The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
^572917
TWO
\Y- op.mi.
SECTIONS—SECTION
ONE
*
oinmenrial §■
INCLUDING
Bank &
Quotation Section
Railway & Industrial Section
Bankers'Convention Section
Railway Earnings Section
copyrighted in 1917 by william b. dana company, new york.
Electric Railway Section
State and
City Section
entered as second-class matter june 23, 1879, atthe post office at new
york, new york, under the act of march
3
1879
SBai
VOL. 105.
NEW YORK,
^Financial
THE FARMERS'
OCTOBER 27 1917.
Jf manual
LOAN & TRUST
financial
HARVEY FISK & SONS
COMPANY
THE
NATIONAL
Company Is
moneys paid
OF
other fiduciary
YORK
legal depositary for
NEW YORK CITY BONDS
AND OTHER CHOICE
capacities.
Capital
INVESTMENT SECURITIES
Trustee under Mortgages made
as
NEW
BROADWAY and CEDAR ST
UNITED STATES BONDS
a
into Court, and is author¬
ized to act as Executor, Administrator,
Trustee, Guardian, Receiver, and in all
Acts
BANK
Exchange, Cable Transfers,
Travelers" Letters of Credit
The
LIBERTY
62 Cedar St.
NEW YORK
Foreign
NO. 2731.
-
-
$3,000,000.00
-
Surplus & Profits
4,000,000.00
by Railroad and other Corporations, and
Transfer Agent and Registrar of Stocks
as
and Bonds.
Receives deposits upon Certificates of
,
Deposit,
dally balances.
Manages Real Estate and lends
on
The National Park Bank
and
as
money
Agent in the transaction of
approved financial business.
Depositary for Legal Reserves of State
Banks and also for moneys of the City
Pine
Street,
CapitalSurplus & Undivided Profits
Deposits (Sept 11, 1917)
-
-
-
-
-
,
-
$5,000,000 00
17,000,000 00
174,000,000 00
27 Austin
Fiscal Agent for States,
RICHARD
Counties and
Cities.
Friars, LONDON, E.
BOSTON
Act
Vice-Presidents
STREET
as
fiscal agents for munici¬
and corporations and
palities
JOHN O. VAN CLEAF
WILLIAM O. JONES
MAURICE H.
OEORGE H. KRETZ
SILVESTER W.LABROT
475 FIFTH AVENUE
deal
in
Government, munici¬
pal, railroad and public utility
EWER
BONDS
Cashier
FOR
ERNEST V. CONNOLLY
NEW YORK
List
on
Assistant Cashiers
LONDON
PARIS
w.
DELAFIELD
GILBERT G. THORNE
16-22 WILLIAM
William
YORK
HARRIS, FORBES & CO., Inc.
President
of New York.
Corner
NEW
Organized 1856
mortgage.
'
Will act
Harris, Forbes &Co
of New York
on
bond
any
,
subject to check, and allows
or
interest
WILLIAM A. MAIN
FRED'K O.
FOXCROFT
J. EDWIN PRO VINE
WILLIAM E.
HENRY L. SPARKS
INVESTMENT
Application
Cable Address SABA, NEW YORK
BYRON P. ROBBINS
DOUGLAS
PERCY J. EBBOTT
Established
1874.
Edward B. Smith & Co
John L. Williams & Sons
Established
1892
BANKERS
Corner
8th
and
Main
BANKERS
Streets
1810
Established
RICHMOND, VA.
Members New
Baltimore Correspondents:
MIDDENDORF, WILLIAMS & CO., Inc.
GARFIELD
Fifth
NATIONAL
Avenue
Street
New
York
of the
City of New York
Surplus, $1,000,000
RALPH T. THORN, Asst. Cashier.
Capital
m
-
-
$6,000,000
-
-
$9,000,000
PEDDIE,
Asst.
-
-$187,000,000
The Chase National Bank
of the City of New York
.
Surplus and Profits
-
United States Uenositorv
Cashier.
Deposits Sept. 11,1917
Foreign ExchangeZDepartment
THE
„
Capital
Surplus and Profits (Earned)
Deposits, Sept 11th 1917 - -
AMERICAN EXCHANGE
A.
$130,000,000
Francis Ralston Welsh,
First National Bank
Philadelphia, Pa.
CHARTER NO.
1
BONDS
OF RAILROAD, GAS AND
t
302,027,000
Chairman
WTGGIN,
President
Vice-President
Vice-President
CARL J. SCHMIDLAPP, Vice-President
GERHARD M. DAHL,
Vice-President
ALFRED C. ANDREWS,
Cashier
CHARLES C. SLADE,
Asst. Cashier
EDWIN A. LEE,
Asst. Cashier
WILLIAM E. PURDY,
Asst. Cashier
CHARLES D. SMITH,
Asst. Cashier
WILLIAM P. HOLLY.
Asst. Cashie?
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
Henry W. Cannon
A. Barton Hepburn
Albert H. Wiggin
John J. Mitchell
INVITED
$10,000,000
12,623,000
DIRECTORS
ELECTRIC
LIGHT AND POWER COMPANIES
109-111
ACCOUNTS
-
SAMUEL H. MILLER,
EDWARD R. TINKER,
NEW YORK
over
-
BARTON HEPBURN,
ALBERT H.
NATIONAL BANK
-
OFFICERS
,
Resources
Philadelphia
1411 Chestnut Stbbet, Philadelphia
30 Pine
ARTHUR W. SNOW, 2d V.-Pres. & Cashier.
W.
and
Exchanges
Building
RTJEL W. POOR, President.
HORACE F. POOR, Vice-President.
JOHN
York
Stock
National Bank
BANK
Corher Fifth Ave. and 23rd St., New York.
Capital, $1,000,000
The Mechanics and Metals
SOUTH FOURTH STREET
PHILADELPHIA
Frank A. Sayles
Charles M. Schwab
Samuel H. Miller
Edward R. Tinker
Guy E. Tripp
Henry B. Endicott
Edward J. Nichols
Daniel C. Jackling
Newcomb Carlton
Frederick H. Eoker
James N. Hill
of Jforefsn (Extfjange
Snbegtment lotuses anb Drainers
Maitland, Coppell & Co.
MORGAN & CO
J. P.
Wall Street, Corner
of Broad
CO.,
&
STREET
52 WILLIAM
-
NEW YORK
OREXEL
[VOL. 105.
CHRONICLE
THE
II
NEW YORK
PHILADELPHIA
Investment Securities.
Corporations and negotiate and
Orders executed for all
Act
Corner of 5th and Chestnut Street*
agents of
as
J. & W. Seligman & Co.
Issue Loans.
MORGAN, GRENFELL&CO., LONDON
Telegraphic Transfer«,
Bills of Exchange,
Na ,1 William Street
Credit
of
Letters
No. 22 Old Broad Street
on
HOKGAW,
HARJES
CO.,
&
Messrs. Mallet Freres
Agents for the Bank of
1
1
In al
for Travelers, available
parts of the world.
—
1
BOSTON
NEW YORK
PHILA.
■"
Wall Street
69
Belmont & Co.
August
sold
bought
and
Bankers,
of
Banks,
received
for Travelers
Cer¬
Deposit.
Members
(parts of the world.
in all
Available
Foreign
Exchange,
Domestic and
Foreign Collections, Cable Trans¬
Investment Securities
CREDIT
ISSUE LETTERS OF
Individuals
favorable terms.
on
tificates of
ROTHSCHILD
Messrs.
London, Paris and Vienna.
Firms and
porations,
33 Pine Street, New York
Cor-
Securities
Commission.
on
Accounts
Mmmid&ta
'
of the
and Correspondents
Agents
Investment
Exchange.
Stock
York
New
Members
private wires
(Alex.Brown &Sons) Connected by
PLACE. NEW YORK.
43 EXCHANGE
and Baltimore
New York, Philadelphia, Boston
CREDIT
United States
Available throughout the
Stock Exchangee
Members N.Y., Phila. & Boston
Australasia.
TRAVELERS' LETTERS OF
Co.,
&
Brothers
Brown
Mexico,
And its Branches.
Cable Transfers.
Letters
& Cie. Paris.
Banco Nacional de
Foreign Exchange, Commercial Credits.
Circular
NEW YORK
London.
Commission.
Securities bought and sold on
Limited.
London & Smiths Bank,
Union of
PABIS
31 Boulevard Haussmann
New York Stock Exchange
and make Telegraphic
Draw bills of Exchange
Transfers
to EUROPE. Cuba, and the
other West Indies, Mexico and California.
Execute
orders
fers.
Travelers' Letters of Credit.
Buy and sell Securities on
as Fiscal
for
Agents
financing of exports and imports.
•
Co.
LONDON Lawrence Turnure
BROWN, SHIPLEY & CO.,
I
Commission and act
sale of
Stocks.
Bonds and
Commercial Letters of Credit for ths
and
purchase
the
for
64*66 Wall Street,
Corporations
V
'
'
Correspondents of
.
London & South Western Bk., Ltd.,
Jordaan & Cie, Pari3
London
Russo-Asiatic Bank, Hong Kong
New York
T. Suffern Taller
James G. Wallace
Grenville Kane
and sold on com¬
credits, available through¬
Cuba, Puerto Rico, Mexico,
Central America and Spain. Make collections In and
Ma
issue drafts and cable transfers on above countries.
Investment securities bought
mission.
Travelers'
out the United States,
.
Joint
London Bankers:—London
Bank, Limited.
TAILER&CD
Stock
Francaise—Heine
Paris Bankers:—-Banque
Graham, Parsons & Co.
Sc. Co.
BANKERS
10 Pine Street, New York
435 Chestnut Street
PHILADELPHIA
HEIDELBACH, ICKELHEIMER & CO.
Investment Securities
37 William Street.
N.
Y.
EXCHANGE.
STOCK
purchase and sale of
Execute orders for
Stocks and Bonds.
Winslow, Lanier & Co
and
Government
MEMBERS
fss^e Commercial and
Electric
Electric
Light and Power Companies
of
and
value.
established
Cable Address,
NEW YORK
Municipal Bonds
Railroads,
Gas
Railways,
Foreign Exchange Bought and Sold.
59 CEDAR STREET
of
Securities
"Graco," Philadelphia.
Travelers' Credits
of the world.
available in all parts
BANKERS.
Qfcposits
Received
Allowed
Subject
on
Bought
Deposits,
and
Draft,
to
Sold
Schulz & Ruckgaber
Interest
Securities
27 Pine Street,
on
,
Commission.
<
New York
-----
Members New York Stock
24 BROAD STREET,
NEW YORK
Exchange.
Members of the New York Stock
INVESTMENT SECURITIES
Exchange <
purchases and sales
of stocks and bonds.
Execute orders for
Foreign Exchange, Letters of Credit
BOISSEVAIN & CO.
Foreign Exchange bought and sold.
Issue commercial
credits in Dollars
available in China, Japan
COMMERCIAL DEPARTMENT
V
FOREIGN EXCHANGE
MESSRS.
PIERSON & CO.
(Successors toAdolphBoissevain &Co.)
Amsterdam, Holland.
and East Indies..
Kean, Taylor & Co.
BERTRON, GRISCQM & CO.
York
"New
Investment Securities
Produce
INVESTMENT SECURITIES
Exchange Bank
40 Wall Street
Land Title Building,
Broadway, Corner JJEAVER ST.
£ Nassau Street
105 So. La Salle St.
NEW YORK
CHICAGO
NEW YORK.
PHILADELPHIA.
$1,000,000
Surplus and Undivided Profits 1,000,000
Capital
Foreign
Transfers.
....
Exchange
bought
and
sold.
Cable
Commercial and Travelers' Letters of
Credit available in all parts
of the world.
ACCOUNTS INVITED.
John Munroe & Co.
ALDRED & CO.
BOSTON
NEW YORK
Letters of Credit for Travelers
Commercial Credits.
H. AMY
&
CO.
24
New
Members N.
Foreign Exchange
Y.
44 AND 46
WALL ST.,
Fiscal Agents for
Thunaact
York
Stock Exchange
Cable Transfers.
MUNROE & CO.,
Exchange Place
Paris
a
Investment and
Exchange Business
General
Stock
Public Utility and Hydro-Electric
Companies
Oc*427 1917.]
THE
CHRONICLE
ra
SnbesStment anti ^financial
Millett, roe & Hageis
Wm. A. Read & Co.
Lee, Higginson &Co.
Investment Securities
BOSTON
S3«w York
investment securities
.
Chicago
MEMBERS
NASSAU AND CEDAR STREETS
HIGGINSON
80
NEW
COc
&
Lombard Street
BOSTON
YORK
PHILADELPHIA
CHICAGO
LONDON, E. C
NEW YORK
STOCK EXCHANGE
STOCK EXCHANGE
BOSTON
LONDON
52 WILLIAM
ST.
CONGRESS ST?
15
NEW YORK
Hornblower & Weeks
The
NEW YORK
42
BOSTON
National
City
BROADWAY, NEW YORK
CHICAGO
Investment
Securities
YORK,
Investment
Goldman, Sachs & Co.
MEMBERS
NEW
Company
BOSTON
BOSTON
Securities
National City Bank Building
AND
New York
CHICAGO STOCK EXCHANGES
Direct wires to all principal markets
Members of New York & Chicago Stock Exchanges
Boston
Chicago
Detroit
Providence
Established
Robinson & Co,
Portland
1888
U. S. Government Bonds
Investment Securities
Chandler & Company
inCORPORATCO
Wm. Morris Imbrie & Co.
26
35 Pine St
Franklin Bank Bldg.
NEW YORK
Exchange Place
New Yoeli
PHILADELPHIA
Members New York Stock Exchange
185 Devonshire St
BOSTON
Investment Securities
Government Loans,
(Established 1882)
and
61
BROADWAY,
NEW YORK
Railroad
Municipal
Securities
Bonbright & Compaq
Incorporated
High Grade Industrials
25
208 South La Salle St.,
Chicago
NASSAU
BOSTON
STREET, NEW YORK
DETROIT
CHICA^S
PHILADELPHIA
LONDON
William P.
Frazier
Investment
Gh.
Securities
W. C. Laagley ft Co.
Broad and Sansom Streets,
211 E. German Street,
New York.
public utility securities
Baltimore.
simon
115
Broadway, New York City
borg & co.,
Members of New
Incorporated—Successors
W.
HALSEY
&,
CO.
YORK
BOSTON
MILWAUKEE
Hemphill, White
DETROIT
ST.
LOUIS
-
New York
to
PHILADELPHIA
v
-
CHICAGO
CHICAGO
NEW
York Stock Exchange
No. 46 Cedar Street
HALSEY, STUART & CO.
N.
Bonbright 8c
Liberty Loan Bonds
PHILADELPHIA
15 Broad Street,
PARIS
Bonbright & Co.
HIGH-GRADE
INVESTMENT SECURITIES
CBb Chamberlain
Government, Municipal, Railroad
and
Public
Fiscal Agents for
Utility Bonds.
Cities and Corporations.
Members
New YgtV Stock
37 Wall Street
Exchange
Fidelity Bldg.
New York
h.
t.
holtz &
co.
Buffalo
MUNICIPAL AND RAILROA©
BONDS
Investment Securities
FOR INVESTMENT
MUNICIPAL AND
PUBLIC UTILITY
BONDS
HARPER
& TURNER
INVESTMENT
BANKERS
I
STOCK EXCHANGE
LA SALLE STREET
CHICAGO
■
.
BUILDING
WALNUT STREET ABOVE
39 SOUTH
l
Colgate, Parker & Gat
BROAD
49 Wall Street. New Yocfc
PHILADELPHIA
Members Philadelphia Stock
Exchange
finance
we
Railway
ESTABROOK & CO.
Power and Street
Electrio Light,
Enterprises with records
earnings
Members New York and Boston
chase
Stock Exchanges
established
of
^financial
jfltunuial
financial
*
[vOL. 105.
CHRONICLE
THE
IT
company
&
INVESTMENT SECURITIES
BONDS
we offer
Bankers
Proven
Correspondence Solicited
BOSTON
-
BOSTON
SPRINGFIELD
BALTIMORE
HARTFORD
19 CONGRESS ST.,
NEW YORK
24 Broad Street,
Securities
Utility
Public
15 State Street,
Dealers
Investment
and
ELECTRIC BOND & SHARE CO(Paid-Up Capital and Surplus,
71
Ervin a Company
$21,000,000)
BROADWAY, NEW YORK
Prudence
^Members
New
York
Demands
Exchange
Stock
Philadelphia Stock Exchange]
MUNICIPAL AND RAILROAD
that
BONDS
bondssfor
investment
A
."
*01 Trinity BIdg.,
121 Drexel BIdg.,
For Conservative Investment
v\ <
Telephone Rector 306113
R. L.
^
Write
sult*
Day & Co.
35 Congress
or
St., Boston
h. f. bach man & co.
Established 1866
and
call
Service
our
con¬
Depart¬
'
ment.
Correspondents
New York
study of their status
losses
NOW may prevent
later.
NEW YORK
PHILADELPHIA
do not neglect
investments.
you
your
A. A. Housman & Co.
fN. Y. Stock Exchange
REMICK, HODGES & CO.
N. Y. Cotton Exchange
INVESTMENT
BANKERS
Members- N. Y. Coffee & Sugar Exchange
N.-Y. Produce Exchange
Chicago Board of Trade
I
Memberx N. Y. and Phila. Stock Exchanges
20
Unlisted
1512 Chestnut St.,
81 Broadway,
PHILADELPHIA
Broad
New York
Street,
NEW YORK
Branch
Office—25
West 33d St.
Securities
and Sold
Bought
C.
No.
R. C. Megargel &
Members
Co.
I. HUDSON & CO.
66
EXEMPT FROM FEDERAL INCOME
Members
Philadelphia
York,
RECTOR 7401
Savings Deposits
Securities
Miscellaneous
1800
William R.(ompton(b.
in all Markets
PRIVATE
WIRES TO
PRINCIPAL
CITIES
Municipal Bonds
Over a Quarter
Century iri this business
14 Wall Street
parkinson & burs
St. Louis
Members of the New York and
Boston Stock Exchanges
Municipal Railroad#
Corporation Bonds
53 State Street
7 Wall Street
20
BOSTON
Broad Street
Cincinnati
Pittsburgh
PHOliE RECTOS 9140—CABLE ADDRESS
List
C
Mountain
New York.
-
States
Telephone
"ORiEHTMEST"
gives current offerings
New York
<
Chicago
NEW YORK
TAX
and
Eligible to Secure Postal
TELEPHONE
New York
Telephone John
New
Chicago Stock Exchanges
York Stock Exchange
New
27 Pine St.,
Municipal Bonds
BROADWAY, NEW YORK
BELL
NEW
SYSTEM
MEXICO,
IN
COLORADO.
WYOMING, IDAHO AND
H. D.
BONDS
Walbridge & Co.
14 Wall Street, New
Baker,Ayllng &Young
York
/
No
UTAHt
MONTANA
ARIZONA,
7% STOCK
Bonds—No Preferred
Shares
boettcher, porter
company
Public Utility Securities
DENVER
BCSTON
SPRINGFIELD, MASS,
PHILADELPHIA
CHICAGO
sls
John Burnham & Co.
ESTABLISHED 1865.
Chicago
New York
STERN & SILVERMAN
INCORPORATED
^>.t/|lLi05efcd6Co
5 Nassau St., N. Y.
PHILADELPHIA
1
MEMBERS NEW YORK STOCK EXCHANGE
A.
Deal in
'
Underlying Railroad Bonds
.
acd
Telegraph Co. Stocks
Becker & Co.
electric railways
(INCORPORATED)
FINANCING
COMMERCIAL
Tax-exempt Guaranteed & Preferred
Railroad &
G.
N.
E.
Cor.
PAPER
La Salle & Adams Sts.,
Chicago
ENGINEERING
Oct. 27 1917.]
THE CHRONICLE
y
Canabfan
BANK OF MONTREAL THE CANADIAN
(Established 1817)
Canadian
CAPITAL
Government audi Municipal
paid
-
-
up
REST,
«
TOTAL ASSETS
-
-
-
Bonds
OF
$16,000,000
16,000,000
$386,806,887
Head Office—Montreal
Sir Frederick Williams-Taylor,
General Manager
ing Canadian Government and
Municipal Bonds
PAID-UP CAPITAL
REST
to
515.000.000
—
...........318,500,000
...
F.B.FRANCIS,
WALL STREET
R.Y.HEBDEN,
1
6%
...
ProsldenttSLr Edmund W«lker,C.V.O.,LLJD.J> CXGeneral Manager: Sir John Atrd.
Assistant General Manager: H. V. F. Jones.
64
5%
-
New York Office, 18
Exchange Place
NEW YORK AGENCY
yield from
to
HEAD OFFICE, TORONTO
-
SIR VINCENT MEREDITH, Bert.. President.
We invite correspondence regards
BANK
COMMERCE
1
J. A. C. KEMP,
}Agents
C. J. STEPHENSON,J
W. A. BOG,
VAgents
J. T. MOLINEUXj
14 Wall St.,
Toronto
Travelers' Cheques and Letters of Credit Issued)
available in all parts of the world.
and Cable Transfers; Issue Commercial and Trav¬
New York
Montreal
Buy and Sell Sterling and Continental Ex¬
change and
Cable
Transfers.
Collections
made at all points.
Buy and Sell Sterling and Continental Exchange
Wood, Gundy & Co.
Chicago Branch 108 South La Salle St.
Spokane, Wash.
Mexico, D. F.
London
elers' Credits, available in any part of the world;
issue drafts on and make collections at all points in
the Dominion of Canada and Newfoundland.
Banking and Exchange business of every de¬
scription transacted with Canada.
LONDON OFFICE—2 Lombard Street, B. O.
London Offices, 17 Threadneedle St., E. C.
9 Waterloo
G. C. CASSELS,
The Bank of
Incorporated by Royal Charter in 1840
New York Agency opened 1843
-1 £1,000,000 Sterling
—£620,000 Sterling
Paid-up Capital
Reserve Fund—
Head Office:
Toronto# Ont.
Canadian
and
High Grade
Municipal and School
6 Gracechurch Street, London, E. C.
W. T. OLIVER
1 Agents
P.O.HARRISON f
Buy and Sell Sterling and Continental Exchange
and Cable Transfers.
Grant Commercial and
Travelers' Credits and Cheques, available in any
part of the world.
Issue Drafts on and make
Collections in all parts of Canada.
Agents for Banco de Londres y Mexico, •
Mexico City and Branches
'
correspondence
)
G
MEREDITH & CO.,
High Grade
Municipal and School Bonds
to yield from
'
5% to 6%
LIMITED
(Incorporated 1832)
86,500,008
RESERVE FUND..............
12,000,008
TOTAL ASSETS OVER...
—110,000.008
179 St* James St.
*
Head Office, Halifax, N. S.
General Manager's Office, Toronto, Ont.
190 branches throughout Canada, Newfoundland)
Cuba, Jamaica, Porto Rico, and in Boston, Chi¬
cago and New York.
Commercial and Travelers"
Credits issued, available in all parts of the world.
Bills on Canada or West Indian
points favorably
negotiated or collected by our branches in tbC
United States,
Correspondence solicited.
New York Agency, 52 Wall Street,
H. F. Patterson,
Correspondents.(London
C.B. Gordon, Vice-Pres,
Wm. McMaster.
Bartlett McLennan.
H. B. MacDougall,
A.E.Holt.
THE
ROYAL BANK OF CANADA
Capital Paid Up
812,911,700
Reserve Funds...... 814,324,000
Total Assets..
..8300,000,000
&
Company
Members Montreal Stock Exchange
A. P. B. Williams, Sec,
48 Threadneedle St.
112 St. James St.
MONTREAL
LONDON, E.C.
Our
Monthly
Review
dian Conditions sent
of Cana¬
on
%7 St. John Street,
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.
Dealers in Canadian Bond Issues
-
Montreal
SIB HERBERT S. HOLT.
E.L. PEASE,
President
Vice-Pres. & Man. Directoi
O. E. NEILL, Gen. Manager
Branches throughout the DOMINION OF CANADA and NEWFOUNDLAND; In HAVANA and
CANADA
Greenshields
Agent.
Joint Stock Bank.LtC
(Royal Bank of Scotland.
Head Office
C. R. Hosmer,
D. O. Macarow,
A. Baumgarten,
J. M. Mackle, Manager
—....
Established 1869
J. J. Reed,
LIMITEE
Limited.
PAID-UP CAPITAL—
Bond Brokers and Financial Agents
O. Meredith, President
Bank,
THE BANK OF NOVA SCOTIA
BOARD OF DIRECTORS,
Credit-Canada,
MONTREAL,
Scotland,
In Great Britain
BONDS
We invite
England,
of
®
New York Office: 52 Wall Street,
Government
of
Bank
Established In 1836
R. C. Matt hews & Co.
Building,
Bank
The
British North America
Corporation Bonds
C. P. R.
The
Manager.
Lloyd's
Canadian Government,
Municipal and
BANKERS IN GREAT BRITAIN,
Place, Pall Mall, S. W#
R. A.
Daly & Co.
New York Agency—Cor. William & Cedar Sts
F. T. WALKER, O. E. MACKENZIE and
request
R. It, ELLIS, Agents.
CANADIAN
MONTREAL
GOVERNMENT, MUNICIPAL
Bank of Nova Scotia
Bonds
I
■
-
Municipal and Public Utility
SECURITIES
Building
TORONTO, ONT.
Government, Municipal
WESBITT, THOMSON
11
6 COMPANY, LIMITED
(g22
CANADIAN
AND CORPORATION BONDS
CANADIAN
&,
If
Canadian
ST. JAMES
ST, MONTREAL
HERCAKTIte TRUST BCO.HAMILTON.
Corporation
Lists
on
request
Government) Municipal
and Corporation
jfitmuial
Bonds
A. E.AMES & CO.
74
Broadway, NEW YORK
Toronto
COLLINS & COMPANY
Incorporated
BANKERS AND
187 So. La Salle Street*.
DofiffiKM Securitih
corporation- limited
BROKERS
Montreal
TORjDMTO. MOrtTREAL.LOrtDQW-Ertfl
Canadian Securities
W. GRAHAM BROWNE&ca
CHICAGO
222 St.
Canadian Securities
Paul H. Davis
High Grade Unlisted Stocks end Bonds
Industrials
Public Utilltla*
Motor Stocks
Sugar Stocks
Bank Stocks
Film Stocks
89 SO. LA SALLE ST.
CHICAGO
Correspondence Solicited
Inquiries Solicited
&Gompai2g
James Street
MONTREAL
Kemerer, Matthes & Co.
B. W.
Members Phila. Stock Exchange.
50 Broad
Tmtmfr
Street, New York
Hamilton',
London,
Buffalo,
Direct Private Wires
Phila,
Strassburger
SOUTHERN INVESTMENT SECURITIES
MONTGOMMBYn ALA.
THE
VI
CHRONICLE
[Yon. 105.
foreign;
AUSTRALIA & NEW ZEALAND
THE
BANK OF
NEW SOUTH
WALES
Paid
Capital
up
Reserve
LIMITED
Head Office:
HEAD
LONDON, E. C. 2
5, THREADNEEDLE STREET,
.
3
s, finch lane. london, e. c.
14,000,000
19,474,000
Aggregate Assets 31st Mar, 1917...$287,130,043
J. RUSSELL
FRENCH,
Geneva!
Manager
Subscribed Capital
Paid-up Capital
Reserve Fund
The
Bank
transacts
every
Australian Banking Business.
description
of
Wool and other Produce Credits arranged.
Head Office
GEORGE
Reserves
-
$966,110,435
$241,454,680
$111,760,185
-
Bills of Exchange
London Office
STREET
Deposits
.
.
Paid
$114,739,020
$23,903,960
$20,000,000
837 BRANCHES and AGENCIES In che Aus¬
tralian States, New Zealand, Fiji, Papua (New
Guinea), and London.
OFFICE
ST., LONDON, ENGLAND
,
^
Sterling.
,
Authorized CapitalSubscribed Capital
($5=£l)
$52,949,800
2 PRINCES
Foreign Branch Office:
$19,474,900
-
Liability of Proprietors
THE
UNION OF LONDON & SMITHS BANK
BANK LIMITED
(ESTABLISHED 1817.)
Reserve Fund
MIDLAND
LONDON CITY &
Up Capital—
Reserve Fund.
Deposits
__
and
Current
December 31,
SIR FELIX
£25,000,000
£22,934,100
—£3,554,785
£1,150,000
Accounts,
1916—
..£55,231,863
SCHUSTER, Bart., Governor
LINDSAY ERIC SMITH, Deputy Governor
General
H.
H.
L.
Managers
HART
(Town and Foreign)
E.
(Country)
Secretary H. R. HOARE
THOMAS
29, THREADNEEDLE
SYDNEY
STREET, E. C.
Tbb Bank has Branches fa all the Camps
American
THE UNION BANK OF AUSTRALIA Limited
Established 1837
BARCLAY & COMPANY
LIMITED
Sir
Incorporated 1880
where
Troops are stationed In England.
HOLDEN. Bart..
EDWARD H.
Chairman.
HEAD OFFICE
I
CapitalAuthorized
and
Issued-..Paid-up Capital £2,000,000 j[
Reserve
To-
Fund—£1,980,000/gether
Reserve Liability of Proprietors
Total
Capita!
and
54, Lombard St., London, E. C*
£6,000,000
£3,980,000
£4,000,000
The Union Discount Co.
Reserves——£7,980,000
The Bank has 41 Branches in VICTORIA, 39 in
NEW SOUTH WALES. 19 in QUEENSLAND,
14 in SOUTH AUSTRALIA, 22 in WESTERN
AUSTRALIA, 3 in TASMANIA and 44 in NEW
ZEALAND,
Office
71 CORNHILL. LONDON, E C.
:
Capital Authorized
Capital Subscribed—
Capital Paid-Up
Reserve Fund
55=£1
Manager—A. C. Willis,
NOTICE
RATES
ltd.
Head Office: 39 Threadneedle Street,
London, England.
deposit
on
At
IS
—-
Reserve Fund—
(5 dollars equal £1)
Call
4
At 3 to 7
4,000,000
STERLING.
HEREBY-
,
THE FOREIGN EXCHANGE DEPARTMENT
Issues Currency Drafts on all Cities.
Letters of
Oredit and Circular Notes payable throughout the
World.
Mail and Telegraphic Transfers.
Ap¬
GIVEN
allowed
that
for
BRANCHES
IN
GREAT
the
FOREIGN EXCHANGE
BRITAIN
DEPARTMENT
54, Lombard Street, London, E. C.
MANAGER
-
-
W. O. Stevensc®
-
money
BANCA COMMERCIAL ITALIAN*
Per Cent.
Days' Notice, 4*4 Per Cent.
CHRISTOPHER
R.
LONDON
Head Office MILAN
Paid-up Capital
Reserve
.........
Funds
$31,200,000
511,640,000
London Office, 1 OLD BROAD STREET, E; C0
Manager : E. Consolo.
*
NUGENT, Manager.
COUNTY
&
West End Agency and London Office of the
Italian State Railways, 12 Waterloo Place,
Regent St., S. W.
:
: '
,
Correspondents to the Italian Treasury,,
WESTMINSTER BANK
LIMITED
Bills purchased. Commercial
Credits established available anywhere, against
casual shipping documents.
Shipowners Freight
Freight
•
Eemittanoes and Disbursements to all parts.
Subscribed
Capital £14,000,000,
FOREIGN BILLS COLLECTED
In 700.000 Shares of £20 each.
Agent for American Banks and
^Sftrust Companies and Invites Correspondence.
as
Paid-up* Capital
Cable Address.* *4 Elmfield London"
Codes:
Reserve
Western Union, Peterson's International
Salbers,
800
.
Every kind of Banking Business transacted.
The Bank acts
£2,200,000
follows:.
as
are
4,250,000
Company 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.
$8,750,000
$4,000,000
This Bank has upwards of 500 Offices in England,
Wales and Channel Islands.
proved
£4,594,443
-
8,500,000
-!
INTEREST
OF
$10,000,000
—
The
Subscribed Capital—$43,750,000
Peposit & Current Acts., 30-6-16.$241,722,285
FaW-up Capital—
£12,679,440
Reserve Fund
•
Established 1834
£13,500,000
Telegraphic Address, Udisco, London,
Assistant Manager—W. -J. Essame.
Ik CAPITAL & COUNTIES BANK
Capital--
Paid Up Capital.
39 CORNHILL.
—
Head
Nominal
Capital Subscribed
of London, Limited
-
£3,500,000
-----
£4,000,000
-
BRANCH¥S
ITALY:
IN
Acireale, Alessandria, Ancona, Bari, Bergamo,
Bielia, Bologna, Brescia. Busto Arsizio, Cagliarf,
Caltanissetta, 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.
Agents in London for
■
BANQUE FRANCAISE ET ITALIENNE POUR
>
L'AMERIQUE
DU
LUD,
_
HEAD OFFICE
ERNESTO TORNQUIST & CO., Lda.
Lothbury, London, E. C. 2,
41,
Buenos Ayres, Rio de Janeiro, San Paulo, Santo*
&c. Societa Commerclaie d'Oriente. Tripoli.
BUENOS AIRES
MADRID
Established 1830
BRANCH
CALLE DE ALCALA
Hong Kong & Shanghai
43.
BANKING
Oldest
establishment
business
PARIS
the
in
River Plate
.
County & Westminster Bank
London
(Paris) Limited
Capital fully paid
22, Place Vendome
and Reserves
up
CORPORATION
Paid-up Capital (Hong Kong Currency)—$15,000,000
Resflrva#imrflIn Gold_..$15,000,0001
$33,500,000
Reserve
Fund|In 811ver__
Reserve Liabilities of Proprietors
15,000,000
GRANT DRAFTS, ISSUE LETTERS OF
CREDIT,
NEGOTIATE OR COLLECT BILLS PAYABLE IN
is.soo.ooo)
CHINA, JAPAN, PHILIPPINES, STRAITS SET¬
TLEMENTS, INDIA.
£2,500,209
WADE GARDNER,
General Financial, Banking and
Head Office—Cairo.
Commercial Business
S..
'■
m
'
;
■
■■■
'
,
rt
'
■ 1
•'
'
Agent, 36 Wall St
NATIONAL BANK of EGYPT
June, 1898,
right to issue Notes payable at
Established under Egyptian Law
*
'
with the exclusive
1
Bight to bearer.
Clermont & Co.
Capital, fully
Reserve Fund
paid-...
—.—...
£3.006,000
£1,831.250
LONDON AGENCY
BANKERS
6 AND 7 KING WILLIAM
ST.. LONDON. E.C.
The
Anglo-South American
Bank, Ltd.
o
GUATEMALA,
The
Central America
National
Discount
Cable Address: "Clermont"
Company, Limited
35 CORNHILL
LEU and CO.' BANK,
LIMITED
ZURICH
Reserve
up
and)
Fund
Exchange negotiated and collected.
Drafts and Letters of Credit issued.
Booking and Travel Department.
SPAIN: Madrid. Bilbao, Barcelona
4,233,325
2,250,000
CAPITAL & RESERVES
£6,040,785 @ $5
per
£=430,203,925
NOTICE
IS
HEREBY
GIVEN
that
the
RATES
OF
INTEREST
allowed for money
,
At Call 4 Per Cent Per Annum.
HEAD OFFICE, OLD BROAD STREET,
LONDON, E. C.
At 3 to 7 or 14 Days' Notice, 454 Per Cent.
BANKING BUSI¬
Telegraphic Transfers effected.
$21,166,625
($5=£1 STERLING.)
Frs. 45,000,000
URUGUAY
FRANCE: Paris
LONDONi E. C.
Reserve Fund-.
J
-
Paid-up Capital
NESS TRANSACTED.
Sills of
-
CHILE
Cable Address—Natdis, London.
Founded 1755.
Capital Paid
-
Subscribed Capital
(Switzerland)
SVERY DESCRIPTION of
-
ARGENTINA
NEW YORK (Agency), 60 WALL STREET
on
deposit
are as
follows :
Approved bank and mercantile bills discounted.
Money received on deposit at rates advertised
from time to time and for fixed periods upon
specially
agreed
terms.
Loans granted on approved negotiable securities.
PHILIP HAROLD WADE. Manager.
Every description of Banking and
Exchange business
OCT. 27
1917.]
THE
CHRONICLE
jfcrttea
CHICAGO
SPERLING
&
CO.
Banque Na'ionale De Credit
Basildon House, Moorgate St*
London, E. C.
-_frs. 150,000,000
Capital—
FISCAL
banker* & ^Brokers outaifce J|. §>
jforeigti
AGENTS FOR
Reserve Fund
"
—
35,500,000
Public Utility
HEAD
Hydro-Electric Companies
OFFICE
Warren Gorrell & Co.
INVESTMENT SECURITIES
16, Boulevard des Italiens
PARIS
new
208 South La Salle Street
york agents
SPERLING & CO., INC.,
CHICAGO
BRANCHES
120 broadway.
HEAD
up.......
OFFICE: 14
London
RUE
Office: King
Branches
louse,
centres
42,000,000
Street,
E.
of
the
French
and
description
Colonial
GENERALIBANKINGIBUSINESS
AND TRUST COMPANY
Banks.
Southeast Corner La Salle and Madison Sts0
exchange
business of
deposit and
transacted.
£urrent accounts,
documentary
disbursements and
COLLECTION OF FREIGHTS In all parts of
the world.
of France.
C.
Manchester and Liverpool
Nearly 300 Branches In France, Spain, Tunis,
Egypt, Madagascar, India and Australia.
Agents
Or¬
Tou¬
BERGERE, PARIS
William
at
banking
Dijon, Nantes,
140 others in the chief
and
-Frs. 200,000,000
Marseilles,
Saint-Etienne,
Rouen,
leans,
-Frs.
Capital fully paid
Reserve Fund
Lyons,
Angers,
Havre,
ComptBir Rational d'Esoompte de Paris
at:
•
CHICAGO
SwissBank Corporation
Basle, Zurich, St. Gall, Geneva,
Lausanne
Capitafl and Surplus,
5&%
Suitable for Estates,
BARK of BRITISH WEST AFRICA, LIMITED
(Bankers to the Governments of the Colonies of
the Gambia, Sierra Leone, Gold Coast & Nigeria.)
$2,000,000
CHICAGO FIRST MORTGAGES
Trustees
6%
Individuals
and
Write for Bond Circular C 25.
LONDON OFFICE, 43
Lothbury, E.C. 2
Oldest Banking House in Chicago.
A State Bank.
—11 Regent Street,
West End Branch
Waterloo PEnco, S, W. 1
Head office 17»18
Leaden hall Street,
LONDON, E. C.
Authorized Capital
Subscribed Capital
Paid Up Capital
Reserve Fund.
So equal £l.
—
—
510,000,000
7,000,000
.2,800,000
1,100,000
Sanford F, Harris & Co.
Capital paid
Surplus,
.
up,
Frs.82,GOO ,000
.
.
*
.
INVESTMENT SECURITIES
Frs.27,750,000
THE
The Bank has Branches in Liverpool, Manches¬
all
the
principal towns in West Africa,
Canary Islands and Morocco, and is prepared to
transact every description of Banking Business
ter and
with those places.
Special facilities offered to MEMBERS OF
THE
AMERICAN
MILITARY
AND
ROOKERY
CHICAGO
NAVAL
Telephones
FORCES.
| Harrigon
70(MJ
New York Agency, 6 Wall Street
CREDIT
Banca Italiana Di Sconto
with
which
Societa
arei
incorporated
Bancaria
and
Societa
Italiana
the
Central Office, 19
Credito
Provinciale
Subscribed Capital-Lires 115 millions
Piad-up Capital
"
90
"
Deposits and Current Ac¬
counts (31st Dec. 1916)-"
685
"
Cash in hand and with the
Bank (31st Dec. 1916)—
"
49
Central Management and Head Office: ROME
Special Letters of Credit Branch,
20 Piazza di Spagna—Rome
BRANCHES at: Genoa, Milan, Naples, Pa¬
lermo, Turin, Venice, Bologna, Busto Arslzio,
Catania,
Florence,
,Ancona,
Biella,
Como,j
Monza, Sanremo, Verona and 50 others in the
CHIEF
CENTRES
OF
O. Slaughter
A.
110 WEST MONROE
Lyons.
Boul. des Italiens, Paris.
London Office, 40 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, Geneva,
Jerusalem,
Madrid,
Moscow, Odessa; Port Said, Petrograd, San Se¬
[New York Stock Exchange,
I New York Cotton Exchange,
I New York Coffee Exchange,
I New York Produce Exchango,
Member^Chicago Stock Exchange,
| Chicago Board of Trade,
.
I Minn. Chamber of Commerce,
I St. Louin Merchants' Exchange,
bastian,' Seville, Smyrna, Valencia.
Correspondents in Lisbon and Oporto:
Credit Franco-Portugais
COLONIAL BANK
& Co.
STREET
CHICAGO, ILL.
Head Office,
Italiana
tne
di
LYONNAIS
Capital (fully paid) —_Fcs.250,000,000
Reserve fund
Fcs.175,000,000
( Winnipeg Grain Exchange.
Municipal and
Corporation
BONDS
(Established by Royal Charter 1836)
ITALY.
PARIS OFFICE, 2 Rue Le Peletier
EVERY KIND OF
FACILITY
OFFERS
London Clearing Agents: The London & South¬
western Bank, Ltd., 16S, Fenchurch Street.
BANKING
SHAPKER, WALLER & CO,
Office
Head
IS, BISHOPSGATE, LONDON, E. C.
LA SALLE STREET
234 SOUTH
Cash and Bills Department:
"The Only American Bank in the Orient"
Banking Corporation
65 WALL STREET, NEW YORK CITY
Capital—
—
—
Surplus & Undivided Profits
Branches in:
$3,250,000
$4,598,000
-
India
Straits
China
Panama
Japan
Colombia
Philippine Islands
Santo Domingo
San Francisco
London
Settlements
CHICAGO
51, Threadneedle St., London, E. C.
New
International
York Agency—22
William Street
NATIONAL BANK OF INDIA Limited
Bankers to the Government in British
Africa and Uganda.
Head Office : 26, Bishopsgate, London, E. C.
Branches in India, Burma, Ceylon, British East
Africa,
Uganda
and
Aden
at
and
jforeign
East
WILLIAMS DEACON'S BANK, LTD.
Zanzibar.
Subscribed Capital—£2,000,000
Paid-up Capital
—£1,000,000
Reserve Fund
£1,200,000
The Bank conducts every description of banking
and exchange business.
Founded 1771-1836
MEMBERS
Head
»
15 Gracechurch
Office
Paid
Capital £1,500,000.
Reserve
Branches
Fund
up
£562,500.
£ 600,000.
India, Burma, Ceylon,
Federated Malay States,
in
Settlements,
and
Established
Street, London
Straits
China,
Mauritius.
Incorporated
Manchester Office
HEAD
OFFICE, LONDON, E. C.
Paid-up Capital
Reserve
Fund-----
Total Resources
£1,548,525 or
$7,742,625
£2,000,000 or $10,000,000
£35,066,998 or $175,334,990
About Two Hundred and Fifty
Agencies throughout South Africa.
Y
W.
Branches and
H. MACINTYRE, Agent
68 Wall St., New Vork
representing The Bank of New South
Wales with branches throughout Australasia.
Also
1834.
New South
London Office
Wales,
Birchin
20,
payable
on
demand,
and
Letter*
issued by the London Branch on the
Head Office.
Branches and Agencies of the Bans
In Australia and elsewhere.
Bills on Australasls
ton, Rochdale,
and Wigan.
-
Drafts
Credit
are
or
Remittances cabled.
Lombard St. E.C
collected.
London Office: 18. Birchln Lane
PATROLEUMIANKING
Apartado
(P.
O.
Box)
& TRUST CO. S. A.
No.
Members of the
American BankersI
Association.
Offers every Banking Facility.
collections made on all parts
in both Mexican gold
New York
End
and
Bolton,
Every
Payments and
of Mexico,
and
Exchange.
Lane, Lombard St.
Office,
113
2
other
E.C. 3
Cockspur St. S.W. 1)
Offices,
including:
Blackburn, Chesterfield.
Chorley, Pres¬
Rotherham, Sheffield, Stockport
description
of
British
and
Foreign
Banking transacted.
CREDIT SUISSE
468—Tampico.
Tamps, Mexico.
December, 1916, £27,822,940
Mosley Street, Manchester
(West
negotiated
STANDARD BANK OF SOUTH AFRICA, Ltd.
in
,
CLEARINO
LONDON
HOUSE.
Capital
—
£2.000,000
Reserve Fund and Undivided Profits 1»®40,000
Reserve Liability of Proprietors—— 2,009,000
Paid-Up
THE
Total Assets 31st
The Mercantile Back of India Ltd. The Commercial
Banking Co. of Sydney Ltd
<
OF
,
Established 1856
Capital & Reserves francs, 100,000,000
Head Office: Zurich,
Switzerland
Branches at Basle, Geneva, St.
Gall, Lucern
Glaris, Lugano, Frauenfeld*
ALL
BANKING BUSINESS
^
e,
CHRONICLE
THE
ym
[VOL. 105.
fkmbtti anb ^Brokers outsibe J2eto gotfe
LOUIS
ST.
ST.
PROVIDENCE
LOUIS
STRANAHAN
G. V. HALLIDAY
Specialists in
COMPANY
&
COMPANY
&
Bonds and Stocks of
l.G. EDWARDS&SONS
Public Service Companies
ST. LOUIS CORPORATION
Wall Street
38
New York
STOCKS
Boston
New
In St. Louis at 412' Olivet Street
Providence
Haven
Worceitet
Maine
Augusta,
Specialists
BODELL
ST. LOUIS BANK STOCKS
10
SI
SECURITIES
111
N.
314
the
of
Provldvnc*
Cengrni St.,
Broadway,
CO.
&
WvybosMt St.,
Bestoit
New
York
Broadway
St. Louis, Missouri
Bonds, Preferred Stocks and Local
Securities
CEN fRAL WEST
J.
Herndon
W. Moore
Charlee
Smith
William
Hi
Burg
Richardson
&
Clark
Established 1893
SMITH,
MOORE & CO.
11
Exchange Street, Providence, R. I.
Investment Bonds
ST. LOUIS SECURITIES
Dealers in
809
ST. LOUIS,
OLIVE ST.
MARK C. STEINBERG & CO.
DETROIT,
MO.
MICH.
R. S. MOORE & COMPANY
fembera St. Louis Stock Exchange
300
Broadway
ST.
KEANE,
LOUIS
Bonds, Stocks and Local Securities
&
HIGBIE
INVESTMENT
CO.
Specialists
MUNICIPAL BONDS
Stocks
Dime
Stix
Bank
Bldg.
DETROIT
of
10
Bonds
Public
Companies.
Co.
&.
SECURITIES
in
and
Service
Local Securities
Woyboosot St.
Providence, R.
NORFOLK, VA.
INVESTMENT
BROKERS
MINNEAPOLIS
MOTTU
Members St. Louis Stock Exchange
SOt Olive St..
Established
ST. LOUIS. MO.
CO.
&
WELLS-DICKEY CO.
1892
MINNEAPOLIS. MINN.
NORFOLK. VA.
NEW YORK
60 Broadway
MILWAUKEE
edgar,
ricker
WISCONSIN
INVESTMENTS
co.
&
CORPORATION
WILLIAM W. EASTMAN (XX
ATLANTA
v'vvVvvvvvs^vs/ws/vrvv'vv*. -vvvw**
ISSUES
WELLS BLDQ.,
We
MILWAUKEE
GA.
PITTSBURGH
R.
Original Purchasers of City of Minneapolis
and high-grade Northwest Municipal Bonds.
Twin City Rapid Transit Co. 5% Bonds.
Minneapolis National Bank Stocks.
,
BSCTOITYBU>a
offer
OrtlVHTlC!
BUM}
DUUJW
ALWORTK
I^EAPQLIS Jt> Ul\IIJ>3
R. & BNKG.
JLOCAL SECURITIES
Guaranteed Stock
Goddard, Hunter & Co.
OT 4TH AVE.
PITTSBURGH
Stock Exchange Bldg.
CINCINNATI
Robinson
Philadelphia
•
Humphrey - Wardlaw Co.
ATLANTA
GEORGIA
FIELD, RICHARDS & CO.
Member $
Bondj^ipal
(Corporation
ALABAMA
PiUtburoh A Chicago Stock Exchange*
INVESTMENT
SECURITIES
CALDWELL & GARBER
Hit of offerings on application.
BANKERS
and
BROKERS
Cincinnati
Cleveland
New York
Detroit
ROBERTS
Chicass
HALL
&
Municipal.
Railroad, Public Utility
and Corporation Bonds
for
Investment
Birmingham
INew York Stock Exchange
Chicago Board of Trade
Alabama
Cincinnati Stock Exchange
INVESTMENT
We Invite
Otto Marx & Co.
Inquiries in all
$25,000
Birmingham, Ala.
Bank
SECURITIES
.
.
OHIO
.
FUNDING 4^%
Dealers in
Due Aug. 1
Southern Investment Securities
Building
BALLARD, WASH.
(Now part of Seattle.)
Ward-Darley-Lupoid Company
National
.
BANKERS
Pittsburgh Securities
Flrxt
CINCINNATI
Price
on
BONDS
1925
application.,
PITTSBURGH, PA.
Weil, Roth & Co.
BUFFALO
Pittsburgh Securities
CHILDS, KAY
Union
Bank
Bldg.
a
Specialty
CINCINNATI
JOHN
& WOODS
BUFFALO, N
PITTSBURGH, PA.
NEW
YORK
CHICAGO
and
STOCK
EXCHANGE
STOCK
BOARD
Buffalo
TRADE
York
EDGAR
Y.
Corporation Bonds
SPECIALISTS IN
EXCHANGE
OP
New
Government, Municipal
Member*
PITTSBURGH
T. STEELE
and
Western
New York
Chicago
FRIEDLAMDER
DEALER
Cincinnati
IN
Securities
CINCINNATI
OHIO
Securities
BALTIMORE
THOMPSON-CONNELLSVILLE
COKE
COMPANY.
First Mortgage
5% Bonds.
Maturing 1931
AUGUSTA
-j
j
JOHN W. DICKEY
AUGUSTA, GA.
York
Pittsburgh
Company
CINCINNATI
Members of the
DUQUESNE BOND CORPORATION
New
Westheimer &
BALTIMORE
Buffalo
Southern Securities
Establlahd
1886.
New
York
Stock
Exchange
Cincinnati
Stock
Exchange
Chicago Board of Trade.
OCT/27 1917.]
THE
CHRONICLE
ir
*£aitfeera anb JBroker* outs^lbe i&eto gorfe
GRAND
LOf
RAPIDS
1
"*
ANGELES
SAN
"
The Preferred Stocks
j;
Pacific Coast
of the
E. F. HUTTON & CO.
Securities
American Public Utilities Company,
Wisconsin-Minnesota Light & Power
Company
Members:
BONDS
Of MUNICIPALITIES AND
NEW YORK STOCK EXCHANGE
Direct Private Wire New York to San Frsndsso
sad Other
CORPORATIONS
Utah Gas & Coke Company
61
having substantial assets
regular quarterly dividends.
P*y
They
are
Principal Cities
Broadway, New York
• Los
Angelea
San Francisco
and earning power
t
FRANCISCO
}
safe, profitable investments.
Oakland
•
Pasadena
Managed by
Kelsey, Brewer & Co.
WILLIAM R. STAATS CO.
BOND DEPARTMENT
343 Powell St.
LOS ANGELES
Engineers
Operators
SAN FRANCISCO
Quotations and Information famished en
PASADENA
Grand Rapids, Michigan
San Francif&D
CHICAGO
Pacific Coast Securities
PHILADELPHIA
.
& CO.
F. M. BROWN
Wm. G.
Hopper & Co.
TORRANCE, MARSHALL & CO.
DEALERS IN
STOCK & BOND BROKERS
California
IS SOUTH THIRD STREET
BONDS
Philadelphia, Pa.
|
W. G. Hopper
i
Member Phi la.
Municipal and Corporation
Securities
LOS ANGELES,
CALIFORNIA
■
;
H. S. Hopper,
Stock Ex.
*'
100 Sansome Street, Corner California
'
-
\
.
SAN FRANCISCO, CALIFORNIA
Member Phlla. Stock Ex
We
KANSAS
-
Specialise In California
CITY, MO.
Quotations and
Municipal and Corporation
Furnished ••
Information
Paclflo Coast Securities
BONDS
^
Established 1858.
PRESCOTT & SNIDER
Investment Securities
SUTRO A CO.
PERRIN, DRAKE & RILEY
INVESTMENT BROKERS
LOS ANGELES
San Francisco
Municipal and Corporation
Members
San Francisco Stock and
Bond Exchange
410 Montgomery St.
Bonds
let Nat. Bank
!
Bldg.,
KANSAS CITY
J. R. SUTHERLIN & CO.
1
MUNICIPAL
R.H.MOULTON& COMPANY
CALIFORNIA
Descriptive Circular
LOS ANGELES
INVESTMENT SECURITIES
BONDS
YIELDING 0 TO 8%
on
A.
request
E.
BART II & CO.
J.
MUNICIPALS
Tide Insurance Building,
Direct Wire to
L EWIS
Herzog & Glazier
MUNICIPAL AND CORPORATION
1
Commerce
Bldg.,
Members of the
482 CALIFORNIA ST.
8. F. Stock & Bond Ex.
SAN FRANCISCO
of the
PACIFIC COAST
CLEVELAND
24 Broad St., New York
BONDS
KANSAS CITY. MO.
Security Bldg.,
LOS ANGELES, CAL.
OTIS & COMPANY
SAINT
MAX I. KOSHLAND
PAUL
(INVESTMENT BANKERS
Pacific Coast Securities
'
1
»
White, Grubbs & Co.
Second Floor, Cuyahoga Bldg.
Cleveland, Ohio
V
Member
San Francisco Stock and Bond Exchange
Branch Offices: Columbus* Ohio; Akron, Ohio
INVESTMENT BONDS
Youngstown, Ohio; Denver, Colo.; Colorado
Springs, Colo.; Casper, Wyom.
Mills Building
Bombers of New York, Chicago
Columbus
and Cleveland Stock Exchanges and
Chicago Board of Trade
FRANCISCO
SAN
State Savings Bank Bldg., St. Paul
CHAPMAN DE WOLFE CO.
F. E. MAGRAW
municipal and corporation
851-863 Montgomery Street.
BONDS
LOUISVILLE
SAN FRANCISCO, CALIF.
Commercial Paper
John W. & D. S. Green
I
Rochester Railway 1st & 2d Mtge. 8s
Buffalo Railway 1st Consol 5s
Buffalo Crosstown 6s
Louisville Henderson & St. Louis 1st 6s
International Railway 6s
Louisville Lighting 1st 5s
LOUISVILLE
!
Local Sechritlea of the Twin Cities
Globe Building
Stocks and Bonds
ST. PAUL, MINN.
Information and
Quotations
on
all
Paclfli
Coast Securities
MACON
Member San Francisco Stock & Bond Exchange
W.
DAVIS
M.
COMPANY
PORTLAND, MAINE
KY.
Southern Municipal Bonds
Wanted—Wichita Water Co. S«
AND
Henning Chambers & Co.
Guaranteed Stocks
due
193i
INVESTMENTS
Members New York Stock Exchange
404 West Main Street, LOUISVILLE, KY.
MACON
.
-
INDIANAPOLIS
/
MORRIS BROTHERS
Municipal and Corporation
CO.
Investment Bankers
CINCINNATI
PHILADELPHIA
M. PAYSON &
H.
GEORGIA
83
BREED, ELLIOTT & HARRISON
PORTLAND. ORE.
PORTLAND
-
,NDIANAP0LIS \
Exchange St.,v
Eastern
Great
Paper Co.
To Those Interested in Pulp, Paper and
CHICAGO
Lumber Securities
Investment Securities'
First Mortgage 6%
bonus
Municipal Bonds
Traction, Gas and Electric
Lighting Bonds and Stocks
Portland, Mala
^
of
Capital
Bonds offered with
Stock.
Information
upon request.
BEYER
84 exchange
&
st.,
SMALL
portland, maine
BONDS
PACIFIC COAST SECURITIES A SPECIALTY
OTTO
F.
HAUEISEN & CO.
Established
A^^WWWVWWWWI
Specialists in Local Securities
HALL &
COMPANY'
INVESTMENT
Loeal and
BONDS
418
Fletcher
Trust
Building,
PORTLAND,
OREGON
I'rA^^^ryiiVVVWVVWyvVVMi
WM.
KRAFT
LAWYER.
Specializing in Examination of
NEWTON TODD
Local Securities and
Paolflo Coast Seourltlee
BUILDING.
F.
Indianapolis
Indiana Corporation Bonds & Stocks
IKPIf
Hatoptrs
■
1902
Fletcher Amer. Bank Bldg., INDIANAPOL
Municipal and Corporation Bonda
817-620
HARRIS
BUILDING
CHICAGO, ILL.
ft
i
TRUST
111 WEST MONROE STREET
*
.
X
THE
CHRONICLE
[Vol. 105.
Current $<mt> inquiries
F.
J. LISMAN & CO.
embers
61
New
Tork and
Chicago Stock
1
Aside from patriotism that should
Exchanges
BROADWAY, NEW YORK
inspire the purchase of
Bangor & Aroostook 4s
Liberty Loan Fours
Duluth South Shore & Atlantic 5s
Housatonic Railway 5s
there is
Iowa Central 5s
WE DEAL IN
the
investment,
Kansas City Clinton &
Springfield 5s
economic
side
offering,
of
the
believe,
we
chance of attractive profit by hold¬
t
ing bonds (or others they
Louisiana & Arkansas 5s
converted
Marquette Houghton & Ontonagon 6s
may
into) until after the
be
war.
New York Ontario & Western 4s
St. Louis
Bridge 7s
Wabash Detroit &
H. C. SPILLER & CO.
ChicagoJExtension 5s
INCORPORATED
Wabash Divisional Issues
27 State Street
Washington County Ry. 3^8
63 Wall Street
Boston
New York
Wheeling & Lake Erie Divisional 5s
AND ALL RAILROAD AND STEAMSHIP SECURITIES
Investment Securities
we own and offer
WOOD, STRUTHERS & CO.
Railroad Equipment Bonds
s Nassau street
Maturing 1918-1932
To Yield
Robt. Glendlnnlng & Co.
MEMBERS
Now York Stock Exchange
new YORK.
Philadelphia Stock Exchange
5.10%-6.20%
——
Pittsburgh Stock Exchange
Central Pacific 1st & ref. 4s, 1949
Lin or offerinst on application
400 Chestnut
Louisv. & Nashv. unif. 4s, 1940
FREEMAN &
COMPANY
car trust securities
Atch.
34 Pine Street
Pitts.
Pittsb.
Bessemer
Deb.
5s,
SUTRO
Buffalo Rochester & Pitts. 4^s
Rock Island Gen. 4s
1947
& Lake Erie
1919
M. St. P. & S. S. M.
cons.
120
CUBA
BROS.
CO.
&
broadway, new york
Members of New York Stock
4s
Exchange
Short Term Notes
Lake Shore 3J^s
Railway Equipment Bonds
Duluth & Iron Range RR.
Foreign Government Issues
EiginJoHet1^ Eastern
1st
OF
5% Gold Bonds of 1904
5% External Loan of 1914
4/^% Gold Bonds, due 1949
jj. & Q. 111. 3^s
Bessemer & Lake Erie
1st 5s
REPUBLIC
3Ks, 1998
Shenango & Lake Erie
Pittsb!
Top. & S. Fe Adj. 4s, 1995
N. Y. Cent., Mich. Cent. Coll. Tr.
new york
Street,
PHILADELPHIA
Shore deb. 4s, 1928
Hartshorne & Battelle
5s, 1941
BULL & ELDREDGE
INVESTMENT SECURITIES
Members of the New York Stock Exchange
.
JR. b. Hutchinson St Co.
2s broad street
81 Nassau Street, N. Y.
Tel. 632 Oort.
new York
pittsburgh, pa.
New Jersey Municipal Bonds
OHIO
MUNICIPAL BONDS
.
Descriptive List
[Savings'Banks
L?of Kan"rca»nslei
FIVE
Request
on
■
_
J. S. RIPPEL St COMPANY
CLINTON
PRICES ATTRACTIVE
SIS- SSS t"
STREET
bought and sold for cash,
—'
'
'
Cincinnati
wnuinnAii,
o
v.
_.
„
or
carried
BROADWAY,
Write
us
for
than
securities
can
and
-
-
-
INT.
BOND
The
Feibel-EIischak Co.
Union Central Bldg.
CINCINNATI
NEW YORK
Balto. & Ohio, Toledo Cine. 4s, 1959
Cine. Ham. & Dayton 5s & 4Hs
Road
District
a
more
Bonds
are
attractive
through the purchase of the
nearer
descriptive circular
or
usually yield
be secured
communities
HIBERNIA
AND
Ches. & Ohio, Big Sandy, 4s, 1944
Municipal, Drainage, School
absolutely first-class
.
TARBELL
&
Members New York Stock Exchange.
SOUTHERN BONDS
obligations of
PAR
on
_,„-,
FINCH
120
return
PRICE
Inactive and unlisted securities.
•
Seasongood & Mayer
interest
MUNICIPAL BONDS
conservative terms.
■
Southern
CENT
NEWARK, N. J
stocks and bonds
.
PER
....
the
of
big financial
centers.
high-grade Southern Bonds.
Central Georgia Power 1st 5s, 1938
Colo. Springs & Cripple Cr. 1st 5s, 1930
Marq. Houghton & Ontonagon 1st 6s, 1925
Macon Dublin
& Savannah 1st 5s. 1947
Evans. & T. H. Bonds—C. & E. 111. Bonds
Fonda
Johnstown
Louisiana
St.
Louis
&
&
GI.
Arkansas
Rocky
Mt.
4Hs & 4s
1st
5s,
1927
& Pacific Common
DEPARTMENT
BANK & TRUST CO.
NEW
Resources
WOLFF & STANLEY
ORLEANS
t.i. 2860 or 6557
over
28 Million
'
27 William
Broad
St., New York
OCT. 27 1917.]
THE
CHRONICLE
XI
Current JBonti inquiries
$1,000,000
J. S. FARLEE & CO.
Detroit Cold Storage & Terminal Co.
Established 1882
First Mortgage Serial 6s
Guaranteed
by
Booth
66
Fisherle* Company
Net earnings of Booth Fisheries
Company for
1917 are conservatively estimated at
$2,000,000,
or
twice
the
entire
authorized
amount
BROADWAY, NEW YORK
Norfolk & Western Impt. & Ext.
Long Island Cons. 5s, 1931
Big Four, St. Louis Div. 4s,
Kanawha & Michigan 2d
Toledo & Ohio Central,
of this
American
Request.
on
Anderson, Hyney & Co.
89 S. La Salle St.
5s,
1927
Western
Div. 5s, 1930
1919
New York Central Deb. 4s, 1934
Third Avenue 1st 5s, 1937
Winston-Salem Southbound 1st
4s, 1960
Philadelphia & Reading Impt. 4s, 1947
Issue of bonds.
Detailed Circular
6s, 1934
1990
Thread
Co.
1st 4s,
Otis Elevator Preferred Stock
American Thread Preferred Stock
Minn. St. Paul & S. Ste. Marie Leased
Line Stock Certfs.
Illinois Central .Leased Line Stock
Tunnel Railroad of St. Louis
Guaranteed Stock.
CHICAGO
>
COSDEN & COMPANY
Tank Car Equipment 5s
Due
Price
to
1919-1920.
yield
of 6%.
Bioren & Co.
CHESTNUT
ST.,
Members of New York
Middendorf, Williams & Company
Incorporated
BALTIMORE.
Railroad,
1934
Stock
Exchange
BROADWAY, N. Y.
WIRE
TO
ST.
LOUIS
Investment
World.
Issues
Negotiated
Lehigh Valley Coal Sales
N.
Y.
&
Baltimore Stock
WILLIAM C. ORTON
Exchanges
Specialist Reorganization Securities
25
BroadSt., New York
Penn. Water & Power Co. Securities
Tel. 7160-1-2-3 Broad
WANTED
J. HARMANUS FISHER & SONS
Liberty Loan 4% Bonds
Premier
Kirby Lumber
Consolidation Coal Co. Securities
Consolidated Gas, Electric Light &
Power of Baltimore Securities
Elk Horn Coal Corp. Securities
Second
The
Conservative
BANKERS
Telephone, 4390 Rector
PRIVATE
for
Chic. & East. 111. Stocks & Bds.
NEWBORG & CO.
York
Bonds
Security
Members
60
Utility
and
W. W. LANAHAN & CO.
Impt. 5s, 1924
New
BOSTON and CLEVELAND
Industrial
Investment.
Entire
St. Louis Transit Co.
Members
Municipal,
Railways St. Louis
4s,
MD.
Philadelphia Stock
Public
United
G. E. DENISON & CO.
INVESTMENT SECURITIES
Exchanges.
Send for Bond Circular 6740.
•
PHILADELPHIA
and
Yield 4.25 to 4.65%
Underlying Public Utility Bonds
BANKERS
314
U. S. Income Tax Free
Cosden & Company 1st 6s
return
a
Norfolk Ry. & Light 1st 6s, 1949
Norf. & Ports. Trac. Co. 1st 5s, 1936
the
of
Buy Now.
(Established 1874.)
T SOUTH ST.
BALTIMORE,
Members Baltimore Stock Exchange
MD.
Porto fan-American Tobacco
Columbus Street Ry. First 6s, 1932
BURGESS, LANG & CO.
Sears
SCRIP
Syracuse Gas Co. First 5s, 1946
East Ohio Gas Co. First 5s, 1939
Building
Adams
BOSTON
Exp.
BIdg.,
NEW YORK
RIGGS & McLANE
Westchester Fire Insurance Co.
J. S. Bache & Co.
32 South Street
NEW YORK
RIGHTS
BALTIMORE, MD.
Bank of Commerce
FRANK J.
71
M.
Broadway
Rochester
Syracuse
SANTA CECILIA
DILLON
SUGAR COMMON
Japanese Government Bonds
TOBEY
All Issues
Members
25
Broad
Street
ZlMMERMANN
9 & 11 Wall
&
.
Stock
FORSHAY
.
STAN
Weekly
■
Edison Elec. 111. Co. N. Y. 5s,1995
NEW YORK
.
Summary
■
St. Louis Rocky Mt. & Pac. 5s
New Orleans Great Northern 5s
Eastern Steel Co. 1st Preferred
DARD
Teziutlan
Will be mailed
0
Standard Oil
Issues
1
Investors
L
Wm.
on
Delaware Lack.
&
West;
gj oszpU
RR.
Stock
*ekIniW Sc Jfous
New York Stock
Exchange
61 Broadway
New York
Private Wire to Philadelphia
WE
HAVE
FOR SALE
Northern
Ohio
Farmers'
Loan
Electric Com.
&
Kansas
"Stamped" 4s
City Fort Scott & Memphis 4s
B. & O.—Toledo-Cinn. 4s & P. L. E. & W. Va. 4s
West Shore 4s, Coup. & Reg.
St.
Paul-Kansas City Short Line 43^s
Cotton Oil Debenture 5s
American
Detroit United
Sinclair
Light Pfd.
&
Rauscher & Childress
New York
Tel. 5834 Hanover
4s
& Coll. 4s
Valley 4^s
Corp. 6s
Gulf
Missouri Kansas & Texas-St. Louis 4s
Seaboard Air Line 6s
Trust Co.
64 Wall St.
43^s
Mobile & Ohio Genl.
Des Plaines
Ohio Electric Pfd.
Northern
Manhattan Elevated
West New York & Penna. 4s & 5s
Central Petroleum Pfd.
Republic Ry.
Tel. Rector 3880
& CO.
Tel. Rector 3673-3-4-5
Chicago Burl. & Quincy RR. Stock
Lehigh Val. Coal Sales Stock & Scrip
Members
Broadway, N. Y..
•Phones 4860-1-2-3-4 Broad 25 BROAD ST.. N.Y.
H. HENSEL
SU B'way, New York.
H. PFORZHEIMER
Carnegie Ewen
100
request
.
Peerless Truck & Motor 6s
CARL
Cop. Min. & Sm, Co,
to
on
City Via. Term. 4^8
«
Bklyn Union Gas Co. 1st 5s, 1945
Exchange
Third Avenue RR. 1st 5s, 1937
St., New York
Lima Locomotive 6s
Atlantic Ave. RR., Bklyn., 5s, 1931
& KIRK
New York
Offerings Wanted
C.
Baltimore
Albany
NEW YORK. N. Y.
Tel. 548 Rector
Kan.
6400 Broad
Buffalo
Montreal
SAM'L
'Phones 5380-1-2-3 Broad
GOLDSCHMIDT
25 Broad Street
fVoL. 105.
THE CHRONICLE
xn
Cnrrent $tonb Inquiries
The
Municipal Service 5s & Stocks
Robert Gair Preferred
of
Price
Guanajuato Reduction & Mines 6s
Art Metals Construction
All Seasoned Bonds Commands
Michigan State Telephone 5s
Denver Union Water Co. 5s
National Securities 6s
Inquiries Invited
Regal Shoe Preferred
Glens Falls
Gas
&
Elec.
5s
Kirby Lumber Common & Preferred
Pierre 3s (S. Dak.)
City Water, Chattanooga, 6s
Louchheim, Minton & Co.
Members New York and Philadelphia Stock Exchanges
71 BROADWAY, NEW YORK
Phone 7180 Rector
HOTCHKIN & CO.
Private Wires to Philadelphia and Boston
■v."1--'.
Incorporated '
.
58 Stat. St.,
SHORT
ISerdrU. brother#
TERM
Boston, Hags.
54 Pino St., New York, N, 7.
SECURITIES
fublitlMitgSeairitira
Curtis & Sanger
Chicago Securities
Members
New York, Boston and Chicago
Stock Exchanges
American Gas Company
BABCOCK, RUSHTON& CO.
49 WALL STREET
Boston
8% Stock
New York
Chicago
Member. New York & Chicago Stock Exchangee.
137 S. LaSalle St.
Aetna Explosives
Part Paid Certificates
Preferred and Bonds
Buffalo Crosstown 5s, 1932
43
Investment Securities
Exchange Place, *Phone 4501-2-3 Hanover
Russian Government 5^8,1926
Russian Government 5^8,1921
Russian Government 6Hs, 1919
Options in Russian Roubles
PITTSBURGH. PA.
United Coal Corporation Stocks
McKeesport Tin Plate 5s, 1930
I
DEAL IN
DEFAULTED (Irrigation Bonds)
DEFAULTED [Timber Bonds)
DEFAULTED [Mexican Bonds)
DEFAULTED [Railroad Bonds)
DEFAULTED (Cos, Electric & Water Bonds)
DEFAULTED (Coal, Iron & Steel Bonds)
Miss. Valley Gas & El. 5s,
1922
Niagara Lock. & Ont. Pr. 5s, 1954
Penn Water Pr. 6s, 1940
West Penn Power 6s, 1919
Glover & MacGregor
Amer. Wat. Wks. & Elec. 5s, 1934
DUNHAM & CO.
Dallas Elec. 5s, 1922
Louisville Gas & El. 6s, 1918
Mich. United Ry. 5s, 1936
New York
$45 Fourth Ave..
Private Phones to Philadelphia Ac Boston
Carolina Power & Lt. 5s, 1938
Colorado Power 6s, 1953
Col. By., Power & Lt. 5s, 1940
Commonwealth Pr., Ry. & Lt. 6s, 1918
7 Wall St.
Chicago
and
.
ALFRED R. RISSE CO.
66 WALL STREET,
NEW YORK CITY
Phone, Hanover 4516
Bought—Sold—Quoted
\
FRANK P. WARD, 15 Broad St., N. Y.
Bankruptcy,
Receivership,
Reorganization
Bonds
GES
STEEL, JONES & CO.
Y.i
Lafayette Building, First Floor
Puget Sound Tr., Lt. & P. 6s, 1919;
Detroit United Ry. 5s, 1918
N. Y. N. H. & Hartf. 5s, 1918
Long Island Lighting 6s, 1936
Lehigh Power Sec. 6s, 1927
J. A. CLARK &, CO.
'
■
j '
■
<..
Municipal Bonds
WANTED
Lima Findlay & Toledo RR. 6s, 1925
SAM UELK. PHILLIPS
CO.
PHILADELPHIA
KNICKERBOCKER-WYOMING
OIL COMPAVY
Preferred and Common Stocks
BOUGHT AND SOLD
Circular
L. N.
on
80 WALL ST.
& CO.
New York
Street, Boston
Manager Bond Dept.
OUTWATER & WELLS
15 Exchange Place
Tel. 20 Montgomery
Jersey City, N. J.
Nat'l Conduit & Cable 1st 6s, 1927
Park & Tilford Deb. 6s, 1936
Merchants Refrig. 1st & Ref. 6s, 1937
Binghampton Lt., Ht. & Pr. 5s, 1942
Louisville Gas & El. 1st & Ref. 6s, *18
Cuban Government 43^s, 5s, 6s
MILLER
Bequest.
ROSENBAUM
&
COMPANY
Members New York and Phfla. Stock Exchanges
120 B'way
'Phone 3900 Rector
New York
BUY LIBERTY BONDS
R. M. GRANT & CO.
31
NASSAU
ST.,
NEW
YORK
CHICAGO
BOSTON
NEW YORK
Guaranty Trust Co.
i
Bankers Trust Co.
Bond & Mortgage Guarantee Co.
Investment
Central Trust Co.
Westchester Insurance "Rights."
Ogdert Mines RR.
Penn Seaboard Steel
Cleveland & Pittsburgh 1% Pfd.
Mining Corp. of Canada
,
Securities
American
Piano
Preferred
Buckeye Pipe Line
Galena Signal Common
Illinois Pipe Line
Vacuum Oil
Houston Oil Co.
DICK, GREGORY & Co.
25 Broad St.
36 Pearl St.
NEW YORK
HARTFORD
Broadway
60 State
W. F. Baker,
Ft. Wayne & Wab. Vail. Tr. 5s, 1934
Penna. Coal & Coke Ser. "A" 5s, 1932
Buff. Roch. & Pitts. Eq. 4s-4Hs, var.
Street
111
Securities
New York City
427 Chestnut
Commercial Paper
Member* of Philadelphia Stock Exchangs
New Jersey
EQUITABLE BLDG.,
7126.
S. N. BOND & CO.
PHILADELPHIA, PA.
Colorado Springs & Cripple Crtk. 6s, 1930
Houston Belt & Terminal 5s, 1937
Midland Terminal Railway 5s, 1925
South Carolina & Georgia 5s, 1919
Virginia Midland 5s, 1921
Aetna Explosive 6s, 1945
Antlers Hotel 6s
Philadelphia Co. 6s, 1919, 1922, 1949__
Providence Securities Debenture 4s, 1957
Seattle Drydock & Construction 6s, 1923
_
Canadian Ore & Coal Dock 5s, 1936
Clearfield Bituminous Coal 1st 4s, 1940
New Mexico Railway & Coal 1st 5s, 1947
Pocahontas Collieries 1st 5s, 1937
Victor American Fuel 6s, 1940
.
BAKER, CARRUTHERS & PELL
Bonds—Bank Stocks—Standard Oil Stocks
15 BROAD ST.,
NEW YORK
Phones 5161 to 5169 Hanover
©«p/27 1917.]
CHRONICLE
THE
Jftnatufal
iin
yftumcial
SAFEGUARDING
TIMBER
BONDS
INVESTMENTS
Black Warrior Mill Co
CUSTOMER OWNERSHIP, the new
reinforcement value in Public Utili¬
Brown
ties is distinctly evident in tbe com¬
panies under the management of H.
Byllesby & Company, as re¬
flected by tbe rapidly increasing
7%
are
Cumulative
new
Goodyear
Preferred
6s
Redwood
6s
Co
6s
...
Grayson-McLeod Lumber Co
6s
Ozan-Graysonia Lumber Co
dependable investments
6s
booklet "Rational Public
We Have
Ownership" and descriptive cir¬
culars will be sent
6s
...
Delta Land & Timber Co
yielding attractive rates of income.
Our
6s
...
Creek Timber Co
Cache
number of home shareholders.
Stocks
Corporation
_6s
C. & O. Lumber Co
M.
Their
6s
Brookings Timber & Lumber Co
Active Market for All Timber Bond*
an
request.
upon
Correspondence Invited,
H. M Byllesby & Company
Incorporated
OHIOAGO
NEW JYORK
220 So. La Salle St.
332 So.
1220 Trinity Bldg.
Timber
Michigan Ave., CHICAGO
and
Lumber
Securitiea
Exclusively
"vai
W. H.
Metropolitan
Trust Company
Goadby & Co.
Members New York Stock Exchange
NO. 74 BROADWAY
NEW YORK
OF THE CITY OF NEW YORK
offers
STONE & WEBSTER
€nstaeers
a
complete banking
service of the
highest order
to business clients and
respondent financial
FINANCE public utility developments.
THE
cor¬
BUY AND SELL securities.
insti¬
DESIGN steam power stations, hydro¬
tutions.
electric
developments, transmission
lines, city and interurban railways,
GEO. C. VAN TUYL,
President
Purchasers
Financiers
Jr.,
Contractors
Engineers
BEVERLY CHEW,
Vice-President
Operators
Managers
gas
plants,
industrial
plants
and
our own
de¬
buildings.
CONSTRUCT either from
signs or from designs of other engi¬
EDWIN F.
