2

Warner(Chas.)Co.of Del..1st A 2d pf.(qu.)

IK

Jan.

2

Warwick Iron A Steel

(qu.) (No. 14)

3

Nov.

1

Edison Elec. III. of Brock, (qu.) (No. 64)._
Eisenlohr (Otto) A Bros., Inc.,

2

Nov.

1

1

Nov. 15

comjqii.)"

-

15

17

1

22a

Eureka Pipe Line (quar.)

6

Nov.

1

1

15

2K

Nov.

1

1

20

Willys-Overland Co.. common (quar.).
Woolworth (F.W.)Co., com.(qu.) No.22)

3

Nov.

IK

Jet.

IK

Nov.

1

IK

Nov.

1

Ft .Worth Pow. A Lt.,nref.




_

__ _

_

I

(quar.)..

(quar.)I

(qu.) (No. 25

'Oct.

I

20a
I

Oct;

20a

1,Holders of

reo.

15

SljHoMers of rec. Oct. 15a
1 Holders of rec. Oct.

1,Holders of rec. Oct.

17

17

lHolders of

Oct.

10

l Holders of rec. Oct.

10

Oct.

Nov.
Oct.

29 Holders of

rec.

rec.

Oct.

1 Holders of rec. Oct.

Nov. 10 Hohlers
Oct.

87 K Oct.
4

75C.
2

15
15a

25 Holders of rec. Sept. 30a

of,rec. Nov.

20 Sept. 30

20 Holders of

to
rec.

12

Oct.

3

Nov.

1 Oct.

Nov.

1 Holders of rec. Oct.

Dec.

1

Holders of

to

rec.

la

Oct.

31 Holders of rec. Oct.

21

31

Nov.

5a
I

24

Nov. 10a

17a
26a

29 I

Oot.

Dec.

Oct.

10c. Nov.

SI.75 Oct.

Wheeling Mould

(qu.) (No. 92)_

31

Nov. 15 Holders of rec. Oct.

Westlnghouse Elec. A Mfg., com. (quar.)
A Fdry., com. (quar.)

1

Nov.

Corporation, pref.

Oct.

IK

Nov.

Fisher Body

to

15c.

IK

"

11

75c.

Wayland Oil & Gas, preferred
Westinghouse Air Brake (quar.)..

IK

...

1 Oct.

30c.

Elec. Bond A Share, pref. (qu.) (No. 50).
Electrical Securities Corp., pref. (quar.)I

Fajardo Sugar (quar.)

Nov.

IK

Weils Fargo A Co. (quar.).,

1

31

3

....

17a
,

Oct.

50c. Nov.

Va.-Carollna Chem.,com.(qu.)(No. 40)__

Jan.

I"

to

25c, Nov.

Nov.

(quar.)
(quar.)___

U

2
•

(quar.) (No. 6)

7K

II

(extra)

1 Oct,.

25 TIolders of rec. Oct.

5c. Nov.

Oct,

2 K

(quar.)..

18a

Nov.

Extra

25

....

15a
15a

Oct.

16

„___

(quar.
(bi-monthly)...

Extra..........
Vacuum Oil

(qu.)

rec, Oct.
LHolders of rec. Oct.

10a
26a

IK

(quar.)..

TT. S. Industrial Alcohol, common

22

1

rec. Oct.

IK

31

Nov.

25|Holders of
ljHolders of

10

1

Preferred (quar.)

Oct.
to

5

Oct.

Oct.

16

Oct.

20jHolders of rec. Oct.
Nov. 15!Holders of rec. Oct.

4

1

18a

rec.

Oct.

3K

IK

18a

25iWolders of

Nov. IS Holders of re«. Not.

1K

15

IK

25jHolders of rec. Oct.

Oct.

$1

Oct.

(quar.)'.

Oct.

2

IK

d u Pont (E. I.) de Nem. & Co. deb. stk.
(qu.)
du Pont (E. I.) deNem. Powd., com.

7

10a

(quar.)..
United Drug, first pref. (quar.) (No. 7)
United Electric Securities preferred
U. S. Bobbin A Shuttle, common

1

1

20,Holders of rec. Oct.

United Cigar Stores, com. (qu.) (No. 20)

United States Glass (quar.)__

Nov.

20

Oct

United Alloy Steel Corporation (quar.)_.

4

to

.Oct.

Oct.

4

1

to

rec.

Oct.

1

31

20|Holdors of

I.....:..

Oct.

Nov.

1 Holders of reo

1
10

Oct.

Oct.

....

United Coal Corporation, pref.

Nov. 15

to

15a

Oct.

h

ExtraL._

15

Nov.

l|Ov,t. 25

rec.

Oct., 10

15 Holders of rec.

2K

Nov.

20 Holders of

rec.

Oct.

2

IIJ

Nov.

Holders of rec. Oct.

20 Holders of

Oct.

I.II"

cent pref

(quar.)..-

Dominion Bridge, Ltd. (quar.)
Dominion Steel Corporation, pref.

Oct.

Oct.

Oct.

2

....

•

rec.

IK

Union OH of California (quar.)..

1.

Crocker-Wheeler Co., com. (quar.)
Common (extra)

(quar.).

Trenton Potteries

16a

Oct.

2

(quar.)

Hdlders of

rec.

1

$1.25 Oct.

Non-cumulative preferred (extra).......

2

(quar.)..

Holders of

Nov.

20jSept. 30

(quar.)
pref. (quar.)..

(quar.)
1
_„_.___I
Cluett.Peabody & Co.,com.(qu.)(No. 16)
Preferred

13

1 Holders of rec. Oct.

$1.50 Nov, 15 Holders of rec. Nov-,
15c. Oct.

Tobacco Products, common (No. 1)

Nov.

13

1 Holders of

IK
IK

pref. (quar.) (No. 22)

Nov.

1

1 Holders of rec. Oct.

Nov,
Nov.

2

(No.26)..._.

IK

to

Nov.

IK

Swan & Finch..

com.

31

17

IK
2}A

(quar.)(No.1)

15

Oct.

to

22a

31a

Oct.

Nov. .15 Oct.

IK

(qu.) (No.3)
(No. 25)-.-;

1 Holders of rec. Oct.
1 Holders of

Oct.

Preferred (quar.)

1 Holders of rec. Oct.

IK

Standard Motor Construction..—

Nov.

Nov.

Sept. 29a

SI.25 Nov. 21 Holders of reo. Oct.

(No.33)
(quar.)...

31a

Oct.

rec.

30c.

Sierra Pacific Elec. Co., pref. (qu.)

Oct.

Nov.

(quar.).

75c,

....

rec.

5

Cleve. Elec., III., pref, (quar.)__.
Clinch field Coal Corporation, com.

•2

(qu.) (No. 21)

Extra (No. 9)..

.

rec.

16

1

50o.

1 Holders of

25 Oct.

la
15a

Sears, Roebuck A Co., common (quar.)
(quar.)

Nov. 15 Holders of

Oct.

Nov.

Shannon Copper Co.

Nov,

Nov.

to

Nov.

Shattuck Arizona Cop. Co.

Oct.

5c. Nov, 10 Holders of rec. Nov.

1

16

rec.

Nov. 14

IK

3

1

rec.

IK

IK

...I.

22

(quar.)..
....
Pullman Co, (quar.) (No. 203)....
Pyrene Manufacturing (quar.) (No. 20)

Preferred

1

Chicago Pneumatic Tool (quar.)
Chic. Wilmington A Frank. Coal,
com.(qui)
Preferred (quar.) (No. V).............
Cleveland-Cliffs Iron (quar)__J___

Oct.

20a

IK

2

rec.
rec.

Holders of rec.

Holders of rec. Oct.

Sapulpa

$1.75

Holders of
Holders of

Nov.

31

II."HI*

Central Foundry, ordinary, pref.
(quar.*).
Central Leather, common (quar.)...

Nov.

Oct.

17

IK

N JV.15 Holders of rec. Oct.

rec.

31 Holders of reo. Oot.
1

10a

Not. 15

Public Service of Nor. Illinois, com. (quar.)

31,

to

' to

Oct.

5

(quar.)...........,

Nov. 15 Holders of rec. Oct.

Nov. 15 Nov. 11

Oct.

1

IK

.......

Co.

Nov.

20c. Nov. 10 Holders of

Oct.

IK

(quar.)..
Republic Iron A Steel, com. (qu.) (No. 4)

2 K

rec.

Oct.

Nov. 15 Nov.

3

IK

Common (extra)....
Car wen Steel Tool (quar.)..
■
Extra ,
.....

10a

25 Holders of

IK

(quar.

'Extra:..

la

rec.

20a

Oct.

Sent. 29a

Prairie Pipe Line

la

to

Oct.

rec.

2

pref. (qu.)...

3

!

15a

rec.

?5 Holders of

Holders of reo. Oct.

IK

Oct.

1 Holders of reo. Oct.

31 Holders of

Oct;

iK

Holders of

25 '

rec.

Nov.

h50c. Oct.

Nov. 15 Holders of reo. Oct.

1 Holders of

_________

$1.25

5

18

5

Nov.

Preferred (quar
Canadian Converters, Ltd. (quar.)______"_
Carbon Steel, common (quar.)

50c. Oct.

16a

20

Procter A Gamble, common...........

20a

Holders of

Nov.

Holders of rec.

1 Holders of rec. Oct.

1

Oct.

rec.

Oct.

Nov.

(quar')..

rec.

1 Holders of rec. Oct.

Oct.

1

(No. 19)._.

31 Holders of

Nov.-15 Holders of

15a

22

Oct.

1K

Canada Foundries A Forg., com.

Oct.

5

23

Nov. 15 Holders of rec, Nov.

rec.

$2

1 Holders of rec. Oct.

Common (payable in common stock).....

Holders of

Sept. 29
Sept. 29
Sept. 29a

Oct.-31

Nov. 15 Holders of rec. Nov.

Holders of reo. Oct.

4

Nov.

IK
f1

....

Peoples Natural Gas A Plpeage (quar.)..
Pierce-Arrow Motor Car, com. (quar.).
Pittsburgh Brewing, pref. (special)....
Pittsburgh Coal of New Jersey, pref. (qu,)
Pittsburgh Coal of Penn., pref. (quar.)..

20a

Oct.

18

Dec.

Extra

Nov. 15a

rec.

15

Nov.

Prest-O-Lite

Bunte Bros. (Chicago), pref. (quar.)......
Burns Bros., com. (quar.) (No,
17)__

15

IK

27a

Brill (J. G.) Co., preferred (quar.)
Brown Shoe, Inc., preferred (quar.)

Oct.

IK

1 Holders of rec. Oct.

reo.

rec.

1

1 Oct.

to

Jan.

Pacific Development (quar.)
Pacific Mail SS., pref. (quar.)

1 Holders of
21

Jan.

22a

Nov.

Oct.

Nov. 20a

rc«.

Oct.

Poriland (Ore.) Gas A Coke,
Prairie Oil & Gas (quar.)

27

rec.

reo.

rec.

rec.

Pittsburgh Oil A Gas (quar
Plant (Thomas G.) Co. (quar.) (No. 65).

Nov. 20

Nov.

Holder^ of

Sept. 29

rec.

Holders of

Nov.

Fall River Gas Wks.

15

Oct. lia

rec.

Nov.

Dec.,

Federal Sugar Refining, pref.

17.

Dec.

IK

preferred

IK

Edison Elect Ilium..Boston

17

Oct.

reo.

22a

IK

Preferred

Oct.

to

Holders of rec. Oct.

IK

common

to

Sept. 30

Nov

BarnhartBros.&Spindler, lst&2dpf.(qu.)

Preferred

Sept. 30

Oct.

1

Associated Dry Goods. 1st pref. (No. 1).
Atlas Powder, preferred (quar.)

Common

Oct.

' Oct.

Nov. 26 Holders of

Eastman Kodak,

13

$2

$2

per

Oct.

25c.

Osceola Consul. Mining (qudr.) (No. 8$)..
Pacific Coast Co., com. (quar.).....
First

15a

2 K

Cudahy Packing, seven

31a

rec.

Jan.
Holders of
IK
(quar.)
Holders of
North Butte Mining (quar.) (No. 44).-25c. Oct.
Holders of
Oct,
Northern States Power, common (quar.).
IK
Nov. 30 Holders of
NovaScotiaSt.&Coal, com.(pay.com.stk.) 120
1 Holders of
Ohio Cities Gas, common (quar.)......
Si ,25 Feb.
Holders of
FeD.
Common (payable in common stock)....
f5

1

Nov.

rec.

common....

Laundry Machinery,

De Long Hook A Eye

15

Oct.

25 Holders of

25c.

Extra..c.

20

American Light & Traction, com. (quar.)
Common (payable in common stock)

Preferred

Oct.

reo.

Oct.

Penmans, Ltd., common (quar.)
Preferred (quar.)....

15a

Nov. 15 Holders of rec. Nov.

Amer. La France Fire Eng., Inc., com. (qu.)

Commonwealth-Edison

rec.

Nov. 10 Holders of

IK

(quar.)
Second preferred (quar.)

Holders of rec. Oct.

Nov.

IK

la

Holders of rec. Oct. 31

1

Nov.

3
2

(extra).1

American Ice, preferred (quar.)___

Columbia Gas A

22 Holders of

4

$1

preferred (No. 14)
Nlpisslng Mines (quar.)

North American Co.
7

15a

reo.

1 Holders of

3K

American Beet Sugar, common (quar.)..
American Brass (quar.)

•

la

1 Holders of

2

Preferred (quar.)

20a

Nov.

20a

Miscellaneous.

.

Oct.
Oct.

Nov.

Broadway

_

la

rec.
rec.

Nov. 15 Holders of

31

Alabama Co., 2nd preferred..
Amer. Bank Note, com. (quar.)...

Nov.

rec.

1 Holders of
20 Holders of

Oct.

iK

Oct.

Amer.

15

to

$1

rec.

Common

1 Holders of reo. Oct.

2

2

(quar.) (No. 12)___...

1 Holders of

.....

Nov.

Oct.

preferred (quar.)........
National Carbon, Inc., common (quar,)...

Nov.

(Brooklyn) (quar.)

31

2c.

4

Farmers'\Loan A Trust (quar.)

Oct.

$1.50 NOV.

(No. 4).

Corn Exchange (quar.)
Trust Companies.

Hamilton

la

1

SI .75

National Lead, preferred (quar.)
Nevada-Calif. Elec. Corp., pref, (quar.).

..........

la

Nov.

preferred (quar.)

Midwest Refining

la

Banks.

Special

la

Nash Motors,

1

Oct.

Nov.

rec.

Montreal Light, Heat A Power (quar.)

1

20 Holders of rec. Oct.

Nov.

7
24

Nov. 30 Holders of reo. Nov.

$1.50 Nov. 15 Holders of

la

Nov.
Nov.

1

rec.

Nov. 30 Holders of

20a

Oot.
Oct.

to

IK

Miami Copper Co. (quar.)

Oct.

IK
b IK

SIJO Nov.

20 Sept, 30
31 Holders of

IK

(quar.)
Loft, Inc. (quar.)..........._..:.„_i...
Massachusetts Gas Cos. Com. (quar,)...

15

Oct.

Public Service Invest., pf. (qu.) (No. 34)..
Rio de Janeiro Tram.,L. A Pow.
(qu.)....

5c. Oct.

Preferred

1

1 Holders of rec. Oct.

SI.50 Nov.

Common (extra).....

31 Holders of

Nov.

25

15 Holders of rec. Nov. 26a

25c. Dec.

Kerr Lake Mining

Oct.j

rec.

Cumberland Co. Pow. & Lt., pref. (quar.).
Detroit United Ry. (quar.) (No. 54)

Sao Paulo Tram., L. A P. (quar.)
Texas Electric Ry. 2d pref. (quar.)

20a

Oct.l 18

Nov.

IK
IK

Commonwealth Pow., Ry. A L., com.(qu.).
Preferred (quar.)...
;
Connecticut Ry. & Ltg., com. & pf. (qu.)

(quar.)

5a

2K

...

Albla (Iowa) Light & Ry., pref. (quar.)_
Bangor Ry. A Elec., com. (quar.) (No. 15).
Cape Breton Electric, com. (No. 16)

Virginia Ry. & Power,

25
15a
15a

1 Holders of
1 Holders of

Great Northern Iron Ore Properties..__

1 Holders of rec. Oct.

IK
SI

Wabash, preferred A (quar.)

Cojnmon (payable in

1

Oct.

1 Holders of rec. Oct.

(quar.)

(No.

Nov. 15 Holders of rec. Vov.

1 Holders of

Nov.

Pere Marquette, prior preferred (quar.)_.
Reading Company. common (quar.)

Preferred

(Concluded).

Gaston, Williams A Wigmore, Inc. (quar.)

Nov.

IK

__

Southern Ry., preferred

Days Inclusive.

Payable

4 H

__

Norfolk & Western, adj. pref. (quar.)
Northern Pacific (quar,)..,

First preferred

Cent,

Name of Company.

Books Closed.

When

Per

Per

Cent.

Name of Company.

1595

CHRONICLE

20

..

a

Transfer books not closed for this dividend,

rection.

e

Payable in stock.

h On account of accumulated

b Less British Income tax.

/Payable in common stock,
dividends,

x

g Payable

d Cor¬

Id scrip.

Payable In Liberty Loan bomfls.

1

1596

THE

CHRONICLE

[Vol. 105.

Auction

Sales.—Among other securities, the following
usually dealt in at the Stock Exchange, were recently sold
auction in New York, Boston and
Philadelphia:

APPLICATIONS FOR CHARTERS.
For conversion of State banks:

not

at

The First National Bank of Proctor, Minn.
Capital
Conversion of Proctor State Bank, Proctor, Minn.
The First National Bank of Lambert, Mont.
Capital

By Messrs. Adrian H. Muller & Sons, New York:
Shares.
75

Stocks.

Per cent.

Security Bank

Shares.

10

.....

Stocks.

& Inland Empire
RR., pref
$1 10 per ah.
450 Spokane & Inland Empire
RR., com
10c. per sh.

$1

each..

$15 lot
Grande-Honduraa

1,000 Sabana

Total

.

Mining, $1 each

10 Whitman

from

5 Draper

common

....

.......

Mills

70

..........

-

Corporation

Slocks.

>

% per sh.

Shares.

200

4 American

...190

5 Salmon Falls Mfg., com
4 Waltham Watch, com....:

OTHER

Stocks.

70

10 M

Slocks.

8854

$1,000 Boston & Maine RR. 4s,'26.

%persh.

25 West End Trust

Shares.

169

70

Power, pref.. 92
20 Amer. Public Utilities, pref
60
40 Peoples Trust, $50 eacn.
36
40

Rlt.,

$50 each....

57

Farm. & Mechan. Nat. Bank.. 149
5 First Nat. Bank of Phila
220 M
5 Atlantic8. D. & Tr.
(Atl.City).705
5 Guarantee Trust (Atl.

41
51

35

Week ending October 11.

Clearings atInc.

90
1917.

10

1 Liorary Co. of Philadelphia... 20H
3.65 Aberfoyle Mfg. Co.:. ......70-100

1

25

$ per sh-

100 American Stores, pref
100 Comml. Finance, pief., $10 ea.

Chester..27754

50 East Penn.

20 Chase-O Mfg. Co., $25 each.. .
4 Phila. Bourse, com., $50 each.

Montreal

5
5)4

Toronto.

Bonds.

36

$100 No. Springf. Water 5s, 1928:.
£400 Imperial Japanese Govt, 4s,

830M

8 Provident Life & Trust

..450

loan of 1905, Series 15—_

40 Peoples Nat. lire Ins., $25 each 16
15 Phlla. Life Insur., $10 each... 10'A

£200 Imperial Japanese Govt.

1914.

i

$

70,159,431

+ 25.9

51,784,575

47,360,992

54,244,116

43,634,612

+ 24.3

31,000,000

53,139,177

_

...

39,672,482

+ 33.9

9,161,054

.

32,697,178
43,453,023

5,879,350

+ 54.1

4,830,110

5,578,456

.... .

..

Ottawa

70

1915.

88,300,520

—.

_

V ancouver

Per cent.

A

or

Dec.

%

Winnipeg—....—

87

ea.

1916.

Canada—

City)...225

Continental-Equit. Tr.,SliO

10 Peoples Trust, $50 each..
1 Philadelphia Trust...

...$100,000

Canadian Bank Clearings.—The clearings for the week
ending Oct. 11 at Canadian cities, in comparison with the
same week in
1916, show an increase in the aggregate of
29.9%.
,'
v";
:

5 Real Estate Trust, pref
.100
5 Philadelphia National Bank—471

of North America......250

5 Pocono Manor Association
2 Del. Co. Nat. Bank,

Slocks.

10 Delaware RR., $25 each.
33 Bergner & Engel Brew., pref..
70 United Gas & El. Corp.,1st pf.

49 Northern States

6 Bank

LIQUIDATIONS.

4 Plymouth Cordage, ex-div.....
199)4
Bonds.
Per cent.

By Messrs. Barnes & Lofland, Philadelphia:
Shares.

Capital
$30,000
Consolidated with

The First National Bank of Brownsville, Tenn.
Capital.
Succeeded by the First State Bank of Brownsville.

$ per sh-

Mfg., pref

$30,000

-

the First National Bank of

......121M

3 National Saawmut Bank..
9 Androscoggin Mills

Capital increased

Liquidating agent: A. C. Jones, Batesburg.
Batesburg. v

45

By Messrs. R. L. Day & Co., Boston:
Shares.

Batesburg, S. C.
Increase

The Citizens National Bank of Batesburg, S. C.

.152

(N. Y.), 525 each

$50,000 to $80,000.

BANK LIQUIDATING TO CONSOLIDATE WITH NATIONAL
BANK.

$ per sh.

Manufacturing,

$150,000

INCREASE OF CAPITAL APPROVED.
The First National Bank of

Stocks.

20 Continental Ins.

100,000

capital

$1,500 lot

By Messrs. Francis Henshaw & Co., Boston:
12 Salmon Falls

25,000

Conversion of Farmers State Bank of Lambert.
The Bluefield National Bank, Bluefield, W. Va.
Capital
Conversion of the Bluefield Bank.

Per cent.

10,000 High Grade Copper Mining,

1,271 Spokane

Shares.

$25,000

4,766,096

+ 17.0

3,526,798

3,528,768

3,750,555

—5.9

3,201,154

3,101,320

Halifax

3,047,178

2,049,018

+ 48.7

1,820,493

Hamilton

2,303,074
2,704,707

....

8754

3,554,059

+ 13.7

2,715,427

8,374,956

3,809,031

+ 119.8

3,466,109

1,726,622

1,555,843

+ 11.0

1,252,745

Victoria

4>4s.

4,042,289

Calgary.............
St. John

1,738,873

1,562,668

+ 11.3

1,238,144

London

National

Banks.—The

Edmonton.

following information regarding

...

..

-

-

-

Regina.

1,812,839

+ 14.4

1,555,672

1,491,442

2,116,360

+ 22.4

1,494,851

2,194,788

4,700,187

—.

2,908,425

+ 61.6

2,076,405
465,559
374,958

1,888,022

Currency,

Saskatoon

2,249,648

572,987
+ 24.1
592,632 + 119.7
1,353,231
+ 66.2

Moose Jaw....

1,624,389

1,059,933

772,861

733,326

Department:

CHARTERS

,

-

.

The

L_

Federal

25,000
25,000
25,000

$75,000.

Reserve

+ £3.3
+ 5.3

954,366

829,664

853,362

510,845

481,186

590,047

514,868

384,657

650,252

320,781

249,300

+ 28.1

204,730

260,348

Medicine Hat........

765,286

393,640

+ 94.5

237,376

250,747

349,763

418,946

.Peterborough

+14.8

Banks.—Following is the weekly

551,575

474,927

+ 16.2

Sherbrooke

......

605,524

512,503

+ 18.1

Kitchener..

capital

The Federal Reserve

545,186

323,407

1,266,006

Fort William

The First National Bank of
Wrightstow'n, N. J.
Capital
The Newcastle National Bank,
Newcastle, Wyo.
Capital
The Lamar National Bank, Lamar, 8. C.
Capital
^
Succeeds the Peoples Bank of Lamar.

Total

1,310,709

..

New Westminster

Original organizations:

,

710,300

_.........

Brantford.—i...

ISSUED.

1,692,801

2,073,053

..

Brandon..

Lethbrid ge........

3,857,456
1,326,319

2,598,535

..........

'

national banks is from the office of the
Comptroller of the

Treasury

3,445,364

Quebec....
7454

loan of 1905, Series 2....J.

32,978,975
6,125,882

......

590,602

532,774

+ 10.9

....

Total Canada

252,345,506 194,220,890

..

statement issued by the

Federal

+29.9 159,736,242 146,208.94£

Reserve

Board

on

Oct. 13.

Board

made public to-day its regular weekly bank statement as
at close of business Oct.
11-12 1917.
Columbus Day
by seven Federal Reserve banks and three Federal Reserve branches, the
figures for these institutions indicate
their condition as at close of business on October
11.
Figures for the Federal Reserve banks at Richmond, Atlanta, St. Louis,
Minneapolis and
Kansas City and the Reserve branches at New Orleans
and Omaha are given as at close of business on October
12.
The statement indicates a large increase in member
banks'
reserve-deposits., largely at the New York Bank, following the opening of the reserve
account by the newly admitted
Guaranty Trust Co., also substantial additions by all the banks to their note circulation.
The banks' reserves
against deposits declined about 12 millions, while
gold reserves against Federal Reserve notes increased2(L9millions during the week.
Net deposits
of the banks on which reserve is
computed show a decrease of 29.2 millions, the "float," including
clearing house exchanges carried chiefly by
the New York Bank, being
unusually large.
As a result the deposit reserve percentage shows an increase from
73.0 to 73.7%, while the note
reserve percentage,
owing to the relatively large amount of notes issued against
paper during the week, shows a decline from 76.9 to 75.7%.
During the week the New York Bank disbursed a total of 130 millions
to the Allies, 55 millions being paid to Great Britain, 40 millions to
France, 20 millions to Russia and 15 millions to Italy.
These funds were largely withdrawn from local
depositaries, which remitted in part by
checks on other New York
banks, the latter

being observed

as

a

legal holiday

figuring among the clearing house exchanges reported by the Bank.
on hand show
an increase for the week of 27.9
millions.
Large borrowings mainly on collateral security are reported by the New
Bank, the total discounts held by the Bank showing a gain for the week
of 39.3 millions.
Total holdings of collateral notes increased from
163.0 millions to 208.2 millions, while the total of notes
secured by Liberty bonds or United
States certificates of indebtedness
went
up from
84.7 to 130.8 millions.
Acceptances and United States bonds on hand show a slight decline, while
holdings of United States short-term securities
fell off 25.1 millions, the New
York, Cleveland and Chicago banks having
disposed of large portions of their holdings of certificates of indebted¬
ness.
Total earning assets show a gain of 1.6 millions
and constitute at present
953% of the banks' paid-in capital as against 952% shown the
week before.
Of the total,
50.3% is represented by- discounts, 31.9% by acceptances, and
17.8% by United States securities.
Admission to membership of the
Chicago Savings Bank & Trust Co. and of the Lafayette South Side Bank of St. Louis
accounts largely for
the increase of
$77,000 in capital account.
Government deposits decreased about 12.1
millions, the week witnessing considerable withdrawals of
Discounts

York

Government funds from the interior and their
concentration at the New "York Bank.
Transfer on the books of the New York Reserve Bank of
,.e %uaranty Trust Company's clearings account to member bank, reserve account is largely responsible for the
changes shown in those two items.,
other reserve banks
except San Francisco reporting but slight changes in their total bank
deposits.
During.the week the amount of Federal Reserve notes
outstanding increased from $797,630,000 to $837,425,000.
Against the total of notes.
,hold now $580,734,000 of gold and $263,164,000 of paper. " The banks report an actual Federal Reserve note circulation of
$779,885,000, an increase of $38,996,000 for the week.
all

>

The figures of the consolidated statement
for the system as a whole
present the results for each of the seven

given in the following table, and in addition
preceding weeks, together with those of the corresponding week of last year, thus
furnishing a useful comparison.
The earlier figures have been revised in order to conform with new form
adopted by the
Federal Reserve Board as of June 22.
In the second table wt show the resources
and liabilities separately for each of the
twelve^Federal Reserve banks. The statement of Federal Reserve Agents' Accounts (the third table following)
gives details
regarding the transactions in Federal Reserve notes between the
Comptroller and the Reserve Agents and between the latter
and the Federal
we

are

Reserve banks.

Combined Resources

Liabilities

and

of

the

Federal Reserve Banks

Oct. 11-12 '17.

RESOURCES.

S

.

Gold

coin* and certiflcateB in vault
Gold settlement fund
Gold

with

Total
Gold with
Gold

by

Legal

reserves

tender noies

Total

;

...

silver, Ac

Bills bought In open market

bills

on

.

Due from

%

$

.

S

$

hand

R.

$

1481,614,000

445,597,000

430,979,000

408.206,000

321,778,000
52,500,000

334,787,000

342,337,000

373,387,000

384,646,000

52,500,000

52,500,000

52,500,000

52.500.000

52.500.000

52.500.000

52.500,000

t868,901,000

856.866,000

845,350.000

862.786.000

580,734,000

8531234,000

876.318.000

560,111.000

392,661,000

536,009,000

520,470,000

4 94.779,000

493.185,000

488.536.000

9,465,000

840,434,000
558,227,000
9,809.000

210,088,000

9,442.000

9,127,000

7,218.000

7.079.000

7.375.000

1,687,000

1,447,445,000 11438 477.000 1,408,470.000 1,402,317.000 1,374.949,000 1.364,783.000
1,353.498.000 1.372.229,000
48,113,000
148,238,000
49,089.000
49.934.000
51.085,000
50.608,000
52.610,000
52.540.000

604,436,000

414,433.000

416.797.000

426.751,000

267,400,000

395.853.000

383.937.000

397.067,000

125,261,000

'

■'

11,377,000
615,813,000

147,315.000

128,407,000

186,162.000

21,959,000

176,169.000

161.012,000

168.445.000

173.199.000

154.591.000

159.557,000

77,527,000

478,939.000

451,413,000

409,708.000

344,770,000

335,778.000

341.416.000

301.906.000

hanks—net

Uncollected Items

54,878.000

287.964.000

55,727.000

99,486,000

55,129.000

53,929,000

45.358.000

45.394,000

45.406.000

48,517,000
101,000

45.226.000

73.632,000

42,642,000

39,876,000

41,070,000

42,366.000

42.441.000

32.521.000

30.480.000

79,000

10,444,000

224,000

214.000

214,000

204.000

1.230.000

1.232.000

31,542,000

580,851,000

504,937.000

439,983.000

423.716.000

381.063.000

364.902.000

17,147,000
321,205,000

assets

other F.

13 1916.

582,435,000

warrants..

earning

Oct.

185,775,000

.

U. 8. Government long-term securities
S. Government short-term securities

Total

$

Business October 11-12 1917.

1,495,558,000 1,486,715,000 1,457,559.000 1,452,251,000 1.426.034.000 1.415.391,000
1.406.108.000 1,424.769.000
293,164,000
265,251.000
233,539.000
183,758.000
167,333,000
168,217,000

U

Municipal

$

of

1917. Aug. 31 1917. Aug. 24 1917.

%
reserves

discounted—members..

Total

Close

856,994.000

hanks

Federal Reserve Agent.....

gold

the

4,82,716,000
/

.

redemption fund,

Total

Bills

held

S

at

tSept. 28 '17. Sept. 21 1917. Sept. 14 1917. Sept. 7

9,717,000

foreign agencies.
gold

Oct. 5 1917.

2,570,000
230.423,000

184,114,000

5,929.000

+2,247.000

6,554.000

12.036,000

10.233.000

243.000

30,089,000

234,361,000

+236.794.000

224.622.000

216.960.000

260.184.000

210.387,000

338,352,000

429.455.000

'

Total deduc'ftH from gross
deposits
5% redemp. fund agst. F. R bank notes
All other resources
...

Total

resources




232,993.000

240.290.000

239.041,000

231,176,000

228.996.000

270.417.000

500 000

210.630.000

500.000

500,000

500.000

500,000

500.000

500.000

500.000

1,000.000

574.000

370,000

387,000

404.000

308,000

372.000

293.000

339.000

2,675,000

140.000

833.061,000

2,417,845 000 2.301.633.000 2,203,673.000 2,132.179.000 2,081.734.000
2.074.714,009 2,058.3*1.000 2.001

30.089,000

Oct. 20 1917.]

Oct. 11-12 '17.

Oct. 5 1917.

$

Capital paid In
Government deposits

Sept. 28 1917t Sept. 21 1917. Sept. 14 1917. Sept.

$

liabilities.

_

$

59,368,000

59,354,000

1917. Aug. 31 1917. Aug. 24 1917. Oct. 13 1916.

7
$

$

$

■

53,379,000

61,027,000

61,104,000

1597

CHRONICLE

THE

5

$

$

1

55,682,000
26,515,000

58,484,000

58,904.000

59,256,000

59,972,000
154,358.000
39,926.000
71,239,000
25,030,000
21,602,000
t86,310,000
1,265,309,000 1,143,837,000 1,136,930,000 1,151,704,000 1,139,291,000 1,138,542.000 1,069,804,000 1,121,129,000
74,167,000

.....

Due to members—reserve account
Due to non-members—clearing account

51,377,000

94,029,000

67,433,000

50,779,000

50,621,000

52,339,000

28,903,000

32,933,000

173,325,000

Member bank deposits—net..
Collection Items..

1159,25V,000

157,52V, 666

164,449,656

156,263",660

154",li2",666

140.278,666

137,955,000

542,243", 000

1,564,678,000 1,488,484,000 1,433,176,000 1,391,962.000 1,367,782,000 1.384,919,000 1,393,343,000 1,351,989,000
573,049,000
621,299,000
587,915,000
700,212,000
670,246,000
644,567,000
740,916,000
770,885,000
5,473,000
6,894,000
6,023,000
7,561,000
8,000,000
8,000,000
8,000,000
8,000,000
All other llab., lucl. foreign Govt, oredits
12,145,000
12,196.000
2,346,000
2,456,000
2,617.000
2,906,000
3,206,000
4,178,000

568,758,000

2,417,845,000 2,301,633,000 2,203,673,000 2,132,179,000 2.031,734,000 2.074,714,000 2,058,381,000 2,001,140,000
76.0%
75.2%
74.6%
V
70.4%
74.3%
74.3%
63.8%
69.2%

833,061,000
72.9%

Total gross deposits

207,124,000

F. R. notes In actual circulation..
F. R. bank notes In circulation, net Ilab.

Total

liabilities

Gold

reserve against net deposit llab
Gold and lawful money reserve against
..

Gold

73.7 %

agst. F.R. notes In act. clrc'n

res

73.0%

74.5%

76.9%

81.1%

Oct. 5 1917.

$

$

1-15 days bills discounted and bought.
1-15 days municipal warrants
■_

259,725,000

10-30 days bills discounted and bought.
16-30 days municipal warrants

64,976,000

79.0%

79.9%

80.6%

75.0%

82.2%

81.4%

Oct. 11-12 '17.
Distribution by Maturities—

80.8%

85.1%

86,5%

102.2%

Sept. 28 19175 Sept. 21 1917. Sept. 14 1917. Sept.

178,321,000
146,000

127,393,000

138,648,000

63,663,000

228,355,000

63,338,000

1917. Aug. 31 1917. Aug. 24 1917. Oct. 13 1916.

7

81-60 days bills discounted aud bought.
31-00 days municipal warrants
81-90 days bills discounted and bought.

11,000

96,681,000

1

146.000

"80.'170,000

9~0,787666

109,602,000
20,000

96,983,000

20,000

64,011,000

20,000

1

146,000

50,457,000

51,743,000

57,455,000

46,124.000

„

$

1
1

126,000

eV,e'lT.ooo

7,000

57,225,000

55,667,000

1,028,000

55,508,000

56,671,000

V7.025.666

i~oV,"ooV,6o6

94,864,000

45,175,000

88,781.000 1

108,291,000
1,026,000

128,459.000

126,000

126,000

53,631,000

$

$

$

$

$

S

.

464,000

73.8%

•

78.6%

75.7%

deposit liabilities

net

1,033,000

•

,

.

131,028,000

43,718.000
I

80,000

10,000

5,000

5,000

2,149,000

1,412,000

1,463,000

1,546,000

1,865.000

"l.848",000

2,813,000

"3","11V,000

10,000

62,000

73,000

53,000

68,000

58,000

58,000

58,000

837,425,000

797,630,000
56,714,000

754,088,000

725,397,000

700,430,000

680,073,000

644,911,000

627,307.000

57,540,000

54.745,000

55,151,000

55.863.000

58,774,000

50,996,000

54,258.000

779,835,000

740,916,000

699,343,000

670,246,000

644.567,000

621,299,000

587,915,000

563,049.000

207,124,000

1,251,580,000 1,207,940,000 1,167,320,000 1,145,700,000 1,116,840,000 1,065.660,000 1,050,560.000 1,039.560.000

368,100,000

01-90 days municipal warrants
Over 90 days bills discounted arid bought
Over 90 days municipal warrants

"

■

1

Federal, Reserve Notes—
Issued to the banks

Held

by banks
In

circulation

225,882,000
18,758,000

Fed. Res. Notes (Agents Accounts)—
Received from the Comptroller

...

203,635,000

Returned to the Comptroller

In hands of

Issued

Agent.
to

.....

197,957,000

...

837,425,000j

195,748,000

192,835,000

180.572,000

176,808.000

78,716,000

969,363,000

949,952,000
224,555,000

924.005,000

885,088,000

872,436,000

862,752.000

289,384,000

215,275,0,00

j 204,280,000

1,044,885,000 ! 1,001,660,000
206,030.000
207,460,030

Amount chargeable to Agent......

223,575,000

205,015.000

227,525.000

235.445,000

63,502,000

725,397,000

700,430,000

680.073,000

644,911,000

627,307,000

225,882,000
132,248,000

178,124,000

269,911,000

276,645,000

278,534,000

272,682,000

236.127,000

269.170,000

269,015.000

237,519,000
28,657,000
261,543,000

19~S7049~666

18~9,38~3~,666

17_9,955",666

185,294,090

151,726,000

138,771,000

263.164.000

.

797,830,000

276,033,000'

banks

274,221,000;
256,691,666'

Reserve

754,0.33,000

837,425,000'

Federal

How Secured—

By gold coin and certificates..........
By lawful

money

By commercial

...

.

paper

Gold redemption rum!.....

30,430,000

With Federal Reserve Board
Total

;

Commercial paper delivered to F. R

Amount due

a

to

otlier

Agt.

Federal

28,040,000

23,801,000

26,432,000

25,232,000

228.674,000

221,336,000

213,420,000

199.041,000

797,630,000

754,033,000

725.397,000

700,430,000

680.073,000

644,911,000

248.912,009

"ioVW.OOO

193,887 000

192.200.000

187,218.000 !

156,219,000

b The figures for 8in

Reserve banks

WEEKLY STATEMENTof RESOURCES and LIABILITIES*)!

New York

Boslon.

Cleveland.

PhiladeTa

'

305(176,000 18,272,000 22,239,000

3,575,000

11,880,000

65,960,000

.

1

225,882,000

627,307.000

16.296,000

146,664,000

t Revised figures

EACH of the 12 FEDERAL RESER VEBANKSat CL.OSEof BUSINESS OCTH-12'17
Atlanta.

Richmond

$

%

Chicago.

St. Louis

Mlnneup. Kan

%

Dallas.

San Fran.

$

City
$'

S

?

*

Total

*

4,607,000 18,584,000 6,830,000 12,615,000 22,376,000 482,716,000
3,383,000 58,271,000 20,037,000 10,043,000 38.631,000 12,717,000 24,033,000 321,778,000
1,575,000 7,350,000 2,100,000 2,100,000 2,625,000 1,838,000 2,888,000 52,500,000
6,072,000 35,661,000

6,323,000

24,122,000 36,985,000 50,478,000 25,919,000
18,112,000 3,075,000 4,725,000 1,837,000

Gpld settlement fund.._ 17,159.000
Gold with for'n agencies.

S

I

%

S

RESOURCES

Gold coin <fc ctfs. in vault 23,961,000

Francisco are for Sept. 21.

15,791,000

25,780,00(1

193,741.000 ;

24,974.000

250,554.000

27,170,000 49,297,000 856,994,000
Total gold held by bks. 44,795,000 347,410,000 58,932,000:77,442,000 34,079,000 11,030.000 101282000 26,744,000 30,727,000 48,086,000

26,351,000 25,030,000 580,734,000
Agents. 29,960,000 200,551,000 44,247,000:41,552,000 22.634,000 36,479,000 80,330,000 21,298,000 28,818,000 23,484,000
50,000
9,717,000
728,000
951,000
517,000
771,000
181,000
296,000
746,000
500,000
4,000,000
950,000!
27,000

Gold with F. R

Gold redemption fund..

Total gold reserves... 75,255,000 551,961,000 104129 Q00

39,601,000

4,089,000

Legal-ten.notes,ally.,&c

789,000!

119021000 57,459.000 47,690,000 181908000 48,813,000 00,496,000 72,087.000 54,249',000 74,377,000 1447445000
454,000
116,000 48,113,000
45,000
818,000
314,000
344,000 1,090,000
144,000
,

.

309,000

8111s:

Disco un ted—M embers 13,086,000 142,404.000

80,501

Bought In open market 24,816,000

222,995,00026,780,00031,806,00017,915,00010,833.00045,008,000 21,020,000 9,635,000 21,701,000 15,288,00018,056,000 478,939,000
550,000 7,945,000; 1,295,000
2,609,000
893,000|21,507,000 2,233,000 18,859,000 8,849,000 3,969.000, 2,559,000 54,878,000
6,074,000 3,155,000 6,033,000; 2,830,000! 7,284,000; 6,774,000 1,949,000 2,244,000 2,320,000 2,220,000 4.948,000, 48,517,000
101,000
46,000
10,000
10,000
12,000!
J
23,000

Total bills on hand... 37,902,000

0. 8. long-term secur's.

610,000

OS. short-term secur's

2,686,000

Municipal

warrants

other

from

Uncollected

13,748,000 32,870,00021,523,00025,563,000 582,435,000

7,124,000

1,164,000 3,429,000!
2,428,000al7,147,000
8,308,00014,338,00012,553,000! 9,735,000 321,205,000

Federal

banks—Net.

Reserve

19,033,000;73,289,000 25,202,000

41,198,000 231,678,000 30,495,000:45,796,000 22,010,000

Total earning assets..
Due

9,318,00040,348,00012,517,000; 8,738,000 36,190,000 16,834,000 6,828,00018,394,000 7,137,00011,280,000 293,164,000
5,398,000; 2,095,000; 8,818,000 4,186,000 2,807.000! 3,307,000 8,151,000! 6.770,000 185,775,000

!000;17,462,00021,458,0001

2,392,00010,641,000!

5,879,000

15,808,000,131,918,000 30,681,000 14,833,000 10,443,000 13,911,000 35,407,000! 17,2 70,000

Items

.

Total deductions from!

21,6.87,000131,918,00030,681,000:14,833,000,16,443,00016,303,00046,048,00024,394,000

deposits.....

gross

9,472,000 17,767,000 12,553,000 12,103,000 338,352,000

6% redemp. fund against
Fed. Res. bank notes,
ill other

Total

resources,

400,000

142229000955,158,000 16C094 000

resources

179959000;96,086,000,83,420,000,30233500099,421,000 84,478,000

-I

500,000

209,000

1,000,000

100,000!
93,000

448,000

194,000

56,000

j

123169 000 88,972,000112428 000 2417845 000

LIABILITIES.

Capital paid In.

6.460.0001 ,3,477,000 2,596.000 -8.048,000! 3,305,000 2,576,000; 3,372,000. 2,783,000 4.028,000 61,104,000
2,567,000 42,480,000
593,000 3,955,000;
309,000; 1,513,000 8,148,000: 2,063,000
'I
1
'
I
'
I
75,893,000 535,090,000 75,328,000,101046 000.40,107,000^9,687,000 157522000 44,724,000 10,706,00068,156,00035,390,00061,660,000 1265309000
5,463,000;

...

Government deposits...
Due

to

serve

Due

members—Re¬

.

13,723,000

5,273,000

2,296,000j 1,947,000, 4,098,000( 4,198,000 74,167,000

■

account..

non-members—

to

clearing
Due to F

40,796,000!

account.....
Items...

Collection

113,785,000

......

j

407,000

-J

......I 3,968,000 51 ,377,000
21,000
136,000 6.033,000!
16,000
8,890,00019,861,000,17,793,000 4,445,000, 9,840,000 5,019,000 6,433,000173,825,000
2,443,000
-i
......
456.0001
....

35,198.000 26,139,00012,470,00013,952,000

R. banks—Net

10,549,000:

1,948,000

514,000

40,226,000 19156400064,596,O00<4V,

Total gross deposits
|02,245,000664,113,000104008000 118392 000 54,824,000
F. R. note^ In act. clrcul. 43,969,000 274,620,000 56,415,000 54,978,000 37,636.000

'(

All other liabilities,

foreign Govt,
Total
a

lucl

j

credits.;

--!

)

F. R. B'k notes in clrcul.i

|
552,000

--I

398,000

129,000

149,000

142229000 955.158.000 166094 000 17995900096.088.000

liabilities

Difference between net amounts due from and net amounts due to other

8,000,000
146,000

4,178,000

83.426.000302335000 99,421.00084.478.000123169000

88.972.000112428000 2417845000

....

102,000

Federal Reserve banks.

STATEMENT OF FEDERAL RESERVE AGENTS' ACCOUNTS AT
Boston

S

V«v

York.

%

PhtUidel'a

%

468,000 79,943,000 40,950,000 76,259,000 1564678 000.

102021000.31,520,00034,434,000,31,708,00039,230,00032,141,000779,885,000
8,000,000

|

»

2,702,000

40,604,000

Cleveland

%

Richmond

%

CLOSE OF BUSINESS OCTOBER 11-12 1917

A tlanta

Chicago.

%

%

St Louis
%

M Inneap

$

Kan

City
*

Dallas

%

San Fran
t

Total

i

51,720,000 60,020.000 42,660.000 1251580000
75,880,000 519,960.000 81,020 000 73,000,000 54,600,000 55,980,000 142240000 43,860.000 50,640,000
8,096.000 10,059,000 11,122,000 4,926,000 206,695,000
Returned to Comptr'r 14,470,000 102,389.000 13,053,000 7,508,000 13,748,000 9,379,000 4,500,000 7,445,000
137740000 36,415,000 42,544,000 41,661,000 48,898.000 37,734,000 1044885000
Chargeable to F. R. Agt. 61,410,000 417,571.000 67,967,000 65,492.000 40,852,000 46.601,000
207,460,000
6,180,000 8,930,000
14,600,000 119,020,000 7,620,000 7,940,000 1,980,000 4.110,000 27,580,000 2,570,000 6,930,000
Id hands of F R. Agent
Issued to F. R. Bank. 46.810.000 298,551,000 60,347,000 57,552,000 38,872,000 42,491.000 110160000

Held

by F

R. Agent—

Gold coin and ctfs

Gold

2,331.000

Board

2,000.000

Commercial

paper... 16,850.000

of commerc'l paper

delivered to F. R. Agt. 16,869,000
F. K

F.R

10.767,000

35,614.000 35,481,000 39,968,000 37,734.000 ,337,425,060
46,810,000 298,551 000 30,347.000 57,552,000 38,872,000 42,491,000 110160000 33,845,000

Total
Ami

274,221,000
2,513,000 13,102.000 2,370 000 14,480,000
4,220.000 18,544,000
1,554.000 2.197,000 1,164,000 30,430,000
75 000 1,126,000 1,216,000
834.000 2.930 000
3,228,000 3.008,000
19,560.000 9,674,000 23.866 000 276.083.000
36,799,000 20.000,000 21.800.000 29,970,000 30,254,000 17.660.000 14,500 000
13,617,000 12,704.000 256,691,000
98.000 000 16,100.000 16,000,000 16,238,000 6,012,000 29,831,000 12,546.000 16,796,000 11,997,000

25,629.000 1.89.784,000

redemption fund

With Fed. Res.

33,845.000 35,614.000 35,481,000 39,968,000 37,734.000 837,425,000

3,578 000

98,150,000 16.143,000 16,006,000 17,915,000

6.525.000 30.196,000 12,552,000

7,216,000 12,158,000 15,288,000 14,146,000 263,164,000

35,614,000 35,481.000 39,968.000 37,734,000 837,425,000
outstanding. 46.810 000 298,551 000 60,347.000 57.552,000 38,872,000 42,491.000 110160000 33,845.000
3.773 000
729,000 5,593.000 57,540.000
2,841.000 23,931 000 3,932,000j 2.574,000 1,236,000 1.887.000 7,539,000 2,325,000 1,180.000
notes held by banks
notes

F. R. note?

In act .clrc'n




1598

THE

CHRONICLE

[VOL. 105.

Statement of New York

City Clearing House Banks and Trust Companies.—The following detailed statement
City Clearing House members for the week ending Oct. 6.
The figures for the
the averages of the daily results.
In the case of the totals, actual figures at end of the week are also

shows the condition of the New York

separate banks are

given.

NEW

YORK

\".v

1

;

.

WEEKLY

HOUSE

CLEARING

CLEARING HOUSE

National

MEMBERS.

Net

Oct

Loans,

Profits.

Capital.
Week

Discounts,

Finding

/Nat. Banks Sept. 11 \
\State Banks Sept.
8J

%

2,000,000
2,000,000

Merchants' Nat. Bank.
Mech. & Metals Nat...

Bank...

Nat. Butchers A Drov.

1,000,000
300,000
5,000,000

3,000,000

2,550,000
1,000,000

2,683,200
2,149.000

25,000,000

Chat. A Phenlx Nat
Hanover

3,500,000

Nat. Bank

Citizens' Nat.

Bank...

Market A Fulton Nat.

.

Corn Exchange Bank..

Importers' A Trad, Nat.

3,500.000
1,500,000

5,000.000

Barfk.

250,000

1,000,000
10.000,000

First

Nat.

Nat.

Bank

IrvlDg Nat. Bank..
N.

7,244,700

4,000,000

Y. County Nat

500,000

Chase Nat. Bank
Lincoln Nat. Bank

10,000,000
1,000,000

Garfield Nat. Bank....
Fifth Nat. Bank

1,000,000
250,000

Seaboard Nat, Bank..*

1,000,000
3,000,000
1,000,000

Liberty Nat. Bank

...

Coal A Iron Nat. Bank.
Union Exch. Nat. Bank

Guaranty Trust Co

Nat., Brooklyn
Broadway Trust Co...
Avge. for week k

j

State Banks.

Not

Bank of Manhattan Co.
Bank of America

Average.

Average

t

1

Average.

+ %

%

92,000

195,000

194,000

165,000

389,000

.55,000

191,000

4,118,000

3,151,000
271,000

1,384,000

153,000

343,000

Bank

156.299,000
525,639,000

17,853,000

%

48,504,000

-

781,000
1,825,000
3,770,000
1,782,000
441,000

26,000

64,000

19,000

7,000

271,000

393,000

500,000

412,000

16,725,000

1,571,000

1,599,000

779,000

259,310,000

9,691,000

698,000

1,200,000

197,000
859,000

34,252,000

1,270,000

6,914,000

1,724",000

786,000

1,185,000

9,119,000
26,738,000

63,119,000

8,043,000

151,109,000

67,000

30,000

815,000

4,604,000

29,827,000

"394", 000

232,000
1,841.000

52,000

379,000

1,802,000

10,605,000

1,016,000
103,000

556,000

2,077,000

13,958,000

107,141,000
29,001,000

"10", 000

"hi" 660

152,855,000

3,818,000

3,548,000

1,130",000

6,146,000

118,000

1,016,000

64,000

888,000

676,000

392,000

454,000
42,000
289,000
2,364,000
228,000
393,000

20,000

28,000

124,000

14,000

163,000
2,387,000

80,000
551,000

343,000
1,244,000

•

375,000
33,000
176,000

1,013,000

448,000

1,609,000

303.000

70,000

197,000

3,250,000

1,284,000
89,000

205,000

142.000

208,000

648,000

266,000

11,958,000

51,000

87,000
499,000

25,000

91,000

825,000

94,563,000

207,000

640,000

247,978,000

22",209",000

1,200,000

17,256,000

15,000

892,000
398,000

9,655,000

199,000

9,688,000

200,000

33,000

694,000

5,627,000

323,000

202,000

•

7,801,000
13,082,000
1,572.000
1,460,000
60,137,000

49,751,000

16.000

70,000

62,607,000

499,000

10,667.000

3,299,000
494,000

11,527.000

450,000

397,000

361,713,000 44,860,000
10,243,000
505,000
24,745,000
1,569,000

~~50,000

541,000

529,000

55,000

11,293,000

140,000

124.000

228,000

136",000

434,617,000

4,036,000

~

50,000

16,514,000
163,438,000

15,913,000
1,351,000

467,000
143,000

55,000
572,000

200,000

37,832,000
2,796,000
1,549,000

571.000

285,000

49,927,000

2,767,000

2,252,000
20,875,000

100,000

3,459,000
1,103.000

4,108,000
19,968,000
567,000

150,000
49,000

8,687",000

"

813.000

57.000

313,000
83,000

535,000

12,293,000

240,000

25,000

21,571,000

355,000

152,000

484,000

574,000

1,330,000
3,263,000

247,000

413,000

2,788,074,000 120234 000 32,393,000
'

Mem berg

of

Fed eral

5,212,100
6,705,200
1,344,000
1,017,000
486,500
2,055,200

500,000

Bank

Average.

$

1.951,000
1,089,000
6,499,000
8,608,000
2,479,000
727,000

965'000

3,134,033,000 48,787.000 17,141,000
2,633,534,000 42,653,000 16,319.000
2,621,211,000 36,724,000 16,219,000
2,568,186,000 33,064.000 16,756,000

500,000

200,000

Metropolitan Bank
Bowery Bank.....
German-American Bank

Average

i

35,866,000

289,000
30,357,000
1,047,000 100,918,000
60,000
8,159,000
45,000
2,136,000

570,000

lion.

Average,

5,906,000
2,654,000

,

Bank

Circula

Deposits

13,932,000
2,067,000
86,208,000

45,960,000
75,592,000

1,152,800

2,050,000
1,500,000

Pacific Bank...

People's

Average.

%

150,850,000 ,252.098,900 3,077,813,000 47,871,000 16,553,000 21,989,000 11,199,000
454,144,000

Totals, actual condition Oct.
13...
Totals, actual condition Oct.
6...
Totals, actual condition Sept. 29...
Totals, actual condition Sept. 22...

Greenwich

taries.

177,000

16,235,000
10,583,000
6,764.000

877,900
1,184,100
28,867,200
1,150,500

1,500,000

Average.

%

9,089,000
267,414,000

4,221,300

1,000,000

taries.

226,000

1,329,300

25,000,000

Nassau

Average.

166,859,000
2,515,000
18,912,000
288,229,000
88,684,000

429,800
3,316,500

1,000.000

Deposits.

70,609,000
140,029,000
36,578,000
10,735,000
109,613,000
34,480,000

3,679,900
27,094,100
4,770,200
373,500
12,623,800
1,985,800

East River Nat.

Second

Deposi¬

National

311,481,000

76,000

Bank....

Bank......

Time

2,386,000

17,134,600

Park

Demand

Deposits

94,411,000

7,756,700

Nat.

Net

Legal

143,968,000 7,425,000
498,123,000 10.486,000
55,064,000
286,000
13,961,000
162,000

5,571,300
20,864,400
2,396,800
16,924,700

Bank of Comm..

Net

Legal
Deposi¬

24,130,000

872,200
77,500

American Exch. Nat

with

Federal

Silver.

40,647,000

25,000,000 c48,277,400
3,000,000
8,885,200

Atlantic Nat. Bank

Tenders.

Reserve

$

5,243,900
2,555,900
10,328,700

6,000,000

Chemical Nat. Bank

Nat.

Gold

Average.

Reserve Bank.

with

Notes

Members of Federal
Bank of N. Y., N.B.A.

Reserve

and

dec.

■

Additional

Bank

Legal

Investments,

it 1917.

National City

RETURN.

2,000,000
250,000
750,000

Reserve

22,080,000 11,797,000 465,633,000
21,423,000 9.787.000 367,035,000
21,809.000
21.762.000

2,852,510,000 130505000 32,448,000
2,366,789,000 80.782,000 32,276,000
2,370,276,000 75,155,000 32,029,000
2,355,388,000 75,445,000 31.866,000

9,930,000 366,481.000

8,616r,000 381,183,000

Hank

39,874,000
31,955,000

2,717,000

290,000

311,000

11,153,000

2,197,000

915,000

439,000

94,000

2,163,000

897,000

195,000

339,000

368,000

8,948,000
3,192,000

357,000

459,000

303,000

64,000

536,000
38,000

764,000
579,000

103,000

11)1,000

177,000

21,409,000

1,013,000

320,000

581,000

321,000

1,593,000

4,339,000

335,000

30,000
74,000
116,000

78,000

61,000

237,000

6,330,000

4,000
1,067,000

4,000

117,000

915,000
1,783,000
305,000

271,000

•

524,000

•

12,736,000
•

817,200
803,300
2,320,700
818,800
761,300

46,010,000 "2,000,000
28,940,000
13,257,000

"17", 000

"278",000

9,653,000

38,000

19,000

•

2,951,000

1,000

—

-----

20,830,000

"

145", 000

3,949,000

Bank of the Metropolis.
West Side Bank...;...

1,000,000

2,302,200

15,219,000

342,000
1,345,000
333,000
667,000
598,000

325.600

N. Y. Produce Exch...
State Bank

1,000,000

64,400
980,800

4,033,000
17,851.000

1,068,000

107,000
523,000

1,500,000

418,000

23,343,000

2,152.000

536,000

536,000

183,000
358,000

12,275,600

26,107,700

218,638,000 14,375,003

4,156,000

5.281,000

2,863,000

23,548,000

4,341,000

226,060,000

2,178,000

218,240,000 14,481.000
219.781,000j 14,396.000
217,413,000 15,034,000

4,282,000

5,124,000

3,045,000

5,327,000
5.660.000

2,781.000
2,474.000

5,393,000
3,538,000

227,307,000
231,069,000

2,178,000

3,914,000
3,853,000
4,109,000

24.637,000
27,280,000
25,515,000

2,382.000

228.775,000

2,192,000

5,805,000

2,476,000

17.096.000

6,184,000

219,613,000

210.000

1,329,000 2,633,000
18,065,000 11,818,000
5,665,000
3,510,000

26,566,000

4,394,000

Fifth Avenue Bank

100,000
200.000

German Exchange Bunk
Gerrnanla Bank..

Totals, avge. for week

'

400,000

•

Totals, actual condition Oct.

17,458,000
5,549,000
6,402,000

13...

Totals, actual condition Oct.
6...
Totals, actual condition Sept. 29...
Totals, actual condiiloD Sept. 22...
Trust Companies.

Not

Brooklyn Trust Co
Bankers Trust Co..

Mem berg

of

Fed eral

2,952,700

2,000,000
1,000,000

Lawyers Title A Tr. Co.
Columbia Trust Co

4;ooo,ooo
5,000,000
1.000,000

12,134,000
1,197,400
5,104,300
6,512,800
1,253,300

.

New

York Trust Co...
Franklin Trust Co
Lincoln Trust Co

3,000.000

1,000,000

Totals,

avge. for week

Oct.

Comparison

prev.

prev.

135,000

109,000

225,000

168,000
69,000
186,000

189,000

258,000

75,000

45,000

1,280,000
427.000

28,000
701,000
350.000

177,000

1,641,000

389,000
314,000

242,000

592,000

103,000

2,147,000

977,000

•

211,425,000 34,137,000
53,301,000 11,703,000
25,593,000

1,167',000

522,000

8,547,000

905,000

17,180,000

461,000

13,208,000

244,000
2,887,000

1.629.000

653,000

64,153,000 18,945,000
22,588,000
1,534,000

3,896,000

64,000

36,000

93,000

6,426,000

18,622.000

636,000

260.000

1,240.000

821.000

342,000
128,000
110,000

257,000

13,694,000
54,179,000

"595",000

16,915.000

293,000

62,000

647,000

207,000

12,947,000

1,247,000

78,000

256,000

6,678,000

266,000

50,740,000

3,950,000

1,466,000

tcl,925,000.,k2,583,00o' k3,038,000

62,391,000

8,595,000
1,923,000

k48,235,000 24,312,000

k572,346,000 88,961,000
k571,280.000 91,121.000
924,200.000 128580000

1.111,277,000 j 59,604.000

2,189,000
2,319,000

2.915,000

3,570.000
3,614,000

2,830,000

84,456,000 20,513.000
75,090,000 33,174,000

344,662,800 3,989.615,000' 93,514,000 22,634.000 29,853,000
17,100.000 525,927,000 28,653,000

condition

Oct.

condition

Grand aggregate, actual

5,137,000

1.103.645,000 56,919,000

28.191,000j-10i42 000

+ 759,000

—111,000 + 10,84 000

+ 33137000

+ 456,000

936,559.000 125568000

926,389,000 128426000
a35 86480,000 217373 000 32,393,000
+ 31,060,000 + 957.3 000
+ 268,000

Oct.

week

Grand aggregate, actual
Grand aggregate, actual
Qrand aggregate, actual
a

677.000

+

Grand aggregate, actual

Comparison

284,000

83,148,000
24,161,000
75,928,000

—

•

238,000

-

k

Sept. 29...
Sept. 22...

week

"""32",000

w-

700,933.000,31.400,000 kl,960,000 k?, 629,000 k2,863,000 k47,778,000 21,755,000
1,105,053.000136,835,000 2,186.000 3,117,000 3,390,000 108,057,000 21,975.000

6...

Grand aggregate, avge.
200,875,600

4,043,000

19,357,000
25,903,000

229,000

66,453,200 k693,164,000 51,268.000

13...

Oct.

133,000

2,313,000

858,000

125,000

4,494,600

37,750,000

Totals, actual condition
Totals, actual condition
Tcfals, actual condition
Totals, actual condition

243,000

1,300,000
1,089.000

253,000

553,300

2.000,000

36,000

389,000

1,136,000

11,230,000
1,187,300

1,000.000

Metropolitan Trust Co.

"758,000

6.538,000
14,302,000

353,000

70,000

247,797,000 12,542,000
1,886,000
65,565,000
41,093.000
1,905,000
10,722,000
710.000
24,710,000
641,000

4,452,600

5,000.000

Fidelity Trust Co

::::::::

5,087,000

343,000
107,000

<

Rank

33,545.000

15,383,900

U.S. Mtge. A Trust Co.
Title Guar. & Trust Co.

Reserve

"~173~. 000

183,000

642,000

357,000

290,000

"""90,000

6.143,000

19,097,000

107,000
205,000

37.000

216,516,000 15,581,000

1,500,000
11,250,000

Peoples Trust Co

82,000

condition
condition
condition

13.._ 4,053,806.000 94.668,000 23,383,000
29,833,000 17.705,000 538.048.000 27,148.000 b3651097.000 223804000 32,448,000
+ 95*438 000 + 784,000 + 964,000
—34,000 +
17f7000 + 35676000 + 1635000 + 129039,000 +12295000 + 172,000

6—. 3,958,638,000 93.884.000
22,419,000 29,867,000 15,958,000 502.372,000
Sept. 29... 3.942,269.000 108677000 22,261.000
30,384,000 15,974,000 476,452,000
Sept. 22
3,895,979,000 108249000 23,184,000 30.397,000 14,706,000
473,369,000
Sept. 15... 3.795.261,OOQ I15488000
23,338.000 30,643.000 15.336,000 460,463.000

25,513,000 b352205*.000 211509000 32,276,000
22,895,000 b3535610000 202915000 32,029,000
38,358,000 b3501390.000 204081000 31,866,000
30,964,000 b3509,537.000 204095000 31.888,000

U.S.

deposits deducted, $200,465,000.
b TJ. S. deposits
deducted, $173,448,000.
c Includes capital stt aside for foreign
Trust Co. s figures are included
branches, $6,000,000.
this week for the
first, time with those of other members of the Federal Reserve Bank.
This change heavily increases
members of the Federal Reserve Bank and
correspondingly decreases the aggregates for the trust companies.
STATEMENTS

Averages

OF

RESERVE

k The

Guarantv

the totals of the

POSITION.

•

Actual Figures.

»

Cash

Reserve

Reserve

in

in

Members Federal
Reserve bank...
banks'*

State

Trust

Companies*.

BP
Total Oct. 13...
Total Oct.
6
..

Total Sept.29...
Total Sept.22
J
.

•

a

Vault

$

a

Total

Depositaries
$

Reserve

$

Reserve

Required
S

c

454,144,000 454,144,000 366.236,640
23,548.000 50.223,000 40,690,800
38,814,000 48,235,000 87,049,000 85,851,900
26,675,000

65,489.000 525,927,000
591,416,000492,779,340
84.856.000 492,790.000 577.646.000
494.734,990

92,944,000 463,154,000
556.098,000490,092,970
100.660.000 470.235.000 570.895,000
485.570.980

Not members of

fne

Surplus
Reserve

e

or

from

Previous Week.

$

.

$

87,907,360

+ 21,212,060

9,532,200
1,197,100

—3,090,960

98,636.660

+ 15.725,6.50

82,911,010

66,005,030
85.324.020

—2,395,450

+ 16.905,980
—

Cash

Dec

19,318,990
+ 9.558,580

Reserve
<«

Vault

$

Reserve
1

b

in

Total

Depositaries

Reserve.

Required

S

S

Inc

S

d

Reserve

465,633,000 465,633,000 374,741.450
24,637,000 51,569.000 40,915,260
38,852,000 47,778,000 86,630,000 85,692,000

25,932,000

Surplus
Reserve

$

e

or

Dec.

from

PrevioutWeek.
S

90,891,550

+ 33,962,580

10,653,740

—1.451,840
—14.017,000

938,000

65,784.000 538.018.000 603,832,000 501,348,710 102.483,290
71.946,000 502,372.000 574.318,000 490,328.450 83,989,550
92,614,000 476,452,000 569,066,000 492,053,880 77.012,120
96.338.000 473,369.000 569.707.000 486.952,480 82.754.520

+18,493,740

+6,977.430
—5,742,400
+7,070.110

Federal Reserve Bank.

This is the

reserve required on net
demand deposits in the case of State banks and trust
companies, but in the case of members of the Federal Reserve Bank Includes
also amount of reserve
required on net time deposits, which was
as follows: Oct.
13, $3,787,020; Oct. 6, $2,403,330; Sept. 29 $2,276,430: Sept. 22, $2,258,400.
D This Is the
reserve required on net
demand deposits In the case of State banks and trust,
companies, but In the case of members of the Federal Reserve Bank Includes
alBO amount of reserve
required on net time

deposits, which was as follows: Oct. 13, $3,915,150; Oct. 6,
$2,423,460; Sept. 29, $2,254,654; Sept. 22. $2,263,350.
1c
™c
J? vault, which is no longer counted as reserve for members of the Federal Reserve Bank, was as follows: Oct.
Sept. 29, $83,898,000; Sept. 22,
13, $97,612,000: Oct. 6, $86,955,000;
$80,315,000.
_

o

Sept.

,a vault- w,dch is

no longer counted

$84,682,000: Sept. 22, $80,198,000.




as reserve

for members of the Federal Reserve Bank, was as follows:

Oct. 13, $99,805,000;

Oct. 6, $90,182,000:

Oct. 20

1917.]

THE

.The State Banking Department reports weekly figures
showing the condition of State banks and trust companies
in New York City not in the
Clearing Houset and these are
shown in the following table:

In addition to the returns of "State banks and trust com¬

panies in New York Cityrn^ in the Clearing House " furnished

by the State Banking Department, the Department also
presents a statement covering all the institutions of this class

the whole State.
The figures are compiled so as to distin¬
guish between the results for New York City (Greater New
York) and those for the rest of the State, as per the following:
m

8UMMARY OF STATE BANKS AND TRUST COMPANIES IN GREATER
NEW YORK. NOT INCLUDED IN CLEARING HOUSE STATEMENT.
(Figures Furnished by Slate Banking Department.)

Differences from

Oct. 13.

Loans

and

Specie

investments

L

997,764,600

859,787,100

Inc.

184,760,000

Dec.

12,591,800
1,286,800

com¬

panies in N. Y. City, exchanges and U. S. deposits

deposits.......
reserve,

"Chronicle," V. 98, p. 1661.
of the law governing the reserve require¬
ments of State banking institutions as amended May 22 1917
were published in the "Chronicle" May 19 1917 (V. 104, p.
1975).
The regulations relating to calculating the amount
of deposits and what deductions are permitted in the com¬
putation of the reserves were given in the "Chronicle" April 4
1914 (V.98, p. 1045).
1

1,329,800
3,236,500

reserve de¬

positaries and from other banks and trust
on

Inc.
Inc.

V

24.2%.

•

RESERVE.
—Trust

Banks

State

Cash in vaults

Companies

15,169.800

13.18%

$60,981,000
95,744,200

24.36%

$156,725,200

.

9.44%
14.81%

Total ..-.....................$28,034,800

made up, see
The provisions

are

464,700

5,120,800

...J

Deposits eliminating amounts due from

Percentage of

7,800

Inc.

11,229,900

..........

definitions and rules under which the various items

For

$4,021,600

Dec.

57,495,300

Currency and bank notes
Due from F. R. Bank of New York
Total deposits...

Reserve

previous week.
Inc.

$838,203,500

_

1599

CHRONICLE

24.25%

11.18%

...,.-..-$12,865,000

Deposits in banks and trust

cos....

STATE

BANKS

TRUST COMPANIES.

AND

Clearing House,
COMBINED

compare as
OF

RESULTS

follows for

BANKS

GREATER

AND

a

banks
banks
of the
scries of w^eks past:
COMPANIES

TRUST

Week ended

Greater N.Y

Capital

Y

of June 20

Loans and Investments..

t

Total

Legal

Cash In

Tenders.

Vault.

Loans
and

Demand

Deposits.

Specie.

253,222,4

July

21...

4.648.569.3

4,357,673,4

July

28...

4,619,359,2

4,414,094,9

Reserve

Greater N.

Y

19,606,700

24.050,000

89,550,000

12,488,000

41,732,300

178,822,000

15,164,946

17,526,400

430,137,200 1,860,594,600
—588,900 +24,026,900

187,324,400
+335,800

310,228,700
+ 1,146,100

Change from last week.

in

201,163,000
+ 1,337,900

319,263,200
—242,900

Deposi¬

4,586,150,2
4.628.044.8

4,421,443,0

50.081.6

Currency and bank notes.
Change from last week.

19,864,800

14,450,700

+ 543,500

+ 497,800

Due from F.R.Bk.of N.Y.

28,525,200

89,594,300

Change from last week.

622,761,8

42.216.7

253.117.1

+ 91,700

86,940,100
—14,240,400

—2,169,700

+ 43,072,400

26,411,500

Specie

taries

304.717.2
322.326.3
295.363.8

677.650.8

51.494.8

272.244.7

4...

Aug.

outside of

Y

$

Change from last week.

Ended—

Greater N.

YORK.

NEW

Investments

Week

as

Surplus as of June 20....

We omit two ciphers in all these figuret.

_____

Greater N.

$

IN

Trust Cot.

outside of

in

in

Oct. 13.

State Banks

Trust Cot.

State Banks

The averages of the New York City Clearing House
and trust companies, combined with those for the State
and trust companies in Greater New York City outside

542.251.6

644.247.2

4.434.759.0

251.205.2

42.943.0

294.148.2

Aug.

18...

4,701,510,7

568.014.9

4,665,195,5

239,778,8

281,906,7

580.079.3

Sept.
1..1
Sept.
8...
Sept. 15...
Sept. 22--.

4.698.954.2

4.425.359.4

223,083,8

42.498.6
42.127.9
43.419.1

288.142.4

25...

4.370.867.2
4,375,602,6

245.643.8

Aug.

267.102.9

578.289.4

4.692.376.4

3,877,888,8

253.693.5

546,135,3

4.374.901.1

209.834.0
206.401.2

43,859,5

4.645.698.3
4,722,059,0

45,759,5

252.160.7

575.446,1

4.347.960.5

201,925,6

Aug.

11...

Deposits.
Change from last week.

548,133,900 2,159,969,300
—11,544,600

+ 11,746,800

4,376,818,1

197,019,8

44,260,0

241.279.8

191.423.1

42.630.2

234.053.3

13...

180.862.3

44.885.7

225,748,0

33,027,400

39,618,300

+ 8,009,300

+ 1,114,200

+ 432,500

P. C. reserve to deposits.

25.0%

21.3%

16.0%

24.6%

21.0%

19.6%
19.0%

606.777.5

Oct.

4.402.615.3
4,446.287,1

348,162,700

574,456,3

4.795.665.9

—200

Percentage last week..

246.539.6

4.739.730.5

6...

103,689,300

Change from last week.

Reserve on deposits

592.168.7

44,614,0

Sept. 29...
Oct.

636,841,0

4,827,878,5

16.0%

t Included with "Legal Tenders" are

hdN by State banks and trust cos.

national bank notes and Fed. Reserve uotea
but not those held by Fed. Reserve members.

+ Increase over last week.

—

Decrease from last week.

=7X2

Noa-Mamber Banks

not included

are

Net

CLEARING

Capital.

NON-MEMBERS.

INSTITUTIONS OF NEW

NON-MEMBER

OF

RETURN

is the report made to the Clearing House
in the "Clearing House return" on the preceding page:

Trust Companies,—Following

and

non-member institutions which

Net

Bank

Deposi¬

Demand

Time

Circula¬

Notes.

Average.
$

Federal Reserve Bank

Net

Deposi¬
taries.

taries.

Deposits.

Deposit!.

tion.

Average.

Average.

Average.

Average.

Average.

Average.

Average.

Average.

Average.

$

Silver.

Tenders

Gold.

&c.

/Nat. banks Sept. Ill
\State bunks Sept; 8J

Members of
T-

Additional

with

Legal

Reserve.

Legal

Investments,
Week Ending Oct, 13 1917.

Reserve

Bank
& Federal

Discounts,

Profits.

,

YORK CLEARING HOUSE.

National

Loans,

Legal

$

S

S

$

$

$

National

Deposits
with

%

1

Battery Park Nat. Bank
First Nat. Bank, Brooklyn...

400.0&Q

461,900

6,203,000

19,000

38,000

$6,000

165,000

1,095,000

394,000

300,000

705,600

56,000

13,000

115,000

516,000

597,000

543,000

810,000

850,000

2,82.8,000

.323,000

086,000

174,000

316,000

717,000

6,552,000
5,042,000
5,271,000
5,686,000
4,327,000
2,914,000

20,000

272,000

612,000

2,840,000

2,358,000

99,000

612,000

3,915,000

6,644,000

32,632,000

7,689,000

1,512,000

Nat, City Bank, Brooklyn...

300,000

611,900

77,000

42,000

104,000

First Nat. Bank, Jersey City.
Hudson Co. Nat., Jersey City

400,000

1,323,700

6,344,000
5,851,000
6,049,000

197,000

375,000

83,000

27,000
14,000
106,000

250,000

780,800

5,618,000

78,000

18,000

74,000

106,000

First Nat. Bank, Hoboken...

220,000

678,300

6,904,000

43,000

11,000

47,000

Second Nat. Bank, Hoboken,

125,000

30S.600

5,481,000

60,000

23,000

65,000

i,995,000

4,870,800

42,450,000

530,000

520,000

514,000

Bank of Washington Heights.

100,000

458,200

2,254,000

154,000

7,000

63,000

21,000

121,000

Colonial Bank

500,000

933,200

9,023,000

573,000

191.000

451,000

129,000

590,000

542,000

135.000

603,000

288.000

Total

by olearing

194,000

51,000
755,000

292,000

374,000
240,000

392,000

119,000

450,000

198,000

3,461,000

218,000

"

.

State Banks.
Not Members of the

Federal Reserve Bank.

Columbia

10,050,000

673,000
125,500

10,709,000

792,000

4,425,000

293,000

1,000

290,000
47,000

204,000

264,000

87,000

4,303.000

28O",666

200,000

499,300

7,865,000

638,000

52,000

193,000

82,000

495,000

35,000

8.187,000

226,000

200,000

Bank

Bank

...

New Netherland

......

9,836,000
'

500,000

200,100
613,100

4,102,000

177,000

196,000

49,000

197,000

5,059,000

301,000

123,000
1,000

150,000

544,100

0,907,000

520,000

85,000

270,000

452,000

774,700

21,806,000

930,000

264,000

737,000

11+000
408,000

1,339,000

95,000

212,000

1,236,000

300,000

Bank

International
Mutual

2,042,000

1G.000

Bank

W. R. Grace <fe Co.'s Bank..;.

500,000

Yorkvllle Bank

100,000

"

1,600,000

Mechanics' Bank, Brooklyn..

30,000

200,000

182,400

4,270,000

253,000

44,000

124,000

4,200,000

5,003,600

76,426,000

4,631,000

798,000

2,371,000

North Side Bank, Brooklyn..
Total

4,153,000

335,000

228", 000

2,468,000

2,494,000

375,000

1,287,000

7,533,000
22,312,030

14,000

399,000

4,038,000

400,000

4.423,000

3,257,000

74,927,000

3,765,000

16,000

Trust Companies.
Not Members of the

Federal Reserve Bank.
Hamilton Trust Co., Brooklyn

500,000

1,033,600

9,816,000

550,000

18,000

17,000

40,000

385,000

444,000

7,691,000

1,426,000

Mechanics' Tr. Co., Bayonne

200,000

333,200

6,391,000

90,000

58,000

112,000

65,000

208,000

203,000

3,470,000

3,001,000

700,000

1,366,800

16,207,000

640,000

105,000

593,000

652,000

11,161,000

4,427,000

'

76,000'

129,000

1,953,000 8,931,000 10,553,000 all8,720,000 15,881,000
+ 55,000
+ 261,000
+ 102,000 —114,000 —1419000

3,014,000
+ 79.000

6,895,000 11,241,200 135,083,000

5,801,000

1,394,000

—444,000

+ 262,000

+ 47,000

6

6,8^5.000 11.241.200 135,527,000

5,539,000

1,347,000

Grand aggregate Sept. 29

6.795,000 11.375,300 135,301,000

5,731,000

1,273,000

2,930.000
2,869,000

Grand aggregate

Comparison previous week...
Excess

reserve.

Grand aggregate

0,795.000 11.375.300 136,634,000

Grand aggregate Sept.
a

8

5,709,000
5,916.000

1,315,000

2,952,000

6 795,0001 11.375,300 135,549,000

1

1,851,000
1,825,000
1,702,000
1,824.000
1,457.009

2,935,000

1,428.000

0.795,000 11.375.300 136,445,000

Sept. 22

Grand aggregate Sept. 15

5,638,000

1,207.000

2,816.000

9,045,000 11,972,000 all8,459,000 15,826,000

1,516,000

8,979,000 11,246,000 al 18,888,000 15,603,000
8.921,000 11,970,000 a 118.024,000 14,697,000

1,519,000

8,925,000 10,805,000 al 18.376,000 14,862,000
8,858.000 11.150,000 a 116.914,000 15.168,000

1,511,000

1,517,000

1,522,000

TJ. S. deposits deducted, $1,074,000.

Clearing House Banks.—We give below a
showing the totals for all the items in the Boston
Clearing House weekly statement for a series of weeks*
Boston

summary

BOSTON CLEARING

HOUSE

basis of, 10% reserve for demand deposits and 3% for time
deposits.
Previously the basis was 15% against demand
deposits alone.
Reserve requirements of trust companies
remain on old basis of 15%. See volume 105 page 333.

MEMBERS
Week ending Oct.

Oct

13

1917.

Change from
previous week.

$5,501 .000 Inc.

Circulation

Coans, diac'ts & Investments. 449,806 ,000. Inc.
Individual deposits, incl.U.S. 372,412 ,000J Inc.
i

Due to banks
rime

1,512,000
—4,000

increase

$66,090

Grand aggregate Oct.

-------

■

"J4.

O-IJ.

,000; Inc.

30,*574,0001Dec

deposits...

16,607 ,000;

Inc.

exchanges for Clear. HouseDue from other banks—...

90,036 .OOOiInc.

3ash in bank & in F. R. Bank

58,635 ,000'Dec.

Reserve

excess

in bank

$5,000

Oct.

6

1917.
$5,496 ,000

Sept. 29

$5 ,496,000

661,000 449,145 ,000 450 ,183,000
3.453,000 368,959 ,0001372 ,524,000
4,510,000 129,724 ,0001120 ,529,000
29 ,163,000
15 507,000

118,000

30,692 ,000

89,000
7,414,000

16,518 ,000

82,662 ,000,

78 771,000

828,000

59,463 ,000:

59 250,000

ciphers

(00)

17,717,000*Dee.

871,000

18,588,000

18,498.000




Cos.I

Total

$20,475,0
47,387,0

...

Surplus and profits

$11 ,000,0,
33 ,870,0

$31,47-5,0
81,257,0

418,503,0

155 ,717,0

574,220,0

Sept. 29

1917.

1917.

$31,475,0
569,995.0

81,194,0

$31,475,
81,196,

2 ,230,0

23,462,0

24,835,0

Due from banks

123,673,0

1 972,0

125,645,0

126,919,0

Bank deposits

168,487,0

3 946,0

172,433,0

173,813,0

566,942,
22,193,
121,468,
168,354,

134 001,0

494,296,0

491,217,0

483,534,

3,905,0

4,100.0

3,920,

137,947,0

670,634,0

669,130,0

11,130,0

10,992,0

655,808,
11.207,
57,751,
23,136,
80,887,

Loans, disc'ts & investm'ts
Exchanges for Clear.House

Individual
Time

deposits...—

Reserve

15, 660,0

59,501,0

60,248,0

16,725,0

7, 550,0

24.275,0

held.

60,566,0|

23, 210,0:

83,776,0

38,504,0

20, 061.0

58,565,0;

22,860,0
83,108,0
58,179,0

vault

22,062,0

3, 149,0

25,211,0

24,929,0

required

Excess res. & cash In
♦

300,295,0

532,687,0

U.S.deposits(not Included)
Iies've with Fed. Res. Bk.
Total reserve & cash

21.232,0

3,905,0

deposits

Cash In vault *

Philadelphia
Banks.—Beginning with July 21 the
Philadelphia Clearing House returns have been issued in
altered form, and excess reserves are now calculated on the

1917
Oct. 6

Nat. Banks Trust

Capital

13

omitted.

Total deposits

and

Federal Reserve Bank

Two

1917.

43,841,0,

Cash In vault Is not counted as reserve for F. R. Bank members.

57,506.

23,381,

[Vol. 105.

CHRONICLE

THE

1600

number of industrial stocks added from 1 to 3

points to yes¬
terday's advance.
For daily volume of business see page 1609.
The following sales have occurred this week of shares not

gaufcjers5 (Sau&ette.
Wall
The

Street, Friday Night, OcL 19 1917.

represented in

Situation.—The

Money Market and Financial

liquidation movement in securities, frequently noted of late,
a
halting place early this week.
The volume of
steadily decreased and possibly this

nify that the movement referred to has
that

the

STOCKS.

One of the

manent.

implied above is
of

course

and

freight rates.

The latter is,

now so

for
Week

vital that its refusal by the Commission seems
Other than this

note in the

Preferred

and steel

industry that

placed—notably
beat

one

prices

are

the metal

are

The

impossible.

15

300

57

Oct

16

300

11

Oct

18

Oct

16 102

pref....._. 100

Calif Packing

_

300

5 77%

Railroad

;

19

Oct 19

Oct

18

93

Oct

17

7

Oct

16

OCt

6%

15

99

Oct

19

3634 Oct' 16
18

373*

Oct 15

67

Oct

16

% June

23*

Feb

Sept

Oct

15

Oct 101

92

Oct

Oct 129

9334

Jan

Oct

1434 June

89

Jan

Apr
1253*
423* Aug
8434 May

0%
36

Aug

h <55

Oct

80
40

July
Sept
Sept

80

Oct 15

80

28

Oct

17

303*

Oct 18

44

Oct

19

44

Oct

Chicago & Alton..—100

1,000

10

Oct 18

8

Oct

21

Jan

434 Oct 16
Oct 151

4

Oct

1234

Jan

82

Oct 112?*

.Tan

C St P M & Omaha.

.

100

8%

Oct

400

4

Oct

1,5

463

82

Oct

17

18

19

8734

253*

Oct 16 101?*

88

3634
5334

Cluett ,Pcabody ,pref .100

100 1013*

Oct

16 101?*

Cons Interstate Call. .10

300

12

Oct

lo

12

Oct

Deere &

Co, pref.L. 100

350

99

Oct

16

99%

Oct 17

9634

Duluth S S & Atl... 100

100

3 34

Oct

15

334

Oct 15

334

Feb 1003*
Oct
5%

5%

Oct

19

534

Oct

19

53*

Oct

Oct

17

Oct

19

Oct

17

17

Preferred ........100

100

50
Federal Mln & Smelt. 100

400
400

14?*

Oct

16

15

100

400

3634

Oct

15

39

Oct 17

pref...100

60

84

Oct 17

84

Oct

Gaston, W<fcW ,Inc no par
General Chemical... 100

1,600

33

Gulf Mob & N. Btk tr ctfs

Hask & Bark Car.no par

Elk Horn Coal...

Preferred
Fisher Body,

22

24

17

Sept

21

Aug

54?*

July

95

Mar

Sept

28

17

Oct

15 191

Oct

15

190

Oct

18

13

Oct 18

1.3

Oct

1734

1,200

31

Oct

16

32

Oct

15

31

Oct

40

Homestake Mi nlng.. 100

100 102

Oct

16 102

Oct 16

101

Int, Harvest

300

64

Oct

15

Oct

19

100 103

Oct

16 103

Oct

16 101

05%

Jau

Mar

2634

Jan

8534

Oct

100

Jan

Feb

1134
37

13

Corp...100

Feb

Aug

11%
3834

31

........

Jan

Aug
Aug

Oct

22

100

Preferred

Oct 15

Oct 11534

12

300 190

Feb

4134

Oct 250

July 13134

64

Oct

June

Aug
Jan

Aug
June
Jan

88

Jan

July 114

Jan

98

Oct

15

98

Oct

15

9734

.100

100

39 %

OCt

15

39%

Oct

15

3534

Aug

78

Jan

Kelly-Sprlngf, pref.. 100

100

85

Oct

17

85

Oct 17

85

Oct

93

Mar

Kelsey Wheel, pref.. 100
Kress (S H), pref... 100
Liggett & Myers Tob 100

100

80

Oct 15

80

Oct

15

80

Oct

81

Aug

Int Nickel, of v t C.-100

200

Jewel Tea,

Inc.

.

_

_.

.....100

Preferred

Manhat (Elev) Ry

.lOO
May Dept Stores, pf.100

Oct

18 104

Oct

18 104

Oct

Oct

1.5 180

Oct

15

Oct 281

Jan

Oct

Oct 15 1102

Oct 12534
Oct 129 34

Jan

Oct

16 103}*
19 107?*

870 105.

17934

Oct 15 105

Oct

16 101 %

Oct

75

Oct

17

77

Oct

15

75

Oct 10734
Oct 77

Oct

17

3034

Oct

19

2934

Oct

35?*

65

Oct

19

65

Oct

84

300 103

Oct

16, 103

20

100

Nat Rys Mex 2d

pref 100

200

N O Tex & Mex

v t c...

200

6% Oct 16
22

Oct

18

6?*

17 101

10734 June

29%

200 101

2.300

Preferrei.100

Jan

100 104

Acme50

Natl Cloak & Suit.- .100

Oct 108

200 179 34

1,450 102

Morris & Essex........50

National

.

Oct 19

65

Oct

16 103

Oct

15

22

Oct 18

Jan
Jan

May
July
Jan

Oct 11234

Jan

Aug

8%

Sept

15?* June

3634

Aug

21

Aug

4 34

100

200

15

Oct

17

16

Oct

800

78!*

Oct

15

80

Oct 16

123*
78i*

Mar

Nova Scotia S&C..100

Ohio Fuel Supply....25
Owens Bottle-Mack..25

100

45

Oct 18

45

Oct 18

4454

Oct

54

Feb

1,000

80

Oct

15

8034 Oct 17

79%

Oct 106

Jan

New York Dock

15

per

100

20

Oct

15

20

Oct

15

200

32

Oct

18 r34

Oct

15

32

Oct

100

9334

Oct

16

9334 Occ

16

93

Sept

9834

150

691*

Oct

16

69 3*

Oct

16

66

May

82

170

97

Oct

16

97

Oct,

16

97

200

Oct

15

Oct

15

1

1.100

58

Oct

16

Oct

19

58

6.900 x82

Oct

15

100 100

Oct

400

6734 Oct

..

18

1?*
65

20

Oct

15

100

11

Oct

16

200

7

Oct

17

100

23

350

87 !4

Oct

19

8814 -Oct 16

Western Pacific.... .100

300

14%

Oct

15

15J4

100

of

% Oct 17

Jan
34 34
41?* June

Oct 102

Sept

434

Oct 108

Aug

Jan
Jan
Feb
June

Oct 51?* June
37?* Oct 19 x32
Oct 19
9934 May 102 34 July
Oct 17
Oct 80
Feb
6734
20
20!* Oct 15
Sept 33?* May

200

Detinn!ng...l00

Oct

20

6834'

Wells, Fargo Express 100

Boston, par.
San Fran¬
Minneapolis, 10c.

Jan

19 100

...100

134

100
Drug„.____-100

Preferred

$1,000 discount.

Bonds.—Sales

Oct 125

100

Vulcan

11

Oct

16

7

Oct

17

6

Apr

Oct

17

20

May

2334

Oct

16

Jan

10

22?*

Jan

1034 May
24 34

8734

Oct 144

1234

Anr1

1834

May
Jan

May

Outside Market.—In

State

bonds

at

U. S. Steel issues.
States

15

Oct

U S Realty <fc Impt.. 100

4534
42%

are limited to $5,000 N. Y. Canal 4%s at 100%.
Owing to unusually heavy dealings in Government issues,
foreign and domestic, the bond market has bebn active* and,
in sympathy with the tendency of shares, prices have ad¬
vanced.
Of a list of 12 conspicuously active issues, 7 have
advanced, 3 are slightly lower and 2 unchanged.
Among
the exceptional features are Cent. Leath. 5s, which have de¬
clined 2 points, and U. S. Steel 5s, showing a net gain of IKAmong the notably active bonds are Am. Tel. & Tel.,
Ches. & Ohio, Rock Island, Mo. Pae., New York Cent.,
Penn. Ry., St. Louis & San F., So. Pac., U. S. Rubber and

United

Oct

13*

Oct 117

100

First preferred..

.the Board

,

Oct

United Paperboard--...

45
4234

Montreal, $3 4375 per $1,000 premium.
premium.
Cincinnati, par.

and

Oct 19 100

Feb

100

St. Louis, 15c. per $.1,000 discount bid and 5c. discount asked.

State

Apr

Superior* Steel

5 77%

5 79H

Amsterdam Bankers' Guilders—

cisco, par.

1734

Quicksilver Min, pref TOO
Savage Arras Corp.. 100

Low for the week

per $1,000

Oct

800

United

42 5-16

Jan

11

Pittsb Steel, pref.... 100

_

Domestic. Exchange.—Chicago, 10c.

15

Pitts C C& St L....100

4 76 7-16

5 79%

Low for the week

Oct

Mar

4

78?*

_.._100

Preferred

.

4413-16

1134

66

57

Pierce-Arrow MC.no par

Cables.
4 76 7-16

4 7510

High for the week

Oct 19

Pacific Tel & Tel.... 100

.

"

58

98

Sept
May

pref..... 100

Preferred

C & E Ills pref trust rec

•

._

Oct

1

Apr
June

Oct

57?*

Oct 15

1%

10434

Central Foundry....100

Case (J I),

Steel Co.—and that

Exchange at Berlin on London, not quotable.
The range for foreign exchange for the week follows:
Checks.
Sterling Actual—
Sixty Days
4 7520
High for the week
4 71 Y%

_

92

57?* Oct 15

15 101

Occ 15

Oct

London, 27.18 fr.; peek's range, 27.18 fr. high and

5 85
.'
5 85 34
Germany Bankers' Marks—
High for the week.

1%
94

...

65

bankers' guilders were 42 13-16 for long and 42 15-16 for short.

High for the week.

200 1003*

95

4 76 7-16 for cables.
days, 4 7034; ninety
days, 4 6834. and documents for payment (sixty days), 4 7034Cotton
for payment, 4 74% <&4 75 and grain for payment 4 74% (3)4 75.
'To-day's (Friday's) actual rates for Paris bankers' francs were 5 85 @
5 85% for long and 5 80 for short.
Germany bankers' marks were not
quoted for sight, nominal for long and nominal for short.
Amsterdam

Low for the week.

80

Oct

600

To-day's (Friday's) actual rates for sterling exchange were 4 71 @4 7134

Low for the week—
4 71
Paris Bankers' Francs—

Oct 18

1

1,200
1.200

for sixty days, 4 751734 @4 75 3-16 for checks and
Commercial on banks, sight, 4 74% @4 75, sixty

•

80

57% Oct 15

.no par

.

low.

17

80

110

200

Calumet & Arizona... 10

Exchange.—In sterling exchange there is no
new
development.
Cable transfers remained pegged at
4 76 7-16.
Otherwise the changes have been trivial.
In
the Continental exchanges very little has been passing.
Rubles closed at 14.00, the lowest figure of the week.

fr.

Oct

300

JBatopilas Mining....20 1,100
Steel,
pref
sub rects full paid.
32,900

.

27.18

Tob,pf-100

Burns Brothers.....100

although of con¬
siderable importance, have been generally foreseen, and,
therefore, had little effect outside the locality mentioned.
No doubt, however, that German hopes of ultimate triumph
will be stimulated and perhaps the war prolonged thereby.
The approaching elections are daily attracting more and
more attention.
It would, indeed, seem a pity if the Mayor
who, to quote one who is thoroughly well informed, "has
given New York City the best government it ever had,"
should fail of re-election.
And yet, with three candidates in
the field, such is a possibility.

on

Oct

Bethlehem

which have resulted from German military

Exchange at Paris

98

400

and naval operations in the Gulf of Riga,

Foreign

Feb

Oct 15

Atlanta Birm & Atl.. 100

proving satisfactory to producers.

successes

Jan

Oct 142

98

Associated Oil......100

an

officially fixed for the various kinds and grades of

-

Oct 128 J4

Oct 17 109

1/5

Brooklyn Union Gas. 100
Brunswick Terminal. 100

the Bethlehem

883* Oct 16

17 109

Oct

large orders have recently been

some

16

Oct

98

88%

Assets Realization ..100

Am Sumatra

by the Government for 150 torpedo-

destroyers with

100

Oct

100 109
200

It is reported from the iron

.

Highest

100

.....

..—

Amer Teleg & Cable. 100

prospect, there is no change worthy of

general situation.

Range since Jan. 1.
Lowest.

Highest.

100

American Snuff.

Barrett,
so

Lowest.

which follow:

S per share.
$ per share
$ per share $ per share.
Oct 15 172
Oct 15 176
10 172
June
Apr 200

AmBrakeShoe&F.pf.lOO

in¬
imperative and

of the railroads for

pages

Range for Week.

Sales

American Express.. .100

per¬

prospect that the Inter-State Commerce

a

the

Par. Shares

for the change of sentiment

reasons

Commission will grant a request
crease

its

run

on

sig¬

may

which immediately set in will be

recovery

detailed list

Week ending Oct. 19.

reached

business has

our

Bonds.-—Sales of Government bonds at

the Board

include, in addition to a large amount of L. L.
3%s at 99.70 to 99.80, $1,000 4s coup, at 106, $3,000 3s
coup, at 99, $2,500 3s reg. at 98%, and $2,000 Panama 3s
eoup. at 85% to 86.
For to-day's prices of all the different
issues and for weekly ranges see third page following.
Railroad and Miscellaneous Stocks.—A further heavy

decline in prices

on Monday carried a long list of stocks to
quotations of the year, or of recent years.
From
these there has been a substantial rally, however, and net
gains for the week are generally recorded in both railway and

the lowest

sympathy with the decline on the
Exchange, prices in the "curb" market at the opening
this week developed pronounced weakness
but generally

Stock

,

thereafter
extreme

strong tone prevailed.
Trading lapsed into
dulness.
Aetna Explosives com., after a loss of

almost

point to 3%, sold

a

to 5% and closed to-day at 5.
active, losing about 7 points in
trading to 77, then recovering to 85, the close to¬
day being at 84.
Chevrolet Motor dropped from 78 to 71,
moved up to 79% and ends the week at 78.
A loss of 8
points was recorded by Cities Service com. when the stock
sold down to 215, the final figure to-day showing a recovery
to 218%.
Curtiss Aerop. & M. com. declined from 35 to
32, with the closing sale to-day at 33 %.
Inter-Lube Chem¬
ical maintained its firm tone, fluctuating between 3% and
3% and closing to-day at 3%.
St. Joseph L(^ad was off a
point to 17.
Steel Alloys Corp. weakened from 7% to 6%.
Submarine Boat receded from 15% to 14, sold back to 15%
and at 15% finally.
United Motors was active, dropping
from 21% to 19 and recovering to 22%, with the close to¬
day at 22.
Wright-Martin lost a point in the beginning of
the week to 8%, recovering to 8% and finished to-day at
8%.
A number of substantial increases were recorded in
Standard Oil shares, of which Standard Oil of N. J. was con¬
Air

a

Reduction

com.

up

was

the early

,

tionally wide

spicuous.
From 503 it fell to 497, but jumped to 545, the
to-day being at 542.
Anglo-Amer. Oil after fractional
loss to 16 improved to 18% and sold finally at 18%.
Stand¬
ard Oil of N. Y. at first lost 5 points to 228, sold up to 256,

Merc. Mar.

and ends the week at 254.

miscellaneous

issues.^ Some of the latter covered

an excep¬

range, including Beth. Steel and International
pfd. with a record of 14 points.
U. S. Ind.
Alcohol covered 9% points, Atl. Gulf & W. I. SS. 9, Dist.
Sec. 8%, and Texas Co., Gen. Motors and Am. Smelt. &
Ref. between 7 and 8.
On the other hand, Peoples Gas,
Chicago, continued the decline begun last week and added 6
points to^ the loss then noted.
The railway list was less
erratic, although Reading covered
more than 7
points and others from 3 to 5.
>
To-day's market was active and strong.
The transactions
nearly equaled Monday's heavy total and a considerable




close

The other oil stocks also made

good gains.
Merritt Oil from 29% sold up to 36%, resting
at 35%.
Midwest Refining improved from 131 to 144, re¬
acting finally to 140.
In bonds the Canadian Govt. 5s were
heavily traded in down from 94% to 93% and up finally to
93%.
Russian Govt, bonds were conspicuously weak, the
6%s dropping from 76 to 70 and the 5%s from 66 to 61%.
Final figures were 71 % for the former and 62 for the latter.
A complete record of "curb" transactions for the week will
be found on page 1609.

Yorti

1601

Exchange—Stock Record, Daily. Weekly and Yearly

Siock

TWO

OCCUPYING
Por

of

record

of atocka

th« week

during

PAGES.

uaually

inactive,

preceding

aee

page.