ROREBECK,
•
2d Vice-President
,
J. F. McNAMARA,
3d Vice-President
H. B. THORNE,
4th Vice-President
of
Public
Utility and Industrial
Properties
REPORTS—VALUATIONS—ESTIMATES
/
43 EXCHANGE PLACE, NEW
LONDON
YORK
CHICAGO
neers or
REPORT
architects.
on
public utility properties,
proposed extensions or new projects.
MANAGE railway, light, power
and gas
companies.
BERTRAM CRUGER,
Treasurer
GEO. N. HARTMANN,
NEW YORK :
Secretary
General
BOSTON
CHICAGO1
Engineering &
Management Corporation
60 Wall Street
141 BROADWAY ,NEW YORK.
Expert Operators and Engineers
of
Electric
AMERICAN
MFG.
CO.
Light,
Power, Water, Gas.
Ice and Street Railway Properties,
We
Should
are
offer
lic
Valuations,
Buy Stocks
and
times
at
of
Issues
Utility
Bonds
Business Men
prepared
Entire
First
to
Pub¬
CORDAGE
Mortgage
Preferred
Stocks.
Reports and
Engineering.
General
A large number of good securities are now
MANILA, SISAL, JUTE
Noble & West Streets, Brooklyn, N. Y. City
selling lower than they did in the panic
Alex. O. Humphreys
of 1907.
An urgent warning,
anticipating this de¬
cline in the Stock Market, which has been
HUMPHREYS^ MILLER, Inc
going on throughout the year, was placed
in
the hands of our clients
on
understand
the
long
swings
of the
Market and can readily help you to sub¬
stantial
profits,
the proper
purchases.
thru
time for
ENGINEERS
January
2, 1917.
We
Alten 8, Mi>r
Power—Light—Gas
ICS BROADWAY
NEW
YORK
correctly advising
you to
make
Office, No. 55 WILLIAM STREET
Corner Pine
Mining (Engineers
HILLS,
MASS.
Largest Organization of its Character
in the World.
Street
Regular Weekly Sales
OF
F. C. 19 of the
Babson Statistical Organization
WELLESLEY
AUCTIONEERS
your next
Write for free particulars.
Address Dept.
Adrian H. Muller & Son
H. M. CHANCE
&. CO.
Mining Engine... and Geologist.
COAL AND MINERAL PROPERTIES
Examined,
Drexel Bldg.
Managed,
Appraised
PHILADELPHIA
STOCKS and BONDS
EVERY WEDNESDAY
At the
Exchange Sales Rooms
14-16
Vesey Street
[Voi. 105.
CHRONICLE
THE
XIT
Jpfnantfal
jHttonttel
Securities Corporation General
Franklin Bank Building,
35 Pine St.,
Liberty Loan
Philadelphia
New York
Authorized Capital
Issued
$10,000,000.00
$5,021,875.00
Deals and invests in
Your Interest and
public service securities
Finances public service enterprises
F.
J.
Do Your
sailors
You.
Your
of
ent
H.
J.
F. W. ROEBLING Jr.,
New York
Trenton, N. J.
of
HOWARD A. LOEB, Philadelphia
J. G.
P. M.
CHANDLER, Philadelphia
F. T.
CHANDLER, Philadelphia
FERGUS REID, Norfolk, Va.
GEO. W. ROBERTSON, Shamokln,
Pa.
its
to
subscribe
at
any
offices.
BACON, Philadelphia
F. W.
S. Z. MITCHELL
New York
to the new 4%
Lib¬
Loan today.
The Union
Company
especially in¬
You
vites
ALEXANDER J. HEMPHILL,
suc¬
kind
has
waged.
erty
Trust
DIRECTORS
Va.
Country
Subscribe
DEVINE, Secretary
CALDWELL HARDY, Norfolk,
Your
warfare
ever
WILLIAMS JR., Treasurer
W.
to
carry on
warfare—the
only
money
cessful
dent
„
TRIMBLE, Vice-Preei
K.
duty to Your Country.
duty to the soldiers
who will fight for
Your
Country
needs
Your
Do
Vic*'Pr«sid«nt
G. W. ROBERTSON, Vic
Country's
Inseparable.
Buy Liberty Bonds
and
CHANDLER, President
W, BACON,
Your
are
Participates in security underwritings
P. M.
New 4 %
The
WHITE, New York
PARMELY
W.
UNION TRUST
O.
HERRICK, Cleveland,
J. K. TRIMBLE, Philadelphia
COMPANY
YORK
NEW
OF
Eighty Broadway
425 Fifth Ave.-786 Fifth Ave.
The
IONIAN BANK, Limited
having its
BRANCHES AND
Capital and Surplus $8,500,000
own
CORRESPONDENTS
THROUGHOUT GREECE
is
able
offer
to
business
in
exceptional facilities for banking
Country, and particularly places
the disposal of members of the
Public Utilities
that
its services at
in
drowind
munities
AMERICAN NAVAL AND MILITARY FORCES
com¬
boudht
and financed.
Incorporated 1839
HEAD
Capital, £485,580
OFFICE
25 ABCHURCH LANE, LONDON, E. O. 4
^[Their
secur¬
offered
ities
to investors.
XlImoisTrust &8aYin£s BaiiK
CHICAGO
Capital, Surplus and Undivided Profits
•
$16,400,000
«
West
Middle
Utilities Go.
Pays Interest
on
Time
Has
Deposits, Current and Reserve
Accounts.
change.
Deals in
Transacts
on
hand at all times
cellent securities.
variety of
ex-
72 West Adam
Buys and sells
St.
CHICAGO, ILLINOIS
Government, Municipal and
Foreign Ex-
a
a
General Trust Business.
Corporation Bonds.
Weekly List
High Grade
of
Investment
Current Bond Offerings
will be mailed upon request
Municipal and Corporation
Issues Underwritten
A. B, Leach & Co.
Investment Securities
62 Cedar
St., New York
PHILADELPHIA
We will
BUFFALO
buy
or
sell
ACME WHITE LEAD &
COLOR
WORKS 1st 6s
/
JOEL STOCKARD & CO.
Main Floor-Penobscot Bld'g,
DETROIT
We
the
105 So. La Salle St., Chicago
BOSTON
Central N. Y. Gas & Elec. 1st 5s, 1941
2014
2016
Dubuque Iowa Elec. Co. 1st 5s, 1925
E. Chic. & Ind. Harb. Water 5s, 1927
H.
L.
specialize
NASON
&.
CO.,
BOSTON
In
securities
of
Mississippi Valley and the
South.
BALTIMOBB
American Gas & Elec. Deb. 6s,
American Pow. & Lt. Deb. 6s,
85 Devonshire St.
Bonds
BOND
DEPARTMENT
Mississippi Valley Trust Co.
ST.
LOUIS
Oct. 27
CHRONICLE
THE
1917.]
yiitantial
announcement
ATLANTIC MUTUAL INSURANCE COMPANY
New York,
JHM Trustees, tn conformity with the Charter of the Company,
January 25th, 1917.
submit the following statement of its affairs on the
31st of December,
_
Newton G. Chase and Elliot H. Falk
both
being
1916.
in
the
announce
The
Premiums
on
Premiums
on
Company's business has been confined to marine and inland transportation insurance,
such risks from the 1st January, 1916, to the 31st December, 1916
...§8,087,174.02
Policies not marked off 1st January, 1916
903,703.66
Total Premiums
——....§7.855,092.25
interest on the investments of the Company received during the year $337,271.78
interest on
less Taxes and
paid during the
Expenses.—
............
of
60
Wall
Street,
suspend business
103,475.76
109,638.08 $
Deposits in Banks and Trust Companies, etc.........
Stent received
CHASE & FALK
...........§8,990,877,68
.......
STemluma marked off from 1st January, 1916. to 31st December. 1916..
service,
military
that the firm of
New
York,
will
further notice.
until
550,385.62
§3,360,156.87
year
Less1 Salvages
.....$322,138.57
.....
Re-insurances......
......
586,832.53 $
908,971.10
~~
&3antt&
$2,451,185 77
SB-insurance Premiums and Returns of Premiums
§1,389,298.73
Expenses, including compensation of officers and clerks, taxes, stationery,
advertisements, etc....
.....
S 740,899.72
-—.
.....
...
EXPERIENCEDTBOND
A dividend of interest of Six per cent, on the outstanding certificates of profits will be paid to the
Holders 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, op
Shelr legal representatives, on and after Tuesday the sixth of February
next, from which date alS
interest thereon will cease.
The certificates to be produced at the
time of payment and canceled.
A dividend of Forty per cent, is declared on the earned
premiums of the Company for the year ending
81st December, 1916, which are entitled to participate in dividend, for which, upon application, certificate®
he Issued on and after Tuesday the first of May next.
By order of the Board,
G. STANTON FLOYD-JONES, Secretary,
TRUSTEES,
ANTON A. RAVEN,
EDMUND L. BAYLIES,
ANSON W. HARD,
JOHN J. RIKER,
I JOHN N, BEACH,
SAMUEL T. HUBBARD,
NICHOLAS BIDDLE,
JAMES BROWN,
JOHN CLAFLIN,
GEORGE C. CLARK,
CLEVELAND H. DODGE,
CORNELIUS ELDERT,
RICHARD H, EWART,
LEWIS CASS LED YARD,
G. STANTON FLOYD-JONES.
PHILIP A. S. FRANKLIN,
DOUGLAS
WILLIAM H, LEFFERTS,
JUSTUS RUPERT!
ROBINSON,
WILLIAM JAY
CHARLES D. LEVERICH,
GEORGE H. MACY,
NICHOLAS F. PALMER,
WALTER WOOD PARSONS.
CHARLES A. PEABODY,
JAMES H. POST.
SCHIEFFEUWd
SAMUEL SLOAN,
WILLIAM SLOANE.
Bond
active
an
House
or
Trust
Co.
on
a
reasonable
profit-sharing basis.
Have well
office,
organization
and
large
clientele In New York, New^Engiand and
Pennsylvania.
Address M. L., Commercial
equipped
and Financial Chronicle.
An experienced teacher will give Instruc¬
tion In accounting principles, and business
penmanship by appointment.
Address. C.P.,
care Commercial and Financial Chronicle.
LOUIS STERN,
WILLIAM A. STREET,
GEORGE E.
TURNURE,
CHARLES M. PRATT,
GEORGE C. VAN TUYL, J»„
RICHARD II. WILLIAMS.
DALLAS B. PRATT,
A. A. RAVEN, Chairman of the Board.
HERBERT L. GRIGGS
for*fifteen
MAN,
Kears managing partner of prominent bond
ouse, would like to represent in N. Y. City
^financial
CORNELIUS
ELDERT, President.
WALTER WOOD PARSONS. Vice-President.
CHARLES E. FAY, 2d Vice-President.
LIABILITIES.
A SSETS
Estimated Losses
United States and State of New York
Bonds..
Btock
New
and
$
Warrants of the City of
York
and
Stocks of
Certificates
Trust
Unpaid
' 1,773.550.00
Companies and Banks
Stocks and Bonds of Railroads......
Other Securities....
......
Return
3,588,575.20
367,185.00
...
Taxes
Laws of
Premium
1887)
Notes...................
.....
to pay
2.000,OOO.OD
Profits
8,900.000-00
and
§ 3,632,239.08
1,135.785.48
Interest
Unpaid..
106,624.24
174,943.CG
_i
Premiums
on
Termi¬
373,669.04
__—
Including Com¬
158,309.94
pensation, etc.
Certificates
Postal
266^399,25
....
Premiums Unpaid......
nated Risks
Claims not Settled,
of
Profits
Ordered
Savings
Re¬
deemed, Withheld for Unpaid Pre■
75,000.00
866,035.06
Bills Receivable.........
Cash in hands of European Bankers
of
Re-insurance
Special Deposits In Banks and Trust
Companies
Real Estate cor. Wall Street, William
Street and Exchange Place......
Eeal Estate on Btaten Island (held
under provisions of Chapter 481,
and Losses Unset¬
tled in process of Adjustment
Premiums on Unterminated Risks
670,000,00
miums
22,557.84
1,210.20
Income Tax Withheld at the Source..
1,068.547.73
Suspense
Account
5,899.75
Certificates of Profits Outstanding...
7,668,850.00
losses under policies payable
In foreign countries..............
Cash In Bank
loans
.............
206,311.98
2,808,785.77
135,000.00
...
An historical and critical
$17,458,990.74
Postal Savings
.....
...
Company's valuation by...............
study of the
\
$13,546,488,68
Thus leaving a balance of..
....$3,912,502.06
Accrued Interest on the 31st day of December, 1916, amounted to
$49,286.30
Bents due and accrued on the 31st day of December. 1916, amounted to
$25,933.03
Ee-lnsurance due or accrued, in companies authorized in New York, on the 31st day of
December, 1916, amounted to
$ 245,472.80
Rote: 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
Bank System
of the
—....$1,988,969.90
®ja the haste of these increased valuations the balance would be............
..$6,285,864.09
United States
By Edwin Walter Kemmerer
MELLON
NATIONAL
BANK
Cloth, 176 pages,
PITTSBURGH
$1.25 net;
STATEMENT OF CONDITION AT THE CLOSE OF BUSINESS SEPT. 11, 1917
RESOURCES
' ""i 5
by mail, $1.30
$100,375,863 41
Loans, Bonds and Investment Securities
•
Overdrafts
U. S.
Zy2% Certificates of Indebtedness
8,000,000 00
Cash_.
Due from Banks
;*
48 92.
...
-
4,654,372 57
19,864,435 11
z
$132,894,720 01
.
If you
...
r
v.
cannot get it at your
attached
order
Princeton University
Press,
bookstore,
use
blank.
LIABILITIES
Capital
Surplus and Undivided Profits
Reserved for Depreciation, &c
Circulating Notes
Deposits
$6,000,000 00
4,087,115 52
987,148 78
<r..
4,940,200 00
116,880,255 71
...
..„
$132,894,720 01
Princeton,
find $-
send
Acts
---
—
,
J.
—-
Enclosed
for which please
copies of POSTAL
SAVINGS, at $1.30 postpaid, to
as
Executor,
Trustee,
Administrator,
Trust Company
Girard
PHILADELPHIA
Guardian,
Receiver,
Registrar and
Transfer Agent.
Chartered
1836
CAPITAL and SURPLUS,
$10,000,000
Interest allowed
en
—
N.
deposits.
E.
B. MorrU, President,
i
xn
THE CHRONICLE
[Vol. 105.
Jftnatut'al
SDibiboitrS
NOVEMBER 1
COUPONS
Companies Under
dbe
Stone & Webster Management
Gtypmiral Nafimtal Sank
147 Milk Street, Boston
ofjmufturk
919 Firrt National Bank
Capital, Surplus and Undivided Profits, $11,000,000
120
Co-operation with Business Interests
;
Early in its history this institution, through its conservative
The
policies, won the confidence and patronage of corporations and
prominent houses.
Unbroken adherence to this conservatism throughout the
^
almost one-hundred
of our existence has drawn to: us a
Business clientele of the highest order, to whom we offer
banking facilities and service of an exceptional character.
Interest paid on balances of Banks, Time Deposits, and
Special and Reserve Accounts.
r
Correspondence Solicited
Chicago,
H. K. Twitchell, President
Percy H. Johnston, Vice-President
Francis Halpin, Vice-President
I. B. Hopper, Vice-President
Edward H. Smith, Cashier
Nerw York
Wilmington
&
Ver¬
Boston
Eastern Texas Electric
Company
First Mtge. Collateral Trust 5s, 1942
State Street Trust Co., Trustee,
Boston
Galveston
Electric Company
Mortgage 5s, 1940
First
James L. Parson, Asst. Cashier
J. G. Schmelzel, Asst. Cashier
John B.
BIdg., Chicago
-
Old Colony Trust Co., Trustee,
years
•
-
million Coal Company
First Mortgage 6s, 1931
.
.
Broadway,
Old Colony Trust Co., Trustee,
Boston
Dodd, Asst. Cashier
Jacksonville
Samuel T. Jones, Asst. Cashier
H. M. Rogers, Mgr. Foreign^Dept.
Frederic W. Stevens
W. Emlen Roosevelt
Charles Cheney
Herbert
Frederic A. Juilliard
American Trust Co., Trustee, Boston
Ridley Watts
Arthur Iselin
Robert Walton Goelet
Percy H. Johnston
K.
Electric Company
Mortgage 5s, 1927
First
DIRECTORS
Mississippi River Power Company
5-year 6% Debentures, 1919
Twitchell
State Street Trust Co., Trustee,
Boston
Paducah Traction & Light Company
Collateral Trust Mortgage 5s, 1935
State Street Trust
Co., Trustee,
Boston
The
Pawtucket
New
Gas
Collateral First
What Uncle Sam
Company
of
Jersey
Mortgage 4s, 1932
Slater Trust Co.,
Trustee,
Pawtucket, R. 1.
Is
Ponce Electric
Saying to You
Company
Collateral Trust 6s, 1927
Boston
Safe
Trustee,
Boston
own
t
The Seattle Railway
That is what Uncle Sam is saying to you,
and he means YOU.
Are you going to
your
Co.,
1st to 6th Series Inclusive
Old Colony Trust Co., Trustee,
people.
help him protect
Trust
&
Railway & Light Securities Company
Collateral Trust 5s, 1935 to 1946
I have kept every promise I ever made.
am worth 250
billions of dollars, and
I want 5 billions to protect the liberty
I
and honor of my
Deposit
Boston
Company
First Mortgage 5s, 1921
Boston
Safe
Deposit
Trustee, Boston
liberty and
honor?
Trust
&
*
Co.,
Whatcom
Buy
that
Sam
will
Liberty
pay
you
County Railway & Light
Company
First Mortgage 5s, 1935
Bond today.
Uncle.
back with interest.
Old Colony Trust Co., Trustee,
Boston
The
Market and Fulton National Bank
THE LOWELL ELECTRIC LIGHT CORPORATION
Lowell, Massachusetts.
DIVIDEND
of New York
A
NO.
86.
quarterly dividend of $2 50 per share has
been declared
on
the capital stock of The Lowell
Electric Light Corporation, payable
1917,
to stockholders of record
business October 24, 1917.
at
November 1,
the
close of
'
STONE &, WEBSTER,
Transfer Agents.
THE
The Cost of the War
FOUNDATION COMPANY,
233 Broadway,
New York City.
October 9, 1917.
The Board of Directors has declared from the
net
on
earnings
a
regular quarterly dividend of 2%
the Preferred Stock of the Company to
be paid
November 15, 1917, to the holders of Preferred
Stock of record at the close of business, Novem¬
ber 8, 1917, and an initial quarterly dividend of
on
We have
of
war
prepared
costs
and
a
brochure in which the figures
debts
One
are
presented for all the
nations, and in which conditions
now
arising,
as
Dollar per share on the Common Stock of
Company to be paid on December 15, 1917,
an extra dividend of Three Dollars per share
on the Common Stock to be paid on January 15,
1918, to the holders of Common Stock of record
the
and
at the close of business December
they affect the people of the world,
The War's human cost, the wealth
various loans made, and the
prospect
are
are
UNION
expended, the
of the future,
carefully treated.
A
copy
will be sent
on
1, 1917.
analyzed.
request
The Mechanics & Metals National Bank
BAG
&
PAPER CORPORATION.
An extra dividend of two per cent (2%) upon
the stock of this Corporation has been declared,
Liberty Loan 4% Bonds on
1917, to holders of record of the
Corporation at the close of business
on November 5, 1917.
If bonds
are
not
available for delivery on
November 15th, temporary certificates will be
issued in their place.
Amounts less than Fifty dollars ($50) will be
paid in cash.
C. B. SANDERS, Secretary.
October 19, 1917.
payable in
November
Second
15,
stock of this
Office
of the
CONSOLIDATION
20
NASSAU STREET,
NEW 'YORK
Capital, Surplus and Profits, $16,000,000
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 or record at the close of
business October 20tb, 1917.
The transfer books
will
remain
open.
Dividend
checks
will
mailed.
T.
K.
STUART,
Assistant Treasurer.
be
1
Oct. 27 1917.]
THE
CHRONICLE
ITU
Jf tttancial
WINSLOW, LANIER & CO.
59 CEDAR
STREET
NEW YORK
THE FOLLOWING COUPONS AND DIVI¬
DENDS ARE PAYABLE AT OUR BANKING
HOUSE DURING THE MONTH OF NOVEM¬
United States
BER, 1917.
In France
NOVEMBER 1ST,
1917.
The American Cotton Oil Co. Debenture 5s.
The American Cotton Oil Co.
5% two year notes.
Cleveland & Pittsburgh R.R.Co. Gen. Mtge.
3^s.
^pHIS Company, including its Paris Office,
A
Massillon & Cleveland R. R. Co.
Quarterly divi¬
dend 2%.
Marion County, Indiana, Bridge Bonds.
Partsmouth,
Ohio,
Refunding
Bonds.
Depository
officially designated
Water
for
Works
public
a
and will act
moneys
paying and receiving
as
i.
•
is
United States depository
agent for United States paymasters and other American
NOVEMBER
12TH, 1917.
Portsmouth, Ohio, City Building 5s.
.
disbursing officers in France.
NOVEMBER 15TH, 1917."
*"
Posey County, Indiana, Gravel Road. ""
Our Paris Office is
NOVEMBER 21ST, 1917.
Marion County. Indiana. Refunding 3Ms.
similar to
the
GEORGIA SOUTHERN
& FLORIDA
RAILWAY COMPANY.
New York, October 18, 1917.
methods
of
American
an
the
at
-
fully equipped banking institution,
a
office in London.
our
facilities
,7.
Through it
bank
with
disposal of officers and
we
place
American
of the
men
Semi-annual dividends of $2 50 per share have
declared on the First and Second
Preferred stocks of Georgia Southern & Florida
forces of the United States in all
parts of France.
Railway Company, payable at the office Of Mer¬
& Deposit Company of Baltimore,
on November 8,
1917, to stochkolders of
American
to-day been
cantile Trust
Md.,
record at the close of business October 30, 1917.
F. S. WYNN, Secretary.
business
concerns
SOUTHERN RAILWAY COMPANY.
New York, September 11, 1917.
advantage, to bank with
dividend
A
It will be
of
Two
and
One-Half
Per
and
individuals
having
interests abroad will find it to their convenience and
Cent
(2M%) oh the Preferred Stock of Southern Rail¬
way Company has this day been declared by the
to
Board of Directors, payable on Tuesday, Novem¬
ber 20, 1917, to stockholders of record at the close
of business Wednesday, October 31, 1917.
our
American
with
the
our
Paris
or
London offices.
effort to be useful in every possible
way
citizens
armies
in
traveling abroad and to those
France.
F. S. WYNN .^Secretary.
E.
W.
CLARK
&
Office
GRAND
RAPIDS
CO.,
of
Bankers.
the
RAILWAY
COMPANY.
PREFERRED
STOCK DIVIDEND
NO. 68.
The Board of Directors of the Grand Rapids
Guaranty Trust Company
Railway Co. has declared the regular quarterly
of New York
dividend of One and one-quarter per cent (1H %)
upon the Preferred stock of the Company, pay¬
able November
1st,
1917, to stockholders of
140
record at the close of business October 20th, 1917.
Checks will be mailed.
L,
~
J.
DE
LAMARTER,
Secretary..
PARIS
"
THE
OFFICE
BANK,
470 Broadway, New York City.
October 17 th,' 1917.
The Board of Directors have this day de¬
clared a regular quarterly dividend of 2%, pay¬
able on November 1st, 1917, to stockholders of
record October 20th, 1917.
The transfer books
LONDON
Fifth Ave.
Rue des Italiens,! &3
PACIFIC
Broadway
FIFTH AVE. OFFICE
32 Lombard
Capital and Surplus
-
Resources
& 43rd St.
-
than
more
St., E.C.
$50,000,000
-
-
OFFICE
$600,000,000
will be closed to that date.
SNOWDEN
STANDARD
49
COMMON
McGAUGHY,
MILLING
Wall
Cashier.
COMPANY,
Street.
STOCK DIVIDEND NO. 7.
N. Y. City, October 24th 1917.
of Directors of Standard Milling
The Board
Company have this day declared a dividend of
Eight Per Cent. (8%) on the Common Stock of
the company out of the surplus and net profits of
the Company for the (fiscal year ending August
31st, 1917, payable one-half in cash and the other
one-half in Common Stock at par, in equal quar¬
terly installments (of cash and Common Stock)
Greatest Corn Crop
sis follows i
(a) On November 30th, 1917, One Per Cent.
in Nation's
(1%) in cash and One Per Cent. (1%) in Common
at par, to common stockholders of record
Stock
History
at the close of business on November
19th, 1917:
One Per Cent
(b) On February 28th, 1918,
(1%) in cash and One Per Cent (1%) in Common
Stock at par,
The
Department of Agriculture estimates the 1917
crop
to common stockholders of record
at 3,210,795,000 bushels, the greatest in the Nation's
corn
at the close of business on
February 18th, 1918:
(c) On May 31st, 1918, One Per Cent (1%)
in cash and One Per Cent (1 %) in Common Stock
at par, to common stockholders of record at the
close of business
history.
May 21st, 1918:
on
The
Stock at par, to common stockholders of record
at the close of business on August 21st, 1918.
JOS.
STANDARD
KNOX,
MILLING
49
PREFERRED
A.
Wall
STOCK
the
COMPANY,
Street.
NO.
of
the
earnings
JOS. A.
1917.
on
November 19th,
KNOX,
Power
to lend your country.
same
a success.
rate of interest
power
consistent
It will make loans
on
580 Fifth Avenue
Broadway
Company
Preferred Stock Dividend No. 4.
The regular quarterly dividend of one and
three-quarters per cent (1 %%) on the Preferred
Stock of the Idaho Power Company has been de¬
clared, payable November 1, 1917, to preferred
stockholders
of
October
1917.
22,
record
E.
A.
at
the
close
WETMORE,
of
business
Treasurer.
MIDDLE WEST UTILITIES COMPANY.
NOTICE OF DIVIDEND ON PREFERRED
LUDWIG
STOCK.
&
CRANE
Successors to T. W. Stephens
The Board of Directors of Middle West Utilities
* Co.
Investment Securities
EDWARD J.
m., November 15,
DOYLE, Secretary.
COMPANY
as
Trustee
61
Broadway
Naw York
and
Agent for Persons and
Corporations.
preferred stockholders of record at the close
of business at five o'clock p.
1917.
BANK€RS TRUST
Acta
Company has declared the regular quarterly divi¬
dend of SI 50 per share on its outstanding pre¬
ferred capital stock, payable December 1st, 1917,
to
bonds
paid by the Government, 4%.
Treasurer.
120
Idaho
money
Empire ©rust flkrntpmtg
the current fiscal year, on
1917, to Preferred Stockholders
for
November 30th,
Liberty Loan
at the
32.
N. Y. City, October 24th, 1917.
The Board of Directors of Standard Milling
Company have this day declared a quarterly divi¬
dend of One and One-Half (1K %) Per Cent, upon
the Preferred Stock of this Company, payable out
of record at close of business
plenty of
Empire Trust Co. will do ajl in its
with the best interests of its clients and friends to make
Treasurer.
DIVIDEND
With this great aid to prosperity, surely there
should be
(d) On August 31st, 1918, One Per Cent (1%)
in cash and One Per Cent. (1%) in Common
THE
XYIII
[Vol. 105.
CHRONICLE
jfmanttal
$165,OOO
Racine Terminal
•
First Mortgage 6%
Building
Serial Bonds
(Safeguarded under the Straus Plan)
Dated.
.
September 18th,11917.
Interest coupons due March 18th and September 18th.
Principal and
S. W. Straus & Co., Inc.
Callable at 103. Denominations, 81,000 and $500.
-vi-. maturities.
Amount,
$5,000
Amount.
$6,000
7,000
Maturing.
...september 18, 1919
5,000
^
interest payablelat the offices of
r
..september 18, 1920
v-..
Maturing.
.september 18, 1925
8,000......september 18, 1926
Amount.
$8,000
Maturing.
.september 18, 1922
september 18, 1923
113,000.—..september 18, 1927
7,000.... ..september 18, 1924
v^6,000......september 18, 1921
SECURITY:
Six-story and basement modern reinforced concrete structure for manufacturing purposes, with a modern concretefdock on the
river side of the building and a switch track system which will greatly facilitate shipping.
The bonds are a direct closed first mortgage on
the land in fee and on the building, located at the southeast corner of Main Street and the River, opposite the C. M. &*St4Paul Passenger
The property is valued at $250,000.
Station, Racine, Wis.
mortgagor:
The bonds are the direct obligation
ns T earnings:
$21,300
a year,
which Is
more
and interest charges as they come due.
of Mr. Robert P. Church, with whom we
than twice the greatest annual interest
i- v ■'
have had satisfactory dealings in the past.
charge and more than ample to take care of principal
j.
Mortgagor deposits, monthly, one-twelfth of principal and interest
lating, in advance, funds to pay promptly the principal and interest at maturity.
monthly payments:
federal income tax:
The mortgagor covenants to pay the present normal
,
Federal Income Tax of 2%«
these bonds after careful investigation and
We have purchased
coming due during current[year, thuslaccumu-
recommend them to investors
Price, Par and Accrued Interest
(Write
or
call for Circular No. K-716)
ft£STRAITS & CO. •
Incorporated 1903
Established 1882
'
'
■
'
.
NEW YORK
ISO
rvj:?
Branch
Loeb Arcade Bldg.
Bldg»
Offices'
Republic Bldg.
Mercantile Library Bldg.
35 years
..
KANSAS CITY
CINCINNATI
MINNEAPOLIS
DETROIT
Penobscot
CHICAGO
Straus Building
Broadway
without loss to
any
SAN FRANCISCO
'
PHILADELPHIA
Stock Exchange Bid.
Crocker Bldg.
investor
©ibfiienli*
THE UNITED EQUITIES CORPOTATION
Republic of France 5% National Loan (1916)
To the Holders of Temporary
40
are
now
Certificates issued by the Undersigned:
prepared to exchange
our
temporary certificates of the
above loan for the Definitive Rentes with November 16th 1917 coupon
attached.
Holders
are
requested to present their temporary certificates
at the office of Brown Brothers &
Co., 59 Wall Street, New York.
DIVIDEND
NOTICE.
THE
UNITED
directors
Certificates will be received up to but not later than 12
given
on
Full particulars in regard to the
exchange
application.
BROWN
A.
October 29th 1917.
V
BROTHERS & CO.
ISELIN & CO.
:
EQUITIES
est on investments during the year ending No¬
vember 1st, 1917, a dividend of 2% upon the
preferred capital stock of the Corporation, pay¬
able on November 15th, 1917, to stockholders
of record
at
the
close of business
on
November
ist, 1917.
B.
HAMILTON, Secretary.
noon
day, and the right is reserved to limit the number of
schedules to be received.
will be
o'clock
of
CORPORATION have this day declared out of
the net income received from dividends and inter¬
T.
of each business
ST.,
YORK.
October 25th. 1917.
The
We
WALL
NEW
-
THE B.
F. GOODRICH COMPANY
Akron, Ohio, Oct. 17, 1917.
meeting of the Board of Directors of
this Company,
held this day, a dividend of
one
and
three-quarters per cent
(1H%)
on
the Preferred Capital Stock of this Company
was
declared, payable on January 2nd, 1918.
to stockholders of record at the close of business
December 21st, 1917.
A dividend of one per cent (1%) on the Com¬
mon
Capital Stock of this Company was de¬
clared, payable February 15th, 1918, to stock¬
holders of record at the close of business Febru¬
At
ary
a
5th, 1918.
L.
D.
BROWN, Treasurer.
CALIFORNIA EDISON CO.,
Edison Bldg., Los Angeles, Cal.
The regular quarterly dividend of $1.75 per
share on the outstanding Common Capital Stock
(being Common Stock Dividend No. 31) will be
paid on November 15, 1917, to stockholders of
record at the close of business on October 31, 1917.
W. L. PERCEY, Treasurer.
SOUTHERN
Glenrock Oil Co.
IHSPIRATION C0NS0LI DATED COPPER CO.
The
New
Leader
in
the
Wyoming
Oil Fields
—just brought in the 13th'and largest well in their Pilot
Butte field.
Well was drilled by Midwest Refining Co., who
have contract for drilling the wells of the Glenrock Oil Co.
The Directors have this day declared a
J.
DIVIDEND
A
will
on
29,
M.,
ALLEN. Treasurer.
COMPANY.
NO.
203.
quarterly dividend of two dollars per share
be paid November 15th, 1917, to stockholders
of record at close
Request.
W.
THE PULLMAN
in this section.
Circular
dividend
$2 per share, payable Monday, October
1917, to stockholders of record at 3 o'clock P.
Thursday, October 11, 1917.
New York, September 27, 1917.
of
A.
S.
of business October 31st, 1917.
WEINSHEIMER, Secretary.
Chicago, Oct. 20, 1917.
~
KIRKPATRICK & LEWIS
GENERAL CHEMICAL COMPANY.
New York, Oct. 19, 1917.
quarterly dividend of two per cent (2%) will
be paid December 1, 1917, to Common Stock¬
holders of record at 3 p. m., November 21, 1917.
25 Broad Street,
A
10 Wall Street
Tel. 9976-7-8-9 Rector
New York
LANCASTER
MORGAN, Treasurer.
OCT. 27 1917 J
THE
CHRONICLE
XIX
Jffnanctal
5.
Self-Liquidation.
The Collateral Trust Securities issued by the Guaranty Securities
are secured by underlying notes and trade accept¬
ances which mature at definite times
considerably in advance
Corporation
of the Securities. Each note and trade acceptance bears at least
two names of
approved credit standing.
These underlying notes and trade acceptances
are not subject to renewal.
The
quick-sale value of the physical collateral back of each note or trade acceptance
is at all times greater than the amount due on the note or trade
acceptance so
that it is always to the advantage of both maker and endorser to meet the
pay¬
ments when due, and of course ultimate recourse to the
physical collateral would
protect the entire debt.
Yet,
the Collateral Trust Securities are issued up to only 80% of the amount
(90% in the case of Commercial Vehicles), only that percentage of
the notes need be paid out in order to liquidate the Securities
upon their maturity.
as
of the notes
Out of 46,650
underlying notes and acceptances bought to August 31, 1917
($39,873,783,63) there have been only 26 repossessions necessary to recover the
debt.
;
On
.
August 31,1917, of
the
$39,873,783,63
;
bought $32,498,236.09 had
matured.
On same date there had been collected $32,451,142.40.
Total losses
and paper of doubtful collectability amounted on that date to
$29,516.05. show¬
ing collections to be only $17,577,64 less than maturities.
paper
The underlying collateral notes and acceptances as well as all payments of both
principal and interest, are held by the Metropolitan Trust Company of the City
of New York under a trust agreement for the protection of holders of Collateral
Trust Securities.
On
May 14, 1917, the Metropolitan Trust Company held in trust cash
amount of
to
the
$1,032,203.47 awaiting the retirement of Collateral Trust Securities
to the amount of $765,000.
On June 14, 1917, $2,022,501.96 cash to meet $1,366,000
June 15.
.
'
of securities maturing
v,
■
.
On July 14, $1,935,973.77 cash to meet $1,500,000 securities
maturing July 15.
On August 14, 1917, the Metropolitan Trust Company held in trust cash to
the amount of $1,573,972.74 awaiting the retirement of Collateral Trust Notes
and Debentures to the amount of $1,222,500. to mature on that date.
The
excess
of cash in trust at
months—which
are
Self-liquidating?
maturity of securities averages 35.8% for above
typical of the history of the Corporation from its inception.
Absolutely!
If the
Corporation should cease to operate,
would automatically liquidate themselves.
Further facts
new
on
this feature of
our
the
securities
Collateral Trust Securities
already issued
are
given in
our
booklet, "Collateral Trust Securities," a copy of which we shail be glad to
It discusses also such other features as the following:
send you.
Margin
of Security;
Maturities; Insurance Protection;
Volume of Paper;
Underlying Collateral; Vocational Diversification of Un¬
Names;
Geographical Distribution of Underlying Names;
Credit
Underlying Collateral; Should Automobiles Be sold On Credit;
Ten
Collection Record of
derlying
Check
on
Thousand Name Paper.
GUARANTY SECURITIES CORPORATION
Incorporated under the banking laws of the State of New York
Capital $1,000,000.00.
Undivided Profits $218,698.02.
120 BROADWAY
NEW YORK CITY
San Francisco
-
Affiliated with Guaranty Banking
ki
ns
i
wB gn
^
ffawm
Montreal
Corporation, Chicago
j
_.
.
«!
THE
XX
[Vol. 105.
CHRONICLE
jftnattdal
35
Pine Street
Franklin
Bank Bldg.
PHILADELPHIA
NEW YORK
185
Devonshire Street
BOSTON
Government Loans
Municipal and Railroad Securities
High Grade Industrials
INCLUDING
Bank &
Quotation Section
Railway & Industrial Section
Electric
Railway Earnings Section
Bankers' Convention Section
State and
VOL. 105
Railway Section
City Section
NO. 2731
SATURDAY, OCTOBER 27 1917
Week ending October 20.
Clearings atInc. or
PUBLISHED WEEKLY.
1917.
/
.
1916.
Subscription—Payable In Advance
Terms of
$10 0®
0 00
Chicago
576,416,990
484,172,592
IToff Six Months
Cincinnati.
43,000,000
41,113,600
SSuropean Subscription (including postage)
Siuropean Subscription six months (including postage)
Annual Subscription in London (including postage)..
Six Months Subscription in London (including postage)
Canadian Subscription (including postage)
13
7
*2
£1
$11
Cleveland
95,273,008
64,152,058
Cue Year
00
50
14s.
11A*
60
Subscription includes following Supplements—
®ank
CiTansient matter per
p1iair,oou
Oorrta
Toledo______
$4 20
22 00
g[x Months
Springfield,
& Smith, 1 Drapers' Gardens, E.OL
Rockford
South Bend
7396.
>
Canton
Qulncy
Bloomlngton
•
Springfield, O.
WILLIAM
B. BANA
COMPANY, Publisher*,
Decatur...
•
Mansfield
Front, Fine and Depeyster Sts., New Yorlu
Jackson
Published
Saturday morning by WILLIAM B. DANA COMPANY.
Jacob Seibert Jr., President and Treas.; George 8. Dana and Arnold G. Dana,
every
Addresses ol all, Olllce of the Company.
Vice-Presidents; Arnold Q. Dana, Sec.
Jacksonville,
Danville
Lansing
the corresponding week last year.
Owensboro
Tot. Mid .West
San Francisco
Per
Cent.
1917.
1916.
$2,784,431,021
415,761,770
291,336,216
212,061,821
$2,997,675,701
382,632,188
239,254,205
172,105,600
105,231,824
105,694,682
66,188,302
Week ending October 27.
Chicago
------
——————
w-
Philadelphia
Boston
Kansas
-
City
792,645
879,196
645,909
522,656
1.337,437
687,867
1,033,733
+31.1
1,020,077
+ 11.0
619,436
+ 1.2
1,021,773
1,251,411 —20.1
285,700 +121.7
+ 14.9
557,206
+ 9.2
840,806
—5.9
1,139,185
367,139 —15.8
+24.0
108,819
+ 17.4
362,098
791,967
618,160
507,440
335,749
160,740,170
—7.1
+ 8.7
+ 21.8
Sacramento
Stockton
Fresno
Diego
12,110,663
+ 40.4
2,347,370
+ 95.2
4,659,677
3,220,982
1,984,278
+ 34.6
1,645,622
2,392,355
+ 19.7
954,545
+ 18.1
856,121
528,989
+ 19.5
+ 4.0
34,213,291
+ 8.5
Reno
5,106,966,434
1,045,948,737
Other cities, five days
$4,880,405,223
946,679,652
+ 10.5
86,152,915,171
—
$5,827,084,875
+5.6
Total all cities, five days
All cities, one day
Total all cities for week
+22.4
+ 1.0
+ 29.3
+4.6
The full details for the week covered by the above will be given next Saturday.
clearings being made up by the clearing, houses
at noon on Saturday, and hence in the above the last day of the week has to be in
all cases estimated, as we go to press Friday night.
Detailed figures for the week ending Oct. 20 follow:
We cannot furnish
them to-day,
Inc. or
Dec.
1915.
650,000
1914.
City..
$
$
New
York
4,096,088,120 3,903,781,942
-
Buffalo
Albany
Washington
Rochester
Scranton
Syracuse
Reading
Wilmington
Wllkes-Barre
Wheeling
+ 22.7
204,788,081
146,031,782
75,235,508
+ 14.9
50,771,897
40,590,600
+ 27.7
62,608,888
41,723,048
21,085,835
7,226,223
+3i7
13,969,742
7,700,000
6,898,918
+22.3
4,030,075
+34.2
2,607,274
+26.4
8,294,733
5,301,444
3,593,388
2,962,339
2,011,844
3,254,557
2,267,312
+ 13.0
2,551,616
+ 4.8
2,042,386
1,928,480
3,914,488
+ 12.6
2,467,642
1,982,109
2,139,456
+ 37.2
1,964,000
1,042,067
1,513,337
1,153,206
577,500
841,000
922,395
Greensburg
9,619,696
6,556,908
1,061,140
—
York
—13.3
+42.4
1,824,190
+ 6.9
358,241
+ 3.0
+48.1
St. Paul...
Denver
St. Joseph
Des Moines
256,308,384
+21.8
15,809,100
7,576,044
16,479,400
—4.1
9,313,086
5,011,161
—18.7
Hartford
635,200
675,297
568,802
1,532,413
349,653
3,269,934,397 1,521,765,894
+21.5
194,534,340
13,950,800
7,003,463
4,031,529
4,365.159
+ 9.6
3,923,410
2,700,000
6,091.252
4,785.239
2,500,000
New Haven
525,000
N
—7.4
1,945,000
144,652,061
4,169,797
3,167,805
River
,
—
Bedford—
Lowell
Holyoke
Bangor
NewEng.
4,866,621
4,672,787
+ 4.2
3,286,302
2,769,627
2,283,006
2,100,351
+ 31.9
+ 15.8
1,822,231
1,684,076
2,717,502
1,837,979
2,534,317
1,141,065
1,215,976
1,129,407
1,147,412
692,564
+ 39.9
990,193
723,452
t-13.5
853,184
770,308
931,033
Worcester
+44.2
+ 52.8
+34.4
551,730
305,911,291
+ 18.5
234,576,258
Lincoln
...
_
824,225
580,718
467,000
361,026
333,685
1,616,970
660,878
424,800
441,110
119,167,181
186,675,757
42,552,868
48,610,772
17,109,929
125,812,371
37,347,558
+48.4
32,618,818
16,592,033
17,147,285
8,659,140
11,499,280
6,878,065
5,641,274
5,443,416
3,320,544
2,136,779
2,582,613
+47.5
87,090,985
33,448,187
23,832,454
69,033,660
37,421,333
18,384,523
12,246,830
10,986,794
8.014.691
4,814,700
2.596.692
3,274,834
2,993,376
2,586,440
+ 13.0
+ 3.1
14,267,964
+ 38.1
13,954,828
9,938,678
7,235,268
5,991,431
—0.7
+ 41.4
+ 26.5
+55.2
+47.2
....
Hastings
—14.3
820,372
690,857
+ 16.7
419,160
+4.2
404,177
215,332
646,841
331,902
232,955
805,848
1,293,409
1,693,497
495,585
—4.2
871,648
8,055,768
6.056,209
5,053,336
1,845,318
2.073.312
+21.5
+26.8
+ 74.6
1,714,490
1,943,204
1,017,771
585,957
626,778
476,000
Pueblo
4,150,172
3,954,060
2,325,900
1,648,036
.
3,363,097
3,834,338
2,070,359
1,195,183
1,746,818
1,665,730
1,870,676
+45.0
682,942
653,362
Fargo...
Colorado Springs
+ 33.1
1.720.311
1,587,897
1,063,038
+49.3
Helena
2,996,365
2,495,000
1,881,546
2,309,128
2,092,586
1,098,612
+ 29.8
Waterloo
+ 71.3
2,018,245
717,904
396,882,476
288,626,325
+ 37.5
220,846,608
189,084,138
159,281,061
130,095,625
38,445,027
+22.4
+21.8
92,767.671
20,339,427
20,121,227
+ 6-0
16,248,790
7,494,314
24,792,000
32,624,644
+ 16.9
68,739,850
14,450,960
10,429,799
8,305,066
4,104,510
8,633,903
13,246,053
15,007,635
+21.9
+35.6
+ 13.5
Aberdeen
Billings
__
Tot. oth. West.
St.
Louis
46,797,772
21,337,870
19,000,000
7,100,000
New Orleans
Louisville
Houston
Galveston
Richmond".
37,358,956
53,123,771
18,289,328
Atlanta
Memphis
Savannah
13,700,000
10,103,616
Fort Worth
17,741,139
14,711,599
15,629,059
10,175,723
Nashville
Norfolk
6,223,253
Augusta
6,854,360
3,895,090
7,100,000
4,724,137
6,483,328
5,264,178
2,704,316
1,452,441
11,945,466
Birmingham
Little Rock
Jacksonville
Charleston
Knoxville
+ 19.2
—5.3
+ 50.7
+ 62.8
+44.6
—0.6
6,258,256
+ 64.5
4,166,363
+23.5
3,155,802
5,406,639 + 31.3
+ 35.0
3,500,000
2,715,066 + 101.9
+ 75.8
2,994,061
+ 14.6
2,358,928
1,071,056
1,703.458
17,310.459
12,978,663
5,901,666
13,377,138
21,967,437
10,311,241
7,103,525
10,227,755
7,694,617
614,177
6,564,321
3,815,681
9,831,131
6,367,714
4,957,260
4,061,157
3,423,510
3,165,318
3,215,800
1,939,594
2,751,424
2,825,024
2,495,743
3,243,146
2,140,990
1,265,709
2,185,476
2,497,753
2.135,117
1,884,278
1.93J.963
1,000,000
2,819,913
1,350.000
+ 7.6
7,059,848
+ 69.2
3,000,000
2.100,000
8,733,125
2,000,000
—65.6
2,945,000
5,232,104
+ 5.0
1,452,100
487,168
375,414
+ 29.8
307,893
263,472
759,497
590,184
+28.6
425,732
7,620,000
4,113,764
+ 85.3
1,469,655
+ 69.5
29,034.533
1,800,179
18,163,983
334,366
1,392,786
968,457
510,140,875
395,479,272
+ 29.0
+ 12.4
Mobile.
Oklahoma
Macon
Austin
Vicksburg
Jackson
Tulsa
"Commercial and Miscellaneous News."
■
3,051,612
Muskogee
Dallas
Total Southern
Outside N.
921,618
1,628,343
835,118
1,045,160
143,281,189
175,793,420
Note.—For Canadian clearings see
1,607,544
+ 35.8
457,758
362,441,027
1,971,580
992,815
6,337,262
1,961,245
3,353,672
2,237,447
Total all...— 7.141,370,165 6,354,644,593
12,405,400
1,580,355
Springfield
Portland
+33.0
+48.1
8,400,000
2,039,707
3,529,134
2,568,886
2,103,800
1,065,023
+ 38.3
8,754,053
Sioux City..
Wichita
Chattanooga
+ 6.8
Boston
992,413
530,658
Middle- 4,722,049.123 4,422,554,540
Providence
3,583,946
3,036,539
1,925,375
1,508,027
1,418,275
+24.0
602,088
23,685,962
8,602,050
16,265,692
8,700,000
Duluth
7,172,230
3j983,557
1,072,912
—6.1
312,255,935
Total
Tot.
+38.6
600,736
2,853,975
642,021
Lancaster
+25.8
1,041,700
1,311,617
745,476
2,004,574
700,000
-
Montclalr
New
1,152,138
1.962,482
Chester
—14.8
1,486,884
1,030,142
902,100
Binghamton
+ 32.6
3,904,587
35,208,258
280,066
191,188,116
12,296,655
—1.8
Erie
Fall
+4.9 2,900,555,472 1,237,723,611
326,966,812
2,935,527
1,449,828
2,060,487
—
Altoona
$
3,294,620
3,678,210
2,375,883
4,406,270
Pittsburgh
Trenton
$
401,248,397
86,476,186
51,725,179
21,861,211
7,097,844
11,800,000
8,694,377
.3,327,841
5,407,425
Philadelphia
Baltimore
%
'
.
„
Omaha
Fremont
418,393,075
•
817,855
Total Pacific..
Kansas
522,898,310
264,398,130
Long Beach.
Cedar Rapids
Clearings at—
1916.
Yakima..
Davenport
Topeka
Week ending October 20.
1917.
San Jose
Minneapolis
436,681
476,501
187,260
34,254
20,955,310
12,285,990
12,144,063
3,832,182
Baltimore
$4,245,225,976
635,179,247
377,554
+ 35.8
19,338,932
7,258,673
1,023,977
48,324,108
477,564
574,737
725,331
277,528
80,535
299,979
49,031,946
Pasadena
$4,285,967,948
820,998,486
510,000
248,527
14,311,670
14,595,373
4,571,296
North
Orleans
533,464
725;145
58,277,599
+ 5.8
Eleven cities, five days——————
737,780
270,688
27,098,770
+ 18.0
New
665,927
704,211
+ 67.5
65,906,501
31,520,030
39,473,951
2,052,598
+ 20.6
39,642,992
+ 25.7
—14.3
991,728
1,481,960
+40.2
83,217,650
77,745,615
Francisco
969,264
19,990,121
41,929,646
San
+41.3
6,270,559
A,283,924
2,939,984
Oakland
+29.0
630,233
1,910,000
83,670,813
Detroit
136,206,640
Louis
1,259,797
643,598
.
28,208,612
Pittsburgh-———---------------
St.
1,017,274
1,205,641
2,895,000
+ 5.7
—18
9,000,000
Tacoma.i
San
+ 18.9
+ 12.7
4,581,491
Spokane...;
+ 23.2
+ 14
17,000,000
Portland
+ 52.8
+36.8
+ 17.9
1,970,816
3,450,918
2,167,305
1,127,656
-—
909,826
3,191,271
2,465,760
1,893,632
1,162,384
1,269,451
2,010,645
750,890,045
31,649,088
26,260,972
Salt Lake City..
«,.L—-
+37.2
+35.0
+ 38.0
3,035,790
943,884
1,022,905
—18.7
5,723,202
2,937,189
1,892,492
1,117,251
117,274,585
34,029,000
-
Los Angeles
_____
Clearings—Returns by Telegraph.
York
662,447
6,041,000
1,303,162
+1
885,458,534
Seattle....
New
1,595,278
1,809,687
3,326,239
1,072,410
309,190
134,909
425,000
Adrian
CLEARING HOUSE RETURNS.
5,909,800
7,691,729
3,274,069
3,491,601
640,533
917,793
....
Ann Arbor
following table, made up by telegraph, &c., Indicates that the total bank
clearings of all the clearing houses of the United States for the week ending to-day
have been $6,152,915,171, against $7,141,370,165 last week and $5,827,084,875
15,231,242
7,666,945
—1.1
1,000,000
633,044
111.
Lima
The
—2
25,662,476
700,000
4,948,000
1,841,733
2,500,000
1,294,552
1,380,551
1,255,373
..
Akron
60 00
87 00
(26 times).
Twelve Months (52 times)
8,913,506
7,549,800
1,820,902
1,467,775
3,747,077
Ill__
Youngstown
Lexington
29 00
(13 times)
+26.6
289,316,256
22,411,800
22,905,508
3,316,724
Evansville..
Fort Wayne
(S- times)
30,382,450
35,847,385
33,954,793
16,363,171
—22.2
3,435,766
Two Months
352,031,030
+4.6
+48.5
+ 4.8
+ 15.4
4,500,000
4,913,836
4,226,406
2,424,244
Dayton
Bankers'
1914.
$
%
+ 19.0
12,820,069
12,679,454
3,500,000
Electric
Chicago Office—39 South La Salle Street, Telephone Majestic
iuOndon Office—Edwards
11,945,000
...
4,974,309
) Three Months
<
C
Columbus
25,209,664
11,858,985
12,246,900
Grand Rapids.._
(3 times yearly)
Railway (3 times yearly)
Convention (yearly)
inch space (14 agate lines)
j*andm0 Business Cards
55,027,823
29,099,172
15,009,132
Peoria
Advertising—Per Inch Space
r
57,660,500
Indianapolis
railway and Industkial
Quotation (monthly)
Railway Earnings (monthly)
state and City (semi-annually)
and
Terms of
Detroit
Milwaukee
1915.
Dec.
Y-
3,045,282,045' 2,450,867,651
990,134
3,645,188
1,202,833
+ 59.8
259,534,717
___
186,502,7(
4.650,67R479 2,639,706,4)
+ 24.1 1,750,116,007 1,401,982,8<
THE
1GM
[Vol. 105
CHRONICLE
the decline in securities very
shares
depreciation in railroad
the Stock Exchange the present
on
however,
gratifying to find,
is
SITUATION.
FINANCIAL
THE
There has been renewed
It
week.
that the general
shrinkage in all classes of share properties which has
been such a feature in affairs in recent months, has
not
prevented the second Liberty Loan offering from
of the first order.
The full extent of the oversubscription for the loan
will not be known until next week, as the subscrip¬
tion books will not close until midnight to-day, but
from the extent and volume of the subscriptions al¬
being
a. success,
and
a success
ready received it is certain that the grand aggregate
unexampled proportions and come up to
will reach
sanguine expectations—the total being a
collossal one of which the country may Well feel proud,
the most
and which may
be taken
as an
earnest of the popular
little reference has been
heavy extra taxes which the carriers,
made to these
along with other concerns and business undertakings,
will have to pay.
so
In fact public attention has been
engrossed with the high income taxes on individuals
confiscatory war
classes of private
the industrial concerns that
imposed under the new law, and the
profits taxes imposed upon many
corporations and upon
have been reaping
war,
undoubtedly large profits out of the
that the fact that railroad taxes
will also be
enor¬
mously added to in this special way, has been almost en¬
tirely lost sight of outside of a limited circleof persons.
The Federal income'tax—the normal tax—which
prior to last year was only
1%,
was
by the law of
the War
Sept. 8, 1916, increased to 2%.
Under
Revenue Act of Oct. 3 1917, this 2%
4% in the case of the individual and
of
is
made
6% in the
case
The railroads will, therefore, be
upon to pay to the Federal Government six
the amount of what they were obliged to pay
corporations.
called
and pf the determi¬
times
nation existing everywhere that the war shall be
only a short time ago. This is entirely apart from the
prosecuted relentlessly to the end.
war .profits tax which applies to the railroads the same
The continued depreciation in railroad securities
as it
does to business activities of every kind, no
is a factor, nevertheless, in the existing state of things
support behind the Government
cannot be ignored—the more so that it is not
confined to securities of second-rate properties, but
that
extends to those of
companies whose merit and credit
have always been of the
in the past
highest.
The
carrying industry is being called upon to
shoulder burdens the like of which Jiave never fallen
railroad
other large industry.
to the lot of any
On the one
carried
matter how
on.
How much this is going to
add to the tax burdens of any
particular carrier it is
beyond the ken of any human being to tell at this
date.
There are so many considerations that enter
into the determination of the
question, and it all de¬
the interpretation given to the language
statute by the Internal Revenue Deparment.
pends
upon
of the
In computing this extra war profits tax for the
rapidly mounting up;
railroads there will be, as with other corporate
on the other hand, railroad labor at
the enhanced
wage rate is growing steadily less efficient.
At the enterprises, a comparison between current profits
and the profits in the pre-war period.
But this
same time, everything else entering into the operat¬
comparison, after, being expressly prescribed by the
ing accounts of the railroads is advancing and new
statute, is then virtually cast aside under the limi¬
equipment can only be bought for two or three times
tation provided in the same statute that the pre-war
its former price.
While thus burdened with steadily rising operating income, whatever its amount, must not in any event
be less than 7% nor more than 9% of the invested
costs, the carriers are denied the poor boon of charg¬
capital for the taxable year.
If the invested
ing even slightly more for the transportation services
capital were the same as the nominal capital of the
which they render to the public.
The Inter-State
hand, railroad wage costs are
Commission has thus far granted only
Commerce
special
classes of traffic, and has granted even these trifling
concessions only grudgingly.
The result is that
a
advances in freight rates on
few meagre
while the railroads
are
doing
a
really tremendous busi-
surpassing that of any previous period in
mess^-far
their
history—their net income is actually contract¬
ing.
The latest evidence of the truth of this state¬
comprehensive statement of
ment is furnished in the
railroad
and net earnings for the month of
gross
carriers, the railroads might not be so
badly off. As it
is, this invested capital is by the statute
itself given
a
interpretation. It is defined as (1) actual
paid in, (2) actual cash value of tangible property'
very narrow
cash
earned
in the
business, exclusive of undivided profits earned during
the taxable year, but with some allowance for good¬
will, trade marks, trade brands, franchise of the cor¬
poration or partnership, or other intangible property .
pdid in other than cash, and (3) paid in or
surplus and undivided profits used or employed
Carried to its logical conclusion, the limitation
showing that
while the gross revenues had gained, as compared prescribed would involve a physical valuation of the
with the corresponding month last year, no less than property of the railroads, but the Inter-State Com¬
August, published by us last week, and
$39,771,575
mentation
or
in
11.92%, this was attended by an aug¬
expenses in the prodigious sum of
,21.35%, thus leaving the net in¬
come $4,668,828 less than in 1916.
This is the re¬
sult notwithstanding that the railroads of the en¬
$44,440,403,
or
tire country are
Railroad
War
under
a
single control through the
economies of
Board,, permitting
management that would not
otherwise be possible.
result, too, before the deduction of taxes;
these if taken into account would make the net re¬
It is the
sult
even
less favorable.
In this last
or
we are
referring merely to the ordinary
usual taxes which have been
alarming rate in recent
nary
years.
taxes there now come the
tremendous
war
taxes.
growing at quite
an
On top of these ordi¬
Federal Government's
In the general discussion of
merce
Commission has
task for years
of
matter of
in the
whole country. V The
determining the "invested capital" is fur¬
complicated inasmuch as the law says it
ther
not
engaged in this very
and has not completed the valuation
railroad
single
a
been
include
"money
So in the end
tions
ment.
or
shall
other property borrowed."
everything will depend upon the
regula¬
prescribed by the Internal Revenue Depart¬
When the calculations are made it may be
found that
some
railroad systems
will be
hard
very
hit, others only moderately hard hit, and possibly
some not hit at all.
As it will be the aim of the
Government to collect the
the chances
round sum,
come
tax of
are
largest possible revenue,
that all will have to pay a
good,
in addition to having to pay a normal in¬
6%, against the former tax of 1%.
Oct. 27 1917.]
The
annual
THE
of the
report
CHRONICLE
Topeka
Atchison
&
Santa Fe
gives
the
of
the
new
The report
and
that
for
the
have
and
an
states
become
first
of
matter
a
Federal tax
Federal
time
serious
law.
taxes
Indeed, the
concern.
by the
of Federal taxation just
system
new
should look good to Mr.
war
Gompers in April
something entirely different in September,
mean
its
acceptance
New
York
among
the calendar year
Francis H.
year
For the company's fiscal
ending June 30, Federal, State .and local tax
accruals, it is found, aggregate no less than $9,870,634,
increase,
an
compared with the twelve months
as
preceding, of $3,660,268,
by
no
year
It is thought
50%.
or over
improbable that for the full calendar
means
1917, to which the
new
Federal taxes apply, the
total of the tax accruals may
compared with only
little
a
reach $12,000,000,
$6,000,000 not
ovre
than two years ago.
In these
of business done, it
should
should
numerous
in
throw their
larger
volume
be manifesting uneasiness
instances
Trust
those
on
who
represented at the banquet
the
evening of the 19th, and
delivered
addresses
be
inclined
to
of
course
No
long but
a
Mr.
interesting
very
Sisson, in the
entitled
paper
Man's Land and Beyond" referred to the
changed attitude of the Government towards pooling
since
into the
entrance
our
great conflict.
before that time
"pooling"
remarked,
pooling food, fuel,
we are
Where
anathema,
was
ore,
now,
thereby.
Pointing out the
European
war
time
new
ushered in,
he
oil, &c., and
effected
for cotton the
era
and stating that
every
12-inch gun is fired a bale of it is blown to
a
atoms
a
that
and
riddles
even
bale in three
spluttering machine-gun
minutes, Mr. Sisson seemed
a
prising, either, that the insiders, knowing the state
inclined to the belief that lack of the staple
might be
instrumental in forcing peace upon
of
other
security holdings
things, should show
securities
after
even
has taken
some
the
cent
sur¬
Obviously, such
in
advance
is
consideration
evincing
of
roads have put
having fixed
the
disposition to
a
that
that
cotton
neutrals for the
re¬
expedite
application the Eastern
new
in for higher rates, the Commission
date early next month (Nov. 5) for
a
-!
"
rehearing.-
(its 103rd semi-annual gathering) held
Springfield, Mass., Oct. 18 to 20 inclusive, brought
together
300
some
representatives
industries of the East.
conclave
The
of
the
textile
opening session of the
considerably enlivened by
was
a
possible
ion
chemists.
seemingly
from
On this
of
supply
ably be near."
the
the
are
her
have not been
than
more
evident,
of
Commission
the
in
Council
The strictures upon Mr.
Labor,
is
acting
Labor of the
of
National
Gompers
President Bemis
the address of
the accusation
on
Defense.
were
contained in
of the
Association,
being laid against him of completely
limited supplies.
that unless large
is
war
started
It is quite
stocks
or some
found, the amount
were
efficient
avail-'
now
very meagre.
While much interest attached to all the various
features of the
session,
as
on
convention, the business of the final
Saturday,
was
the most important of all,
it had to do with the discussion of
situation,
one
the
dyestuffs
of the most vital questions the textile
industry has had to contend with since supplies from
Germany
thus doing great
injustice to the cotton manufacturers
of the United
of the country.
In other words, Mr. Bemis intimated
the
when, last April, the Council of National Defense
the various
enough above normal to afford
very
therefore,
reversing himself between April and September and
that
to doubt that in
well, possibly 2,000,000 bales
already in hand when the
as
Advisory
and
with which Germany is not at
substitute has been
Federation
no reason
supply
will unquestion¬
But since that time exports to
able in the country
American
cotton
peace
through the northern neutrals
as
countries of Europe
war
German
exhausted
cotton
through Italy
in all.
by Ger¬
hypothesis he is of the opin¬
There is
justified criticism of recent actions of Mr. Samuel
Chairman of the Committee
much
as
and
1914-15, Germany received large amounts
season
Gompers,who in addition to being the titular head of
the
Turkey
contiguous
making of explosives, rather than
"when
that
sources
of American
<
The National Association of Cotton Manufacturers'
at
Germany has been forced to obtain
as
In
weight to the probability
that substitutes for it have been discovered
man
and
Convention
gave more
situ¬
encouraging feature in
one
Germany.
words, he
rates
a
happenings is that the Inter-State Commerce
Commission
the
decline
tremendous
substantial
imperative, and the
It is not
over.
great avidity to buy the
no
place in them.
ation makes
I
-
Co., Dr. Butler of Columbia University and
former Senator Theo. E. Burton.
"In
Mr.
were
Sisson, Vice-President of the Guaranty
glorifying in the efficiencies and economies
earn¬
is not surprising that railroad
security holders
and
more
.
circumstances, and with railroad net
declining notwithstanding the
ings
as
"unthinkable," Mr. Bemis
judge.
well
was
of the Association
adopted and which is retroactive for the whole of
1917.
be
left to his auditors to
company's tax situation, it is declared, is revolution¬
ized
in
furtherance of human opportunities."
Why the maintenance of existing standards during
Railway Co., published by us last week,
inkling of what shareholders may expect as
result
a
action
1645
were
European
obstacles
was
shut off.
How the dyestuffs industry
States, threatened with extinction by
war,
has met and surmounted
ably outlined in
a
lengthy but
all
com¬
requested employers, and employees alike to do noth¬
ing during the war to "change standards" the manu¬
prehensive address by Mr. H. Gardner McKerrow
facturers, in stating that they would not take advan¬
Starting with the
tage of the nation in the emergency, were met by an
dence
expression of complete accord with this view from
Mr. Gompers as the head of the Labor Federation.
solute, 90% of the colors used at that time being
The
developments and exper'ments attendant
surprise then that in
more
the American
tion
program
employers
and the
recent editorial in
Federationist, Mr. Gompers is found
referring to the
"assure the
a
war
adopted
as
proposing to
opportunities for exploita¬
aggrandisement of special privileges.
By carefully selected phrases and terms they thought
to conceal
progress,
their real purpose.
They
are
opposed to
to democracy, and to constructive organic
of
Marden, Orth and -Hastings, dye manufacturers.
on
pre-war
period/when
foreign countries for dyes
was
our
depen¬
almost ab¬
imported, Mr. McKerrow traced step by step the
ting the industry in this country
upon a
intimating that where in 1914 there
concerns
were
only five
engaged in making coal tar colors and
erally without profit, if not at
are now
upon put¬
firm basis,
an
gen¬
actual loss, there
upwards of 100 enterprises engaged in making
artificial dyes, and even a greater number
turning
out the crudes and intermediaries from which colors
that
he intimated
Furthermore,
made.
be
must
CHRONICLE
THE
164:6
formulae of manufacture has been
the American dyes, color for color and type
where the proper
followed
for type, are
just
Mr. I. F. Stone, Vice-President of the
National Aniline and Chemical Co., was in accord
products.
McKerrow
with Mr.
America and spoke
the dyestuffs situation in
on
of the
of the indus¬
permanency
A resolution was adopted at the
Convention urging the U. S. Government to confis¬
try as assured.
for the period
cate
of the
certain patents on
war
dyestuffs held in this country by subjects ,of the
Empire, thus "providing for manufacture
German
night the French airmen shot down
in
or
forced to land
damaged condition twenty-five German planes.
a
As to the
fast and brilliant as the foreign
as
[Vol. 105.
marked
military operations, the week has been
by important movements in
In the first
many
sections.
place the British and the French have
made active progress on
the Western front, acting
independently. Highly successful
operations in the neighborhood of Poelcapelle and in
conjunction with the French south of Houthulst
forest were reported by Field Marshal Haig on Mon¬
jointly
well
as
as
On Tuesday the French forces of General
a mighty and unexpected blow against
day night.
Petain struck
by reputable dye concerns, by a system of leases or
the German line northeast of Soisson—on Tuesday
adequate method of control, which at the close
morning making some of the most important gains
other
of the
will
war
assure
fair compensation to the present
since
they threw back the
army
of the German Crown
beseiging Verdun.
Prince which
patents."
was
made
of the
owners
front of about 6 miles from the east of
a
over
The attack
was
British Ad¬ Vauxaillon to Pargny-Filain. Under rain and gen¬
miralty's report of enemy submarine
operations erally unfavorable weather conditions the French
for the week ending Sept. 16.
Twenty-five vessels pushed forward all along the line aided by audacious
in all Were destroyed by mine or submarine, in- aviators who flew over the German positions at an
eluding 17 over 1,600 tons and 8 under that size. altitude of about 150 feet using their machine guns.
This compares with 12 of the large and 6 of the The German line at one point was penetrated to a
smaller class sent to the bottom during the
week depth of V/i miles and 7,500 prisoners and an enor¬
Quite
*
increase
was
During
an
the
preceding.
lost 3 steamers of
under
steamer
German
Two
Only
raiders
tons and
French
one
Italians
one
steamer
Wednesday of last week
on
and sank nine neutral merchant vessels and two of
British
the
vessels
one
of
ererws
.
dark
sunken
attempt to
no
rescue
raiders
The
destroyers.
nights
the
it
both the outward and homeward
on
Germans,
on
hem
however,
Houttave
suffered
have
in
on
the German
Belgium and
were
down
on
of
Ger¬
Metz, 9
Riga region operations the accounts are not
altogether satisfying
the visit of the
Although it
large torpedo boat destroyer, the
a
appear
been the heavier losers.
naughts,
to have
cruiser, 12 torpedo boats,
one
one
reported missing.
On Sun¬
a
raid
on
Friday
At first it
was
believed that
Zeppelin fleet to France
was
an
in¬
which said that it had
been
decided
destroy Paris in reprisal for French air raids
The sudden
trans¬
port and numerous mine sweepers were put out
action by the
German
sian
been
destroyers
fleet, which
were
a,
week
ago
aground
mainland
were
seems
the Russians.
reported to have
seems
to have had no
The German account
Russian vessels which had
lost beside the battleship Slava.
the landing
Meanwhile
was
escape.
states that four additional
of the
Meanwhile the Rus¬
sunk.
trapped in Moon Sound,
difficulty in making its
run
of
While the exact fate of
been ascertained by the Russian
Russian fleet.
Government it is announced that at least 6
Only 3 of the
dependent raid representing the first step toward
carrying out the threat made in a German wireless
German towns.
to accuracy.
as
that the Russians lost the battleship
confirmed
these vessels has not
control.
on
pf German troops on the
to have been
successfully resisted by
The enemy is now as
far back as the
to
Rodenpois-Turkaln line approaching the Dvina River
on
region.
Behind them the Germans are destroying
use
everything
dirigibles is explained on the theory
raiding Zeppelins belonged to a new type
the 15 mile front
which they are
retreating.
resumption of the
of the German
that the
In the
Satis¬
reported by Field Marshal Haig.
of
returning from England after
wich and Middleton.
drive northeast of Ypres.
progress was
Sunday
on
London, Manchester, Birmingham, Not¬
tingham, Derby, Lowestoft, Hull, Grimsby, Nor¬
which had
lately been reported to be under construc¬
tion at Lake Constance.
received tha
the
another great
According to Petrograd advices, two of their dread-
important ob¬
northeast
increased to 12,000, of
Yesterday (Fri¬
officers.
Vlisseg-
the
attacks
was
were
Germans
day the French eaptpred 4 Zeppelins out of 8 that
i
numerous
points of vantage, bringing
brought down and 4 others
out
were
On
numerous
Saarbrucken
near
British machines
message
of Pargny-
day) the British and French forces in Flanders joined
in
very
Advices from Lon¬
airdromes.
result of
a
driven
night
as
prisoners
than 200
more
Slava and also
German machines
were
which
brought down by British naval air¬
airdromes
were
The number of
is
that date in raids
jectives
as
fortified farms and other
Monday announced that 6 German
previous, as
man
the extreme east of the line and
on
and
the village
Pinon
on
were
airplanes
well
of
Filain
factory
.severely in the loss of aircraft.
men
Monkey Mountain east of Vauxaillon and village and
forest
railway juncture of .Laon, the objective fought for.
the
don cabled
On Thursday another attack
around the entire line forced the Germans to abandon
General Petain's army within sight of the important
dashes.
The
By Wednesday 70
had been captured with 30 mine throwers
guns
sunk.
were
succeeded in evading the British blockaders
appears
big
material, including 25 heavy
war
guns,'(were captured.
escaped before they could be intercepted
Danish and three Swedish vessels
by British forces and made
on
Three merchant
escorting destroyers.
escaped in the action, but five Norwegian,
The raiders
field
and
of
amount
mous
and 80 machine guns.
heavily armed attacked a
in the North Sea
convoy
the
during the week.
destroyed
was
week
same
than 1,600
more
that.
shown by the
Zeppelin
any
.
No reports
damage
was
have yet been
done in France by
In intensive air fighting Wednesday
on
The most
over
logical view of these operations seems to
be that German troops are
being withdrawn for more
important work which Austria has called upon
many
Ger¬
to do in the form of the drive against the Italians.
This drive is
on a
25 mile front running from
Monte
Oct. 27
Rombon
1917.1
THE
CH tONICLE
to
the Bainsizza plateau.
This battle is
growing in intensity with the Austro-Germans ag¬
but meeting extremely stubborn resistance.
gressors
Although the German
war
on
public extravagance.
greatly aid the vigorous
campaign already
designed to restrain private waste.
Argentine securities on the London market have
office asserts that gains
losses except on the east bank of the
Isonzo,
shown
south
Not alone does the German War
some
improvement. The crop outlook in the
South American
Republic is said to be excellent and
the strike of
railway
for
employees in that country has
practical purposes been settled,
although a
all
Office assert that the Italian line
barring the way to
few of the
the
out.
valley of the Flitsch basin and
overrun
and that
positions also
to Tolmino
captured
were
was
on
the
Bainsizza plateau but that large quantities of
booty
taken
than
30,000 prisoners fell into their hands including
by
the Austro-Germans and that
300 guns and divisional
more
more
brigade staffs.
stubborn strikers still
holding
are
It is reported that the
Government has
to allow a
22% increase in
agreed
freight rates, although,
London correspondent, "it is not at all
to quote one
were
This, it is argued, would
economy
referred to
have been made at various
points along the line the
Italian official communication does not concede
any
of Monte Rombon.
1647
certain that this will cover increased
wages plus other
increased costs, coal for
example, which formed the
basis of the demands for
higher freight rates before
the strike occurred."
A
Cabinet crisis in France
passed
was
That
Tues¬
on
day.
The Premier, M..Painleve, resigned on Mon¬
day, but President Poincaire refused to accept the
resignation
last
had
voted
Tuesday it
in
the
Ministry.
On
office
except that Alexandre Ribot,
Foreign Affairs, would retire and would
Minister of
be
confidence
announced that the entire Ministry
was
retain
to
was
the Chamber of Deputies on Friday
as
replaced by J. Louis Barthou, Minister of State
and member of the War Council.
M.
Ribot is
the effort of the
foreign office.
The
anything but enthusiasm
Premier to escape
from his diffi¬
culties
by the change in the foreign portfolio.
It is
not'expected that the French Cabinet will remain
in power much
longer.
have decided to
The Socialists and Radicals
continue to
support the ministry,
but the unified Socialists .after a
special meeting of
their
members
apparently
non-committal.
were
does
not
intend
to
The Premier
appoint
another
Minister of State in
that
place of J. Louis Barthou,
Ministry will be reduced from 19 to
the
members.
per
offered to the public at 19
of
issuing
in.
he ought not to remain in the
de¬
are
the Gov¬
Co. of Canada.
Seventy-three
offering taken by the International
Society at 17 shillings
of
French press received with
London
Tobacco
of the
tal to
Deputies and the Government felt that notwith¬
in
is suggested
by the unfavorable results
attending'the large offering of shares of the Imperial
garded with hostility by several sections of the House
standing the great services M. Ribot had rendered
conditions
ernment
hands
re¬
investment
ferring completely to the requirements of
the
new
share and which
The
The
£20 shares sufficient
new
Colonial
or
£6
per
recently has been
marked
was
ex-dividend
week and it became
on
is
capi¬
share, paid
some
regards stock transferable by deed.
as
stock
Bank
to increase its
is to be used to provide for
money
There
were
shillings remain in the
underwriters.
£3,000,000 with £900,000,
tensions.
cent
per
Financial
ex¬
confusion
Some such
Tuesday of last
possible to sell inscribed stock
containing the dividend and to replace it with deed
stock ex-dividend at 23^
points lower, thus escaping
the tax
on
the dividend.
This straddle
was
attempted
members of-the London Stock Exchange and
dealers thereupon refused to sell deed stock.
Un¬
by
some
employment in the English trade unions
of
September
12 to the 1,000,
was
as
at the end
against 5 to the
so
1,000 at the end of August,
18
to .slackness in the Lancashire cotton mills.
a
feature that
due
was
•
,
The British
Financial London
listless
manner
action.
The
seems
awaiting
to be
some
moving along in
incentive
new
a
for
Treasury statement for the week end¬
ing Oct. 20 indicated expenditures of £42,642,000,
against £46,660,000 the week preceding.
The total
of the
military operations at the
outflow, including Treasury bill repayments and
Western front appears to
have counteracted the less
payments
news
favorable accounts from other quarters.
Premier
in
economy
campaign.
was
earnest
an
not marked
by
The British
speech has started
a
Although optimistic in
any
suggestion of
an
new
tone it
early
peace.
of
advances,
against £89,349,000.
themselves
were
£55,765,000, against £34,104,000,
advances were £22,500,000,
while the repayments of
against
£8,500,000.
The item of £2,649,000 ap¬
the "war loan depreciation fund." Mean¬
peared
however, not yet shown itself in
while the total
revenue was
£18,153,000.
The
a
demand for the
correspondents
a
practical
war
loan.
way
in
London
.that the campaign should pre¬
slackening of efforts when the newness of
vent any
the
new
argue
war'financing plan
wears
British centre has continued in
off.
Money at
the
a
comparatively com¬
fortable position as a result chiefly of recent
large
maturities of Treasury bills.
Some little firmness
has
that
intermittently
been
displayed
ascribed to Government's payments
than the gathering in of taxes and loans.
certed
or
be
No
con¬
formal movement has yet been begun in the
direction of pushing sales under the
plan.
may
being less rapid
new
war
Nevertheless the day to day demand
loan
seems
fairly satisfactory in volume, though last week's sales
were
not
quite
amounting
up
to those of the previous w.eek,
£18,235,000.
Increasing interest is
evident in proposals to enact legislative restrictions
to
re¬
£123,626,000,
was
The Treasury bill repayments
The, revival of the-so-called economy campaign
has,
creating
&c..,
as
only £10,609,000, against
between
revenue and spend¬
ing is being filled by Treasury bills and borrowing
The total inflow into the
abroad.
ing
gap
Treasury
bill
sales,
against £89,887,000.
&c.,
£125,240,000,
Treasury bill issues aggregated
£62,957,000, against £50,776,000;
tificates
Treasury, includ¬
was
aggregated the
war
savings
cer¬
the preceding week,
namely £900,000, while "other debts incurred" were
£12,486,000,
representing
against £16,896,000.
the Bank of
000,000.
funds
same as
England
American loans,
&e.,
The temporary advances from
were
Sales of national
have
reached
£17,750,000, against £5,war
bonds (so far
as
the
the
Exchequer) amounted to
£20,468,000, against £7,809,000.