:e prices—per

Mom

Tuesday
Oct 16

Oct 17

Oct :
$ per

S per share

s

92

S per share
93
94
9334
94%
9378
90%
90%
90%
903.4
9178
9178
*101
111
*10034 105
10078 101
55
5734
58
56%
57%
5634
*60
63
60%
61%
*60%
63
5634
57
56%
57
56%
58
149% 150%
148% 151
148% 14934
51
51%
5134
51%
50%
52

♦100

5434
60U
57%
14634
49%

57

573g

147i2 151

52
8

49U
778

8%

9,500

8

*21%

4834
89%

*89

Do

Baltimore & Ohio

17,300

1,200
3,300

100

Do
pre!
100
Brooklyn Rapid Translt-_100

24,000

Canadian Pacific

14,100
2,350
2,360
36,700
2,600

Chesapeake & Ohio

"19%

Do

pref..-

.100
Chicago Milw <k St PauL.100

145

400

23

Chlo Rock Isl <fe Pac (new) w 1

58

58%

49%

Clev Cln Chic <fe St Louis.. 100

99%

9934

22%
49%

95%

.5,300

48

50

47

50

49%

30

30

30

*30

40

*25

49%
3934

29,130
5,300
7,206

*30

3934

*63

70

*6134

70

*6134

70

*61%

*22

25

*22

24

23

Do

67

48

48%

*2212

25

*45

*46

48

46

46

*46

52

*46

*40

*48

50

*40

50

*40

50

*40

98% 100

9934

98

97%
*6

*6

14%

9%
14%
19

18%

27%

27

183s

1734

191s

18

25

26

2712

26%

20

20

2012

9978

99,l2 10038

20%
20%
98% 100

26%
99%

2614

*6

28

21%

21%

99% 100%
29
2934
*7%
50%

17%

17%
52

17%

50

*4934

8

51%
*10

16

*10

16

28

*20

28

57

57

58i2

*38

*38

117

*117% 120
117i8 11S12 *117% 119
*10
12
*11
*10%
11%
12%
90
93%
95
95
92
92

*1012

9412

778

4%

434

8

8

26%

26i8

46

46%

7012

70%

2534

26%

27i2
46%
73
28

20

20

104

44

*80

9412
50

4978

15%

15%

50%
16%

534

56%

57

57

57

*57

72

7434

7234

75%

55%

72

7034

35U

35

35

*35

40

35

35

35%

*35%

40

36%

1534

15%

15%

'27

28

27

27

*39

'39

44

39

39

26

60

Do

12%

21,700

21%

5,900
1,400
78,050

*25

28,

200

*36

43

100

17%

6,100

*12%

16%

*12%

16%

200

*18%

19%

19%

19%

800

*76

76%

7%

15

14%

9

8*4

9

16

42I2
213,

16

9%'

9%

*914

23%

900

55

23

7,500
800

11

11

11

21%

39%

40%

*3%
25g

*234

"2", 100

22

1,850

40%

1,300

18%,

20

74
78

97

*

"69%

~70"

96

~7l"

k

9512

98%
62%

63

108

108

29%

39

65%'
108
j
30%!

k

*

"16"

"l6"

49%

40

Do

45

107%
90

-

87

800

38,200
1,100

68

9,700
400

30
*

11

11

45

*40

45

52%

533s

54

54

22%

22%

231

58

58

*57

52

52%

55

53

99

99

99

*98

60
551

100

151

.

>

5912

103

103

102

59

57%

58%

103% 104%

103

*110

*110

115

53%

51

104

Jan

115%

Feb

46

Feb

Feb

62

May

14

Aug 23

26% Jan

2

100

25

Feb

32

June26

39

Oct

53

Jan

18

Jan

57

Dec

14

Apr

19%

Dec

20% Oct

16

39% Jan

3

34%

Apr

42%

100

85% Oct

15

*109% 112

56%

56

Jau

56

73% Dec
2184 Dec

Third Avenue (New York) 100

12% Oct 16
17% Mayl5

Apr
Feb

4884 Jan

70

95

Texas A Pacific

100

Union Pacific
Do

100

_-:100

pref

United Railways Invest... 100

Do

100

......100

A

pref

B._

pref

100

Maryland (new).JOO

Western

preferred

Do

Rumely.

preferred

45

400

Do
Amer

16

5,100

63%

65

2,900

1135$

114% 115
176% 179

178%

98%

98

98

*97

41

991.

41%

42

41

42

*9214

93

93

93%

93

*26

25

26

27

27

14

14%

14%

14%

151,

48

47%
64%

48

50

50

64%

66

63%

66

92

93

pref (new)

953s

9234

9612

60

59

59

493s

50

5334

*58

92%

93

IflSked l
I




a«

sales

92%
on

60

51

54

96

96

96

*92%

this day.

97

41% Mar

60%

20% Oct

15

30% Jan

25

A pr

32%

Dec
Dec

15% Oct

10

23

Apr

41

Mar27

Jan

3
21

Dec

27%

Dec

40

Dec

58tz

Dec

33

Apr

56% July

9% Oct
22% Oct

16
5

Aug

2134

37% Jan

54

Oct

15

80

Jan

5

63

3% Oct

18

11%Jan

4

10%

.

Sept

14

18% Jan

Septl1

8% Mar26

18% Oct

16

74

16

32% May 31
86% MarlO

2

Oct

Apr

89%

Dec

26%
10%

Dec
JaD

Oct

.684
19

Oct

38

,Nov

92

Nov

102

Nov

Apr

3

95% May 2
103% Jan 24

63

Oct

96

Mar

69% Oct

16

102% Feb 15

6184

Feb

108% Nov

93

A pr

102

76% Oct 15
96

7

98

Jan

53

May 2 8

24

90
36

Feb

3

94% Oct

17

111% June 6

Feb

3

80% June26

107% Oct 17

118«4 May28

57

Sept

17

J00

8% July

9

60%Jan

5

101%Jan
9
17% Mar29
75

4

18

55

Oct

11

115%

Aug

48%

Dec

98

Jan

884 June
45

Mar

Dec

29% Aug
6484 Aug

43% Oct
46

3

38% Mar

Oct

15

82% Jan

4

97

Oct

18

106% Jab

20

8% May 14
53

June

4

0034 May25

58

July
99% July

84% July
Apr

122% Nov

Oct

17

117% Jan

19

109%

Apr

118%

Oct

Apr

73

Dec

Dec

125%

Oct

123%

Oct

3

44

15

126% June 9

104

114% Sept19
30
May26

121% Jan 25

115% May

Amer Telephone

American

41

42%

42%

427g

4,500

*92%

93%

*92%

93%

200

*24

28

*25

27

400

15

15

50

50%

65%
98%

Z61%

59

*59

2,200
700

63% 102,100

98% 102%

A Teleg.. 100

113% Oct

15

100

176% Oct

16
16

Tobacco

587g

43*,800

96%

400

97

95

95

600

( Less than 100 sharea.

220

Marl2

10934 Jan

18

100

37% Feb

3

pref

100

93

Oct

16

9

25

Oct

16

54% MarlO

14

Oct

15

41%Jan

25

47% Oct

16

50

z61% Oct

19

Do

pref

Anaconda Copper
Do

55

96%

61% Oct 19
128% Jan 24

Writing Paper pref... 100
Am Zinc Lead A 8
25

Do

Am

Baldwin

61

55%

95%

June

98

Atl Gulf A W188 Line etfs 100

52%

Oct

75

100

33,800

95«4

102

pref (new)
Am Woolen of Mass

Do

Do

a

Ex-dtv. and righto,

Feb

3

95% Oct

18

100
z

Feb

43

100
(The)

54

100

pref

Barrett Co

87% Septl3

100

pref certfs
Locomotive

Nov

102

88%

Feb

300

97% Nov

9184 July

Oct

100
100

Nov

2

52

pref

62«4 Nov
98% Nov
109

102% MarlO

103

Do

27% Nov

112*4 June

American Sugar Refining.. 100
Am Sumatra Tobacco

Dec

15
16

American Steel Foundry.. 100

115

Oct

84%

83% Oct

92% Oct

6,500

57

Oct
Mar

20%

1984 Mar3()

71% July28
99% Jan 31

1,000
5,400

100

58%
102

Julyll
9

100

pref...

Sep
Sep

Dec
119% Mar
78%

6

52

100

88I2
115%

July

June

62% Aug

3

Dec

Dec

52

17

Jan

16% Aug

15% Feb
48
Feb

44

Dec

103%

107%

104% 104%
63

Jan

July

70% July

53,400

105% 106%

Dec

43

July

30%

100

pref....
100
Sec pref B.100

Do

Jan

2

pref Ser A stamped-.
Amer Smelting A Refining. 100

2,320

J Ex-rlghts,

68

2

Do

6,850

*92%

Jan

15

100

pref
American
Malting

100

*58

17

2

..100

Do

185

93%

13%

54% Jan

...100

Locomotive

185

15

Oct

1584 Jan

50% Jan

100

pref....

*97

51

40

39*4

17

International Corp .100

114% 115%

15

16

Sep
Sep

18

...100

Ice (new)

*95

63%

17

June

Oct

100
...100

pref

29,200

*48

2384 Jan

100

61%

99

16

87%

*110

57%

13% Oct
8% Oct

100

114% 115%
180% 1S1

114%

179

500

Jan

2

100

...

pref...

Do

Sep

21%

1138Jan

6% Feb

z80

100

pref

*98
15

84%

24

68% June

Oct

..100

98

700

Oct

Sep
7»4 May

Jan

85

100

v t c

97

99

153%

38

10

pref

Do

Apr

21

American Car A Foundry

5,100

12984

22%Jan

100

American Can

Do

99

2

16

...50

pref

American

Mar

149%Jan

10% Oct

100

pref...

American

57

16

Nov

94

Miscellaneous

American Beet Sugar

Do

Oct

48

20

25

Amer Agricultural Chem.. 100

Do.

76

6%

2

Jan

100

AJax Rubber Inc

Do

Oct 11
120% Oct 16

100

i

Wisconsin" Central
Advance

May

100

Lake E Ry

&

23

100

2d pref

Wheeling A
Do

....100

pref....;.

2,000
16,400

62

Oct

30
1984 Jan
4

100

11,200

*109% 112

8% Oct 15

70%Jan

pref

58%

86%

30% Dec
32% Dec

51% Mayl5

Do

6034

61

Sep

Dec

•56%

105%

May

37%

3634

59

104

15% May
16

4

Sep

104%

57

60

103

17

3

Apr

59

103% 103%

1

41%

Amer Smelters

*10434

Dec

Apr

.54%

87%

73%

18

57%

84%

Dec

Junel5

104%,Jan

18

95

8334

72

Jan

94%

22*%

*93

871

Dec

75%

American Linseed

95

83%

Oct

38%

3

57%

*93

86%

60

Dec

33%Jan

24%

94

83%

Sep

3684

8

Jan

68

89% May
118%

55

2
17

3584 June

53% Apr 17

Feb
Dec

41%

..100

56%

*92

"921*2

57

4

20% Apr 16

84%

16

—100

23

16

37

48% Oct

*40

63

Oct

108

Mar

...100

56

15%

Jan
Dec

147%

114

36% Jan
73%Jan

T.OOO

44

62

77%
34%

29

pref...'.

23%

64

Dec
Oct

49% Dec
26
May

Sep

-...100

54

13

64%
114%

14% Sept24
53% May 12

2

300

z62

f?ep
Apr

22%

8912 Feb
3
110%Jan
3
57% Jan* 25

94% Oct 15
49% Sept 5

Feb

2,900

12

Dec

4734
100%

29% Jan

10

52

64

38%

Jan

138%Jan 24

12

V11

12

19% Sept 6
103% Oct 16
80
Septl5

Oct

Jan

Jan

52% Jau

MaylO

52

61

Dec

61

Oct

*10%

12

24%

34

92

11

62

Apr

10

103%Jau

15

Oct

70% Oct 11
21% Septl1

29

49%

-

46

pref..
100
American Hide A Leather. 100

10%

43%
*■

13% Dec

Jan

Do

11

49

12

Sep

Jan

20% Jan

American Cotton OIL.... 100

"

48%

503s

7% Oct 16
2334 May 9

1,800

30
90

"io7»

3%

11

98% Mar24

Do

41%

29

2

43g Soptl3

9

Do

ib'.ioo

75%

9578

90

137

45%Jan

Allls-Chalmers Mfg v t c.

95%

29

Sep

45

Alaska Juneau Gold Min'g.10

40%

*

Oct

128%

127

15

5,900

95%

67%

Oct

Apr 13

2

Aug

15

2,500

40%
66%

36

130

121% Mar

3

Jan

Oct

3

93

-

Oct

Oct
Dec

119

Oct

23%

"10%

21%

'

—

140

26
116

17

Oct

55% Nov
87% Oct

35

Alaska Gold Mines

96

"74"

73%

Jan

85

2,300

38%

29

29-

2112
5578

52

*78
*

96

64%
*107%

*40

11

84

3

113% Septl2
11
Septl3

74%

..50
..60
.100

new

pref

Do

100

3%

95%

63

*10%

4978

1.2C0

»

"l0%

10

75%

"71%

94%

¥_r_

94

75

93

"37% .39%! "38%

38

21

74

*

74

*

3%
20%

*78

79

78

*89%

"3%

3%

3%

¥

73%

100

74

76

*73

78

_

7612
*

200

20

19%

I

10

26

"3%

3

743s

*9
*22

26%

500

3%

3%;

19
75

*23%

Dec

Apr

16

St Louis Southwestern

Do

56

334;

3%

10

*9

263

30

May

32

7034 Oct

.

St Louis A San Fran

Do

17

21%

64%

10

5334 Jan

..50

Reading

22,560]

44%

29

10

*9

*54

j

..

Wabash

*25

38

...100

Preferred Interim ctfa

8,200

'

*22%

23%

55

54

50

.100

.

prior pref v, t c.... 100

8%

*16

21

i.lOO

.pref vto..

Do

10%

38

100

Plttsb A W Va interim ct's 100

1,500

*1034

38

do...

Pennsylvania

Industrial

*22

_

100

Pere Marquette v t o..

16%

29

16

*21

21%

1,315

8

*25

29

1034

40

76%

22%

22h

*25

45,000

8%
43%

43%

2034

11

7%

16

41%

21%

122% 123%

76%

7%

8%

'42

*76

75

Dec

25% Jan

Twin City Rapid Transit.. 100

7,050

161

81

76%

56%

Jan
Jan
Jan

May26

Southern Railway

20"

121% 123%

32%

39

Southern Pacific Co

*19

121% 124

Apr

11

adjustment pref... 100

17,160

02

•

23%

Oct

Northern Pacific......... 100

49,500

61%

2

57

A Western

28%

61%

25%Jan

3
3
79% Jan
2
4384 Apr 14
13384 Jan
4
32%Jan 29

York Central

89%

88%

16

58%Jan 30

Seaboard Air Line

27%

16% Oct

16

100

,3,800
3,600

l0%

21%

28%

77%

10

pref

Do

76%

89%

Jan

Dec

17

N Y Ontario A Western...100

"MOO

61

10

21%

69

Oct

3,000

26%

21%

15%

2

Oct

N Y N II A Hartford

163d

17

2

12

Do pref (or luc bonds)

85

9634
51

Oct

17% Jan

23

Missouri Kansas A Texas. 100

Norfolk

109%

72% Jan

114

10,600

9984

4934 Oct

8,760

21

Jan
Jan

2

17

........100

pref

Do

50*4

Oct

738 Oct 10
48

90

*75

14

•33

Valley

Do

Jan

127%

Dec

100

pref

Lehigh

54%

Dec

...100
50

Do
pref
Lake Erie A Western
Do

Dec

32

Apr
Dec

100

*12%

'

21U

100
100

40
115

106%Jan

17

Minn St Paul A88M

19%

16%

40

...100

pref...

97% Oct

1,533

81

10%

100

100

43

61

60%

28

105s

Central

Oct
Jan

4

38% Mar

15

100

27%

61

61%

'24

3934 Jan
118%Jan

26% Oct

Minneap A St L (new)

16

2634

'15

15

pref

88%

13%
9%

20's

Oct

93% Oct 17

100

pref

26%

*25

20

1st

87%

*16

.100

properties..No par

Louisville A Nashville

27%
*

7

20%

2d

Irou Ore

2d

89%

40

Jan

Do

10%

7%

40

59%

Do

"21-2

13%
8%

9U

Dee

800

21

7%

15

46

300

"16"

.20% 12334
76
76%

76i2
7l2

49% Jan

38%

10

120 V

15

37

21

*75

Oct

38%

10

'75

25

37

21

'27

19

1913

100

36%

10

12%

*1212

75

21%

59%

Apr

38

*36

*27

87

32

pref

Do

Do

26

56

8558

3484 Jan

1,000

107%

Oct

16

Great Northern pref.

600

23%

8% Mar

pref

1st

Do

26

Nov

216

6

1734 Oct

Long Island certfs of deposit.

10

Mar24

Oct

5784 June

100

Do

"2", 100

19

Oct

52%
45%

Erie

2,300

25

242

Mar

46

12

1~,G66

17

25%

Mar

15

21

25

Oct

Jan

20

50%

156

Jan

29

16%

Dec

17

28

50%

148%

41

28

16%

62%

Mar

238

27%

93

Apr

40

17

28

*80

Oct

40

Oct

100

.100

New

85

June

37

5%May25
Julyl3

Rio Grande

pref

Missouri Paciflc(uew) when iss.

97
5034

86

Apr

193

Do

1,800
18,080

95%

62%

Feb

2484

Delaware Lack A Western..50

33,310

*80

Apr

70

151%Jan

73%

85

38
.

95

43%

26%

9

Marl7

15

100

62

9

57% Jan

28

2434
56%
7434

20%

17

49%

2378

85s

4

73%

23i2

21

29

Jan

27%

*64

15%

16

Jan

49

*68

1534

Jau

74

96%
50%
17

Deo

30

48

9478
50%

170

80

2734

*80

96%

Apr

51'

72%

20%

5165

38%June26

10

48

106

172% Feb 16

140% Oct 16
19% Oct 15

Feb

263.4

105% 105

Jan
Jan

20

73%

1934
20
10478 106

Jan

136%
134%

100

27%
4834

*

102%

Dec
Dec

17

26%

85

95

*8

9%

Dec

123

Sept25
Septl8

"

95

534

89
123

19

Jan

92

15

71%

47

103% 106

*80

•

'

4

124% Jan

Oct

116

"5%

8

"261*4

20

""5"

434
778

4%

Oct

41

5,100

118% 119
12
12%
*

"4%

59%

94

47%

46

200

*38

Apr

..100

100

*20

44

Deo

...100

900

16

*38

Oct

16%

125% Jan 29

Sept 4

Kansas City Southern

28

Ja°

71

Apr

33

Oct

2,500

*20

183*4

Apr

IIS4

Oct

Interbor Con Corp, vto No par

*10

44

Jan

88% June

58

66

1,300
5,400

13

*38

4134Jan

15

Jan

80

Dec

zl62% Mar

3
10
2

30

8%

51
18
52

23i2
44

167% Mar23

45% Oct 15
86% Oct 15
98
Oct 16

47

_

Illinois

59%

Oct

96

81%

100

4,500

13

5938

21

Dec

72t2 Aug
81

4

Jan

Oct

84% Apr 14
71
Apr 14

100%

23

58%

82

pref

9.5C0

*23

59%

17

May 8

Oct

Denver A

*10

57%

18

85

16

Oct

54

pref

24,800

100

Jan

76%Jan

54% Oct 16
60

1st

4,350
1,600

8

17%
5978

50

2734

51

*7%

17

50

23,300

50%

17%
4934

1678

19%

99% 100

48

8i8

17

19%

27%" 28%

99%
8%
49%

8

*4912

99

Nov

2d

"""400

97%

511-2

9814

8

4934

17

21
10034

20%
•

126

55

Delaware A Hudson

'9

28%

Apr

Do

200

195

27%

2778
99

"5^500

*6

19
27%

Feb

106%

Do

*14%

9%
16

*14

-.100

pref...

pref
Colorado & Southern

100

52

*190

194

'190

15

*13i2

*14i2

193

193

195l2 195l2
*6
9

*18834

""300

99% 101

99%

99%

102

4

6% preferred when Issued.

50

•

108%

Dec

Jan

7% preferred when Issued..

Do

23%

*23

100

Chicago <fe Northwestern.. 100

300

*63

55

Apr

z98%

119

14% Jan

22

98%

25
49

47%

8
1

100%

100% Feb

0534 Jan

145

99l2

45%

107% Jan

4

145
145' *140
140l2 14012 *140
20%
22%
21%
22%
20i8
2214
55
58
57
55
58
57%

98

21%
.89

15

Oct

15

pref...

Highest
S per share

90% Oct 18
100% Oct 16

7% Oct 18

100

89i2

Lowest

share

per

49% Oct

100

487g

8612

$

14638 Oct

99%

22

45%

86%
9834

Previous
1916

$ per share

Highest

share

100

§22%
4734
95%

21

45%

per

Year

of 100-share lots

.100

Chicago Great Western... 100
Do

S

92

100

pre!

Atlantic Coast Line RR.__ 100

800

93

21

"

Par

Atch Topeka & Santa Fe._100

1,550

8

8

8

7%

8%
22%

basis

Lowest
Railroada

93%

9178

1

Range Since Jan.
On

Shares.

19.

$ per share

5 per share

93i2
92
10018 101
54lS
57
60
60i2
9214

92

Oct.

18.

Oct.

Range for

EXCHANGE

Friday

Thursday

Wednesday

STOCKS

NEW YORK STOCK

Week

not per cent.

share,

SHARE

PER

PER SHARK

lo

Sales/or
the

nd

89% Septl2

Ex-dlvldend.

8

6884 June 9
100

June

zl23%

Dec z!34%

188

Feb

105%

Apr

37

Dec

92

Jan

11

Jan

26

29% July

72% Jan 26

59% July

87

May26

77

121% Jan 22

56

66

136

Jan

58% Nov
102

Mar

76% Nov
97% Apr
87

Nov

15

Apr

105% Nov

July
60% Dec

147% Dec
7384 Nov

52

Jan

76% July
102% Jan

Sep
229% NOV
113
Sep

Dec

118%

98%

Dec

110

a!27% Dec

Jan
May
1671s Det

b Before payment of first Installment.

New York Stock

1G02

Record—Concluded—Page 2

Por r*cord of «•!«• during tho w««k of (tock* usually

inactive,

second

««•

preceding.

page

PER

HIGH

AND LOW SALS PRICES—PER SHARE,

NOT PEE CENT.

Oct.

Monday
Oct. 15

13.

Tuesday
Oct.

$ pit share

$ yer share

73%
70%

Oct.

$ per share

75

70%
69i8

j

71

"lih "1858

20%'

1178

13%

12

13i2

1234

38%'

36

37

37

70%
102

17U

77%

7084
75
101% 101%
31
31%
71%
71%
145s
16
42% 44

103

31

32%

72

73

14*4
421*
3434
3212
91%
93

16%
45

39

1838

$ per share

73% 80-%
72%
80%
*100% 102
18%
18%

14%

37%
7538

72%
101

13
*36

31U
6914
15%
4158
35%
32%

3134
7112
16%
4334
3712
34

5,000
87% 471,100
93

2,900

5,200

Butte & Superior Copper...10

4,300

California Petroleum

37

38%
78

71

15%
42%
3534

16%
44
38

32%

34
92%

71%

72%

16

16%

42%
37%

43%
38%
34%
92

*
.

25l2
89

61%
90

255s

78%
*142

*93U
31»4
8

134i2
*89%
*74%
41

*100

72i2
37%

95

92

94

94

94

94

*90

98

92

92

*92

98

110

*100

110

*100

*100
*100
110
106
26
28%
2678
2778
90
90i8
893S 90
62
67
6234
653a
91
91
90% 90%
27
26i4
2512 27
78
78
80
»78i2
150
*135
145
*137i2
103
9312 9312
*93i2
32
35
35i4
3478
8i2
814
8%
8%
139
1345s 137
13534
91
94U
91%
9658
76U
7512 75%
7578
42%
41%
4H2 42
103
*100
103
100%
*73
71
73
7612

39

34i2
88
*101

104

*85

160

160

43U

4512

*12

105

22

775s

2914
20%
5214

25U
83l2
3014

21%

22i2

20%

3212
75

*1612
75

53i8

51

4034
3212

35
7712

75

17

1534
74l2

75l2

*68

90>2

90%

26

2 734

27%

29%

78%

80

80

80%

145

103

96

*93% 103>
3834 40%
8%
8%
13 7% 13934
9134 94%

76

*78

40

83s

137

4i%
100%
77

145

89
92

*91

160

*85

44%

155
200
155%
100
*93% 103
37%
41% 157,900
8%
8%
3,920

Cuban-American Sugar... 100

140

138

General

37%

38

12

12

12

38

94

47

100

32

64%

31%
32
*63% ' 6434

1768

19

20

85%

80%

85%

90

90

3034
45-%
743.4

18%

1634

17%

400
300

31

12,700
44,800

115

50

50

*50

36l8

112

37%
*4%
24%
42

112

4934
4034

4%
2434

5

*438

25

24%

39%
478
2412

4678
31
47%

42

44

30

30

9614

217,
x71

*98l2
6412
*12

41

96U

*95

"ii"

14

19

*---.

150

2034
3234

1812
31%

38

3784
3734
m2
1234
1391J 14412
47

9634
38»4
9412
*9%
65
40

90%
*105

120

1311
*50

13

53%

94%
11

64%

*65

40

39%

90

94%

91%

94%

*105

115

*105

115

121

122

122

91%

115

122

*50

58%

99

99%

97%

99%

51%

50%

52

49

103%
111% 114
82%
84%
15
15%
2934
30

114

8412
1514
3I84

79

*98

106

*95

106

*96

60

55

55

85%

*56

40

85%,
42%

64

*56

39l2
23U

40

39

2418

23

24

85

85lg

*86

55%

57

53

64

39%

15%

15

41

40%
*56

39

86

55%

116

116

118

*119

120

*119

120

31

*24

31

*24

30

*88

93

*50

55

115% 118

*
—

51

96
51

96

"ii"

™te.%®S^ExSenr0nthlS<lay-




51

42%
*56

Do

100

pref

100
100

Do
pref
100
Public Serv Corp of N J... 100
Pullman Company
100

Railway Steel Spring

100

Do
pref
100
Ray Consolidated Copper.. 10
Republic Iron A Steel
100

11

12",700
2,300
3,500

49

8978

43%

«^

53

100 shares.

53

29% Oct

17

30

10

43% Apr 30

42% Oct 10
69% Oct 11

93

Jan

67% June 7

112

Oct

977sJune 8

109% Jan 25
117% Mar28

109

Jan

117% Nov

Sept 5

122% Jan

5

118

Sep

May 5

127

5

124

June

131% Oct
129% May

Oct

4

10

Feb

44 ' Oct

Oct

4% Oct
Feb

3

Oct

Dec

74%

Sep

111%

Dec

117%

Oct

6

15

118

.

15

18

57

Jan

156
Mar21
72% Mar2l
14378 Apr 19
7% Sept21
30%June27

10

3178 Oct 10

40

1934 Apr
90% Dec

26%Junell

15

Oct

Junel4

114

16% Oct 16
47

11478 Dee

63% Mar23

15

112

68% Mar

46% Oct
2
99% Julyl2

15

Oct

Jan

39

3

90% May 9
100

89% June
Aug

33

19

106%Jan

18

29% Oct 15

42

43

'

.36% Dec

Jan

34% Nov
186

July

65%

Apr

75

Nov

100

Oct

Nov

7578 Dec
124% Deo
11% Jan
„

5% Nov

31

11% Jan
100% May

Aug

118

Oct

48

Dec

54% Sept26

Oct

15

Jan

4

80% Oct 16
90
Aug 16
52% Oct 17
83%Jan 26
98% Oct 15 *107
Jan 31
113

Oct

lOj 131

129% Septl2

Jan

6

167% Jan 26

37% Oct 16
95% Oct 19

58

101

21% Oct 16

Junell

Jan

22

38

June

42% July

88% Nov

97

July

108

114

Jan

137

Sep

15978 May

177

Sep

32

Nov

Apr

6184 Nov

95% Mar

103% Nov

Nov

4

6378 Dec

238% Jan 22

168% Mar

Sbattuck Ariz Copper.....10
Sinclair Oil A Ref'g

No par

Do

pref

100

16
10

5934 Mar29
7434 Mar30

8

par

31% June29

5334 Jan 26

Oct

11% Oct 15
136

Oct

10

47

Oct

15

90

Oct

17

19% June20
243

92

May

3

16

90

Oct

100

109

Oct

3

120

Oct

15

100

12340ct 17
50
Septl2
100% Apr 21

16

Marl2

107

Aug 20
15% Mar22

112

39% Oct 17

100

Jan

U8Smelting Ref AM
pref..

Oct
Feb

1

111780ct

16

100

Utah Copper
Utah Securities vtc

100

10

77% Oct 18
15

Sept 5
*29% Oct 15
98

Oct

10

46

Feb

63

Jan

Do

pref B

29

171%Junel3
Junel4

67'4 Jan
52%Jan

v t

3

118%May25
2434 Jan 22
46

May31
112%Jan 26
77

Mar30

100

91

t c

100

50

Feb
Dec

114

Mar
Feb

70*4
115%

57

Dec

50

June

Apr

Aug

67% Nov

170%

July

z79'4 Mar
115
May
7434 July
16% June
38

105»4 Aug

Apr
Jan

Deo
Dec

81% Nov

53% June12984 Nov
123

Nov

130

Nov

27% Dec
51

Jan

108

Apr

114% Dec

41

July

87

Mar

71% Mar

Apr

79

52% Jan

18

45

Dec

59%

38%Jan

16

18

34

Dec n325

June

MarlO

94

Dec

June

100

19

117

Mar

Oct

84% Mar30
151

Jan

22

118

Jan

126%Jan 17

123

June

9

37% Junel6

25

July

Apr 16
May 9

97%Junell

95

July

63

52

July

23% Feb

Oct

70

38*4 Oct 17
22% Oct 17

c.100

Oct

Nov

51% Dec

56

Oct

18%
129

May28
70%Jan
4

99*4 Jan

10

53

Oct

7284 Nov
105% Oct

SeptlO

0

Ex-div. and rights.

4

136% May31
121%Jan 19

Oct

114% Sept 5
120% Oct
8

110

4% May

87%

28% Nov

85% Oct 11

100

Dec
Mar

Jan

50

pref

Sep
Deo
Nov

15%
48%
94%
99%
4784
106%

24% June26

65

15

Jan

19%
241%
59%
109%

120

40

Oct

86

79%

169% June

3

85

July

Jan
Mar

Jan

50

1st preferred

Sep

99

Nov

14

Feb

11

99

48%

"93%
167

Feb

67
Aug 14
114% Jan
3

48

July
100% Dec
108% Sep
48% Dec
15'4 Dec
177% June

b9

97% Oct 17
49% Oct 16

50'

"

"37"

611%
136%

22

50% Feb

100

Feb

12034 Marl4

154% Jan

100

1..50

Sep
Nov

40%

12778 Aug 14

106

9

233

Dec

49%June 2

97% Apr 28

United States Steel..
Do
pref

pref A v t

22

100

1st preferred

Do

10

22

84'4

48%June 6

83^ Aug 31

64% Oct

Jan

80% Aug 21
105

38% Oct 15

pref

Worthlngton P A M

9

89

Fruit

v

2934 Mar

100

100

United States Rubber

a

18% Oct
30% Oct

110%Jan 17
108%Jan 20

.100
U S Industrial Alcohol.... 100
Do
pref
100

Do

146% Oct 10

37% Oct 15
3678 Oct 17

100

U S Cast I Pipe A Fdy
Do
pref.....

Do

19

100

TransueA Williams Steel No par
Underwood Typewriter... 100

Do

,Ex-righu,.

6078 June

129% JaD
105% Jan
493s Nov

Jan

Western Union Telegraph. 100
Westlngbouse Elec A Mfg..50

"166

Dec

88% June

68

800

55

Dec

32

10

Oct

2,200
21,600

96

65

20

10

"""300

""§66

18

Jan

Nov

Virginia-Carolina Chem... 100
Do
pref
100
Virginia Iron C A C
100

120

74% Jan
40

106% Jan

17

8

4,500

*5l"

80% Oct

Feb

68*4 June
99
Sep

Dec

Oct

118% 118%

...

44

70

57%

96

6478 Dec

17

May 9

56

31

15

61%Jan

59

Willys-Overland (The)
25
Do pref sub rects full pd 100
Wilson A Co, Inc, v t C...100
Wool worth (F W)
100

31

67% Jan

dep...
Saxon Motor Car Corp... 100
Sears, Roebuck A Co
100

400

*

17

Oct

Nov

34,600

*

60

28% Sept11
JulylS
17% Oct 16

59

Apr

37

8578

*119

56%June
91

2

93

2378

31

25% Dec
78

Jan

117

23

120

Nov

30

89% Feb 17

Dec

23%

120

85% Sep
64% Nov
107

101

White Motor..

31

Dec

10578 May2fi

"4",800

116

Dec

May

1

40

*119

56

40
>64

Feb

pref

38%

57

4

50% May26
10378 Junel3

3

90

Do

65

64%Jan

Dec

9% Mar

100

Do

Royal Dutch Co ctfs

Do

19,000

3878

June

United

300

ol3% Feb
o61% Mar

June

"2,606
3,209

47% Mar21

12678 Nov
p5078 Sep
cl25% Sep
56% Jan
75% Nov

42

Union Bag A Paper

115

60

Nov

20

Union Bag A Paper (new). 100
United Alloy Steel
No par
United Cigar Stores
100

52%

190

32% Apr
3
94%June 7

3,700
36,127

101

May

1

""400

53

72

Feb

75

96%

Nov

2

56% Nov

60

39%

*53

118

121

*29%

89

42

Ontario Silver Mining
100
Pacific Mail......
.5
People's G L A C (Chic).. 100
Philadelphia Co (PJttsb)__.50

857g

55

*119

88

64

100

(The)...., 25

22%

86

54

*55

North American Co.:
Ohio Cities Gas

39

23%

90

55

88

42

64

22%

104

55

57
88

3834

30

*96

500

104% 106% 1194850
11378 114%
6,110
78
8078 130,500
*14%
15%
500
32
32%
2,800
*96% 104

15

29%

104

*56

*47%

113% 114%
77% 80%

30%

*54

86l2
417*

49

101% 105

84

29%

52%

*47%

49

53

Nevada Consol Copper.....5
New York Air Brake...i. 100

41%

*50

101

loO

400

55

99

100

pref

56%

13%
'i

Do

93%

124% 124%
13%
14

*51

112% 114

*55

85U
40l|

99

100% 103%

*15

*105

Nov

115

16

96

Tennessee Copper A Chem w 1
Texas Company (The)
100
Tobacco Products Corp... 100

...

193

15% Oct 18

1Q8

4,500
19,500
67,100

132% 135% 2:114% 116%
98%
98%
*95
99
57%
59%
58%
59

100

*45

"99%

99ig 104%

94%

122

50%

5534

80l2

94!

*105

133% 13534

*15

41%

50

*97

*29%

*9%
*66%

41

100

""166

46

200

75

56

58

112

53%
93%

1,600
3,200
9,100
1,300
26,500

90

*12%' 13%
143% 146

*11

13

49%

*37%

*92

*9%

13%

100

'

46

40

1234

132

54

*....

May
May

74% Oct

100

Sloss-Sheffleld Steel A Iron
Studebaker Corp (The)...
Do
pref.
Stutz Motor of Am Inc.No

40%

40

16

56

58i2
99i2

39%

93

*50

100

35%
40%

'40

*65

124

56

19%

33%

34%

90

156

19%

54

*13%
128

*47

2,400

93

11

*94

51

10%

♦38

70
40%

„

126% 130

*99%

10

*92

*94
57

98%
67%

52

39%

*92,.
*9%

*9%
64%
39%

12212
1334

*66

12%
13
140% 144%

90

39%

94%

98%

67%
10%

*37%

137% 143%
51%
5334
90

11

99

*....

46

143

300

66%
10%

39

12%

2,600
3,200

17,400
47,400
2,300
4,200

40

13

100

22%

37%

*37%

400

116

80%

39

46

4,600

100

*154

Power

pref

Pressed Steel Car

57

*95

76%

19%

Montana

Pittsburgh Coal of Pa

22%

154

June

71
87

95% Mar24

10

National Biscuit...
100
Do
pref
........100

83

99

3934
90

800

76%

37%

36%

500

22%

19%
33%

*..„

1,400

62,600

21%
73%

154

pref
100
Miami Copper...
__5
Mldvale Steel & Ordnance..50

1,200
2,900
2,000

139% 140
42,
42
95%
95%

98

33%

94

67l2
40l2

*95

20

38

8,500

56

40

100

40% Oct
70% Feb

....100

*.._.:

.

139

38%

3234
37%

9684
3834

115

139

20

48%

95

55%

19U
33%

90

138

55

83

152

40%

*37%
1184

82%

34

3

49% Jan
4
77% June 6

31% Oct 17

National Lead

1,200

45%

Petroleum

Do

8

16

100

8,700

113

Mexican

200

25

31%
45%

26

Junel3

3678 Mar23

Oct

1,800

42%
31%
45%

100

pref
'
100
Maxwell Motor Inc tr ctfs. 100
Do
1st pref Btk tr ctfs. 100
Do
2d pref stk tr ctfs. 100

51

20% Oct

25

152

38
»

52
40%
4%

Jan
Jan

117% Feb

28% Oct 16
20% Oct 15

24

40

15212

39%

4H2
90

10%

.

10

19% Feb.
62% Feb

Stamp'g_..100

32

54%

.67%
11

"11"

120

39%
4%

81%

22%
75%
99%

99i2

120

*4978

4%

113

2134
7234
98%

2238
75%

18

1778

43%

97%

2134

47%

47

137

35% Feb

Nat Conduit & Cable No par

24%

*95

97%

100

108

Nov

110

Oct

Nat Enam'g A
Do
pref

43%

139

137

*94

39%

116

98

71

9,100

50

38%
*4i2
24%
42%
*29%

39

983s

i 1*9 00

100

*

38%

23

24%
44%

47

50

39l2

7578
99U
6612

24
43

115%' 116

66

3712

14934 153

31%
37%
39U

*97

23%

100

Do

Do

43

*100

55

39%
5
24%
44%
30»s
44%
82
5334

3038
43%
*80%
52%

4412

4578
82
82
80%
81
55
65
53
5434
98%
98%
98U
98%
*
116
*..__"116
13512 135% 136% 137

116

700

"1*200

18

Mackay Companies

110

47

Apr

120

Jan

54,500

17%

100

Feb

July

Jan

86%

108

18

16

80

74

91

100

17

Jan

*18

46

92%Jan

116% Mar

Dec

900

*100

110% Dec

37

20%

*93

46%
108

18
II334

48%
36%

40

100

46

4

108%

91

41%

Dec

Jan

60% July23
123
Jan
2

,84%

"23%

Deo

93
80

103% Oct 17

2,700

75

135

88% Dec
49% Dec

2978

33

*73

Dec

4

19

93

Aug

66

*107

120

Jan

61%Jan

11

150

97%

Marl6

125

2178May22

92

110

Feb
Oct

5

1,000

46%

Apr

12

62

30

159

June

300

75

2:44%

Apr

26

29%
187%

74% Nov

*31%

46%
73%

54%

Dec

Apr

*64

30

Dec

42%

84%

29%

Dec

24

118

66%Junell

20

45

100%

171%Jarj

Feb

117

Sep

1

16

Oct

Oct
Oct

42% Oct 17

80%

73%

34% Oct
88
102

Dec

Inspiration Cons Copper...20

20

*90

110

Dec

9184

7

112

160

'

<

Jan

43

Deo

Deo
Mar
Dec

9

16

Do
89% 107,200
pref....
100
31% 30,200 Intern Nickel (Tlie) v t c.,25
2578
5,000 International Paper
100
Do
56
3,300
stamped pref ....100
43% '43%
3,800 Kelly-Springfleld Tire
25
32% 33% 49,300 Kennecott Copper
No par
80
81% 13,000 Lackawanna Steel..
100
16
700 Lee Rubber & Tire...No par
*15%

31

*93

Oct

Nov

43,900

85%

63%

*100

71

114

2934
113%
99%
12478
76%
100%
26978

June

44% Oct
24% Jan

8

30%

32

45

Oct

2378
55%

6414

94

100

Int Mercantile Marine....100

75

Feb

13% Aug
85

152

Apr 16

June

107% Aug

134% Oct 15
86% Septl2
174% Oct 15

.100

pref tr ctfs

106

50% Dec
108% Jan

15

1,500

*57

106

44U
*100

93% Oct 16
11% May 10
7% Oct 10

100

pref

2d

16

Oct

2,500

76

42

Do

7

9178 July 2
117%Jan
3
55% J an * 4
94% Jan
3

15

Nov

19% July
39% Nov
74
NOV
46% July
38% Apr
63% Sep
30% Sep
5378 Dec
129% Dec
144% Jan
75% Jan *111
Sep

205

Oct

41

53,600

62

97

44

100

June

103% June30
112% Feb
7
37% Julyll
112%Jan
2

15

100

39%

*74

*107

100

Do
1,400
pref tem ctfs
2,400 Goodrich Co (B F).

27%

*58

24~"

General Motors tem ctfs—100

58,200

39%

75

41%

100

*24%

60

"22%

Electric

Internat Agrlcul Corp
100
Do
pref
100
Intern Harvester of N J..100

75

23
41%

pref
100
Distillers' Securities Corp.'lOO
Dome Mines, Ltd
10

Do

45%

12

98

2214
39l2

Do

7,300

43%

38

58

Oct

44%

12

110

23

102% Sept19

Can..

pref

Oct

78

39

98

41

..100
....100

Continental

43,300 Corn Products Refining...
Do
4,050
pref..
117,900 Crucible Steel of America.
Do
pref....
1,100
17,300 Cuba Cane Sugar
No
Do
2,000
pref

160

42%

*107

100

18

Gulf States Steel tr ctfs
Do
1st pref tr ctfs

98

39

4

134% Jan

1,100

110

*94

477s Apr

8778 Oct 19
82% Feb

78

115

9714

31% Oct 16

Granby Cons M 8 & P.... 100
Greene Cananea Copper.. 100

*107

100

34% Oct 15

100

2,500
2,500

110

100

.100

Gas AEIec

72

73

*100

Columbia

104% Mar20
27% Marl2
63% Mar 7

17

123

Feb 20

Consolidated Gas (N Y).il00

*72

29%
43%

295s
4234

9,600
12,900
15,100

100

75

43

131

Colorado Fuel A Iron

41

68% Sept15
14% Oct 16

5

103

30%
45

29%

Apr

41% Oct

Copper............

*100

*70

41

88%

Chino

15,900
11,900

73

72

112

15

103

30i2
45?8

17U

Oct

72

70

21%

117% Nov

31

*100

43i8
*107

Apr
Jan

Cerro de Pasco Cop...No par
Chandler Motor Car
100
Chile Copper
..25

4,200
3,245

25% Oct 16

96%

Nov

June

95

42%

June

49

100

78

15

40

par

93%

4178 Dec

1087s

100

42%

52% Jan 26
30% Jan 25

62%Jan 25

50% Feb

42

Nov

101% Junell

100

80

41%

700

11578 Jan 26

Oct

140

Jan

* July *1*8*6*"

126

16

89

93

415

17

100

*87

5

Feb

Feb

GO

92

84

30

69%

4

Oct

Oct

18

75

325a
65i8
1934

*90

*19%

67

Jan

70

36

100

62

*57

3H2
64i4
17%
*82l2

6412

67

103% 107
*104
106
22% 24%
23
25%
80
8234
8134
85%
29%
30
29%
30%
22
2258
22
23
53
53%
54
55
42
4258
42%
43%
3134
34%
31% 33%
76
78%
77
79%
1534
1534
15%
15%

52l2
42
34is
7734
16%

62

82

6334

38

81%
30
22l2

41

*41

'90%

*10

23%

7734
2812

90>2

Junell

101

.100

pref

Do

30%

Jan

156

17% Oct lb
117s Oct 15

C-100

Leather

Do

1,000

28%
90%

150

4234

44-%
12ta
12%
37%
38
104% 10412

41

105

*85

43

14

39

87%

28%

90

34

36
37
36%
38%
90%
90%
*90 I
96
*101% 104
*101% 104

37
90%

96
103

27%

9012
66i8
91'a
2714
80

....

*90
*85

28%

.

*101

91

515

Highest
$ per stars

100

v t

pref

Central

110

35

.

Lowest
$ per share

100

Do

1,700
65,100

32*

32

32
71%

16

Oct

Pretiout
1916

105% Mar
42% Jan
80% Jan

600

95i8

365a
33l2

84

18%

*101%

SHARE

for

Year

share

per

135

69% Oct

14%

$

70% Oct 16

pref

18%

35%
3112
9134

/

...100

class B common...100

...100

Range

Highest

share

per

Do

76

101

31%

Steel

$

Do

14

75%

101

Bethlehem

89

80>2

37%

73

101

industrial&Misc.(Con.) Par

1

basis 0! 100-share lots

Lowest

92

13%

PER

Range Since Jan.
On

Shares

$ per share

7478

18%

36%

Week

Oct 19

84

SHARE

EXCHANGE

Friday

Oct 18

93

743s

NEW YORK STOCK

Thursday

17

8 per share
74
76

74

90

78%
95

*85

Wednesday

16

STOCKS

the

Saturday

Sates/or

6 Par $10 per share.:

n

Junel3

Par $100 per share,

14184
126

36%

Oct
Nov

Sep

100

66%
t

Seo

Certlfl

New York Stock Exchange—Bond
In Jan. 1909 the Exchange method of quoting bonds

was

Record, Friday, Weekly and Yearly

1603

changed and prices are now—"and interest"—except for income and defaulted bonds.

S? T3

bonds
Week

ending Oct.

Oct.

O OQ

Last Sale

19.

Ask Low

Bid

(J. S. Government.
V 8 3^8 Liberty Loan (w 1)1947 J - D
U 8 2a conaol registered...dl930 Q- J

2
5 »

Range or

Friday

19.

•a

Week's

Price

N. Y. STOCK EXCHANGE

97

...

.,

99.70

High

No.

99.80 16910

97% Sept'17
9934 Jan *17
98%
98%

B1930 Q

-

*1918 Q

-

J
F

D 8 3s coupon
U 8 4a registered

*1918 Q

-

F

99

1925 Q

-

F

105

D 8 4s coupon
1925 Q- F
D 8 Pan Canal 10-30-yr 2s_*1936 Q - F
U 8 Pan Canal 10-30-yr 2s_ 1938 Q - N
D 8 Panama Canal 3s g
1961 Q-M

105

106

9634

97i2

99

100

99

97

9712

_

85% Sale

O 8 Philippine Island 4a_1914-34 Q- F

95

106

104% 111%

85

102t4

Feb *15

95

95%

205

93

98%

91

92

936

80% Oct *17

90%
80%
89%

95%
93.
96%

67%

65

99

99

"15

97

97

97

4

86%

86%

86%

2

94% Sale

94%

9534

94% Sale
9438 Sale

94%

95

94%

94%

22

96

9534

96%

184

88

88

88%

15

Sale

.87%
76%

.88%

77

French Repub 5hb secured loan.
second series 4^8-1925 J
Do
do
"German stamp".

-

77%

74

75

88%
J t 87% Sale

Y-~~J

,

t

Lyons (City of) 3-yr 6s
1919 M-N
Marseilles (City of) 3-yr 6s.. 1919 M-N
Mexico—Exter loan £ 5s of 1899 Q- J t
1954 J

Sale

89% Sale
89% Sale
48
35

-D

89%

91%

75% Oct '17
89%
91%

89%
91%
49% July'17
35

90

91%

75%

76

76

65

79

72%
100

97

98%

97%

98%

9

98%

97%

98

2

1

.

*18

101

ui-v

18

101

110%

32

'17

9334 102%

101"
100

M-

103

8

J

105

10734

July'17

91%
105

101-

10034 106%
100

102%

99% 106%

107% 117 %

Sept'17

103

103

110% Sept'17
105

J

103

100%

84

101
10034 July'17
100% 102% 100% July'17
100
100% Sept'17
10734 110
10934
10934
103

no%

101% 110%

loo"

J

9334 102%

9334 102%

97
94%
94%
92% 93% 97% Jan '16
101% 102% 101%
101%
100% 100% July'17
10134 106
IOI84 Oct '17
8234 83% 84
Sept'17

J

97% 104%
97
10534

97% 106

94

-

109% 117%
108% 110

Mar'17

79%

8s deferred Brown Bros ctfs-~.

108%

78

Sept'17

78

87%

49%

-

50% June'17

50

61%

57

58

8534 Sale
*

ft 1995

Nov

..A1995

A1995 M-N

Jonv gold 4s

.....1955 J -D

Uonv 4s Issue of 1910... 1960 J -D
East Okla Div 1st g 4s... 1928 M- 8

Rocky Mtn Dlv 1st 4s... 1985 J

-

J

Trans Con Short L 1st 4s. 1958 J - J
Cal-Ariz lrit A ref 434s"A"1962 M- S
8 Fe Prea A Ph 1st g 5s... 1942 M- S
At! Coast L 1st gold 4s
A1952 M- 8
Gen unified 434s
1964 J -D
Ala Mid 1st gu

gpld

5s_.Il928

Bruns A W 1st gu gold
4s.

1938

M-N
J

-

J

Charles A Sav 1st gold 7s. 1936 J - J
LAN coll gold 4s
ol952 M-N
8av F A W 1st gold 6s
1934 A-O
1st gold 5s

1934 A-O
8118p Oca A G gu g 4S....1918 J - J
Bait A Ohio prior 3
34s..
1925 J - J
.

Registered...
1st

A1925 Q- J
5(1948 A-O

50-year gold 4s.

Registered
20-yr conv 434s....

94

Gen'l gold 4s Series A___el9S9 J

Registered.....

•88%

-

93

Sale

85% Nov'16
79% Oct '17

92%

94
'17

94

107

91

99

68

84

78

86

80%

83

91% Oct '17
78
Aug'17.
80% Oct '17

95%

93% May'17

91

9934 July'17

9934 104%

80

80%

80

96%

'17

82

95%

103

80% Sale
8.1
82%

98%
85%

...

87%

112
75

79%

82

Oct

Oct

100% Aug '17

78

Oct

115
105

98

80

89

81% Sale

90

90%
90% Sept'17
81%
81%
82%
90

PLEA W VaSysref4s
1941 M-N
Southw Dlv 1st gold 3
34s 1925 J - J
Cent Ohio R 1st c g 434S..1930 M- S

78

CI Lor A W

94

89

112

98%

87%
83 %

25-year debenture 4s
Convertible 4Ms

1934 J

1932
Chic A L Sup Dlv g 5s__Il921
Chic A Mo Rlv Dlv 5s
1926
Cblc A P W 1st g 5s
1921

"49
16

Registered

Registered

"III1987
.

"79 "

i94%

78

90

85

84

94%

100

Apr '17
99% June'17

100

"99%

108

104

Car Clinch A Ohio

lst30-yr

Central 6f Ga 1st gold 5s..pl945 F-A
Consol gold 5s
.....1945 M-N
Chatt Dlv pur money g 4s 1951 J -D
Mac A Nor Dlv 1st g 5s..1946 J
Mid Ga A Atl Dlv 5s
..1947 J

-

J

-

Am Dock A

*i 987 Q-

Imp

gu 5s... 1921 J

75

84

79

100

99

-

Leb A Hud Riv gen gu g 5s.'20 J M-

N Y A Long Br gen g 4s..1941

102%

Nov'16

106% Deo *16
98

Oct

85

103% 109%

May'17

101%

*17

97
85

101%

105%
92

100% 110

97

Sept'17

78

Aug '17

78

78

Mar'17

103

103

96

103

97% 96%
104-% 104%

J

90
95%
Aug'17
10634 106%
106%
105%106% 106%
106%

106% 120%
105% 118

J

100

100

104%

70

79%

J

80

—

86

90

102

Sale

100

100

97%

June'13
97% 101% 100
100% Jan '13

5

92

Cent Vermont 1st gu g 4s..el920 Q- F
Cbesa A O fund A lmpt 5s.. 1929 J - J

40

1st consol gold 5s.

Registered
General gold 434s

Registered

1939 M-N
1992 M- 8

70

91

100

99

"78 " Safe"

"7334 Safe"
80 J

Sale
81

1944 J -D

Aug *17
I
100

77%
7834
8634 Mar'17
7334
75

79%

81%

Coal River Ry 1st gu 4s.. 1945 J -D

*70

84
Apr *17
85% Nov'16

J

*85

90

15

1940 J

-

76

197

94

86-%
52

92

73%
79%

86%
94%

84

87

•No price Friday; latest tbla week. aDue Jan. dDue April. «Due
May.




94%

108%
104% 104%
99

96% Feb '16

Craig Valley 1st g 5s

J

-

J

-

-

-

"95

92

95

Registered........ II11921

97% Jan '17
76
Oct '17

75%
79

87

86%

81% Oct '16
89
Aug *17

■90

86

95% 103

Sept'17
Oct '17
Oct '17
Apr '16
Sept'17
103% Apr '16
100
Sept'17

100

102% Oot *16

102

107% 102%
104%
104%
109%
99% 104% 104

A-O

*

AO

101

A-O

1933 M-N

98
100% Sept'17
97% 104% June'16

76
101% Oot '16
108% 113% 112% Aug'17

5s...__11933

M-N

J

65

-

J

*69

8

100%

-

J

-

J

1988 J

-

87

88

Jan

'17

102

Oct

'17

...

....

97% Sale
100%

97%
97%
111% Deo '15

100%

111% Nov'16

72%

85

86% Sept'17

100

98

76

77

77

7734

87

Mar'17

"67~

Sale

J

J

Railway general gold 4s... 1988
Registered

..

J

M-

gu 4s. 1947
St L Peo A N W 1st
gu 58.1948 J
Chicago Rock Isl A Pac—

93%

-

Ext A Imp a f gold 5s.
1929 F-A
Ashland Dlv 1st g 6s... 1925 M- 8
Mich Dlv 1st gold 6s. .1924 J - J
Mil Spar A N W 1st
M- 8

Refunding gold 4s....... 1934 A-O
20-year debenture 5s
1932 J - J
Coll trust Series P 4s
1918 m- n
R I Ark A Louis 1st 4
Msl. 1934 m- 8
Burl C R A N—1st
g 5s.. 1934 A-O
C R I F A N W 1st gu 5S_ 1921 A- O
Choc Okla A G gen g 5s._ol919 J - J
Consol gold 5s
1952 m-n
Keok A Des Moines 1st 5s. 1923 A-O
St Paul A K C Sh L 1st 4
M8 '41 F
1930 J

Chic St P M A O cons 6s
Cons 6s reduced to 3

-

A

«■

D

63% Sale
96%

96% 100

97% Juue'17

95

9734

Oot

...

62%
109

68

67%
112

-

J

-D

6s..?1932 Q-M

Consol 50-year 4s

1952 J

Cln H A D 2d gold 4 Ms
1st A refunding 4s

1937 J
."..1959 J

..1931. J
General 5s Series B......1993 J

87%
60

105

J

65

-

J

....

Nov'16

102% July'17

105% Nov'16

80

82

-

J

65%

1920 m-n
*1936 Q-.F

J
cons 1st g 5s.. 1923 J C C C A I gen cons g 6S..1934 J - J
A-O
Ind B A W 1st pref 4s
1940
O Ind A W 1st pref 5s._.<J1938 Q- J

Cln 8 A CI

90

Income 4s

1990

Apr

88

♦75

63

80%

84%
101

68%

71%

102%
*88

74% July'17
73% June'17
84

....

....

Feb *17

Nov'16

88% May'15
102% Jan '17
107% Aug'17
94
July08

_.

51

10%

46

94%

5%

93

6%

5%

5

83%
77%

77

95% 103

'17

Oct

12% Oct '17
Sept'17
5%
5%

12%

93

Oct *17

81

83%
Oct

'17

10034 July'17

84

86%

J

78

N Y Lack A W 1st 6s._-.1921 J - J
Construction 5s....... 1923 F-A

104

99%

1923 M-N

92%

Warren 1st ref gu g 3Ms..2000 F-A

74%

fDue June. /»Due July. *Due Aug. eDue Oct.

79

73%

*78

-D

Term A Improve 4s

11

Feb *17

83% Mar'17

81%

~91% IIII

76%

-

101

101% 105% 102% Oct '17
8188
85% Aug *17

1935 M-N
Ft W A Den C 1st g 6s___1921 J - D
Conn A Pas Rivs 1st g 4s...1943 A-O

J

'17

71%

5

3MS-2000

Mar'll

Jan

63
62%
83% July'17

70

62%

81%

Cuba RR 1st 50-year 5s g._1952 J
Del Lack A Western—

May'17
July'15
-

96

62%

1929 F-A

Colorado A Sou 1st g 4s
Refund A Ext 4Ms

May'17

25

Peoria A East 1st cons 4s. 1940 A-O

Cleve Short L 1st gu 4 He... 1961 A-O
J
Col Midland 1st gold 4s
1947 J

65%

65%

90

-D

.*1936 Q- F

Registered

*17

Sept'17

J

Spr A Col Dlv lstg 4s... 1940 M- S
W W Val Dlv 1st g 4s
1940 J - J
1st gold 48

Jan

105% 105

*73

-

103

June'17

118

-

Cairo Div 1st gold 4s
1939 J - J
Cln W A M Div 1st g 4s. .1991 J - J
St L Dlv 1st coll tr g 4s_. 1990 M- N

C I St L A C consol 6s

'17

111

100

1959 J - J
1941 m-n

20-year deb 4Ms

Oct

Apr '17
9534
9534

95%

J

M- 8

Aug'17

109
91

1918 m-n
A-O

*18

97% July'15
58
Aug'17

"55 " "60

90%

J

67

Sept'17
9734
63%
03%
Sept'17

9734 Sale

1930 m- 8
.

'17

71

78%

1930
St P A 8 City 1st g 68
1919
Superior Short L 1st 5s g.^1930
ChicT H A So-East 1st 5s..I960
Chic A West Bid gen g

Oct

66%

71

Ms. .1930 J -D

Morris A Ess 1st gu

97% July'17
102% Deo '16
91
Aug'17

82%
74

July'17
Sept'17
Deo '16

107

92

..1879-1929 A-O

1921

99
100

100% 100%
91% 100%

88%

M-N

11

54

Aug'17

99

loo"

A

51

"S

104% Sept'17

98
»

88

77% Sept'17
100

F

1879-1929 A-O

102
99

91%

100% 108

J

-

80

10(1" 106%

J

-

72% Aug '17
86%
86%
79
79%

9934 Oct '17

97%

J

-

85

84

Sale

93

Trust Co certlfs of deposit

Sept'17

104% Jan '17

1992 M- 8

20-year convertible 434s_. 1930 F-A
30-year conv secured 5s.. 1946 A-O

Big Sandy 1st 4s

68
90

1939 M-N

-

Sale

78

i"

Clev Cln Ch A St L gen 4s. 1993 J -D

97% June* 17
104% Apr '17

101%

J

* 107"

107%

103

93%

J

Mobile Div 1st g 5s
1946 J - J
Cen RR A B of Ga col g 5a. 1937 M-N
Cent of N J gen'l gold 5S....1987 J - J

Registered

99%

103% Feb *16

101% Sale

J

-

101% 111%

107% 103% Sept'17

97

983;

J

-

1879-1929 A-O

Sinking fund deb

78%
86%
92% Feb '16
82% Oct '17
71%
72%

78% Sale

Cln DAI 1st gu g 5s
C Find A Ft W 1st gu 4s g.1923 M-N
Day A Mich 1st cons 4Ms. 1931 J - J

107

...

96%

-

J

Registered
Debenture 5s

1st guaranteed 4s

107
Feb '17
100%
9834 107% 101%
101%
99% 99% Oct '17

103

1962 A-O
5s '38 J -D

100

99%

99%
99%
107% Nov'16

Roch A Pitts 1st gold 6s.. 1921 F-A
Consol 1st g 6s
.1922 J -D

A 5s..

J

Sinking fund 5s

Ch St P A Minn 1st g 6s_
North Wisconsin 1st 6s

78

Oct *17

'17

97%

1987 M-N

187*9-1929

97%

84

106%

79

J

1937 M-N

Stamped 4s..
General 5s stamped
Sinking fund 6s

92%

88

95

J

-

pl987 Q

General 4s

82%

101% Nov'16
90

-

...1987 M-N

......

Debenture 5s

78

100

87

-D

1886-1926 F

General gold 3Ms

Registered

83

J

Milw A No 1st ext
4MS..1934 J -D

94%

101%

Nov'16

97% Deo '16

84% Sale

Cons ex tended 4 M s
1934 J -D
Chic A Nor West Ex 4s 1886-1926 F-A

8012

89

70

84

82%

-

J

La Crosse A D 1st 5s
1919 J
Wis A Minn Div g 5s....1921 J
Wis Valley Dlv 1st 6s
1920 J

91

""I

17

84% Apr *17

78%

J

-D

J

C M A Puget Sd 1st gu 4s. 1949 J
Dubuque Div 1st s f 6s... 1920 J
Fargo A Sou assum g 6s. .1924 J

96%
95%

88

94%

-

1925 J

90%

87

*80

cons gu

8934

'12

Jan

All A West 1st g 4s gu.... 1998 A-O
Clear A Mab 1st gu g 5s..1943 J - J

Canada Sou

118%

Sale

Monon River 1st gu g 5s..1919 F-A
Ohio River RR 1st
g 5s... 1936 J -D

Genfral gold 5s...
1937 A-O
Pitts Clev A Tol 1st g 68.. 1922 A-O
Buffalo RAP gen g 5s
1937 M- S
Consol 4348
1957 M-N

20

9234 Mar'17
89

1933 A-O

"77% "89*"
115

63

96% Jan

.

Dec '16

Sale'

82%

.

93%

July'15

88

.

85

July'17

94%

93%
100

100% 107%

'17

11434

A1948 Q- J

1st g 5a.

80%

85
Sept'17
129% Aug '15

82% Sale

con

92% 106%

94

1933
Refund A gen 5s Series A. 1995 j"-D
Pitts June 1st gold 6s.
1922 J - J
PJunc A M Div 1st g
334s 1925 M-N
.

10

95

Mar'17

100% Apr

"92" 94"

..

"78~ "so"

90

C1989 Q- J

Milw ASL 1st gu 3
Ms... 1941
Mil L S A West 1st
g 6s. .1921

93

62

Chicago Milwaukee A St Paul—

ManGBANW 1st 3 Ms. 1941 J

79

32

72

Des PlalnesVal 1st
gu 4Msl947 M- S
Frem Elk A Mo V 1st 6s.. 1933 A-O

83

97% Feb '13
Sale

65

73%

'17

76

Sept'17
July'17

100% 11035 112% Mar'17

J
Ind & Loulsv 1st gu 4s... 1956 J - J
Chic Ind & Sou 50-yr 4s
1956 J - J
Chic L S A East 1st 4Ms... 1969 J -D

97

Sept'17

91

62

80

85

Oct

June'17

75

25

J

57

79

100

87

90

-

86%

83

"75% "78%

100

84%

51

J

57

79%

Nov

Stamped

---,

101

84%

75

-

8534

84

__

Adjustment gold 4s
Registered

100

M- S

57

Railroad.
....A1995 Q- J
Atch Top A S Fe gen g 4s
1995 A-O
Registered
1995 A-O

Sept'17

....

Purch money 1st coal 5s. .1942 F-A
Chic.A Ind C Ry 1st 5s... 1936 J - J

Registered
Ann Arbor 1st g 4s

July'17

30

90%

97%

-

33

General 4Ma Series C.._el989 J

98

M- S

84%

30%

29%

78

98% 101%

Highway Improv't 434s..1963
Highway Improv't 43*s_. 1965
irglnia funded debt 2-3s.._ 1991

84% Sale
20

_

7234

411

Canal Improvement 4 3*8.1965 J

General 4s
..1958 M- S
Chic & E 111 ref & imp 4s g_ 1955 J - J
U 8 Mtg & Tr Co ctfs of
dep..

72

98%

09

92

July'16
99% June'15

Gen A ref Ser A 4 Ms
a2014 A -O
Gen ref conv Ser B 5s.._a2014 F-A
Gen'l gold 3Ms Ser B
el989 J - J

100%

77

98

Permanent 4s..j

98% Sale

J

93

80%

98

-

92

M-N

1st consul gold 6s
.1934 A-O
General consol 1st 5s
1937 M-N
US Mtg & Tr Co ctfs of
dep
Guar Tr Co ctfs of dep

Sept'17

77

1921 M- S

97

155

Canal Improvement 4s...i960 J
Canal Improvement 4
34s. 1964 J

1927

100

76%

39%

99%

101

Iowa Dlv sinking fund 5s. 1919 A-O

100

4t

91
86
Oct '17
86%
100%
*100% 103% 100%
98% Sept'17
97%

75%

99%

1961 M- 8
Canal Improvement 4s__Il96l J - J
Canal Improvement 4s..* 1962 J - J

75

90

2

99% Sale

flf Y State—4s

J

99

J

-

40

35

141

98%

1954 M-N

-

1949 J

'15

58% Oct *17

42

40%

98%
98%

1957 M-N

Chic B <fc Q Denver Dlv 4s.. 1922 F-A
1949 J

71

Feb

58%

"38"

89%

9234

1917 M-N

J

-

75

95%
94%

1957 M-N

A-O

1950 J

Registered
Southwestern Div 4s

71

Ne.

88% Sept'16

113%

"68

331

434s
New 434s
434% Corporate stock...
334% Corporate stock...

32

*70

*85

76%
97%
97
50

405

94% Oct

71

J

S

82

833

95

-

M-

73%
SS%

93%

Corporate stock..... 1958 M-N
4% Corporate stock
1957 M-N
4% Corporate stock
1956 M-N

J

M-N

76%

95

4%

2d oonsol gold 4s
1989
Greenbrier Ry 1st gu g 4s. 1940
Warm Springs V 1st g5s._ 1941
Chic & Alton RR ref g 3s.__1949

102

98%

94

80% Sept'17

Refunding gold 5s.......1947 J
Refunding 4s Series C
1917 J

9234

94

High
84% Jan '13

82

88%

98

94

80

75

80%

9434

93%
94%

70

J

8

94% Sale

97% 98% 98% Sept* 17
101% Sale 101%
10134
101% Sale 101%
10134

J

-

Cblo Ind <fc Loulsv—Ref 6s. 1947 J

98% Sale

Corporate stock
1964 M- S
Hie Corporate stock....1966 A-O
4Hb Corporate stock
1965 J -D
iHB Corporate stock
1903 M- S
i% Corporate stock
.1959 M-N

g 48... 1989

Railway 1st lien 3>*8

Ask Low

Bid
-

J

1st 4s....1946 J

con

88%

93 Ms Sale

State and City Securities.
N Y City—4J* a Corp stock. 1960 N\- 8

R <fc A DIV 1st

81

8

3-year 5 H temp notes
1919 M-N
5-year 53^ temp notes.. 1.1921 M-N

New

Chesapeake & Ohio (Con)—

-3-a

Week's

Range or
Last Sale

19.

Chicago Great West 1st 4S..1959

11

OKof Gt Brit A I 2-yr 5s_.1918 M- S

Temporary notes 5 Ha
1918
Temporary notes 5Ha
1919
tThese are prices on the basis of $5 to£

Oct.

92% 97
86%
86%
9434 100%
94% 100
94% 100%
9534 101

Aug'17

90% Sale

Paris, City of, 5-year 6s
1921 A-O
M- S
Tokyo City—5s loan of 1912

"80

*17

Oct

Price

Friday

So,

Oct. 19.

Sinking fund 4s
1919 A-O
Joint bonds.
See Great North
Nebraska Extension 4s...1927 M-N

96

1931 A-O

lapanese Govt—£ loan 4 Ha.1925 F-A

Week ending

Illinois Dlv 3Ha
Illinois Dlv 4s

98% Oot '15
97
July 15
86
85%

97

,

Gold debt 4s of 1904

99%
99%
98% 101%
10434110

60

Dominion of Canada g 5a.. .1921 A-O
Do
do
■
'
1926 A-O

1931

108

99%

Sale

1949 F- A

Sterllng loan 4s...

100.30

80*4
82%
89% Sale

A... 1949 F-A

do

High

99

91% Sale

M- S
Argentine—Internal 5s of 1909.
Bordeaux (City of) 3-yr 6s. 1919 M-N
Chinese (Hukuang Ry)—5s of 11 J -D
Cuba—External debt 5s of 1904. M- 8

Do

Low

9934
98%

99

100

Foreign Government.
Amer Foreign Secur 5s.._..1919 F-A
A-O
Anglo-French 5-yr 5s Ester loan

ser

N. Y. STOCK EXCHANGE

96%

10512 105% Oct *17

External loan 4Hb

bonds

Since

fotw Creek Br

99.72 Sale

U 8 2s conaol coupon
U 8 3s registered

Exter dt 5s of '14

Range
Jan. 1.

"94" Feb"

83%
109

78

10334
99%
96% 94%
82% 102%

pDue Nov

16

Sept'17
Sept'17
Oct '17
Sept'17
Feb *03

#Due Deo,

*

Option sale

ii

bonos
y. stock exchange

n.

Week ending Oct. 19.

BONDS

Since

n. y. stock exchange

Jan. 1.

Week's

Friday
Oct.

19.

Ask Low

Bid

High

No.

Low

Ist <k ref 4s

—

-

j
-

.1943 M-N

1935 A - O
Alb A SU8<2 conv 3H8
1940 A-O
Renas A Saratoga 1st 7s.,1921 M-N
Dsn v A R Gr 1st cons g 4s.. 1936 J - J
COQ80I gold 4^8
1930 J - J
Improvement gold 5S-...1928 J -D
1st A refunding 5s
1955 F - A
ttloGrJunc 1st gu g 5s...1939 J - O
Rio Gr Sou 1st gold 4s... 1940 J - i
Guaranteed--..1940 J - J
Kio Gr Weat 1st gold 4s..1939 J - i
Mtga A colItru8t4s A..J949 A-O
Des Moines Un Ry 1st g 5a. 1917 M-N
Det A Mack—1st lien g 4a..1995 J -D
Gold 4s.—-—
——-1995 i - H
OetRivTun—TerTun4^s 1961 M-N
Dul Mlssabe A Nor gen 53—1941 J - J
Dul A IronRange 1st6s
1937 A-O
Registered
-.1937 A-O
D-.il Sou Shore A Atl g 58—1937 J - J
Elgin Jollet A East 1st g 58.1941 M-N
Erie 1st consol gold 7a. —«
1920 M- S
N V A Erie latext g 4s...1947 M-N
2d ext gold 58...
1919 M- S
3d ext gold 4348
1923 M- S
4th ext gold 5s
1920 A-O
6tb ext gold 4s
1928 J -D
20-year conv 5s

;

9534 Oct '17

94% 66
86% Sale

86ig
93u
75*8
76
11278 Deo '16
6712
68i2
85%
93

93% Sale

75%

76

10212

67i2 Sale
73% 75
78

Sale

—

S Y L E A VV 1st g fd 78-1920
Erie 1st cons g 4s prior
1996

M- S
J

1st consol gen lien g 4s. 1996

Bid

D—. 1953 A

Chic A Erie 1st gold 5s—.1982
Clev A Mahon Vail g 5s.. 1938

M-N
J

Erie A Jersey 1st s 16s... 1955 J
Qenesaee River 1st s 16s.. 1957 J

Long Dock consol g 6s... 1935
Coal A RR 1st cur gu 6s. 1922
Dock A Inapt 1st ext 5s.. 1943
NY A Green L gu g 5s..1946

N Y Susq A W 1st ref 6s. 1937
2d gold 434s
1937
General gold 5s
1940

Terminal 1st gold 5s...1943
Mid of N J

1st ext 5s....1940

•Vllk A East 1st gu g 5s._ 1942
fflv A (nd 1st consgu g 68—1926

Evuiisv A T ii 1st

cons 6s.. 1921
1st general gold 5s.
1942
Mt Vernon 1st gold 6s— .1923
Bull Co Branch 1st g 58— .1930

Torlda E Coast 1st 4 34s

-

O
O
O

J
M-N
J - J
F-A
F - A
M-N
A - O
J -D
J
J - J
A-O
A-O
A-O

1959 J

iii" *81%

Great Nor CB A Q coll4s.. 1921

74

Registered

102

104

Jan *17

104

105

Sept'17

10478 109%

98'2

97%

98i2 Mar'17

99

9812 Oct '17
9712 June'17

100

94

5334
June'16

73

88
6

47

78

45

54

Sale

54

24

54

101

nil

106

111

~

"95" iii
8078

82% Aug'17
100u Deo '06

iii: "6834

90

9418
897g

8612

89

J

81

Aug'17
Apr'17
Oct *17

95

J

9912

Feb

8

Registered
1999 J - J
Col A H V 1st ext g 4s—. 1948 A-O
Col A Tol 1st ext 4s—— .I965.F - A

June'17

113

7212
81

-

7912
9%
80
82i2

334s

9834 Jan

[14

8214 Aug '17
88

67i2

90% Apr *17
97

j

92

93

92

j

7318

90

78

8ept'17
Sept'17
Sept'17

84

80

June'17

95

—

..1951

O

1951

118

118

95

~ hi.

8

Registered

sterling

s
Registered
1951
Collateral trust gold 4s... 1952 a-o

Registered

1952 a-o

80

81

105%

80

let refunding 4s.. .-——1955 M-N
Purchased lines 3^8
1952 J - J

80

Sale

L N O A Texas gold 4s.-. 1953 M-N
Registered
1953 M-N

75

Sale

75

70

84

84

89

Apr *17

74

Registered

1953 J

-

D

-

J

-

J

-

J

Middle Dlv reg 5s.
1921 F-A
Omaha Dlv 1st gold 3a
1951 F - A
Bt Louis Dlv A Term g 3s. 1951 J - J
Gold 334s
J - J

*56

~ ::i:

—

-

J

-

J

F-A

62

"78^ IIII

g 4s... 1951

|J

-D

Registered
1951 J -D
St Louis Sou 1st gu g 4a.. 1931 M- S
Ind 111 A Iowa 1st g 4s
Int A Great Nor 1st g 6s

1950 J

-

J

1919 M-N

James Frank A Clear 1st 4s. 1959 J -D
Kansas City Sou 1st gold 3s. 1950 A-O

Registered

92

78

85%

"80 " "80 "

'78% "s5 _

cons

g 6s..

Dec '16

62

62%

62

1990 f-a

37

Sale

37

37

27%

37
26%

54%
31

49%

69%
45

1948 J

1938 f

-

82

90

81

June'17

81

95%

89

Apr *17
Oct '17

89

94%

80

94% 100
82% 93
71%

*79% "9l"
80
05

80% Feb '17

80%

83

99

93

Oct '17

96% Aug '17

81

89% Mar'17
92
Sept'17
88
Sept'17

89%

90

87
94

•No price Friday, latest bid and uked this
week,

80

83% July'17
95% July'17

c

Doe Jan.

90%

9934

88

98%

88

'17

5634 1029
101

2

95

55%

68%

9934 106%

JulyT7
60% Apr '17

55%

60

60

01

82

Apr '17

80

82

100

85

Feb '13

77% Dec '13

60%

92% Dec '10

*84

88% 100

100% Apr *17

94% Sale

"73""

Sale

100% 10134
94

95

94%
102

10334

July'14

73

73" "86

74

80% Oot '17

"72" "74"

71% Oct '17
78

90%

Sep

'84

<39%

*15

16434

114%

106

55

68

July'17

68" "78%

*85

93

July'17

93

*85

90

Aug '17

90

90

82

Sept'17

82

9134

-

D

78%

1957

J

-

109

85

30

30*" "30

Aug *16
Feb '13

26

30

Oot

59

Dec '16

70

July'17

68

72

94%

94% Oct '17

94

99%

39%

40

35

50%

97

113%

J

-

J

50

61

1925 J

-d

94

O

35

1935 A

93

101% 108

May'17

35

J

-

Non-cum Income 5s a

Feb '16

102
Oct '17
96%
100% 104% 110% Mar" 17

1953 J

Oct

'16

'17

rr—

_

r.1998
2013

97

97%

235

77% Sept'17
89%
89%

97% Sale

1935 m-n

"7

f

-

a

7734

a

-

o

89%

-

j

74% Sale

74%

J

73%

74

1997 j
1997 j

92

90%
101

102

f

-

a

67

1998 f

-

a

.

Registered

" ~70~

76
89

8884
.

9834

Battle Cr a Stur 1st gu 3s. 1989 j

1936
Registered
1930
Beech Cr Ext 1st g 3)4s.m951
Cart a Ad 1st gu g 4s
1981
Gouv a Oswe 1st gu g 6s. 1942
Mob a Mai 1st gu g 4s... 1991

1

66

j

j

-

j

j

-

66

81

65

80

Sept'17

69

80%

75

Mar'17

75

80

96%

97

j
*70

a-o

-d

...

70%
76%

...

f-a

89

...

m- s

j

Nov'16

j -d
85

69%

1923 a-o

99%

...

Dne Oet.

1

Option sale

Mar'16

89% Feb '16

...

n y a Northern 1st g 5a

"94"

...

2000 m-n

<r

94%

9534 Nov'16
May'16

n y a Harlem g 334«

ft Due July.

85%

80

104

n j Juno r guar 1st 4a...1986

# Due June,

86%

74

Deo '16

"85% "95% "96% Apr~t7

j

-

83%

ft Due Feb.

743*

6734 Sept'17

88

101%
91%
95% 102

16

"20i

-o
-

Beech Creek 1st gu g 4s.. 1930 j
Registered
1930 j

5s

81

69

69"

1998 f-a
1998 f-a

75%

Sept'17

66% Oct '17

66

1998

Registered

2d guar gold

92

1934 m-n

Mich Cent coll gold 3 34a.

80

80

1934 m-n

Debenture gold 4a

Registered

60

94

82%

2
10

Oct

101

Guar 334s

92% 102%

Oot '00

79%

.

1938 M- S
1947 f - a

Lake Shore coll g 3 his

Sale

88

60

....

St l a Cairo guar g 4a
1931 J - J
Nashv Chatt a St l 1 si 5s.. 1928 a-o
Jasper Branch 1st g 6s...1923 J - J

Ref a Imp 434s "a".

88

63

89%

89

51927 Q- J
g 5s.

Consol 4s Series a

88

61

90%

89%

90%
89%

94

New York Cent & Hud Rlv—

88

82% June'17

"49"

105% io434 Aug '17

Conv deb oa.^

90

61

80

45%

Deo '16

1927 J

New York Central

90

80

45% Feb '17

n o Tex a Mexico 1st 08—

100

61

39%

New Orleans Term 1st 4s..

90

7u2

51

101

n o Mob a Chic 1st ref 5s.. i960 J

6oi2

45

50%

-O

1927 J

71

100

85

56%

T,*

87%

NovTQ

79

72%

55%
56% Sale
100% 101% 101

1933 m-n
1926 m- 8

Nat Rya of Mex pr lien 4 >4*.

84%

71

42

72% Sept'17
50% Oct '17

—

J

1929 J

_

St Louis Dlv 58

84%

40%

49

75

...

a

-

*69% "69%

70% Mar'17

.68

50

d

193s J

.

-

31%

Nov'16

49

64

S

69

95

69% Apr '17

31% Sept'17

.

Montgomery Dlv isl

*17

95

40

1945 m- 8

1st ext gold 0s..
Genera! gold 4s

72i2

94

31

61

St l Ir m a s gen con g 5e 1931 a-o
Gen con atamp gu g 5s
1931 a-o
Unified a ref gold 4s... 1929 J - J

89%

Feb '11

7234

27%
27%
49% Sept'17

41

1920 M-N

65

Jan

30
49%
3234
69%

30
....

90%
88%
87%

.1959 M-

.

Cent Br u p 1st g 4s
Pac r of Mo 1st ext g 4s
2d extended gold 5s

85%

Oct '17

9u2




95

1926

Registered

8734

2003 m-n

94

Sale

8her Sh a So 1st gu g 5s.. 1942 j -o
Texas a Okla 1st gu g 5a. 1943 m- s
Missouri Pacific (reorg Co)

75

89"

94% Aug'17

63

62

1st a refunding 4s
2004 m- 6
Gen sinking fund 4^8—.1936 j - j
St Louis Dlv 1st ref g 4s..2001 a-o

85%

93
Apr '17

....

General oons 4J4«._

j

42

45

1944 m-n

g

Registered

Oot '09

Registered
Lehigh Val (Pa)

J

78%

-

1990 j -d

Rlv a g Dlv 1st g 4s..
Verdi v i a w 1st g 5s—
Mob a Ohio new gold fls

92

100

953g

-

9834

"93% nil

j

"90" "90"%

92%

~9"l%

1940 J

92

94%

-

40-year gold loan 4s
1st a ref conv 5s

90

—

4s..2003 m-n

92

3d 7s extended at 4%.
1938 M-N
Boonv St l a s 1st 5s gu. 1951 f-a

1171* May'10

mi

80

cons g

'17

m-n

*82% "88%

92% Sale

*70 u

Kansas City Term 1st 4s__.1960 J - J
Lake Erie A West 1st g 5s. .1937 J - J
2d gold 5s
.1941 J - J
North Ohio 1st guar g 5s._ 1945 a-o
Leh Val N Y 1st gu g
434s._1940 |J - J
.

97

Jan

9334

June'16

90

80

-

85

92

80

114

J

Apr 1950 J

*17

Guaranteed general 4s... 1977 A-O
Nat of Mex prior lien 4 34 s_. 1926 J - J
1st consol 4a
1951 A - O

92

1950 A-O

Ref A lmpt 5s...

Oct

72%

80% Nov'16
84% May'17

79's

~99~" nil

Memph Dlv 1st

88

72%

80

J -D

3 34s
1951 J -D
Registered
_.195I J -D
Joint 1st ref 5s Series A. 1963 J -D

80
45

88%

General 4s

92

*83" "95"

85

45

86

80%

9934

64
61%

78

80

96%

44%
45

44

j941

1st ext gold 5s

Missouri Pac 1st

14

j

-

65
Sept'17
77% Aug *17

8178

F-A

Gold

f 4s

a

45

-d

j

1965

Aug '12

69i2

Carb A Shaw 1st gold 4s. .1932 m- s
Chic St L A N O gold 5a.. 1951 J -D
1951

Oct *17

80% Sept'17

1951 m- 8

72% Jan '17

nil 1073;

Registered

Feb '15

44%

.1923

June'10

*56

1923 J -D

Bellev A Car 1st 6s

60

80" "91%

June'17

~83~~

83

192

J

J

45

76%

76% May'17

7812

"9714 "in

——1951

Registered
--.1951
Spring! Dlv 1st g 3 34s...1951
Western lines 1st g 4s
1951
Registered
1951

45

51%

1st a refunding 5s

Feb '14

Cairo Bridge gold 4s
1950 J
Litchfield Dlv 1st gold 3s. 1951 J
Loutsv Dlv A Term g 3
4s 1953 J

75

91%
108

103% Oot '16

45

1st a refunding 5s
1st a refunding 5s

May'14

81

78%

85% Jan '17

7478

91%
108

Sept'17

"74" "79%

15%

95% Sep '12

67i8

81%

Nov'10

108

106

m k a Okla 1st guar 5s.. 1942 m-n
m KATofT 1st gug 58.1942 m- s

75%

103%

79

91% June'17

a-o

86% 98
1083g 108%
113
124%

July'09

76

98% 109
100

Mar'10

75

*80" mi

,

75

100

108% Nov'16

77

Dall a Waco 1st gu g 5s..1940 m-n
Kan City a Pac 1st g 4s__ 1980 f-a
Mo k a e 1st gu g 5s
1942 a-o

9%

98

98% July'17
99% 105
102% 100
Aug *17
79
70
Apr *17

-d

'89% ~98%

O

.1951

*65

1927 j

1921

2d gold 4s..
-

Nov'15

j

1951

Extended 1st gold 3 34s

121

n ov'16

1951

.

Registered

'89% "i)9"
111

June'17

"8212 "8712

j

813*

80%

Feb *05

98%
98%
97% May'16

1934 m-n
4s... 1949 m- 8

refunding gold

1st sold 4s...

80

81

—

mssm a a 1st g 4s lnt gu.'26 j
Mississippi Central let 5s...1949 j
Missouri Kansas & Texas—

99

99% U5%

81

gold 7s

MStPAS8Mcong4slntgu.l938

"933; "97"

Oct '17
Aug *16
t>«0 '16
Oct '17

1951

Registered

153

9912
io984
6934
912

95

Houston Belt A Term 1st 6s. 1937
Illinois Ceotral 1st gold 48—1951

1st gold 3s

100" -i
70

J
J

——

-

f-a

cons gu

1st Chic Term

13014 May'06

Feb

Gulf A 81 1st ref A t g 58—51952 J Hocking Val 1st cons g 4 34s. 1999 J -

1st gold

110%

89

95

98% Sale
84%
103%

a

5s. —1936 f-a

Refunding gold 4s

89% IOD4

10838 Jan *17

Debenture ctfs "B"

eons gu g

Iowa Central 1st gold 5a.. 1938 j

96

"56% "69%
94

89*8 Sept' 17

j

-

Aug '17

Ref a ext 50-yr 5s Ser a.. 1962 q- f
Des m a Ft d 1st gu 4s..l935 j - j

16

101

J

81% May'17

Gen

102

26

Minn Union 1st g 6s
Mont C 1st gu g 6s

80%

-

78%

-

..51952 q- j

Stamped guaranteed—
1977 M- S
Midland Term—1st s f g 58.1925 j - d

90

"82" iii-

'

1937 J

94

Pensae a Atl 1st gu g 08-1921

Juue'16

E Minn Nor Dlv 1st g 48.1948

"A"

94

-

Minneapolis a St Louis—

9418

•

10212 May'16
89»2 Aug'17
95% Mar'10
851* Nov'15
8014 July'17

1st guar gold 5s

94

san Ala

85i2 June*16

99

J

Will ASF lstgoldfis.1938 J -D

107l2
100

June'12

118

Green Bay A W deb ctfs

85%

10s34

96

Registered

Nov'll
89

105%

88%

1st a

5612 Oct '17

105

74

Pacific Ext 1st gold 0s
1st consol gold 5s

90i2

'17

105% Aug *17

105

73%

81
91%
108% 10834

81

97

28%

94i2

81

Oct '17

n Fla a s 1st gu g 5s..
1937 f
n ac Bdge gen gu g 4 34s.i945 j

8518 June'17

8978 Aug *17
92
Aug to

60

60% May'17

97% Oct '17

1st

9334

90% Apr '17

102% Oct *17

108-% Jan

103

114%
104% 104%
89%
90%
102% 106

74

81

Sale

83

77

94

106

79

60

87

103% July'17

Sept'17
92%
98% 98
106
Aug '17
102% 112
104% Feb *17
96%

t00%

9734
96%

100% 10634
1033* 103*2

96%

60

93

85%
96%

'17

96

77

95

96% Jan

94%

110% 113%
102% 107

71

108

108

85

112% 110% Sept'17
109% 102% May'17
88%
88%
88% Sale

Manila rr—Sou lines 4s... 1936 m-n
Mex Internat 1st cons g 4s.. 1977 M- S

97

96% 103

July'17

j

107

Oct '17

163" 103"%

100

50-year 5s. 1963 a-o
l a Jeff Bdge Co gu g 4s
1945 m- 8

28%

'11

86

82

106% 108

17

Jan

110

78

Jan '17

97

'17

96% Aug '17
Aug *16

88

97

Jan '17

28i2 jan

90%

Oct

103% Apr '17

60%

108

101

98%
81

80

50%

108

"97"

78%

78%

80

100

84

— —

"87% "94

62

95

78%

...

l a n-South m Joint 4s.. 1952 j

109

Nov'17

74

95% Feb '17

91

j

82% 100%

102t* Mar* 17

93u

89

104%

-

10212 106%
101
102%

1021* July'17

114

-

100

85%

May'17

89

Lex a East 1st 50-yr 5s gu 1905 a-o
la nam am Istg434sl945 m- s

112% 112%

June'17

100

103

Registered

103

1123* Aug* 17

115

111

_

103

103

90

89

92% 104%

M-N

1930 j

Kentucky Centra! gold 4s.l987 j

99l2 109
10678 100%

100i2 Oct '17
1067s jaq '17
July'17
103*8 i0334 Aug *17

100

90

78%
80

Atl Knox a Cin Dlv 4s... 1955 m-n

84

54

July'17
99% Oot '06

"92% nil

St Louis Dlv 1st gold 08—1921 m- s
2d gold 38——
1980 m- s

68%
08%

8834 Sept' 17
48i2
461-2

85

90

1919 j -d

noam 1st gold 6s

90

47
45

90

106

85% Feb '17

95

79%

Atl Knox a Nor 1st g5s._ 1946 j -d
Hender Bdge 1st s f g 6s..1931 M- 5

Sale

loo"

100% 100% July'17

e h a Nash 1st g 6s.

"siH "7312

Sale

87

Sept'17

IIII

l Cin a Lex gold 434a,-..1931

87%

47

Apr '17

Registered
.......1940 j - j
Collateral trust gold 5s... 1931 M-N

99%
99

46-

107% 120

1937 J
1937 J

41

113

102% 106%

'13

96%

8

1937 rvi-n
1940 j - j

5s

.

70%

Aug '17

94% June'16

85%
98%

-

Unified gold 4s.

104

Doc '16

5234

-

2d gold 08
1930 j - j
Paducah a Mem Dlv 4s.. 1946 f-a

7812

78i2

"89% ~95

A
1922 J

98^2

Oold

97% 100%
9912 102i2

99i2 July'17
84
9434 Nov'15
100*8 101% 10712 dec '16

1961 J

J

9812

96*8

78% Sale

-d

Louisiana a Ark 1st g 5s. —1927 m- s
Louisville a Nasbv gen 6s.. 1930 j -d

100% 107

96

J

92
104

"94" "94"

93%

1933 J

Registered

Jan *17

High
100% 114

113

87

105

-I— "80

m- a

n y b a m b 1st con g 5s.

104% 105%

1933 J

Reduced to gold 4 H>8

....1949

81%
72%
90

s
1949 m
1935 a -o
n ya rb 1st gold 5s
1927 m- s
Nor Sh b 1st con g gu 5s.ol932 q- j

Deo '16

95

Low

100%

---

1937 m-n

1933 J

Registered
1933
Mont ext 1st gold 4s.-.1937
Registered
1937
Pacific ext guar 4s £...1940

Unified gold 4s

94

99

75

"93"%

-d

1934 j

84

6

Oot

Since

*86% mi

d

Debenture gold 5s

Aug* 17

NO.

100%
Marl

105

m- 8

1932 j

4s

38

iiii "90

88

...1933 J

j

Guar refunding gold 4s... 1949 m

t Paul M A Man 4s

Registered

.1922

20-year temp deb 5s

1st consol gold 6s

*

Gold

6712

100%

101" III. 103%

m931 q- j
..1938

Ferry gold 434s...—

105% Feb '17
95
Sept'17
io6i2 Mar'08

101

94

A —1961 J

General gold 4s..

84?4
74i2

84

83i2

9934 103
91

fi 8

Registered—A1921 Q
1st «fc ref 43*8 Series

1st consol gold 4s

68

7512 July'16

~56~ Hi-

J

9!)

49i2

9312

82

81

—-

✓ortStUDCo latg 4 34s. .1941 JJ t Worth A Rio Gr 1st g 4s. 1928 J
Jalv Hous A Hen 1st 5s
1933 A

77

69

Range
]

Jan. 1.

High

Ask Low

113

1945 m- s
Long Isld 1st cons gold 5s..a1931 q- j

91

38

o
ocfi

Registered

75
18

Range or
Last Sale

19.

100% 103

1933 j - j
1945 m- s

1st lnt reduced to 4s

~86 ~

98

57

J

-

A-O
M-N

67%

55

69

57

84

-

Registered

Oct '17

Sale

50

73

-

Leh Val Coal Co 1st gu g

9212 107
75
89%

a-o

1941 a-o
58.1933 j - j
1933 j - j

9812 Mar'17

69

"5334 Sale"

J

Registered

Leh any 1st guar g 48

01% apr '11
38
Juiy'i7

Registered.-

conv 4s Series

54

84

1996 J
Penn coll trust gold 4s.-1951 F
50-year conv 4s Series A 1953 A
do
Series B
1953 A

S:

"5T

Friday
Oct.

19.

High

95i2 IOU4
8512
99!2

Aug '17

37

1996 I

Registered-.--

5

Aug "17

5312

95

13

%Pt*17

78

84

54

75

-

Gen

£

Week ending Oct.

Leh v Term Ry 1st gug 68—1941
j
1922,-

Hen euulp * 4 >48

Week's

Price

Range

Range or
Last Sale

Price

is

Delaware & Hudson—
ist

[Vol. 105.

New York Bond Record—Continued—Pa?e 2

1604

80

80

81%

101

.

May'17
June'17

101

102%

Oct. 20 1917.]
SI

BONDS

N. Y. STOCK EXCHANGE
Week ending Oct. 19.

N Y Cent AH B

RR

Price

1922 J

1997

-

-

J

*90

....

....

....

9812

....

981

82

85

*65"

•

Hi."

72l8
81

76
83

84i2 Bale

H Y Chic A St L 1st g 4s..1937 A«
Registered
1937 A-

...:

*82

62%

82

76%

-

65

80%

Debenture 4s
...1931 (VIWest Shore 1st 4s guar.. .2361 J -

80

IT Y C Lines eq tr 5s..1916-22 M«
J

.

93

N Y Connect 1st gu 4Xb A. .1953 FNYNHA Hartford—
Non-conv deben 4a_.
.1947 MNon-cony deben 3*$s1947 MNon-cony deben 3%s
Non-cony deben 4s
Non-cony deben 4h___
Conv debenture 6s

Cons By non-cony 4s
Non-conv deben 4s

Non-conv deben 4s
Non-conv deben 4s

85%

-

...1945 J

Gray's Pt Ter 1st gu g 5s. 1947 J -D
S A A A Pass 1st gu g 4s
1943 J - J

90%

50

50

56

50

Oct '17

56%

Oct '17

48

64

85

110%

50

79

85
Oct '17

.

75%

Consol gold 5s——....1943
Ga A Ala Ry 1st con 5s..ol945
Ga Car A No 1st gu g 5s.. 1929
Seab A Roan 1st 5s
..1926
Southern Pacific Co-

7534

Apr *17

107i2
86%

108
115

37%

Aug '0.9

Sept'17

70

70

67

Apr'16

57

57

65%

83

"66%

"67

84

Mar'17

"Si"

Sept'17

86%

94%
78%
123%
117%
117%
84%

Deo *16

80

Oct '17

8434

83%

83

83

83

00

68%

61% June'17
91% May'17
106
Sept'17
103% Sept'17

01

07%

D

Pennsylvania BR 1st g 4s... 1923
Consol gold 5s
1919
Consol gold 4s_..._t—1943

;N

i

S

N

—1948

N

4Hs

1960

A

General 4 3^s

1965

D

Alleg Yal

gen guar g 4s...1942
RRAB'ge 1st gu 4s g.1936
Phila Bait A W 1st g 4s—.1943

8

D R

A

N
J

82%
102%
100%
71%
70

-

Guar 3^8 coll trust reg A.1937 MGuar 3Xo coll trust ser B. 1941 FGuar 3^s trust ctfs C
.1942 J Guar 3 Xa trust ctfs D—1944 J Guar 15-25-year gold 4s—1931 A-

40-year guar 4s ctfs Ser E.1952 MCln Leb A Nor gu 4s g
1942 M-

107
68

Sept'17

76

93

Aug'17
92%
92%
92% 9634 92
100%
100% Sale 100%
91»4
92%
92% Sale
89
91% 8934 Oct '17
85
84% Sep, '16
92
Aug '17
87%
102

*90
93

.

93%
99

92

97%

---

J

-

J

96

—-

99

100

98

98%

76

99

99

Oct *17

....

81%

Sept'17

97

102%
102%

87

Feb '17

87

87

81

Aug *17

80

86*4
81%

81% July'17
68
86
8734 Dec '16
Aug '17
85% 89% 89
85
9234 Apr '17
84% Oct '17
84% 87
91%.... 96% May'17
102
93
Apr '17
76

99%

97

97%
70%

99%

....

...

104

93

81%

89" "97"
92*4

93

84%

91

96% 100%
102

102

Deo '15

66% Feb '12

~76% IIII
78

90% Oct '12

88% Feb '17

76%
83

88%

89%

88

88

88

Apr'17

71

90% July'12

91% 100

99

Mar'17

90

....

93

May'14

92%

....

93

99" "99"

May*10

-

93%

95

91

98

*82

PC O A St L gu 4M8 A—.1940 A-

92%

"99%

.1942 A1942 M
1945 M-

92%
92%
91%
90%
91%

99%
98

6884 Apr '17
99% Feb '17
88% Sept'17
97*4 Aug *17
98

July'17

99

June'17

98*4
99%

98*4
69%

88% 88%
9734 103%
98
102%
99

94%

F- A

80%

70

....

95

93

Mar'17

95% May'17

95%
95%

86

95%

141

80

80%

17

87% Sept'16
89

Oct

'17

73% 70
Oct '17
100
100% Feb *17
97
100. Oct *17

91

100% Jan *10

99%

89

99% Apr '17
100

Oot

'16

103% Aug '17

96

90%

-

J

.!..

J

100

92% June'17
109% N ov'15
101% Deo '16

10034
105%

109

June'14

10434 I0434 July'16
105% 105
Jan '16

J

A-O

105

97

—-

Oot '16

99

102%

J

Aug *17

M-N

1007s

107% 107% Sept'10

J

92%
80%

93% Aug '17

J

-

81%
96
Sale
Sale

75

-

J

841-

-

J

94

-

80%
95

-

71

70

104

J

-

J

-

J

70

1948 J

-

96

9534

1948 J

J

J

-

J

75
,

80

J

-

J

A-O

99%

98%

'96% 103
90

—

80

12i

62%

72
100

....

**08 ~

S

987g
10134

1926 M- S

99

100
70

100

98%
102%

103%
104i2

.1931 M- S

—..1930 M-N
Va A So'w'n 1st gu 5s..2003 J - J
1st cons 50-year 5s—. 1958 A-O
General 5s

96% Sept'17
July'17
May'17
101% Sept'17
99

73

M-N
M-

70

102% Sep *16
98% Apr '17
90
July'17
9584
96%
83% Jan *17
81% Mar'16
75
Feb '17
100
July*17

100
102% 103% June'17

100

M-N

252

Oct *17

65

00%
101%
•

34

90% Aug '17

89

reo

94

68

D

-

15

93

----

67

J

-

84%

100% Aug '16
61*4
63

"03" Sale"
90%

80%
Nov'16

84%

J

"97% 100%

Sept'10
Sept'17
May'17
Sep '12
Sept'17
June'11
Aug '10
Deo *10

99*4 Sept'17

66

100
80

48—1924 F-A
Spokane Xnternat 1st g 5s.. .1955 J - J

821,

....

93% Mar'17

Ter A of St L 1st g 4Ms
1939 A-O
1st con gold 5s..
1894-1944 F-A
Gen refund a f g 4s.......1953 J - J

93%

99%

92

99

9534 Mar'17
93% Sept'17
94% Oct '17

81

86

St L M Bridge Ter gu g 5s 1930 A-O
Tex A Pac 1st gold 5s...—2000 J -D
Mar
2d gold inc 5s
*

95%

W O & W 1st cy gu

g2000
1931
6sl930
1935
Western Dlv 1st g 5s
..1935
General gold 5s...—...1935
Kan A M 1st gu g 4s
1990
2d 20-year 5s
1927
Tol P A W 1st gold 48—1917
Tol St L A W pr Hen g 3Ms. 1925
50-year gold 4s
.1950
Coll tr 4s g Ser A
1917
Tor Ham A Buff 1st g 4s..61946
Ulster A Del 1st con g 5s...1928
1st refund g 4s..—.—1952
Union Pacific 1st g 4a.
1947
Registered
1947
20-year conv 4s—...... 1927
1st A ref 4s......
.p2008

92

101%
91
70

,

La Div BL 1st g 6s
W Mln W A N W 1st gu
Tol A O C 1st gu 5s

J

-

J

J

-

J

105

Mar'17

91

Feb '17

Mar'17

05% July'17
91
Oct '17
60

Oct *17

89
Apr '17
100% Nov'04

0634 90%
9012
96% 100
Jan *17

90%

"02

90

Feb *17

A-O

70%

80%

78

J

-

J

91

62%

93

J

-

J

50

59

52

July'17
Aug '17
Aug *17

J

-

J

J -D

A-O

80

79%

48

"47"

48

J -D

-II-

J -D

87
95
00

.

Ar O

....

J

90%

J

-

J

-

J

J

-

J

M

S

4s..—1929 J

-D

5%

Consol 48 Series B.......1957 M-N

80
48

18% Mar'06

F-A

Utah A Nor gold 5s

Friday; latest bid andasked, a Due Jan* 5 Due Feb. sMay. gDue June. 5 Due July*

90

A-O

Ore RR A Nav con g 48—1940 J -D
Ore Short Line 1st g 68...1922 F-A
1st consol g 5s........ 1946 J - J
Guar refund

"III

F-A

"96"

09%

81%

94

88%---...

Feb '14

81%

89%

....

76%

75%

Sale
Sale

99%

Series E 5s

Sept"17

90

J -D

1926 J - J
J
1st extended 4s.....1933
VandaUa cons g 4s Ser A..—1955 F-A

95% Oot *16

76%

76

Aug'17

97

100% June'17

"81" ~81%

Ser A... 1956 A-O

Series F 5s.

80
Dec *15

97

-

1945
Mortgage gold 4s
1945
Rich A Dan deb 5s stmpd. 1927
Rich A Meek 1st gu 4a
1948
So Car A Ga 1st g 5s.....1919
Virginia Mid ser D 4r5s—.1921

101

Jan '93

99% Mar'17

-




90

J

Mob A Blr prior Hen g 5s.

87%

84%

8

79

101

80%

J

J

M- S

Mar'17

80

10384 Deo '16

J

-

Hen g 5s..
1938 M- S
Ga Midland 1st 3s
1946 A-O
Ga Pac Ry 1st g 6s...—.1922 J - J
Knox A Ohio 1st g 68
1925 J - J

"68" "88%

87

99% June'17

58

E Ten

99% 99%
101% 102%
95
99%
2
91*4 101
14 .99% 107*4
121
9I84 104%
97%

101% July'17

J

-

10434110%
103% 103%

5

45

73%
46%
59% Oct '17

—.——

Atl A Yad 1st g guar 4s—. 1949
E T Va A Ga Div g 5s
1930 J - J
Con 1st gold 6s—
1956 M-N

91%

99% July'17

90%
100%

J

-

91%

109%110%

1942 M-

F

90%

A-O

86% Deo *16

Int reduced to

1953 J

J

1921 J

Atl A Danv 1st g 4s
2d 4s

Oct *16

79%

,

96*4

110% Oct *17
102% 110
74% 78% 81
Aug *17
95
90
Apr'17
"9234 99% 100% Feb *17

J
-

58.1927 M-

-

-

'17

73%

----

.

09%

Pacific Coast Co 1st g 5s....1946
Paducah A Ills 1st s f 4H8..1955

-

98%

-

J

Oct

May'17

46%

....

Ala Cen 1st g 6s
1918 J
Ala Gt Sou 1st cons A 5s_ 1943 J
Atl A Char A L 1st A 4mb 1944 J
1st 30-yr 5s ser B—
1944 J

93

61%

78

72% 73%
4684 Sale
59
60
75
79%

-

5s
1994 J
......'.1994 J

gen 4s

61

18

100% Feb '17

Mob A Ohio coli tr g 4s__.1938 [M- S
Mem Div 1st g 4M»-58— .1998 J - J
St Louis div 1st g 4s
1951 J - J

"so" "92"

60

J

Bodufl Bay A Sou 1st g 5s. 1924

Develop A

98%

IIII "75%

J

-

3

75

111

"61" ~63

J

J

166
201

....

1949 F- A

1941

17

78

J

cons g

Registered

11834 134
117% 13034
117% 135
84% 94

Sept'17
Sept'17
Sept 10

104
99

Oct"

Apr '17
98%
May* 10
"80 " IIII 90 May* 17
100
103% 104% Sept'17
Oot '17
68% 69
85
88
July'17
65
67
66% 67
»
63% 67
July'17
60% 61
60% Oct *17
61
60
61
Sept'17
98% Jan *14
98%

J

So Pac RR 1st ref 4s_—1955 J

Southern—1st

84%

J

.......1940 J

101

San Fran Terml 1st 4s...1950 A-O
con gold 5s...1943 J - J

"78% "93%

78%
May'17
May'17

Sale

M

1st gu g 4M8.1941 J Ohio Connect 1st gu 4s...1943 M-

46

Tex A N O

107% 107%
84
97%

86%

Sale

F

——_

1st gold 0s.
1020
No of Cal guar g 5s
1938
Ore A Cal 1st guar g 6s—.1927
So Pac of Cal—Gu g 5s—.1937
80 Pac Coast 1st gu 4s g._ 1937

108% 122

61

1948

ex

44%

Sale

46

Morgan's La A T 1st 78-1918 A-O

74
82%
96% 101

79

83

84% Sale

A

3^8—1942 ASeries C 3 Ms
1948 MSeries D 3Ms
—1950 FErie A Pitta gu g 3Ms B—1940 J -

6W4

H A T C 1st g 5s Int gu_..1937 J - J
Gen gold 4s Int guar... 1921 A-O
Waco A N W div 1st g 6s '30 M-N

"77" "so"

74
Aug'17
96% Aug '17

103

"85*

99%
80%

...

.

A A N W 1st gu g 5s
Louisiana West 1st 6a
11

F

A

CI A Mar 1st gu g 4^8—1935 MCI A P gen gu 4^8 ser A—1942 J Series B
1942 A-

77

60

GH&SA MAP 1st5S—1931 M-N
2d ex ten 5s guar
1931 J - J
Gila V G A N 1st gu g 5s.. 1924 M-N

75%

J

•

J

59

77

3MS—*1929 J -D
Through St L 1st gu 4s. 1954 A-O

Nov'16
107% Oct '17

87

"74% "81

D

Guar 1st gold4%S—..... 1921 J

.

109

"l

58%

76%
61% Sale

Mort guar gold

F

Sunbury A Lewis !8t g 48.1930
U N J RR A Can gen 4a..1944
Pennsylvania Co—

conv 4s

pl929
conv 6s—.......1934
Cent Pac 1st ref gu g 4s.
1949

122

112

Nor Pac Term Co 1st g 68—1933
Oregon-Wash 1st A ref 4S...1961

goKJ.1949

72

109

108%

D

1931
1933

74

20-year
20-year

92
88%
78%

99% Deb '14
83% Feb '14

*78*

1968

....1921

77%
88%

88% Oct '17
87%
87%

;

-

...

42

15

5834 Sale

01949 F-A

Fla Cent A Pen 1st g 5s— 1918 J
1st land gr ext g 5s.
.1930 J

77*4

109

89%

657s

Refunding 4s
1959 A-O
Atl Blrm 30-yr 1st g 4si.cl933 M- S
Car Cent Ist con g 4a
1949 J - J

"54" "68 ~

95

65

Nov'll

"64% ~65%

1950 A-O

Gold 4a stamped
Adjustment 5a

9934

50

100

81
42

Jan *17

88

S F A N P 1st sk fd g 5s—.1919 J - J
Seaboard Air Line g 4s..'...I960 A-O

70

85

St Paul-Duluth Div g 4s.. 1996
St P A N P gen gold 6s...1923

•No price

93%

100% 100%
98% 100*4

92% June'12

a2047

Series F guar 4s gold

82%
94

1

109

88%

Hous E A W T 1st g 5s—1933 M-N
1st guar 5s red
1933 M-N

66% Sale

■

Registered certificates. .1923
St Paul A Dulutb 1st 5S. .1931

M-N

A-O

80

Sept'17

85

A-O

80

Deo'17

58

J

62%

Sept'17

68

J

-

2d g 4s Income bond ctfs.pl989 J - J
Consol gold 4a
1932 J -D
1st terml A unif 5s
.1952 j.j

80

...1997 Q-

Series D 4s guar
Series E 3Ms guar

89

-

K C A M R A B 1st gu 58-1929 A-O
St L S W 1st g 4s bond ctfs..1989 M-N

~

-

General lien gold 3s—...a2047

Series B guar.
Series C guar

88

11

June'17

42%

69

Pocah C A C Joint 4s... 1941 J - D
C C A T 1st guar gold 5a..1922 i - J
Sclo V A N E 1st gu g 48—1989 M- N
Nor Pacific prior lien g 4a... 1997 Q. J

Series C 4s

83

80
91«4
65%

Aug '13

60

10-25-year conv 4s
1932 //1932 M10-20-year conv 4s..
10-25-year conv 4J4S—.1938 M-

Tol W V & O gu 4 Ms A
Series B 4Ms

"84%

79%
80%

62% Sept'17
80%
80%
81
Sept'17
100% Jan *17
98% July'17
92% Sept'17

107,

-

......1955 J

cons

88

88

83%
70%

N A W Ry 1st cons g 4s..1996 ARegistered
1998 ADlv'I 1st lien A gen g 48.1944 J -

Pitts Y A Ash 1st

79% July'17
82
Sept'17
84%
84%

42

*80

Norf A West gen gold 6s
1931 MImprovement A ext g 6s.. 1934 FNew River 1st gold 6s.—1932 A-

Series C

84%

June'08

J

J

65

90%.... 113
89
Sale
89

J

1950

General gold 5s
1931
St L A S F RR cons g 4s—1996
Southw Dlv 1st g 5s—.1947
K C Ft S A M cons g 6s..1928
K C Ft S A M Ry ref g 48.1936

99%

Feb *14

90

84

Norfolk Sou 1st A ref A 5S..1961 F«
Norf A Sou 1st gold 5s......1941 M-

Gr R AI

99%

July'16
84% Sept* 17

42% Sale

pl992 MRegistered $5,000 only. .gl 992 M-

Registered

Aug" 17

105

Registered

N Y O A W ref 1st g 4s

Consol gold 4s...

99%

ser A 4a

J
ser B 5s_—....1950
Cum adjust ser A 6s
61955 A-O
Income series A 6s.
Oct
61060
St Louis A San Fran gen 68.1931 J - J

65

100

29

Feb '17

Prior Hen

105% May'15
87
July'14

Providence Term 1st 4s...1956 MW A Con. East 1st 4>$S—.1943 J -

Consol

103*4

100% 103%

83

42

99

..1997 ■* ".J

Registered

g 4s.. .1951 A-O
Atlantic City guar 4s g
1951 J - J
St Joa A Gr Isl 1st g 4s
1947 J - J
St Louis A San Fran (reorg Co)—

821s

60

J

-

High
90% 97
92% 103%

Mar'16

82% Sale
65% 70

Jersey Central coll

Prior Lien

103

130% Jan '09
123% Mar'12

88% Apr '17

"63" *74%

Providence Secur deb 4s. .1957 MProv A Springfield ist 68.1922 J -

1st consol gold 4s
Wash Cent 1st gold 4s

Dec" 15
May'17

103

1997 J

gold 4a

gen

No. Low

June'17

87

Gold 4s (Cent Pac coll)—*1949 J -D
Registered
*1949 J -D

-

1945

100

1940 A-O
1943 J - J

87

97%
96*4

88%

77% Aug *17

71%

Boston Terminal 1st 4s... 1939 AJ

101

High

90% Aug '17
92% Oct '17
101*4 100% Oct *17

J

Beading Co

1955 A-

NYW'chesAB 1st ser 14 Xa'46 J N H A Derby cons cy 5s. .1918 M-

Registered

78

88%

Nov'16

104%

-

Pitts Sb A L E 1st g 5s
1st consol gold 5s

87«4

91% Jan '12
79% Apr *16

1954 MN Y Proy A Boston 4s... 1942 A-

Registered

N ov'16

50

Naugatuck BB 1st 4s

General 4s

PhlUppine Ry 1st 30-yr s f 4s 1937 J

—

5s... 1937 M-

New England cons 5s
Consol 4s

N ov'16

52

—_

-

.1955 J

58

52

•

.1948 J 1930 F1954 J

55

56%

B A N Y Air Line 1st 4s. .1955 FCent New Eng 1st gu 4s—1961 J Hartford St By 1st 4s.-_.1930 Mcons g

June'09

54

48
66

Non-conv deben 4s
1956 J Harlem RrPt Ches 1st 48.1954 M-

Housatonlc B

C St L & P 1st cons g 58.. 1932 A-O
Peoria A Pekin Un 1st 6s g—1921 Q-F

92

75%

Ask Low

9184
92%

-

101

97% July* 10
75% Oct *17
78
Juiyi7
88%
89
88%
88%

Range or
Last Sale

Bid

1957 M-N
A
4Ms—1963 F

cons gu

2d gold 4mb
61921 M-N
Pere Marquette 1st Ser A 5s 1956
1st Series B 4s
1956

50

48

A-

1956 J

Cony debenture 3 Xo

99% 104*4
100% 100%
80% 90
70% 70%

56

56%

1955 J 1958 M-

1954

Series 1

Week's

Friday
Oct. 19.

P O O A St L (Con.)
Series G 4s guar...

High
94

100% Feb *17
80% Aug '17
70% Apr '17

87

20-year debenture 4s...1929 A-

Equip trust 41917-1925

76%

-

-

2361 J

NO. Low

" IIZ1

92

*9512
101%

3H&—.1951 M..1952 M-

.....

High

76% Aug '17

95

-

1940 J

Registered

7812

88% Sale

-

.1940 J

.....

J L A S 1st gold
1st gold 3Hs

...

"8812 "89*

Michigan Central 5s
1931 MRegistered ...........1931 QRegistered

—

...

7512

1934 J Pitts A L Erie 2d g 5s
al928 APitts MoK A Y 1st gu 6s
1932 J 2d guaranteed 6s......1934 J
McKees A B V 1st g 68.1918 J

,

May'15
101% June'17

-

1938

tow

Price

&

Week ending Oct. 19.

113

~92% *97

»

J

.1928 M25-year gold 4s
....1931 MRegistered .........1931 M-

4s

——

7012

*85

Debenture gold 4s

Ka A A Q B 1st gu c 5s
Mahon C'l BB 1st 6a

Ask

70

-

1997 J

Registered

19.

103

-

St Lawr A Adlr 1st g 5s...1996 J
2d gold 6s
1996 A

Utlca A Blk Blv gu g 4s

N. Y. STOCK EXCHANGE

681$
106%
98%
98i2
73i2
62t2

-

B W A O T B 1st gtl g 5S-.1918 M

Lake Shore gold 3>4s

BONDS

Since

Jan. 1.

Bid

(Con.)—
1993 A

4J4s~-1941 J
Og A L Cham 1st gu 4s gl94S J
Rut-Canada 1st gu g 48.1949 J

Range

Range or
Last Sale

Oct.

N Y&Pu 1st cons gug 4a

con g

Week's

Friday

M

Pine Creek reg guar 6s
1932 J
EW40 con 1st ext 5s. .41922 A

Rutland 1st

1605

New York Bond Record—Continued—Page 3

80

Apr '17

90

Sept'17
Sept'17

Sale

91

June* 17
89% 91
88
87%
87%
81
81%
81
Sale
86
Oct '17
80%
84
104
104
Sale 104

36

.

"87

100

100

87

86

85%
95

921s 100
82
88%
80

iDue Aug. 0 Due Oot. pDue

92

"4
46

"~4

Oct '17
87

15

97% Aug *17
90
Apr '16
88% Apr '17
81% June'17

Nov* (Due Deo. sOptlon sale.

Oct.

-

Income 5s

co

98

16

89% 101

65
86

Mar'17

80

_

1946 m

"46"

8

-

37

"EE"

8314
■

m>

4#

80

70i2

74%

71

7412

Street Railway
Brooklyn Rapid Tran g 6s.. 1945 a * o
j
1st refund conv gold 4s...2002 j
6-year secured notes 5s.. 1913 J - J
bk City 1st oon4s_. 1916-1941 J - J
Bk q.Co as con gu g 5s..1941 M-N

94

94

98

54%

83

m
mf
f j *
5s... 1919 j -

$
8
a
a
j
j

77

85

85

*88 ' llll

"75*"

*90%

j

—

—

-

-

.

....11960 a

-

04

35

80%
•»

-

Electric

Bklyn Un Gas 1st

cons g 6s. 1945
Buffalo City Gas 1st g 5s...1947

Glnein Gas a Elec IstAref 5s 1950
Columbia o a e 1st 5s.
1927
Columbus Gas 1st gold 5s .1932
Consol Gas conv deb 6s
1920
ConsGasE lap of Bait 5-yr5s'2i
Detroit City Gas gold 5s... 1923
Detroit Gas Co cons 1st g 5s 1918

Detroit Edison 1st ooll tr 5s. 1933

a...

Eq g l n y.lst cons
Gas a Eleo Berg Co c

*63*

a1940

g 5s.. 1932
g 5s.. 1949

Havana Elec consol g 5s.. ..1952
Hudson Co gas 1st g 5s..„. 1949
Kan City (Mo). Gas 1st g 5a.l922
Kings Co ei l a p g 5s.....1937
Purchase money 6s......1997

Convertible deb 6s

57%

61%

50

53

37

Sept'17

31%

42

80

80

93%

95

1

97

ma aa -

n yoelh ap.g5s..i
Purchase money g 4s

1948 j

-

1949 f

-

1948 j

-

Ed Eleo 111 1st cons g 5s.. 1995 j

*

nyaq ei l a p 1st con g 5s 193n f
Pacific q a el co—CalGAE

91

j

-

f

-

.1949 m

-

Syracuse Lighting 1st g 5s..1951 j
Syracuse Light a Power 58..1954 j

*93% "95%

-

d
j

Refunding a extension ss.1933 m-n
United Fuel Gas 1st sf6s...l93« j - j
Utah Power a Lt 1st 5s
1944 f
a
Utica Elec l a p 1st g 5s
1950 4 - j
Utica Gas a Eleo ref 5s_....1957 j - j
Weatohester Lt* gold 5e

iftr»o J

f»

101% 108%

Aug '17
Oct

97

'17

101%

99*

105%

96

95

102

Feb *13

95% Sept'17

90%

98% Oot '17
90% Deo '16
98% Sept'17

78

....

98

"9*0%

95%

103%

Sale

70
99

75%

95

96%
93

_

1Q U

F

78*1*:—1944

76

89%
98% 101%
97
102%
90

98

07

78% Sale

98

97% 105%
77% 88

.

92

95

92%

92%

83

Sale

82%

83

93%

103% 104%

77%
7a%
105% June'17
96% Aug' 17

*96%
■

2:

101

76% 73%
76%
103% 104
May'17
85% Mar'16

79

1921

"

92% 10i

95

100

100

06-% Sale

96

99

93%

'17

95

100

100

98%

96

115

89% 102%

Sop '03

—

m

-P

mm.

mm

m.

m

'm.'mm

88
*

—

—

mm

mm

-

mm mm mm

mm

—

94

July'17

99% Nov'16
Sept'17
9034 109% July'17
102
97% May* 17

mm

85

100%

mm

-

mm

97%
w.

—

—

98

87
*.»

-

92

84

90
'mm

4mm mm 4*

mm

89

94

101%
.92

101%

97Ji

m

98%
'mm

~96~ 103%
100

Mar'17

93%

87
m,

8ept'17

Apr *17

89

94

m

mm

mm

96

96

—

mm

97% 100
89

-

■m

93%

12

72%
100
99

29

2,

A

July'17
933s

9234 Sept'17
101% Nov'16
09

Aug *17
87«4 Aug'17

*89 " *94%
100

-

95

95

93

-

102

192* M-

.1921 J
.

1931

A

98%
....

93%
Sale

12

81

100

90

59

76%

105%

81%
99% 106%

98%

71% 79%
99% 102
98% 100%

1st A ref 5s series A...... 1947 J
U 8 Smelt Ref A M conv 0s. 1920 F
v-Car Chem 1st 15-yr 6s.. 1925 J

Sale

102

90

92

98% 103
12 101% 106

3(

102
Oct

'17

100% 104%

98% Oct *17

98

99

94

94

102

98

99

....

90
51

88% May* 17

52

50%

102% Sale
81 % Sale

102%
80%

98% 100% 101
93% 97% 94

•

98

Conv deb 0s
*1924 A
West Electric 1st 6s Dec... 192f J

97%

93%

23s

•*::i

51

102%
81%
101
Oct

102

8d4

88%
49

1! 101
207!

80%

11,101

'17

94

Debenture 6s..
a 1926 M- S
CahabaC MCo latgu6s..,1922 J -D
Col F AI Co gen s f 5s
1943 F - A
Collndus 1st A Coll 5s gu... 1934 F-A
Cons Ind Coal Me 1st 5s...1935 J -D
Cons Coal of Md IstAref 58.1950 J - D
Or Riv Coal A C 1st g 0s...ftl919

A-O
4Hs..........1940 A-O

92%
109

100%

97%

97% 103

98

97%

98

97

July'17

100

99%

112%
101%

0934 Sale

S F HM9>-yr

-

J

5s|reg

90

102

July'17

95

06%

91

Apr *17

91

03%

Dee '14

86

85

98%

*87% *90*
....

7534

75

Sept'17
75%
Mar'14

90%

91

July'17

*90* *94
84

84

95

97%

98

99

92%

Convertible 4s

171

93

30

92

101%
107%

89%

20

88

95

Sale

87

87

Sale

97

97%

86

Apr '17

87

93%

101% Sale

9534 Sept'17
100

101%

103

Aug *17

80

-

Commercial Cable 1st g 4s..2397 Q
Registered
2397 Q
Cuinb T A T fht A gen 5s...1937 J

85%

Sale

85
02

98

9634 Sale

-

J

08%

- J
KeysumeTelephone 1st 5s._ 1935 J - J
M etrnpol Tel A Tel lstsf 6s 1918 M-N

....

4HS-1939 M- N
1937 J

-

West Union coll tr cur 5s...1938 J

-

102

96%

97%

17i
2

179.

Sept'17

69

95

*69* *69*

96

95

01

Oct
Oct

'17

91

*17

98

92%

93

93% Sale
92% 93%
91% 93%

93%

93%

8

92%

q4

5

90

91

93% Sept'17
92

June. A Due July, ft Due Aug. oDueOct

101% 101% Sept'17
94

pDue Nov.

101%

"9934101V,

99% Sept'17
98.

J

101%
103

Apr *16

34

...I

7'i

100%
93% 102
92% 101%
93% 103%
91

9984

101% 101%

NOV'16

Due Dec.

101%
101%

91

106

-

92%
101

96% 106%
100

July'17

96
98

92

85
92

Nov'16

97

89%

1950 M-N
1941 M-N

Northwest Tel gu4Hsg—1934 J

*85~~ *00*

*93* Sale*

J
J

101

97

100

Sale

99% 101%

J

f 5s 1941 J

96

85%
8ept'17

73

99

J

90

95%
101%
84%
80
95
103%
226
99% 107%
103% 107

85%

96%

68%

-

Fd and real est g 4Hs

87

97

(Dee *16

95

85

J

96%

s

1

32

■1

...1936 M- 8

Pae Tel A Tel 1st 5s

*97%

98%

97

20-yr convertible4H8
.1933 M- 8
30-yr temp coll tr 5s
.1940 J - D
Cent Diat Tel 1st 30-yr 5s._1943 J - D

South Bell Tel A T 1st

94

103%

88

85% Sale

Telegraph & Telephone
4in Telep A Tel coll tr 4s... 1929 J

84
98

92

8

1953 J

8

.ill

97%

mi "75*

f 5s

95

93

J

s

84
n9

July'15

87

....

81

91

Sale

"97% Sale
83

75

09% Feb '14
04% Mar* 16

83%

-

Victor Fuel 1st

Oct

73

75%

s f 58.1957 J - J
Repub IAS 10-3O-yr 5s s f. 1940 A-O
St L Rock Mt A P 5s Stmpd. 1955 J - J

M-N
dl903 M-N

104

'17

95
101

Pocah Con Collier 1st

J

98

90

96
91%

Lackaw Steel 1st g 5s
1923 A-O
1st cons 5s Series A...... 1950 M- 8
Midvale Steel A O conv s f 5sl930 M- S

Tenn Coal I A RR gen 5s.. 1951
U 8 Steel^Corp—looup
81963

99%

90

87%

Indiana Steel 1st 6s........1952 M-N
KanAHCAC lstsf g5s.. 1951 J - J

N Y Telep 1st A gen s f

0 Due

64

104%

85

s f 5s
192n J
J
1st A ref 5s guar A.
1942 M -N
Buff A Susq iron s f 58..... 1932 J - D

Aug '17
Mar'17

105

93%
90%

Coal Iron & Steal
Beth Stoel 1st ext

Mut Un Tel gu ext 5s

97

99
101

106%

97%
100

Mich State Teleph 1st 5s...1924 F - A
N Y A N J Telephone 5s g..!920 M-N

101%
96%

5.

100

100

Westlngh'seEA M notes5s lorH

103

-mm--

128

94% 103

98

99%

1

94% 99
Sept' 17
93% 98
93% Sept'17
100% Sale 100
100%
89% 82% Aug '17

—

101

98

129

104% 110%

90

101%

99

98

-

Standard Milling 1st 6s.-... 1930 MThe Texas Co conv deb 6s.. 1931 J Union Bag A Paper 1st 5s.. 1930 J Stamped...
1930 J U 8 Realty AI conv deb
g 5» 1924 J *
US Rubber 10-yr col tr 6s.. 191* J -

June'17

100

99

102

3 1104% 111

104%
104%
99% June'17

; 104%

104%
97%

-

--

101

mm+rnLmmm

85

99%

112

'17

105

90

97% 101
84
87%

87%

97%

94% 104%

94%

94%

-

98% 101%
92% 98

*98 "

105

94% 103

113

Ocj? *17

94%
11313 Oct

104%

1930 J

1952 M

113

119

95

July'17

Jan

89% Oct *17

88

85%

82%

71%

94% Sale

A

1929 J

.

'13

104% Sale
104% Sale

-1951 F

-

con 6s A 1921

93

78
20

101%
Oct

99

Va Iron CoaJACoke 1st g 58.1949 M90

*98*

19

*98% 10*3%

103

78% Aug *17
99%

94% Sale
113% 114

-

111 Steel deb

June'17

10

100% 100

117%

A

_

Continental Coal 1st g 5s...1952 F-A

97

94%

97%
96%

100%

99

U0

104% Apr *17

97

93

88%

81

97%
97% Oct '17

100

105%
110%

76

84%

85

26

Mar'17

100

*70% *71*2

HO

99%
Oct '17

83%

100

105

99

97%

83

78% 80
99% Sale

■

1952 m-

June" 17

76

84

—90

-

June'17

90

99%

94%

84

99% 104%
55,
87% 92%
3
95% 09%
119%
—{119
.-.li 83% 85
5 j 83
92
1, 100% 104%

105% 100%
100%
88
85
Aug '17
Sale
94%
97%

100% Sale

105

99

107

No price Friday: latest bid and aeged~« Due Jao. d Dun April. « Due May,




83% Sale
101

110

98
101

n
d
d
a
j
A

Trenton g a el 1st g 5s
1949 w
8
Union Elec Lt a p 1st g 5s..1932 m- s

*432 101* 129*

99

100

o

conv 5s
1919
Conv deben gold 5s
1922 m n
Stand Gas a el conv s f 6s._192« j - d

102

100% May'15

102

o
o

j - j
j - d
m- n
m- n
f-a

Feb *15

60

93% 100

n

a
8

97

91

99

Peop Gas a 01st cons g 8s_ .1943 a - o
Refunding gold 5s
..1947 m- s
Registered
1947 m- s

Philadelphia Co

95%

101"

101% Oot '10

Corp unifying a ref 5s...1937 m- n
Pacific g a e gen a ref 5s..1942 j - j
Pao Pow a Lt 1st a ref 20-yr

Ind Nat Gas a Oil 30-yr 5sl936
Mu Fuel Gas 1st gu g 5s..1947

102

100
•

-

100%

97%
75%

1

77

101

Sale

101

f-a
j - J
m- s
m- h
j -d
f - a

1927 m

cb g-l a Coke 1st gu g 5s 1937
Con g Co of Ch 1st gu g 5sl936

77

"90"

1

07% Sept,'17

77

j - j
q t- f
...1934 a-o

5s International Series... 1930

....

97%

m- n
j

Sept'15

97%
June'13
54

97%

19%

1925 m- 8

Pat a Passaic g a el 5s

103

.

1st s f 7s 1920 warr'nts attch
do without warrants attach

70" "70"

June'17

....

.....

Interocean P 1st a f 5s..
Sinclair Oil & Refining—

Oct '08

80

99

90

li

97%

Latrobe Plant 1st sf 5s.

83

j .-d
m-n
a - ,0
a - o
J ~ J
j - j
q - f

Milwaukee Gas l 1st 4s
Newark Con Gas g 5s

*

63%

*33*

Ed el iii Bkn 1st con g 4s. 1939
Lao Gas l of St l 1st g 5s._el919
Ref and ext 1st g 5s

SO

58

88

92%

Sept* 17
88% Apr '17

97%

-

*80% *94*%

99% 104%
12,

119

97%

5s

75%
103

Ratlway Steel Spring—

Aug'17
Mar'17

82

90%

_..

90

70

....

96%

1st lien A ref 08 series C..
Nat Enam A Stpg 1st 5s...
Nat Starch 20-yr deb 5s.
National Tube 1 at 5s.......
N Y Air Brake 1st conv 0s.

108

82

58

76

1931 M

,00-

96% 101

80pt'17

50

Sale

97

973g Sale
110

1934 M:

Mexican Petrol Ltd

90%

Aug '17

84

Sale

99%
93%
Sept'17
99%
99%
88
89%
93

81

5S

100

60

«*«• *

*68*

100

Juiy'17

44

98%

93

79

Lorillard Co (P)

102% 102%
64
80%
35
14
73%

Light

Atlanta g l Co 1st g 5s....1947

ser

90%
95

6

161

*14

■

*78'2

98

64%

i

-

86%

82

96%
....

60

o
o

-

a
a
Va Ry a Pow 1st a ref 5s.. 1934 j

101

104
....

20

72%

35%

•

50%
75

Oct '17

.

St Louis Transit gu 5s
1924
United rrs San Fr a f4s... 1927

1*00*

35% Sale

Income 6s..............1948 ->—
Union Elev (Chic) 1st g 5s
1949 a - o
United Rys Inv 5s Pitts iss. 1920 M - N
United Rys St l 1st g 4s.... 1934 j - j

16
27

52

"III *63%

o

Third Ave Ry 1st g 5s
.1937 j Trl-Clty Ry a Lt 1st a 15s .1923 a - o
Undergr of Lonijon 4hs--1-1933 x > j

79%

22%
77% Aug'17
88% NoV 16
72% July* 17
90% Feb 17
95
July'17
102% Mar'17

89

Ingersoll-Rand 1st 5s......1935 J Int Agricul Corp 1st 20-yr 5s 1932 M
Int Paper Co 1st con g 6s... 1918 f ■
Consol conv s f g 6s...... 1935 J' Liggett A Myers Tobac 7s.'.I944 A

97%

.—I

99%

4H8---1936 J

99%
71%
47%

j
...

85

98%

89%
99% 101

Distil Sec Cor conv 1st
g 58.1927 A
EI du Pont Powder

*98%

93%

73

J

"iot

90%

98% 100%
93% 97

■

General Baking 1st 25-yr 0s. 1936 J
Gen Electric deb g 3H8....1942 F

79

84%
89%

72

100

89%

June'17

"9834 Sale"

—

I 99%

99

84

95

Debenture

May'17

51%

30-yr 5ssorAd'47

*88 * 103""

21

21%

1928 A

80

08%

96%
100%

Industrial

95

88

91

97

88

103% Jan

Cpban-Am Sugar coll tr08.. 1918 A

Nov'16

mm mm

Aug '17

Corn Prod Ref s f g 5s
1st 25-year a f 58....;

100

99

»

*52*

St Jos Ry l h a p 1st g 5s.
1937 m- n
St Paul City Cab cons g 5s.. 1937 j Third Ave 1st ref 4s
..I960 J - J

94

91

Cent Leather 20-year g 5s. .1925 A
Consol Tobacco g 4s.......1951 F

94

08% Aug* 17
97% July'17
79
Aug *17

87%
I

j

-

88

86

j
j

94%

83

91%

88

90

33

97

.

89

84% Sale

87%

98% 109%
103%
91% 102%

100

Sept'17

97

87%

88

88%
101

83

105% Oct *16
91% 89% Oct *17

85

J ■
A F
Am Writ Paper 1st a f 5s.... 1919 J\
Baldw Loco Works 1st 5s...1940 M
Cent Foundry 1st s f 6s...1931 F •

73%
90%

87

102

81

132

81%

Apr '14

87%

1919
Am Tobacco 40-year g 6s... 1044
Gold 48.....i........... 1951

Mar' 14

93

30-year adj lnc 5s...1942 a - o
n y State Rys 1st cons 4hs 1962 m- n
Portland Ry 1st a ref 5s.... 1930 m- n
Portld Ry Lt a p 1st ref 5u 1942 f - a
Portland Gen Elec 1st 5s. 1935 j

80

50%
84%
81%

&

92%101%
40

June* 16

85

Am Thread 1st coll tr 4s

6.)%
12% 25%
100
100%

81

May'17
May'17
Sept'17

30

j
-

99

83

05

77

7(
'46

Sept* 17

94

-

86%

85%'

83

Sale

86

85

■»
j

75

Am Sta&B 1st

54

13%

84%

78

j

4

15

.

99%

80% 90%
104% 118

142 102

1

73

M
95

93%

83

83

Conv deben 5s...
..1924 f Am Cot Oil debenture 5s... 1931 MAm Hide A L lstsf g 6s....1919 M-

101%

58%

.

84% Sale
84%

O

Am Ag Cbem 1st c 5s

74%

100

Feb '171

56%

Sale

o

Montreal Tram 1st a ref 5s 1941
New on lly a Lt gen 4 Ha.. 1935

.

55%'

13%
100

100

.

57

-

n y Munich) Ry 1st s f 6s a 1966
n y Rys 1st r e a ref 4s... i942

1st a ref 5s

56%

....

_

cons g

75

87

Jan '14;

54%

13% Sale
_.

Interboro Rap Tran 1st 58..1966 j
Manbat Ry (n y) cons g 4s. 1990 a

and

75

Sale

84

Col a 9th Av 1st gu g 68-. 1993
Lex Av apf lstgug5s.. 1993

Feb '17i

100% Apr '17j
75

Met w s el (Chlo) 1st g 4s. 1938
Mllw Elec Ry a Lt cons g 5s i 926
Refunding a exten 4h8-. 1931

77%

88% 97%
j 101% 101%

6

88%

100%

88%

70

July'17

101%
101%

86%

*23

91%

94

Tennessee Cop 1st conv 6s..1925 MWaah Water Power 1st 5s.. 1939 J Wilson A Co 1st 25-yr s f 6s. 1941 A -

Manufacturlng

90

-

89

89%
91%
July'17

91

-

1932 J

98

80

Oct *17

88

92%

88%

-

94

92

Aug *17

91%

95

-

73

Aug '17

88%

86%

n y a Jersey 1st 5s...... 1932 f-A
interboro-Metrop coll 4hs.1956 a - o

Ga»

78

70

02

91%
91%

2.. 1906 a

87

92

*"i6

93%
Sept'17

89

Apr '17

92

101

101

96

89% Sale

92

92%
Sept'17

88%

86%

4m0..1032

•

"i!

92

73

69

....

FtSmltb Lt a Tr 1st g 6s... 1936
Hud a Manbat 5s Ser a
1957
Adjust Income 5s...
1957

-

80

84%
94%

15

79
81
80% Sept'17
105% Sale 104%
105%
Oct '17
92% 93
105
104% Sale 102
82% Sale
82%
82%
84
Oct '17
84% 87.
83
84
Sept* 17
100
100
98% 10C

Nor States Power 25-yr 5s A 1941 A Ontario Power N F 1st 5s... 1943 F Ontario Transmission 5s
1945 MPub Serv Corp N J gen 5s.. 1959 A -

101%

80

89%

■mi *867s

N Y Dock 50-yr 1st g 4s.... 1951 F Niagara Falls Power 1st 5s.. 1932 J Ref Agenda
.......01932 A Nlag Lock A O Pow 1st 5s.. 1954 M

May'13

77%

Stamped guar 4s......1949 F-a
Nassau Elec guar gold 4s_1951
Chicago Rys 1st 6s—....1927
Conn Ry a l 1st a ref g 4h&1951
Stamped guar 4h»
..1951

Stamped tax-exempt.....1990 A
Metropolitan Street Ry—
Bway a 7tb Av 1st c g 5s~ 1943 j

94

ser

lO-20-yr 5s series 3

91

'17

Oct

92%

75

Mtge Bond (N Y) 4s

89% 101%
67
77%
96% 101%

53

97%

92

92

.

92% Sale

82
82

May'17

80
90
99% 101

90

-

77

88%

85

89

-

A

99%

71

Oct *17

907«

....

Bklyn Un el 1st g 4-59... 1950 F-A
A
Stamped guar 4-5s
1950 f
Kings County e 1st g 4s..1949 f - a

Adj lnc 5s.

07

967g Sale

J

-

15s..1940

s

Int Mercan Marine s f 0s...1941

84%

53

86

-

Montana Power 1st 5s A... 1943 J
Morris A Co 1st s f4Hs..—1939 J

83%

10

89% Oct '17

65

.

Great Falls Pow 1st
..

85

85
May* 17
72%
83t4 July'17
72

High

66%
58

94

aJ MMM-

70

July'17

89

....

-

.....

76

76

6212

.

full paid

do

90%

80

Sup a Dul dlv a term 1st 4s '36 M-N

...1955 J

77

70

s

100

Low

Sept'i7

*90* "94"

-

os

3

Oct '17

-

1952 A

Computlng-Tab-Rec a f 6s.. I94i
Granby Cons M S A P con 0s A '28
Stamped
v.........1928

87%

100

No.

67

58

-

do

100% 103
mm

76

WisjCent 50-yr 1st gen 4s.. 1949

Bklyn q Co a s 1st 5s—1941 J

*82%

10

s

Chile Copper 10-yr eonv.7s.1923 MColl tr Aconv 6s ser A part pd A -

10

84

100% Apr *17
Feb ' 17i
995s 100
98% 09% Mar'17

88

84%
8014

75%
99
105%
85% 86

99

'

mm m

Oot

83

High

66
58

89% Sale

A MChlcUnStat'n lstgu4H*A 1903 J

*65*"

July'17

Since

Jan. 1.

58

Bldgs 5a guar tax ex
i960
Cerro de Pasco Copp env 6s 1925

77

84%
75%

Oct *17

101% 101

"73

Range

1?

or

58

-

Braden Cop M coll tr s f 09.1931 f

Consol

Apr "17

4H»'39 J
f 6s...1026 A

Bush Terminal let 4s

Aug *12

75

80

i"oo%

Booth Fisheries dob

99% 105%

84t4 Jan '17
76i4 Aug '17
9112 Aug'15

Winston-Salem s b 1st 4s.. 1900

Mlnneap St 1st

80

80

"64%

4s........1949 Mdeposit....

cons g

103%

78

80

70ig.
71%

Alaska Gold M deb 0s A

Sale

00

1948 M1925 M..1920 M-

4s

g

Conv deb 0s series B

*99 "

74%

80

m'e£

*65 ~

Adams Ex coll tr

Armour A Co 1st real est

Sept* 17
May" 17
99t2 Sept'17

ctfs of

Det United 1st

89i2
90%
Oct *16
105

Range

Last Sale

Ask Low

Bid

35

100%
106%

78

Wheeling ale 1st g 5s.—>1925 a- o
Wheel Dlv 1st gold 5s
192s J - J
Exten a Impt gold 5s....1930 f-a
Refunding 4%s series a—1966 M- s
rr 1st consul

19!

96

j.Nfov

pl943

98%!

mm

West Maryland 1st g 48—1952 a
West n y a Pa 1st g 5a—1937 j
Gen gold 4s
1943 A

Western Pac 1st ser a 5s

98

89»4

Week's

Friday
Oct. 19.

19.

Miscellaneous

35
92

99

j

f

43—......1945

9812

80

OmDiv 1st g 3
,-1941 a
Tol a ch Dlv 1st g 4a.__.194j m
Wash Terml 1st gu 3 ha
1945 f
1st 40-yr guar

10,

j

-

92%i

98

Debenture Series b...... 1939 j - J
1st lien equip s fd g 5a
1921 m- s
1st lien 50-yr g term 4s.. -1954 j
Det a Ch Ext 1st g 5s.
1941 j
Des Moines Dlv 1st g 4s.. 1939 j

92i2

8912

-

Week ending Oct.

High

35

92% Sale

1939 m-N
a
1939 f

-

Low

30

Sept'17|.__.

Price

N. y. STOCK EXCHANGE

Jan. 1.

High] No.

Ask LOW

Bid
VeraCruz a p let gu 4 h»--1934 j - j
1902 m-N

Virginian let 5a Series A
Wabash let gold 6a
3d gold 6s

BONDS

Since

hast Sale

19.

i*

Range

g-5

Range or

Friday

si5

"w3

Week's

Price

BONDS
N. Y. STOCK EXCHANGE
Week ending Oct, 19.

Trust

[Vol. 105,

New York Bond Record ^Concluded—Page 4

b1606

# Option

BOSTON STOCK EXCHANGE—Stock Record

Oct. 20 1917.]

PRICES—NOT

SHARE

BOSTON

of the

Oct.

15.

Oct.

Oct.

16.

Friday

I

17.

Previous

Range for
Year

STOCK

1916

EXCHANGE

Thursday

Week

,

Wednesday

1607

N«xt Fag*

Range Since Jan. 1

STOCKS

Sales

PRICES.

CENTUM

PER

Tuesday

Monday

S*»

Oct. 18

Oct. 19

Shares

Highest

Lowest

Highest

Lowest
Railroad*

145

46

144

43

44

45

45

45

46

♦87

90

♦86

90

90

90

♦22

♦87

23

♦160

165

22i4
162

*50~

34

98

j*

}

84%

93

17

28%

"97%

9712

23

*37

♦

23

38

23

*95

100

100

July

3

June28

30

July

2

Aug 31

pref

.

River...

16*2

17

27*4

28

28

—

i

98*2

98*2

24

~

25

—

24

38

*37)2

38

38

*51

53

52

52

51

51

78%

7834

5

108

Jan

27

Junel2

140

9

Oct

3

May

16*2 Oct

100

69*4 Sept

Jan

17

122

Jan

92% Jan

9

*86

Jan

7
6% June26
31% July 3
52% Jan
2

98

50

Dec

97

Jan

133

2

92*2 Sept24

..100

Mar28

78*2 Mar22

Junel9
June

102*2 Apr
123
Sopt

100*8 Mar

8
18

95

21% Septll
Aug 28

105

Apr

Old

97*2 Oct

135

Jan

100

100

Colony

23

....100

pref

Oct

8
15

Vermont A Massachusetts. 100

96

50

38

Oct

..100

50

Sept26

55

51

Do

.

pref

Jan

110

Dec

134*4 Dec
20
May

84*2 Feb 13

Sept28

West. End Street

"""63

38*2

20

6

Hartford

Sept

4*2 Dee

3

31 Rutland,

Oct'17]
38*4
50*2

Oct

Oct

83

.100

Do pref stamped

"""16

1..1

38

Feb

150

Northern New Hampshire. 100

-

j"

42

6

50

Aug'17.

Last Sale 96

100

5

Jan

122

100

pref

629 NYNHA

-

Last Sale 95

100

Feb

150

100

620

Mar

33

5

120

100

230 Mass Electric Cos

...

Aug
Dec

3

Jan

Georgia Ry A Elec stampdlOO
Do

Aug

4*2 Feb

95

12 Fitch burg pref

Oct'17

3*4!

3*2

*37*4

♦50%

Jan

4

'

*95~

3

30

Connecticut

17

93

*90

i

3*2

*9Q

*96

23*8

♦95

200

213

150

100

5 Maine Central

17

*85

100

*87

93

*2634

27i2

26
:

34

30

9

July 3

9

pref

Do

Oct'17

"8412

17

17

17

1734

26%

Do

52

Sale] 125

Last Sale.84*2

3%

3%

52

52

Last

"93"

93

*3

52

52

*

j ♦OO

3%

3%

Last Salei 125 June

125*8

*

Marl6

45

Septl7
Oct

Dec

65% Apr
Dec

119

Mar22

2

pref

Chic June Ry A U 8 Y

Oct'17

Last Sale 95

98

*50"

125%

841 j

160

18

Boston A Wore Electric Cos,.

140

52

52

22

100

Aug'17

Do

Last Sale 150 May'17

153

♦

140

52

*90"

*150"

!♦

12518

*__..

100

172 Boston A Maine
33 Boston A Providence

23
162

Nov'16

*

5

98

19

Last Sale 30

153

140

Jan

133

Last Sale !4%

*150

5

22

162

162*2

Last Sale 2

5

30

♦

11

79

4

5

*2
*15

*_

Jan

9

Oct

34

5

30

♦150"

175

Oct

90

Sept* 17
Sept'17

*2

♦15

|»

Oct

43

100

Last Sale 30

5

30
34

■

Boston Suburban Elec Cos

♦2

153

ft -

23

22
23
22i4
2214
162i2 ♦160
1621a *160

♦15
*

144

100

10 Boston A J-owell

•

172

,„100

30 Boston & Albany
335 Boston Elevated

90

45

90

♦80

144

45

144l2 14412 *142% 145

145

45

100% Aug
Sept

15

50t? Marl7
Jan
6

*55

74

69

94% May 2

9

64

July

Miscellaneous
80

♦95

*1*4

.

79

79*4

96

79I2

95

95

10

.10
105

*104

112% 113

112

11

*10

114

*40%

42

*41

93 i4

94

64

64

*63

66

♦85

87

*85

.87

42%

93
*63

60

60
13

13

*13

64

S7

98

59

59

59

59

135

177

180

178

137

137

*97%

*97% 100

*97% 100
83) 2

69

83

84

83

69

69

70

70

*144

♦144

145

145

83*2

84

84

70

70

70

*68

46

Do

Sept'17

Oct

90

♦....

July'l7

Last Sale 92*2

*93

*93

106

105

105*2 105*2

120

118

118

118

*118

125

80

80

80

80

79

80

*79%

34

*30

55

•

"29"

29%
124

121

43

26

534

1*2

10334

11278

113

1133s,

63s'

5*2

91

90

1*4

j

91

3*2

3%

334

*.25

.60

*,25

59

.

60

15

15

50

,50

6*8

j

91

1*2

1*2
88

90

1*4

3*2

.60

Last Sale 25

3*2

*3*2
3%
Sept'17
54%
56

54%

55

15

15

15

15*2

290 Amer Zinc, Lead A Smelt.

50

50

50

50

200

19

18*4

65*2^67
495

18*4
500

*.40

*8%
.45

.50

9*4

*18*2

"63*2

66

65

480

480

485

495

470

14

14

13

13

12

12%

*13

*43*4

44

*42

42%

43

44*8!

*43

51*2

49*2
17g

48

50*2

48*4

49*2;

48

178,
4%

4*4

4*8

10*4

9*2

75

5
74

40

*34i2

11*2
2

59

10

*1*2
*55

85

*85

28

28

36
10*4
2
58

4

70
*36

834

*1*2

,

10

11

5

5

5

*73

10

8*2

2

1*2

4%
*1*2

6*2
4

5

7

6%

2

*1*2

*134

6*4

26

4%

2

7*8

6*2

7*8

5
6%

112

Jan

11

102

I60t4 Jan

25
3

158*2 Apr

130

30

8eptl3
Feb

15

12*2 Oct

10

Oct

5

Feb

Mar29

15

125

Feb

7

35

Jan

"28

Jan

16

08

June

35

May 28

155*2 Jan 22
58'4 Jan
3
30*8 Mar 8
135
May28

15

25*4 Sept 19
99*8 Feb
3
112v8 Oct

Dec

35*2 Dec

1027g Apr 16

28
Aug 20
119% Oct 16
43

Jan

46

16

130% Jan

27

115*4 Feb

121

,

Jan

8% Jan 26

Aug 30

6*2
*1*4
1%

73

67%

17

17

*17%
o

7*4
1*2

1*2

2

2

18*2

*17%

n

*10*2

June

50

28*2 Jan
79% Mar

6% Sept

75

8

8

pref

65

53
.95

5*8

18*2

72*2!
22

18*2

68%

58

58
*1

1%

3*4

6

6*2

2*2

27g

Last Sale

37S
1*4

412
51

52

4778

2%

12*3
77%
3%
*2*2

2%.
33

12*2

80

787g
I 3*4

*2*2

2% |
I

35

r,nst Sale

0 Kx-dlvidenl and rlghta.

*2
.90

$ Assessment

26

66

June

Feb 20

510
14

July

46

July

Oct

4% Oct

17

70

Oct

18

July

42

Sept

Anr

28

88

Jan

Jan

1*

25

July

Mar22

4

94

Oct

18

35

4% Apr
9
1*4 June' 8

0

2

Aug 22

4% Jan

27

15

(8

Jan

2

278Mayl6

5

Jan

l«

Oct
Feb

9

6*2 Oct

10

5

1*4 Oct

8% Aug

15% Jan

10

2

5*2 Mar24

15

26*2 Mar 7
6

July 9
2

2*

Jan

72

Oct

.50

Oct

3*4 July
1*2 Aug
July

10

Jan

2

1% Jan

77% July
16

Jan

4% July
July

9

2r>

20

17

92*4 Mar20

77

2

9% Sept26

6

Mar

18

24*4 Mar28
2% Jan
3

20

July

4

25
25

*60*4 Oct 18

Oct

9% July

17*2 Apr
3
30
Mar20

1*4 Aug 28
40

3

ox

Oct

11% Oct

Jan

18

11

5%July

*7

2% Feb

May 23

3

1% Aug. 20
67*4 Oct
17
Oct

2

3*2 Mar

'27, Jan

12

Dec
Dec

.50 June

1% July

07% Mar 12

59

Dec

95

16

70

July

,

Mar 12

18

9 4% Feb 21

11*2 Mar
81
July

10

21% Oct

16

32% Apr

3

20% June

25

53

Oct

IS

89% Mar

«

61*2 Jan

10

.95

Oct

17

2

Jan

2

10

Jan

5

10

21

17% Oct
66

Oct

10

„

28%JunelS

30% MarlO

2

1*4 July
July

7

24% July
4

Aug

25
25

Lake.........

...

2% Oct

10

6*4 Jan

6

Oct

18

16% Mar

0

12*2 July

10

2*2 Oct

18

8'4 Jan

6

l%.Jan

Feb

2

25

47

60

Jan

3U Mayl6
1
Ma.vl2

2^ Jan

497g Oct 16

67% Jan

47

Oct

15

...

I7g Mar28

Mining

12

Oct

16

77% Oct

18

3*8 Oct

18

2% Oct

8

1
25
25

2

Oct

8

502; Wolverine
Iwyandot.t

25

33

Oct

18

Kx-dividend.

2

76*2 June 18

Sept26

4

s

July

3484 June
10% June

Jan

22*2 Oct

a Ex-rlghts.

June

79

3
19

20%Jau

1*2 Oct 18

100! Winona
«

6

17

85

6

4«4 Dec

11% July

Jan

92

58

*25

54*2 July
2
July

46*2 Jan

17

39% Apr 23

8*2 Oct

Dec

6

Mar

9

10

pref

16

10

18

Do

590

9*2 Oct 18

40|Victoria

2%
Scot'17

4

18

5*8 Oct

2,775jUtab Metal A Tunnel

3l2
37

paid,

85i« Jan

15

50
6
3,312 Utah Consolidated
....
5
75 Utah Copper Co...—.... 10

79%
3%

3%

Doc

63*2 Oct 18

10

890 Utah-Apex

1% Aug
42

25

25
1
2,411 US Smelt Refln A Mln... 50
428

7% July

26

Shannon

Tamarack

13

38

...

Mining..;

29% July
00
July

Jan

2f

Butte
Lake

Deo

52

1,255 Trinity
1,100 Tuolumne Copper

2%

13
3*2

5
25

Idrla Quicksilver....

O5* South

48

2% 2%

25
25

25

480 Superior

53

4712

5

25

4

1,186 Superior A Boston Copper.

1*4

50

25

Dec

84 May

18*4 Oct 16

Shattuck-Arlzona

1,100

512

Oct'17
2%
2*4
6*4
6*2
2%
3
59*2 Mar'17
4*2
4%

47*2

Colony...

Copper.
810!St Mary's Mineral Land.,
1,760 Santa Fe Gold A Copper,.
~
-------

58

1

r

200 Ray Consolidated

Last Sale 22*2

*2*2

25
25

1,233 Osceola
1,685 Pond Creek Coal.;.....,;
707 Quiney

22%

5*2

5

•

1,530 Old Dominion Co
!

1«%

68
*22

57s

25

Copper,.

Lake....

150 Ojlbway

2
40%

18%

...100

25
1
1

Do

150 North

66

100

Consolidated..
Cananea

Island Creek, Coal.....—

2,171 North

*21*2

25

........

25

.80

64

26
3

3

13*8

*1%
40*2

8ept27

Jan

10

12%

1*2

15*4Juncll
2*4 Jan 26

Jau

*.60

63

73

17

7U Jan

.55

41

41*4 JaD

16

17

13*4

*1%

17

Oct

12

.55

40

60

Jan

11%

*60*4

Mar 6

Oct

6
New Rfver Company.?.... 100
Do
210
pref...
100
650 Nipisslng Mines
5

72

77S

10

Jan

835 New Arcadian Copper....

Aug'17
72

91

2
2

3

300 New

8*s

2

8*2 Oct
.40

is4 Feb
Aug

Jan

lli2Jan
l%Jan

108

17

68

350 Nevada Consolidated

12

Last Sale, 22

2

17

1,026 Mohawk

18%
2

2

2*4

Oct

4i4Jao

Oct

725 Michigan

71

70

70

86

16

1*2 Apr 23

1,175 Mass Consol.
150 Mayflower-Old

7*4

1%
2

1*4 Oct

48

20; La Salle Copper
360 Mason Valley Mine......

*4%

72*2'




18

....

195jKeweeuaw Copper..
l,195|Lake Copper Co

*3

17*4

Bid and aflked prices.

Oct

27UJan 16
63
Mar 7

6401 Kerr

478

2

4%
2
4

76

•

120% Dec
102*8 Jan

79

18

799 Isle Royaie

26.

*4%

2

11

19

15

1

*3

P

2

Jan

14

100 Indiana Mining

87

*434

147

Oct

41

26

5

16

48

450 Hancock Consolidated....

2

*85

2*2

2%

*1*2

*25

5

11

1%

86*2

7

124*2 MarlO

Oct

Oct

Greene

11

28

4

2*2

*9*2

87

2*2

Sept19

118

12

Sept'17

9*4

28*2

6

105

43

58

58

*3

7

92*2 Aug

Nov
Jan

50

25

....

Copper

105 Granby

Last Sale 40

3U

10

Oct

175 Franklin.4...

75

37

5

Jan

5
3,919 Copper Rauge Cons Co... 25
135 Daly-West..
20
10
3,200 Davis-Daly Copper
3,871 East Butte Copper Mln... 10

412

10

7*2

11*4

4*4<

4*8

9%
*4*2

71

60

Dec

23*2 July

Mar26

470

105 Chluo

2*4

5

2*2

2

*1%

10

*4*2

5

5*4

4

4%

10

4*4
73*2

5

1% 1%

2

2

35

95

70

10
25

Hecia

250 Centennial

49*2

50%

...

Sup Cop (Ltd)

145 Calumet A

43%

2

17

9

54% Oct 18

25
25
5
10
10

....

1,463 Calumet A Arizona.......

14

43*2

pref...

10 Butte A

67

*18%

Do

250 Butte-Bajaklava Copper..

.45

19

64

......

1,370 Arizona Commercial

20

20

66*2

*17*2
475

9

8%

9

,50

Jan

Jan

i4 Nov

25

Mining

Algoinah
882 Aliouez

15

8*2

40

30

May

10

3*2 SeptlO
*4 8eptl2

10

.....

48

*.40

JunelS

1% JulylO

25

480 Alaska Gold

56*2I

68*4
14

25

252 Ahmeek

92

*90

25

575 Adventure Con..

1*4

14
48

.50

11

3

25

55

8-*4

Sept

155

Marl6

16

100

I

*.40

Sept.

78

31

Mining

3*2'

3*2
*.25

79

Mar30
Jau

JunelS

Feb

44
Do
pref...
..100
5
5,590 Ventura Consol OH Fields-

6*2

81

169

Oct

...

15*8
49*2
9 1

9%

505

6

100*2 Mar23

11

52

255
Do
pref
15,317 U 8 Steel Corporation

57

.50

495

334'

2578

104*2 105*4

16

July20

133

25
100
1,112 United Fruit
2,015 United Shoe Mach Corp.. 25

44

2578

26

101% 10478
*114
114*2
5*2

X\

86

.60

.28%
124*

43*2

June

95

Oct

25

....

1434
48

9

65*2

1*2

91

"28%

'

10

160 Torrlngton.*
252
Do
pref....

159% Apr

Oct

100

Swift A Co.

56*2

*.40
*18

558

5*2
1*2

"l",274

18

32*2 June26

50

Reece Button-Hole

"

■

101

1 1

44

2578

100

11234;

*112

120 Punta Allegre Sugar

33

123

28%
123

43*2

26

257S

2534

99*8 104%!

28%

44

4312

•

Oct'17

138*2 140*2

Dec

225

4

10

Jan

1

..100

21|Pullman Company

Jan

170% Jan

11

35|Nova Scotia Steel A C....100

52

121

12134 124

43

44%

25%

52

29

29

2834

| 11978

33

32

138*4 140

138*8 140
*52
5234

52

140

Last Sale 12*2

13

-*12*4

137

"

82

140

*30

*3138

30

*12%

140i2

138

*. '

"

13

*12i4

120

82

*136

*136%

135

*135%

Aug'17

120"

226

15

69

100
Do
pref
100
"659 New England Telephone.. 100
200iNlpe Bay Company
100

105*2 106

8*4 Dec

Jan

83

New Eng Cotton Yarn

105

22

10

102

143

Mississippi River Power.. 100
Do,
pref..
...100

120

*93

Jan

tc8% Apr

97*2 Oct 19

pref

Sept'17

Jan

42

4

Jsd

20*8 June22

July 21

135

Lust Sale 88

July

27

Septl2

175

Last Sale 33

90

90

98

00

100

1st pref. 100

100
Linotype... 100
Mexican Telephone...
10

June'17

Jan

7*2 Apr 13

10

5 Mergentbaler

Last Sale I

2

*.80

2

12

276 Massachusetts Gas Cos... 100

145

145

145

97*2

Last Sale II

*.80

*.80

20 McElwaln (W H)

Soptl3

100

Electric..

161 General

Aug
Jan

66

55*2 Feb

10

169 Edison Electric ilium

178

*97*2

99

83*2

84

69

*83%

179

99

42
92

97i2 Jan
5
11% Aug
7
121*2 Jan 22

18

8*2 May 16

100

pref

Oct

Dec

123

8

June

58
15

85

Apr

114%Mar

100*4 June 9
75
Julyl7

19

Oct

Dec

7

106

120% June 9
121i2 Jan 24
128% Jan 25

Feb

88

9
Mar 8

14

15

92% Oct

pref.

84 Dec

.2% Jan

64

East Boston Laud........

13734 137%

100

40

Metal Construe Inc...10

Do

265

Oct'17

177

182

180

Do

Oct

Apr

95% Mar

103% Jan 27

111*2 Oct 18
113*2 Oct 15

100

160 Cuban Port Cement

Last Sale 7%

8*2

104

2,775 Atl Gulf A W I S 8 Llues.. 100

98*2 102*2
60
60

13

13

13

13

*734

50
100
100

Do

220 Art

9

137% *13612 137

190

*182

64

Oct

1*8 Apr
8% Jan

....100

pref

pref
126 Amoskeag Manufacturing

85

*8*2
93*2

........

95

50

American Woolen of Mass. 100

34]

85

9
96

pref

Do

582

94

64

64

9278

8%

Do

2,815 Amer Telep A Teleg

115*2
Oct'17

92%

9334

*8i2

13%

*7%

3l2

*7%

Last Sale 46%
93

60

*58

115"

pref

97 Amer Sugar Refining.

83

114*4 115*2

|

66

*85

9

93

"""60

78U Oct 17

100
100

Amer Pneumatic Service..

10%
105*2 106

104

Do

81

I

95

Oct'17,

111*2 112*2

95l2

*8%

9912

104

93*4

'

8%

8%

I

42

*4078

93%

927g

95

95

105 Amer Agrioul Chemical

82

Last Sale 1*4
*10
*10
10*2

105i2 *104% 105*2
112% 112*2
112%
115
114l2 1155»4

113i2 115

92

95

]

1*2

*ll4

10

10

104

96

*95

1%

♦H4

1%

*79

*78*2

25

w Half-paid

.15 Aug 23

15

8% Julyll

9
4

52% Jan
4
378 Sept27

21% Feb 20
118% May26
6%Jan
6

16

JaD

2

5*8 Jan

25

63% Mar 0
2% Jan
3

35

Aug

4*4 July
.15 Jan

54% Jan
49

Feb

278 Dec

12*2 Jan
75

June

5*4 Dec

2% Jan

3% M ar
45

Oct

1*8 Aug

1608

THE

Outside Stock
Boston
ton Stock

Bond

CHRONICLE
Baltimore

Exchanges

Record.—Transactions in bonds at Bos¬

Last

-•

Range

for

of Prices.

Price.

lists, is given below.
Prices for stoeks are all dollars per
share, not per cent.
For bonds the quotations are per cent
of par value.

Low.

Range since Jan. 1.

Friday

Week.

Last

High.

Low.

High.

Am Agric Chem 5s

99.54

99.40

1924

99.72 638,550

99

Par.

Sales

Week's Range
of Prices.

Price.

Week.

Low.

Sale

Stocks—
u s Liberty l'n 3%s.l947

Exchange.—Complete record of the

Sales

Week's

Sale
Bonds—

Stock

transactions at the Baltimore Stock
Exchange from Oct. 15
to Oct. 19, both inclusive,
compiled from the official sales

Exchange Oct. 15 to Oct. 19, both inclusive:
Friday

[Vol. 105.

Shares

High.

93%

2,000

93%

Oct

104

Jan

Alabama Co

100

47

45

94

94

94

1,000

94

Oct

106

Jan

5fl temporary receipts...
Atl g <fc wi s3 l 5s. 1959

60

52

96%

96%

96%

102

Jan

32%

...

77 X

1921

•

-mm***.

Mass

Gas 4%s

93

7s

Oct

85%

Jan

94%

Oct

99%

Jan

Consol Gaa E L & Pow.100

93

2,000

90

90

2,000

90

May
July

93%

3,000
2,000

93

Oct

10,500
1,000

95

Oct

93

Sept

90

mm

79

79

95

95%
94%

mm

1944 ..95

United Fruit 4%s__._1923
Ventura Cons Oil Fields
conv

Aug

5,000

94%

95%
77%

Second preferred
100
Arundel Sand & Gravel 100
Baltimore Tube
100

93%

1929

n e Telephone 5s.... 1932
New River 5s
1934
Swift & Co 1st 6s

4,000
25,000

78

94%

77%

_

Gt Nor-c b & q 4s

94%

94%

90

79

94

Oct

98%

Jan

100%

Mar

Jan

.

82

.

_

Consolidation Coal

1922, full paid..

92%

92%

4,000

92%

5

Jan

Jan

90

3,000

90

Oct

Oct

92%
100%

Preferred

Last

Par

of Prices.

Price

Low.

100

Amer Shipbuilding

100

for
Week.

295

Low.

High.

3 5275

22

Feb

95%

Aug

50

Oct

70

Feb

25

July

94

Apr

22

23

740

83

83

53%

"lX
56 %

IX

Mar

115

19

Oct

57% June
4X
Jan
35X
Jan

95

56

Oct

78

600

19X

10%

.

708

9X

1

125

1

137

192X 192X

.'..100

112

zlll

114

457

Cudahy Pack Co com.. 100

115

113

115

735

Deere & Co, pref.;.

100 J*

100
..100

Q9X 100X
110

Oct

25

Jan

Apr

2

Feb

Oct

220 X

Feb

111

Oct
Feb

142%
129%
100%

Jan

108

192X
x

830

Feb

114

225

110

Oct

65

65

150

64

Sept

110

55

'110

Oct

com

215

3

215

Oct

Lindsay Light

300

28%

Middle West Utll com....

100

28x

35

35

1

Feb

OX

National Carbon, new

59

People's Gaa L & Coke. 100
Prest-O-Llte Co, Ino

35

35

63

65

46

63

Oct

35

Preferred

Mitchell Motor Co

35

100

35

Sept

59

41

149

1-06

93 X

z93 X

102%

Jan

98X

Oct

115

Feb

Oct

239

Jan

Oct

1,002

53
132

X

Feb

140 X

"Oct

54

99

98

20X

•

Oct

1.080

19 X

Oct

114

X108X

Sept

110

57X

1,247

Oct

296

100

54

98

Oct

101

Jan

165% May
210

89

34%

117%
Jan
84% May

Chic Ry Ad Iric 4s..

4

89

Oct

94%
99%

Jan
Mar

.1927

91X

92X
60

1.000

90%
59%

87%
59

88 X

4,000

87

Oct

97%

Jan

59

59

3,000

59

Oct

70%

Jan

1,000

30

Oct

Oct

44%
102%

Feb

Sept
Oct

30

Chicago Telephone 5s 1923
Com'wealth-Edison 681943

14,000

30

Aug
Oct

X

98 X

98%

98 X

96%

Cudahy Pack 1st M 5s '46
Liberty Loan 3 %s when iss

96%

97 X

7,000
35,000

95 X

95X

I 7,000

98X
96X
93X

99.50 99.70 133,950

99.40

95X
99.56

Metr W Side El 1st 4s 1938

60X

98%

b Ex-50%

96

95

Swift & Co 1st g 5s...1944
Wilson & Co 1st 6s... 1941

60%

96

Peop Gas L & C 1st 6s 1943

Ex-dividend,

$10,000

95X

98X

98X

stock div.

c

Oct

2,000

60

Sept

1,000

80

Jan

Jan

103%

Jan

100%
Jan
100.10 June

70%

Jan

96

B Oct

96

6,500

95

Oct

102

Jan

2,000

"

98 X

Oct

103%

Jan

Ex-25% stock dlv.

a

Oct

Last

Stocks—

Par.

Price.

Amer Wind Glass Mach 100
Am Window Glass pref. 100

46%

Columbia Gas & Eleo.-lOO
Preferred

100

Diana Mines

Indep Brewing com....50
Preferred

7c

2%

Heat_T._50

lob"
"58%

Nat Fireproofing com..50
fax Preferred
50
Ohio Fuel Oil.

25

Preferred

50

Copper

1

30

35%
66%

370

150

100

Low.

44%
105

High.
Oct

62

Jan

Jan

110

Jan

Oct

32%
59%
90%

Apr

47%
90%

July

Oct

112%

Mar

6c

Oct

1

Apr

8c

20c

2%
13%

2%

400

July
1% June

48c

3%

Jan

13%

100

8

June

17%

Feb

120

Aug

Jan

100

Sept

Sept

15c

105

110
100

45

60

1,401

71%
90%
57%

305

4%

57%

4%
12

80

100

15

235

47%

1,919

26%

550

17%

44

27

1,590

37

3%
14%

3%
15

50c

560

38c

41c

35
790
150

16.900

3,500

100

6

6%

670

119

119%

229

1%

55

River Side East Oil

1%

12

Oct

May

17%

Jan

Oct

22

Jan

56

Jan

Aug

30

Aug

Feb

37

Feb

1%

June

10

May

47o

May

37c

Oct

4% May
118

1%

50

33

May

U S Steel Corp com

100

103%

101

105

43%

40

43%

79

79

West Penn Rys pref._.100

Oct

168% May

28C

Jan

185

Jan

47

Aug

550

102

Feb

136% May

1,390

101

Oct

157%

1,667

40

Oct

58% May

30

75

Jan

81%

te*
F*

Mar
Mar

20

100

Jan

Sept

41

106

17%

Jan

2

169

103%

1.20

July

July

135

41

lie

1.55

Oct

169

2,500

4%
21

Apr

100

11c

Jan

Jan

100

110

Apr

17

Ross Mining & Milling
Union Natural Gas
US Glass..

1

73%
7%

Jan

43%
26%
35

ser A

Feb

Aug

1949

Pitts Coal deb 5s

1931




50

Jan

232

44%

Jan

18%

.414

12

Oct

23%

Apr

105

55

Oct

67%

Jan

Oct

16

16

'

29

100

Oct

16

Oct

14

180

13

Mar

19

Jan

64%

102

60%

Mar

73

July

119

79

Sept

89

69

70

64

69

Oct

84

Jan

25%

346

25

Oct

22%

330

15

June

35%
22%

Jan

19%

3%

335

3

Sept

5

Jan

$2,000

100

Sept

104%
100%
102%

Feb
Jan

79%

3

50

50%

$7,000

45

Apr

99%

99%

29,000

99

Jan

100

Elkhorn Coal

96

"98%
95%
82%
103

Jan

103

5s

97%

Sept

99%

Oct

6,000
1,000
41,000
21,000

Oct

Jan

97%

97

Feb

106

Apr
Aug

Aug

95

4,000

98%
107%
95%

Mar

110

Oct
Oct

82%

Mar

Aug
Aug

102

82%

Oct

85% 135,000

80

Oct

97%

93

25.000

88

Oct

93

8,000
8,500

97

99%

Sept
Sept

94%
94%
101% 101%

1,000

94%

Oct

2 000

101%
98%
41%

"97"

97

99%

Norfolk Ry & Lt 5s. .1949

1949

Funding 5s

99%
41%

99%
41%

95

No Bait Trac 5s
1942
Sherwood Dist 1st 5s
United Ry & Elec 4s. .1949

Income 4s

97%

,

99%

.1931

Mt V-Woodb notes 6s 1918
N O Mobile & C 1st 5s 1960

59

1936

,1936

Jan

95

80
88

Georgia Pacific 1st 6s. 1922

Jan

Sept

90%
100

34,000
33,000

1918

Small

103

1,000
6,000

79%

Corp 6s. 1925

Fairmont Coal 5s

96

100% 100%
98%
98%
95%
95%
82%
82%

"85%

Elkhorn Fuel

100

97%
97%
99% 100

100

..1919

Philadelphia
of

Stock

transactions

1,000
3,000

Sept

79%

Oct

101%

Jan
Jan
Jan

Sept

107%
98 %
106%

Feb

101%

Aug

Oct

4,000

95

100

Sept

33%

Feb

106

Oct

77%
58%

Jan

99%

Oct

100% 100%!
1,000
33%
33% 117,000
78 %, 12,000
77%
58%
58%!
6,000
80%
80%! 1,000
81
81%
1,100

Jan

56

Oct

Feb

33%
84%

Oct

Jan

67%

,

Jan

Oct

80%

Oct

90

Jan

81

Oct

90

Jan

68

100%

Jan

Mar

Exchange.—The complete record

the Philadelphia Stock Exchange from
Oct. 15 to Oct. 19, both
inclusive, compiled from the official
sales lists, is given below.
Prices for stoeks are all dollars

per

at

share, not per cent.
value.

For bonds the quotations

cent of par

Last
Sale

Stocks—

Par.

Insurance

10

American Gas of n

Price.

j..j00

American

Milling

American Rys pref
.100
Baldwin Locomotive..100

Preferred

Cambria

Iron

,

Keystone Telephone

57%

54%
96%
43%

57%
96%
44

100
60
50
50

North Pennsylvania....50
Pennsyl Salt Mfg
50

...50

Phlladelpaia Co (Pitts) .50
Pref (cumulative
6%) 50.
Philadelphia Electric
25
Phil Rapid Transit
50
Voting trust rects.„__50

Range since Jan. 1.

110
52

Low.

20

High.

May

Oct

99%

22
121

20

8

Mar

15

88

Oct

220
5

120

49

95

71

7

70

52

50

54

3,712

50

17'

17

350

17

57%
11%

58

441

57%

11%

175

11

14%
70

14,980

46

Oct

"13%
69

59%

68%

57%

59%

41

245%

87%

41

44

245%

87%

87%
92

91

"SI"

50

51

30

"35"
26%

30%

33%
25%

28%

35

1,261
664

Mar

June

74

Jan

67%
29%
70%

May

11

Feb

183

Oct

58

July

102%

Oct

17

Jan

76

Oct
43% May
100
Feb

110

Feb

Aug

98

Feb

.

Apr

9%

96%

71

.

Pennsylvania

for

105

50

Lake Superior Corp
Lehigh Navigation
Lehigh Valley

Shares.

High

88

.50

100

__

Low.

88

Cambria Steel

Preferred

Week.

88

100

50
Consol Trac of n j.
100
Elec Storage Battery.. 100
General Asphalt
100

Sales

Week's Range
of Prices,.

20%
20%
99% 100
9%
9%

10

are per

I

Friday

Jan

Jan

Jan

May
Oct

14

Jan

24

Mar

68%

Oct

85

Jan

11

.

Jan

57%

Oct

10

41

Oct

47%

Feb

485

44

Oct

67%

June

10

182

91
50

87%

94

Oct

300

30

33%
25%

Oct
Oct

June

57%
41%

Oct

425

3,443

Jan

100

Oct
Sept

5,542

Jan

Jan

43

Jan

34%

,

Jan

26

26

27%

21,935

22%

Oct

34%
34%

Jan

22%

Philadelphia Traction. .50

72

72%

510

72

Oct

84

Jan

Railways Co General
Reading
2d preferred..

4%

100

4%
71%

Jan
Oct

50

4%
71%
38%

Tono-Belmont Devel

36%
3%
5%

Oct

45

Jan

1

Oct

5

Aug

7%

Mar

Tonopah Mining

l

Union Traction

50

United Cos of n j

"27"

10
50

76%

""3%
5%
42

United Gas Impt
50
u s Steel Corporation.100
Warwick Iron & Steel

"72%
105%

•

78

5

2,638

36%

10

3% 3 15-16

5,545

,5%
40
206

10q

71%

5%

1,533

40

Oct
Oct

226

Oct

91% Mar
134% May
Jan
9%

72%

2,658

99% 106%

28,925

9

180
10

76

76

76%

68

76%
76%

35

35

50

Oct

Jan

205

47

100

103%

Jan

Jan

19

9

Coal

7%

2,237

47

Cramp & Sons
York Railways pref

Oct

42

10

wm

26

206

;

West Jersey & Sea Sh___50

Westmoreland

71%
99%

Oct

8 15-16Sept
47
Oct

47%

Jan

Jan

Jan

80

Feb

66

Feb

92

Apr

10

35

Oct

39

Jan

99.40 99.74 269,250

99

Aug

100.5

June

89

89

3,000

89

Oct

89.

89

700

89

Oct

97%
97%

Mar

98%
74%

99

8.000

98%

Oct

102%

75

10,000

74%

Oct

84

Jan

75

75

1,200

70

Aug

86

Jan

104

50

53%

Sept

1.340

104

103

Aug

107

Jan

,92

Oct

99

Jan

97

Oct

103

Jan

82

Oct

126

73%

Bonds—
u s Liberty Loan 3%s 1947
Amer Gas & Elec 5s..2007
Small
2007
Consol Trac n j,1st 5s 1932
Elec & Peo tr ctfs 4s._1945
Small

99.60

74%

..1945

Equit i Gas l 5s

1928

93

Lehigh Val

cons

4%s *54

97

gen cons 4s 2003

Gen consol 4%s
2003
Lehigh Val Coal 1st 5s 1933
a 4%s

Consol 4%s
Consol 4s

1965
..i960
1948

Pa & Md Steel cons 6s 1925

Phil Elec 1st (new) 5s_1966
Small
1966
Phila <fc Erie gen 5s
1920
Pub Serv Corp n j 58.1959
Reading gen 4s
1997
j-c

collat 4s

1951

Standard g & e 6s
1926
United Rya Invest 5s_1926
Welsbach Co 5s
..1930

97%

3,000
4,000
8,000

82

4,000

92%
92%
102% 102%
91%
92

Pennsyl rr gen 4%&.1965
Series

93

97
82

Keystone Tel 1st 5s. .1935

Lehigh c & n

Spanish Am Iron 6s. .1927

Bonds—

Plttsb Brewing 6s

Jan

30%

79

6s

Series B 6s
Cosden Gas 6s

Jan

17,500
1,300

Plttsb Plato Glass.....100

West'house Air Brake. .50
West'house Elec & Mfg.50

Apr

6c

36%

3%

1

Plttsb Oil & Gas

105

17%

"47%

25

Pitts & Mt Shasta Cop

1,150

90%

12

Peop Nat Gas & Plpeage 25
Plttsb Brewing oom___'.50

47

90%

4%'

1

Ohio Fuel Supply
Oklahoma Gas new

High

Range since Jan. 1.

99

;—100

Mfrs' Light &

Shares.

44%

for

17c

60

Lone Star Gas

Low.

32%

...1

La Belle Iron Wks com. 100

Week.

66%

"90%

1

Mines

Sales

Week's Range
of Prices.

105

Crucible Steel com....100

Pitt8b-Jerome

Cosden & Co

1923

Mid vale Steel & Ord

Pittsburgh Stock Exchange.—The complete record of
Pittsburgh Stock Exchange from Oct. 15
to Oct. 19, 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.

Sale

Jan

5%

55%

3%

Lehigh Val Trans pref..50

Ex-rights.

transactions at the

Friday

1950

Convertible 6s

107% May

60

Chicago Rys 5s
..1927
Chic Rys 4s series "B"_

Gold Bar

Notes 5s

Consol Coal ref 5s

Alliance

92

18%

Oct

25

5

Apr
Jan

Bonds—

Chic C'y & Con Rys 5sl927

t

19X

Jan

25

4,809

Armour & Co 4%a...-1939
Chicago CityRy 5s... 1927

79

69%

"22%

1919
Consolidated Gas 5s. .1939
Consol Gas E L & P 6s notes

Aug
Aug

41

4,293

109

83%

2,573 cl46%

99!4

155X
58 X

55

20

Apr

155%

Oct

141

V

Oct

3%

12

Coal & Coke 1st 5s

Mar

Oct

137

100

94%
7%

4.046

<

Mar

Feb

59

140X 154

"57"

58
78

53%

40

140

Ward, Mont & Co, pref
Wilson & Co, common. 100

June

102

147

Union Paper Board comlOO

35

377

Stewart War Speed comlOO
Swift k Co.......
100

58

Mar
Jan

1,896

Union Carbide Co

100

Jan

2,835

123X

98X
155

Mar

90

61

112

93 X

Quaker Oats Co, pref.. 100
Sears-Roebuck commonlOO

Oct

132%

47

40

118

Pub Serv of No 111, pref 100

Apr
Aug

118%

215.

...—

Preferred

June

110

Hart.Shaff&Marx, comlOO
Linde Air Prod Co.

Oct

IX

11

9%
1

Chicago Title & Trust. 100

Feb

49

57 X

Chic Rys part ctf "4"

Oct

81

200

IX

19

Chic Rye part ctf "2"..^.

21

12

56

—.

Preferred..:

Feb

39

50

53

Diamond Match

445

310

100

Com'wealth-Edison

June

91

50

Cal & Chic Canal & D.100

Chic C'y & C Ry pt sh com
Preferred

19,688

55

50

Atlanta Consol St 5s. .1939
Canton Co 5s

89

Chic Pneumatic Tool.. 100

172

8%
4

Jan
Jan

Bonds—

50

Preferred

114

95

94%
7%
3%

16

Pennsyl Wat & Power.100

Range since Jan. 1.

Shares

High

295

Amer Straw Board..

Booth Fisheries, com.. 100

Oct

Jan

127

13%
64%

City & Suburban 1st 5s.'22
American Radiator

Oct
Oct

Sales
Week's Range

Sale

Stocks—

85

14"

Way land Oil <fc Gas

June

102

64%

Wash B & Annap

65

Oct

75

4

50

Sept

32%

437

100

Elec..

47

160

85

.25

Northern Central
United Ry &

June

90

33

29

v t r

t r

v

67

104

30%
18%
65%

.

Oct

60

100

MtV-Woodb Mills

Jan

Chicago Stock Exchange.—Record of transactions at
Chicago Oct. 15 to Oct. 19, compiled from official sales lists:
Friday

High.

44

85

"1%

Preferred trust ctfs.-lOO

Mar

102%
98%

Oct

90

Low.

335

102

103

100

Cosden & Co

47

39%
123%

"85"

Cosden Gaa preferred
5
Davison Chemical, .no par
Houstoh Oil trust ctfs-_100
Monon Vail Trac new.

Western Tel & Tel 6s_1932

Range since Jan. 1.

100.14 Sept

July

93%

Am Tel & Tel 4%s...l933

k c & m Ry & Bdg 5a 1929

for

102%
97%

92
92%
100% 100%
92%
92%
102% 103
97%
99%
98
99%
99% 100

85

85

8,000
1,000

4,000

8,000

Oct
92%
102% June

91%

91%

2,000

100

5,000

91%
102%
97%

6,500

33,000

Oct

Aug

Sept
Sept

Jan

Jan

102

Jan

106%

Jan

104%
,98%
107%

Apr
Jan

1

Feb

100

Jan

Oct

108Jan

Oct

102

Apr

3,500

98

Oct

102% May

2,000

99%

Oct

101

1,000

85

89

4,000

87%

Sept

87%

1,000

87%

Oct

89%
87%
100% 100%
99%
99%

91%

Jan

6,000

Oct

100% Sept

92%

Jan

98%

Jan

97

Jan

102%

1,000

99

Aug

102

67

67

1,000

67

Oct

74

95%

95%

L000

9.5 %

Sept

May

Mar

Apr
'"jan
99 X"^ Jan

oct. 20

1609

chronicle

the

1917.]

Sales

Friday

TRANSACTIONS

AT THE NEW YORK

DAILY. WEEKLY AND

for

of Prices.

Week.

Sale

Stocks—(Cont'd)

Range since Jan. 1.

Week's Range

Last

Volume of Business at Stock Exchanges

High.

Shares.

%

%
9%

28,500

18%

3,100

Low.

High.

Low.

2,800

8%

Price.

Par.

STOCK EXCHANGE
World Film Corp v t 0-..5

YEARLY.

%

Wright-Martin Airo r..(f)

Apr

1

Jan

4% May

17

July

21

June

%

Former Standard Oil

Subsidiaries
States

Bonds.

Bonds.

$1,492,000

$1,067,000

$3,187,000

1,757,000

783,970

1,202,000
762,000

3,771,000
3,378,000

732,650

66,154,000

1,134,000

427,000

2,919,000

956,474

88,218,600

1,227,500

497,000

3,583,000

948,433

Thursday
Friday

1,447,000

4,383,297 $402,682,400

Total

'

$3,955,000 $16,838,000

$7,057,500

ending Oct.

Exchange.

Par value

.

Jan

690

222

Oct

345

Jan

Barnett Oil & Gas

1

Coed en & Co.r

5

-

1%

1%

7%

8%

1

3-16

Esmeralda Oil Corp r
Federal Oil r

1
5

%
3%

Friars Oil

1

%

r

r

Oll.r

25,763,500

400,023,500

640,018,500

$37,885,000

$792,844,250

AND

7-32

9-32

8%

8%

3-16

%

,.10

35%

Metropolitan Petroleum 25

15-16

29%
36%
% 1 1-16

Merritt OH Corp r

19 1917.

Bond Sales.

Shares.

Bond Sales.

Shares.

Bond Sales.

Shares.

$153,350

28,246

75,550

$137,700
135,400

19,704
21,288

258,950

18,136

61,750

Thursday

72,850

19,845

67,0.50

Friday

14,402

96,500

13,145

45,000

102,040

$701,400

it

19, both inclusive.

Omar Oil <fc Gas
Pan-Amer Petrol

162,200

2,038
4,494

$498,000

record of

security market from Oct. 15

the week ending Thurs¬

covers

day afternoon:
It should be understood that no such

reliability attaches

those

on

the regularly

organized stock exchanges.
On the New York Stock Exchange, for instance, only
bers of the Exchange can engage

in business, and they

are

is,

responsible for them have

oomplied with certain stringent requirements before being
admitted

Every

dealings.

to

is taken
the "tape," or reported

precaution,

to insure that

quotations coming over
in the official list at the end of the day,
On the "Curb," on
whatever.

Pennsylv

are

too,

authentic.

Any security may be dealt in and any one can

prices and have them included in the

lists of those who make it
the transactions.

in,

a

business to furnish daily records of

The possibility that

fictitious transactions

that dealings in spurious securities

or even

may

creep

may

be included, should, hence, always be kept in mind,

12%

Red Rock Oil & Gas r__„l

69C

650

as

1

regards mining shares.

5-32

6

9%

;

5
1

43c

1

11-16

Booth

In the circumstances,
for the absolute

%
7-16

%

4%

5%

%

%

%

6

6%

1%

8%c
1%
2
5%c 5%c

1

trustworthiness of this record of "Curb" transactions, and
we

give it for what it

may

be worth.

Week ending

Last

Oct. 19.

Sale

Par,

Stocks—

Price.

Week's Range

Sales

Range since Jan. 1.

for
Shares.

High.

Air Reduction

Co

26,000

40%

200

77

85

3%

3,650

65

Mar

700

2

Oct

5%

15%
15 %

300

74

15

com.r_.

Car Ltg <fc Power.r

2

10

9%

Cities Service com.r... 100

218%

100

78 %

Preferred

_r

1

16c

5%

2%

3%c

33%

Everett Heaney & Co.r.20

22%

Holly Sugar Corp com%t)
Lntercont'l Rubber... .100
r

......

5

8%C

9c

1

1%

5%

6

10c

1

1%

1

Lake Torp B't com.r...10
Lukens Steel 1st pf.r_.100

Transit

19%

Jan
Jan

MoKluley-Darragh-Sav.

Jan

Monster Chief

Mason

Valley

5
.

July

Mother

1,035

*9

Oct

14

.Mar

Nancy Hanks-Montana

4,400

65

Sept

146

Jan

National Leasing r

Oct

225

Oct

National Zinc A Lead r..I

600

2%

214% 221%

2,564

214%

79%

Feb

5%

Lode

1

r

r

1

Nixon Nevada

1

23

1,200

20%

Apr

25

Aug

Ohio Copper new r

1

1

45

45
11

Aug
Jan

Portland Cons Cop....
Red Warrior r

Oct

Rochester Mines.

%

20

13%

200

12%

Sept

4
4%
101% 101%
9-16
■H

7.50

2%

Marconi Wirel Tel of Am.5

3%

3

700

4

10

96

1,000

18

10%

Oct

May
Feb

Feb

%

104

June

Feb

1

Mar

3% June

2% June

7-16

%

9,950

%

Oct

4%

Feb

14

200

Oct

18%

Aug

3

3

2,900

Prudential Plctures.r

7%

2a
7A

12%
2%

8

3,750

4

May

9

9

100

9

Oct

11%

Mar

17

18

2,000

16%

Jan

21

July

Troy-Arizona r

1

92%

92%

2

92%

Oct

97

Jan

United Eastern

1 3 11-16

Pyrene Mfg.r..
St Joseph Lead.r

5

10
10

*17"

Oct

9%
8

Jan

Oct

(t)
1
Tonopah Extension Mln.l
Tonopah Mining
1
Tri-Bulllon SAD

Smlth(AO) Corp, pf.r.100
Smith Motor Truck r___10

"lH

1%

1%

8,500

1%

Oct

9

Jan

U

Standard Motor Constr rlO

8%

8%

8%

200

5%

Jan

15

Apr

Unity Gold Mines

Jan

Utah Nat Mines r

Bteel Alloys Corp t

5

Submarine Boat..(no par)
Todd

Shlpyds.r—no par

6%

15%
.....

1,400

15%

12,000

79

6%

11-16

Triangle Film Corp v t c.5
U nlted Motors. r.. (no par)

714,

14
79

22

19

1

17,000
1,000

United Zinc Smelt (no par)

2%

2%

4

4

U S Steamship

r.10
10




7,000

22%

U S Aeroplane Corp.r...5

US Light A Heat

10

300

6%

Jan

9%

8

Tungsten.r

Sept

36

May

Utlea Mines

Sept

87

May

Verde Comb Cop r

r

3

June

Oct

16o

Mar

1 %«

%

Feb

16c

5

Aug
Sept

3

Oct

Oct

Aug

2%
12%

Aug
Mar

%

7%

Jan

Oct

2%

Jan

2

Oct

3 %
44o

Jan

4% June

%s

Oct

120

Aug

31c

Oct

*77o

Jan

3%o Oct

lOo

Feb

1,500
3,000
9,500
II,150

4%o May

13 %o

Aug

22,000

1

Oct

1%

Oct

%>

Oct
Oct

2%
9%

July

5%
6c

Jan

15o

Oct

Sept

Aug

1%

Oct

3

Mar

Mar

%

1%

Oct

%
1

1

Aug

Oct

Oct

Aug
Mar

49o

Sept

6%

July

7c

Oct

%

Sept

%
3%

Jan

25c

Feb

%

Oct
June
Jan

Mar

10,100
18,200

750

Apr

1

7o

Oct

23e

8%c

5,000

5

60c

k
32c

4

1,400

460

53,900
18,500

37,500

25c

4,000
80,900

25c

8%
84c

.

28o

%
45c

3%

76o

Oct

6%
%

21,600

2,200
2,800

23c

8,350

Feb

38o

June

9%

Julv
July

Jan

30o

Apr
Aug

1%

Oct

34e

Jan

46c

Oct

Co

Aug
Sept

%

Oct
25%o July

8e

•

Apr

75c

Apr

%

Jan
June

8%

Oct
'

%«

3,220
112,000

k

1%

1

Sept

1-32 Sept

1% June

Sept

1%

Apr

1 9-16

Oct

%

72c

2,350

3%

Oct

Apr

Feb

4%

9,500

6c

Sept

26o

Jan

%

3,000

%
%

Sept

1,000

Apr

%
11-16

July

10c

15c

Oct

60o

12c

1%

1%

3%

4

11-16

2

12,500
1,500

10c
1

*3%

Aug
Aug

22c

5,420

1%

Oct

1,300

5%

Feb

7

%

5,300

%

Oct

Feb

4%

5%

%
15c

Jan

1%
5

5%

1

Jan

Oct

May

2,225

15c

3%
21c

3%

1

*94c"

90c

17c

14c

15c

3%
22c

8,000
870

1,480

3%

600

1%

25,500
17,500

18c

15c

Oct

3%

Oct

Mar

%

Jan

62c

Mar

5%

Feb

4

65c
14o

I Oct

Jan
Sept
July

28o

Jan
Apr

30c

*18o

2%

July
June

1%

Jan

Verde

1

75c

74c

75c

1,100

64c

Sept

49

Jan

West End Consolidated..6

69c

60c

72c

6,770

60o

Oct

84o

2%

Oct

6

Mar

White

17c

15c

18c

33c

2

Oct

7%

July

White Caps Mining.,.10c

2%

July

Wllbert Mining

6%

Mar

VprrlTiflTton

%

Oct

1%

1%

1%

3,425

1%

Oct

4

3%

4%

2,800

3%

Oct

3%

•

Inspiration.r
Caps Exten

Mt

%

50c

10c

1

%

23C

23c

1

16c

11c

2,600

9,900

l5o

Oct

22,200

34c

Jan

26c
19,400
16%c 109.200

lie

15-16 1 1-16

1
C!oo

%

%

7%

Oct
July

16

Feb

May

9-32

1

13%
75

Feb

4c

%

%■

1%

...5

.1
5

1%

35o

10c

14c

13%

Superior Cop (prosp't)
Tonop Belmont Dev.r

Apr

9-32

10

%

Jan

2%

1%.

59%

3%

ll%c

10
North Am Pulp & Paper(t)

Maxim Munitions.r
N Y Transportation

48c

Oct

June

Oct

%

1

__1

1% June

% May

Oct

38c

40c

...1

Success Mining r

Jan

17c

26c

1

Standard Silver-Lead....1

r

Jan

39

71c

3%

Silver Pick Cons

Mar

6%

1,000

% 1 1-16

Silver King Cons of Uthhr 1

Stewart Mining

%
20o

Sept

4,600

7%

8k

1

.1

Sept

Sept
Oct

Oct

2%

13-16 June

7,432
15,300

200

%

84c

13

7% Sept
33c

2,100

25e

6,500

63

Oct

%

31c

Nipissing

Oct

Auc

22c

6c

Aug

Feb

4%
18o

44%

8c

July

Sept

Jan
Apr

1 3-16 Apr

% May
75o
Aug
43c
June

28c

7/i

85

2%

3,700
21,400

3,000

1-16

32c

62%

8

1%
11%

Oct

1%

2,000

4

Oct

40

Sept

Oct

7c

%

55c

5

'""%

Feb

100

June

18,700

7%c

7c

8%c

16

2,600

Oct

Aug

55o

4%
%

13o

13-16
.

77%

19,900

420

24,000

600

%

3,013

3%

11,700
6,800

Oct

Jan

1%

Oct

%
40c

Jan

2 %

44c

20c

35

3 %

I,900

24,700

Oct

39

43

1

5

3,220
6,100

7-16

77%
32%
21%

Mines

1,800
48,000

12

Oct

%
34c

13,475

4,000
10,750

%

1

..1

r

May

4J*

1

21

8

22,800
48,500

69o

3-16

7c

1

109

Mar

17c

%

5

Oct

Feb

12%

4%

4%

10c

Oct

Oct

-

11-16

*13c

17c

Oct

69c

Oct

May

1%

76c

77c

3-16

15

Sept

%

8%

3,100
49,500
1% 120,000
88c
9,400

13-16

15%

52o

Jan

28,800

11-16 11-16

1%

10

2%

6%

7c

10c

1%

72

13%

2%

Keystone Tire & Rubber 10

Manhattan

50

Feb

4c

9-16 11-16

10

Curtlss Aerop <fc M com (t)

Inter-Tube Chemical

9%
71

78

Chevrolet Motor..—.100

100

Aug
"

5%c
5.
8%

11-16

Magma Copper.
5
Magmatlo Copper r.„_10c
Magnate Copper
1
Marsh Mining r
1

Aug
Aug

Aug

Jan

1

80

2%

25

Carwen Steel Tool

Aug

2%

2%

_£1
100

bearer

July

44%
99%

100
Brit-Amer Tob ord'y—£1
Ordinary

8

kpr

15%

"84"

(no par)

Am Writing Pap com..

Carbon Steel,

2

14% June

73

...100

r._

Aug

1%
6%
12%

Sept

10c

Magma Chief.r
Preferred

514

40

5

Aetna Explosives r (no par)

54

Aug

78o

35c

r

Mar

Jan

62c

44c

Rose Consolidated

10%

2

31c

Louisiana Consol

43

Jan
Jan

Oct

7%

14%
76o

14%

Jerome-Prescott Cop r
Jerome Verde Cop

La

Low.

Jan

Oct

17c

58c

40C

4C

1

1

Oct
Oct

7%

Oct

34c

5

1 5-32 Sept
16o
Jan

Oct

43c

International Mines r___l

Mar

Apr

16c

1

Kewanus

Week

of Prices
High.

Low.

July
July

Aug

1%

%

..1

Extension

48c

Sept

188

Oct

7%

Consolidated. 10

25c

6,000

1 %

Jan

May

%

54o

2

Lake

86o

115

12,100

1%

Great Verde Ext Cop r .25c
Green Monster Mln r
1

Kerr

Jan
July

Jan

2 7-16

Joeevlg-Kennecott Cop-.l
.

1.80

July

7%

16c

Jumbo

Friday

Aug

4%

Jan

82o

5

*„

42%

May

Oct

4%

r

Jan

%
65o

46c

9-16

r._.

Oct

13,000

16,400
6,500
9,000

%
9%
1% June

Oct

%
11%

37,600
27,950

5%

Blossom

32,500

%
8%

12c

11-16

J

Iron

21,600
4,400
9,150

Oct
Mar

Sept
Jan
Sept

7,100

Jim Butler

It Is out of the question for any one to vouch

1 3-16

Oct

...1

Mining..

Sept
July

8,300
21,170
29,775
5,800
24,500
25,800
10,000
8,000
3,700
6,000
54,100

4c

8 5-

Cresson Con Gold MAM.l

r

1

*/

17-16

5

6

Great Bend

15%

9?-

1%

"T%c

6 1 11-16

Goldfleld Merger r

Sept

2%

Jan

5o

1% 1 13-16

1%

Consol Copper Mines
Consol-Homestead r

Goldfleid

19%

Oct

58c

50c

57c

Consol Arizona Smelt

First Nat Copper
Fortuna Cons r

Aug

2%
11

%

»/

Oo Ltd..5

r

10%

5,000
13,000

8%

8%

Calumet A Jerome Cop r 1

Emma Copper

11,200
1,300

Feb

n

55c

56c

1
I

1

Sept

2,000

56c

1

1%

1

Caledonia Mining

%

7c

46c

5
.

2%

5—16

%
8%C

1

r

33c

1%

2

1

Butte Cop A Zinc v t o
Butte-Detrolt Cop A Z..

6%

30c

32c

Boston A Montana Dev..5
Bradshaw Copper r
1

Canada Copper
Cash Boy

%
45c

4%

_.l

Brant Mines

%

150

8

'*7-16

1

r

Aug

3,200

1

r

%

Oct

stk r__l0

Big Ledge Copper Co

Mar

Oct

44c

40c

Wyoming Un Oil new r(t)
Wyoming Wonder Oil r._l
Mining Stock*
Acme Cop Hill Mines r. 10
Atlanta Mines

6%

%

9

8

Tuxparn Star Oll.r.
r

July

3

Oct

5%
12%

3-16

40c

United Petroleum r.._..l

new

%

Oct

3

500

9-16 15-16

15-16

Somerset Ollr

West States Petrol _r

Sept

14,700
2,500

100

69c

9%

United Western Oil

%

%

15,700

4,380
13,800

.12%

%

r

1

14%

%
*5

Aug

Sept
Mar

1%

Jan

5%

12%

Sequoyah Oil A Ref

75c

6o

48

"~5%

Sapulpa Refining
Savoy Oil

13% June
5%
Jan

Oct

30o

7%

48

48

50

Oct

500

___1
r

Oct

55,000

19c

714

6
Penn Ohio Oil & Gas r__10

Penn-Kentucky Oil

Hecla

particularly

com. r.

Gasoline

17o

7%

Coco River Mining r..i.l

the other hand, there are no restrictions

meet there and make

6

7%
3%

4,700
1,500
25,000

8

Apr

62o

July

10,400

30c

7%

.'July

23c

7%c

6c

18c

15o

94c

30c
.

Alaska-Brit Col Metals..1

mem¬

permitted to deal only in securities regularly listed—that
securities where the companies

7c

1

Oct

%
7%

10,500
18,300

1%
%

90c

.

1

Osage-Homlny Ollr

Victoria Oil

to transactions on the "Curb" as to

1

com

•

142

Rice Ollr

59,000

27,503

$402,700

New York "Curb" Market.—Below we give a

the transactions in the outside

"~93c

200

12,400
14,110

63,000

%

1

_

50,200

5,939
4,235

19,081
21,614

96,089

1%
131

140

.1

com _r

r

$132,000
94,600

10,797

22,668

Total

1 7-16

50

Oll.r

Oktahoma Oil
Preferred

Wednesday

__1

r._

25,000

1.44

1:22

1.40

Oklahoma Prod <k Rof._.5

HOLI DAY.

Saturday
Monday
Tuesday

to Oct.

1

r

Northwestern

Week ending

1 1-16

8%

1

Midwest Refining r
N Y-Oklahoma Oll.r

Baltimore.

2%

12%

5-16

9-32

1

Oil

Midwest OH

*

%
16%

1

1-16

Kentucky Petrol Prod.r(t)

Preferred

Philadelphia.

Boston.

%
3%

%
15%
2%
12%

2%
1

%

%

12%

1

r._

%
3

16

10

Humble Goose Cr O&R r.l
Kansas-Utah Cons Oil

PHILADELPHIA

3%

8%

Internat Petroleum r.__£l

BOSTON.

8%
30c

23c

1 5-16

$736,450

THE

Oct
Sept

1

236,801,500

AT

39c

5

r

252,658,000

BALTIMORE 8TOCK EXCHANGES.

Oct.

27c"

$140,162,750

TRANSACTIONS

10%

3%

1

Lost City Oil r

DAILY

Oct

7%

8%

5

$4,000

$877,556,450

Aug

10%

32c

35c

Boston-Wyoming Oil r

r

1%

3,165
173,000

3,200

1%

Bethlehem Oil & Gas r.10

r__

9,700

1%
4%

Aug

1%

10%

11-16

1

r

1%

10%

1

Allen Oil.r.

$12,117,500

.

Jan

256

$27,850,500

bonds..

Sept

228

Kenova
Total

201

254

$16,838,000
$3,955,000
7,057,500

RR. & misc. bonds...

Oct

Other Oil Stocks

Glenrock

Bonds.