The Treasury bal¬
ance
was
£20,469,000,
against
£18,855,000, while
Treasury bills outstanding aggregate
against £956,793,000.
£963,986,000,
The returns show that the
the
close of business on Saturday last was £66,226,000,
of which the Treasury has thus far received £34,-
total of
bonds actually subscribed up to
new war
obtained—and hopes
continued of
the Paris Bourse has
on
moderate proportions, the successful negotia¬
in the Ministry and even the
very
tions of the new crisis
important
her financial
of
profit-taking, though French bank shares seemed to
speculative stocks there have been evidences
more
On Wednesday
improved demand.
in
been
have
that
"were better left
score
burdens, heavy though they
may
be.
Saturday's bank statement of New York Clearing
members, which will be found in more com¬
House
plete form on a later page of this issue, reflected in
some
measure
Reserve bank operations and the
preparations attending the active prosecu¬
Liberty Loan campaign.
Substantial
reserves were shown.
The loan item was
financial
successes
without
received
of the French armies being
pronounced enthusiasm. In the
on
calculations"—Germany will be able to bear
out of
431,000.
Business
[Vol. 105.
CHRONICLE
THE
1648
the
of
tion
losses in
Net demand deposits were
to $3,619,771,000
increased $14,171,000.
$31,326,000,
reduced
week
this
of $227,442,000 deducted).
Cash in own
ing at which President Poincare was present, out¬
vaults (members of the Federal Reserve Bank) de¬
lined a new bill for an additional war loan.
The
creased $1,657,000, to $98,148,000 (not counted as
Cabinet authorized an immediate introduction of the
Reserves in the Federal Reserve Bank of
bill in the Chamber of Deputies.
An Associated reserve).
Klotz, Minister of Finance, at a Cabinet meet¬
Louis
(Government deposits
Net time
negotia¬
between the Official Stock
Press
dispatch from Paris announces that
tions
are
under
way
which is the governing
Brokers Association of Paris,
representatives of American
banks, with a view to participation after the war
through French bankers of American banks in effect¬
ing fortnightly settlements of Bourse transactions.
The Manager of the Stock Brokers Association ex¬
plains the need of such co-operation on the ground
body of the Bourse and
that after the war French
bonds will require a wider
margin in order to assure their greatest
American
in
proposal
it is said,
bankers,
About half the
spirit.
favorable
a
that
balances from Bourse transactions
at the outbreak of the war
suspense
were
have been liqui¬
settlement
being carried over from settlement to
are
without
on
now
left in
aggregating about 250,000,000 francs
Sums
dated.
stability. The
considering the
are
State-manufactured boots are
the Government has required all
difficulty.
sale and
factories engaged
in the manufacture of foot wear to
existing stocks of leather.
make declaration of their
member banks
tories in France becomes effective
decreased $11,617,000, to
however, increased $21,084,000, to $93,499,000.
Cir¬
$32,729,000.
Ag¬
gregate
reserves
$281,000,
registered
to
loss of $29,960,000,
a
brought the total to $573,872,000 (not count¬
which
ing $98,148,000 cash in vault of member banks
system),
Reserve
cash
vault
in
surplus
being then included.
reserves, as a
in
680
result qf
a
The decline in
reduction of $3,976,-
requirements, amounted
reserve
of
against $661,717,000 last year,
as
to
$25,-
983,320, thus carrying the total of excess reserves
down to
$76,499,970,
on
the basis of only 13% re¬
for the member banks of the Federal Reserve
serves
system (but not counting cash
in vaults held by these
At the corresponding date a year ago the
surplus reserve totaled $99,425,560, but this was on
banks) ^
the basis of
reserve
requirements of 18%.
marks
as
continue
quoted at 5% in London, Paris, Berlin, Vienna,
Italy and Copenhagen; 53^% in Portugal and Nor¬
way;
6% in Petrograd and Sweden, and 4Yi% in
In London, the
Switzerland, Holland and Spain.
private bank rate has been reduced to 4%% from
In all the
4M% ^r sixty days and to 4%% from 4 13-16%
include
the front.
subscriptions from
bonds have been made
available, namely those that
date and those pay¬
irredeemable before specific
able by
two forms of
except the first one,
loans
German
drawing.
In the sixth and seventh loans the
price of both forms is 98, the explanation being
that the value of the securities is identical, 5% being
issue
in the other it is for interest and
drawn
Every
a
The Kaiser
Monday sent to Count
on
German Minister of
lation
redemption.
certain proportion of the bonds are to be
for redemption at 110, the issue price being 98.
half-year
on
Finance,
the result of the
subsequent
page,
the present
a
war
war
Roedern,
telegram of congratu¬
loan.
This is given
on
the results
loan with the results on
where also
German
von
we compare
instance
of the
financial interests in
recent address before
merce
The
change in sentiment
among
Germany is contained in the
the Frankfort Chamber of Com-
by President Havenstein of the Imperial Bank.
speaker
frankly
conceded that in
pessimism about the financial future
spread, but, he continued, even if
ninety days.
been
changed
received
no
Germany
is wide¬
idemnities are
now
Money
from
by cable of
European centres
so
No
open
far
call in London has not
on
4%.
as
we
,
A loss in its
a
at other
have been able to
gold item of £496,270 is registered in
this week's statement of the Bank of
total
have' been
reports
market rates
ascertain.
reserves
England, while
declined £467,000, there
having been
reduction in note circulation of £29,000.
portion of
reserve
to liabilities, however,
The
pro¬
was
ad¬
vanced to
and
19.70%, compared with 18.79% a week ago
22.97% last year.
Public deposits declined
£2,677,000
ernment
Loans
previous loans.
An
for
instance for interest alone while
set aside in the one
(
increased
culation
approximate total, which, however, does not
the
on
Reserves in
$54,167,000.
depositories (State banks and trust companies),
Official rates at leading European centres
subscription to the seventh
loan, the books of which closed on
Thursday of last week, give 12,430,000,000
a
banks and trust companies) were
vaults (State
other
Nov. 15.
Unofficial reports of the
are
Reserves in
in 1916.
206,000, against $174,160,000
own
to be
war
reduced $39,427,000, to $426,-
were
requisitioning all the shoe fac¬
A ministerial decree
German
deposits declined $3,102,000.
and other
deposits
securities showed
(other securities)
a
a
Gov¬
contraction of £9,724,000.
Threadneedle Street's stock of
£55,539,056, which
£7,825,000.
decrease of £266,000.
compares
gold
now
stands at
with £56,063,466 in
Reserves
£37,827,446 last year
and £41,885,849 in 1915.
Loans total £90,635,000.
At the corresponding date in 1916 the amount was
£102,442,757 and the year before £96,565,260. The
1916 and
£56,230,709 the
year
aggregate £32,379,000, against
preceding.
Oct. 27 1917.]
Bank reports,
•
notes
761
THE
CHRONICLE
of Oct. 20, the amount of currency
as
outstanding as £166,276,978, against £165,628,week ago.
a
The amount of gold held for the
redemption of such
notes
remains at
£28,500,000.
Our special
correspondent is no longer able to give
details by cable of the
gold movement into and out
of the Bank for the Bank
week, inasmuch as the Bank
has discontinued such
reports.
We append
statement of comparisons:
BANK OF ENGLAND'S COMPARATIVE
/
1917.
Oct. 25.
£
Circulation....
1916.
Oct. 24.
£
.
41,609.000
Public deposits
a
1914.
36,656,020
Oct. 29.
£
35,112,670
28,723,220
40,055,000
52,543,213
39,885,307
24,993,910
8,713,949
Other deposits.....
124,244,000
112,171,721
99,670,341
126,736,526
41,060,604
18,895,502
Govt, securities....
58,965,000
42,187,852
Other securities
90,635,000
102,442,757
attract
funds
to
any
weeks ago on
a
534% basis.
19,427,087
11,788,105
96,565,260 104,808,463
28,619,058
day $20,000,000
more
was
37,827,446
41,885,849
45,210,070
27,114,611
Government. The credits
56,230,709
61,872.740
37,392,831
now
19.70%
22.97%
'30.01%
29.79%
54.45%
5%
6%
5%
5%
5%
reserve
A further increase is shown in this week's state¬
ment
by the Bank of France in its gold item of
1,574,000 francs, thus carrying the total of the
Bank's gold holdings up to
5,326,075,087 francs, of
which
3,288,966,603 francs
4,921,979,322 francs
held
are
2,037,108,484 francs abroad.
in vault
This compares
and
with
when 4,247,421,246
a year ago,
francs
were held in vault and '674,558,075 francs
abroad, and with 4,729,978,619 francs in 1915, all
of which
held in vault.
was
1,665,000 francs.
088,000 francs.
000
francs.
Note
Silver
holdings declined
circulation
expanded
General deposits decreased 26,029,r
Bills
discounted
showed
2,533,000 francs, while advances
were
000 francs.
were
Treasury deposits
905,000 francs.
268,550, which
a
year
gain
a
of
increased
15,-
compares
with 16,589,150,345 francs
in
In
1915.
the
week
785
ending July 30 1914 the amount was 6,683,184francs, that being the last statement issued by
the French Bank in that year after the commence¬
of hostilities
ment
until Dec,
24.
Comparisons of
corresponding dates in
1916
and
1915
are
as
follows:
BANK OF FRANCE'S
COMPARATIVE STATEMENT.
Changes
Status
for Week.
Gold Holdings—
In
Francs.
France.... —Inc.
Abroad
Oct. 25 1917.
of
Francs.
1,574,00.0
Francs.
3,288,966,603
4,247,421,246
Oct. 28 1915.
Francs.
4,729,978,619
2,037,108,484
674,558.075
Inc.
1,574,000
5,326,075,087
4,921,979,322
4,729,978,619
Dec.
1,665,000
255,300,473
328,047,107
363,246,179
2,533,000
608,868,200
479,671,748
280,269,674
2,676,000
1,134,775,654
1,198,224,740
567,971,019
......
.
Total...'..
Sliver
Bills
as
Oct. 26 1916.
discounted..Inc.
Advances
Dec.
Note circulation..Inc.
25,088,000 21,705,268,550
Treasury deposits.Inc.
15,905,000
General deposits..Dec.
26,029,000
The
ment
-
16,589,150,345 13,867,554,340
51,566,926 ;
200,977,259
38,450,783
2,730,839,781
2,885,564,641
2,545,863,140
turities aside from
course
Imperial Bank of Germany reports in its state¬
notes of other banks increased
1,454,000 mks.; bills
discounted,
lower;
52,624,000
mks.
advances
in¬
creased 3,485,000 mks.; investments decreased 20,060,000 mks.; other securities increased 893,000 mks.;
notes in circulation
000
registered
a
reduction of 70,985,-
mks.; deposits decreased 76,943,000, while other
liabilities increased 63,986,000 mks,
money
moment
are
being
as
so
position
may
be
success
of the
war
regarded
bond
changed.
at
the
June
offering of Liberty bonds.
$15,000,000 6% notes to
They will be in serial form
required renewals.
dation of
war
with
a
F.
issue of
years.
at three months' time with
The issue is in effect
a
consoli¬
outstanding short-term indebtedness.
Referring to
covered
an
B.
period of two
cover a
in detail, loans on call
this week of 3@4%, as compared
money rates
range
2@4% last week.
On Monday the high was
4%,. the low 3% with 334% the renewal basis, while
on
Tuesday, Wednesday and Thursday the range
not
changed from 334@4%, with 4% the ruling
on each day.
On Friday 4% was still the
maximum, with 3ZA% as the minimum and 4% the
was
quotation
rate for
renewals.
For fixed
maturities,
tq be expected in view
as was
of the
closing whirlwind campaign for the Liberty
Loan, business was restricted to the merest routine
transactions, the market being in fact at times almost
a complete standstill.
The tone, however, con¬
tinued easy and sixty-day funds declined to
534®
534%> against 534%; ninety days and four months
at
not
were
months
changed from 534%
were
still
while five and six
>
quoted at 534@5%%.
This state
of affairs is attributed
called
largely to the work of the soMoney Committee in promptly relieving any
undue strain upon
at
was
the loan market.
Last year sixty
quoted at 3%, ninety days and four months
334@334%, and five and six months
In mercantile paper
tionally quiet and quotations remain
at
at
also the situation
334%-
was
as
excep¬
heretofore
534®534% for sixty and ninety days' endorsed
bills receivable and six months'
names
of choice char¬
acter, with names not so well known still at 534@5%%.
Banks' and bankers' acceptances showed
only a
very
is
moderate degree of activity, although the belief
some quarters that this section of the
expressed in
market will take
on
new
life
once
the Government
Quotations ruled unchanged.
rates follow:
the
An
the
on
The
Goodrich Rubber Co. has sold
privately
-Spot
Delivery
Delivery
Eligible bills of member banks
Ineligible bills
Ninety
Sixty
Thirty
Days,
r
Eligible bills of non-member banks
offering.
The market must of
belief that there will be extensive
payments in full
on that date the same as was
the case with
financing is arranged.
completely nominal, since all operations
completely deferred in order not to inter¬
fere with the
fractional easing off in sixty
day
for the Nov. 15 payments
prepare
Detailed
The
a
for bonds
of Oct. 15,
the following changes: Total coin
and bullion increased, 181,000 mks.; gold alone
(not
received). Treasury notes declined 17,271,000 mks.;
far extended to the Allies
loan. While this is the date for the
payment of only
the first installment there seems excellent basis for the
days
as
so
and on Thurs¬
source,
advanced to the French
to
funds have not been
the various items with the statement of last week and
the
amount
extended
was
Tuesday France ob¬
$2,826,400,000, including $1,375,000,000 to Britain, $810,000,OOOto France,[$325,000,000 to Russia,
$255,000,000 to Italy, $58,400,000 to
Belgium and $3,000,000 to Serbia. Rates for fixed ma¬
reduced 2,676,-
Note circulation aggregates 21,705,-
and 13,867,554,340
ago
25,-
On
tained $20,000,000 from the same
56,063,466
liabilities.....
An additional loan of
Government.
55,539,056
to
last
placed two
were
further credit of
$30,000,000
a
to the British
Coin and bullion...
Bank rate
The
source.
bills
was
Reserve notes & coin 32,379,000
Proportion of
other
$15,000,000 of these short-term
week
£
32,794,860
to
granted to Great Britain by our
Treasury last Saturday, and on Wednesday of this
1913.
Oct. 28.
£
campaign J. P. Morgan & Co. have made
offering of British Treasury short-term bills, the
reason
being that the bankers consider it undesirable
no
$25,000,000
<
STATEMENT.
1915.
' Oct. 27.
instance of this conservation of funds is contained in
the fact that for the second week
during the progress
of a loan
tabular
.
1649
Days.
Days.
i—3H@3K
3%@3J& 3%@3J£
3M@3H
5@4
@4
4J4@3X
i.
within
30 Days.
3J<
bid
A
bid
fiij
bid
•
in rates
No changes
were
announced this week by
of the Federal Reserve banks, as far as our
goes.
Prevailing rates for various classes
any
knowledge
the different Reserve banks are shown
of paper at
in the
of business
ume
although
OF
RATES
RESERVE
FEDERAL
a
passing is still of small proportions,
firmer and rather more confident tone is
Francs, for the first time in many weeks,
of several points,
apparent.
attracted attention by an advance
mainly
following:
DISCOUNT
[Vol. 105.
CHRONICLE
THE
1650
result of the bidding up of prices by
the victories lately
a
as
French bankers—presumably on
BANKS.
France's armies—which in turn induced
to enter the market as buyers.
achieved by
institutions
local
CLASSES
OF
larly, declining on Monday to as low as 13.30 for
checks.
Cable advices received later from Petro-
53
Member Banks, Coll. Loans
3 VA
3J^
ZA
ZA
1 to 15 days' maturity
m ZA ZA
ZA
3Hi ZA zyA
4
4
ZA
ZA
4
4
4
4
4K
4
4
4
4
4
4
4A
4
4
4
4 A\
4
4A
4H
4H
4A
*A
5
ZA
Discounts—
maturity
"
31 to 60
"
M
61 to 90
"
'*
Agrlcultvral and
ZA
ZA
3A
...
4
4
4
...
4
4
4
...
4
4
4
1 to 15 days'
"
16 to 30
YA
Ml
Live-Stock Paper—
91 days to 6 months maturity
Trade Acceptances—
4^
zyA
zyk
3X
ZA
ZA
3H
ZA
ZA
ZA
ZA
ZA
ZA
ZA
ZA
ZA
ZA
3^ S14
"
3A
3A
"
61 to 90
ZA
Commodity Paper—
maturity.....
ZA
5A
ZA ZlA
4
ZA
1 to 30 days' maturity
31 to 60
3A
ZA
ZA
4%.
buying
favorable impression, and the
close was steady.
Lire showed no improvement,
declining, instead, to 7 85 for sight bills, though
closing somewhat better.
No specific reason was
assigned for this beyond the fact that there was
or
bills
carrying bonds, notes or
having a maturity
certificates of indebtedness of the U. 8., and secured thereby,
at time of discount of not more than 90 days, 3A%.
*
Rate of 2% to 4% on member banks' 1-day
the loan operations of the Government.
produced
fleet,
been
check rate
Checks
description of bills during the week.
London seemed to be held rather firmer on
on
Tuesday,
but this
tendency had disappeared by Wednesday,
and the
closing quotation is identical with that of a
The London market, to quote the special
week ago.
correspondent of the "Evening Post," fully recognizes
that the embarrassment of the
intensified
be
blockade of Germany,
the
in
of
case
more
grows
exchange market will
enforcement
of the
with the consequent stoppage,
neutrals, of exports, which
certain
would otherwise pay
war
strict
through
But
for British imports.
as
the
determined, it is inevitable that
military necessity should supersede economic con¬
There is good reason
siderations.
to believe, this
correspondent states, that economic distress in the
interior of
Germany has become
As to rates in greater,
Saturday,
week,
was
as
acute.
detail, sterling exchange on
compared with Friday of the previous
demand bills
3-16, while cable transfers continued at
without essential change;
ruled at 4 75
4 76 7-16 and
market
very
was
transactions
Monday's
featureless, with the volume of
sixty days at 4 71@4 71%.
dull and
light; rates
demand, 4 76 7-16 for
were
still at 4 75 3-16 for
cable transfers and 4 71 @
shade firmer
Tuesday, at 4 75%@4 75 3-16, although cable
transfers and sixty days ruled at the levels of the pre¬
ceding day; the market was called quiet. On Wednes¬
4
71% for sixty days.
Demand
was a
on
day sterling rates presented
cable transfers and
and
4
feature of moment;
no new
sixty days remained at
4 76. 7-16
71@4 71%, respectively; demand, however,
receded to 4 75 3-16.
marked
Dulness,
as
is
so
often the case,
Thursday's operations and rates were not
changed from 4 75 3-16 for demand, 4 76 7-16 for
cable transfers and 4 71
@4
71J^ for sixty days.
Closing quotations
were
The sterling
Paris closed at 27.18, against 27.18,
are
on
no
longer obtainable.
In New York sight bills on the
against 5 79% ca¬
previous close.
French centre finished at 5 75,
73%, against 5 77%; commercial sight at
bles at 5
5
80%, against 5 80, and commercial sixty days at
5
75%, against 5 85 last week.
with 7 76% and 7
75%
Friday of
on
Greek exchange has not
14.00.
•
another
been
spectacular rise in exchange on
Stockholm, which bounded
over
as
The explanation,
has been previously noted, is the ex¬
scarcity of commercial offerings, resulting from
of the Government
the continued enforcement
bargo
on
other
Scandinavian
increased
a
setas
exports to
and
strong
4 64
1%
to 39%—a gain of
up
the previous high record.
of course,
treme
.
outstanding feature of the neutral exchanges
The
cent
ago.
been changed from
12% for checks.
has
week
a
Last week the close was
Rubles finished at 13.50.
5
Lire closed at 7 82
cables, which contrasts
for bankers' bills and 7 81 for
higher.
francs
Swiss
exhibited
also
strength, sight bills closing at 4 47, against
week ago.
ruled
Bankers'
em¬
neutral countries.
Rates at
centres were sympathetically
firm
sight
on
Guilders, too,
were
Amsterdam
Pe¬
firmer.
essential
without
and
finished
change.
at
43%,
against 43; cables at 43%, against 43%; commercial
sight at 45 3-16, against 43 3-16, and commercial
sixty days at 43 1-16, against 42 15-16 a week ago.
Swiss exchange closed at 4 47
and 4 45 for
on
Friday
cables,
of
as
the
checks finished, at
week
Copenhagen
preceding.
32%, against 31%.
Sweden closed at 39%,
Norway
for bankers' sight bills
compared with 4 64 and 4 62
Checks
on
against 37, and checks on
finished at 32%, against 31.25 last week.
Spanish pesetas closed at 23.30.
23.40, the final quotation of
a
This
week
compares
with
ago.
On
Friday the market ruled quiet but steady and still
unchanged.
the
reichsmarks
for
quotations
and
suspended,
and kronen
ZA%, 1 to CO days; 4%, 61 to 90 days.
any
the market be¬
ing practically bare of buyers.
All transactions in
German and Austrian exchange have of necessity
collateral notes In connection with
Sterling exchange rates have scarcely varied for
a
total lack of demand,
almost
ZA
...
For notes, drafts and
Note.—Rate lor bankers' acceptances, 2 A% to
of exchange Issued or drawn for the purpose of
ZA
_.
of the Russian
grad, however, indicating the safety
an
zmza
ZA
1 to 80 days'
a
opened weak and moved irregu¬
Russian exchange
DISCOUNTS AND LOAN SI
4 71 @4 71%
The
New
York
Clearing House banks, in their
operations with interior banking institutions, have
4
74%@4 75, sixty days at 4 70%, ninety days at
result of the cur¬
26. Their
receipts from the interior have aggregated $6,284,-
4
68%, documents for payment (sixty days) at 4 70%
000, while the shipments have reached
for
for
sixty days, 4 75 3-16 for demand and 4 76 7-16
cable
transfers.
Commercial
sight finished at
and
seven-day grain bills at 4 74@4 74%.
and
grain for payment closed at 4 74%@4 75.
Cotton
gained 81,305,000 net in cash
rency
as a
movements for the week ending Oct.
$4,979,000.
Addiiig the Sub-Treasury and Federal Reserve oper¬
ations, which together occasioned a loss of $123,004,000, the combined result of the flow
Dealings in the Continental exchanges this week
presented
no new
feature of importance.
The vol¬
into and out of the New York banks for
pears
to have been
a
of
money
the week
loss of $121,699,000, as
ap¬
follows.
Oct. 27
1917.]
It should he
this
loss
Bank and
THE
understood, however, that
represents
transfers to
therefore will not count
Week ending October 26.
Banks.
Change in
Bank Holdings.
$4,979,000 Gain
$1,305,000
151,636,000 Loss 123,004,000
$34,916,000
Total
The
"in the
$156,615,000 Loss$121,699,000
following table indicates the amount of bullion
principal European banks:
October 25
Banks of
1
Gold.
October
Total.
Gold.
£
£
9,785,000 165,400,000
again in England.
These
incidents natural enough at this
stage
protracted war, but they cannot fail to influence,
a
indirectly, the military program.. In the case of
Germany, especially, political considerations are at
the moment
uppermost.
stag
15,380,000
600,000
11,512,600
11,637,000
9,494,000
9,494,000
10.742,000
6,754,000
"
l'ss'ooo
8,647,000
3,109,000
522,700
49,245,700
15,980,000
"221",000
Prev.week 721,775,975
6,272,000
73,006,300 795,684,965 743,478,696
73,558,800 795,334,775 743.472,616
Tot. week. 722,678,665
70,003,380 813,482,076
70.164,100 813,036,716
Gold Holdings of the Bank
abroad.
of France this
*
The gold holdings of the Bank of Russia foV both years in the above statement
have been revised by eliminating the so-called gold balance held abroad.
On the
date, the amount so held,
July 30 1914 in both
£230,860,000.
h Aug. 6 1914 in both years.
years,
•
The
APPROACHES,
near
any
on
grand scale
a
of the European battle fronts would naturally
decrease.
There' have
been,
it
is
several
true,
Germans
north
and
guns
more
of
the
the
some sort of
mi itary success, as a
confuting opposition and stimulating the
people's waning enthusiasm, was imperative.
One
of
does not have to go
to recall the
taken
the
northernmost
with
a
land
captured
front,
positions,
with
land
All this might
time nearly
only beginning to unfold.
Flanders, too,
we
to
indicate
military
program
appear
military activity in full swing and
in
one
Russian fleet, and it seized important
positions.
a
Nor is it
From the British front
have been witnessing
a
series of
seemingly
been
from the submarine base at Ostend and
and would' have to
fal(l back
on
Zeebrugge,
Brussels and Ant¬
werp.
In the north, conjecture has been
eral
to
as
successes
whether the German army,
of
the
pre¬
would be cut off
fleet, would not
very gen¬
following the
now
advance
on
own
sort of
among
is
in
people with whom the Ger¬
victory.
It has its allies to
they Austria is not only in
ally to the
sion in that quarter.
election
reckon, and to satisfy whom
condition,
but
a
has
the Italian front.
on
war program,
it
necessity for Germany to create
And if this
were
was a para¬
some
diver¬
not enough,
quite possible that the German Government
would have yet
overtures
There have been
army
against the
Presidential
facing imminent defeat
mount
it
the
desperate economic
To hold its
in the direction of
Belgium.
some
with, and
tary
Hindenburg's
only its
it must win
operations which have forced back Die German armies
dictions that
before
Government must
man
deal
Riga the German fleet, co-operating
force, has defeated and at
a
victory during the autumn of 1864,
November.
reported capture of 30,000 prisoners.
In the Gulf of
a
time to check the political reaction
The Aus-
than 12,000 prisoners.
trians, evidently reinforced by the Germans, have
have
far back, even in our own history,
consuming anxiety with which Lincoln
Administration
struck back at General Cadornaon the Italian
and
embargo
120 large
Aisne, capturing
come
circumstances
means
watched for
success over
another of
on
they have
shortage, and by the tightening of
on supplies which might pass
Germany by way of neutral ports. Under such
in
brilliant
entering
are
whose distresses
harvest
has this very
a
on
now
dread, and their prospective outlook for the com¬
ing winter is darkened by what appears to be an¬
highly interesting demonstrations during the past
fortnight.
The French army under General Petain
week scored
in Germany
every one
to
into
approach of winter, the probability
people
seasons
the American
v
military movements
German
those winter
other
MILITARY OPERATIONS AS WINTER
There has been mutiny
warships, and
knows that the plan of
"starving out England"
through the submarines has failed of fulfilment.
exclusive of £81,484,340
are
year
practically dislodged.
8,868,000
6,272,000
Chancellor has seemed
new
of his associates have already been
some
the German
Discontent in the Reich¬
increasing rather than decreasing.
11,512,600
600,000
13,950,000
11,637,000
10,584,000
6,754,000
on
to be
seems
13,950,000
57,696,000
15,380,000
Switz'land
of concerted
are
15,980,000
611,000
Nat.BeLh
With the
Italy is stirring with political dis¬
satisfaction; the Irish question is raising its head
imminent;
Nether 1 'ds
c
patriot, Ribot.
The fall of the Kaiser's
43,688,000
reported
out from the Cabinet of that
veteran statesman and
77,019,000
40,892,000
2,600,000
latest
during the winter. ]£ven jn France there
signs of political unrest, culminating in the forcing
63,718,000
41,088,000
57,085,000
12,14.0,000 63,718,000
28,899,000 106,574,000
all of
on
great; it will be
very
intensified
are
12,140,000
Italy
Norway..
£
56,063,466
13,121,880 183,018,460
828,800 125,998,850
The strain
sense.
29,675,000
77,675,000
.
Total.
larger^military
51,578,000
51,578,000
Spain
Sweden
the
47,344,000
37,783,000
48,723,000
Aus-Hun.c
Denmark
1916.
£
55,539,056 56,063,466
141,732,059 169,896,580
5,449,900 125,640,850 125,170,050
12,375,000 142,025,000 155,615,000
129,650,000
26
Silver.
10,173",400
131,553,659
Germany. 120,199,950
Russia
1917.
£
55,539,056
a..
in
1651
belligerent Europe has become
of
Silver.
£
England
a
Net
$6,284,000
28,632,000
Sub-Treas. & Fed. Res've operations
held
Reserve
reserves.
Out of
Banks.
France
loss in
as a
Into
Banks' interior movement
good part of
a
Federal
the
CHRONICLE
move
another stake in
at this time.
for peace
a
spectacular mili¬
Each of the Government's
has been made just before the
beginning of winter, and all of them
carefully timed to follow
a
success
have
been
in the field-
whereby the Government might profess to its people
that the peace
proposals
military failure, but
torious
belligerent.
a
were
not the outcome of
magnanimous offer by
To
a
vic¬
what extent the achieve¬
Petrograd and end the autumn campaign by capture
ments in Russia and
of the Russian
cifically designed by the Government and the Gen¬
capital.
WTiat part these various operations may
to
play in the longer campaign is
interesting question.
the west
is
not
or a
no
impossible.
this
But
year.
Undoubtedly
From
that
developments
before the end of
doubtful.
There
1917
are
purely political
need of
some
a
highly
An early German retreat in
bring about the retirement
shadows
be found
renewed German advance in the north,
the
English commanders have strained
to
doubt
in
of
may
recent
the
every
and
resource
the western front
activity
first
fore¬
importance
at least be classed
fact other Motives
reasons,
spectacular
this
on
French
both sides
success, even
are
for
as
it.
in urgent
if unimportant
Staff
eral
as
on
the Italian front
preliminary to
a
new
were
proffer of
spe¬
peace
terms, we shall shortly know.
The German
attracted
more
operations in the Gulf of Riga have
attention because of the utterly be¬
wildering political and military situation of Russia.
All that
is that
been
certainly be said of the campaign itself
occupied- by the Germans, that the Russian
army
that
can
important Russian islands in the Gulf have
has evacuated the fortified land city of Reval,
probably 20,000 Russians
were
taken prisoners,
and that the Russian fleet of twenty or more vessels
was
temporarily blockaded in
water from which it
escaped
a
a
narrow
stretch^of
few days later with the
1652
THE
loss of
one
Reval
to
battleship and four small vessels.
Petrograd is only 230 miles;
Petrograd
there
seemed
talk of
was
possible.
At
CHRONICLE
From
drive
a
Petrograd
on
itself
moving the Russian Government
to Moscow.
Rpt
the
on
unlikely than
German invasion of Russia
a
the
on
defense
It
is
commanders
Eastern to the
well
Western
the
known
that
the
such
an
unquestionably depleted
thrift
can
command
army.
would seriously be made,
and
saving
fortnight the
with
towards their base at Riga.
institutions,
This
hardly foreshadows
grad; it would rather
seem
"winter drive" at Petro¬
a
to
mean
that the program
in
nearly
to
as
had been
1
actually made, it would have marked
an
advance into Russia
some-
have been fairly flooded
merchants,
statement,
newspaper
cable to all its
to receive their subscriptions
year,
each
employee of
tude
of
an
in
paid for.
successful movement of the
are not so very
time of
sort—^which, after
much less than they
were
Napoleon's ill-fated venture—one
conceive of any
at the
can
hardly
development which would promise
quickly to solve the political anarchy and mili¬
more
tary disintegration of Russia than the invasion of
her
country by the enemy and the capture of ■ her
capital.
suspended their
the
placing
many
the
loan.
charge; they have not
of them have practically
officers and employees to
Salesmen
selling, in order, to
canvas
have
dropped
and will not
come
cent's worth of direct money
one
reckoned in the
cerned," of
ordinary
We
manner.
and that is why
course,
other
the city for it, and in the
whole of this labor there has not
come
multi¬
business in order to turn all
own
and energy of
time
a
has offered its
placing the loan, and making subscrip¬
stopped there, but
a
with
course,
concerns,
command.
all,
Every financial insti¬
city, together, of
tions to it easy, without any
to
*
present
a
amount of bonds equal to
private business
services
$3,000
over
the familiar
on
plan of small installments and to also make
to
so
offer, appli¬
an
employees not receiving
thing much like desperation in the German high
Wholly aside from the physical obstacles
manufacturers,
cost, urging the loan, and
own
post in all its offices, here and elsewhere,
tution in the
If such
remarkable
very
One dry goods commission house went
that subscribed and
resources.
one
instance offering services to help the
every
taking.
the north and south had been too much for
available
was
bankers,
of defense in the west and of simultaneous offense in
Germany's
behalf of
on
throng of evidence, for in the past
contributed at their
a
1
This
a
newspapers
according to
army
especially
advertisements, large and small, by financial
is
by the German
remarkable advertisement
needed and blessed national
as
here.
companies
far
scarcely conceivable; and in fact, the week's latest
a
and
virtues, by 27 savings banks and 94 banks and trust
especially when the Russian winter is just beginning,
from Russia tells of retirement
copied
we
of the loan
behalf
on
instance, out of
the capture of Petrograd might be,
news
here
than her
to it.
up
Last week
General
in the northeast.
attempt
no one
more
duty, but there is value in the proof that she has
Petrograd and the coast, for holding
an
pretend that New York has done
kept
city itself, and for dealing with the Russian
That
will
the
certainly be required for guarding communi¬
cations between
people and institutions have not failed;
the
oppose
larger military force than Germany
a
proof that the greatest city and the richest
when
the Russian front
on
wTere
opportunity, in this week
come to or beyond
Comparisons, however, are not
day of congratulation, as is the
expected.
was
clear
The German reinforcements to Austria
However easy
would
But all had
from
regiments
fronts, to
Italian front have
still further her army
a
ad-
much weaker than before, both in numbers and
in morale.
on
so
for
the indica¬
that the agricultural districts
wrere
appropriate, in
de-
spare
nearest its
was
intensifying movement, to
what
easy
an
munitions to
moved
Haig's attacks, they left
army
or
of
New York
ago
the loan, and the largest shortages
in cities farther and farthest west;
were
tions also
a
capital, the fact would remain that
venture.
a
German
Granting
and
army
Germany has not the troops
such
operation would
no
grand scale at this time.
moralized Russian
vance
few days
a
allotted quota on
most behind.
the face of things,
on
seem more
Up to
[Vol. 105.
advantage,
are
all "con¬
have all felt
we
irresistibly impelled to action; but there has been no
us in the ordinary manner.
Is patriotism
profit to
PATRIOTISM
Now that the
umphant
success
TAKES IN ALL CLASSES.
dead?
of the Liberty Loan, it is timely and
and
skulking,
classes and sections ipstead of
American.
of
All
through the
repetition that this is
rich
responsible for
a
being universally
year we
have had
rich man's
our
war,
a
participation in it and
it, that wealth ought.to be conscripted
that the rich
are a
class of tax
dodgers and must
sought out and brought to the rack, and
ad
nauseam.
cry
now
so
on
This has been added to the familiar
that New York is
a
city
as
wicked
as
it is great,
only the intelligence and virtue of the country
back of it hold it from
own
pay
as men are,
be
that
din
sinking in the slough of its
vices, that "Wall Street" is just
scienceless money-seekers,
make
men
and
so
virtuous in conduct at
burdens,,
and most at this
1
are
nest of
con¬
Statutes to
least, and to make
the rich bear what is declared their
national
a
on.
just share of the
chiefly aimed at the
one.
cities,
,
rural
districts,
Is the rich
man
contrasted with the "poor"
as
Is New York
a
to
or
selfish
the
or
place where wick¬
edness is comparatively greater than is produced by
its
having
an
influx of
The cry
caused
is
as
the
vast population, constantly added
a
people froih
that this is
baseless
sinking
grievance.
the
as
of
the
rich man's
and has been
war
So
Lusitania in order
far
as
property
owners,
is
to
have
be assumed
to
the rich have
a
struggle than have the
only
are
once,
equal.
poor;
The rich
on
man
larger
personal
dies
once,
like the laborer who digs in subway
building; wounds, hunger, privations in
camp
field, the chances of suffering by capture, all
alike for
both, except that it is
change at first to
simple living.
go
a
and
are
greater personal
out from luxurious than from
Conscription has
man,
no
favorable
and the law does not
*
a.
achieving the liberty which is the sole object
grounds, all
and
a^l the rest of the country ?
suggestion that England planned
of the
precious to all its
stake in
a
to by
fomented by sharers in real "war" profits
or
emption for the rich
'
the
to any class?
or
"working" man?
that" the
profiting by it, that therefore the rich should
are
for
are
confined to
campaign has closed with the tri¬
dispose of the. slander that patriotism belongs to
some
it
section,
appropriate to point out how effectually that ought
to
Is
any
ex¬
per-
Oct. 27 1917.]
CHRONICLE
THE
mit buying
substitutes, as it once did; the call for
And
voluntary enlistment also comes to all alike.
of
that
The
call
has
met
war
is
death is. We could almost say that
all
of
social
affairs
response;
prominence
in
are
of the government and
proper
tive
possible
of wealth,
men
giving their
the hands
manner
experience and their time to holding
only
as
of active connection with
or
place and
some
leveller,
a
up
a
which shall be final and com¬
peace
truce, and what we shall
a mere
endure before reaching it, we must
But
already there
are some com¬
realize
that, there
higher and
are
learning patriotism,
becoming unified in the
upon
that "a man's
a
put
we can
a
can
fix the truth
for a' that."
man
often named the Prince of
so
the sublime abstractions.
are
idealistic
an
and
one,
And how often
one.
tion, because it is the custom.
is
right.
There
utility in value,
is
secration
Day,
the
to
1917,
cause
will
Like
United States
a
denomination—we
lighted
are
gold dollar, it will readily
a
gift, that should
tion.
And
let
so,
all
cannot
the Christmas Tree.
on
concern us
to the ideals for
should
be
time of rededication and recon-
a
which Christ suffered crucifixion
the
on
be prepared to make infinite sacrifices to secure this glorious
a
We must
cross.
result."—From
"Pica" by Secretary McAdoo.
We subscribe to the
bond
is
And into the
occasion when for
suggestion that
United States
a
worthy gift,
and
There is
day in the calendar like Christmas.
survival of
a
pagan
rite,
Even
no
the
as
James Lane Allen has
as
brilliantly shown in his trilogy of stories, it is
time of rest and
rejoicing.
Winter waits without.
in the
for
The harvests
the
are
a
warms
to gladness,
Under the snows, Nature makes ready
It
springtime.
sacrifice to the eternal
is
hour
an
of
for
pause
flowing of the Spirit of Life—
[time in which to celebrate the great Giver, by the
gentle gift.
is the day when roysterers gathered under
the oaken rafter and the
the
winecup went round.
But
spirit of rejoicing, the spirit of goodwill in giving,
remains, hallowed
now
by
a
sacred historical religious
Always the worshipper hears,
memory.
as
did the
shepherds of old wrho watched their flocks beneath the
changeless
"Peace
on
stars,
the
admonition Jailing down
Earth; Goodwill to Men!"
is the vision of the Wise Men
And
Child.
went
about
"Father
do."
as
one
of
were:
away,
relates that he suffered Himself
suffered death
on
on none,
And whether divine
or
the
even
cross,
in His
but
own
human, if there is
ideal embodied in the Christ, it is the sacrifice of
use
of Power to the rule of law and the
love, the suffering of injury
than the
of that
of
.
even
persuasion
unto death rather
doing of like evil to others, and the exercise
unwasting goodwill which is
forgiveness—all of which
in the divine
day
one
loved
on
gift is poured the
varied
as
as
Secretary McAdoo
man.
gift
purposes
to the exclusion of everything
once
giveness, that
sweet
spirit
shall attempt to formalize this
we
of giving
prescribed offering?
ourselves
steep
heart, best for the
shorn of hate and melted to for¬
into
the
in
the
on
this day
that
enterprise
absorbs
our
albeit
light break in the distance,
a
laces of
strait
Is it best, that
now
even
energies, and in its darksome
a
we
ways,
consumes our
toil and trade?
For
down
old
day let
one
gather
those
on
forget and forgive.
us
we
gallant with joy,
love—just for
day—that the
one
out its precious dower until
pour
earth, and
"the trenches" to make
us
one
and into
run over
people wherever the
shines and the heart thrills.. Better that we waste
little than that the heart
ical
us
spirit of goodwill, that is careless of cost and
it shall overflow the
a
Let
the goods of the earth and shower them
up
engine of
dry
up
like, palaces of dream to the eyes
failing not, in
sons
of
burden
method¬
a
of childhood, and,
generosity, to remember the soldier
our
beloved country "over there,"
our
our
into
Let the show-windows shine
war.
arms, as
of old, with all
manner
let
us
of good
gifts, and, in the democracy of love, let us give, give,
give, that
may
we
bless with goodwill,
even as we
' ' _/
hope to sometime be blessed!
,
He grew, and lived among men, He
sought to inflict death
the
bearing gifts to the
of
Is it best for the human
ONE LESSON
an
means,
eternal
simply,
prayer
a
trust
outflowing and upbuilding, with which
THAT WE MAY LEARN NOW—
THE SPIRITUALITY OF BUSINESS.
forgive them, for they know not what they
led
defense.
of
Always there
doing good, and His last words
And the story
be
to
Christmas
else.
sun
Far away
reconsecra¬
suggests that the Liberty Loan bonds be used for
gathered.
In the glow of the yule log,
gleam of the holly, the heart
and to love.
a
this
on
day all else is laid aside and
one
goodwill alone fills the human heart.
so
and tastes
wants
world, for
appropriate
an
than the
more
in this solemn
forgotten, and thought centres
and friends.
dollar
sale before the
on
Among all the holidays, this is the
when self is
add,
us
fifty
give
doubt be
no
forget," it is the giver
we
more
bond of the.
a
Savings Certificate, of smaller
presents—which will
candles
combines
that
exchange for everything else.
the
of freedom and humanity throughout the wprld,'
multitu¬
Again, the Secretary
nothing
value in utility, than
or
United States.
ones
THE SPIRIT OF CHRISTMAS.
are a
do fritter away
we
thoughtless giving—the
goodwill which hallows it, though it be
"Christmas
We
belligerent,
a
dinous gifts selected at random, and often in despera¬
But, "lest
t.he- cant that wealth is robbery
hardening of the heart, and
a
But these
a common purpose.
compensation, too, if
one
quietus
coming together,
we are
danger and
common
It will be
and
life itself
even
always to be held the most precious possession.
the whole civilized world is
final
more
rededication and
a
'-'J:-';
substance in
lasting things than money/ and that
a
Peace!
three in
How long, we
us.
need for
more
deeds of this Leader
pushing the struggle to its
pensations, for the country is beginning to discover
fire of
there
was
reconsecration to the ideals of the character life and
our
wait to discover.
are
world
now
be called upon to
We
and opposition to the law of life.
Secretary is right. Never in the history of the
manner.
pensatory and not
is not
align himself rather than with agencies
destruction
prosaic people,
must wait for
to
should
man
end, in the speediest and least destruc¬
We do not know what is before
itself,
1653
We shall
taking if
cannot
fail in
we
begin
the
present great world under¬
do not read its lessons aright.
our
the varied and
study too soon.
As
And
we
we survey
all
conflicting activities of mankind
over
the world of
to-day, is it not fundamental that
pro¬
duction and
exchange (or "business")
are
not only
indispensable but beneficent? No civilization worthy
name can be built up or maintained without them.
the
And whether the channels of life
run
flict, to grow and to
m'ake things,
primary to
every success
them,
are
i
in calm
or
con¬
and exchange
and
every
ad-
So that, whatever of the "beautiful adven¬
vance.
ture"
this
exist in the endeavor of the nation in
may
trying hour,
must be conscious of the dignity
we
and worth of labor and of the unifying and harmon¬
izing effect of
sighted if
And
commerce.
shall be short¬
we
over
and
energies of
one
beyond the present struggle.
Whether
hundred
the self-directed
not
or
millions
of
people in production and
change will accomplish
and
control
Jf
in
more
direction
from
come
trial.
But
ex¬
crucial period than
a
central power we do not know.
outside
some
The experiment is
whatever
we
may
advisability of changing
an
industrial system at
on
when
time
the
state of human
no
its most
trol
life, outside of
comprehensive
through
national
the
we use
con¬
of governmental
grasp
best (even tried by unusual
But
if it
even
best, the risk of change in af momentous period
not
minimized.
The
roller
patent
making flour remains in
process
for
although it is claimed
use,
that it crushes all the "life" out of the wheat.
the old
days when the miller
burrs, the plant
process
Went on—a delay that undoubtedly dimin¬
whole process,
The point is
as
time when people
a
Time will show the wisdom of
are
nevertheless made
ideal of
are
starving.
the present
effort
and control in government,
centre direction
we
to changing the
tearing out the millstones and install¬
ing the rollers, at
the
In
forced to dress his
was
shut down while the laborious
was
ished production.
to
a
the term in
If direction and
conditions), it will tend to remain.
prove
culture
and
form of government,
but
that, whatever be
aware
civilization, whatever the
the dream of democracy that
gleams in the future, the fundamental base
which and
upon
by which all must be built, is production
and exchange—processes of human energy to which,
in their
the
multiplying and intricate expression,
name
"business."
trade
and
thus
form
of
together in
our
whole
give
of
helpful
peoples must rely, whatever be
government,
Literally, then, to-day
of
form
a
and whether they live
state of good-will or
a
we
"propensity" to acquire
into
develops
service upon which
their
The
we
are
one
of antagonism.
resting the
effort, the outcome of
our
success
national
endeavor, the glory and good of future tranquillity,
prosaic "business," which in
upon
of
virtuous
self-abnegation
of
excess
sometimes
How, then, do these
a
form of expression which conceals
reality), rise into swelling and combining agencies
good!
ing," by embargoes, that
ample physical demonstration?
"business men"
now
Look
working at Washington
give effect to laws recently enacted.
Look at the
"necessity" of temporarily turning these perennial
activities in
All
overcome.
trade in what
industry into lines of production which,
employed to set
and
pendence the
the real with the
that this great
the
the
us
We
•
ured
falling back
upon
machine power,
a
labor,
even
with
unmeas¬
labor of heads, hands and
-V-,
and culture,
commerce
must become conscious
we
dependent upon
reveals to
so
all doing in the world.
we are
only "making money" by these manifold
not
business processes,
but
expressing the inner
we are
and divine urge to
be and to do, and
thereby "peace
earth, good-will to men." Thrown
back upon
on
have been
we
the zeal of
our
effort
We have
than methods.
Now
of criminal intent.
more
even
issue
that
True, in
knew.
we
have often lost
we
We have been
beneficence.
as
every
we see
in the great campaign,
living better than
spreading
we are
production and exchange in
and at every step
sight of its
for results
eager
denounced "business"
we
see
that despite our
greed, and this applies to nations as to men, we have
been pursuing the only course of light and leading
vouchsafed to
world of
zation of
world of matter informed by a
a
And this perception is not
"business;" it is
have
we
in
us
spirit.
missed
endeavor.
in
trial and
turmoil, shall
conflict
is
over?
wre
Shall
of
onrush
tremendous
the
ideali¬
an
appreciation that
,more an
Having discovered it
in
now
not pursue
a
not
we
give it free rein?
new
consecration, to
devoted
more
of
not cling fast to it when the
it, in the light of its
realizing that it is
our
era
an
Knowing its inherent civilizing qualities, shall
we
revelation, by
its
helpfulness,
for universal
spiritual
power
Shall
a
good and harmony?
not strike down its
we
military boundaries, abolish its interferences, destroy
its
tolLgate obstructions and set it free to
the earth in peace
glory of
governmental, educational and
recognize the independence of
love.
We know that there is
combines
still
we
using
But if
ideal,
an
tion" at
We
culture whose content
into
the
object,
gather from nature,
lies—and
us
The earth.
national
institutions,
world of thought and
a
a
our
philanthropic.
philosophy and science—but labor must
sustain life—and
that in
conquer
and good-will?
We do not minimize the
is
effective.
flict
must
into the
the best
cannot succeed in
by
resting hope,
of force,
still
upon
And any
stand
we
speeding
even
we
do in follow¬
And
carried
on
shall forever make it
ensuing commercial
convicted
a
while
"maximum produc¬
indubitable.
spirit of its mission,
more
as
pour
spread it by exchange throughout
we
save
agency
we
home, then the good that
in the
actual
ideal,
inseparable good of
trade.
trial of humanity,
spirit of what
are
de¬
the
toil and trade of mankind,
common
bring about
Look at the
and
inherent
thus contrast
as we
production
upon
insistent
more
urgent the call, the more clearly
more
universal and unimpeded
Now,
Thus,
think of the "means"
depend
means
And. the
the
out
right to the seas
of free trade!
love and justice in the world,
up
other
any
exchange.
stands
to a
way
living, accomplishing
whatever the individual may
or
obverse
an
very
the beneficence
on
ing "trade"
in human affairs.
Why, the
nothing.
though they end in waste, it is largely believed will
a new era
might be termed
remain incidental to the
these
quickly
more
And, when all is said, the killing must
.
is founded
be
an enemy
end.
in itself
foods to
carry
just features of the employment of
new
bounty
Is there not
at the
to
sudden
efforts, albeit all love to "make money"
(which is only
the
a
have
we
termed the "lust for wealth."
multiform
ships building to
Look at the interdiction of "trad¬
hungry peoples.
exist
savagery, can
and
sense.
commissions shall prove
is
to the
as
startling distinctness that
it rest upon "business,"
save
believe
greatest demand is made upon it,
the truth stands out with
Look at the
uct.
ever
do not project this realization
we
[Vol. 105.
CHRONICLE
THE
1654
as
a
crime
con¬
against
hearts, which shall be judged by its relinquishment 'humanity!
of selfishness for the
as
well
as
and bond
of
on
general good,
profession.
come
devotion of deed
Look at the laying of tax
human energy as
for a generation to
a
it must
express
in industrial plant and
itself
prod¬
At this
our
the
own
point
doors.
we
are
reminded of
In the greatest
an
incident at
commercial city of
country an effort is being made to introduce
technology as]a part of the training in public schools.
Oct. 27 1917.]
If the
object be to show the spirituality of "business,"
which
have
we
attempted to unfold, it might
worth the effort.
the arts of
and the
while,
But if
opportunity
factor in
a
as
of the necessary
industrial
city of small proportions made to order
and attempt to
olis, to
graft it
on
the complex life of
the best of it, must
say
But the incident does
"education"
ideally they
cation is
To drag it from a purely
serve
lie very
same
But edu¬
thing.
And
facing
we are
again the great truth that since dependence is
toil and trade, upon
hour, for all that
lies in
we
industry,
inseparable spirit of good-will that
about it in the present
duty
throw
come
course
or
We have been making
plain.
habitable home.
a
our purpose
So
eagerly have
that peoples have crowded
we
mankind
conflict
of
the
free
centuries
how much attributable to cramping free¬
trade, which is life's primal expression,
do not know.
accomplish
But
we
ideal,
no
without it/
do
know,
Therefore
And
by
we
we can
measures,
realization of its essential
a
us
of its
duty in its pursuit, 1 but
continuance.
that
martial
this conviction must
And out of
bedded in
now,
by
even
beneficence must convince
must
stifled
methods,
And the saddest
has come;
dom in
distorted
has
unfolding.
reason
a
spiritual content.
grow not only a
new
in its
purpose
unify and harmonize all effort in the degree
that it is free to follow its natural law.
abuse of the
PRIVILEGE
Presumably this
Record,"
TO THE ADVANTAGE OF LA FOLLETTE.
Some ten
excited
days
ago
Senator La Follette
copies of
some
said that
smacking of sedition.
Sept. 13 he "placed
on
the Government
of hi^
speech
profits;
10th
on
a
The dispatches
rush order" with
Printing Office for 100,000 copies
taxing surplus incomes; that
on
21st he ordered
speech
flooding the country with
of his interminably long speeches,
some
of them
was
that
100,000 copies of his speech
on
the
on war
the 8th of this month 100,000 copies of
ered
any
all
and any
10,000 copies of
a
speech
on
a
if
a
hands
It
we
of
are,
which
every
under
escapes,
The country
finished
The press
If there
them rise
ancient
of any
of the privileges which other Senators enjoy.
pertinent to ask: Who and what
irresistibly compel
be aroused
it
a
have just
great loan.
are
no
men
in
Congress
a
then
public
opinion
should
But that opinion must
reform.
by keeping at the work instead of letting
IMMIGRATION AND EMIGRATION IN 1916-17.
During the fiscal
was, as
ended June 30 1917 the
year
movement of aliens to
and from the United States
in the two similar periods immediately
very
with the
war
pre-,
restricted volume, and not unnaturally
in
Europe, which involves the nations
providing the great volume of
our
immigrants, still
/ The great contraction of transportation
facilities, due to the tonnage destroyed by submarines
and the extra
war,
oversea
ment
even
had there been any
intending immigrants.
years
considerable body of
Nevertheless, the net
hitherward, if not, the
ment
year
requirements arising out of the
would in any,event have kept down the move¬
move¬
in the latest
gross, was
much in excess of that for the two previous
combined, due, however, to the fact that nearly
one-third of the arrivals
came
a
the Canadian
across
border,and the inflow from Mexico
was
above the
A marked reversal in the trend of travel
Italy and the United States was, further¬
.feature of this latest twelve months.
In
words, the fiscal year 1916-17 witnessed a net
addition of this nationality to the foreign-born popu¬
whereas in both 1914-15 and
1915-16, because of calls to the colors, emigrants
The
largely exceeded immigrants.
alien
arrivals
at
the
various
ports of the
United States in the twelve months ended June 30
1917
totaled 362,877
(made
up*
of 295,403 immi¬
grants and 67,474 non-immigrants), this comparing
with 366,748
tant work"
cates very
we
lapse into being forgotten.
gives his pestilent tirades the right of way in the
Government Printing Office over the "other impor¬
mentioned, matter relating to placing
the contrary,
on
firmly against retaining, unabated, their
"privileges,"
from here
But at least it is
our¬
attempt to halt
serious responsibility to make
work there."
perhaps be unjust to deprive him
no
should keep in remembrance this growing
lation of the country,
Senator it might
exhorted daily to pinch
is greatly absorbed, and
placed by La Follette at the Government Printing
Office have seriously interfered with other important
full-fledged
Here
of scarcity and high prices
Washington;
with enough sense of
between
a
word of it.
flaming effort of patriotism in
a
burden of waste.
other
La Follette is still
every
food, and yet there is
the flood of waste in
in the country,
woman
read
a pressure
nobody
our
and
man
it is increased.
been worked
So long as Mr.
abuse to which
an
might be illuminating and helpful
under compulsion to
"free speech";
get his stuff out, and that "the tremendous orders
are
deliv¬
of this publication could be. placed in the
copy
more,
to
never
kind and quantity of matter which
it in his turn.
also that the Senate folding and mailing room had
day and night for several weeks in order
"Congressional
tacitly consent, since it is ancient and each desires
normal.
on
the
"from"
Congressman chooses, under
the
like topic and of like character;
on a
is
thrust, under "leave to print," speeches
in progress.
Washington dispatches which
little attention at the time reported
and retained under the
mis-named publication into which
a
ceding, of
TURNED
stuff, under the ancient
frank, granted
pretense of transacting public business?
so
FRANKING
OF
ABUSE
load the mails with his
man
of the good-will im¬
it, mutual exchange for mutual good, it
signally serving the country
so
postal and
otherwise, is it less than exasperating to see this
upon
other, nations have sought selfish domination,
are
also to have their burdens increased,
selves in
Our first lesson is
pursued
we
energies.
the world
new
darkest
our
and in the aftermath to
shackles to hamper its
unnecessary
confine its
each
our
conducting that "business" according to its
inner and
no
in
even
hope the world shall be,
upon
hundred
a
letters and postal cards, and the news¬
on our
which
papers
huge task.
close together, and that
is business.
so
metrop¬
to show that "business"
and the
are one
life, and
prove a
a
increase hereafter of fifty to
an
cent
are
prove
fundamentals, into the three R's,
it.
pay
it fits into the teaching
way
if you would so express
to
per
common
by the
large
so
1655
the loan, for example?
Who and what compels and
justifies printing it at the public expense ? And while
we! are all required, under pressure of war emergency,
futile;
school education, it
limited, it must
so
be
technical training in
mere
industry is desired, the field is
must be tested
and
CHRONICLE
THE
in 1915-16 and 434,244 in 1914-15; but
contrast with the
1,403,681 inflow of 1913-14 indi¬
clearly to what
a
tremendous extent the
THE
1056
movement has been affected
by the
the inflow in the latest year,
however, there
in the
contraction
marked
volume
Against
war.
of
CHRONICLE
[Vol.105.
THAT
SUGGESTS
Philadelphia, Oct. 25
•
the
emigrant and non-emigrant efflux aggregating
only 146,379, against 240,807
and
and 384,174
a year ago
633,805, respectively, in the two previous
years.
Consequently the net increase in foreign-born
popu¬
lation in the latest year,
of the 125,941
excess
1914-15, but it
was very
of 1915-16
or
much in
the 50,070 of
diminutive when
appears very
con¬
1917.
"The Commercial and Financial Chronicle," New York City.
of/your issue of
headed, "Standing and Pulling Together—Destroying Food
Referring to your editorial on page 1561
Dear Sirs:
Oct. 20 1917,
Products
by Fire."
number of fires recently in warehouses where grain
stored, would it not be well to have all such places,
protection of the United States Gov¬
In view of the great
although at 216,498, de¬
cidedly below normal magnitude,
GUARD
WAREHOUSES.
FOURTH STREET NATIONAL BANK.
THE
departures,
GOVERNMENT
FEDERAL
FOOD
was a
and other foodstuffs are
matter where situated, under the
no
ernment, evidenced by
seem
the presence of armed soldiers
guards?
as
It would
that if the buildings referred to had been guarded by United States
of incendiary origin,
troops, these fires, if
not have
as seems most
probable, could
occurred, and spies and traitors would not have been enabled to
accomplish their diabolical work.
Very truly
yours,
W.
BULKLEY.
A.
trasted with the 769,276 of 1913-14 or the 815,303
of 1912-13.
the gross
inflow in 1916-17
PAST
the Canadian
was across
border, and it is to be noted that of the 216,498 net
gain in population through immigration, 77,953 is
ascribable to the movement from and to that country
and 22,848
is to be credited to Mexico.
the influx from
arrivals
net
there
in
thence
was
Italy there
was a
1916-17
trend
in
any
came
outward
year
the
to
extent
year
of
war
of
showed
3,475 and in 1915-16 of 795.
of departures, as was
in 1915-16.
15,037;
against
Irish,
against
against
14,879,
Portuguese,
17,402;
£100%, payable
on
April 1 and Oct. 1 and the first divi¬
holders of £4%
at the
8,583,
times, and in like
same
1929-42
National War bonds surrendered, and
bonds of this issue may convert their holdings
manner,
1929-42, for each £100 nominal value of £4%
War Loan,
12,256, against 6,829; Scandinavian, 13,012, against
cular in full
as
war
Issue of
that the entrants of nationalities engaged in the
of a physique to contribute anything to
1922, at 102%; £5% bonds, repayable
1
1924, at 103%; £5% bonds, repayable Oct. 1 1927, at 105%, and
1
£4% bonds, repayable Oct. 1 1927, at 100%.
Interest
were
payable
half-yearly
on
Price of issue, £100%
.
has been the
for
for. many years,
case
disappointment.
has
arriving immigrants,
is naturally
as
the Lords Commissioners
Latterly the demand for labor
read
in
all right in
respects, but at this time a man who can neither
some
nor
write would be very
welcome
as a
farm hand
Bonds of this issue, and the interest payable from time to time in respect
thereof, will be exempt from
ownership of
PROSSER
OF BANKERS
REASONS
ON
TRUST TO
FOR
RESERVE SYSTEM..
issue of Oct. 13 the Bankers Trust Co. of
this city has taken
action toward securing membership in the
Federal Reserve system.
company ,
Seward Prosser, President of the
this week authorized the following statement with
we
considered carefully what the benefits and the
beneficial
Further, the interest payable from time^to time in respect of £5% bonds
shown in the manner directed by the Treasury that
beneficial ownership of a
person
person
a
the bonds are in the
who is not ordinarily resident in the
Kingdom of Great Britain and Ireland, without regard
question of domicile.
Where such
a
to
the
bond is in the beneficial ownership of
entitled to exemption under these provisions the relative coupons
incopae tax or other taxes, if accompanied
declaration of ownership in such form
be required by the
as .may
Treasury.
Interest
on
the £4% bonds will be exempt from liability to assessment to
-
For the purposes of super-tax
and in computing total income for the purposes
reduced rate of income tax on earned
or
sented the net income after deduction
rate.
There
will,
however,
be
no
of exemption, abatement,
unearned income, &c., the income
derived from such interest will be treated
as
if the amount received repre¬
of income tax at the full normal
title to repayment
of income tax ni
respect of such untaxed interest.
reference to the motives which prompted the company's action:
While it is true that
future, if it is
who is neither domiciled nor ordinarily resident in the
British income tax other than super-tax.
our
As noted in
a person
will be paid without deduction for
ENTRANCE
or
of this issue will be exempt from British income tax, present or future, if it is
by
SEWARD
British taxation, present
United Kingdom of Great Britain and Ireland.
-
a
York.
a
shown in the manner directed by the Treasury that they are in the
United
agricultural sections—more, welcome, in fact, than
those who pass the tests are in New
the Bank of England are authorized by
2
of his Majesty's Treasury to receive on Oct.
dated Fund of the United Kingdom.
who land here always settle in the
A literacy test may be
First dividend
Applications may be lodged at any office of the banks hereafter mentioned.
The principal and interest of the bonds are chargeable on the Consoli¬
especially urgent from agricultural com¬
munities in the West and South, but a large part of
seaboard cities.
1.
1917, and thereafter until further notice, applications for the above bonds.
cause
been
the foreigners
("Income tax compounded.")
and Oct.
1
Payable on application.
The Governor & Company of
of the
distribution
Apri
payable April 1 1918.
the labor force of the United States.
The
the cir¬
National War Bonds.
£5% bonds, repayab e Oct.
Oct.
The following is
printed in the "London Financial News":
11,521; Dutch, 4,844, against 4,843, and Finnish,
It is not to be inferred, how¬
into £4% War Loan,
("income-tax compounded") at the rate of £100 £4%
National War bonds surrendered.
ever,
The price
Interest is
application.
on
against 9,370; Scotch, 11,335, against 8,961; Spanish,
4,468, against 4,886.
new
circular issued by the Bank
1929-47, for each £95 nominal value (excluding any redemp¬
tion premium) of £5%
16,535;
21,788,
a
payable April 1 1918.
Holders of £5% bonds may
their holdings within fourteen .days after any half-
convert
17,195,
French,
available in
are
yearly interest date, and as on such interest date into £5%
War Loan, 1929-47, at the rate of £100 £5% War Loan,
largely, if not wholly, the case
are as follows: Germans,
against 7,641; Hebrews,
FINANCING.
£4% bonds, repayable Oct. 1 1927, at 100%.
dend is
Partial details
16,574,
financing
payable half-yearly
9,086, against 10,647; Greeks, 23,646, against 21,440;
English,
WAR
particulars regarding the British Treasury's
of the issue is
ahead
ran
NEW
.
1924, at 103%; £5% bonds, repayable Oct. 1 1927, at 105%,
net loss of
nationalities the arrivals here in 1916-17
'
England and published in the 'London Financial News" of
The offering includes £5% National War bonds, re¬
and
Of all other European
a
'■■■••
GOVERNMENTS
The last offering
5^% discount
on a
payable Oct. 1 1922, at 102%; £5% bonds, repayable Oct. 1
Of
Russians the late fiscal year
placed
Oct. 2.
the net
4,167.
than the Liberty Loan.
,
The full
Polish net arrivals
44,217.
3,002; the previous
were
but this
purpose
BRITISH
in all during the
a year ago,
other
basis.
of
excess
& Co. made no offering of ninety-day British
of the bills two weeks ago was
by 24,311, whereas in 1915-16
excess
net outflow of
was
much in
were
41,456, against 42,195
the inflow
extended comment is
no
J. P. Morgan
I
DURING
WEEK.
Treasury bills this week.
This is the second week that no
bills have been offered, and the reason given by the Morgan
firm is that it is considered desirable not to attract funds for
existing conditions, although the
from
From
1915-16.
year
Europe,
for under
called
As regards
BILLS NOT OFFERED
TREASURY
BRITISH
We have remarked above that nearly one-third of
Bonds of this issue will be accepted at their
nominal value, with
allowance for any unpaid interest thereon, by the Commissioners
due
of Inland
possible expenses might be attending membership in the Federal Reserve
Revenue in satisfaction of amounts due on account of death duties, excess
system, in the last analysis we struck aside all minor questions, such as
or
profits duty or munitions exchequer payments; provided, in the case of
death duties, that such bonds have formed part of the estate of the deceased
reason
continuously up to the date of death from the date of the original subscrip¬
whether it would be
profitable
or
political objections to get in the
unprofitable,
way
of the big question.
which really brought about our application
that
we
and allowed no technical
The only
for membership was the fact
had come to the conclusion that we no longer had a right to stay
out of the Federal Reserve system
when it was our belief that in
way it was the duty of an institution such as ours to
Government at this time.
The
a
large
join hands with
our
'
capital and surplus of the Bankers Trust Co. is $22,500,000, and its total assets $329,000,000.
tion
or
for
a
period of not less than six months immediately preceding the
date of death, and, in the case of excess profits duty or
munitions exchequer
payments, that they have been held continuously by the firm, company or
other person, liable for such duty or payment, since
subscription
or
or
for
a
the date of the original
period of not less than six months before such duty
payment becomes due and payable.
Holders of £5% bonds of this issue may convert their
holdings within 14
days after any half-yearly interest date (viz., April 1 and Oct. I), and as
Oct. 27 1917.]
THE
CHRONICLE
such
on
Interest date, Into £5% War Loan, 1929-1947, at the rate of £100
War Loan, 1929-1947, for each £95 nominal value
(excluding any
redemption premium) of £5% National Wax bonds surrendered; and hold¬
£5%
of £4%
ers
bonds of this issue
times, and in like
convert their
may
holdings at the
of £100 £4%
rate
War Loan,
on a
Bank of
same
holding of £5% War Loan, 1929-1947,
of £4%
or
est date of the loan into which the bonds
have been converted.
In the event of future issues
(other than issues made abroad or issues of
Exchequer bonds, Treasury bills,
similar short-dated securities), being
or
made by his Majesty's Government, for the
purpose of carrying on the war,
bonds of this issue will be
accepted at par as the equivalent of cash for the
subscriptions to such issues, and
for any interest accrued
on
bonds
The bonds will be issued in
1
which application
office of
OVER $3,000,000,000.
Subscriptions of 12,430,000,000 marks
to
denominations of £50,
is lodged and payment made for the bond at any
bank
on Sept. 19 and closed
Oct. 18, are credited in a Berlin
dispatch to Amsterdam on Oct.21. Thistotal, it is said, does
not include
I
are
in part
multiples of
be re-converted at
any
any
the income derived from such dividends will be
appropriate to their respective incomes.
Dividend warrants will be trans¬
by post.
Applications for bonds, which must in
be accompanied by
case
every
may
be lodged at any office of the following banks at any time at which
are
open
command, ready for sacrifices of blood and
May God bless all for their fidelity and self-sacrifice to the happy advan¬
tage of
our peace,
The
j ; '
■_
subscriptions in the
marks, made
up as near as
loans total 72,761,000,000
seven
it is possible to compile the facts,
from information available in the United
States, as follows:
payment of the full amount payable in respect of the bonds applied for,
such offices
Issued.
First loan
Price.
..Sept.
1914
March
1915
98^
Sept.
Marks.
97M
Second loan
for business, viz.:
year
in the field and behind the Imperial
sons
superior force.
assessable to income tax in the hands of the recipients at the rates of tax
mitted
the army
treasure until the honor and freedom of the Fatherland is assured
against
the assault of its enemies in
registered £5% bonds of this issue will be paid without de¬
on
to the
world, the whole German people stand in the fourth
at the side of its heroic
war
sums
time, in whole
(in multiples of £50), into bonds to bearer with coupons attached.
Dividends
the eyes of the
of the
Government and
which will be transferable in
a penny, may
duction of income tax, but
highly at the splendid result of the subscriptions
war loan, and I
express to all concerned hearty thanks and congratu¬
lations for the successful work.
Full of vigor and with a fixed aim before
,
Holdings of registered bonds,
which
or
pleased
am
seventh
Allotments may be obtained in registered form or in bonds to bearer at
of the applicant.
Minister, the Kaiser,according to Asso¬
dispatches from Amsterdam on Oct. 22, said:
ciated Press
"Transferable in the bank transfer books," or
"Transferable by deed."
the option
as¬
"subscriptions from foreign
the German Finance
of England, or of the Bank of Ireland, as
2.
subscriptions from the front, and it is also
countries."
In a telegram of
congratulation over the results
achieved, sent by Emperor William to Count von Roedern,
Bonds of this issue may be registered free of cost in the books of the Bank
1.
($3,107,500,000)
Germany's Seventh War Loan, which opened at the Reichs-
sumed that it does not include
of the banks hereinafter mentioned.
one
England, London, Oct. 1 1917.
allowance will be made
an
accepted.
so
£100, £200, £500,
£1,000 and £5.000, and the Interest thereon will be payable half-yearly by
coupon, the first coupon on each bond representing interest from the date
on
13 George
order office, or
money
SUBSCRIPTIONS TO GERMANY'S
SEVENTH'JVAR LOAN
War Loan, 1929-1942, issued in lieu of National War bonds
converted, will
represent interest from the date of conversion to the next succeeding inter¬
purpose of
of Messrs. Mullens, Marshall & Co.,
House, E. O. 4; and at any bank,
exchange in the United Kingdom.
stock
1929-1942, for each
£100 nominal value of £4% National War bonds surrendered.
The first dividend
the Bank of Ireland;
St., Mansion
into £4% War Loan, 1929-1942 ("income tax
manner,
compounded") at the
at
1657
4,481,000,000
.
9,106,000,000
Bank of England.
London City & Midland Bank, Ltd.
Third loan....
1915
99
Bank of Ireland.
12,163,000,000
London
Fourth loan..—.—March
1916
98K
10,763,000,000
Fifth loan
Bank of Liverpool, Ltd.
County
Westminster
&
B ank, Ltd.
...Sept.-Oct.
1916
98
Bank of Scotland.
10,698,000,000
London Joint Stock Bank, Ltd.
Sixth loan....
March
1917
98
13,120,000,000
Barclay's Bank, Ltd.
McGrigor, Sir C. R., Bart., & Co.
Seventh loan
Sept.-Oct.
1917
98
Beckett & Co.
12,430,000,000
Manchester & County Bank, Ltd.
Belfast Banking Co., Ltd.
Manchester
Bradford District Bank, Ltd,
&
Liverpool
District
72.761,000,000
Banking Co., Ltd.
British Linen Bank.
Martin's Bank,
The New York
Ltd.
"Evening Post" in indicating the appeals
the German people by the Government in furthering the
Capital & Counties Bank, Ltd.
Mercantile Bank of Scotland, Ltd.
to
Child & Co.
Munster & Leinster Bank, Ltd.
seventh
Clydesdale Bank, Ltd.
National Bank,
National Bank of Scotland, Ltd.
Commercial Bank of Scotland, Ltd.
National
Coutts & Co.
Povincial
Bank
of
Eng¬
land, Ltd.
Cox & Co.
North of Scotland & Town & County
Dingley & Co.
Bank, Ltd.
Dingley Pearse & Co.
Northamptonshire Union Bank, Ltd.
Drummonds.
Nottingham
Fox, Fowler & Co.i
&
ui—■ hwkiiih
Banking Co., Ltd.
* t-umn immit m hi mm
Thursday,
"has
been more subdued than usual, the result partly of paper
scarcity,
partly, perhaps, of the impossibility of outdoing the shrill violence of the
last
campaign."
war
The following is
translation of
a
appeal:
•
"Subscribe to the seventh
Nottinghamshire
i
^
As described by a neutral correspondent to London, the
press propaganda
for the seventh German war loan, for which the lists closed last
Northern B anking Co., Ltd.
Equitable Bank, Ltd.
printed the following in its issue of Oct. 20:
v.-
,
Cocks, Biddulph & Co.
loan
war
Ltd.
the struggle for
way
that
our
war
loan I
existence has
After three years' successful conflict
reached Its climax.
now
wonderful army presents
our
typical official
a
*
In the same
unbreakable front to the foe,
an
Gillett & Co.
Parr's Bank, Ltd.
must
Glyn, Mills, Currie & Co.
Provincial Bank of Ireland, Ltd.
with determination, with the full knowledge of all that is at stake.
Guernsey Banking Co., Ltd.
R6yal Bank of Ireland, Ltd.
of
Guernsey Commercial Banking Co.,
Royal Bank of Scotland.
prosecution of the
Ltd.
Sheffield Banking Co., Ltd.
Gunner & Co.
Halifax
Ltd.
Co.,
Bank',
Ltd.
not.
the war.
.
Ulster Bank, Ltd.
guns,
Union Bank of Manchester,
Holt & Co.
Union Bank of Scotland, Ltd.
Banking Co.,. Ltd.
Union
Yorkshire Bank, Ltd.
Lloyd's Bank, Ltd.
London
&
of
London
&
Ltd.
Bank,
Smiths
they
may
long for peace, of continuing the conflict
and submarines.
Your
money
or
is converted into munitions,
Bank,
so
terrible
Your money,helps your brothers at the front, and-
a manner
at the
beginning of the war, before
our
Hinden-
burg drove the Russian hordes from German soil."
Ltd.
A shorter and
more
effective appeal runs as follows:
,
•
"The
London & South Western Bank, Ltd.
or
we may
Every shilling helps.
it protects your homes from the horrors of war, such as East Prussia experi¬
Williams Deacon's Bank, Ltd.
Ltd.
One
that it needs for the
.
No one, therefore, must fail to bring the money needed to carry on
enced in
West Yorkshire Bank, Ltd.
Provincial
money
"After the enemy has rejected with scorn our offer of peace, we have no
choice, however much
Stilwell & Sons.
Hoares.
Isle of Man
Empire the
war.
Tubb & Co.
Banking
I
Lancashire &
first duties is to give to the
our
Shilson, Coode & Co.
Commercial
Hibernian
at home bear the hard duties which this long war has laid upon us,
we
Yorkshire Penny Bank, Ltd.
be forwarded by post to the Bank of England Loans Office,
5 and 6 Lombard St., E. C. 3.
new
War Loan, 1925-1945; £5% Exchequer Bonds, 1919!
£5%Exchequer Bonds, 1920; £5% Exchequer Bonds, 1921;
£6% Exchequer Bonds, 1920.
successful—otherwise
England to continue the struggle.
enough in the eouiury.
thing depended
Conversion of £4 10s.%
loan must be
war
on
Every half-year,
It
can
shall
we
encourage
be successful—for there is money
It will be successful—if each man acts
as
if every¬
him alone."
a
certain proportion of the bonds are to be drawn for
redemption at 110, the issue price being 98.
,
Holders of the above issues, in pursuance of the options granted in the
several prospectuses
or
relating thereto,
may convert their
holdings, in whole
AUSTRIAN WAR CREDITS.
in part, into the following bonds of the present issue, at any time during
Associated Press dispatches on Oct. 13 reported that,
the continuance of the issue of such bonds, viz.;
£5% National War bonds, repayable Oct. 1 1924;
cording to
£5% National War bonds, repayable Oct. 1 1927;
£4% National
War bonds, repayable
Oct.
1
or
1927
,
("income tax com¬
Holders who convert will receive
War bonds for each
£100
an
£4 :10s. %
allotment at the rate of £100 National
War Loan
or
Exchequer bonds
National War bonds Issued in exchange for converted holdings will carry
interest from the dates on which the relative requests for conversion have
been lodged with the Bank of
a
tered"
or
if
any,
England.
A separate dividend will be paid
accrued to date of conversion
request for conversion of
a
holding in
on
any
a
converted holding.
issue, whether "regis¬
"to bearer," is lodged after the balance of such issue has been struck
preparation of a dividend and before the date
dividend is due, such conversion will be effected
N.
as on
Lower
House
had
passed
a
to 9,000,000,000
on
which the said
or
bonds
books of the General Post Office, and bonds
issued by the General Post Office, will not be convertible at the Bank of
They will be convertible at the Post Office under the
ments set forth in the
arrange¬
separate prospectus issued by H. M. Po_tmaster-
General.
A commission of
'
one-eighth
per cent
Government
tions for this issue bearing their stamp, but no commission will be allowed
the printed forms which
may
be ob¬
tained, together,,with copies of this prospectus, at the Bank of England;*
use
war
was
credits
up
stated, also included
100,000,000
railway
a
sup¬
crowns
for
the improve¬
Before the vote
men.
was
taken the
by the
PolishJeaderjaid thatpwing to^ assurances given
Government th^Poles would support the budget.
THE LIMIT OF NOTE ISSUE OF
FRANCE
THE
BANK OF
FURTHER INCREASED.
The limit of the note issue of the
BankjifJPrancejvas last
monthJraised from 21,000,000,000 francs**to 24,0007000*000
francs.
The latter is just double the maximum fixed at*the
war.
of "L'Economiste
We take the
The "Journal Officiel" of
Minister of
following from the issue
Francais," of Sept. 15 1917:
Sept. 11 published the following decree;
The President of the French
of applications for conversion.
upon
to
ment of the condition of
outbreak of the
will be allowed to bankers, stock¬
brokers and financial houses on allotments made in respect of cash applica¬
Applications must be made
it
plementary motion by the Socialist party authorizing the
the Bank of Ireland, Dublin.
Stock registered in the
The budget,
authorization
the latter date.