Government bonds...
State ,mun. ,&c. .bonds.

193

Standard Oil of N Y...100

Elkland Oil «fc Gas

Bank shares, par

5

800

Elk Basin Petroleum r

6,547,442
151,893,591
155,010,169
4,383,297
$402,682,400 $598,862,200 $13,985,946,155 $13,410,423,790
$9,000
$208,800
$8,400
$95,600

Stocks—No. shares...

193

Oct

Cumberland Prod & Ref
1916.

1917.

Jan

193

480

Crosby Petroleum

Jan. 1 to Oct. 19.

19.

444

450

Preferred

1916.

1917.

114

Oct

545

.

Week

May

240

497

.

Sales at

91

50

542

•

New York Slock

45

100

■

'

Feb

95
245

16

18%

50
100
100

Southern Pipe Line
Standaru OH of N J

16

92

240

£1

Anglo-Amer Oil
Indiana Pipe Line
Prairie Pipe Line

$S9,914,000
87,048,800
71,346,000

961,770

Monday
Tuesday
Wednesday

'

& Foreign

HOLIDAY

Saturday

•

Stale, Mun.

Bonds.

Par Value.

Shares.

United

Railroad,
&c..

St ocks.

Week ending
Oct. 19 1917.

78c

Aug

I*lay
Apr
.

2%

Sept

July

14o
.

35o

Mar
Sept

Oct

cor

Mar

[Vol. 105.

CHRONICLE

THE

1610
Friday

bethSteel 6% notes.. 1919

93 4

General Elec 6% notes '20
m

m

974 Sept
934
Oct
100

11,000

984
1014
984
964
97

984
100

Sept

N Y Cent RR 5% notes '19

964

Russian Govt 64s

714

70

76

180.000

62

614

65

51,000

......

974

974

r.1919
1921

548 r

Pouthern Ry 5% note«1919

Apr
Aug

994

July

97

Aug

1014

Bept

31,000

24,000
47,000

Feb

102

Aug

984

Aug

Bid

Ask

t*

70

77

Lawyers Mtg

105

115

Amer Buret*

110

120

Mtge Bond.

93

98

Bond A M G

210

230

Nat

190

200

100

N

Alliance R

Casualty Co
City Invest g

13

16

55

Preferred..

Odd lots,

t No

75

Mtge

85

Ask

80

90

195

U 8 Casualty
USTltleGAl

Y Title A

205

76

mm mm*

Wes A Bronx

65

Title AM G

Oct

974

70

Oct

984

175

160

Jan

614

Oct

944

Jan

99

Feb

97

Sept

Quotations for Sundry Securities
"and Interest" except where marked "f

All bond prices are
*

Surety.

Bid

Realty Assoc
(Brooklyn)

Oct

964

1,000

Realty and Surety Companies

Ask

Bid

984
974

Oct

98

♦*

*

m

High.

101

101

Great Nor Ry 5% notes'20

Low.

50,000

100

98 4

1918

Ch A W 1 RR 6s

Week.

974 $28,000
980,000
94

100

100

Canadian Pacific 6a.r

High.

974

New York City

Range since Jan. 1.

for

of Prices.
Low.

974
934

Canada (Dom of) 5a.. 1919

Sales

Week's Range

Last

Sale.
Price.

Bonds—

value,
i Listed as a prospect.
I Listed on the Stock Ex"
change tills week, where additional tranlsactlons will be found,
o New stock,
r Un¬
par

listed.

«

Ex-cash and stock dividends,

rights.

z

Ex-stock dividend.

to

When Issued,

Ex-divldend.

x

v

Ex-

Standard Oil

Per Share

Stocks

Par

Anglo-American Oil new. £1
Atlantio Refining
-.100

*18

CURRENT
■

.

■

—To meet the

has

city,

this

nerships and corporations.
income and war

as

War Tax law, the National City-

new

issued

War Tax Analysis," a study of the

war

■

perplexing problems confronting the taxpayer in

complying with the provisions of the

ise

r

•

many

Co., 55 Wall St.,
"

NOTICE.

.

64

a

booklet,

pagd

entitled

individuals,

law, by experts for

part¬

The booklet analyzes and explains the income,

excess

This book is

complete

as

a

treat¬

The Na¬

tional City Co. will be glad to send a free copy of the book to all "Chroni¬
cle" readers who ask for "C. It. 500."
—A.

B. Leach

distribution

& Co.,

62 Cedar St., this city, have issued for

"Summary of the War Revenue Bill."

a

genera1

The booklet gives

an

outline of the Federal War Revenue bill, including tables of the income tax

showing exemptions and the totals that persons with incomes from $1,000

A table of the excess

upwards will be obliged to pay the Government.

profit tax is also included and another giving the amount of revenue to bo
derived from various taxable items,
—A pamphlet of

"Practical Questions and Answers" covering the income

425

*85

325

360

—.100

60

70

100

495

!

90

520

Colonial Oil-..

Continental Oil
Crescent Pipe Line Co—
Cumberland

50

Pipe Line.. 100

Eureka Pipe Line

Co.—-100
Galena-Signal Oil com... 100

135

130

210
95

£1

*12l2

13

*124

International Petroleum.

by the Ir\ tag National Bank.

This pamphlet also

special tax charts for quick rcffc rence purposes and a digest
laws

tax

in force affecting individuals,

now

o

partnerships and

corporations.

6.40

...

5.75

6.00

5.00

6.00

5.00

5.75

I

6.75

6.50
6.50

5.50

5.75

5.00

5.50

Erie

200

j

Equipment 4Mb

98

102

j

Equipment 4s.,

25 *315
*38
25

320

Penn-Mex Fuel Co

:.

*10

Pierce Oil Corporation
Prairie Oil A Gas

100

460

Prairie

25

!

10t2
480

100

250
190

300

103

107

Standard OH (California) 100
Standard Oil (Indiana).. 100

5.00

Equipment 5s
Illinois Central 5b

5.60

5.00

5.50

5.00

Equipment 4M9.........

5.50

5.00

6.00

5.25

5.40

5.00

Michigan Central 5s

200

290

5.25
5.25

5.50

.....

Kanawha A Michigan 4M8—
Louisville A Nashville 5a....

310

Southwest Pa Pipe Lines. 100

5.50

5.00

6.25

5.50

6.50

5.50

6.50

Minn StP&SSM

5.50

4Ha

(Missouri Kansas A Texas 5s.

235

Missouri Pacific 5s

670

690

Mobile A Ohio 5s——

Standard OH (Kansas)—100
Standard Oil (Kentucky) 100

475

500

330

340

230

5.25

6.00

6.00

|

255

300

Pipe Line

5.00

Hocking Valley 4s

42

Solar Refining..i
...'.100
Southern Pipe Line Co.. 100
South Penn Oil
100

5.50

6.00

190

5.00

6.50

5s

100

Ohio Oil Co..

5.00

5.30

—

Colorado A Southern 5s

134

6.50

6.00

'Chicago A N W 4Mb

IChlcago R I A Pac 4^8...

Northern Pipe Line Co.. 100

New York Transit Co

5.40

6.75

Central of Georgia 5s

Chic Ind A Louisv 4Mb...
Chic St Louis AN O 58

140

200
*90

5.00

Chicago A Eastern 111 5Mb..
Equipment 4Ha

140

100

5.00

5.70

I
Equipment 4^s
'Chicago & Alton 4s

145

100
50

Preferred

Illinois Pipe Line..
Indiana Pipe Line Co

5.00

5.70

Caro Ciinchfleld & Ohio 5a.
:

210

135

Ask.

5.60

Equipment 4s
Canadian Pacific 4Mb

37

*35

2q0

Bid.

jBuff Roch A Pittsburgh 4^8

Standard OH (Nebraska) 100

tax law has been issued

contains

all Federal

400

National Transit Co... 12.50

profits taxes.

be issued at this time pending offical interpretation.

can

885

Co...—100
Buckeye Pipe Line Co— 50
Cheaebrough Mfg new—100
Borne-Scrymser

Basis

Baltimore A Ohio 4Mb....

184

855

RR. Equipments—PerCt,

j

Atk

Bid.

6.75

—

5.50

6.75

5.40

6.10

New York Central Lines 5a__

5.50

6.10

Equipment 4^8

5.40

President of the Guaranty Trust Co. of this city.
can

be had

request at the company's offices,

on

Copies of the pamphle

140 Broadway.

500

538

545

N Y Ontario A West 4Mb...

6.30

5.70

250

255

Norfolk A Western 4Mb

5.30

4.90

Standard Oil (Ohio)

100

450

460

5.30

4 90

SwanA Firch

100

Union Tank Line Co

"Printer's Ink," written by Francis H. Sisson, Vice

appeared in

475

Standard Oil of New Y'k 100

100

88

92

Pennsylvania RR 4Mb.....
Equipment 4s

5.20

4.80

100

340

350

St Louis Iron Mt A Sou 6s._

6.50

5.50

10

*30

35

St Louis A San Francisco 6a J

6.50

5.50

Seaboard Air Line 5s

which

interesting articl

an

Standard Oil oft New Jer. 100

Vacuum Oil

—"Advertising for Good Will" is the reprint of

6.50

Equipment 4Mb

6.50

5.50

5.50

5.00

6.10

5.40

6.00

5.00

Washington Oil.....

STOCK

•

MONEY IN

OF

THE

COUNTRY.—The

lowing table shows the general stock of money in the country,
as well as the holdings
by; the Treasury and the amount in
circulation on the dates given.
Slock of Money Oct. 11917
Money in Circulation—»
In U.S.
afield in Treat. Oct. 1 1917.
Oct. 11916.
$
$
$
$

-

'

Gold coin and bullion

Gold

3,035,390,720

ccrtifjcatefi.b.—

■

Standard silver dollars....

sliver

Federal

Reserve

*

204,044,123

-

.

1,982,226

.....

United States notes

644,900,316

346,681,016

202,061,897

1,520,740,269
09,549,921
483,104,746
178,473,509

1,930,311

15.381,213

.

....

Treasury notes of 1890....

693,577,474

cl,613,090,529

.

—

568,269,513

Silver certificates.b

Subsidiary

196,370,317

2,058,169

73,940,150,
477,011,839

340,883,531

'342,448,072

d711,972,2G7
12.400,860

5,148,900

•706,823,367

212,545,405

73,610

12,333,250

9,953,065

716,603,382

notes

Federal Res. bank notes

5,797,485

17,715,276

698,888,105

714,747,743

National bank notes

.

._

Pierce Oil Corp conv 6s. 1924

..5,595,367,881

.......

242,469,027 4,820,546.454 4,178,521,215

Population of continental United States estimated at 104,576,000.

Circulation

per capita, $16 10.
a This .statement of money held in the Treasury as asaetaof the
Government does

Toledo A Ohio Central 4a...

40

10

Atlas Powder common... 100

Babcock A

25

165

98

101

100

105

Preferred

Bid

Ask

Banks.

Bid

Ask

535

550

Manhattan •

315

325

Amer

230

238

Mark A Fult

245

Excb.

96

80

90

450

Brltish-Amer Tobao ord..£l

*15
*16

19

170

Ordinary,
Conley Foil

..£1

150

100

175

250

83

255

Co's.

Bid

380

82

Johnson Tin Foil A Met. 100

100

130

90

MacAndrews A Forbes.. 100

61

75

80

100

Empire Steel A Iron com. 100
Preferred..

a

283

275

Powder

Preferred

com...

—

Preferred..

165

Atlantic

175

182

Mech & Met

300

310

B'way Trust

Battery Park

175

185

Merchants..

250

300

CentralTrust

'105

95

48,

53

100

65

735

760"

Bowery *

400

Metropolis*.

285

295

Columbia<_.

265

280

150

200

Metropol'n

175

185

Commercial.

100

Bronx Nat

150

170

Mutual*

375

BryantPark*

140

150

New Neth*.

215

225"'

Empire
Equitable Tr

Butch A Dr.

90

95

New York Co

175

200

Farm L A Tr

Chase

320

335

New York..

400

Fidelity

Chat A Phen

200

210

Pacific *_

270

Fulton

100

258

264'

111

114

...

425

435

Public*

230

Coal A Iron.

205

215

Seaboard

440

Second

400

Colonial*... <400
Columbia*.

"

General Rubber 5s 1918.JAD
Gen Elec 6s

50

25

35

Winchester Repeat Arms. 100

600

900

Thomas Iron......
Woodward

Iron..

820

Sherman

120

425

385

130

chester)

100

110

Ward*.

115

130

95

Union Exch.

150

160

575

75

Unit States*

500

TitleGu ATr

300

Wash H'ts*

275

Transatlan 'c

East River..

Fifth

215

230

Westch Ave*

First

950

975

West

Garfield

175

138

N Y Trust.

.

115

Trust

380

390

Side*.

200

220

USMtgATr

420

UnitedStates

940

975

Westchester.

130

140

540

565

Coney Isl'd*

125

135

First

255

270

Flatbuah

140

150

Brooklyn.

Germania*..

200

Gotham

200

Greenwich*.

335

350

Hanover

650

675

Hillside *...

Harrlman...

255

265

Homestead *

Imp & Trad-

490

510

Mechanics' *

Irving

206

212

Liberty

375

400

Nassau..,

Lincoln

300

320

Natlon'ICity

265

North Side*.

175
130

..JAJ

95

Laclede Gas L 5s 1919..F&A

97

98

Mich Cent 5s

99

994

100

103

Banks marked with

ebange this week.

a

Green point

Montauk*..

(•)

are

I New stock,




.

150

165

Brooklyn Tr

590

610

120

Franklin

240

250

115

Hamilton

265

127

Kings Co...

650

90

105

Manufact'rs.

140

199

205

People's

280

275

Queens Co..

120

State banks,
f

Ex-rlghts

f 8ale at auction

80

99

994

86

88

9678

973s

58

62

Pub Ser Corp N J 5s '19.MAS

974

984

com...

100

216

218

Rem Arms U.M.C.5s'19FAA

87

90

984
9934

100

78

79

Southern Ry 5s 1919. .M-S 2

Ry A LllOO

40

42

United Fruit 5» 1918...M-N

9734
994

....100

70

72

Utah Sec Corp 6a

'22.M-S 15

89

90

96

Winches

RepArms5sT8.MAS

97

9734

..

T.

W

11

8

.......100

40
81

84

5

9

30

36

684

704

100

70

72

100

92

94

53

67

75

80

100

JAJ

com.

100

,

43

Industrial
and
American

Miscellaneous

Preferred

Am Graphophone com...100

72

75

100

GO

94

American Hardware

100

126

131

Amer Typefounders

com.100

35

—100

85

89

Borden's Cond Milk com. 100

98

100

100

98

100

.100

155

Preferred.

40

87

Tr L A P com. 100

16

21

..100

53

58

Celluloid

100

26

28

Havana Tobacco Co

100

63

65

Preferred

8outh Calif Edison com.. 100

84

8612

1st g 5a June

100

103

n95

100

50

*7

8

50

*29

31

LAP 00m 100

3

4

100

8outhwest Pow A L pref. 100

Preferred

Preferred

...

100

20

23

United Gas A Eleo Corp. 100

5

7

50

60

7

10

1st

preferred

preferred

100
100
100

33

36

100

65

67

Western Power oommon.100

10

12

100

45

50

preferred

50

67

39

Preferred

260
47

100

86

preferred

Preferred

Preferred

.

.

Preferred

Company

160

100

®4

3*2

1 1922..J-D

/48
10

70

39

...100i

Intercontlnen Rubb com.100

14
5
53

12

Internat Banking Co

100

160

International Salt

100

53

A-O

74

78

Internationa! Silver pref. 100

91

96

1st gold 5a 1951.

58

50

*64

Otis Elevator common...100

46

~

50

73

77

Lehigh Valley Coal Hales.
Preferred

100

Remington Typewriter—
Common
—.100
1st

68

12

13

62

65

100
preferred
100
Royal Baking Pow com.. 100

42

45

125

135

—100

90

94

preferred

2d

Preferred
or

.100

Brass

American Chicle com.... 100

100

1st

IOU4

Penn Co 44s 1921 —JAD 15

United Lt A Rys com
290

98

N Y N H A H 53.Apr 15 1918

2d

275

1918

so

Preferred

110

1921

56

53

140

'

448

28

1

Tennessee Ry

Brooklyn.

-

99

76

Standard Gas A El (Del).

200

People's
•

220

"

-

98

97

24

Preferred..

435

144

395

Union

-

964

100

Republic Ry A Light

175

99
~

100

Preferred

Puget Sd

984
'

45

Pacific Gas A Eleo com.. 100

160

JAJ

'18.MAN

100

.100

Cities Service Co

1st

98

984

15 '18.F-A

com

Preferred

960

9734

10()7a 1014"

232

,

125

940

Yorkvllle*..

185

Germ-Amer*
German Ex*

.

MAS

96

97ti

*43

com.,.1001

Preferred.

175

85

_

Trust..

JAJ

Morgan A Wright 5s Dec 1 '18
N Y Central 4481918.MAN

North'n States Pow

310

4700

Cosmopol'n*

A

101

*97

9878
977s

95

100

Preferred

First Mtge 5s 1951

590

65

Fifth Ave*— 4200

320

5s Feb

974
977S
100

228

50

Preferred

N Y Life Ins

23d

tl62

310

Harv

96l2
98I2

50

North Texas Elec Co 00m 100

370

1920

Hocking Valley 6s 1918
Int

9934 1004
9958 997,
993$

99ig
9714
975g

974
A-O

Great Nor 58 1920

Cent.

100

Mississippi Rlv Pow com. 100

Mut'l (West¬

Del. A Hudson 5s 1920
Erie RR 5s 1919—

K C Term Ry 44a

Amer Lt A Traoeorn

Preferred

105

18.MAS

Chic A West Ind 6s'

K C Rys 5.4s 1918

Utilities

Great West Pow 5s 1946.JAJ

105

95

State*

_

Commerce.. tl60
Corn Exch*.

62

100

270

95

Metropolitan

15

540

215

Lincoln Tr.

j

1919..FAA

300

430

Law Tit A Tr

240

1919

Beth Steel 5s

Canadian Pao 6s 1924.MAS 2

280

260

142

City

5s

—

520

208

135

200

Balto A Ohio 5s 1918

Phelps-Dodge Corp.....100

400

Hudson

Prod Exch*.

1917.MAN

53

Federal Light A Traction. 100

220

215

Notes—Per

107

Preferred..

320

205

Short-Term

Amer Cot OH 5s

130

Eleo Bond A Share pref. .100

312

Citizens..

110

100

332

Guaranty Tr

200

105

*48

100

322

455

People's*..

150

100

Preferred

100

com.

Preferred...

300

445

385

107

130

Penn Seaboard Steel (no par)

Nlles-Bement-Pond

290

Park

375"

525

103

100

135

Com'w'lth Pow

115

Chemical

450

..100

Preferred

Amer Tel A Tel 4Mb 1918—

100

Preferred

Bronx Boro*

Chelsea Ex *

102

994 100I2

100

.........

210

98

Preferred

Young (J S) Co—

Debenture stock—.. 100

Eastern Steel....

190

100

Reynolds (R J) Tobacco. 100

10,0

Amer Public Utilities

390

18

80

72

Arms

Preferred

Tr.

bearer

100

Fire

Patent

Mfg..

Amer Power A Lt

Ask

New York
Bankers

1

63

duPont (E I) de Nemours

Preferred

Companies

Trust

105

Amer Machine A Fdry.. 100

100

Amer Gas A Eleo com

Bariks-iV.F

Atk.

100

.

100

preferred

2d preferred

Public

America*...

Bid

,

Preferred

Scovili Manufacturing...100

d Does not include Federal Reserve notes held by Federal Reserve banks.

New York City Banks and Trust

Par

American Cigar common. 100

115

Canada Fdys A Forgings. 100
Carbon Steel common ..100

Colt's

re.

90

Hopkins A Allen Arms.. 100

Note.—On Oct. 1 1917 Federal Reserve banks and Federal Reserve agents beld
against Federal Reserve notes $4,185,000 gold coin and bullion and $528,167,400
gold certificates, a total of $532,352,400, against $194,789,518 on Oct. 1 1916.

5.50

100

amounting to $502,962,182 93.

redemption of outstanding certificates and Treasury notes of 1890 an exact
equivalent in amount of the appropriate kinds of money is held in the Treasury,
and is not included in the account of money held as assets of the Government.
c Includes $341,710,760 Federal Reserve Gold Settlement Fund
deposited with
Treasurer United States,

4.80

60 *400
♦76
50

Wilcox

Bliss (E W) Co common.

1st

Tobacco Stocks—Per Sha

35

157

100

Preferred

Hercules

b For

5.20

45

5

not

include deposits of public money in Federal Reserve banks, and in national
banks and special depositaries to the credit of the Treasurer of the United
States,

Southern Pacific Co 4Mb...
Southern Railway 4Mb

Share.

Ordnance Stocks—Per

Aetna Explosives pref... 100

American A British Mfg. 100
"•
Preferred
100

A Co common..

Total

105

78

75

-

Equipment 4s

Per Cent.

Bonds.

fol¬

95

Equipment 4^8

at 8tock Ex-

*

♦Per

share.

/Flat price.

6 Basis.

aNomtnal.

A Purchaser also pays aoorued dividend,

xEx-divldend.

yEx-rights.

e

New stock,

,

-Oct. 20

1611

CHRONICLE

THE

1917.]

JtwestmeitJ mid Utaitoad
GROSS

RAILROAD

EARNINGS.

earnings of various STEAM roads from which regular weekly or monthly returns
oan be obtained.
The first two columns of figures give the gross earnings for the latest week or month, and the last two
oolumns the earnings for the period from Jan. 1 to and including the latest week or month. We add a supplementary state¬
ment to show fiscal year totals of those roads whose fiscal year does not begin with January, but covers some other period.
It should be noted that our running totals (or year-to-date figures) are now all made to begin with the first of
January instead of with the 1st of July.
This is because the Inter-State Commerce Commission, which previously
required returns for the 12 months ending June 30, now requires reports for the calendar year.
In accordance
with this new order of the Commission, practically all the leading steam roads have changed their fiscal year to
correspond with the calendar year.
Our own totals have accordingly also been altered to conform to the new
practice.
The returns of the electric railways are brought together separately on a subsequent page.
The

following table shows the

gros3

^

Latest Oross Earnings.

Jan. 1 to Latest Date.

Latest Gross Earnings.

'Jan. 1 to Latest Date.

ROADS.
Current

or

Month.

Previous

Year.

Year.

Ala & Vicksburg. September
Vicks Shrev & P. September
________

192,477
197,379
54,993

1st wk Oct

141,278
152,350
62,115

1,295,336
1,242,005
2,136,027

1,515,208
1,513,595
2.357,017

...

a

3,355,674 2,605,923 28,618,673 24,250,229
205,559
135,069. 1,464,027
1,242,962

...

Lou Hend & St L August
Baltimore & Ohio. August
B & O Ch Ter RR August

Bangor & Aroostook August
Bessemer & L Erie. August
Birmingham South- August
Boston & Maine.
August

1,435,639
1,122,754
12869706 11559807 85,960,497 77,723,433
183,488:
159,008 1,335,126 1,228,403
297,103'
257,396! 2,962,004 2,550,235
1,524,038 1,372,459 7,942,890 7,236.282
94,085
96,685
757,792
723,190
5,599,912 5,170,366 38,867,209 36,331,284

...

__

Buff Roch & Pitts

2d

wk

Oct

Buffalo & Susq RR. August
wk Oct

Canadian Nor Syst. 2d
2d
Canadian Pacific.
_

wk

Oct

Caro Clinchf & Ohio August
Central of Georgia
August

Cent of New Jersey August
Cent New England. August

Central

Vermont

_.

;

August.

Ches & Ohio Lines. 2d

wk

Oct

Chicago & Alton... August
Chic Burl & Quincy August
b Chicago & East 111 August
c

Chic Great West.

2d

wk

Oct

c

Chic Ind & Louisv 2d

wk

Oct

Cine Ind & West... August

Chicago June RR__ August
Chic Milw & St P.. August
dCbic & North West August
Chic Peoria & St L* August
Chic Rock Isl & Pac August
Chic R I & Gulf... August
d Chic StPM&Om July..
Chic Terre H & S E August
Colorado Midland. August
e Colorado & South- 1st wk
Cornwall & Lebanon June

'

...

...

Oct

Railroad

339,205
280,201-11,705,791; 10,116,862
167,764'
150,9211 1,144,776 1,116,335
960,600
847.700 31,924,100:28,485,500
3,333,000 3,034,000 115276174s 106375630
405,531
156,926 2,816,956] 2,030,962
1,318,030 1,115,293 9,837,343 8,322,731
3,542,241 2,995,446 24,946.634 22,903,666
515,848 3,635,058 3,396,734
490,707
401,618 2,904,583 2,954,086
401,200
985,860 41,902,113 38,925,231
1,132,862
1,910,441 1,628,690 13,421,541 11,286,102
10956606 10216369 79,935,815 68,594.720
1,856,104 1,487,715 13,716,771 10,823,703
362,084 12,751.214 12,375,185
359,144
6,387,750
161,775 7,145,859
193,312
1,516,240
219,493 1,779,922
218,323
1,821,771
238.113
2,152,290
283,116
10500802 10021194 72,978,913 70,501,320
10672933 9,624,148 71,522,105-64,336,085
157,053 1,397,0471 1,117,889
189,730
7,519,819 7,230,707 54,790,107 48,866,107
2,103,084
330.002 2,421,284
298,963
1,829,950 1,647,960 11,954,831 11,436,351
1,744,265
247,430 2,409,211
344,096
990,965
902,883
189,178
138,421
335,577 13,694,944 11,871,915
354,273
48,042

40,012

„

Cuba

150,74l'

203,304'

...

250.399

254,359

5,405,216
558,327 4,869,772
839,815
2,946,281 2,354,162 19,630,590 17,623,081

August

Delaware & Hudson August

Del Lack & West.. August
5,097,696 4,349,331 37,775,422 33,786,463
576,700 21,833,732 19,372,583
Denv & Rio Grande 2d wk Oct
636,500

1,190,030
1,344,172
194,888
956,288
21,905
1,018,647
1,520,330
1,760,706
.212,478
August
1,108,241
1,252,705
130,147
August
4,633,254
978,030 4,423,645
1,128,599
August
8,641,419
2,518,205 2,083,452 8,933,556
August
2,857,451
3,323,840
1st wk Oct
76,141
79,511
1,445,916 1,275,597
143,147
162,606
August
9,377,774
1,498,266 1,169,411 10,583,461
August
7,926,288
957,037 1,188,357 9,300 *262
August
7,194,028 6,697,727 51,927,631 49,117,491
August
5,769,689
587,636 5,864,947
475,858
August
672,411
710,328
92,813
August
103,023
277,888 2,405,639 2,097,904
371,885
August
3d wk Sep
82,648 3,873,803 3,314,599
118,602
2d wk Oct 1,312,505 1,300,095 51,052,511 46,685,595
3d wk Sep 1,104,741 1,087,001 37,049,413 32,906,692
3d wk Sep
161,996 6,887,238 6,748.920
169,125
3d wk Sep
61,619 2,401,270 2,401,614
62,383
September 8,331,642 8,072,261 64,709,415 59,580,534
1,380,597
1,495,002
184,102
247,723
August
1,320,956
1,430,772
178,912
246,739
August
5,207,840
815,692 6,841,351
1,093,533
August
September 7,570,142 6,461,004 64,277,185 53,558,586
7,563,734 6,301,629
859,097
1,037,152
August
7,140,364
938.003 8,678,877
1,160,743
August
1,425,533
1,520,403
208,521
221,485
August
2,405,005' 1,942,907
242,622
360,302
August
August
14,866,856 4,435,645 35,261,606 31,884,496
7,726,751
992,725 8,342,635
1,043,699
August
1,074,051
134,297
1,048,426
162,746
August
1,325,808
1,487,274
186,368
220,602
August
1st wk Oct 1,454,355 1,329,535 57,154,323 48,525,535
1,292,510 1,185,226 9,329,582 8,286,331
August
342,091
304,062
42,191
August
49,601
179,189 1,863,796 .1,303,540
270,673
August
828,558
904,785
1st wk Oct
21,677
21,779
2d wk Oct
258,413 8,522,478 8.517,207
238,166
1st wk Oct
676,890 26,086,865 26,387,016
712,635
525.713
548,524
78,767
106,369
August
2d wk Oct
871,253 32,499,716 27,217,783
919,034
968,948
1,246,418
136,815
164,821
August
6,894,566 6,324,428 50,978,116 43,747,952
August
1,305,209] 1,212,040 9,615,384! 8,668,783
August

Denver & Salt Lake August
Detroit & Mackinac 1st wk Oct
Detroit Tol & Iront
Det & Tol Shore L_

Dul & Iron Range.
Dul Missabe & Nor
_

Dul Sou Shore & Atl

230,785
25,283
263,302
159,358

~

Duluth Winn & Pac

Elgin Joliet & East.
El Paso & So WestErie

Florida East Coast.

Fonda Johns & Glov

Railroad..

Georgia

Grand Trunk Pac._

Grand Trunk Syst.
Grand Trunk Ry
Grand Trk West.
Det G H & Milw.

Great North System
Gulf Mobile & Nor.
Gulf & Ship

Island.
Hocking Valley

Illinois

Central

Interhat & Grt Nor
Kansas City South.
Lehigh & Hud Riv.
Lehigh & New Eng.
Lehigh Valley.
Los Angeles & S L._
Louisiana & Arkan.
Louisiana Ry & Nav

f Louisville & Nash.
Maine Central

_

_

NO Tex&Mex Lines August

Current

Weekly Summaries.

Previous

Year.

Year.
%

$

4th week July
2d

Aug
Aug

3d

Aug

week
week
week
4th week
1st week
2d
week
1st

Aug
Sept
Sept
3d
week Sept
4th week Sept
1st week Oct
a

(29 roads)
(30 roads)
(29 roads)
(29 roads)
(30 roads)
(31 roads)
(.31 roads)
(29 roads)
(28 roads)
(30 roads)

...

j New York Central August
Boston & Albany August
n

Lake Erie & W_ August

Michigan Central August
Cleve C C & St L August
Cincinnati North. August

—

—

Pitts & Lake Erie August
Tol & Ohio Cent. August
Kanawha & Mich August
Tot all lines above August

...

N Y Chic & St Louis

August
August
N Y Ont & Western August
N Y Susq & West.. August
Norfolk Southern. _• August
Norfolk & Western. August
Northern Pacific
August
Northwest'n Pacific August
Pacific Coast Co
August
p Pennsylvania RR- August
Bait Ches & Atlan August
Cumberland Vail August
Long Island
i August
Mary'd Del & Va! August
N Y Phila & Norf August
Phila Bait & Wash August
W Jersey & Seash August
Western N Y & Pa August
Pennsylvania Co... August
Grand Rap & Ind August
ZPitts C O & St L August
N Y N H & Hartf..

...

...

..

...

...

9,196
197.226
476,883

12,971
170,182
627,804

19540579

Nevada-Cal-Oregon 1st wk Oct
New Orl Great Nor. August

Year.

278,499

283,715

18078121

1,226,652 1,213,911
4,227.290 3,691,698
140496252 132888184

2,093,719 1,879,706 14,810,190 14,077,233
5,421,170 4,772,851
660,598
724,957
4,643,172 4,072,693 33,889,492 29,832,645
5,014,064 4,251,508 34,054,367 30,248,902
1,246,246
1,561,579
189,288
237,490
2,470,518 2,203,467 16,659,945 15,745,455
5,032,098 3,964,380
617,993
831.227
2,329,338 2.443.820
337,065
364,174
35919899 32290439 254254431 235219716
1,532,527 1,302,569 11,169,521 10,110,437
7,600.871 7,149,732 56,045,098 52,606,115
6,181,345 6,107,362
969,811
1,113,635
304,100 2,823,746 2,791,154
390,658
3,578,526 3,176,636
411,977
458,725
6,021,972 5,343,013 42,645,801 39,330,192
7,533,664 7.041,003 57,340,415 50,311,867
3,117,914 2,967,250
506,676
501,636
3;018.163 4,873,778
764,626
497,110
23626103 20664931 168946348 151948 923
792.788
811,673
172,930
189,732
3,197,183 2,358,006
311,410
441,218
1,993,966 1,606,940 10,928,222 9,994,916
586,954
641,760
117,130
131,698
3,585,624 3,475,823
437,847
536,310
20,535,388 16,574,378
3,096,550 2,205,431
5,912,444 5,442,562
1,301,651 1,117,660
1,499,343 1,322,488 9,919,550 8,981,371
7,714,591 7,336,986 51,397,150 49,811,271
585,143 4,324,650 3,853,285
676,300
6,557,430 5,673,548 48,657,920 41,559,511

Total lines—

31661996 27008399

East Pitts & Erie August
West Pitts & E,rie August
Pere

6,128,297
Reading. August
4,480,447
August
10608744
cos... August
396,995
Rich Fred & Potom August
Rio Grande South.
15,459
4th wk Sep
403,450
Rutland
August
165,792
St Jos & Grand Isl. August
St L Brownsv & M_ August
269,606
St Louis-San Fran. August
5,459,959
Phila &

...

Coal & Iron Co..

Total both

—

—

_

...

...

St Louis Southwest." 2d

wk

k Southern Ry Syst. 1st wk
Ala Great South. August

•Mobile & Ohio...

Tennessee

Central.

Term RR Assn.St L
StLMB Term..

Texas & Pacific
Toledo Peor & West
Toledo St L & West
Trin & Brazos Vail

_

404,000
2,293,844

—

16716 324

Oct 2,389,112

631,833
1,163,125
395,237
263,778
1st wk Oct
54,446
1st wk Oct
655,778
August
2,432
1st wk Oct
165,349
August
322,033
August ...
267,463
August
464,838
2d wk Oct
109,380
September
143,283
1st wk Oct
76,918
August

Cin N O & Tex P. August
New Orl & N E__ August

Georgia Sou & Fla
Spok Port & Seattle
Tenn Ala & Georgia

—

Oct

Seaboard Air Line.. August
Southern Pacific
August

.

_

—

—

—

Union Pacific Syst. August
Virginian
August
Wabash
August

11273361

1,013,483
3,526,218
269,574
Western Maryland. 2d wk Oct
1,002,908
Western Pacific.,
August
166,799
Western Ry of Ala. August ...
1,146,957
Wheel & Lake Erie. August
Yazoo & Miss Vail. September 1,541,265
.....

20,483,799

18,082,217

14,103.978

13,505,346
13.500,148
13,934.648

14,337,363
14,914,035
21,985,612
14,328,835
15,332,610
15,562,006
20,008,991
15,173,499

20,309.805
13,228,250
13.885,132
14,146,523
18,822,876
14,570,110

Includes Cleveland Lorain & Wheeling

Increase

or

...

...

—

5,121,384 44,675,046 139,812,351
2,948,567 31,533,939 25,194,782
8,069,951 76,208,985 65,007,133
283,137 3,167,557 2,512,829
401,581
442,602
14,295
353,180 2,843,225 2,652.366
1,542,068 1,320,867
194,524
430,665 2,583,843 2,167,344
4,859,906 38,128,408 33,655,970
348,000 12,969,568 10,100,955
1,969,095 19,447,605 16,703,610
15163 482 123872769 102016187
2,019,377 85,076,900 73,204,207
494,686 '4,518,444 3,873,524
975,328 8,590,038 7,747,822
3,062,407 2.537.821
326,163
245,693 10,400,615 9,198,780
1,920,485
.55,866 2,211,016
508,234 4,421,754 3,294,259
91,989
96,166
2.008
1,098,686
150,270 1,158,514
264,368 2,-574,876 2,364,813
1,604,493
2,011,829
238,T 37
561,589 16,796,930 15,137,319
884,894
952,647
107,450
5,329,786 4,485,812
118,440
544.527
608,629
74,255
10884 320 80,726,347 70.718.781
759,146 7,330,110 5,666,103
3,249,927 26,179,858 24,101,861
261,522 10,442,384 9,240,307
5,097,048
6,270,576
806,657
846,367
1,038,514
102,455
6,949,405 6,698,916
979,118
1,333,439 12,682,666 10,135,371
*

July 1
1
July 1
July 1
July 1
St Louis-San Francisco
July 1
Southern Railway System.
July 1
Alabama Great Southern
Cine New Orleans & Tex Pac. July 1
July 1
New Orleans & Nor Eastern.
July 1
Mobile & Ohio
Georgia Southern & Florida. _ July 1

Canadian Northern.__

—

.....

$

1

to

14 12,310 ,900
7
1,263 ,994

Oct

Duluth South Shore & Atlantic- July

to

Oct

to

Oct I

7

to

31

to

Aug
Aug

to

Oct

to

7 32,054 ,929
31
1,237 ,580
31
2,276 ,552

—

i_.

—

to
to

Oct

7

to

Oct

7

31
'

'

Monthly Summaries

December ..216,811

January
248.477
February... 249.795
March
248.185

April

248,723

May.

248,312

June

...242.111

245.699
247,099

July
August

September

Ry. and Cincinnati Hamilton & Dayton,

Previous

Year.

Year.

.

82,776

305.990

1,509.054
9,291,520
25,986,617
942,756
1,881,798
635,124
3,186,718
687.925

83,126,235' 76,306,391

b Includes Evansville & Terre Haute,

or

Decrease.

$

242,064,235
267,115,289
269.272.382
294,068.345
288.740.653
308.132,969
241.550 351.001.045 301.304,803
244,921 353,219,982'306,891,957
246.190 373,326,711 !333,555,136

215.669 202,171.169
247.327 307.961.074
248.738 271.928,066
247,317 321.317.560
24% 120 .326,560.287
247.842 353.825,032

81,514

increase

$

Cur. Yr. Prev. Yr.

Mileage.

767 ,532
3,758 ,330
750 ,703

12,412,100
1,121,609

Monthly.
,urrent

•

317 ,949
917 ,907

31 10,496 ,587

Aug
Aug
Aug

to

_

...

%

+2,401,582 13.28
+598,632
4.47
+837,215 6.20
+979,387] 7.03
+ 1,675,8071 8.18
+ 1,100,585 8.32
+ 1,447,478 10.42
+ 1,415,483 10.00
+1,186,120 6.31
+603,389 4.13

Year.

Year.

Mineral Range
Pacific Coast

♦

j

Previous

Current

Period.

Various Fiscal Years.

;

Decrease,

193833906

2,087,351 1,951,947] 15,403,002 14,435,871

August

Marquette
Reading Co—

217219410

15125460 13761829 105765549 96,425,532
46787456 407702281322984958 290259437

All East & West. August

AGGREGATES OF GROSS EARNINGS—Weekly and

•

Previous

Year.

_

...

Maryland & Penn*.
Midland Valley.*..
Mineral Range
Minneap & St Louis
Minn St P & 9 S M.
Mississippi Central.
g Mo Kan & Texas.
Mo Okla & Gulf...
h Missouri Pacific.
Nashv Chatt & St L

Year.

Month.

Atch Topeka & S F_ August
14431301 13238862 106877960 91,726.297
Atlanta Birra & Atl 1st wk Oct
82,0671
73,6021 2,939,961
2,367,032
Atlanta & West Pt
160,037
114,706 1,088,739
916,158
August

Atlantic Coast Line August
Chariest & W Car August

Current

Previous
Year,

Current

or

$

Ala N O & Tex Pac-

Ann Arbor

Previous
Year.

Current

Year.

$

Week

Week

8.31
+20,106,934
+40.845.785 15.29
+2.655.684 0.99
9.27
+27,249,215

+37.819,634 13.10
+45.692,063 14-82
+49,696.242 16.49

+46,328,025'15.09

+39,771,575)11.92
+6,819,844' 8.94

c Includes Mason City «c

Wisconsin Minnesota & Pacific,
d Includes not only operating revenue, but also all other receipts, e Does not include earnings of
Cripple Creek District Ry.
/ Includes Louisville & Atlantic and the Frankfort & Cincinnati, g Includes the Texas Central
Wichita Falls lines,
h includes the St. Louis Iron Mountain & Southern,
j Includes the Lake Shore & Michigan Southern Ry., Chicago Indiana &
Southern RR., and Dunkirk Allegheny Valley & Pittsburgh RR.
k Includes the Alabama Great Southern, Cincinnati New
& Texas Pacific.
New Orleans k Northeastern and the Northern Alabama.
I Includes Vandalia RR. n Includes Northern Ohio RR. p Includes Northern
♦We no longer include Mexican roads in any of our totals.
.
'
'
«
.
Fort Dodge and the

and the

Colorado Springs &




Orleans

Central.

1613

THE

Latest Gross

follows

CHRONICLE

Earnings by Weeks.—In the table which

Latest Gross Earnings.
or

Weeklor
Month.

Company.

Current

Eastern Texas Elec.. August
week

of

October.

1917.

1916.

Decrease.

Increase.

$
Ann

Arbor

Canadian Pacific

Chesapeake & Ohio
Chicago Great Western
Chicago Ind & Louisville

.

Colorado & Southern
Denver & Rio Grande
Detroit & Mackinac

__

Duluth South Shore & Atl.—

Georgia Southern & Florida
Grand Trunk of Canada
Grand Trunk Western
Detroit Grand Hav & Milw.
Atlantic

1,319,090

22,960

1,454,355
21,779
225,568

1,329,535

124.820

21,677
233,804

102

712,635
869,499
263,778
359,000
9,196
2,389,111
2,432
466,566
143,283
261,637

676,890
842,925
245,693
332,000
12,971

35,745
26,574
18,085
27,000

2,019,377
2,008
!
488,165
118,440
261,521

369",734

893,118
603,389

7,122

8,465
50,246
98,900
124,000

117,363

24",677
11",297
18,696
29,900
3,378
3,370

'

"

l",420

:

Louisville & Nashville.
Mineral Range

Minneapolis & St Louis
Iowa

758,500
2,842,000
977,497
315,078
184,015
354,273
594,500
25,283
79,511
54,446

62,115
73,602
280,201
857,400
2,966,000
860,134
339,755
172,718
335,577
564,600
21,905
76,141
55,866

15,173,49914,570,110

Canadian Northern

Canada

54,993
82,067
330,447

1,342,050

Atlanta Birmingham & Atlantic
Buffalo Rochester & Pittsburgh

Central

E3

Minneapolis St Paul & SSM..1
Missouri Kansas & Texas
Mobile & Ohio
St Louis Southwestern

...

Nevada^-California-Oregon.

_

Southern Railway System
Tennessee Alabama & Georgia.
Texas & Pacific
Toledo St Louis & Western
Western Maryland
Total (30roads)'
Net increase (4.13%)

...

1

...

....

~

21",599
24",843
116

289,729

our

"Rail¬

Section is devoted.

Roads.

Net Earnings-

West.-Aug
846,771
Aug 31
6,387,279

'Jan

1

to

Aug.31
Gross

Earnings.

Sept '17

217,532
•1,623,462
36,012
192,956

9 mos '17

Total

Charges

Balance,
Surplus.

Income.

Income.

& Taxes.

$

*

¥

$

$

14,461

15,000

29,461

8,793

Phila Rapid Transit. September
Phiia & Western Ry. July
Port (Ore) Ry,L&PCo. August
g

Puget Sd Tr, L & P. July

15,986

12,099
167,179
113,065

28,485

26,486

Rhode Island Co

August

Richmond Lt & RR_ June

83,204

250,383

189,796

60,587

222,030

240,774

defl8,744

Other

Gross

Fixed

Balance,

Earnings.

Taxes.

Income.

Income.

Charges.

%

S

$

$

5

10S.965

j.

St Jos Ry, L, H & P. August
Santiago El L & Trac July

Savannah Electric Co August
Second Avenue (Rec) June
Southern

Boulevard.;June

Southern Cal Edison. August
Staten tsl'd Midland. June

August

.

Third Avenue
June
Twin City Rap Tran. August
Union RyCo of NYC. June
.

Westchester Electric. June
Westchester St RR__ August
West Pepn Power.. August
a West Penn
Rys Co. August
Yonkers Railroad
Juno
g

York

Surplus.

__

558,327

'16

278,281"

1,386

ings.—The following table gives the returns of ELECTRIC
railway and other public utility gross and net earnings with
charges and surplus reported this week:

$

264,348

875

265,223

87,092

178,131

2 mos '17

1,583,589

505,913

2,524

508,437

188,011

Gross

1,129,818

522,653

1,692

524,345

174,440

349,905

EXPRESS COMPANIES.

-Month

of June-

1917.

-Jan.

1916.

Wells Fargo <fe Co.—

1

to

June- 30-

1917..;-

1916.

$

Total from transportation..

4,982,938

2,076,277

14,707,798 11,626,542

Revenue from transporta'n 2,329,784'

Oper. other than transporta.

108,013

1,983,994
97,679

13,320,820 10,936,645
671,654
561,102

Total operating revenues.

2,437,797
2,373.189

2,081 J374
1,824,734

64,608
1,607
60,356

256,939
1,784
47,536

737,681
8,401

1,476,924
7,250

272,232

9

mos to

12,645

207.618

475,047

Dayton Pow & Lt.Sept *17

_

Express taxes
Operating income

ELECTRIC

RAILWAY

AND

PUBLIC

UTILITY

COS.

'16

51,527
42,985
420,595
489,189

19,652
227,630
167,815

..Sept '17

1,594,961

'16

722,055

1,566,373
700,524
13,880,455
5,909,206

2,200
258,010

'16
9 mos '17
"

Cities Service

9

mos
4

.

Detroit

Edison

*17 14,147,730
'16
6,088,224

Sept '17
'17

921,871
781,994
8,698,234

'16

7,056,249

Georgia Lt, Pow
& Rys (includ
subsid'y cos).

91.539
79,170
682,360

or

of Road

Company.

Earnings.

Jan. 1 to latest date.

mos

'17

■

Havana

Week

or

Month.

Current

Year.

Previous
.

Current

Previous

Year.

Year.

El

Aug '17
'16
8 mos '17
'16

Ry,

Year.

Lt & Power..

New York Rys
Adirond El Pow Corp July
Atlantic Shore Ry... September
cAur Elgin & Chic Ry August

Bangor Ry & Electric
Baton Rouge Elec Co
BeltLRyCorp(NVC)
Berkshire Street Ry.
Brazilian Trac, L & P
Brock & Plym St Ry.
Bklyn Rap Tran Syst
Cape Breton Elec Co
Cent Miss V El Prop.
Chattanooga Ry & Lt
Cities Service Co

Cleve Painesv & East

^Columbia Gas & El.
Columbus (Ga) El Co
Colum (O) Ry, P & L
Com'w'th P Ry & Lt.
Connecticut Co
Consum Pow

(Mich).

Cumb Co (Me) P & L
o Dallas Electric Co.

Dayton Pow & Light
Detroit Edison
Detroit United Lines.

g

August
August
June

August
August
August
June

August
August
August
September
July
August
August
August
August
August
August
August
July
September
September
August

DDE B & Batt(Rec) June
Duiuth-Superior Trac August
East St Louis & Sub.
August




\

Aug '17

116,345
36,528
198,215
74,805
17,352
79.753
100,762

/8064000/7405000
15,509
15,934
2677,328 2555,237
39,683
35,264
26,688
24,196
142,801
100,238
1594,961
722,055
56,773
50,977
719,936
584,586
92,681
74,428
333,849 290,082
1585,919 1358,867
977,472
901,439
449,831
367,353
324,901
306,679
163,708
144,236
148,534
127,369
921,871
781,994
1589,199 1478,987
39,121
42.867
139,688
126,820
317,838 251,981

914,178
855.370
195,788
281,071
1,435,994 1.354,072
566,221
530,942
150,812
137,013
345,163
402,164
728,150
656,818
f60505,000 /56013.000
85,684
82,858
14,879,323 14,143,851
292,146
248,207
200,491
192,518
956,571
807,248
14,147,730 6,088,224
300,093
261,593
7,150,015 5,903,686
689,872
547.505
2,574,148 2,286,563
12,445,546 10.826,081
6,733,371 6.338,487
3,649,717 2.989,546
2,040,455 1,869,410
1,239,782 1.090,282
1,311,891
1,138,388
8,698,234 7,056,249
11,903,357 10,645,163
219,345
247.371
1,042,868
904,063
2,376,534 1,920.131
.

600,960
592,461
513,376
4,418,945
3,899,891

'17

1,136,769
1,101,557
2,237,000

'16

2,265,340

Northampton Trac Aug '17

19,911
16,295
209,733
196,356
2,419,584
2,226,060
7,293,659
6,590,825
426,250
334,444

'16

127,092
18,378
217,103
78,486
18,122
57,607
112,516

2

mos

'16
12

mos
-

Phila

'17
'16

Rap Trans..Sept '17
'16
3

mos

'17

'16

Republic Ry & Lt

Sept '17
'16
9

mos

'17
'16

Southern Cal Edison Aug '17
'16
8

341

mos

'17

'16

3,469,738
2,930,648
606,752
699,481
5,051,965
5,428,852

*28,475
*23,759
*201,361
*326,089
1,566,146
700,183
13,878,256

5,651,196

83,989
87,721

140,491
180,684

765,936
806,907

351,971

mos

'16

8

227

2,581,034

Aug '17

9

25,132

'224,483
268,402
2,612,328

'16

'16
Latest Gross

Name

17,233,718 35,458,276
14,587,723 37,705,273

148,534
127,369
1,311,891
1,138,388

1,261,485

_

Balance.
Surplus,

7,993,363 28,882,748
4,771,847 28,722,560

Sept 30 '17 42,338,883 36,876,111

208,188

expenses

Fixed
Charges.

'16 37,674,526 33,494,407
Bell Tel Syst in U S—
8 mos to Aug 31 '17 194,337,712 47,439,892
'16 171,608,490 47,585,666

13,992,474 11,497,747
13,254,793 10,020,822

Operating

Taxes.,

American. Tel & Tel Co—

4,060,271 28,028,618 22,563,187

Express privileges—Dr..... 2,653,154

Net operating revenue.
_•*
Uncollect, rev. from trans..

Net after

Earnings.

340,426

'16

Year.

$
$
%
79,889
71,088
622,288
532,463
105,941
84.157
851,088
696,237
157.493
170,971
872,686
979,475
222,773 202,362 1,568.505
1,453,896
183,598 168,724 1,298,707 1,266,592
109,269 106,497
867,903
860,184
331.825 306,596 2,614,471
2,425,753
109,127
60,893
774,734
664,848
592,461
513,376 4,418,945 3,899,892
59,935
53,869
465,599
427,358
29,134
29,459
231,321
217,845
487,659 445,556 4,110,672 3,855,866
1114,511
971,934
8,677,624 7,832,640
2925,035 2731,984 26,679,458 24,441,472
53,176
49,422
453,054
416,723
21,480
19,795
160,525
157,721
12.405
10,161
92,071
76,352
171.234
985,157
164,595
886,916
269,787 234,155 2,148,439
1,860,553
100,579
87,115
599,295
527,668
24,568
23,549
112,865
109,801
263,884
264,179 1,535,661
1,522.146
609,745 541,150 5,107,470 4,515,782
205,708 177,507 1,438,220 1,190,524
295,410
123,427 1,840,955
976,448
200,686
199,574
1,601,532 1,553,246
130,285 100,876
809,291
678,628
63,049
370,710
63,236
368,552
37,595
36,993
197,431
193,662
14,607
75,661
14,495
77,417
97,994 128,992
588,343
.706,090
1136,769 1101,557 8,337,544
9,033,988
53.406
40,814
282,402
253,997
47,557
46,028
371,161
352,261
19,911
16,295
141,537
133,028
551,602 479,093 4,244,140 3,375,761
210.459
155,378 1,465,566
1,217,498
15,548
50,404
50,158
15,517
1662,202 1494,400 13,333,085 12,536,375
23,298
26.158
204,121
198,994
34,399
24,399
186,745
226,042
2419,584 2226,060 21,990,126 20,013,194
55.775
288,107
46,833
318,207
505,552 447,502 3,880,236 3,577,697
586.369 663,746
5,136,058 4,508,691
426,250 334,444 3,469,738 2,930,648
595,686
587,475 4,035,508 3,885,362
44,102
38,025
208,060
185,047
123,742
109.480
992,581
888,343
51,390
318,381
44,823
311,314
86,570
616,608
528,491
69,892
411,897
79,749
80,147
392,759
19,959
19,571
106,723
111,631
606,752 699.481
5,051,965 5,428,852
34,560
156,755
146,561
31,058
79,321
672,895
633,118
74,194
359,429 393,092 2,064,547 2,081,146
848,478 849,967
6,882,600 6,740,241
259,112 279,452
1,425,071
1,455,814
574,338 481,231 4,795,808 4,326,527
113,622
499,789
608.611
79,977
48,553
253,550
272,390
51,687
162,737
21,076
167,004
26,413
310,438 247,193 2,532,553 1,881,221
664,166 542,520 4,991,026 4,036,449
389,310
72,231
387,744
71,721
85,437
771,398
710,657
80,580
32.204
220,801
228,010
30,149

184,395

93,886

Previous

«

.

276,895

Current
?»Year.

Electric Railway and Other Public Utility Net Earn¬

■

839,815

Year.

b Represents Income from all sources,
c These figures are for consoli¬
dated company,
f Earnings now given In mllreis.
g Includes constituent

Cuba—*.

Aug '17

...

Railways.
September
Youngstown & Ohio. August

1,599

Net after

775,929

—

{/Republic Ry & Light September

20,678

Gross

*16

...

Northampton Trac.. August
Nor Ohio Elec Corp. August
North Texas Electric August
Ocean Electric (L I). June
Pacific Gas & Elect., August
fir Paducah Tr & Lt Co August
Pensacola Electric Co August

companies.

109,380
107,450
952,647

'16

8,426,342

30,415
148,184

Other

Earnings.

¥
Toledo Peoria & Western—

1,487,445

290,043
def37,229
2,209,044 def260,115

282,744
2,222,670

Net

1,054,570
7,224,319

838,985
6,264,401

—

&'Milw__Aug

Previous
Year.

Year.

4,620,985
29,864,249

Trunk
to

Current

•

June

.

N Y & Queens Co
June
New York Railways. August
N Y & Stamford Ry. August
N Y Westches & Bost August

Virginia Ry & Power.;September
Wash Bait & Annap. July

Grand Trunk of Canada—
Grand Trunk Ry
Aug 4,890,346
Jan 1 to Aug 31-^—33,911,961
1

N Y & North Shore.

Tampa Electric Co.
-Gross Earnings
Previous
Year.
Year.

Current

Jan

...

...

424

Earnings'' Section or Supplement, which accompanies
to-day's issue of the "Chronicle,' we give the Aug. figures of
earnings of all steam railroads which make it a practice to issue
monthly returns or are required to do so by the Inter-State
Commerce Commission.
The reader is referred to that Supple¬
ment for full details regarding the
Aug. results for all the separate
companies.
In the following we give all statements that have come,
in the present week covering a later or a different period
from that to which the issue of the "Railway Earnings"

Det Gr Hav

...

__

3J75

way

Grand

_

Federal Lt & Trac. July
Galv-Hous Elec Co
August
Grand Rapids Ry Co August
Great West Pow Syst August
Harrisburg Railways August
Havana El Ry, L & P August
Honolulu R T & Land August
Houghton Co Tr Co. August
b Hudson & Manhat. August
Illinois Traction
August
Interboro Rap Tran-. August
Jacksonville Trac Co. August
Keokuk Electric Co. August
Key West Electric... August
Lake Shore Elec Ry. July
Lehigh Valley Transit September
Lewist Aug & Waterv August
Long Island Electric. June
June
Louisville Railway.
Milw El Ry & Lt Co. August
Milw Lt, Ht & Tr Co August
Monongahela Vail Tr August
Nashville Ry & Light August
NewpN&HRyG&E August
N Y City Interboro.. June
N Y & Long Island
June
g

_

~

8*,236

Net Earnings Monthly to Latest Dates.—In

El Paso Electric Co.
August
42d St M & St N Ave June

Previous

Year.

increase in the aggregate over the same week last year:
First

Jan. 1 to latest date.

Name of Road

up separately the earnings for the first week
The table covers 30 roads and shows 4.13%

we sum

of October.

[Vol. 100.

1,846,392
1,774,127

32,882
33,540
266,696
263,914
112,368

48,798
42,277
306.356
323,351
320,830

132.616

15,916
8,737
85,275
42,442
*217,203
*196,695

1,015,610 *1,575,856
1,025,402 *1,458,514
*102,380
282,942
284,406
*99,110
•565,552
*169,191
569,977
*228,799

2,494,062
2,394,827
336,172
332,775
637,423

702,435
8,660
5,644

89,750
83,723
1,030,246
1,015,275
3,069,879
2.935,092
145,577
150,755

1,140,002
1,217,767
363,693
420,358
3,121,427
3,202,372

Gross

Net

Earnings.

Earnings.

■

44,450

205,010
188,552
1,555,708
1,538,069

45,300
39,023
219,081
200,865
634,943
490,403
*63,948
*82,177
*450,361
*620,404
*228,485
*246,147
*1,912,590
*1,824,139

Fixed Chgs.
& Taxes.

Balance,
Surplus.

•
.

44,700
811,165
814,410
2,434,936
2,444,689
87,101

69,023
735,943
609,523

$

Virginia Ry & Pow Sept '17
'16
3
York Railways

mos

'17
'16

Sept '17
'16
10

mos

'17
'16

574,338
481,231
1,728,994
1,467,335
85,437
80,580
866,077
792,774

254,402
236,184
801,481
748,091

39,267
43,388
403,853
415,302

157,307
147,871
474,041
443,417
25,826
25,819
257,128
258,497

*107,043
*97,527
*356,432
*331,354
13,441
17,569
146,725
156,805

Oct. 20 1917.]

THE
Gross EarningsPrevious

-Net

Current

_

Companies.

Ry_b___Sept

18,378
195,788

36,528
281,071
285,280

1

to

Nebraska
Jan

11,728
67,790

2,148,371

85,809
635,395

120,575
945,552

49,000
409,224

227,824
1,712,945

73,633
587,303

61,068

518,769

481,527
3,611,407

133,126
1,013,978

124,706
975,576

444,097

3,741,258

495,683
3,774,387

18,335
99,343

21,675
149,636

243,189
1,903,016

to

Pacific Tel & Tel
1

to

Aug 1,724,742

Aug 31-

Santiago El Lt & Tr b-.July
Jan

1

to

July 31

*

51,390
318,381

—__

44,823
311,314

(Report for Fiscal Year ended June 30 1917.)

This company owns $18,590,600 of the 868,558,000 com¬
stock of the Atlantic Coast Line Railroad Co.
and

47,599
447,994

Aug 31
Northwestern Tel Exch.Aug
541,775
Jan 1 to Aug 31
4,102,532
Jan

6,334
41,962

1,777,732
13,933,691£13,237,233

Telephone._.Aug

1

Year.

95,186
807,519

Sept 30

Iowa

1613

Atlantic Coast Line Co. of Connecticut.

Previous

$

Telephone
..Aug
352,994
Jan 1 to
Aug 31
2,709,198
Kan City Home
Tel.Aug
131,468
Jan 1 to Aug 31
1,037,846

Jan

Earnings

Current
Year.

Year.

$
Atlantic Shore

Year.

CHRONICLE

mon

sundry other securities (see list below).
INCOME ACCOUNT FOR YEARS ENDING JUNE 30.

Interest Received on—
Atlantic Coast Line RR. of S. C. 4s_
Atlantic Coast Line RR. Consol. 4s_

1914-15.

40,075
108,375
74,487
929,530
5,828
5,600

Net

earnings here given are after deducting taxes,
b Net earnings here given are before
deducting taxes.
x After
allowing for other income received.

on

com.

& Class A_

Westinghouse Air Brake Co
Charleston & West Carolina Ry

REPORTS

Annual Reports.—An index to annual
reports of steam
railroads, street railways and miscellaneous companies which
ave been
published during the

preceding month will be given
Saturday of each month.
This index will not
include reports in the issue of the "Chronicle" in which it is
published.
The latest index will be found in the issue of
Sept. 29.
The next will appear in that of Oct. 27.
the

on

last

Atchison

Topeka &

________

quent pages, together with

some

1916-17.

$23,000 Amalg. Phos. Co. 1st M. 5s carried
and redeemed at 102M>%__

11,270

1.1,247

2,069
1,686

2,084
1,719
68,309
3,910

11,115

10,909

2,105
1,738
67,407
3,603

,

2,142
1,653
69,366
1,727

Equipment*—
Locomotives.

Passenger cars.
Freight cars
Miscellaneous

67,566

cars

4,233

Operations—•
Passengers carried

14,220,421
14,892,445
14,598,264
14,973,163
Pass, carried one mile. .1439525 550 1584460499 1341675114 1310056723
Rate per pass, per mile.
1.992 Cts.
2.276 cts.
2.074 cts.
2.175 cts.
Rev. fr't (tons) carried. 35,277,697
31,193,939
26,093,880
25,034,240
xFr't (tons) carr'd 1 m_ 12,058,609
9,845,097
8,263,466
7,316,272
Rate per ton per mile
0.927 cts.
0.929 cts.
0.974 cts.
1.007 cts.
Aver, tons per train mile
497.75
468.10
442.04
420.45
Earns, per pass, train m.
$1.23
$1.18
$1.09
$1.17
Earns, per fr't train m._
$4.05
$3.74
$3.47
$3.55
Gross earnings per mile.
$13,858
$11,893
$10,587
$10,186

Total

_________

Also June 30 1917 2 steam ferry boats, 1 river steamer, 4 tugs,
floats and 6 miscellaneous equipment,
x 000s omitted.

5 car

"

1916-17.

1915-16.

1914-15.

91,432,429
31,568,600
10,761,363

Total oper. revenues_156,179.12l

133,762,392

_____

__

_

Operating Expenses—
Maint. of way & struc__
Maint. of equipment.--

80,504,393
27,823,064
9,338,130

dividends,

&c

Total profit & loss surp. June 30 1917, as per bal. sheet below

$13,484,027

SHEET
'

Traffic expenses.

Transporta'n

45,916,605
Cr.428,636

34,827,705
2,47.6,595
Cr. 140,925

96,333,569
(61.68)
59,845,552
9,870,634
!
23,242

83,730,960
(62.60)
50,031,432
6,210,366
,41,073

76,091,553
(64.67)
41,574,034
5,497,317
25,316

73,469,334
(66.12)
37,640,436
5,525,586

49,951,675
1,084,714
2,363,578

43,779,993
820,865
2,486,264

36.051,401
688,478
2,308,672

32,114,850
641,116
1,533,238

expenses._

3,678,371

expenses

Transporta'n for investTotal oper. expenses.

P. c. oper. exp. to rev—
Net operating revenue._

Taxes..
Uncollectibles

Operating income
Income from investn'ts.

Interest, discount, &c__
Total income

-

15,425,730
19,213,343
2,521,774
33,899,108
2,409,379
______

53,399,966

47,087,123

39,048,551

34,289,204

12,112,844
1,223,714
549,595

12,529,733
1,134,242
334,481

12,785,747
1,072,170
819,722

332",076
6,208,685
13,041,630
56,210

523429
6,208,685
12,482,280
55,482

252,996
5,708,686
11,841,330
54,503

12,886,412
873,802
10,552
245,422
101,772
5,708,690
11,691,750
51,486

11,000,000
8,875,211

7,000,000

6,513,397

2,719,318

Deduct—

Interest

on

1917,

Rentals of track, &c._—
,

Hire of equipment
Advances to sub.

cos

Miscellaneous—'
Preferred divs.

(5%)
(6%)
Approp. fuel res've fund
Appropriated for—
Equipment
Additions & be^ter'ts.
Common divs.

r

Total

•

_

BALANCE

{Incl.

Atch.

SHEET

OF

THE

1917.

1916.

S

Assets—

$

RRs., franchises
& prop's,

incl.
st'k8,b*ds,&c-6S8,924,340 6S0.438.154
For adds' <fc bet¬

10,437,989

terments, &c.
Trivpftf'ts

JUNE 30.

6,188,780

1917.

■<

1916.

Liabilities—
$
Common stock.219,648,500

214,312,500

Preferred. stock .124,173,700

124,173,700

Bonds (see "Ry.
'
& Ind." sec.) .288,803,899

Income tax retained from int.

Total—__

ctfs_

on

•'

bal.

965,537

Liabilities—

Debenture ctfs. of indebtedness, 4%
Div. on stock & int. on ctfs. unpaid—

$8,820,000
5,000,000
61,800
3,000,000
67,593

Miscellaneous..

2,204,212

Reserveacct. Prairie Pebble Phos.Co.
Profit and loss, surplus

13,484,027
518

425

________

15,636,126

Int. &c. matured

43,698,922
666,000

Unmatured divs.

1,789,180

3,104,342

770,072

29,566

Accr'd int., &c.

3,395,503

1,493,082

Tax

5,177,444

2,220,474

1,587,579

Oper.

Miscellaneous.

5,779,958

1,122,973
4,456,051

Material & supp. 18,981,348

16,926,125

liability...

1,927,413

1,563,357

33,155,679
Unadj. &e.accts
4,651,397

28,602,530

reserves..

Accr'd depree'n.
Adds,

1,944,527

1,888,316

Oth. defd. assets

91,045

163,442

Unadjust. debits

1,699,670

1,495,041

fund

to

3,076,266

& sur._

84,674,017

64.634,235

77,926
1,944,527

50.590

1,888,316

Profit and lossTotal

26,988,544

26,686,308

814,911,471

787,322,142

come

Sink,

fund

Atl. Coast Line Cons. 4% bonds
Atl. Coast Line RR. of B.C. 4% bds_

$1,250,000

1,550,000

1,395,000

Atl. Coast Line RR. 4^% unif. bds.
b Railroad bonds—

3,008,000

2,616,960—$5,136,960

Colum. Newb. & Laur. RR. Co.

814.911.471

$14,773,600

787,322,142




3%_

_

—

Amalgamated Phos. Co. 1st M. 5%__

228,000
67,500
3,600

474,600—

791,000
-

.

$190,800

285,000
75,000
4,000

4%
5%
Atlantic Coast Line RR. consol. 4%
Charlestown & West Carolina Ry. 1st
cons. mtge. 2-5% bonds
Northwestern RR. Co. 1st Consol

c Other bonds—
Dutton Phosphate Co. 5%
International Agricultural Corp. 5%w

$1,125,000

$318,000

Northwestern RR. Co. 1st Consol

$420,000
1,567,500
743,000

$964,500

$108,000
1,097,250
683,560—$1,888,810

stocks—

'

Northwestern RR. Co

$50,000

Atlantic & North Carolina RR

1,100

Atl. Coast Line RR. Co. Class A—__

181,600'

Atl. Coast Line RR, Co. common.__

18,409,000
16,000
Woodside Cotton Mills Co. preferred
5,000
South Carolina Pacific Ry. preferred104,600
Charleston & West Carolina Ry__
1,200,000
Nashville Chattanooga & St. L. Ry__
48,000
Woodside Cotton Mills Co.

•

$50,000
1,100
181,600
19,749,227
15,000

common.

Other stocks-—

.

5,000
88,751
960,000
43,605-$21,094,283
'

■

$84,000
10,000 shs.

Westinghouse Air Brake Co
Phosphate Co. stock

Dutton

$42,063
1,000—

.

$43,063

f Other assets—
Colum. Newb. & Laur. 5% ctfs_____
Atlantic Coast Line RR. 4% ctfs

$1,272
291—
8,700
Other securities
37,967-'—
$48,230
g Reserve against stockholders'
liability for claim to certain lands of
Prairie Pebble Phosphate Co. represented by $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 1917 bills receivable and advances Colum. Newb. & Laurens
RR. notes, $19,495, and Dutton Phosphate Co. 6% notes (par, $189,705),
$1,000.—V. 103, p. 1504.
Dutton Phosphate Co. receivers'ctfs_

$127,200
294
8,700

_ —

Pacific

Great

Total

Eastern

Railway.

(6tk Annual Report—Year ended June. 30 1917.)
Chairman Frederick Wilson, Victoria, B. C., Sept.

19

reported in substance:
Construction Delayed.—With the country depleted of its men, gone abroad

fight in its defense, and the impossibility of importing Asiatic labor to
supply
the need, it will be appreciated that during the past year no
extensive work was possible in the construction of your line of railway.
Government Investigation—Judgments.—During; the fall of 1916 a change
to

place in the administration of the public affairs of the Province of

of meeting its

contractual obligations towards the bondholders of the com¬
by the provision of funds to pay the semi-annual interest upon the
guaranteed securities.
Price, Waterhouse & Co., chartered accountants,
were then employed by the Province to undertake an investigation into the
company's financial relations with the former administration.
Upon the
assembling of the new Legislature, a select committee of the House con¬
ducted an inquiry into all the affairs of the company and any political and
campaign contributions, personal or otherwise.
Neither directly nor
indirectly, had the company made such contributions, and our
books,
examined by the accountants during their investigation, showed that all
moneys received had been honestly expended on construction work.
pany

res.,

representing temporary investments in short
quickly convertible securities which are in the nature
of current assets and should be so considered ip order to make satisfactory
comparison with the preceding year.—V. 105, p. 908, 714.
Includes

as

Book Value.

Par.

British Columbia and the new government was confronted with the necessity

in¬

Res.forfuellands

a

Securities

took

prop,

through

&c_

term notes and other

470

$30,433,939 $30,318,983 $30,370,989
Securities Owned June 30 1917.

3,489,988

2,377,621

Agts.&conduct's

Cash for fuel res.

________

certificates._

*$8,820,000
5,000,000
61,800
3,000,000
63,893
gl92,500
13,232,326

deposited with Safe Deposit & Trust Co. of Baltimore
security for $5,061,800 certificates of indebtedness of 1897-1900:

1,150,409

3,104,342

declared

Traffic, &c. baL

_

on

Total-

899,597

Cash

Loans & bills rec.

470

$8,820,000
5,000,000
61,800
3,000,000
67,433
gl92,500
13,176,825

8,995,562

13,214,563

37,787,788
1,260,000

464,765

425

.

Certificates of indebtedness, 5%
Certificates of indebtedness, 4%____

921,612

12,224,645

acquisitions- 12,412,047
Other invest'th-a30,857,486
Time deposits._

447

•

.

Traffic &c.

Accts. & wages.

Rpw

209,705
63,893
29,816

$30,433,939 $30,318,983 $30,370,989

—

Capital stock.

301,552,354

$

964,500
2,368,970
21,073,283
36,063
22,563

_

—_____

SYSTEM,

Top. & S. Fe Ry., Gulf Col. & S. Fe Ry., Panhandle & S. Fe
Ry. and Rio Grande El Paso & Santa Fe RR.)

,1915.

$5,136,960

___

e

53,399,966
40,268,032
39,048,551
34,289,204
Balance, surplus
None
None
6,819,091
None
The total accumulated surplus June 30 1917, after adding $466,806 sun¬
dry adjustments and deducting $164,570 surplus appropriated for invest¬
ment in physical property, was $26,988,544.
___

1916.

Securities deposited with

d Railroad

bonds

JUNE 30.

Safe De¬
posit & Trust Co. of Baltimore
$5,136,960
$5,136,960
b Railroad bonds
964,500
964,500
Other bonds
;—
i:_
cl,888,810
1,907,970
Railroad stocks.
_d21,094,283 d21,094,2S3
Other stocks
e43,063
36,063
Other assets—
f48,230
1,563
Sisal Hemp & Development Co. prop¬
erty (6Q-95ths interest)
20,000
20,000
Bills receivable and advances
h20,495
209,705'
Deposits for interest and dividends__
67,593
67,433
Cash on deposit.
498,887
415,316
Dividends accrued
1_
650,671
464,765
a

117,665,587 111,109,770
16,514,468
19,764,535
2,649,175

$1,554,307
13,176,825
$14,731,132
188,705
1,058,400

73,638,388
28,497,233
8,974,149

19,518,635
20,514,960
2,755,736
38,281,054
2,904,040
Cr.243,465

2,415

Decrease in book value of $189,705 Dutton Phos. Co. notes__
Dividends paid (12%)

a

19,119,336
25,273,169
2,780,823

General

" 1913-14.

92%

Total surplus brought forward from previous years.

Income tax: from int.

Operating RevenuesFreight
111,809,085
Passenger _;
32.,770,089
Mail, express and misc_ 11,599,947

bonds at

$1,405,105

___

_

INCOME ACCOUNT.

as

$975,274

146,787
___

— __

*

200
.

Co. (litigation settled)

Assets—

1913-14.

372,472

150

$989,002

BALANCE

1914-15.

372,472

Unexpended balance of $192,500 reserved in respect of litiga¬
tion of title to Bone Valley lands of Prairie Pebble
Phosphate

statistical tables.

1915-16.

$1,824,281$46,504

—i

,

Balance for other deductions

OPERATIONS, EARNINGS, &c.
Aver, mileage operated.

$1,383,685
$35,789

372,472

,

;

Total for

The report, signed by President Edward P.
Ripley and
Chairman Walker D. Hines, is printed at length on subse¬

$1,411,416
$49,941

Interest—5% ctfs., $250,000; 4% ctfs.
B, $2,472; 4%ctfs. C, $120,000___
Int. on Dutton Phos. Co. bds. bought

Santa Fe Ry.

(22nd Annual Report—Year ending June 30 1917.)

1,301,342
12,669
16,170
60,000

Stock Received—

Atl. Coast Line RR.

Total (interest and dividends)
Expenses and taxes—

ANNUAL

929,530
11,949
5,600

...

Other railroad dividends
a

$62,000
50,160
135,360
37,725
78,375
70,480

Amalgamated Phosphate Co. 5s_
Internat. Agricultural Corp. 5s
Dividends

1916-17.

$62,000
50,160
135,360
38,925
91,736
58,425

Atl. Coast Line RR. Gen. Unif. 4^s_

Miscellaneous

1915-16.

$62,000
50,160
135,360

THE CHRONICLE

1614
On May 10

1917, upon Instructions of the Attorney-General,

writ

a

was

filed In the Supreme Court of British Columbia against the firm of Foley,
Welch & Steward and your directors, asking judgment for many millions
of dollars and for a declaration that several of the acts and deeds of your
•directors had
been Illegal, notably the Issue of stock as fully paid up for

No date has been set for the trial, which

considerations other than cash.
cannot take

place before the autumn sittings of the

court.

Resume of Company's History—Construction Contract.—Early"in 1912, the
firm named obtained from the Government of British Columbia a charter
to build the Pacific Great Eastern Railway, and it was provided that when
the company was incorporated the firm would assign to it its agreement
with

the Government,

excepting in three important

respects,

viz:

The

firm agreed (1) to indemnify the Government against all payments which
it might make under the agreement, having particular reference to securities
to be guaranteed by the Government; (2) that the rates to be charged upon

the railway would be approved by the Provincial Minister of Railways; and
(3) that the company would not at any time apply to be declared a work
for the general advantage of Canada.
This agreement was duly ratified by the British Columbia Legislature
and

forms

Schedule

"A"

to

Chapter 34

for the

1912.

Forming
Schedule "B" to the same Act is an agreement entered into between the
firm and the Grand Trunk Pacific Railway Co. and its subsidiary, the Grand
Trunk Pacific Branch Lines Co., containing on the part of the firm covenants
year

-

behalf of the company.
To insure the carrying out of these covenants it was essential that the
firm control the company through ownership of its capital stock.
In fact
the agreement predicated this relationship.
Accordingly an agreement was

on

entered into between the company and the firm whereby in consideration
of the aforesaid grants, the company issued to the
firm as fully paid-up
stock practically our entire authorized share capital.

Current Liabilities at Sept. 30 1917, including share of profits payable to
employees, approximate $2,500,000, or about $520,000 greater than on
This increase is occasioned principally by the increased cost
of our oil purchases.
All sinking fund installments due and payable to this
date have been met.
During the nine months there has been a decrease in
First Mortgage bonds in the hands of the public of $667,000, a reduction in
Collateral Trust notes of $675,000, and the purchase money obligations
have increased $2,950,000 on account of the balance due on purchase price
of the Pinal Dome Oil Co.'s properties.
The outstanding bonds of the
Producers' Transportation Co. were decreased $265,000.
Capital Slock issued and outstanding at Sept. 30 1917 was $38,872,500,
and the cash received on account of subscriptions for which stock had not
been issued at that date amounted to $121,500.
On June 15 last the company offered to exchange its stock, share for share,
for the outstanding minority stock of Producers' Transportation Co., and
now controls over 99% of the stock of the latter co.
(V. 105, p. 177, 78.)
Dividend.—The regular quarterly dividend of $1 50 per share, together
with an extra dividend of $1 per share, was declared on Oct
1, payable on
Oct. 20 to holders of record as of Oct. 10 1917.
(V. 105, p. 1426.)
Surplus and Operating Reserves at Sept. 30 1917 approximate $21,500,000
and the book value of the stock at that date was about $155 per share.
Jan. 1 19J 7.

.

Production of Crude Oil
9 Mos. to Sept 30—

were redeemed to apply for a final certificate of mileage and re-issue the
in accordance therewith.
The Government is now asking for
the payment into the Treasury of $163,800. but this is probably through a

securities

misconception of the situation.
realize

more

If the securities

now

(Net Bbls.)and Sales for Nine Months ending Sept. 30.
1917,
1916.
Increase.
5,450,000
3,955,000
495,000
—

—-$25,375,000 $20,400,000

Sales

International

Agricultural

of the loan and the difference would have to be made

was

declined

at

York.

President

Stephen B. Fleming

iiji substance:

says

by the discount of its
receivables, which at the present time are held in its treasury.
The con¬
tingent liabilities show a decrease of $1,528,636.
During the year, $436,500 bonds have been retired, leaving the bonded
that in past years the company was partly financed

debt of the company as

of June 30 19-17, $10,723,900;

Results.—The profits for the year are $1,328,483, out of which $750;000
has been set aside as a general reserve to take care of contingencies due to
the war on business or investments, leaving $578,483 to be carried to

surplus account.
Supply of Acid — The management of the company (Tennessee Copper,
V'. 103, p. 1512 . 2083; V. 104, p. 77, 2123; V. 105, p. 284) which furnishes
us with our supply of sulphuric acid was changed during the year, and we
are now receiving our full quota of acid.
i
Contract with Kaliwerke Aschersleben Regarding Kaliiverke Sollstedt.—The
disturbance in the relations between this country and Germany has resulted
in a suspension of negotiations regarding this matter and probably no final
conclusion can be reached until after the war.
[See statement quoted in
present report in V. 97, p. 1895.]
Phosphate Rock.—Sales of Tennessee phosphate rock and the domestic
sales of Florida phosphate rock increased materially.
Export sales de¬
creased on account of our inability to procure shipping facilities for delivery
to European ports.
.
.
,

INCOME ACCOUNT FOR

YEAR ENDING

1916-17.

1915-16.

Gross profit on

JUNE 30.

1914-15.

1913-14.

oper'ns. $2,851,408
Operating, &c., exp—_
957,405

$2,793,898
742,595

$1,844,799

1,198,815

$1,934,494
1,104,049

Net earnings-$1,894,003

$2,051,303
56,475

$645,984
18,000

$830,445
208,730

$1,975,173
556,629

^2.107,778

$663,984
616,900

lsU)39,175

581,906

Balance, surplus.____ $1,418,544
Alport, of bd. disc., or¬
ganization exp.,
202,052

$1,525,872

$47,084

$392,646

246,040
Cr.93,864
339,641

207,106

241,636

good, though not to

the Government but to the present holders of the pledged securities.
It Is
directors to authorize a sacrifice of these securities.
An offer was made for the above securities at a price which your directors

but

New

Indebtedness.—The increase in current liabilities is largely due to the fact

pledged when sold

not the intention of your

considered satisfactory,
Minister.
2

Corporation,

(8th Annual Report—Year ended June 30 1917.)

than the amount of the loan, the difference -will be paid to the

credit of the company into a special account in the name of the Minister oi
Finance.
If sold to-day, the securities would realize less than the amount

$4,975,000

—V. 105, p. 1426. 1315.

for similar work between Prince

When the difference in mileage was ascertained, the Government was
advised that it was the intention of the company when the surities pledged

(net bbls.)

Crude oil

Further, to Insure the proper construction of the line, a contract was
made between P. Welch on behalf of the firm and the company calling for
the building of the entire line at unit prices based upon those paid the firm

Rupert and Copper River on the line of
the Grand Trunk Pacific Railway, it being estimated that the cost of
construction would be about the same on each line, excepting as to the
item of transportation for material and supplies, which on the Pacific
Great Eastern Railway where highway and steamboat transportation were
largely non-existent, roads having to be built and boats purchased to
provide access to the line, was consequently much more expensive than on
the Grand Trunk Pacific Railway, where advantage was derived from the
close proximity of the S keen a River, navigable along the entire length of
that portion of the line built upon its right bank.
This contract has been
the subject of much abusive criticism.
Securities Guaranteed, &.C.—By Acts of the Legislature the Government
guaranteed securities of the company to the extent of 842,000 per mile for
480 miles of lino, which was the then ascertained length of the line.
Resurveys, however, reduced this mileage to 476.1, a difference of 3.9 miles.
An Interim certificate of mileage of 480 miles was given by the Minister of
Finance and securities guaranteed for the total amount of this mileage.
Of these securities $14,234,805 have been sold and the balance of $5,925,195
pledged to secure a loan of $4,800,000.

[Vol. 105.

the request of

the

.

Divs. j'ntly owned corps
Gross income

Prime

___

Bond interest

<

81,170

646,529

Aliened Overpayment.-—Overpayment

to the company of sums varying
from five to seven and half millions has frequently been alleged, but the
allegation is apparently based upon a misconception of one of the clauses
In the agreement between the Government and the firm of Foley, Welch
& Stewart.
The minds of those now in ignorance upon the question will
toe illumined when the court interprets the section.

'
Experts' Report.-—Two eminent engineers at the head of their profession
In Canada, who, after a close inspection of the whole lino affirm that the
location is the best that could have been secured; that the construction is of
the highest standard desired; and that the work has been honestly and
economically carried out.
Outlook.—Paralyzed by the effects of the war and further embarrassed
by the ill-timed action of the Government in bringing suit against your
sponsors and directors for their failure to complete this contract of which
the cataclysm of war Is the cause, but one course is, open, which is the
policy being pursued, viz: to mark time until the advent of normal con¬
ditions and the settlement Of litigious disputes.
The vast cultivable areas
of the Province by reason of stoppage of work on the construction of the
railway will not be available to the returning soldiers for occupation; and
the mineral deposits, though never more urgently required, must remain
BALANCE

JUNE 30 1G17

SHEET,

Property investment .......$24,404,409

{Total each side, $56,124,204).
Chare capital i .-sued.
$25,000,000

Debenture stock pledged....
Amts-. due from solvent cos.

1st M.. 4H% guar. deb. stk.
4 ]4 % guar. deb. stock 2nd

and individuals..........

.

5,925.195

15,844

.

& guarantees unexting'd..
Prom, fi disc'ts unexting'd..

105,

p.

3,360000

—

24,960,000
541,564

7,305,014

Vouchers and accounts...,.

FoleyWelch&Stewarts' grant

Union

Charge

16,800,000

Loans and bills payable,..,.

277,192

,

—V.

Cr. 111,991

Reserve for conting____

750,000

Bal.,
*

of

1,647,563

Wages and salaries-

4,563

Int. accrd. to June 30 1917.,

2,007,049

290.

Oil

Company "of

"California^Los^Ansreles^

(Report for Nine Months ending September 30 1917.)
signed by Pres. W. L. Stewart and Compt.
on Oct. 6, says in substance:

The report

Profits.—The profits earned from all operations, less general

expense,

outstanding for the period under

1917.

Yearly

1916.

Yearly

review:

Increase

9'mos. to Sept. 30—Amount, on Stk. Amount, on Stk. Amount.
Profits (as above)...$9,059,000 33% $7,150,000 28% $1,900,000
Provision for deprec.
&

2,250,000
...

,

Profit,

■

.

8%

1,830,00,0

7%

26H%
420,000 23%

,

subject to
taxes—.$6,800,000 25% $5,320,000 21% $1,480,000 28%
The foregoing results are subject to provision for the additional 4 % income
tax and excess profits tax,, the amount of which, pending issuance of the
Treasury regulations, is somewhat indefinite.
However, after deducting
estimated war taxes, net profits exceed the results for same period last vear.
>** Production.—The production of crude oil
by the company and controlled
companies combined aggregate 5,450,000 net bbls., an increase over the
same period in 1916 of 495,000 bbls.
This production, together with regu¬
lar purchase and agency deliveries,
approximates 15,000,000 net bbls., or
22 % of the 68,500,000 net bbls. of marketable oil produced in California dur¬
ing 'the 9 months.
The production of the State was larger than for the
corresponding period of 1916, but the increase was insufficient to meet
the growth in consumption.
Sales.—The sales for the nine months approximate $25,375,000, an in¬
crease of $4,975,000,
The value of refined and lubricating oil sales was
about 26% and the fuel oil about 23% greater than the same
period of 1916.
V*Camlal Expenditures (excluding the Pinal Dome
purchase) approximate
$2,500,000, consisting mainly of the cost of new drilling and purchases of
oil properties.
The company has acquired the properties and plants, oil
stocks and materials and supplies of the Pinal Dome Oil Co. and the Pinal
Dome Refining Co.
The sum of $500,000 has been paid on account of the
foregoing purchase (V. 105, p. 78, 826).
P>SBalance Sheet.—Current assets, consisting of oil inventories (included at
orlbelow cost), materials and supplies, accounts and bills receivable. Lib¬
erty bonds, and cash at Sept. 301917, approximate $20,000,000, an increase
over Dec. 31 1916 of about
$4,800,000.
Current assets are about 8 to 1 of
current liabilities.
The quantity of crude oil owned by the
company and
in storage on Sept. 30 1917 was about
10,600,000 net bbls., or 400,000 bbls.
less than was carried on Jan. 1 1917, the State
storage having decreased,
however, during the same period, about 9,000,000 bbls.
war




$84,908

sur

bonds purchased at a discount and canceled, under operation

sinking.fund.
ATED

(i.e., 100%

1917.
A s s ds*"""*1

1917.

&c.21,869,029 21,364,935
30()
300
2,056,817

,3,100,945

657,435

Investments

444,526

Accts., notes, &c.
rec.

(less res.)4,929,256
1,488;832

Inventories...—
Due

from-

4.005.957
751,066

Jointly

oflfned corp's.

1,372,501

366,902

Other cos..."..-

1.114,530

1,051,224

Prepaid exp.,&c„.

2,030,203

2,492,603

.....36,469,265 33.709,4371

notes

V.

105,

Common stock...

1st M. bonds..... 10,723,900

Bonds assumed

Loans

and

20.000

28,000

328,568

460,160

3,304,733

1,166,092

notes

payable
on
bonds

Int.

&

212,038'

reserves

237,022

884,214

240,434

636,812

loans accr., &c.

Speclal

11,160,400

on

property purch.
Accounts payable.

68,329

2.3

354

Cash In sink. fund.

Note.—There

$

13,055.500
7,303,500
7,303.500

120,897

settle't of claims

Total

1916.

$

Preferred stock... 13,055.500

Surplus..

Cash in escrow agst

on

COMPANIES.

Liabilities—

<5

*5

Real est., plant,
Patents

OWNED)

1916.

36,469,265 33,709.437

Total

also contingent liabilities consisting of endorsements

are

of jointly owned corporations, $386,000, not included above.—

p.

1526.

Central Aguirre

Sugar Companies, Boston.

all

taxes under existing law, interest charges, and employees' share of profits,
show "approximately the following rate per cent per annum earned on the
average amount of stock

66,102

deficit_.sur$578,483sur$1034,054 def$160,022.

or

on

— _

CONSOLIDATED BALANCE SHEET JUNE 30, INCLUDING AFFILI¬

R. D. Metthews

.

sur.

Profit

Cash

unemployed.

Cash

Profit on bonds purch.*Extraord. exp., &c

(18th Annual Report—Year ending July 31
Pres. J. D. II.

1917.)

Luce, Boston, Oct. 11, wrote in substance:-

We have again to report a new record, with a production for the crop of
49,049 tons of sugar.
A decided improvement in the condition of the cane,
due to the-regular supply of water from the Government irrigation system
and favorable weather, with about an average rainfall', have been the main
factors in this material increase.
This increase has been not only on our
own estates, but on those of our Colonos as well.
Labor conditions continued unsettled, and' the trustees, at the beginning
of the harvest, voted a bonus of 15% of their wages to all employees.
It is
due to the loyal efforts of our staff that we were able to take off this record
crop without any delays.
The prospects for the coming crop are good.
The weather has been
normal and the Government reservoirs are reported as having an adequate

supplv of water.
Sugar, in common with other commodities, has been affected by the
entrance of the United States in the war and consequent proposed national
control of prices.
As at Oct. 11, the plans of the U.S. Food Administrator
for the regulation of prices have net taken sufficiently definite form to be
reported.
We hope that a working arrangement may be reached, which
will not impose any unnecessary hardships upon your companies.
'
The operation of the railroad continued to be satisfactory, with an in¬
creased business due to the larger cane crop.
The mill began grinding Dec. 15 19i6 and finished June 30 1917.
CONSOLIDATED INCOME ACCOUNT FOR YEARS ENDING JULY 31.
July 31 Years— 1916-17.
& molasses

1016-17

1915-16.

Sucar

RR.

1QT<v-1fi

Net earnings

$5,667,609 $4,384,451
Miscell. receipts.
26S,090
118,878
produced

-

Total Income.

.

.$5,935,698 $4,503,329

Fieight,

$3,122,099 $2,399,973

503,482

208,865
$1,894,491

expenses.-

.

..$2,397,449 $1,957,488

$180,032

$157,733

Loss on sale of old

machinery,

admints,,

Net earnings——$2,310,117

&e.,

Net income.

Depreciation, &c.

Agricul. and mfg.
expenses

$2,310,117 $1,894,491
profit
(less int. chges.)
87,332
62,998
oper.

Dividends-

.

-

.

&c_
190.014
:
(60) 1,800.000(41) 1230,00$

Balance, surplus

$227,403

$569,755

Oct. 20

1917.]

THE

CONSOLIDATED

BALANCE

JULY

SHEET

31.

(Central Aguirre Sugar Cos., Central Aguirre Co. and Ponce & Guayama RR.)
Assets—
Real

1917.

1916.

Liabilities—

e8t.,bldgs.,&c$3,419,641 $3,592,272

Rolling stock, &c.
Cash

379,642

1,233,417

.

1,049,548

Accounts receiv'le.
Destine

257,277

78,839

88,515

110,987

sundry accruals.

334,254

183,257

Reserve for doubt¬

59,073

59,527

ful accounts....

393,857

411,797

Surplus
Total

acct.

Material & supp.

.

Miscellaneous.
Growing crops

...

Total

—V.

shs., S100'eacli).$3,000,000 $3,000,000
12,000
35,500
Mortgages...

$6,165,675 $5,863,668

curr.

105,

1916.

1917.

Cap. Btk. (300,000

377.441

Acc'ta pa/able

and

......

273,147

219,489

32,445

35,000

2,824,5S3

2,597,ISO

$6,165,675 $5,863,668

Ltd.

and suppty.charges.
The cost of copper sold in 1917 averages
Hidden Creek Mine and 20.8 cents per lb. for Phoenix
Mine, as against 10.09 cents per lb. for Hidden Creek Mine and 14.25 cents
per lb. for Phoenix Mine in 1916.
During the year we adopted the policy of writing off from surplus for the
depletion of ore reserves.
Because of high prices, the old Phoenix mine
wages

eontinues to produce with a margin of profit.

The Hidden Creek mine is

equaling

our expectations.
'
•
To assure the company of an adequate coal and coke supply, we are
taking steps to acquire coal lands and to construct a by-products coke plant.
.

Data from Gen. Mgr. F. M. Sylvester, Vancouver, B. C., Sept. 12.
Output.—During the year there were mined and treated at your different
plants 1,558,345 tons of ore (inclusive of 67,541 tons of purchased ore),
producing 41,878,568 lbs. copper, 599,349 oz. silver and 29,821 bz. gold,
[see comparison in table below].
Reserves, &c.—The ore reserves of your various mines comprise 51,987
tons of a grade 3 to 4%; 10,296,958 tons of a grade 2 to 2}4%\ 3,368,076
tons
of a grade 1 to lHs%. and 9,476,560 tons of a grade less than 1%,
making a total of 23,193,581 tons.
Operations.—Development work at Phoenix did not replace with new ore
the amount shipped from them ine during the year by 237,742 tons.
At
Hidden Creek mine at Anyox, while the ore developed during the year is
little more than will replace the ore extracted, it is of a substantially higher
grade.
The operations at Phoenix-Grand Forks have continued as usual,
though much hampered by the lack of fuel supply, due to unsettled labor
conditions in the Crow's Nest district..
Shipments from the Midas Mine were started in Aug. 1916, and continued
all the year at the rate of about 2,000 tons per month, except iu Jan. and
Feb.. when they were suspended because of severe weather conditions.
In
Southeastern Alaska the operations in the vicinity of Hadley have been
satisfactory and will undoubtedly continue to prove sufficiently interesting
to encourage our efforts to find other properties in that part of the country.
The major operation of your company has shifted, for the time being, to
Anyox, B. C., though an earnest effort is being made at Phoenix Grand
Forks to secure new properties which will be tributary to the operation at
that point; there is every reason to believe these efforts will be successful.
At Anyox the additions being made to the smelter plant will better the
efficiency there by reducing costs and increasing the tonnage handled;
while the further development of the mine on the lower levels during the
coming year will result in bettering the mining operation by giving a wider
range of tonnage output from the various ore reserves, with probably lower
costs.
Efforts are being made to improve the coke and fuel supply, and it
is confidently expected that a satisfactory solution will be found within a
year or fifteen months.
.
Exploration for new mines has been carried on continuously, and the
results for the year, as a whole, are satisfactory. , At the same time, the
work of the Research Department has been encouraging and the facilities
for further inquiry enlarged by establishing a 100-ton experimental mill
smelter.

.

,

[During the year the bonded debt was reduced from
514,400 by the conversion of $527,900 of bonds.]
RESULTS FOR

$3,042,300 to $2,-

YEARS ENDED JUNE 30.
1914-15.

1913-14.

25.746,059

23,320.097

$0.1587

$0.1458
435,275
$0.5774
43,882

1915-16.

1916-17.

Sales—

Copper, fine (lbs.)
41,878,568
42,198,083
Average price received
$0.2740
$0.2204
Silver, fine (oz.)_______
599,349 487,845
Average price received
$0.7100
Gold, fine (oz.) —I
29,821
44,848
Gross inc. from sales._x$12,686,733 $11,370,500
Working exp. at mines &
smelter, freight,• refin- }-y6,909,854
7,262,880
ing, selling & gen. exp.
Foreign ores purchased.

259,477

—

—

Total

profit

—

26,936
$5,053,887

*0utstand.

$

$

Co. Slocks—

$

15,124,600
575.000

560,000

560.000

743,000

743,000

3,627,925

300,959

254,770

$3,713,329
$1,340,558

$3,882,695
$622,071

*

Supplied, not in report,

N.Eng.F.&T.Co.25,000,000 25,000,000
N. Eng. Mfg. Co.
187,500
200,000
Bonds of the J. B.

x

B. Coal Co

360,000

125,000

Par of shares ,.$25; other shares $100.—Ed.

The 47 14% stock interest of the Massachusetts Gas Companies in the
New England Mfg. Co. represented by 1,187 H sharas, returned dividends

amounting to $395,200, in the year ending June 30 1917. (V. 104, p. 1049.)
Gas Rates, &c.—On July 1 1917 the price of gas to consumers was in¬
creased by the Citizens' Gas Light Co. from $1 10 to $1 20 per 1,000 cu. ft.
because

of the marked increase in prices of material and labor.
The
Boston Consolidated Gas Co., the East Boston Gas Co., and the Newton &
Watertown Gas Light Co. have not yet increased their price of gas.

Dividends paid to the stockholders of the four gas companies during the
ending June 30 1917, was $244,959 less than paid the previous year,
and, if existing conditions continue, it may be necessary for one or more of
these companies to advance their prices in the near future.

year

Boston Consolidated Gas Co.—For the late fiscal year gross earnings
showed a gain, but increases in manufacturing and distributing costs were
such that the directors deemed it unwise to pay a dividend of more than
7 % for the year.
This makes the fourth successive year in which the Boston

Consolidated Gas Co. has not declared and paid the 9% dividend which
it was legally entitled to pay under the provisions of the so-called
Scale Act.
Although justified and entitled to the 9% dividend,
holders suffered this loss of income, while consumers gained the
of gas at 80 cents per 1,000 cu. ft.
»
■

Sliding
stock¬
benefit

.

Sliding Scale.—The recommendations of the Gas and Electric Light
Commission, contained in their report on "The Operation and Effect of the
Sliding Scale System of Adjusting the Price of Gas and Dividends as ap¬
plied to the Boston Consolidated Gas Co. ," were given careful and thorough
consideration by the Legislature of 1917, which body, however, failed to
adopt the recommendations submitted by the Board.
Sub. Co.'s Dividends.—During the year ending June 30 1917 (1) the East
Boston Gas Co. paid a dividend of 7lA% on its capital stock (against 10%
in 1915-16); (2) the Newton & Watertown Gas Light Co. a dividend of 12%,
(against 12% in 1915-16) and (3) the Citizens' Gas Light Co. of Quincy a
dividend of 4 V* % (against 5% in 1915-16.)
General..—The increased demand for fuel in the past year, together with
the difficulty of attaining adequate supplies of coal, resulted in a strong
market for the New England Gas & Coke Company's production of coke.
This, with the sale of its by-products (except gas) at good prices, resulted
in the best showing of net earnings that company has ever had.
Deliveries.—During the late fiscal year the New England Coal & Coke Co.
sold and delivered 4,066,709 gross tons of coal, representing only a slight
increase over the tonnage sold and delivered in 1915-16.
Inability to
secure shipments from the mines on account of car and labor shortages
prevented this company showing a substantial increase in the amount of
tonnage handled.
As of April 2 1917 the New England Coal & Coke Co. purchased from
Sprague, Breed & Brown Co. their extensive coal handling plant at Beverly,
Mass.
Aside from its local business, the Beverly wharf plant has value
in the distribution of coal by rail to inland points.
J. B. B. Coal Co.—For the year ending June 30 1917 the output of the
company (60% of the capital stock of which was owned by thb New England
Coal & Coke Co.1) was 306,476 gross tons, a decrease of 85,674 gross tons.
Labor shortage and car shortage again seriously cut down tonnage output.
Federal Coal & Coke Co.—The output for the year of this company was
614,882 gross tons; a decrease of 73,319 gross tons.
Labor conditions and
car supply militated against a greater production.
Had it not been for the
use of the 600 private coal cars of the New England Coal & Coke Co. the
production would have shown a still larger decrease.
Boston Tow Boat Co.—The results of the operation of the company for the
late year were satisfactory, taking into consideration the'high cost of oper¬
ation, and the loss of foreign vessel tonnage due to the war.

$4,504,766

3,412,370

OPERATIONS

DURING

SUB-COMPANIES

OF

Add'ns to
Street Mains.
24,751 ft.

Subsidiary

Newton & Wat'n Gas Lt.35,396 ft.

Citizens' Gas Lt.(Quincy) 16,918 ft.

179,724,000

Boston Consol. Gas
East Boston Gas

-2,177 ft.

YEAR

1916-17.

Meters,
Increase. Net Gain
8.25%
'
5,349
11.23%
1,007
14.31%
1,214
18.53%
764

—Gas to Consumers

Total Cu. Ft.
5,810,284,000
566,785,000
690,087,000

Companies—

$7,262,880
$4,107,620

$6,909,854
$5,776,879

expenses

Owned.

*Outstand.

Co. Stocks—
$
Bost. Cons. G. Co. 15,112,600
E. Bos. Gas Co...
x56S,725

Citizens' of Quincy

11.5 cents per lb. for

Net

purchase and sale of coal, its
being owned by the New England Fuel
612.)
Property Account.—The aforasaid consolidation took effect as of June 30
1917 so that our property account as of June 30 1917 includes:

Sept. 28, wrote in subst.:

The late year has presented many difficulties to us. but we have suc¬
ceeded in surmounting all save the problem of high costs, due to universally

the

retains its business in reference to the

15,000 shares of capital stock now
6 Transportation Co. (V. 105, p.

Newton & Water'n

(Report for Fiscal Year ending June 30 1917.)
Pres. William H. Nichols, N. Y.,

near

Co.

Owned.

Granby Consol. Mining, Smelting & Power Co.,

higher

This consolidation has been effected by the organization
of the New
England Fuel & Transportation Co., a voluntary association with a capital
of $25,000,000, which has taken over the assets and liabilities
of the New
England Gas & Coke Co., Boston Tow Boat Co., Federal Coal & Coke Co.,
and the assets, liabilities and business of the New England Coal & Coke Co.
pertaining to the transportation of coal such as its fleet of steamers, tugs
and barges, its coal plants at Everett and Beverly, and its stock interest
of 2,000 shares in the J. B. B. Coal Co.
The New England Coal & Coke

1524, 292.

p.

1615

CHRONICLE

Deduct—

(6)$899,900
270,4201
182,520
140,973/

(9%)1,349,962 (6)$899,911
Bond interest
211,532
213,821
Miscellaneous..
112,551
74,505Reserve for ore depletion
and plant deprec'n—
1,256,267
—
Dividends

paid

.

$2,930,312

deductions^

Total surplus June 30.

$9,434,038

$3,668,087

$6,587,471

$2,738,922

1916-17 net returns for metals produced after deducting
refining and selling charges and estimating unsold copper at a
New York price of 25 cfcs. per lb., $11,975,439; metal inventory of June 30
1916 sold at an advance over inventory prices of $283,746; dividends re¬
ceived, $42,523; real estate profits, $74,504; merchandise store profits,
$80,198, and amounts brought forward,from last year, $230,320, viz.:
Alaska Mines profits, $99,493; real estate profits, $46,753; and merchandise
stores profits, $84,075.
y Includes operating expenses.
Includes in

x

freight,

1917.

1917,:

1916.

$

Real est.,bl<jgs.,&c

610,481

-

.144,448

344,823

Accrued charges..

177,334

Ros.
ore

for

an

prec'n plants
_■

24.910,288

Total

Pres. James L.

Gas

1,256,267

; 9,434,038
.

—

6,587,471

-..29,447.931 24,910,288

Companies,

Boston.

Richards, Boston, Oct. 9, wrote in subst.:

28 1917 the trustees set aside $1,accumulated earnings for the payment of dividends upon
the common shares in the year ending June 30 1918, same being at the rate
of 7% per annum.
This is an increase of 2% per annum over the amount
previously paid to common shareholders>
In addition a special Red Cross
dividend of H of 1%, or 50 cents per share was paid on July 16 1917.
Consolidation.—During the jrear your trustees deemed it expedient to
consolidate the business of the New England Gas & Coke Co., Boston Tow
Boat Co., Federal Coal & Coke Co., and all that part of the New England
Coal & Coke Co., with the exception of its coal business (V. 104, p. 2644.)
Mass. Gas Co.—Dividend.—On June




$88,218
441,767
1,000,000

5,623

3,637

1,208

$1,682,088

$1,520,194

$1,551,779

$1,531,193

Balance, surplus...
$2,102,242
Surplus from prev. years
1,533,723
Adjustments
def. 15,2.34

$1,382,727

$1,282,955

$1,287,374
1,338,403
deb,7,736

Bond, &c., interest
on pref. shares(4%)
Red Cross com. div
(K)125,000
Res.for depr.of securities
2,490
Divs.

Total

Total

deductions—-

—

_

—

on com.

'

.

1,400,996

1,368,041
"

$3,620,731
$2,783,723
$2,650,996
$2,618,041
shares_(7%)l,750,000 (5)1.250,000 (5)1,250,000 (5)1,250,000

Balance

:

-

$1,870,731
$1,533,723
$1,400,996
$1.3.68,041
the constituent companies from the oper¬
below).show a surplus of $342,-

ations of 1915-16* (see the several statements

596.

1915-16, $195,368 in 1914-15 and $103,775 in

against $277,440 in

1913-14.

"

;

(14:th Annual Report—Year ending June 30 1917.)

750,000 from the

$2,818,567

$93,215
454,927
1,000,000

$139,696
414,902
1,000,000

expenses

BOSTON CONSOLIDATED

1423.

Massachusetts

$2,834,734

$95,085
419,487
1,000,000

Gross

assigned in security of loans and accounts payable, $831,781.
"Engineering & Mining Journal" of Oct. 13 devotes six pages
B. C.J—
p.

$2,902,921

2,490

,$3,784,330

GAS CO.—YEAR ENDING JUNE 30.

1916-17.

de¬

illustrated description of the company's mine at Anyox,

105.

5,623

$449,335
2,368,025
1,208

Deduct—

General

depletion

lands &

Surplus

...

30.

1913-14.

.281,997

In part

[The
V.

13,749

29.447,931

Total
a

------

.

...

payable.

Accounts

receivable .a4 ,550,092 f

Prepaid charges.—

to

—.....

Capltl8tk. issued-15,000,420 14,998,520
Funded debt—.— 2,514,400
3,042,300
Loans payable
720,649

1 ,897,9711 3,823,880

Inventories......
Accts.

575,644

60,000

8ink. fund invests

Cash

—-

JUNE

$426,201
2,404,896
3,637

The net undivided earnings of

."-15 018,290 15,123,568
5,242,748
7 277,347

lands

1916.

§

Mines and mineral

Stocks and bonds.

received

1914-15.

$315,597
2,581.701

sale of securities

on

ENDING

1915-16.

$312,383
3,469,457.

bonds, notes, &c.

Total income

Divs.

BALANCE SHEET JUNE 30.

Assets—

on

Profit

$1,188,237

COMPANIES—YEAR

GAS

1916-17Int.

Dividends

$411,393
$1,082,420
Balance, sur. or def__sur.$2,846,567 sr$2,919,383 sur.$929,165 def$460,349
Surplus from pre v. year.
6,587,471
3,668,087
2,738,922
3,199,271
Total

MASSACHUSETTS

$5,371,701

income

1915-16.

1914-15.

$4,980,970. $4,889,783

1913-14.

$4,987,500

3,899,620

3,405,372

3,312,906

3,595,222

$1,472,081
Miscellaneous income..
23,249

$1,575,598
24,438

$1,576,877
21,150

$1,392,278
22,507

Expenses

—

Net income

Net earnings

Interest—Dividends

Balance/surplus.

...

$1,495,330
$1,600,036 $1,598,027 $1,414,785
$151,091
$141,576
$166,257
$151,727
(7%)1,058,722(8H)1285591(8H)I285591 (8)1,209,968

—

— —

$285,518
$172,869
$146,179
$53,090
1916-17 $2,198 loss on sale of real estate
and loss.

The above does not include in

sold and charged to profit

NEW ENGLAND GAS

& COKE CO.—YEAR ENDING JUNE 30.
1916-17.

Gross

1915-16.

1914-15.

1913-14.

$5,443,939

income

Operating expenses——

$4,318,847

$3,708,401

$3,734,814

4,388,757

3,444,762

3,001,299

2,864,449

$1,055,182
$874,085
$707,102
$870,365
$83,256
$80,780
$90,469
$72,611
(5M)962,500(4^)787,500(3^)612,500(4^)787,500

Net income from oper.

Interest
Dividends

Balance, surplus

.

$9,426

$5,805

$4,133

$10,254

i

SUBSIDIARIES (OAS COS.) FOR YEARS ENDING JUNE 30.
East Boston Gas Co.

1916-17.

June 30 Years—

Gross Income

Nevcion & Wal.G.Lt.
1916-17.

1915-16.

$474,533
412,124

Citizens'

191.5-16.

The company now

Ll.

G.

1916-17.

Co.

$588,256

$518,922

$183,540

489,056

427,354

144,391

$99,200

$91,568

$39,149

$39,742

5,665

6,007

802

785

$104,865

$97,575

$39,951

$40,527

$6,167
$17,903
$19,388
$16,665
$10,942
(734)43,125 (10)57,500 (12)07,200 (12)67,200(434)33,435

(5)37,150

$62,409

$69,001

1,735

1,705

$64,144

Net earnings
Deduct—

$70,700

Interest

.

holds in its treasury $2,621,000 of its
no floating debt.

own

free assets, and has

1916 the company held in its treasury $241,000 Consol. Ref.
Mtge. 4% bonds.
The amount of treasury bonds has now been increased
$2,621,000, as aforesaid, by the reduction of the outstanding issues, as
compared with Jan. 1 1917'as follows: 2d Mtge. 5s of 1895. from $106,000
to $26,000; Consol Ref. Mtge. 4s from $8,431,000 to $6,331,000; Wash¬
burn Extension 5s from $1,650,000 to $1,618,000, and St. Johns River
Extension 5s from $i,800,000 to $1,632,000.

122,839

Net from oper___

as

On Dec. 31

$162,581

369,894

Misc. Income

Dividends

bonds,

1915-16,

$438,895

Expenses

[Vol. 105.

CHRONICLE

THE

1616

to

Period

Dividend
$3,881

Changed.—The

semi-annual dividend

a

company

paid

of 2% on its common

on Oct. 1
stock, the

dividend

Balance, surplus.

$3,116

SUBSIDIARIES

(COAL

$2,264

&

$18,277

COKE

$349

$13,710

period for this stock having been changed from
July 1 to April 1 and Oct. 1 and the, dividends
placed on a 4% annual basis.

def.$504

YEARS ENDING JUNE 30.

COS.)

-N. E. C. & Coke Co.- Fed. Coal & Coke Co. -J. B. B. Coal Co.-

June 30 Years-—

1916-17.

1915-16.

1916-17.

1915-16.

1916-17.

Other recent dividends were paid as follows:

1915-16.

in January and 2%

Gross Income .....$3,049,219

$2,253,055 $1,041,030 $682,520 $611,601 $557,683
2,370,484
1,816,246
651,370
564,865
560,555
546,533

Expenses
Net from oper

$678,735

$436,809

$148,223

$130,670

$35,034

.......(35)525,000(20)300,000

337,500

$51,046

Boston

$27,124

*

Interest:

Balance, surplus.

$5,512

$17,126

$6,139

$44,268

—

1917 was $399,607, against $355,034 in 1915-16, and balance for dividends,
$51,273, against $51,769.
Dividends paid for both years aggregated 12%
($48,000), leaving a balance of $3,273, against $3,769.
The New England Coal & Coke Co. owns 2,000 shares, equal to approxi¬
mately 60%, of the capital stock of the J. B. B. Coal Co.
p. a.

BALANCE SHEET OF MASSACHUSETTS GAS COMPANIES JUNE 30.
1917.
♦I 33Ct3

^

1917.

Cash In banks
Accts.

498,853

508,702
879,294

Bond dlsct. susp..

388,593

155,851

receivable.

5,616,800

153,167
354,135

Notes receivable..

63,085

4,791

Mass. Gas Co. bds.
in treasury

$

Liabilities—

•

.25,000,000 25,000,000
Preferred stock...25,000,000 25,000,000

Com mon stock.

_

20-year bonds
8,854,000
Accounts payable^
8,240
Acer. Int. & taxes.

62,899

9,036,000
4,180
28,128

Pref. dlv. accrued.

Liberty bonds....
Notes (Un. Klngd.
of Gt. B. & I.).

83,333

83,333

Res. for com. div.

1,875,000

Res. for dep.of sec.

100,000

Boyne City Gaylord & Alpena RR.—Completion of
Property Construction.—The Michigan Trust Co. of Grand
Rapids, receiver of the property, calls attention to the fol¬
lowing data published in the Grand Rapids "Press" in con¬
nection with the closing of the gap in this company's line
on Sept. 26, thereby uniting its cross-State railroad from Boyne
City to Alpena, Mich., with branches in all about 97 miles.

1916.

$

1916.,

^

'

120,714
1,870,731

1,250,000
118,224
1,533,723

While the ties and rails

113,724

Surplus..

....

before Nov.
have

a

The
Total

-V.

p.

1.

.

in place, regular traffic will not begin much
line finally is opened northern Michigan will

are

When the

cross-State line connecting Lake Michigan and Lake Huron.
line gives Grand Rapids a direct connection with Alpena and

new

,

it

is understood the Grand Rapids & Indiana will operate through sleeping
service from Chicago.
On the east end of the line there is obtained a
connection with the Detroit and Mackinaw line and Gaylord is the junction

Total .........62,874,916 62,053,589

62,874,916 62,053,589

105,

Year—Wages.—

and station service in this company's employ are seeking wage increases of
75 cents a day, an eight-hour day and other changes.
A strike by these
classes of employees, it is said, would involve over 4,000.
The railroad
offered an increase of 20 cents a day but this was rejected by a committee of
the employees which has now placed before the men a ballot on which they
are to vote whether they will accept this offer or leave the service of the
railroad.—V. 105, p. 1522, 1414.

The gross income of the Boston Tow Boat Go. for the year ending June 30

Property account.GO,610,043 55,481,467

& Maine RR.—New Fiscal

has been changed to ovicide with the calendar
in accordance with the requirements of the Inter-State Commerce
Commission.
In the future the annual meeting of the company will be
held the second Wednesday in April.
The union railroad clerks, freight office clerks, freight handlers, station

employees, baggage men, crossing tenders and others in the freight yard

$23,598def$15,974

$73,387

In 1915, 1916 and 1917 1%
,

year

Deduct—

Dividends

in July.—V. 105, p. 996.

This company's fiscal year

$11,150

$27,448

$389,660 $117,655

1 and

Jan.

1526.

car

on the Boyne City line for connections over the Mackinac division
The big benefit to be realized by the new rail¬
is in freight traffic.
It gives direct access to Detroit, Grand Rapids,
Chicago, Saginaw, Bay City, Flint, &c., Boyne City is at the head of
navigation on Pine Lake, a tributary of Lake Michigan and Thunder Bay,
serves as a shelter for the entrance to.the port of Alpena on Lake Huron.
The new line is in a particularly enviable strategical position to inspire a
boom for the whole northern section of the lower peninsula and the plans
of the White interests for the development of the vast cut-over hard-wood
acreage practically hinged on the completion of the railway.
For details
of receivership matters, &c., see V. 105, p. 1308, 715.
'

point

of the Michigan Central.

GENERAL INVESTMENT NEWS

way

RAILROADS, INCLUDING ELECTRIC ROADS.
Atlantic Quebec & Western

Ry.—Status—Modification
of Trust Deed Securing First Mortgage 5% Debentures.—
Holders of 5%

1st M. debentures at

a

meeting held

on

June 26 1917 at

Hamilton House, Victoria Embankment, London, E. C., agreed by a vote
to a par value of £343,600 against £3,500 to modify the trust
deed securing the same so that from now until two years after the declara¬
tion

of peace, unless previously rescinded by the bondholders, they will
accept in satisfaction of their half-yearly coupons whatever amount may
available for interest after payment of the working expenses of the
railway, and should it be necessary to carry out any additional works, or
purchase additional rolling stock, the trustees are empowered to realize
any of the securities held by thorn, to provide for the necessary capital ex¬
penditure.
Subject to the foregoing, all the rights of the debenture holders

be

the

trust

deeds

The operation of the 14th Street-Canal Street section of the

of Statement by E. B. Read, One of the Trustees, June 26.
1910 the New Canadian Coi, the contractors for the construction of

the line,

failed.
Fortunately, the directors were able to raise the large
of money required for the
completion and equipment of the 10234 miles
of railway between New Carlisle and Gaspe, without creating a
charge in

sum

priority to

your bonds.
They thus provided communication between Gaspe
at Matapedia via, the Quebec Orien¬
Ry. from New Carlisle, the whole distance from Gaspe to Matapedia
being 20234 miles.
Since the opening of the railway for traffic on
Aug. 1 1912, the receipts
have been steadily increasing.
For the year ended June 30 1916 the traffic
receipts amounted to $102,765, and for the current financial year up to
May 31 1917 amount to $128,041, being an increase over the corresponding
period of 1916 of nearly 37 %.
During the summer months the Government
have in the past subsidized a
competing steamship running between Campbellton and Gaspe, in conjunction with the
railways all along the coast.
This subsidy has been revoted this
year, but the steamer has not yet com¬

.Harbor and the Government railways
tal

menced to

run.

I do not think

the steamer can

run

without its aid.

Unfortunately, the increase in the cost of wages and material owing to the
war, and the worst winter known in Eastern Canada for a
great number of
years have seriously increased operating expenses, and it is estimated there
will be a loss on the current
year's working

of, approximately, £5,000—this

is without bringing into credit interest on
investments.
Beyond the usual
current working liabilities, the
only outstanding liability is a claim by the
Province of Quebec for the sum of $19,675, being six
years' accrued taxes;
it is hoped that this claim will be
considerably reduced.
The cash subsidies allocated to the
payment of debenture interest became
exhausted in Jan. 1916.
Since then the interest has been dulv

paid, but

the company will be unable to meet the
coupon due in July 1917.
The 5%
first mortgage bonds issued amount to a total of
£525.500, or only £5,126

Ser mile -^ew Carlisle and form a first charge rolling stock miles of railway
of line, and they Gaspe, with land, on the 10234 and equipment.
en^een

The trustees hold as further
security for your bonds investments to the
value of £205,000, yielding an income of about
£11,000 perannum, payable
to the railway company for its
general purposes until default arises under
the provisions of the trust deed.

receipts since the first complete

year of working up to June 30
1916 have increased 200'%, and for the current financial
year to date the
•.

Ir^prease over the corresponding period 1916 is,

as already stated, upwards
36%.
Should the receipts continue to show substantial increases, the
railway should before long be earning a revenue sufficient to enable pay¬
of

ments on account of the interest on the first

mortgage bonds to be made.
Independently of the general position, which seems to favor some sort
purchase of Canadian railways, our line forms part of a railway

of State

system which is a most valuable traffic feeder to the Government Inter¬
colonial Ry., and I am confident that the time will
certainly come when the
Government will take us over.
1

Practically the only alternative to the proposition before the meeting
would be for the trustees to seize the line and
put it up for sale by auction.
To do this at the present time would involve the
needless sacrifice of a
valuable asset, which in our view only requires a few
years' careful nursing
before it becomes realizable at a substantial
figure.—V. 105,

p.

908, 289

Bangor & Aroostook RR.—New Stock—Pref. Stock Issue.
—The company during the
past six months has issued
$3,480,000 of a new $10,000,000 issue of 7% cumulative
pref. stock and also an additional $411,400 common stock,
making share capital outstanding as follows:
Par
p

,

Value.

,

Pref. stock

7%

cum.,

pref.

Amount

Yly. Divs.
Pay.

Outstand' g. Rate

Last

Dividend.

as to

assets, auth., $10,000,000
Common stock

100
100

$3,480,000 7% A&O Oct. 1 1917,334
3,860,000 4% A&O Oct. 1 1917,2%

The proceeds of the $3,480,000 pref. and $411,400 addi¬
tional; common stock, so issued were used to retire
$2,000,000 Two-Year 5% Gold Notes, called for payment
Oct. 1 1917, and to reacquire
$2,300,000 other funded debt.
.




company's
more satisfactory than had
This section has been in operation only since Sept. 4, and
receipts at the Broadway stations have added about $1,100 a day to the
system's revenues.
This figure of $1,100 is arrived at after allowing for
the decreased receipts at the Centre St. Loop, the former terminus.
It had been expected by the B. R. T. officials that little additional revenue
would accrue from the operation of this part of the new Broadway subway,
as it was figured to
merely give passengers from Brooklyn points a longer
ride into the very heart of Manhattan.
The net gain of $ 1,100 a day at the
Manhattan end, however, indicates either new or additional traveling, and
also means that stations on the B..R. T. elevated or subway lines at the
Brooklyn end of this traffic as well must be reaping a $1,100 a day benefit
from the new extension into Manhattan, or an actual gain for the system of
about $2,200 a day.
.
This surprising showing of partial operation presages a very substantial
addition to the company's profits when the Broadway subway is placed in
operation from the Battery to 42d St. about Jan. 15 next.
Then the B. R.
T. will get a good share of the up- and down-town Manhattan traffic be¬
tween these points.
The new subway, which ultimately will connect
with Brooklyn by tube, now being built, and will continue north from 4:.d
St. to 59th St. and east over the 59th St. Bridge, is being Built by the city,
and B. R. T. only furnishes the equipment.
Taking the B. R. T. system as a whole, since July 1, the opening of the
current fiscal year, gross earnings have increased $491,000, or 5.6% over
a year ago.
Of this increase * $389,000 has been from the elevated and
subway lines and the balance from the surface lines.
While September figures are not available, as yet, Indications are that
the Sept. quarter will show net
surplus available for dividends larger than
in the same quarter a year ago.
This is after allowing for interest charges
on the new lines placed in operation on a liberal basis.
The actual amount
of the interest charge on new lines must be finally determined by the Chief
Engineer of the P. S. Commission, and in anticipation of this final figure
the B. R. T. has been setting aside out of
income a sum admittedly in
been expected.

maintained.

are

.

Broadway, Manhattan, subway has proved far

Digest
In

;

Brooklyn Rapid Transit. Co.—Results from Operations
of New Subway on Broadway, Manhattan.—Col. Timothy S.
Williams, the President, confirms the following as substan¬
tially correct:

of bonds

under

•

'

excess

of what the Commission will decide in order to be

on

the safe side.

This excess will be written into the accounts when the official amount
arrived at. ("Wall Street Journal," Oct. 18).—V. 105, p. 1308, 1207.

Canadian
be

Northern

Consummated.—A

"Montreal Gazette"

is

Ry.—Government Control About to
dispatch from Ottawa to the
Oct. 15 says in brief:

press
on

.

The

agreement by which the Canadian Government will acquire the
$60,000,000 of common stock not already in its possession will be com¬
pleted early next week.
An audit of the railway's books on behalf of the
Government has been under way and the conclusion of the agreement is
expected to follow immediately.
The Government will, therefore, very
shortly appoint Hon. Frank Cochrane in the office of Chairman of the
board.
The personnel of the directorate will, it is understood, remain
unchanged for the present.
The agreement in question will provide for the transfer of stock of the
railway to the Government of Canada at a price to be fixed by arbitration,
but not to exceed a certain specified maximum.
On the board of arbitration the Government will be represented, as already announced, by Sir
William
Meredith, Chief Justice of Ontario.
The stockholders and
pledgees will, it is reported, be represented by Hon. F. H. Phippen, of
Toronto, the General Counsel of the company.
These two will name the
third arbitrator, and if they fail to agree, the selection will be made by the
senior judge of the Exchequer Court of Canada, Sir Walter Cassels.—
Compare V. 105, p. 996, 1304—V. 105, p. 1522, 1207

Cape May (N. J.) Delaware Bay & Sewell's Point (Elec¬
tric) RR.—Plea for Operation Denied by N. J. Commission.—
In the action brought by the city of Cape May, N. J., to compel the con¬
operation of this company's line and the Ocean Street Passenger
Ry., between Sewell's Point and Cape May Point, has been dismissed by
the Board of P. U. Commissioners of New Jersey.
The physical property of the i*ailroads, though not their franchises, have
been sold to junk dealers, the sale having been confirmed by the Court of
Chancery in receivership proceedings, though not approved by the P. U.
Commission.
Compare V. 104, p. 2235, 1387.

tinued

Carolina Clinchfield & Ohio Ry.—New Fiscal Year.—
The company will not issue a report for the year ended June 30 1917.
By requirements of the I. S. C. Commission the fiscal'year has been changed
to end on Dec. 31,
The next report will be for the calendar year 1917.—
V. 104, p. 2235. 1263.
^

.

Oct. 20

1917.]

1617

CHRONICLE

THE

Chicago & Eastern Illinois RR.—Sale of Coal Lands in
Ordered.—Judge Carpenter in the Fed¬
eral District Court at Chicago on Oct. 10 ordered the fore¬
closure sale of the coal properties owned and operated by

will

City Hospital, Oak Lawn and
A rearrangement of the two Oak Cliff
105, p. 1419, 1522.

Second Ave., Oakland Cemetery,

serve

Indiana and Illinois

Dallas University and Oak Cliff
lines will be made.
Compare V.

the railroad company

line from Dallas to Irving and Cleburne, Tex..will connect at

in southern Illinois and Indiana.

The amount due for principal and interest on the

849,740.
trustee,

167,000
V. 100,
the sale

bonds is stated as $5,The mortgage was made in 1912 to the Central Trust Co., as
securing 5% Purchase Money First Lien coal bonds, of which $5,were sold.
Compare V. 94, p. 629; V. 95, p. 1039, 1122, 1393;
p. 307, 641.
Herbert A. Lundahl as Special Master will conduct
at Hillsboro, 111.—V. 105, p. 1418, 1103.

Chicago Milwaukee & St. Paul Ry.—Traffic.—Pres.
Byram returning from an inspection of the lines east of
Missouri River is quoted as saying:
along our lines are beginning to show a
noticeable change for the better.
The past month shows some improve¬
ment in traffic as a whole.
Tonnage in coal, lumber, live stock and general
merchandise shows slight improvement, and grain will soon begin to move
in earnest.—V. 105, p. 1398, 1103.

Southwestern Traction Co.—Construction.—
construction of its interurban railway
Irving with
the Chicago Rock Island & Pacific Ry. and the 'Frisco systems, at Mansfield
with the Houston & Texas Central RR., at Lillian with the International &
Great Northern RR., and at Cleburne with the Gulf Colorado & Santa Fe
and the Trinity & Brazos Valley Ry.
E. P. Turner is Pres. and Gen. Mgr.
and C. B. Gillespie, Treasurer.—V. 105, p. 1522, 1419.
Dallas

This company, which has begun

Ry.—New Directors.—The follow¬
elected on Oct. 16, thus increasing the
representation of the Missouri Pacific interests as already
Denver & Rio Grande

ing directors

foreshadowed:
New Directors:

General business and prospects

Chicago Rock Island & Pacific Ry.—New Directors.—
At the annual meeting Oct . 11 these new directors were elected:
The total number of votes cast by the Hayden interests was about
631,734, and by Amster 346,173.
By Hayden Committee: J. E. Gorman, John G. Shedd, Charles Hayden,
James A. Patten, Frederick W. Scott, B. G. Dawes, J. N. Wallace, James
Speyer and Nathaniel French,
Mr. French has resigned and is succeeded
by A. C. Rearick, of N. Y., who represented about 114,000 shares of Dutch
holdings.
(Compare V. 105, p. 1418.)
By Amster Committee: Nathan L. Amster, W. Z. Ripley, Henry Bruere,
and P. J. Ten Eyck.
(V. 105, p. 1522.)
The executive committee is composed of J. F. Gorman, Chairman,
John G. Shedd, James Patten, B. G. Dawes, N. L. Amster, W. Z. Ripley
and A. C. Rearick.
The

finance

Frederick

W.

Wallace, Charles Hayden,
Scott, James Speyer and Henry Bruere.
See V. 105, p.
committee

consists

of

J.

N.

1418, 1522.

Covington Light & Traction
Council of Cincinnati, Ohio, has
granted the Cincinnati Newport & Covington (Electric) Ry.
(a subsidiary of the Columbia Gas & Electric Co.) a new
franchise for the operation of its terminal lines in that city.
The franchise ordinance approved by Mayor Puchta on
Sept. 28, and published in full in the "Cincinnati Enquirer"
of Oct. 3, provides in brief:
Cincinnati Newport &

Co.—Franchise.—The City

Covington and Newport Routes.—The grant covers the
operation of (a) temporary Covington routes shall remain
in force until Jan. 1 1919; that for (b) temporary Newport routes, until 24
months from the date the ordinance takes effect.
(2) Covington and Newport Routes.—The grant in this case will remain
in full force for 25 years from the date the ordinance shall take effect.
(а) Fares.—(1) Over each route the company shall charge a five-cent
fare between any two points on its lines within the city of Cincinntai.
Transfers between the Covington and Newport routes will be given at a
terminal where these routes adjoin.
(2) A five-cent cash fare between
any point in Cincinnati and the termini in Kentucky of all lines connecting
with the routes, or lines connecting with the routes or operated thereover
or thereon by traffic agreement or otherwise, to'which terminal a single
five-cent fare or less fare shall be charged to passengers boarding cars at
the south end of the bridges over the Ohio River, subject, however, to
the giving of transfers.
(б) Taxes.—The company shall pay to the city for all car license fees,
percentage tax on gross earnings and other charges (except regular taxes,
assessments upon Its property, proportion of cost of eliminating grade
crossings and the costs, charges and payments specifically provided in this
ordinance) the sum of 86,000 per annum, payable quarterly.
The city consents to the use by the company of the tracks, poles, wires,
appliances and facilities of the Cincinnati Traction Co., the Cincinnati
Street Ry. Co-, and any other company or companies having street, subur¬
ban or interurban railroads upon any of the streets of the city.
The use
of bridges is also permitted.
The city reserves to itself the control of the equipment of cars, of trans¬
fer regulations and of traffic" agreements and contracts by or with the com¬
pany for the use of tracks of the company, or tracks of other individuals,
company or companies on the streets, avenues, alleys and public places of
the city.—v: 101, p. 694.
(1)

mon

been

stock has

declared on the common stock, payable Jan. 1 to
15." Also two regular monthly dividends of % of

1% in cash on pref. stock, one payable Dec. 1 to holders of record Nov. 15
and one payable Jan. 1 to holders of record Dec. 15.
The directors announced that next monthly stock dividend on common
stock, which will be payable, Feb. 1 1918 to stock of record Jan. 15, will be
% of 1 %, an increase of lA of 1 % monthly, or at the rate of 9% for the year.
This is in accordance with the policy announced in 1916, that in 1918 the
common holders would receive 9% in common stock dividends.

Earnings.—For Sept. and 12 months end. Sept. 30:

.

Month

,
*

of Sept.

1917.

earnings
Expenses

81,594,961

Net earnings
....
Int. on notes & debens__

81.566,373

•Gross

28,588
8227
326,156

Preferred dividends

1916.

—12 Mos. end. Sept. 30—
1917.
1916.

8722,055 818,169,849

87,522,547

327,646

226,667

8700.524 817,842,204
8341,
83,151
197,450
3,551,077

87,295,880

21,531

8380,509
1,977,002

"
8502,733 814,287,976
84,938,368
865,378,377; in addition
owned by company, 82,869,876; and common stock in hands of public,
$25,284,246 (in addition owned by company, $6,834,438).—V. 105, p.
1208, 1103.
Balance for com. divs.
•

and

81,239,991

reserves..

Preferred stock outstanding in hands of public,

Cleve. Southw. & Columbus Ry.—New Fare Schedule.—
This company on Oct. 13 put into effect a new schedule of fares based
on a straight rate of 2J^ cents a mile, an increase of % cent a mile.:
It is
understood that the increased rate will provide an additional income of
about $150,000 per annum.

.

Compare V. 105, p. 1309, 389.

County Power & Light Co., Portland,
.Me.—New Plant in Service.—
Cumberland

This company recently placed in service a new generating plant on the
Saco River at Hiram Falls, which marks the beginning of a 20,000 k. v. a.

development at this point.
The first section contains a 3,000 k. v. a.
unit.
The "Electrical World" in its issue of Oct. 6 gives considerable data

regarding this development, with photographs and charts.—V.

Dallas Railway Co.—New
company,

104, p. 2235.

Securities—New Lines.—This

recently incorporated under the laws of Texas, with

authorized capital stock of $100,000, to operate under the
new franchises, mention of which was made in our issue of

1418, under the caption Dallas Electric Corp., has
given notice that it proposes to issue (a) a further $2,150,000
common stock, par $100, (b) $.500,000 7% pref. stock and
(c) $2,600,000 6% unsecured notes due April 1 1922 to pay
Oct. 6, p.

for the

properties taken over.

The new company

plans to construct immediately five electric railway
which steel and other materials are reported to have
These lines if the necessary consents are obtained

lines and extensions, for

been already

purchased.




W. Flatten,

the company.
E. D. Adams, Kingdon Gould, Benj. McAlpin,

Retiring Directors:
H. U. Mudge.

Re-elected:

Directors

B.

F.

Bush,

Coppell,

Arthur

Erie

and

Gould,

George J.

George G. Haven, Edward T. Jeffery, Finley J. Shepard,
liams.
Compare V. 105, p. 1419.—V. 105, p. 1522.

Harrison Wil¬

RR.—Equipment Trust.—

For purposes of record it may be stated that this company's
Series 'USE" gold 4)^% Equipment Trust certificates, dated March

issue of
311917,

placed by Drexel & Co., Phila., are secured by new equipment valued
at an estimated cost of $4,464,531, consisting of the following: 15 Santa Fe
type freight locomotives; i0 Pacific type passenger locomotives; 2,000 steel
underframe 40-ton box cars; 2 gasoline shifting locomotives; 2 steel diners.
and

The certificates, of which the total issue was $3,680,000, are now $4,396,000 outstanding, the principal maturing $184,000 each A. & O. from
Oct. 1917 to April 1927, both inclusive.—V. 105, p. 606, 389.

Pacific

Trunk

Grand

Ry.—Mortgage.—The

share¬

to vote Oct. 2 on approving:
mortgage to be made by the company to His Majesty the King,
acting in respect of the Dominion of Canada, to secure repayment of the
sum of $7,500,000, or so much thereof as may be advanced to the company
pursuant to the Appropriation Act (No. 4) 1917.
See V. 105, p. 497,
818, 997, 1415, 1522.

holders

were

A

Central RR.—Extra

Illinois

Dividend.—An extra divi¬

1% has been declared on the $109,281,822 stock in
addition to the regular quarterly llA%, both payable Dec. 1
dend of

to holders of

record Nov. 5.

dividend rate was 7% p. a.; in 1913, 6%;
1915, 5%; during the current calendar year 6% p. a. (1M%

From 1905 to 1912 the regular
In

1914 and

quarterly) has been paid.—v. 105, p. 1309, 716.

Temporary

holders of record Dec.

Harry Bronner, J. Horace Harding, John

and E. L. Brown, the new President of

Intermountain Ry., Light & Pow.

construction and

Cities Service Co.—Stock Dividend Increased.—
The regular monthly dividend of M of 1 % in cash and H of 1 % in com¬

were

Co.—^-Electricity Rates.

By a recent order of the Colorado P. U. Commission the rates for electric
lighting and power in Lamar, Colo., are readjusted as follows: The residence
minimum reduced from $1 50 to $1 25 net, the commercial minimum from
$2 80 to $1 25 net, and the maximum rates for residence and commercial
lighting from 15 to 14 cents per k. w. h.
The new basis for municipal
lighting will render it possible for the town to increase its municipal lighting
75% at an increase of only 15% in cost.
See offering of bonds and descrip¬
tion of property in V. 104, p. 1045.

Railways.—Wage Increase.—

Kansas City

This company has announced a voluntary wage
hour to all trainmen, effective from Oct. 1.—V.

v

increase of three cents per
105, p. 1208, 909.

Lehigh Valley Transit Co.—New Director —
George E. Claflin has been elected a director to succeed
Ingersoll, resigned.—V. 105, p. 606, 498.
Maine

Charles E.

Central RR.—Date of Annual Meeting:—
of this road and its subsidiaries have voted to hold
meetings on the third Wednesday of April instead of October.

The stockholders
future annual
—V.

105, p. 1316,

1303.

•

'

•

-

...

.

.

■

®

i

Unionville RR.—Income Interest.—
This company on Nov. 1 will pay the 2% Interest on its Adjustment
Income Mtge. bonds at the Bankers Trust Co., N. Y. City, being interest
Middletown

for the six months

&

ending April 30 1917.—V. 104, p. 1702.

Missouri Kansas &

Texas Ry.—Application for

Co-Re¬

Denied.—Judge Hook in the U. S. District Court for
the Eastern Division of the Eastern District of Missouri on

ceiver

Oct. 15 denied the

application of Speyer & Co. for the ap¬

pointment of a co-receiver for the Company, holding that the
criticisms of the management of the road were not sustained.
Condensed Extracts from Decision of Judge

Hook.

Speyer & Co. are not parties to the suit, but aver that their interest
their sale as bankers of certain junior securities and present
ownership of a large part thereof by themselves and their customers.
The
trustees in the mortgage instruments covering securities of classes in ques¬

arises from

protective committees of holders of them have not joined in the
The motion will be disposed of on its merits without considering
of Speyer & Co. to make it.
Criticism of the Receiver.
»
The grounds of the motion may be grouped under two heads:
First, the criticism of management by the present receiver.
These, the
Court finds, have not been sustained by proof and arguments presented.
Second, that the attitude of the receiver towards the future of the property
is too conservative, that he is not in accord with expert estimates of future
earnings and costs and economies of operation, &c.; that he has wrongfully
assumed the function of an expert adviser of those who have undertaken
to formulate a plan of reorganization, and has impressed upon
them his
insufficient views of earning capacity of the railroad, with result that a
proposed plan, based on estimated lower earnings, makes interest on the
new securities to be issued fpr junior securities mentioned contingent in¬

tion and
motion.

the standing

stead of fixed or absolute.

...

,

t-

that in expressing his views the receiver has exjj
proprieties of his position, or intended to impress them
upon those engaged on plan of reor anization.
He appears to nave done
little more than to give his opinion when sought.
Furthermore, counsel
for those at work on plan of reorganization says, its terms so far as formu¬
lated are not based on anything the receiver has said or on any estimate he
has given.
But aside from all this, most of the objections made relate to
future conditions about which skilled and "competent men may widely dif¬
fer.
They are generally too conjectural to afford a fair basis for personal
condemnation.
The motion should be denied.
But it does not appear

ceeded limitations or

Position of Court upon General Subiect of Reorganization.
lest the position of the Court upon the general subject discussed
hearing be misconstrued, it should be said that so far as it can legally
do so, it will favor a plan of reorganization based on a conservative estimate
of the future and so soundly framed as to withstand dangers of financial
and commercial stress. It will not encourage a plan of reorganization hav¬
But

at the

ing no adequate provision for future
refinancing is so close to probabilities
in

a

lean year or a

capital requirements, or one in which

that earnings are likely to be absorbed
succession of them by fixed charges.
The last reor¬

ganization of this company is an example of insufficient provision for neces¬
sary new capital, and it is one of the efficient causes of the present receiver-

^While

a

particular class of bond or note holders

should not be denied the

pledged security in its proper relation to property
whole, the question whether they should continue to have interest as
fixed and absolute charge or whether their interest should be contingent

intrinsic value of their
as
a

a

on proved prosperity of the railroad is a matter of broad business policy
in which they are not alone concerned.
Ability of a railroad fully and
promptly to discharge its duties to the public, and that is of primary con¬
cern, depends in great measure upon the free margin between net income
and fixed ..charges.

THE

1618

CHRONICLE

Speyer & Co. have made the following statement:

Pittsburgh & West Virginia Ry.—Sinking Fund.—

Based on the report of our experts, and for other reasons, we felt it our
duty, in the interests of the 4H% bondholders and noteholders whom we
represent, and also as large owners of these securities, to ask that they be
given representation in the receivership, and we regret, of course, that the
Court decided not to change its personnel.
But we are very much pleased
that, as an incidental result of our application, the Judge has taken occasion
to indicate the kind of reorganization which will commend itself to him.
From the standpoint of the security holders whom we represent, we are
in thorough accord with what he says, and we hope that any plans hereafter
proposed will conform to the general ideas which Judge Hook has concisely
and clearly expressed.
The operations of the road have recently shown some improvement, due

See

1917

Portland

Oregon P. 8. Commission has denied this company's application for
increase in street railway fares from 5 to 6 cents so that it might accede
to the demands of the carmen who seek an eight-hour day and
wage advance.
The Commission, in admitting that the company's revenues are

recommends

elimination

3 1-3

Pacific

p.

RR.—Additional

June 30
Years—

on

Rates.—Eastern Roads

previous hearings.

389.

The new petition of the railroads will also
original appeal for a 15% advance.

cover

all

ing at the hearing in Washington on Oct. 17, it was the general impression
the carriers will ba given some concessions.
The Commission will
no further move in the matter until the railroads have filed their
proposed increased schedule.—V. 105, p. 1310, 1210.
that

St.

San Francisco-Oakland Terminal
Funds have been deposited with
pons

Rys.—Coupons.—

the National Park Bank, N. Y., and
Nevada National Bank, San Francisco, to meet the cou¬
due Jan. 7 1917 on the First Consol. 6s of the Oakland Transit Co.

Proposition that City of 0a,Hand Purchase the System.—
A press report from

Oakland

Oct. 11 states that Mayor John L. Davie

on

will ask the City Council to authorize a bond issue for the amount
necessary
to

buy the company's entire street railway property.

Fare Increases

Sought.—"Elee. Ry. Journal" Oct. 13

says:

The company has filed
for fare ajustments, one

with the Calif. RR. Commission two applications
by the Traction division (embracing the former
Oakland Traction Co. system, California Ry. and East Shore & Suburban],
asking an increase of fares in the electric railway service in Alameda County
and between points in Alameda and Contra Costa counties; and the other
an amended application by the
Key division (embracing the former San
Francisco Oakland & San Jose Consol. Ry.], for a raise and adjustment of
rates in the trans-bay passenger service.
The Traction division s application is a new one and recites that the value
of the going concern of this part of the property is not less than
812.000,000:
that the gross revenue for the year ending June 30 1917 for the Traction
division was 83,242,849, and that the operating expenses were $2,522,373.
leaving an operating income of $720,475 out of which to pav fixed charges,
such as interest on bonds and return to stockholders.
'the Key Route
recites that it will be put to an extra expense of $240,000 if it
grants the
demands of its platform men on the Traction division, who are now seek¬
ing additional wages.
The first application of the Keg division of the San Francisco-Oakland
Terminal Rys. is now before the Commission, hearings having been held
and a further hearing being set for Nov. 12.
At present the question of a
raise in wages of the motormen and conductors of the Key division is
beihg
arbitrated.
I:

by Railroad Co.—

The company has rejected the tentative proposals for a settlement of the
Side improvement problem as contained in the Ottinger statute

West

See V. 104, p. 2313, 1899.

Mahopac Falls RR. Denied.—

The New York P. S-. Commission has denied, for the seventh

time, the
petition of the company for permission to discontinue the passenger service
on its Mahopac Falls liR., a system operating between Mahopac Falls and
The Commission decided that

Ry.—Wage Increases.—

the Wells Fargo

The syndicate headed by J. P. Morgan & Co., which underwrote this
company's $15,000,000 2-year 5% notes, has been dissolved, nearly all of
the notes having been sold, leaving only a small balance to be distributed
among the syndicate participants.

passed by the Legislature at Albany last spring.

Louis-San Francisco

This company on Oct. 1 granted increases in wages, ranging from 8 to
10%, to station agents, telegraph operators and other station employees,
yard clerks-and clerks in the general offices at Springfield, Mo., as well as
clerks in the division offices, who had not been granted an increase since
Jan. 1.
The 10% increase was granted to those employees who received
only a 4% increase in Aug. 1916. while the 8% increase goes to those who
received a 6% advance at that time.
("Railway Age
Gazette.")—
105, p. 910, 717.

RR.—Syndicate Dissolved.—

conditions do not warrant

1309, 1209.

New York New Haven & Hartford RR .—Time Extension.
Judge Mayer in the United States District Court at N. Y. has issued an
Jan. 1 1918 to Feb. 1 1919 the time in which the com¬
pany should sell its holdings of Boston & Maine RR. stock;

order extending from

$100,000 to Berkshire Street Ry.~^~

Judge Mayer in the Federal District Court at New York on Oct. 11
granted the company's application for authority to lend $100,000 to. the
Berkshire Street Ry., to be used to pay 1st Mtge. bonds of the Hoosac
Valley Ry., due July 1 last.—V. 105, p. 1420, 1413, 1209.

.

,

In the amended

application filed on Sept. 28 it is shown that the gross
division for the year ending June 30 1917 was $1,229,436
and the operating expenses were $1,217,700, leaving a net return of
$11,735with which to pay fixed charges, such as interest on bonds and interest on
unsecured debts.
The application also says that the company sustained a
loss of $261,623 because of the abandonment of the old Key division trestle
last year.—V. 105, p. 1105, 820.
revenue

|New York Railways,Co.—Franchise Rejected.—
has declined to accept the contract drawn by the city for

the

iranchise permitting the company to operate a surface line in West
80th St. from Central Park West to Broadway.—V. 105, p. 1522, 1309.

Ry.,

Again to Ask 15% Increase.—

make

Security Co., share for share, contemplated in the offer of

Northern Electric

Surplus.

The Commission, it is understood, has agreed to take the matter of the
advance under consideration.
While no official expression was forthcom¬

approved by them June 8 1917 and contained in their circular
1917, was declared to be operative and In effect, and the under¬
signed has received from said trustees the amount of Worcester Consoli¬
dated Street Ry. Co. First Pref. stock necessary to carry out such exchange.
Upon surrender of our receipts, duly endorsed, the holder will be entitled
to receive, without expense, the First Pref. stock of Worcester Consoli¬
dated Street Ry. Co.
(At the present time, we learn, no plan is under consideration for the
merger of the controlled companies.—lid.J—V, 104, p. 2557.

company

Balance.

the points made in the

dated June 9

Loan of

Interest,
Taxes,&c.

The Eastern roads, it is announced, will shortly file proposals with the
I.-S. C. Commission looking toward a 15% increase in the rates of all com¬
modities for which an advance in tariff was refused by the Commission at

said trustees

the discontinuance of the service.—V. 105, p.

'

J. T. Donohue and Arthur Picard have been elected directors to succeed
J. N. Greenshields, K. C. and D. O. L'Esperance. Hon. Robert
Mackay,
director of the company, recently passed away.—V. 105, p. 998.

By vote of the trustees of the New England Investment & Security Co.
at a meeting held on Sept, 20 1917 the plan to exchange Worcester Consoli¬
dated Street Ry. Co. First Pref. stock for pref. shares of the New England

Baldwin Place.

Other

Income.

a

Security Co .—Exchange of
Pref.
Shares—Plan Effective.—The Merchants' National
Bank of Boston in circular of Sept. 20 addressed to the hold¬
ers of its receipts for the pref. shares, says in substance:

Discontinuance of Service on

Net

Earnings.

--$1,832,031
$676,082
$230,850
$703,326
$200,588
v1,731,732
701,982
236,868
723,447
215,403
The total surplus June 30 1917, after deducting $78,918 obsolete cars,
discounts, &c., was $684,572.

New England Investment &

West Side Plan Rejected

Gross
Earnings.

.

1916-17.1915-16

Nashville-Gallatin Interurban Ry.—Sold.—

Central

Co. under "Indus." below—V. 105, p. 1310, 998

Quebec Ry., Lt., Ht. & Pow. Co., Ltd.—Earnings, &c.

following eight directors in addition to Pres. Bush and operating
officials Will start next week for a week's inspection of the property: Harry
Bronner, Chairman of Finance Committee; W. H. Williams, Vice-Pres.
Delaware & Hudson; Carl Gray,
President Western Maryland; C. E,
Ingersoll, President of Midland Valley lilt.; Edgar L. Marston, of Blair
& Co.; Lancaster Williams, of Middendorf, Williams & Co., Baltimore;
W. H. Lee, President Merchants-Laclede National Bank of St. Louis; and
Finley J. Shepard, Vice-Pres. Missouri Pacific.—V. 105, p. 1522, 1420.

York

inadequate,

tickets, increase in price of school
reduction of service, and that city

Public Service Corp. of N. J.—Sab. Gas Co. Decision.—

The

See Union Traction Co. below.—V. 105, p.

of 4>£-cent
to 4 cents,

and bridge tolls against company,—V. 104, p.2343.

See Public Service Gas

1420/1209.

Representatives
Denver & Rio Grande Board.—See that company above.
Officers and Directors to Inspect Property.—

Investment &

cents

Missouri

(Compare V. 105, p. 909, 998, 1104.)—V. 105.

Missouri

from

eliminate paving charges

Pacific systems.
We hope that the next plan of reorganization to be proposed will do jus¬
tice to the real earning capacity of the road, and to the intrinsic value of the
various classes of securities, especially to the 4j^% bond and noteholders.

pvThis

(Ore.) Ry., L. & P. Co.—Fare Increase Denied.

The

tickets

of the

607, 499.

an

the net

also

p.

Trust

as

the Frisco and

New

Colonial

Co., Pittsburgh, as trustee, will receive tenders
until Oct. 25 for the sale of First Mtge. 5% 40-year sinking fund gold bond*
of 1902; outstanding, $3,614,000.
The mortgage provides for the retire¬
ment of approximately $250,000 per annum.—V. 104, p. 2453.

more efficient methods.
For the first eight months
income shows a surplus of over $400,000 over all fixed
they were when the receiver was appointed.
The lastf our
months of the year are usually the best with theM. K.&T.,and therefore
the company should show a very considerable surplus over its old fixed
charges, but, in our opinion, there is still room for improvement, as the
net earnings per mile of the M. K. & T. are considerable below those of

of

Pittsburgh Terminal RR. & Coal Co. below.—V. 105,

Pittsburgh Terminal RR. & Coal Co.— Tenders.—
The

to the introduction of

charges

[Vol. 105.

San Francisco.—Incorporated.

of the Key

Southern

This company has been incorporated with nominal ($10,000) capital
stock, the directors including G. B. Davis, E. Coe and W. J. Hayes, pre¬
sumably as successor of the company of similar name, for several years
past in recoivers' hands. See plan, V. 104, p. 1489, 1703; V. 105, p. 1,420.

Railway.—Definitive Stock Ready.—

J. P. Morgan & Co., as agents for voting trustees, give notice to holders
of preferred stock trust certificates that their certificates may be
exchanged
on
presentation at the office of the firm for definitive stock certificates
before Oct. 31.
The voting trust expired three years ago, and this action
is now taken to assure payment of the recently declared dividend to the

H Northern Pacific Ry —New Fiscal Year.—
^

rightful owners.—V. 105,

This company has recently adopted the calendar year as its fiscal year,
consequently there will be no financial report issued as of June 30 1917.
105, p. 1310, 389.

Tacoma

—V.

p.

1529, 1523.

(Wash.) Ry. & Power Co.—Overate City Line

—

Manager Bean
line

Oregon Pacific & Eastern Ry.—Control.—

the track and
will be turned
bill for actual operating expense
will be given by the street railway company to the city.
Commutation
tickets will be issued by the city to any place outside city limits for six cents.
—V. 98, p. 1539.

cars

over to

H Pacific Gas & fclectric Co., San Fran.—Gas Rate.—
In settling the dispute between this company and the city of San Fran¬
cisco, the Cal. RR. Commission on Oct. 9 handed down a decision fixing

Trans-Mississippi

Twin

follows:

First 10,000 cu. ft. a meter per month, 85 cents a 1,000; next
20,000 ft., 80 cents; next 40,000 ft., 75 cents; next 80,000 ft., 70 cents;
next 150,000 ft., 60 cents.
In apartment houses where at least four meters
are continuously served from one service and hi one location the minimum
monthly meter charge will be 35 cents.
Other meters will have a minimum
charge of 50 cents a month.
The company has also filed an application for authority to increase its
gas rates in all districts which it serves, except San Francisco, to equal an
average increase of 12^% over present rates.
The company requests
authority to manufacture and sell gas of an average quality of 350 B.T.U.
a cu. ft. as compared with the present 600.

Petaluma &
The

San

"News Bureau" of Oct.

11

.

City Rapid Transit

Co.—Strike

Ended.—

ordered: (a) immediate termination of the strike; (b) the strikers
to work; and (c) the company to reinstate all men who had
Commission declared the question of unionism should not
be involved during the war.
The cases of the 57 discharged men will
be investigated.:—V. 105, p. 1523, 1420.

struck.

The

Union Traction Co., Nashville, Tenn.—Successor Co.—
This

company was recently incorporated with $300,000 stock to take
the Nashville-Gallatin Interurban Ry., purchased at receiver's sale
by the Southern Trust Co., trustee for the bondholders.—V. 105, p. 389.
over

United RR.
The

"The directors of
the Petaluma & Santa Rosa RR. Co. at a meeting in San Francisco took up
the financial reorganization looking toward protecting the rights of the 2d
mortgage bonds, which are now due.
A new issue has been suggested as
the best means of protecting the bonds.
The matter has been referred to
a special committee to work out a satisfactory plan."—V. 3 04,
p. 1046.

company

of

San Francisco.—Suit

vs.

City.—

has filed with the San Francisco Board of Supervisors

claims for damages from the city amounting to $856,250, based on the city's
action in paralleling the tracks of the company on Market St. from Van

The claim is divided into three items, deprecia¬
$700,000; loss by excavation, $25,COO, and loss
month to 1929, $131,250.
See V. 105, p. 1523,1420.

Ness Ave. to Church St.

tion of value of franchise,

of

revenue at

$750

United Rys.

Philadelphia Co., Pittsburgh.—Listing.—

a

Co. of St. Louis.—Tax and Franchise Data.

The Public Utilities Committee of the St.

V? The




President.—

company,
to return

says:

.

RR .—New

The Minn. Public Safety Commission on Oct. 9, after taking the strike
on this company's lines out of the hands of both the
city and the

1523.

Philadelphia Stock Exchange has admitted to list $5,614,000 1st
Mtge. & Collateral Trust 5% gold bonds, due March 1 1949, and $13,740,000 Consolidated Mtge. & Collateral Trust 5% gold bonds, due Nov. 1
1951, both stamped and certified under the sinking fund and recemption
contract dated July 10 1937.—V. 105, p. 1105, 819.

Terminal

situation

Santa Rosa RR.—Plan Discussed.—

Francisco

the City Treasurer and a monthly

J. L. Lancaster, receiver and President of the Texas & Pacific Ry., has
been elected President to succeed J. A. Shepherd, resigned.—V. 105, p.1523.

the future rates for gas in the city at a maximum of 85 cents per 1,000 cu. ft.
The company had sought to charge a maximum price of $1 per 1,000.
The new schedule, according to the San Francisco "Chronicle," is as

p.

on Oct. 10 agreed to operate the city's new tide-flat carthe conditions that the city furnish street cars and all equipment;

the company to provide motormen and conductors, and
keep
in repair.
All money and tickets collected on the city line

A press dispatch from Oregon on Oct, 5 says that the deal for the sale of
this road, which had been in abeyance for some time, has been closed and
J. H. Chambers of Cottage Grove, Ore., now has a controlling interest.
—V. 98, p. 237.
'
{
■
./■ -

fc^Seealso Oro Electric Corp. under 4'Industrials" below.—V. 105,

on

Louis Board of Aldermen

on

Oct. 11 failed to agree upon the retention of the mill tax of $240,000 per year
plus a 1% tax on the company's gross earnings provided in the pending
settlement ordinance.
It was pointed out, however, that no other plan of

taxation had been adopted,

1

arrangement.

although the board intends to make
-

.

some new

Oct. 20

1917.]

^The committee at the meeting of Oct, 11 agreed upon an amendment to
tne effect that the
city would grant the company a franchise to make either
subway or surface extensions in any street, the company merely having to
obtain consent of a board of control
selected, one member each by the city,
the company
The

American Sumatra Tobacco Co .—Dividend Increasedr—
A quarterly dividend of 1H% has been declared on the $6,800,000 com¬
stock, payable Nov. 1 to holders of record Oct. 25.
This compares
with the initial quarterly dividend of 1 % in Aug. last.-*—V.105, p. 1421,1311,
mon

and the Court of Appeals.

board of control may direct the company to construct a subway or
to operate a subway constructed
by the city, provided the subway would
at least pay reasonable interest on its cost.
If, however, the subway would

American
(1)

i

expenses in addition to interest on cost of construction,
control might only direct its construction by the company

?aj.

existing lines
subway.

that

the

surplus earnings of the company on its*
great enough to cover the cost of operating the proposed

were

Other directors re-elected are: E. D. Adams, M. C. Byers, H. E. Cooper,
Bertram Cutler, F. T. Gates, C. R. Gray, Lawrence Greer, A. W. Krech,
F.I. Maeston, E. H. Smith, and W. A. W&ber.

New Fiscal

Year.—

The company's fiscal year is concurrent with the calendar year, instead
as

reported previously.—V. 105, p. 1421, 717.

Worcester Consol.

Street

Uy—Exchange of Stock.—

See New England Investment & Security Co. above.—V.

INDUSTRIAL

AND

104,

p.

2344.

MISCELLANEOUS.

Iron)—Initial Divid nd on Second
Preferred.—Ail initial dividend of 7% has been declared on
the

$1,500,000 non-cumulative

net

profits for the
of

year

record

second

ending Dec. 31

Nov.

pref. stock out of
1917, payable Dec.

20.

on

Oct. 1

a

paid on the $600,000 first
quarterly l%% was paid on that

Issue.

There Is also $2,000,000 common stock outstanding.
The "Baltimore Sun" of Oct. 18 further reports that the directors also
ordered; (a) the cancelation of the $236,700 General Mtge, 6% bonds of

1913,

recently bought in, and also the purchase of the sinking fund require¬

ments of the issue'due Nov. 1; (b) that $20,000 5% Consols of 1903 in the
treasury be surrendered to and canceled by the Baltimore Trust Co. in
payment of sinking fund due under that issue Nov. 1 1917: (c) that all
profit.or surplus arising under the order be carried to "depreciation reserve"
ror

the present;

10.607,764
5,958,126

Net earnings

*

(d) subscription for $100,000 Liberty Loan bonds.

1916.

.36,876,111 33,494,407
7,993,363
4,771,847

Deduct—Interest.

1,203,248

Total income.. .42.338,883 37,674,526

.23,7.69,254 23,241,252

Bal., surplus-.i 5,113,494

6,481,305

One month estimated.

(2) Consol. Earnings, Including Cos. (see below), 8 Mos. to Aug. 31.
8

Months

1917.

1916.

$

to

S

Aug. 31—

1917.

1916.

$

Exchange rev.,.137,357,814 123479,345
Toll ievenucs....55,031,691 46,285,308
Miscell. revenues- 1,948,207
1,843,837

$

Operating Income.47,439,892 47,585,668
Net non-op. ievs. 5,252,102
4,707,270

Gross Income..52,601,994
194,837,712 171608,490 Rent & miscellane¬
ous deductions. 2,640,432
.35,661,939 32,047,087
Current malnci..26,681,455 22,422,458 Int. deductions—.14,593,2S6
Traffic expenses..43,341,721 34,644,908
Comm'l expense8_18,817,837 16,879,270
Net income....35,458,276
Cen'l, Ac., txps.. 9,117,311
7,574,696 Divs. (paid for 6
Uncollectible revs.
mos. & estimat¬
890,937
1,040,826
ed for 2 mo3.)..24,024,668
Taxes........... 12,486,620
9,413,579
Total

52,292,938-

revenues

Depreciation..

—

2,427,04$
12,160,677
37,705,213

23,260,161*

Oper. income. .47,439,892 47,585,666
Bal., surplus... 11.433,608 14,445,051
Consolidated earnings as shown above (marked No. 2) includes Amer.

Telep. & Teleg. Co. and associated companies in the United States, not
including connected independent or sub-licensee companies.
All dupli¬
cations, including interest, dividends and other payments to Amer. Telep.
& Teleg. Co. by associated companies, are excluded.
Miles of wire ' (owned) Aug. 31
1917 aggregated 21,632,720, against
19,209,325 as. of Aug. 31 1916.
Bell stations owned Aug. 31 1917 were
6,912,777, and Bell connected stations 13,412,623, against 6,324,433 and
3,266,655, respectively, as of Aug. 31 1916.—V. 105, p. 1106, 182.

Aug.3lYrs.

Pittsburgh.—Earnings.
1916-17.

1915-16.

1916-17.

Net profits...$4,932,893
Other income.
78,876

53,461,978 Charges
55,752 Royalties
.

.

_.

_

....

Pref. divs

.Total
-V.

All the three years' accumulations, 21%, were

pref.1 stock July 18 last, and

1,439,398

sources

American Window Glass Co.,

Alabama Co. (Coal &

5 to holders

1917.

42,338,883 37,674,526
Expenses-..i.... 5,462,772
4,180,119

Total income

Divs. paid

.

of June 30

$

Int. & rev. from

Ry.—New

Mortgage—Notes to be
Issued—New Director.—Stockholders at the annual meeting
on Oct
17, authorized (1) the creation of the new First &
Refunding Mtge. contemplated by the merger plan Of Feb.
last (V. 103, p. 1700), under which the immediate issue was
not to exceed $7,500,000 5% bonds, part of these to remain
in the treasury, and (2) an issue of $5,000,000 7
% 3-year
notes dated Nov. 1 1917, secured by $6,500,000 of the above
bonds available for immediate issue.
Equitable Trust, Co.,
N. Y., is
mortgage trustee.
Noj circular, we are informed,
has been issued regarding the new notes.
The shareholders. also elected John N. Willys, Pres. of
Willys-Overland Co., a director to succeed George J. Gould.

Co .—Earnings—

1916.

$

21,149,936 19,005,388

Telephone traffic- 6,610,576
Other

Maryland

Telegraph

&

1917.

.

Sept. 30—
Earns.—Divs

associated cos.13,138,973

^The same rules apply to surface extensions. Compare V. 105,

Western

Telephone

Earnings Amer. Tel. & Tel, Co. for 9 Months ending Sept. 30.

9 Months to

jot pay operating
e

provided it estimated

1619

CHRONICLE

THE

inc..$5,011,769 $3,517,730
105, p. 500.

1615-16.

$304,139
1,541,180
279,650

1,380,861
739,075

$180,536

Bal., surp..$2,886,800 $1,217,258

American Zinc, Lead & Smelting Co.—New V.-Pres.—
Henry A. Wentworth has been appointed Vice-President in charge of the
newly formed exploration department.—V. 105. p. 911, 291.

Atlantic

Gulf

&

West

Indies

Steamship

Lines.—

Earnings {Sub. Cos.)—
Month

-7 Mos. end. July 311917.•
1916.
1917.
1916,
Operating & other income_$4,395,277 $3,224,996 $27,130,190 $18,821,686
Operating expenses
2,532,535
2,086,823
18,730,866
13,031,210
of

July

.

..

Dec,SI '16.

Outstanding Bonded Debt.
Originally.
Alabama Consol. Coal & Iron 6s of 1901, due 1918,
callable 102—
U——
$500,000
Alabama First Consol 5s of 1903, due May 1 1933,

$354,000

-

callable at 105
1
Alabama Co. Gen. M. 6sbf .1913, due May 1 1933,
callable 105 ($1,000,000 authorized)

--.

2,191,000

1,576,000

936,700
conversant with the company's

—

D re wry

& Merryman, Baltimore,
Compare V. 105, p. 1210.

affairs.

are

of the company and its stockholders to conserve its financial resources
against the time when the company will be called upon to pay the large
amount which will be due the U. S. Government for excess profits and in¬
come tax.
The company will also owe to the State of Connecticut and
Wisconsin for taxes levied in those States a large amount, which must be
provided for in anticipation of the time it becomes due.
The company has subscribed $1,000,000 to the Liberty Loan.—V. 105,
p. 500, 182.

A like amount

Locomotive

was

paid in May last.-—V. 104, p. 2013,

Co .—Orders

on

Hand

Aggregate

$77,000,000. Including $40,000,000 from Private BuyersExcess Profits Tax.—Chairman Schoonmaker told the stock¬
holders at the annual meeting Oct. 16 that the company
has unfilled orders for locomotives on hand amounting to
$77,000,000.
Of this, $40,000,000, he said, is in orders
from private buyers, which will be held up until all Govern¬
and

ment

Allied

work

has

been

Schoonmaker is further quoted as

completed/
saying:

President

a

serious shortage of both Skilled and unskilled labor, but all plants,

except those at Richmond and Montreal, which are in the course of recon¬
struction, are working at full capacity.
Last week the plants turned out
41 locomotives.
The two plants under reconstruction will begin producing
locomotives again in December, when the

output of the corporation, it is
expected, will be largely increased.
(See also Baldwin Locomotive^Co.
below, and compare V .103, p. 1906.) •

Russian Order.—
See Baldwin Locomotive

Mcllvain has succeeded

Horace

F. Weeks,

deceased,

as

a

member of the stockholders' protective committee.
Son V. 105, p. 1421.
The stockholders have adopted a resolution placing the committee on

record

opposing the continuation of Robert Wetherill as permanent
The 30-day appointment of Mr. Wetherill as
the Federal District Court expires Oct. 22, and this
resolution will be submitted to the Court on that date by Francis B. Bracked
as

not

receiver of the comoany.

temporary receiver by

of counsel for the committee.
The committee has also prepared a schedule of statistics indicating the
methods employed in financing the corporation and its 14 subsidiaries by
the

various managements

in recent years.

It is understood that these
the in¬

statistics will be used as reference by the committee in protecting
terests of stockholders in the future.—V. 105, p. 1421, 1311. I

American

Shipbuilding

Co.—Application to List.—

applied to the New York Stock Exchange for authority
$7,900,000 7% non-cumulative pref. stock and $7,600,000 common
stock.—V. 105, p. 1211, $21.
This company has

to list




$1,003,568

and

excess

war

$961,632

450,000

......

3,150,000

.....i

$4,245,767

$4,828,83$

Income

profits taxesT

Net income.....
..$1,273,623
-V.105, p. 1421, 1211.

$998,320

Y.—Redemption
outstanding certificates of profits of the issues of 1912,
1913 and 1914 will be paid to the holders thereof or to their
legal representatives on and after Nov. 1 1917, together, with
a dividend of interest of 5% thereon, being at the rate of
6% p. a.
—V. 104, p. 364.
•
Baldwin Locomotive Works.—Orders.—The Philadelphia
"Press" of Oct. 18 says

in substance:

According to advices from Washington, of a total order for 640 locomo¬
tives for the French Government, the Baldwin Locomotive Works has re¬
ceived a contract for 600 gasoline engines.
It was estimated that the value

roundly is $4,500,000.

The contracts were awarded with the

approval of the U. S. Government,
Some time ago the output of the
Baldwin plant was placed at the disposal of the United States, and since the
United States' entrance into the war rush orders have been going on for
the American Government.
Last July the Baldwin company received
orders for 150 locomotives from the French Government, and it is still enr

gaged on rush orders on locomotives to be used in connection with the
expeditionary force in France.
*
The Eddystone Ammunition Corporation, which leases some buildings
at the Eddystone plant of the Baldwin company, and which has been en¬
gaged in manufacturing shells for the Allies, Is now working on orders for
movement of the American

the

United

„

States.

It is understood the company has also received orders for 300 large freight
the U. 8. Government.
The cost of these locomotives

locomotives for

will approximate

$13,000,000, and the locomotives are to be of the same
recently for the U. S. Gov¬

type as the Baldwin company has been building
ernment in France.

In the Oct.

12 number of the "Railway Age Gazette" appears an illus¬

trated article describing the Russian order for 1,231 heavy locomotives,
of which number the Baldwin company is furnishing 725 ana the American
Locomotive Co. 506.—V. 105, p. 1211. 821.

Bethlehem Steel Corporation.—Merger of Shipbuilding
Companies.—The Corporation Trust Co. reports the incor¬
poration Oct. 15 of the following new subsidiaries of the
Bethlehem Steel Corporation in Delaware, viz.: (1) Bethle¬
hem Shipbuilding Corporation, of Bethlehem, Pa., capital
stock, $12,500,000, all common;
No bonds.
(2) .Moore
Shipbuilding Corporation, of Bethlehem,
Pa. Capital

stock, $1,000,000.

-I
Works below.—V. 105, p. 906, 718.

American Pipe & Construction Co.—Stock Committee.Charles J.

$5,790,670

$139,853

Russian Order„

company's excess profits tax would come to about $3,000,000 for
ended June 30 last.
For this there will be taken out of the cur¬
rent year's earnings, in addition to what was set aside from the last year's
earnings, between $700,000 and $800,000.
The company at present is doing nothing but Government work, on which
the profit will be very good.
The unfilled orders stand about as they did
at the close of the fiscal year, the Government orders received in July
offsetting the completions made since June 30.
The company is suffering
The

the year

from

Est. allow, for

of the order

Co .—Extra Dividend.—

An extra dividend of $2 per share has been declared on the stock in addi¬
tion to the regular semi-annual $3 per share, both payable Nov. 1 to holders

American

$8,399,325

$139,119

The

share has been declared on the stock in
$1 50, both payable Nov. 15 to holders
of record Oct. 31.
In Aug. last the company paid $11 extra per share.
An official statement says: The reduction in the extra distribution is
made for the reason that the directors believe it to be for the best interest

of record Oct. 20.

rentals, &c. paid or acer.

Atlantic Mutual Insurance Co., N.

American Brass Co,—Extra Dividend.—
An extra dividend of $4 50 per
addition to the regular quarterly

American Glue

Total income...$1,862,742 $1,138,173
on bonded debt,
"
*

Interest

The hew Moore Corporation will take over the S. L. Moore & Sons Corp.
by purchase.
Then the new Moore Corp. and the Harlan & Hollingsworth
Corp., now a Delaware corporation; will be merged into the new Bethlehem
Shipbuilding Corporation.
The plants and properties Of the Fore River Shipbuilding Corp., Union
I. W. Co. and Union I. W. D. D. Co., will be leased to the Bethlehem Ship_

.

building Corp.
All will be operated by the new corporation and known as
Sparrows Point plant. Fore River plant, Union plant, Mooye plant and
Harlan plant.
The officers of the Bethlehem Shipbuilding Corp. include;
President, E. G. Grace (President of Bethlehem Steel Co.); Secretary, B.
H. Jones; Treasurer, E. B. Hill.
Main office Bethlehem, Pa.
These changes have been made in order to expedite the construction of

shipping in the plants controlled by the Bethlehem Steel interests.
[It is reported unofficially that the Bethlehem Steel Corporation has.
received orders from the Government for over 150 torpedo boats, to cost
around $1,500,000 each.
The company's total orders are now said* to
ag-tnwate SnOO.OOO.OOO gross business.]—V. 105, p. 1524, 1422.

isorden's

Condensed|Milk* Co.—New Officers—Strike.—

Albert G. Milbank has been elected Chairman of the Board (a new office).

Arthur M. Milburn has been elected President to succeed S. F.

Taylor.

1620

THE

Shephard Raresbide succeeds Mr. Milburn

as

CHRONICLE

Asst. .Treas., and William

P. Marsh succeeds R. L.
Cleary as Asst. Secretary.
Theodore F. Marseles and /John J. Mitchell have been elected
directors
to succeed S. F. Taylor, and H. M. Hallock
resigned.

Four hundred employees of the Borden's Farm Products
Co., the largest
distributing company in New York City, went on strike yesterday for

increased wages and higher commissions on sales of milk.
The strikers
demand $25 a week and a commission of
1% on collections.
They also

insist

on
two weeks' vacation every year and
Chauffeurs ask $25 a week for an
eight-hour day.

$28

a

week.

week and

Up to yesterday the drivers
commission

a

Boston

on

sales.—V. 105, p.

day off a month.
Wholesale drivers want

Consumers Co., Chicago.—Coal Strike Situation.—
In connection with the strike in the coal fields of Illinois and
Indiana, it
has been predicted that a few days more of present conditions will
bring
on a serious coal famine.
Pres. Upham of this company is accredited with
the statement on Oct. 17 that the Consumers Co. had but three
days'
supply of coal on hand, and that his loss since the strike began had been
between 8,000 and 10,000 tons daily.—V. 105, p.. 1212.

one

receiving $21 and $22
1422, 292.

were

a

Belting Corp.—Certificates.—

Stockholders of the Boston Belting Co. are notified that
upon the pre¬
Moseley & Co., 50 Congress
St., Boston, duly endorsed in blank, there will be delivered in
exchange
therefor, in accordance with the vote of the stockholders.Sept. 14 1917,
the sum of $82 50 in cash, or check,
per share, together with interest thereon

Corn Products

at

Brown Shoe Co., Inc., St.
Louis.—Army Contracts.—
Regarding the large orders recently placed for shoes for the
United States Army, "Boston News
Bureau".Oct. 17 said:
The Government contract for
marching and trench shoes, just placed,
amounts to 1,500,000 and not 1,410,000
pairs, as has been stated.
This
order, it is understood, is but the precursor of others to be placed in the near
future.
The average price at which these contracts were let was somewhat
over $4 65 per pair.
On the succeeding orders, which are soon to follow,
the price of $4 65 will be used as an
upset Price, this being considered a fair

basis.

Of the total of 1,500,000 pairs, New England manufacturers se¬
cured more than half, substantially as follows: Rice &

Hutchins, 300,000
pairs; George E. Keith Co., 200,000; Endicott Johnson & Co., 150,000;
A. J. Bates Co., 50,000; Isaac
Prouty Co., 100,000, and the F. M. Hoyt
Co., 50,000.
Western concerns were awarded contracts as follows: Brown
Shoe Co., 310,000: Bradley & Metcalf, 15,000; Charles
Keigley Co., 50,000,
and Munn & Bush, 150,000.
There were some other scattering awards.
These shoes went to the lowest bidders.
It is understood that options
on a sufficient
quantity of all kinds of material have been secured, for the
benefit of the bidders, at a maximum price.
This is simply to assure them
of these materials in necessary
quantities.
They are, however, at liberty
to purchase materials below this maximum
price.
It Is understood that
the price of $4 65 Is rather a close one for some manufacturers
and affords
only a small margin of profit at best.

The

journal on the 18th had the following covering,
Government, orders to date:

same

it is understood,

Of the total order for 7,064,000 pairs of
army shoes, New England con¬
cerns got 4,662,000
pairs, including both field marching and field shoes.
Concerns in the West and South received orders for
2,402,000 pairs. Awards
to New England companies were:

|

Company and Place—
March. Shoes.
Condon Bros., Milwaukee, Wis
■
43,000
Isaac Prouty & Co.,-Spencer, Mass.>
85,000
E.W.Warren&Co.,Somersworth,N.H.
85,000
Fred F. Field Co., Brockton, Mass_.
13,000
C. A. Eaton Co., Brockton, Mass
Rice & Hutchins, Boston, Mass
R. P. Hazzard Co.,

Field Shoes.

Gardiner, Me

Diamond Shoe Co., Brockton, Mass_
E. T. Wright & Co., Rockland, Mass.
J. II. Winch ell, Haverhill, -Mass.—
Geo. E. Keith Co., Brockton, Mass.

Endicott, Johnson & Co
C. S. Marton, Haverhill, Mass..
Co., Webster, Mass
B. A. Corbin & Son, Webster, Mass.
Churchill&AldenCo,., Brockton, Mass.
Farrington Shoe Co., Dover, N. H.i
Emerson Shoe Co., Rockland",Mass.

;

__

170,000
85,000
425,000
383,000
255,000
128,000

468,000
172,000
128,000
30,000
170,000
64,000
128,000
255,000

-

64,000
128,000

43,000
64,000

A. J. Bates

—

W. H. McElwain Co..

Thompson Bros., Brockton, Mass...

.

43,000
255,000
170,000
438,000
851,000
427,000
256,000
30,000
170,000
128,000
256,000
255,000
64,000
425,000

425,000
128,000
85,000
43,000
425,000
170,000

—

Total.

43,000
425,000
170,000

Curtis Aeroplane & Motor

1,748,000

2,914,000

4,662,000

lln reply to our inquiry as to the totals of shoe orders placed since the
United States entered the war, the "Boston News Bureau" further
advises
the "Chronicle" as follows: "Orders for

army shoes placed by the United
betweenOct.il and 17 total 8,564,000.
We figure 10,000,000pair
previously placed since the United States entered the war, making the total
to date 18,564,000 pairs.
In addition, orders placed for the account of the

Corp.—Wage Increase.—

Dallas

(Tex.)

&

Power

Light Co.—New

Securities.—

This company, recently incorporated under the laws of Texas
with $150,000 capital stock, to operate under the new fran¬

chise described in this column Oct. 5

(p. 1418), has, under
"Dallas Electric Corp.," given notice of its
desire to issue: (1) a further $1,850,000 capital stock in $100
shares; (2) $4,000,000 6% unsecured notes due April 1 1922,
executed in payment for property actually taken over.
Compare V. 105, p. 1423, 1524.
the

caption

East

Ohio

Gas

Co., Cleveland, Ohio.—New Stock for
&c.—This company, it is stated, has
applied to the Ohio P. U. Commission for permission to issue
and sell at 90, $20,000,000 of common stock, $18,000,000 of
which is to be used to retire at 105 the company's $16,821,000
5% First Mtge. bonds, due 1939.
Retirement of Bonds,

The company now has authorized and outstanding
$10,000,000 common
and $10,000,000 7% cum. pref. stock, par in each case $100.—

stock

V. 100, p. 2170.

Edmunds & Jones Corp.—Sales.—
We

were

sales for

105,

advised that the sales of this company for

are

June 30

the

the half-year ending
approximately $2,000,000, which is nearly double last year's
period.
The plants are working at full capacity.—V.

same

913.

p.

Everett Mills, Boston,

Mass.—Extra Dividend.—

An extra dividend of $1 per share has been declared on the
$2,100,000
addition to the regular semi-annual $3 per share, both
payable
Nov. 1 to holders of record Oct. 22—.V. 104, p. 2346.

stock in

Fort Worth Power &

Light Co.—Rate. Advance.—

It is announced that on and after Nov. 1 the charge
per k.w. hour for
electricity will be 6 cents and 8 cents, as compared with a rate of 6 cents
and 10 cents heretofore.
This, it is estimated, will amount to a total net
reduction of 20% to both domestic and commercial users.
The minimum
r&te of 50 cents remains in force.—V. 104,
p. 2121.

Guaranty Securities Corp.—New Officers—Dividend.—

H.

M.

Benson

has been elected Secretary to succeed R. F.
Wingard,
The office of Treasurer is left vacant through the death of Mr.

resigned.

James Alexander.

Asst. Treasurer W. J. Bold has also been elected Asst

Secy, to succeed John B. Swinney, resigned.
elected

Totals

—

This company has announced a wage advance for its employees of
5%,
amounting to $8,000,000 per year and effective at once.
A premium
system making it possible for skilled men largely to increase their income
has also been adopted.
In addition to these advances it is announced that
Pres. Morgan will distribute as premiums $150,000 Liberty bonds.
The Curtiss Engineering Corp., a subsidiary of the Curtiss
Aeroplane
& Motor Corj). of Buffalo, organized with an authorized
capital stock of
$1,000,000 to handle experimental work, has begun construction of a plant
to cost, it Is said, $500,000.
Glen Curtiss is President of the new company.
—V. 105, p. 1000. 822.

128,000

85,000

Refining Co.—Status

We are advised that the company's plant at Edgewater, N.
J., which
handles approximately 30,000 bushels of corn daily when running at
capacity, resumed operations Oct. 16.
The Granite City and Argo plants
started up some time ago, and it is expected that the Pekin and
Oswego
refineries will resume shortly.—V. 105, p. 1423, 1312.

sentation of their certificates of stock to F. 8.

3% per annum from Aug. 14 1917 to date or exchange, and an interim
certificate receipt for the future
delivery as and when engraved of the same
number of shares of the pref. stock of the Boston
Belting Corp. of the par
value of $50.
Compare V. 105, p. 912.

[Vol. 105.

Asst. Treas.

an

D. P. Dinwoodie has been
'

,

The regular quarterly dividend of
2% has been declared payable Oct. 25,
to holders of record Oct. 22.
The directors have announced the establishment of a

surplus out of

undivided profits of $150,000—V. 105, p.

1525, 392.

,/

States

Russian

Government in the last few months

amount

to

3,500,000 pairs
and for Belgium 140,000
pairs, making a grand total since April of 22,204,
000 pairs. 1—V. 104, p. 2120.

|

Burns Bros.

(Coal Dealers), N. Y. City .—Extra Div.—

An dxtra div. of 1 % has been declared
payable In common
the regular quarterly 13^%, both

tion to

stock) in addi¬

payable Nov. 15 to holders of
The regular quarterly 1 % % was also declared on the
pref.
stock, payable Nov. 1 to holders of record Oct. 20.—V. 105,
p. 1422, 609.

record Nov. 1.

Carweii Steel Tool Co.—Extra Dividend.—
An extra dividend of
to the

of 1 % has been declared on the stock in addition
regular quarterly 2%, both payable Nov. 10 to holders of record
A like amount was paid in May and Aug. last.—V.
105, p. 292.

Nov. 1.
'

Cleveland Hardware

Co.—Stock Increase.—

Cleveland Worsted Mills Co.—Acquisitions

Replying to our inquiry the company states that the frWo additional plants
recently acquired were acquired by this company in the early part of the
The one at Camden, N. J., was a complete worsted
spinning plant,
was purchased entire with all its
machinery, land and buildings.

year.
which

of

machinery.

There

were

company is
Worsted Mills Co.,

now

additional securities issued for this
purpose.
operating the following plants: The Cleveland
Cleveland, O.; the Annevar Dyeing & Finishing Works,
Ravenna, O.; Redfern Worsted Mills, Ravenna, O.; Lake Hodgson Water
Works, Portage County, O.; Odsonia Worsted Mills, Jamestown, N.
Y.;
Rowland Worsted Mills, Philadelphia, Pa.; the
Langford Worsted Mills,
Providence, R, I.; Ferncliff Worsted Mills, Jamestown, N. Y.; Fern Rock
Woolen Mills, Philadelphia, Pa.; Monohassett Woolen
Mills, Providence.
R. I.; Salisbury Worsted Mill, Camden, N. J.
Oliver M. Stafford is Presideht; Geo. H.
Hodgson, V.-Pres. & Gen. Mgr.;
O. B. Greene, Sec. & Treas.—V. 105. p. 1211.
The

no

»

Columbia Gas & Electric

••

Co.—Earnings.—

-Month of September1917.
1916.

earnings
Net earnings
Other income

Income

Rentals and interest chgs_.

Balance,

sur.

or

Cincinnati
The

Ohio

P.

—9 Mos. end. Sept.30—

$732,727
332,398
162,484

Gross

Total

Mos.

to

Sept.

—

9 Mos. to Sept. 30—
1917.
1916.
Total profits
.*$1,667,851
$3,274,108 *$7,226,789
$9,138,138
Pref. dlvs. (6% p. a.)—
$228,125
$228,125
$684,373
$684,373
Common dividend
(2%)314,652(1-^)196,659(6%>943,956(4^)589,977
Insurance fund-.75,000
60,000
225,000
120,000
1917.

Depreciation

500,000

reserve.—

30

1916.

500,000

1,500,000

1,500,000

Balance, surplus
$550,074
$2,289,324
$3,873,459
$6,243,788
*
After deducting (for the quarterly and 9 mos.
period in 1917) allowance
for estimated Federal taxes.—V. 105,
p. 392.

General Gas & Electric Co. (of Me.)
Cos.)—For Month of Sept. 1917 and 1916.—
.1917.
Est. Gross for Sept.—
Utilities Go

1916.

$

$

105,912
42,234
Northwestern Ohio sys.. 29,348
Sandusky system
34,669
—V. 105, p. 1423.
Rutland system.

(Sub.

-Earnings
1917.

Est. Gross for Sept.—

83,351
40,275
26,845

1916.

$

Binghamton system
New Jersey syBtem

$

30,015
8,278'
18,380

Sayre system

25,580

16,456

7,587

27,802
Total..

268,836 227,897

Goldschmidt Detinning Co.—Extra Dividend.—
An extra dividend of 6 % has been declared
Dec. 1.—V. 97. p. 1826.

on

the

common

stock.payable

the

Monohassett Worsted Mills at Providence, R.
I., the
company purchased the land and buildings and equipped the same with
case

Co;—Earnings

—3

Penna.

This company has increased its
capital stock from $2,000,000 (auth. and
outstanding) to $5,000,000 (par $100).—V. 96, p. 363.

In the

General Chemical

$507,761
$269,645
51,618

$7,882,742
$3,997,638
1,455,370

$6,508,647
$3,292,251

$494,882
348,590

$321,263
345,523

$5,453,008

$3,691,720
3,065,050

def___sur.$146,292

Gas
U.

1917.

3,151,044

1916.

399,469

def.£24,260sr.$2,301,964 sr.$626,670

Rates—New Trolley

Franchise.—

Commission has rendered a decision that the 30-cent
rate for gas in the city of Cincinnati was
automatically suspended when
this company's subsidiary, the Union Gas &
Electric Co., filed a protest
against the ordinance declaring for the 30c. rate and elected to
charge 35c.
The Commission has not yet acted on the offer of
the

company to supply
a $250,000 bond to
protect consumers' interests if finally it is decided that
a 30c. rate is to be
charged.
See also Cincinnati
Newport & Covington Traction Co. under RRs. above.
Compare V. 105. p. 1524, 1000, 719.




Grafton

(W. Va.) Light & Power Co .—Bankrupt.—

The U. S. District Court at

Philippi, W. Va., recently adjudicated this
an unsecured
Incorporated in West Virginia in
April 1914 with $500,000 auth. capital stock and funded debt reported as
$300,000, as a consolidation of Grafton Traction Co. (7 miles of track) and
Grafton Gas & Elec. Co.
Receivers, A. W. Burdett and G. W. Ford

company as bankrupt.
creditor

to

the

Col. John T. McGraw Is said to be
of

amount

Grafton.

$150,000.

,

Granby Consol. Min. Smelt. & Power Co., Ltd.—
Copper Produced (lbs.)—
September 1917
12 mos. ending Sept. 30 1917
—V. 105, p. 1423.
-

Great

Lakes

Anyox.
2,739,948
35,521,961

Grd. Forks.

Both Plants.

581,806
9,334,121

3,321,754
44,856,082

Transit

Corporation.—Five Small Boats
& Co., investment
bankers,New York, have the following official information:
Commandeered—Morton

Lachenbruch

The Government has commandeered five vessels of the fleet.
The five
boats in question are commonly known as the northern boats and are the
five smallest boats the corporation has.
They are the only boats of their
fleet that upon being cut in two can be taken through the Welland Canal.
In view of the fact that these five boats will not be available next year, the
company has discontinued the Lake Michigan service.
The remainder of
the fleet, consisting of 22 large vessels, will be fully employed to take care
of their profitable Lake Superior service.—V. 105, p. 1423.

Gulf States Steel
Month of September—
Net

operating income
—V. 105, p. 1313,1213.

Hale

&

Co.—Earnings1916.

1917.

Increase.

$256,178

$287,193

$31,015

Kilburn Co.—Tentative Plan.—

A newspaper report states that the tentative plan recently submittedtto

the

stockholders

by the management proposed

a

new

company

withla

Oct. 20
1917.]
capitalization

THE

consisting of $1,000,000 8%

common within

3

years, one share of

pref. stock (convertible into
pref. for two of com.), 45.000 shares

^n.° Par yalue), and $1,000,000 in bonds

stocKholders, it is said,
each

were

to be offered

one

new

40

Common

or notes.

share of common for

shares
of common
now held; pref.
holders one
for each ten shares of old
pref.
The plan called for

share

CHRONICLE

new

common

the sale to

a

SI ,850,000 cash of the $1,000,000 of new notes or
bonds, the
51,000,000 new 8% pref., and the 19,676 shares of common
stock, the sale

peing conditional
the

on the present preferred holders purchasing $500,000 of
pref. at 95, with a bonus of 11^ shares of new common.
Of the

new

neT common, 20,000 shares

and

25,000 shares

were

were to

be reserved for conversion of the pref.

were outstanding $4,323,400 7% cum. pref. stock
stock (Par of each, $100), and $750,000 coupon notes:
payable and $317,911 accounts payable, as against

aF

*700,000 bills
$109,167 cash and $541,618 accounts receivable.
li is understood that the
plan has not been approved.
p. 1525.

Compare V. 105,

.

Hopkins & Allen Arms Co.—Sale Postponed.—

The sale of this company's
plant at Norwich, Conn., which was to have
taken place Oct. 17, has been
postponed until Oct. 24, the change in the
date resulting from a
petition to the court by certain shareholders of the
company objecting to the plan (as set forth in V. 105,
p. 1001), by which
the Mariin-Rockwell
Corp. would complete the company s order for 150,000
rifles for the Belgian Govt.
Compare V.

105,

p.

1108, 1001.

Inspiration Consol. Copper Co —Production {In lbs.)—

1917—September—1916.
2,250,000

11,850.000

—V. 105, p. 1214, 611.

Decrease. |

1917—9 Months—1916.
9,600,000169,650,000
88,493,885

18,843,885

International Nickel Co.—New President.—Director.—
W. A. Bostwick has been elected President to succeed Ambrose
Monell,
resigned to enter the Government service.
Robert C. Stanley suc¬
ceeds Mr. Monell as a director.
The company has subscribed to $1,000,000 of the new
Liberty loan.
The voting trust agreement of the International Nickel Co.
having ex-

pited by limitation, the Bankers Trust Co. is now issuing stock in exchange
tor the outstanding
voting trust certificates.—V. 105, p. 1526, 1108.

Isle Royale Copper Co.—Dividend Reduced.—A
quarterly
of $1 per share has been declared on the stock

dividend

payable Oct. 31 to holders of record Oct. 18.
with $1 50 each in April and July last and

January.—V. 104,
Jackson

p.

This compares

$1 and $1 extra

1493.

(O.) Water Supply Co.—Officers.—

Allen H. Legg, of H. C. Spiller & Co., Inc., has been elected Secretary
and Treasurer, and Donald N. Gilbert, of the same firm, has been elected
a

director.—V. 105, p. 719.

Kansas

City Stock Yards Co.—Fire Damage.—

Fire in the Kansas City stock yards on Oct. 16 resulted in damages
variously estimated at from $500,000 to $750,000, more than one-half of
the properties, which are said to be the second
largest in the country, being
destroyed.
Several thousand head of cattle perished out of the total of
47,000, which were in the enclosures at the time of outbreak of the fire.—
V. 101, p. 1373.
•
„

Kennecott

Copper Corp., N. Y.—Notes Reduced to
$8,850,000.—The corporation has reduced its outstanding
$16,000,000 to approximately $8,850,000 by
anticipating payment on the difference.

note issue from

Early this year the Kennecott company sold to J. P. Morgan & Co.
$16,000,000 unsecured notes to finance In large part the purchase of a block
While the company at that time had a surplus
fully as large as the amount of notes issued, much of it was in copper sold,
but not delivered, and although a large part of the funds could have been
drawn against the American Smelting & Refining Co. as sales agent, it was
decided by the management a better policy to finance through short-term
notes.
Since the notes were issued, considerable new cash has been paid
into the treasury from copper actually delivered, and this was used in taking
up about one-half of the indebtedness.
The Braden Co., as yet, pays nothing into the parent company's treasury,
although earning profits.
The policy has been to put back into property
and plant all available funds to bring capacity up to around 20,000 tons of
ore daily.—W. 105, p. 1526, 1002.
of Utah Copper shares.

Lake

Kerr

Mining

Co.

(of

N.

Y.), Cobalt, Ont.—
Reincorporation.—The shareholders will vote Nov. 12 on
dissolving this New York holding company and transferring
all its assets to a new corporation to be organized under the
laws of Ontario, with precisely the same capitalization,
namely 3,000,000 shares of $5 each.
This step is expected
to effect a very considerable saving in expenses.
An official
circular dated Oct. 9 further says:
It Is contemplated that the new Canadian corporation will in due course
acquire by transfer the physical assets of the present Canadian operating
company, so that the ownership of the mines will eventually be vested in
the new corporation to be organized.
The new Canadian corporation will
maintain stock transfer offices in New York, Boston and Toronto.
IPres.
Adolph Lewisohn. The N. Y. office is at 61 Broadway.]
V. 105, p. 1424.

Knight Tire & Rubber Co.—Merger Data.—
See

Republic

Rubber Corporation below.

Locomotive

Lima

Works,

Inc.—Initial Dividend.—An
% has been declared on the
pref. stock, payable Oct. 31 to holders of record Oct. 24.—
initial semiannual dividend of 3 Yi
The

has made rapid strides since leading banking interests
identified with the property now many months ago.
Business is
1918 at very profitable contract prices.—V. 104,

company

became

booked well through
P..

1149.

Long Island Lighting Co.—Additional Securities.—

This company has applied to the New. York P. 8. Commission for
authority to issue $100,000 common stock and $143,000 First ,Mtge. 5%
gold bonds, the proceeds to be used to provide additional working capital
and for accounts and bills payable, respectively.—V. 105, p, 1313, 293.

Ludlow Mfg. Associates, Boston.—Special Dividend.—:
dividend of $1 a share has been declared on the stock in addition

A special
to the

Nov.

regular quarterly $1 50 per share, payable Dec. 1 to holders of record
1. Like.amounts were paid Feb., Mayand Aug. last.—V. 105, p. 293.

(W. H.) McElwain Co.—Army Shoe Contracts.—
See Brown Shoe Co., Inc.,

above.—V. 104,

p.

1707.

Merchants Mfg. Co., Fall River.—-Extra Dividend.—
2H% has been declared on the $1,200,000 stock in
addition to the regular quarterly 1 lA%, both payable Nov. 1.
A like
amount was paid in Aug. last.—V. 105, p. 293.
An extra dividend of

New

England Power Co.—Contract.—

See Edison Electric

—V.

105,

p.

Illuminating Co. of Boston under "Reports" above.

612, 503.

1916,-17.
1915-16.
1916-17.'
1915-16.
int.,&C-.aSl,358,847 $774,270 Com. divs.*..(25)$625,000 (12)$300.000
17%)
140.000
M0.090 Balance, surpius-$593,847
$334,270
*
Includes in addition to the regular 8%, a bonus of 15% in 1916-17
against 4% in 1915-16.
a After payment of bond Interest and allowing for provision for war tax.
—V. 105, p.* 1215.
Aug. 31 Years-h

Net, after

divs




Stock and Cash.—

Status.

was

also de<

-Pres. Beman G.

Dawes, is quoted as saying in
Chicago
n Oct. 10 that the earnings since Sept. 1, have
been at rate of $1,250,000
monthly
Pres. Dawes further said:
The present market for securities is such that stockholders in
our com¬
The stock is now selling at about

pany, as well as in others, are disturbed.
one-half the price it did six months ago.

Meanwhile our profits are larger
thap they were then, and have more than met our expectations, a gratifying
position for the company in view of what we considered its prospects six
months

ago.

.We have $15,000,000 of quick assets, over and above current
liabilities,
and of these assets about $9,000,000 is cash.
There exists no reason for any
change in our dividend rate of 20% cash on the common stock, with
stock

5%

dividend, which will be paybale at the end of the

clared at

and be de¬

year

dividend meeting.
The stock dividend would have been declared at the same time as last
year but for our inability to estimate what would be the taxes ordered
by
the Government.
Since the enactment of the revenue bill we have been
able to figure, approximately at least, what the charge would
be, and don't
think it will be in excess of $1,400,000.
With that estimate we are
our

next

pre¬

pared to declare the dividend.
Federal Needs.—There has been

a

great deal of misunderstanding of the

requirements of the Government with reference to the oil companies.
Sec¬
retary Baker estimated there would be needed 50,000,000 barrels fuel oil.
This was not for a year, however, but for a period of three
years, and really
amounts to but little when divided up among the
producing companiee
of the country.
Our share has been of but small consequence.
I don't know whether the Government will undertake to fix the
price of
oil to apply to the private consumers as well as the
Government, but!
think npt.

Anyway, the prices thus far paid for fuel oil have been but a
the market.
As to gasoline, our company alone could
supply all the Government will require.
Expansion.—We are constantly expending out of earnings and charging
to expense between $3,000,000 and $4,000,000 a
year for new acreage and
development work.
Our production of crude oil is now about 13,000 bar¬
rels a day against 2,100 a year ago.
Since that time we have acquired
propertias in Oklahoma and the properties of the Pure Oil Co, (V. 105, p.
76).
Both purchases have proved splendid investments.
The Oklahoma
property was purchased on the basis of 90c. a barrel of oil.
The same oil
now commands $2 20 a barrel.
Our West Virginia production, the highest
grade oil in the world, has more than doubled.
We get $4 25 a barrel for it.
A year ago we were producing no gasoline.
Now with the refineries
acquired and casing head plant we are producing about 200,000 gallons a
day.
We shall shortly complete another casing head gas plant.
Pipe Line.—The acquisition of the Pure Oil Co. gave us a pipe line outlet
to the seaboard.
With all our refining capacity going we shall be able to
convert our Ohio and West Virginia crude oil and realize the
pipe line, re¬
fining and marketing profits which now go to one of the Standard Oil com¬
panies to which we have been selling a part of our Eastern production.
Re-Appraisal.—The revaluation of our plants, or rather reappraisals, by
which $36,000,000 was added to, assets, was done before there was
any
revenue legislation and was for the
purpose of equalizing our capital ac¬
cent or two below

count.

It

was

done under three different sets of

best

appraisers and under the

legal- advice.
We have not the slightest doubt that it will stand.
From the total, however, we cut off $5,000,000 in order to be conservative.

Production—Prices.—At present the production in the oil Industry Is a
little below demand.
Prices of oil are in harmony with this market con¬
An increased production or reduced demand would lower the
price

dition.
of oil.
as

But there is

abnormal,

so

nothing apparent in the situation that may be regarded
that the prospect is for a continuance of present conditions.

The consumption in the United States has about doubled since the be¬

ginning of the war.
Meanwhile exports, which were about 38% of this
country's production, are now but 15%.
This latter per cent is so small as
prices.
After the war the normal growth of industry abroad
should lead to an increased demand from that source.—V. 105. p. 1424, 824.
not to govern

Oklahoma

Natural

Gas

Co.—Initial

Dividend.—

An initial quarterly dividend of 2% was declared last week on the
$8,000,000 stock of this consolidated company, payable Oct. 20 to holders of
record

Oct.

9.

,

■

The company recently absorbed the Oaney River Natural Gas Co. and
the Osage & Oklahoma Gas Co. through the exchange of stock, per plan in
V. 105, p. 824, and the present dividend, it is said, would correspond to
an increase in the annual rate of the old Oklahoma from 5 to
8% on Oaney
River from 10 to 16% and on Osage from 9 to 10 2-3%, the calculation
being based upon the rates of dividends paid and the terms of exchange
for the old stocks, into the new.—V. 105, p. 824,

1204^^

Oro Electric Corporation.—Assessment—Notice to
mon

Shareholders.—Holders

of

the

common

Comf

of

stock

corporation, all of whose public utility properties were
quired in Jan. 1917 by the Pacific Gas & Electric Corp.,
in receipt of the following from the directors:
At the recent meeting of the board at which the assessment
share upon its preferred and common stock was levied, it was
that, in justice to the numerous holders of common stock, a brief
should be made to them regarding the amount of preferred stock

this
ac¬
are

of $4 per
suggested
statement

outstand¬

ing and the amount of unpaid dividends which have accumulated thereon,
that they might be the better able to judge what action they should take
with reference to said assessment upon said common shares.
Accordingly
we have to say that there are outstanding,
exclusive of inter-company
holdings, 27,386 preferred shares jof said company and 36,901 common
shares.
The dividends upon the prefered shares are cumulative, and the
amount of dividends due thereon and unpaid on
Sept. 1 1917 was $25 per
share.
The preferred shares are, as you are no doubt aware, preferred
both as to dividends and as to assets, and it is assumed that the preferred
stockholders will pay said assessment.
[The payment of the assessment on the 27.386 shares of preferred out¬
standing will yield approximately $109,000, which it is said will be used to
meet a provision in the deed of trust requiring the corporation to invest
$100,000 in additional mineral land or dredging equipment, to be placed
as further security behind the Oro Electric 6%
bonds purchased by the
Pacific Gas & Electric Co.
(See that co., V. 103, p. 321.)
The Orp
Water, Light & Power Co., whose entire capital stock was acquired by the
Oro Electric Corp. in Nov. 1911, is said to own some 5,600 acres, on which
at last accounts it had four gold dredges in operation "with two more build¬
ing.
The American Gold Dredging Co. was expected to take over this
mining, &c., property, its entire capital stock to be ownedjby the Oro Water,
1
& Power Co.].—V. 103, p. 325.
.
so

sol. Copper Minin
Co.—Dividend Reduced.
quarterly dividend of $2 per share has been declared on
the stock, payable Oct. 31 to holders of record Oct. 18.
This
compares with $6 each per share in Jan., April and July,
making $20 for 1917.
Previous dividends were:
Osceola Co

—A

909.

Dividends1908.

8

per share
2
-V. 104, p. 956.

1910.
1C

1911.
7.5

1912
12.5

1913.^1914.
10.5

8

1915.
8

1916.
16

^Pennsylvania Gasoline Co.—New Pref. Stock Offered.—
E, D. Warren & Co., N. Y., are offering at par ($10), $200,000 of this company's new issue of 8% cumulative Partici¬

pating Pref. (a. & d.) stock authorized by the shareholder?