B.—Applications for the conversion of stock inscribed
in respect
Austrian
Government to raise
registered in the books of the Bank of Ireland should be forwarded to
England.
the
to the
crowns.
Where
of
an
con¬
verted.
for the
Committee
ac¬
the Budget
provisional six months' budget, including
pounded").
for interest,
Vienna dispatch to Amsterdam,
a
Republic,
on
Finance, in consideration of Article 1
1914, reading thus;
•
"1 $
the recommendation of the
of the
law
of Aug.
5
"The amount of the Issue of notes of the Bank of France and its branch
NEGOTIATIONSTROPPED FOR PURCHASE BY
banks, fixed at the maximum of 6,800 million francs by the law of Dec. 20
1911 Is raised to 12 billion.
It
may
amount of the issues of notes of the Bank of France, previously fixed at
12
billion by Article 1 of the law of Aug. 5 1914, at 15 billion by the decree of
May 11 1915 and at 18 billion by the decree of March 15 1916, decrees:
^ Article 1. The maximum amount of the issues of
notes of the Bank of
France and of its branch banks, fixed at 21 billion by the decree of Feb. 15
1917 Is raised to 24 billion francs.
The Minister of Finance is charged with the execution of the
Article 2.
■
that
Announcement
and, In consideration of the decree of Feb. 15 1917 raising to 21 billion the
OF MEXICAN SILVER.
S.
U.
be carried beyond this limit by decree
passed in the Council of 8tate on the proposal of the Minister of Finance,"
present decree.
[Vol. 105.
CHRONICLE
THE
1658
the
Paris, Sept, 10 1917.
,
from the Mexican Government, to he melted and
subsidiary silver, had been discontinued on Oct.
22, was contained in press dispatches on that day from
Washington.
The dispatches further said:
silver pesos
Mexican
representatives
understood
were
Mexico City, they
FRENCH
presented new phases, which r&sulted in the withdrawal
MORATORIUM.
to
It
the
of specie deposits,
we
of maturities and
the withdrawal
suggested that it would be well for the economic
to remind those
groups
still taking advantage of the provisions of the moratorium,
of the urgent
of private and public interest for paying off their debts as soon as
reasons
possible.
In reply to a letter addressed on July
Commerce to the
a
call
the latter made known that
call
seems
have
to
been
would in
or
short time send out a call
a
heard, and thus, since the moratorium
decree of Juno 19 last, the amount of the postponed
the Bank of France has been reduced
commercial paper of
than 42 million francs.
more
Under these circumstances, we think It fitting to extend for a new
of ninety full days, during which the plan of the Chambers
period
of Commerce
will continue to produce its effects, the moratorium provisions
previously
enacted.
understood
is
UNITED STATES ADVANCES FURTHER CREDITS
FRANCE.
The United States Government
"
TO
consideration
under
be
000 to France.
$25,000,000
was
during the past week made
loaned to Great Britain
24.
ment on
$20,000,000
Government
that
loaned to the French Govern¬
was
Oct..23, and another $20,000,000
two
days later* Oct.
was
25.
advanced to
United
The
States Government has thus far loaned to the Allies $2,826
400,000.
Of this
Mexico
City dispatches
of what it
the
RUSSIA
COUNTRIES
From the New York
the
IN
INFLATION
BELLIGERENT
OF
OTHER
AND
EUROPE.
"Evening Post" of Oct. 13
following relative to the existing
belligerent countries of Europe
inflation in
currency
result.of the
as a
restructions
-
the
on
e-importation of
said,
of Russia's
over
as,
as
the
Bonillas,
Ignacio
an
due
money
export
metals, which required the
of
equal amount of gold for all gold bullion
In return, it was
all silver exported.
on
the balance of trade to Mexico would be
on
The accounts from Mexico also said:
;
receive $8,000,000 gold this month,
afterward under
the gold to other
countries.
smelters which closed
and
Mines
activities
now
that
down ten days
It is also understood that Mexico will have no
ports into Mexico from-the United States
The
difficulty in obtaining
The question of food im¬
is still pending, as HerbertC.
Food Controller, haS not yet taken any action
the American
Hoover,
have resumed
ago
agreement has been reached.
an
iron and steel for railroad work and repairs.
it.
new
War Trade Board of the United States, in
first order, made
public
its
Oct. 15 tightened the embargo
on
This order calls for
shipments of munitions to Mexico.
applications for permits for such shipments, regardless of
their size.
^Heretofore less than $100 worth of munitions
granted
upon a
a
customs collector's
license,
declaration by the shipper as to destination
arid purpose.
.
CONVERSION OF FIRST LIBERTY LOAN BONDS.
Regulations governing the conversion of the First Liberty
her exports, how much to the partial blockade of
much difference of opinion
between
Washington, and the United States
war:
her coasts, and how much to the utter confusion of her Government, is a
question which causes
an outline
negotiations
$5,000,000 in November, and $2,000,000 each month
How much of this was duo to the present abnormal excess
imports
this
the distinct understanding that Mexico must not ship
At this week's prevailing rate, exchange on Russia was depreciated 70M %
from parity.
wider
According to these dispatches an agree¬
could be sent into Mexico under
take
we
a
Treasury Department whereby Mexico would take off the
on
CURRENCY
by
Situation
this
Oct. 16 contained
on
reached
been
had
Mexican Ambassador at
,-
000,000 and France $810,000,000.
from
intended to accomplish by the
was
abandoned.
now
ment
regarding
Great Britain has received $1,375,-
sum
and the plans now understood to
relief
country.
on
Oct. 20, while a further credit of $30,000,000 was made on
Oct.
involve
Under the agreement, Mexico will
additional loans of $55,000,000 to Great Britain and $40,000,-
contemplating
is
Government
Gold is badly needed in Mexico,
margin than the $5,000,000 which would have been exported from
paid in gold.
1
Mexican
where the minted gold coin is scarce,
exported and 25%
GREAT BRITAIN AND
purchase has
paid Mexico.
the
that
in another manner.
for the silver pesos
urging a new effort with regard to the payment of debts.
This
a
obtaining the $5,000,000 in gold which it would have received in payment
10 1917 by the Department of
Chambers of Commerce,
they had already sent out
which was to have been
that
Sept. 26 published the following report:
In the report accompanying the decree of June 19 1917 relative to
postponement
The necessity for such
It was proposed because the mounting price of silver threatened
reach the minted value, but the market price now has fallen below
passed.
[From "L'Economiste Francala," October 6 1917.1
The "Journal Officiel" of
their
signified
have
to
but acting under instructions from
by the United States of its offer.
NEW
purchase 6,000,000 Mexican
coined into
acquiescence in the arrangement,
:
under which the
negotiations
United States had agreed to
does the lesser de¬
under date of Oct. 19.
issued by the Treasury Department
A statement issued in explanation
by the Department
Oct. 21
Loan-3 2^%
bonds
were
preciation of exchange on other European belligerents, under the same
similar conditions.
or
But it is
no
longer contended anywhere that the
of the exchange does not reflect the condition of the currency.
course
The wife of the director of the Russian Ministry of Labor, in a talk last
week, remarked that beef in
30 cents
fore the
war
Petrograd
costs SI 25
now
apples from 10 to 20 cents
a quart,
a
a
pound, milk
piece, while boots which be¬
cost $10 could now not be obtained under $60.
A recent letter
from Russia stated that an ordinary suit of clothes costs $200 in Russian
currency.
Probably these prices are rising day by day; for the Russian
State Bank increased its paper note circulation $154,000,000 In the third
week
of August,
$120,000,000 in
the fourth.
$142,000,000 in
the
first
week of September and $218,000,000 in the next—the last week for which
a
bank
250,000,000
months
up
the
in
to last
Russian
But the
much the
way
In
same
bank's
money
as
not after
during
the
May
Nov. 15 1917.
note
circulation
during
the
twelve
increased
must have been forced into circulation
actual Government paper would have been.
twelve months ending
with
September,
was
offset by
as
or as soon
thereafter
be effected
paper .currency
yet received either definitive bonds or
not
is now
$17,000,000,000.
Of this
increase,
Germany follows, with
advance in the notes of the Imperial Bank from $473,000,000 before
In addition to that, the
$2,334,000,000 at the end of last August.
German "Darlefaenskassen,"
or
the
"loan bureaus," have issued $1,486,000,-
QD0 currency.
Notes of the Bank
Increase
was
made in
of France grew from
the last year.
$1,337,000,000 at the war's
Just $857,000,000 of this
In the case of the Bank of Italy,
Where notes in circulation advanced from $337,000,000 at the beginning
of the
war
increase
in
came
Europe to $908,000,000 last July,
in
the last year.
more
than 40%
of the
The increase in the Bank of England's
circulation has been small—from $148,000,000 at the outbreak of hostili¬
ties to $203,000,000 early last month; but the "currency notes," of which
none
or
existed prior to the
war,
aggregated $873,000,000 at the beginning
of September; $304,000,000 of these were put out in the past
twelve months.
To take advantage
interim certificates.
privilege it will not be necessary for holders of interim
NEW OFFERING OF
bonds.
,
TREASURY
'
CERTIFICATES
OF INDEBTEDNESS.
Secretary of the Treasury McAdoo
a
new
indefinite
amount,
to
be
Oct.(23 announced
issued in anticipation
Liberty Loan receipts.
The
certificates upon
no
Dee.
on
offering of Treasury certificates of indebtedness of
The certificates
outbreak to $4,264,000,000 this present week.
interim certificates, and who
or other
mmmmmmmmmmmmmmmmmmmmmmrn
« ■
the war's outbreak to $7,335,000,000 last month.
to
holding such bonds
$6,-
Russian Bank's circulation increased from $817,000,000 at
thereby obtain the
for any reason, have
convert, should so notify the bank or trust company,
certificates to obtain the definitive 3j^%
Russia's increase has been greatest, both absolutely and proportionately.
The Imperial
war
to
Nov. 8 1917,
from the earliest possible date.
Subscribers for bonds of the first Liberty Loan who,
of Russia, Germany, France and England on Aug. 1 1914,
$3,112,000,000; it
356,000,000 came in last year.
an
of Nov. 15 1917, and holders thereof will
as
Loan who
desire prompt delivery of their
Conversions of bonds so surrendered will
possible.
as
Eliminating Austria (which has refrained, from making any
ing the war ?
1917.
interim certificates of the first Liberty
or
full benefit of the higher rate of interest
statement of banknote or currency issues since July 1914) the outstanding
was
worked out, so that such adjustments
if conversions are effected
4% bonds should surrender their holdings for conversion on
of the conversion
inflation of belligerent Europe dur¬
bonds,
inconveience
15 1917, or as of Dec. 15
of Nov.
agency now
foreign Governments."
by surrender of the 3H%
desire to effect conversions and. who also
desire
How much has been the total paper
says:
be effected at any Federal' Reserve
Nov. 8 1917 (but
15 1918), but no 4% bonds will be ready for delivery prior to
If conversions are effected at any time before Dec. 16 1917,
will be made with a minimum of
war," and $280,000,000 reported as "Treasury bonds held in respect to ad¬
to
Treasury^Department
the adjustment of interest has been
$760,000,000 increase under the account of "advances to the State for the
vances
may
payments to the Government to adjust interests will not be required, but
on and after that date such payments must be made.
The machinery for
Similarly, the Increase of $880,000,000 in the French Bank's note circula¬
tion,
the
at
Holders of bonds
Against the increase of S3,-
August, its holdings of "Treasury bonds"
$3 ,760,000,000.
or
bonds
together with a request for conversion, at any time after
statement has been received.
This is not fiat money in the usual sense.
on
Conversion of the 3 H %
which
new
of second
issue is the first offering of
definite iimit had been placed.
bear interest at 4% from Oct. 24, mature
15, and will be accepted, if tendered on Nov. 15 or
Dec. 15, as payment
for second Liberty Loan bonds.
Secre¬
tary McAdoo, in announcing the new offering of certificates,
issued the
following statement:
Secretary McAdoo announces that under the authority of the Act of
Congress approved
and
as a
Sept.
24
1917,
for the purposes therein indicated,
convenience to banks and trust companies and other subscribers
to the second
Liberty Loan, and
as a
further
means
of avoiding concen-
Oct. 27 ]<U7.]
tration of pay -'
Federal
ts oil bond
Reserve
limited
THE
subscriptions, he will receive through the
oanks subscriptions
amount of
at par
Treasury certificates
The certificates will be
payable Dec.
4%
per
Nov.
from
annum
accepted
Oct.
at par with
15
Dec.
or
24,
holders
of
must be
are
made
dollars,
a
15 1917 with interest at the rate of
1917.
Certificates of this series will be
on
on
Liberty Loan subscribed for by and allotted
certificates.
received,
Allotments will be
made
and payments at par and
in
the
allotted to them
for themselves
Department officials
8164,797,000.
bonds,
to
up
Oct.
on
26
FARM LOANS OF OVER
$64,000,000 APPROVED.
aggregating $64,063,604 were approved by the
Federal Farm Loan Board
up to Sept. 30, according to the
offering, Treasury
new
announced,
"Official
amounted to
by receipts from second Liberty Loan
$1,799,994,000,
nearly 60%
or
of the loan
minimum.
Bulletin"
B.
RILEY,
WAR
OF
CHICAGO,
TO
HELP SELL
SAVINGS CERTIFICATES.
Co., of Chicago, 111., has been appointed director for the
Northwest in the coming campaign to sell
$2,000,000,000 of
savings
certificates.
is
It
expected
that
Frank
of
announcement
the scheme for
disposing of them.
The
same
machinery that has been so successful in floating the
Liberty Loans will be employed, it is said, in selling the war
•savings cerdfica'es.
BANK
DEPOSITS
IN
,GREATER THAN IN MAY, DESPITE FIRST
LIBERTY
LOAN
date of the Sept. 11 call,
Comptroller of the
Williams on the 19th inst.
Skelton
at
Currency John
not¬
certain extent withdrawals from the national
a
banks the deposits of the latter
dollars more than on
May 1
that
if
deposits of
Sept. 11
on
1917.
were
154 million
The Comptroller also
$5,000,000,000,
(the maximum
should be withdrawn from the national
banks their deposits
would still be 286 million dollars
greater than at this time in
1913—the year before the outbreak of the war.
We give the
below:
statement
The Comptroller
Oct. 19 1917.
of the Currency in
announcing
1917, just compiled, said:
the bank call of Sept. 11
If $5,000,000,000 of
deposits
of
the
their
country,
should
deposits
be
to-day the results of
still
European
war.
It is significant that while the national
banks of the
country have as¬
sisted so largely in the
financing of the first Liberty Loan of two billion
dollars, involving to
a certain extent the
withdrawal of deposits from these
banks, yet the deposits of the national banks
now, as compared with May
1
1917, before the first Liberty Loan
crease
of
154
The total
million
was
announced, show
dollars.
an
•
money
1917, of 392 million dollars,
1916, of 2,132 million dollars.
The resources
of
The amount borrowed
being made to>
"remarkable""
a
by each association, said the-
associations borrow at the
over
rate
same
$150,000,000 .will
a
those
as
have
been
already char¬
loaned
compared with the call of June20
and an increase as compared with
Sept. 12
the
banks of
1904.'
Deposits also exceed the deposits of June 20 1917,
by 462 million dollars,
are 1,872 million dollars
greater than on Sept. 12 1916.
The deposits in the national banks four
years ago, Aug. 91913, amounted
to 7,948 million dollars.
The increase during these four
years has been
$5,286,000,000, or 66%—a growth which is unprecedented.
and
The 10 States showing the greatest increase in
the deposits of the
country
national banks since the call of June 20
1917, were, in the order named;
Pennsylvania, 30 millions; Ohio, 21; New Jersey. 19;
California, 16; New
York, 15; Virginia, 14; Texas, 12; Indiana, 11;
Illinois, 9; Kansas, 9 mil¬
was
approved farmers
are
required to provide abstracts of title, and hundred of
are
farmers
do
not
abstracts of title.
possess
Approximately
$25,000,000 of loans which had than been approved by the
banks were awaiting abstracts to be
supplied by the borrowers.
■
RESIGNATIONS AND APPOINTMENTS IN FEDERAL
LAND
Announcement
BANK
of
the
OF
SPRINGFIELD.
resignations of E.
H.
Forristall
Secretary of the Federal Land Bank of Springfield, Mass.r
Edward H. Wilkins hs Treasurer and
Kingman Brewster as
Registrar was made on Oct. 11. Hugh MeConnor has been
as
made
Secretary and
as a result of his appointment has re¬
city purchasing agent of the city of Lawrence,
G. £. Dalgeish, who had served as auditor of the
signed
as
Springfield Federal Land Bank, has been made Treasurer
and director of the bank.
head of the land bank of
Mr.
Dalgeish
Egypt.
•President »of the Federal Land Bank of
Mclntyre is Vice-President and
As to the
reasons
lowing to
President
among
at
one
time
Springfield, B. G.
Myrick director.
Herbert
for the
a news
resignations the Springfield "Re¬
item in its issue of Oct. 12 had the fol¬
say:
G.
Leonard
the officers,
Robinson
simply
a
said
yesterday there
difference of opinion.
said the President, this "difference of opinion"
case,
was
Leonard G. Robinson is
In
was
no
Mr.
friction
Brewster's
arose over
•
the national
by
The statement of
year.
approved and the amount of loans paid out
as
the country to-day exceed
by
approximately $1,500,000,000, the total resources of all the banks of
the
country, national, State, savings banks and trust
companies as late as the
year
already completely
were
Board, averaged about $40,000, and should all of the 4,000'
aggregate of 16,543
increase
an
by the Federal Farm
the farmers who compose these associations at
publican" in
of the-national banks of the
country have again ex¬
ceeded all past records, and have now reached
the great
This is
that time made
at
was
actual in¬
.
resources
million dollars.
Sept. 17 that more than 4,000 farm loan
being organized in the United States to
under the Federal Farm Loan Act.
An¬
on
organized and chartered and that loans
from the national
be 286 million dollars
greater than they were at this time in 1913—the
year before the outbreak
of the
$64,063,604
Loan Board that 1,200
organizations were
Mass.
withdrawn
would
11,072,395
______
3,203,2451
were
nouncement
subscriptions looked for in the second Liberty Loan
offering)
Comptroller's
3,062,460
7,423,6001
reported
associations
rate.
8,643,245
5,808,779
explained by the fact that after loans
the
withstanding the financing of the first Liberty Loan, in¬
volving to
$3,976,490
______
6,564,828j Spokane
:____
St. Paul......
was
Federal Land Bank of—
5,922,9001 Berkeley.
New Orleans
It
Federal
the Board said that the great difference between the amount
pointed out that
.
the
3,317,6481 Houston
_
of loans
FINANCING.
reporting the standing of the national banks
|
twelve Federal Land banks within
SEPTEMBER
take
we
has been approved by the
3,195,6841 Wichita
Louisville.
tered,
NATIONAL
from which
$1,872,330! Omaha
_.i_
borrow
A.
Vanderlip, President of the National City Bank, of New
York, who is Chairman of the committee in charge of flota¬
tion of the war
savings certificates, will shortly make an
19,
of—
Springfield
St. Louis
Harrison B. Riiey, President of the
Chicago Title & Trust
Oct.
The following distribution of
loans
Farm Loan Board
up to Sept. 30:
Federal Land Bank
Baltimore
HARRISON
of
following:
Columbia.
banks
to 285 million
Loans
This brings the total of outstanding certifi¬
be retired
to
stated
Sept. 11 1917, amounted
compared with June 20 1917, of 88 millions, but an
compared with Sept. 12 1916, of 193 million dollars.
as
amount
The first day's
subscriptions to the
In
on
a reduction as
increase
$5,000, $10,000, and $100,000.
war
the large balances carried with the
Bills payable and rediscounts
dollars,
for which each shall have qualified when so notified
by Federal Reserve banks; otherwise
payment must be made in the or¬
dinary way.
The certificates will be issued in denominations of
$1,000,
cates
of 83 millions, and
Sept. 12 1916.
amount
their customers
or
compared with June 20 1917,
over
Federal Reserve
due to national banks from other
banks and bankers
amounted to 1,634 million dollars.
allotment.
credit for certificates
up to the
as
$290,206,000.
Notwithstanding
banks, the
applied for, and to close the subscriptions at any time without
Qualified depositaries will be permitted to make payments by
notice.
increase
an
Other bonds held amounted to
1,863 millions, an increase of $20,574,000
over June 20, and an
increase of 239 millions for the twelve months.
Cash in vaults and due from
Federal Reserve banks, including items in
process of collection
Sept. 11 1917, amounted to 1,666 million dollars, an
increase over June 20
1917, of $93,124,000, and an increase as compared
with Sept. 12 1916, of
order
accrued interest
The right is reserved to
reject any subscription and to allot less than the
amount
1659
429 million dollars
are
15 in payment on the
subscription price then payable
said
subscriptions
and accrued interest for
of indebtedness.
adjustment of accrued interest if tendered
an
of any bonds of the second
to
CHRONICLE
the selec¬
tion of certain lawyers to examine titles to land.
Mr. Brewster first ten¬
dered
and
his
resignation
Aug.
President Robinson, B. G.
10.
Three
officers
directors
remain:
Mclntyre of East Waterford, Me., Vice-Presi¬
dent, and Herbert Myrick of this city, director.
Mr.
Myrick said last night that there may have been friction
among
though not among the directors.
"You know, Mr. Mclntyre
the officers,
and myself are directors," he added.
President Robinson declared that
he knew of ho real discord even among officers.
The operations of the bank are not
since
a
NEW
hampered to
any appreciable
degree,
majority of directors remain in office.
SECRETARY
FOR
FARM
MORTGAGE BANKERS
ASSOCIATION.
lion.
The only States showing a reduction of
deposits
were
Among
as
much
as
reserve and
central
deposits of 6 million dollars
reserve
or
more,
Iowa, to
cities, those showing
were:.
New York,
an
increase in
72 millions; San
Francisco, 25; Philadelphia, 24; Pittsburgh, 20;
Cleveleand, 15; Cincinnati,
11; Washington, 10; Houston, 8; Baltimore, 7;
Indianapolis, Boston
Kansas
City,
The only
were
and
6 millions each.
cities showing
a
reduction in deposits of 3 milHons
Loans and discounts amounted to 9,055 million
dollars, an increase
June 20 1917, of 237 millions, and an increase
as
more
over
of
the
compared with Sept. 12
as
Railroad Commissioner of
assume
the duties of
Secretary-
Farm
Mortgage Bankers Association of
America, an organization composed of the leading farm
mortgage bankers of the United States.
Its purpose is to
business and, by co-operative
action of its members, to reduce the cost of
mortgage
to both borrower and lender.
Mr. Chassell's
loaning;
resignation
will
take
effect
Nov.
5.
.
,
United States bonds and certificates of indebtedness
including Liberty
bonds held by national banks Sept. 11 1917, amounted to
1,159 million
Treasurer
resigned
to Chicago to
go
standardize the farm mortgage
or
Chicago, 19 millions; Omaha, 9, and Denver, 4 millions.
1916, of 1,195 million dollars.
E.D.Chassell has
2 million dollars in
Florida and Connecticut.
his
successor
Governor
Harding will appoint
who will hold office until the
general election in
November of next year.
THE
1660
4
Several banking institutions
count
in this city and throughout
week responded to the
them to join the Federal
country have during the past
President's recent appeal urging
patriotic duty in the mobilization of
the banking reserves.
The United States Mortgage &
Trust Company of this city on Oct. 21 decided to make
Reserve
System
navian-American
Trust
American Bank at
Directors
Co.
special meeting
a
on
of
the
German-
Oct. 25 also de¬
apply for admission into the System.
Savings Bank of Colum¬
Directors of the Citizens Trust &
bus, Ohio,
on
Oct. 17 unanimously voted to join the Sys¬
tem, as did the directors of the
Union & Planters Bank &
dent
Memphis, Tenn. James B. Forgah, Presi¬
of the First Trust & Savings Bank of Chicago on
Oct.
19 announced that at the next
Trust
of
Co.
meeting of the bank's
directors he will recommend that the
institution enter the
Fidelity Trust Co.
apply for membership
in the System,and similar action was taken on Oct. 22 by
the Philadelphia.Trust Co. and the Pennsylvania Company
for Insurances on Lives & Granting Annuities of Philadel¬
Reserve
of
The directors of the
System.
Buffalo, N. Y., on Oct. 20 voted to
phia; the Citizens & Southern Bank of Savannah, Ga.;
the Wilmington (Del.) Trust Co.; the New Haven-Union
Trust Co. of New Haven, Conn.; the Camden Safe De¬
posit & Trust Co. of Camden, N. J.; the Washington Loan
& Trust Co. of Washington, D. C., and the City Bank of
Other institutions which have decided
Maryland Trust Co. and the
Commercial Bank, both of Baltimore, Md.
Syracuse, N. Y.
Baltimore
furnish.
can
BANK AT PORTLAND, ORE.
branch of the Federal Reserve Bank of Port¬
The Portland
land, Ore., was opened on Oct.
W. N. Ambrose of San Francisco is
branch.
the Portland
The directors of the branch
branch.
Acting Cashier of the
L. Mills, President of the First National.
Portland; J. C. Ainsworth, President of the United
W. A. Day, A.
are:
Bank of
Bank of Portland; Judge Thomas C. Burke,
States National
and Nathan Strauss of Fleischner,
Customs,
Collector of
The branch has to a large extent, it is under¬
stood, taken over the work of the Portland Clearing House
Association.
The "Pacific Banker" of Oct. 6 had the follow¬
Mayer & Co.
ing to
concerning Portland's clearing operations:
say
clearing at the Portland Clearing House to clearing
The change from
through the branch is
accompanied by minor problems which will be worked
Principal among these is that of adjusting balances where the
out in time.
"against" or in faVor of a bank or banks.
Heretofore
adjusted their balances without material
exchange between local banks or between banks
in other reserve centres.
A charge of 5 cents a thousand where the transfer
must be made through San Francisco or proportionate charges where it is
on other centres, is made by the branch unless the transfer is made by tele¬
clearings have gone
by agreement, have
the banks,
pending the transfer or
cost
graph with confirmation before closing hours.
Local banks have as a result
discovered small but significant costs to themselves, according to the way
It is presumed definite rules for the
clearings fall daily.
the
which
in
needed buying or
selling of exchange in adjusting the daily clearing balances
In the past the charge has only been made where the
will be worked out.
method
PROPOSED BRANCH OF
CLEVELAND RESERVE
Pittsburgh branch of the Federal
Reserve Bank of
Cleveland is reported to have been agreed
to at a conference
in Pittsburgh on Oct. 12 between W. P.
G.
Federal Reserve jBoard; F. A
Delano, Chairman of the Branch Bank Committee of the
Board; D. C. Wills, Governor of the Federal Reserve Bank
of Cleveland; Robert Wardrop, Pittsburgh director of the
latter; H. C. Frick and representatives of the Pittsburgh
Clearing House Association, at the instance of T. H. Given,
one of the Clearing House- representatives, tentative plans
of the Federal Reserve officials were approved as acceptable
to the Pittsburgh interest; a committee, composed of Mr.
Given, R. B. Mellon and J. R. McCune was appointed to
act with the Federal Reserve authorities in working out the
arrangements toward effecting the establishment of the
Harding, Governor of the
branch.
feeling that it will be more
a
MARTIN ON REDISCOUNTING PRIVILEGES
McC.
W.
RESERVE ACT.
OF FEDERAL
termed
he
what
to
Louis
the annual convention of
at
Association
Evansville
at
banks to keep business in a
in existence" and in pointing out that
"the old order
method allowing
was
largely "to the fact that
the fact that the Federal Reserve Bank is in existence,
on
adding that "it is not far wrong to say that section 13, which
the rediscounting
covers
We quote some
There
Federal
privileges is the heart of the system."
of his observations below:
banks, I understand, and some of them perhaps belong to the
are
of right have the privilege of re-
Reserve System and as a matter
discounting with the Federal Reserve
that they have not borrowed a cent
If this
money.
bank, which take pride in the boast
in
years
Oct. 9.
considerable embarrassment to those customers,
means
a
time when business should
such position or do such a
the
for
need
banks
after
borrowing
order to enable them to continue
There
SAN*
Besides the newly opened
Reserve Bank of San
also
was
opened
on
Sept. 19.
Federal Reserve Bank of San Francisco, is Acting
Manager of the Seattle
M.
The'Seattle branch
C. J. Shepherd, Assistant Cashier
recently established in Seattle.
the
of
Portland branch of the Federal
a branch of the latter was
F.
branch, the directors of which
are:
President of the National Bank of Com¬
Backus,
President of the Dexter Horton
President of the KelleyClarke Co.; Charles E. Peabody, Chairman of the Board of
the Puget Sound Navigation Co.; and C. J. Shepherd,
Acting Manager.
R. R. Mattison, Assistant Cashier of the
H.
N.
merce;
Latimer,
National Bank; Charles H. Clarke,
National Bank of Tacoma, will serve temporarily as Cashier
of the Seattle branch of the
Cashier is
Shepherd
named.
was
saying:
The
Seattle
Reserve Bank until
With regard to
the
new
a permanent
branch, Mr.
quoted in the Seattle "Post-Intelligencer" as
I
will
serve
all
Western
Washington.
It
will
have
authority to do practically everything that the headquarters bank can do
at San Francisco.
The principal
business will be the rediscounting of the
banks' paper and furnishing them with
Federal Reserve notes.
balapces in Seattle, formerly settled directly
settled on our books.
Clearing
between the banks, will be
what
true that even
that they
is
other banks whose prejudice is not so much against
who
then
or
it'will eventually fall on the. bank.
have
that
never
borrowed
they have
money,
a
Perhaps the certificate
Such banks may state
but in reality
what
bank should desire to borrow money, and
unnatural, but I think what
borrow
to
keep business in
in order to
When
they should
i
'
damentally, the borrowing of
certain
shown borrowed money in their published
never
length of time, should need to borrow
mers
borrowing
implied to the effect that in the
money
we may now
if in existence for any
for legitimate purposes,
a
a
is
call an ancient prejudice was
due in great measure to the fact that no recognized method
to
the
borrow money which is used by the bank,
go
statements.
That
these
with
rediscounting
deposit method is used by the bank to fool itself.
not
that are in
could enlarge the service they render their
means,
allowing banks
going condition was in existence.
Fun¬
bank should be for the benefit of its custo¬
keep their business going, and such borrowing is legitimate.
the borrowing is primarily for the bank, and
not
for its cutomers,
then the borrowing can be wrong.
But "The old order
serve
changeth, giving place to new."
which covers the rediscounting
privileges, is the heart of the system.
think I had the privilege of explaining at the Nineteenth
tion of this Association,
one
The Federal Re¬
Section 13,
bank is in existence, and it is not far wrong to say that
based
bonds and stocks
upon
elasticity) to
one
banks to borrow
As I
Annual Conven¬
this privilege changed our financial system from
(a
foundation which had limits to its
the
enable
based upon commercial paper, which is as elastic as
needs of demand and supply.
bank
perhaps,
against the showing of the item "Bills Payable" on their state¬
event of loss,
state
the better for the
money,
banks,
is doubtless
but it
money,
there being an understanding expressed
of
are
,
of the directors
Francisco,
borrowejd
It many such cases the bank turns its bills receivable over to
ments.
FRANCISCO.
are
money as
of
There
restricted type of business that they never find
committees.
FEDERAL RESERVE BANK OF
time
would
or
be going ahead, then the sooner
understand thoroughly
they
FederaT Reserve bank
SEATTLE BRANCH OF
and never expect to borrow
that the prejudice against borrowing money is so
means
great that they would prefer to call the loans of their customers at a
communities which they serve.
opening of a Cincinnati branch of the Federal Reserve
of Cleveland was authorized by the Federal Reserve
no
new," Mr. Martin lays emphasis
changeth, giving pjace to
those banks learn the legitimate use
CINCINNATI.
Martin
Mr.
11.
recognized
going condition
ascribed this prejudice
business at
RESERVE BANK AT
prejudice"
Indiana Bankers'
the
October
on
refuse to loan to their regular customers in
BRANCH OF CLEVELAND
ancient
"an
bank borrowing money was contained in ah ad¬
dress delivered by William McC. Martin, Chairman of the
Board of Directors of the Federal Reserve Bank of St.
a
when it
on
there
regulation imposed by clearing through the branch, but
satisfactory as soon as the regultions, as to
details, become better known or the method of operation more definite.
is
against
PITTSBURGH.
BANK AT
The establishment of a
Board
There is no oppo¬
delayed in operation or a slip-up occurred.
was
sition to the
Reference
Bank
W. A. Day, Deputy
1.
Francisco Reserve Bank, is Manager of
Governor of the San
.
The
RESERVE
FEDERAL
FRANCISCO
SAN
OF
System are the
enter the
to
privileges and the unlimited
BRANCH
as a
application for membership in the system, and similar action
was taken the next day, Oct. 22, by the boards of directors
of the Bank of the Manhattan Company and the Scanda-
cided to
we
public, through the bank
ill be the redis¬
supply of Federal a. .serve notes which
advantage to the
The big
NEW MEMBERS OF FEDERAL RESERVE SYSTEM.
the
[Vol. 105.
CHRONICLE
on
bonds
or
The Federal Reserve system does not
securities other than those of the Government,
but does enable the banks to borrow
on
business paper.
Paper discounted
by the bank, in order to be eligible for rediscount with the Federal Reserve
bank, must give evidence of the fact that there is
sumer,
and must
measure
recognized for many
up
years.
a
producer and
a con¬
been well
The Federal Reserve Act, itself, does not
to certain standards which have
Oct. 27 1917.]
THE
CHRONICLE
1661
establish any untried
banking
principles.
It does, as it were, codify good
banking principles and arranges them into a
working system.
The
regulations of the Board governing the kind of
paper that are eligible for
rediscount only reaffirm those
principles which every well managed bank
in the country has
long taken into consideration when passing upon credits.
It is perhaps for this reason that
the item on a
statement, "Bills Rediscounted with the Federal Reserve
Bank," has
eyes of the public than the
different meaning in the
a
item, "Bills Payable."
There was a time when the majority of banks met
^
"The Federal Reserve
system
is all right,
but
you with the statement,
have
we
no
eligible
paper
for rediscount."
When I talked with them and
they described the paper,
I usually found
that, by far, the greater number of notes in their bill case
were
eligible.
They did not fully understand the meaning of commercial
them, in fact, thought that the only commercial paper
GOLD
existed
had
borrowed money to carry on his
business,
Company, the local
much
as
In
discussion of "The New Era of American International
a
Trade
and
there is doubtless too much optimism in some
quarters, there
is bound to be
large national business houses.
The Federal
banks opened in Nov. 1914 and have been in
operation for nearly
I believe I am making a perfectly correct statement when I
that practically all the criticism I have heard in
regard to the Federal
system is based on lack of understanding of what the
system is.
believe that
of their notes
are
of
most
now
member banks realize that the majority
our
eligible for rediscount, and that they can offer them to the
Federal Roserve
bank
as
matter of
a
right because they
stockholders,
are
with the expectation of getting the
promptest possible services.
many a note come in to the Credit
Department
I have
seen
the nine o'clock mail,
on
and the proceeds of the .rediscount
ready for use as a credit on the books of
the Federal Reserve
bank
to be
or
in the denominations asked for
If it
great
uncertainty.
convention
alarmed
system
by
of the
noon
the
on
subject
As it is, you gentlemen who
would be days of
sitting here in this
are
not
are
the financial future, for I dare say that if the Federal Reserve
over
were not
The country is at
Liberty Loan Bond issue of two billion dollars and
selling the second issue of three billion, and all the money that is
necessary can be had to move crops or to continue business.
The member
they
fc>ank through the
business
such!a
take
can
a
of rediscounting.
The promissory note of the
maturity of not to exceed ninety days, the
ceeds of which have been used, or are to be used in producing,
carrying,
marketing goods in
or
production, manufacture
of the steps of the process of
one or more
distribution; and not for permanent
or
pro¬
jmrchasing,
fixed
or
investments of any kind, such as land, buildings or machinery.
note at the
Such
a
present time will be rediscounted by the Federal Reserve Bank
at St. Louis at 3
expansion within
our own
fullest
lA % for 15 days
less,
or
or at
4% if it has
maturity from
a
It is doubtless safe to say
that
bank represented in this room has
every
a
note of this kind
a
note, draft, bill of exchange, or trade acceptance drawn for agricultural
arising
as a
result of
loan to
a
of its regular customers.
one
based
live-stock.
on
It may be
note, t;he proceeds of which
a
were
used for
some
other farming purpose, or it inay be a note the proceeds of which were
used
or
buying seed to make the crop, to harvest the crop,
be used in the breeding, raising, feeding,
to
for
or
marketing of
or
live-stock.
Such
six months,
and at the present time can be rediscounted at the Federal
farmers' notes must have
Reserve Bank at St.
understanding
a
loan
has been
It
as
so
a
member bank
were not
allowed to
can
make its
own
note, put behind
collateral paper that is eligible for rediscount, and borrow money from
bank.
Reserve
Such
be
cannot
note
a
for
bank to meet its short-time needs which often arise
The
The rate of rediscount
Federal Reserve bank
such
on
can
also
the Liberty Loan for the bank can
bonds and rediscount it for
rate
a
paid by the first issue.
collateral,
and
Reserve bank
rediscounted
for
a
a
note is
If
a
result of
as a
an emer¬
3M%.
take its note secured by Liberty Loan
a rate
of 3 Yz %. the
same
customer has to borrow money to pay for
a
bank can
rediscount it with
the
Federal
maturity of not to exceed 90 days, at the rate of 3 A %
a
said:
The Gold Situation.
is
a
note, draft
or
,
that which deals
world's gold
similar receipts covering
able staples properly
country has been
The
to the customer
trade acceptance,
or
by warehouse, terminal,
or
.which the rate at which the loan
on
made
was
bill of exchange drawn by the seller
on
Reserve system
Federal
also offers the
by which
means
an
were
or
bills of exchange drawn on and accepted by a bank.
discount
a
stock.
with
Is frequently asked, "How much can
the
Federal
bank?"
Reserve
the
Federal
Reserve Act
the
National
excess
Then again, it has
There
is no limit by law
has amended
the board of directors of the Federal
the
on
bank may borrow from the Federal Reserve
amount
bank.
this
that
This is
a
a
banks
member
question for
All other
consideration, and it is safe
bank will only be allowed to borrow in such
of
to say
niay
an amount as
be safe and reasonable, having due regard to the claims and demands of all
other member banks.
Any statement that the bank makes with its offering,
setting out the local conditions and the demands upon it and the necessity
of
be brought about by
may
considerable
borrowing,
will
large of having the gold
wars
by
a
among
world
union of one or
The
disproportionate distribution of the world's supply of $8,550,000,000,
calculated to be the gold in existence, presents a new problem In the inter¬
national credit structure.
Commerce of
our
Show that
received
we
The figures made
Since
the
public by the Department of
gold imports during -the fiscal
beginning of the
$1,677,000,000, and since
year
ending June 30 1917,
than $977,000,000 of the metal, which exceeds
more
total gold imports for the entire
our
12-year period preceding June 30 1914.
have totalled
in Europe gold imports
war
therein
entrance
our
this
this year those figures suddenly
has
country
enriched with that commodity to the extent of $214,000,000.
been
In April of
dropped to almost negligible proportions.
for the month of May statistics show that nearly $58,000,000 passed out
of
hands to
our
While
foreign countries, with
figures
no
are
increase in June to $67,000,000.
an
available for subsequent months,
conclusion that they exceed the exports of
economic
history.
gold during
it is
an
accepted
any month of our
•
We have suddently been brought to the realization that notwithstanding
a
steady inflow, calculated to be in excess of $540,000,000 during the current
the
the export of gold reached the amazing amount of $300,000,000 for
period with every prospect of increase.
same
that
our
Were it not for the fact
gold holdings have increased 50% to 60% since the world struggle
began, this country might well
this account be called upon to face seri¬
on
difficulties in its finance.
ous
Our gold exports
during the past have not arisen, as a general rule, by
of our
indebtedness, but rather towards liquidating adverse
reason
own
shipments presenting profits
sustain
our
placed in effect
ing
our
no
small
measure
because of such
the
on
financial
purely exchange operation.
as a
strength,
embargo upon gold exports
an
was
Sept. 10 1917 for the purpose of controlling and conserv¬
holdings of that precious metal.
It is naturally to be assumed that
vested in the hands of the Secretary of the Treasury, In
powers so
collaboration with
the Federal
Reserve Board,
will
not place restrictions
the export of gold in settlement of trade balances against the United
States, and the best results
therefore only be expected from the opera¬
can
In the,international relations
but expresses alike
exchange,
gold Is not alone
a
fundamental
a
medium of payment and
measure
and unity for the
value of labor in its relation to trade.
or
Its buying power does not increase
decreases-it is necessarily stable—but rather the value of the commodity
be
given
careful
The Silver Situation.
consideration,
and the
.
is largely through the rediscounting privileges
under the Federal Reserve Act that member banks are enabled to be
afraid under unusual circumstances.
They
are
the only
ones
that
can
un¬
be
extended to them, for the Federal Reserve
provides that no member bank can act as the agent
or
medium for
non-
regulate the price
The London market has tried in vain to control and
of
commercial
bar
silver,
but
bound's and dollar silver is
the
acute
longer
no
In the opinion of those who
a
world shortage has
broken
all
speculative prophesy.
study the situation, the apparently sustained
high levels have not yet stimulated the reworking of mines bearing low
Immediate activities, however, along these lines
grade ore.
inevitable
of the
Europe,
where gold is rapidly being withdrawn from circulation in order
not
only
metallic
been
demand
for
to increase and
reserve as
a
silver
are
because
especially
by
and It
of silver
a
In
basis for the
enormous
events
silver
of the Federal Reserve Board.
was
nations
In
some
issues of currency which has
may
steadily soaring to limits unknown for many
be of interest to briefly review this movement with the
during the Civil War and
1873, the white metal
was
up to
the time of demonetization
selling as high as $1 29 per ounce,
subsequent record in 1890, when it receded to $1 21
Owing to the repeal of the Silver Purchase Act and In
because of
member banks in the rediscounting of their paper, except with the approval
the
strengthen their holdings, but to uphold
The price of silver has been
with
coinage,
brought into circulation.
years,
evenly distributed
nations against another.
more
statement that
Act
more
markets, to prevent the waging of commercial
demands.
certain of having this privilege
In this,
It is rather the belief that the
concur.
important phase of the situation is demonstrated in the advantage to
more
Federal Reserve bank will do its best to give the assistance that the exigency
As has been stated before, it
combination of the European powers.
a
however, all factors do not wholly
Bank
section
bank to decide.
Reserve
banks in the District must be taken into
that any one
been opined by leading authorities that if the present
unparalleled inflow of gold continues to the United States, the possibility
is presented that a general demonetization of gold as a standard of value
of its capital
the National Bank Act so far as borrowing with the Federal Reserve
is concerned.
an
member bank re¬
a
Under
national bank cannot borrow an amount in
However,
for
which is traded in that varies in price.
length, but time forbids.
The question
Act,
I wish it
possible to discuss the trade acceptance and the bankers' acceptance
at more
is prolonged
war
only keep its position by ability to supply gold when that metal is demanded.
open
market is created for bankers' acceptances, which are, a3 the name indicates,
drafts
to bankers and economists alike.4
concern
tion of the law.
the purchaser of goods sold and accepted by such purchaser.
The
of
source
a
thought has been expressed that if the
the Bank of England might suspend specie payments,
although if London is to remain the financial centre of the world it can
upon
by the bank did not exceed 6%.
A trade acceptance is a draft or
the
problems for the proper distribution of the
The phenominal accumulation of that metal in this
•
approved and readily marketable, non-perish¬
insured,
with
supply.
indefinite period,
To
bill of exchange,
accompanied and secured by shipping documents,
or
interesting chapter will be written in economic history than
more
trade balances of other nations and in
rediscount rate of 3lA% for maturities not exceeding 90
paper
a
-•<
No
days on commodity paper and trade acceptances.
Commodity
It resolves
complex and practical awakening
scientific development of the trading powers of our
a
year,
help its member banks in handling
period of 15 days at
the member
with
There is also
appreciation of the responsibilities of
On the subject of the gold situation, the silver
situation, and the problem of foreign exchanges, Mr. Clausen
the bonds, that customer can give his note to the bank, secured by the bonds
as
and
country.
period longer than 15 days, and, of course, is primarily meant to help the
gency.
The country, he said, is
While in exports of gold' from this country there was no immediate change,
banks
member bank secured by collateral, but now the Act
a
amended that
Federal
the
maturity of from 16 to 90 days, and at 5% If
first passed, Federal Reserve
was
the note of
on
a
maturity of 91 days to six months.
As the law
borders.
co-operation and
itself, he continued, into
maturity of not to exceed
a
Louis at 3J^%, if having a maturity of 15 days, or
less, and at 4% if having
having
the
business towards the well-being of its citizens.
You all doubtless also have farmers' paper; that is, such an obligation as
are
of
the World at
16 to 90 days.
purposes, or
need
co-ordination of
interests—commercial and financial—to work for a clearer
the farmer be¬
man or
note and turn it into cash at the Federal Reserve
process
must have
man
economics
our
in
the Govern¬
war,
now
banks feel that they can lend money to the business
position
Mr. Clausen's views
before the Ninth Annual Con¬
were set out
in existence many of you would have felt that you could not
ment has sold the first
cause
considerable change in the financial
are
occurring which will probably in¬
capacity to purchase foreign securities notwith¬
standing the calls which may be made upon us for industrial
crease
day.
same
representing both member and non-member banks,
have left your banks to be here today.
is
of the kinds and
money
for the Federal Reserve system, these
not
were
shipped out in
a
of the United States after the war."
national
They did
Reserve
I
Finance," John Clausen, Vice-President of the
Crocker National Bank of San Francisco stated that "while
grocer who
three years.
say
BY
VIEWED
vention of the Southern Commercial Congress in New York
on Oct. 17.
He stated that many important
changes in our
paper as the note of one of the
Reserve
SITUATION
commercial
that of big houses, purchased
through brokers.
not understand that the note of
Smith &
was
was
SILVER
JOHN CLAUSEN.
paper, and some of
that
AND
the
per ounce.
small measure
closing the Indian mints to free coinage, which
during the memorable
was
no
noticed.
Of
no
year
little
of 1893,
concern
a
were outstanding
steady decline in the value of
to the
silver-producing countries
phenominal drop experienced shortly after the outbreak of the
when the quotation touched a low record of 44 cents per
European war,
and
ounce
is generally the case, even at that quotation,
as
went begging on
ounces, or
the white metal
the largest producer of silver, with 72,833,000
in other words 42% of
the entire world's output, which in 1916
twenty-year period, ending with
1916, the production of this country increased by 14,000,000 ounces,
whereas the appreciation in output for all other silver-producing countries
In
given as 172,383,000 ounces.
was
combined was only
a
total of 1,000,000 ounces.
a
United
principal market for silver is ostensibly China, and it may be of
interest to here state that silver bars as such do not circulate in that
The
republic and are principally imported for commercial purposes in connec¬
tion with the active silversmith trade and only in a small degree for coinage.
Up to the present time, silver bars
imported into China have been com¬
"Selby"
posed almost exclusively of English bars, American bars—termed
—and Canadian bars which are traded in under the name of
"Trail."
importation of! the first mentioned stamp has practically been dis¬
continued due principally to excessive freight and insurance costs and the
only bars which are brought to that market therefore are American and
The
fineness of 999 commands a
a
the best Chinese sycee
bar is the more acceptable,
It would appear
unfavorably because of the fineness being only 998 lA for which
Chinese make a difference of K of 1 % as compared with the "Selby"bar.
silver bars imported into the
which-Shanghai presents the most favorable, bear in
be amiss to here mention that
It may not
Chinese markets, of
decimals, to meet the prevailing custom.
The significant features surrounding the present state of affairs in the
silver market, emphasize the indisputable fact that there is every indica¬
tion that world economics are being remodeled by the war and that the
finance of international trade may therefore be destined to proceed along
impressed figures the ounces, in two
unaltered situation for
London
The Problem of
small concern,
abroad
sudden erratic
of
the market with bills.
One of the duties of this bureau should be that of
encouraging neutral countries to invest in securities of those nations where
their trade balances for one reason or another are not otherwise readily
adjusted. '
/
1. ■ •
'
'
■ .. .
J; /.
A glance at
the foreign exchanges is sufficient to
demonstrate tliat there
greater need than now for
exchange between the
There may arise a
metals themselves would become one
scarcity of gold available as money
of great issue.
for the purpose of
purchase of commodities or as affecting the
effecting the sale and
position of governments and banks
economic
and the availability of that
propqstion to liabilities.
The simultaneous purchase and sale of bills
precious
metal in
different financial countries
and exchange between
would normally bring the repsective rates
to
shipping conditions in themselves
have tended to check the export of commodities, resulting in a scarcity of
the usual supply of international trade bills.
The restricted character of
the exchange market and the difficulties which Governments themselves
have placed in the way of the free distribution of business and the recent
embargo against shipments of American merchandise to neutral countries,
equal relation with parity, but the
has further complicated
Of
no
the situation.
little perplexity is
between
and
the problem brought about by the active trading
countries, where England particularly is
the neutral
States because of the comparatively little
depreciation of her exchanges here and by reason of the financial centres
in the United States presenting the best place and condition to realize on
depreciation if negotiate^ in European
has naturally created an excess supply of dollar
sterling exchange as against a heavy
This situation
markets.
and
exchange in neutral countries
caused a discount in certain
markets
Internationally, the Ameri¬
can
dollar has, however, been climbing to a premium except in isolated
cases where trade and other conditions have proven factors to the contrary.
There must not be overlooked the fact that world-wide trade and finance
at the present time.
with no remedy apparent
at
in
an
abnormal state and it does not seem opportune nor
practicable
permit the forcing of an issue when dealing with
where trade balances cannot be liquidated along feasible lines.
the present time to
countries
example we find that
the United States dollar is normally quoted at $19 20 for each pesetas
100.—as against the prevailing rate of $23 00.
Due to this rise in exchange
there is clearly demonstrated a disadvantage to the American merchant
when trading with that country; however, this is a situation which cannot
readily be renewed when the shipment of gold is obviously restricted.
For the moment the Swiss monoy has a value on exchange better than
If
the
we
take the condition now existing in Spain as an
legal parity in all other countries.
Measured by its currency the
dollar is at an 8 to 8H% discount.
In Christiania, Copen¬
United States
hagen and Stockholm we find a range of 10 to
15 cents below par; a decline
Madrid.
Holland and about 17% in pur exchange on
of 5 cents in
Russian Rubles
at
15 cents represents &
depreciation of approximately
for that exchange, and
healthy rebound may be
71% from the normal quotation in our markets
while this condition may seem
alarming,
expected at any moment with the helpful
a very
influence of political and military
Russia is an undeveloped country, very
governments in that republic.
regards most of
her industries.
Gold shipments to Japan would appear of great value both
as affecting exchange rates and assisting Russia in her purchase of materials,
rich in natural resources,
although as 3ret in its infancy as
without the necessity of delay for
negotiations abroad under her own
In India the silver rupee is now at a
Government will
rupees
about
quotations by reason of a momentary flooding
to
no
credits.
premium over gold and the British
change the mint parity of 15
doubt soon be obliged to
the pound sterling,
although the difference as
yet is only
1 ' 1
2%%.
steady, although
shortly after the war the pound sterling declined to its low level of $4 50
without a ready market here for its sale even at that depreciated figure,
London
exchange
on
the other hand has kept fairly
but it may be stated that the
principal reason for its present maintenance
around $4 76 is mainly due to the large credits
GOVERNMENT
TO CONSCRIPT DOLLARS.
HAS RIGHT
♦
in
Supplementing the remarks of Secretary of the Treasury
on the possibility of conscription of wealth (quoted
these columns last week), Secretary of the Navy Daniels,
in
an
McAdoo
before members of the
address at Chicago on Oct. 22,
The Associated
Iroquois Club spoke in a similar strain.
Press
dispatches quote him as saying:
America.
The banks are overflowing with it, the
with it.
That depositary is not the safest, i
who use that ancient depositary to take every dollar out
Money is plentiful in
stockings are bulging out
would advise all
in Liberty bonds.
and put it
that it had to march up
Then we could see the
Under the law we have the
dollar in America was on legs, so
I wish every
the street and ride on
so
Just
him to
the street-cars to get home.
the selective draft.
first Liberty Loan was responded to so cheerfully
there will be no necessity now.
truly as a republic can lay its hands on a young man and send
France in the trenches, so it can and will, if necessary, lay its hand*
fully that there was no necessity and
as
dollar in America.
on every
"CONSCRIPTING' WEALTH."
Secretary of the Treasury McAdoo's
the
on
granted to England by the
intimation that tho
conscript wealth, if necessary to carry
Saturday)
(referred to in these columns last
war
occasioned the following editorial comment
"Evening Post" of Oct. 23:
The loose and thought-saving
•
in the New York
,
phrase, "conscription of wealth," seems
Secretary Daniels used it darkly in a
for another run.
to have started out
speech the other day.
The necessity of resorting to conscription of wealth
might not arise, but if it did
!
And the Secretary of the Treasury
"When the Government
should be more
tender with its dollars?
If necessary, the Government will conscript the
money necessary to carry on this war."
This was Mr. McAdoo's artless
way of encouraging people to buy Liberty Bonds for the reason that, if
they didn't, the Government would come and take their money anyhow.
If it is merely a question of stark power, no doubt the Government could
do it.
Property is virtually at the mercy of the'State.
Some mild-man¬
nered persons urge that all incomes above $6,000 a year should be at once
is
quoted as having held the following language:
is
conscripting its manhood, is there any reason why it
But why put the sum so high?
Why not cut every man
$9 25 a Week?
These lenient
conscripted.
to the basis of bare existence—say,
down
who would exempt $6,000
theorists
the
the parallel—is kept within reasonable
The Government could draft every man under eighty
limits.
over
and every
it did.
So
the wealth of the country, but that would
twelve, but it doesn't, and would be thought crazy if
the Government might take all
be
moderation
Conscription of
conscription of wealth, they give up their case.
for the Army—which is made
boy
will shortly be called friends of the
If they once admit the need of discretion and
moneybund.
in
men
liquidating over the United
are
effective to centralize American credits
>
Government might
r
yet problems of great
with
most
seem
foreign exchange bureau—to stabilize and prevent
a
fluctuations of exchange
and
importance to be overcome.
Probably, there
co-operation of our financial element
to devise a workable plan for the control of the situation with which we are
confronted.
In reality a very important issue of presented, namely;
whether the standard of value of the world would in future be gold alone
or form a combination of silver and gold, and if so, what effect such changes
would have on the trading power of nations.
It is obvious that if a bi¬
metallic standard were adopted as media, the question of the rate of
an
would
It
through
in war times have taught us
■
in
right to do so, but the
Foreign Exchanges.
much about
the laws of supply and demand and have generally advanced the knowledge
of our people regarding financial operations.
We have had to meet and
solve many new and complex problems.
Hugh volumes of war orders are
still pouring in upon us, the financing of which in itself is a gigantic task.
The maintenance of foreign exchange rates, at a level that would make
possible a continuation of exports, has been wrought with difficulties. The
furnishing of capital to finance the belligerents is another aspect of no
was never
financing in pounds sterling or francs, payable
Paris as the case may be.
or
dollars and enlist them in
and divergent lines.
The difficulties of commerce
are
commercial operations in United States dollars with countries
reciprocal trading, instead of accepting an as yet
summating
which, while
the weight and fineness of
(shoes)
compares
new
have anticipated the new order of things by con¬
the merchant who may
which
republic, is set at 1000 pure.
The
strange fact is therefore brought out that the 999 fine "Selby" bars are
quoted as 1000.7 fine on account of the premium which they carry. Omaha
bars while known in that market, are now seldom dealt in as the price
the
that the difficulties with which we are confronted in this
alone with the banker, but principally with
where there is little or no
premium in the interior of China over
varying in every large port of that
this
direction rest for solution not
SECRETARY DANIELS DECLARES
Under normal conditions the "Selby"
basis for
sustained
arbitrarily
stated before, exercised a tendency to militate against the
European exchanges in our markets and against the American
dollar in European centres.
Canadian.
with
The
Government.
States
exchange has, as
value of other
the market.
The United States is now
[Vol. 105.
CHRONICLE
THE
1662
only less a lunatic proceeding than taking all the men.
One trouble with the glib
conscriptionists of wealth is that they confuse
they have in mind with that of Government commandeering.
The authorities can, in a national emergency, seize supplies of coal or
the process
gasolene or wheat, can take over ships and railroads, so why not
what the Government commandeers it pay for.
But
in some other way to pay
mandeered,
can
amount
All property can be com¬
for what it had taken.
but only for just compensation.
money?
If it seized $100,-
000,000 of privately owned money, it would have to get the same
Anything that a man ha«
be taken by the Government, but not without due process of law.
This is not to deny that a legal way could be devised of
It would have to be done by general laws.
dollars.
be shoved
could
up.
there might be
Or,
a
like the tax which Germany levied two years
as we can
now see,
in expectation of it.
conscripting
The income taxes
heavy tax direct on property,
before the war, and evidently,
The taxing-power of the Govern¬
crushing
But
nobody expects the Government to be so idiotie.
It conscripts men for
the Army in such a way as to leave the country a going concern, and it
will surely, until it takes leave of its senses, not aim to conscript wealth
in any such fashion as to disrupt all business and throw every industry
ment is
taxation
into
Laws could be enacted for such
theoretically unlimited.
tils
year
that next
year
there would be nothing left to tax.
stagnation.
Oh, but,
measure
say
the short-and-easy conscriptionists, we do not
flatly unreasonable.
We
would not conscript,
advocate any
75% of all property; we admit that enough must be left to
going.
But they do not
whole rigid doctrine
see
concede this, their
They really transport themselves,
that the moment they
falls to the earth.
unconsciously, into the position of those who are now
out our national
than
keep things
say more
experiments in heavy taxation.
cautiously trying
By existing law,
wealth
the tune of
be paid by the
rich in income taxes and excess profits.
Whether more should have been
levied, at higher rates of taxation, cannot be told in advance.
We must
wait to see how the prekent scale works out.
We must discover what the
future needs of the Government will prove to be.
Then, in the light of
all the facts, and guided by our own experience, we can adjust the tax¬
ing power to the actual situation of the country.
This is not to solve
everything by a phrase.
It is not to make a fetich of a formula.
But it
is to raise money for the support of the Government in carrying on the
war.
And that, after all, is the business which the nation has in hand.
is going to
about
be conscripted for the
war.
Congress laid taxes to
$3,000,000,000, the vastly larger part of which is to
Oct. 27
1917.]
The general principle that the country has a right to demand from
all that they have and are is almost universally admitted.
sons
this
that Americans
reason
with such
are
cheerful
a
her
It is for
acquiescence facing
burdens of taxation greater than they have ever before been called upon
to endure.
erty Loan
And this is the reason, too, why the subscriptions to the Lib¬
are
large and gratifying.
so
There is
no
need of threatening to
"seize" money if it is not used to buy Government bonds.
is
freely giving of its wealth.
go on
doing
so
The nation
in future loans, if they
end within
or
big things in
big
a
when called upon, and will do them better
way,
will it be
people
to
two
Will it be a victory for freedom
days.
victory for the Kaiser and autocracy ?
a
workers and
bombarding the
strongholds of the American dollar.
Every willing dollar has come for¬
ward and joined the ranks of the patriots.
Let every reluctant dolllar come
of Liberty Loan
loyal citizens of this great Republic have been vigorously
Oct.
surrender before
and
forward
27.
If there are any trenches in America
Now is the time to go over the top.
the forces of indifference, greed or treason, they are
manned by
by the Kaiser and his hosts of autocracy
voluntarily than under compulsion.
and democracy
It is for the American
answer.
For twenty-five days the patriotic army
Unless the United States should break with all its past,
prove necessary.
it will do
It will
1663
CHRONICLE
THE
backed
and militarism.
We must smash
and destroy all that is within
these trenches in this Liberty Loan campaign
obstacle in the way of greater victories for
them, so that there may be no
LIBERTY DAY CELEBRATION AND
RESULTS OF
CAMPAIGN.
The
heavy downpour
proclaimed
Wednesday, which had been
on
lessening the ardor in the Liberty Loan campaign, served to
increase it, and resulted in a two
of
and
women
which children
place
Thursday,
on
defeated by the
forty-eight States of the Union in the
I have addressed many thous-
campaigns.
section of the country, and among them
sands of America's citizens in every
200,000 of our valiant soldiers now training for
approximately
from all walks of life
participated, but in
well took part, numerous
as
active
floats adding
The bankers' division was headed
pieturesqueness.
Federal Reserve Bank, was also
prominent in the bankers'
Soldiers and sailors formed
section.
sion, and
a
a
part of the proces¬
British tank from the Flanders front, secured
through the efforts of Lord Northcliffe, was a conspicuous
feature of the
up-to-date
destroyer and a float carrying a modern aeroplane. Aside
from the President's proclamation and that of Governor
parade, along with
Whitman the
city
model of
a
an
Patriotism
The President of the United States has
that
that day patriotic
on
land under the general
direction
immediate
Federal
I call upon the
the time
in support pf our homes, our defenders,
I call upon the people of New York to heed the words
with the Liberty Loan Committee acting
District, in every possible respect.
The
possible the participation
Day.
It is
citizens generally join with
employees in the celebration of Oct. 24—Liberty
hope and my earnest request that our
celebration.
heart, voice and purse in the same
On
Mayor Mitchel made
20th
the
dressed to him by President
message
X)ct.
on
the
public
of the loan.
success
letter ad¬
a
Wilson conveying
a
.;
This letter comes to you in an
I write it not because I have
unusual way, but in unusual circumstances.
send them
Loan, but because I want to
/This
a
war
the Liberty
That mes¬
of the principles and energy of the people of
The whole world looks to us to omit nothing that will
bring about the complete
triumph of those principles and the complete
vindication of the honor and sovereignty
so
will put
grossly violated and invaded.
of our Government which have
The response ought to be such as
America at the front of all civilized peoples.
The final week's
erty Day
campaign, and
more
especially the Lib¬
drive, resulted in a marked spurt in the subscrip¬
unofficial returns indicated that the totals on that day had
$3,000,000,000.
The-
subscriptions close to-day
(Oct. 27), and it is expected that the returns will closely
approach, if they do not reach, the maximum goal of $5,000,000,000.
The total late yesterday afternoon, for the
New York Federal Reserve
On Thursday ,
concluded his
District
was
Loan transcontinental
tour,
which
opened at Cleveland on the 1st inst.
During the twentyfour days Mr. McAdoo delivered 85 speeches in 31 States
and crossed the Continent twice.
In addition to his speeches
civilian
audiences,
the
Secretary
addressed
approxi¬
mately 90,000 soldiers gathered in the various camps and
a
Upon his return to
Washington
on
the 25th Secretary
sight, but it has not yet been achieved."
"Every
forward," said the Secretary; "let
every reluctant dollar come forward and surrender before
Qct. 27."
His statement said:
willing dollar has come
America is concerned the second great battle in our war with
the Kaiser is
represented by the second Liberty Loan.
Dur¬
Loan Committee, every patriotic
citizen of America, must join in a
and child, in fact every
full-page Liberty Loan advertisement in a
His little child, upon
his knee, was asking him:
bond to help our brave soldiers
"Father, didn't you even buy a Liberty
The
Nashville paper the
It depicted a scene a few
A man was sitting with bowed head.
It was striking and significant.
man
Kaiser?"
He could not look his child
could not answer the question.
That least service of patriotism
in the face.
had not enough
He
dollars, gotten
he had not performed.
red blood in him to lend even a few of his
prosperity and security created by the .valor of our soldiers, to
enable his Government to support its gallant sons upon the battlefield.
out of the
asked by
will you be unable to answer,
or, if you answer, will you have to confess that you did not do even that
much for the gallant American soldiers and sailors who fought and died
that your life, liberty, and prosperity might be saved?
I hope that when
the children of America put that question to their fathers in the future no
man
will be unable to look them in the face and say that he lent
some
of his money to help save America and make the world safe for
In the days to come
your
after this horrible war is over and you are
children if you bought a Liberty bond
democracy.
In the statement
rious
dealing with results attained in the va¬
districts
reserve
Department on Oct.
the Treasury
"
.
"
Districts estimated to have
passed their
minimum quotas are Boston,
Cleveland, Richmond, Philadelphia^ Chicago, St. Louis and
City.
Districts believed to be near their minimum are Atlanta,
New York,
Kansas
Minneapolis, San Francisco and Dallas.
oversubscrip¬
subscribed
above $3,000,000,000 will be accepted, Secretary McAdoo has announced.
Hence, if $5,000,000,000 were subscribed, $4,000,000,000 worth of bonds
tions will be
would
be
There
prevails in many sections that no
Subscriptions for 50% of the amount
accepted.
issued.
appeared
every reason
to believe, the statement
passed the billion dollar
of $1,500,000,000.
It developed on the 26th that the full total of the country's
subscriptions might not become known definitely before
Nov. 1, the date designated by the Treasury as the final
mark, would attain its maximum quota
limit for banks to have all
Federal
Reserve
„
This battle will
subscriptions in the hands of the
banks.
LIBERTY LOAN ROLL OF HONOR.
A roll of honor of the
second Liberty Loan purchasers is
preserved in the Treasury Department's permanent
records.
An announcement to this effect made by Secre¬
to be
tary of the
Treasury McAdoo on Oct. 19 said:
The name and
Loan of 1917
the
address of every one who subscribed to the second Liberty
will be placed upon a roll of honor which will be
permanent records of the Treasury
The Comptroller
of only a
kept among
Department.
of the Currency estimates that there are in the United
who can each
It will require the savings
month to pay for it on easy terms.
It is
than 20,000,000 men, women and children
afford to buy at least one
McAdoo declared that "victory for the second Liberty Loan
So far as
saw
States not less
cantonments.
in
I
$1,156,000,000.
the 25th, Secretary of the Treasury McAdoo
Liberty
sight, but it has not yet been
longer be put off until to-morrow.
added, that New York, already
tions to the second Liberty Loan offering and on Thursday
exceeded
Liberty Loan campaign
smashing drive to achieve the goal.
The erroneous impression
is the supreme test
the United States.
been
personal message.
this:
is
can no
25 said:
the least doubt that your fellow citizens will
respond with patriotic devotion to the call for subscriptions to
sage
Subscriptions
man, woman,
personal
The letter, dated
said:
18,
Victory for the second Liberty Loan is in
during our great war with the
^
city Government will do all in its power to make
my strong
They now
back
their answer.
after the close of this war.
for the Second Federal Reserve
of municipal
The results of the next two days of the
certain.
will give them
Loan Committees organized by the
President and to co-operate
our
the civil population.
whether the civilian population is going to
with the needed equipment, arms and ammunition, which, com¬
bined with their valor, will make victory against Kaiserism and militarism
them up
years
Liberty
ideals.
our
capita to the second Liberty Loan than
wait expectantly to see
people of this city to remember its record in the wars of
More particularly
They have subscribed out of their meagre pay more per
meetings be held in every city throughout the
direction of the Secretary of the Treasury, and the
of the
ability on the bonds of their
lending their money to the limit of their
Government.
day.
each to the utmost of his capacity,
and
willing not only to give their lives, if
are
other
and to surpass on this occasion their own proud achievement at
of the first Liberty Loan.
I urge that they now come forward,
the past,
They
He has requested
banks.
Reserve
America.
ing the two remaining days every Liberty
assemble in their respective
of financial support.
them the fullest measure
sents
They are eager to get upon the
vindicate the rights and ideals of
need be, but they
of our soldiers is wonderful.
battle fronts, eager for the opportunity to
are
the
taken to obtain their wholehearted support.
The spirit
another and to the Government that repre¬
communities and pledge to one
places, but I found that it was only neces¬
the causes of the war and the necessity for
to explain to them
measures
achieved.
appointed Wednesday, Oct. 24,
Liberty Day, urging and advising the people to
I was told that the people were in¬
everywhere.
is regnant
different and lukewarm in some
called to join in the celebration by
was
Mayor Mitchel in the following proclamation:
that the heart and soul of America are in this war.
There is no question
by J. P. Morgan, and Benjamin Strong, Governor of the
is
Kaiser.
I have visited forty-two of the
first and second Liberty Loan
sary
its
to
swift and enduring victory, a
a
resistless sweep of America's armies
and navies and restore the rule of justice and liberty throughout the world.
America awake and militant can win this war; apathetic America will be
principal feature being the parade in which not only
men
of
•
win
service.
the
to
days' celebration, instead
The outdoor events here took
one.
Loans.
Liberty
America has it within her powers to
victory which will open the way for the
Liberty Day by President Wilson, far from
as
succeeding
Liberty bond of $50.
little more than $4 a
possible for every one to do a part, even
though small, in the great and
patriotic service.
In the years to come
brotheL and sisters of those
and their grandchildren can point with patriotic
the fathers, mothers,
subscribers, their children
of their relatives or ancestors who have had a part in,
national service.
will be alphabetically arranged and listed by States and
pride to the names
this great
The roll of honor
sub-divisions of States, so that every one
know who is upon
the roll,
who wishes to examine it may
„
LIBERTY LOAN SUBSCRIPTIONS.
week
were
the following:
RECEIVE
BONDS
LIBERTY
unofficially reported in the New York Federal Reserve
District during the past
TO
BANKS
LOCAL
Among the larger of the subscriptions to the Second Liberty
Loan
{VOL. 105.
THE CHRONICLE
1664:
SUBSCRIPTIONS
UNTIL
LATE
TO
TO-NIGHT.
Benjamin Strong, Chairman of the Lberty Loan Com¬
mittee, made the following announcement yesterday:
International Paper Co. (sub¬
scriptions to date)........ $1,000,000
A. Iselin 6c Co
1,000,000
William B. Joyce, through
National City Bank
script ions to date)
; 20,000,000
1,000,000
U. 6. Steel Corp. (total for
Lawyers* Title 6c Trust Co1,000,000
corporation $43,300,000)
18,300,000 Lee, Higginson & Co.......
1,000,000
Columbia Trust Co.
Martin-Rockwell Corp.
(sub¬
1,000,000
scriptions to date)
15,000,000 Morrlstown (N. J.) Trust Co.
1,000,000
Standard Oil Co. of N.Y
15,000,000 National Lead Co
1,000,000
13,500,000 Northern Finance Corp.—..
Equitable Trust Co
1,000,000
Central Trust Co
10,750,000 Pacific Bank...
1,000,000
10,000,000 Pacific Mail SS. Co
Irving National Bank.
1,000,000
National City Bank (addi¬
tional, lor Itself and clients) <33,000,000
First Nat. Bank of N. Y
21,000.000
Hayden, Stone & Co. (sub¬
Subscriptions to Liberty bonds may be made at many banks, trust
com¬
panies, investment houses and bond booths as late as Saturday evening.
To take care of the great rush of small subscriptions which have devel¬
oped at the last moment many institutions have agreed to remain open as
long as there may be any demand for bonds.
—
Farmers' Loan & Trust Co.
8,000,000
.
American Exch. Nat. Bank-
Employees of Penn, RR. syst;
Mutual Life Insurance Co..
Pan-American
5,000,000
5,000,000
Transportation Co....—.
Carl H. Pforzheimer 6c Co..
Petroleum
1,000,000
1,000,000
1,000,000
1,000,000
1,000,000
1,000,000
Daniel G. Held....
5,000,000
Thomas F. Ryan—........
Rochester Savings Bank
Union Pacific BR. Co
5,000,000
—
5,000,000
Charles H, Sanford
John D. Rockefeller
5,000,000
Charles M. Schwab....
Lehigh 6c Wilkes-Barre Coal
Co.
(through First Nat.
Bank)
....
Seamen's Bank for Savings..
Rhearson, Hammil & Co....
4,268,300 Sinclair Oil 6c Refining Co..
4,000,000 Sutro Bros. & Co. (them¬
selves and clients)
3,500,000
William B. Thompson...
3,000,000 United States Trust Co
-
Chatham & Phenlx Nat, Bk.
American Smelt, & Refg. Co.
Louisville 6c Nashville RR.
Co
-
Monroe County Savs. Bank,
Rochester, N.Y. (through
First Nat. Bank)..
United
daga, Syracuse, N, Y
Union Trust Co..
U. S. Mtge. & Trust Co.
Colgate 6c Co..
2,500,500
....
Lehigh Valley Coal Sales Co.
Prudential Ins, Co. of Amer.,
2,500,000
2,500,000
2,500,000
2,500,000
2,200,000
Western Union Telegraph Co.
Bank of the Metropolis.
.—.
Atchison Topeka & Santa Fe
2,000,000
2,000,000
2,000,000
Railway Co
Bonbright & Co., Inc.......
Broadway Trust Co..
Employees of Westinghouse
Electric
Co
2,000,000
2,000,000
......
Liberty Nat, Bank (for Itself)
Wm.
Rockefeller
(through
Nat. City Bank).........
Central
&
South
.
F.BKeoh&C.
800,300
Federal Min. & Smelt. Co..
750,000
750,000
750,000
Tidewater Oil Co..
750,000
750,000
White, Weld & Co.
Kings County Trust Co.—
749,600
738,750
Franklin Trust Co. of Bklyn.
Home Life Ins. Co, of N. Y.
(home office took 8500,000)
700,000
700,000
Mechanics' Bank of Bklyn..
Fifth Avenue Bank..
Citizens' National Bank
638,850
Mexican Cable Co...*
600,000
F.
679,800
Plant
Orange National Bank.
1,500,000
1,500,000
American Hawaiian SS. CoAmerican Printing Co., Fall
River
1,600,000
1,500,000
1,150,000
Works
Iron
Co..—............
1,000,000
American Brake Shoe & Fdy.
Co. (through Liberty Nat.
600,000
1,000.000
—
Mfg. Co..
message,
issued
pleading for
united
a
the Liberty Loan, urged
response to
make it "an ominous day for the German Kaiser"—
that
we
that
beginning of the end of military despotr
Alluding to the destruction of
American transport Antilles, the Secretary declared
"make it the
we
ism and inhuman warfare."
the
that "the Kaiser must answer for this crime"—"he must be
made to feel the prick of American bayonets."
he
essayed, "only
is promptly
sons,
can
be
quickly if
won
subscribed.
The least
every
we can
"The war,"
Liberty Loan
do for
our
gallant
the only chance we can give them to return with their
lives, is to provide them with the best
genuity
can
devise and
gun
buy,
money can
faster and further than any gun yet
that American in¬
a gun
that will shoot
made; with
bayonet
a
forged by American skill and long enough to reach to Berlin."
"When the
sets on the
sun
evening of Liberty Day," said the
Secretary in conclusion, "ten million Americans should have
registered their subscriptions to the second Liberty Loan."
His message in full follows:
This is Liberty Day in the United States, made so by proclamation of
the President and the Governors of the forty-eight States of the American
Union.
Let
Would that it
make it
us
Liberty Day for all thepeoples of the world!
were
ominous day for the German Kaiser.
an
A
few days ago one
Arthur Curtiss James.——..
500,000
The Kaiser must
Atlantic Mutual Ins. Co
500,000
500,000
600,000
Let
us
make it
500,000
500,000
500,000
this
George F. Baker Jr........
Banco Espanol de la Isla de
American transport Antilles, killing sixty-seven of America's gallant sons.
answer
Let
remember the Antilles.
us
falter until this infamous
or
He must be made to feel the prick
for this crime.
Let
(additional).
500,000
500,000
500,000
500,000
Clark, Dodge & Co........
Henry Clews & Co....
a
was
made personal.
terrible shock.
•
,
To the families of the soldiers and sailors who were killed
war
stop
us never
apostle of brutalized warfare, the Kaiser, is
brought to Justice.
Bond & Mortgage Guar. Co.
,
of the Kaiser's undersea assassins destroyed the
of American bayonets.
E. W. Bliss Co.
Oct. 23, to be read at all the
on
the beginning of the end of military despotism and inhuman warfare.
Simon Borg 6c Co
Chevrolet Motors Co....:..
Co.
a
500,000
600,000
1,000,000
1,000,000
In
meetings throughout the country on Liberty Loan Day,
Oct. 24, Secretary of the Treasury William G. McAdoo, in
(combined)
Arlington Mills.
1,000,000
American Surety Co
Atlantic Gulf & West Indies
SS. Co. (additional)...
call Rector 4901
SECRETARYMcADOO'SLIBERTY DA Y MESSAGE URGES
Co.
Cuba,
Havana,
Cuba
(through Columbia Tr .Co.)
.
600,000
600,000
600,000
509,000
1,065,000 J.S. Bache & Co
Receiver ofAetna Explosives
Atlas Portland Cement
1,000,000
Co.,
Standard Oil Co. of Kansas..
1,500,000
.
Eagle Pencil Co............
Kissel!, KInnicutt & Co
Bank)
Trust
Brooklyn
1,500,000
Endicott-Johnson
.
Guaranty Trust Cd.)_....
Manufacturers'
1,500,000
General Motors Corp
Greenwich Bank of City of.
New York
American
1,000,000
1,000,000
(through
Mech. 6c Metals Nat. Bk.)
Remick,.Hodges & Co......
American
William Salomon & Co...
Scovill Manufacturing Co
1,000,000
2,000,000
Co—.............
Corn Exchange Bank.......
1,000.000
1,000.000
1,000,000
1,000,000
Morton
Cable
1,000,000
Cuban-American Sugar Co..
Knauth, Nachod 6c Kulme—
2,500,000
through Union Nat. Bank
...
1,000,000
1,000,000
Union Trust Co., N. Y—...
W. K. Vanderbilt——
3,000,000 Harry P. Whitney.........
Whitney
3,000,000 Payne
(through
Calumet & Hecla Mining Co.
of Newark..:.
Motors............
1,000,000
Frank A. Vanderlip—
3.000,000
Trust 6c Deposit Co. of Onon¬
open,
1,000,000
.
5,000,000
.
bank or bond booth which is
information, up to midnight, Saturday.
THAT DAY BE MADE AN OMINOUS 0NEF0R KAISER.
&
National Park Bank——
New York Trust Co
If you cannot locate a
for
Its horror
Those brave
men
had
was
on
-
the Antilles
brought home to them with
chance to defend themselves,
no
to fight for their country and their lives, but they died like
heroes,.
The
people at home can fight, however, both for themselves and for their
country, without going to the front.
thing to each
man, woman
This
become a personal
war must
and child of the civilian population, just as it is
(through First Nat. Bank)
George.F. Baker
^
Bank for Savings in the City
1,000,000
1,000,000
of New York...
i.—
Bank of Long Island....
1,000,000
1,000,000
Corn Products Refining Co..
Dixon Crucible Co. of N. J..«
500,000
500,000
Bank of Montreal..
Barber & Co
1,000,000
East River Savs. Institution.
Germania Fire Ins. Co.,N.Y.
500,000
American and the German Kaiser.
1,000,000
500,000
American home, whether it be the home of a German-American citizen or
Barber
1,000,000
1,000,000
C. D. Barney Co
Blair 6c Co
6c
Arizona
1,000,000
Mining
Co
Christopher Hannewig, Inc..
1,000,000
1,000,000
1,000,000
Citizens' Nat. Bank
1,000,000
Chelsea Exchange Bank.....
Cities Service Co. and H. L.
Doherty, Jointly..—....
1,000,ooO
....
1,000,000
1,000,000
500,000
600,000
Emigrant Industrial Savings
Bank..
Fahnestock 6c Co.....
1,000,000
1,000,000
Estate of Seymour H. Knox.
Kountze Bros
500,000
Fidellty-Phenlx Fire Ins. Co.
....
Insurance Co
500,000
500,000
500,000
600,000
600,000
500,000
Miller & Co
500,000
Extract
.
1,000,000
...
.... ...
F. W. Vanderbilt...
....
500,000
600,000
500,000
600,000
600,000
600,000
600,000
500,000
between every
war
brought it to every
The Kaiser does not spare German-American
To-day the American public is on trial.
eyes
of
The
eyes
of the world are upon
the oppressed peoples of the earth with hope and expec¬
Our first duty is not only to subscribe, but to oversubscribe, the
Liberty Loan.
reason
Our
why
To
we
If
we
fail, it will be
should fail, because
a
victory for the Kaiser.
we are
second
There is no
the richest people In the wqrld.
prosperity has been unexampled,' and we are able to
accomplish this great task all must
cannot finance
cannot do
provide
our
500,000
500,000
500,000
500,000
up
yesterday (Oct. 26) actually filed subscriptions for them¬
selves and their customers with the New York Reserve Bank
the
of moderate
men
Government;
men
pull
together.
Bankers alone
alone cannot do it; women alone
it; the rich alone cannot do it; the poor alone cannot do it; the
means
alone cannot do it;
patriotically and enthusiastically,
but all, uniting and co-operating
a
democracy no one class
should be permitted to save or to own the nation.
All the people should
save
and own the nation.
can do
it.
In
If each does his part,
by superlative love of country and resolute
If every one is animated
purpose, we can
finance every
requirement of the Government and win this mighty war quickly and save
thousands
of precious
American lives and
a
vast amount of American
'
treasure.
The war can
subscribed.
600,000
Twenty-six banks and trust companies of this city had
to
personal
Kaiser has
citizens He fights all Americans, and all Americans must fight htm.
500,000
Mahoning Coal Co....
Mergenthaler Linotype Co—
.......
rine Co
other American citizen.
The
a
It must
first thought every hour.
our
Government with all the money and resources required to win this war.
—
-
It must be
American realize that this is
tempt but inward fear.
500,000
.....
.
every
500,000
Co
1,000,000
1,000,000 NUes-Bement-Pond Co.....
1,000,000 Ocean Accident 6c Guar .Corp.
Harvey Fisk 6c Sons
1,000,000 Edgar Park of Larchmont,
W. R. Grace 6c Co
N. Y
1,000,000
Greenwich Savings Bank..
1,000,000 Peoples Bank of New York..
Garland Steamship Co...
1.000,000 Spencer Trask 6c Co. (add'l).
Haskell 6c Barker Car Co.
State Bank, New York
(through Nat. City Bank).
1.000,000 Superior Steel Corporation..
Hercules Powder Co. (through
Todd Shipyards and subsidi¬
Liberty Nat. Bank)
1,000,000
ary companies...........
Luis Toro.
Interboroiigh Consolidated
-Corp
1.000,000 J. Stevens Ulman..——
'International Mercantile Ma¬
U. S. Rubber Co.
Fifth Avenue Coach Co.....
Frank J. Oodsol.——
by the heartstrings.
500,000
Exchange Bank..........
Liggett & Myers Tob. Co—
Liverpool 6c London 6c Globe
New York Quebracho
us
To-day let
tancy, the eyes of the military autocracy of Germany with outward con¬
Mexican Petroleum Co.....
1,000,000
1,000,000
grip
It-—the
600,000
P. Lorillard Co.—
6c
Western RR, Co....
E. L. Doheny
personal thing to our soldiers and sailors and their families.
any
(Jointly).......
Hormeiguerro Central Corp.
Ingersoll-Rand Co. (through
Corn Exchange Bank)
Kansas City South'n Ry. Co.
Lehman Bros., through Corn
Continental Ins. Co,, through
Central Trust Co
Delaware & Hudson Co
Dealware
Lackawanna
a
600,000
Goldschmidt Detinnlng Co.,
Goldschmldt Thermit Co.
Lines
Seaboard
Nat.
Bank)
Calumet
500,000
Co...
Steamship
(through
Clinchfield Nav. Co., Inc
Cone Export 6c Commission
can
gun
,
be won quickly
The least
we can
only if every Liberty Loan is promptly
do for our gallant sons, the only chance we
give them to return with their lives, is to provide them with the best
that American Ingenuity can devise and money buy. " A gun that
will shoot faster and further than any gun yet made, with a bayonet forged
by American skill and long enough to reach to Berlin.
Every fifty-dollar
bond purchased by a patriotic American will provide some noble American
hoy with this kind of
a gun
and bayonet.
It is our soldiers, our sailors, and our guns that are going to win the
victory, vindicate America's rights at home and upon the bjgh seas, and
each for $5,000,000 or over.
The following: is a list of these
institutions together with the amounts subscribed:
make the world safe for democracy.
National City Bank...
nable security at 4% interest.
First National Bank
....
Guaranty Trust Co
Nat. Bank of Commerce....
Bankers Trust Co
Chase National Bank
......
$89,000,000
65,000,000
61,000,000
6c
Metals
Union Trust Co..
43,128,000
U. 8. Mtge, 6c Trust Co
Columbia Trust Co
Nat.
Bank—
19,904,000
American Exch. Nat. Bank.. 18,316,000
$17,920,000
Irving National Bank—
16,314,000
National Park Bank..—.... 15,515,000
65,179,000
28,125,000
Central Trust Co
26,000,000
Corn Exchange Bank...... 30,000,000
Farmers' Loan & Trust Co.. 22,432.000
Hanover National Bank
22,255,000
Equitable Trust Co.
20,000,000
Mechanics*
New York Trust Co...
Liberty National Bank
Bank of Manhattan Co—,
United States Trust Co.....
11,000,000
10,494,000
15,000,000
10,000,000
8,650,000
Broadway Trust Co—
7,127,000
6,899,000
Bank of New York, N. B. A.
Citizens' Central Nat. Bank:
6,492,000
6,385,000
Bank of America...........
5,758,000
The least service of patriotism that men or women
can
who stay at home
perform is to lend their money to their own Government on impreg¬
They risk nothing, while the soldier risks all.
I have visited
some
splendid American
an
of the great camps in
young men are
the West, where thousands of
training for the army.
They are setting
example which the civilian population would do well to emulate.
brave soldiers are not only giving up
Our
their'families, all their material inter¬
ests, and putting their lives in the balance, but they are
actually subscribing
from their meagre pay to buy the bonds of their own Government In a
larger amount per capita than the civilian population.
All honor to our
brave and gallant men!
May those who stay at home not fail to do their
duty to those valiant
sons of America 1
OCT. 27
P
1917.]
The failure of
one
Liberty Loan would destroy the Government's credit,
undermine confidence, imperil
prosperity, and disgrace us
world.
The patriotic people of the
in the eyes of the
forty-eight States of the Union must
make such
disaster
a
When the
sun
sets
reported, the Metropolitan Canvass Committee has been
responsible for about 49,000 subscriptions that were
the evening of
Liberty Day, ten million Americans
should have registered their subscriptions to the second
Liberty Loan.
railroads
No little
bankers blocking liberty
feeling
loan.
ing circles at the statement credited to Champ Clark at
Oklahoma City on Oct. 24 to the effect that
financiers
York
hampering
was
the
a
"ring" of New
Government
Liberty Loan campaign, endeavoring to make it
failure
that the next loan would bear
so
interest.
men
just such
its
partial
a
higher rate of
a
The New York "Times" in reporting this stated
that Mr. Clark went
These
in
are
the
on
'
to say:
spiritual descendants of the ring that operated in
an emergency
during the Civil War, and by their methods forced
in spite of these
a success
positively refuse to divulge the
of
the
first to
take
was
Benjamin Strong, Governor of the Federal Reserve Bank of
the Liberty Loan
Committee
Governor Strong tele¬
of the New York Reserve District.
graphed Speaker Clark, inquiring whether he was correctly
quoted, the Liberty Loan Committee making this known
in the following statement issued by it:
Hon. Champ
this morning reports that in an interview at
"Times"
Oklahoma City yesterday you stated that a ring of
is
New York financiers
hampering the Government in its Liberty Loan campaign, endeavoring
to make it a
partial failure so that the next loan will bear a higher rate of
You are further quoted as stating:
interest.
"These men are the spiritual
descendants of the ring that operated in just such an emergency
Civil War, and by their methods
success
as
of these New York traitors.
Please telegraph advising me
accusation."
quoted
forced the price of war bonds to 40 and
I positively refuse to divulge
from which I obtained the information upon which I make this
in spite
the source
during the
It is the duty of every citizen to make this loan a
50, and one day to 39.
whether
tions and aggregate amount
District, New
The Associated Press
pledged hearty co-operation to the ^Railroads Committee in
arranging for sale of bonds on installment payments. ^Pre¬
railroad officials
and send in results.
you
are
been
Second
the statement,
the New York
national
If Mr. Clark made any such statement,
on
and Henry
Francis L. Hine, President of the First
If the
would
seem to
In its issue of
"ring":
What
be called for.
a
special dispatch from Oklahoma City,
Speaker Champ Clark said in an interview here
yesterday was:
ri~g of New York men, spiritual descendants of the same men who
Civil Tar times worked against Government bonds, running the price
day to 39, have hoped that by their influence
of the second Liberty Loan."
reporter wanted to know what men were included in the "ring" of
they would be able to hamper the success
which Mr. Clark spoke, but obtained no
that they will be unsuccessful, for if
to house canvass in new
By the destruction of the Kaiser's brutalized
and equip our
tion to the cause
ideals
for
which
Christ
suffered crucifixion on
prepared to make infinite sacrifices to secure
The least we can do is to give up
of
to
rule of the bayonet the
be restored.
time of rededication and reconsecraof freedom and humanity throughout the world, to the
1917, should be a
our
the cross.
We must be
this glorious result*
.*
something of our pleasure, something
comfort, something of our convenience,
something of our needs, and
employ all the savings we may thereby effect to strengthen the hands
Government and to support our gallant men on the battlefields.
our
supt. skinner urges
york.
an
indication that the institutions under the super-
the aid of State
These subscriptions were received
Manhattan,
Bronx and Brooklyn.
The Committee expects to report
over 75,000 subscriptions before the close of the campaign.
the result of a house-to-house canvass through
Practically all of these subscriptions are for $50 and $100
bonds, and statistics show that 90% of them were
received
who did not subscribe to the first
In addition to the subscriptions already
bond
it
York StateiBanking Department, with
Superintendent^of Banks, George I. Skinner,
co-operating to make a success of the second Liberty
of the savings
Liberty Loan of 1917.
co-operation of n. y. sav-
—ims~banks~in~liberty~loan~campaign:
(Friday morning) over 50,000 subscriptions to the second
Liberty bond than
quickly "Peace on earth, good will toward men" will
Chrismas Day,
22 that he had
liberty Loan issue.
should immediately decide to give a Liberty bond'
,
gallant soldiers and sailors; will help to make them invincible in the fight.
The more Invincible we make them the more quickly the war will be ended.
were
women
bond
.
Loan Metropolitan Canvass Committee, of
which A. B. Leach is chairman, received up to yesterday
and
and at the same time
Wives, sweethearts, children would rather have a
As
The Liberty
men
determine not to waste money
gifts that would merely indulge appetite
Every Liberty bond an American citizen buys will arm
■
50,000 subscriptions to liberty loan in house
from
1917 than a
'
American substitute for such gifts the one present
vision'vof the New
as
Christmas gift in
second Liberty Loan campaign, hoping
sold Congress will, in December carry op the war
by direct taxation."
appropriate
be of genuine value to the recipient
other expensive thing
instead.
of
that they may obtain a higher rate of interest.
I serve notice on these men, however,
the bonds at 4% are not
reply.
dinner Mr. Clark said:
"Gamblers are trying to hurt the
it will be a failure in order
more
no
Christmas gifts of no value,
more
At the Chamber of Commerce
be
Liberty bond.
help to win this great war for freedom against despotism, namely, a
of the United States Government.
,
"A
The
serve
Secretary of the
vanity.
which would
Speaker Clark had to say concerning the alleged
down to 50 and 40, and on one
Liberty bonds would
anything else that could be offered to them.
yesterday morning the "Times" gave the
following version, in
of what
could
States
Let every patriotic
*
or
"Times,"
relation thereto by the Secretary of the Treasury, who knows
Speaker of the House was correctly reported in to-day's
all the facts,
new
gift is made by
Every American who contemplates making a Christmas gift of jewelry
had the following to say:
statement in
that the
Let every patriotic American this year
or
National Bank,
bonds as christmas gifts.
Christmas
ideal
an
There
on
this district stands
to the very last moment
Treasury William G. McAdoo in the following:
against the
which I find it difficult to be-
up
Walters.
liberty
the early
of its allotment in subscriptions.
original plan
L. F. Loree, W. H. Truesdale, F. D. Underwood
B. Hines,
as
The
railroad employees will be con¬
among
A. H. Smith, Chairman, John B. Dennis, Walker
lowing:
Thursday:
live, I think its valuelessness is shown by the fact that
The
The Railroads Committee comprises the fol¬
subscriptions.
,
of those who took occasion to comment
saying
first.
the
special arrangements have been made to care for late
United
as
exceed
$20,027,966 by 241,280 individuals.
was
campaign
tinued under the.
and that the fact that, when he made
first, both in amount and percentage
in
loan
first
only 39% of the maximum quota had been subscribed in
quoted
on
on
railroad employees.
among
the second floan will far
total of
The suggestion
J. P. Morgan, one
a
only $83
thh
the
This
individual
subscription
per
grand total of the railroad employees'[subscriptions to, the
collar."
the report, was
was
subscription
The average per
average,
that he had said he
district, showed that some one was "pulling
a
shown by the scant returns, encourages the
Railroads Committee members to believe that the grand
dispatches adding:
on
Loan $175.
First Loan
higher
dispatches from St. Louis last night
He said he had nothing to retract,
the forty-two rail
The reports from
the 25th showed
This makes the average
York City.
quoted with substantial correctness,
busy with the actual bond-
scriptions, these aggregating $7,509,000 by 43,461femployees.
correctly
STRONG,
are so
grand total of $12,624,009 of bonds sold to railroad employees. :f Only part of
the railroads reporting stated the number of individual sub¬
roads received up to
(Oct. 26) stated that Mr. Clark had withdrawn his charge.
had
generally
selling campaign that they had not taken time to compute
Second Federal Reserve
Earlier in the day it had been reported
Over 500
of earningslinvested.
through theirTchief executive^officers,
railroad companies,
and
BENJAMIN
Committee,
special
the results of
campaign both in number"of individual subscrip¬
the first
above, either literally or in substance.
Chairman Liberty Loan
Oct. 25 announced that by a
"drive" during the last days hopes
Jio surpass
Clark, Oklahoma City, Okla.
The New York
Chairman, from headquarters in Grand
on
forty-two of these companies, but it was announced that the
cognizance of the report
New York and Chairman of
Central Terminal
liminary reports had been received up to Oct. 25 from only
tion upon which I make this accusation.
One
employees, of which President Alfred H. Smith of the
tion
New York Central is
I
New York traitors.
from which I obtained the informa¬
source
conducting the national cam¬
It is the duty of every
the price of war bonds to 40 and 50 and one day to 39.
citizen to make this loan
Railroads
on
paign for sale of the Second Liberty Loan among transporta¬
created this week in New York bank¬
was
liberty
sale of
bonds.
The Committee
y.
for
campaign
champ clark's allegations concerning ring
of n.
placed
through banks and other agencies.
impossible.
on
1665
CHRONICLE
THE
issue, Superintendent Skinner made known on Oct.
addressed
a
letter to the officers and trustees
banks throughout the^State pointing out the+.
their patriotic duty, more than ever before, to assist
was
in" the sale of.the new^seeurities.
letter
It
seems
power to
and
even
more
than at the time of
now
as a
the sale
were
Superintendent Skinner's
said:
the
Incumbent upon the savings banks of the State
the sale of the first Liberty bonds to do all in their
assist in the sale of these securities, both as a matter of patriotism
means of self-protection.
The savings banks which did most for
of the first Liberty bonds issued by the/National Government
least inconvenienced by it.
One of the savings banks which made
a
[Vol. 105.
THE CHRONICLE
1666
most generous
subscription actually had to purchase additional bonds in
although It was paying dividends of only
order to meet its contracts, and,
In fact, it
considerable loss in deposits.
3Y% % per annum, experienced no
arisen in connection with the sale
of Liberty bonds by savings
old Puritan
willing or not, have been through that test.
banks is one as to the right of a savings bank
bond-buyers and hare no facilities for caring for the
of them are
bonds after they
technicalities with regard to such matters and believes it proper
banks
for savings
the sale of bonds to in¬
dividuals who are so situated.
Bonds should be cared for as a matter of
accommodation and without charge, if the savings bank has the facilities
subject to their order, as a necessary incident to
for
the bondpassbook.
A receipt for the bond, subject to the order of
doing.
so
owner,
might very well be given on the last page of his
request from Benjamin Strong, Chairman
In response to a
Loan Committee, for a statement regarding
the exhibition of the captured U-boat in New York, General
of the Liberty
Pershing to-day sent the following cable:
loam will be
Our success in floating
mination of the American people to see
Supplementing
nounced
the
Skinner an¬
Superintendent
above
Oct. 23 that he had sent the following letter to
on
the officers and trustees of the savings
of Nevr York, stating that if any
banks of the State
savings bank should be
of its depositors for funds
inconvenienced by the demands
Liberty Bond purchases the savings banks are author¬
for
ized
by law to borrow money for the purpose:
I
Gentlemen:
communica¬
informed that, notwithstanding previous
am
tions and the undoubted patriotism of
their officers and trustees, some of
Loan
of the State are hesitating to subscribe for Liberty
the savings banks
Bonds to the extent to which they might
otherwise do, through their feel¬
in order to meet the de¬
withdraw their money to pay for Liberty
for by them from the same patriotic motives.
ing that they must conserve their cash resources,
mands of depositors who may
bonds subscribed
possible, to
to pay for Liberty
of course, desirable for the savings banks, wherever
It is,
Induce their depositors to borrow the funds necessary
Liberty Loan is being floated by our Government
This should especially appeal to our men,
preparing and those who have come to France to fight
by the side of our allies on French soil for the ideals that have made our coun¬
try great.
We as soldiers came from the people, and we are here to carry
out their will.
Ours is a patriotic service; ours is a privilege that few gen¬
erations of men have had.
To battle for the right, for the sacred principles
of humanity, with no thought of gain, is an honor, not a sacrifice.
To feel
that our own country under the leadership of the President is to play such
a splendid part in this struggle for human rights is an inspiration.
To-day
we are given an opportunity to do more than fight.
We are offered the
safest investment in the world by our home Government, for whose integrity
"To Our Men—The new
at home in
inconvenienced
indicated, the
soldiers are
we as
Superintendent of Banks will be given freely, whenever application is
abroad the loyalty and patriotism and the courage of
Let every individual officer and soldier do his part."
made
the statute.
ON
ACCOUNT
EX-PRESIDENT TAFT BELIEVES END OF WAR MUST
view at
Mr. Taft expressed this
must be psychological.
H. Taft,
a
Liberty Loan rally, held at the New York Stock
Exchange
Monday last,
on
Oct. 22.
second
is already
not, however, supermen, he stated that "there
come,
them the disappointment that victory had not
that they
They are still being fed
while being misled as1 to the condi¬
not in Paris.
are
with false statements
*
tions.
*
*
Every house
in Germany is
a
house of
mourning and they are being subjected to privation and star¬
vation
*
*
but it is necessary that they should be sub¬
jected to this trial in order that they should see the hideous
futility of the policy of their nation and should make those
responsible who have led them into it."
"That will come,"
"and then there will be
said Mr. Taft,
a
wedge between
people and the Kaiser, and the ruling military
the German
cas^e, and when that comes the end will come, and
be the result of the psychological operation of facts
Mr. Taft added:
German mind."
It is
our
business
it will
the
on
•.
stimulate that psychological effect.
to
affects the mind more than
the furnishing of the sinews of
And what
war,
and the
contribution from the people at large to their Government to carry
oh this
billions.
effect on the
that th^t
asked for.
if
we
It is of the highest importance in its
world and in its psychological effect on the German people
should not fail, and that we should subscribe every dollar that is
To me alone it would not be a particularly discouraging fact,
did not get the five billion.
been out among them.
not as clear an
I know the American people.
I have
I know that our great people, many of them, have
insight into the vitality of this crisis as we have, and that
they need to be informed that
their prosperity has made them
a
lethargic, and that they do not respond as promptly as they will.
are
all headed in.
little
They
There is no trouble about their loyalty and their pa¬
triotism, but they have not
reached that fine edge of
a
desire to sacrifice
'•
that ultimately will come to all.
,
in the slightest.
are
abroad,
is, to those who do not understand the large amount it has,
country
would iterate and iterate,
home.
But to those who
who do not understand, to those who do not know how large this
to those
I
and damnably reiterate, until you get the idea
They will assume that it is lack of loyalty, when you know and I
know that it is not; and,
therefore, it is of the utmost importance that we
should all buckle to and make every one within our reach do something
to
'
If
any
of
our
valuable in the hands of poor men than of rich, in the added exemption
if'you hold to
or
rather the added absence of exemption from taxation,
many
of them.
so
We have also marked up our mortgage
that the higher rate begins to apply immediately.
believe other banks will be compelled to
Collector of Internal Revenue for
the Second New York District in
20.
a
That is all right; it is wise, it strengthens
But it nevertheless always falls on the
of the country, on the men whose interests gather here in
this
to incomes of
$5,000 and less, stated that the Department,
in order to reach the multitudes of
law would
new
of the law
of
year
district.
the
run
out the
tendrils, the proper tendrils of influence to the
entire country, with reference to physical and financial matters.
are, on you
There-
falls ultimate responsibility.
But
The law requires
making payments to others of $800 a year or
during the
more
people affected by the
probably have posters and a simple synopsis
placed in conspicuous places.
that all those
shall report the
same
to the collector
will
file a
return; a tax on earnings above $1,000 will be collected from
single persons and on earnings over $2,000 in the case of
married persons.' The law is effective Jan. 1 1917 and
returns are required to be filed by March 1 1918, the tax to
be paid by June 15,1918. Mr. Edwards's statement follows:
not be
Single
required to
I have just returned from
earning $1,000
persons
Washington where I attended a conference held
Roper, Commissioner of Internal Revenue,
of the country.
The question of collecting the taxes imposed
addition
to
a year
tax, but will be required to
pay a
by the Honorable Daniel C.
the regular taxes,
was
best to inform the general public
a
by the war revenue bill, in
How
matter of serious discussion.
of the
new
requirements proved to be a
lengthy discussion.
The great problem which confronts the Income
How
can
every
one
Tax Department is this:
This problem is
who is subject to tax be reached?
before every Collector, and there are sixty-four of them.
There
are
people in the outlying sections of the country who do not follow
the press very closely, and there are also
various
law,
the
people who derive income from
who would not be acquainted
sources
so
with the requirements of the
task which presents itself to each Collector is to see
that the
information reaches them and that the proper tax is collected.
It is my desire, from time to time, through the
ful instructions to taxpayers so that they may
public press, to give care¬
know just what is required
of them.
It is very probable that within a short time posters
simple synopsis
buildings,
and big
business institutions are heartily entering into the spirit of trying to co¬
operate with the different Collectors in seeing that information which is
of the law will be
and
a
placed in conspicuous places, such as public
banks and banking institutions.
Also the Post Office Department
employees and the general public.
We are
the different Chambers of
citizens have volunteered their
already meeting with hearty co-operation from
Commerce
and
civic
bodies.
Patriotic
services.
I believe that it is possible for
patriotic citizens throughout
the country
with the Government In not only seeing that he
performs his
own
return,
but seeing that his neighbor does
the same, and so, if we can, in the spirit
make
great world mart.
statement issued on Oct.
explaining the working of the income tax law as applied
patriotic duty in filing his
From here
We
take similar action.
ACT AS APPLIED TO INCOMES UNDER $5,000.
William H. Edwards,
that condition may accomplish it.
fbro, on you, abused as you
just
WORKING OF INCOME TAX PROVISIONS OF REVENUE
the Government to have such sacrifice spread broadcast; and I hope that
men
purchase on install¬
Most of our mortgages have already matured and are
5H %•
continuing along,
to co-operate
financial
the
depositors wish to withdraw
invest in the loan we are suggesting that they
forwarded to them will reach the
help along this loan.
Now, the Government adopted a system of making these bonds more
from taxation,
to 4 34%.
through the bank instead, thus taking advantage of the 4M% rate
proper
Therefore, it might be that a loan of this sort at this time would fail,
without discouraging me
4
taking this step to meet the situation created by
are
with several Collectors from different parts
war?
We are asked for five
from
John Reynolds, in setting out
by keeping their money in the bank.
but characterized them as "a people obsessed, indoc¬
trinated with a false philosophy." Declaring that they were
over
we
Liberty bond offering.
rate to
peror,
creeping
deposits
on
He referred in his
loyalty of the German people to their Em¬
address to the
rate
therefor, is quoted as saying:
reason
ments
ex-President William
Savings Bank of Boston, Mass., has
interest
its
The President of the bank,
money to
PSYCHOLOGICAL.
BE
RATE
LOAN OFFERING.
LIBERTY
OF
The Boston Penny
increased
Frankly,
end of the war, according to
the American soldier.
BOSTON SAVINGS BANK IN CREA SES IN TERES T
the
The
Let each officer and soldier come forward and
pledged.
voluntarily proclaim before the world his absolute faith in our country—
Also let the universal and liberal subscrip¬
tion of our armies demonstrate to our people at home and to our enemies
her institutions and her cause.
borrow money
the purpose of obtaining loans to meet
It is almost needless to say that the approval of the
in accordance with the provisions of
support of the war.
both those at home
and to hypothecate securities for
such withdrawals.
We will win
destruction.
Reports indicate material decrease of submarine
regardless of our enemies' ruthless inhumanity.
I have sent this message to each American soldier in France:
by the demands of its depositors for funds for the purpose
banking law of this State authorizes such savings bank to
striking illustration of the deter¬
a
this war through to a glorious finish.
accumulated
their future savings rather than use their
loan bonds from
capital for this purpose, but if any savings bank should be
LOAN
MESSAGE.
by retaining the bonds for them,
accommodate their patrons
to
LIBERTY
CABLES
PERSHING
GENERAL
This Department is not disposed to stand upon
paid for.
have been fully
gentlemen in Wall Street,
before you are saved, and you
be damned
whether you are
keep the bonds purchased by its patrons for them, as most
to
not
question whether your patriotism
is a poor kind of patriotism.
It is a little bit like the
doctrine in reference to salvation.
You have got to be willing
is approved or not,
to
undoubtedly added to its patrons by the action taken.
Among the legal questions that have
patriotism that measures itself by the
a
an extra
effort to
see
Liberty Loan Campaign
ready to pay his income tax,
of the
that every one gets
surely the Government will appreciate every effort that
nation-wide movement «will bring every
is made.
Such a
possible taxpayer within the scope
office for instructions.
of the law to the nearest Internal Revenue
Oct. 27
The doors
to
give
thjg office
help that
any
are open
is
welcome any suggestions you may
^t is
my
are
or
or
they
The refiners will continue
of the
This will enable the Government to
located.
are
check up all those who do not pay into
the various
Collectors' offices contain only the names of the persons who received
$3,000 or more during the year 1916.
Therefore it will be your patriotic
duty to obtain banks at the various Collectors' offices where you reside
large who
to file returns, as the lists to-day in
are
have your principal place
or
of business at least by the latter part of
cember.
Do not delay it any later
sufficient
supply
than this.
De¬
Each Collector will have a
tremendous
and are already anticipating the
hand
on
to
nearly $500,000,000
I urge every taxpayer to keep carefully in mind his obligation.
can be made to the Government except the one furnished by
I anticipate the income will run to
$90,000,000.
this year, so,
No return
the
collected in this district last year amounted
was
out at
your leisure, sworn to by an officer with a seal.
The return should show
the income received during the year 1917.
There will be instructions
printed on this form.
After it has been filled out it should be filed with the
Collector of the district where you reside or have your principal place of
business, and should be in the Collector's office not later than March 1
Internal
Revenue
This form should be filled
Department.
office, also Washington, and an assessment made on the return
this
Collector's
When the return has been received it is checked up by the
1918.
an
assessment notice will be mailed and the tax is to
After
filed.
be paid before or on
June 15 1918.
To
A
required to make a
explain to those who have not heretofore been
return, I state
single
required to pay a tax,
must obtain a form and
$1,000 a year will not be
but will be required to file a return;
that is, you
A tax will be collected on
fill it out and file it with the Collector.
This
The retailers agree to
time
rule
families,
what
together, have
a
an
heads of
Unless such married people, living
applies to married people, living together, or
receiving
$2,000
year.
a
income in excess of $2,000 a tax will not
return must be filed.
A
as
the same basis as
pounds at any one
quantity to last those customers
according to the size of the
from
family.
and the retail grocers pledge them¬
selves to co-operate, through their respective associations and any agencies
at their command, in the enforcement of this agreement.
The retailers will report any wholesalers to the Municipal Food Ad¬
ministration if they discover that they have been charged in excess of the
refiners, the wholesale grocers
The
be collected, but
Municipal Food Administra¬
asked to report to the
The consumers are
tion any retailers
who sell sugar in excess of the agreed price,
In the first
will be reported to the wholesalers and to refiners
instance these retailers
of the refiners.
if they are customers
themselves to refuse to sell to any
The refiners pledge
price.
retailers who are taking
refuse to sell to any
advantage of this emergency by selling in excess
pledge themselves to
of the agreed price.
everything in its power to
full extent of the law.
of the consumer is of the utmost
importance.
The Commissioner of Public Markets and the joint com¬
mittee take this occasion to point out to the consuming public some definite
Food Administration will do
The Municipal
punish the profiteer or hoarder to the
In this
plan, co-operation on the part
in which it can co-operate.
It is evident that some of the consumers are
They should restrict their purchases to the
hoarding sugar
who has been fortunate
woman
enough to obtain a small
supply of
should
cut down her use
need to buy it in
If such consumers do not
the near future.
policy it means that others, whose needs are even
of
methods
not
adopt this
greater, may be
forced
entirely.
distributing
club stewards should
among
sugar
devise economi¬
their patrons, which should
The practice of placing a
extravagance in its use.
eliminate waste and
1,000
Exemption
of
should not on that account continue using it as heretofore, but
of sugar at least 50%, if not more, so that she will
sugar
Restaurateurs, hotel managers and
$5,000
unnecessarily,
absolutely necessary amount
they use per week.
sugar
cal
person:
Net income
agreed
I
.
The wholesalers and refiners
to do without sugar
follows:
wholesalers who
by selling in excess of the
taking advantage of the emergency
are
•
simple illustration is given
Single
sell not more than 2, 3K or 5
their regular trade—this
to
days to two -weeks,
ten
the $1,000.
over
same
rate their distribution on
The wholesalers agree to pro
The
you earn
relieve the situation.
Eastern market, to
ways
follows:
as
person earning
of the beet sugar
for the country, for the
their effort to secure some
that are at present available
and Louisiana sugar
agreed price.
amount of forms which will be needed.
The income tax which
of
This figure will be
will furnish to
computed.
that the refiners
the refiners.
the Government till.
different Collectors to forward blanks to tax¬
It is impossible for the
payers at
first six months
will be ascertained for the
his average monthly purchases
the basis for distributing the sugar
as
the New York territory.
making up the reports.
during the year shall report same to the Collector
more
used
all people making payments to others of $800 a
The law requires that
district where he
the year and
information as can be given;
basis of the avail¬
their distribution on the
,
retained, when the time comes for the filing of returns,
think they will be very helpful in
The refiners agree to pro rate
able sugar as follows:
The sales to each customer
offer.
of constructive help to the inquiring taxpayers.
information that will be
year
We seek your co-operation.
desire to place in the press as simple
If such articles
and willing
We
to the public and we are ready
necessary.
1667
CHRONICLE
THE
1917.]
table in a restaurant or lunch room
bowl of sugar on the
for the patrons*
unrestricted use should be abolished.
$4,000
Taxable income at 2%
When
'<
is $80 tax.
a
retailer is
the sale of it in small quantities the consumers
Married persons:
his sugar by restricting
should co-operate with him
trying faithfully to apportion
by giving him their support.
___$5,0OO
Net income
Exemption
__
The
2,000
stringency
sugar
represents the local manifestation of a world
The consuming public should remember that
condition due to the war.
Government in successfully
is temporary. Relief is
supply of United States
cane sugar and Porto Rican and
by exercising economy they are aiding our
.
'
$3,000
.
.
prosecuting
Taxable income at 2% is $60 tax.
Married persons who are separated are
only entitled to, under the new
law, the $1,000 exemption, the same as a single person, and
$3,000 exemp¬
tion under the old law.
The
new war
the war income tax, the income tax
September 8 1916 will be levied.
income tax and the income tax under
the Act of September
8 1916 should be figured separately.
For the benefit of taxpayers I have
taken into consideration some of the
questions asked of this office, a list of which is given below,
numerous
which
I feel may be helpful.
Ques.—-What tax would
single person be required to pay receiving an
a
'
income of $1,750 a year?
Ans.—The exemption allowed would be
tax on
$1,000 and there would be a 2%
However, if,the income exceeded $3,000 there
$750; namely, $15.
would be
of $3,000.
additional income tax of 2% on an amount in excess
an
Ques.—What tax would
a
married person be required to pay receiving
income of $3,000 a year?
an
Ans.—There would be exemption allowed
there would be
an
.•
Refining Co., and E. Y.
Refining Co., for the
refiners; Sylvester Stix, Seaman Bros., representing the
wholesalers; Andrew Davey representing the chain stores;
Charles H. Haslop, President of the Retail Grocers' Associa¬
tion, representing the retailers; Joseph Socoloff, representing
the small wholesale grocers; L. P. Hansen, of Park & Tilford,
representing large individual retailers; Aaron Goldberg, editor
of the "Grocers' Guide," representing the Hebrew Retail
Grocers' Associations, and Dr. Henry Moskowitz.
Crossmore,
as
of Jan. 1 1917 and returns should be
received during the calendar year of
filed
1917; the "returns being
required to be filed on or before March 1 1918, and the tax
paid on or before
1918 for the year 1917.
Ans.—Losses incurred
deductible under the law?
trad
in
are
proper
However any
deductions.
profit but
not connected with trade or business,
the losses actually sustained may only
charged off to an amount not exceed¬
transactions entered into for
ing the profits derived during the year.
Ques.—What
return within
tion that it had
file
As a result of a
to
TO
meet
RELIEVE. SUGAR
agreed
on
at a
committee
representing the refiners, and the organized wholesale and
retail grocers.
The conference was held at the Federal Food
on
Wednesday, Oct. 23, of
a
Moskowitz,
Administrator's offices at 111 Wall Street; Henry
Commissioner of Public Markets of the City of New
York
presided at the meeting, at which the following schedule of
prices was agreed to;
The refiner's price,
States Food
in accordance with the agreement with the
United
Administration, is to be $8 35 basis for bulk granulated.
The wholesaler's price, $8
60 per 100 pounds for bulk granulated in
original packages to the retail trade.
The retailer's price for
exceed 11c. per
division of the Food
the
upon.
engaged, through £he efforts of the transportation
Administration, for the transport of one-half of this
The prices will enable the
The retail
The
refiners to.sell sugar at a steadily
price of sugar is giving
reducing
Eastern seaboard, and reducing
the Food Administration
much concern.
come
being
prices from the manufacturers are fixed and the wholesalers will
Nov. 1.
Refiners and distributers of sugar are
under license on
supply retailers who are charging exorbitant prices.
which the wholesale price of sugar in
each city will be furnished the Federal Food Administrators in the various
States, and they will be asked to communicate to the public these sugar
prices, and to report to Washington any exorbitant prices by retailers. ,
With the refiners' price of sugar at 8.35 cents, the wholesale price of
standard bulk sugar will be about 8.60 cents in the Northeast, decreasing,
given instructions not to
Organization is being perfected by
as
stated above, toward
In
;
Louisiana sugar involv¬
to the
price, starting from 8.35 cents per pound,
to 7.25 cents about the end of the year.
pound to the consumer.
sale of 200,000,000 pounds of
ing $13,000,000.
granulated sugar, 10c. to 11c. per pound—not to
furnishedJn the following statement;
producers, headed
M. Parker, Federal Food Administrator for Louisiana;
George M. Rolph of the sugar division of the Food Administration, and
Earl D. Pabst, President of the American Sugar Refining Co., a contract
has been settled between the Louisiana producers and the American Sugar
the end of the year.
;
.
Additional facts concerning the results of the
United States Food Adminis¬
Philadelphia, Boston and New York refineries.
The first
cargoes should leave Louisiana next week for New York.
The Louisiana producers expressed their satisfaction at the terms settled
SITUATION.
the sugar situation were
meeting in New York
two-day conference at the
representatives of the Louisiana sugar
by the Hon. John
sugar
EFFORTS
from Louisiana to New York, Philadel¬
The announcement concerning this said;
Shipping has been
$1,000..
made by the Food
raw sugar
phia and Boston.
Refining Co. for the
the penalties imposed by the law for failure to
are
pounds of
the required time?
.Ans.—50% additional tax and a specific penalty of from $20 to
were
sighted on Oct.
Administra¬
arranged for the shipment of 200,000,000
Relief from the acute sugar shortage was
tration between
Ques.—Are losses in securities
Plans
of the American Sugar
.
Ans.—The law is effective
the above consisted of James
Post, of the National Sugar
H.
24 when announcement was
.
Quest.—When does the income tax law go into effect—when is the tax
payable ?
June 15
Louisiana
Cuban cane sugars.
of
additional income tax of 2% on an amount in excess
.
income
seriou, stringency
of $2,000 and a tax of 2 % levied
$4,000.
for
The
United States through the
beet and Hawaiian cane sugars,
However, if the income exceeded $4,000
the additional $1,000 or $20.
on
war.
The committee which evolved
In addition to the above, which is
under the Act of
the
forthcoming in the
conference
.
>
renewing its appeal for the reduction in the
consumption
in the United States, the United States |Food
Administration on Oct. 19 stated that in 1917 the United
of
sugar
,
16G8
States
THE
exported
times
18
over
averaged in the three
much
as
before the
years
sugar
CHRONICLE
it
as
had
It furthermore
war.
pointed out that the consumption of sugar in this country
averages about 90 pounds per year per person.
The Ad¬
ministration has asked the
saving of 7
stating that if this
person,
per week per
ounces
done it would still leave
were
per
pounds in Italy.
The Administration's statement follows:
The vital Importance of
conserving our sugar supply is shown by sugar
export figures compiled by the United States Food
Administration.
In 1917 the United States
exported over 18 times as much sugar as it
had averaged in the three years before the war.
In 1916 these exports to
our Western European allies were 19
times as great as the
average for the
three pre-war years.
In 1916, of all our sugar exports to the
Western
Allies, 70% went to England.
By contrast, in 1917 France received 62%
of these exports.
-
In 1912 out tdtal sugar
exportation^ amounted to
1913 to 47,987,761 pounds; in 1914 to
to
83,747,751 pounds; in
72,323,615 pounds.
They increased
581,710,510 pounds in 1915, and reached high-water mark in
1916, when
was 1,665,895,639.
In 1917 the total was
1,254,551,280
the total
pounds.
The Western Allies, who in 1914 received
by 5,195,879 pounds, in 1916
received 1,328,242,883 pounds, and in 1917 a
total of 766,097,128
pounds.
The Northern neutrals, Sweden,
Norway, Denmark, and Holland, who
prior to the
war
were
purchasing
bought 140,944,415 pounds.
year
sugar from the United
no
pounds.
our
sugar
more
exports of 1916
than
accounted
as
compared with
for
1917 of
by the decrease in
our
shipments to England of 734,000,000 pounds.
course, to the
directly due, of
future contracts.
In 1913 Norway imported 48,138 tons from
England before the
nation.
This has
and
had the largest per
capita consumption of sugar
amounted to 93 1-3 pounds
per person
This
per
been reduced to 26 pounds
per year, or about
Prior to the war England received
now
1
year.
ounce
per
person.
38.55% of her sugar
from Austria-Hungary, 9.43% from the
Netherlands, 6.7% from Java, 7.1% from Cuba, and
only 1.14% from
United
15.73%
States.
.
The United States
consumption of sugar averages about 90 pounds per
per person.
The Food Administration has asked the
year
saving of 7
per week per person, and if this
were
done it would still leave
us a
capita consumption of sugar of 67 pounds
per annum, as compared
with 26 pounds in
England, 18 pounds in Franco, and 12 pounds in
Italy.
per
stating that
retailers
many
were
doing their best
to
effect just distribution and.hold
prices, but that much diffi¬
culty
was
experienced with hoarders, the Administration
on
Oct. 20 said:
The Food Administration
distributers
of
to
sugar
some
days
sales
cease
directed all manufacturers and
ago
to
confectioners,
syrup, and
manufacturers until Cuban supplies are available.
By this
means
the sugar consumption of the
area
of Savannah and West
of
the 23d inst. also ruled
luxury
only adds difficulties
to the
Reports to-day show that
make any
in
doing their best
purchases of November
into contracts of sale of
deliveries without
maximum
to
many retailers in many cities in this section
effect
prohibiting the sale of
turers of
just distribution and hold prices, but
are
consumer.
syrups, gum
sugar
to confectioners and manufac¬
and ice
cream; its latest edict instruc¬
ted refiners and distributers to deliver
to them sugar in such
quantities as, when added to their stock on
hand, will amount
50% of their normal requirements.
announced in the
following telegram
The
to great distress to
confectioner
every
to
voluntarily his
use
employees, confectioners
price
you
and
'manufacturer who
his stocks of sugar
on
hand
wishes to
and
agree
buy
to
sugar
reduce
of sugar by 50%
Second, in order to obtain 50% of his requirements
he must not
buy or attempt to buy Louisiana
open kettle sugars at more than
now
and
hereafter,
clarified, plantation white,
7.25, less 2%, Loui^ana points.
Third, before selling, obtain his assurance
jobbing trade to do likewise.
j
your
on
these points, and
request
The Railroads' War
Board, through its Chairman, Fairfax
Harrison, had the following to say on Oct. 24 on its
part in
aiding in the relief of the sugar situation:
The railroads
grams
December
corn
except
Members may enter
for November and December
corn
limitation, it is said, except
effective.
the
to
as
now
following is the resolution adopted by the directors of
placing the bar on future dealings in. November
and December
corn:
Resolved, That until further notice members of this board shall confine
all trades in contract grades of corn for future
delivery in regular elevators
are doing their bit to
relieve the sugar
shortage.
Tele¬
just received from the Sunset
Central, the Texas & Pacific, and
other railroads in the
sugar cane belt state that a sufficient number
of
are available
throughout Louisiana and other
cane-growing
territory to handle the entire cane
crop.
1 Hundreds of cars have also been moved
into the Northwest to
protect
the sugar beet
crop, which is already
moving.
An adequate supply of
cars is also on hand
to move the
Northwest potato crop.
empty cars
In Texas the railroads
are
bending
from loss Of live stock because
of
May delivery inclusive.
No
purchases of November or December corn except
member shall make any
in
liquidation of existing contracts.
of
for
corn
November
or
Members may enter into contracts
December deliveries without
except as to the maximum price now effective.
Resolved, That
deemed
any
limitation
Be it further
member trading in violation of the foregoing shall be
offense against the good name of the
to have committed a grave
association.
■'
■
'
'
■
»
WHEAT GRADES HIGH THIS YEAR—FEDERAL
STANDARDS WORK NO HARDSHIP.
According to the U. S. Department of Agriculture a large
part of this year's wheat crop has graded high at the mar¬
kets—No. 3
or
better—under the Federal wheat standards
made effective this year.
the exact
to
The Department calls attention
figures because, it states, persistent false
mors
larly
among
ru¬
have been circulated in the
grain trade, and particu¬
country shippers and producers, to the effect
that, under the
Federal standards for wheat, very little
new
of the marketed crop
higher grades.
is being,
hardship
or
has been, placed in the
On the contrary, it
of the Federal standards
for wheat
the requirements
says,
are
not such
as
to work
the country shippers and producers, for under
these standards high grades have been
given to a heavy
percentage of
the wrheat marketed.
The
Department
on
calls attention to these facts:
(1)
Of the hard red spring wheat which arrived in Minneapolis during
the months of August and September
No. 3
or
1914, 1915 and 1916, 76.7% graded
better under Minnesota State standards for wheat in effect at that
'
the
hard
red
spring wheat which arrived
August and the first 22 days of September this
better under the
or
In
Federal
at
year,
Minneapolis
*
during
81.2% graded No. 3
standards.
comparing the above facts, it should be borne in mind that whereas
"Ijlo. 3
better" under Minnesota State standards included the first four
or
grades (No. 1 hard and Nos. 1, 2, 3 Northern) only the first
of the
Federal
standards
have
been
three grades
considered.
(2)
Of the hard red winter wheat which arrived at Chicago during July
and August this year, 79.3% graded No. 3 or better under Federal stand¬
ards; of the soft red winter wheat which arrived at Chicago during the
period, 72.5% graded No. 3 or better under the Federal standards.
same
Of the hard red winter which arrived at Kansas City during July and
August this
year,
89.9% graded No. 3
or
better under the Federal stand¬
ards; of the soft red winter wheat which arrived at Kansas City during
the
and manufacturers of
Food Administration herewith
until Jan. 1, his combined purchases
and stock not to exceed
this requirement.
or
or
same
period, 92.6% graded No. 3
or
better under the Federal standards.
-
gum, cop dials, syrups and ice
cream, the
modifies former instructions as
follows:
should disclose
modification
sent to all refiners
and distributers.
First,
October to
the Board,
Of
On Oct. 25 the Food Administration
modified its order
Owing
of
liquidation of existing contracts.
distributing agencies of the country who
having much difficulty with the hoarding
,
for future
corn
months
time.
co-operating loyally to minimize the period and
intensity of shortage
that exists in the Northeastern States.
to
on
May, inclusive, thus preventing transactions in contracts
calling for delivery after May 31 1918.
No member shall
week to
was
the
Chicago Board of Trade
delivery in regular elevators to the
are
are
taken at
that, until further notice, members
shall confine all trades in contract
grades of
of plentiful sugar South
Pittsburgh should be greatly reduced and thus
expedite the arrival of beet sugar into the sparse area.
The purchase of more
sugar by households than is needed from
week
was
feeding of corn to
corresponding increase in the production of
a
livestock* -5' The directors of the
Germany; Denmark, 9,485
war
supply from Germany,
In
action
down in order to encourage more liberal
cattle
tons; Holland, 28,379 tons.
ounces
The directors'
request of the United States Food Administrator, Herbert
C. Hoover, who, it is said, desires to see corn
prices kept
cutting off of the English Imports from the Centra! Powers
Belgium,
together with the decrease in sugar crops in France and
Italy.
We practically exported no
sugar to the Northern neutrals before the
war.
In 1917 our exports to these countries
constituted 11.2% of our
total exports.
the
DEAL-
CORN.
Directors of the Chicago [Board of Trade on Ocl.
23 decided
to-prohibit new^buying of November and December corn,
of sale
The great increase in our
exports to the Western Allies is
day per
FUTURE
DECEMBER
to transactions for the months of October to
The decrease in
411,000,000 pounds is
„
STOPS
'
The
One curious feature shown is the
great increase in the exports to Mexico,
rose from 7,175,395
pounds in 1913 to 35,807,609 in 1917.
This is
partly due to the failure of the Argentine beet crop for the
past two years.
South America, which prior to the war
purchased little more than 1,000,000 pounds of sugar from the United
States, in 1917 took 142,853,818
of any
TRADE
IE% NOVEMBER^ AND
States, last
which
and
INGS
'
12
CHICA G0% BOARD! OF
us
capita consumption of 67 pounds per annum, as com¬
pared with 26 pounds in England18 pounds in France and
a
[Vol. 105.
every energy to protect the cattlemen
drought.
ARIZONA
1
COPPER
STRIKE
ADJUSTMENT
Announcement
that
the
SETTLED BY LABOR
COMMISSION.
President's
Labor
Adjustment
Commission had been successful in its efforts to settle the
strike
of
the
miners in the Globe Miami Copper
copper
district of Arizona, was contained in a
Commission
to
5,000 miners
were
progress
copper
Washington
officials
telegram from the
Oct.
on
23.
About
concerned in the strike which had been in
since early in July resulting in
,
a
cutting down of the
production from the Globe Miami district by about
60,000,000 pounds.
By providing for resumption of work
in the Globe Miami
district, the mediation commission paved
the way
for arbitrating other Arizona
which, besides causing
copper,
a
loss of
copper
many
mine strikes,
million pounds of
have resulted in deportations of strikers and other
disorders.
Acting
on
the principle that the prime necessity
was
to resume active
the
Commission, it is said, induced
Dominion,
Miami,
production of
copper
Inspiration and
for
war purposes,
managers
of the
Old
International^smelter"
ininesjand^union^leadersjo'agreetothe formation^of
grievance
Oct. 27
r
committees of workers for each mine.
tions
to be
are
represented
on
Since union organiza¬
these committees the agree¬
interpreted by Washington officials, it is
been
has
ment
by the
employers, one of the principal issues involved in the strike.
Secretary of Labor Wilson, Chairman of the Commission,
in announcing the settlement of the copper strike telegraphed
stated,
the
as
virtually amounting to union recognition
President's Mediation Commission has
The
plan of
district of Arizona is settled.
succeeded in working out a
of the Old Dominion,
Miami, Inspiration and the International Smelter, the controlling mines;
President Moyer of the International Union of Mine, Mill and Smelter
Workers; and the local unions which are out on strike.
This means the
early resumption of copper production at its full capacity by the single,
most important copper centre in Arizona, if not in the United States.
The normal monthly output of the Globe Miami district is about 21,000,000 pounds of copper, requiring a working force of over 5,000 men.
The strike has affected this district since July 2 with an interruption in
adjustment which has been accepted by the managers
the production of copper
war
Government's need for copper for
in the absence of intervention
The President's Mediation
following principles;The country must
the prosecution of the
by the Government.
Commission proceeded in its
labors upon the
.
have the maximum
uninterrupted output of copper
No grievances on the part of the workers,
allowed to result in stoppage
during the period of the war.
whether well founded or
imaginary, must be
devised for the adjustment
of grievances, whether real or imaginary, to prevent stoppage of production.
To carry these principles into execution the plan of settlement reached by
of
Practicable machinery must be
production.
the President's Commission
embodies the following chief features:
workers' committee for each
The establishment of a
First.
mine, wholly
indirect, to be exercised by the
independent of any influence, direct or
The committee is to be composed exclusively of men working
each mine with the right, however, of union members to have a union
company.
at
representative in the presentation of grievances..
The employment of
Second.
seditious utterances against
those now on strike, except
the United States or those
those guilty of
who have member¬
recognize the obligation of contract.
In providing for the re-employment an important principle is introduced
in that the district is treated as an industrial unit, instead of the individual
mine,
Re-employment is to be secured through a central employment
committee for the district, as well as the growing labor shortage throughout
the country, requires the full utilization of all available manpower and the
regulated employment of the men on strike.
Third.
The impartial and effective working of the scheme is assured
through the appointment of a United States arbitrator, acceptable to both
sides, who is to determine all disputed questions of fact as to which the
management and the men cannot in the first instance agree.
The success
of the settlement rests on the loyal spirit of all parties in carrying out the
agreement.
But the arbitrator is necessary to secure the settlement of any
difficulties as to which in perfect good faith the two sides may not agree.
The machinery thus provided is in substitution of. strikes and lockouts
during the period of the war.
With the re-establishment of good relations
between the mines and the men which is confidently hoped for, there is
every prospect
of a steady increase in the production of copper in the
Globe-Miami district and the'resumption before long of its maximum out¬
put.
The President's Mediation Commission is proceeding to Clifton, with
a view to securing a prompt settlement of the difficulties in the CliftonMorenci-Metcalf district and the resumption of copper production in that
excepting coal
the thick vein Elkhorn district in these
the
the
son
three counties.
coal mined in St. Charles and Lee counties,
Coal
by the Darby
Blackmountain Mining Co., Virginia
Mining Co., Old Virginia Co., United Collieries Co.,
Co.,
Mining
and
Inc.,
In
the Benedict Coal Corporation
effective imme¬
granting the increases, which became
diately,
Fuel Administrator
the
•
*
said:
.
exceptional, and do not affect
heretofore fixed by the President in the principal bituminous
fields.
If upon completion of the investigation now being made of opera¬
tors costs in the fields affected it is found that these changes are not jus¬
Thq conditions in the fields named are
the prices
tified further modifications
will be made at once.
The "Wall Street Journal" of Oct.
amounting, to date, to a loss of over 60,000,000
While there has been a very gradual resumption of work, it is
far below the normal and there was no promise of a settlement which would
pounds.
have assured the
produced from
In
State of Tennessee the increases affect coal mined in
counties of Scott, Campbell, Clairbo, Clairbore, Ander¬
and Morgan, while in the State of Virginia they affect
Knott and Letcher counties
Lee
following to Washington:
The strike in the Globe-Miami Copper
>
1669
CHRONICLE
THE
1917.]
11 had the following
regarding the increases in bituminous
to say
prices:
the Government
for run-of-mine bituminous, in the Kentucky, Tennessee and Virginia
fields, is the first case of upward revision in the Government's war cam¬
paign of price fixing.
The operators in the districts named had lodged
strong protest with the authorities at Washington at the price of $2, orig¬
Announcement of
20% increase in the price set by
a
announced for run-of-mine
inally
In the case of many
coal.
total of close to the $2 mark, and enforcement
$2 would have seriously reduced production in
Tennessee
and
sheets would show a
of the first-named price of
of the Kentucky operators, cost
that State, and similarly in
Virginia.
Ohio are unaffected
original price. Costs,
however, in these three States are lower than in the Kentucky-TennesseeVirginia districts, and no serious restriction is expected In those fields.
The coal trade is encouraged by the action of the Government in recog¬
nizing the injustice of the original bituminous prices, and the effoct of the
upward revision is favorable on the general price situation in that it gives
concrete demonstration of the Government's
intention not to enforce
The big fields of
by the
new
Pennsylvania, West Virginia, and
and are still governed by the
order,
prices which have the effect of reducing output.
ship in an organization that does not
district.
'
•
''
STRIKING
MINERS
Announcement that all coal miners
CITY
YORK
HOTELS
AND
RESTAURANTS
"WjHEATLESS WEDNESDAY."
and restaurants on Wednesday of
this week, Oct. 24, observed for the first time a "Wheatless
Wednesday," and accordingly omitted from their menus
wheat bread and foods made from
white flour.
Patrons, as
H. A. Garfield
time
on
Oct. 22.
that reports
from all sections indicated a
Indianapolis:
All miners resumed work in Indiana
Latest reports from
Ohio.
the
preparation of pastries, rye flour,
certain percentage of bran and in some in¬
fields of Ohio, Illinois,
work.
ADMINISTRATOR
ADVANCES
NESSEE AND
Increases in
prices
on
VIRGINIA.
bituminous coal from fields of Ken¬
granted coal operators
on Oct. 11 by Dr. Harry A. Garfield, the Fuel Administra¬
tor, as a result of an agreement affected between the central
competitive field coal operators and miners which enabled
tucky, Tennessee; and Virginaia were
the immediate
The
new
follows:
resumption of coal mining in these sections.
the 11th are as
For run-of-mine, $2 40; former price, $2; for pre¬
schedule of prices announced on
pared sizes, $2 65; former price, $2 25; and for slack or
screenings, $2 15; former price, SI 75.
The increases are
effective in the State of Kentucky only on coal mined in
the counties
of MoCreary, Pulaski, Rock
Johnson, Martin, Whitley,
Bell, Breathitt, Perry, Leslie,
Magoffin, Boyd, Carton, Pike and all of Floyd
Lee, Wolfe, Morgan, Lawrence,
Laurel, Clay, Owsley, Knox,
Harlin,
Castle, Jackson,
and Arkansas has apparently
The threatened strike in the South¬
coal fields, scheduled to take place on Oct. 19, under
amicably adjusted.
resolution adopted at Kansas
the warning
City
on
Oct. 15, occasioned
of Dr. Garfield, given in these
that "if either the operators or
columns last week,
the miners attempt to bring
to reach a decision I shall postpone it and
to compel the production
the country's needs."
After a conference,
pressure upon me
whatever powers are necessary
of coal to meet
officials of the Southwestern Coal Opera¬
District Presidents of the United
of America at Kansas City on Oct. 18 the
however, between
tors' Association and the
is stated, would have involved 35,000
indefinitely postponed. Following the con¬
ference negotiations for the settlement of the differences
between the operators and miners were begun.
The de¬
strike,
PRICES FOR
BITUMINOUS COAL IN KENTUCKY, TEN¬
FUEL
Indiana and Pennsylvania to resume
the Southwestern coal fields in
situation ♦ in
The
Oklahoma, Missouri, Kansas
been
a
Wash¬
on
Mine Workers
flour and hominy.
last week, Mr. White left
Oct. 18 for Indianapolis to undertake personally
task of inducing the coal miners jn the competitive coal
ington
use
stances rice
all in
in line
this morning and practically
Illinois are that all mines are resuming
instructions.
our
hereafter be observed along with "Beefless Tuesday" as
national fwod conservation measures.
The hotels substitu¬
will
a
gratifying
prices. The following
telegram concerning the Middle West strike situation was
received by Dr. Garfield on Oct. 22 from John P. White,
President of the United Mine Workers of America, who
had been dealing with the strike from his headquarters at
western
day., and there were comparatively
graham flour,
Fuel Administrator
Mr. Garfield stated at the same
tendency downward in retail coal
into the spirit of
few objections to the
sidetracking of wheat.
The New York Hotel Men's Asso¬
ciation reported that 224 of 225 members observed the no
wheat rule last Wednesday, and "Wheatless Wednesday"
general rule, it is said, entered willingly
ted for wheat flour in the
had resumed work in
resuming work in Illinois, was made by
with
OBSERVE
the
OHIO
•
N.ew York City hotels
a
AND
practically all in Ohio, while all miners were
Indiana and
As noted in these columns
NEW
INDIANA
IN
RESUME WORK.
which, it
miners,
was
both the operators and repre¬
agreed to disregard the points
of difference which led to the strike order and resume nego¬
tiations where they had been broken.
According to the St.
Louis "Globe-Democrat" of Oct. 24, a new wage contract
ferring of the strike came after
sentatives of the mine workers
was
the
signed at Kansas City on Oct. 23, the penalty clause in
contract, a point which led to the strike order, is
new
said to vary
somewhat from that embodied in the Washing¬
agreement, reached in the case of the adjustment of the
differences of the miners and operators in the Central com¬
ton
petitive field of Ohio, Illinois, Indiana and Pennsylvania.
Telegrams announcing that local charters would be re¬
voked in mines where the men were not back to work by
Oct. 22, were sent
to unions in
Illinois on Oct. 19 by Frank
Federation of Miners.
Farrington, President of the Illinois
1670
THE
CHRONICLE
[Vol. 105.
Mr. Farrington stated that his action was prompted by a
to have
desire
the Cleveland district, it was stated that a complete survey
to
the
save
miners
from
industrial
conscription,
than 1,000,000 tons of soft coal hoarded in
more
which, he said, would follow if paralysis of the coal mining
of the Middle
industry continued.
tions,
Reports coming to
His
office
my
follows:
statement
are
encouraging and indicate that the men
whether the
who have been idle have decided that their best interests will be served by
their return to work, and they are gradually doing so.
to believe that Dr. Gaff kid is
doing everything in his power to make pros¬
pective wage increases effective
it clear to
bear
me
I have every reason
as
early
as
possible, although he has made
that he does not propose to surrender to pressure brought to
him by the men discontinuing work, and I am satisfied that he will
on
not allow wage increases to become effective until all of the men are back at
W°rk.
'
.
•
•'
,
^
\V''
,
sec¬
reported in the New York
was
stating that the situation in New York, where
as
a
alleged to exist, would probably be the
in hand.
If a shortage in New York supply
shortage of coal
was
first to be taken
is
other manufacturing
as
policy should be extended.
reported by Albert H. Wiggin, the New York State Fuel
Administrator, it
I have hundreds of
well
as
19 Dr. Garfield
On Oct.
"Times"
West,
being made by the Administration to determine
was
stated, the Fuel Administration will
was
telegrams from local unions pledging fidelity to the
organization and to the Government, which indicate that the overwhelming
immediately order that priority be given to shipments of
majority of the members of the Illinois Miners' Union
New York coal from the mines.
who
have
suspended
opposed to those
are
work.
19 that
The serious feature about the whole matter is the fact that unless that
measures
It
also stated
was
Oct.
on
for proceeding against any one responsible
for the coal
shortage in New York would be instituted if the
in all likelihood force the Government to resort to industrial conscription.
results of
committee appointed by Mr. Wiggin on Oct. 25
I do not propose to allow a
comparatively few thoughtless members of the
organization to bring this condition upon the overwhelming majority who
warranted action.
part of our membership now idle should decide to return to work they will
,ajpe performing their duty.
Where
back to work Monday
men are not
An
On Oct. 19
Associated Press dispatch from
Springfield
on
Oct.
miners, with the exception of those
in Franklin
County, went back to work on that day. About
70,000 men, it was said, had been idle, and the nation's coal
supply has been reduced
many
thousands of tons
a
The personnel of this committee is given
in another item.
their local charters will be revoked.
22 stated that Illinois
a
■
indicating that the order for the
statement
a
priority of coal shipments
the Pennsylvania R. R. had
on
been extended to the Baltimore & Ohio and would
be
applied to other roads,
istration
Oct.
on
shortly
issued by the Fuel Admin¬
was
19.
day dur¬
ing the period of the strike.
ADMINISTRATOR
FUEL
OF COAL
FUEL ADMINISTRATOR WIGGIN NAMES ADVISORY
Under
COMMITTEE—COUNTY FUEL ADMINISTRATORS.
Albert H. Wiggin, New York State Fuel Administrator,
announced
Oct. 19 that he had opened offices at Rooms
on
2316, 61 Broadway, and that he had associated with him
as
mitted to be sent
President of the Brooklyn Lumber Co.,
the
Chase
National
in
deal
New
with
and|G. M.|Dahl, Vice-President
Bank.
Fuel Administrators
counties
Charles E. Robertson,
the
being appointed for each of the
State.
problems
The
county administrator
arising in his county.
Wiggins has thus far appointed the following
men
Mr.
to the
post of Fuel Administrator in their respective counties:
Reeve
Schley, New York County;
dent of the
Frederic E. Gunnison, Vice-Presi¬
Lawyers Title and Trust Company, Kings County; E. Keator,
Cortland County; Elliott C. McDougal,
Erie County; L. F. Phelps, Essex
County; J. C. Curtis, Orleans County; A. B. Colvin, Warren County; C.
B. Kilmer, Saratoga County, and C.
N. Harris, Fulton County, Cyrus
Bank of this city, and
a member of the advisory committee,
appointed by Fuel Administrator Wiggin, in outlining the
duties and powers of the new county fuel administrators
County Administrator will investigate the coal situation in his
district, considering, in particular, questions of shortage and justice of
It will be his duty to get all the1 facts, no matter what he has to
prices.
He will not have direct authority to relieve shortages to
his district by ordering shipments from mines,
Canadian
the
States
but his recommendations
weight with the State and national fuel supply administra¬
tions.
The rules for the fixing of retail coal supplies, as issued from
Washington
some time ago, may
work out inequitably, either for dealer or consumer, if
enforced to the letter.
It will be the duty of the County Administrator to
study the application of these rules, and he is empowered to make tem¬
changes in prices, which shall obtain until the merits of the
be passed upon by the State and Federal fuel administrators.
porary
AND
PENNSYLVANIA
case can
devoting
one
Monday, Oct. 29.
to be
section will, it is stated, be followed in other
a
on
Oct.
particular
cases.
Fuel*
Johnson of Ohio, who later announced that plans had been
worked out under which the Ohio and Michigan dealers
in not
get
an
sell the day's output to
exceeding one-ton lots.
adequate
car
consumers
Every effort will be made to
supply for the day.
the
as
United
the
A statement issued
consumers;
by the
coal has been shipped into Canada in much larger quantities
will involve
a
limitation not only of the amount
exported by individual shippers but of. the aggregate tonnage going
into Canada during
the balance of the winter.
notifying individual shippers of the amounts of coal each will be permitted
to export
.
As
a
to Canada during
matter of record
Novembey and December.
we give below an order of the Fuel
Administrator at Washington stopping for the time
being
shipment of coal into Canada from the lake ports.
referred in
into
We
issue of Sept. 29 to the fact that the Fuel
our
in
Administrator,
coal
Canada
an
effort to curtail
and
the
at
same
the exportation of
time
relieve
coal
the
shortage in the Northwestern States,
had requested
Export Administrative Board to allow
coal to be exported
from the United States into
The
order
of
the
Fuel
no
the
Canada, without specific licences.
Administrator
prohibiting further
export of coal into the Dominion, issued On the 1st inst.,
reads
as
follows:
";
; -v
1917.
United States Fuel Administrator relative to the shipment, dis¬
and apportionment of coal reshipped by water at Lake Erie
ports:
of coal
Administrator Garfield conferred with State Administrator
would be required to
of its
ferent privinces of Canada
COAL
This plan of
day's production to the needs of
well
Washington, Oct. ;i
24, all soft coal mines in Ohio and Western Pennsylvania
are directed to
ship their entire output to retail dealers in
on
that
,
It appearing to the United States Fuel Administrator
Under orders issued by the Fuel Administration
Michigan
recognized
as
better, and that
Figures now available reveal the fact that during the first nine months
of this year
RESTRICTED.
and
Government
no
than in former years, so that the allotments now being made for the dif¬
tribution,
Ohio
Canada be treated
Fuel Administration says:
Order of the
SHIPMENTS OF OHIO
review of Canadian
warranted in taking the present step to protect
was
the interests
the
Oct. 20, according to the New York "Sun," said:
will carry great
a
annoucnced that Administrator Gar¬
was
had insisted that
field
materially reduce
arranged in consultation with
the Canadian authorities and after
It
per¬
In order to effectually control the situation the Fuel Administration is
Gerhard M. Dahl, Vice-President of the Chase National
do to get them.
The allotments, which will
fuel statistics.
C. Miller, Bronx County, and George J. Ryan, Queens County.
Each
anthracite coal will be
United States in the matter of coal, but
are
York
or
the Canadian border in the next
across
two months.
President of the National Bank of Commerce in New York; Clark Williams,
on
about
2,000,000 tons of bituminous
the volume of exports, were
Bank of Chicago, now located in New York; Valentine P. Snyder, former
will
trade,
Oct. 24 by the Fuel Administration,
on
Flynn, formerly President of the Live Stock Exchange National
President of the Industrial Finance Corporation;
EXPORTATION
CANADA.
definite allotment of American coal for
a
announced
advisory committee the following:
an
S. R.
of
RESUMES
TO
that the quantity
moving by lake shipment from Lake Erie ports to American lake
ports, on Lakes Superior and Michigan, is inadequate for the supply of the
portion of the United States supplied from said ports on Lakes Superior
and Michigan, as compared with the quantity of coal so moving to Canadian
lake ports and to American lake ports, located on lakes other than Lakes
Superior and Michigan, and that the supply of coal at present available for
shipment by rail, and of railroad freight cars for the carriage thereof, to
such portions of. the United States
Superior and "Michigan,
are
supplied from said lake ports
on
Lakes
insufficient to make up the deficiency in the
supply of coal moving by lake.
United
The
States
Fuel
Administrator,
acting under authority of
an
executive order of the President of the United States, dated Aug. 23 1917
appointing said administrator, and in furtherance of the purpose of said
order and of the Act of Congress therein referred to and approved Aug. 10
1917, hereby orders and directs that until further
or
other order of the Fuel
Administrator, and subject to modification hereafter by him:
Computation is
r
said to have shown that the output for the
day will just
about relieve the shortage in Ohio and
Michigan and the
Fuel Administration decided to waive the
priority ruling
1.
All producers of coal having contracts for delivery of coal by shipment
to Lake Erie
ports for transshipment and water carriage from such ports
shall continue such shipments to at least the same extent and with the same
frequency
2.
as
at present or heretofore since Sept. 1 1917; and thai
ft
All dock companies, jobbers, and other agencies receiving such coal at
by which Judge Lovett of the War Industries Board has
said Lake Erie ports shall forward the same by the earliest available carriers
been sending all coal to the Northwest, via Lake
ports be¬
Lake traffic closes.
by water to American lake ports
fore
Coincident with the announcement
on
Oct. 22 that the
Fuel Administration had
temporarily stopped further ship¬
case of from eight to ten firms
reported
ments of coal in the
delivery to, and
use
Lake Superior and
3.
on
Lake Superior
or
Lake Michigan for
by, dealers and consumers usually supplied from such
Luke Michigan ports; and that
All dock companies, jobbers, consignees, and other agencies receiving
such coal at any such ports on Lake Superior and Lake Michigan, shipped
to such
ports from Lake Erie ports, and all jobbers, consignees, and other
agencies receiving
anyjsuch coal through reshipment
or. reconsignment from
Oct. 27
191?.]
such
lake ports on Lakes
Superior and Michigan,
from
consigning, reshipping,
or
reconsigning,
to any points either in Canada
the
CHRONICLE
THE
2.
hereby prohibited
are
reshipping, any such coal
or
the United States, other than points in
or
Northwest, which have heretofore usually been supplied with coal from
such American lake
ports on Lakes Superior and Michigan.
H. A. GARFIELD. United States Fuel Administrator.
Neither
present war we and
sell, trade,
ally
BE
REQUISITIONED FOR CONSUMERS
IN
of
any
our
branches
Persons
branches
our
agencies will export, re-export,
or
indirectly, with any
or
or associations
enemy or enemy
(&)
of persons residing in any country or ally of
with which the United States is at
occupied by the military
AN EMERGENCY.
doing business contrary to the
and we declare that during the continuance of the
of
none
do business/directly
or
agencies are now engaged in
or
or
herein defined, to wit:
as
(a)
TO
we nor
exporting, re-exporting, selling, trading,
terms of this engagement;
any country
COAL
1671
including
war,
naval forces of such enemy
or
Any such persons
associations residing
or
territory
any
ally nation.
or enemy
United
outside of the
States and doing business within such enemy or ally of enemy territory.
According to
special dispatch to the New York "Times"
a
(c)
Corporation incorporated in any country
which
the
United
States
is
at
Oct. 23 coal operators throughout the
country have been
advised by the Fuel Administration that the Government,
military
in any coal
and doing business within such enemy or enemy
on
crisis that might develop during the war, in¬
requisition one-tenth of the coal supply at the mine
tends to
for the
a
of the consumer, this action to be taken where
use
contingency cannot be met in the ordinary
■i
(d)
Corporations incorporated in
(e)
any country
The Government of any nation
or
except the United States
ally country or territory.
ally of
any
nation with which the
officer, official, agent, or agency thereof.
any
Such other persons, natives, citizens,
or
.
ally of any country with which the United
subjects of any country or
States is at
by
any
\
HEAD TO ASSIST FUEL ADMINISTRATION.
John P. White
resigned
as
President of the United Mine
Oct.
on
25, and will leave to-morrow
(Oct. 28) for Washington to
Dr.
.
H.
A.
Garfield,
labor problems.
his duties
assume
Fuel Administrator,
adviser
as
dealing with
In his letter of resignation Mr. White said:
The wage agreement reached
in Washington recently is subject to the
Federal Government's revision of the coal prices at the mines.
I
hope¬
am
apply
When this is done, it will be only a matter of form to
corresponding increases
the anthracite fields
in
sell
engage not to
or
deliver, directly
herein defined, or for or on account of, or on
allies
enemy
during
and
engagement
the
continuance
declaration
includes
business, and shall not be construed
indirectly,
or
as may
as
behalf
of
all
the
or
of,
enemy
enemy
And this
war.
trading,
trade,
allies, as
such
any
present
exporting,
or
and
limited to the goods
or
doing
articles
described in the pending application for license.
4.
No sales
"
deliveries of any of the articles constituting such ship
or
ments shall be made without
having first obtained the written approval of
the United States Consul at the place where such sale or delivery is to be
made.'
ful that the Government will act favorably and that its decision will become
effective Nov. 1.
we
in the doing of any business with enemies
engage
or
Workers of America
to
or
business,
presidential proclamation be included within the term "enemy,"
' And
3.
(other than
war
citizens of the United States), wherever resident or doing
J. P, WHITE RESIGNS AS UNITED MINE WORKERS'
the
ally.
enemy
United States is at war, or any political or municipal subdivision thereof, or
(f)
way.
Mmmmwmmmmmmmmmrnmmmmmmmmmmimmmmmmmmmmmmmmmmtmm
ally of any country with
or
including territory occupied by
war,
naval forces of such enemy or
or
5.
;'//'://;/•'//' yv'-Y '.'-T'-':
1
This is
■/"..v "/
'■'<
continuing obligation upon our part and shall apply without
a
further agreement to all future shipment.
and the outlying
bituminous districts of the country.
FRANK
SHIPPING
BOARD
FOREIGN
ADMITS
VESSELS
A.
SCOTT RESIGNS AS
TO
COASTWISE
The United States
admitted
in
foreign-built
or
foreign-registered ships to
as
a
war
wa/ for the withdrawal of
trans-Atlantic trade.
authority of
Oct.
Director of
stated,
thereby paving
coastwise ships for the
The Board's action
was
taken under
Oct. 6 (and referred to in these
on
Edwin F.
13).
emergency,
our
engage
Act passed by Congress and approved by
an
President Wilson
on
Announcement
Oct. 22 formally
on
coastwise trade
our
the
TRADE.
Shipping Board
columns
Carry, who has been appointed
Operations by the Shipping Board, will,
administer
the
and issue
acts
new
it is
permits.
Al¬
though foreign ships will be admitted to the Atlantic, Pacific
and Gulf
trades, they will not, however, be allowed to
engage
in the coastwise trade with Alaska.
The Shipping Board, in
coastwise
trade
the
on
resolution:
made
was
yesterday at Washington that
Frank A. Scott, of Cleveland, has resigned as
Chairman of
the War Industries Board of the Council of National Defense,
because of ill health.
Mr. Scott's
resignation has been
inst.,
our
adopted the following
Chairman that the Council
"recognized the need
for rest after the devoted labor which you, have
in the interest of the Government,"
ceeded
you
have
performed
Mr. Scott will be
suc¬
temporarily, it is said, by Robert S. Lovett, priority
director
of
the
Board,
who,
it is
stated,
appointed to the position permanently,
later be
may
Mr. Scott
was ap¬
pointed Chairman of' the War Industries Board about two
months ago.
Prior to that time he
At the time of his
tries Board Mr.
He has
health.
/Ty TVT/
Wbereas, Congress did, by an Act approved Oct. 6 1917, enact that "the
United States Shipping Board may, if in its judgment the Interests of the
United States require, suspend the present provisions of law and permit
Chairman of the
was
assuming the Chairmanship of the Indus¬
seemed to be in
Scott
exceptionally good
diligently applied himself to the activities
of the Board, and has brought
it
up
to
high state of effi¬
a
Mr. Scott's letter to Secretary Baker asking to be
ciency.
vessels of foreign registry and foreign-built vessels admitted to American
relieved, dated Oct. 25, and blade public yesterday,
registry under the Act of Aug. 18 1914, to engage in the coastwise trade of
26th, said:
the
United
States";
With the
And Whereas, many circumstances and conditions have been brought to
the
of this Board
notice
which
convince
it
that
the
volume
of tonnage
engaged in the coastwise trade of the United States is being constantly
diminished, and that by reason of present provisions of law
of foreign
registry are compelled
to
go-
between
many
American
vessels
either
ports
empty or only partially laden; Now, therefore,
Be it
of
a
To you
United
States
manner
set forth
It
is
and
Hereby
they
are
physical difficulty from which I suffered in 1912, I submit
hereby suspended to the extent and
sincere appreciation of the opportunity to serve our country
allowed me and to assure you of my gratitude for the encourage¬
account of my
physical need I be allowed to retire at once from the
A. MITCHEL PALMER APPOINTED ALIEN PROPERTY
hereafter to be issued by this Board.