Ogilvie Flour Mills Co., Ltd., Montreal.—Earnings.—
Pref

in

regular quarterly cash dividend of 5% on the common stock
clared, payable Dec. 1 to holders of record Nov. 15.
*4)

Decrease.

who

in

Ohio Cities Gas Co.—Dividends

A stock dividend of 5% has been declared on the common
stock, payable
common stock on Feb. 1 1918 to holders of
record Jan. 15 1918.
The

in

to be issued.

A1916 there

1621

.

.

Aug. 16 last.
Total authorized issue, $500,000; presently
issuable, $200,000.
Common stock auth. and issued, $1,~
500,000; par, $1.
.

Dividends

the

pref. stock are parable F. fc A. 15, redeemable at
notice.
Non¬
voting unless one year's dividends have been passed, in which case each
share of pref. and common stock is entitled to one vote.
Further data
on

new

$il per share after one year from date of issue, on 30 days

THE

1622
should appear another week.

For offering of common stock

see

CHRONICLE
V. 102,

Pennsylvania Salt Mfg. Co.—War Tax "Guess."
In connection with the setting aside by this company of the sum of $150,000 for payment of the excess profits taxes for six months, Pres. Joseph
Moore Jr. says: "Guesswork, mere guesswork.
We don't know whether

$150,000 is too high or too low a figure at which to set our taxes on the excess
profits of our company for the first six months of this year, which corres¬
ponds with the last six months of our fiscal year.
We will set aside another
siim for the next six months, and if the $150,000 we have set aside is too
high we will set aside a lesser sum next time.
If too low, we will have to
provide a larger sum next time.
We arrived at the amount by no scientific
process.
The law is too complex for that at this time."-—V. 105, p. 1520.

Philadelphia Electric Co. (of N. J.),—Exchange of Stock
Certificates Called for.— ''
V,

•

The stockholders of

Philadelphia Electric Co. (of New Jersey) having
17 adopted by a vote of 727,852 the plan for exchange of stock,
1917, $ for $, for stock of the Philadelphia Electric Co. (of
Pennsylvania), are requested to deposit as promptly as possible, but hot
later than Nov. 8 1917, their certificates of stock, duly endorsed for trans¬
fer, with the Land Title &:Trust Co., Phila.—V. 105, p. 1425,1314,1527.
Oct.

on

dated Sept. 25

Pittsburgh Brewing Co .-—Accumulated Dividend.^—
A special dividend of 1% has

been declared

on

the pref. stock

on

Pocatello Power & Irrigation

May

Co.—Bonds Called.—

All the outstanding ($9,000) 6% First Mtge. gold

bonds/dated Nov. 1
1899, have been called for payment Nov. 1 at 103 and int. at Chicago
&

Trust

Co.

Providence Gas Co.—Gas Rate Litigation.—
Alleging that the Rhode Island P. 8. Commission has no authority to
order suspension of the proposed gas rate increase, pending investigation,
the company has filed an appeal to the State Supreme Court.
The com¬
pany

had filed notice of the proposed increase,to take effect as of Oct, 1.

but the Commission denied permission for the advance until further in¬
vestigation was made.

A Providence paper states that the new rates for gas are In effect, despite
the fact that the appeal from the order of the P. U. Commission suspending
the rates is still pending in the Supreme Court and will not be heard until
.

Oct. 22.

The

new

Since Oct. 1 the company has been billing gas at the new price.
schedule makes the price $1 per 1,000 cu. ft, net, instead of 85

cents net,—V.

105,

p.

825.

,

Public Service Gas Co. of New Jersey.—Decision.—
The gas companies in the State of New Jersey have been denied by the
Board of P. U. Commissioners their petition for the fixing of a lower heating
standard for gas than is now fixed, the commissioners ruling that the

present standard be not disturbed.
'
The companies in support of their proposed reduction contended that:
(a) the increased cost of manufacturing and distributing gas; (6) the claim
that the consumer can burn more efficiently in ordinary appliances a leaner
gas than is required by the present standard: and (c) that the necessities of
war require additional quantities of benzol and toluol for the manufacture
bf explosives, which substances can be secured only by washing the gas of
the light oils and reducing its calorific value.—V. 105, p. 1314.

Republic Iron & Steel Co.—Earnings for- 9 Months to
Sept. 30 1917 and Calendar Year 1916.—
'

9 Mos. 1917.

Year 1916.

*$23,311,988
190,533

$16,544,636
348,576

.-...$23,502,521

Directors.—The organization meeting of the corporation of New York
held Oct. 9 in N. Y., and the following board chosen: Guy E. Norwood,

was

Depreciation, &c—

$1,037,152

$1,000,091

Exhaustion of minerals
Interest on bonds, &c
Excess profits tax, &c

202,585
580,841

245,222
858,737

.

—

•

Vice-President United Engineering & Foundry Co.; John Tod,
Vice-President Brier Hill Steel Co.; Robert Bentley, President Ohio Iron &
Steel Co.; M. I. Arms, Chairman General FireproofIng.Co. and President
Ohio Leather Co.; John T. Harrington, senior partner of Harrington, DeC. II. Booth,

ford, Heim & Osborne (counsel for the company); R. E. Cornelius, President
Mahoning Nat. Bank; John C. Wick, Vice-President Dollar Savings &
L. T. Peterson, Vice-President Republic Rubber Co., and
Thomas L. Robinson, ,who will, act as Chairman of the board.
It is understood that the main office will be retained In Youngstown.
The New York office will be in the Singer Building in New York City.

"Trust Co.;

Regarding the business and properties of the two constitu¬
companies, the "Vindicator" also says in substance:

ent

The Republic company, it is reported, has been far behind in its deliveries
owing to the constantly increasing demand, not only in its tire and tube
departments, but in its truck tire and mechanical goods divisions.
The
Republic plant on Albert St., Youngstown, is a thoroughly modern rubber
factory with a pneumatic tire capacity of something over 2,000 tires a day,
which wiii be immediately increased to 3,000 per day.
The truck tire

output will be tripled and increases will be made in the various mechanical
goods departments.
The property of the Knight Tire & Rubber Co. is located on the main line
of the Pennsylvania Co. at Canton, O., with excellent water supply and
unusually good shipping facilities.
It will be used by the new concern
entirely as a tire factory and wiH have a capacity of at least 1,000 tires a
day (now about 600 daily), part of which will be made under the Knight
brands of "Knight" and "Blackstone."
,

The Youngstown factory alone is now doing a business of $12,P00,000 a
year and an estimate for the combined business during 1918 would be
$18,000,000 to $20,000,000.
The merger corporation will rank fifth among the rubber companies of
the U.S. in volume of business, being surpassed in this respect only by the
United States Tire & Rubber Co., Goodyear, Goodrich and Firestone.
[The Corporation Trust Co., .37 Wall St., N. Y., reports the Incorporation
of the new company under the laws of N. Y. State on Oct. 6 1917 with
$11,250,000 of stated caiptal.j—V. 105, p. 1527, 185l

Co.—Stock Increase.—The
increasing the authorized
capital stock by $20,000,000, consisting of $10,000,000 addi¬
tional 7% cum. pref. and $10,000,000 new Class B common
stock.
The total auth; capital will, if the increase is voted,
consist of $20,000,000 7% cum. pref., $10,000,000 Class A
com. and $10,000,000 ClaSs B com. (par $100).
The official
circular states that Class B common will have the same rights
and privileges as Class A, except it will have no voting power
unless the company fails, for 90 days, to pay the regular
(R.

J.)

income

—

—

_

" 8,636,605
■.<5K%) 1,312,500 (18)4,500,000

dividend—

Balance,
*

.....—

...

Preferred dividends
Common

(4H %) 1,223,595

surplus—

i

(1^)407.865

810,509,243

$9,881,298

Republic Rubber Corp.—Organization of New Merger
Corporation Announced— Terms of Exchange of Stock—Man¬
agement, &c.—Pres. Guy E. Norwood of the Republic Rubber
Co., at Youngstown, O., on Oct. 10 announced the organiza¬
tion under New York laws of this corporation which will at
once acquire a controlling interest in the.Republic Rubber
Co. of Youngstown, O., and the Knight Tire & Rubber Co.
of Canton, O., and will eventually, it is expected, take over
the entire physical property and assets of both these con¬
stituent companies.
:
The Youngstown "Vindicator" says in substance:
,

,

Capitalization.—-The Republic Rubber Corporation, incorporated in N. Y.
Oct. 6, will have an authorized capital of $10,000,000 pref. stock. par
$100, and 250,000 shares of common stock, no par value.
Both preferred
on

and

subst:

shares,will be made non-taxable in Ohio.
of Stock.—Pres. Norwood stated that the

1

on

stock dividend.

President R. J.

v"-/''

Reynolds in circular dated Oct. 9,

\

-

V.'.

'W-1

to make

preferred share¬

change for their present shares 5 shares of the no par value common stock
of the new corporation for each share of the old.
Holders of the [$527,000]
common stock of the Knight Tire & Rubber Co. Will receive 2 1-10 shares
of the common stock bf the new corporation for each share of the old Knight
common stock.
Fractional shares will be adjusted upon the basis of $35
per share for the new common stock.
New Preferred Issue.—In addition-the new corporation will immediately
offer and sell $3,000,000 of its authorized preferred issue.
It is understood
that a considerable portion of this will be taken by the old shareholders of
the Republic Rubber Co. and the Knight company, but the management
states that the entire, issue has already been underwritten.
This new
money will be used, in bringing up the productive capacity of the. two prop¬
erties, as already outlined, and in furnishing the necessary working capital
for the increased business.

Outstanding Stock.—Of the preferred, Mr. Norwood states that after
the transfer and the sale (probably about Nov. 1) of the new $3,000,000,
pref. the company will have approximately $6,750,000 outstanding, the
balance remaining in the treasury.
The old Republic company has about
$3,500,000 of pref. outstanding, while the Knight company has $250,000.
Of the common stock the new company will issue a total of 199 ,620 shares
to take up the outstanding shares of both concerns.
The rest of the com¬
mon amounting to 50,380 shares, will be retained in the
treasury for the

£resent. total of $13,736,700 stock at $35 a share the corporationincluding
Basing the common stock of both issues outstanding, will then
ave a
$6,750,000 of preferred and $6,986,700 of
Dividends.«—It is announced that the

common.

new preferred stock will be
7%
dividends payable Q.-M. . There will be no break in pre¬
ferred payments and the usual disbursement due Dec. 1 wiH be made.
While it has not yet been decided what dividend rate the new common
will bear, it is stated authoritatively that it will not be less
proportionately
than the old Republic common paid, 8% annually.
At this rate the new
common issue would pay $1 60 per annum for each share.
The regular
payment of 2% on common stock of the old Republic will be paid Nov. 1.
The Knight company has never paid dividends on common.
Fiscal Year.—'The fiscal year will be the same as the calendar
year.

cumulative,




says

V4

,

in

■

provision for its issuance as and when needed.

You

are

familiar

with the splendid showing made by the company last year.
A very sub¬
stantial increase is being shown this year, with a corresponding increase in

profits.—V. 105,

p.

1110, 185.

St. Lawrence Flour Mills Co., Ltd.—Initial Dividend.—
An initial quarterly dividend of 1H% has been declared on the common
stock, payable Nov. 1.—V. 99, p. 1837.
#

San Diego Consolidated

Gas & Electric Co.—Notes.—

The Calif. SR. Commission has authorized this company to use $229,000
of the notes

recently authorized (V. 105, p. 1215) for capital expenditures,
to pay in part $389,327 of curreqt and open accounts.
Compare V. 105,
p. 1215, 1004.

Savannah Sugar Refining Corp.—Plant Shut Down.—
Owing to the inability of this company to obtain raw sugar, announce¬
the plant at Port Wentworth, Ga., closed Oct. 9 for an
indefinite period.—V. 105, p. 1110, 77.

ment is made that

Semet Solvay Co —New Director.—
Alfred W.

Hudson, President of the First National Bank of Syracuse
a director'.—V. 105, p. 721, 394.

has been elected

Shannon Copper

Co.—Dividend.—

The regular quarterly dividend of 25 cents per share has been declared
the stock,

payable Nov. 15 to holders of record Oct. 31.
Suspension of mining operations for three months on account of labor
troubles has caused the extra dividend paid since Nov. 1916 to be omitted
at this time.—V. 105, p. 185.
on

.

Shattuck Arizona Copper Co., N.

common

Exchange

holders of both the Republic Rubber Co. and the Knight Tire & Rubber Co.
may convert their present holdings of preferred stock iiito an equivalent
number of preferred shares of the new company.
The holders of the
[$3,770,700] common stock of the Republic Rubber Co. will receive in ex¬

v

To meet the demands of the rapidly increasing business of this company,
the directors deem it advisable to increase the authorized capital stock and

After

deducting maintenance and repairs of plants amounting to
$467,130 for the 9 months In 1917, against $2,138,373 for the cal. year 1916.
The above statement for the 9 months period In 1917 provides for the
full estimated amount of accrued excess profits and income tax for the year
to date, under the Act of Oct. 4 1917.
The foregoing,statement is subject to adjustment at the end of the year,
when accounts are finally audited.—V. 105, p. 394, 295.

Tobacco

Reynolds

shareholders will vote Nov.

common

Total

GarJick, President of Standard Oil Cloth Co.;

((President); Henry M.

$16,893,212

Net earnings
Other income

Manager.

tion, serving as General

account

of accumulations, payable Oct. 31 to holders of record Oct. 22.
In
and August last H of 1% was paid on this account.—V. 105, p. 721.

Title

Management.—It is understood that the present officers and directors of
will act in similar capacities with the new corporation.
Among these are Guy E. Norwood, who will be President of the new cor¬
poration, and who has been associated (as Secretary) with the B. F. Good¬
rich Co. and the Diamond Rubber Co.
H. J. Woodward, formerly with
the Diamond company and the Knight company, is Gen. Mgr. of sales of
the new corporation.
Mark W. Roe, formerly with the B. F. Goodrich
Go. and the McGraw Rubber Co., is consulting engineer.
Thomas L.
Robinson, now Chairman of the board of the Youngstown company, will
act In the same capacity with the Republic Rubber Corporation.
L. T.
Peterson, Vice-Pres., will have the same connection with the new corpora¬
the Republic company

1441; V. 103, p. 65.

p.

[VOL. 105.

Copper {lbs.)
711,924
9,722,571

September 1917—
Nine months
—V. 105,
*

Y.—Production.—

Lead {lbs.)
41,362

1917--—

1,840.795

Silver {oz.)
3,631
124,478

Gold {oz.)
84.76
1,286.89

p.| 1215, 1110.

Shenango Furnace Co .—First Mtge. Bonds Called.—
All the outstanding ($680,000) First Mtge. 5% gold bonds, dated Feb. 1

1906, have been called for payment on
Trust Co. of Pittsburgh.—V. 105, p.

Feb. 1 1918 at

par

and int. at Union

1215.

Sierra & San Francisco Power Co.—Purchase.—
The Calif. RR. Commission has authorized this company to use $450,000
40-year gold bonds
(V. 103, p. 1691) for the purchase of the La Grange Division of the Yosemite
Power Co., described in considerable detail in V. 105, i>. 1528, 1426.
of the funds obtained from the sale of $1,000,000 5%

Stafford (Cotton)
An extra dividend of

Mills Corp., Fall River.—Extra Div.

1% has been declared on the $1,000,000 stock in
On Jan. 1

addition to the regular quarterly 1 H% both payable Nov. 1.
last the company had 114,584 spindles and 2,695 looms. '

Tide Water Oil Co.—Wage
This company has

Advance.—

announced an increase of 10% in wages, effective

15, affecting about 2,500 men employed at the company's plants at
Bayonne, N. J., and also the employees of the East Jersey RR. & Terminal
Co., a subsidiary.—V. 105, p. 1426, 1004.
Oct.

Tobacco Products Corp.,

N. Y.—Initial Common Div.—
quarterly dividend of $1 50 per share lias been
declared on the 160,000 shares of common stock (nonpar
value), payable Nov. 15 to holders of record Nov. 1.
Pres. George L. Storm has issued the following statement:

An initial

According to the report of the American Audit Co., independent public
accountants, under date of Oct. 14 1917, the surplus of this corporation as
of Aug. 31, this year, was

of 1917

were

$1,400,445

$3,165,469.
Earnings for the first eight months
against approximately $809,108 for the .corre-

ponding period in 1916.

Fpr Other Investment News, see page 1626,

Oct. 20 1917.]

1633

CHRONICLE

THE

mparts anil Jtojcnrojeuls*
THE ATCHISON TOPEKA & SANTA FE RAILWAY COMPANY
TWENTY-SECOND

ANNUAL

REPORT—FOR

Office of the Atchison Topeka & Santa Fe Railway System,
No. 5 Nassau Street, New York City.
September 11 1917.
To the

Stockholders:

Your Directors submit the following report for the
Year July 1 1916 to June 30 1917, inclusive.

fiscal

The Lines

comprising the Atchison System, the operations
embraced in the following statements, and the
mileage in operation at the end of the year as compared with
the previous year, are as follows:
of which

_

are

June 30 1917.

m

Atchison Topeka & Santa Fe Railway
8,639.53 miles
Rio Grande El Paso & Santa Fe Railroad..
20.22
"
Gulf Colorado & Santa Fe Railway
1,937.21
"
Panhandle & Santa Fe Railway...
665.02
"
—

"

11,261.98

In

addition

lines

to

OF

Eastern Ry. of New

STATEMENT.

1917.

1916.

......$133,762,392 24 $156,179,120 54
83,730,960 35
96,333,568 67

$50,031,431 89
6,210,366 13
41,072 53

Income

Gross Corporate Income.......
Rentals and Other Charges.
Interest

Net

Bonds, including accrued in¬
Adjustment Bonds..

on

terest

on

Corporate

amount

Income

$53,399,966 24
2,078,048 92

$45,109,468 00

Other

$49,951,674 98
3,448,291 26

$47,087,122 79
1,977,654 79

Operating Income

$59,845,551 87
9,870,634 29
23,242 60

$43,779,993 23
3;307,129 56

Uncollectible Railway Revenues—

$51,321,917 32

12,529,733 40

12,112,843 95

(representing

available for dividends

and

.

surplus and for necessary but unpro¬
ductive or only partially productive
expenditures)-—-.
$32,579,734 60

11917-.-.-

$39,209,073 37

•

3,104,342 50

—

$6,208,685 00
on

Common Stock—

$2,882,904 05
Additions and Betterments—System Lines:
Fixed Property.
....

.

—

f

3,245,947 50

.

No. 48 (1)4 %) paid June
1 1917
3,290,767 50

8,340,340 90
Fuel Lands and Other Properties:
Fuel Lands
;

-

,

Appropriation for Fuel Reserve Fund
California-Arizona Lines Bonds Sinking
MrFund—

—.

13,041.630 00
56,210 37
14,626 58

S.-F. & S. J. V. Railway Bonds Sinking

M»Fund
Income Appropriated

—

—

12,710 00

for Investment in
Physical Property:
(а) For equipment (see comment fol¬
lowing page)———11,000,000 00
(б) For other additions and betterments
8,875,21142

Real Estate held for future use.——
Tie and Timber Lands
.....

Miscellaneous Items

$27,153,113 90
Surplus appropriated for Investment in Physical Property.
164,570 25

Surplus to credit of Profit and Loss June 30 1917

——

$26,988,543 65
,

sources

consisted of interest

on

■'

■

other than earnings from operation
cash in banks and sums collected as

interest and dividends upon bonds
the operations of which are not

and stocks of companies,
included in the System

accounts.

During the fiscal year the sum of $400,000 in cash was
as the net proceeds of sale of land embraced in the
Grant, but this was directly written
off the book value of Railroads, Franchises!and Other
Property and the transaction does not appear in the Income
received

Santa Fe Pacific Land

Account.

The

appropriation of $11,000,000 for investment in equip¬
the anticipated cost of equip¬
ment which has already been ordered but the delivery of
which has been delayed by the extraordinary conditions
growing out of the war. These extraordinary conditions
also result in this equipment costing nearly twice what would
ment is somewhat less than

be its normal cost.




119890673472—

85
83
23
38

192,981 53
16,288,852 06

—-

.$27,705,078 54

....

Reduction of Book Values:

$36,000
19,000
400,000
1,624
11,319
63,503
19,391

Beaumont Wharf & Terminal Co
Sunset Ry..^..........
;
:
...
Santa Fe Pacific RR.—Land Sales.——1

Ice Plant, San Bernardino
Santa Barbara Tie & Pole Co

—

00*
00
00
00
61
85
90

550,839 36

Net Increase in Capital Account

during the year——*$27,154,239 18

Credits in black face type.
*
Of this amount the sum of $14,773,600 represents temporary invest¬

quickly convertible securities, which
sum should be deducted in order to make satisfactory comparison with
preceding years.
The "Net Increase in Capital Account during the year"
after deducting the sum of these temporary investments was $12,380,639 18.
ments in short-term notes and other

Additions and Betterments by accounts

of

details

For

see

statement

on

38 [Pamphlet Report],
"Equipment" analyzes

page

The credit item of $225,554 84 for
as follows:
Equipment retired during the year:

——-

—

$395,926 81

652,678 20
188,996 62

1,256 Freight-Train Cars
——36 Passenger-Train Cars
—
—
257 Miscellaneous Work Cars..—
—
Miscellaneous Adjustments.—-.

tired
39.209,073 37

9

Total Charges

—

$113,246
263,850
25,089
209,205

—1

—

i

;

.

59,214 47
25,026 37
$1,321,842 47

.

Less—Equipment added as follows:
.......

......

—

———

$287,622
436,824
6,220
1,272
47,722
315,935

66
50
29
32
57
29

690 00

—

$1,096,287 63

$225,554 84

freight-train cars and 3
from the Oklahoma Central

Surplus to credit of Profit and Loss June 30 1916---.---- $26,686,308 01
Additions to Profit and Loss Account (Sundry Adjustments)
466,805 89

Income from

Other Investments

——

7

— —

»

...

retired and the
549

cars,

which,

being permanently assigned to work service, were relettered
in work service equipment series during the year and trans¬
ferred from freight equipment to work service equipment
at their depreciated value at time of relettering.
In addition to the equipment reported retired as above,

—

.

225,854 84
215,825 53

—....

The 1,256 freight-train cars reported as
583 miscellaneous work cars added, include

3,281,737 50

—

$8,350,070 21

Equipment.

583 Miscellaneous Work Cars
1 Automobile

,

No. 45 (1^%) paid Sept.
1 1916.
$3,223,177 50
No. 46 (1H%) paid Dec.
1 1916
No. 47 (1^%) paid Mar.
1 1917—

43,289 83
923,088 88
258,000 00

—

11 Locomotives.
427 Freight-Train Cars
3 Passenger-Train Cars...
Motor Equipment of Cars
1 Car Float...

$3,104,342 50

—

Dividends

—
—

_

26 Locomotives

From the net corporate income for the year the following
sums have been deducted:
Dividends on Preferred Stock—
No. 37 (2H%) paid Feb.
No. 38 (2^%) paid Aug.
1 1917

— — -

Western Oklahoma Ry.—Land Sales..—.
Ice Plant, Belen
—
,

following is a summary of the transactions of the.
System for the years ending June 30 1916 and 1917:
*

.

—

Betterments to Equipment

The

Net Operating Revenue....
Taxes

—
—

of

$183,913 67
3,202 15
369 86
4,621 78
651,324 48
765,634 62
23,071 34
26,387 44

Osage County & Santa Fe Ry
South Plains & Santa Fe Ry.
Verde Valley Ry

,

Operating Revenues..
Operating Expenses

Mexico

Grand Canyon Ry
Minkler Southern Ry
North Texas & Santa Fe Ry
Oil Fields & Santa Fe Ry.
Oklahoma Central RR

year.

by this report there were
completed on June 30 1917, 50.70 miles of additional line,
all of which will be ready for operation in the near future.
The Company also controls, through ownership of stacks
and bonds, other lines aggregating 161.33 miles, and is in¬
terested jointly with other companies in 601.87 miles.
For detailed statement of present mileage and of changes
in mileage since last Annual Report, see pages 47 to 51
[Pamphlet Report].
INCOME

BOOK VALUES.

Barton County & Santa Fe Ry.
California Arizona & Santa Fe Ry

"

covered

1917.

Construction and acquisition of new mileage, including the acquisition
bonds and stocks of other railway and terminal companies:

"
"

11,270.70

30

charges to Capital Account, as shown by the
General Balance Sheet, at June 30 1917, aggregated $742,631,861 89 as compared with $715,477,622 71 at June 30
1916, an increase during the year of $27,154,239 18, which
analyzes as follows:

"

1,937.59
665.02

JUNE

ENDING

The total

June 30,1916.
20.22

FISCAL YEAR

CAPITAL EXPENDITURES AND REDUCTION

8,647.87 miles

The average mileage operated during the fiscal year end¬
ing June 30 1917 was 11,270.17 miles, being an increase
of 23.37 miles as compared with the average milage operated

during tim preceding fiscal

THE

were

also

re¬

therefor included in
Unadjusted Credits in the General Balance Sheet.

during

Other

miscellaneous work cars leased
Railroad Company,

:

the year and liability

MAINTENANCE OF EQUIPMENT.

following statement shows the
Operating Expenses for Maintenance of
each year since July 1 1896:
The

sums charged to
Equipment during
,

.

Average

Year ending June 30—

Operated
Mileage.

—i

6,443 .81
6,936 .02
7,032 .62
7,341 34
7,807 .31
7,855 38
7,965 13
8,179 59
8,305 .40
8,433 99
9,273 15
9,415 01
9,794 86
9,916 33
10,350 13
10.627 92
10,750 31
10,908 .52
11,114 52
11,246 80
11,270 .17

-

-

r

—

1905—.
1906
1907—

1908....—.—

1912—
1913
1914——..
1915

,

-

Total

Expenditure,
$3,443,884 82
4,659,277 99
4,810,795 64
5,267,832 40
6,257,456 57
7,864,951 25
8,510,543 09
10.006,135 41
10,914,864 47
10.720,040 43
11,779.846 64
14,246,621 44
13,903,897 37
15,560,047 44
16,686,145 45
16,521.231 41
19,415,224 63
19,100,724 51
19,764,535 40
20,514.960 18
25,273,168 92

Expenditure
per Mile.
$534 45
67175
684 07

717 56
80149
1.001 22

1,068 48
1,223 31
1,314 19
1,271 05
1,270 32
1,513 18
1,419 51
1,569 13
1,612 17
1.554 51
1,806 02
1,750 99
1,778 26
1,824 07
2,242 48

increase of 1917 over 1916 is due largely to
in cost of materials.
June 30 1917, maintenance charges,
including renewals and depreciation, averaged as follows:
The heavy

increases in wages and
For the year ending

$6,542.04
.2035

Per locomotive

Per locomotive mile
Per freight car.
Per freight car mile
Per passenger car, including
Per passenger car

145.28
.0104
1,621.48

—

.

_

mail and express

.0167

mile.

The foregoing average

maintenance charges include a pro¬

portion of unlocated expenditures for Maintenance of Equip¬
ment charged to Superintendence, Shop Machinery, Injuries
to
Persons, Insurance, Stationery and Printing, Other
Expenses, and Maintaining Joint Equipment at Terminals.
Refrigerator cars are not taken into consideration in arriv¬
ing at freight ear averages, such cars being operated by The
Santa Fe Refrigerator Despatch Company, which bears the
expense of their maintenance.
A statement of the locomotives in service and of their
tractive power

will be found

page

on

[Pamphlet Re¬

46.

port!.
MAINTENANCE OP WAY AND STRUCTURES.

following statement shows the sums charged to
Operating Expenses for Maintenance of Way and Structures
The

during each

year

(Vol. 105.

CHRONICLE

THE

1624

sincr July 1 1896:

899900713452
7

The

following statement shows the gross operating rev¬
(exclusive of income from other sources)
mile of road operated for each fiscal year since July 1

enues

9910328675

of the System

per
1896:

Gross

Year ending June 30—

$30,621,230
39.214,099
40,513,498
46,232,078
54,474,822
59,135,085
62,350,397
68,171,200
68,375,837
78,044,347
93,683,406
90,617,796
94,265,716
104,993,194
107,565,115
107.752,359
116,896,251
111,109,769
117,665,587
133,762,392
156,179,120

-

11980094357543228—

-

-

-

—

906---

909.

910

911---

914.—

-

Expenditure
per Mile.

Expenditure.

ated Mileage.

1899...
1900...
1901...

1902...
1903...

1904_„.
1905

190345672

1906

..

1907

1908

..

1909

$6,282,923
8,281,397
7,672,107
6,354,372
6,433,840
6,141,466
9,304,892
9,170,234
11,385,418
12,475,407
15,286,062
14,120,828
12,884,406
17,807,136
16.059,786
16,076,833
18,054,413
15,308,780

6,443.81
6,936.02
7,032.62
7,341.34
7,807.31
7,855.38
7,965.13
8,179,59
8,305.40
8,433.99
9,273.15
9,415.01
9,794.86
9,916.33
10,350.13
10,627.92
10,750.31

1898...

..

1910...

1911
1912...
—.

1913...
1914—
1915
1916...

1917—

In 1916 Maintenance of

865 56
824 08
781 82

1,168
1,121
1,370
1,479
1,648
1,499
1,315
1,795
1,551
1,512
1,679
1,403
1,485
1,735
1,696

20

90
75
03
25
16,514,467 89
19,518,635 03
19,119,336 16

10,908.52
11,114.52
11,246.80
11,270.17

—

$975 03
1,193 97
1,090 93

15
88
62
10
36
39
04
07
33
97
66
02
81

20
11
85
18
42
82
43
74
65
70
43
38
85
48
45

Way and Structures included over

account of the storm at Galveston and of the
floods in California and Arizona.
If this abnormal expendi¬

$1,500,000
ture

were

Increase

on

excluded from 1916, the year 1917 would show an
1916 of more than $1,100,000, due principally

over

and in cost of materials.

to increases in wages

COMPARISON

RESULTS.

OPERATING

OF

The following is a statement of revenues and expenses of
the System for the fiscal year ending June 30 1917, in com¬

parison with the previous year:
Year

«

Year ending

ending

June 30 1916.

June 30 1917.

Freight-—
Passenger
Mail, express

Increase (+) or
Decrease (—).
<•
$
+20,376,65613
+1,201,487 96

$
111,809,085 10
32,770,088 51

$
91,432,428 97
31,568,600 55

11,599,946 93

10,761,36272

+838,584 21

revenuesl56.179,120 54 133,762,392 24

+22,416,728 30

■Operating Revenues:

and miscel¬

laneous.

—

.

Total operating

Operating Expenses:
of

Maintenance

19,518,635 03.

—399,298 87

92

20,514,960 181

+4,758,208 74

48

2,755,735 84

+25,087 64

94
47

38,281,053 78

+7,629,451 16
+184,248 47

3,494,122 42

2,904,040 13

+590,082 29

428,635 72

—

243,464 61

+185,171 11

96,333,568 67

83,730,960 35

+12,602,608 32

19,119,336 16

Maintenance of

equipment 25,273,168
Traffic..2,780,823
Transportation—Rail line. 45,910,504
Miscellaneous operations._
184,248
—

General

—

Transportation for invest¬
ment— Cr—

Total operating expenses

Net operating revenue
Ratio of operating expenses
to

59,845,551 87

Credits in black-face.

~50,031,431

61.68

operating revenues...
,

89

+9.814,119 98

62.60

—.92

The

following is a consolidated statement of the business
for each fiscal year during the period since
January 1 1896:
.
of the System

Gross

Fiscal Year

Expenses,

Revenues,
Including

Including
Taxes,

1897 (18 mos.)
1898—..—
1899.
—

1902.

1908..—

1916...
—

Operated,

Income

Rentals

on

from Other

and Other

Bonds.

Charges.

'

6,443 81 $44 ,532,628 $36,038,455
6,936 02 39 ,396,126 30,513,553
7,032 62 40 ,762,933 29,332,964
7,341 34 46 ,498,899 29,414,427
54 ,807,379
34,502,039
7,807 31
7,855 38; 60 ,275,944 36,272,432
7,965 13' 63 ,668,390 40,635,576
8,179 59 69 ,419,975 44,641,434
8,305 40 69 ,189,739 47,835,883
8,433 99 79 ,390,749 51,035,355
9,273 151 94 ,436,574 61,779,916
91 ,289,770
65,031,582
9,415 01
61,458,019
9,794 86 95 ,424,091
75,133,314
9,916 .33 107 ,543,250
75,689,094
10,350 .13 109 ,772,481
77,001,227
10,627 .92 110 ,322,328
83,432,816
10,750 .31 119 ,411,875
10,908 .52 113 ,284,122
80.213,746
83.746.129
11,114 .52 120 ,662,738
11,246 80 137 .069,521
91,960,054
11,270 .17 159 .627,411 108,305.404




Net

Interest

Sources.

Ending

June 30—

1917—

Average
Miles

$8,440,387
7,045,988
7,241,972
7,345,166
7.830,810
8,438,985
9,134,485
9,418,770
9,611,510
10,622,184
11,487,934
12,579,301
13,548,081
11,984,151
12,712,319
13,660,859
13,825,325
12,886,412
12.785,747
12,529,733
12,112,843

Corporate
Income.

$53,785
1,836,584
4,187,997
9,739,304
12,474,529
15,564,526
13,898,329
15,359,771
11,742,346
17,733,209
21,168,723
13,678,886
20,417,990
20,425,784
21,371,067
19,660,241
22.153.734
20,183.964

24,130.862
32.579.735
39.209,073

5,653
5,760
6,297
6,977

69
80
49
41
7,527 97
7,827 92
8,334 31
8,232 70
'9,253 55
10,102 65
9,624 82
9,624 00
10,587 91

67
62
91
98
86

10,392 63
10,138 01
10,873 75
10,185
10,586
11,893
13,857

46
24

54

8990171432567

Freight

60

65
37

74

1909-

—

-

—

Revenue.

$5,574,288
7,347,361
8,126,141
9,334.661
11,678,017
13,439,384
13.469,985
15,433,773
16,045,380
18,013,988
21,171,629
21,643,427
22,734,505
25,437,181
27,204,867
27,453.525
29,425,922

31
59
85
57
25
57
78
63
27
56
08
49
32

98
66
41
44

73,638,388 01
80,504,393 33
91.432.428 97

——

——

—

27,823,063 87
31,568,600 55

111,809,085 10

—

1916.

1917

Passenger

$22,067,686 77
28,588,716 76
29,492.586,65
33,729,332 83
39,052,657 43
41,815,607 05
44,622,438 71
47,762,653 23
47,408,982 36
54,598.902 82
65,500,309 42
61,848,638 51
64,212,638 10
71,194,055 59
71,787,200 89
71,529,574 67
78,190,923 18

1906—

32,770,088 51

28,497,232 68

PROPERTY INVESTMENT AND RATE OF RETURN.
The development of the Company's business and of its
efficiency have been due principally to the very large ex¬
penditures (over $331,000,000) which have been made in the
extension and improvement of the 'property since January 1
1896.
In order to make such expenditures, your Company
has raised since 1896 over $225,000,000 of "new money" by
the sale of capital stock and of bonds which are now out¬
standing or which (in the case of many of the Convertible
Bonds sold) are represented by common stock now out¬
standing.
The following statement shows, for each year, the amount
of investment, the amount of net income applicable to bond
interest, dividends, improvement of property and strenghening of credit, and the rate of return which such net income
represents on the amount of the investment.
Income Applicable

ending June 30.

Investment.♦

$373,260,004
389,118,442
394,170,563
402,388,222
409,670,087
423,734.716
445,314,062
463,230,180
479,324,339

515,557,913
550,693,087
577,433.073
580,297,115
625,401,211
658,156,763
673,465,876
695,730,983
709,304,446
720,792,460
732.403.747
746,839,609

.

911—

..—

Annual

70
37
23
78
54
91
49
22
55
35
71
72

52
19
22
26
485,497,374 42

-

—

67
87
40
21
91

-j»

$547,808,376 51

Average.

Cent

Per

Income

of
Property
Invest¬
ment.

Of Credit A

896 (0 months)...

907

to Bond Interest,
Dividends, Improve¬
ment of Property
and Strengthening

Property

909—
910

.

$4,752 04

Revenue.

1898.

Year

and

way

structures

10
24
63
23
61
53
28
18
25
25
91
38
87

1896:

1897

1897...

Average per
Mile of Road.

The following statement shows the development of the
freight and passenger revenues of the System since July 1

Year ending June 30—

Total

Oper¬

Average

Year ending June 30—

Operating

Revenues.

.65

$2,432,870 06
6.070,364 45

1.56

8.871,947 26
11,409,315 36
17,064,850 9i
21.196.714 38
23,921,018 14
23.032,814 51
24,778,541 31
21,353.856 15,
28.355,393 34
32,724,274 07
25.633.510 34
33,523,437 28
32,387,712 39
34.102.511 86
33,321,100 75
36,078,744 55

2.25

33,070,376 92
36,928,030 11
45,312.106 50

51,788,723 21

4.66
5.12
6.19
6.93

$27,132,940 18

4.95

2.84
4.17

5.00
5.37

4.97
5.17

4.40
5.50
5.94

4.44

5.78
5.18
5.18
4.95
5.19

"Property Investment" include sums
invested in material and supplies.
The amount for year 1917 excludes
temporary investments in short-term notes and other quickly convertible
securities referred to in note on page 11 [pamphlet report].
*

The

t The

ments

amounts

shown

above

as

"Income" shown above is determined after allowing for adjust¬

made through profit and

loss.

*

CAPITAL

STOCK

AND

DEBT.

FUNDED

outstanding Capital Stock
(deducting
treasury) on June 30 1916, consisted of:
•

The

Common

Preferred...

-

stock

in

$214,312,500 00
124,173,700 00
$338,486,200 00

Issued during the year:
Common Stock issued in exchange for Convertible Bonds
retired

Capital Stock outstanding June 30 1917:
Common
Preferred

■
...

—

1

5,336,000 00
.
■'

$219,648,500 00
124,173,700 00
-$343,822,200 00

Oct. 20

THE

1917.]

The number of holders of the

Company's capital stock on
for the year were

June 30 1917, and the changes in number
as follows:

Number of Increase or

for the Year.
17,098
Decrease 28
Common
26,750
Increase 257
The outstanding Funded Debt of the System (deducting
bonds in the treasury) amounted on June 30 1916 to
$301,552,353

50

The

Matured

$52,545 60

12,796,000 00

$12,743,454 40

Total System Funded Debt outstanding June

from
with
Fair¬

of next

part

near

year.

RAILWAY.

line, formerly known, as Crosbyton-Southplains
Railroad (name changed during the year) extends from
Lubbock, Texas, to Crosby ton, Texas, a distance of 38 miles,
with an extension under construction running southwest
from Lubbock for a distance of about 65 miles, of which
39.9 miles

were

completed at June 30 1917.
It is expectd
completed and ready for

the remainder of the line will be

$288,808,899 10

30 1917

main line

fax, a distance of about 62 miles.
The line will traverse an
important section of the mid-continent oil fields, and more¬
over
will form an important cut-off for business between
Kansas City and Oklahoma-Texas points.
Right of way
has been arranged for and construction is about to commence,
but the line will not be ready for operation until the latter

This

566,000 00

Decrease of Funded Debt...

has been organized to construct a line
Owen, Washington County, Oklahoma, to a connection
This Company

SOUTH PLAINS AND SANTA FE

unpaid transferred to Current

Liabilities

OSAGE COUNTY AND SANTA FE RAILWAY.

the Eastern Oklahoma Division of your

Decrease

Stockholders,

Preferred

following changes in the Funded Debt occurred dur¬
ing the year:
Obligations issued:
California-Arizona Lines first and refunding mortgage
4^% bonds
Obligations Purchased or Retired:
S. F. & S. J. V. Ry. Co. First Mortgage
5% Bonds
$11,000 00
Convertible 4% Bonds
5,336,000 00
Convertible 5% Bonds:
Retired.
6,883,000 00

1625

CHRONICLE

operation by January 1 next.
Interest

charges for year ending June 30

1918, will be

MATERIAL AND

approximately $11,742,000 or an average monthly charge
about $978,500.
In making this approximation, ex¬
changes of Convertible Bonds for Common Stock made
since June 30 1917, aggregating $481,000, are considered.

as

This increase is due to a somewhat larger stock of
supplies, rather than the use in its valuation
of the high prices now prevailing, the material and supplies
having been inventoried at normal prices.

material and

of its auxiliaries has any

notes

The Company held in its treasury on June 30 1917,
$39,047,787 80. cash, and also had available $5,281,000 Gen¬
eral Mortgage Bonds, including bonds not yet certified by
the Trustee.
The Company also had in the treasury un¬

Federal, State and local tax accruals for the year ending
June 30 1917 aggregate the large total of $9,870,634 29, and
show an increase over the preceding year of $3,660,268 16.
For the first time Federal taxes have become a matter of
serious concern.
Indeed, the Company's tax situation is
revolutionized by the new system of Federal taxation recently

included under Railroads, Fran¬
In addition, the Company and
its affiliated companies have invested $14,773,600 in short
term notes and other quickly convertible securities.
and

part

are

chises and Other Property.

FUEL

RESERVE

The fund has been increased

tions

of income, as

year

by appropria¬
$1,888,316 42

30 1916

calendar year

56,210 37

Added during the year
In Fund June 30 1917—---

average

RAILWAY.

has been organized to construct this line,
,extending northwest from Holyrood, Ellsworth County,
Kansas, a distance of about 32 miles.
Construction is in
progress and it is expected the line will be completed by the
close of the present calendar year.
The new line will serve
a good agricultural section and should be a valuable feeder
to the System.
MINKLER

SOUTHERN

RAILWAY.

the extension of this line, from Lindsay
to Porterville, California, referred to in the last annual
report has been somewhat delayed.
However, 10.8 miles
had been completed at June, 30 1917, and the remainder of
the extension to Porterville will be ready for operation in the
near future.
A further extension of this line from Porterville
to Ducor, a distance of approximately 13 miles, is under
construction and will, it is expected, be completed and ready
for operation not later than January 1 next.
Arrangements
have been made by a long term agreement with the Southern
Pacific Company for the joint use of that company's line
from Ducor to Oil Junction, a distance of 39.5 miles, from
which latter point a connection, 3.5 miles in length, will be
built to the Company's main line near Bakersfield, thus
giving the Company a direct easterly outlet for the traffic
originating in the Minkler Southern territory.
NORTH TEXAS AND SANTA FE RAILWAY.

being constructed from the main line at or
Shattuck, Ellis County, Oklahoma, westward into Hans¬

This line is

Texas, a distance of about 82 miles.
Track
laying is under way and, if labor conditions permit, the line
should be completed and in operation before the end of the
current year.
The district served by this line is good agri¬
cultural land, already fairly well ,settled and under cultiva¬
tion, and badly needs transportation facilities,

ford County,

;

OIL CITY BRANCH.

Negotiations with the Southern Pacific Company looking
to the purchase of an undivided one-half interest in this
line, extending from Oil Junction to Ainroff, Kern County,
California, a distance of 6.35 miles, with a branch of 2.47
miles in length, extending from said line at Treadwell Junc¬
tion to the station of Porque, Kern County, have been com¬

pleted during the year, and transfer of such half interest
to your Company only awaits the formal approval of the
Railroad Commission of the State of California.
After such
approval is given, this line will be operated for the joint
account of the two companies and will give your Company
direct access over its own rails to the Kern River oil field.
The proposed connection between Oil Junction and Bakersfield, referred to under the heading of "Minkler Southern
Railway" will also give the Company a direct connection
with the Oil City Branch.




stimulate expenditure on the part of the States and
governing bodies, much of which it is greatly feared
will prove to be misdirected and unproductive.
In some
quarters it is already apparent that there is grave danger
that the conduct of State and local affairs will become
decidedly more wasteful and inefficient at the very time the
need is greatest for making the best possible use of our
resources of labor and materials.
Your officials are actively co-operating in efforts that are
being made to promote economy and efficiency.
is

to

local

company

The completion of

for the

1917, but it is by no means improbable.that

they will be say $12,000,000, or about twice the annual
of taxes for recent years, and possibly more.
The natural effect of the war with its heavy expenditures

$1,944,526 79

—

BARTON COUNTY AND SANTA FE

near

year 1917 to which the new Federal taxes apply.
It is impossible to forecast with accuracy the taxes

follows:

Amount to credit of Fund June

A

adopted and which applies to all of the calendar year 1917.
The change wrought is not adequately indicated by the
increase in taxes for the fiscal year ending June 30 1917,
because that year contains only six months of the calendar

FUND.

during the

TAXES.

;

pledged a large amount of stocks and bonds of other com¬
panies, of which part are carried in the balance sheet as In¬
vestments

compared with the balance at the close of the previous

year.

TREASURY.
Neither this Company nor any
or bills outstanding.

SUPPLIES.

increase of $2,055,222 83, in
the value of material and supplies on hand at-June 30 1917,
The balance sheet shows an

of

.

GENERAL.

fully recognize that the time is inopportune
for the construction of new lines, but the foregoing had been
in all cases planned, in some cases definitely promised and in
other cases placed under construction before either the great
advance in prices or the declaration of war, and it seemed
advisable to proceed in spite of adverse conditions.
Com¬
Your Directors

pletion will naturally be somewhat retarded, but it is hoped
that all will be completed before the close of the calendar
year

1918.

-

,

expectations all of the abnormal reasons
year ago as accounting for the Company's large
revenues last year have been accentuated in the last twelve
months.
Not only is the European war still in active pro¬
gress, but our own country is now participating in it and is
spending enormous sums for supplies and for transportation.
The Pacific Coast is still without shipping via the Panama
Canal.
The metal market has been unprecedentedly active
in all its branches, and this has largely increased our traffic,
espeially in copper, zinc and lead and the raw materials
entering into their production.
The oil tonnage on our lines
still increases.
Even our passenger traffic, which we be¬
lieved had reached its maximum with the two great exposi¬
tions on the Pacific Coast, has again shown an increase of
Contrary to our

cited

,

a

over a

million dollars.

Owing to high prices

and lack of labor, it has not been

possible to add materially to equipment, and the result has
been that in the effort to handle this enormous business
every nerve

has been strained to the utmost,

and, even with

could be done, the results have not always been
what our patrons have been taught to expect.
Very much
all

that

against the will of your Directors

and officers it has been

place orders for nearly four
thousand cars of various types and for thirty engines, all of
which were to have been delivered during the calendar year
and some of them during the fiscal year, but the need9 and
demands of the Government have taken precedence, and we
are still struggling along as best we may.
The prices we
have contracted to pay for this equipment, when received,
are almost double those of two years ago.
On all sides the Company has been confronted with the
necessity for increasing wages and salaries.
The payroll

found absolutely necessary to

THE

1626
for the last six months of the year was
in

-per

cent

of the

excess

before.

years

nearly 33

CHRONICLE

payroll for the corresponding period two
This was partly due to the employment of

increased forces, but after making allowance for the in¬
crease in forces it is believed that current wages and salaries
are

on

an

about 20

average

per

cent

the

over

wages

and

[Vol. 105.

those who desire to travel

sought for relief in increasing its rates, but
on our large earnings.

denied, the denial being based
was

unfortunate that when the
were

plainly visible, while the greatly enhanced

It
ex¬

come clearly into view; and this same
condition prevailed up to the end of the fiscal year for which
this report is made.
But the expenses are now beginning
to tell on all the carriers, and somewhat later conditions

had'opt-yet

pense

call for the renewal of our application.
Relations with the public, our patrons, continue good.
In common with all other carruers, we have given assur¬

may

ances

to be

to

little

a

The faithful and efficient services of the officers and

ployees of the Company
ure by your Directors.

are

em¬

again acknowledged ;with pleas¬

EDWARD P. RIPLEY, President.

WALKER D. HINES, Chairman.

GENERAL BALANCE SHEET—EXHIBIT A.—RAILROADS. FRAN-

CHISES AND OTHER PROPERTY,

v

earnings

freight.

was

decided the large

case was

to ship their customary

be, however, that we shall have to ask for
patience on the part of these latter.

salaries in effect two years ago.
In common with all other carriers in the country, your
company

or

It may

Amount June 30 1916, as published in Annual

Report——$680,438,153 92
Expenditures for Additions and Betterments, Construction
and Other Capital Purposes during fiscal year ending
June 30 1916—
,—
--6,188,780 02
Total-

$686,626,933 94

—

Transferred from Exhibit C:
C. A. & S. F. Ry.—Oakland Wharf Prop¬

,

$1,229,913 57

erty^——
Transferred from "Other Investments' :
Oklahoma Central RR__
—

the Government that its business of all kinds is

.

1,067,492 21

2,297,405 78

'

'

given preferential movement, but we hope to be able
out the promise without serious inconvenience to

$688,924,339 72

to carry

BALANCE

GENERAL

SHEET—EXHIBIT

B.

,

BETTERMENTS, CONSTRUCTION AND OTHER CAPITAL PURPOSES DURING FISCAL

EXPENDITURES FOR ADDITIONS AND

YEAR

ENDING JUNE

30 1917.

*

.

Other

Additions arid
Construction.

Betterments.
Atchison

Topeka & Santa Fe Ry-

Barton

County & Santa Fe Ry..

Lines)--.

"

"

------

—

...———

Minkler Southern Ry.
North Texas & Santa Fe

—

—

"""

3"6",958"l6

—

———

-

43,289 83

—

41,112 91
50,257 26

—-—

Rocky Mountain & Santa Fe Ry.._
Improvement Co.——

542 81

—

—

Texas & Gulf Ry_.—
Verde Valley Ry—
Western Arizona Ry.Western Oklahoma Ry_.

— —

—

———

.—

—

388,069
900,063
16,124
276,492
394

923,088 88

*

16,124 11
18*492 77
394 45

—

38
62
50
44
83
91
26

542 81

388,069 30
23,025 62"

Santa Fe Land

South Plains & Santa Fe Ry—

582 40

656,002
765,634
60,029
26,387
43,289
41,112
50,257

26,387 44

"

Osage County & Santa Fe Ry_.
Panhandle & Santa Fe Ry
Rio Grande El Paso & Santa Fe RR—

— .

■/

651,324 48
765,634 62
23,071 34

4,677 90

—

Ry————

Oil Fields & Santa Fe Ry__
Oklahoma Central RR——

746 66

54,788 87
48,071 00
743,058 91
23,656 70

582 40

—,—-—

...——

369 86

87
00
91
70

54,788
48,071
743,058
23,656

—------

——

Laton & Western RR—

42
99
01
34
05
24

37
67
00
07
42
99
01
20
05
24

746 66

Santa Fe Dock & Channel Co.

Gulf Beaumont & Great Northern Ry—
Gulf Beaumont & Kansas City Ry.—------—
Gulf Colorado & Santa Fe Ry—
—
— -

Jasper & Eastern Ry

53,407
1,766
7,522
327,874
14,149
48,188

—--

Dodge City & Cimarron Valley RyEastern Ry. of New Mexico System-—
Garden City Gulf & Northern RR—
Gulf & Interstate Ry, of Texas.
"

"*191,868"92

...

—

2„509,071
183,913
36,000
195,071
53,407
1,766
7,522
328,244
14,149
48,188

36,000 00
3,202 15

—

California Arizona & Santa Fe Ry...
Cane Belt RR—,
:—
Concho San Saba & Llano Valley RR

$3,440,059 73

$183,913 67

——_——-------

Beaumont Wharf & Terminal Go——

"

$343,009,86

$3,783,069 59
2,509,071 37

— —

Atchison Topeka & Santa Fe Ry. (Coast

Total.

Expenditures.

258,000 00
1,624 00

45

1,624 00

$2,589,068 68

$8,340,340 90

30
26
11
77

$91,420 27

$10,837,989 31

Deductions: Land Sales.

400,000 00
$10,437,989 31

Credits in black face figures.

BALANCE
SHEET—EXHIBIT
NEW ACQUISITIONS.

GENERAL

Expenditures to June 30 1916,

as

C—INVESTMENTS-

Oakland Wharf Property—-

Expenditures during the Fiscal Year ending June 30 1917:
'

;

-

Rails and Fastenings leased to various parties.
Real Estate held for future
Tie and Timber Lands.

use

—.

——————

4,621
133,804
263,850
25,089

General Mortgage—
Due October 1 1995

4%

Adjustment Mortgage—
Due July 1 1995

Pittsburg Coal & Mining Co-..—$113,246 85
78
48
83
23

E.—FUNDED

Int.

Convertible—Due

June

1

Issued.

Treasury.

1960

Transcontinental Short LineDue July 1 1968---..

Outstanding.

$152,562,500 $1,228,000 $160,634,500

4%
4%
4%

51,728,000
8,984,000
12,287,000

4%

22,545,000

4M%

Convertible—Due June 1 1956

DEBT

In

Rate.

Class of Bond.

1,229,913 37

— — — -

$11,984,649 28

Grand Canyon Ry———

SHEET- -EXHIBIT
JUNE 30 1917.

shown in Annual Report-.$13,214,562 85

Transferred to Exhibit A:

Cherokee &

BALANCE

GENERAL

18.516,178

382,000

51,346,000
8.984.000
12,287.000
22,545,000

California-Arizona Lines—

$540,613 17
Deductions:
Ice Plant, Belen.
Ice Plant, San Bernardino

Due

19,391 90
19,000 00

$427,397 81

SHEET—EXHIBIT
JUNE 30 1917.
Issued. *

D—CAPITAL

In Treasury.

STOCK

.$219,693,000
124,199,500

$44,500
25,800

Outstanding.
$219,648,500
124,173,700

$343,892,500

Preferred......

Due March 1 1928—
Rocky Mountain Division—
Due January 1 1965
San Francisco & San Joaquin
Valley Ry.—
-

$12,412,047 09

Common

$70,300

Due October

395.

Troy (N. Y.) Gas Co .—Stock Increase

3,000,000

—

18,501.579

—

—

9,603,000

3.000,000

5,989,000

5,989,000

4.940.0C0

4,940,000

Chicago Santa Fe& Cal. Ry.—
Due January 1 1937

5%

560,000

560,000

Hutchinson & Southern Ry.—
Due January 1 1928
.5%
Prescott & Eastern RR.—

192,000

192.0C0

224,000

224,000
2,820

—

.

Due April 1 1928Miscellaneous Bonds

5%

2,820

—

$291,133,499 $2,324,699 $288,808,899
For

comparative income account,

balance

pany's statement under "Annual Reports"

sheet,

on a

&c.J see com¬
previous page.

United States Steel Corporation.—Steel Prices.—
See editorial columns in'this issue.—V. 105, p. 1528, 1319.

White Star Refining Co. of Detroit,
Trust Notes

Mich.—Equipment

Offered.—The Union Trust Co. of Detroit, Mich.,

is

—

This company has increased its authorized capital stock from $3,000,000
to $5,000,000.
On Dec. 31 1916 the amount outstanding was $2,500,000,
par $100; dividend rate in 1916 8% p. a. or 2% Q-M.
Funded debt

$900,000, viz: $400,000 1st M. 5s, due Nov. 1 1939 and $500,000 2d M.
6s due Feb. 1 1923.
See V. 99, p. 1683.—V. 102, p. 890.

offering this company's $125,000 Equipment Trust 6%
gold notes, dated July 1 1917, due serially $25,000 semi-ann.
J. & J. 1918 to 1920, subject to prior payment at par on any
int. date

& Paper Corporation.—fern Dividend.—

An extra dividend of 2%, payable in Liberty Loan bonds, has been
declared on the stock, payable Nov • 15 to holders of record Nov. 5.—
V. 105, p. 826.

Westinghouse Electric & Mfg. Co.—Order Denied.—

response to our inquiry, the company denies the press report that it
an order for 3,500
aeroplane engines, the reported cost having
been given as $17,500,000.—V. 105, p. 1528, 1426.

on

three months' notice.

Detroit, Mich., trustee.
A circular shows:

Trust Co.,

$1,000.




4%

*

5%

Trenton Potteries Co.—Extra Dividend.—

In

1940—

9.603,000

.5%

An extra dividend of H of 1% has been declared on the pref. stock in
addition to the usual quarterly 1 y2%, both payable Oct. 25 to holders of
record Oct. 18.
A like amount was paid in April and July last.—V. 105,

has received

1

4%

$343,822,200

......

$4,800,000 Preferred Stock placed in special trust for
certain purposes by "the Reorganization Committee and not yet used nor
$2,486,500 Preferred Stock in custody of the Union Trust Company of
New York as Trustee but held subject to the Company's order.

Union Bag

14,599

Santa Fe Pres. & Phoe. Ry.—Due September 1 1942

♦Not including

p.

—

—

$113,215 36

BALANCE

1962

1

Eastern Oklahoma Division—

——$11,319 61
63,503 85

Santa Barbara Tie & Pole Co
Sunset Ry—

GENERAL

March

Int. J. & J. at Union

Denom. of $500 and

The equipment purchased by these notes consists of 50 10,000-gallon
all-steel tank cars of standard type and equipment costing $162,500.
The
title to all the cars is vested in the trustee until all the notes are paid.
The

refining company shall keep the equipment insured in the name of the
trust company.
The company is organized in Michigan and as lubricating
engineers is conducting a general oil-distributing business of a very profit¬
able nature.
The company's statement, covering the years 1910 to June 1
1917 incl., shows substantial and largely increased net earnings.—V. 105.
p.

1426.

Oct. 20 1917.]

THE CHRONICLE

by contract at 7.25c., Atlantic and seaboard basis from the
factories.
Allowing for freight differentials and handling
charges, the retail prices should not exceed 8c. at San Fran¬

ibe d/mnmtxcml <pmes0

cisco, 8Hc. at Denver

COMMERCIAL EPITOME

at

Friday Night, Oct. 19 1917.

■

#.

.

.

in

Caution is the word of order almost everywhere, especially

buying ahead, and yet business as a rule among whole¬
salers and jobbers is good.
The great manufacturing in¬
dustries are still active.
They would be more so if they could
get adequate supplies of fuel and labor.
In the Northwest,
the Central West and the South, favored by high prices for

grain and cotton,, trade is especially brisk. Cotton is at the
ighest priees
since the Civil War.
The recent advance
seen

has been

more

than $40

a

bale.

The winter wheat acreage

will be

greatly increased and seeding has been active over a
great expanse of country. Threshing is more general, both
in the winter and spring wheat sections.
Best of all, for
the moment at least, prospects point to a much larger move¬
ment of the wheat crop in the near future.
Farmers have
apparently become satisfied that they will not coerce the
Government into naming a higher price.
Recently too there
has been some decline in food prices.
This applies to butter,
eggs, poultry, cattle, calves, sheep lambs and hogs. Business
in pig iron is more active and tentative prices have been
adopted for the time being.
It is hoped that steel business
will be benefited ere long by the fixing of differentials in this
past week.
The recent fixing of prices in this country has
tended to benefit trade by a removal of uncertainty.
But on the other hand, there are undoubtedly some draw¬
backs.
The scarcity of fuel and labor is one of them.
Strikes in thePacific Northwest have put a check on lumber¬
ing and shipbuilding.
The flour output at Minneapolis is
only 60% of the capacity under the direction of the Govern¬
ment.
Retail trade in this country too is rather more quiet,
owing largely to unsettled weather, enlistments in the army,
the high cost of living and the great activity all over the
country in pushing the Liberty Loan.
The scarcity of coal
in different parts of the country is causing more or less un¬
easiness, not only among great business establishments but
also among householders.
There is some fear also of a
scarcity of sugar and milk in this city.
The Food Adminis¬
tration urges the American people to economize in the use of
sugar.
Some food prices are higher than ever before at this
time of the year.
This includes potatoes in some parts of
the country.
One sign of the times is the dullness of the
automobile trade so far as pleasure cars are concerned,
although there is a brisk trade in auto'trucks.
LARD

higher; prime Western, 24.37@24.42c,; refined to

the Continent, 26c.; South America, 26.25c.; Brazil, 27.25c.
Futures have advanced, partly on the buying of November

by brokers who

Shorts have

generally act for packers.

also been buying.
Quite a large short interest was evidently
created on the recent break.
A fire at Kansas City Stock¬

yards caused

a

loss, it is estimated, of $1,000,000 and a

To-day
nearby de¬

destruction of 7,000 to 8,000 cattle and 3,000 hogs.

prices

were

liveries.
DAILY

Shipping houses bought
higher for the week.

higher.

Prices

CLOSING

are

PRICES
Sat.

October delivery..cts_22.77
"January delivery......21.05

OF

LARD

Mon.

23.35
21.50

FUTURES

Tues.

23.80
21.70

Wed.

23.65
21.67

IN

Thurs.

23.80
23.72

Fri.

24.10
21.65

department desired to see the price

of

hogs put down to $10 is unfounded.
He states that he
hoped to see prices prevail such as will permit domestic and
foreign consumers to buy and at the same time will encourage
the production of meat on farms.
Liverpool reported the
market there dull and slightly easier as arrivals are increasing
and consumption is lighter.
American clearances are in¬
creasing and export offerings are larger. Butter, creamery,
43%@44>^c.
Cheese, State, 24He.
Eggs, fresh, 45@46c.
COFFEE quiet;

No. 7 Rio, 8%e.; No. 4 Santos, 9%@
9%c.; fair to good Qucuta, 10%@10%c.
Futures have
declined somewhat with trading light, stocks large and less
peace talk.
The total at Brazil and in sight is close to
2,600,000 bags or fully half a million bags more than a year
ago.
Prices seem to be weakening in Brazil.
Much of the
selling here has been by houses with Brazil connections.
Considerable switching has been done from December to
distant months, but aside from this trading has been light.
The trade at times has sold March rather freely.
To-day
prices were unchanged to 5 points higher 1
There is a de¬
cline

for

the week.

Prices

were as

follows:

February-Cts7.24@7.26 June— eta 7.57®7-59
—7.3l@7.33 July
7.66@768
November ..7.05®7.07 March
December. ,.7.11 @7.13 April
...7.4007.42 Aug...
7.7407.76
...7.49@7.51 September .7.82@7.84
January...
7.17@7-19 May
October,

cts 7.00@7 02

....

SUGAR lower for granulated, firm for spots; centrifugal,

test, 6.90c.; molasses, 89-degrees test, 6.02c.;
granulated 8.35c.
Some business has been done in raw at
5%c. cost and freight.
Much of the time, there has been a
deadlock.
Cuban holders have quietly sold more or less,
although some holders are asking 6e. cost and freight.
It
is said that there are not over 30,000 tons of Cuban raw sugar
available.
The supply of refined sugar is small and it is
now said that Mr. Hoover may order a rationing of candy.
The price of beet sugar and Hawaiian sugar has been fixed

96-degrees




,

8%c. at New Orleans and 8 l-16c.

Pittsburgh.
OILS.—Linseed lower;

city, raw American seed, $1 08@
Lard, prime, $2@$2 05.
CocoaCeylon, 16c.; Palm, Lagos, 21c.;
Soya bean, 15H@16c.
Cod, domestic, 90@92e.
Spirits
of turpentine, 53H@54c.
Strained rosin, common to good,
$6 80 @$6 85.
Cottonseed oil closed higher on the spot at
18c.
Cottonseed oil has been quiet, there being only small
trade to liquidate contracts.
Little hedging has been done
in a narrow market.
At Washington the regulation of the
mills, dealers and others identified with the industry is under
consideration with a "view of bringing about a closer co-opera¬
tion in handling and distributing the product. - Closing prices
$1 10; Calcutta, $140.
nut, Cochin, 21 @22c.;

are

follows:

as

October ctsl8.99@

■'
—

<

January ctsl7.18@ 17.25 March.cts i7.10@ 17.20

November. 1740@17.55 Feb
Dec —„.17.35@ 17.41

-16.90® 17.25 April——. —
@
May.——..16.50@

PETROLEUM higher; refined in barrels, $10 45@$11 45;
$5 50@$6 50; cases, $15 50@$16 50.
Naphtha
73

bulk,

,

to 76 degrees,.in 100-gallon drums and over, 47%e.
Gaso¬
line, firm; motor gasoline, in steel barrels, to garages, 24c.;
to consumers, 26c.; gasoline gas machine, steel, 41c.; 72 to
76 degrees, 28@32c.
The mid-Continent September pipe

line statistics show decreases in runs,
shipments and stocks.
Kansas wells are running to water and in the eastern field

Kentucky is the centre of interest.

In the Texas panhandle
Burkburnett, the best
being good for 700 barrels daily.

the best results have been obtained at
well

Pennsylvania dark $3 50 North Lima
Cabell.

2 57
2 23
1 50

Mercer black

Crichton

Corning

Thrall—
Strawn
De Soto..

$2 08 Illinois, above 30
2 08
degrees
$2 12
1 98 Kansas and Okla¬
homa
2 00
2 12

South

Lima
Indiana

Princeton

...

2 60 Somerset. 32 deg..
2 38 Ragiand
2 00 Electra...

—

Woosfcer....

_

2 00
—

Moran

1 90

Plymouth

.......

2 40 Caddo. La.. light. 2 00
1 00
2 48

1 10 Caddo,La..heavy2 00 Canada
2 00 Healdton..
—

.....

2 03 Henrietta...

1 20
2 00

TOBACCO.—There has been a sharp demand for domestic
cigar leaf and it is a difficult matter for packers to distribute
the supply on a fair pro-rata basis, owing to the smallness
of the

supply.

No

one as yet

has

a

clear idea of the size of

the crop;

it is too early to estimate it at all accurately.
The
will be too small to meet the requirements.
The killing frosts of September seem to have made that
plain enough.
Nor does there seem much prospect of very
liberal supplies of Sumatra being obtained.
Meanwhile
cuban leaf is in good demand and firm.

fear is that it

COPPER firm; electrolytic 23He.; for fourth quarter
electrolytic 23He. has been more or less nominal, pending
further developments.
It looks as though there will be
enough copper, but the question of reasonably prompt de¬
liveries is one that is not so easily solved.
The copper pro¬
ducers' committee is at work gathering data for the various
companies as to their available output and also figures show¬
ing consumers' requirements.
What the Government needs
is

CHICAGO.

PORK lower; mess, $48@$48 50; clear, $48@$52; beef
products higher; mess, $31 @$32; extra India mess, $50@$52.
Cut meats firm; pickled hams, 10 to 20 lbs.,r25^@27c.;
pickled "bellies, 33@35c.
Food Administrator Hoover, in a
telegram to the State Administrator of California, declares

.the statement that his

1637

pretty well known..

The general price is 23He*

Ordi¬

narily, deliveries to private consumers, of course, must wait
on
Government requirements, but the situation has been
relived by Government permission to producers to deliver
their October copper.
Just now the question of obtaining
supplies overshadows the question of price.
Lead lower on
the spot at 6%&7c., under sharp competition, the produc¬
tion exceeding consumption despite Government require¬
ments:
Tin higher on the spot at 61 %c.
At one time trade
was active,
though latterly more quiet.
London has ad¬
vanced slightly; arrivals, 1,540 tons; afloat, 4,520 tons.Spel¬
ter lower on the spot at, 8H@8%e., pending price-fixing at
Washington.
PIG IRON is still considered to be in a more or less un~

satisfactory condition, although if is true that there has been
more activity on the basis of tentative prices which have
been fixed pending final adjustments of various differen¬
All the new engagements have been on the basis of
established price of $33 for No. 2 foundry and basic
iron at the furnace.
Bessemer iron for delivery this year
has been sold at $36 30 for Valley furnace, pending a definite
adjustment; No. 2 X Philadelphia is quoted at $33 75; basic,
delivered in the eastern Penn., $33 75; Bessemer at Pitts¬
burgh, $37 25; grey forge at Pittsburgh, $32 75; No. 3 foun¬
dry, $32 50; and malleable Bessemer at $33 50 all per gross
ton at Valley furnace.
For Cleveland and Pittsburgh dis¬
tricts 95 cents per ton is added to these prices.
Business
still, hangs fire, however.
Some consumers are trying to
resell part of their stocks.
It is hoped that in the near
future things will be working more smoothly.
Some who
bought iron at very much higher prices have tried without
much success to have the price scaled down.
tials.
the

comparatively scarce so far as new private
Washington has reduced price about
one-third of former quotations. -In other words, the United
States has reduced billets from $70 a ton to $51; wire roads
from $90 to $57; steel bars from $5 for 100 lbs. to $3 25;
The War Industries Board will supervise the output of steel
mills to the end that the needs for the war may be supplied
as rapidly as possible.
Steel men are generally in accord in
changes, although it, of course, means a reduction of profits.
They concur cheerfully in the basis established of 2.90c. for
bars, 3c. for shapes and 3He* for plates, and they believe
STEEL is still

trade is concerned.

1628

THE

CHRONICLE

[Vol. 105.

that in the end it will work out

successfully.
Of course there
thing as satisfying everybody, but to have the
question settled on a reasonably equitable basis is a
decided change for the better from the prolonged period of
uncertainty.
is

On

Shipboard, Not Cleared for-

such

no

whole

'

Oct. 19 at—

Great'

Ger-

Other

Coast

many.

j

Britain.]France,

Galveston
New Orleans..

|

Cont't.

wise.

21,239
4,776

1

7,533
5,480
2,000

Savannah

Charleston '.

Friday Night, Oct. 19 1917.
THE MOVEMENT OF THE CROP, as indicated
by our
telegrams from the South to-night, is given below.
For the
week ending this evening the total
receipts have reached
235,539 bales, against 207,029 bales last week and 208,398
bales the previous week, making the total
receipts since
Aug. 1 1917 1,546,324 bales, against 2,237,852 bales for the
same
period of 1916, showing a decrease since Aug. 1 1917
of 691,528 bales.

•>

Sat.

Mon.

Tues.

9,568

13,613

24,202

Galveston
Texas

.

City_.„__

Wed.

395

New Orleans
Mobile

"4",959

12", 096

12,797

...

805

514

452

808

413

"

....

81,583

13,245 '12,233

n -

Pt. Arthur, &c_.

Total.

Fri.

Thurs.

8,722

289-

289

9,605

54,078
4,892

~

9,908
1,652

4,7X3
219

1,250

Pensacola

2,200

4,688

5,541

7,784

4,847

5,414

2,007

"2",676

"2",759

2,469

2,332

490

1,290
2,451

1,776
803

1,719
4,977

2,735

141

._

Brunswick

7,884

50

177

15

134

1,039

34,478

31,040

"

Charleston

.....

Wilmington
Norfolk

930

6,646
4,000
3,868
1,370
3,021

N'port News, Sec.
....

—.....

Baltimore
Philadelphia

65

______

59,235

276

25

8,100

679
4,243

2,044
4,243

368

38,499

22,5821

Totals this week.

The

13,987

276

New York.

Boston

2,200
34,920
4,000
16,111
7,575

433

49,705 235,539

total receipts, the total
1 1917 and the stocks to-night, compared with

following shows the week's

since Aug.
last year:

1916.

1917.

Stock.

Receipts to
Oct.

19.

This

Since

Week.
Galveston

Texas City. >
Pt. Arthur, &c

289

Orleans
Mobile

54,078
4,892

-

Pensacola

J._»

Jacksonville.

2,200
34,920
4,000
16,111
7,575
13,987

...

Charleston

Wilmington
_

42,585
21,318
34,407
2,961

N'port News, &c_
New

170,104
3,035

370,424
44,524

3,026
428,881

126",569

269", 587

44,723
6,705
20,728
413,385
41,500
69,016
51,536

1,207

8,100
2,044
4,243

Brunswick

York

Boston
Baltimore

5,696
28,089

58,605

433

Philadelphia

39,057
4,000
10,175

53,000
66..188
29,662

13,172

8~,50d

~4,957

156,749
11,000
45,198

37,399
32,794

187,939
9,500
66,869
47,667
65,708

83,9 i 6
8,976
24,578
5,943

89,459
5,126
1,989
1,472

8,515
6,175
9,251

2",657
3,575
536

4,453
1,092

562

10,131

~

151,164

235,539 1,546,324 340,497 2,237,852

Totals

1916.

1917.

903,976
73,726

4",379

12,368
361,784

276

....

Savannah

Norfolk

556,833 125,300
2,546
20,525
178
9,594
261,712
93,156
30,399
2,612
1,155

808

.

New

Since Aug
1916.

Week.

1 1917.

81,583

...

This

Aug

727,933'1,175,352

In order that

comparison may be made with other years,
give below the totals at leading ports for six seasons:

we

1917.

Receipts at—
Galveston

81,583
1.097
54,078
4,892
34,920
4,000
16,111
7,575
13,987

Texas City, &c
New Orleans.

Mobile
Savannah
Brunswick

Charleston, & c
Wilmington..
Norfolk
All others

17,020

Since Aug.

1915.

1914.

1913.

1912.

96,986
37,470
41,589
3,593
40,271
2,000
18,986
13,893
19,281

121,979
13,928
26,582
4,837
42,080
3,000
7,665

113,671
28,049
59,152
24,762
133,263
13,500
32,870

180,414
27,167
72,229

5,961
9,745

34,529
30,339

198

268

328

11",709

3,643

4,022

18,159

99,292
20,500
23,067
22,190
33,159
2,078
20,015

340,497

277,910

240,067

488,622

512,935

93,156
2,612

39,057
4,000

10,175
5,696
28,089

■

276

N'port N.,&c.

Total this wk.

1916.

125,300
20,703

235,539

.

-

112,824

1. 1,546,324 2,237,852 1,868,119 1,042,088 3.116,993 3,066,967

The exports

for the week ending this evening reach a total
160,192 bales, of which 92,055 were to Great Britain,
31,565 to France and 36,572 to other destinations.
Ex¬

of

ports for the week and since Aug. 1 1917
Week

ending Oct.

19

1917.

are as

From Aug. 1

Exported to-

follows:

1917 to Oct. 19 1917.

Exported to—

Exports
Great

from—

Great

Britain. France.

Galveston..

Total.

10,150

33,577

229,191

15,934

23,427

Other.

176,862

Pt.Arth.,&c.
NewOrleans

Pensacola..

.

15,234

73,282

1,910

1,910

York.

Boston
.

2,017

38,9 i 7

7.509

8,650

224,429
21,367
1,929

¥2",732

40",051

156,065
61,074
28,218

17,072

4,149

19",46i

21,000

"¥,839 "l"l",245

25,796

116,276

35,422

85,618

237,316

*900 *25,058

36,448

10,758

900

48,106

*7.004

37,869

3,418

41,287

*1,268

4,301

lb", 092

10.092

21,458

21,458

*9,654

*5,917

*1,0S7

*1,268

"*

Washing'n.

2,950

28,218

10,240

Detroit

40,401

4,301

*29,50

10,240

..

Total

325,918

17,0 ^2
9,712

*14,504

Phlladel'a..
Fran

Total.

68,972

61,074

"4,149

Norfolk

San

Other:

1,929
15,234

Wilmington

Baltimore.

26,755

21,367

Savannah..

New

France.

5,492

15,934

Mobile

Brunswick

Britain.

956

J92.055 ^31,565 936,572 /160192

956

784,448

203,802

241,146 1,229,426

453,695il ,342,519
482,562;!,134,953

Total

1916.

67,412

53,219

34,860 155,491

675,482

213,342

Total

1915. 100,546

29,095

65,059 194,700

469,341

183,050

•Exports In September not previously reported.
/Including additions for September exports not heretofore available.

In addition to above exports, our

telegrams to-night also
give us the following amounts of cotton on shipboard, not
cleared, at the ports named.
We add similar figures for
New York,




749

7,000

133,832
116,178
149,749
45,198
11,023
32,674
71,916
86,431

120

3",005

4",666

'

Other ports

2",149

1,400

!

York

9,000
38,764

8,000
18,289
21,972

120

4,000

Total 1917..

119,926'

Total 3910

Total 1915..

34,996

5,000

100

20,013
57,209
57,550

12,000
13,000

14.155
80,9321
647,001
32.638 228,0621
947,290
13,444 128,082 1,090,459

Speculation in cotton for future delivery has been rather
irregular prices, but, with the general trend up¬
October touched the highest prices seen since the
Civil War.
Liverpool and American trade interests have
been steady buyers.
December has been a favorite pur¬
chase, but Liverpool has also bought January, March and
May.
The tendency is to cut down crop estimates any¬
where from 500,000 to 1,000,000 bales owing to the recent
killing frost over much of the belt on Oct. 8 and Oct. 9.
active at

ward.

That

is

earlier
later

than

usual.

At

the

same

time

the

crop

than

usual, and it has kept late.
So that
between a late start and an early frost bulls figure that the
crop is in a pretty bad way.
In other words it is a case of
the third short crop in succession.
The last Government
crop estimate on Oct. 2 was 12,047,000 bales exclusive of
linters.
Some in the South maintain that the yield is under
11,000,000 bales exclusive of linters.
Estimates are heard
as low as 10,685,000 bales.
This is cited merely as showing
the drift of the talk growing out of the early frost date.
Not
that the generality of people think that any such damage as
this was done.
In any case it is always or nearly always
But the conviction is widespread and ap¬
exaggerated.
parently deep-seated that for the third year there has been
a semi-failure of the crop just at the time when, a good crop is
needed.
And the fact is not lost sight of that within a year
there may be peace or the beginning of negotiations looking
towards peace, with all that that implies in the way of prepa¬
rations for the great event and the restoration of the lost
market for American cotton in the Central Empires and also
in northern France, so long held by the invader.
Mean¬
while spot markets are reported strong with the basis high.
So confident apparently is the South that the price is going to
30 cents that there is a good deal of buying of spot cotton on
speculation.
And the consumption in this country is ex¬
ceeding even the large figures of a year ago.
That is
naturally considered significant.
Stocks in consumers'
hands on Sept. 30, moreover, were only 959,324 bales, ac¬
cording to the Census Bureau, showing a steady decrease for
several months past and a falling off compared with last year
of some 368,000 bales.
Stocks in public storage and com¬
presses doubled during September, but/are considerably less
than a year ago.
The quantity brought into sight is well
under that of last year.
The crop movement is disappoint¬
ingly small in cotton as in the grain trade, and for the double
reason that these
products are being held back by farmers and
that marketing is retarded by car shortage.
On the other
hand, many think the bullish factors in the' situation have
been amply discounted by the recent rise of between eight
and nine cents per pound.
They also believe that the
damage done by the recent frost is exaggerated.
They look
for a sharp increase in the crop movement before long and
with it a notable increase of hedge selling, with no general
speculation to help take care of the hedges.
The trading
now
in progress is mostly confined to wealthy interests,
speculative and commercial.
Most people are afraid to
speculate on the bull side with the price the highest seen for
the last half century or more.
Others do not like the report
of widespread speculation in spot cotton at the South.
They think that sooner or later it will mean a bad break in
the price.
That has happened before.
Latterly, moreover,
the weather has been good for picking and ginning.
A
big increase in ginning in Texas is looked for in the next
Census statement.
The New York stock is steadily increas¬
ing.
There are persistent reports that it is difficult to get
ocean tonnage at the South for new export'business.
And
there was a rumor the other day that Germany intends to
declare the United States, Canada and Cuba in the war zone,
and, inferentially, attempt to blockade them with U-boats.
Also, at times the depression in the stock market has had a
very noticeable effect.
The fluctuations in cotton, too,
have been so wild that on this account alone many have
held aloof from the market.
To-day pricfes were at one time
$1 to $1 50 a bale higher, owing to predictions of killing frost
in Alabama, Mississippi, Arkansas and some parts of Georgia,
with

much

rise there

colder weather in

the

Carolinas.

But

on

the

heavy selling.
Wall Street, uptown interests
and the West all sold, especially Wall Street.
The market
had become long.
On a rise of over 8 cents, the technical
position is supposed to have become weakened by the weekwras

ing out of the shorts and the expansion of the long account.
Still, the market ended a trifle higher for the day.
Liver¬
pool and American trade interests are steady buyers. Mid¬
dling uplands closed at 28.65c., a rise of 100 points for the
week.
The official

quotation for middling upland cotton in the
day for the past week has been:

New York market each
Oct. 13 to Oct.19—

Middling uplands.

\

135

5.000

!

New

started

Jacksonville
Savannah

j

Norfolk

Stock.

36,272
10,391

7,500

1

Mobile

COTTON

Leaving
Total.

Sat.

Mon.

Tues.

Wed.

Thurs.

Hoi.

28.00

28.45

28.45

28.65

Fri.
28.65

Oct. 20

1917.]

THE

CHRONICLE

FUTURES.—The highest, lowest and closing prices at
New York for the past week have been as follows:
Saturday, Monday,
Oct. 13.

Oct.

Friday,

Oct. 16.

Oct. 19.

Oct. 17.

Oct. 18.

AT THE

INTERIOR TOWNS the movement—that is,
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
the

Tuesday, Wed'day, Thursd'y,

15.,

1629

Week.

detail below.

October—

Range

27.35-.85 27.10-.00 27.74-.07 27.75-.07 28.00-.26 27.10-/26
27.36 — 27.90-.97 27.80-.90 28.05-.10 28.14 —

Closing..—

Movement to Oct.

November—

Towns.

27.05

—

27.70

—

27.56

—

27.80

—

27.85

_

Week.

26.63-.28 26.45-.60 27 15-.65 27.25-.60 27.33-.82 26.33-182

Season.

Range
Closing....
February—
Range

26.26-.00 26.15- .00 26.76-.30 26.89-.22 26.90-.35 26.15-135
26.39-.41 26.95-.98 26.93-.95 27.10-.12 27.14-.15
•

2,398

24,406

2,845

18,118

—

~

26.85

—

——

——

—

26.83

—

—

—

27.00

_

—

_

_

27.00

—

—

DAY.

26.30

—

26.70

—

26.55

26.78

—

36,890

939

8,511

3,591

21,014

878

9,993
18,803

21,669

16,189

85,537

9,609

47,152

Bluff.—

8,000

25,283

19,536

8,815

46,664

3,487

455

9,473

673

2,539

742

14,801

704

35,102
2,313

27,205

3,981

13,422
24,381

4,550

42,137

1,800

20,065

7,432

34,000

15,119 104,236

13,854

48,902

11,476

86,712

26,301

181,589

22,660

200,737

4,500

15,152

1,500

11,782

3,997

21,174

9,385

52,793

5,731

13,956

6,969

71,234

1,470
5,754

3,067

8.2S3

2,105

3,626

16,380

2,682

15,614

61,904

9,881

4,169
30,872

10,474

74,217

7,481

Miss.,Columbus
Clarksdale*

570

505

1,693

380

1,198

143

Augusta

—

.

_

7,975

__

Rome..

Range

—-

26.23

Closing...,
July—

—

;

.

■—

26.65

—

26.50

—

26.96

26.75

—

—

26.72

26.96

—

—

26.24-.25 26.37-.69 26.50

Closing....
August—

—

8,129

1,882

27,401

4,778

23,963

2,080

7,000

26,604

2,000

46,736

6,832

10,262

1,096

20,000
8,911

11,763

2,223

1,337

6,113

309

Natchez...—

4,036

21,148

2,466

10,675

3,550

2,474

376

4,943

3,369
9,174

1,079

19,724
4,574

2,000

8,577

1,122

6,619
31,474
1,229
19,139
.24,945
5,972
9,900
3,539
8,000

2,274

62,762

181,907

59,741

14,061

6,628

Vicksburg—
Yazoo City.

26.75-.77 26.72-.75
26.22

26.05-.12 26.00- .22

26.00

—

—

26.18

26.30

—

26.18-.20 26.20-.22 26.15

—

—

606

.

3,256

12,666

Mo., St. Louis.

17,938

112,047

1,532

6,254

1,193
16,914
1,102

1,374

2,883

25,320

1,771

Raleigh
O., Cincinnati.
Okla., Ardmore

558

1,513

450

217

664

3,279

650

451

5,663

3,282

22,081

8,957

500

7,500

3,200
3,944

6,221

3,000

29,695
9,250

8,366

—

...

Range.....

14,552
22,607

N.C.,Gr'nsboro

26.25-.90 26.10-.71 26.60-.85 26.60-.88 26.59-.72 26.10-.90

Range.—..

14,245 124,278

2,332
30,606

>

—

1,976

7,966

__

26.30-.32 26.70-.75 26.52-,GO 26.79-.81 26.84-.85

Closing

21,249
11,773

2,584

1,853

Meridian

26.16-.05 26.09-.7S 26.45-90 26.57-.91 26.62-.00 26.09-.05

Range

2,490

4,494

Greenwood

—

May—

June—

16,797

5,528
3,000

Columbus—_

—

26.85-.87 26.84

—

8,552

1~,858
2,284

8,368

Macon.

Closing....

266

_

April—•
—

7,012

La., Shreveport

26.31-.32 26.72-.77 26.69-.70 26.90-.92 26.90-.91
26.78

537

29,238

Athens

26.17-.05 26.07-.90 26.50-.00 26.69-.02 26.70-.15 26.07-115

Range

20.

2,154

4,171

Atlanta

HOLI¬

l

Oct.

Season.

_—

—

March—

Closing

Week.

13,966

Ga., Albany._.
—

Stocks

Receipts.

Rock—

...

Ark., Helena..
Pine

—

—

26.35

Closing.

2,415

Little

.

,

451

Solma

26.68-.73 27.37-.38 27.26-.2S 27.51-.52 27.54-.55

Ala., Eufaula..
Montgomery..

Closing
January—

i

19.

Week.

Oct.

Week.

Ship¬
ments.

Stocks.

_

_

—

December—

Range.....

1910.

Movement to Oct. 20

1917.

ments.

Range..

1* Closing—__

Range

19

Ship¬

Receipts.

Chickasha

Closing...

/ 28c.

26.05

.

—

I 27c.

'

■

THE VISIBLE SUPPLY OF

—-

—

.

COTTON to-night,

—

'vVas

made

by cable and telegraph, is as follows.
Foreign stocks,
as well as the afloat, are this week's returns, and consequently
all foreign figures are brought down to Thursday evening.
But to make the total the complete figures for to-night
up

add the item of exports from the United States,
including in it the exports of Friday only.
(Friday),
Oct.

we

303,000

1916,
558,000

19.000
25,000

30,000
45,000

347,000

1915.

1914.

633,000
*1,000
*1,000
163,000

1917.,

19—

Stock at Havre ,1_
Stock at Marseilles

1,071,000
*1,000
*2,000
207,000
7,000
2,000
a45,000
a64,000
158,000
110,000
*1,000

Total Great Britain

Stock at Hamburg—•
Stock at Bremen

760,000
21,000
52,000

*1,000

"833,000
*29,000
*155,000
210,000
3,000
27,000
27,000
*20,000

190,000

Stock at Manchester

376,000

387,000

------

Stock at Barcelona
Stock at Genoa

-

Stock at Trieste
Total Continental stocks

India cotton afloat for Europe—

537,000 1,009,000 1,458,000 1,304,000
55,000
40,000
59,000
85,000

Amer. cotton afloat for Europe._

477,000

550,796

548,769

53,000.

43,000

34,000

19,000

118,000
95,000
184,000
*650,000
340,000
455,000
727,933 1,175.352 1,218,521
673,994 1,053,374
918,630

*105,000
502,000

Total European

stocks

Egypt,Brazil,&c.,afloat for Eur'pe
Egypt
Stock in Bombay, India
Stock in U. S. ports
Stock in U. S. interior towns,—
Stock in Alexandria,

U. S. exports

_

13,051

to-day.__

Liverpool

198,000

Total

to-day

464,000
33,000
*360,000
209,126
600,968
696,772
24,268

8,820
5,288

5,700

1,033

2,103

15,616

2,800
4,781

6,138

600

4,915

3,500

13,778

3,124

7,358

24,496

2,118

10,553

3,483

36,718

847

2,859
107,000

36

1,924

600

4,756

600

22,636
2,478

18,893

79,875

69,651

287,368

S.C., Greenville
Greenwood

49,350

773

Tenn.,Memphis

42,484

105,000

....

stock

i
—_

Continental stock.
India afloat for Europe.—
-

145,000

19,000
7,000
*32,000
55,000

71,000
10,000
*87,000
59,000

Egypt, Brazil, &c., afloat
53,000
Stock in Alexandria, Egypt...—
118,000
Stock in Bombay, India
*650,000

296,000
21,000
19,000

231,000

30,000

7,000

.

*87,000
40,000

43,000

34,000

95,000

184,000
455,000

340,000

*111,000
85,000

19,000
*105,000
502,000

1,039,000
787,000 1,131,000 1,158,000
2,265,978 3,521,733 3,794,270 2,388.134

Total East India, &c

American.....-

49,722 ,186,006

40S

592

160

404

3,000

10,715
13,432

1,000

3,853

10,000

37,559

11,628

8,000

698

2,850

691

19,483

577

1,827

2,771

26,682

3,090

7,541

7,197

49,647
3,820

6,526

13,219

Brenbam

680

....

Clarksvllle...

5,127

15,530

7,000
4.229

47,427
19,504

90,076

698,678

5,019

Dallas

16,222

910

14,931

...

Honey Grove.
Houston

San Antonio.

_

4,250

5,613

5,000

469

^J^

14,164

5,397
2,575
79,399 130,014 150,960 1,078,227 131,427 247,916
8,628
2,441
5,963
7,452
5,991
58,116
588
3,300
2,500
30,672
2,500
1,557
2,634

2,910

5,955

Total, 41 towns 341,986 1,773,753 212,583673,994 464,298 2,799,747 375,006 105337
♦Last year's figures are for Greenville.

The above totals show that the interior stocks hare in¬
creased

during the week 129,403 bales and are to-night 379,380,.
same period last year.
The receipts at
all towns have been 122,312 bales less than the same week

bales less than at the
last year.

,

.

OVERLAND

MOVEMENT

>

.

THE

FOR

•

a

Revised.

*'

Continental imports for past week have been 63,000bales.
The above

figures for 1917 show

up

from telegraphic reports Friday

r

The results for the
follows:

ight.

week and since Aug. 1 in the last two years are as

-1916-

1917
Oct. 19.

Since

Since

Week.

Shipped—
Via St. Louis...

Week.

Aug. 1.
119,126
54,014

16,914
9,037

Via Mounds, &c
Via Rock Island

059,741
9,182

Aug. 1.
al75,785
35,665

365

425

11,316
11,083

5,665

.....12,271

13,7i4

73,658
119,881

1,631
2,204
13.984

58,045

389,443

92,832

358,753

14,820

101,271
20,022
80,108

7,330
3,714
13,967

20,971
20.244

201,401

25,011

100,267

188,042

67,821

258,486

.

Via Virginia points
Via other routes, &c._

Total gross overland

—

_

Deduct Shipments—
Overland to N. Y-, Boston, &c
Between interior towns

2,984

13,838

Inland, &c.,from South

Leaving total net overland*
*

^.26,403

Including niovement by rail to Canada,

a

year,

land exhibits

day during the
week at New York are indicated in the following statement.
For the convenience of the reader we aho add columns which
show at a glance how the market for spot and futures closed
on same days.
Futures

decrease from

a

a

of 70,444 bales.

year ago

-1916Since

Spot Market

.235,539
Net overland to Oct. 19
26,40.3
Southern consumption to Oct. 19. 84,000

Aug. 1.
340,497 8 2,237,852
67,821
258,486
79,000
911,000

345,942
129,403

2,745,366
319,052

487,318
88,392

Receipts at ports to Oct. 19

Total marketed.'

Interior stocks in excess

Closed.

Spot.

Contract

Total

—

._

Friday
Total




_.

3,407,338
699,640

575,110

3,064,418

330,127

.......

104,936

4,106,978

500,059

sight in previous years:
Bales. I

Week—

Since Aug.

24..--.I

..679.926(1193—Oct.

Bales.

—

468,493J 1915—Oct. 22..
..,——459,986 1914—Oct.

23.

.3,226,520
....2.390,786

24

....4,376,391

.- —

QUOTATIONS FOR 32 YEARS.
The quotations for middling upland at New York on
Oct. 19for each of the past 32 years have been as follows:
NEW YORK

1906.

14.00
9.20
11.75
11.00

.13.80 1905
.10.90 1904
9.35 1903.
14.45 1902

10.25
10.25
9.10
8.70

28 65 1909.c
18.35 1908..
12.65 1907

1917.C
1916.
1915

1911

—

8.56
8.12
8.31
1890-.... —10.25
1889
10.56
1888
9.75

8.50
9.75

1893.C

1900.
1899.

7.38

1891...

1898.

5.44

1901.C

1897.

6.19

1892

1896.

7.94

1895.

9.12

1887

1894.

5.94

1886

9.56
9.31

WEATHER REPORTS BY TELEGRAPH.—Advices to

Steady
Firm

Steady
Steady
Very steady

week—475,345

spinn's takings to Oct. 19 45,808

Movement into

HOLIDAY

Quiet 35 pts adv
Steady 45 pts adv
Steady
Steady 20 pts adv ..
Quiet
—

-

Total in sight Oct. 19

1910

Saturday—
Monday
Tuesday
Wednesday.
Thursday

...

Came into sight during

1912—

Market

Closed.

Week.

Aug. 1.
1,546,324
188,042
1,011,000

Week.

1914
1913

SALES.

59,052

Revised.

-1917-

1.913—Oct.

BALES AT NEW YORK.

14,868

102,505

foregoing shows the week's net overland movement
bales, against 67,821 bales for the week last
and that for the season to date the aggregate net over¬

1915—Oct, 22.
1914—Oct. 23

AND

11,310

The

from 1914.

MARKET

17,635
,

has been 26,403

North'n

The total sales of cotton on the spot each

985

65

....92,751
3,293

Via Louisville
Via Cincinnati.

increase over last week
of 207,549 bales, a loss of 1,003,755bales from 1916, a decrease
of 1,620,292 bales from 1915 and a decline of 241,156 bales
an

AND

WEEK

SINCE AUG. 1.—We give below a statement showing the
overland movement for the week and since Aug. 1, as made

Total visible

♦Estimated,

4,792

Nashville....

Since

supply
3,304,978 4,308,733 4,925,270 3,546,134
Middling Upland, Liverpool
20-52d.
10.57d.
7.12d.
5.05d.
Middling Upland, New York
* 28.65c.
18.40c.
12.45c
Egypt, Good Brown, Liverpool..
33.30d.
16.78d.
10.25d.
7.80d.
Peruvian, Rousrh Good, Liverpool
27.50d.
14.00d.
lO.lOd.
8.75d.
Broach, Fine, Liverpool
20.55d.
10.05d.
6.75d.
4.50d.
Tinnevelly, Good. Liverpool....
20.73d.
10.07d.
6.87d.
4.65d.

10,220

Tex., Abilene..

&c.—

Manchester stock—...

Total

918,630

2,265,978 3,521,733 3,794,270 2,388,134

American

East Indian, Brazil,
London

712,000
47,000
*300,000

673,994 1,053,374
13,051
2,211

stocks.

Liverpool stock

413,000
38,000
*289,000

477,000 1 550,793
548,769
727,933 1,175,352 1,218,521

;

stocks,.

U. S. exports

follows:

are as

18,000
*158,000

bales.

stock

Continental stock
American afloat for Europe
U. U. ports

600,968
696,772
24,268

49,350

of American and other descriptions

Manchester stock

U. S. interior

2,211

209,126

3,304,978 4,308,733 4,925,270 3,546.134

Total visible supply

Of the above, totals
American—

800

9,078

Oklahoma

471,000

—

...

10,702

3,355

4,912
5,045
2,304

Paris

943,000
71,000
57,000

129,000
4,000
47,000
10,000

.bales.

Stock at Liverpool
Stock at London

4,000

26,070
25,002
24,201

Hugo

—

us
400

400
200

400

200

200

600

by telegraph this evening denote that on the whole com¬

paratively little rain has fallen during the week at the South,
but that cold feather has to some extent interfered with the
gathering of the crop.

Freezing temperatures and frosts

THE

1630
are

reported in north and northwestern Texas, and advices
killing frosts at a number of points.

from Oklahoma refer to

Galveston, Tex.—Cool weather prevailed during the opening
days of the week, with freezing temperatures and light frosts
in North and Northwestern Texas.

[Vol. 105

CHRONICLE

At the close the -weather

mostly favorable for picking which made good progress.
on three days during the week, the rainfall
being one inch.
The thermometer has averaged 67, ranging

Savannah, Ga.—There has been only a trace of rain on one
day during the week.
Average theremometer 68, highest 80,
lowest 51.

Charleston, S. C.—There has been no rain during the week.
averaged 66, the highest being 78 and

The thermometer has
the lowest 53.

was

We have had rain
from 54 to 80.

Tex.—We have had no rain during the week.
ranged from 32 to 96, averaging 64.
Brenham, Tex.—We have had rain on one day of the week,

Abilene,

The thermometer has
the

precipitation being thirty-eight hundredths of an inch.
Average thermometer 68, highest 92, lowest 44.
Brownsville, Tex.—1There has been no rain during the week.
The thermometer has averaged 73, the highest being 94 and
the lowest 52.

Greenville, S. C.—Rain has fallen on one day of the week,
the

precipitation reaching thirty-five hundredths of an inch.
has.averaged 59, ranging from 33 to 84.
Charlotte, N. C.—No killing frost yet.
There has been
rain on one day during the week to an inappreciable extent.
The thermometer has averaged 60, the highest being 82
The thermometer

and the lowest 39.

Memphis, Tenn.—There has been rain on one day during
twenty-four hundredths of an
59, highest 84, lowest 34.

the week, the rainfall being
inch.
Average thermometer

QUOTATIONS FORMIDDLING COTTON AT OTHER

Tex,—"We have had rain on one day during the
week the rainfall being nine hundredths of an inch.
The
thermometer has averaged 69, ranging from 44 to 93.
Dallas, Tex — There has been a trace of rain on one day
of the week.
The thermometer has ranged from 36 to 86,
■averaging 61.
Fort Worth, Tex.—We have had no rain during the week
the precipitation being thirteen hundredths of an inch.
Average thermometer 65, highest 95, lowest 40.
Henrietta, Tex.—There has been no rain during the week.
The thermometer has averaged 64, the highest being 100 and
Cuero,

,

MARKETS.—Below
at

cotton

each

Tex.—Dry all the week.
The thermometer
ranging from 44 to 94.
Kerrville, Tex.—It has been dry all the week.
The ther¬
mometer has ranged from 35 to 90, averaging 63.
Lampasas, Tex.—We have had rain on one day of the week,
the precipitation being two hundredths of an inch.
Average
thermometer 66, highest 94, lowest 38.
Longview, Tex.—There has been rain on one day of the
past week, the rainfall being twelve hundredths of an inch.
The thermometer has averaged 63, the highest being 87 and
Huntsville,

has averaged 69,

principal cotton markets for

day of the week.
Closing Quotations for Middling Cotton on—

Week ending
Oct. 19.

Saturday,] MondayJ

27.45
127.13

27.00

127.52
27%
27%@%
27 %
"

27.15

New Orleans...

Mobile.

27.13
26.88

Savannah

27

27 %

Charleston

27

27%

27
27.25

27

HOLI¬

Wilmington

27.60
27.13

27.60
27.25

•27.38

27.50

*27%
27%

27%
27%

27 H
27.88

27%
27.88

28.00

28.25

28.90

28.90

27.69

27.69

NEW,

27.00
27.25
28.70

27.88

27.25
28.25

27.75
28.70

YORK.

27.25

27.63

27.50

27.50

28.50

28.50

28.50

26.15

28.50
26.70

26.70

26.85

,26.65

27.30

27.27

27.35

26.95
27.35

426.75

27.18

27.37

27.37

27.50

DAY
AT

Baltimore

Philadelphia
Augusta
Memphis
__

...

Dallas
Houston

Little

Friday.

Tuesday.(Wed'day. Thursd'y
27.45
27.13

Galveston

Norfolk

the lowest 28.

the closing quotations of middling

are

Southern and other

Rock..!.

NEW ORLEANS

CONTRACT MARKET.—The high¬

est, lowest and closing quotations for leading contracts in the
New Orleans cotton market for the past week have been as
follows:

■

.

the lowest 38.

Luting, Tex.—There has been rain on one day during the
week, the rainfall reaching forty-eight hundredths of an inch.
The thermometer has averaged 70, ranging from 48 to 91.

Nacogdoches, Tex.—Wiry all the week.
The thermometer
has ranged from 37 to 87, averaging 62.
Palestine, Tex.—Rain has fallen on one day of the week,
the precipitation being twelve hundredths of an inch.
Aver¬
age thermometer 63, highest 86, lowest 40.
Paris, Tex.—There has been rain on one day during the
week, the rainfall < being one hundredth of an inch. The
thermometer has averaged 61, the highest being 90 and the

Saturday,
Oot.

13.

Oct.

15.

Tuesday, Wed'day, Thursd'y,

Friday,

Oct.

Monday,

Oct. 19.