That the director of operations
permits thereunder in the name of the
be, and
he is
THE ENEMY"
President Wilson
new
sign
a
RE-SELL ARTICLES EXPORTED.
War Trade Board
requiring that all
NOT
on
Oct.
15 issued
an
American firms with branches, abroad,;
export to their branches will not be re-exported either in
to
or
changed form.
The agreement which is intended
prevent any firm in the United States from doing business
with firms in neutral European
who
her
are
in turn
countries
or
South America
suspected of doing business with Germany
allies, reads
as
or
follows:
J&The War Trade Board, created by the Executive order signed by the
President
on
Oct.
12
1917, has drawn up the following agreement, to be
signed by exporters when shipping to their own branches in foreign countries:
To the
y
War Trade Board,
Washington, D. C.
In consideration of the issuance to us of the license or licenses for which
application is pending before the War Trade Board, permitting shipment to
us or
we
to branch houses or
do
1.
none
of the articles contained in any of the shipments for the
licensing of which applications are pending, will be directly or indirectly
re-exported,
or
sold, transferred, or delivered, either in their present or any
other form, contrary to
LAW.
Oct. 19 appointed A. Mitchell Palmer
former Representative in Congress,
Pa.,
Custodian under the recently enacted "Trad¬
Alien Property
Mr. Palmer,
as
Alien Property
Custodian, will have charge of all property in the United
States held
by
an enemy
alien or
an
ally of
an enemy
alien,
The powers of the Alien
Property Custodian were defined in the President's proclama¬
tion putting the "Trading with the Enemy" law into effect,
as
provided under the new law.
the text of which was
will act
as
given in these columns last week.
trustee for all enemy property
exempting
States, or issue licenses
He
within the United
enemy concerns
from his
also require the transfer to himself of
any property held for or any debt owed to an enemy or an
enemy ally, and any person holding such property or owing
such money may transfer the property or pay the money to
supervision.
He
may
the custodian with his consent.
In
a
statement issued on Oct. 25 Mr. Palmer gave assur¬
agencies in countries other than the United States,
hereby represent, declare, and agree as follows:
That
Stroudsburg,
on
ing with the Enemy" Law.
order
formal agreement that goods licensed to them, for
original
UNDER "TRADING WITH
CUSTODIAN
Board.
FIRMS WITH BRANCHES ABROAD
TO RE-EXPORT OR
in the work.
work of the Board.
of
The
me
in the
engage
hereby designated, to take charge of the administration of the Act to admit
AMERICAN
which has been extended to
May I ask that my resignation be accepted as early as may be, and that
foreign vessels to the American coastwise trade, approved Oct. 6 1917, and
to issue
my
of the
in regulations
Ordered,
a recurrence
and your associates on the Council of National Defense, I wish
which you
on
the coastwise trade
to
in
■■■'■
deepest regret and only because I am experiencing
to convey my
Resolved, That in the judgment of this Board the interests of the
under American register
the
^
.
ment and assistance
they forbid under penalties ships under foreign registry and foreign-built
as
serious
'
resignation from the Chairmanship of the War Industries Board,
United States require the suspension of present provisions of law in so far
ships
ac-.
cepted by Secretary of War Baker, who wrote to the retiring
General Munitions Board of the Council of National Defense
admitting foreign vessels to
22d
CHAIRMAN OF WAR
INDUSTRIES BOARD. ';
.
the engagement herein contained.
ance
to citizens
of Germany and of Germany's allies resident
in this country,
not in
that their
money on
deposit in banks
danger of seizure by the Government.
ment read:
.
was
The state¬
THE
Some
CHRONICLE
or
persons are not included within
Such
subjects of Germany and its
the term "enemy or ally of enemy" as employed in the Act.
deposit in banks in this country belonging to such
on
to seizure
by the Government and will not, therefore,
the
liable
be taken into the
ties
or
Secretary of the Treasury McAdoo
not
superintendents of insurance of the fact that under
Trading with the Enemy Act, all insurance companies
incorporated within any. country other than the United
doing business within
enemy
territory
not
ally of
to
Not only
country.
allied countries
or
but the Act also
are
license prior
incorporated under the
laws of any
foreign country whatsoever, if doing business in
the territory of Germany or her allies, to apply for a similar
license.
The Treasury Department
following statement:
Authority to license
on
Oct. 23 issued the
In
enemy or
Act by the President to Secretary McAdoo, who to-day requested all State
the
information
required
The
the
at
the
time
application
for
information
which
the
Secretary requires is
follows:
as
Name
of
laws incorporated; address of head office
States; States and Territories in which company is entered
do business; financial statement of the United States branch; class of
to
business done (fire, marine casualty, etc., and direct
insurance
written in
each
of
September 1, 1917, showing the amount of
the several
District of Columbia of the United
States and
States;
total
Territories
amount
and
the
1.
hazard)
reinsuring other insurance companies in the United States, showing names
of expiration of such contracts; and any further
of companies and dates
Information the applicant may desire to submit.
them under such restriction^ and for such
determine.
.
Companies
applications
that have made
are
application
for
a
•
licenses
acted upon, continue to do business
time
he
'
as
•
may,
as
may
as
States to continue this
business
OF
NOT
3.
LANGUAGE
PRINT.
States to the
are
not of
pro¬
is granted) file with the Postmaster in the city
are published a complete translation of every
item, editorial or other matter which it is proposed to
so
they
eminent
or
law
the
use
of
nounced
policies of the United States Gov-
of any
Germany.
new
on
nation engaged with it in the war against
Failure to comply with the provisions of the
subjects the publisher to
the
mails.
fine and bars him from
Postmaster-General
the 16th that
eign language
a
that, day
on
had
newspapers
more
applied
Burleson
an¬
than 1,000 for¬
for
or
distribute during the
or
success
or
of its enemies.
insubordination, disloyalty, mutiny,
6.
or
of the Espionage Act,
Printed in
and
received
Pbstmaster-General Burleson, following a Cabinet meet¬
on Oct. 9, delared
in an interview with newspaper cor¬
foreign language, containing any
a
the state
lisher
7.
President, the Administration, the Army, the Navy
"We shall take great care not to
"but if newspapers
go so
the Government and thus
our
fair
to
impugn the motives of
insubordination, they
"For instance," he continued,
encourage
will be dealt with
severely."
"papers
politically offensive to
action," Mr. Burleson said,
as
may not say that the Government is controlled
Wall Street,
or
munition manufacturers
or
any
item, editorial
or
distributing it to the public, has filed with the Postmaster
place of publication
ceived
complete translation of the article.
a true,
permit to circulate, free of restrictions named therein, but which
a
does not bear at the head thereof in the
English language the fact that such
permit has been granted.
ARMY DRAFT RULES MODIFIED—REGISTRANTS TO
BE DIVIDED INTO FIVE CLASSES.
Provost Marshal General Crowder in
Oct.
20 announced
the
adoption
statement issued
a
of
by
other special
scheme for
new
a
for military service, which is intended to reduce
men
the work of the local and district
boards, and at the
The
for the division of the
same
new
worked out at conferences between army
was
and members of various local and
plan,
officials
district boards, provides
remaining 9,000,000 registrants yet to
be called to the
colors, into five separate classes, according
-their eligibility for military service.
Men physically fit
to
having
no
dependents
called out first.
or
them,
upon
will take in
dependent
put in Class 1, and will be
this class comprising
out,
dependent
county
are
After Class 1 is exhausted Class 2 will be
or
highly skilled
men
men
men
with
small families
partially skilled.
or
Class 3
those with aged parents
upon them and also
firemen, policemen, and
municipal officers; while Class 4 will include those
with large
families and heads of industrial and agricultural
The fifth and last class will embrace State
enterprises.
officers, ministers, aliens and those morally
unfit for service.
every
The chief features of the
registered
man
new
physically
plan are that
or
will know his exact position
military service list and be able to
arrange
on
his affairs
the
accor¬
dingly, and that
industry
or
no man deemed necessary in any important
needed at home to support his family will be
new
system,
as
military situation is desperate.
explained by General Crowder, is the
scientific working out of a method
by which
and at the
the Administration affect
news
Referred to in the preceding paragraph for which publishers have re¬
respondents at Washington that publications need not fear
suppression under the censorship provisions of the Act,
unless they transgress the
bounds of legitimate criticism
or
of
distributor thereof, on or before offering the same for mailing, or
or
at the
assigned to the character of work they
personally
any
but which
engaged in the present war, its policies, international relations,
or conduct of war, or any matter relating
thereto, unless the pub¬
ing
war.
jof
special interest to publishers.
The
conduct of the
refusal
or
publication of which involves the violation of
other criminal provisions
called to the colors unless the
or
forcible resistance to
naval forces of the United States.
licenses under the provisions of the
Trading With the Enemy
let criticism which is
or
false statements intended to interfere with
Act.
of the
war
any nation
called
columns,
vides that publishers of foreign
language newspapers, maga¬
zines and other publications must (unless a
permit to omit
war
far
so
other printed matter respecting the Government of the United States, or of
Enemy Act,
print relating to the
of the Espionage and
scope
injury of the services of the United States.
numerous
and
news
Oct. 25, Postmaster-General
urging treason, insurrection,
cause
The circulation
5.
the
newspapers in an effort to
seditious utterances concerning the Government,
its Allies, or their war
policies.
The Trading With the
doing
do
Intended to obstruct the recruiting or enlistment service of the United
4.
which
heretofore stated in these
on
time put "the right man in the right place."
licensing of foreign language
where
the
Intended to
drafting
suppress
as
papers
'
on
Acting under authority of the President's proclamation
putting into effect the provisions of the Trading With the
Enemy Act, Postmaster-General Burleson on Oct. 16 began
the
or
duty in the military
privilege
PRESS—NEWSPAPERS TOLD WHAT TIIEY
MAY
publishers
Conveying false reports
to promote
under, certain restrictions,
FOREIGN
seditious matter.
/
otherwise publish
carry or
Advocating
2.
a
from companies transacting marine and war-risk insurance.
SUPERVISION
or
added, "that, most Socialist
provided by the
amended by the proclamation of July 13, which withheld this
FEDERAL
or
Burleson
their
terms of the President's proclamation of April 6, which allowed German
insurance companies admitted to transact business in the various States
of the United
Mr.
the operation or success of the military or naval forces of the United States
>
until
have files of
^
license them
Socialist paper would be barred from
no
explained at length the
in any manner
Applications for licenses must be made prior to November 5, and the
application must be acted upon within 30 days after receipt.
The Secre¬
tary has full discretion as to granting or refusing to grant licenses, or he
"We
we
law of the United States.
any
of reinsurance
received from other insurance companies in the United States, as of
Sept.
1 1917; particulars of all contracts (class of business and limit of
may grant
Mr.
of the following matter:
any
reinsurance); total
or
war's
as they affect the
As interpreted by the Post Office Depart¬
ment, the Acts make it unlawful for any one to mail, trans¬
in the United
amount of insurance in force on
the pub¬
the
postal service.-
or
.
company; country under whose
he
Allies."
our
files."
our
Trading with the Enemy-Acts, in
superintendents of insurance to transmit to the companies concerned notices
license is made.
improperly
inspection of
on
letter to
a
Burleson
port,
ally-of-enemy insurance companies or to
withhold such license has been delegated under the Trading with the Enemy
setting forth
depends
contain this matter."
license to do business,
a
any company
hampering
papers," he said, "and whether
"The trouble is," he
companies incorporated in Germany
required to obtain
requires
a
anything
the mails unless it contained treasonable
November 5 if they wish to continue in business in this
required to apply for
urge
campaigns,"
We will not permit
of
attacking
or
further stated that
that of
or
an
an enemy are
tolerate
not
newly announced intentions.
by
these
the
States and
to
explained that the policy of the foreign language
newspapers would be judged by their past utterances, and
Oct. 23 notified
on
calculated
news
Burleson
MUST APPLY FOR LICENSE BEFORE NOV. 5.
the State
will
collections.
circulation
or
prosecution,
WITH ENEMY—INSURANCE COMPANIES
any
"against conscriptions, enlistments, sale of securi¬
revenue
lication
TRADING
"We
action."
went on,
possession of the Alien Property Custodian.
of
people to violate law would be considered grounds for
drastic
The moneys
persons are not
Publication
interests.
misapprehension seems to exist relative to the status, under the
Trading with the Enemy Act, of citizens
allies resident within this country.
[Vol. 105.
the nation
men
up
men
will be
best adapted for
are
same time conserving the economic
strength of
by delaying the time when the skilled workers or
with families
greatly dependent
upon
them,
are
called
for service.
Under the
enlisted
man
new
a
system, local boards will send out to each
questionnaire, going into detail
as
to
the
family, life, responsibility, and adaptability of the individual.
These questions have not as yet been made public.
The
individual will fill in the blanks with
the
answers
questionnaire to the local board within
seven
and return
days.
The
local board, after receiving the registrants' reply will then
decide in what class he is to be placed, notifying the drafted
•
Oct. 27
1917.]
THE
CHRONICLE
of
its verdict.
The registrant, if not satisfied with the
decision of the local board, may
appeal to the district board,
whose verdict will be final.
Along with the new system,
there will be inaugurated an
entirely new method of
man
■
r■*'
1.
examination, which will
tion will be
men are
come
called up.
possibility of fraud
any
in
announces,
4.
by Provost Marshal General Crowder
the 20th inst. reads
follows:
as
itl is believed that under the
the work will be eliminated,
twenty in number,
;
has
•
^
•
•
■
The method of
;; c-y,.
.
Every opportunity will be offered to each
registrant to
one
AA'
!- ■
associate manager of necessary industrial enterprise.
or
associate manager of necessary agricultural enterprise.
to
man
-r'-."';
A'
•
'"•/
"
service of merchants
sea
"A
'
Officers of States
Regularly
'
or
Persons in
.■
"
.V
'
•
:
..1:
■
A-
.
A
<
•
•
'A:TAAA"'';AA> /;Av'AA.A'A'
the United States, A-
military
A\,AA:
A AA
Aa'Av
naval service.
or
AA A'A /A'A:'A." A A
5.
Aliens.
6.
Alien enemies.
7.
complete his
i■
citizens in United States.
duly ordained ministers.
or
Students of divinity.
4.
'•
■.
or
CLASS V.
1.
3.
' •'
.
;AAAAAVi
2.
This
-V- " A>
other reasonably adequate
no
A. A; A.'
■
Heads of necessary agricultural enterprises.
A;A
Persons morally unfit.
A'AAA^ AAA''A.. -.'.'"h/'A /■'•
-AAA',A,.' AA'AA'AA AAAA.A'-A'AA;. A A
;,A,AAA
'•••.;-A;
^
8.
Licensed pilots.
.
Persons physically, permanently, or mentally unfit.
9.
then examine each questionnaire and assign each
of five classes.
daily labor for support and
on
Heads of necessary industrial enterprises.
A.
/• , ,y
required.
A'V;A
with wife (and) or children (or widower with children)
Mariners in
•
the
as
man
4.
>'
"questionnaire",
a
Married
3.
questionnaire fully and without error.
The local boards will
'A'.'-
'
or
Assistant
2.
days being given to each registrant to complete and return the
seven
:;.A• "■ ;A'.A'"A
dependent
.A
,|/ A:A;
obtaining this information is through
series of questions calculated to produce the information
same.
Highly specialized agricultural expert in agricultural bureau of State
Assistant
support available.
document will be mailed to every registrant not yet in service, on a day to be
fixed,
'
mechanical experts in industrial enterprises.
or
/A./!; A'AAA A* CLASS IV.
■
a
Technical
14.
complete
man
of five classes, each to be called in turn
need arises.
'A ".
.AAA 'i'-A
13.
compared with his fellow registrant/ and from the information thus ob¬
one
:
High specialized administrative experts.
ornation.
place in the
A'V\"V;-'
been determined to obtain from each
tained, to place him in
A;',. AAA
Necessary Custom House clerk.
1.
character which will definitely fix his economic worth as
a
and navy
armories,
A
Necessary employees in service of United States.
12.
•
Along with the reduction of labor, there will be provided a system which
classify each one of the 9,000,000 men who have not yet been inducted
into military service, and each man will have been
given his
To do this it
arsenals,
A."'"
system 80% of
will
information of
in
while the forms to be used will not exceed
present system requires.
national scheme of defense.
■
workmen
or
10.
on
1
support themselves,
support.
Persons necessary in transmission of mails.
9.
So far has this
new
for
policemen.
or
,;
compared with approximately 182 forms which the
as
labor
incompetent to
municipal officer.
or
Firemen
.8.
With the completion of the draft of the first
army of 687,000 men, a new
been accomplished, that
sisters
or
Necessary artificers
7.
system will be installed for the creation of succeeding armies, which will
greatly lessen the labors of the local and district hoards.
III.
11.
A*
-
.
daily
on
County
yards.
The new method will also do
away with repeated examina¬
tions, entailing loss of time and involving expense.
The
statement issued
brothers
6.
collusion.
or
with
5.
a
CLASS
,
grandparents dependent
Man
dependent
The physical examina¬
''
daily labor for support.
3.
until after the local board
conducted, General Crowder
that will eliminate
way
not
'
Man with foster children dependent on daily labor for support.
Man with aged, infirm, or invalid parents or
2.
on
physical
has acted and the
1673
.:AV<
AAA
' V
A-AAA
These classes will be based upon every conceivable condition, from the
family,
man
or
occupational standpoint, that should properly be advanced by
desiring to be excused from military duty.
a
Class No. 1 will bo the
first called for physical examination and service and when it is exhausted, if
the nation's needs
and thus each
are
such
as
to make it necessary,
OCT. 28 FIXED BY PRESIDENT WILSON AS DAY OF
PRAYER FOR
Class No. 2 will follow
registered will ultimately take his place, if needed.
man
A
has been retained and perfected, but proceedings have been greatly sim¬
AAA;\
plified.
A
; AAA
The tedious work of the local boards has been
the production of a form to be known as No.
tion-stone of the
new
practically eliminated by
1000, which will be the founda¬
Through its
system.
use
all the laborious work of
making and posting lists has been eliminated.
All of the old docket sheets
And
by the arrangements of its
and records will
be
made unnecessary,
columns the work of the local board will be reduced to
On this
new
form the
a
minimum.
complete history of each man's case will appear at a
glance, beginning with his order number and ending with his induction Into
for Divine aid in the
prayer
by President Wilson
accordance with
Oct. 4
to
a
our
fronted the Provost Marshal General and caused him much
concern.
organization of the local and district boards which from
clamoring for relief
tem will make it
on
division;
many
numerical view¬
a
of these officials have been
problem solved
was
a
This
medical examination of each man, whose physical
condition might change from day to day, thus making this great undertaking
'
valueless.'
'
;
-r.
Again under the old system of exemption and discharge it would have been
if the national need required it, to send for the exempted man to
return for
physical re-examination, while in the meantime his industrial
confusion.
The
new
system fixes
a
A-A,^-''
man's class and calls him in his proper turn when
He will be examined
physically only when needed.
Thus the
labors of the medical officers will be called for only when required.
nation needs
a
half-million of
men
OF
A
THE
UNITED STATES OF AMERICA.
PROCLAMATION.
Whereas, the Congress of the United States, by
a concurrent
resolution
entrance of our nation into the vast and awful war which now afflicts the
lamation,
a
day upon which our people should be called upon to offer con¬
certed prayer to Almighty God for His divine aid in the success of our
and
arms;
.
Whereas, it behooves
eternal
a great
If the
they will respond, each in his turn, fixed
by his class.
'•
A
■
''
.
free people, nurtured as
principles of justice and of right,
we
.
have been in the
nation which has sought from
a
the divine teachings which
have inspired it in the exercise of its liberties, to turn
always to the Supreme
Master and cast themselves in faith at His feet, praying for His aid and
succor
in every
hour of trial, to the end that the great aims to which our
fathers dedicated
the divine
our
power as a
people may not perish among men, but
fresh ardor and devotion and through
blessings, set at last upon enduring foundations for the benefit
of all the free peoples of the earth,
or
thus involving endless appeals and
A.
he is needed.
armies and
Department of State, Oct. 20 1917.
.
PRESIDENT
be always asserted and defended with
necessary,
family status might have changed,
our
following is the President's
the earliest days of its existence to be obedient to
the question of expediency of continuing
the examination of the entire registry, thus fixing each man's status.
would have involved
of
success
on
prayer
proclamation:
BY THE
account of the drain on their time, and the new sys¬
easily possible for them to continue their.duties for which
they have proven themselves eminently fitted.
Another
The
cause.
day of
a
greater part of the world, has requested me to set apart, by official proc¬
One of the most serious of these, has been keeping together the great
an army
issued
The proclamation is in
adopted on the 4th day of the present month of October, in yiew of the
The completion of the new system will solve problems which have con¬
point, is of the strength of
day of
as a
our arms, was
joint resolution adopted by Congress
petition Almighty God for the
victory for
The system is such that it will present each case
the local board.
of
requesting the President ,to designate
enabled to complete in a few minutes with a rubber stamp what has hitherto
almost automatically to
success
Oct. 20.
on
a
military camp; while at the close of each day's work the local board is
taken hours to complete.
TRIUMPH OF AMERICAN ARMS.
proclamation, fixing to-morrow, Oct, 28,
Every opportunity for appeal from such classification by the local board
Now,
therefore,
I,
Woodrow Wilson,
President of the United
States,
gladly responding to the wish expressed by the Congress, do appoint Oct.
28, being the last Sunday of the present month, as a day of supplication
and
for all the people of the nation, earnestly exhorting all my
prayer
countrymen to observe the appointed day
in solemn prayer
laid upon us,
treasure may
according to thoir several faiths,
that God's blessing may rest upon the high task which is
to the end that the cause for which we give our lives and
triumph and
our
efforts bo blessed with high achievement.
'
The
of
man
who
can
least be spared, either as the head of a family or the head
business necessary to the defense of the nation, will be the last to go.
a
The
new
plan is being made ready for the printer and will be submitted
to the local and district boards in
themselves
with it
and
thus
ample time to enable them to familiarize
approach their next draft with
a
thorough
knowledge of its requirements.
•
H.
trants will be called into the
CROWDER,
2.
Married
new
Married
4.
Married
man
(or widower),
man
(or
widower),
with children, not usefully engaged;
Unskilled laborer.
man or
2.
father of motherless children, usefully engaged, but
inc9me apart from his daily labor to afford reasonably
Married man, no children; wife can support herself decently and with¬
Skilled
be
sending abroad to the theatre of war great numbers of our young men,
of their country's rights; and,
prises.
laborers
engaged in
,
necessary
industrial
enter¬
J
g.4.£lSkilled farm laborers engaged in necessary agricultural enterprise.
it
is
in
offer their lives in defense
'
.
accordance with the customs and traditions of this
Christian Nation, and has heretofore been the practice of this
country upon
engaging in war to sot aside a day, by official proclamation,
for the aid of the Almighty: therefore be it
Resolved by the Senate (the House of Representatives concurring)
for prayer
President
issue
industrial
which this country has ever embarked; and,
country as a
hardship.
3.
people of the whole world, and which is the greatest undertaking
but to the
Whereas
II.
adequate support during his absence.
out
and the Government of the United States are now
results for good or evil, not only to the people of this country
there to take part in the sanguinary conflict and
6.
Married
Oct. 4:
Whereas tbis country is about to engage in preparing for war and will soon
Men not included in any other description in this or other classes.
family has sufficient
following is concurrent resolution calling upon the
a day of prayer, as agreed to by Congress
The
for support.
5.
CLASS
WILSON.
Secretary of State.
President to set
with great
with children, who habitually fails to
on wixj
*
WOODROW
Whereas the people
family supported by income independent of his labor.
**'• 1.
A
upon
dependent
forty-second.
engaged in the greatest war in history, which in its determination is fraught
support his family.
3.
hand and caused the seal of
the District of Columbia this
in
hundred and seventeen, and of the independence of the United States of
on
I.
without dependent relatives.
man
Done
in the year of our Lord one thousand nine
America the one hundred arid
ROBERT LANSING,
military service, under the
CLASS
men
day of October,
'
system of classifying drafted men:
Single
States to be affixed.
nineteenth
Provost Marshal General.
following is the order of liability under which regis¬
1.
the United
By the President:
E.
The
In witness whereof, I have hereunto set my
a
That the
of the United States be, and he is, requested by Congress to
proclamation designating
a
day of prayer and calling
upon
the
people of this country on such day to assemble in their various places of
worship and there offer prayer to
Almighty God for
armies and victory for our cause in this great conflict.
the
success
of
our
J
Vi
STATES
GARY
JUDGE
PREPARE
MUST
WE
THAT
yesterday (Oct. 26), after setting out the activities of
committees of the iron and steel industries, serving
the
as
the Advisory Committee of the Council of
National Defense, referred to the war and its duration,
to
saying:;
The
;
'v.
.
v.'
-
The end is not
already has been long and terrible.
war
;
jfct in sight,
unexpected,
the
United States and her allies in this war, there is no prospect of an early
termination of hostilities.
It is clear we must prepare ourselves for a long
and uninterrupted continuance of hostilities.
The foe is strong and
although, of course, there is always a possibility of a sudden, if
Except on the basis of a conclusion satisfactory to
break and collapse.
be overcome by physical
It must
desperate.
unless the
strength and endurance,
acquainted with
of the people of Germany shall become
masses
the facts and forcibly
insist upon having a voice in determining the
policy
men
against two and they are, or soon will be, more
The next thing in importance
than the soldiers of the enemy, man for man.
is far
In this
The next in rank of necessity is
a
Of course, with steel
Central
abundance.
hand in
provide
and what is produced from it, goes
But there is no lack of material to
hand the necessary explosives.
an
defense on
productive capacity of steel three or four times hs large as the
Powers.
:
,
is
in
things being equal, will eventually succeed.
The
the Allied nations is many times greater than those of
Underlying the utilization of all the military resources of the Allies
the
of money and
question
finances,
all
other
financial strength of
credit.
The
country
which is greatest
provide themselves with
in the financial condition to
are
these essentials, if they have the
No
all
persistence.
brains, the courage and the
who is
in considering the merits Of both sides will admit that
the people, of the Allied countries are possessed of mental
intelligent person who is partial to the cause of the Allies or
entirely impartial
there is any doubt
what-has been
If the members of the Iron and Steel Institute agree with
acquaintanceship I believe they
said thus far, as from a long and intimate
"it would be very
Its allies in the international conflict
to the
are
produced in this country and which can be used for war
be
subject must, without interruption, produce to the fullest
and subject to the control of the Government
tuted agencies.
tions and
will or can
and intends
compensation, sufficient to maintain existing
salaries of officials and extensions necessary for war purposes.
Up to the present time
we
action of the Government,
respects.
capacity
consti¬
through its lawfully
The Administration desires
Government.
fair and reasonable
pay
wage rates,
have
attitude and
have been disappointed in some
no reason
although
we
to complain of the
It is up to us to prove our continued loyalty to
but more than that, our
the Government:
of duty.
If there should be dissatisfaction concerning prices or the details relating to
production or distribution of tonnage, production and deliveries must
continue without interruption or diminution, leaving any question at issue
to be settled at a later date.
So long as the attitude of those in control of
Governmental affairs towards producers remains as it is at present, it
must be the effort, as it will be the
pleasure, of everyone of the latter to
do his part
If
our
loyalty to ourselves in the performance
country is defeated in the pending military conflict your
national steps a century and a half.
seized and retained
and
war
property and
as
we
prize
are
money
sacred honor.
our
The wealth of the country
by other nations.
property
retraced our
We will have
would be
There is
no escape.
We
are
in the war to
No man, no country was ever
engaged
in
a more righteous or a more
compulsory defense.
If we do not do every¬
thing practicable to uphold the hands of the President and to add to the
w« are
of the defense against
weaklings;
part of what Mr. Elliott had to say:
♦
♦
♦
*
*
We had, in addition to
National Army, National Guard,
m. on
p.
we are
the foreign assgressor we are less than men;
POSTAGE
RATE
TO
GREAT
BRITAIN
We referred last week to the three-cent letter rate to Great
Patten issuedan announcement calling attention to the fact that letters
addressed for delivery in the following named foreign coun¬
tries will on and after Nov. 2 be subject to the rate of 3
cents an ounce instead of 2 cents:
Guiana,
British Honduras,
West Indies (including Aruba-Bonaire,
the Dutch part
Islands,
To make the movement of the
Newfoundland,
2,000 baggage cars and 4,500 freight cars, and we have not
very
serious complaints from any
unnaturally, but that very
period, has interfered with freight business. There are some
short
So
still to be moved.
men
ounce or
the railroads and, to a certain extent, interferes with the
classes of freight.
♦
*
♦
*
This movement of
letters for foreign countries other than
remains as at present, 5 cents for the
additional
thereof.g|:Postal "cards and post cards,
private mailing cards, for all foreign countries will be subject
conditions for prints,
Cards
typewriting than is authorized
to 2-cent
postage unless they fulfill the
in which
case
upon
they will be mailable for 1 cent each.,
writing
or
printed matter will be subject to the 1-cent rate as
prints.
1
*
*
*
♦
*
movement
*
»
putting all the railroads in the country under this so-
called War Board is of interest in another way than
simply in its aspect
higher efficiency for the use of the people of the United States.
going to see the greatest business
of giving a
I believe that after the war is over we are
in the United States
but it
year,
that
Some
large units.
say
have this year is an argument in favor
the
built up this
of Government ownership, and
I do not agree with that.
think it means that the
that has
world and in
that the putting together of the railroads, the way
that that is what it means.
I
It may not come the first
We have got to do things on a great big scale, by
history of the world.
we
have ever seen.
we
is coming.
United States will be the greatest nation in the
The
splendid initiative of the American business
great transportation system that is
to-day doing
did before, even under the complicated con¬
that confront all of us—it means that the splendid initiative of the
20 to 25% more than it ever
ditions
American
business man,
if not too much fettered by small and nagging
restrictions and allowed to go ahead, can do more for
the expansion of the
American business and the expansion
of the country than we could possibly
by Governmental ownership.
I say that because, that is one of
obtain
problems that very likely will develop out of this war, and you
the great
system are men who will have to help
decide that great question by im¬
pressing your views upon the Congress of the United States—which re¬
flects current
As
to
public opinion rather than creates it.
American citizen, I feel it
an
would be very unfortunate to attempt
to Governmental ownership, and that
go
and
and economical government, if we
sane
and saving in this country, we can
if
we
have wise regulations
have the spirit of hard work
continue to build up an adequate trans¬
portation system under private ownership, with suitable public regulation
that can do all the work that the nation wants.
We have been going
through
a
period in the last 15, or 18 or even 20 years in this country where
general attitude towards this enormous piece of machinery
and everyone
time has come for a constructive, helpful attitude,
for
served by
love the railroads, or the railroad owners, but simply
the country and the good of the people who are to be
have received in this
undertaking here through the main committee and the
This splendid co-operation that we
unified work we are
Commission on Car Service, and all these six or seven
has
has been
There have been errors in it, just as there have
other business; but the business is an open one now,
not because you
other committees,
produced very remarkable results up to the present
time.
We are
There is no use blinking at that.
kind of co-operation and helpful and sympa¬
going to have difficulties this winter.
But I believe that with some
thetic work from organizations just like this, we are going to
pull this thing
through and we are going to help win this dreadful war sooner than per¬
NEW HAVEN-PENNSYLVANIA
and
Wales, Seeward
and Shanghai
fraction thereof, and 3 cents for each
no more
of another million men, if
million, that puts an increased burden
other
of
Curacoa, Saba, St. Eustatius,
fraction
which bear
300,000
must look forward to the fact that if the
EMBARGO
JOINT
COMMITTEE.
The New York, New Haven
those named above
or
we
Government necessities require the movement
upon
had any
There have been some, not
large movement of people, all within a rather
source.
New Zealand, Panama,
The postage rate on
ounce
728,000 men has taken 13,500 passenger
Cuba,. Bar¬
City (China).
first
|
Guard moved even longer distances.
Dominican Republic, Dutch
of St. Martin); England, Ireland, Scotland,
Mexico,
*
haps some of the pessimists think.
(including Fortune Island and Inagua), Canada,
British
Up to 6 o'clock
haul was
1,514 miles for the National Guard—that was from Yuma, Arizona, to
Fort Riley, Kans.
The minimum haul was 25 miles, from Washington
to Camp Meade.
They nearly all moved by special trains.
The National
the good of
Britain and its dependencies; this week Postmaster
Bahamas
of one million or more men in the
and the Regular Army.
local concentration, and the maximum
points of
those railroads.
bados,
*
Oct. 2, the railroads had moved 728,000 of the National Guard,
and the Regular Army.
They were moved to and
4,351
from
the
poltroons.
AND ITS DEPENDENCIES.
,
*
*
♦
the National Army,
knows about it, and the
CENT
*
♦
to take care of the movement
ness,
in every
.
*
handling this very large increase of freight busi¬
corrective and punitive.
THREE
We quote a small
do all the work that the nation wants." '
We have been forced
compelled to fight in defense of our persons, our
the end, however costly and bitter.
success
wise regula¬
and economical government, if we have the
gentlemen who depend in your business upon a successful transportation
unselfishly, wholeheartedly and assiduously.
and business and mine will be of little value.
Into the
sane
to Govern¬
go
have
we
spirit of hard work and saving in this country, we can con¬
tinue to build up an adequate transportation system under
No excuse for neglect, delay or interruption
be accepted by the
to
having relation
To insure this supply, every furnace and mill
purposes.
Mr. Elliott expressed the belief that
unfortunate to attempt to
ownership," adding that "if
mental
We occupy
'Our country and
in need of every pound of steel
position of the highest importance in the present war.
can
at
Oct. 5.
on
of railroad interests.
*
do, then it is easy to determine and to follow the lines of duty.
which
Manufacturers
Cotton
Incidentally Mr. Elliott referred
to the argument in favor of the Government ownership of
railroads which has come up anew with the co-ordination
Washington
they mobilize more than this first
capacity fully equal to the peoples of any other country.
a
Elliott,
Relations
Hartford R. R. before the
of American
Council
National
Howard
by
Intercorporate
on
cars,
Germany and her allies.
The Allies
address
an
of the New York, New Haven &
steel.
The Allies
battlefield provided the opposing forces were well supplied.
have
in
Committee
the
of
to the work of the Railroads' War
as
furnished
was
Chairman
respect the resources of the Allied countries for each person
superior to those of the enemy.
Without this neither side could maintain an adequate offense or
any
They
fit
possessed of the necessary elements of strength.
are
have .at least three
Is food.
Detailed information
Board
private ownership, with suitable public regulation that can
of the nation.
The Allies
WAR
BOARD AND GOVERNMENT OWNERSHIP.
Judge Elbert H. Gary, in his annual address as President
of the American Iron and Steel Institute at Cincinnati,
auxiliary
WORK OF RAILROADS'
ELLIOTT ON
HOWARD
HOSTILITIES.
FOR LONG CONTINUANCE OF
[Vol. 105.
CHRONICLE
THE
1674
the
with
for
joint committee,
permits to make shipments through embargoes that may
is to facilitate communications
Pennsylvania.
The object of this committee
betWeen the New Haven and
By having duly accredited officials of
each company at one place prompt
in all necessary cases,
are
a
headquarters in New Haven, to consider all applications
be in force from time to time.
the
and Hartford RR. Co. and
Pennsylvania RR. Co. have appointed
handled
action is made possible
which is not possible when these matters
by correspondence.
This arrangement is
ex¬
pected to prove most satisfactory to the public, which is
Oct. 27
1917.]
THE
of the chief ends sought in
establishing
one
The committee will be known
mittee."
the
as
It should be remembered that the railroads in this industrial district are
the committee.
handling
Com¬
"New Haven
Senior Vice-President, who will act
representing
J.
0.
as
continue to increase with the expanding needs of
of which are entirely
chairman, and G. G.
Halliday,
Superintendent
greater tonnage than ever before in their history,
a
notwithstand¬
ing all of these difficulties, but the volume of traffic is increasing, and will
It is composed of Richard Hackett, Assistant to
Butler,
1675
CHRONICLE
dependent
upon a
the Government, many
further expansion of facilities or a
further improvement in the labor situation on these particular
of
railroads.
Transportation, acting for the New Haven RR.; and C. M.
Henny, District Freight Solicitor, and C. H. Morgan repres¬
enting J. B. Fisher, Superintendent Freight Transportation,
for the
COMMISSION
COMMERCE
HEARING
REOPENS
EASTERN
OF
PETITION
'V
Pennsylvania RR..
ROADS
FOR
ON
HIGHER
RATES.
•
.
LABOR DIFFICULTIES OF
TIIE RAILROADS.
The
The staggering task engrossing Eastern railroads, to haul
unprecedented quantities of coal and iron ore—the prime
necessities
for war—before winter
application of the Eastern railroads for permission
to be heard
by the Inter-State Commerce Commission
on a
petition for higher freight rates was granted by the Com¬
mission on Oct. 22, when Nov. 5 was set as the date for the
jsets in, along with the
heaviest general freight demands in history and a sweeping
loss of trained labor, is described in a report just made by
first
In fixing this date, the Commission, in
hearing.
letter
a
George Stuart Patterson, General Counsel for the Penn¬
to
Vice-President G. L. Peck of the Pennsylvania Lines West,
sylvania RR. who acted as spokesman for the railroads at
Chairman of the Lake Coal and Ore Committee of the Rail¬
last
roads' War Board.
stated that the
It is pointed out by
the Eastern De¬
partment of the Railroads' War Board that under
ditions labor
of
experienced employees by the railroads and in
of labor.
coal and iron
The
Eastern railroads
"dilu¬
hauled
suggestion
days
war
may
Commission,
and that if Mr.
financial
relief
was
in order that transportation demands
be fully met."
A hearing sixty
had been proposed by Mr.
hence
ninety
or
Patterson.
The
Commission also states that "the record submitted in June
indicated' that the condition of the carriers in New England
and the demands of
was
less favorable than in any
and
expressed itself
tons of steel
the
than in any previous year, but the needs
ore
industry
program
open,
further
that
overwhelming.
The Government's
the coming year will require, it is stated, 1,600,000
general
still
more
of the Government for
is
have
in time of
with
conference
case was
should be had promptly
many
as a
15%
the railroads, was well grounded, "such relief
needed by
complete "turn
a
over," the remarkable situation being described
tion"
Patterson's
war con¬
efficiency has declined 50% through the loss
departments the entire force has suffered
informal
week's
war
purposes
are
being promptly advised as to their present situation, par¬
plates, while the capacity of all the plate mills
only 1,850,000.
As the
other section of the country,"
"impressed with the desirability of
as
ticularly
current repairing of loco¬
of
as
regards their ability to meet the increased cost
ready ordered, the steel situation is declared to be especially
announced that the
Other
hearings announced are Nov. 12 at Chicago and Nov. 21 at
Portland, Ore.
The Commission's letter of the 22d inst
acute for the railroads.
follows:.
motives and
another
war
cars
mere
will require 275,000 tons of plates and fully
275,000
tons
neeeded for
are
new
railway fuel."
equipment al¬
was
With the fate of the nation's basic
■' ;■
needs at stake, the railroads literally are racing, we are
Washington, Oct. 22 1917.
told, "with heavy handicaps, against the winter freeze-up
deliver maximum supplies of ore for the
of needed coal."
trict represented
culty to
ago, or as many as
ever
Per
can
better be described
as
reports, and which represents the
which they have been
confronted during the past three
that, while the railroads have the
have lost
a
very
number of
same
It
years.
men
large proportion of their most efficient
as
men,
of course means the substitution of
means
*
which
intricate
machine.
The gist of your
with
beginning of the
normal force of 9,511
to has now arisen;
We
purpose
departments
year
1917.
your
In
instance,
the service during the first six months of 1917, and during that period
6,287 new men were employed, leaving
a
men,
there
total force
on
were
6,602
men
may
July 1 of 7,701,
may
develop.
car¬
such modification or amplification of the conclu¬
If this be so, the Commission's stated
of meeting that situation will not have been attained by adopting
a hearing sixty or ninety days hence.
The Commission
suggestion of
be maintained in a position to do their full war duty.
in New
The
England
was
Commission
less favorable than in any other section of the country.
is
impressed
with the desirability
of being promptly
advised as to their present situation, particularly as regards theif ability
but it is being further accentuated by the draft, and, based upon the
actual number of men already accepted for military service, it is roughly
run,
the railroads operating in the
suggestion of Oct. 17 is that the situation above referred
it is suggested that ohbrating revenues do not now ade¬
The record submitted in June indicated that the condition of the carriers
The principal cause for this "dilution" of labor is the high wages
paid
by industry in the industrial districts through which the Eastern railroads
on
know what the future
full truth should be presented,
against the normally required force of 9,511.
estimated that over 15,000 railroad men
us
emphatically of the opinion that the evidence necessary to establish the
without delay, in order that the carriers
is
one
left
a
"None of
quately overcome mounting costs.
exchange of
or.
many
325:
develop that the fears which have prompted the
sions and orders herein reached and entered as are shown to be justified."
duced efficiency, but I should say roughly that it amounted to 50%.
preparing figures to show the periodical "turn-over",
If it shall
to meet that situation by
*
the entire force has been changed since the
June 27 the Commission referred at some length to war
realized or that their realization is iipmincat, we shall be ready
are
men
It is not easy to produce statistics to show just what this means in re¬
employees, and preliminary reports indicate that in
*
*
riers
who had become skilled by years of experience in the detailed work of the
very
that such relief should be had
The Commission reached the conclusion that only part of the
mission added, Page
the substi¬
inexperienced, "green" hands for
and for
requested increase should be then awarded, stating that the things which
the carriers "believed would happen have not happened."
But the Com¬
before, they
tutes having been drawn from the only remaining available supply,
,
If your suggestion is well grounded that further financial
In its report of
conditions.
vital problem with
very
in error in suggesting what is virtually
promptly in order that transportation demands in time of war be fully met.
tion" of labor—a term with which we have become familiar through the
British labor
are
practical purposes, a continuance for at least sixty days of the Fifteen
The Fifteen Per Cent Case is still open and before the
Cent Case.
relief is needed by the carriers, it is obvious
"dilu¬
a
,
Commission,
had in
It is not exactly correct, therefore, to attribute the diffi¬
"shortage" of labor, but it
a
they have
1917
most
an
departments as they had a year
by you before the Commission at the informal conference
held on Oct. 17
anomalous labor situation existing, for the payrolls
of the railroads show that they have about as many men at work in all
busy times.
'
instructed by the Commission to advise you that after confer¬
am
the Commission is of the opinion that the carriers in the Eastern Dis¬
ence
In his report of the situa¬
tion, Mr. Peck states:
There is rather
-V;'-
Penn.:
Sir—I
steel mills from boats of the Northwest, and corresponding
return cargoes
Representing Eastern Railroads, Philadelphia,
Mr. George Stuart Patterson,
of Lake ports, to
are
On Oct. 25 it
hearing set for Nov. 5 woufePbe held in New York.
to meet the
"
.
Since the
increased cost of railway fuel.
outbreak of the war carriers and shippers alike have with
industrial district between the Ohio Valley and the Lakes will be taken out
praiseworthy alacrity co-operated to improve the efficiency of our trans¬
of service
portation system.
to
by the first draft.
This figure will have
ing the next year if the Government requires
which
we
understand to
A very large
tenance and
multiplied) by three
a
proportion of these
men are
total of 2,000,000 men,
respect to the financial condition of
before the Commission and to
trackmen, trainmen, tele¬
as
are
the public.
The Commission will, therefore, set down for further
An unusually large proportion of
telegraph operators, brakemen and firemen
publications with
the carriers, particularly in the Eastern
The exact situation should, in our opinion, be at once disclosed
District.
of classes required for the main¬
operation of the railroads, such
as
Nov. 5, at 10 o'clock,
being drawn, because of
in Washington, D. C.
Other
'
hearing the Fifteen
carriers in the Eastern District
Per Cent Case, so far
their low average age and the fact that they were in the first place selected
^rom among physically able men.
The results have been marked; but there is room for
and increase of efficiency.
On the other
still further elimination of waste
hand there have been many misleading statements and
be the program.
graph operators, car repairmen, &c.
.
to be
represent the number of men which will be drawn from the service dur¬
are
concerned,
on
parties to this prbceeding are being, advised accordingly.
The effect of the actual labor shortage oh railroad operations is indicated
Yours
truly,
by the fact that it is impossible to maintain currently a full force of "car
droppers" in
some
GEORGE
of the large classification yards in the industrial districts,
B.
McGINTY, Secretary.
and this is one of the difficulties which confronts the railroads in attempt¬
ing to move promptly the enormous volume of
the past
extent
week the yard operations
were
| affic now offered.
slow.
4
down to
a
through this cause, and it has become necessary to import men by
the hundreds from distant cities to keep the yards going at all.
This is
of
an
unprecedented situation, and the effect of the introduction
inexperienced men in an intricate organization such
as
full draft before asking for exemptions, and no doubt this policy was con¬
for the country
as a
whole, and in line with the desire of the
Government, but if the Eastern railroads are to continue to perform their
the principal arteries for supplying the primary base of opera¬
tions for the entire conduct of the war, both for the Allies and ourselves,
functions
as
it would seem necessary that some further consideration be given this sub¬
ject by the Eastern roads acting as a unit, and independently of the West
and South.
view to
had
th
that required
for the operation of a large classification yard may be easily imagined.
The policy of the railroads apparently has been to await the result of the
sidered proper
Reports last night stated that the Commission, with
During
considerable
■
the
a
going deeply into the railroad needs of the country,
yesterday begun an inquiry into the exact standing of
transportation lines of the country. Every facility of
Government, it is stated, is being employed to discover
just where the carriers stand; their land holdings, physical
valuation, extent of holdings in other concerns, the extent
of their
equipment and their general financial condition is
The inquiry is being made as a result of
application of the Eastern roads for a hearing on the
being delved into.
,he
question of increased commodity rates in addition to the
ecent advance granted in rates on coke, coal and iron ore.
-
STATES
GARY
JUDGE
Detailed information as to the work of the Railroads'
Board
yesterday (Oct. 26), after setting out the activities of the
committees of the iron and steel industries, serving as
of the New York, New
saying:'
The
The end is not yet in sight,
although, of course, there is always a possibility of a sudden, if
break and
It is clear
termination of hostilities.
and
uninterrupted
continuance
unless the
ourselves for a long
must prepare
The
foe
the facts and forcibly insist upon
and
strong
having a
private ownership, with suitable public regulation that can
do all the work that the nation wants."
We quote a small
•
The Allies
They
fit
possessed of the necessary elements of strength.
are
have at least three
against two and they are, or soon will be, more
men
In this respect
is far superior to those
We had, in addition to
The next in rank of necessity is steel.
defense on
ness,
The Allies
have a productive capacity of steel three or four times as large as the Central
Powers.
Of course, with steel and what is produced from it, goes hand in
hand the necessary explosives.
But there is no lack of material to provide
National Army, National
the opposing forces were well supplied.
finances,
and
of money
question
other
all
things
financial strength of the
4,351
from
to
The
times greater than those of
Allied nations is many
Riley, Kans.
Allies
or who is
admit that
serious complaints from any source.
they mobilize more than this first
tuted agencies.
be accepted by the Government.
to pay fair and
wage rates,
reasonable
If
our
seized and retained
and
war
property and
we
are
There is
in
a more
righteous
thing practicable
or a more
to
American
obtain
weaklings;
are
business man,
if not too much fettered by small and nagging
flects current
As
to
go
•
add to the
less than men;
RATE
TO GREAT
BRITAIN
I feel it would be very unfortunate to attempt
and that if we have wise regulations
if we have the spirit'of hard work
through
a
not
There have been errors in it, just as there have
punitive.
other business; but the business is an open one now,
because you
Commission
This splendid
we are
on
co-operation that we have received in this
undertaking herd through the main committee
Car Service, and all these six or seven
has
suedan announcement calling
attention to the fact that letters
going to have difficulties this winter.
cents
an
ounce
Bahamas
bados,
delivery in the following named foreign coun¬
Guiana,
British
Honduras,
the Dutch part of St. Martin); England,
Islands,
Mexico,
Newfoundland,
New
those named above remains
first
ounce or
present,
5 cents for the
for each additional
or
fraction thereof .|| Postal cards" and post cards,
private mailing cards, for all foreign countries will be subject
case
which bear
upon
unless they fulfill the conditions for prints,
Cards
typewriting than is authorized
they will be mailable for 1 cent each.
no more
writing
or
printed matter will be subject to the 1-eent rate as
prints.
.
EMBARGO
The New York, New
foreign countries other than
at
just like this, we are going to pull this thing
going to help win this dreadful war sooner than per¬
NEW HAVEN-PENNSYLVANIA
Seeward
Zealand, Panama, and Shanghai
ounce
in which
we are
Canada, Cuba, Bar¬
Saba, St. Eustatius, and
fraction thereof, and 3 cents
to 2-cent postage
through and
We ajre
There is no use blinking at that.
co-operation and helpful and sympa¬
Dominican Republic, Dutch
_
as
thetic work from organizations
Ireland, Scotland, Wales,
(China).(
The postage rate on letters for
produced very remarkable results up to the present time.
But I believe that with some kind of
and the
other committees,
haps some of the pessimists think.
West Indies (including Aruba-Bonaire, Curacoa.
City
of 3
instead of 2 cents:
(including Fortune Island and Inagua),
British
to the rate
2 be subject
and after Nov.
on
simply for
be served by
love the railroads, or the railroad owners, but
the country and the good of the people who are to
unified work
and everyone
has come for a constructive, helpful attitude,
this week Postmaster Patten is-
tries will
this country where
piece of machinery has been
period in the last 15, or 18 or even 20 years in
general attitude towards this enormous
those railroads.
Great
continue to build up an adequate trans¬
Britain and its dependencies;
addressed for
States—which re¬
portation system under private ownership, with suitable public regulation
that can do all the work that the nation wants.
We have been going
the good of
ITS DEPENDENCIES.
We referred last week to the three-cent letter rate to
transportation
help decide that great question by im¬
to Governmental ownership,
and saving in this country, we can
the
poltroons.
POSTAGE
could possibly
public opinion rather than creates it.
American citizen,
knows about it, and the time
AND
for the expansion of the
that because, that is one of
and sane and economical government,
in the war to
engaged
an
in every
CENT
say
pressing your views upon the Congress of the United
corrective and
THREE
I
problems that very likely will develop out of this war, and you
system are men who will have to
If we do not do every¬
against the foreign assgressor we are
we are
did before, even under the complicated con¬
the splendid initiative of the
by Governmental ownership.
the great
would be
No man, no country was ever
compulsory defense.
American business
American business and the expansion of the country than we
uphold the hands of the President and to
success of the defense
we are
We
with that.
restrictions and allowed to go ahead, can do more
We have been forced
no escape.
agree
ditions that confront all of us—it means that
compelled to fight in defense of our persons, our
sacred honor.
our
I do not
that the splendid initiative of the
this great transportation, system that is to-day doing
gentlemen who depend in your business upon a successful
The wealth of the country
the end, however costly and bitter.
up
20 to 25% more than it ever
conflict your property
We will have retraced our
prize money by other nations.
as
think it means
that has built
country is defeated in the pending military
national steps a century and a half.
into the
I
the
is an argument in favor of Government ownership, and
that that is what it means.
assiduously.
and business and mine will be of little value.
have this year
we
'
world and in
Some say that the putting together of the railroads, the way
large units.
have no reason to complain of the
not come the first
We have got to do things on a great big scale, by
history of the world.
and intends
compensation, sufficient to maintain existing
may
States will be the greatest nation in, the
The United
interruption will or can
It
is coming.
but it
year,
The Administration desires
do his part unselfishly, wholeheartedly and
going to see the greatest business
in the United States that we have ever seen.
attitude and
action of the Government, although we have been disappointed in some
respects.
It is up to us to prove our continued loyalty to the Government:
but more than that, our loyalty to ourselves in the performance of duty.
If there should be dissatisfaction concerning prices or the details relating to
production or distribution of tonnage, production and deliveries must
continue without interruption or diminution, leaving any question at issue
to be settled at a later date.
So long as the attitude of those in control of
Governmental affairs towards producers remains as it is at present, it
must be the effort, as it will be the pleasure, of everyone of the latter to
we
*
*
I believe that after the war is over we are
salaries of officials and extensions necessary for war purposes.
Up to the present time
♦
*
higher efficiency for the use of the people of the United States.
of giving a
through its lawfully consti¬
No excuse for neglect, delay or
of freight.
*
putting all the railroads in the country under this soWar Board is of interest in another way than simply in its aspect
called
for war
insure this supply, every furnace and mill having relation
must, without interruption, produce to the fullest capacity
and subject to the control of the Government
*
This movement of
produced in this country and which can be used
subject
classes
other
*
We occupy
a position of the
highest importance in the present war. -Our country and
Its allies in the international conflict are in need of every pound of steel
another million men, if
million, that puts an increased burden
the railroads and, to a certain extent, interferes with the movement
upon
of
acquaintanceship I believe they
do, then it is easy to determine and to follow the lines of duty.
to the
So we must look forward to the fact that if the
still to be moved.
Government necessities require the movement of
with what has been
If the members of the Iron and Steel Institute agree
said thus far, as from a long and intimate
2,000 baggage cars and 4,500 freight cars, and we have not
men
capacity fullv-equal to the peoples of any other country.
To
the 728,000 men has taken 13,500 passenger
had any
There have been some, not
unnaturally, but that very large movement of people, all within a rather
short period, has interfered with freight business. There are some 300,000
Allied countries are possessed of mental
there is any doubt the people, of the
purposes.
The National
longer distances.
even
very
and the persistence.
partial to the cause of the
entirely impartial in considering the merits of both sides will
be
They nearly all moved by special trains.
Camp Meade.
cars,
No intelligent person who is
can
and the maximum haul was
National Guard—that was from Yuma, Arizona, to
The minimum haul was 25 miles, from Washington
To make the movement of
provide themselves with all
in the financial condition to
are
these essentials, if they have the brains, the courage
which
of local concentration,
points
Guard moved
succeed.
eventually
will
equal,
being
Fort
is
The country which is greatest in
credit.
Germany and her allies.
The Allies
National
the
1,514 miles for the
Underlying the utilization of all the military resources of the Allies
the
Up to 6 o'clock
Guard, and the Regular Army.
Oct. 2, the railroads had moved 728,000 of the National Guard,
Army, and the Regular Army.
They were moved to and
p. m. on
abundance.
an
handling this very large increase of freight busi¬
of the movement of one million or more men in the
to take care
Without this neither side could maintain an adequate offense or
any battlefield provided
say:
*******♦»*♦
♦
the resources of the Allied countries for each person
of the enemy.
Elliott had to
part of what Mr.
The next thing in importance
than the soldiers of the enemy, man for man.
to Govern¬
go
spirit of hard work and saving in this country, we can con¬
tinue to build up an adequate transportation system under
with
voice In determining the policy
of the nation.
is food.
is
Mr. Elliott expressed the belief that
unfortunate to attempt to
ownership," adding that "if we have wise regula¬
tions and sane and economical government, if wo have the
Germany shall become acquainted
of the people of
masses
we
hostilities.
of
Manufacturers at
mental
be overcome by physical strength and endurance,
It must
desperate.
4'it would be very
of an early
in this war, there is no prospect
United States and her allies
Cotton
Oct. 5.
on
of railroad interests.
unexpected,
the
Except on the basis of a conclusion satisfactory to
collapse.
Haven & Hartford R. R. before the
American
of
Relations
Intercorporate
on
War
Elliott,
Howard
by
Incidentally Mr. Elliott referred
to the argument in favor of the Government ownership of
railroads which has come up anew with the co-ordination
Washington
;
•
■
.
already has been long and terrible.
war
address
an
Committee
the
of
Council
National
the Advisory
to
furnished in
was
Chairman
Committee of the Council of
Defense, referred to the war and its duration,
auxiliary
WAR
BOARD AND GOVERNMENT OWNERSHIP.
HOSTILITIES.
Judge Elbert H. Gary, in his annual address as President
of the American Iron and Steel Institute at Cincinnati,
National
WORK OF RAILROADS'
ELLIOTT ON
HOWARD
PREPARE
MUST
WE
THAT
FOR LONG CONTINUANCE OF
[Vol. 105.
CHRONICLE
THE
1674
the
JOINT
COMMITTEE.
Haven and Hartford RR. Co. and
Pennsylvania RR. Co. have appointed a joint committee,
with headquarters
in New Haven, to consider all applications
permits to make shipments through embargoes that may
be in force from time to time.
The object of this committee
for
is to facilitate communications between the New Haven and
the
Pennsylvania.
By having duly accredited officials of
each company at one
in all necessary cases,
are
handled
pected to
place prompt action is made possible
which is not possible when these matters
by correspondence.
prove
This arrangement is
ex¬
most satisfactory to the public, which is
Oct. 27
1917.]
THE
of the chief ends
one
The
sought in establishing the committee.
committee will be known
mittee."
Senior
the
as
Butler,
representing
J.
0.
act
Assistant to
chairman, and G. G.
as
Halhday,
It should be remembered that the railroads in this industrial district are
handling
tonnage than ever before in their history,
a greater
notwithstand¬
ing all of these difficulties, but the volume of traffic is increasing, and will
It is composed of Richard Hackett,
Vice-President, who will
Com¬
Haven
"New
1675
CHRONICLE
Superintendent
of
continue to increase with the
of which
are
expanding needs of the Government, many
entirely dependent upon
further improvement in the
a
further expansion of facilities or a
labor situation on these particular railroads.
Transportation, acting for the New Haven RR.; and C. M.
Henny, District Freight Solicitor, and C. H. Morgan repres¬
enting J. B. Fisher, Superintendent Freight Transportation,
for the
Pennsylvania RR.
COMMISSION
COMMERCE
PETITION
/Yv
OF
HEARING
REOPENS
ROADS
EASTERN
ON
HIGHER
FOR
RATES.
LABOR
DIFFICULTIES OF THE RAILROADS.
The
The
application of the Eastern railroads for permission
staggering task engrossing Eastern railroads, to haul
unprecedented quantities of coal and iron ore—the prime
to be heard
necessities
mission
by the Inter-State Commerce Commission
petition for higher freight rates
for war—before^winter sets in, along with the
heaviest general freight demands in history and a sweeping
loss of trained labor, is described in a report just made by
first
to
Oct. 22, when Nov. 5 was set as the date for the
on
In fixing this date, the Commission, in
hearing.
sylvania RR. who acted
Chairman of the Lake Coal and Ore Committee of the Rail¬
last
roads' War Board.
stated that the
It is pointed out
by the Eastern De¬
ditions labor
efficiency has declined 50% through the loss
of experienced employees by the railroads and in many
needed
departments the entire force has suffered
in time of
over," the remarkable situation being described
tion"
labor.
of
coal and iron
The
Eastern
"dilu¬
hauled
have
been proposed by Mr.
only 1,850,000.
another
As the
275,000 tons
neoeded for
are
ticularly
current repairing of loco¬
mere
of
fully
as
Portland,
follows:
With the fate of the nation's basic
racing,
are
deliver maximum supplies of
Mr.
of needed coal."
of the railroads show
that
they have about
departments as they had a year ago,
It is not
busy times.
culty to
exactly correct,
"shortage" of labor, but it
a
tion" of labor—a term with which
British labor reports,
Sir—I
a
therefore,
men
a
number
same
of
*
*
riers
*
preparing figures to show the periodical "turn-over",
and preliminary reports indicate that in
the entire force has been changed since the
If it shall
normal force of 9,511
instance,
left
the service during the first six months of
6,287 new men were employed, leaving
men,
there
6,602
your suggestion
In
is
men
on
wages
•
The
understand
we
to
be
total of 2,000,000
tenance and
&c.
An
from
men.
were
men,
and this is
for the operation
men
of
a
were
of being
promptly
regards their ability
carriers
and shippers alike have
with
room
for
On the other
of the carriers, particularly in the Eastern
The Commission will,
Nov. 5, at 10
therefore, set down for further hearing the Fifteen
as
carriers in the Eastern District are concerned,
on
o'clock, in Washington, D. C.
this proceeding are being advised accordingly.
Yours
truly,
full force of "car
a
slowed
now
down
offered.
to
a
GEORGE
B.
McGINTY,
Secretary.
Reports last night stated that the Commission, with
During
considerable
keep the yards going at all.
in
an
intricate organization such
large classification yard
for exemptions, and
for the country
may
as
view to
no
are to
transportation lines of the country.
tions for the entire conduct of the war,
it would seem necessary that some further consideration be given this
sub¬
an
Every facility of
it is stated, is being employed to discover
just where the carriers stand; their land holdings, physical
valuation, extent of holdings in other concerns, the extent
of their
equipment and their general financial condition is
being delved into.
both for the Allies and ourselves,
ject by the Eastern roads acting as a uniti and independently of the West
and South.
the Government,
continue to perform their
the principal arteries for supplying the primary base of opera¬
inquiry into the exact standing of
yesterday begun
th
be easily imagined.'
doubt this policy was con¬
a
going deeply into the railroad needs of the country,
had
that required
as a whole, and in line with the desire of the
Government, but if the Eastern railroads
as
as
The exact situation should, in our opinion, be at once disclosed
Other parties to
of the railroads apparently has been to await the result of the
full draft before asking
functions
desirability
before the Commission and to the public.
unprecedented situation, and the effect of the introduction
of inexperienced
The policy
the
The results have been marked; but. there is
indicated
this cause, and it has become necessary to import men by
the hundreds from distant cities to
sidered proper
of the w'ar
of the large classification yards in the industrial districts,
week the yard operations
an
with
situation, particularly
cost of railway fuel.
of the difficulties which confronts the railroads in attempt¬
one
extent through
This is
outbreak
Per Cent Case, so far
.
„
ing to move promptly the enormous volume of traffic
the past
the
District.
in the first place selected
by the fact that it is impossible to maintain currently
some
impressed
still further elimination of waste and increase of efficiency.
being drawn, because of
are
The effect of the actual labor shortage on railroad operations is
droppers" in
is
to their present
portation system.
unusually large proportion of
and the fact that they
physically able
among
as
hand there have been many misleading statements and publications with
trackmen, trainmen, tele¬
as
The Commission
presented, without delay, in order that the carriers
respect to the financial condition
telegraph operators, brakemen and firemen
their Iovv average age
hearing sixty or ninety days hence.
England was less favorable than in any other section of the country.
Since
the program.
operation of the railroads, such
ade¬
praiseworthy alacrity co-operated to improve the efficiency of our trans¬
A very large proportion of these men are of classes required for the main¬
graph operators, car repairmen,
a
to meet the increased
This figure will have to be multiplied by three
a
of
Commission
advised
represent the number of men which will be drawn from the service dur¬
ing the next year if the Government requires
now
If this be so, the Commission's stated
be maintained in a position to do their full war duty.
in New
paid
already accepted for military service, it is roughly
of service by the first draft.
suggested that operating revenues do not
The record submitted in June indicated that the condition of the carriers
industrial district between the Ohio Valley and the Lakes will be taken out
which
car¬
shall be ready
suggestion of Oct. 17 is that the situation above referred
full truth should be
may
July 1 of 7,701,
15,000 railroad me^i on the railroads operating in the
over
we
emphatically of the opinion that the evidence necessary to establish the
men
1917, and during that period
total force
a
were
1917.
it is being further accentuated by the draft, and, based upon the
actual number of
develop.
of meeting that situation will not have been attained by adopting
purpose
departments
year
principal cause for this "dilution" of labor is the high
estimated that
may
by such modification or amplification of the conclu¬
quately overcome mounting costs.
by industry in the industrial districts through which the Eastern railroads
run, but
that their realization is imminent,
or
The gist of your
against the normally required force of 9,511.
The
realized
are
But the Com¬
"None of us know what the future
develop that the fears which have prompted the
to has now arisen; it is
We
exchange of
or
many
beginning of the
one
a
325:
sions and orders herein reached and entered as are shown to be justified."
duced efficiency, but I should say roughly that it amounted to 50%.
with
of June 27 the Commission referred at some length to war
•
It is not easy to produce statistics to show just what this means in re¬
employees,
Case is still open and before the
The Commission reached the conclusion that only part of the
to meet that situation
who had become skilled by years of experience in the detailed work of the
machine.
Cent
the-carriers "believed would happen have not happened."
having been drawn from the only remaining available supply, which
of course means the substitution of inexperienced, "green" hands for men
intricate
in suggesting what is virtually, and for
requested increase should be then awarded, stating that the things which
tutes
very
error
continuance for at least sixty days of the Fifteen
by the carriers, it is obvious that such relief should be had
mission added, Page
the substi¬
men,
in
If your suggestion is well grounded that further financial
In its report
before, they
as
a
The Fifteen Per
Cent Case.
conditions.
It means
years.
men
are
practical purposes,
the carriers in the Eastern Dis¬
before the Commission at the informal conference
you
17 1917
Oct.
on
by
promptly in order that transportation demands in time of war be fully met.
"dilu¬
vital problem with
very
large proportion of their most efficient
very
as
instructed by the Commission to advise you that after confer¬
relief is needed
have become familiar through the
we
am
Commission.
had in
attribute the diffi¬
to
better be described
can
Per
at work in all
ever
■
Washington, Oct. 22 1917.
the Commission is of the opinion that
most
the payrolls
they have
during the past three
that, while the railroads have the
lost
many
and which represents the
which they have been confronted
have
as
or as many as
•..y;-':
trict represented
held
anomalous labor situation existing, for
an
Other
Nov. 12 at Chicago and Nov. 21 at
George Stuart Patterson, Representing Eastern Railroads, Philadelphia,
t
v*
ence
In his report of the situa¬
tion, Mr. Peck states:
There is rather
are
Penn.:
steel mills from boats of the Northwest, and corresponding
return cargoes
to their present situation, par¬
.
for the
ore
as
The Commission's letter of the 22d inst
Ore.
we are
told, "with heavy handicaps, against the winter freeze-up
of Lake ports, to
England
On Oct. 25 it was announced that the
hearings announced
acute for the railroads.
literally
The
regards their ability to meet the increased cost
railway fuel."
ready ordered, the steel situation is declared to be especially
needs at stake, the railroads
ninety
other section of the country,"
hearing set for Nov. 5 would be held in New York.
equipment al¬
new
or
"impressed with the desirability of
as
being promptly advised
year
will require 275,000 tons of plates and
cars
was
Patterson.
indicated that the condition of the carriers in New
expressed itself
motives and
relief
Commission also states that "the record submitted in June
more
are
the coming
financial
A hearing sixty
be fully met."
may
and
industry
purposes
and that if Mr.
open,
promptly in order that transportation demands
war
less favorable than in any
war
still
further
that
overwhelming.
The Government's
will require, it is stated, 1,600,000
of steel plates, while the capacity of all the plate mills
tons
to
was
case
was
program
are
spokesman for the railroads at
with the Commission,
and the demands of
general
war
as
by the railroads, was well grounded, "such relief
days hence had
than in any previous year, but the needs
ore
of the Government for
is
railroads
as a
15%
suggestion
should be had
complete "turn
a
letter
conference
informal
week's
Patterson's
war con¬
a
George Stuart Patterson, General Counsel for the Penn¬
Vice-President G. L. Peck of the Pennsylvania Lines West,
partment of the Railroads' War Board that under
on a
granted by the Com¬
was
<he
The inquiry is being made
application of the Eastern roads for
a
as a
result of
hearing
on
the
question of increased commodity rates in addition to I the
ecent advance granted in rates on coke, coal and iron ore.
-
[VOL. 105.
CHRONICLE
THE
1676
to Russia, Belgium, Serbia and other unfortunate
ernment to loan money
INVESTORS
RAILWAY
HIGHER
LEAGUE
RAILROAD
FOR
PETITIONS
Government to give prompt
RATES.
The
following telegram urging
Commerce
Inter-State
the
a
liberal increase in rates
Commission,
by
On behalf of the Hallway Investors' League which
The welfare of the nation and justice to the vast
aims*to represent the
with this
good part of
my
in practise and
suggestion based on such a premise.
advanced
But the problem of the railroads is
broader one than can be compassed in the study of rates.
credit.
.<
who have put
vestors'
And this at
construction
There
of
an
tive
history as
are now
recent
in
they ask.
It is
like this.
Such
The
the machinery is being
No thought is given
hurt by working it 24 hours
national transportation system
CAR
a
as to
In
whether
In time of war
day.
for such pressure,
What will happen when
was
the railroads
being bought.
1
forced to replace the equipment
are
Such supplies
as
being purchased are
are
And the rates make no provision for this increase.
months
an
attitude of
Oct.
that
Oct. 1 the excess of unfilled
on
and above the idle cars at different
shortage.
to as car
This compares
and
worry
on
of unfilled
whichjias been commonly, but inaccurately, referred
This is the figure
money invested in
excess
The following is the
Sept. 1 of 34,605.
orders from shippers for freight cars over
from members of the Railway Investors'
apprehension on the part of all people with
on
comparing with the
points, numbered 70,380.
competition for men from other employers.
League which reflect throughout the country
requisitions
of unfilled orders from
and above the idle cars
The railroads of the country report
allowed to the roads for increases given to the Four Brotherhoods, but
Every day letters come in
cars over
War Board's statement in the matter:
provision has been made for the increases to unskilled labor, increases
in order to meet the
THE INCREASE.
renewed shortage in the supply of freight
the Railroads' War Board, through Fairfax Harrison,
a
numbered 70,380,
car
Some increase
which the roads have had to make time and again in the past twelve
77,682
railroad
with the excess of unfilled car requisitions amounting to
July 1, 33,776 Aug. 1, 34,605 on Sept. 1.
on
The actual number of unfilled car orders on Oct. 1 was
Thousands of these people own less than ten shares of stock.
securities.
(which have the greatest traffic
SHORTAGE AGAIN ON
shippers for freight
costing the roads 300 to 500% more than what they have been accustomed
no
roads
Oct. 21, announced that the excess
on
but what
about the future T
to pay.
the first six months of this year the
19 million dollars less than for the same
period has declined 40 million dollars.
same
reporting
cars,
must bo kept working at full speed.
increased compensation
Naturally there is
now
were
income of the Eastern
net
the earnings of these assets.
increase in business, operating expenses
earnings on many of our important railways.
slogan ignores the plain fact that many railroads are
a
the demands of the country at war.
is
and
to deceive a certain portion of the public with a cry
easy
tation, they are wearing out rolling stock and equipment in order to supply
which
one
year.
burdens) for the
showing an increase in net earnings because, without self-interest or hesi¬
the
gross
earnings of all railroads
period last
"Why should the roads bo given higher rates?"
years.
enormous
increasing faster than
net
engaged in point¬
ing out that some roads are now showing bigger net earnings than at any
time
prices),
profits.
(Government
increasing the taxes on the rail¬
heavily
The published reports show that for
for pursuing'a puni¬
a reason
These people
77%
copper
people and at the same time our national policy
our
Notwithstanding the
are
against the roads now.
The price of pig iron increased since 1914
108%;
cotton
The Govenment is necessarily
critics of the railroads, mostly people who apply the abuses
are
in
this situation.
has operated to reduce both the value and
period.
earlier period in our national
course
175%;
road investments of
great war, every effort should be made to establish strength
merely for the duration of hostilities but for the tests of the world re¬
not
(Steel and fuel have doubled
fabulous proportions.
deny them to the other.
time when with with the country
a
had
these already high
It cannot be fair to grant the legitimate fruits of prosperity to
done to restore railroad credit the whole financial structure of the; country
a
war
And yet our railways have failed to secure the advnace in
143%; wheat
League wishes to point out at this time that unless something is
involved in
Since the
while the carrier gets peace prices and often a reduction in peace
their money into railroad securities, the Railway In¬
is likely to be weakened.
unprecedented level.
The shipper gets war prices.
Comprising not merely a limited number of wealthy investors but repre¬
cans
an
three years).
'•
■
to
rates necessary to meet
senting the common sense viewpoint of more than 65,000 average Ameri¬
non-partisan
the cost of labor and material used by the railways
war
costs have reached
It is now a
We must face the con¬
the other.
on
.
...
Before the
fundamental problem involving the whole question of American railroad
authorities
they now are and consider them in a broad, national
as
spirit.
The Railway Investors' League would not venture to make any
involved.
a
ditions
technicalities of rate making is qualified to know the difficulties
to the
and
judgment of railroad managements on the one hand and the
Government regulating
life in railroad work, I fully realize
which has given exhaustive attention
that only such a body as your own
owners
temporizing
question.
Nor is it the time to discuss abstract theories or to recite the past errors
I appeal to the Inter-State Commerce Commission to consider
a
number of
creditors of the roads demand that there shall be no further
the traffic situation at this time in the broad, terms of railroad credit.
Although I spent
must inevitably grow worse.
ways
16:
viewpoint of the average American with money invested in railroad se¬
curities,
the physical and financial situation of our rail¬
Without such support
Muir,
John
President of the Railway Investors' League, on Oct.
communica¬
tion to the battle front.
Hall, Chairman of
sent to Henry C.
was
surely it cannot be wrong for the
war,
and effective relief in the form of rate advances
organizations which are operating its own basic line of
to the
for all railroads
victory in the
nations to bring early
Oct.
1 last year, the figures being
Steady declines in the prices of time-tested railroad shares with few buyers
with the number
emphasize the fact that amojag thoughtful people—and these
are
If these people
almost identical
94,572 for Oct. 1
1917, and 94,854 for Sept. 30 1916.
the whole problem of
were
railway credit is
in the balance.
now
investors—
reassured, if they were made to feel that the punitive attitude towards
railway enterprise has been eliminated forever many of them would buy
additional securities and thousands of others who have not invested in
railroad
would
securities
on
The difference in the excess of unfilled orders over
idle cars for the two
accounted for by the fact that on Sept. 30 1916, as many as 34,157
years is
'
idle, whereas on Oct. 1
cars were
1917 only 24,192 were reported as idle,
efficient use of the available equipment on the part
thus indicating a more
of the railroads.
invest.
"
In
to.
1$07, the "rich man's panic," investors sold because they
in 1917, the rich
man
were
the stability of the financial markets
depends
on
the
Returns to the Railroads' War Board show that the
forced
is selling, not because he has to, but because,
with the deduction of his taxes, he finds his securities unattractive.
Again,
"rich poor man."
excess
The
War
Board
Oct.
on
and the returns just at
and his only question is safety.
the country have
Encourage him in this respect and he will
Liberty Loan, it
may
fidence in railroad
money
concentrating effort
the
on
success
of the
at first sight seem that necessity for establishing con¬
securities
is
a
secondary matter.
The fact that the
of the savings banks of the country is largely concentrated in rail¬
road securities offers sufficient evidence to establish the
underlying impor¬
We urge a liberal increase in rates for all roads
so
RAILROAD SITUATION
PERIL"
the railroads
are
the present situation is the degree to which
co-operating wholeheartedly with one another and with
the Railroads' War Board in the effort to produce a maximum
portation efficiency.
are
war
of trans¬
As the demands upon the railroads incident to the
apt tp increase, the need for the utmost
DESCRIBED
BY
W.
A.
co-operation on the part
AS "NATIONAL
caption of "The Railroad Situation,
Society, states in
a
National
tion calls for
no
panicky action
on
power
serious railroad situa¬
and authorities to relieve it and
the part of security holders
of
says
he adds:
our
National law-makers
ultimately to eliminate it."
speak softly of the danger
whatever,"
or
to minimize it for; any
Mr. Day, "is now folly."
In part
'
of the
largest Eastern systems—the Pennsylvania and the New
York Central—show
of this year of
a
decline in the net earnings for the
first eight months
nearly 35 million dollars.
country has depreciated nearly one billion dollars since 1916.
The market value of even
as a
that Government
our
high-grade railroad bonds has also very
result of the conditions described and owing to the fact
war
bonds—foreign and domestic—have
now
behind nearly $2,500,000,000 of the savings of about 40 million
people held by savings banks and life insurance companies.
curity
are
just
ments as the
as
or
share in the ownership of railroad stocks
much entitled to
a
reasonable return
on
and
their invest¬
shipper is to his reasonable profits and the wage earner to
his reasonable
firmed
WORK.
Clyde
B.
Aitchison,
Robert W.
by the Senate, the Commission on Oct. 17
entered
constituent divisions
and assigning cases to each of these divisions, as provided
for in the bill amending the law creating the Commerce
Commission,' which was approved by the President on Aug.
9.
The text of the amendatory law was given in these
columns on Oct. 6.
The first division, under the order of
order
dividing
three
itself into
17th, will consist of Commissioners
the
Aitchison.
and
McChord, Meyer
Commissioners
Division No. 2 comprises
third division is made
up of Commissioners Harlan, Hall and Anderson.
The order of the Commission, entered on the 17th inst.,
read
our
as
Government to set advanced
prices of 100% for staple commodities and to give financial aid to
a
follows:
general session of the Inter-State Commerce
con¬
tractors whose servies aid in prosecuring the war; if it is
right for the Gov¬
Commission on the
amend the Act to regulate commerce, as
amended, and for other purposes, being under consideration, it was or¬
17th day of October an act to
dered that, except as otherwise
provided by the Commission, for the pur¬
of this amendment to the Act to regulate commerce the Commis¬
be, and hereby is, divided into three divisions numbered, respectively.
poses
sion
Division 1, Division 2 and Division
It was further
'
wage.