Oct.

16.

Oct.

17.

18. \

October—

26.46-.30 26.49-.40 27.12-.37 27.19- .35 27.42-.55
26.46 — 27.23-.30 27.11 — 27.30-.35 27.-4 8-.50

Range
Closing._
December—

25.39-.00 25.25-.05 25-59-.10 25.79-.15 25.93-.32
25.40-.48 25.89-.92 25.76-.79:26.95-.01 26.24-.28

Range
Closing
January—
Range
Closing

HOLI¬
DAY.

25.36-.06 25.20-. 00 25.62-. 10,25.80-. 11 25.80-.11
25.45-.47 25.86-.90 25.78-.80 25.93-.97i26.03-.07

Larch—

25.50-.31 25.35-.13 25.81-.24 25.97-.20 25.89-.20
25.50-.55 26.05-. 07 25.96-.99 26.02-.06. 26.03-.07

Range-

lowest 32.

Range
Closing.
lay—

25.61-.33 25.49-. 19 25.90-.27 26.03-.23 25.93-.20
25.61-.64 26.17,-.18 26.01-.03 26.03-.04 26.03-.05

Closing

San Antonio, Tex.■—We have had rain on one day during
the week, the rainfall being forty-four hundredths of an inph.
The thermometer has

averaged 66, ranging from 44 to 88.
Weatherford, Texc—Dry all the week.
The thermometer
has ranged from 38 to 86, averaging 63.
Ardmore, Okla.—We have had no rain the past week.
Average thermometer 65, highest 92, lowest 29.
Muskogee, Okla.—There has been rain on one,day during
the week, the rainfall being nine hundredths of an inch.
The thermometer has averaged 60, the highest being 92
and the lowest 26.

Eldorado, Ark.—Rain has fallen on one day of the week,
precipitation reaching twenty-eight hundredths of an
The thermometer has averaged 62, ranging from 35

Tone—

Firm

COTTON

Firm

Firm

Irreg.

Spot
Options

Irreg.

Steady

Steady

Steady
Steady

Steady

STATISTICS FOR WEEK ENDING OCT.

12.—Last

Friday having been a holiday (Columbus Day),
we went to press on Thursday night, and our cotton statis¬
tics, therefore, covered an imperfect week.
We have this
week, however, revised all the results so as to make them
cover the full week ending Friday, Oct. 12, and they are as
follows:

■

■

■

Week

Since

Oct. 12.

the

Aug. 1.

inch.

to 89.'

Little Rock, Ark'.—We have had rain on one day during
the week, the rainfall being thirty-three hundredths of an
inch.
The thermometer has ranged from 39 to 83, averag¬

ing 62.

Net receipts

Visible

visible

;

Interior town receipts
Interior town shipments

thermometer 70.

Shreveport, La.—There has been light rain

on one

day of

the past week, the rainfall being one hundredth of an inch.
The thermometer has averaged 65, the highest being 85 and
the lowest 44.

Columbus, Miss.—There has been rain

on one

day during

the week, the rainfall reaching forty-eight hundredths of an
inch.
The thermometer has averaged 60, ranging from 30 to

90.

Vicksburg, Miss—It has rained on one day of the week,
precipitation being nineteen hundredths of an inch.
The

,

„

312,455

overland.-

Southern consumption
Interior stock increase.
Into sight.

Northern spinners'
World's takings

1,429", 067

•-,

—

!

takings

•

!—

American

takings..—
Other takings

1,067", 100

166,985
544,591

___

l

Receipts from plantations—
Net

1,310,785

272,411

supply

American

Interior town stocks.

New Orleans, La.—We have had rain on two days of the
week, to the extent of eight hundredths of an inch.
Average

207.029
633,692
124,539
,097,429
,043,429

Stock at U. S. ports
Foreign exports

—...—...

:«.«
...

29,164
88,000
105,426
429,619
27,942
318,283
230,283
88,000

1,500,434
161,639
927,000
189,649
2,589,073
284,319
2,632,420
2,065,420
567,000

COTTON/CONSUMPTION AND OVERLAND MOVE¬
MENT, TO, OCT. 1.—Below we present

a

synopsis of the

movement, for the month of September and the two
months ended Sept. 30 for three years:
crop,

the

1917.

1916.

1915.

thermometer has ranged from 43 to 86, averaging 65.

Mobile, Ala.—Remnant of the crop is being picked, and
ginning continues brisk. There has been rain on one day
during the week, the precipitation reaching five hundredths
of

an

inch.

Minimum thermometer 48, maximum 85, mean

70.

Selma, Ala.—There has been rain on one day during the
week, the rainfall being thirty hundredths of an inch.
The
thermometer has averaged 61, the highest
lowest 37.

being 82 and the

Madison, Fla.—Rain has fallen on three days of the week,
the precipitation reaching one inch and twelve hundredths.
The thermometer has
averaged 68, ranging from 51 to 85.
Albany, Ga.—There has been rain on one day of the week,
the rainfall reaching ten hundredths of an inch.
The ther¬
mometer has ranged from 44 to 91,
averaging 68.




Gross overland for September

bales.

Gross overland for two months

September
Net overland for two months
Port receipts in September
Port receipts in two months
Exports in September.
Exports in two months
Port stocks on Sept. 30.
Northern spinners' takings to Oct. 1
Net overland for

Sputhern consumption to Oct. 1
Overland to Canada for two months (in¬
cluded in net overland)
Burnt North and South in two months._
Stock at North'n interior markets Sept.30

during September
in sight Sept. 30
sight balance of season

Came in sight

Amount of crop
Came in

100,236
253,755
37,206
121,076

634,288
929,597
412,998
856,990
569,006
206,468

765,000

'

50,684
95,709
28.291
64,142
842,378
975,220
435,710
594,522
986,275
224,669
565,000

16,898

9,968

9,399

24", 3 05

12",827

12",568

1,159,327
1,830,452

Total crop

Average gross weight of bales
Average net weight of bales

90,093
153,612
63,092
100,896
959,247
1,292,556
493,588
858,170
826,386
245,408
688,000

1,814,339
1,354,669
2,445,452
1,769,362
10,530,il7 11,184,088
12,975,569,12,953,450

513.34

515.39

488.34

490.391

509.87
.484.87

Oct. 20

1917.]

THE

CHRONICLE

WORLD'S SUPPLY AND TAKINGS OF COTTON.

The

1631

prices of futures at Liverpool for each day

are

given

3elow.
Cotton Takings.
Week and Season.

1916.

1917.
Week.

The prices are

Oct. 13
Visible supply Oct. 12
Visible supply Aug. 1

3.097,429

3,996,431

475*345

Bombay receipts to Oct. 18
Other India ship'ts to Oct. 18-Alexandria receipts to Oct. 17__
Other supply to Oct. 17*

66,000
61,000
618,000
62,000

3,064,418
186,000

-

575,710
9,000

4,106,978
127,000
58,000
145,000

3,000

25,000
114.000
28,000

Sat.

35,000
3,000

32,000

Oct. 19.

124 124

3,599,774

IA on.

7,667,229

6,232,194 4,622,141

Deduct—

124

p.m. p.m. p.

New Contr't

d.

d.

January
February._

4

means

19 63-1 OOd.

Wed.

Tues.

12%

4

d.

d.

d.

25
06

Fri.

Thurs.

DAY.

12 4

4

4

124

d.

d.

d.

d.

d.

d.

d.

59

44

40

64

75

68

11

38

22

18

40

52

95

22

05

00

20

30

46
21

84

09

92

86

02

10

00

96

79

73

86'

93

80

52

52

52

46 26

19

HOLI¬

.....

4

30

19

April
May..

12 4

m. p.m. p.m. p.m. p.m. p.m. p.m. p.m. p.m. p.m.

19 63 45

March

Total supply

Thus: 19 63

to

3,198",251

2",814*,776

American in sight to Oct .19

given in pence and 100ths.

Season.

Week.

Season.

32 12

92

19

20 00

80

73

3,304,978

Total takings to Oct. 19 a.
Of which American...
Of which other

_

2,927,216
2,318,216
609,000

294,796

_

252,796

42,000

•.

4,308,733

3,304,978 4,308,733

3,358,496
2,672,496
686,000

313,408
304,408
9,000

-

Old Contract

19.09190

70

October

Visible supply Oct. 19-

19

I7I37

17

17

42

42

42

18

75 95

75

75

00

00

00

10

10

10

18

10 30

10

10

35

35

35

45

45

45

17

92 12

92

92

17

17

17

27

27

27

17

76 96

76

76

01

01

01

11

11

11

Oct.-Nov.

Jan .-Feb

_

_

March-Apr
May-June

*

,

Embraces receipts in Europe from Brazil, Smyrna, West Indies, &c.
a This embraces the total estimated consumption by Southern mills,

1,011,000 balas in 19l7and 911,000 bales in 1916—takings not being avail¬
able—and the aggregate amounts taken by Northern and foreign spinners,
1,916,216 bales in 1917 and 2,447,496 bales in 1916, of which 1,307.216
bales and 1,761,496 bales American,
b Estimated.

BREADSTUFFS
Friday Night, Oct. 19 1917.
Flour has shown

BOMBAY COTTON MOVEMENT.

a

downward trend, with some tendency

towards
1915.

1916.

1917.

Week.

Bombay

Week.

Aug. 1.
144.000

5,000

Since

Since

Since

Receipts at—

Week.

Aug: 1.

Aug. 1.

29,000

99,000

11,000

214,000

ALEXANDRIA RECEIPTS AND SHIPMENTS.
1917.

1916.

1915.

137,419
340,846

Alexandria, Egypt,
Sept. 26.

148,636
376,587

165,570
368,880

Receipts (cantars)—
This

week

Since Aug. 1

To

6,962

Liverpool

Week. Aug.

1.

15,109
4,882
13,263

To Manchester
To Continent & India

Total

33,254

6,962

exports

1,375

1

Week. Aug.

1.

14,888
3,290
5,406
1,133

To America

.

Since

Since

Since

Week. Aug.

Exports (bales)—

1,087

24,717

1,375

1.

18,340
8,941
19,335
13,888

1,087

60,504

MANCHESTER MARKET.—Our cable from Manchester
this

evening states that the demand for cloth is active, but
are quieter. ■ We give prices for to-day below and
those for previous weeks of this and last yeai; for
comparison:
yarns

leave

1916.

1917.

84 lbs. Shirt-

8*4 lbs. Shirt¬
ings, common

32* Cop

Mid.\

Twist.

Twist.

to

Aug. d.
31

a.

finest.

d.

a.

@

25% 14 0
25H

13

9

25

13

6

@

21

;24

CP's

a.

d.

d

15

8

6

@10

74

9.90

@

1514 8

8

@10

6

9.38

15tf'8

8

@10

6

9.51
9.62

9

16.90 14 H

25 4

@
@

28

15^ 8

8

@10

6

@

151*18

8

@10

6

@

15% 9

0

@1010%

15%\9

2

@11

0

16J4l9

254 137H@17 1014 17.82 14H
@18 014 18.62 14 M
26% 140

'26H

28

d.

@

@17

I23H

9.

10>< 1.7.25 1414

@17

@

24

7

d.

finest.

18.25 14J4
!

@18 6

Sep.
14

to

d.

d.

d

a.

@

|25 H

Mid

32s Cop

Up'8.1

\Cofn

ings, common

Cot'ni

3

@11

1H 10.57

9.47

Oct
5

3

14

12

27

@

2814 14 6

19

127

@

29

15 0

@18 6
@18
@1

19.37 U%

10% 20.07 14?*
9 0
20.52 154

9.93

jl0.ll

SHIPPING NEWS.—In harmony

with the desire of the
the destination of cotton
usual details of shipments are

Government to observe secrecy as to

leaving United States ports, our
suspended until further notice.
COTTON
New York

FREIGHTS.—Current rates

are as

for cotton from

follows, quotations being in cents per pound:

Liverpool, 5.00c.; Manchester, 5.00c.; Havre, 8.50c.; Genoa, 10.00c.;
Leghorn, 8.50c. nom.; Christiania, 4.00c.; Naples, 10.00c.; Oporto, 10.00c.;
Barcelona, 9.00c. nom.Lisbon, 9.00.C.; Japan, 3.00c.; Shanghai, 3.00c.
Vladivostok, 3.00c. nom.

LIVERPOOL.—By cable from Liverpool we have the fol¬
lowing statement of the week's sales, stocks, &c., at that port:
Sept. 28.
13,000

Sales of the week

Oci.

5.

Oct. 12.

Oct. 19.

17,000

16,000

16,000

12,000
1,000
78,000
329,000
223,000
141,000
116,000
185,000
135,000

11,000

11,000

52.000
316,000

50,000
303,000
19 s,000
36,000
36,000

9,000

;

61,000
266,000

stock

Of which

172,000

American

Total imports of the week—66,000
Of which, American
>
52,000

197,000
152,000

afloat
Of which American—

Amount

205,000
39,000
24,000
234,000
182,000

Liverpool market for spots and futures
day of the past week and the daily closing prices of
spot cotton have been as follows:
/
The tone of the

each

12:15
P.

M.

f
{
1

Mld.UpI'ds

Monday.

Tuesday.

Wednesday.

Thursday.

Friday.

moderate

Saturday.

Spot.
Market

Quiet

Moderate

Easier

Quiet.

demand

demand

HOLI¬

20.22

20.22

20.47

20.47

20.52

DAY.

20.80

20.80

21.00

21.00

21.02

4,000

3,000

4,000

3,000

3,000

Good Mid.

Uplands.
Sale3

—..

Steady

\

opened /

Market,

(

4

{

P.M.

1

Steady

Steady

20 pts.
decline

28 @30

unchanged

pts. adv.

Steady

Quiet

From

6@14 pts.

7@20 pts.

Quiet

Quiet

24@27
pts. adv.

Quiet

Futures.

Market

61@65 pts. 15® 17 pts.

on

old.




20

points

on

old.

25 points
on

old.

unch. to

1

adv.on new dec. on new adv.on new adv.on new

55 points

striking features as far as

developments are concerned.
The chief factor now is
the question of distribution.
The receipts at primary points,
though somewhat larger than recently, are much smaller than
those of a year ago.
The aim of the Food Administration
apparently is to divert wheat from the Northwestern mill
centres to mills east of Chicago which have been inadequately
supplied.
The exportable surplus of the United States is
put at about 78,000,000 bushels.
Meanwhile the reports in
regard, to the start of the new winter wheat crop are very
cheerful.
The weather has been exceptionally good for plow¬
ing and seeding and the seed is germinating unusually well.
It is stated that the plant will enter the winter unusually
strong.
There is a good milling demand andt it is hoped
that the movement of wheat will increase in the near
is

It

future.

decidedly

disappointing

increase in the North American
was

now.

The

total

available supply lask week

931,000 bushels, as contrasted with an

increase in the

week last year of 10,628,000 bushels.
The increase
east of the Rockies in the United States was 1,828,000 bush¬

same

against 734,000 bushels last year, but the net result
below what had been hoped
Yet some believe that in the near future receipts will

as

of the week's movement falls far

Forwarded
Total

Wheat trade presents no very
new

els,

Of which

speculators took
Of which exporters took
Sales, American
Actual export

increasing supplies, though they are far from large
But large shipments are expected
on old business.
That will help a good deal.
Moreover,
Eastern mills are to have ample supplies of wheat.
It is
believed that a curtailment of production at the Northwest
at the direction of the United States Government was partly
at least, with a view of relieving the mills east of Chicago
and providing them with a larger supply of wheat.
Others
think that the aim is simply to effect a better distribution
of production throughout the country to the end that all
sections may have adequate supplies both of wheat and flour
and no one section be unduly favored.
Prices in the mean¬
time are being in a sense stabilized; that is, they are more
uniform, less erratic and premiums on spot flour show a
tendency to disappear or at least to decline.
It is noticed,
however, that those who have flour to arrive show little dis¬
position to resell.
The local situation is being relieved by
some increase in receipts plus the production at the city mills,
so that supplies on the whole are about large enough to meet
the current needs.
Mills have reduced prices, owing to
reduced cost of production,.
They are favored by the fine
quality of the wheat this season and also by a rise in the price
of mill feed.
Liverpool cabled that prices were firm with a
good demand from consumers and arrivals are readily ab¬
sorbed.
The stock of foreign flour there is not large and the
local output is moderate, as officials are supplying wheat
slowly and the quantity of admixture is small and very dear.
The total output for the week at Minneapolis, Duluth and
Milwaukee was 535,000 barrels, as against 493,000 barrels
in the previous week and 427,000 barrels for the same week
last year.
The output from Sept. 1 to Oct. 13 at these three
points is 2,836,000 barrels, against 2,304,000 barrels last year.
and the demand is brisk.

Sept. 27.

10 points
on

old.

pt.

adv.

Quiet
6

pts.

dec.

to 4 pts.

adv.on hew
unch on old

for.

crop reports., as a rule, are not cheerful.
Australia the crop prospects are good and
still large.
But from the United Kingdom

Foreign

increase.

It is true that in

old

reserves

are

the crop news is not favorable and farmers are holding
wheat at 80s. per quarter.
In Italy it is plainer than

seed
ever

and that stocks are light everywhere.
there is a general strike among dock
and They are refusing to unload
foreign arrivals.
Under the circumstances, it is not surpris¬
ing to be told in the advices from Italy that the general con¬
ditions from a supply and demand standpoint are unsatisfac¬
tory.
In France the crop is light, but the bulk of it has now
been safely gathered and threshing is general.
It is favored
by better weather.
Plowing is also being pushed in France.
Meanwhile French millers are complaining of the lack of
that the harvest is poor

To make matters worse,

hands

at

supplies

Italian ports,

as

the military authorities have taken

possession

early threshings of wheat.
Needless to say, the
import needs of France will be large.
Just now the arrivals
there are inadequate.
The outlook is favorable in Argentina
but this is a critical time for the crop in the central and
southern sections and the ultimate yield, of course, depends
of

the

upon

the weather.

Meanwhile the strike there continues

and actual shipments are small, or entirely lacking, so that
for the moment Argentina does not count in the queston oi

-

1632

THE

CHRONICLE

DAILY CLOSING PRICES OF CORN IN NEW YORK.
Sat.
Mon.
Tues.
Wed. Thurs.

supplying the world's needs.
In Russia the last harvest
undoubtedly bad.
It was poor as to yield and quite as

was

No. 2 yellow

seems

At present prices offered by Russian of¬

considered
scarce and

at

gloomy, with the weather bad for seeding, labor

economic conditions

the

depreciated

tol

at

unsatisfactory owing largely to
The removal of the capi-

paper currency.

Moscow has been

decided upon.

Liverpool cabled
steady with a scarcity of spot offerings
lighter export clearances.
Duluth wired:
"A Min¬
neapolis report says that the Government has stopped all
shipments of wheat west of Rugby, N.D.,to Eastern mar¬
kets."
To-day a Chicago dispatch said that millers who
are there in attendance upon the National Federation meet¬
ing state that the prospects point to a larger movement of
wheat as prducers are satisfied that the present price will
be the highest one.
The "Modern Miller" says that while
the seeding of winter wheat has proceeded with a rush'and
the acreage is larger than normal there has been some de¬
lay in this work in western Kansas from the lack of mois¬
ture.
Threshing is more general over "both, of the wheat
that the tone

was

and

belts of the country.
DAILY CLOSING PRICES OF WHEAT IN NEW

Mon.

Sat.
No. 2 redi

....

No. 1 spring—i

Indian

YORK.

Wed. Thurs.

Fri.

cts_225

..

226

226

226

226

226

-.229

229

229

229

229

229

„

corn

result of

Tues.

declined at

time and then rallied partly

one

a

a

That is

cannot

ficial

an increase, however, in the visible supply of 400,000
bushels, as against a decrease in the same week last year
of 552,000 bushels.
The trouble is that the total available
supply at present is still only 2,042,000 bushels, against
three times this amount a year ago and more than double
this at the same time in 1915.
Chicago houses with Eastern
connections have been large buyers.
It is part of the
talk at Chicago that Jesse Livermore has been covering
shorts there.
On Tuesday, this was given as one of the
was

reasons

of

the

firmness.

It

is

said

that

on

recent

a

depressing effect

DAILY CLOSING
•„

,

OF

Besides, these

The

OATS

IN

Mon.

Sat.

NEW

Tues.

66

following

66

66

66#

cts.

December delivery in elevator.cts.
May delivery in elevator..

are not

66#

66#

YORK.
Wed. Thurs. Fri.
66#
66#
66
67
67
67

OATS FUTURES IN CHICAGO.
Sat.
Mon.
Tues.
Wed. Thurs. Fri.

58#
59#

58#
59#

57#

59#

58#
60#

58#
60#

58#
60#

closing quotations:'

are

Winter, low grades
19 45@10 75

Winter clears.;.
Spring patents.
Spring straights.
Spring clears

......

10 85@11 55

Buckwheat flour
Graham flour

Corn,

1

Spring,

No. 1, new
N. Spring, No. 2
Red winter, No. 2, new
Hard winter. No. 2
Oats, per bushel, new—
Standard
No. 2, white
No. 3, white
No. 4, white

will run, it added, full
on corn if they can get it when the
coal problem is settled.
The Chicago "Record-Herald" tof

...

2 26
-2 25
cts.
66

Argentina
L
Rye, per bushel— '

64#

York

New

i.

c.

Western

66#
65

bushel—

c.

$2 03#
2 02#
I 75

f. $1 89
i. f. 1 88

1 35
1 10

Barley, malting.
Barley, feeding.

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
Flour.

Receipts at-

Wheat.

Corn.

bbls.lQQlbs. bush. 60 lbs. bush. 56 lbs

Chlcago.....
Minneapolis

184,000

.

Duluth..

108,000

9,000

18,000

21,000

12,000

263,000

216,000

5,000

Cleveland

...

Louis

Peoria

35,000

372,000

387,000

205,000

460,000

70,000

104,000

16,000

80,000

7,000

Same wk.1916

Same wk.1915
Since Aug. 1—
1917

359,000
353,000
447,000

48,000

142,000

313,000

118,000

381,000

Total wk. 1917

6,000

89,000
88,000
105,000
549,000

610,000

City.

121,000

597,000

1,269;000

50,000
649,000

4,000

20,000

Rye.
bush.56lbs.

957,000

"99",066

89,000

97,000

..

Barley.

2,448,000

708,000
15,000

187,000

Milwaukee
Detroit

Kansas

462,000
2,899,000

Oats.

have been:

bush. 32 lbs.

557.000

Toledo

357,000

442,000
693,000

5,625,000

797,000

2.769.000

6,383,000
9,369,000

2,897,000

11,468,000

2,863,000

723,000

10,750,000

2,842,000

5,801,000

3,027,000

^52,000

3,283,000 57,874,000
4,014,000 125,057,000
3.893,000 123,589,000

26,918,000

90,259,000 (26,553,000

8,118,000

39,757,000

86.312.000 27,030,000
82.637.100023,366,000

6,661,000

1,680,000

1

1916.:

18 said: /'Food Administrator Hoover

practically told
a number of grain men from different parts of the
country
who conferred with him in Washington Monday that they
were sitting on a keg of powder that might
explode at any
time when bulls in corn and provisions get too enthusiastic
and advance prices out of reason or the bears become too
aggressive and depress prices unduly."
An Eastern grain
man, who is supposed to be in a position to know what Mr.
Hoover is doing, said: "The grain men were told that they
held the future of an open speculative market in their own
hands, as the Food Administrator has power to close the
Exchanges and stop speculation." To-day corn declined
somewhat.
Larger receipts are expected next week.
The
Mexican Government is said to have bought 3,000,000 bush¬
els in the United States recently.
The "Modern Miller" says
that the corn crop is made and
harvesting is progressing.
The South is offering corn to Northern markets in
goodly
quantities. The price is higher for the week.

-

per

No. 3 mixed
f. o. b.
No. 2 yellow kiln dried
No. 3yellow

$2 29

...

Omaha..

The American and Atlas

...

GRAIN.

■per

N.

distilleries have been grinding 21,500 bushels of corn, but
have bdfen running on part corn and part molasses in the
manufacture of alcohol.
The Globe and Great Western

Spring, low grades
Kansas straights, sacks. 11 00 @ 11 25
Kansas clears, sacks—
City patents
12 25
Rye flour
10 00@10 30
...

Winter patents
Winter straights

St.




PRICES

DAILY CLOSING PRICES OF

times when the whole business situation is more or less ab¬
normal.
Peoria wired that the Great Western and Globe

Oct.

prices.

FLOUR.

quite a large short interest was formed, based pre¬
sumably on the prospects of a high record crop.
This
has been neutralized, however, by the slowness of the crop
movement, although the receipts are beginning to increase
at the Southwest.
At Chicago they do not expect them to
be heavy, however, for some time to come
Yet, the fact
that new corn is appearing in Southwestern markets un¬
doubtedly had a certain effect.
Still it is also pointed out
that supplies have become so reduced that the first arrivals
of the crop may be quite readily absorbed until deficient
stocks have been replenished.
It is said that the mills are
inclined to pay pretty good premiums over Chicago Decem¬
ber for early arrivals.
In Liverpool prices have been very
steady, with a scarcity of first-hand export offerings.
Also
the spot demands there has been good.
Buyers are willing
to take hold, but holders are very reserved there.
Ship¬
ments from Argentina are small, owing to the strike.
Ameri¬
can clearances have been inadequate.
In fact, all feeding
stuff has been scarce at Liverpool, with a good demand,
while the floating quantity is small.
Continental bids
have been advanced.
The situation in Liverpool from
the standpoint of
supply and demand is considered strong.
On the other hand, it is a fact beyond dispute that the crop
is the largest on record and that most people are looking
for lower prices ultimately when arrivals reach larger pro¬
portions.
It is conceivable, however, that the marketing
of the crop may be somewhat slower than Usual in these war

reducing for want of coal.

on

.

Standards
No. 2 white.,.

de¬

clines

are

114# 115# 115#
110# 111# 110#

bull speculation is likely to be encour¬
aged.
To-day prices declined, but only slightly, as receipts
are light and there were reports of exports of 800,000 bushels
at the seaboard on Thursday.
But it is also said that farm¬
ers are
beginning to show more disposition to sell.
Larger
receipts are expected shortly, although the car shortage is a
drawback.
Prices are a trifle higher for the week.

The crop is big, but what about transporta¬
a question which agitates the trade.
Buyers
get at the corn and there may be for a time an arti¬
scarcity.
That remains to be seen.
Last week there
,

114
109#

times when aggressive

bepn buying.
tion?

203#

time and then

one

to have

stronger technical position.
In other words,
the market had become oversold.
Wall Street shorts have
as

Fri.

202

narrow bounds,
declining a little
recovering.
The crop is enormous, but
it is not moving with the rapidity that could be desired.
This fact, of itself, tends to prevent any marked decline in
prices.
Yet it is true that receipts are increasing somewhat.
Still, at Chicago the stock is only 1,377,000bushels, as
against 8,285,000 bushels a year ago. The North American
supply increased last week 1,403,000 bushels, against 1,
117,000 bushels in the same Week last year, but the total is
still only 21,975,000 bushels, or about a third as large as
that of a year ago.
In Liverpool prices have been steady,
with a better demand, also braced by the smallness of the
American receipts and the very moderate increase in the
visible supply.
Argentina is shipping nothing. The move¬
ment of English oats is small and estimates of European
crops are being reduced.
Arrivals at Liverpool are large,
but they are being promptly absorbed, military requirements
being large. At Chicago there has been quite a steady cash
demand to fill engagements with the seaboard for export.
On the other hand, trading has not been active.
December
has been liquidated somewhat freely, though in some cases
those who sold December bought May.
Of late sample
prices at Chicago have shown a downward tendency, despite
the fact that car shortage is reported to be acute.
In the
main the domestic demand has been light.
It is believed
that when the crop begins to move in earnest it cannot fail

seems

there.

202

Oats still fluctuated within

attractive enough to bring out the wheat if it is
Unfortunately agricultural prospects in Russia are

ficials

202

December delivery in elevator_cts. 113
112#
May delivery in elevator
109# 108#

strange that it should be so, if the pesaants are hold¬

ing large reserves.

203

..cts. 203

DAILY CLOSING PRICES OF CORN FUTURES IN CHICAGO.
Sat.
Mon. Tues.
Wed. Thurs. Fri.

Eoor as tothe importantis asserted that stocks in Russia are
It point is that the movement is small.
irge, but quality.
It

[VOL. 105.

1915

Total

38,610,000

6,552,000

receipts of flour and grain at the seaboard ports for

the week ended Oct. 13 1917 follow:
Receipts at—

New York

Flour.

Wheal.

Corn.

Oats.

Barley.

Rye.

Barrels.

Bushels.

Bushels.

Bushels.

Bushels.

Bushels.

140,000

1,232,000

14,000

,688,000

Philadelphia.

39,000

274,000

90,000

57,000

249,000

18,000
24,000

544,000

Baltimore

375,000

414,000

1,190,000
260,000

N'port News.
New Orleans*

Montreal
Boston

Totalwk.1917

103,000
20,000

12,666

60,000

1,140,000

6,000

38,000

3,000

397,000

2,810,000
162,333,000

Since Jan.l'17 16.921,000

Week 1916...

442,000

5,716,000

Since Jan.1'16 21,183,0001
321,678,069
*

dn

51,000

193,000

276,000

52,000

158,000

245,000
3,266,000
122,000
45,242,000 120,877,000 14,869,000

780,000
9,702,000

162,000
534,000
3,429,000
922,000
50,846,000 152,543,0001(23,648,000 10,157,000

Receipts do not Include grain passing through New Orleans for foreign porta
through bills of lading.

Oct. 20

The exports

CHRONICLE

THE

1917.]

from the several seaboard ports for the week

ending Oct. 13

THE DRY GOODS TRADE

shown in the annexed statement:

are

New

York,

Friday

Night,

Oct.

The continued advance in cost of both raw
Flour,

Wheat,

bushels.

Exports from—

barrels.

bushels.

Oats,
bushels.

Corn,

71,745 392,457

21,183

Boston.

862,135 232,514

235,026

Baltimore

114,409 2,761,856 325,442 392,457
279,864 2,557,261 650,563 626,126

931.725

Total week.

1,182",409

5,843,071

1916

Week

will bring forth.
Demand for goods has fallen off as a result
of the rise in values, though there are still many merchants

1,190,000

Newport News

The destination of these exports

July 1 1917 is

for the week and since

!

Wheal.

Flour.

Corn.

Exports for Week.
Since

Week

Since

Week

Oct. 13

Oct. 13

July 1

1917.

1917.

July 1
1917.

1917.

1917.

Barrels.

Bushels.

Bushels.

Bushels.

Bushels.

Week

Since

■

Oct. 13

July 1 to—

United Kingdom.

88,252

618,354

411,791

26,157

855,958

519,934

3,284,145

12,789,853

Continent

10,012,843
3,570

113,166

Indies.

West

2,419,621
127,428

90,876

4,177

14,941

32,190

"~~3", 404

22,842,633

5,849,539

So. & Cent. Amer.

Brit.No. Am.Cols.

1

2,652

Other Countries—

19,606

114,409

1,700,612

931,725

1916— 279,864

4,516,607

5,843,071

Total
Total

—

The world's shipments

98,751,899 1,182,409 16,317,212

of wheat and corn for the week

ending Oct. 13 1917 and since July 1
shown in the following:

1917 and 1916 are

Corn.

Wheat.

Exports.

Since

Week

July 1.

13.

July 1.

Oct. 13.

July

89,193,000 120,250,000
5,224,000

630,000

"3,672,000 17",712",000

4,881,000

North Amer*

"43", 660

Danube

Since

Since

Since

Week
Oct.

1916.

1917.

al916.

1917.

July 1.

1.

16,210,000

10,384,000

"4,779*,GOO 40,656",000

—

"196",006

Australia...

720,000

19,660,000

11,192,000

India

190,000

7,698,000

11,851,000

58,000

668,000

1,148,000

"119",660

"1,255,666

2",619",000

6,045,000 120,891,000 167,377,000

792,000

16,438,000

59,485.000

Argentina

Oth. countr'e
Total
*

America.—T a Canadian Government
as officially prohibited the
manifests and exports until after ten days.
This is effective

North

of both

issuance

during the continuance of

The

the war.

Revised.

a

quantity of wheat and corn afloat for Europe on dates

mentioned

follows:

as

was

Corn.

..5,;. Wheat, f
United

United
<

Total.

Kingdom.

Continent.

Total.

Bushels.

Bushels.

Bushels.

Bushels.

Continent.

Kingdom.

Bushels.

Bushels.

Oct. 13 1917-

Not avail able,

6 1917..

Not avail able.

Oct.

42,720,000

Oct. 14 1916

16 1915—

Oct.

supply of grain,

visible

The

35,680,000

--------

seaboard

GRAIN

.United

V

Baltimore—.
Orleans

•

Buffalo,
;

—

—

Detroit-

Chicago:-.
"

—

afloat——.1-—-

Milwaukee
Duluth,

-

—■

—

.Minneapolis—
St.

bush.

416,000

1,512,000
265,000

285,000
2,000

851,000

60,000
700,000

652,000

79,000
903,000

1,000
31,000

359.000

-

-

bush.

210,000
38,000
215,000
318,000
182,000
197,000
154,000
</
9,000
999,000
243,000
569,000

Louis

KansasCity

bush.

—

9,000
Indianapolis———————
244,000
Omaha
247,000
On Lakes
3,834,000
On Canal and River..36,000
Peoria—

„

879,000
265,000

——...

--

Galveston

Rye.

bush.

511,000
462,000

-

News

Oats.

710,000
50,000

.

Philadelphia

Toledo

Barley.

Corn.

bush.

States—

York—

\;;7v

STOCKS.,,

Wheat.

Boston...

New

comprising the stocks in

of accumulation at lake and
ports Oct. 13 1917 was as follows:
.

Newport

19,142,000
32,938,000

at principal points

granary

New

--------

-

48,000
1,571,000
13,000.
,78,000
631,000
8,000
225,000
13,000
134r000
81,000 3,436,000
———

<

216,000

6,000

199,000

9,000

1,273,000

5,000

759,000
920,000

34,000
8,000

678,000

74,000

779,000
846,000

48,000

—

—

—

1917—*9,596,000
Total Oct.
6 1917
-*7,812,000
Total Oct. 14 1916
.59,324,000
Total Oct. 16 1915
18,888,000
Total Oct. 13

—

...—

1,551,000
1,226.000
4,456,000
4,829,000

15,190,000
14,697,000
41,880,000
15,177,000

Including Canadian wheat, now duty free.
Note.—Bonded grain not included above:
Oats,

—

10,000

657,000
70,000
520,000

7,000
28,000
124,000

-

—

137,000
—

——

54,000
155,000
742,000 1,486,000
250,000
454,000
58,000
1,000
38,000
——

—:
15,000
28,000
165,000
333,000
—30,000
— — —

2,710,000 4,754,000
2,224,000 5,252,000
1,731,000 3,550,000
1,401,000 3,605,000

*

42,000° New York,

133,000

20,000

Canadian—

1,230,000
Ft. William & Pt. Arthur.- 4,309,000
Other Canadian
1,586,000
Montreal—

Total Oct. 13 1917
Totcl Oct.

-

6 1917.

Total Oct. 14 1916*
Total Oct. 16 1915
*

Including Canadian at

7,125,000
6,411,000
16,317,000
15,299,000

29,000
—■
.

29,000 3,521,000
31,000 3,269,000
838,000 12,414,000
4,000 1,364,000

Total Oct.

6 1917

Total Oct. 14 1916

Total Oct. 16 1915.

12,000

-

...—

——.

—

4,000
3,000
122,000
7,000

12,000
46,000
799,000
119,000

l

9,596,000
—

Total Oct. 13 1917—

4,000

Buffalo and Duluth.

Summary—
American

Canadian

408,000
2,819,000
294,000

7,125,000

16,721,000
14,223,000
—75,641,000
34,187,000




1,551,000 15,190,000 2,710,000 4,754,000
29,000 3,521,000
4,000
12,000
1,580,000
1,257,000
5,294,000
4,833,000

18,711,000
17,966,000
54,294,000
16,541,000

2,714,000
2,227,000
1,853,000
1,408,000

quiet at this time of the year it is more so this season.
No
are being received by mills, as merchants are
anxious to get possession of the goods ordered.
Some
clothing manufacturers are buying high grade fabrics, but
most of the inquiry appears to be for manipulated fabrics,
and it is reported that clothing manufacturers are using
mixtures on an unusually large scale in order to keep prices
from rising too rapidly.
Heavy cloths are scarce, as they
have been rapidly absorbed to meet the requirements of the
Government.
Overcoatings for next year are expected to
be very scarce.
Mills have made little preparation for the
next fall season as they have been unable to work on samples,
owing to the pressure of Government business.
The raw

cancellations

material situation remains acute.

FOREIGN DRY GOODS.—Although further advances

'

Duluth: total, 195,000 bushels, against 2,412,000 in 1916: and
barley, 201,000 in New York, 8,000 Baltimore, 20,000 Duluth: total, 229,000,
against 385,000 in 1916.
Buffalo,

from Government orders, is
few buyers appear willing
to anticipate the future under prevailing conditions.
While
the
high prices are curtailing consumption, few look
for recessions, as with the cotton crop prospects poor, raw
material is likely to continue high during the remainder of the
season.
Killing frosts have reduced estimates of the
yield, which now promises to be littler larger than last year.
Spot goods of every description are becoming virtually un¬
obtainable, and mills are making no headway in catching up
with deliveries.
Production as a result of the growing
scarcity of skilled labor is decreasing, with little hope of any
improvement for some time to come.
Export demand is
fairly active, though business is restricted by the scarcity
of supplies and inadequate shipping facilities.
The best
business is being transacted in colored cottons and fancy
ginghams, with most of the inquiries at present reported com¬
ing from the West Indies.
There is also a good inquiry for
colored goods from South American countries.
Recent ad¬
vices from South and Central America indicate that Far
Eastern manufacturers are selling considerable quantities of
goods in these markets with Japanese goods becoming quite
a factor.
The July figures of textile exports from the United
States show a falling off in knit goods, cotton yarn, silks and
woolen goods.
Shipments of cloths, however, were ahead
of those during the corresponding period a year ago, while
exports of bleached and dyed goods were also larger, but those
of unbleached and dyed m the yarn cloths were smaller.
DOMESTIC COTTON GOODS.—Staple cotton goods
continue to rule firm, and as it is becoming more difficult to
make purchases, further upward revisions are looked for.
Mills are in such a position that they are unable to accept
orders for prompt delivery and many are also refusing orders
for deferred.
While in normal years, many cancellations are
received by manufacturers few are reported this year.
Demand for all classes of cottons is not particularly active,
and there are indications of increased resistance on the part
of buyers who are only taking goods when urgently needed.
Buyers, however, do not feel that there will be any lowering
of prices this season, but they are endeavoring to limit the
advances as much as possible as they realize that an active
demand would more than likely send values up to unpre¬
cedented high levels.
Retail business in some localities of
the country is quite active, and Southern retailers have been
fair buyers of wash goods.
Demand for fancy ginghams is
the feature in colored goods.
Many merchants who had
feared that they had overbought for Spring delivery are now
re-entering the market and a famine in these goods is pre¬
dicted. Gray goods, 38K-inch standard, are quoted at 11c.
WOOLEN GOODS.—Nothing in the way of new develop¬
ments has occurred in the market for woolens and worsteds,
and conservatism prevails.
In men's wear markets trade
is almost at a standstill, and while business is ordinarily

Business for the most part, aside
confined to nearby needs, as

Since

July 1
1917.

Barrels.

and

badly in need of supplies.
Despite the higher prices, mills
are reluctant sellers, and in many cases are declining to accept
new business.
They are not well provided for with future
needs of raw material, so, therefore, are not able to guaran¬
tee delivery, while in view of the numerous uncertainties sur¬
rounding the situation are also unwilling to name prices.

—_

below:

as

19 1917.
material and

manufacturing has caused renewed unsettlement in the mar¬
kets for dry goods.
While prices for the manufactured
product are being readjusted upward, manufacturers as well
as merchants are bewildered as to what future developments

bushels. bushels. bushels.

709,721

114,409

696,699

New York...

Peas,

Barley,

Rye.

4,766,000
5,296,000
4,349,000
3,724,000

prices for linens, a fair inquiry is repqrted,
jobbers picking up all spot goods available.
Arrivals
abroad continue small, and importers' stocks are be¬

have been made in

with
from

depleted.
Shipments, in most cases, are long
readily into consuming channels upon their
arrival.
Additional upward price revisions are predicted
within the very near future, and one leading importer has
announced that an advance of 25% is pending.
Advices
from abroad indicate that manufacturers are becoming dis¬
turbed over the flax outlook owing to the unsettled Russian
situation, while it is also reported that the prohibition of
manufacturing pure linen goods for civilian trade is being
considered by the British Government.
Owing to the
scarcity of supplies quietness prevails in the markets for
burlaps.
There is a good inquiry, however, and prices are
firmly held.
Light weights quoted 12.50c.: heavy 16.50c.
coming

more

overdue and pass

1634

THE

iwi

CHRONICLE

cm
Dwhtwot
News

Items.

Asbury Park, N. J.—Issuance of Liquor Licenses to Be
Voted Upon at General Election.—At the
general election in
November the voters will be given an
opportunity to vote
for or against the adoption of an ordinance
granting the City
Commissioners authority to issue licenses for the sale of
liquor.
'
.

_

Canada

(Dominion of).—Temporary Notes Being Ex¬
changed.—See reference in our editorial columns this week.

Clarksburg, W. Va.-—Extension of City Limits to Be Voted
Upon.—The voters will have submitted to them on Nov. 6
a
proposed new charter providing for a "Greater Clarks¬
burg."
If adopted, the city of Clarksburg will include the
boroughs of Stealey Heights, Adamson and Northview and
the municipality of Broad Oaks.
\
"
The present population of the
city is estimated at $10,000,
but if the new charter is
accepted by the voters the popula¬
tion, it is said, will be around 36,000.
The charter also pro¬

vides for

a

commission form of government.

Covington, Kenton County, Ky.—Bond Issue Declared
Invalid.—Reports state that the $140,000 4% coupon funding
bonds, awarded on Jan. 18 to Field, Richards & Co., of Cin¬
cinnati (V. 104, p. 378), were held to be invalid on Oct. 12
by the Court of Appeals.
The statute requires that the
ordinance providing for a bond issue must be
published in
the official publication or posted
by printed notices for at
least two weeks just preceding the election.
The Court
holds, it is said, that this section of the statute was not com¬
plied with and therefore the election was void.
Idaho (State of).—Federal Farm Loan Bonds
Legal Invest¬
for Savings Institutions.—In our editorial columns last
week we published the full text of the
savings bank invest¬
ment laws of Idaho, which were amended
ments

by the Legislature

in 1917

their

so as to make it
legal for such institutions
deposits in Federal Farm Loan bonds.

to invest

Defeated.—Returns received
precincts of the State indicate the

defeat of the proposed amendment to the Constitution sub¬
mitted to. the voters on Oct. 15,
prohibiting forever the
,

manufacture, sale, or keeping for sale, as a beverage, all
intoxicating liquors.—V. 105, p. 1224.
Prohibition by
statute prevails in Iowa at the present time.

Italy.—Redemption of One-Year Notes.—Reference
is made in
Kansas

to this

text of the law as amended in 1917 was
torial columns last week, page 1461.

Massachusetts

published in

our

edi¬

(State

of),—Proposed Amendments to
on Nov. 6 the voters
will be asked to pass upon three
proposed amendments to
the constitution, submitted to them under an Act
approved
Constitution.—At the general election

by an extraordinary session of the Legislature.
posed amendments are:
i

The

pro¬

voting days.
2.

The full text of this Act will be found in

of last week's

•

An amendment

authorizing the Legislature to permit cities and towns
itself, in times of emergency, to buy and sell the necessaries

An amendment

New

prohibiting appropriations from the public treasury

private control.

bonds

.

issued

were

for

the

construction

of- the

Clinton

&

Saltaire (P. O. Bay Shore), N. Y.—Voters Favor In¬
corporation as a Village.•—The residents of this resort at a
recent special election
unanimously voted to incorporate as
a village,
being the second one in the town of Islip, which is

in Suffolk County, to incorporate within less than a
year.
The other village was Brightwaters.
It is stated that Saltaire will be in
point of legal residents
the smallest village on Long Island, if not in the entire State
of New York.
There are only 25 legal residents
having
houses on Saltaire, and of these 21 voted at the

special

election.
None of these live at Saltaire
during the winter.
The resort is located on Fire Island Beach about 1miles
east of Fire Island Lighthouse, and is reached

by boat from

The assessed valuation of that portion of Fire Island Beach
Island Beach that has been

incorporated under the

the Village of Saltaire is about $90,000.

The

is about 75 acres, less than the
square

area

name

of

taken in

mile usually incor¬

porated. V. V-South Charleston, Ohio.—Commission Form
of Govern¬
Voted.—The question of adopting the commission form

ment

of government carried, it is stated, at

an

election held Oct. 16.

Bond Calls and Redemptions.
Birmingham, Ala.—Bond Call.—The following bonds were
called for redemption during the month of
September: City
Public Improvement bonds Nos. 8 and 9 of Series
572; Nos.
12 and 13 of Series 575 at the Oct. 1 interest
period; Bonds
Nos. 33, 34, 75, 102, 164, 165 and 166 of Series of Oct. 2
1911 at the Oct. 2 interest
period; and bonds Nos. 3 and 4
of Series 787 and bond No. 7 of Series 793 at the Oct. 15 in¬
terest

period.

.-'V"',

Spokane, Wash.—Bond Call.—The following special im¬
provement bonds have been called for payment at the City
Treasurer's office:

,

stitution had not been violated.

It is understood that

a new

writ of certiorari will be made before the
as a whole at the November term.
a

New York

State.—Text of State Food Control Bill—Food
Organized.—For full text of the New York State
Food Control Bill as signed by Governor Whitman on Aug. 29,
see pages 1486 to 1489, inclusive, of last week's issue of our
Commission

paper.

Up to and

Dist. No.

made

by

zation of the commission

us
as

in the same issue to the organ
provided for in the new law.

-

Name and

'

Grade

Broadway Ave., 544...145
Hilllard St.,

,1105....

10

1079

5

Iilllyard Art.Hwy.,1095 28
Manlto Blvd., 730....119
Mission Ave., 1030...

80

Wall

60

St., 881....

Ash St., 535..

-21

Including.

(Continued)—

Name and
Dist. No.

Grade

Up to and

Including.

(Continued.)—

Eighth Ave 177

49

Tekoa St., 327........

Fredrick Ave., 668

18

Vine Court, 852-.

Ave., 691.

8

Gordon

36

6

Water Main—

Haven St., 6921

25

Dean Ave., W105

Jackson Ave., 718.....
Marietta Ave., 465....

23

33d

26

Marshall Ave., 670
Nora Ave. ,671.......

52

28

Noia&S6.Cresecnt,672 41

9

-

1 1917.

Up to and

Dist. No.

Including.

Pave—

Ninth Ave., 697......

25

3

Ave., W106—

4

Division St., Ext., 688.
Grand Blvd., 1109

20
3

16th Ave., 1078.
' 5
Washington St., 715— 25

Bond Proposals and Negotiationsthis week
as follows:
V.

have been

..

AFTON, Union County, Iowa.—BOND SALE.—Geo. M. Bechtel &
Co., of Davenport, recently purchased and are now
offering to investors
$5,0.00 5% tax-free sewer outlet and purifying
plant bonds.
Denom. $250.
Date Aug. 1 1917.
Prin. and semi~ann. int. (M. & N.)
payable at the
above company.
Due $250 May 1 1919 and 1920; $250 yrly.
May 1 from
1922 to 1932, inch; $250 Nov. 1 1932; $250
May 1 1933; $250 May 1 and
Nov. 1 1934; $250 May 1 1935, and
$250 May 1 and Nov. 1 1936.
Bonded
debt, including this issue, $32,300.
Taxable value 1916, $429,619: actual
assessed value of property, $842,374.
Legality of bonds approved by J.
O. Hall of

Davenport.

AGAWAM,

.
»

Hampden

County,

Mass.—BOND SALE.—On Oct. 18
issue of $25,000 4}4% coupon bonds was awarded to
Harris, Forbes &
Co., Inc., of Boston at 101.22.
Other bidders were:
E. H. Rollins & Sons,
an

Boston.l01.216|F. S. Moseley & Co., Boston_100.37
Curtis & Sanger, Boston..
100.32
Blodgett & Co., Boston
_100.419jParkInson & Burr, Boston
.100.15
Denom. $1,000.
Date Oct. 1 1917.
Prin. and int., payable at the Old
Colony Trust Co. of Boston.
Due $1,000 yearly on Oct. 1 from 1918 to
1942, incl.
Total debt Aug. 23 1917, $174,000;
borrowing capacity $39,163;
assessed valuation 1916, $3,441,905.

A. B. Leach & Co., Boston.. 100.78

AKRON, Summit County, Ohio.—BOND SALE.—Local papers state
$135,650, were awarded recently
Sidney Spitzer & Co., of Toledo, as follows:
$95,650 public impt. bonds at 101.10.
that two issues of 5% bonds,
aggregating
to

40,000 Wolf Ledge Run impt. bonds at 100.52.
AKRON

SCHOOL

Ohio.—BOND

DISTRICT

(P.

O.

Akron),

Summit

County,

SALE.—On Oct. 8 the $500,000 5% 1-20-year serial school
bonds (V. 105, p. 1224) were awarded
jointly to Horablower & Weeks of
New York and Sidney Spitzer & Co. of Toledo at 102.38.

ALCORN
was

:-V;

•

TO BE PAID NOV.
Name and

13 Chief Justice Gummere refused

writ of certiorari to review the Edge Road Act,
passed at the last session of the New Jersey Legislature.
This statute takes the place of the Egan State Road Bond
Law of last year, and provides for an annual State tax of
one mill for a
period of five years, to be paid into the State;
road fund and used for State highways.
The tax is to be
levied only on property subject to municipal taxation.
The
city authorities of Newark, Jersey City and Passaic attacked
the constitutionality of the new law upon the
ground that
it exempted from the one mill State Road tax
property sub¬
ject to other State taxes, but not subject to local taxes; also
upon the ground that the subject of the Act was not expressed
in its title; and'upon the ground that the Legislature could
not repeal the Egan Act because it had been
adopted by the
people at an election.
The Chief Justice held that the Con¬




'

Memphis branch of the Tebo & Neosho RR., which line was
never built, and only $19,000 of the issue has
ever been paid.
V. 105, p. 1437.
The vote was 800 "for" and 1,300 "agst."

Callspel St., 477......

to grant a

Reference

editorial columns

Oct. 9 resulted in the defeat of the
proposed issuance of
$550,000 coupon bonds to be used for the purpose of liquidat¬
ing an old debt incurred by this county in 1870 when $250,000

Jersey (State of),—Constitutionality of Edge Road

Act Sustained.—On Oct.

application for
Supreme Court

our

1461.

St. Clair County (P. O. Osceola), Mo.—Bond Issue to
Liquidate Old Debt Defeated.—The special election held on

Grade—

to institutions under

v"

page

Amboy, N. J.—Commission Form of GovernmenDefeated.—The question of establishing the commission form
of government was defeated at an election held Oct. 17.
The vote was 1,297 "for" to 1,480
"against ."

of life.

3.

issue,

Perth

Grand Blvd.

.

The permission of absentee voting,
covering soldiers, traveling sales¬
and others whom duty takes without the confines of
the State on

and the State

(State of).—Federal Farm Loan Bonds Legal
for State Financial Institutions.—Trust com¬
panies, building and loan associations, insurance or banking
companies are permitted under an Act passed by the 1917
Legislature to invest their funds in Federal Farm Loan bonds.

(State

of).—Federal Farm Loan and Foreign
for State Institutions.—-The law re¬
lating to the investment of the funds of any life insurance,
trust, or loan company in the State of Kansas, was amended
by the 1917 Legislature so as to permit the investment, in
addition to county, city, township,
village and school district
bonds, in Federal Farm Loan bonds or bonds issued by any
other nation, or subdivision or district therein.
The full

men

Oklahoma

Investments

editorial columns this week.

our

Bonds Legal Investments

1.

Voting by Soldiers and Sailors Simplified.—We also pub¬

lished in part in our editorial columns last week the election
law as amended by this year's Legislature in relation to
voting by soldiers and sailors, so as to make easier the taking
of such vote.

Bay Shore.

Iowa (State of).-—Prohibition
from two-thirds of the

[VOL. 105.

COUNTY

(P. O. Corinth),

Miss.—BOND OFFERING.—

O. M. Hinton, Clerk of the Board of
Supervisors, will receive sealed bids
Nov. 5 for $60,000 25-yr. Corinth-to-the-Gulf Road
District road
bonds.
Int. (rate not to exceed
until

6%), payable semi-annual.

Oct. 20

1917.]

ALLEN COUNTY (P. O. Fort Wayne), Ind.—BOND SALE.—On
Oct. 13 the SI00,000 A% % hospital bonds—Y. 105, p. 1015—were awarded
to the German-American Nat. Bank of Fort Wayne at 100.371.
Other
bids were:
First & Hamilton National Bank, Ft. Wayne
100.250
Tri-State Loan & Trust Co., Ft. Wayne
100.250
Citizens' Trust Co. of Ft. Wayne bid 100.850, but was filed too late.

ASHLAND,
the

$6,300

5%

Ashland County, Ohio.—BOND SALE.—On Oct. 13
6 5-6 yr. aver, street, impt. bonds—V. 105, p. 1330—

awarded to Davies Bertram & Co., of Cincinnati, for $6,303
and interest (conditional bid).

were

(100.047)

ATHENS, Limestone County, Ala.—-BOND SALE.—On Oct. 12 the
$135,000 6% 1-10-yr. serial gold coupon street impt. bonds (V. 105, p.
1437), were awarded to the Alabama Paving Co. and J. L. Mullarky, of
Birmingham,

at par.

ATLANTA,

CALEDONIA, Marion County, Ohio.—BONDS VOTED—By a vote
question of issuing the $10,000 electric light bonds carried,
1122.

of 125 to 17 the

it is stated, at an election held Oct. 9.—V. 105, p.

CALHOUN

Blountstown), Fla.—WARRANT SALE.
Board or

COUNTY (P. O.

—On Oct.

10 $43,500 6%
Education at 97.50.

warrants were awarded to the State

O. Jacksboro), Tenn.—BOND SALE.—
the following bonds have been sold:

CAMPBELL COUNTY (P.

The County Judge advises that

V. 104, p. 179.

$40,000 5% school bonds offered on Feb. 3.

Ga.—BOND

ELECTION

will
$475,000

election

PROPOSED.—An

ATTLEBORO, Bristol County, Mass .—TEMPORARY LOAN.—On
a temporary loan of $50,000, dated Oct. 16 and due June 16 1918,
awarded at a private sale to Loring, Tolman & Tupper of Boston at
5A% discount.
"

Oct. 11
was

AYDEN, Pitt County, No. Caro.—BOND SALE.—On Oct. 10 $15,000
6 % 2-20-year serial improvement bonds were awarded to Bruce Craven of
Trinity at par and int.
Denoms. $500 and $100.
Date July 1 1917.
Int. semi-annual at N. Y
BAKER SCHOOL TOWNSHIP

(P. O. Mountain Springs), Martin
Ind.—BOND SALE.—Reports state that the $1,500 5% 5~yr.
offered on Sept. 17—V. 105, p. 1015—have been awarded
the Martin County Bank at par.

County,

May 5.

V. 104, p. 1723.

CANAAN TOWNSHIP RURAL SCHOOL DISTRICT (P. O. Lon¬
don), Madison County, Ohio.—BOND SALE.—We are advised that an
% school-building bonds has been awarded to Seasongood
& Mayer, of Cincinnati, for $4,726, equal to 104.946,
Other bidders were:
J. C. Mayer & Co., Cin__.$4,724 85|Graves & Blanchett, Tol._$4,638 15
W. L. Slayton & Co., Tol__ 4,689 45|F. C. Hoehler & Co., Tol._ 4,593 60
Denom. $500.
Int. M. & S.
Due in 1945.

CANAL FULTON, Stark County,

Ohio.—BOND OFFERING.—Bids
Jones, Vil. Clerk, for $2,800

will be received until 12 m. Nov. 1 by Thomas

street impt. assess, bonds.
Auth. Sec. 3914 Gen. Code.
Denom.
$280.
Date Nov. 1 1918.
Prin. and semi-ann. int. payable at the Ex-

5%

chango Bank Co., Canal Fulton.
Due $280 yrly. on
1927, incl.
Purchaser to pay accrued interest.

Nov. 1 from 1918 to

Ind.—BOND SALE.—Oh Oct. 10
the $16,600 4A% 6 2-3-year aver, road bonds (V. 105, p. 1438) were
awarded to the Logansport Loan & Trust Co. of Logansport at par.
There
CASS COUNTY (P. O. Logansport),

other bidders.

were no

bonds

school

CASWELL COUNTY

(P. O. Yancey ville), No. Car .—BOND ELEC¬

TION RESCINDED.—The election which was to have been

BALTIMORE, Fairfield County, Ohio.—BOND SALE.—The $1,500
5% 3 1-6-year average coupon
street-improvement bonds offered on
Aug. 15 (V. 105, p. 518). have been awarded to the First National Bank of
Baltimore

at

par

and

DISTRICT (P. O. Beaumont), Jeffer¬
County, Tex.—BOND ELECTION.—An election will be held Nov,
17, it is stated, to vote on the question of issuing $300,000 ship-channel
enlargement bonds.
'
•
BEAVERHEAD COUNTY SCHOOL DISTRICT NO. 33 (P. O. Dell),
Mont .—BOND SALE.—On Oct. 4 the $3,200 6% 10-20-year (opt.) coupon

building bonds (V. 105, p. 1122) were awarded to the State of Montana at
and interest.

par

COUNTY

BECKHAM

(P.

O.

Sayre),

Okla.—BOND

SALE.—Geo.

W. & J. E. Piersol of Oklahoma City were awarded on Aug. 1 an issue

$19,655

Aug. 1

6% funding bonds.
Denoms. (19) $1,000,
1917.
Int. Feb. & Aug.
Due Aug. 1 1942.

$655.

(1)

of

Date

(P.

O.

BEMIDJI INDEPENDENT SCHOOL DISTRICT
Beltrami County. Minn.—BOND SALE.—On Oct.

15-year school-equipment bonds
Minnesota Loan & Trust Co. of

BENTON

(P.
y

O. Bemidji),

the $8,000 5%

(V. 105, p. 1437) were awarded to the
Minneapolis at 100.125 and int.

HAREOR SCHOOL DISTRICT

(P. O. Benton Harbor),

Berrien County, Mich.—BOND ELECTION RESCINDED.—Local papers
state that the election which was to have been held Oct. 8 to vote on the

question of issuing the $300,000 high school bldg.

bonds—V. 105,

p.

1330—

called off.

Aug. 15—V. 105, p. 411—have been awarded to Bolger, Mosser
of Chicago as 5 ?^s.

104, p. 1514.

BINGHAMTON, Broome County, N. Y.—BOND SALE.—The follow¬
were received for the six issues of bonds, aggregating $133,820,

ing bids

1:

$25,000
School.

Poughkeepsie_.

Kahler & Co.. N. Y..__

101.11

B. Gibbons & Co., N. Y

Geo.

Farson Son & Co., N.

bl()0.477

Y_

Cummings, Prudden & Co., N. Y
Harris, Forbes & Co., N. Y._>.

101.165

al01.80S

Peoples Trust Co., Binghamtoni__

100.64

Police

Dept.

100.413
100.09

100.953
100.37
101.18

Remick, Hodges & Co., N. Y
Isaac W. Sherrill & Co.,
H. A.

$5,000

Creek

Impt.'

$100,000

100.403
par

alOl.18
•

Allegheny

County,

Pa .—BOND

ELEC¬

the question of issuing

S. H. Huselton is
Pittsburgh).

COUNTY (P. O. Charleston), So. Caro .—BONDS
held Oct. 10 resulted, it is stated, in favor of the

CHARLESTON

VOTED.—The election

proposition to issue the $275,000 road and bridge impt. bonds at not ex¬
ceeding 4H% int.
Denom. $1,000.
Int. semi-ann.
Due in 15 years.
CHATTANOOGA, Tenn.—BOND SALE.—On Oct. 6 $691.36 streetpaving and $1,418.12 sidewalk 6% 1-4-year serial bonds'were awarded to
contractors.
Date Sept. 1 1917.
Int. aun. on Sept. 1.
Due serially on

Sept. 1 from 1918 to 1921 incl.

Kan.-DESCRIPTION OF BONDS.—
awarded at par to D. E. Dunne
the denoms. of $1,000 and $500.
yearly July 1 from 1924 to 1933 incl.

The $30,000 5% refunding bonds recently
& Co. of Wichita (V. 105, p. 1547) are in
Due $3,000

BOND SALE.—As a
sewer

101.11

100.477
101.165
100.*08

matter

$17,850 4%%
& Co. of Wichita.
Denoms. $500
Int. A. & O.
Due $1,785 yearly Oct. 1

of record we report the sale of

bonds at par to Davidson Bros.

and $285.
from 1917

Date Oct. 1 1916.
to 1926 incl.
•

CINCINNATI, Ohio.—BOND SALE.—On Oct. 15 the two issues of
4%% bonds, aggregating $1,060,000, V. 105, p. 1225, were awarded as
follows:

-

$920,000 20-yr. trunk sewer bonds: $600,000 to Edmunds Bros, of Boston
at 102.09 and the remaining $320,000 to Harris, Forbes & Co.,
National City Co. and Estabrook & Co. all of N. Y,, jointly
101.69.

30-year street-impt. bonds to
102.63.
*
*

140,000

Farson Son & Co. of N. Y., at

CLARKSDALE, Coahoma County, Tex.—BOND OFFERING.—Bids
6 by R. E. Stratton Jr., City Clerk,

will be received until 7:30 p. m. Nov.

(P. O. Macon), Ga .—NO BOND ELECTION THIS
YEAR.—J. Ross Browne, Co. Clerk, advises us that on account of the
present law the election to vote on the proposition to issue $1,000,000 road,
court-house and school bonds cannot be held before the fall of 1918.—V.

Oct.

(Borough),

TION.—An election will be held Nov. 6 to vote on

$20,000 street impt. and sewer construction bonds.
Attorney for the District (P. O. No. 601, Park Bldg.,

& Willaman

BIBB COUNTY

on

R. L. Mitchell is County Clerk.

off for the present.

at

BESSEMER SCHOOL DISTRICT (P. O. Bessemer), Gogebic County
Mich.—BOND SALE.—The $175,000 school-site-bldg. bonds offered on

offered

held Oct. 9

proposition to issue $95,000 road bonds was called

CHETOPA, Labette County,

Covington), Kenton County, Ky.—BOND
ELECTION.—The question of issuing $7,000 motor fire-truck purchase
bonds will be submitted to a vote on Nov. 6.
Ed Price Jr. is City Clerk.
BELLEVUE

to submit to a vote the

CHALFANT

interest.

BEAUMONT NAVIGATION

son

was

Due Jan. 1

1942.

45,000 5% high-school building bonds offered on
Due April 1 1942.

issue of $4,500 5 A

be called early in January, it is stated, to vote on the issuance of
bonds.

to

1635

CHRONICLE

THE

101.11
100.477
alOl ,165

municipal railroad-building bonds (V. 104, p.
Denom. $1,000.
Date Nov. 1 1917.
Interest semi-annual. Prin.
pavable at place to suit purchaser.
Due $5,000 yearly Nov. 1
from 1922 to 1941, inclusive.
Bidders must deposit a check for 5% of
bid with the Clerk Board of City Commrs.
Bonded debt, including this
issue, $504,000.
Value of taxable property 1917, $8,000,000.
BONDS PROPOSED.—This city contemplates issuing $200,000 special

for the $100,000 5% coupon

279).

and Interest

improvement bonds.

(P. O. Spencer), Iowa.—BOND SALE.—An issue
tax-free funding bonds recently purchased by Geo. M.
is now being offered to investors.
Denom.
$1,000.
Date Sept. 1 1917.
Prin. and semi-ann. int. (M. & S.) payable
at the Co. Treas. office.
Due $8,000 yrly. Sept. 1 from 1920 to 1923, Incl.;
$5,000 yrly. Sept. 1 from 1924 to 1929, incl.; $3,000 yrly. Sept. 1 from
1931 to 1936, incl.
Total bonded debt, incl. this issue, $306,000.
Taxable
value 1916, $9,935,370; actual assessed value of property, $35,054,442.
The legality of issue has been approved by Edward Eagle Brown, of Chicago.
COUNTY

CLAY

of

$80,000

5%

Bechtel & Co., of Davenport,

TOWNSHIP (P. O. Brooklyn), Morgan County,
made of the,$5,000 4A % school
3.—V. 105, p. 412.
These bonds will be readver-

CLAY SCHOOL

100.21

Ind.—BONDS NOT SOLD.—No sale was

jury list and $760 election expense bonds were
awarded to the City Pension Fund at par.
a Successful bidder,
b Bid
for all or none.
The bonds answer the following description:

bonds offered on Aug.
tised.

$100,000 4% % coupon school impt. bonds.
Denom. $] ,000.
Date Sept.
1 1917.
Int. M. & S.
Due $5,000 yearly on Sept. 1 from 1918
to 1937, incl.
25,000 4M% coupon creek impt. bonds.
Denom. $500.
Date Sept. 1
1917.
Int. M. & S.
Due $2,500 yrly. on Sept. 1 from 1918 to

November the question of issuing
will be submitted to the voters.

The $1,500 school, $1,560

1927, incl.
5,000 4M% coupon police dept. bldg. impt. bonds.
Denom. $500.
Date Aug. 1 1917.
Int. F. & A.
Duo $500 yrly. on Aug. 1
from 1918 to 1927. incl.
1,500 5% Laurel Ave. school bonds.
Date Aug. 1 1917.
Int. F. & A.
Due Aug. 1 1918.
1,560 4M % jury list bonds.
Date Oct. 1 1917.
Due Aug. 1 1918.
760 4%% election expense bonds.
Date Oct. 1 1917.
Due Aug. 1
r

1918.

BLACKGUM TOWNSHIP,

Okla.—BOND SALE.—W. A. Brooks of
serial road-impt. bonds
Int. J. & J.

Oklahoma City was awarded in August $4,000 6%
100.50.
Denom. $1,000.
Date July 1 1916.

at

BRADENTOWN, Manatee County, Fla.—BONDS NOT SOLD.—No
$15,000 5% 20-30-year (opt.) bridge construc¬
Sept. 14.-T-V. 105, p. 835.

sale has been made of the
tion bonds offered on

SALE.—
This county has disposed of an issue of $85,000 6% 1-17-yr. serial court
house warrants, dated May 14 1917.
Int. Apr. & Oct. 1.
BROWN COUNTY (P. O. Brownwood), Tex.—WARRANT

BROWN SCHOOL TOWNSHIP (P. O. Friendship), Ripley County,
Ind .—BOND SALE.—The $4,250 4A% 4 5-6 yr. aver.school bldg. bonds
offered on Sept. 1—V. 105, p. 732—were awarded on that, day, it is stated,
to the Friendship State Bank at 100.630.

SCHOOL TOWNSHIP (P. O. Mohawk), Hancock
Ind.—BONDS NOT SOLD.—No sale was made of the $9,700
offered on Oct. 15.—V, 105, p. 1330.

BUCK CREEK
County,

4A% school bonds

O. Storm Lake), Iowa.—BOND SALE.
recently purchased and are now
$164,000 5% tax-free funding bonds.
Denom. $1,000.
Prin. and semi-ann. int.' (J. & J.) payable at the Co.
Treas. office.
Due on Jan, 1 as follows: $6,000 1925 and 1926; $7,000
1927; $9,000 1928; $10,000 1929; $11,000 1930 and 1931; $13,000 1932;
$15 000 1933; $17,000 1934; $18,000 1935; $19,000 1936; and $22,000
1937
Total bonded debt, including this issue, $409,500.
Taxable value
BUENA VISTA COUNTY (P.

—Geo.

M. Bechtel & Co., of Davenport,

offering to investors
Date Sept. 1 1917.

$12,445,755; actual assessed value of property, $42,262,332.
Issue approved by Edward Eagle Brown, Chicago.

1916'
of

Legality

BUHL HIGHWAY DISTRICT (P. O. Buhl), Twin Falls County,
BOND OFFERING.—Proposals will be received until Oct. 27
bv the Secretary-Treasurer for $400,000 5% road bonds authorized by vote
of 1 212 to 104 at an election held Sept. 29.
Due Jan. 1 1938, subject to
call after Jan. 1 1928.

.

CLEVELAND, Ohio—BOND ELECTION.—At the general election in
$700,000 5% coupon electric-light bonds
Denom. $1,000.
Date Nov. 1 1917.
Principal and semi-annual interest payable at the American Exchange Nat.
Bank, New York.
Due $35,000 yearly on Nov. 1 from 1922 to 1941, incl.
V. 105, p. 1547.
i
CLEVELAND SCHOOL DISTRICT
County,

O. Burley), Cassia County,
OFFERING.—This district will sell on Oct. 27 the $100,000
bonds authorized by vote of 541 to
election held Sept. 25.

RIJRLEY
jjau0

HIGHWAY DISTRICT (P.

BOND

i(i-20-year

15§

at an

(opt.) highway-impt.




PART.—During the month of
of $2,500,000 4A% war-purpose bonds

COLORADO.—BONDS AWARDED IN
September $790,000 of an issue

follows: $465,000 to Public School Funds, $200,000 to
State Compensation Insurance Funds, $25,000 to First Nat. Bank, Denver,
$10,000 to U. S. Nat. Bank, Denver; $10,000 to Denver Nat. Bank, Den¬
ver; $5,000 to American Bank & Trust Co., Denver; $5,000 to Colorado
Springs Nat. Bank, and $70,000 to First Nat. Bank, Pueblo.
The bonds
are in the denoms. of $500, $1,000 and $5,000.
Date Sept. 1917.
Int.
M. & S.
Due $125,000 yearly beginning Sept. 1 1922, subject to call when
were

sold at par as

funds are available.

COLUMBIA

(P. O. Burgaw), Pender Countv, No.
1 $10,000 6% 26-year road bonds were
Trinity at par.
Denom. $500. Date July 1

TOWNSHIP

Caro.—BOND SALE.—On Oct.
awarded to Bruce Craven of

Int. J. & J.

1917.

COLUMBUS, Columbia County,

Wise.—DESCRIPTION OF BONDS.

% *streetq>aving bonds awarded' at par on Sept. 1 to the
and the Fafmers* & Merchants' Union Bank, of Columbus
(V 105 d. 1547) are in the denom. of $500 and dated June 1 1917,
Interest
Jan. & July.
Due $1,000 1918 and 1919 and $2,000 1920 and 1921.

—The $6 000 A A

First Nat. Bank

CONCORD, Cabarrus County,

No. Caro .—BONDS AWAkDED IN
of bonds, aggregating $134,000

PART.—On Oct. 8 the following two issues

1438) were awarded to Sidney Spitzer & Co. of Toledo for $134,706
(100'526) as 6s. Purchaser to furnish blanks and pay delivery charges:
$57 000 10-year serial coupon assessment bonds.
Int. semi-annual.
77i00O 20-year local improvement bonds.
(105

p

Ofhpr

foicLs

wore

•

Cp.,"Cincin__$134,650|Bruce Craven, Trinity

J. C. Mayer &
The $27 000 5%

Oct. 8 (V. 105, p.

1

*

$134,500

also advertised to be sold on
not sold because of legal irregularities.

30-year refunding bonds

1438) were

SCHOOL DISTRICT (P. O. Urbana), Cham¬
Ohio.—BOND ELECTION.—An election will be help
on the question of issuing $4,000 school bonds.
C. E.

CONCORD RURAL

County,

paign
Nov

6

to

vote

Bedell is Clerk Bd. of

Idaho

fic?

(P. O. Cleveland), Cuyahoga

Ohio.—BOND ELECTION.—An election will be held Nov. 6
question of issuing $3,000,000 school-bldg. bonds.

to vote on the

Ed.

(P. O. Chicago), 111.—BOND ELECTION.—At the
judicial election in November the voters will have submitted to them four
propositions providing for the issuance of bonds, aggregating $6,000,000.
The bonds are described as follows:
$1,000,000 roads construction; $1,000 000 county hospital; $1,000,000 Oak Forest pathological laboratory
COOK COUNTY

and'$3,000,000 (not $1,000,000 as was first reported) county jail bonds.
(V. 105, p. 1547.)

1636

THE

CHRONICLE

CORWITH
CONSOLIDATED
INDEPENDENT
SCHOOL
DIS¬
TRICT (P. O. Corwith), Hancock County, Iowa.—BONDS OFFERED
BY BANKERS.—Geo. M. Bechtel & Co., of Davenport, are offering to
investors $22,000 5% school bldg. bonds.
Denom. §500.
Date Sept. 1
1917.
Prin. and semi-ann. int. (M. & N.) payable at the above company.
Due on Nov. 1 as follows:
$1,000 1922, 1923 and 1924; $500 yrly. from

[VOL. 105.

EL PASO, El Paso County, Texas.—BOND ELECTION .—An election
will be held Oct. 31 to determine whether or not this city shall issue $100,000
4M % street-paving, Series No. 2; $100,000 5% public school, Series No. 11,
and $100,000 5% water-works, Series No. 4, coupon bonds.
Date Dec. 1
1917.
Int. semi-annual.
Each issue to mature as follows:
$13,000 in

5, 10,15, 20, 25, 30 and 35 years, and $9,000 in 40 years after date of issue.

1925 to

1929, inch; $1,000 yrly. from 1930 to 1936, incl.; $9,500 May 1
are tax exempt in Iowa.
Total debt, including this
Issue, $76,500.
Taxable value 1916, $388,009; actual assess, val. of prop.,
$1,416,136. The sale of these bonds was reported in V. 105, p. 1225.

$30,000 5%

COSHOCTON, Coshocton County, Ohio,—BOND SALE.—The two
Issues of 5% street impt. assess, bonds,
aggregating $25,000, offered on
Aug. 8. V. 105, p. 306, were awarded as follows:
$16,000 Third Street impt. bonds to the State Industrial Commission of

Hanchett Bond Co., Chic_$30,157 50
R. M. Grant & Co., Chic. 30,130 00
Merch. Loan & Tr.Co.,Ch 30,105 00

1937.

EVANSTON, Cook County, III.—BOND SALE.—On Oct. 15 the
2-7-year (opt.) coupon fire apparatus and equipment bonds
p. 1438) were awarded to the Evanston State Bank at 100.54 and
interest.
Purchaser to prepare bonds.
Other bidders were:

These bonds

Premium.

Edmunds Bros., Boston..

Ohio at par.

9,000 Sycamore Street impt. bonds to the Commercial National Bank
of Coshocton for $9,030; equal to 100.333.
CRAVEN COUNTY (P. O. New Bern), No. Caro.—BOND SALE.—
On Sept. 1 $275,000 5% road and bridge bonds were awarded to Bruce
Craven of Trinity and Weil, Roth & Co. of Cincinnati at par and int.

Denom. $1,000.
Date Mar.
1922 to 1952 incl.
These bonds

(V. 105,

1

1917.

Int. M. &

S.

Due serially from

were

reported sold on Mar. 5 to Spitzer, Rorick & Co. of
Toledo, but this sale, however, was not consummated.
V. 104, p. 1515.

Mosser
Chicago

Bolger,
man,

&

Willa-

Premium.
Northern Trust Co., Chic.$30,065 00
Hornblower A Weeks,Chic. 30,062 50

City Nat. Bank, Evanston 30,060 00
30,084 00 First Tr. & S. Bk., Chic.. 30,018 00
C. W. McNear & Co.,Chic 30,009 00
30,078 00

Discount.
Discount.
Harris Trust Co., Chicago. __$107 50 A. B. Leach & Co., Chicago_$140 00
Wm. R. Compton & Co.,Ch. 120 00 James & Anderson, Chicago. 750 00

FIFTH

LOUISIANA LEVEE

—No bids

were

DISTRICT, La.—BONDS NOT SOLD*

received for the $250,000 5% 50-yr. coupon and reg. levee
on Oct. 16.—V. 105, p. 1226.

construction bonds offered

FILLMORE, Ventura County, Calif.—BOND ELECTION.—Reports
that the question of issuing $60,000 municipal water-works-system

state

CRAWFORD
The $29,500 5%
awarded on that

COUNTY

(P. O. Bucyrus), Ohio.—BOND SALE.—
road bonds offered on Sept. 24 (V. 105, p. 1122) were
day to Channer & Sawyer of Cincinnati at 100.21.

bonds will

be submitted to

a

vote on

Nov.

6.

FINDLAY, Hancock County, Ohio.—-BOND OFFERING.—Proposals
be received until 12 m. Nov. 12, it is stated, by A. E. Risser, City
Aud., for $72,871 5% street bonds.
Int. semi-annual.
will

CRESTON, Union County, Iowa.—BONDS OFFERED BY BANK¬
M. Bechtel & Co., of Davenport, are ottering to investors
$30,000 5% tax-free sewer outlet and purifying plant bonds.
Denom.
$500.
Date July 15 1917.
Prin. and semi-ann. int. (M. & N.) payable
at the City Treas. office.
Due on Nov. 1 as follows: $500 1918 and 1919;
$1,000 yrly. from 1920 to 1923, incl.; $2,000 yrly. from 1924 to 1933, incl.;
$2,500 1934 and 1935.
Total bonded debt, incl. this issue, $74,226.
Tax¬
able value 1916, $1,718,483; actual assessed vaiue of property, $5,204,006.
Legality of issue has been approved by C. M. Waterman, of Lane &
ERS.—-Ceo.

Waterman, Davenpcrt.
624.

The sale of these bonds

was

reported in V. 105,

COUNTY

(P.

O.

Marion), Ark.—BOND ISSUE
ILLEGAL.—We are advised that the $100,000 5H% 20-yr. serial Road
Dist. No. 1 road impt. bonds awarded on Aug* 25 to Kauffman, Smith,
Emert Investment Co., of St. Louis—V. 105, p. 1122—will not be issued
as they have been declared illegal,
p. 624.
'
...
•
DADE COUNTY

details

(P. O. Miami). Fla.—BOND OFFERING.—Further

are at hand relative to the offering on Oct. 24 of the $140,000 5%
Special Road and Bridge Dist. No. 3 road and bridge building bonds
<v. 105, p. 1547).
Proposals for these bonds will be received on or before
10 a. m. on that day by Ben Shepard, Clerk Bd. of County Commrs.
Auth. Chap; 6208, Acts of 1911, and amendments of 1915; also vote of
92 to 34 at an election held Aug. 11.
Date July 1 1917.
Prin. and semi¬
annual int. (J. & J.) payable at the United States Mtge. & Trust Co. of
N. Y.Due on July 1 as follows: $2,000, 1920; $3,000, 1921; $4,000, 1922,
1923, 1924 and 1925; $6,000, 1926 and 1927; $7,000, 1928, 1929 and 1930;
$8,000, 1931; $10,000, 1932, 1933 and 1934; $16,000, 1935, 1936 and 1937.
Cert, check on a responsible banking house or trust company for 2% of
amount of bid, payable to the Chairman Bd. of Co. Commrs., required.
Purchaser to pay accrued int.
Thepurchaser will be furnished with an opin¬
ion of John C. Thomson of N. Y. City as to the validity of the issue.
De¬
livery will be made either at the office of the United States Mtge. & Trust
Co. or in the city of Miami.
The bonds will be prepared under the super¬
vision of the United States Mtge. & Trust Co., which will certify to the
genuineness of the signatures of the officials signing the bonds and the seal
Dist. No. 3 has no bonded debt.
Assess, val. (real
impressed thereon.
and personal property) 1917, $1,500,000; est. actual val., $7,500,000.

DELTA COUNTY (P. O. Escanaba), Mich.—BOND SALE.—We are
advised that

Date Sept. 1 1917.

an issue of $50,000
5% county road bonds has been awarded
investors.
Denom. $1,000. - Date May 1 1917.
Int. ann.
Due
$10,000 yrly. from 1923 to 1927 incl.
The sale of $25,000 of these bonds was reported in V. 105, p. 1547.

DESHLER VILLAGE SCHOOL DISTRICT (P. O. Deshler), Henry
County, Ohio.—BOND ELECTION.—The question of issuing $80,00
school bldg. bonds will be submitted to the voters, it is stated, at the
November election.

DUBUQUE INDEPENDENT SCHOOL DISTRICT (P. O. Dubuque),
Dubuque County, Iowa.—BONDS NOT TO BE OFFERED THIS YEAR.
site-purchase, high-school-building and equipment bonds voted Sept. 18—
V., 105, p. 1331—will not be placed on the market before Jan. 1 1918.
Minn.—CERTIFICATES PROPOSED.—F. J. Voss, Com¬
regarding the proposed issuance

missioner of Finance, writes us as follows

$240,000 certificates of indebtedness.

"Duluth, Minn., Oct. 16 1917. '
"William B. Dana Co., New York, N. Y.

FORT

"Gentlemen—'-Regarding the $240,000 Certificates of Indebtedness, these
issued in anticipation of the collection of taxes from time to time as
are needed
for the various departments, probably not more than
half of this amount will be issued, but when so issued will be taken up by
some of the separate funds for investment.
"Yours truly,
"F. J. VOSS, Commissioner of Finance."

funds

.

DULUTH, Minn.—BOND SALE.—An issue of $100,000 4% permanent
improvement fund bonds was purchased at par on May 1 by the City Sink¬
ing Fund.
Denom. $20,000.
Date May 1 1917.
Int. ann. on May 1.
Due $20,000 yrly. May 1 from 1918 to 1922 inclusive.
DYER COUNTY (P. O. Dyersburg), Tenn.—BONDS VOTED.—The
question of issuing $150,000 road bonds carried, it is stated, at an election

held Oct. 9.

EAST ORANGE, Essex County,

N. J.—NOTE OFFERING.-—Lincoln

E. Rowley, City Clerk, will receive proposals until 8 p. m. Oct. 22 for the
following notes:

$201,354 27 4.18% tax-revenue notes.
Denom. $1,000, or otherwise to suit
purchaser.
Date Aug. 31 19l7.
Due Oct. 31 1917.
89,333 57 4M% floating indebtedness notes.
Denoms. 89 for $1,000
and
1
for
$333 57.
Int. semi-ann.
Due $12,000
yearly on Dec. 31 from 1918 to 1923, incl., and $17,333 57 Dec.
31
1924.
lert. check on an Essex County bank or trust company for 2% of the
amount of each bid, payable to Louis McCloud, City Treas., required.
The notes will be delivered'at the City Treasurer's office, the floating

6e

Oct. 23, and tax revenue notes on Oct, 24.

EATON, Preble County, Ohio.—BOND OFFERING.—Sealed pro¬
posals will be received until 7 p. m. Nov. 5 by Earl Dalrymple, Village
Clerk, for $9,000-5% street-improvement bonds.
Auth., Sec. 3914, Gen.
Code.
Denom. $450.
Date Sept. 1 1917.
Interest annually on April 1.
Due $900 yearly on April 1 from 1918 to 1927, inclusive.
Certified check
without restrictive endorsements for 5% of the amount of bonds bid for,
payable to the Village Treasurer, required.
Bonds to be delivered and paid
for within ten days from time of award.
Purchaser to pay accrued interest.
EDENTON,

Chowan

County,

No.

Caro .—BOND

OFFERING.—

Sealed bids will be received until 8 p. m. Nov. 20 by John R. McMullan,
Town Clerk, for $6,000 5% coupon school bonds.
Int. semi-ann.
Cert,
check for $200 required.

ELLERBE SCHOOL DISTRICT NO. 4, Mineral Springs Township,
Richmond County, No. Caro.—BOND OFFERING.—Proposals will be
received until 12 m. Nov. 7 by

L. J. Belle, County Supt. of Schools (P. O.
issue of $12,500 high school bldg. bonds

an

voted Sept. 15.
Int. rate not to exceed 6%.
Denom. $500.
Date Nov.
1 1917.
Int. semi-ann. at the Bank of Pee Dee, Rockingham, or Hanover

Nat. Bank, N. Y.

Due $500 yrly. Nov. 1 from 1918 to 1937, incl.
check for $250 required.
The district has no debt.
Assess, val.
$287,000; estimated actual value, $600,000.




County,

So.

Caro .—BOND ELECTION NOT

FRANKLIN COUNTY (P. O. Columbus), Ohio.—BOND OFFERING.
a. m. Nov. 1 by F. M. Ranck, Clerk Board

of County

Commrs., for the followingt 5% road-improvement bonds:
$9,500 Shull road-improvement bonds.
Due $500 Nov. 1 1918 and $1,000
yearly on Nov. 1 from 1919 to 1927, inclusive.
9,500 Mann road-improvement bonds.
Due 8500 Nov. 1 1918 and
$1,000 yearly on Nov. 1 from 1919 to 1927, inclusive.
Auth., Sec. 6929, Gen. Code.
Denom. $500.
Date Nov. 1
1917.
Principal and semi-annual interest (M. & N.) payable at the office of the
County Treasurer.
Certified check or cash on some solvent national bank
or trust company for
1% of the amount of bonds bid for, payable to the
Board of County Commrs., required.
Purchaser to pay accrued interest.
FULTON COUNTY (P. O. Rochester), Ind.—BONDS NOT SOLD.—
were received for the two issues of 4yA % road-impt. bonds,
aggre¬

No bids

gating $21,200, offered
GADSDEN

on

COUNTY

Oct. 10—V. 1Q5, p. 1438.

(P.

O.

Quincy),

Fla.—BONDS

NOT

YET

OFFERED.—No date has yet been set for the offering of the $30,000 5%

bridge-building bonds voted Dec. 5 1916—V. 103,
is Clerk Bd. of Co. Supervisors.

p.

2358.

F. F. Morgan
„

GALLATIN COUNTY SCHOOL DISTRICT NO. 76 (P. O. Lombard),
Mont.—BOND SALE .—On Oct. 10 the $3,000 6% 8-10-yr. (opt.) building
bonds were purchased by the State Bd. of Land Commrs. at par.
Denom

Date Oct. 1 1917.

$100.

GARDEN CITY,

Int. A. & O.

Finney County, Kan.—BOND SALE.—D. E. Dunne
purchased an Issue of $57,300 4%% water-works-

& Co. of Wichita have
extension bonds at par.

Denom. $1,000.

Date July 1 1917.
1932.

Int. J. & J.

Due July 1 1937, subject to call after July 1

GARDEN CITY SCHOOL DISTRICT (P. O. Garden City), Kan.—
BOND SALE.—The $60,000 4%%

10-20-yr. (opt.) coupon building bonds
Aug. 6—V. 105, p. 413—have been awarded to D. E. Dunne &
Denom. $500.
Date Julyl917.
Int. J. & J.,
payable at Garden City.
Bonded debt (inch this issue), July 26 1917,
$88,000; no floating debt; assessed valuation, $4,006,050.
on

Co. of Wichita at par.

GERALDINE, Chouteau County,
election will be held Oct. 27 to vote
bonds.

on

Mont.—BOND ELECTION.—An

the question of issuing $31,500 water¬

works-extension

GILES COUNTY (P. O. Pulaski), Tenn.— WARRANT SALE.—The
First Sav. Bank & Trust Co. of Nashville were awarded on Aug. 17

6%

$13,000
Due

asylum warrants at par.
Denom. $500.
Int. ann. in July.
yrs. and $1,000 in 5 yrs. from date of issue.

GLOUCESTER, Athens County, Ohio.—BOND SALE.—Reports
an issue of $7,300
5% refunding bonds was awarded to W. L.
Slayton & Co., of Toledo, at 100.030.

state that

GRAFTON TOWNSHIP (P. O. Grafton), Lorain County, Ohio.—
OFFERING-.—Sealed proposals will be received until 1p.m. Oct. 22
by the Twp. Trustees for $18,000 5% road-impt. assess, bonds.
Denom.
$500.
Date Sept. 1 1917.
Prin. and semi-ann. int.—M. & S.—payable
at the office of the Savings Deposit Bank & Trust Co. of Elyria.
Due
$3,000 yearly on Sept. 1 from 1918 to 1923, incl.
Certified check for 2%
of the amount of bonds bid for, payable to J. B. Krossen,
Twp. Clerk,
required.
Bids must be unconditional.
BOND

GRANTS PASS IRRIGATION DISTRICT (P. O. Grants Pass),
Josephine County, Ore,—BONDS VOTED.—By a vote of 43 to 5 the
of issuing $290,000 6% irrigation system construction bonds

question

carried at

an

election held Oct.. 4.

John Dubuis is Dist.

Engineer.

GREEN BAY, Brown County,

are

the bids received for the

Wis.—BOND SALE.—The following
$107,000 4A% coupon Whitney school-bldg.

bonds offered On Oct.

10 (V. 105, p. 1438):
C. W. McNear & Co., Chicago—Par, accrued int. and premium of $1,500
for

5% bonds and

par,

accrued int.% less $3,186 for 4J^% bonds.

R. M. Grant & Co.,

Chicago—Par, accrued int. and premium of $1,250 for
5% bonds and par, accrued int., less $3,525 for 4^ % bonds.
Rudolph Kieybolte & Co., Cincinnati—Par, accrued int., less $3,852.
Seasongood & Mayer, Cincinnati—Par, accrued int. and $45 premium less
$3,745.
Taylor, Ewart & Co., Chicago—Par, accrued int., less $4,195.
Hornblower & Weeks, Chicago—Par, accrued int., less $3,498.
Cummings, Prudden & Co., Toledo—Par, accrued int., premium $6, less
$3,716.

McCartney Nat. Bank, Green Bay—Par,and accrued int., with agency
commission of 3 % %.
Farmers' Exchange Bank, Green Bay—Par and accrued int., less $4,390 for
4A % bonds and par, accrued int. and premium of $275 for 5% bonds.

HADDONFIELD, Camden County, N. J .—BONDS AUTHORZIED.—
The Borough Commissioners, reports state, passed an ordinance on Oct. 1
providing for the issuance of $64,000 funding bonds.
HADDON HEIGHTS, Camden County, N. J .—BOND SALE.—On
an issue of $14,900 5% funding bonds was awarded to the Haddon
Heights National Bank at par and int.
Denoms. 14 for $1,000 and 1 for
$900.
Int. M. & N.
Due part each year, beginning December 1918.
Oct. 16

ELGIN, Kane County, 111.—BOND SALE.—The $60,000 5% 1-20-yr.
serial bridge bonds offered on Sept. 26—V. 105, p. 1226—were awarded
to Hornblower & Weeks of Chicago for $60,100—equal to 100.166.

Rockingham), for $10,000 of

York

—Bids will be received until 10

,

on

MILL,

YET CALLED.—We are advised under date of Oct. 9 that on date has yet
been set for the election to vote on the question of Issuing the $20,000 street
bonds—V. 104, p. 1724.
B. E. Patterson is Mayor.

$3,000 in 1, 2, 3 and 4

are

indebtedness notes

and 1927, $3,000 yearly Sept. 1
1 1936 and 1937.
These bonds

tax-exempt in Iowa.
Total bonded debt, including this issue, $138,000.
Taxable value, $11,001,370; actual assessed value of property, $35,529,964.

are

offered

—Leo Palen, Secretary of Board of Education, advises us that the $465,000

DULUTH,

Prin. and semi-annual int.—M. & S.—payable at the

above company.
Due $8,000 Sept. 1 1925
from 1928 to 1935, incl., and $6,000 Sept.

to local

of

(P. O. Charles City), Iowa .—BOND SALE.—An

Population in 1915, 18,213.

p.

CRITTENDEN

FLOYD COUNTY

issue of $52,000 5% funding bonds recently purchased by Geo. M. Bechtel
Co. of Davenport is now being offered to investors.
Denom. $1,000.

&

Cert,

1917,

HAMLET,

Richmond

County,

No.

Caro.—BOND

OFFERING.—

Sealed proposals will be received untU 8:30 p. m. Nov. 1 by J. C. Leigh,
Mayor, for $30,000 10-year coupon street-improvement bonds.
Bids are
requested on bonds bearing 5A % and 6% int.
Denom. to suit purchaser.
Date Jan. 1 1918.
Due Jan. 1 1928.
Certified check for $500, payable to
G. B.

Lewis, City Clerk & Treas., required.

Purchaser to furnish blank

bonds.
HARDIN COUNTY (P. O. Kenton),

Ohio.—BOND SALE.—An issue

of $19,150 5% highway-impt. bonds was awarded, it is stated, to Seasongood & Mayer of Cincinnati for $19,209, equal to 100.307.

Oct. 20

1917.]

THE

1637

CHRONICLE
Feibel,Elischak&Co.,Cin.$18,153
Seasongood & Mayer, Cin. 18,146
18,138
Field, Richards & Co.,Cin. 18,108
Ohio Nat. Bank, Colum.. 18,106

HEALDTON SCHOOL DISTRICT (P. O. Healdton), Carter Coun¬
ty, OMa.—PURCHASER OF BOND.—The purchaser of the $40,000 6%

C.E.Denison & Co.,Cleve.

building bond recently sold (V. 105, p. 1547) was R. J. Edwards, of Okla¬
homa City.
Denom. $500 and $1,000.
Interest semi-annual.
Due part
in 5, 10, 15 and 20 years.

50 A. E. Aub & Co., Cin_...$18,092
00 Rud. Ivleybolte Co., Cin. 18,090
60 Davies,Bertram&Co.,Cin. 18,029
00 Sidney, Spitzer & Co.,Cin. 18,007
75

50
00
00
36

LORAIN, Lorain County, Ohio.—BOND ELECTION PROPOSED.—
question of issuing

HILL COUNTY SCHOOL DISTRICT NO. 16 (P. O. Havre), Mont—
TO BE SOLD NEXT YEAR.—We are
advised that the School
has decided not to sell the $23,000 10-20-yr. (opt.) coupon high-

BONDS

An election will be ehld in the near future to vote on the

Board

approximately $175,000 river-improvement bonds.

school-bldg. and equipt. bonds until after the first of next year.
bonds were advertised to be sold on Oct. 1 (Y. 105, p. 925).

HOLGATE,

These

LYNN, Essex County, Mass.—BOND SALE.—On Oct. 16 $62,000
registered tax-free building and drainage bonds were awarded to
&. Moseley & Co., of Boston, at 101.405.
Other bidders were:
Edmunds Brothers, Boston. .101.209 A. B. Leach & Co., Boston__100.69
Curtis & Sanger, Boston
E. H. Rollins & Sons, Boston.101.16
100.667
100.514
Merrill, Oldham & Co., Bos_101.141 Blodgett & Co., Boston

4)4%
F.

County, Ohio.—BOND ELECTION.—Reports
state that the question of issuing $4,351 deficiency bonds will be voted on
Henry

at the November election.

HOWARD COUNTY

(P. O. Kokomo), Ind.—BOND SALE.—We

are

Central Nat. Bank, Lynn

advised that the $4,000 4H% road bonds offered on Aug. 22—V. 105, p.
733—have been awarded to J. R. Dollings & Co. of Indianapolis at 100.125.

Summit County,

be delivered

to

McCULLOCH COUNTY (P. O.

•

,

HURON
COUNTY (P. O. Norwalk), Ohio.—BOND SALE.—The
$31,500 5% road-impt. bonds offered on Aug. 21—V. 105, p. 520—were
awarded to the Huron County Banking Co. of Norwalk at par.

Reno County,

HUTCHINSON,

Kan.—BOND SALE.—On Sept.

at

Denoms. $500 and $257.

Date Sept. 1 1917.

Topeka.

13

Int. M. & S.

■■

the $25,000 5%

JACKSON,
that

$40,000

Tenn.—BOND SALE.—We

County,

Madison

the

5%

are ad¬
bonds voted March 8

sewerage-system-ext.

Due June 1 1937.

have been disposed of.

,

(P. O. Beaumont), Tex.—BOND ELEC¬
TION.—The proposition to issue $500,000 road impt. bonds will be sub¬
mitted to a vote on Nov. 17, it is reported.
COUNTY

JEFFERSON

JEFFERSON COUNTY SCHOOL DISTRICT NO.

well), Mont.—BOND SALE—Oil Oct. 1 the $6,000 6%

10-20-yr. (opt.)

Oct. 30 for the following

Co. of

Date Oct. 30 1917.

Mo.—^YO BOND ELECTION.—The election to vot
question of issuing the $1,000,000 electric light plant bonds was no
Oct. 2, we are advised, as the ordinance providing for the same ha
not yet been authorized by the City Council.—V. 105, p. 520.
County,

Erie

N.

Geo. B. Gibbons & Co., N.

Y__

$23,529
Refunding.

...

Sherrill & Co., Poughkeepsie

Isaac W.

100.28

&

MARINETTE,
has sold

O.

(P.

an

Vincennes), Ind—BOND OFFERING.—
Oct. 24 by E. P. Blann, Co. Treas.,
highway-impt. bonds.

Marlinton

at

102.

MARTIN'S

(P. O.

Mayo),

COUNTY

LAKE

O.

(P.

Crown

Fla—BOND OFFERING.—

Point),

Ind.—BOND

MASON

LAKEVIEW, Lake County, Ore.—BONDS NOT YET OFFERED.—
the offering of the $20,000 right-of-way and
railroad-terminal-purchase bonds voted Nov. 14 1916—V. 103, p. 2007.

MESA

of

LAMBERTVILLE,. Hunterdon

County,

N.

other bidders.

no

p.

1017—are in the
int.—

yearly

CITY, Maricopa County,'Ariz.—BOND SALE.—Sweet, Cau¬

MIAMI COUNTY (P. O. Peru), Ind—BOND

OFFERING.—Frank K.

McElheny, County Auditor, will receive bids until 10 a. m. Dec. 1 for
$12,500 4% bridge-construction bonds.
Denom. $625.
Date Oct. 1 1917.
Int. J. & £>.
Due $625 yearly on Dec. 1 from 1918 to 1936, incl., and
$625 April 1 1937.

J.—BOND SALE.—On

10 the $28,000 4H% coupon funding bonds—V. 105, p.
awarded to the Am well Nat. Bank of Lambertville at 101.25.

105,

MIAMI, Ottawa County, Okla.—BOND SALE.—The $200,000 6%
25-year electric-light, water-works, fire-station, storm-sewer and sanitarysewer bonds have been purchased by R. J. Edwards of Oklahoma.
The
sale of these bonds was made subject to the result of an election held Oct. 16.
—V. 105, p. 1439.

—

Oct.

Iowa— DESCRIPTION OF
bonds awarded on Aug. 30

Foster & Co. of Denver were awarded on June 30 $125,000 5)4%
20-40-year opt. gas and eloctric-ligbt-plant-purchase bonds at par and Int.
Denom. $500.
Date July 15 1917.
Int. J. & J.
.
The sale of $25,000 of the above bonds was reported in V. 105, p. 837.

—

..

County,

sey,

Beach County, Fla— BONDS AUTHORIZED.

MESA, San Diego County, Calif.—BOND SALE.—An Issue of
$12,500 6% municipal impt. bonds has been awarded to William R. Staats
Co., of Lbs Angeles, at 102.108.
Other bids were:
Stephens & Co., San Diego
—$12,726 50
Hanchett Bond Co., Chicago
-,J.
12,717 00
Bank of La Mesa
—L
i
12,665 00
Denoms. (20) $500,
(10) $250.
Date Oct. 1 1917.
Int. semi-ann.
Due $1,250 yrty. from 1928 to 1937, incl.

Gordo

BE

by the City Sinking Fund.

MEMPHIS, Tenn.—BONDS TO BE OFFERED.—O. C. Pashby, City
Clerk, advises us that on or about Dec. 18 $27,000 6% 1-5-year serial streetimprovement bonds will be offered for sale.

No date has yet been set for

LA

Cerro

TO

issue of $10,000

Sept. 1 from 1918 to 1927, incl., and $4,000 yearly Sept. 1 from 1928 to
1937, incl.
These bonds are tax-exempt in Iowa.
Total general bonded
debt, including this issue, $265,600.
Taxable value 1916, $4,917,051;
actual assassed value of property, $15,832,719.
The legality of the issue
has been approved by Edward Eagle Brown of Davenport.
These bonds
are now being offered to investors.
,

"

LAKE WORTH, Palm

CITY,

an

:

■

Ohio.—-BONDS

advised that

denom. of $1,000 and dated Sept. 1 1917.
Prin. and semi-annual
M. & S.—payable at the City Treasurer's office.
Due $3,000

SALE.—On

—Reports state that the City Commrs. have authorized the issuance
$10,000 electric-light plant and $15,000 water-works bonds.

are

BONDS.—The $7u,000 5% bridge-construction
to Geo. M. Bechtel & Co. of Davenport—V.

13 the $13,000 4H% 5 5-6-yr. aver, road bonds—V. 105, p. 1439—
awarded to the Citizens German Nat. Bank of Hammond at par and

interests

County,

Belmont

fire department bonds will be purchased

Bridge Dist. road and bridge building bonds.
Denoms. $1,000, $5,000 and
$10,000.
Date probably July 1 1917.
Prin. and seml-ann. int. (J. & J.),
payable in N. Y. City, Mayo or Jacksonville.
Due $41,666 66 yearly for
5 years.
Cert, check for 1% required.
The district has no indebtedness.
Total assess, val. of dist. l9l6, $1,319,155.
These bonds were authorized
by vote of 164 to 41 at an election held Jan. 16.
These bonds were pre¬
viously offered on Aug. 6 (V, 105, p. 308).

Oct.

J

FERRY,

TAKEN BY SINKING FUND.—We

Proposals will be received until 10 a. m. Nov. 5 by Cullen W. Edwards,
Clerk of Circuit Court, for $250,000 5% Dixie Highway Special Road &

were

.

MARLINTON, Pocahontas County, W. Va.—BOND SALE.—On
Oct. 13 the $20,000 6% gold coupon Marlinton Service Co. water and lights
plant-purchase bonds—V. 105, p. 1332—were awarded to the Bank of

LACROSSE, Whitman County, Wash .—BOND SALE.—We are ad¬
vised that this city has disposed of an issue of $20,000 water-works bonds.
COUNTY

County, Wis—BOND SALE.—This city
park bonds to local investors.
Due serially

«'

1924.

'

Proposals will be received until 2 p. m.
it is stated, for $18,340 410-year

LAFAYETTE

Marinette

Issue of $3,000 5%

ending June 1

O.

COUNTY

KNOX

$75,000 6%

100.19

KIMBALL, Kimball County, Neb.—BOND SALE.—An issue of $9,000
6% 5-20-year opt. sewer-construction bonds has been purchased by Burns,
Brinker & Co. of Omaha at par.
Denom. $500.
Date Oct. 1 1917.
Interest A.

;

bond of each issue each six-

MANGUM, Greer County, Okla.—BOND SALE—Geo. W. and J, E.
were awarded several months ago an issue
of
25-year electric-light bonds.
Denom. $1,000.
Date Jan. 1
1917.
Int. Jan. & July.
: '
' ;

$9,000
Sewer.

100.28
100.271

,

one

Piersol of Oklahoma City

'

,

Due

& N.

MADISON, Jefferson County, Ind—BOND OFFERING.—Reports
proposals will be received until 11 a. m. Oct. 27 by Harry E.
Nichols, City Clerk, for $3,000 434 % 5-year refunding bonds.

/

,

M

.

state that

$23,529 refunding bonds at 100.42.
9.000 sewer bonds at 100.35.
■

Int

/'

:

-

May 15 1919 to Nov. 15 1928. incl.
Bids to be made on
furnished by .State Board of Accounts.
To enable immediate de¬
livery of bonds on day of sale each transcript will have attached to it a
written opinion of Smith, Remster, Hornbrook & Smith, attorneys, cost
of same to be paid by purchaser.

two issues of 5% registered bonds, aggregating $32*529—V. 105, p.
were awarded to H. A. Kahler & Co., of New York, as follows:

Other bidders were:

434% road bonds:

forms

SALE.—On Oct. 16 the
1547—

Y.—BOND

OFFERING.—
until 10 a. m.

months from

on

KENMORE,

Due

Int. Jan. & July.

1917.

1

$4,300 J. A. Murphy et al. road bonds.
4,900 W. C. Cummins et al. road bonds.

Date

the

held

Date Dec.

MADISON COUNTY (P. O. Anderson), Ind.—BOND
Geo. T. BeObe, County Treasurer, will receive proposals

KANSAS CITY,

on

Denom. $1,000.

penses.

$1,000 yearly July 1 from 1917 to 1936, incl.

16 (P. O. Card-

building bonds (V. 105, p. 1123) were awarded to Wells & Dickey
Minneapolis at par, interest and blank bonds.
Denom. $500.
Oct. 1 1916.
Interest annually in October.

Brady), Tex.—BOND OFFERING.—

McPHERSON, McPherson
County,
Kans.—BOND
SALE.—The
People's State Bank, McPherson, J. G. Maxwell & Co., McPherson, and
the Guarantee Title & Trust Co. of Wichita were awarded at par on Jan. 8
$69,000 ($39,621 69 assessment and $29,378 31 city's portion) 4H% pav¬
ing bonds.
Denoms. (70) $500, (30) $1,000, (10) $400.) Date Jan. 1
19.17.
Int. J. & J.
Due $6,900 yearly Jan. 1 from 1918 to 1927, incl.
As a matter of record we are reporting the sale of $20,000 4 M % St. Louis,
Ft. Scott, Wichita Ry. refunding bonds.
This issue was awarded on
Oct. 23 1916 to the People's State Bank of McPherson at 100.25 and ex¬

CITY, Johnson County, Iowa.—BOND SALE.—On Sent. 17
coupon bridge bonds (V. 105, p. 1439) were awarded to
Bailey & Murphy of Iowa City at par.
IOWA

vised

100.299

McKEAN COUNTY (P. O. Smithport), Pa.—BOND OFFERING.—
Proposals will be received until 12 m. Oct. 25 by A. R. Anderson, Clerk
Board of County Commrs., for $125,000 4)4 % good road bonds.
Denoms.
130 for $500 and 60 for $1,000.
Date Oct. 1 1917.
Interest semi-annual.
Due part each year beginning Oct. 1 1918.' Certified check for 5% of the
amount of bonds bid for, payable to the .County Commrs., required.

$47,570 4J^% 1-10-yr. serial coupon sewer improvement bonds were
awarded to the Guarantee Title & Trust Co. of Wichita for $47,595—equal
to 100.052.

Bank,

once by J. E. Brown, Co. Judge," for $30,000 5%
10-40-yr. (opt.) coupon Road Dist. No. 2 road-construction bonds auth¬
orized by vote of 67 to 25 at an election held in the Dist. on Jan. 27.
De¬
nom.
$1,000.
Date Feb. 12 1917.
Prin. and semi-ann. int. (A. & O.)
payable at Austin or N. Y.
The district has no bonded debt.
Assess,
val. 1916, $674,122; true val. (est.), $1,200,000.

payable to the Village Treasurer, required.
Bonds
paid for within ten days from time of award.
Pur¬

and

Nat.
.....

1 1918 and 1919 and $3,000 yearly on

Bids will be received at

amount of bonds bid for,

chaser to pay accrued interest.

Lynn

100.92
Aug

on,

Aug. 1 from 1920 to 1937, inclusive.

Ohio.—BOND OFFERING— Proposals
will be received until 12 m. Nov. 5 by W. C. Wood, Village Clerkj for
$1,100 5% street-improvement bonds.
Denom. $1,100.
Date May 11917
Interest semi-annual.
Due Aug. 1 1928.
Certified check for 10% of the
HUDSON,

Manufacturers'

101.08

Harris, Forbes & Co., Bos
Int. F. & A.
Due $4,000

MILWAUKEE,

1439—were
There were

Wis.—BOND

SALE.—Local

papers

state

that

the

school, $480,000 school and $40,000 hospital 4)4% 1-20-year
tax-free bonds offered without success on Oct. 5 (V. 105, p.
1548) have been f>old.

$320,000

serial coupon

'

%

„

LARIMER

COUNTY

SCHOOL

DISTRICT

NO.

6

(P.

O.

Fort

MINGO CONSOLIDATED INDEPDENDENT SCHOOL DISTRICT
O. Mingo), Jasper County, Iowa.—DESCRPITION OF BONDS.—
The $60,000 5% school-building bonds recently awarded to Geo. M.
Bechtel & Co. of Davenport—V. 105, p. 308—are in the denoms. of $500
and $1,000 and dated July 2 1917.
Prin. and semi-ann. int.—J. & J.—
payable at the above company.
Due on July 1 as follows: $1,000 1920,
1921 and 1922; $1,500 yearly from 1923 to 1927, incl.; $2,000 yearly from
1928 to 1932, incl.; $2,500 yearly from 1933 to 1936, incl., and $29,500 1937.
These bonds are tax-exempt in Iowa.
Total bonded debt, including this
issue, $68,000.
Taxable, value, 1916, $575,797;' actual assess, value of
property, $1,613,838.
Legality of issue approved by Edward Eagle
Brown of Chicago.
>:.
*

Collins), Colo.—BOND OFFERING.—Bids will be received until 12 m.
Oct. 24 by Edward H. Hall, Dist. Sec., for the«$20,000 5% 10-20 yr. (opt.)
building bonds authorized by vote of 41 to 4 at the election held Oct. 8.
Int. semi-annual.
A cert.-check for $500, payable to the Dist. Treas.,

P.

9

Delivery of bonds on or before Mar. 1 1918.
Purchaser to pay
required to prepare and furnish blank bonds at
Bonded debt, excl. this issue, $122,000r.
Assess., val.
1917, $11,350,000.

required.

accrued interest and will be

his

own

expense.

,

LINCOLN COUNTY

(P. O. Toledo), Ore.—BONDS DEFEATED.—

According to unofficial returns, the election held Oct. 2 resulted in the
defeat of the proposition to issue $200,000 5% road-construction bonds.
V.

105, p.

Madison County, Ohio.—BOND SALE.—The $27,500
5*4% 1-11-yr. serial coupon refunding bonds offered on Aug. 17—V. 105,
p. 414—have been awarded to Weil, Roth & Co., of Cincinnati, for $28,096,
equal to 102.167.
LONDON,

Lorain County, Ohio.—BOND SALE.—On Oct. 16 the
'5% 5-10-year (opt.) coupon water-works impt. bonds (V. 105,
& Harrison, of Cincinnati, at 100. n
«»«
8g

LORAIN,
$18,000

„

MINNEAPOLIS, Minn— BOND OFFERING.—Proposals will also be

.1332.

LITTLESTOWN, Adams County, Pa.—BONDS REFUNDED.—The
Borough Clerk advises us that $12,300 4% refunding bonds have been
issued and taken by holders of a like amount of bonds which matured
July 1 1917.
LOGAN COUNTY (P. O. Beliefontaine), Ohio—BOND OFFERING.
—Sealed bids will be received until 12 m. Oct. 22 by O. W. Loffer, County
Auditor, for $16,800 5% highway bonds.Denom. $600.
Principal and
semi-annual interest (M. & S.) payable at the office of the County Treasurer.
Due $600 each six months from March 1 1918 to Sept. 1 1924, inclusive.
Certified check for 5% of the amount of bonds bid for, payable to the
County Treasurer, required.
Bonds to be delivered and paid for within
ten days from time or award.
Purchaser to pay accrued interest.
|

1332) were awarded to Breed, Elliott
and interest.
Other bids were:




received until 3 p. m. Oct. 31 by

the Committee on Ways and Means of the

City Council, at the office of Dan C.
085 06 special

Brown, City Comptroller, for $242,-

street-impt bonds at not exceeding 5% int.

539 81) Sept. 1

Date ($236,-

1917 and ($5,545 25) Nov. 1 1917.
These bonds may be
multiple thereof, at the option of the purchaser,

in the denom. of $50 or any

and
Incl.
par

are

to become due and

payable one-twentieth yearly from 1918 to 1937,

No bids will be entertained for these

value of same and

annually

or

bonds for

a sum

less than the

accrued interest to date of delivery.
Interest
Certified check for 2% of bonds bid for, pay¬

semi-annually.

able to C. A. Bloomquist, City Treasurer,

required.

notice of this bond, offering will be found among the advertise¬
ments elsewhere in this Department.
MISSOURI VALLEY INDEPENDENT SCHOOL DISTRICT (P. O.
Missouri
Valley), Harrison County, Iowa.—BOND SALE.—J. N.
Casady Jr. Co. of Council Bluffs has purchased $20,000 5% 20-year
building bonds at par and interest.
A similar issue or bonds was reported sold on April 9 to Geo. M. Bechtel
& Co; of Davenport.—V, 104, p. 1518.
The official

„

MONROE COUNTY (P. O. Aberdeen),

[VOL. 105.

CHRONICLE

THE

1638

Miss.—BOND OFFERING.'—

OAKLAND, Pottawattamie County, Iowa.—BOND SALE.—Geo. M.
awarded on May 25 an issue of $4,900

Sealed bids will be received until 2 p. m.

Bechtel & Co. of Davenport were

Board

5% funding bonds.
Denoms. $400 and $500.
Date
Jan. & July 1.
Due serially from 1918 to 1927, incl.

Nov. 5 by G. G. Ray, Clerk of
Supervisors, for $20,000 20-year tax-free Supervisors
Dist. No. 1 road-impt. bonds at not exceeding 6% int.
Denom. $500.
Date
Dec.
1
1917.
Prin. and annual int. at the County Treasurer's
office, or at the Seaboard Nat. Bank of N. Y. City, at the option of holder.
Certified check on some solvent bank or trust company doing a commercial
business, for $1,000, payable to the above clerk, required.
Purchaser
to pay accrued interest.
of

County

SOLD.
road
being re-offered, subscrip¬

MONROE COUNTY (P. O. Woodsfield), Ohio.—BONDS NOT

—NEW OFFERING—No award was made on Oct. 8 of $10,000 5%

The bonds

bonds offered on that day.

are now

tions to be received until Nov. 5.

MORGAN COUNTY (P. O. Warfcburg), Tenn.-BOND SALE.—We
are advised that this county has sold the $200,000 5% road bonds—V. 104,
p.

Date April 2 1917.

1622.

Interest semi-annual.

Iowa, at par.
Denom. $1,000.
Date Aug. 1 1917.
Int. annually.
Due $1,000 yearly
Aug. 1 from 1918 to 1395, Incl., and $2,000 Aug. 1 1936.
were

will be submitted to

OAKLAND, Burt County, Neb.—BOND SALE.—On Oct. 1 $35,000
5-20-year opt. coupon sewerage-system-constructicn bonds were
at par.
Denom. $1,000.

5%

awarded to the Lincoln Trust Co. of Lincoln
Date Oct. 1 1917.
Interest annually on Oct.

OCHEYEDAN, Osceola County, Iowa.—BOND

5^3% 15-yr. water-works ext. bonds
been sold.

MOUNT

Knox

VERNON,

County,

Ohio.—BOND

OFFERING.—
the $15,000

5% water bonds—V. 105, p. 1548.
Proposals for these bonds will be re¬
m. oh that day by Howard C. Gates, City Auditor.
Denom.

ceived until 12

$500.
Date Oct. 1 1917.
Int. semi-ann.
Due $1,000 on April 1 and $500
on Oct. l from 1918 to 1927, incl.
Certified check for $300, payable to the

Bonds to be delivered and paid for within 10
Purchaser to pay accrued interest.

City Treasurer, required.
days from time of award.

O. Zanesville), Ohio:—BOND OFFER¬
proposals will be received until 12 m. Nov. 1 by E. A. Mont¬
$294,000 5% road bonds.
Auth. Sec. 1223,
Date Oct. 1 1917.
Principal and semi-ann.
int., payable at the County Treasury.
Due on Oct. 1 as follows: $14,000
1918, $5,000 1919, $9,000 1920, $40,000 1921 and 1922, $35,000 1923,
$50,000 1924, $1,000 1925, $50,000 1926 and 1927.
Certified check for
$500, payable to the County Treasurer, required.
Bids must be uncondi¬
tional.
Purchaser to pay accrued interest.
MUSKINGUM COUNTY (P.

SALE.—The $5,000

authorized by vote of 135 to 2 at the

election held Oct. 8 have

OLEAN, Cattaraugus County, N. Y.—BOND OFFERING.—Further
relative to the offering on Oct. 22 of the $75,000 5%

details are at hand

registered

coupon or
V. 105, p.

(purchaser's option) water-filtration-plant bonds—

1549.
Proposals for these bonds will be received until 12 m. on
by Daniel P. Ray, Pres. of Board of Water Commissioners.
Denom. $1,000.
Date Nov. 1 1917.
Int. M. & N.
Due $3,000 yearly
on Nov. 1 from 1919 to 1943, incl.
Certified check for 2% of the amount
day

that

Bonded debt (incl. this issue) Oct. 13 1917,

$601,754; floating debt,. $100,187; total debt,
1917, $12,636,576; tax rate (per $1,000),

$701,941.
$27 25.

tion

awarded to J. N. Casady Jr. Co. of Council Bluffs,

Further details are at hand relative to the offering on Nov. 1 of

Prin and int. payable

1.

County Treas. office, Tekamah.

of bonds bid for required.

MOUNDS TOWNSHIP SCHOOL DISTRICT NO. 34 (P. O. Mounds),
Pulaski County, III.—BOND SALE.—On Sept. 20 $20,000 5% building
bonds

proposition providing for the issuance of bonds to purchase the
of the San Francisco-Oakland Terminal Railways
the City Council by Mayor John L. Davie.

entire street-car system

Ohio.—BOND SALE.—

bonds, aggregating $80,000, offered on Aug. 6 (V.

105, p. 520) were awarded on that day as follows:
$65,000 flood bonds to the Provident Sav. Bank & Trust Co. of Cincinnati
for $65,761, equal to 101.170.
15,000 bridge bonds to Cummings, Prudden & Co., of Toledo, at 100.60.
Denom. $1,000.
Date Aug. 6 1917.
Int. F. & A.

Int.

OAKLAND, Alameda County, Calif.—BONDS PROPOSED.—Reports
state that a

at the

MONTGOMERY COUNTY (P. O. Dayton),
The two issues of 5%

July 2 1917.

Assessed valua¬

DISTRICT NO. 1 (P. O. Olympia), Thurston
OFFERING.—Sealed bids will be received until

OLYMPIA SCHOOL

County, Wash.—BOND
2

m.

p.

Oct. 27 by Fred. W.

Stocking County Treasurer for the $75,000
These

high-school-building bonds at not exceeding 6% int.

gold coupon

authorized by vote of 358 to 91 at the election held Aug. 21—
V. 105, p. 1333.
Denom. $1,000.
Date Feb. 1 1918. Prin. and annual
int. payable at Olympia.
Due Feb. 1 1938, optional at any interestpaying period after Feb. 1 1928.
All bids except that of the State of
Washington must be accompanied by a certified check or draft for 1%
of amount of issue, payable to the County
Treasurer.
Bonded debt,
including this issue. Oct. 1 1917,
$175,000.
No floating debt.
As¬
sessed value
of taxable property,
equalized,
1917, $3,508,194; true
value of real and personal property, $7,016,388.
bonds

were

ING.—Sealed

gomery, County Auditor, for
Gen. Code.
Denom. $1,000.

CITY, Clackamas County, Ore.—DESCRIPTION OF
$11,130 18 6% street impt. bonds recently awarded to
Inc., of Portland (V. 105, p. 1549) are in-the denoms. of
$500 and $130 18 and dated June 1 1917.
Prin. and semi-ann. int. paya¬
ble at Oregon City at the office of Morris Bros., Inc.
Due June 1 1927.
Bonded debt $802,000; water
debt (incl.) $415,000.
Bancroft bonds
(additional), $91,929 96.
OREGON

BONDS.—The
Morris Bros.,

OSCEOLA

NAPIER CONSOLIDATED INDEPENDENT SCHOOL DISTRICT,
Boone and

Storey Counties, Iowa;—BONDS OFFERED BY BANKERS.

—Geo. M. Bechtel & Co. of Davenport are offering to investors
an issue of $50,000 4^ % tax-free building and equipment
bonds.

Date

$1,000.

May

1917.

1

and

Prin,

semi-annual

int.—M.

47,000 of

Denom.
&

N.—

Sayable at issue, $50,000. Taxable value 1916, $442,005; actual assessed
Due serially ending May 1 1937. Total
ebt, this the above company.
value of property,
Wood of Chicago.

$1,755,720.

Legality of issue approved by Chas. B.

vote

on

the question of

issuing $60,000 road bonds.

NEOLA INDEPENDENT SCHOOL DISTRICT (P. O. Neola), Potta-

County, Iowa .—BONDS OFFERED BY BANKERS.—Geo. M.
Bechtel & Co. of Davenport are offering to investors $17,000 of an issue of
$18,000 5% school-building bonds.
Denom. $500. Date July 2 1917.
Prin. and semi-annual int.—J. & J.—payable at the above company.
Due serially ending June 1

These bonds are tax-exempt in Iowa.
1916, $285,415; actual assessed value
issue approved by Chas. 8. Pryor

1937.

Total debt> $25,600.
Taxable value
of property, $889,808.
Legality of

of

NEWARK, Licking County, Ohio.—BONDS PROPOSED.—The ques¬
TOWNSHIP
(P.
O.
Hackensack),
Bergen
N. J.—BOND SALE.—On Oct. 15 the $74,000 5% funding
bonds—V. 105, p. 1548—were awarded to Harris, Forbes & Co. of N. Y.
BARBADOES

County,

Other bidders were:
.—100.8971R. M. Grant & Co., N. Y

101.182.

B. J. Van Ingen, N. Y
Outwater & Wells, Jer.

100.38
City_100.69 I J. S. Rippell & Co., Newark—100.34
Denom. $1,000,
Date July 1 1917.
Int. I. & D. at Hackensack Nat.
Bank.
Due $4,000 yearly on Dec. 31 from 1918 to 1935 incl. and $2,000
Dec. 31 1936.
Bonded debt (incl. this issue),$354,000; sinking fund, $29,000.
Assessed val. 1916. $12,874,980; tax rate (per $l,o00), $27.70.
NEW BOSTON (P. O.

Portsmouth), Scioto County, Ohio.—BONDS

SOLD.—The $10,000 5% sewer bonds
were

offered on Sept. 8—V. 105, p. 927—
awarded, it is stated, to the Portsmouth Banking Co. at par.

PARIS, Lamar County, Tex.—BONDS VOTED.—The election held
336 to 37 in favor of the question of issuing the
$20,000 5% 10-30-year (opt.) street improvement bonds.
Y. 105, p. 1440.
OUACHITA PARISH (P. O. Monroe), La.—BOND ELECTION PRO¬
POSED.—Reports state that an election will probably be called in Decem¬
ber to vote on the proposition to issue $250,000 court-house and jail erec¬
tion and $400,000 dram age-system bonds.

1

of).—CERTIFICATE

SALE.—An issue of
6% certificates of Indebtedness has been disposed of.
Date
1917.
Int. M. & S. at the State Treas. office.
Due $60,000

Denom.

bonds.

Mora,

Date Nov.

$1,000.

1

Route 3), Kanabec County,
will be received until 3 p. m.

for $20,000 6% road and bridge
Due $1,000 yrly. Nov. 1

1917.

1918 to 1937, incl.
()ert. check for 10% of amount of bid,
to the Town Clerk, required.
All bids must be unconditional.
from

must

satisfy themselves of the legality of the issuance of the

payable
Bidders
bonds prior

to date of sale.

A

similar issue of bonds was recently reported

sold to Drake, Ballard

Co., of Minneapolis.—V. 105, p. 203.
PELION

SCHOOL

DISTRICT NO.

25

(P.

O.

Peiion), Lexington

County, So. Caro.-r-BOND SALE.—The $5,000 15-year coupon tax-free
disposed of on that

building bonds offered on Apr. 2 (V. 104, p. 1181) were
day.

SCHOOL

TOWNSHIP

PEMBERTON

DISTRICT,

Burlington

County, N. J.—BOND SALE.—No bids were were received for the $15,000
4HVo school bldg. and equip, bonds offered on Oct. 11 (V. 105, p. 1333).
The Board of Education has decided to sell the bonds to the People's Nat.

NEWTON COUNTY

NILES,

Trumbull

PENNINGTON COUNTY (P. O. Thief River Falls),
SALE.—On Aug. 3 the $15,000

(P. O. Kentland), Ind.—BOND OFFERING.—

County,

Siaelove, County
$500 and 10 for
at the Farmers'
1 from 1918 to

We are not advised as to the

OFFERING.—Proposals
will be received until 2p»m. Nov. 9 by Homer Thomas, City Auditor,
for the

following assessment bonds:
i
sidewalk construction bonds.
Denom. $500.
Date Aug. 1
1917.
Due $1,500 yrly. on Aug. 1 from 1919 to 1921, incl.,
and $500 Aug. 1 1922.
5,650 5%
sanitary sewer bonds.
Denoms. 11 for $500 and 1 for $150.
Date Nov. 1 1917.
Due $2,000 on Nov. 1 1920 and 1921.
and $1,650 Nov. 1 1922.
4,700 4J4% street impt. bonds.
Denoms. 9 for $500 and 1 for $200.
Date Sept. 1 1917.
Due $1,500 yrly. on Jan. 1 from 1920
to 1922, incl., and $200 July I 1922.
.
Interest semi-ann.
Cert, check for 1 % of the amount of bonds bid for,
payable to the City Treas., required.
Bonds to be delivered and paid for
within 10 days from time of award.
Purchaser to pay accrued interest.
$5,000

NOLAN COUNTY IP. O. Sweetwater), Tex.—BOND ELECTION.—
Reports state that an election will be held Nov. 10 to submit to a vote the
question of issuing $100,000 road bonds.

NORFOLK, Va.-—BONDS PROPOSED.—Reports state that a resolution
providing for the issuance of $100,000 water-supply bonds was introduced
at a meeting of the Board of Aldermen on Oct. 9.
BOND SALE.—Reports state that the Harris Trust & Sav. Bank of
Chicago recently purchased $700,000 43-year bonds.
Date Oct. 15

Due Oct. 15 1920.

NORWOOD,

Hamilton

County,

$25,000 00 5% street repair bonds.
o„.

Ohio.—BOND OFFERING.—Bids

5 by G.

P. Evans, City Auditor, for

Denom. $500.

Prin. and semi-ann.

Payable at the Norwood National Bank.

3,814 65 5% sanitary sewer bonds.

Denom. $100

or

multiples thereof.

Interest annually.
1,137 53 6% sidewalk impt. bonds.
Interest annually.

Denom. $100

or

multiples thereof.

oPQaKfc.e Oct.l 1917.




awarded to the First Nat. Bank of

bonds were

PHILIPSBURG, Granite County, Mont.—BOND SALE.—On

PIQUA,

Oct. 8

10r20-year (opt.) coupon water-works bonds (V. 105, p.

1440) were awarded to the First State Bank of
int.
There were five other bidders.

Miami

Philipsburg at 102.51 and

Ohio.—BOND OFFERING.—G. F.

County,

Cron,

City Aud., will receive proposals, it is stated, until 12 m. Nov. 15 for
$172,310 street, $76,085 storm-sewer, $41,400 sanitary-sewer and $15,075
sidewalk 5% bonds.
Int. semi-ann.
Cert, check for 2% of the amount
of bonds bid for, required.

County, Ohio.—BOND SALE.—On Oct. 15
refunding bonds—V. 105, p. 1333—were awarded
Cincinnati, at 107.11 and int. Other bidders were:

PLAIN CITY, Madison
the $13,000 5M% 40-yr.
to J. C. Mayer & Co., of
Graves &

Bianchett, Toledo

——

Cummings, Prudden & Co., Toledo.——
W. L. Slayton & Co., Toledo.———
Seasongood & Mayer, Cincinnati
Weil, Roth & Co., Cincinnati
F. C. Hoehler & Co., Toledo

$13,685
13,661
13.548
•- 13,440
*

...

10

00

60
00
13,273 00
13,244 40

13,025 00

Spitzer, Rorick & Co., Toledo

PLYMOUTH, Richland County, Ohio.—BOND
SALE.—The two
issues of 5% bonds, aggregating $10,350, offered on Aug. 11 (V. 105, p. 521)
were awarded to W. L.
Slayton & Co. of Toledo for $10,358, equal to
100.077.

(P. O. Pond), Kern County, Calif.—
election will be held Oct. 27, it is stated,to vote
question of issuing $7,000 6% 1-7-yr. serial school bonds.
Denom.

POND SCHOOL DISTRICT
BOND ELECTION.—An
the

$1,000.
PONTOTOC

COUNTY

(P.

O. Ada), Okla.—BOND ELECTION.—
vote on the propositions to issue $470,000
Milton Garner is County Clerk.

An election will be held Nov. 16 to

road and $100,000 bridge

building bonds.

POPLAR, Sheridan County, Mont.—BOND SALE.—On Oct. 8 the
bonds (V. 105, p. 1333) were
Denver at par and int.
Other

$25,000 6% 15-20-year (opt.) water-supply

Cert, check for 5% of the amount of bonds bid for.

payable to the City Treas., required.

N. J .—BOND SALE.—We are
$100,000 4coupon or registered water bonds
Perth Amboy at par and int.
These
offered without success on Aug. 6.—V. 105, p. 415.
.

PERTH AMBOY, Middlesex County,
was

on

will be received until 12 m. Nov.
the following 10-yr. serial bonds:

,

disposition of the $30,000Idrainage bonds

.

advised that an issue of

the $10,000 6%

Ohio.—BOND

Minn .—BOND

6% 10-year road and bridge bonds (V. 105,
Dickey Co. of Minneapolis at par. De¬

309) were awarded to Wells &
nom. $1,000.
Date Sept. 1 1917.

also offered on Aug. 3.

Proposals will be received until 2 p. m. Nov. 7 by S. R.
Auditor, for $19,785 5% ditch bonds.
Denoms. 30 for
$478 50.
Prin. and semi-ann. int.—J. & D.—payable
State Bank, Morocco.
Due $1,978 50 yearly on Dec.
1927, inclusive.

„

O.

p.

(State

March 1 1918 and 1919.

1917.

TOWNSHIR(P.

PEACE

Minn.—BOND OFFERING.—Sealed bids
No. 10 by W. J. Kopschgeq, Town Clerk,

MEXICO

$120,000

Okla .—BOND ELECTION.—The
(V. 105, p. 1440) will be

Bank of Pemberton at par.

it is stated,

March

County,

Osage

question of issuing the $75,000 gas-plant bonds
a vote, itNis stated', on Oct. 23.

submitted to

vote of 95 to 24 the

NEW

Wapello

Oct. 9 resulted In a vote of

MADISON, Darke County, Ohio.—BONDS VOTED.—By a
question of issuing $5,000 fire apparatus bonds carried,
at an election held Oct. 8.

NEW

Ottumwa),

O.

(P.

DISTRICT

SCHOOL

County, Iowa .—DESCRIPTION OF BONDS.—The $18,000 5% funding
awarded at par on Sept. 1 to the Iowa Nat. Bank of Ottumwa
(V. 105, p. 1549) are in the denomination of $1,000 and dated Sept. 1 1917.
Int. M.&8.
Due $6,000 Sept. 1 1918.1919 and 1920.

PAWHUSKA,

tion of issuing $11,000 fire appartus bonds is under consideration.

at

Due $1,000 yrly.

bonds

Davenport.

NEVADA, Story County, Iowa .—DESCRIPTION OF BONDS.—The
$8,000 5% 5-10-year opt. water-extension bonds recently awarded at par
to Geo. M. Bechtel & Co. of Davenport—V. 105, p. 1548—are in the
denom. of $500 and dated Nov. 1 1917.
Int. M. & N.
Due Nov. 1 1927,
subject to call after Nov. 1 1922.

NEW

office.

OTTUMWA

wattamie

$1,000.

the Co.
Sept. 1 from 1918 to 1928, incl., and
$24,000 Sept. 1 1927.
These bonds are tax exempt in Iowa.
Total
bonded debt, incl. this Issue, $58,000.
Taxable value 1916, $6,128,734;
actual assessed value of property, $23,124,127.
Treas.

'

NAVARRO COUNTY (P. O. Corsicana), Tex,—BOND ELECTION.—
An election will be held in Powell Read District on Nov. 10, it is stated, to

"

(P. O. Sibley), Iowa.—BOND SALE.—An
funding bonds recently purchased by Geo, M. Bechtel

COUNTY

Issue of $35,000 5%

& Co., of Davenport, is now being offered to investors.
Denom.
Date Sept. 1 1917.
Prin. and semi-ann. int. (M. & S.) payable at

awarded to Sweet, Causey, Foster & Co. of
bids were:

Sidney Spitzer

& Co., Toledo, bid par less $480 for attorney's fees, &c.
less $1,000 for attorney's fees, &c.

James N. Wright & Co., par

,

Oct. 20 1917 .j

THE
at%rney's

J. R. Sutherlin & Co., Kansas City, par less SI,130 for
fees, &c.
Bankers' Trust & Sav. Bank, Minneapolis, bid $25,151, conditioned on
bonds being payable at their bank.
_

POUGHKEEPSIE, Dutchess County, N. Y.—BOND OFFERING.—

Proposals will be received until 12 m. Oct. 22 by Daniel W. Wilbur,
Mayor, for $50,000 4fi% registered tax-free school bonds.
Date Mar. 1
1917.
Prin. and semi-ann. int. (M. & S.) payable at the office of the City
Treas.
Due on March 1 as follows: $1,000 1918, $1,050 1919, $1,100
1920, $1,150 1921, $1,200 1922, $1,250 1923, $1,300 1924, $1,350 1925,
$1,400 1926, $1,450 1927, $1,500 1928, $1,550 1929, $1,600 1 930, $.1650
1931, $1,700 1932, $1,750 1933, $1,800 1934, $1,850 1935, $1,900 1936,
$1,950 1937, $2,100 1938 and 1939, $2,200 1940 and 1941, $2,300 1942
and 1943, $2,400 1944 and 1945 and $2,500 1946.
Cert, check on an
Incorporated bank or trust company for 2% of the amount of bonds bid
for, payable to the City Treas*, required.
Purchaser to pay accrued int.

POYNETTE, Columbia County, Wise.—BONDS TO BE OFFERED
SHORTLY.—Local papers state that the Village Clerk has been authorized
to advertise for sale an issue of $6,000 dam-construction bonds.
PULASKI COUNTY*"(P. O. Winamac), In A.—BOND OFFERING.—
W. E. Munchenburg, Co. Aud., will receive bids, it is stated, until 2 p. hi.
Nov. 3 for $1,571 40, and $1,662 15 5% 10-year drainage bonds.

QUINCY, Gadsden County, Fla.—BONDS VOTED.—By avoteof
61 to 31 the question of issuing the $18,000 5% street-paving bonds (V.
105, p. 1440) carried at the election held Oct. 9.

1639

CHRONICLE

J. B. Hall is Mayor.

RANDOLPH COUNTY (P. O. Winchester), Tnd.—BOND SALE.—
On Oct. 15 the $63,0004H% 10-year highway-impt. bonds (V. 105, p.
1549) were awarded to the People's Loan & Trust Co. of Winchester at
100.10. s^i:
'
■
:
f*a
.

RAVENNA, Portage County, Ohio.—BOND OFFERING.—Proposals
will be received until 12 m. Oct. 29 by W. A. Root, City Aud., for $6,108
street impt. assess, bonds.
Auth. Sec. 3915 Gen. Code.
Denoms. 12 for
$500 and 1 for $608,
Date Sept. 1 1917.
Prin. and semi-ann. int. pay¬
able at the Second National Bank, Ravenna.
Due $500 yrly. on Mar. 1
from 1918 to 1924, inch; $1,000 on Mar. 1 1925 and 1926, incl.; $608 Mar.
1 1927.
Cert, check for $200, payable to the City Treas., required.
Bonds to be delivered and paid for within 10 days from time of award,
Purchaser to pay accrued interest.

SCIOTO TOWNSHIP RURAL SCHOOL DISTRICT (P. O. Lockbourne, R. F. D. No. 1), Franklin County, Ohio.—BOND OFFER¬
ING.—Proposals will be received until 12 m. Oct. 22 by O. W. Strader,
Clerk of the Bd. of Ed., for $5,000 5% coupon school impt. bonds.
Auth.
Sec. 7629 Gen .Code.
Denom. $500.
Date day of sale.
Int. payable
at the Scioto Bank, Commercial Pt.
Due $500 yrly. on Sept. 1 from 1919
to 1928, incl.
Cert, check (or cash) for 3 % of the amount of bonds bid for,
payable to the above Clerk, Bd. of Ed., required.
Bonded debt (excl. this
issue) Oct. 15 1917, $44,000.
Assessed valuation, $2,777,965.
Tax rate

(per $1,000), $13.60.

SCRANTON, Pa.—BOND OFFERING.—Sealed proposals will be re¬
m. Oct. 23 by E. B. Jermyn, Mayor, for $100,000 4H%

ceived until 12

coupon or registered (purchaser's option) municipal improvement bonds.
Denom, $1,000.
Date July 1 1917.
Int. J. & J., payable at the office of
the

City Treasurer, without deduction for State tax.
Due $4,000 yearly
July 1 from 1918 to 1942, inclusive.
Certified check on an incorporated
or trust company for $1,000 required.
The U.S. Mtge. & Trust Co.
will certify as to the genuineness of these bonds.
A similar issue of bonds
was awarded on Sept. 24 to Harris, Forbes & Co. of N. Y.—V. 105, p. 1441.
on

bank

SEAFORD, Sussex County, Del.--BONDS NOT YET ISSUED.—NO
sale has yet been made of the

$25,000 street bonds voted in February last.

—V. 104, p. 683.

SEATTLE, Wash.—BOND SALE.—On Sept. 29 the $390,000 6-20-year
serial light and power plant bonds were awarded to John E. Price & Co. of
Seattle at 94.07 for 5s.
These bonds were offered without success on

Sept. 15.

V. 105,p. 1441.

TEXAS.—BONDS PURCHASED BY STATE.—On Oct. 10 the follow¬

ing 5% bonds, aggregating $165,400, were purchased at par and interest
by the State Board of Education for the Permanent School Fund:
Common County

$400
1,500
2,000
2,000
3,000

School Districts.
1,500 Hill No. 29
1,000 Hopkins No. 1
400 Hopkins No. 12
1,200 Hopkins No. 28
600 Hopkins No. 62
1,000 Hopkins No. 65
400 Hopkins No. 94
600 Hopkins No. 8
800 Hopkins No. 77
:
1,200 Hopkins No. 51
2,500 Hunt and Collin No. 24

Anderson No. 14
Bell No. 6
Bosque No. 10
Bosque No. 21
Brown No. 22

900 Brown No. 3
300 Brown No. 5

READING, Middlesex County, Mass.—BOND SALE.—Reports state
that an issue of $55,000 4M% electric-plant bonds has been awarded to
Due $3,000
yearly on Oct. 1 from 1918 to 1935 incl. and $1,000 Oct. 1 1936.

Edmund

Bros,

of

RIDGE WOOD

Boston

at

(Village),

101.18.

Date

Bergen

County,

until 8 p.

Oct.

1

N.

1917.

J.—BOND

OFFER¬

ING.—Bids will

be received

Collector, for

issue of 5% coupon impt. bonds not to exceed $95,000.

an

Denom. $1,000.
the

Date June 1 1917.

Ridgewood Trust Co.

trust company for 2%

Nov.

7 by Wilbur Morris,

Prin. and semi-ann. int. payable at

Due $10,000 yrly. on June 1 from 1918 to

1926, incl., and $5,000 June 1 1927.
or

m.

Cert, check on an ihcorporated bank

of the amount of bonds bid for, payable to the

Village of Ridgewood, required.

Geo. U. White is Director of Revenue

and Finance.
The

official notice of this bond offering will be found among the advertise¬

ments elsewhere

iri this Department.

ROCHESTER, N. Y.—NOTE OFFERING.—Sealed bids will be received
p.hi. Oct. 25 by H. D. Quinby, City Comptroller, for $10,000 local
impt., $28,000 land purchase, $35,000 street grade crossing and $50,000
home-defense notes, payable 4 months from Oct. 29 1917 at the Union
Trust Co., of N. Y.
Notes will be drawn with int. and will be deliverable
on Oct. 29 at the Union Trust Co. of N. Y.
Bids must state rate of int. and
designate to whom (not bearer) notes shall be made payable and denomina¬
tions desired.
;'
until 2

1,500
1,800
4,000
1,800
1,500
1,250

Brown
Brown
Brown
Brown
Brown
Brown

No.
No.
No.
No.
No.
No.

District.

Amount:

District.

Amount.

9
22
32
34
47
64

400 Johnson No. 30

J

'

1,500
2,500
3,000

Jones No. 10
Jones No. 46
Jones No. 47
Kaufman No. 16
Kaufman No. 84
McLennan No. 4
Somerville and Erath
Taylor No. 10
Taylor and Jones No. 40
Van Zandt No. 64

700
1,600
2,400
2,000
1,500
1,000
1,400

Van Zandt No. 77
Van Zandt No. 94
Van Zandt No. 124
Young No. 10
Young No. 23
Van Zandt No. 100
Van Zandt & HendersonNo.12

1,500
1,500
2,500
2,000
7,000
2,500

700 Brown No. 65

1,200 Brown No. 69
1,500 Brown No. 17
14,000 Brown No. 12
750 Camp No. 8
1,750 Coleman No. 36
2,000 Collin No. 38
1,300 Comanche No. 5
2,500 Eastland No. 40
1,250 Eastland No. 44
3,000 Ellis No, 57
3,000 Grayson No. 77
36,000 Garza No. 1
3,000 Gonzales No. 20
4,000 Hale No. 23

1,500

800 Hale No. 29

Independent School Districts.

3,000 Christian Valley

| $52,000 Crockett
Counties.

.

(P. O. Ash Grove), Dade County,
to-day (Oct. 20), it is
the question of issuing $28,000 road-impt. bonds.

ROCK PRAIRIE TOWNSHIP

10,000 Bastrop Co. Rd. Dist. No. 6175,000 Culberson Co. (road & bridge)

Mo.—BOND ELECTION.—An election will be held

Wv

stated, to vote

25*000 Graham (sewer)

on

ROSEAU COUNTY (P. O. Roseau), Minn.—DESCRIPTION OF
BONDS.—The two issues of ditch bonds recently sold by this county
—V. 105, p. 1549—are described as follows:

$70,000 5H% Judicial Ditch No. 63 bonds purchased on June 1 by Wells
& Dickey Co. of Minneapolis at par.
Denom. $1,000.
Date June 1 1917.
Int. J, & D.
Due serially June 1 from
1923 to 1937, incl.
9,000 5% % County Ditch No. 24 bonds purchased on July 2 by Kalman,
Matteson & Wood of St. Paul at par and int.
Denom.
$1,000.
Date July 2 1917.
Int. J. & J.
Due serially
July 1 from 1922 to 1937, inclusive.
.

ROSWELL SCHOOL DISTRICT (P. O. Rose well), Chaves County,
N. Mex.—BOND SALE.—This district has disposed of an Issue for $100,000

5% 10-30-yr. (opt.) bonds.

____

LOUIS SCHOOL DISTRICT (P. O. St. Louis), Mo^BOnS
OFFERING.—Proposals will be received until 2 p. m. Nov. 13 by Chas.
P. Mason, Sec. & Treas. Bd. of Ed., for $2,000,000 4% school bonds.
Denom. $1,000.
Date Jan. 1 1918.
Prin. and semi-ann. int. payable at
the option of the holder at the German Sav. Institution, St. Louis, or at
the Chemical Nat. Bank, N. Y.
Due Jan. 1 1938.
Cashier's or cert,
check for 2% of the amount of bonds bid for, payable to the Bd. of Ed.,
required.
Purchaser to pay accrued int. The opinion of Dillon, Thomson
& Clay, of N. Y., as to the validity of the bonds, will be furnished to the
ST.

purchasers by the Bd. of Ed,
All bids must be made on blanks furnished
by the Sec. & Treas.
These bonds must be taken up and paid for by the
purchaser within five days after he is notified they are ready for delivery.
Bonded debt of district, $1,000,000.
It is free from any other form of
indebtedness except current bills.
Sinking fund, $23,537 39.
Assess,
val. real and personal prop. 1917, $620,009,520.
These bonds are part of
an issue of $3,000,000, voted Nov. 111916, of which $1,000,000 were sold on
Dec. 28 1916 to the Mercantile Trust Co, of St. Louis.—V.

103. p. 2448.

ST. LUCIE COUNTY (P. O. Fort Pierce), Fla,—BOND OFFERING.
—The Board of Co. Commrs. will receive bids on or before 2 p. m. Nov. 6

Special Road and Bridge Dist. No. 1 road and bridge bonds
Prin. and semi-ann. int. payable at a banking house in
St. Lucie Co. or N. Y. City at option of holder.
Due on July 1 as follows:
$2,000«yrly. from 1922 to 1932, incl.; $3,000 yrly from 1933 to 1937, incl.;
$5,000 1938 and 1939; $6,000 1940 and 1941; $7,000 1942, 1943 and 1944.
Cert, check for $1,000 required.
P. C. Eldred is Clerk.of the Cir. Court.
for $80,000 6%
voted June 19.

CO. SPEC. TAX SCHOOL

DISTRICT NO, 11 (P. O.
Vero), Fla.—BONDS NOT VALIDATED.—The Supt. of Public Instruc¬
tion advises us that the $25,000 5% 17-yr. (aver.) coupon bldg. and equip,
bonds sold on May 15 to John Nuveen & Co., of Chicago—V. 104, p.
2158—were not "validated.
.
•' '
ST. LUCIE

SALEM, Columbiana! County, Ohio.-—BONDS ™A U TilOR f2C'l3 l—
Reports state that the City Council passed an ordinance on Oct. 2 provid¬
ing for the issuance of $1,900 street-impt. bonds.
Denom. $500. Due
part yearly beginning Mar. 1 1919.
SALINA,

Saline County, Kans.—BOND SALE.—DT""E.""Dunne "&
been awarded $30,000 4H% 20-year park bonds at

Co. of Wichita have

(ate These 1917.
Ear. Sept. 1 bonds were contracted Dueearly in
for Sept. 1
Int. M. & S.
l,

the year. Denom. $500.

1937.
of record the sale of $10,000 5% railroadbeen delivered to the Saline-Northern RR.
1916.
Int. J. & D. Due Dec. 15 1946,

We are reporting as a matter

aid bonds.
These bonds have
Denom. $500.
Date Dec. 15

opt. after Dec. 15

1926.

DIEGO,
San Diego County, Calif.—BOND
SALE.—The
$682,200 5% 1-39-year serial coupon tax-free Lower Otay Dam Construc¬
tion bonds offered on Sept. 17 (V. 105, p. 1125) have been awarded to
G. G. Blymyer & Co. of San Francisco for $682,225 (100.003) and int.
f«
SAN

SANTA FE SCHOOL DISTRICT (P. O. Santa Fe), Santa Fe Co.,
N. Mex.—BOND OFFERING.—Proposals will be received until 10 a. m.
Oct. 20 by Nicolas Sena, Co. Treas., for $28,000 5% 10-30-yr. (opt.) high
school blag, bonds, voted Sept. 4 (V. 105, p. 1125).
Denom. $500. Date
Nov. 11917.
Int. semi-aim.
Cert, check for $2,000, payable to the Bd.
of Ed., required.
Purchaser to pay accrued interest.
_____

SAVANNAH, Ga.—BONDS DEFEATED.—The question of issuing
$500,000 4H% water-works-system Impt,.bonds (V. 105, p. 1125)
failed to carry at the. election held Oct. 9.
The vote was 376 Tor" and
413 "against.
the




Cities.
v
125,000 Stamford (city hail & firesta.)

;

BONDS REGISTERED.—The

the State Comptroller:
Place and Purpose of

Amount.

$1,000
1,500
1,000
1,000
1,000
1,500

following bonds have been registered by
Due.
Due.

Issue. -Rate.

Oct.

(opt.
(opt.

Oct.
Oct.

10-20 yrs.
5-40 yrs.

Leon Co. C.S.D. No. 26—
Kaufman Co. C.S.D. No. 84—
Erath Co. C.S.D. No. 24
McLennan Co. C.S.D. No. 3b.
Rusk Co. C.S.D. No. 62—
Rusk Co. C.S.D. No. 66—
Hale Co. C.S.D. No. 23—
Hale Co. C.S.D. No. 29—
Comanche Co. C.S.D. No, 5—
750 Camp Co. C.S.D. No. 8—
1,500 Brown Co. C.S.D. No. 17
40,000 Cass Co. Road Dist. No. 1—75,000 Cass Co. Road Dist. No. 3——
30.000 Cass Co. Road Dist. No. 2——
1,000 Angelina Co. C.S.D. No. 27—
-1,400 Brown Co. C.S.D. No. 13—
1,800 Floyd Co. C.S.D, No. 23
1,500 Bell Co. C.S.D. No. 6——
8,000 Cass Co. Road Dist. No. 4—
2,500 Eastland Co. C.S.D. No. 40—
1,250 Eastland Co. C.S.D. No. 44—
3,000 Gonzales Co. C.S.D. No. 20—
1,500 Jones Co. C.S.D. No. 46
25,000 Jones Co. CiS.D. No. 47
1,500 Hopkins Co. C.S.D. No. 28—
1,000 Hopkins Col C.S.D. No.
1—
1,500 Jones Co. C.S.D. No. 10—
52,000 Crockett IT S. D—
——:
1,750 Coleman Co. C.S.D. No. 3616,500 Roseburg water works——
600 Hopkins Co. C.S.D. No. 8—
800 Hopkins Co. C.S.D. No. 771,200 Hopkins Co. C.S.D. No. 814,700 Tarrant Co. C.S.D. No. 29—
2,000 Kaufman Co. C.S.D. No. 16.
1,500 Brown Go. C.S.D. No. 47—4,500 Cook & Grayson Cos. C.S.D.
4,000
7,000
li500
1,500
1,000
1,200
4,000
8,000
1,300

40 years
10-20 yrs.
40 years
10-20 yrs.
10-20 yrs.
40 years
40 years
5-20 yrs,
10-20 yrs.
10-20 yrs.
20-40 yrs.
20-40 yrs,

(opt,

Oct.

(opt.)

Oct.
Oct;
Oct.
Oct.
Oct.
Oct.
Oct.

(opt.)
(opt.)
(opt.)
(opt.)

Oct,
Oct.

(opt.)

(opt.)

(opt.)

(opt.)

20-40 yrs.
:

(opt.)
(opt.)

5-20 yrs.
5 40 yrs,

(opt.)

2-20 yrs.

-

10-20 yrs.

20-40-yrs.
10-20
10-20
10-20
10-20
10-20
10-20
10-20
5-20
10-40
10-20
10-40

(opt.)

(opt.)
(opt.)
(opt.)

yrs.

(opt.)
(opt.)
(opt.)
(opt.)

yrs.

(opt.)

yrs.
yrs.

yrs.

yrs,

(opt.)

yrs,

(opt.)
(opt.)
(opt.)
(opt.)
(opt.)
(opt.)

yrs.
yrs.
yrs.
yrs,

.10-20 yrs.
10-20 yrs.
10-20 yrs.

(opt.)

(opt.)

40 yrs.
20 yrs.

5-20 yrs.

—-

3,000 Grayson Co. C.S.D. No. 773,000 Collin Co. C.S.D. No. 2
2 600 Collin Co. C.S.D. No. 10—
2,000 Collin Co. O.S.D. No. 26—
3 500 Collin Co. O.S.D. No. 32
1,200 Collin Co. O.S.D. No, 34
5,000 Collin Co. O.S.D. No. 36—
2,000 Collin Co. O.S.D. No. 44.
2,000 Collin Co. O.S.D. No. 57
3 500 Collin Co. O.S.D. No. 63
2.000 Collin Co. O.S.D. No. 64—
2.000 Collin Co. O.S.D. No. 81
1 200 Collin Co. O.S.D. No. 92—
2 000 Collin Co. O.S.D. No. 105—
3 000 Collin Co. O.S.D, No. 153
6,000 Mills Co. O.S.D. No. 14—

(opt.)

5-20 yrs.

——

2,000 Collin Co. C.S.D. No. 58—
1,400 Van Zandt Co.O.S.D.No. 12.
3,000 Van Zandt Co.C,S.D.No.64700 Van Zandt Co.O.S.D.No. 77"1,600 Van Zandt Co.O.S.D.No. 94.
2,400 Van Zandt Co. C.S.D. 124—
2,500 McLennon Co. C.S.D. 4H—
1,000 Van Zandt Co. C.S.D. 100—
3,000 Ellis & Johnson Cos. O.S.D.
No. 57

(opt.

(opt.

5-10 yrs.
5-10 yrs.

D. No. 13-

No. 3-

Date Reg
Oct.- - -

5-10 yrs.
5-10 yrs.
5-10 yrs.

Angelena Co. C.S.D. No.
1.,
Angelena Co. C.S.D. No. 32_*
Angelena Co. C.S.D. No. 36-Angelena Co. C.S.D. No. 37—
Angelena Co. C.S.D. No. 39—
Stonewall & Erath Co.'s C. S.

(opt.)

20 yrs,
20 yrs.

,

20 yrs.
10-20 yrs.
20 yrs.

20 yrs.
20 yrs.
20 yrs.
20 yrs.

5%

(opt.)

Oct.
Oct.
Oct.
Oct.
Oct.
Oct.

Oct.
Oct.
Oct,
Oct,
Oct.
Oct.

5
5
5
5
6
6
5

Oct.
Oct.
Oct.
Oct.

Oct.
Oct.
Oct.
Oct. 8
Oct.

Oct,
Oct.
Oct.

Oct.
Oct.

Oct,
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
_

Oct. 9

$150 yearly
Oct. 10
6-20 years(opt.)Oct
10
20
20
20
20
20
20

years
years

years
years
years

Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.

10
10
10
10
10

10
10
10
20 years
10
20 years
10
20 years
10
20 years
Oct. 10
20 years
Oct. 10
20 years
Oct. 10
10-20 yrs. (opt.) Oct. 11
years

20 years
20 years

Oct,
Oct.
Oct.
Oct.

TOLEDO CITY SCHOOL DISTRICT (P. O. Toledo), Lucas County,

SEBRING,
Mahoning County.
Ohio.—BOND ELECTION.—The
question of issuing $125,000 water-filtration plant bonds will be submitted
to the voters, it is stated, at the November election.

Ohio.—BOND ELECTION.—An election will be held Nov. 6 to vote
the

Arlitt of Austin recently

(Borough)

TOWNSHIP

SCHOOL

Bank of Exeter at

4M%

SOUTH BEND, St. Joseph County,

O.

Visalia),

Calif.—BOND

SALE.—The

and int. and $600,000 to the First Nat.

100.61.

(P. O. Tulsa), Okla.—BOND ELECTION PRO¬
POSED.—Local papers state that an election will be called sometime in
November to vote on the question of issuing $1,500,000 road-impt. bonds.
TULSA

O.Bedford), Lawrence

(P.

County, Ind.—BOND SALE.—On Oct. 12 the $14,000
bonds—V, 105, p. 1334—were awarded, it is stated,
National Bank of Bedford for $14,001, equal to 100.007.

COUNTY

TUNICA,

14-yr.

Tunica

County,

Miss.—BOND SALE.—On Oct. 16 the
the Bank of Commerce & Trust
Date Nov. 1 1917.
Due $1,000

$9,000 6% water bonds were awarded to
Co., Memphis, at 101.
Denom. $1,000.
Jan. 1 from 1919 to 1927, incl.

to the Citizens

school

(P.

Angeles for $304,105 (101.368)

be held Nov. 6 to vote on

SHAWSWICK

,

COUNTY

TULARE

Allegheny County, Pa.—BOND ELECTION.—An election will
the question of issuing $25,000 school bonds.

burg),

SALE.—J. L.
1-15-yr. serial road-Im¬

$900,000 5% 15H-year (aver.) highway impt. bonds offered on Oct. 6
have been awarded as follows: $300,000 to R. H. Moulton & Co. of Los

Sharps-

(P. O.

DISTRICT

SCHOOL

purchased $30,000 5%

provement warrants.

5-40-yr.

SHARPSBURG

on

question of issuing $1,000,000 school bonds.

TRAVIS COUNTY (P. O. Austin), Tex.— WARRANT

COUNTY (P. O. Albany), Tex.—BOND OFFER¬
King, County Judge, will receive bids at once for $50,000
(opt.) coupon Road Dist. No. 2 road-construction bonds.
Denom. $1,000.
Date April 10 1917.
Int. ann. on April 10, payable in
Austin, or at the Nat. Bank of Commerce, N. Y.
Bonded debt of district,
$50,000.
Assess, val. of Rd. Dist., 1916, $3,850,231.
Total tax rate
(
r SI.000)
1916, $12.00.
These bonds are part of an issue of $100,000
v
'd Feb. 15, of which $50,000 have already been sold.
SHACKELFORD

ING.—J. A,

5%

[VOL. 105.

CHRONICLE

THE

1640

I nd.—BONDS AUTHORIZED.—
bonds was

-

TRINIDAD, Las Animas County, Colo.—BOND SALE.—On Oct.
the $30,000
% 10-15-yr. (opt.) coupon sewer bonds—V. 105, p.
1549—were awarded to the International Trust Co.* Denver, at 94.01

the issuance of $40,000 waterworks
passed, it is stated, by the City Council on Oct. 8.

15

Iowa .—BOND SALE.—Geo. M. Bechtel
have purchased and are now offering to investors,
$12,000 4H% municipal electric lighting system completion bonds.
De¬
nom. $1,000.
Date May 1 1917.
Prin. and semi-ann. int. (M. & N.)
payable at the above company.
Due May 1 1937. These bonds are tax
exempt in Iowa.
Total debt, incl. this issue, $99,000.
Taxable value
1916, $1,273,980; actual assessed value of property, $3,282,879.
Legality
of the issue has been approved by C. M. Waterman, of Lane & Waterman,

and int.

An ordinance providing for

SPENCER,

&

Clay

County,

Davenport.

Thomas

County,

UTAH.—BOND SALE.—The State Board of Examiners has purchased

and int. $200,000 of the $2,000,000 4M% 20-yr. coupon road-impt.
authorized by the 1917 Legislature—V. 105, p. 1329.
Denom.
Date July 1 1917.
Interest January and July.

at par

bonds

$1,000.

WALLINGTON (P. O. Passaic), Passaic County, N. J.—BOND
OFFERING.—Additional information is at hand relative to the offering on
Oct. 22 of the 5% coupon, with privilege of registration, funding bonds
to exceed $13,250—V. 105, p. 1550.
Proposals for these bonds will

not

be received until 8 p. m. on that day by Cornelius Polmann, Borough Clerk.
Denoms. 12 for $1,000 and 1 for $250.
Date July 1 1917.
Prin. and semi-

(J. & D.) payable at the Passaic National Bank.
Due $1,000
Dec. 31 from 1918 to 1929, incl., and $1,250 Dec. 31 1930.
Cert,
an incorporated bank or trust company for 2% of the amount of
bonds bid for, payable to the borough, required.
These bonds will be
prepared under the supervision of the U. 8. Mortgage & Trust Co., of N.
Y.. which will certify as to the genuineness of the signatures of the officials
and the seal impressed thereon *
Purchaser to pay accrued interest.
ann.

int.

yrly.

on

check

J. Ed¬

6%

Ga.—BONDS

90.07

TYLER, Smith County, Tex.—BOND SALE.—The $85,000 5% school
bonds—V. 10.3, p. 2361—were sold during April to the Citizens Nat. Bank
of Tyler for $90,000—equal to 105.882.

electric25-year bondsDenom.
$1,000.
Due Apr. 2 1942.
TAUNTON, Bristol County, Mass .—NOTE SALE.—We^are advised
that an issue of $75,000 5% notes was awarded on Oct. 9 to R. L. Day &
Co. of Boston at 100.29.
Date Oct. 10 1917.
Int. A. & O. Due Oct. 10

19THOMASVILLE.

Denver

Sweet, Causey, Foster & Co., Denver

wards

PART.—The City Clerk advises us under date of Oct.
issues of 4H % coupon or reg. bonds, aggregating
success on Aug. 23 (V. 105, p. 929), about two-thirds

Bros.,

Keeler

STRAHAN CONSOLIDATED INDEPENDENT SCHOOL DISTRICT
(P. O. Strahan), Mills County, Iowa.—BOND SALE.—Schanke & Co.
of Mason City were awarded on Aug. 30 $50,000 5% 20-year building bonds.
Denom. $1,000.
Date Oct. 1 1917.
Int. A. & O.
Due Oct. 1 1937.

and $4,000 water-works-ext.
Date Apr. 2 1917.
Int. A. & O.

93.30
93.03
.92.50

...

Oswald F. Berwell & Co., Denver.

.

STRATFORD, Garvin County, Okja.—BOND SALE.—R.
of Oklahoma City was awarded during February $2,000

93.39

C.

SPRINGFIELD, Clark County, Ohio.—BOiVD OFFERING.
Bids
will be received until 12 m. Nov. 5 by W. J. Barrett, City Auditor, for
$34,298 5% paving assess, bonds.
Auth. Sec. 391 Gen. Code. Denoms.
30 for $1,000 and 10 for $429 80.
Date Sept. 1 1917. Prin ..and ann. int.
payable at the office of the City Treas.
Due $3,4/9 80 yrly. on Sept. 1
from 1918 to 1927, incl.
Cert, check for 5% of the amount of bonds bid
for required.
Bonds to be delivered and paid for within 10 days Lorn time
of award.
Purchaser to pay accrued interest.

llght-ext.

Other bids were:

Bos worth, Chanute & Co.. Denver
W. McNear & Co., Chicago

Co., of Davenport,

on

WARREN COUNTY (P. O. Front Royal). Va.—BOND SALE.—The

$10,000 5% 20-30-year (opt.) coupon South River Dist. road-impt. bonds
on Aug. 13 have been purchased by A. L. Warthen, Pres. of Front

offered

Royal Nat. Bank, at par.
Denom.
N. at the County Treasurer's office.

'AWARDED IN
11 thht of the five

$500.

Int. M. &

Date May 1 1914.

Washington County, Iowa.—BOND SALE.—An
Issue of $25,500 5% tax-free funding bonds, recently purchased by Geo.
M. Bechtel & Co., of Davenport, is now being offered to investors. " DeWASHINGTON,

$155,000, offered without
have been sold to

private investors.

NEW

NEW

LOANS.

Village of Ridgewood, N. J. Road Dist. No.3, Bossier

Parish, La.

IMPROVEMENT

PUBLIC

hereby given that sealed proposals
will be received by the Board of Commissioners
of the Village of Ridgewood at the Board Rooms
in the Municipal Building in the Village on the
SF.VENTH DAY OF NOVEMBER, 1917, AT
EIGHT
O'CLOCK IN THE EVENING, for

BONDS

Notice is

of ninety-five coupon bonds
of the
Village in the denomination of One Thousand
Dollars each, numbered from 1 to 95, inclusive, to
be dated June 1, 1917, and bear interest at the
rate of 5%
per annum, payable semi-annually.
Interest and principal to be payable at the Ridge¬
wood Trust Company, Ridgewood, New Jersey.
Bonds numbered from 1 to 10, inclusive, to be

the

sale

paid June 1, 1918, and ten bonds each year there¬
after as numbered, except the last year, when
bonds will be paid.
'*
The amount necessary to be raised is $95,000 00.
Unless all bids are rejected said bonds will be
sold to the bidder or bidders complying with the
terms of sale and offering to pay not less than
the amount necessary, to be raised and to take
therefor the least amount of bonds offered for
sale commencing with the first maturity and that,
if two or more bidders offer to take the same
amount of such bonds, then to bidder or bidders

five

offering

to

pay

therefor the highest additional

price.

-

accompanied by a certified
of Ridgewood, for
2% of the amount of the bonds bid for, drawn on
an Incorporated bank or trust company to secure
the Village against any loss resulting from the
failure of the bidder to comply with the terms o
Each bid should be

check to the order of the Village

his bid.

Ail
ment

City of Minneapolis Minn.
Special Street Improvement Bonds
Sealed bids will

5% Improvement Bonds

Sealed bids will be received by the undersigned
in

Benton,

Louisiana, until noon SATURDAY,
10, 1917, for $49,500 Public Im¬

NOVEMBER

provement Bonds of Road District No. 3 of
Bossier Parish, Louisiana, dated September 1,
1916, of the denomination of $500 each,
with
interest

payable

semi-anually

March

1

and

September 1 of each year, both principal and in¬
terest payable
in lawful money of the United
States at the Seaboard National Bank in the City
of New
York.
These bonds are issued under
Act No. 256 of the Laws of Louisiana, 1910, and
are due and payable as follows:
$500 due September 1, 1918
to
1919
1,000
"
"
1920
"
1925
1,500
"
"
1926
"
1931
2.000
"
"
1932
"
1941
2,500
"
"
1942
"
1944
3,000
"
"
1945
"
1946
A certified check on some national bank doing
business in the State of Louisiana or some solvent
bank

chartered

under

the

LOANS

$242,085.06

$49,500

S95.000

f

NEW

LOANS.

laws of said

State

for

be received by the Committee

Ways and Means of the City Council of the
City of Minneapolis, Minnesota, at the office of
the undersigned, WEDNESDAY, OCTOBER 31,
1917,
at 3:00 o'clock
p.
m..
for $242,085 06
Special Street Improvement Bonds, dated Sep¬
tember 1st and November 1st, 1917; to become
on

and payable one-twentieth each year there¬
the last one being payable September 1,
1937, and November 1, 1937, and no bid will be
entertained for said bonds for a sum less than the

due

after,

par value of the bonds bid for and accrued inter¬
est to date of delivery, and the rate of interest

by the purchaser and must not be in
of 5 per cent per annum, payable annually
semi-annually.
.
The right to reject any or all bids is hereby
reserved
»■
~t*
A certified check for Two Per Cent of the par
value of the bonds bid for, made to C. A. Bloommust be bid

excess
or

quist, City Treasurer, must accompany each bid.
Circular
containing full
particulars will be
mailed upon application,
DAN C. BROWN,
City Comptroller,
Minneapolis, Minn.

at least Two and One-Half Per Centum of the par

value

said

bonds

all bids,
same
to be
made payable to the Treasurer of
Bossier Parish, Louisiana,
The approving legal
opinion of John C. Thomson, Esq., of New York
City, will be furnished to the purchaser without
of

must

accompany

charge.
The right to reject any and all bids is hereby
reserved.
R. B. HILL, Clerk.
Police Jury of Bossier

Parish.,

,

STONE&WEBSTER

bids must be endorsed "Bid for Improve¬
Bonds," and addressed to Wilbur Morris,

Collector.
The commissioners reserve the right to reject
,

any

and all bids.

AMERICAN

MFG.

CO.

Dated October 16, 1917.
GEORGE U. WHITE,
Director of Revenue and Finance,

FINANCE

public utility developments.

BUY AND SELL securities.

Ridgewood,^Bergen County,
New Jersey.

DESIGN steam power stations,

CORDAGE
Adrian H. Muller & Son

Corner

Pine

developments,

lines, city and
gas

MANILA, SISAL, JUTE

plants,

hydro¬

transmission

interurban railways,

industrial

plants

and

buildings.

[auctioneers:
Office, No. 65 WILLIAM STREET

electric

CONSTRUCT either from our own
signs or from

Noble & West Streets, Brooklyn, N. Y. City

neers or

de¬

designs of other engi¬

architects.

Street

REPORT

Regular Weekly Sales

public utility properties,

proposed extensions or new projects.

We will buy or sell

OF

on

MANAGE railway, light, power

STOCKS and BONDS

ACME

WHITE LEAD
WORKS

&

COLOR

and gas

companies.

1st 6s

EVERY WEDNESDAY
At the

Exchange Sales Rooms

14-16




Vesey Street

JOEL STOCKARD St
Main

Floor-Penooscot Bld'g,

CO.

DETROIT

NEW YORK
*

BOSTON

CHICAGO

OCT. 20 1917.]

1641

CHRONICLE

THE

$1,000 and $500.
Date Sept. 1 1917.
Prin. and semi-ann. int.
company.
Due $1,500 Sept. 1 1927;
$3,000 yrty. Sept.1 from 1928 to 1935, incl.
Total bonded debt, incl. this
issue, $o4>500.
Taxable value 1916, $2,898,127; actual assessed value of
property, $5,/27,034.
The legality of the issue has been approved by C.
M. Waterman, of Lane &
Waterman, Davenport.

pending or threatened and that there has never been any default, prin¬
cipal or interest, of any debt of the district.
Bonded debt (incl. these
issues) Oct. 1 1917, $92,000.
Floating debt, $4,500.
Total debt, $96,500.
Assess, val. real estate, $1,789,720; personal, $1,123,330; total assess, val.
1916, $2,913,050.

WASHINGTON COURT HOUSE, Fayette County, Ohio.—BOND
issu e of $12,700 5% 5 ^4-jr. (aver.) local street bonds was
awarded to the Commercial Bank of
Washington Court House at par and

Beaver County, Pa.—BOND SALE.—Reports state that the $100,000
4H % 1-20-year serial tax-free school bonds offered on Oct. 12 (V. 106, p.
1229) have been awarded to Glover & MacGregor of Pittsburgh.

iM. & S.) payable at the above

_

SALE -—An

^

Interest.

Interest J. & J.

WOODVILLE,

WASHINGTON SCHOOL TOWNSHIP (P. O. Roll), Blackford
County, Ind.—WARRANT OFFERING.-—Reports state that Orville
Schmidt, Twp. Trustee, will receive bids until 10 a. m. Nov. 3 for $1,900
4H% school warrants.

Ohio.—BOND

ELECTION.—
$55,000

or

The $20,000 6% 20-yr. water-works bonds
recently awarded to Geo. W. &
J. E. Piersol of Oklahoma
City (V. 105, p. 1334) are in the denom. of $1,000
and dated Nov. 1 1917.
Int. F. & A. 1.
Due Nov. 1 1937.

ZANESVILLE,

Muskingum

County,

Ohio.—BOND

SALE.—On

Oct. 8 the $100,000 5% 3-22-yr. serial city hall and market bonds—V. 105,
1335—were awarded jointly to Hornblower & Weeks, New York, and

p.

WAUWATOSA, Milwaukee County, Wis.—BOND SALE.—This city
has disposed of $2,000 Series 6 and $3,000 Series 7 5% sewer bonds.
Date
June 15 1917.
Int. M. & S.
Due $1,000 yearly.

Sidney, Spitzer & Co., Toledo, at 102.34.

ZOLFO, De Soto County, Fla.—BOND OFFERING.—Sealed bids wifl
Clerk, for $15,000
6% Sixth Ave. paving, town-hall building, sewerage-system-ext. city-park
be received until 12 m. Oct. 22 by R. C. Peterson, Town

WAYNESBORO, Wayne County, Miss.—BOND OFFERING.—Pro¬
posals will be received until 2 p. m. Nov. 6 by W. S. Davis, Town Clerk,
for $6,000 5% 5-20-year, (opt.)
electric-light-plant purchase bonds.
Date
Nov. 1 1937.

impt. and fire-equipt. bonds.
Auth. Chap. 1, Sections 1060, 1061, 1062,
1063 and 1064, Gen. Laws df Fla.
Denom. $250.
Date Oct. 1 1917.
Prin. and semi-ann. int. (A. & O.) payable at the Hanover Nat. Bank,
N. Y., or option of purchaser.
Due on Oct. 1 as follows: $500, 1922 and

WEST LIBERTY, Logan
County, Ohio.—BOND SALE.—The $2,500
5H% 10-14-yr. (opt.) coupon refunding bonds offered on Sept. 1—V. 105.
737—have been awarded to J. C. Mayer & Co. of Cincinnati at 102.53.

1923; $750 yrly. from 1924 to 1931 incl., and $1,000 yrly. from 1932 to 1939
incl.
The town has no bonded debt.
Assess, vai. 1916, $207,555; est.
actual value, $450,000.
Population in 1910, 172; in 1917, 500.

p.

WEST NEW YORK, Hudson County, N. J.—NOTE OFFERING.Charles Swensen, Town Clerk, will receive bids until 8 p. m. Oct. 23 for
$140,000 3 months' tax notes, it is stated.
Certified check for 2% of the

required.

Canada* Its Provinces and Municipalities*

Westchester County, N. Y.-—BOND SALE.—On

ALBERTA
SCHOOL
DISTRICTS.—DEBENTURE OFFERING.—
Separate tenders for each of the 7% school district debentures mentioned
below will be received until 4 p. m. Oct. 23 by M. C. Elliott, Manager of
the Debenture Branch of the Dept. of Education, at Edmonton:
$12,400 10-year debentures, consisting of 10 separate issues.
4,000 20-year Oyen School Dist. No. 3058 debentures.
1,000
5-year Gerald School Dist. No. 3492 debentures.
800T0-year Ferintosh School Dist. No. 2345 debentures.
2,000 10-year Carseland School Dist. No. 14 debentures,

Oct. 5 $29,500 5% refundihg bonds were awarded to Geo. B. Gibbons &
Co., of New York at 100.06.
Denom. $1,000.
Date Oct. 1 1917.
Int.
semi-annual.
Due Oct. 1 1922.

CERTIFICATE SALE.—On the same day (Oct. 5) the following 5H %
certificates were awarded to Geo. B. Gibbons & Co., at 100.10; $7,278 76,
due Oct. 1918 and $46,914 17, due April 1918.

WHITLEY COUNTY (P. O. Columbia City), Ind.—BOND OFFER¬
ING.—Bids will be received until 1 p. m. Nov. 7 by Forrest S. Deeter,
Co. Treas., for $10,265 4William C. Dreyer et al. road bonds of
Washington Twp.
Denom. $513 25.
Date Nov, 7 1917.
Int. M. & N.
Due $513 25 each six months from May 15 1919 to Nov. 15 1928 incl.
„

County,

WOODWARD COUNTY (P. O. Woodward), Okla.—BOND ELEC¬
TION.—An election will be held Nov. 19, it is stated, to determine whether
not this county shall issue $675,000 road bonds.
f

WAURIKA, Jefferson County, Okla.—DESCRIPTION OF BONDST^-

WHITE PLAINS,

Sandusky

An election will be held Nov. 6 to vote on the question of issuing
water-works bonds.

.

amount of bonds bid for

WOODLAWN (BOROUGH) SCHOOL DISTRICT (P. O. Woodlawn)

DUNNVILLE, Ont.—DEBENTURES VOTED.—The question of issuing
$5,000 paving debentures carried, it is stated, at an election held Oct. 2.
SASKATCHEWAN SCHOOL DISTRICTS.-r-DEBENTURE SALES.

WILLOUGHBY VILLAGE SCHOOL DISTRICT (P. O. Willoughby)

—The following six issues of debentures, aggregating $14,700, issued by
various school districts in the Province of Saskatchewan, have been pur¬
chased by_the Great West Life Assurance Co., Winnipeg.

Lake County, Ohio.—BOND OFFERING.—Sealed bids will be received
m. Oct. 16 by A. J. Fickes, Clerk of the Bd. of Ed., for the follow¬
ing 5H% coupon bonds:
$4,500 funding bonds. Due $500 yrly. on Oct. 1 from 1922 to 1930 incl.
3,000 school bonds. Due $500 yrly. on Oct. 1 from 1927 to 1932 incl.
Denom. $500.
Date Oct. 1 1917.
Prin. and semi-ann. int. (A. & O.)
payable at the Cleveland Trust Co. of Willoughby.
Cert, check fcr $100
for each issue, payable to the Treas. of the Bd. of Ed., required.
Bonds
to be delivered and paid for within 10 days from time of award.
Pur¬
chaser to pay accrued int.
Official circular states txbt there Is no litigation
until 12

ENGINEERS.

School Districts.

Sceptre No. 3678...

.

Instow No. 3947

STOUFFVILLE,
received until
school

School Districts T

Amount.
—

Aisne No. 3908—

Amount.

$7,000 Cymric No. 3927————$2,000
2,000 Taelman No. 3898
1,200
700
1,800 Franko No. 1740———
—-

Ont.—DEBENTURE OFFERING .—Bids will be
by J. Urquhart, Vil. Clerk, for $24,780 43 5V%%
Sept. 15.1917.

Oct. 31

debentures.

Date

MISCELLANEOUS.

MISCELLANEOUS.

THB

Public Utilities

High Grade
Financiers

Investment

Purchasers

in

Bonds

Operators

Manager*
Issues Underwritten

Utility and Industrial
Properties

REPORTS—VALUATIONS—ESTIMATES

43 EXCHANGE PLACE, NEW YORK
LONDON

offered

ities

to investors.
We

the

in

specialize

securities

of

Mississippi Valley and the
South.

CHICAGO

BOND

Utilities Co.

Mississippi Valley Trust Co.

72 West Adam St.

ST. LOUIS

Ml BROADWAY .NEW YORK.

West

Middle

DEPARTMENT

General

Engineering &
Management Corporation

secur¬

eir

Municipal and Corporation
of Public

com¬

bought

and financed.

Contractor*

Engineers

{Srowinji

munities

CHICAGO, ILLINOIS

Expert Operators and Engineers
of

Electric Light,

Power, Water, Gat.
Ice and Str,eet Railway Properties,
We

are

Offer
lic

prepared

Entire

First

Utility

Bonds

Valuations,

and

at times

Issues

of

F.

to

Specializing in Examination of

Stocks.

Reports and
Engineering.

F.M. Chadbourne& Co.

LAWYER.

Mortgage

Preferred

KRAFT

WM.

Pub¬

Genera^

Municipal and Corporation Bonda
•17-520

HARRIS

TRUST

BUILDING

Investment Securities
'

.

'

.

•'

'

..

•

.

•

<»

•' V

■

Newark, N. J.

786 Broad St.

111 WEST MONROE STREET

CHICAGO, ILL.
Alten 8. Mi

Alex. O. Humphreys

»r

HUMPHREYS&MILLER, Inc
ENGINEERS

Power—Light—Gas

CHICAGO

NEW YORS

16$ BROADWAY

MINING

ENGINEERS

H. M. CHANCE

& CO.

Capital, Surplus and Undivided Profits
Pays Interest

Mining Engineers and Geologists

COAL AND MINERAL PROPERTIES

Examined, Managed, Appraised
PHILADELPHIA

Dress! Bids.

71




on

Time

Deposits, Current and Reserve
Accounts.

change.

Has

on

hand at all times

cellent securities.

Deals in Foreign Ex-

Transacts a General Trust Business.

a

variety of ex-

Buys and sells

Government, Municipal and

Corporation Bonds.

•

CHRONICLE

THE

1642

[VOL. 105.
Jfinandal

jftmntial

ATLANTIC MUTUAL INSURANCE COMPANY
New York, January 25th, 1917.

m

SHU Trusted, tn conformity with the Charter of the Company, submit the following statement of Us affair* on
„

...

,

The

the

New 4 %

31 st of December, 1916.

„

,

The Company's business has been confined to marine and inland transportation insurance,
iPremiums on such risks from the 1st January, 1916, to the 31st December, 1916
•.$8,087,174.02
JPremiuma on Policies not marked oil 1st January, 1916—........—.
...............
903,703.66

Total Premiums

Liberty Loan

...............$8,990,877.68

Premiums marked ofl from 1st January, 1916, to 31st December, 1916....
the year

Your Interest and

$7,855,092.25

-

$337,271.78

Your Country's

103,475.76
109,638.08 $

550,385.62

Inseparable.
Buy Liberty Bonds
are

i

oald during the year

'
.

.

$3,360,156.87

.

Less* Salvages
...............$322,138.57
Re-insurances
586,832.53 $

>;•

'

■

$2,451,185 77

'

including compensation
advertisements, etc........

of

Do Your duty to Your
Do

$1,389,298.73

officers and clerks, taxes, stationery,

740,899.72

$

....

Your

and

iiertnsurance Premiums and Returns ot Premiums

Suspenses,

908,971.10

sailors

You.

of

cease.

Forty per cent. Is declared on the earned premiums of the Company for the year ending
December, 1916, which are entitled to participate In dividend, for which, upon application, certificates

gist
Will be issued

on

Ry order of the Board,

vites

STANTON FLOYD-JONES, Secretary.

G
TRUSTEES.

of

ANSON W. HARD,
SAMUEL T. HUBBARD,
LEWIS CASS LED YARD,

JUSTUS RUPERTI

CORNELIUS ELDERT,
RICHARD H. EWART,

WALTER WOOD PARSONS,
CHARLES A. PEABODY,

LOUIS STERN,

HILIP A S. FIOYD-JONESi
P. STANTON FRANKLIN®

JAMES H. POST,
CHARLES M. PRATT,

HERBERT L. GRIGG3

DALLAS 13, PRATT,
A. A

.

WILLIAM JAY

ASSETS.

;

WILLIAM A. STREET,
GEORGE E. TURNURE,

........

.

„

'-V

Companies and Banks...........
Stocks and Bonds of Railroads......
Other Securities....

Companies
Street

..

Meal Estate
tinder

........

Staten

on

1,773.550.00
8,588,575.20
367,185.00

/

•Cash In
to

425 Fifth Ave,-786 Fifth Ave.

_

Capital and Surplus $3,500,000

373,669.04

.........

pensation , etc................ j..
Certificates of Profits Ordered Re¬

158,309.94

.

First Federal Reserve

deemed, Withheld for Unpaid Pre¬
miums..

75,000.00
866,035.06
1,068.547.73

...

YORK

266,399.25
106,624.24
174,943.90

Premiums Unpaid.....;
Unpaid-i...

Premiums on Termi¬
nated Risks....
Claims not Settled, including Com¬

2,000.000.00

(held

Notes...................

Bills Receivable,........

NEW

Eighty Broadway

Re-Insurance

Chapter 481,
...

any

Adjustment.,...$ 3,632,239.06
1,135,785.43

Unpaid

Return
Taxes

3,900.000.00

Island

provisions of

^Laws of 18873
■(Premium

...

Exchange Place

at

LIABILITIES.
and Losses Unset¬

tled In process of.

Wall Street, William

cor.

and

subscribe

to

offices.

Premiums on Unterminated Risks
Certificates of Fronts and Interest

Special Deposits In Banks and Trust
Ijfceal Estate

You

its

OF

RAVEN, Chairman of the Board.

Estimated Losses

670.000.00

Lib¬

4%

COMPANY

-

GEORGE C. VAN TUYL, Jf.
RICHARD If. WILLIAMS,

.

tfnited States and State of New titlt
Bonds
$
Stock and Warrants of the City of
New
York
and
Stocks of Trust

new

UNION TRUST

SCHIEFFELDt#

SAMUEL SLOAN,
WILLIAM SLOANE.

CORNELIUS ELDERT, President.
WALTER WOOD PARSONS, Vice-President,
CHARLES E. FAY. 2d Vice-President.

_

the

to

JOHN J. RIKER,
DOUGLAS ROBINSON,

WILLIAM H. LEFFERT8,
CHARLES D, LEVERICII,
GEORGE H. MACY,
NICHOLAS F. PALMER,

.

kind
has

ANTON A. RAVEN.

GEORGE C. CLARK,
CLEVELAND H. DODGE,

JOHN CLAFLIN,

suc¬

only

Country

erty
Loan today.
The Union
Trust
Company especially, in¬

and after Tuesday the first of May next.

EDMUND L. BAYLIES,
JOHN N BEACH,
NICHOLAS DIDDLE;
JAMES DROWN,

Your

needs
on

waged.

Subscribe

A dividend of

carry

warfare—the

warfare

ever

terest thereon will
The certificates to be the sixth of February
Self legal representatives, on and after Tuesday produced at the time of payment andwhich date a!2
next, from canceled.

Country
to

money

cessful

Country.

to the soldiers
will
fight for

who

Your

Your
A dividend of interest of Six per cent, on the outstanding certificates of profits will be paid to tbs
sfimtders thereof, or their legal representatives, on and after Tuesday the sixth of February next.
The outstanding certificates of the Issue of 1911 will be redeemed and paid to the holders thereof, off

duty

....

22,55^.84

.

Income Tax Withheld at the Source..

Suspense

hands of European Bankers

Account

1,210.2V
5,899.75

_*

Certificates of Profits Outstanding-.«

Trust Company

7,368,850.00

pay losses under policies payable
206,311.98

In foreign countries...

CJaah In Bank.

jLotumi

■p m m

*»

We

2,808,785.77
135,000.00

«* «# *» m'«

4*«#

.

$17,458,990.74

that

in

Company

$13,546,488.68

Itma leaving a balance of
........
Accrued Interest on the 31st day of December, 1916, amounted to
;
Bents due and accrued on the 31st day of December. 1916, amounted to

become

$3,912,502.06
$49,286 30
$25,933.03
of
245.472.80

eral

.......

a

Broadway

<m tbe baste of these increased valuations the balance would be

which
Our

1915,

.$6,285,864,03

On

This

NATIONAL

BANK

deposits
were

U. S.

3Yi% Certificates of Indebtedness...
.

_

August 1,

they

July 1, 1917,

_

growth indicates that our

banks in

.members.

$100,375,863 41
48 92

.

Broadway Trust Company

8,000,000 00

.

4,654,372 57

.

Due from Banks__

had

$30,868,000.

to

the country are also

.......

Cash

on

$20,585,000.

of which all national

RESOURCES

...

System was the
Trust Company

have confirmed our
judgment in joining the system,

STATEMENT OF CONDITION AT THE CLOSE OF BUSINESS SEPT. 11, 1917

Loans, Bonds and Investment Securities...

to

patrons

PITTSBURGH

Overdrafts

York

New

joined in August, 1915.

increased

MELLON

is worthy
of
first Trust

the

member of the Fed¬

Reserve

...

J&ednsurance due or accrued, In companies authorized la New York, on the 31st day
December, 1916, amounted to
wotet
The Insurance Department has estimated the value of the Real Estate on Staten Island
In excess of the Book Value given above, at
$
63,700.00
Insurance Department's valuation of Stocks, Bonds and other Securities exceeds the
Company's valuation by...
......$1,988,969.90

it

believe

mention

FREDERIC G. LEE,President

19,864,435 11

.

Woolworth Building,

$132,894,720 01

New York

LIABILITIES

Capital
;
Surplus and Undivided Profits
Reserved for Depreciation,

Circulating Notes.
Deposits

&c

$6,000,000 00
4,087,115 52

•_
w.,

987,148 78

.

,'1

4,940,200 00
....

116,880,255 71

LUDWIG

&

CRANE

$132,894,720 01
Successors to T. W. Stephens

& Go,

Investment Securities
61

Acts

New York

Broadway

as

Girard

Executor,
Trustee,
Administrator,
Guardian,
Receiver,
Registrar and
Transfer

Agent.

Trust

Company

PHILADELPHIA
Chartered

1836

TRUST COMPANY
Acts

as

Executor,

Trustee,

CAPITAL and SURPLUS, $10,000,000

Agent,

Custodian.

Interest allowed
on

deposits.




E.

B. Morriii,

President,

Pays Interest

on

Deposit

Oct. 20 1917.]

THE

CHRONICLE

Cotton
Johr\ D. Herklotz Chas.
August Schierenberg

3tait Companies

O. Corn

Paul Schwara

Frank A. Kimball

The NEW ENGLAND

Rhode Island

TRUST COMPANY

Hospital Trust Company

Herklotz, Corn & Co.
COMMISSION MERCHANTS

BOSTON, MASS.
CAPITAL, $1,000,000

15 William Street

Authorized to act

New York'

money or property

Law

aa

CAPITAL

Executor, and to receive and hold

in trust

or on

New York Cotton Exchange

Agent and Registrar of Stocks and Bonds.
Interest Allowed

New York Coffee Exchange
Chicago Board of Trade

on

25 Broad St.

PHILADELPHIA

NEW YORK

Deposits Subject to Check.

WILLIAM A. GAM WELL, V.-President
HENRY L. SLADER, V.-President

JOHN H. WELLS,

HENRY B. HAG AN, Asst., Secretary
ERNEST A. HARRIS, Asst. Secretary
GEORGE II.

LADD, Asst.)Treasurer

CHARLES E. NOTT, Asst. Secretary
ORRIN C. HART, Trust Officer
R. B. GAGE , Manager

Edward D. Pearce,

Safe Deposit Vault

FREDERIC ZEREGA & CO.,

Alexandria Correspondents:
REINHART &

CO., LTD.

GWATHMEY & CO.

NEW YORK COTTON EXCHANGE
NEW YORK STOCK EXCHANGE
NEW YORK COFFEE EXCHANGE
NEW YORK PRODUCE EXCHANGE
NEW ORLEANS COTTON EXCHANGE

James R. Hooper

David P. Kimball

Frank W, Matteson,

J

D. Cameron

.

Bradley

S. Parker Bremer

George H. Davenport
Francis W. Fabyan

Walworth Pierce

Frederick P.
Frank

H.

FALL

The United States Life
Insurance Co.

TRUST COMPANY

Issues Guaranteed Contracts*

OF ILLINOIS
JOHN P. MUNN, M. D„ PRESIDENT.

St., CHICAGO

Finance Committee.

Capital
Surplus & Profits
-

-

-

2,500,000

-

-

$6,000,000

»-

CLARENCE H. KELSE Y,Pres.TitleQu.& Tr Co.

50,000,000

WILLIAM H. PORTER, Banker.
ED. TOWNSEND, Pres. Imp. & Trad. Nat. Bank

& CO.

Good men, whether experienced in life Insurance

received

MERCHANTS

&.

or

Accounts of banks and bankers

Members New York Cotton Exchange
Asociate Members Liverpool Cotton Association.

RAY

1917

IN THE CITY OF NEW YORK

Delmonlco Building
66 Beaver Street, New York

WILLIAM

1850

Shattuck

CENTRAL

Deposits

COTTON

C. Dart.

Arthur R. Sharp

125 West Monroe

UTICA, N.Y.,
WELD & CO.,
LIVERPOOL.

MOORE

Swan,
Hazard,
Royal G. Taft,
J. Arthur Atwood,
Rowland

Edwin M. Richards

Herbert M. Sears

pity

PHILADELPHIA

ROBERT

Frank H.

Henry H. Proctor

Fish

Gage

Henry L.

MERCHANTS

ftIVER,

Gardiner,

•

Sydney Harwood

Stephen M. Weld & Co.
82-92 Beaver Street, New York

William

Robert A. Leeson

O.

Ernest Lovering

ASSOCIATE MEMBERS

LIVERPOOL COTTON ASSOCIATION

Charles

Alfred K. Potter,
William L. Hodgman,

Franklin W. Hobbs

George Wlgglesworth, Chairman

Morris Gray

MEMBERS

Isaae B. Merriman,

Howard O. Sturges,

Arthur Adams

Alexander Cochrane

20-24 EXCHANGE PLACE, NEW YORK

Henry D, Sharpe,

Alfred Bowditch

COMMISSION

de

McFADDEN & CO., LTD.

Robt, H. I. Goddard.

Herbert J. Wells,
Lyman B. Goff, -

Stephen O. Metcalf,
Walter R-. Callender,
Edward Holbrook,
James E. Sullivan,
Benjamin M, Jackson,

BOARD OF DIRECTORS

Milan Correspondents:

CAPRON, Asst. Secretary.

RALPH S. RICHARDS, Asst. Secretary.

RAYMOND MERRILL, Asst. Treas.

Liverpool Correspondents:

Secretary

JOHN E. WILLIAMS, Asst. Secretary
G. A. HARRINGTON, Asst. Trust Officer

ARTHUR F. THOMAS, Asst. Trust Officer

•PROVIDENCE,
NEWBEDFORD,

PRESTON H. GARDNER, V.-P. & Trust Officer
THOMAS H. WEST JR., Vice-President

FREDER'K W. ALLEN, Treasurer
HENRY N. MARK, Secretary
EDWARD B

121 Chestnut St.

WELLS, President

HORATIO A. HUNT, Vice-President

ALEXANDER COCHRANE, Vice-Pres.
FREDERICK P. FISH, Vice-President

COTTON MERCHANTS

BOSTON,

HERBERT J.

JAMES It. HOOPER, President
ARTHUR ADAMS, Vice-President

Geo. H. M®. Fadden & Bro.,

3,500,000

DIRECTORS.

OFFICERS

London Commercial Sale Rooms (Coffee E.)

$3,000,000

.

or

Also acts as Trustee under Mortgages and as Transfer

New Orleans Cotton
Exchange
New York Produce Exchange

COTTON

....

SURPLUS

deposit from Courts of

Equity, Executors, Administrators, Assignees,
Guardians, Trustees, Corporations and Individuals.

MEMBERS OF

et

Providence, R. I.

SURPLUS, 52,000,000

Safe Deposit Vaults

.

Havre Correspondents:
SOCIETE dTMPORTATION

XIX

I

CO,

upon

favorable

not, may make direct contracts with this Com¬

pany,

terms

secure

addition to first year's commis¬

a

renewal interest insuring an income for the

future.

Address the Company at its Home Office

sion.

Thoroughly equipped to handle all business
pertaining
to
banking,
and
invites the
accounts of banks, corporations, firms and
individuals.

for a limited territory, if desired, and

for themselves, in

No. 277 Broadway, New York City.

*

Successors to

GEO.

COPELAND

COTTON

&

CO.,

BROKERS.

25-26 Cotton Exchange
New York
Orders for'future delivery contracts executed
on theNew Y6rk and Liverpool Cotton Exchanges

CHARTERED 1853

United States Trust Company of New York

Jfattovs

45-47 WALL STREET

Capital,
Surplus and Undivided Profits,

JAMES TALCOTT, Inc.
Founded 1354

Production

of

Mills

Sales Cashed With

Financed

or

Without

This Company acts as Executor, Administrator, Guardian, Trustee, Court
Depositary and in other recognized trust capacities*
-

It allows interest at current rates

Guarantee
225 FOURTH AVE.

New York City

$2,000,000.00
$14,534,092.74

-

on

deposits.

It holds, manages

aijd invests money, securities and other property, real or
personal, for estates, corporations and individuals.
EDWARD W. SHELDON,
WILLIAM M. KINGSLEY,

President

WILFRED J. WORCESTER, Secretary

Vice President

CHARLES A. EDWARDS, 2d Asst. Secretary

WILLIAMSON PELL, Asst. Secretary

TRUSTEES
JOHN

WILLIAM ROCKEFELLER

Schmidt

&(jallatin.

FRANK

LYMAN

JAMES STILLMAN
JOHN J. PHELPS
LEWIS

CASS LED YARD

LYMANLJ* GAGE

Members of the

A.

STEWART, Chairman of the Board

PAYNE

WHITNEY

EDWARD W. SHELDON
CHAUNCEY KEEP
ARTHUR CURTISS JAMES
WILLIAM M. KINGSLEY

STEWART TOD

WILLIAM

OGDEN MILLS
CORNELIUS N
BLISS JR.
HENRY W. de FOREST
WILLIAM VINCENT ASTOR
CHARLES F. HOFFMAN

WILLIAM SLGANF

New York Stock Exchange

111

Broadway

New York

MERICH
FINANCE

ACCOUNTS

OF MANUFACTURERS AND

MERCHANTS, DISCOUNT AND GUARANTEE SALES
GEO.

B,
•

EDWARDS

BROKER

Tribune Building, NEW YORK, N. Y,

;OR SALE.—Timber, Coal, Iron, Ranch and
other

properties.

Confidential
Negotiations,
Investigations,
Settlements, Purchases of Property,
fnited

States,

West

Indies.




Canada,

Mexico*

General Offices, 254 Fourth Avenue

NEWYORK
Established

over

60 Years

[VOL. 105

CHRONICLE

THE

XX

jfimntwl

jfimntial

^Financial

Chicago Junction Railroad 49

C. W. McNEAR &

6%

COMPANY

Pacific Power &

Light Co. 5s

MUNICIAPL BONDS

INVESTMENT SECURITIES

Gold Bonds

Kentucky & Indiana Term. 4J^e
Bruns.-Balke-Coll. 7% pfd. Stk.
Utah Power &

New Morrisson Hotel
of

Light 7% Pf.Stk.

Chicago.

76 West Monroe St.

Chicago

AMES, EM ERICH &CO.
Net
times

3

Earnings

Interest

Powell, Garard & Co.

Charges

105 So. La

First Nat. Bank Bldg.
MILWAUKEE

Salle St.

CHICAGO

Investment Securities

Bolger, Mosser & Willaman
29 So. La Salle St.,

Chicago

Chicago

Philadelphia

Argentine Government

New Orleans

Detroit

Dallas

5% Internal Gold Loan of 1909

EVERSZ& COMPANY
C. F. Childs &
Negotiate and Issue Loans for Railroads
and Established Corporations.
Buy and Sell Bonds suitable for investment.

Company

Wollenberger & Co.

Specialists

Bonds

U. S. Government

INVESTMENT BANKERS

CAPITAL, $500,000

CHICAGO

134 So. La Salle Street

NEW YORK

CHICAGO
208 So. La

Of the Banks in
JONew York City use

Q*)0]

Salle St.

Borland Building

TAYLOR, EWART & CO.

PAPER

SAFETY

NATIONAL

Successors to

FOB THEIR CHECKS

YARD

George La Monte & Son

105 South La

Salle Street

CHICAGO

Municipal, Railroad and Public

Cotton
Established In

& TAYLOR

INVESTMENT BANKERS

New York

81 Broadway

At the New York, Liverpool and New Orleans
Ootton Exchanges.
Also orders for

Nebraska Power Co.

7% Pref.

INVESTMENTS

Lehigh Pow. Sec. Corp. 6% Notes
Members of New York & Boston Stock

Hubbard Bros. & Co.
COFFEE EXCHANGE BUILDING

Exchangee

R. E, Wilsey A Company

At the Chicago Board of Trade, and
COTTON SEED OIL
At the New York Produce Exchange.

111 West Monroe Street

CHICAGO

W.G. SOUDERS &CO,

SQUARE

INVESTMENT BONDS j

emery, peck & r0ckw00d

NEW YORK
MILWAUKEE

DETROIT

COTTON MERCHANTS

409-412 Continental &
208 South

on

Hopkins, Dwight & Co,
COTTON

La

Salle

Commercial Bank Bide*

Street

CHICAGO

Cotton

CHICAGO

Consignments.

BONDS

INVESTMENT

KING, HOAGLAND & CO.

and

Successors to

[Established 1863.1

Allerton. Greene & King,

COTTON-SEED OIL

COMMISSION

HIGH-GRADE

'

COFFEE AND SUGAR

At the New York Coffee Exchange.
GRAIN AND PROVISIONS

Made

BOSTON, MASS.

Dubuque Electric Co. 1st 5s

William Street, New York

Execute Orders for Future Delivery
COTTON

Advances

PRINCE & co.
BANKERS

Commonw. Lt. & Pow. Co. 1st 6s

COMMISSION MERCHANTS

HANOVER

H.

F.

Utility Bonds

1856.

Henry Hentz & Co.

Liberal

CHICAGO

105 So. La Salle St.

Cl

O

16 to 22

120 Broadway

J

208 S.

MERCHANTS

W. T. HATCH & SONS

LaSalle Street,

CHICAGO, ILL.

Room 52, Cotton Exchange Building,
NEW

RAILROAD, MUNICIPAL AND

YORK.

LEHMAN, STERN & CO.. Limited, New Orleans

LEHMAN

71

List on

BROS.

MEMBERS OF
NEW

Application.

New York

Broadway,

CORPORATION BONDS

YORK

STOCK

EXCHANGE

Nos. 16-22 William Street, New York.
Members of the Stock, Cotton,
Produce Exchanges, New

and

Deyitt, Tremble & Co. Inc.

DominicK & Dominiclf

the above Exchanges, as well
in New Orleans, Chicago and foreign markets.

Orders executed
as

Coffee
York.

FIRST

on

NATIONAL

INVESTMENT BONDS

Established 1870

115

BANK

27

RICHMOND, VIRGINIA

PINE STREET
NEW YORK

Capital and

Surplus,

-

W. M. Addison, Vice Pres. & Cashier

Chas. R. Burnett, Vice Pres.

in

INVESTMENT SECURITIES

$3,000,000

John M. Miller Jr., President

BROADWAY

Dealers

Members New York Stock Exchange.

CHICAGO

DETROIT

PHILADELPHIA

Correspondence Invited

Second

Liberty Loan

Elston

&

Company

Municipal Bonds
Send for

MUNICIPAL
GAS AND

SEAS0NG00D, HAAS & MACDONALD
Members New York Stock Exchange

60

Broadway




New York

St. Louis

our

List of "Tax secured" Bonds

Yielding 4.10%

to 6%

ELECTRIC BONDS
Philadelphia

39 South

Milwaukee

La Salle Street

CHICAGO

THE HANCHETT BOND CO.
39 South La

Salle Street

CHICAGO