If it is a wise policy as a war measure for
of
Wooley and George W. Anderson as members of the InterState Commerce Commission, having recently been con¬
At
properties and their earning capacity constitute the se¬
These citizens, who own
nominations
blanketed
the railroad bond market.
These railroad
INTO THREE
DIVIDES
FACILITATE ADMINISTRA¬
Clark, Daniels and Wooley, while the
The market value of the stocks of nineteen of the largest roads fo the
greatly declined
TO
TIVE
an
entirely within the
"But to
Life
article in the Equitable
an
"Public Bulletin" that "the present
for it is
DIVISIONS
DAY.
Peril," William A Day. President of the Equitable
Assurance
INTERSTATE COMMISSION
The
Under the
bonds,
rendered upwards of 15% more service than they did
The outstanding feature of
that they may look
forward to future necessary financing with some degree of confidence.
Two
existence exactly six months
of all concerned will become increasingly greater.
tance.
reason
10 had been in
hand show that during that period the railroads of
during the same period last year with practically the same plant.
effectively than he did in 1907.
At this time when we are all
slightly
of the number at this time last year.
Unburdened with heavy taxes, he finds present investment yields inviting
turn the tide even more
actual number of
and locomotives now in service on American railroads is only
cars
in
son
3.
ordered that Commissioners McChord,
shall constitute Division
Meyer and Aitchi¬
Daniels and
1; that Commissioners Clark,
Woolley shall constitute Division 2;
and that Commissioners Harlan, Hall
andiAndersontshall^constitute Division 3.
Each division so constituted
Oct. 27 1917.]
THE
shall have power and authority by a
order, certify, report,
or
majority thereof to hear, determine,
otherwise act
functions assigned or referred to it.
regard to
any case or matter
under this
by
case
It
or
or
question
allotted
so
or any
may
question brought to it
call
upon
or
may
bring before it
as
information is
such
any
that
Division
1
be assigned all cases set for
the
1917, and that in
conduct of the work of
of Valuation other than considerating and deciding the pro¬
he
as
be assigned all cases set for argument beginning Nov1.
1 to and including
position of applications and requests for suspension
under the fifteenth
section; of applications under the fourth and sixth sections; of cases
on
the
prevailed criticising his failure to con¬
in the
course
instructed to do.
was
Mr.
chology, if I
London is
correctly informed.
am
Jew
a
or
country at large would hold all American Jewry accountable for any attack
he might make upon the Government.
his partisans do not sympathize with his discretion.
among
The
for the support which Mr.
reason
newspaper-reading public..
ville Jews, and
ing they
which have been submitted
or any
further ordered
and those
not
hereafter orally
division thereof.
a
(1) that all
cases
set for argument and all
of
The great
environment,
new
education, to which they
drafted for
submitted, other than board-of-review cases, in any one month after
pacifists.
Jan.
1
advantages.
in the order
been
cases
given above; (2) that matters arising in connection with as¬
Mr.
shall be disposed of by the division to which such cases have
that
assigned;
(3)
that
procedural
all
questions
requiring Commission
action arising in connection with unassigned cases m ay
be disposed of by
division; (4) that miscellaneous administrative matters requiring
any of the
They sought to escape the oppression,
Russian
and
other anti-Semi tics.
They
taking
were
service.
They
are
so
school and college
readily, when they found their
The parents of these young men are
not disloyal,
treasonable; nor
are
They have not yet comprehended responsibilities that
go
they
with
While in this non-comprehending state of mind along comes
Hillquit with his anti-war, anti-draft
propaganda.
It is to be regretted
of the Jewish voters will not realize that the Mayor of New
so many
York has
as
of East Side Jews, of Browns¬
with its opportunities for
army
anti-Government.
not
mass
hardly "at rest" in this city, just beginning to appreciate the benefits
their
cases
signed
large
land of religious and class freedom, without possi¬
exploitation, the cruelty of
young sons
1918, be assigned in monthly rotation to the respective divisions
a
other greater city Jewish colonies, have come here believ¬
seeking
were
were
was
Hillquit will receive from
part of the Jewish residents of the city should be better understood by the
bility of enforced military service.
cases
In this matter I think that Mr.
London is entitled to commendation for his caution, but the extremists
the
And it
I shall not speak as to whether Mr.
In View of this recognition he believed that the
set
argued before the Commission
the Socialists of his
non-Jew, but it is accepted that the Christian world
a
Jew.
as a
and of tariffs carrying released rates; that to
review
reproach was based on
anti-Government speeches,
among
London's attitude in Congress is based on' a very interesting psy¬
special docket; of the transportation of explosives and dangerous articles;
Division 3 be assigned all cases
for argument beginning Dec. 1 to and including Dec. 31 1917, and in
addition thereto Division 3 be charged with the disposition of all board of
This
war.
The resentment
district is such that it is openly said that he will not receive renomination.
ceedings relating-to the valuation of carriers' property; that to Division 2
Nov. 30 1917, and in addition thereto Division 2 be charged with the dis¬
resolution
a
demn the Government's
recognizes him
addition thereto Division 1 be charged with
1677
his failure to rise in his place and make anti-war,
question
commissioners adssigned thereto by the
argument beginning Oct. 24, to and including Oct. 31
the Bureau
the whole Com¬
assigned.
or
further ordered that to
was
of such divisions, with
any
for consideration of the case
Commission; and the Commission
or
or
delegation of duty and authority,
additional commissioner
an
whole
to any of the work, business, or
as
Each
assigned to it,
mission for advice and counsel
CHRONICLE
nothing to do with the Federal draft, with national conclusions
to war or peace.
My purpose in speaking on this phase of the Jewish support that Mr.
Commission action not otherwise provided for may be disposed of by any
Hillquit will receive is to enlist
division; (5) that the foregoing assignment shall not include the considera¬
constituency that is sorely puzzled and discouraged by events that seem
tion and disposition of valuation cases;
to make it forever
termine the time and place for
its
order
and (6) that each division may de¬
its hearings and conferences and determine
This element
a more
sympathetic understanding for
of Jewish
life
in
America, through no fault of its own,
that members of
nation reached America with
our
that the surgeon of the caravels was Marco,
STRIDES OF SOCIALISM IN NEW YORK MUNICIPAL
CAMPAIGN.
review
A
the
of
growth of socialism in the New York
presented by Aaron J. Levy, Presiding Justice of the Mu¬
nicipal Court of New York, was printed in the New York
The "Post" credits Justice
Levy, who has- lived on the lower East Side of Manhattan
all his life, with stating that when he became a Municipal
Court Justice he withdrew from organization political acr
tivity, and that he spoke out at this time in a newspaper
a
phase of the campaign only because he felt
public at large did not appreciate the probability—
that the
not
on
elect a
Justice Levy's observa¬
merely the possibility—that New York would
Socialist government on
tions
Nov. 6.
the strides of Socialism in this city are set out as
on
nel, both Spanish Jews; the professional distinction being set forth in the
old record.
Revolution,
/
something of
comprehension of its extent.
As a man of some experience in forecasting political tendencies, I will say
frankly that, in my opinion, it is problematical what candidate will be most
movement in this city is a genuine menace,
Socialist
The
harmed by
and
died
of Philadelphia
the
penniless.
But the Hillquit support is not confined to the East Side
and to Browns¬
ville; it exists throughout the city, ih all boroughs except Richmond, accord¬
ing to my information, and
among
all nationalities of voters and all classes.
i speak only that the New York public may know just what the conditions
are
I
as
them.
see
1
'
/
U. S. TO BE REPRESENTED AT ALLIED WAR COUNCIL
IN PARIS— CONGRESSMEN VISIT WAR FRONTS.
Secretary of State Lansing
yet the public has hardly any
the swing to Morris Hillquit.
sanguine of Mr. Hillquit's election, and in their
The Socialist leaders are
speeches they are emphasizing a point I
They are urging their followers
to vote the entire Socialist ticket.
The leaders look upon Mr. Hillquit
as already hs good as elected.
They want the other Socialist candidates
.elected.
In previous campaigns one Socialist candidate has been picked
out and voters urged to concentrate on him.
An example is Meyer Lon¬
campaign literature and public
have never heard them
emphasize before.
on
Oct. 7 confirmed reports that
the United States Government would be
represented in the
forthcoming Allied War Conference shortly to be held in
Paris.
In indicating that the United States
would be
sented at the inter-Allied conference, Secretary
I think I ought to say
in the
has
follows in the "Post:"
serious import,
Also they do not know that Ilaym Solomon,
of Oct. 23.
"Evening Post"
interview
Christopher Columbus,
that the physician was Bar-
and New York, gave Gen; Washington $600,000 in the closing days of
municipal campaign and more especially on the East Side,
as
a
football of world politics.
does not have the broad, comprehensive viewpoint of the Jewry that knows
business.
of
a
war
been
a
prospect that we may be represented
As to who will represent the United States
conference.
no
there is
repre¬
Lansing said:
there
determination, but wd have people on the ground who are
readily available.
The
Paris
problems of
Conference,
at
which will be discussed war
kind, the object being to co-ordinate the
every
activities of all the Allied belligerents and the
United States,
and to promote
the efficiency of all, will be the first general
conference, in which America has taken part.
The
war
State
Department has been kept fully advised of the proceed¬
.
in Congress.
Do the people of this city realize that the next Board of Estimate may
be under control of Socialists?
I am sure the mass of our citizens do not
don, Representative
anticipate any
such possibility, but the Socialist leaders are
convinced
weeks from to-day will give them control
over this great city.
That's why I used the word "menace."
I am appre¬
hensive that the "Vorwarts crowd" is to be carried into power, perhaps
that
a
big effort on their part two
majority of the voters dividing their ballots
among the other three candidates for Mayor.
The Socialists are running amuck.
Your average New Yorker does not
realize that
He does not realize that on the East Side of Manhattan these
nights of the campaign it is impossible for a Democratic or Republican
orator to speak at a street-corher meeting. I tell you, as a man grown up
in the public life of the East Side, that in these nights of the municipal
campaign a Democratic street orator, let alone a Republican, is booed into
silence.
The crowd that gathers to hear a Republican or Democrat is
bombarded with paper bags filled with water.
We never heard of this
only by a plurality vote, the
ings of and conclusions reached at such gatherings, but has
not before been
I
tell you of a
to make a
judge on the bench, seeking re-election and attempting
speech, who suffered the humiliation
and danger of having his
platform seized from under him, tipped over, and the candidate precipi¬
tated to the pavement.
This sort of thing has happened frequently to
anti-Socialist
people at East Broadway and Rutgers street.
A
orator was trying to speak.
From where I stood
crowd of 2,000
Republican campaign
the scene resembled a
riot.
Every time the speaker tried to make himself heard, a roar of con¬
tempt went up that could be heard for blocks.
Paper bags of water de¬
scended from windows of near-by tenements, and were thrown into the
crowd in the street.
of the stanch champions of free speech. So
abominable and intolerable have these conditions become that the "Jewish
Daily Vorwarts," the Socialist organ, printed a first page article warning
Socialists to desist from such violence.
The Socialist leaders feared the
reaction on the part of the citizens generally.
The "Call," the English
language Socialist daily, printed an editorial appeal to the lawless to hold
This is
a
Department, arrived in England this week on an unofficial
of the
tour
I
am a
extreme
a
war
with
fraternize
They will visit the war fronts and
zone.
parliamentary representatives
the
In the party are
Allies.
of the
Representatives Dale, of Vermont,
Taylor and Timberlake, of Colorado, Hicks, of New York,
Johnson, Dill and Miller, of Washington, Goodwin, of Arkan¬
Stephens, of Nebraska, and Parker, of New Jersey,
sas,
.
Their visit is
invitations
a
development of the recent cabled and personal
of
representative members of the British and
parliamentary
French Parliaments for closer affiliation of the
bodies of the Allied Governments
through personal confer-
French and Italian capitals.4
enees-at the British,
the invitations at this
took action
who
are
on
now
informally.
time, and neither the Senate
them at the last session.
on
their
way
President
accepting
or
House
The ten members
to Europe arranged their trip
Other members of Congress, it is stated, are
expected to follow soon.
picture of the action
radical, but I am
radicals.
apprehensive at this time of the power of the
Mr. London was severely rebuked
I have heard that
recent meeting
THE SINKING OF
The
tilles
war
themselves in check.
at
travelling in unofficial capacity,
Wilson, it is said, did not favor Congress officially
speakers.
Wednesday evening I stood on the fringe of a
On last
yet been made public.
carrying special passports arranged for by the State
thing before.
can
as
Ten members of Congress
but
The names of those
the American Government at the Paris
conference have not
.
6ort of
officially represented.
who will represent,
for his course in the House
of Representatives.
My
THE TRANSPORT ANTILLES.
homeward-bound United States Army transport An¬
was
zone
torpedoed and sunk by a German submarine in the
at 6:45 o'clock in the morning of Oct. 17.
As a
result of the vessel's
and one seaman is
destruction sixty-seven lives were lost,
Of the men who
still unaccounted for.
ie:8
THE
perished sixteen
in the
were
service, six in the naval
army
service, and the remainder members of the Antilles
170 survivors have been landed at
Antilles
was
submarine
sion
under convoy at
torpedo
nor
the first
was
engine
minutes.
room
The
ship engaged in
of the explo¬
roar
board that
on
The missile struck abreast
bulkhead, and the vessel sank inside of five
disaster—the
first
which
in
American
an
duty has been lost—marked the heaviest'
war
American
The
The
sunk. Neither
was
warning received by those
the vessel had been attacked.
of the
crew.
French seaport.
a
the time she
sighted.
was
CHRONICLE
toll
of
the
destruction of the
lives
Daniels in announcing
taken
in
submarine
Lusitania.
warfare
since
Secretary of the Navy
the sinking of the vessel issued the
[Vol. 10 5.
The sinking of the
American transport Antilles by
of the compensation and automatic insurance provisions of the new soldiers'
sailors'
and
law.
insurance
Following receipt of
states that the
steamship Antilles,
of the United States when the ship
they had not signed applications for insurance policies.
Lanoy, Director of the War Insurance Bureau of the
of the fact that
William
"foreign service.
This vessel
The torpedo which struck the Antilles was not seen, nor was "the sub¬
marine which fired it.
The torpedo hit abreast of
head, and the ship sank within five minutes.
of about 237
persons out
One hundred and sixty-sven
About seventy
board the Antilles were saved.
on
De
C.
Treasury Department, in explaining the status of those lost
automatic
paid to
insurance provision in the law, $25 a month insurance will be
widow, for example, for 240 months in addition to the compen¬
a
sation of
$25
month,
a
matic insurance
to pay
at the time were
saved,
board the ship
were on
the officers of the 6bip, with the exception
as were
following: Walker,
who
army
third engineer officer;
Boyle, junior engineer
or a
total of $50
lost: E. L. Kinzey, seaman,
second class, next of kin Thomas M. Kinzey, father, Water Valley, Miss.;
personnel
were
J. W. Hunt, seaman; second class, next of
ldn Isaac Hunt, father. Mountain
Grove, Mo., R. No. 2, Box 44; O. L. Ausburn, radio electrician, first class,
next of kinR.
and H.
F.
Ausburn, brother, 2800 Louisiana Avenue, New Orleans, La.,
•
about thirty-three
were
of the
of whom seventeen were saved.
The
enlisted personnel on board,
army
until the muster roll in France of those
the
as
department
on
As
Further
the
news
Oct.
destruction by
On Oct.
vessel
was
24 announced that hereafter
a
name
issued
correction in its original
of E. L. Kinzey, seaman, second class (next of kin Thomas
A
dispatch received to-day announced that Kinzey was saved and that J. C.
McKtnney, seaman, second class, was lost.
His next of kin is A. L.
of those lost.
Dispatches from Paris
on
the transport have been received.
regarded
The
Antilles.
immediately provided for by the American Con¬
sulate at the port of landing.
The survivors in describing
the
sinking of the vessel stated that the submarine was
not
seen
by
intimation
and that the explosion was the first
or any of
its convoys had of the
any one,
the
Antilles
submarine's presence.
.
that
it
The ship filled
quickly
so
no
,
it is said,
practically impossible to execute orders, and
was
although she sank within five minutes there
and
hint of
panic.
Many
men
stood
was no
confusion
deck at "atten¬
on
tion" until the final plunge, when they leaped out
A
waters.
into the
Brigadier-General and two United States Army
surgeons were among
The Antilles was
the rescued.
a mer¬
chant vessel, owned by the Southern Pacific Railroad
the
Morgan Line of steamships, and
was
Prior to the
1907.
service.
and
H. T.
by the
she
was
410
feet.
She
She
and fitted out
was a
engaged in the Gulf coastwise
long, had
was
a
beam of 63 feet-
commanded by Captain
Boyd of Jersey City.
the
service
in
men
who
the
more
States
military and naval
of the recently enacted soldiers and sailors
insurance and compensation law,
the Treasury Department
Oct. 21 announced., and thereby
insurance to the amount of
hastened, it is said,
manned by civilians.
was
effective than
constantly changing
a
The manning of the transports by
increase in the naval
Navy will make
men
larger
necessary a
personnel, and it is said that Congress
will be asked when it
reconvenes
in December to authorize
additional 80,000 men, 30,000 for the permanent naval
forces and 50,000 for
the period of the
'
war.
GREAT BRITAIN RELEASES SEIZED
The British
W.
to
over
Embassy at Washington
A.
F.
automatically carried
$6,000 each.
This
sum
will be
SWEDISH
MAIL POUCHES.
Oct. 24 turned
on
Ekengren, Swedish Ambassador to the
United States, four pouches of Swedish
mail seized by the
British authorities at Halifax several weeks ago, and since
held
by the British Embassy pending investigation into their
alleged unneutral character.
and
the controversy
develop into
Great Britain.
The seizure of the pouches
resulting therefrom, threatened for
The mail
pouches
British authorities at Halifax from Dr.
upon
this
his arrival at that fclace.
country by
a
important issue between Sweden
an
taken by the
were
Hjalmar Lundosohm
Dr. Lundosohm
the Swedish Foreign
Office
was
as
sent to
special
a
representative to discuss with the American authorities the
question of Sweden's food imports and supply.
The British
authorities at Halifax, it is said, suspected the contents of
the
pouches and for that
them
the
to
on
seized them, later sending
reason
British
Embassy
Embassy at Washington
opened in the
Swedish
of
was
and
The
pouches to the Swedish
condition that they be first
on
of British and Swedish diplomats
American
representatives.
or
This proposal
rejected by the Swedish Minister, Mr. Ekengren, who
declared
that
Sweden's
on
presence
Washington.
at
British officials offered to return the
the
pouches contained only statistical data
imports and exports and instructions for
the Swedish
Embassy in this country.
It
by
use
the contention
was
of the British
Government, it is said, that the seizure of the
pouches
substantially similar to that of the Swedish
was
diplomatic box that
steamer
was
which Count
on
shipped from Washington
bassador, returned to Europe.
stated,
were
broken, and for
led to the
It
was
on
the
Bernstorff, the German Am¬
von
The seals
a
session of the Swedish courier
United
perished when the Antilles was sunk, come
within the scope
on
war
over
Co.,
vessel of 6,878
Cramp shipyards, Philadelphia, in
was
war
The Antilles
draft of 25
a
All
built at the
taken
was
Goternment after its entrance into the
expecially for transport service.
tons and
far
as
personnel.
from the United States
and
Oct. 21 announced the arrival
at, a French seaport of the survivors of the
were
Oct.
on
and naval
highly trained and disciplined naval officers, it is stated,
civilian
an
man
The decision to have
was
by the sinking of the Antilles, which
The
lessen the risk of
so
bluejackets will
Navy operate the transports
time to
McKinney, father, 136 Pennington Street, Newark, N. J.
No further details of the sinking of
and
officers command army transports.
not received
20 the Navy Department
cabling the list of casualties in the sinking of the army transport An¬
men
efficient operation of steam¬
zone,
submarines, the Navy Department
DIPLOMATIC
M. Kinzey, father, Water Valley, Miss.), was sent as one
.
more
As
board has been consulted.
of the sinking of the
21.
following statement making
tilles, the
insuring
the ship cannot be given
announcement:
In
of
a means
casualties they will be made public immediately.
until
money
Liberty Loan.
ships, particularly in the war
in receipt of further details concerning the
is
The
month.
a
both compensation and insurance is expected to come in large measure
of the missing of the army
names
enlisted personnel and of the merchant crew of
soon
Were it not for the auto¬
month.
Watson, radio electrician, third class, next of kin Mrs. W. L.
Seger, mother, Rutland, Mass.
There
a
provision she would get only $25
from the sale Of bonds of the second
are
officer, and ORourke, junior engineer officer.
The following enlisted naval
the Antilles
on
that owing to the legislative forethought which inserted the
points out
the
All the naval officers and officers of the
of the
the engine room bulk¬
missing.
men are
was sunk will immediately begin to
under the automatic provisions of the law, regardless
which
under convoy of American patrol vessels at the time.
was
of the disaster.
who lost their lives or were disabled in the naval or military service
receive compensation
transport, was torpedoed on
an army
Oct. 17 while returning to this country from
news
Secretary McAdoo has authorized announcement that the families of the
men
following statement:
The department is in receipt of a dispatch from Vice-Admiral Sims
German submarine,
a
with the loss of 70 lives, has furnished a striking object lesson in the benefits
while it
on
was
that box, it is
out of the pos¬
accompanying the box.
This
suspicion that the box had been tampered with.
taken
from
the
Bernstorff
party
ultimately sent to London, where, in the
Swedish
counsellor
Foreign
Office,
documents
in
its
the
and
was
examined.
turned
were
over
Halifax and
presence
representative of
a
contents
box
at
to
the
All
the
of the
British
of
Government, but British officials later asserted that
paid the families of the dead soldiers and sailors in monthly
of $25 each over a period of twenty years.
of the documents in the box
This is in addition to
the
Swedish
some
questionable character.
installments
compensations which will be paid to
widows, children and dependent mothers of the men.
the present
While the $25
application
for insurance was made, the additional compensation varies
from $20 for a motherless dependent child to a maximum of
$75 for all dependents.
In calling attention to the fact that
the victims of the Antilles would be affected by the new law,
have the
insurance is
a
a
total of $50 each month.
fixed maximum, in cases where no
the Treasury Department early on Oct.
which said in part:
21 issued
a
statement
of
a
very
irregular and
The Swedish Minister at
A
widow, for example, will be paid $25 insurance and $25
compensation,
were
a
Washington, while refusing in
instance the offer of the British Ambassador to
pouches opened in the
guarantee that nothing of
presence
an
of witnesses, offered
unneutral character
was
the diplomatic dispatches contained in the pouches.
Ambassador Spring-Rice rejected Mr. Ekengren's offer on
the grounds that the guarantee would have to come from
among
the Swedish Government.
the
State
Mr.
Ekengren
Department transmit for him
on
to
Oct. 16 had
Stockholm
dispatch urging the Swedish Government to take
a
measures
Oct. 27
1917.]
THE
CHRONICLE
1679
to
obtain the immediate release of
the mail pouches seized
by Great Britain.
The decision of the British authorities
to release the
pouches was announced on Oct. 23, and the
next day
they were turned over to the Swedish Embassy.
The diplomatic seals were
unbroken, and the Swedish
referred to the arrest of
boy scouts-for drilling.
The result of all this was that there was
drilling and carrying arms out
of sheer defiance, and under this
treatment the Sinn Feiners were progress¬
Embassy and Economic Mission
began work on the vast mass of
raided where national volunteer arms could be found.
The treatment of
the Sinn Fein prisoners made the Irish
policy one which irritated at a time
when it ought to be the
highest policy of the Government to tranquillize
to this
country, promptly
food and
Sweden which the
pouches contained.
supply data for
officially sealed
envoys that
en
at the
Foreign Office.
they could
Then the idea
were
to the Swedish
came
much time by working on the statistics
while
They asked the British Minister at Stockholm to
get permission
route.
from London.
This is
save
decided
then
that
the
abandoned the idea.
and all
authorities
were
request
was more bother
The seals
left
was
suspicious
not
were
intact.
Yet
on
than
it
was
worth
and
broken, therefore, during the
arrival
of irregularity,
at
and
Halifax, the Biritish
promptly
detained
on to Washington to the British
Embassy only so
that they might be available here to the
Swedish
The Speaker said he did not believe Chief Secretary Duke was
party to such proceedings, but that worse stared the country in
the face if the convention broke down.
Henry E. Duke, Chief Secretary for Ireland, made the principal speech
The
Secretary did
straightened out.
-
of the fact that, if
came
in the British House of
up anew
on Oct.
23, debate on the subject drawing from
Premier Lloyd George the statement that the
Government
was aware
that arrangements were
by Count
von
again being made, partly
Bernstorff, former German Ambassador
the United States to land arras in Ireland
to further
The debate was occasioned
revolt.
by
a
to
new
motion offered by
John Redmond,
deploring the policy of the Irish Executive
Government and the Irish military authorities.
When the
a
in
progress John Dillon and Joseph Devlin
protested against the absence of Lloyd
George in the dis¬
important subject and asked that
With his appearance assurance
Mr. Dillon that if the convention reached
he be
asked for
was
an
by
agreement its
decision would be carried into effect and not
postponed until
subsequent Parliament.
of the debate the press
,
In detailing the further
accounts
dispatches state:
The Premier said that the Government
could not possibly
forget what had
happened only eighteen months ago.
These speeches could not be treated
as excited speeches, delivered
by persons of no consequence, which would
end in nothing.
•
things the Government
interests of Ireland.
First, incitement
to
ought to make clear in the
rebellion
cannot be
permitted.
The Germans nearly landed arms for
that purpose eighteen months
ago.
We know that arrangements are
being made for arms to be landed again
and we know that it is
partly done by von
Bernstorff.
Second,
Government
a
thing
no
can permit is
organization for rebellion."
After referring to the
drilling and the marching going on in Ireland and
the exhortations of De
Valera, the Premier stated that what was
going on
in Ireland was a deliberate
attempt to enroll and drill thousands of
young
men (who in
England would have been compulsorily
enlisted) in prepara¬
tion for rebellion.
The third point was that there
Sinn Fein leaders, which, said the
government,
sovereign
but separation
independence
of
or
was a
thing of that kind."
no
deal of talk in Ireland
among the
Premier, did
secession.
Ireland,
better say at once that under
and
not
There
the
mean
was
a
Premier
home rule
or
added:
"We
the
started,
legislative form.
The
the
pledges the Government, immediately
agreement has Been reached, to submit a bill to
Parliament and
it."
"Certainy, I have
no
hesitation in saying that
Secretary
shail
Redmond, leader
of the Irish
Party,
motion, which read:
This
House deplores the policy which has been
pursued by the Irish
Executive Government and the Irish
military authorities at a time when the
highest interests of Ireland the empire demand the creation of
favorable to
a
an
atmosphere
successful result of the deliberations of
the Irish convention.
Mr. Redmond in
off,
or
moving his resolution said his only motive was to ward
at least to minimize, what he held to be a
very grave menace to the
Irish Convention.
He would not have raised the
debate, he added, if he
had not been convinced that there was
danger of the destruction of
the
conference if the policy pursued by the Irish
authorities
It was widely said in Ireland, Mr. Redmond
was
continued.
continued, that there were
people of Great Britain and Ireland who would gladly see the convention
destroyed, so that in the consequent anarchy and possible bloodshed the
last hope of self-government for Ireland would
disappear.
The
speaker
acquited the Ulster Unionist Party of any such "diabolical wickedness."
Mr. Redmond enumerated what he described
Executive of Ireland.
as
irritating actions of the
They had issued proclamations forbidding all kinds
of harmless things, such as Swedish gymnastic
exercises, and had arrested
had been told: "We have
more
before the fateful day
having said in
as
and
arms
will be
you
us
a
shall
we
more
quoted by
them when the time comes.
We
are
successful than you were the last time.
helping hand from France, America
a
was
speech:
use
or
Germany
If
we
take it."
The
Secretary continued:
many's.
was
Ger¬
Last February, when it became necessary to deport from Ireland
certain persons, it was because the
helping hand
being held out again
was
and the British Government knew it."
Mr. Duke said that there still
mination to make
were men
who persevered in their deter¬
Government in Ireland impossible; they
a
deter¬
were
mined to create terrorism in
the country in order to attain that
object,
and they had the
pecuniary resources characteristic of the rebel organiza¬
tion before the rebellion and characteristic of the rebel
organization of to¬
day.
The Irish Administration was not more prodigal of
expenses than
were now
pursuing their mischievous object.
Declaring that in various parts of Ireland men were being threatened
by the rebel movement both with regard to the present and the
future,the Secretary continued:
those who
"There is the greatest alarm that at this stage, when it
convention
about to devise
was
a
solution
,
hoped the
was
that the Government of Ireland
become actually
may
impossible.
There exists two currents, of feeling,
in favor of passivity in the face of action of the most
illegal and danger¬
kind, the other which believes that unless freedom from disturbance
ous
is maintained the convention must be defeated.
"The troubles
arose
in Ireland in recent weeks because the convention was
doing well.
The design of the Sinn Fein leaders requires the failure of the
convention, and their present manoeuvres are directed particularly to the
raising of a state of things, in which the convention would appear to be
hopeless.
The Government has to deal with that situation and will do its
best to prevent criminal acts of that kind.
No criticism should prevent
Government from using any means to prevent its citizens from
being
any
led to deeds of violence and criminal misconduct."
Here cries
The
raised:
were
Nationalist cry:
"Why don't
you
De Valera?"
arrest
and the
"Why don't you arrest Carson?"
Secretary continued after the interruptions:
we hope that the new Constitution is in the
making and while
"While
the
mass
of Irishmen
bounds, there will be
satisfied they can keep the controversy within
are
no
arrests.
Nothing would be
helpful to the
more
propaganda of secession than embarkation
on a policy of arrests."
Ex-Premier Asquith followed, expressing the
hope that all the speeches
would be couched in the
__
temperate language, because it
same
was
impossible
at the present moment to
exaggerate the importance to both Ireland and
Great Britain of doing nothing to prejudice the
prospects of a real recon¬
ciliation in Ireland.
He believed that he
within
not taking too sanguine a view in hoping that,
Government of the day would be able to present
was
few months the
a
to Parliament
scheme for
a
a
Government of Ireland acquiesced in by a
large majority of the Irish people.
At the conclusion of the debate Mr.
was
put to
vote, and
a
Fein conference which
unanimously
Ireland,
The
was
Redmond's motion
defeated 211 to 78.
a
opened there
on
Oct. 25, the Sinn
that date adopted
provisional Constitution for the government
which
submitted
was
on
for
its
consideration.
dispatches state:
This aims at
obtaining international recognition of Ireland
are
to establish their
ment, which shall deny the right of Great Britain
ernment to
England holding Ireland, in subjection.
cation if
a
of any
as
own
an
inde¬
Govern¬
other foreign Gov¬
legislate for Ireland and by any and
use
At the outset of the debate John E.
a
men
Clare, Professor de Valera,
pendent republic, after which the Irish
so far as the Government
all their power to press the House
to put into
legislative form the conclusions reached by the convention."
concerned they will
offered
These
and shall have
member from East
new
"We have
of
-
Mr. Lloyd George replied:
are
rebel force.
arms
had
"I understand that the Premier
pass
a
According to dispatches from Dublin
Mr. Dillon interjected:
an
own
conditions will Great Britain
permit any¬
to use its utmost power to
carry any agreement to
after
Redmond's
fair chance, Irishmen could administer their
a
considerable store of
a
self-
demand for
Referring to Mr. Dillon's request for assurances, the Premier
reminded
the House that the Government had
promised, when the convention
,
given
Volunteer organization,
should take
three
of Mr.
arrives."
action, not provocative action, but firm action."
are
or
the death of Ashe and Irish
Volunteers, he said that for a period running
into months there had been
steady organization in every parish in Ireland,
and to considerable extent in the
large towns, of the new force—the Irish
"In
order to save those poor
people who honestly believed they Were
doing their best for their country from being persuaded
by others," con¬
tinued the Premier, "i thought it
essential that the Government
"There
directed against his office.
policy generally, and pointed to the unprecedented
magnanimity with which the Sinn Feiners,- who had been
endeavoring to
stir up a revolt, had been treated.
Dealing with the seizures of arms and
one
sent for:
a
was
"The helping hand held out at the time of the Irish rebellion
Commons
an
the motion
He defended the Irish
IRISH REVOLT.
The Irish situation
cussion of such
as
complain of the motion
affairs.
ready and
LLOYD GEORGE ON DISCLOSURES OF
PLANS OF NEW
was
not
criticisms, but felt that all the action taken by the Administration in Ireland
was justified..
The Irish convention, he held, was a
working demonstration
anybody offers
debate
He
a
in reply to Redmond, inasmuch
Commissioners, when the
was
insignificant charges, making martyrs of them.
No attempt, said Mr. Redmond, had been made to seize Sinn Fein
Ulster arms, but every hall and
private house in the country had been
willingly
the
pouches, sending them
whole matter
on
an
irregularity, but the Swedes thought little of it
because they had nothing
they wished to conceal. V Yet the request aroused
suspicion.
The British Minister at Stockholm
got no reply, and the
Swedish Commissioner and his
party left Sweden.
When they reached
Christiania and inquired from the British
Minister in Norway if any
reply
had come from the British
Foreign Office, they were equally unlucky and
voyage
men
ing.
or
feeling.
A statement of the
circumstances surrounding the seizure of the mail
pouches
by Great Britain was furnished in a special
dispatch to the
New York
"Evening Post," which said in part:
When Mr. Lundvohm and his staff
left Sweden, the four pouches
insignificant
every means to prevent
It would provide also for convo
Constitutional Assembly, chosen by Irish constituencies
supreme national
as
the
authority.
At Thursday night's session of the conference it was de¬
cided that members of the organization should bo trained in
the use of arms, although this, it is said, will not be com¬
pulsory.
The
conference
promised
that
the
Provisional
Government of Ireland should be established without
delay.
It adopted a provisional Constitution aimed at
ternal
and
recognition of
providing
Assembly.
for
Ireland
the
as
an
securing in¬
independent republic
convocation
of a Constitutional
At yesterday's (Oct. 26) session Prof. Edward
De
Valera, Member of Parliament for East Claire, was elected
President of the conference after Count Plunke.tt and
Arthur
Griffith,
who
announcing
also
that
were
nominated,
Professor
De
had withdrawn.
Valera
had
been
In
elected
THE
1680
the Sinn Feiners now had at
their head a statesman, as well.as a soldier.
The conference, it is said, was attended by 700 delegates.
But little has been divulged concerning the deliberations
of the Irish Home Rule Convention, which opened in Dublin
on July 25 with a view to working out a solution of the Irish
problem, and which adjourned on July 26 until Aug. 8 to
enable the chairman, with the aid of the secretaries, to
unanimously, Mr. Griffith said
prepare
task.
convention said:
dominion principle of self
the day.
McCarton and other Irish
left here by Count
latter's departure for Europe.
Recklinghausen was also associated with a group of Turks in one of
several houses occupied by the conspirators at Beekman PlaC3.
Recklinghausen stoutly denied any knowledge of or complicity in
activities charged against him, but papers found in his room and upon
of certain draft schemes
government, and the discussion
entered upon the consideration
The fifth meeting
of Meliowes and
time, and is mentioned as an envoy
Sinn Feiners for some
Bernstorff upon the
von
and issue to the members in circular form the mate¬
enable the convention to proceed with its
On Aug. 21 an official statement concerning the
based upon the
intimate associate
has been the
rial necessary to
progress of the
[Vol. 105.
CHRONICLE
person
show definitely
for German purposes,
the
the
his
that large sums of money had gone forward to France
and also that he was a heavy investor in German war
,
bonds.
and papers of interest to
Considerable literature
this Government were
Meliowes and Recklinghausen, and it
will be some time before all the ramifications of this plot cSin be thoroughly
detailed and a chronigical statement made.
McCarton was interviewed some time in April of this year by S. J.
Donleavy, of the New York "Evening Mail," in which interview he wa"
quoted as boasting of his official capacity here in America in behalf of Sinn
Fein and Clan-na-Gael activities in Ireland.
taken
of the quarters of
in the raid
lasted throughout
4 the deliberations of the convention were trans¬
Sept. 25 the convention assembled
On Sept.
It
at Cork.
Ulster men, the
speeches of some of their leaders, couched in eloquent and
friendly language, had given good ground for hope of a
peaceable settlement. It was added that some apprehension
of opposition on the part of the Sinn Feiners in Cork to the
convention was felt, but JohnMacNeill and Arthur Griffiths,
Sinn Fein leaders, urged their followers in Cork to follow the
example of their Dublin compatriots and let the convention
alone.
: ■■
. .V- -V.
With the assembling of the convention at Cork, the follow¬
ing motion was unanimously carried:
been reached with the
!
WOULD
RESULT IN
though no definite
stated at that time that
was
arrangement had
SEES NO TERMS NOW WHICH
ENDURING PEACE.
LLOYD GEORGE
ferred to Belfast, and on
Asserting that lie "cannpt see any
would lead to an
terms in sight
enduring peace," England's
Lloyd George on the
which
Prime Minister
22nd inst. stated that "the
only terms
which would end in
armed truce—I will say an armed truce ending in an even
more frightful struggle."
The Premier in the course of his
speech also made the declaration that "the way to shorten
the war is to prepare as if the struggle were going to be a
long one." He added "I am not going to predict when the
end of the war will come—no man in his senses would prolong
it one hour if there were an opportunity for a
real and
lasting peace. But it must be a lasting peace. It must not
First.
That on the conclusion of the debate at the present sittings of the
be a peace which would be the prelude to a new and more
convention the various chemes which have been submitted will be referred
deva&tating war."
The accounts of his speech as made up
to
grand committee in ordor, if possible to prepare a scheme for submission
to the convention which would meet the views and difficulties expressed by
from the Associated Press dispatch from London and that
which
are
possible now would be terms
an
,
a
different speakers
during the course of
the debate.
stand adjourned after this
grand committee is in a position to report.
That the convention
Second.
until the
week's sitting
of the United States
Government,
investigation here of Irish
plot charges.
Meliowes is said to have pleaded guilty to
conspiring to defraud the United States by obtaining a sea¬
man's passport under an assumed name, when arraigned
before Samual Hitchcock, United States Commissioner,
and was held in $7,500 bail for action by the grand jury.
Von Recklinghausen is detained at Ellis Island, charged with
von
Recklinghausen, following an
an
"Evening Post," JohnC.
Knox, the Assistant United States District Attorney, stated
on
Oct. 24 that so far as, he knew no charges involving
conspiracy had been brought and he did not know whether
they were contemplated.
He did not deny, however, that
it might be possible to prosecute the two prisoners f6r such
a conspiracy following the course of action pursued by this
Government in the cases against German agents charged with
conspiring to incite rebellions in India. A statement in the
matter
issued by Chief Flynn says
bellion in Ireland on
United
the
of
in part:
States
Secret
Service.
land.
the Easter Monday
.
.
of the revolutionists
After the defeat
finally got to New
having
,
York in December 1916, on
shipped as a coal heaver. of this year New York newspapers
On Feb. 23
ing the arrest of
hide, and
the steamship St. Paul,
Meliowes wasiforced to
Meliowes in England.
Qn the following day these news¬
carried statements of prominent Irishmen and Irish-Americans to
effect that Meliowes was then in New York.
At that time he was
papers
the
Service, and subsequent
surveillance revealed that he was associating
with Dr. Patrick McCarton, known to his Sinn Fein associates in America
as the "First Ambassador to the United States of the
Irish Republic."
Dr. McCarton arrived in the United States in the early part of 1917, being
a fugitive from justice for his complicity in the Sinn Fein rebellion in Ire¬
already under the eye
of the United States Secret
developments and continuous
land.
McCarton and
decided that they
in so far as
Meliowes had frequent
meetings, and it was evidently
should attempt to get back to
McCarton was
Ireland, and presumably,
concerned, to foment another Sinn
Fein rebel¬
lion.
for his activities
in America since the
early part of the present year
the person of Meliowes and in his room revealed the
details of the days preceding and succeeding the 1916
Papers found upon
full history of and
Monday
rebellion.
of Meliowes is one "Baron" Dr. Max von
subject, and an engineer of no little ability.
)p» The associate
a
the best
in the fourth year of
the war was
determination of this country to prosecute the war until
achieved. The cost of the war was gigantic; it was heavy to-day
proof of the
victory was
and would be heavy to-morrow.
of the help of America, saying that
the best fighting material in the
full of ingenuity and resourcefulness.
spoke in enthusiastic -terms
He
world, and were
fine army, were
doing splendid work, the Premier
in connection with the last war
them for their labors
successful, and also in
most
said, and he thanked
loan, which had been
connection with the food economy
saving in food supplies
which had resulted in a
committees,
workers an war savings
and twenty thousand
One hundred
a
people of volcanic energy,
of 5 to 7%.
campaign,
That in itself,
of thousands of tons.
enormously enhanced, the Premier
inspiration of a righteous war.
Another
solacing fact was that the gigantic debt would be a debt which Britons
owed
to
themselves, as Great Britain was borrowing daily from her
he remarked,
meant
a
by
the
saving of hundreds
Britain would be
The valor of Great
asserted,
quickening
children.
enemy's terrible-power might be
collapse of the Russian military
But time was on the side of the Allies, he
he had hoped the
The Premier said
power
that the temporary
had postponed this hope.
said.
peace
be
a
of war time and
Premier said:
a'comparison between the extravagances
time and making a plea
'-The way to shorten
for economy, the
the war is to prepare as
if the struggle were going
to
I am not going to predict when the end of the war will come
in his senses'/would prolong it one hour if there were an opportunity
long one.
—no man
for a real and
be a peace
lasting peace.
But it must be a
lasting peace.
It must not
which would be the prelude for a new and more devastating war.
beyond all others, but, terrible as it is in itself, it is
"This war is terrible
still more terrible in
which it has revealed of new
the possibilities
horrors on
the air.
"I ask those who are
to reflect for a
be any) for a premature peace
happen if we made an unsatisfactory
scientific brains in the lands, stimulated by national
pressing (should there
moment on what might
settlement—all the best
rivalry, national
hatred, national hopes,
devoting their energies for ten,
magnify the destructive powers of these horrible
which have only just been disclosed.
We must settle this once
twenty, thirty years to
agents
for all.
...
initial stages, the infernal weapons of the
All these elements, which have been used for
the first time, if their use is repeated after thirty years of scientific work and
application, would mean the death of civilization.
We must end a confict
of this kind now, and brute force must be dethroned forever.
That is why
we are putting ali our strength into getting the right issue in the conflict
"The power
in the air is in its
deep are hardly
developed.
!
now.
..
opinion, would only make peace now on terms enabling
benefit .by the war, into which she wantonly plunged the world. That
"Germany, in my
of the plan, sailed on the Atlantic Trans¬
port liner Maumee on Oct. 17, shipping as a messman in the crew under
the name of "Francis Conlin."
Upon his arrival in Halifax,, the British
authorities having been notified of his departure by the United States
Secret Service, he was apprehended.
A United States Secret Service agent
is now on the way to Halifax to aid the British Government in the prosecu¬
tion of McCarton as a fugitive for his complicity in the Dublin riots, and
b?McCarton, fulfilling his share
Easter
magnitude of the enthusiasm gathering
land and sea and in
printed a dispatch describ¬
Chancellor of the
The hall was crowded, while on the platform were
many distinguished men, including the Archbishop of Canterbury, General
Smuts, the members of the .Cabinet and the Allied diplomats.
The Premier, who was accorded a tremendous reception, declared that the
Exchequer, also spoke.
After drawing
rebellion spent three months in an
English prison.
He says he was charged with sedition.
Upon leaving the
prison, he went direcly from the jail to Gal way, and shortly thereafter
organized and headed, as Gen, Liam Meliowes, a force of Irish volunteers
numbering seven hundred odd men against the British forces then in Ire¬
Meliowes prior to
Mr. Andrew Bonar Law,
paign for national economy.
broken this year, but
recognized heads of the Sinn Fein re¬
Easter Monday 1916, was arrested last night by agents
of the
Liam Meliowes, one
Gen.
sight which would
Americans were a
alien enemy.
According to the New York
being
terms
lead to an enduring peace. I feel that the only terms
which are possible now would be terms which would end in an armed truce—
I will say an armed truce ending in an even more frightful struggle."
So said the British Premier, Mr. Lloyd George, at an imposing demonstra¬
tion in Albert Hail this afternoon (Oct. 22) to inaugurate the autumn cam¬
in
Secret service agents
anxiously and cannot see any
scanning the horizon
"I have been
acting.under William J. Flynn, arrested on Monday last
in New York "General" 'Liam Mellow^s and Baron Max
"Times" follows:
of the New York
German
Recklinghausen,
Recklinghausen
her to
would mean that Germany
would be an
repeat the
would profit by her own
encouragement for any
wicked venture, and it
buccaneering empire in the future to
experiment.
"Napoleon's failure taught France a
lesson must be
lesson she never forgot.
burned into the hearts and memories
this war is done
A similar
of every Prussian before
with.
readjustment or indemnities, but pre¬
destruction of a false ideal which has intimidated
and enslaved Europe, or would have done so had it been triumphant.
It is
an ideal in which force and brutality reign supreme as against the ideal of
the world peopled by free democracies and united in an honorable league of
"It is not a
question of territorial
eminently a question of the
Oct. 27 1917.]
THE
CHRONICLE
That is the ideal enshrined at
Potsdam, where they have been plot¬
ting and scheming how to enslave their
neighbors.
That has been their
dream and our nightmare.
There will be no peace, no
liberty, until that
shrine is shattered and its
priesthood dispersed and discredited forever."
After a reference to the
postponement of the hopes of a decision this year
owing to the temporary collapse of Russia, the Premier
continued:
"There was a moment when time was a
doubtful and
1681
peace.
rather
disposed
to favor
They
are
indeed
Panama
as
months of this year as in all of last
year, the Premier asserted.
tonnage lost monthly
now
is not much
destroyed last April.
troops
sow
declarations of
war
this meant that most of the
as
decisions
of the
of the
war
and
conference
determine
may
will
affect
its ultimate issue.
our
the
to be followed
and also
seas,
form, but the money spent
on
the maintenance of prisoners and all
the peace
on
treaty;
independently with respect to its commercial policy,
engage to
renounce
economic
an
blockade after the
liament.
was
strength and
costly
as
quently void.
impossible to
as
possible.
of
we
recommending him to seek to
Our enemies will find that what they gave us will be returned
to them
month," he said,
On Oct. 23
quently support
standing
road to peace but in
The
your test."
enemies realize that the longer the war lasts
It will
the
come
worse
quickly when
GEORGE
STAND
BY
IN
DECLARING
FRANCE STATES
it will be for them."
ENGLAND
more
calculated to
tion of German Foreign
would
never
prolong the
Secretary
von
could
war
think of
resolution
quickly
liver
we
dispatches from London,
addressing
delegation of insurance committees,
which called to-day (Oct. 11) to urge a readjustment of health
Insurance
a
and the establishment-of a Ministry of Health,
said that all the nation's
thoughts and energies were taken up by the terrible demands made in
defense of liberty.
He wished he could see the end, but the task which
the nation had taken in hand must be accomplished.
The Premier said he could not think of any statement
prolong the
war
However long the war lasted,'said Mr. Lloyd
George, England intended
stand by her gallant ally, France, until she redeemed
her
oppressed
a
foreign yoke.
This meant
country must husband its resources, and, when demands
improvements here and
there, his
answer
was:
were
that
the
victory."
For the moment every claim upon the exchequer must be considered in
As
quence
into the
pass
long
as peace
is not .concluded, continues the
and
to the status of-a combative force.
In
conse¬
Workmen's
Delegates has decided to form
a
revolu¬
tionary general staff for the defense of Petrograd.
s
.
PREMIER
KERENSKY
DECLARES
.'
RUSSIA
RUSSIAN WORKMEN'S PEACE PROGRAM.
'
Oct. 21 gave the details of the
by the Central Execu¬
Official announcement of its decision to
capital from Petrograd to Moscow
ment
on
Oct.
19.
The
was
announced by M.
of
for
way
the
Government
many
preliminary Parliament would
to Moscow until after it convened in
added,
no
to the new capital except
the
the Russian
days, it
Kishkin, Minister of Public Welfare.
stated that the
was
move
made by the Govern¬
evacuation
departments had been under
Petrograd
on
not
was
It
move
the 20th.
civilians would be allowed
on
Government business.
to
With
opening of the Preliminary Parliament on the 20th,
Kerensky declared that "Russia wants peace by
Premier
right but
we
will
never
bow
our
tive Committee of the Council of Workmen's and Soldiers'
must," he added, "fight only to
Delegates in the form of instructions to M. Skobeleff, exMinister of Labor, its delegate to the Paris conference.
speech, it is said,
Among other things they aim at the neutralization of the
WANTS
PEACE BY RIGHT.
go
shall
power
of this resolution the Petrograd Council of Soldiers'
Meanwhile, it
Russian peace program as drawn up
contains
resolution, the committee must defend Petrograd and restore
over,
freer, happier atmosphere the country could begin to reconstruct and
on
peace as
said,
the Executive Committee to propose an armistice to all the
nations.
was
war was
regenerate.
The cables from Russia
it is
put forward
"Concentrate upon
the light of the terrible possibilities of the war, and when the
The resolution,
It demands that all
cessions to France respecting Alsace-Lorraine.
the degredation of
Maximalist, declaring
calculated
than the assertion of the German Foreign Secretary, von
Kuehlmann, that Germany would never contemplate the
making of con¬
front
leading
lies in the conclusion of
hands of the Councils of Soldiers and Workmen and instructs
\
more
a
accusing Premier Kerensky of a desire to de¬
Petrograd into the hands of the Germans and their
the Army
reprint herewith:
Premier Lloyd George,
Delegates had on 0<?t. 22 adopted
proposed by Leon Trolzky, President of its
possible.
as
Emperor.
to
•
furnished in the Associated Press
basis.
common
"imperialist Allies," and also of openly favoring the German
Kuehlmann that Ger¬
respecting Alsace-Lorraine, Premier Lloyd George on
Oct. 11 made it plain that England intended
tp stand by
France, however long the war lasted.
This information was
on a
declarations
no
France
up
announced that the Petrograd Council
the salvation of the country,
than the declara¬
contemplate the making of concessions
was
Executive Committee and
WILL
THAT GERMANY'S
Coupled with the statement that he
drawn
a program
of Soldiers' and Workmen's
POSITION REGARDING ALSACE PROLONGS
W&R.
assertion
Foreign Affairs pointed out
by the Soldiers' and Workmen's
composition of the delegation has not yet been deter¬
On Oct. 24 it
our
a
LLOYD
the
the
secure
mined.
•
victory.
obstacles to
the members of the delegation, added the
Minister, will be
representative of the Government and they must conse¬
"I predict that you will be a very different
people after this war," Bonar
"You are learning your lesson and
can see no
all
remoce
.
by
Delegates to M. Skobeleff, their delegate to the inter-allied
at Paris, have no
compulsory character.
All
in the soul of the nation.
Concluding, the Chancellor said:
..
conference
The
Law continued.
,
the Minister of
that the instructions given
in all their raids."
us
and the establishing
meeting of the Stockholm conference, and to
granting of passports.
"our airmen in Flanders did damage to the
far exceeding all the damage they have done to
sea,
It is stated that the instructions to M. Skobeleff end
Bonar Law asserted that for many months the British air
service
had priority over every other in
one
Fifteenth—Gradual disarmament by land and
a non-military
system.
\
kind of aerial warfare which is detestable.
could, but the enemy is determined upon it.
So
a
Chancellor said the British armies were doing well.
They were
slowly but remorselessly going forward in Flanders, and the result was a
mathematical certainty.
The true battle front in the war, he added, was
a
condition that she
gress
We must be
lines.
In
on
Fourteenth—The conditions of peace should be settled by a
peace con¬
consisting of delegates elected by the people and confirmed by Par¬
Diplomatists must engage not to conclude separate treaties,
whole
military supply.
During the last
month at the front the British had dropped 8,000 bombs behind
the German
lines, and the Germans had dropped only about 1,000 behind the British
for
provisional autonomy, fol¬
plebiscite.
each country may act
Mr.
-
to receive
plebiscite.
a
Thirteenth—Commercial treaties not to be based
in full measure, pressed down, and running over."
to
compensa¬
which hereby are declared
contrary to the rights of the people, and conse¬
We would avoid it if
children
Montenegro with similar
Adriatic, Bosnia and Herzegovina to be
war.
coming allied
"Germany has carried out
to
and
to the
contributions levied during the war to be returned.
He added.
which
access
but all countries to
prevent them, but Great Britain would make them
many
by
a
in any
impossible."
Chancellor Bonar Law, referring to air raids, said it
,
international fund.
Freedom of navigation for merchant ships.
Abolition of the right to torpedo merchant
ships in war time.
Twelfth—All belligerents to renounce war contributions or indemnities
power."
"I
an
Serbia
Eleventh—Neutralization of all straits leading to inner
we
materials were under the
raw
prepared to support and enforce those decisions with all
"In
of
Ninth—Restitution of all colonies to Germany.
Tenth—Re-establisbment of Greece and Persia.
In conclusion the Premier said:
enemy
plebiscite, the
a
Eighth—Autonomy for the Italian provinces of Austria
by
utmost before they accept any terms but those
making a renewal of this
has
by
grant Dobrudja autonomy and grant equal rights to Jews.
flags of Germany's enemies,
which could reduce Germany
tp impotence and desolation.
"I feel," he added, "that these countries will use their
resources to the
be it.
question
authorities after the removal of all the
belligerents.
Seventh—Rumania to be restored her old frontiers
I fear
Keep steady and
Germany had laughed at the
China and Guatemala, but declarations such
world's foods and
"The
both
the Suez and Panama Canals.
The Premier said that
course
Alsace-Lorraine
Sixth—Disputed Balkan districts
lowed
will win."
savagery
of the Central
/
autonomous.
dissension, distrust, and suspicion,"
our nerves.
of
tion, Serbia to have
shipping
Mr. Lloyd George said that "Boloism" in all its
shapes and forms should
"The enemy is trying to rattle
the
sation for her losses from
be looked out for.
"Beware of people who try to
of
Fifth—Restoration
is due to the insight,
courage, and persistency of Sir Edward Carson.
he will not be popular at Potsdam."
the restitution of
program
Fourth—Restoration to Belgium of her ancient frontiers and
compen¬
The British
had arranged to
quadruple her
The full
Committee follows:
Third—Solution
output and that America is doing the same, the Premier
paid a high tribute
to Sir Edward Carson, First Lord of the
Admiralty, and said:
"One of the reasons why we have succeeded
beyond expectations in
destroying so many German submarines and protecting our merchantmen
he said.
Germany.
voting being arranged by local civil
;
Announcing that Great Britain
consists of
program
First—Evacuation by the Germans of Russia, and
autonomy of Poland,
and the Lettish provinces.
than one-third of the total
more
'
The
Second—Autonomy of Turkish-Armenia.
lost in the first ten
were
Canals.
Lithuania,
a
German submarines
many
Panama
Canal, and Article IX calls for
Executive
formidable people, and their mechanical
resources are unequaled in the whole
world.
They are throwing the whole
of their volcanic energy into
preparing for the conflict. Time is on our side."
More than twice
the
all colonies to
first is the advent of
America, whose resources and man-power are twice as
considerable as Great Britain's.
You have there the best
fighting material
in the world.
We have good reason to know
that—ingenuity, resolution
and bravery.
and
fifteen articles covering the whole
ground from Panama to
Persia.
Article XI demands the "neutralization" of the
dangerous neutral,
Two things have
changed that.
The
foes.
our
Suez
heads
save
to
force."
the country."
"We
His
only occasionally applauded by the
Bolsheviki Left, and the reports state that
many members,
including
some
of
was
the leading Constitutional
Democrats,
I
THE
1682
Premier Kerensky is said to have paid an
absent.
were
the Russian sailors, but
said he could not say as much for Russia's troops on land.
After his address the Premier offered the Presidential chair
to Mme. Catharine Breshkovskaya, the "grandmother of
revolution,"
the
she is the senior member of the
as
Prelimin¬
She received an ovation as temporary
Chairman, and, after a speech, invited the Assembly to elect
its President.
M. Avskentieff, Chairman of the Executive
Committee of the Council of Peasants' Delegates, was
elected President by a majority of 288.
The dispatches
Parliament.
•
-
Breshkovskaya, in the course of her
Mme.
people ought to be masters of the soil they cultivate.
A just solution of
question, she said, would enable the country to avoid danger¬
ous collisions.
Therefore, if the Council of the Republic sincerely desired
the agrarian
this problem in conformity with the
and, she added, "let the Russian intellectual
country it should solye
to assist the
exigencies of Russian history,
such a solution."
Avskentieff, acknowledging his election, said that
classes
M.
not
oppose
the Council of the
the problem of promoting a democratic
peace on the basis of the new development of the nations, but for some time
Russia would not for an instant abandon the defense of the country, upon
which the utmost effort of every citizen must be concentrated.
After the election of officials, Leon Trotzky, President of the Central
Executive Committee of the Petrograd Council of Workmen's and Sol¬
Republic would doubtless consider
address the House. He violently
attacked the Government, describing it as irresponsible and denouncing
its bourgeois elements, who, by their attitude, he asserted, were causing
insurrection among the peasants, increasing the disorganization brought
about by the war and trying to render the Constituent Assembly abortive.
The Maximalists, he said, could not work with the Government or with
the Preliminary Parliament, which, he added, "I am leaving to tell the
workmen, soldiers and peasants that the revolution and the people are in
danger:"
With cheers for a democratic peace and Constituent Assembly,
all the Maximalists left the hail, the other members exclaiming: "A good
Deputies, was accorded leave to
diers'
journey to you."
I
Central Committee of
the Workmen's and Soldiers' Delegates was protesting against
the removal of the Government to Moscow.
The committee
declared that it would not follow the Government, but
would remain in Petrograd with the revolutionary proletariat
The
same
dispatch stated that the
until the last moment.
In
address
an
.
Oct. 23 Premier
on
Kerensky appealed to
endeavor to arouse in the people the same
of individual responsibility at the front and in the rear
the delegates to
sense
a time in the postduly. The Premier deplored
present demoralization of the army.
He is quoted as
victory for
which carried the Russians to
revolutionary offensive early in
the
enthusiasm of those July days in the hear
of each man, we should have peace by Christmas, an honorable peace for
free Russia, with the war fought to an honorable end.
We are not fighting for political ends, but for the very existence of
Russia.
The army in the trenches seems to have lost the sense of duty and
honor, although at some places it is filled -with a new spirit.
The batteries
on Oesel Island gave up without a struggle, while the little Dago Island
forces fought bravely,
*
•
If only we
could rekindle the
Kerensky defended the
M.
Government against charges
Markoff, Radical, who blamed officers for the
demoralization of the army and hinted at monarchical plots.
made by M.
monarchical, but a
also was the Bolsheviki
said the Korniloff revolt was not
He
attempt at a
mere
revolt of
dictatorship,
postponed by the disintegration of the
continuing the work of the old
regime," said the Premier.
In
discussion of the army
a
Oct. 23,
ment would
of
The statement of the latter, accord¬
Associated Press dispatches from Washington
night (Oct. 26) says in part:
Federation of Labor.
ing to the
last
of Labor having
President Gompers of a conference with Mr.
with a message from the
of the Workmen's and Soldiers' Delegates Council,
Council of the American Federation
Executive
The
report made by
before it a
Minister of War Verkhovski said the Govern¬
a bill providing for the establishment
introduce
qualified regimental disciplinary
tribunals which would
system of penalties under which entire regiments, if
convicted of lack of discipline, would have their leave
apply
a
stopped and their rations considerably reduced.
He also
said the front was not being helped by the rear and that no
and cold. "It seems
German bayonets,"
army
could fight when it was hungry
to be
possible to end anarchy only by
he declared.
severe
urged that the army be
thirty-eight
members
That
of
we
democracy.
Russia's
Council of Defense, consisting
all
parties.
The
will attempt to carry out
of propaganda to improve the
front and in the rear.
Premier Kerensky did
Government's program
morale at the
not mention the
cussion of which
proposed evacuation of Petrograd, for dis¬
secret session was requested, but refused.
a
will
of Commander-in-Cbief of the Russian
The newspapers state
that Premier Kerensky probably
relinquish the post
armies to General Boukhonin at the end of the week.
The evacuation by
ofJKronstadt
wras
the civil population vf the naval base
reported as having been begun on Oct. 25.
•
BRESHKOVSKAYA, "GRANDMOTHER OF RUS¬
MME.
REVOLUTION," EXCHANGES GREETINGS
WITH PRESIDENT WILSON.
SIAN
felicitation on the union
Russian Democracy in
the cause of democracy, between President Wilson and Mme.
Catharine Breshkovskaya, Chairman of the Russian Com¬
mittee on Civic Education, and familiarly known as the
"Grandmother of the Revolution," were made public on
exchange of messages of
The
States and the new
of the United
Washington.. Mme.
read:
the State Department at
17 by
Oct.
Breshkovskaya's cabled message
the American people so
expressions of good will to help Russia in
desire on our part to say
to the great democracy of the United States how near to our hearts is the
union with that democratic people, and how fervent the wish to preserve
that union and friendship so long as our nations last.
.America as well as Russia is a young country in comparison with other
great States.
Our power is fresh and full of energy.
The many heavy
blows we have received during our history have hardened our strength and
made us enduring in the struggle with the stern conditions of to-day.
Let
us, then, look courageously into the face of our future, and let us devote
all our strength to the creation of a new life based upon justice and mutual
trust—life free and bright, built upon the foundation of universal education
have been receiving from
We Russian citizens
many
tokens of friendship and
her hour of difficulties
and
that we feel an imperious
love.
the teachings of science
in
and knowing that the common
peoples is best served solidly together, we have organized
into a committee of civic education.
A widespread education is
welfare of all
ourselves
We plan to
Russia an orderly democratic'country.
to make
necessary
soldier in the .camps, to the workingman in
peasant in the village.
'
bring this education to the
and to the
town
the
appreciate the willingness of our elder brother in democracy
a true democracy that will guarantee our liberties and
We greatly
building
to aid us in
opportunity.
The Russians on our part are
brethren on the other side of the ocean, and
ground with their liberty and our common welfare from the
whatever enemies may come.
Long live our union and friend¬
give to all in Russia equal
ready to be useful to our
the
defend
assaults of
ship.
reply follows:
President Wilson's
It has afforded me genuine
At this hour, when
pleasure to receive your eloquent message.
the historic events of the last few
Russia into such close touch with
months have brought
America, it is most heartening to witness
the problems of the future,
national enlightenment and prepared¬
with which the new Russia faces
especially when the high mission of
which fall upon a civic democracy is
by such an educational organization as yours.
for the great duties
ness
and sustained
advanced
and
As
should embody the
highest individual ideals of civil perfection in order to assert and maintain
its honorable position in the world family of commonwealths, fulfilling its
material and moral duties toward its neighbors, strong in the might of right
America
of
moral fitness
are
long
since
and fearless in
learned that intellectual development
the most powerful elements
the individual is the type
the cause of truth and
America advance side by
Interviewed
by
side with mutual affection and
the
,
not
politics and the war,
them out to be."
Breshkovskaya declared the spirit of' the army
as
bad
"firmer
be
to
that
"the
German
the
nation
was
solid for
and enfranchised
confident trust.
Associated Press on Sept. 20,
voiced the opinion that "pros¬
pects in Russia regarding
are
justice.
goal, may awakened Russia
Breshkovskaya,
Madame
of national advancement.
of the nation, so the nation
In the effort to attain this
for
representing
Council will sit continuously and
the
reorganized and that
punishments be authorized.
The Parliament selected a
of
International Relations of Russia, * * * and having
full consideration, declares as follows:
regard it as untimely and inappropriate, conducive to no good re¬
sults, but, on the contrary, harmful, to hold an international conference
at this time or in the near future with the representatives of all countries,
including enemy countries, and we are constrained, therefore, to decline
at this time either to participate in or to call such a conference.
We take occasion to again send fraternal greetings to the people and the
Republic of Russia and our earnest wishes for the success and permanency
Department of
Madame
The Minister
to be a courier entrusted
given the subject-matter
We
situation before the Parliament
and
that representatives be sent to an inter¬
national conference of workmen and Socialists of all nations
has been declined by the Executive Council of the American
the courage
by forces which are
army
as
July.
"Peace has been
on
by the Russian Council of Workmen's
An invitation
Trusting
saying:
CONFERENCE.
Soldiers' Delegates
Executive Committee
remarks, declared that the
RUSSIAN
PARTICIPATE IN
Jacob Baum, who claims
add:
TO
FEDERATION OF LABOR DECLINES
AMERICAN
enthusiastic tribute to the valor of
ary
[Vol. 105.
CHRONICLE
as
internal
pessimists
ever,"
than
who
soldiers
Emperor
innocent,
giving
as
formerly
was
now
make
see
the
there¬
that only
reason
believed
guilty, while the German
that the German nation is
aggression, and therefore the punishment of Emperor
suffer the
William is not sufficient—the nation itself must
stings of defeat."
view
as
The following is the account of the inter¬
reported in the Associated Press dispatches from
Petrograd
on
Sept. 20th:
In the Winter Palace,
directly over Malchite Hall, in which the
sional Cabinet daily debates Russia's
of the Russian Revolution,"
Catherine Breshkovskaya, who, of her life of *
seventy-four years, has spent fifty years in prison or as an
settlements under police supervision.
food
is
Provi¬
affairs, is lodged the/'Grandmother
exile in convict
She recently declared: "My chief
optimism," and in the present difficult time in Russia
theisame-
Oct. 27 1917.]
THE
sentiment buoys her up.
To-day she
CHRONICLE
Interviewed by the Associated
was
FRANCE REQUISITIONS ALL SHOE
Press.
Madame
Breshkovskaya is
active, striking woman of deliberate
speech.
Her marked features closely resemble Rembrandt's head of a
woman in the
Hermitage Gallery.
The former exile makes an impression
of simplicity and love for
humanity.
She said she had been Ul and pro¬
Emperor's palace.
"Oh, for the country," she said.
"Here I feel exactly as I felt forty
back when I first was thrown into a bastion of the Fortress of St.
years
Peter and St. Paul."
"I am
largely out of politics," she continued.
role in Cabinet affairs.
a
TO
an
ceeded to complain of her gilded
captivity in the deposed
play
1683
"Deny the stories that I
I wish I did.
Things would be better.
Nevertheless, prospects in Russia regarding internal politics and the war,
are not as bad as pessimists make them out to be.
You may say that the
Dispatches from Paris
Oct. 21 stated that owing to the
new national
on
disinclination of shoe manufacturers to make the
shoe in
the
quantities demanded by the Government, a
Ministerial decree had been promulgated, effective
Nov. 15,
requisitioning all shoe factories throughout France. The
French Government had ordered the manufacture of 500,000
nothing tragic.
He is not a clever man and was
badly betrayed by counter-revolutionaries who, at the Moscow conference,
Nov. 15
cheered him into
a
put of the
work immediately after
was
"There
still serious disorders,
are
instability, and threats of
worse con¬
ditions, but these
are normal phenomena due
to one remedial cause—
general and political ignorance and the immaturity of our people.
Our
people have
political
no
towards maturity.
All my time
now
the people and the army, both in civic duty regarding Russia and a
patriotic
attitude concerning the war, in which I demand a battle of victory.
"Our central organization In Petrograd, which is badly in need of money,
publishes daily educational newspapers in every provincial capital, with
the object of giving instruction on political and
economic questions, so as
to prepare
we
the people for the Constituent Assembly.
On one front alone
140 daily newspapers which preach the need of discipline and
have
solidarity with
our
allies.
We have circulated already on the front more
than 6,000,000 pamphlets."
Madame
Breshkovskaya
work of her organization.
x
other facts concerning the educational
,
gave
,
Asked whether fruits of her duties were visible,
she answered:
We receive hundreds of letters from
already.
views towards the problem of the Government at home
BANKING AND FINANCIAL NEWS.
public sales of bank stocks this week aggregateJ125
shares, of which 110 shares were sold at the Stock Exchange
and 15 shares at auction.
and of victory
sold at auction at 657-660, as
left their
political
Siberian exile six months ago they had no
duties
as
creators
result of the circulation of
intelligent attitude, and
of
are
a
Constituent
Seventy-five shares were sold
Century Bank, which
Bank....>..- 155
*110 Commerce, Nat. Bank of..
7 Hanover Nat. Bank
was
merged into
__
155
155
July
1915—
162H
163)4
162 ^
Oct.
1917—
162
657
660
657
Oct.
1916—
650
Ill
111
111
April 1917—
128
150
BANK—Brooklyn.
To-day, as a
Assembly.
A sale
also made at
The Security Bank in July 1915
share.
absorbed by the
was
the Chatham & Phenix National Bank in September 1915.
Shares. BANKS—New York.
Low1 High. Close. Last previous sale.
6 Mechanics'Bank.........
literature, the peasants are taking a highly
our
Security Bank
auction at $19 for the lot.
last week at $10 per
were
compared with 650 in October
1916, when the last previous public sale was made.
of 36 shares of stock of the
2 Bryant Park
When they
conception of their
in particular, have made great progress.
No trust company stocks were
Seven shares of Hanover National Bank stock
sold.
abroad.
"The peasants,
tHe
The
was
"There are great fruits
peasants and soldiers, indicating that they are showing more enlightened
respective proportions of the required out¬
national shoe, with the privilege of using
remainder of their capacity for private manufacture.
life will be to help them
is being devoted to the education of
their
on
knowledge of their country, its frontiers and history, or of
economy, and the aim of the rest of my
It is said that the
pairs of the national shoes each month.
shoe manufacturers will be put to
Korniloff revolt
perilous adventure and then left him in the lurch.
FACTORIES
MANUFACTURE NATIONAL SHOE.
choosing excellent candidates, largely from the
♦Sold at the Stock Exchange.
educated and politically trained classes."
Madame'Breshkovskaya believes that the social revolutionaries, who
make up the peasant party, will dominate the
Assembly; but she is con¬
vinced that, though extremely democratic, they will not
arranged peace with Germany.
The
war.
spirit of the
army
declared, "also stands
That is because the
is firmer than ever.
soldiers, who formerly believed that only the German Emperor was guilty,
while the German nation
was
innocent,
of
our
soldiers is to compel the
restoration of all land occupied by Germany and
will come Out of the
will prevent
war
defeat.
evacuation and the
Austria, so that
Russia
without loss, and also will get guarantees
which
suffering in the future."
"If that is so," Madame Breshkovskaya was asked, "what
of the army is patriotic.
of former
my
success
in the
because that means the
war,
and they fear the loss
of their land without
The State will
compensation. * I am convinced this fear is unreasonable.
compensate them, and the three or four milliards of fresh debt will count
for little
compared with the fifty milliards of debt which we already have.
as
But this dread helps the anti-war and revolutionary
agitation.
remains that the army wants victory, and of victory I am
In
The fact
sure."
"Don't be despairing about Russia.
convinced
that
I
shall
see
in
93
other
Although I
am an
old woman, I am
victory and internal regeneration.
The im¬
are
met by the Morris Plan
cities.
York Company,
the installment
on
These companies
sold about $750,605
3J^% Liberty Loan bonds to over 8,000 subscribers;
alone, has arranged to sell,
plan, $2,000,000 worth of the new issue,
offering them not only to its
many
thousands of regular
customers, but to all subscribers who wish to extend their
The method
$2 down and $4 monthly
payments over a considerable period of time.
of
purchasing
$50 bond is to
a
pay
The bond will then be de¬
thereafter for twelve months.
livered with the first year's coupons detached.
chase is
conclusion, Madame Breshkovskaya said:
possible subscribers to Liberty Loan bonds,
Company of New York and similar companies operating
but the New
claims that the mass
at the front large numbers
"do not disprove
Unluckily, there are
of the revolution,
success
The needs of
of the
police, gendarmes, and spies of the autocracy, backed by certain
nobles, who dread Russia's
B. Keech and A. L. Lindley.
lacking banking connections
is the reason
for the disorders and retreats?"
"These failures," she replied,
C. Van Antwerp, F.
of Emperor William is
not sufficient—the nation itself must suffer the stings of
mass
change to fill the vacancies caused by the resignation of IW.
that the German nation is
now see
solid for aggression, and, therefore, the punishment
"The wish of the
Oliver C. Billings, John G. Bates, and J. Prentice Kellogg
have been elected Governors of the New York Stock Ex¬
/
,
"The army, the sentiments of which I know," she
for
tolerate a hastily
be
detached.
main
patience to witness these is the only passionate sentiment left me in life."
If the
completed within six months, only one coupon
pur¬
will
Payments may be madet, at^ the^company^
office, 120 Broadway; at its two branches, 1 Union
Square and 391 E. 149thj Street; or at any of the more than
agencies ofthe American Express Co. in Greater New
York7 The Clearing House Association of Chicago has
made the Morris Plan Bank of ChicagoJit s ^authorized
800
EIGHTEEN NATIONS AT
HER
In
WAR WITH GERMANY OR
ALLIES.
indicating the eighteen countries which
are
at war with
Germany and her allies the "Official Bulletin" of Oct. 9 also
showed the nations which have broken
diplomatic relations
with the German Government and the dates when declara¬
tions of
war were
the world
made
struggle.
by the different nations involved in
We reprint the
summary
herewith:
War with Germany or Her Allies.
GreatBrItaInp.Bulgaria;Oct. 161915.
Serbia, Russia, France, Great Brit¬
Great Britain p. Austria, Aug. 121914*
At
ain, Montenegro, Japan, Belgium,
Italy, San Marino,
Greece,
mania,
Portugal, Ru¬
Cuba,
Panama,
Liberia, China and United
Siam,
Relations
Broken
with
Austria
r.
Belgium, Aug. 28 1914.
Austria v. Montenegro, Aug. 9 1914.
p.
Bulgaria, July 2 1917.
p.
Germany, July 2 1917.
Italy
v.
Austria, Aug. 21 1915.
Italy
p.
Italy
p.
Germany, Aug. 28 1916.
Japan
Germany, Aug. 23 1914.
p.
Liberia
Austria
v.
Serbia, July 28 1914.
Montenegro
Bulgaria v. Serbia, Oct. 14 1915.
Austria, Aug. 14 1917.
Panama
v.
Rumania
Serbia
Germany, Aug. 4 1917.
v.
v.
p.
Austria, Aug. 10 1914.
Germany, April 7 1917.
v.
Austria, Aug. 27 1916.
Germany, April 7 1917.
Siam
p.
v.
Austria, Aug. 12 1914.
Slam
p.
France
v.
Bulgaria, Oct. 18 1915.
Turkey
p.
Allies, Nov. 23 1914.
France
v.
Germany, Aug. 3 1914.
Turkey
p.
Rumania, Aug. 29 1916.
t.
Germany v. France, Aug. 3 1914.
Germany v. Portugal, March 9 1916.
Germany
p.
Russia, Aug. 1 1914.
all
subscribers,
are
Offering their special facilities
i
«
"The
Cost
Mechanics
&
of
the War"—a brochure prepared by
Metals National
the bank
Bank of this
and
by
on
request.
the
city " will "Tie
The subject matter
for all the nations
analyzes the affect of conditions arising in these war
ridden countries upon
human cost,
the people of the world.
The war's
wealth expended, various loans made,
prospect for the future are all carefully treated
and^Ee
in this In¬
teresting study.
—
Every employee in the offices of J. P. Morgan & Co., 495
in all, has
now
subscribed
to the Liberty Loan.
Of the 55
in the service of the Government in the army
all have notified the firm that
men
and navy,
they too have subscribed,
Turkey, Dec. 2 1914.
France
Cuba
thousands^of customers,
to
Bulgaria, Oct. 19 1914.
Russia, Aug. 6 1914.
China v. Germany, Aug. 14 1917.
Government) p.
Germany, Nov. 28 1916.
v.
v.
Turkey, Nov. 51914.
Bulgaria, Nov..28 1916.
Austria
China
of
presents the figures of war costs and debts
p.
otSer
companies in the Morris Planfsystem^dealing^with hundreds
supplied
Germany.
Brazil, Bolivia, Haiti, Honduras and Greece
Declarations of War Made.
the partial-payment plan, andjril the
on
Great Britain
Greece
Nicaragua.
m
erty Loan
GreatBritainp. Germany, Aug. 51914.
Greece (Provisional Government) p.
Greece (Provisional
States.
Diplomatic
handU^ sman subscriptions for the Lib-
representativA
Austria, July 21 1917.
Germany, July 21 1917.
United States
p.
Germany, April 6
Frederick J. Leary, heretofore Manager
of Forty-Second
Street branch of the Central Trust
Co., of this city, and
Cornelius R. Berrien, Assistant Manager, have been elected
Vice-Presidents of the institution.
1917.
fied with
Mr. Leary will be identi¬
theVmain^officejjof^he.-company^atJ54all Street
and Mr. Berrien will
charge of the uptown branch.
assume
[Vol. 105.
CHRONICLE
THE
1684
Company merged with the
1898 and in 1912 the Continental
Mr..Berrien is well known in the financial district having
Equitable Trust Co., of Philadelphia, forming the present
formerly served with distinction for
Continental
many years as
financial
——
At
meeting of the Directors of the American Exchange
a
declared
was
was
a
semi-annual
the capital
on
"War Taxes 1917" is being
booklet summarizing the
A
dividend of 5% and, in addition, an extra dividend of 1%
payable in Liberty Loan bonds,
when quite
to this country
came
successful lawyer, and was especially
recognized as an authority on real estate law, wills and estates.
He
young.
National Bank, of New York, on Oct. 23, a
Mr. Daly was
Equitable Title & Trust Co.
born in Ireland in 1858 and
editor of the New York "Sun" and the "Evening Sun."
distributed free of charge by the Mellon
This booklet is
National Bank of
analysis of the Act passed
stock, payable Nov. 1 1917 to stockholders of record at the
Pittsburgh.
close of business Oct. 23, 1917.
by Congress the present month to Provide Revenue to De¬
of the
,This is additional evidence
activity displayed by the American Exchange National
Bank in its efforts to
an
fray War Expenses and for Other Purposes.
the Government in the sale and
serve
distribution of Liberty Loan bonds.
Every officer and Em¬
Henry L. Duer, of the firm of W. W.Lanahan & Co., of
ployee of the bank has subscribed to the Second Liberty
Baltimore, has been appointed a director and member of the
This is
Loan.
repetition of their action with regard to the
a
first loan.
Based
people who
are
on
either too busy
inclined to enter
bank
a
executive committee of the Equitable Trust
or
for other
building for the
dis¬
reasons are
purpose
of subscrib¬
Patrick J.
Kennedy,
ing for Liberty Loan bonds, the bank had two attractive
tion to succeed his
to
for
of receiving subscriptions.
Tietjen, Vice-President of the North River
Savings Bank of this city
N. Y.,
was
died at his home in Mount Ver¬
,
Oct. 24 after
on
a
Mr. Tietjen
year's illness.
formerly President of the West Side Bank of this city,
having resigned that position in 1916 after twenty-three years
He
service.
death.
He
was
York County
and
year,
director of the bank at the time of his
a
also formerly a Vice-President of the New
was
National Bank.
also
was
He
was
in his seventy-first
At
•
'
of Boston,
Mass.,
and
on
was
16 page
pamphlet, issued by the Bankers Trust Com¬
The nations of the world
of this city.
comparison is instituted
each group
in regard to
wealth and debt,
Shipbuilding
;■
1
l#
'
_
the Fidelity Trust
Oct. 15 Frank F. McLeod resigned as
appointed Vice-President.
Chas. B.
Directors of
the
of
meeting
Strout, Actuary was appointed Treasurer while S. S.
Joseph W.
Carl S. Johnson,
Actuary.
as
Collin^
Assistant Treasurer, was elected to succeed Mr. Strout
son,
Richard Perry,
all of whom
are
Travi andG.
heads of departments were
elected1 Assistant Treasurers.
John J. Arnold,
are
accordance with their affiliations in the present
A
a
#■
*
(Oct. 26) stated that
Reports from Chicago yesterday
y"
"The Balance Sheet of the Nations at War" is the title
pany
Bethlehem
the
with
member of the New York Produce
a
4
a
Joseph P. Kennedy who has resigned
'■
Treasurer
Exchange.
of
Director of the Columbia Trust Co.,
Company.
•
non,
son
connected
become
4
Christian F.
a
has been elected President of that institu¬
of (East) Boston,
booths placed in front of its building, at 120 Broadway,
the purpose
Co., of Baltimore.
the assumption that there are some
as
grouped in
world
Chicago, had been
run
both feet
war
was necessary.
Vice-PrSdent of
Bank, of Chicago, and
pany
Northwestern train on
result, amputation of
a
as a
just above the ankles'
Charles H. Randle,
to the relative standing of
income and interest charges, and in
by
over
Thursday night (Oct. 25), and
war.
population, fighting strength,
area,
Vice-President of the First National Bank of
a
the South Side State
Director of the Public Service Com¬
of Illinois, died at Chicago
on
Sept. 23.
♦
date in money
costs to
on
a
feature of the book.
practically
map
of the world
Teutonic
the
fore, that the
powers
Allies.
war
was
further her ambitious
book is
The fact is pointed that in
The
a
superior position to that
conclusion
drawn
there¬
deliberately forced by Germany to
designs, for world domination."
Copies
be had
may
application at
on
company's offices at 16 Wall St.
42d
is
The
published by Bankers Trust Company for free dis¬
tribution.
of the
hold
or corner
About
affilia¬
respect except that of original "prepared¬
evry
ness" the Entente
&
A
men.
Mercator's projection, colored to represent the
tions, is
of
and in
either
of
a
the Live Stock Exchange National Bank,
year ago
Chicago, released H. E. Ilerrick, Assistant Cashier, in
order that he
might accept the Vice-Presidency of the Wendell
State Bank,
subsequently named the Reliance State.
ever,
How¬
of the
thorough acquaintance with the
that institution, Mr. Herrick has
account of the rapidly increasing business
on
Bank and his
Live Stock
business and customers of
been recalled to his old post
and will
resume
his former duties
in that connection.
•
Fifth Ave.
H. E. Byram,
St.
'
President of the Chicago, Milwaukee & St.
Paul RR. has been elected
4—
Frederick T. Walker has taken up his duties as manager
director of the Continental &
a
Commercial National Bank of Chicago.
•
of the New York
Agency of the Royal Bank of Canada,
succeeding Raymond E. Jones, who resigned to become
a
Vice-President of
the Merchants National Bank of
this
B.
R.
Savings Bank,
Mr. Walker since 1912 has been branch office
ager
at the head office of the Royal Bank of Montreal.
♦
Clarence I.
Trust
man¬
Continental
institution, died
injuries received in
Mr. McGowan
was
an
on
Oct. 20
as
automobile accident.
in his fiftieth year.
&
resigned
as a
representative of Rhoades
Co., of 31 Pine Street, to become associated with the Bank
of Buffalo, of
Olsen
was
Buffalo, N. Y., to take effect Nov. 1.
Mr.
formerly associated with the late Jacob Rubino,
4
W. M. Van Dusen has
Newark Banking
resigned
&
chosen
service
with
as
Cashier of the National
Commercial
National
Bank,
Vice-President
of
the
Peoples
the
United States
St.
new
Oct.
15.
The
new
bank
was
Lea, and Eric L. Thornton, Vice-President of the
President,
Bank, of Benson, who
are
politan Bank has
a
The Metro¬
paid in capital of $100,000, and surplus of
State
Bank,
Newark
He is Chairman of the Executive
Assistant
Cashier.
Committee of the National Bank Section of the American
increased
to
Bankers Association and
of C. L. Swenson, E. L. Thornton, A. J.
W. Dunn,
President and Vice-
respectively, of the Metropolitan.
City National Bank until its consolidation with the National
Jersey Bankers Association.
on
Swenson, formerly Cashier of the Citizens National Bank, of
Albert
are:
formerly President of the New
M.
organized last May by C. L.
others
with the Newark
Geo.
banking institution titled the Metropolitan Bank of
$20,000.
was
Trust.
Paul, Inc., opened for business in St. Paul, Minn.,
take effect Nov. 1.
Mr. Van Dusen
of which Mr.
Peoples Trust & Savings Bank.
Manager of the Mercantile Bank of the Americas, Inc., to
was
the
Herman Waldeck, Vice-President of the
Reynolds has been appointed to the executive committee of
First National
Co., of Newark, N. J., to become Assistant
Banking Co.
temporary
Reynolds's father Geo. M. Reynolds is President, has been
A
F. B. F. Olsen has
elected
^
Co., of Brooklyn, and formerly Manager of the Wallaof
been
capacity until its head, Earle Rey¬
active
from
returns
Army in France.
McGowan, Assistant Secretary of the Peoples
bout Market branch of that
the result
nolds
has
Chicago,
of
President to act in that
city.
the Peoples Trust &
Upham, Vice-President of
In addition to the officers above mentioned the
A. J.
Veigel, heretofore Cashier of the Commercial
of St.
Paul,
Cashier;
Benjamin
The board of directors,
nine members
F.
Knauft
which will be
sometime in January,
(consists
Veigel, Senator W.
Chas. H. Weyl, F. E. Turgeon and N. C. Johnson.
4
T. M.
Daly, President of the Continental Equitable Title
Co., of Philadelphia, died in that city on Oct. 14.
Mr. Daly organized the Continental Title & Trust Co. in
& Trust
On Nov. 13 the stockholders of the Scandinavian American
National Bank, of
the
Minneapolis, Minn., will meet to vote
proposition to change the
name
on
of the instutition to the
OCT. 27 1917.]
Northern
THE
National
Bank
providing for the change
the
directors.
The
of
Minneapolis.
adopted at
was
Scandinavian
organized in 1909 with
a
resolution
A
recent meeting of
National
American
was
Minneapolis,
institu¬
an
July 1909 the capital of the
enlarged institution
increased from $2.50,000 to $500,000.
In 1914 when the National
City Bank of Minneapolis was
was
merged with the Scandinavian American National the capital
of the latter
increased to
was
$1,000,000, the present figure.
Sept. 11 the bank reported a surplus of $200,000 and
undivided profits of $175,000.
Its deposits were given as
On
$13,159,649.
The
The return of the price to a lower level is in favor of the Indian
ment, which is undoubtedly in a position to use large
when
officers
H.
are:
R.
President;
Lyon,
A.
Ueland, Edgar L. Mattson, Geo. F. Orde and Chas. B.
Mills, Vice-Presidents; C. V. Bloomquist, Cashier; A. C
Lindhjem, Trygve Oas and W. R. Murray, Assistant
be secured
can
Govern¬
quantities of silver
The Indian Currency Returns
advantageously.
increase of
an
in the holding of silver:
one crore
(In lacs of rupees.)
Sept. 3 0
Sept. 22.
Sept. 15.
Notes in circulation
105,86
107,07
108,43
Reserve in silver coin and bullion
28,84
28,57
29,57
Gold coin and bullion in India
13,73
15,22
15,85
1,80
1,80
1,53
Gold in England
The stock
with
.
in Bombay on
3,300 bars
Oct. 2 consisted of 3,200 bars, as compared
Sept. 25.
on
The stock in Shanghai on the 29th September consisted of about 23,200,-
000
in
ounces
23,500,000
The
in sycee and
ounces
14,900,000 dollars,
compared with about
as
of sycee and 14,900,000 dollars
on
Sept. 22.
High Commissioner for Canada has stated that:
covery
"Since the dis¬
of silver in Cobalt in 1903 there has been produced approximately
266,000,000 ounces of silver, valued at 143,000,000 dollars.
that this year's production will have
It is estimated
valuation of 15,000,000 dollars.'
a
If this be calculated at the average price of the first six months of this year,
the
weight should
equal about 19,600,000
of about 6,400,000, or about
000
Cashiers.
it
given below record
capital of $250,000 and shortly
a
after absorbed the
Peoples Bank of
tion capitalized at $60,000.
In
1685
CHRONICLE
25%,
implying
ounces,
reduction
a
the Government estimate of 26,000,-
on
for 1916.
ounces
Statistics for the month of September are appended:
Highest price for cash..
A
banking institution to be known
new
State Bank has been organized in
bank is
E. K.
Minneapolis.
The
Strathy will be President and J. F. Zeidler who has
be
Cashier.
University State Bank of Minneapolis
The
new
institution begins
business
50.920d.
Quotations for bar silver per ounce standard:
Sept.
-.49
1
"
Average
"
"
"
Bank rate
2
3—_
O. Watts, President of
St. Louis, announced
directors
giving
on
Oct. 10 the action of the board of
This bonus amounting to 10% of the annual salary
paid each employee, will be paid in new Liberty Loan 4%
due to great
bank's
organization,
stated
An unusually profitable
year,
business activity and the faithful efforts of the
recommendation
prompted
this
liberal
profit-sharing
by the Third National Bank.
that before
the recommendation of
Mr. Watts
Board
already subscribed to the Liberty Loan, but it
cided nevertheless to pay
was
the directors wish to encourage
that
is
it
the
In
his
even
reason
the
National
the
to
em¬
example of patriotism, self-denial and unselfish service in this
crisis.
Furthermore,
I
reported by cable, have been
as
London,
Oct. 20.
Week ending Oct. 26Sat.
Thurs.
Fri.
42%
41%
41%
41%
42%
56%
56%
56%
66%
56%
93%c
Holiday
British, 5 per cents
The
-.1
95%
95%
95%
95%
Holiday 100%
100%
100%
100%
Loan
5%
62.50
62.25
62.00
62.50
62.50
(in
/
..fr. 88.60
.
88.60
83%
.83
consider it
incumbent
upon
every
of Paducah, Ky., have merged.
The enlarged institu¬
the City National Bank.
the City National had
a
Prior to the
mer¬
capital of $300,000, surplus and
profits of $165,000 and deposits of $1,800,000; while the
Paducah
surplus
The
Banking
and
Company
enlarged
of the
The officers
are
a
capital
of
$100,000,
City National is
$300,000.
Samuel B. Hughes/chairman of the board;
James C. Utterback,
President; Brack Owen and Henry A.
Vice-Presidents;
Petter,
had
profits of $45,000 and deposits of $700,000.
capital
R.
88.65
82%
82%
88.65
days has been:
82%
83%
-
^nmmcrcial autl^isccHaujcotts
DIVIDENDS.
The
future
following shows all the dividends announced for the
by large
or
important corporations:
Dividends announced this week
R.
Kirkland,
and
Cashier,
are
'printed in italics.
Per
Railroads
ger
same
firm
City National Bank and the Paducah Banking Com¬
as
88.65
the
'
When
Books Closed.
Cent.
Name of Company.
tion is known
on
Ex-dividend.
their ability.
pany,
88.60
price of silver in New York
Silver in N. Y., per oz-.cts.
c
Oct. 26.
Wed.
56%
British, 4% per cents
War
Oct. 25.
Tues.
Consols, 2 % per .cents
Earls).
Oct. 24.
Mon.
d. 42%
Silver, per oz
French
CABLE.
follows the past week:
as
Oct. 22. Oct. 23.
and corporation in this country to purchase these bonds to the full limit of
The
week ago.
daily closing quotations for securities, &c., at London,
to the extent of solf-
announcement
I look to the officers, directors and employees of the Third National Bank
set
a
every em¬
ployees, Mr. Watts said:
to
.
employees in making invest¬
patriotic and imperative duty of
sacrifice.
and
The
de¬
because
highest class, and for the further
ployee to purchase these bonds
denial
was
this bonus in additional Liberty
Bonds which the bank has purchased for this purpose,
ments of the very
'
for cash delivery is 4%d. below that fixed
French Rentes (In Paris)._fr.
the
given out practically all of the Third National employees
had
oz.
ENGLISH FINANCIAL MARKET—PER
inclusive of
employee,
every
officers.
bonds, aggregating $25,000.
.
gold, per
the Third National Bank, of
bonus to
a
Bar
..,46%
d. cash
48.083d. "
5%
std_.77s. 9d.
quotation fixed for forward delivery.
The quotation today
F.
4__._
d.
-__48%d.
47%d.
47%d.
29
No
Oct.
49 %d. cash
28
"
Oct.
on
Nov.5.
46d.
Average price for cash..
new
55d.
Lowest price for cash...
the Continental
capitalized at $100,000 and has surplus of $25,000.
been Cashier of the
will
as
Payable.
Days Inclusive.
(Steam).
(qu.).
1%
Doc.
Holders of rec. Nov.
Atlantic Coast Line RR„ pref. (quar.)__
2%
Nov.
Oct.
Central RR. of NJ J. (quar.)
2
Nov.
Atchison Topeka & Santa Fe, com.
29
to
2a
Nov. ,10
Elmira & Willlainsport, common
Ft.Dodge Des Moi.& So.,cora.& pf.(qu.)
Georgia Southern & Florida 1st & 2d pf._
51.50
Nov.
2.26
Cincinnati Sandusky & Clev., pref. (qu.)
Holders of rec, Oct. 27a
Oot. 21
to
Nov.
1
Nov.
Holders of reo, Oct.
20a
1%
Nov.
Holders of rec. Oct.
20a
2%
1%
Nov.
Holders of
Oct.
30a
Oct.
12
rec.
Nov.
Sept. 22
1%
Dec.
Holders of rec. Nov.
1
Deo.
Holders of rec. Nov.
Nashua & Lowell—.—
....—
New York Central RR. (quar.)...
4%
Nov.
Holders of
Oct.
15a
1%
Nov.
Holders of rec. Oct.'
8a
Norfolk & Western, adj. pref. (quar.)...
1
Nov.
Holders of
rec.
Oct.
Norfolk & Western, common (guar.),
Pacific (quar.)
1%
Dec,
Holders of
rec.
Nov. 30
1%
Nov.
Holders of roc. Oot.
Great Northern (quar.)
Illinois Central (quar.)
-
(No. 128)
Extra..
-
Northern
Pennsylvania (guar.)
.'.
75C. Nov.
...
prior preferred (quar.)..
Reading Company, pommon (quar.)....
First preferred (quar.)
Pere Marquette,
Holders of
to
rec.
rec.
Nov,
5a
5a
31a
8a
la
1%
Nov.
Holders of rec. Oct.
15a
81
Nov.
Holders of
23a
50c. Dec.
rec.
Oot.
Holders of rec. Nov. 27a
2%
Nov.
Holders of rec, Oct.
1
Oct.
Holders of
rec.
Oct.
11a
Albia (Iowa)
1%
Nov.
Holders of
rec.
Oct.
20a
1%
Nov.
Holders of rec. Nov.
Bangor Ity.& Eiec.,com.(quar.) (No.15).
Bristol & Plainville Tram, (qu.)
%
Nov.
Holders of rec. Oct. 20a
2
Nov.
Holders of
Southern Ry.,
Chas. C. Richardson, Assistant Cashier.
preferred.'
Wabash,(preferred A (quar.)
Street and Electric
Light & Ry., pref. (quar.).
American Railtvays, preferred (quar.)
THE ENGLISH GOLD AND SILVER MARKETS.
We
reprint the following from the weekly circular of
Co. of London, written under date of
Samuel Montagu &
Oct. 4 1917:
The Bank of
England gold reserve against its note issue shows
of £673,010, as compared
increase
an
with last week's return.
African gold output for Aug.
1917 amounted to £130,278
as
compared with £125,143 in Aug. 1916 and £142,017 in July 1917.
The Government of Mexico is
its
which has been denuded of large quantities of silver coin sent
currency,
to the
United States of America for realization owing to their high intrinsic
value arising from the
a
enhanced price of silver.
decree has been issued
bars
making determined efforts to reorganize
(or
in
ore
refined gold).
four 5 pesos
or
Amongst
prohibiting the export of Mexican coin
concentrates, unless against
an
measures
or
gold in
equivalent import of
The minting of a new 20 pesos coin (equal to two 10
of the 1905 issue) has been authorized.
The Mining
other
pesos or
i-
Magazine states that a new discovery of gold has been made
about 40 miles north-east
of Porcupine, Ontario.
Holders of rec. Oct.
15a
Nov.
Holders of
rec.
Oct.
15a
Holders of
rec.
Oct.
15
Cities Service, com. and pref. (monthly).
%
Nov.
Holders of
rec.
Oct.
15
stock)..
Cities Service, com.-A pref. (monthly)..
Common (payable in common stock)..
Common and preferred (monthly)..-.
Common (payable in common stock)
Common and preferred (monthly)...
Common (payable in common stock)..
Civic Invest.& IndU3trial(quar.) (No. 5).
Columbus Ry., P.& L.,com.(qu.) (No.15)
Preferred Series B (quar.) (No. 15)....
Commonwealth Pow.,Ity.& L.,com.(qu.)
/%
Nov.
Holders of rec. Oct.- 15
Dec.
orders, the movement
The
and, in the absence of
any
important buying
of prices has been again retrograde.
prohibition of exports to certain neutral countries,
as
from the
8th
inst., is hardly likely to have much effect upon the market except so far
as
any
additional restrictions tend to hamper business.
Preferred
/ %
%
/ %
Dec.
Holders of rec. Noy. 15a
Holders of rec. Nov. 15a
Jan.
Holders of roc. Dec.
Jan.
Holders of
%
Feb.
Holders of rec. Jan.
15a
/ %
Feb.
Holders of
reo.
Jan.
15a
Nov.
Holders of
rec.
Oct.
31
15
%
1
.
E§!
rec.
Dec.
15a
15a
Connecticut Ry. & Ltg., com. «fe pf. (qu.)
1%
1%
Nov.
Holders of reo. Oct.
Nov.
Holders of
1
Nov.
Holders of rec. Oct.
17a
1%
(quar.)
Nov.
Holders of
rec.
Oct.
17a
1
Nov.
Holders of
reo.
Nov.
reo.
Oct.
15
1
Cumberland Co. Pow. & Lt., pf.(quar.)_
1%
Nov.
Holders of
rec.
Oct.
Detroit United Ry. (quar.) (No. 54)
2
Dec.
Holders of
rec,
Nov. 15a
1%
Nov.
Holders of
reo.
Oct.
%
1%
Nov.
Holders of
Duquesne Light, pref. (quar.) (No. 11)..
East St.Louis & Sub.Co..pf.(qu.) (No.15)
Grand.Rapids Ry., pref. (quar.) (No. 68)
Havana Elec.
__
Ry., L. & P., com. & pref—
Illinois Traction, preferred (quar.)
I
27a
Nov.
1%
3
3
Nov.
Holders of
rec.
Oct.
Nov.
Holders of
rec.
Oct.
17a
Holders of
rec.
Oct.
20a
Holders of
reo.
Oct.
15
1%
1%
Milwaukee Elec. Ry. & Light, pref. (qu.).
1%
Oct.
Montreal Tramways
2%
NOV.
(quar.),..
Philadelphia Co., com. (quar.) (No. 144).
6% Preferred (No. 10)
Public Service Invest., pf.(qu.) (No. 34).
R1o.de Janeiro Tram.. L. A Pow; (nu.L.
1
Nov.
Nov.
%
17a
rec. Oct. 20
Holders of reo. Oct. 20
Oct. 26
to
Nov. 15
Holders of rec. Nov.
1
Nov.
Lehigh Valley Transit, preferred (quar.).
Lewiston Augusta & Waterville, pf. (qu.)
SILVER.
.
The market has been inert
3
Oct.
%.
(No. 16)--.-
__
The West
Nov.
rec.
Carolina Power & Light, com. (quarJ..
Cape Breton Elpctrlc, com.
Preferred (No. 23).,...
Common (payable In common
GOLD.
31a
Railways.
87%o. Oct.
Holders of reo. Oct.
31a
la
51 .f0 Nov.
Holders of
rec.
Oot.
la
1%
Nov.
Holders of
rec.
Oct.
19a
b\V,
Nov.
Holders of
rwv
Or*.
15
Per
Days Inclusive.
b2X
Nov.
1 Holders of rec. Oct.
IX
Nov.
1
2
Bedford (quar.)._.
Nov.
$1 50 Oct.
Wash., Bait, dc Annap. Elec. lift., com..
Washington-Virginia lty., preferred
2 4
IX
pref. (quar.) (No. 7).
York (Pa.) Railways, preferred (quar.).
West Penn Power,
Oct.
62Xo.
Holders of rec. Oct.
1
25
Oct.
31
Oct.
1 Oct.
25
to
21
to
30 Holders of
reo.
Nov.
1
Oct.
20a
Ranks.
5
Extra (payable in Liberty Loan
bonds)..
Bowery (quar.).
Extra
(bi-monthly).
—,
„
_
Lindsay Light, common
Nov.
1 Oct.
26
to
Nov.
Nov.
1 Holders of rec. Oct.
(quar.)
Loft, Inc. (guar.)
20a
Nov.
1 Holders of rec. Oct.
25a
Nov.
1 Oct.
Nov.
1 Holders of rec. Oct.
21
30a
Trust (quar.)
(quar.)
1 Holders of rec. Oct.
Nov.
1 Holders of rec. Oct.
25a
Nov.
1 Oct.
31
Nov.
1
_
•_*
Nov.
23
20a
6
.
1
3
.
1 Holders of rec. Oct.
Nov.
IX
— .
Nov.
34
-
&
23
2
.
Holders of rec. Oct.
26
Oct.
to
Holders of rec. Oct.
1
Miscellaneous.
5 Nov. 21
Dec.
7
.
IX
Nov.
1
Oct.
)
IX
Nov.
1
3
Nov.
1 Oct.
•
American Cigar, common
American Glue,
.
Nov. 15
)
Extra
Nov. 15 Holders of rec. Oct
(quar.)
(quar.)
common.........
.
3J
Holders of
I
13a
New Jersey
15a
15a
20
to
Nov.
1
to
Nov.
1
20
2
NOV.
Dec.
5 Nov. 26
to
2X
Nov,
1 Oct.
11
to
Oct.
28
f2X
.
.....
Nov. 15 Holders of rec. Nov.
IX
(extra).
Nov.
1 Oct.
11
to
Oct.
28
1 Oct.
20
8a
5
Dec.
to
Oct.
28
rec.
Oct.
17a
American
IX
Shipbuilding, common (quar.).
Preferred
(quar.)
Nov.
1 Oct.
Nov.
1
Holders of
IX
IX
IX
(quar.).
Nov.
1
Holders of reo. Oct.
15
Nov.
1
Holders of rec. Oct.
15
11
Nov.
1 Holders of rec. Oct.
25a
Nov. 10 Holders of rec. Oct.
31a
IX
Nov. 26 Holders of rec. Nov. 20
IX
-
Nov.
$1.50
1 Holders of rec. Oct.
82
Nov.26 Holders of
pref. (No. I).
IX
Dec.
1
Steel, preferred................
3X
Nov.
1 Oct.
Associated Dry Goods, 1st
Atlantic
rec.
Oct.
to
to
Oct.
IX
Nov.
1 Oct.
IX
Nov.
1 Holders of rec. Oct.
Nov.
1
21
20
27 a
1
4
Nov. 15 Holders of rec. Nov.
Holders of rec. Oct.
1
24
Oct.
22a
8a
31
Nov.
1 Oct.
IX
Zinc (quar.)
(quar.)
31 Holders
rec.
Oct.
Nov. 30 Holders
reo.
Nov.
Nov. 30 Holders
rec.
Nov.
1X
Nov. 30 Holders
rec.
Nov.
Nov.
1 Oct.
to
Oct.
31
Nov.
1 Holders
rec.
Oct.
15
$1.50 Nov. 15 Holders
SI.75
Nov.
1 Holders of rec. Oct.
20a
Nov.
1 Holders of rec! Oct.
25
Nov. 15 Holders of rec. Nov.
la
Nov. 15 Holders of rec. Nov.
la
to
20a
Nov.
rec.
Oct,
20a
Holders
rec.
Oct.
15a
IX
Extra
50c. Dec.
(qu.)
(No. 7)...
(quar.)
—
CUnchfleld Coal Corp., com. (quar.).._
J
Preferred (quar.)—..————
—
Preferred (quar.)
Oct.
20a
rec.
Nov. 2aa
rec.
Ndv. 30a
Oct.
rec.
Sept. 30
Nov.
1
30 Holders
1 Oct.
rec.
2 Holders
rec.
Dec.
Oct.
Nov. 30 Holders
rec.
Nov. 20a
1
Holders
rec.
Jan.
1
Holders
reo.
Jan.
15
Nov. 15 Holders
rec.
Oct.
31
31 Holders
rec.
Oct.
18
Oct.
Nov.
1
Holders
rec.
Oct.
22a
Nov.
1
Holders
rec. Oct.
22a
Nov.
1
Holders
rec.
Oct.
22a
rec.
Oct.
1
Holders
rec.
Nov. 17a
1
Holders
rec.
Oct.
31
Holders
Nov.
to
Nov. 14
Oct.
rec.
Nov.
rec.
Oct.
20
rec.
Oct.
20a
Nov.
Nov. 14
(quar.)
Sierra Pacific Elec. Co., pf.(qu.) (No. 33)
Sinclair Oil & Refining Corp. (quar.)
(quar.) (No. 203)
Refining
Nov. 16 Holders of rec. Oct.
31a
Smith (A.
Nov.
1 Holders of rec. Oct.
10a
1
Holders of rec. Oct.
10a
Holders of rec. Oct.
5
1 Holders of rec. Oct.
22
IX
Nov.
1 Holders of rec. Oct.
22
IX
Nov.
1 Holders of rec. Oct.
25a
rec.
Oct.
rec.
Holders
rec.
Oct.
17
Holders
rec.
Oct.
22
Oct.
31 Holders
rec.
Sept. 29
Oct.
31 Holders
rec.
Sept. 29
Oct.
31 Holders
rec.
Sept.29a
Oct.
Holders
rec.
Sept. 29a
IX
Dec.
5 Nolders
rec.
Nov. 14
IX
Nov. 26 Holders
rec.
$2
Oct.
Holders
ree.
Oct.
20a
5
Nov. 15 Holders
Nov.
1 Holdoi-s
rec.
Oct.
31 a
IX
rec.
Oct.
Nov.
Holders
rec.
Oct.
15a
Nov. 15 Holders
reo.
Oct.
31
Holders
rec.
Oct.
18
IX
Nov. 30 Holders
rec.
Nov.
IX
Nov.
1
Holders
rec.
Oct.
1
Oct.
Nov.
(quar.)
Southern
1
Nov.
1
Holders of rec. Oct.
Nov.
1 Holders of rec. Oct.
26
1 Holders of rec. Oct.
IX
Nov.
1
Nov.15 Holders of
Commonwealth-Edison (quar.)
2
Nov.
IX
Dec.
15 Holders of rec. NoV.
IX
Oct.
31
rec.
Oct.
Holders of reo. Oct.
1
Holders of reo. Oct.
Extra
—
Common
Oct.
rec.
Oct.
31
IX
SI.25 Nov. 21 Holders
rec.
Oet.
22a
rec.
Oct.
31«
Nov. 15 Holders
rec.
Nov.
IX
Holders
rec.
Oct.
Nov.
Holders
rec.
Nov. 19
f1
.
Nov.
Nov.
Holders
rec.
Nov. 19
rec.
Nov. 19
—
IX
Nov.
Holders
30c.
Nov.
Oct.
17
to
Oct.
3
Nov.
Nov.
6
to
Nov. 30
3
Nov.
Nov.
6
to
Nov. 30
(quar.)
"
—
9
20a
IX
Nov.
Holders of
Oct.
31
1
Nov.
Holders of rec. Oct.
31
Preferred (quar.)....
IX
Nov.
Holders of ree. Oct.
31
Steel Co. of Can., Ltd., com. (qu.) (No.3)
16a
IX
Nov.
Holders of rec. Oct.
13
Preferred (quar.) (No. 25)
Stewart-Warner Speedometer (quar.)
IX
Nov.
13
Holders of rec. Oct.
Nov.
5
to
Oct. 31
(quar.).
Standard Sanitary Mfg. Co., com.
.....
IX
Nov.
IX
Nov.
1
Holders of rec. June
30
Nov.
)
Holders of reo. Juno
30
Nov.
1 Oct.
13
to
Nov. 15
Superior Steel Corp., com. (quar.) (No.1)
Superior Steel Corp., 1st & 2d pref. (quar.)
2
Nov.
Nov.
1 Oct.
13
to
Nov. 15
Swan & Finch
24
Nov.
Holders or
Nov.
1 Oct. 22
to
Nov.
Taylor-Wharton Iron & Steel, pf.
(quar.)
Texas Power & Light pf. (quar.) (No. 22)
Tobacco Products, common (No. 1)
IX
Nov.
Ov;t.
Nov.
„
Holders of rec. Oct.
1
2
Dec.
2 X
Nov. 15 Holders of reo. Oct.
IX
Nov.
1
22
15 Holders of rec. Nov. 30
1
Oct.
16
to
Nov.
31
1
IX
Nov.
1
Holders of rec. Oct.
20a
IX
Nov.
1
Holders of
Oct.
20a
Kodak, co
Dec.
1
Holders of rec. Oct.
31a
24
2 Holders of
Nov. 30a
Jan.
2 Holders of rec. Nov. 30a
1 Holders of rec. Oct.
Nov.
J
Nov. 15 Holders of rec. Nov.
Elgin National Watch (quar.)
rec.
Oct.
1
Holders of reo.. Oct.
17
1
Holders of
22a
1
rec.
Oct.
Extra
rec.
Oct.
Nov.
1
Holders of
rec.
Oct.
15
2X
Nov.
1
Holders of
reo.
Oct.
20
Fall River Gas Wks.
3
Nov.
1
Holders of rec. Oct.
17a
29 Holders of reo. Oct.
26a
Va.-Carolina Chem.,com.(qu.)(No. 40)
Warwick r^on
Steel....
pref.
Preferred
(quar.)
Common (extra.)..
Preferred (quar.).
1
Holders of rec. Oct.
20 a
1
Holders of ree. Oct.
20
Dec .15 Holders of rec. Dec.
1
Jan.
1
wtilvs-Overlnnd Co.. Common
2
Nov. 15 Holders of
8
IX
(quar.)
Preferred
(quar.)
(quar.)
Nov.
1
Holders of rec. Oct.
Nov.
1
Holders of
reo.
Oct.
15a
Nov.
1
Holders of rec.
Oct.
15a
Holders of
ree
Nov,
rec.
1
Holders of
rec.
rec.
Oct.
la
a
25a
.
e
Payable
lu
surk.
Mov.
15
5<»
record Feb.
15 Holders of
Feb.
5a
1918 to holders of record
2 Holders of ree. Dec.
24
Nov.
1
Holder* of rec. Oct.
1
Oct.
16
to
Oct.
Nov. 26 Holders of rec. Nov,
31
.
Indiana Pipe Line (quar.).
Extra
_
-
.
Nov.30 Holders of reo. Nov. 20a
Nov.15 Nov.
6
to
Nov. "15
not
at
1 Holders of rec. Oct.
15
Nov.
1
Holders of
Oct.
22 a
1
Holders of rec. Oct.
22a
Nov.
1
Holders of
Oct.
22
14
IX
Nov.
1
Oct.
Oct.
31
2 Bryant Park Bank
Nov. 15 Holders of rec. Oct.
31"
6 Mechanics Bank of Brooklyn
$2
Nov. 15 Holders of rec. Oct.
23
7 Hanover National Bank
Nov. 15 Holders of rec. Oct.
1
Dec.
Holders of rec. Nov. 10a
2
rec.
In
tax
d Cor¬
Payable in scrip,
b Less British Income
common
stock
i Payable in Liberty
o
k De¬
Loan bonds,
1% in common stock
28 1918 to holders of
record May 21 1918; on Aug. 31
1918.
23
SI
$2
.
Oct.
21
rec.
rec.
to
29 Holders of rec. Oct.
Nov.
1 Holders of rec. Oct.
Intcrocean Oil, first preferred
34
Nov.
1
5a
24a
Holders of
Sales.—Among other securities, the following
usually dealt in at the Stock Exchange, were recently sold
auction in New York, Boston and Philadelphia:
Nov.
14
-
Oct.
1«
Nov.
1918 to holders of
Aug. 21
Nov.
International Nickel, preferred (quar.)..
-
Nov.
to
Auction
9a
1
18 1918: on May 31
IX
-
21
19a
IX
-
Holders of rec. Oct.
21a
75c.
.
Holders of rec. Nov.
Oct.
15
15a
Nov. 15
to
Nov.
75C.
f Payable
62 4c
.
Preferred (No. 30).
1
clared 8%, payable in quarterly installments of 1% cash and
as follows: On Nov. 30 to holden? of record Nov. 19: on Feb.
Feb.
IX
)
Oct.
Nov.
37 X Oct.,
Nov.
4
(quar.).
ft On account of accumulated dividends,
Jan.
-.2
.
rec.
Nov.
Transfer nooks not closed for this dividend,
a
rection
174c. Nov.
-
Holders of
Holders of rec, Oct.
10
24
Nov. 21
IX
.
)
Grant Motor Car Corp., pref. (quar.).
Greene Cananea Copper Co. (quar.)..
Holders of
1
1
Goodrich (B. F.) Co., common (quar.).
Goodrich (B. F.) Co., common
1
1X
.
Preferred
Dec.
3
General Motors Corp., common (quar.)..
Nov.
Nov. 15 Holders of rec. Nov.
1
)
$1
2
.
Holders of rec, Oct.
30c.
Woolwortli (F.W.)Co., com.(qu.) No.22)
Nov.
Nov.
Oct.
75c. Nov.
Westlnghouse Elec. & Mfg., com. (quar.)
Wheeling Mould & Fdry., com. (quar.)
rec.
23
Nov.
IX
Wayland Oil <fc Gas, preferred
Nov.
S3
.
10
23
15c.
Nov.
15 Holders of rec. Dec.
Holders of rec. Oct.
Holders of rec. Oct.
IX
__
IX
_
17
Holders of rec. Oct.
*
......
$1
(quar
15a
17
Holders of rec. Oct.
50c. Nov.
United Wire & Supply, senior pref. (quar.)
IX
Body Corporation,
Foundation Co., coy,
20a
25c. Nov.
Vacuum Oil
Fisher
31
Nov.
3
Holders of
6
Oct.
Oct.
to
Oct.
10c
....
Eureka Pipe Line (quar.)
,14
11
Holders of reo'. Oct.
Holders of rec. Oct.
Holders of rec. Oct.
Extra
Fajardo Sugar (quar.)
(qu.) (No. 92)...
Federal Sugar Refining, pref. (quar.).
1 Oct.
31
Dec.
2
United Verde Exten. Mln. (quar.) (No. 6)
25a
15a
18 a
ree.
5c. Nov.
U. S. Rubber. flrRt pref. (quar.)
United States Steamship (bi-monthly).
Nov.
-
la
5
26a
Oct.
Holders of
Nov.
16
15
la
Nov.
Not.
Holders of rec. Oct.
Oct.
to
Oct. 11
Nov.
NOV.
IX
(quar.)
...
17a
Nov.
IX
2
Holder!? of
Nov.
IX
.
rec.
rec.
rec.
Holders of rec. Oct.
Nov.
3X
IX
U. 8. Industrial Alcohol, common
Nov.
1
(quar.).
Jan.
2
(quar.).
Preferred
14
3
Common
U. S. Bobbin & Shuttle, common
Preferred (quar.)
31
20
Nov.
87Xc. Nov.
United Drug, first pref. (quar.) (No. 7)
United Electric Securities preferred
1
Oct.
Oct.
to
Nov. 15! Holders of
Nov. 15 Holders of
11 Holders
rec.
of rec. 0«t.
25
IX
2
rec.
Holders of rec. Oct. 15a
1
Holders of rec. Nov.
IX
(2
(No. 20)
United Cigar Stores, com. (qu.)
7X
rec.
...
Union Bag & Paper Corp. (extra)
(quar.).
Preferred
ostman
31
Common (extra)...
20a
31
Nov.
2
31
IX
4
Diamond Match (quar.)
...
Dominion Bridge, Ltd. (quar.).
la
2
i1
IX
IX
(extra)
3la
rec.
Holders
1
2-
(extra)
1
Nov. 15 Holders
3X
Preferred
Cosden & Co., common (quar.).
la
16a
Nov.
to
16
15a
...
Standard Motor Construction
Standard Oil (Indiana)
1
5
Nov.
1
stock)..
Preferred (quar.) (No. 32)
26
IX
1
Nov.
Milling, common (quar.)
k Common (payable in common
31
Nov. 15 Holders
2
25c.
Loan bonds)..
Calif. Edison, com.iqu.) (No. 31)
k Standard
31
25c. Nov.
O.) Corporation, pref. (quar.)..
(quar.)
15
23a
Oct.
Holders
1
Oct.
3
Extra (payable in Liberty
15
15a
20a
Nov. 15
1
Nov.
IX
Solvay Process Co.
Nov.
1
Oct.
Oct.
to
1
31
IX
——.
Shannon Copper Co.
1 Holders of
rec.
31 Holders
Nov. 15 Nov.
5
rec.
1 Holders
Nov.
IX
Sears, Roebuck & Co., common (quar.).
to
Nov.
16a
rec.
1 Holders
Oct.
30c. Nov.
Nov. 15 Nov. 11
Nov.
22
2
Nov. 15 Nov. 11
Nov.
15a
Nov. 15 Holder?
Dec.
2
;
31
1
15
Feb.
FPD.
/i50c. Oct.
preferred (quar.)
Republic Iron <fe Steel, com. (qu.) (No. 4)
1
15
11a
rec. Oct,
Holders
29
Nov. 15 Holders
$1.25
Quaker Oats,
Sapulpa
31a
Oct.
Jan.
50c. Oct.25d Holders
......
(quar
Pullman Co.
to
30
Nov. 10 Holders
IX
(quar.)——
Proctor & Gamble,,common.....
Public Service of Nor. Illinois, com.(quar.)
Nov. 15 Holders of rec. Oct.
Columbia Gas & Electric (quar.)
Consolidation Coal (quar.).
IX
Pyrene Manufacturing (quar.) (No. 20).
3
Cleve. Elec., 111., pref.
20a
rec.
Holders
15 Holders
Dec.
29)...
31
.! $1.75
Chic.Wil mtngton & Frank. Coal,com.
Oct.
Holders
1 Holders
Nov.
IX
rec.
1
15
Nov.
Prest-O-Lite Co.
IX
■
20
IX
Pressed Steel Car, com. (quar.) (No.
2
(quar.)
Oct.
5
31
5o. Nov. 10 Holders of rcc. Nov.
pref. (quar.)
31
31
rec.
5
Nov. 15 Holders of rec. Oct.
20c. Nov.10 Holders of rec. Nov.
Common (extra).
Oct.
Oct.
1 Holders
$1
...........
IX
Central Foundry, ordinary,
rec.
rec.
Nov.
4
Nov. 15 Holders of rec. Oct.
.....
Nov. 15 Holders
Nov. 15 Holders
1%
.....
Nov. 15 Holders of rec. Nov.
2
la
rec.
Holders
1
Pittsford Power, preferred (quar.)
Plant (Thomas G.) Co. (quar.) (No. 65).
IX
i
of.rec. Oct.
la
1
— —
Nov.
1 Holders
la
2
Pittsburgh Brewing, pref. (special)
Pittsburgh Oil & Gas (quar.).
......
Preferred
la
Nov.
$1
IX
(quar.)
...—_
Peoples Natural Gas & Plpeage (quar.)..
Pierce-Arrow Motor Car, com. (quar.)..
Extra
2
24
$1.50 Nov.
—
2X
(quar.)
Extra..
Motor
Oct.
-—-—_
1
...
Carwen Steel Tool (quar.).
Chevrolet
Nov.15
25c.
(quar.) (No. 44)...
NovaScotlaSt.<fcCoal, com.(pay.com.stk.) f20
SI.25
Ohio Cities Gas, common (quar.).
/5
Common (payable in common stock).
IX
Ontario Steel Products, preferred (quar.)...
$2
Osceola Consol. Mining (quar.) (No. 88)
1
Pacific Coast Co., com. (quar.)
IX
First preferred (quar.)..
1
Second preferred (quar.).....
IX.
Pacific Development (quar.)..
IX
Pacific Mail SS,, pref. (quar.)
IX
Pacific Power & Light, pf. (qu.) (No. 29)
2
Packard Motor Car, common (quar.)...
1
Penmans, Ltd., common (quar.)
IX
•„>......
Common (extra)
rec.
North Butte Mining
IX
Canadian Converters, Ltd. (quar.)..
Carbon Steel, common
Holders
1
40C. Nov,
2X
(quar.) (No. 19)
(quar.)
31
Dec.
4
3
Preferred
18a
Oct.
pref. (quar.).
Preferred (quar.) (No. 75).
1
IX
(quar.)
Oct.
rec.
Prairie Pipe Line (quar.).
IX
Preferred
Oct.
rec.
pf. (qu.)..
Prairie Oil & Gas (quar.)—..—...
31
Nov.
to
Nov.
n
Butler Brothers
rec.
Portland (Ore.) Gas & Coke,
1
20a
Holders
1
"
Oct.
IX
(quar.):.
Brill (J, G.) Co., preferred (quar.)—...
Brown Shoe, Inc., preferred (quar.;
20 a
Nov.
4
Bond & Mortgage Guarantee
27 a
Holders of rec. Nov. 15a
21
Nov. 26a
1 Holders
Preferred
IX
Amer. Sumatra Tobacco, com. (quar.).
rec.
25
Oct.
Nov.
—
— .
1
Nov. 1.5 Holders of rec. Nov.
15 Holders
—
IX
Preferred
20
2
North American Co.
Oct.
rec.
Holders of rec. Oct.
15a
Oct.
Nov. 30 Holders
.........
31a
29 Holders of rec. Oct.
Oct.
rec.
1*A
■
(quar.)
National Lead, preferred (quar.)
New Central Coal
IX
Common
I,
Nevada-Calif. Elec. Corp.,
Holders of rec. Oct. 31a
reo.
Holders
34
Com. (quar,)...
Miami Copper Co. (quar.)...—
Midvale Steel & Ordnance (qu.) (No, 4).
Midwest Refining (quar.) (No. 12)..
Mobile Electric Co., preferred (quar.).....
Montreal L. Heat & Pow.(quar.)(No. 66)
Nash Motors, preferred (quar.)
....
National Carbon, Inc., common (quar.).
la
Holders of rec. Oct.
Oct.
IX
44
American Brasd
2
(quar.)..
American Beet Sugar, common
Holders
1
31
SI
- —
—
4
Dec.
tO;
Nov. 15 Holders of rec. Nov.
75c.
reo.
1
Nov.
$1.50 Nov.
National Transit (quar.)...............
Alabama Co., 2d preferred—
Holders
Nov.
25c. Dec.
Preferred
25a
Oct.
3
Massachusetts Gas Cos.
31
Oct.
to
20a
IX
(quar.)...
Preferred
31a
Holders of rec. Oct.
15a
Oct.
$1
Common (extra)
1
Oct.
rec.
2
Liggett & Myers Tobacco, com. (quar.)
Lima Locomotive Works, Inc., pref...—
31
Companies.
Kings County (Brooklyn) (quar.).
Lincoln
31
Oct.
2X
(quar.)
(quar.)
Special
Farmers' Loan
31
Oct.
to
$1
-
.
Trust
Broadway
Oct.
to
26
5
.
_
Avenue
Westchester
..
(quar.)..
Pacific (quar.)
to
28
1 Oct.
Nov.
Oct.
rec.
1
Nov.
ix
28
1 Oct.
4
.
rec.
Holders
1 Holders
Nov.
1 X
3
1 Oct.
Nov.
1
18
31 Holders
i x
17
Nov.
Nov.
2
Com Exchange (quar.)
Lincoln National
25
5
,
.
Holders of rec. Oct.
24
.
City, National..
25
1
3
.
»._*
.
1 Holders of rec. Oct.
Nov.
Oct.
(Concluded).
Co. (quar.) (No. 7).
Stock Yards, com.
3
——.
—
....
Chemical National
Oermania
.
Nov.
il
Exchange National
American
SI
Days Inclusive.
Payable
& pf. (qu.)
Kayser (Julius) & Co., 1st & 2d pref.(qu.)
Kellogg Switchboard & Supply (quar.)..
KelIy-Syrlngfleld Tire, common (quar.)..
Kelsey Wheel, Inc:, pref. (qu.) (No. 6).
Kerr Lake Mining (quar.) (No. 49)
Keystone Telephone, preferred
Keystone Watch case (quar.).....
Lehigh Coal & Navigation (quar.)........
18a
1 Holders of rec. Oct.
Nov.
Isle Royale Copper
15
Kansas City
31
Nov.
Cent.
Name of Company.
Miscellaneous
L. & P. (quar.)
Texas Electric lty. 2d pref. (quar.)
Sao Paulo Tram.,
Books Closed.
When
Per
Books Closed.
Payable.
(Concluded).
Street and Electric Rys.
Union Street Hy., New
When
Cent.
Name of Company.
[Vol. 105
CHRONICLE
THE
1686
Holders of
rec.
Oct.
11a
By Messrs. Adrian H. Muller & Sons, New York:
Shares.
Shares.
Per cent.
Stocks.
36 Security
155
Bank
4 N. Y. Pie
111
657-660
Per cent.
519 lofc
Baking Co., $50 each
$25 per sh.
By Messrs. R. L. Day & Co., Boston:
16a
20a
Slocks.
Shares.
Slocks.
35 Second
National Bank
$ per sh .\Shares.
29
1
Stocks.
5 Massachusetts Cotton
% per sh.
Mills.... 124
•Oct. 27
1917.)
THE
By Messrs. Francis Henshaw
Shares.
Slocks.
5 Cont. Ins.
$ per
Co.,N.Y., $25 each.—
By Messrs. Barnes
Shares.
&
Stocks.
$ per sh.
10c.
5 Bank of North America.
Metals,
$1 lot
650 Partic. ctfs. of Ohio Tonopah
Mg.
for
So.
Comstock
Cons. Mines, $1 each
$1 lot
500 Bullfrog Stein way Mg., $1 ea.$l lot
196 Central Coal & C. of
Pitts.,
.
common
200
each
$41 lot
1,000 Assoc.
Mines
8 East. Cahill
SI each....
75 Farmers'
_..$! lot
300 So.
Mg.,
20 Mutual
4
$1 lot
Comstock Cons.
1916,^shows£anfincrease|in the aggregate
Philadelphia Bourse,
Week ending October 18.
Clearings at—
Inc.
pref...
54
Montreal
Per cent.
Currency,
St.
Halifax
Department:
CHARTERS.
Total capital
i
.$150,000
CHARTERS ISSUED.
Original organizations:
The First National Bank of Boise
City, Okla.
Capital
The Farmers National Bank of
Harlowton, Mont.
Capital...
The First National Bank of
Dodson, Mont.
Capital
Liquidation in
46,973,768
56,989,180
35,942,943
48,428,755
+ 70.1
52,343,346
40,280,392
7,589,913
+ 45.0
6,868,349
—15.9
4,182,420
—2.9
6,321,780
4,539,026
3.419,703
3,706,983
3,163,513
—0.9
2,213,106
1,838,114
•
7,292,401
4,553,485
4,686,103
+ 18.7
3,312,428
2,806,501
2,112,098
2,383,313
—11.4
1,631,343
1,538,268
4,366,011
10,429,475
4,431,487
—5.0
1,8^8,669
1,707,676
+ 15.9
1,327,320
1,947,016
3,373,195
2,225,413
+ 51.6
3,512,112
+ 47.9
1,936,269
2,370,837
2,482,305
5,195,033
780,252
Reglna.
+ 82.3
2,402,482
1,978,152
Brandon
5,721,558
2,281,569
i.
Edmonton
'
1,767,777
2,450,409
626,178
+ 24.6
Lethbrklge
1,358,890
958,448
+ 41.7
551,953
Saskatoon.
440,601
2,709,355
+ 53,7
1,639.600
1,311,981
+ 62.5
1,265,100
1,161,052
515,847
765,234
2,118,138
1,763,105
1,303.220
Brantford...
929,608
992,035
—6.4
700,868
Fort
William
748,059
673,495
+ 11.1
597,281
866,824
Westminster
527,586
334,339
+ 57.7
314,773
335,704
Moose Jaw..
...
Medicine Hat
$25,000
25,000
25,000
912,614
549,698
Peterborough
699,882
663,188
+ 5.4
Sherbrooke
640,225
502,021
+ 27.5
.607,948
605,091
579.747
+ 0.5
Kitchener
$75,000
The Federal Reserve
63,225,20 S
—3.0
New
—
Total capital
+ 7.3
66,301,876
5,500,416
John
London
...
§
90,439,807
3,134,724
.....
....
Victoria
$25,000
25,000
25,000
50,000
25,000
1914.
4,062,165
Quebec
Calgary
The
$
5,773,839
—
Hamilton
The,
%
11,001,279
^
Ottawa
The
1915.
$
64,326,560
82,356,330
Winnipeg
Vancouver
The
Dec.
97,030,071
....
Toronto.
70
National Banks.—The
following information regarding
national banks is from the office of the
Comptroller of the
Bank, Clayton, N. Mex.
Capital
First National Bank of
Lehigh, Mont.
Capital
First National Bank of
Monette, Ark.
Capital
Commercial National Bank of
Lakeview, Oregon.
Capital.
Prairie Depot National
Bank, Prairie Depot, O.
Capital..
1916.
$
Canada—
194
51,000 No. Springf. Water 5s, 1928
APPLICATIONS FOR
For organization of National banks:
The Clayton National
or
1917.
174
com....
Bonds.
.$1 lot
Treasury
of
.
30
3 Philadelphia Bourse,
Mines,
$1 each..........
Trust
20 Elliott Fisher Co., com.....
$1
..
week in
20.1%.
458
6 Real Estate Trust, pref..
100
5 Amer. Academy of Music...260
.
each
same
Insurances, Ac. .700
16914
21 Philadelphia. Life Insur..... 101*
1,000 Clara Foltz Gold Mg., $1
ea.Sl lot
1,000 Clara Foltz G. M.,
pref
$1 lot
Bonanza
Canadian Bank Clearings.—The
clearings for the week
ending Oct. 18 at Canadian cities, in comparison with the
Bk.148%
5 West End Trust......
1,594 El Palmarito Mg., $1
each..$l lot
1,000 Spokane & Mont. Mg. &
M.;
200 Tonopah
A Mech. Nat.
18 Provident Life & Trust
$5 lot
—.$150,000
418 <4
...320
3 Commonwealth T. I. A T...250
20 People's Trust, $50 each
35
4 Pa. Co. for
Total capital
$4 lot
.....
5 Penn Nat. Bank...
$1 lot
2,000 Central Mg. & Dev., $1 each.$5 lot
1,000 Ohio Tonopah Mg, $1 each.Sl lot
23 Amer.
Electrolytic Co—— .$21 lot
21,500 Gold Park Mg., $1 each
10.000
-$1 lot
4 Central National Bank..'
$1 each
$i lot
1,000 Manhat. Amal. Gold
M., $1
$1 each..
The Commercial National Bank of
Madera, Cal.
Capital.
Liquidating agent: J. G. Roberts, Madera.
Absorbed by tfht
Bank of Italy at San Francisco.
Mg.,
500 Rawliide Daisy Mg., $1 ea..$l lot
500 Goldfleld Florence Ext. Mg.,
$1 lot
each
Hill
$1 each...
Co.—$1 lot
Manhat.,
of
Telharmonic, pf.Sl lot
Telharm., com._$l lot
Balloon
$600,000
Canandaigua, N. Y.
Capital
$100,000
Liquidating agent: Heber E. Wheeler, East Bloomfield, N. Y.
Succeeded by the Ontario County Trust Co. of
Canandaigua.
$1 lot
—:
300 Rawhide
increase]
The County National Bank of
100 Queen Regent Cop. A G., $1
8 East. Cahlll
OAPITADflAPPROVED.
LIQUIDATIONS.
StonehamMg. A Leas., $1 ea.$l lot
Mo.)
ctfs. dep. 35% paid in
liq.$3 lot
100 United Copper
Co., com
$1 lot
20 Leighton Construction
Co__$l lot
20 Giant Portland
Cement, com¬
,
Total
___$6 lot
....
OF
Irving National Bank, New York, N. Y.
Capital increased from®
$4,000,000 to $4,500,000.
Increase
—$500,000
The First National Bank of
Buhl, Idaho.
Capital increased from
$50,000 to $100,000.
Increase
50.000
The National Bank of
Fairfax, Va.
Capital increased from
$25,000 to $75,000.
Increase
50,000
v. t. r.$l lot
1,000 Llano Gold, $1 each..
250
$50 each
200 Consolidated SS. Lines.
15 Borindum Extraction
INCREASES
Shares.
60 Northwestern
Contracting...$5 lot
Warehousing A S. D....100
40 Columbian Paper
Co., Buena
Vista, Va., $50 each.
56
50 Guardian Trust (K.
C.,
.
.
1687
EXTENSION OF CHARTER.
The Commercial National Bank of Union
City, Indiana.2£Qha»fceji extended
untile close of business Oct. 13 1937.
$ per sh.
—.101 Adiv
.
Stocks.
$ per sh.
1,056 El Palmarito Leasing, $1 ea.Sl lot
1
66 Coast & Lake
mon
Stocks.
|4 Hood Rubber Co., pref.
63 Continental
Eq. Tr., $50 ea. 87
6 Fire Assoc. of
Phil., $50 each.310
2 Pa. Acad, of Fine
Arts...
30
18 East Pa. RR., $50 each.....
57
.
Co., Boston:
Lofland, Philadelphia:
2,551 Boyer Mfg. Co., com., $50 ea.
160 Boyer Mfg. Co.,
pf.. $50 each
80 Pa.
&
sh.\Shares.
45
CHRONICLE
Total Canada
310,647,463 258,584,108
+ 66.1
388,285
293,890
433,437
M
*
-
„
«.
-
'
393,847
.
'-"'wm
*
-
+ 20.1 202,391,434 174,110,665
Banks.—Following is the weekly statement issued by the Federal Reserve Board
on
Oct. 20.
volume of commercial and bank paper and decreases in
bank deposits of all but two of the Federal Reserve banks
are indicated
by the weekly statement issued as at close of business on
Oct. 19 1917.
Reserves against deposits show a decline for the week of 14.6
millions, while
gold reserves against Federal Reserve notes increased about 39.6 millions.
Aggregate bank reserves show a net gain for the week of about 25 millions,
the total reserves of the twelve banks for
the first time passing beyond the
1,500 million mark.
During the week the Government received payment
through the Reserve banks for the ninth issue of United States
certificates of indebtedness.
These payments were made largely
through credits to
Government account on the books of
subscribing depositary banks.
A relatively small part of these payments were made in cash to the
Federal
Reserve banks.
some
,
The New York Bank
reports a gain in reserve of 14.5millions following net
liquidation of bills, including member banks' collateral notes.
All Classes
deposits held by the bank show considerable declines, following
large withdrawals of funds by the Government from depositary banks all over the
country for its own needs as well as those of the Allied Governments.
The New York Bank reports a total of 92 millions
disbursed to foreign Govern¬
ments, of which 40 millions went to
France, 25 millions each to Great Britain and
Italy and 2 millions to Belgium.
Discounted bills held by the banks show a decrease for the
week of 6.5 millions, the larger decreases at the New
York, Boston and Richmond
banks being offset to a large extent
by gains shown for the nine other banks.
Of the total bills on hand, 184.6 millions were in the
shape of member
banks' collateral notes, of which 144.7
millions, as against 130.8 millions the week before, were secured
by Liberty bonds or United States certificates
of indebtedness.
Purchased bills on hand show a decline of 14.2
millions, all the banks, except New York, reporting smaller holdings of
than the week before.
acceptances
Over one-half of all the
paper on hand matures within 15 days and
nearly two-thirds within 30 days.
No material changes
are shown In the banks'
holdings of Government securities and of municipal warrants.
Total earning assets show a decline of 21.6 millions
and constitute at present
907% of the banks' paid-in capital, compared with 953% shown
the week before.
Of the total, discounts constitute
51.1%; acceptances, 30.6%, and Government securities, 18.3%.
Admission to membership of the Bankers Trust
Co. of New York accounts for $690,000 of the total increase of
$743,000 in capital account, the
balance of the increase reflecting increases in
capital and surplus of member banks.
Government deposits outside of New York show large
gains,
representing in part cash payments received for certificates or
indebtedness and Liberty bonds of the second issue. A decrease of 34.8 millions is
shown
in total reserve deposits, all of the
banks, except Chicago and Dallas, reporting smaller figures than the week before.
Non-members' clearing deposits
reported by seven banks show a decrease of 9.1
millions, presumably the result of shifting the Bankers Trust Co.'s account from the non-member
into
the member column.
*
of
j
The week witnessed further net issues
by all the banks of $37,853,000 of Federal Reserve notes.
As the amount of gold cover for
during the week by 39.6 millioas, the note reserve shows an increase from
75.7 to 77-3% .
The banks report a total Federal
circulation of $815,210,000, an increase of
$35,325,000 for the week.
.
creased
the notes in¬
Reserve note
The figures of the consolidated statement for
the system as a whole are
given in the following table, and in addition
preceding weeks, together with those of the corresponding week of last year, thus
The earlier figures have been revised in order to conform with new form
adopted by the
present the results for each of the
we
furnishing
useful comparison.
a
seven
Federal Reserve Board as of June 22.
In the seeorid table we show the resources and liabilities
separately for each of the
twelve Federal Reserve banks.
The statement of Federal Reserve
Agents' Accounts (the third table following) gives details
regarding the transactions in Federal Reserve notes between the Comptroller and the Reserve
Agents and between the latter
and the Federal Reserve banks.
Combined Resources
and
Liabilities
Oct.
RESOURCES.
Gold
certificates in vault—
Gold settlement fund
reserves
Bills bought In open market
CJ. 8
U
on
—.
hand
warrants
earning
Due from other
F.
assets...
R.
banks—net
Uncollected Items
Total deduc'ris from gross deposits.
6% redemp. fund agst. F. R. bank
All
Other resources
Tnt^i
rm»«wir»vw»
Close
of
Business October 19 1917.
$•
$
t
.
1917. Aug. 31 1917.
$
$
Oct. 20 1916.
S
t481,614,000
334,787,000
52,500,000
445,597,000
430,979,000
408,206,000
414,433,000
416.797.000
261,515,000
342,337,000
373,387,000
384,646,000
395,853,1X10
383,937,000
121,351,000
52,500,000
52,500,000
52,500,000
52,500,000
840,434,000
856,'866.000
845,350,000
862.786.000
853,234,000
382,866,000
558,227,000
536,009,000
520,470,000
494,779.000
493,185,000
215,329,000
9,809,000
9,442,000
9,127,000
7.218,000
7,079,000
1,418,000
599,613,000
321,778,000
52,500,000
856,994,000
580,734,000
1868.901,000
560,111,000
9,717,000
9,465,000
notes
52.500.000
*
1,520,512,000 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
286,615,000
293,164,000
265,251,000
233,539,000
183,758,000
167,333.000
168,217,000
147,315,000
171,611,000
185,775,000
186,162.000
176,169.000
161,012,000
168,445,000
173,199,000
154.591.000
478,939,000
451,413,000
55,088,000
47,255,000
233,000
54,878.000
48,517,000
101,000
560,802,000
8. Government short-term securities
Total
the
tSept. 28 '17. Sept. 21 1917. Sept. 14 1917. Sept. 7
e
458,226,000
Government long-term securities.
Municipal
-
at
1,471,539,000 1,447,445,000 tl438 477.000 1,408,470,000 1,402,317,000
1,374.949,000 1.364,783,000 1,353,498,000
48,973,000
48,113,000
t48,238,000
49,089,000
49,934,000
51,085,000
50,608,000
52.610,000
reserves
Bills discounted—members
bills
369,799,000
$
11,218,000
Legal tender notes, silver, Ac
Total
482,716,000
618,827,000
Gold wltb Federal Reserve Agent
Gold redemption fund
Total
S
419,195,000
Oct. 5 1917.
52,500,000
gold held by banks..
gold
Federal Reserve Banks
841,494,000
Gold with foreigq agencies.
Total
the
1917. Oct. 11-12'17.
$
coin and
Total
19
of
582,435.000
32,540,000
332,302,000
17,147.000
321,205,000
364,842,000
338,352.000
232,993.000
21,365,000
82,692,000
409,708,000
344,770,000
335,778,000
341.416.000
301,906.000
55,727,000
55,129.000
53,929,000
45,358.000
45.394,000
45.406.000
73.632,000
39,876.000
41,070,000
42,366,000
42,441,000
32.521.000
79,000
224,000
214.000
214,000
204.000
1.230,000
32,543,000
580,851.000
504,937.000
439,983,000
423.716,000
429.455.0(X)
381.063.000
189,632,000
2,570,000
5,929.000
12.036,000
10.233.000
30,604,000
234,361,000
t2.247,000
t236.794.000
6.554.000
230,423,000
224,622,000
216,960.000
260,184.000
240,290,000
239,041,000
231,176.000
228.996.000
270.417.000
500,000
500,000
500,000
500.000
500.000
420.000
387,000
404.000
308,000
372.000
293.000
2,630,000
rtOn 9 .081.734.000 2.074.714 OOO
2.058,381.000
833.469.000
500,000
500.000
500 000
1.185,000
1,000,000
574,000
C/fl
10,561,000
610,174,000
oon 9.417 cit nnn 9.301 ,«97 nnn
„
9
9n3 R73.non 9
132.179
104,057,000
41,335,000
11,697,000
30,604,000
-
-
■
•
[VOL. 105.
THE CHRONICLE
1688
Oct.
19
Sept. 14 1917. Sept.
Sept. 28 1917f Sept. 21 1917.
Oct. 5 1917.
1917. Oct. 11-12 '17.
S
9
3
$
$
J
59,354,000
25,030,000
59,368,000
59,256,000
55,682,000
59,379,000
71,289,000
58.904,000
61,027,000
t86,310,000
21,602,000
39,926.000
154,358.000
26,116,000
74,167,000
1,069,804,000
1,151,701,000 1,139,291,000 1,138,542,000
1,230,557,000 1,265,309,000 1,148,887,000 1,136,930,000
28,903,000
account
52.339,000
50,621,000
50,779,000
67,433,000
94,029,000
51,377,000
42,262,000
non-members—clearing account
538,"102,000
tl59",258",66b
157,524".OOO
164,449",000
156",268",000
154.112'bbb
3
LIABILITIES.
61,847.000
76,365,000
61,101,000
2~io7o48*,bb6
Capital paid in
Government deposits
173.825,000
„
Due to members—reserve
Due to
Member bank deposits—net
Items
Collection
Total gross deposits
circulation
F. R. bank notes in circulation, net liab.
All other llab., incl. foreign Govt, credits
F. R. notes In actual
liabilities...........
Total
Gold reserve against net
deposit llab
..
res.
8,000,000
7,552,000
2,906,000
2,617,000
212,044,000
1,032,000
484,000
12,190,000
2,340,000
2,450,000
79.9%
66.8%
85.1%
102.2%
74.5 %
78.6%
78.8%
73.7%
73.0%
79.0%
74.5%
81.1%
81.4%
80.8%
75.7%
76.9%
82.2%
77.3%
1917. Oct. 11-12 '17.
19
178,321,000
138,648,000
146,000
65.0%
Oct. 20 1916.
1917. Aug. 31 1917.
7
$
$
$
S
%
$
228,355,000
259,725,000
233,277,000
and bought.
Sept.
Sept. 28 1917& Sept. 21 1917. Sept. 14 1917.
Oct. 5 1917.
3
S
Distribution by Maturities—
108,291,000
I.
$
127,393,000
128,459.000
1,026,000 1
55,508,000 1
i
80,170,000 > 136,600,000
126,000
69,667,000
"647976",000
*53.831",'000
63,663,000
63,338,000
45,175,000
126,000
56,671,000
126,000
947864", 000
loV.b'oVbbb
"97,025*,000
90.781,000
109,602,000
96,983,000
937616,06b
20,000
20,000
146,000
7,000
20,000
11,000
11,000
46,124,000
64,011,000
57,455,000
57,225,000
51,743,000
59,999,000
90,000
50,457,000
80,000
10.000
-5,000
5,000
1,468,000
1,546,000
""2",813",000
1,412,000
"l",848,000
2,149,000
""l,865",000
1,116,000
62,000
73,000
53,000
58,000
10,000
68,000
132,000
754,088,000
725,397,000
55,151,000
644,911,000
58,774,000
56,996,000
18;759,000
57,540,000
55,863,000
60,068,000
797,630,000
56,714,000
680,073,000
837,425,000
700,430,000
875,278,000
l-io days municipal warrants
16-30 days bills discounted and
670,246,000
644,567,000
621,299,000
587,915,000
212,044,000
1,065,660,000 1,050,560,000
1,167,320,000 1,145,700.000 1,116,840,000
1,309,040,000 1,251,580,000 1,207,940,000
178,124,000
180,572,000
192,835,000
195,748,000
197,957,000
201,280,000
374,600,000
bought.
16-30 days municipal
warrants...
81-60 days bills discounted and bought.
31-60 days municipal warrants
61-90 days bills discounted and bought.
61-90 days municipal warrants
Over 90 days bills discounted and bought
Over 90 days municipal warrants
Federal Reserve Notes—
Issued to the banks
Held by banks
69,614,000
54,745,000
.
58,000 I»
230,803,000
,
Accounts)—
Returned to the Comptroller
215,275,000
924,005,000
223,575,000
885,088,000
205,015,000
227,525,000
294,762,000
872,436,000
63,959,000
a
230,803,000
797,630,000
754,088,000
725,397,000
680,073,000
837,425,000
700,430,000
875,278,000
276,645,000
278,534,000
272,682,000
269,170,000
134,850,000
274,221,000
269,911,000
256,127,000
282,351,000
to Federal Reserve banks..
644,911,000
17"9,960,000
185,291,000
151.720,000
15,474,000
11,289,000
How Secured—
certificates
By gold coin and
949,952,000
224,555,000
969,363,000
1,003,660,000
Agent...... 1,095,698,000 1,044,885,000
206,030.000
207,460,090
220,420,000
Amount chargeable to
In hands of Agent
79,838,000
206,695,000
213,342,000
...
699,343,000
740,916,000
779,885.000
815,210,000
circulation
Fed. Res. Notes (Agents
Received from the Comptroller..
Issued
8,000,000
833,46Q,000
agat. F.R. Dotes in act. clrc'n.
1-15 days bills discounted
619,900,000
2,074,714,000 2,058,381,000
2,203,673,000 2,132,179,000 2,081,734,000
75.2%
2,447,841,000 2,417,845,000 2,301,633,000
74.6%
74.3%
74.3%
70.4%
69.2%
69.8%
70.4%
Oct.
In
8,000,000
3,206,000
8,000,000
4,178,000
8,000,000
deposit liabilities
net
140.278'bbb
1.393,343,000
1,391,962,000 1,367,782,000 1,384,919,000
587,915,000
1,559,232,000 1,564,678,000 1,488,484,000 1,433,176,000
621,299,000
644.567,000
670,246,000
700,212,000
740,916,000
779,885,000
815,210,000
6,023,000
6.894,000
7,561,000
against
Gold and lawful money reserve
Gold
20 1916.
Oct.
1917. Aug. 31 1917.
7
$
$
2507451",000
250769V,655
237,519,000
19's",0*49",000
paper
31,604,000
30,430,000
189,388,000
28,801,000
250,554,000
26,452,000
221,336,000
199,041,000
276,083,000
228,674,000
25,232,000
213,420,000
304,872,000
28,657,000
261,543,000
28,040,000
Gold redemption fund
725,397,000
700,430,000
680,073,000
644,911,000 ]
198,887,000
192,200,000
187,218,000
156,219.000
By commercial
With Federal Reserve Board....
875,278,000
837,425,000
797,630,000
270,185,000
Total
754,088.000
263,164,000
248,912.000
204,467,000
"
Commercial paper delivered to
Amount due to
a
F, R. Agt
other Federal Reserve banks,
b The figures lor San
New York. PhUadel'a. Cleveland
RESOURCES.
Gold coin A ctfs. In vault
Gold settlement fund--
Gold with for'n agencies
Chicago.
Atlanta.
Richmond
34,587,000 11,450,000
33,008,000 206,957,00041,303,000!40,448,000 26,774,000 39,179,000
500,000!
5,000,000:
950,000
20,000
729,000
447,000
Gold redemption lund..
Total gold reserves...; 80,173,000
Legal-ten. notes, sllv.,&c
Total
reserves
Discounted—Members
4,107,000
Total bills on hand...
10,721,000127,647,00010,099,000 12,932,000| 11,074,000
610,000:
long-tei'msecur's..
U. 8. short-term secur's.
24,399,000i29,030,000
2,542,000
550,000 7,947,000
2,686,000<
,075,000
10,000
6,074,000
warrants....
43,444,000
22,291,000143,625,000 841,494,000
691 ,00027,153,000
24,319.000:27,485,000 618,827,000
833,OOOj
26,000 11,218,000
136 ,000
19.424,00027,086.000
374,000
769,000
Total earning assets..
1,976
000| 7,637,000 2,842
000
16,455,000 11,521,000.44,203,000 20,854,000
053
,000]
985.00022,008,000 16,777,000 17,360,000458,226,000
8,859,000 3,968,000 3,074,000 55,088,000
2,358,000 2,580,000 4,741,000 47,255,000
233,000
46,000
10 ,000
860 ,000,
1,833,000
240 ,000
5,002,000
8,945,000
155,000
12,000
25,175,000 560,81)2,000
21,514,000 71,062,00024,920 000 15,095,00033,225,000 23,371,000
38,306,000218,240,000 28,034,000 41,740,000 20,120,000
...
7,127,000!
22,929,000
3,964,000 7,088,000
21,459,000
62,343,000 41,270,000.19,255,000 22,940.000
28,326,000
66,307,000 48,358,00026,382,000
5,397,000'
banks—Net.
Total deductions from
deposits
5,409 000
44,953",000 19,779
000
4,752.000!a32,540,000
8,013,000
,00019,174,000 22.021,000 22,447,000'332,302,000
388 ,000
732
22,940,000 21,459,000 44,953,000 25,188,000 16,120,000 27,187,000 22,021,000]27,199,000
400,000
Fed. Res. bank notes.
150912 000000,565,000 169339000 172456000
resources
5,467,000,
Capital paid In
Government deposits...
members—Re¬
serve
Due
account
to
5,988,0001
5,274,000
14 456,000
"9, 669,000
2,595. 000
OOOj 1,056,000
9,639,000(10,755,000
71,350.000518,042,000] 71,188,000 89,596,000 39,926,000 29,647,000
non-members—
21,433", 000
Items
43, 597,000
32,663",000 15,790,00015,494,000
Due to F. R. banks—Net
......
5,133,000!
11,000
11,432, 000:23,511,00013,650,000
2,650
4,095,000
2,578 000
3,372,000
3,891 000
7,464,000
2,783,000 4,032,000
5,471,000 12,149,000
16059100043.442,000 40,523,000 67,820,000 37,554,000
75, 000!
210,00'
33, 164,000
clearing account
Collection
8,048,000! 3,305.000
4,275 000
6,460,000] 3,477,000
1,^22,000 4,386,
500,000
68,000
78,000
551,000!
364,842,000
100,000
1,185,000
123824000 2447841000
89,963,000 131967 000 93,443,000
1Q5330 000 94,463,000 319410000107767000
LIABILITIES.
to
433,000
55,000
All other resources.
Due
1520512000
000'20,270,000 9,017,000 12,004,000 286,615,000
257, 000! 1,738,000 7,760,0(50 5,356,000]171,611,000
5% redemp. fund against
Total
517,000
728,
893,OGO'21,257,000 2,233,000
1,295,000
2,370,000
4,751,000
Due from other Federal
gross
2,100 000] 2,625,000
110119 000'28,674 »000
9,545 00036,566,00018,012 000
81,977,00014,300,000;16,098,OOOj 5,381,000
35,010,000 209,624,000
U.S.
Reserve
f
000 71,114,000 47,443,000 71,136,000 1471539000
51,076 000201917000 56,529,000 57 ,880
575,938,000 92,231,000 104012000 62,090,000
430,000
246,000 48,973,000
317, 000]
41,000
6.97,000
359 0001 1,478,000
180,000
322,000
Bought In open market 24,289,000:
Uncollected Items
.
8,041.00017,117,000 369,799,000
1.838,000 2,888,000 52,500,000
1,908 000,34,027,000
40,OSO,OOOj
716,000
47,873,000 71,382,000
51,435,000 203395000 57,226,000 58,197,000:71,155,000
84,280,000616,018,00092,947,000 104334 000 62,270,000
Bills:
Municipal
t
s
$
17
Total.
San Fran.
Dallas.
Minneap. Kan. City
419,195,000
4,618,00019,128 ,000' 6,792,000 12,412,00023,620,000
66,862,00021,956,000
7,350,0001 2,100,000
Total gold held by bks. 46,665,000363,981,000 49,978,000 63,544,000
Gold with F. R. Agents.
St. Louis.
6,382, 000 35,907,000
3,493 000
1,575, 000
16,338,000
RESERVE BANKS at CLOSEof BUSINESS OCT19
S
s
t
t
s
s
25,211,000236,268,00018,956,00023,571,000 6,330,000
17,779,000 109,601,000 27,347,000j35,248,000 26,420,000
'3,675,0001 18,112,000' 3,675,000! 4,725,000 1,837,000
69,190,000
230,803,000
t Revised figures.
Francisco are for Sept. 21.
WEEKLYSTATEMENTofRESOURCESandLIABIHTlESof EACH oftbe 12 FEDERAL
Boston.
24,974,000
000! 3,945,000'
3
ooo1
76,365,000
60,878,000 1230557000
3,666,000! 42,262,000
....
4,587 00011,715,000
61,847,000
6,192,000
608,000
9,984,000 210,048,000
....
000 20281900067,858,000 49,004 000 86,999,000
Total gross deposits.. 98,771,000 605, 472,000 105473000 109982 000 60,571,000 48,079
43,789 000 10S451 000 36,604,000 38,381 000 33,444,000
F. R. notes In act. clrcul. 46,188,000 279, 523,000 53,184,000 55,872,000 41,124,000
8,000,000
50,125,000 86,677,000.1559232 000
40,535,000 33,115,000815,210,000
8,000,000
....
F. R. B'k notes In clrcul
All other liabilities, lncl
486,000
foreign Govt, credits.
Total
liabilities
408,000
2,114,000
142,000
150912000900.565.000 169339000172456000105330000
Difference between net amounts due from and net
STATEMENT OF
Boston.
amounts due to other
FEDERAL RESERVE AQENTS*
New York.
Philadel'a.
Cleveland.
94,463,000
3,552,000
152,000
92,000
158,000
31941000010776700089,963,000131967000 93,443,000
123824000 2447841000
Federal Reserve banks.
ACCOUNTS AT CLOSE OF BUSINESS OCTOBER
Richmond
Atlanta.
Chicago.
St Louis.
Minneap.
Kan.
City.
19 1917.
Dallas.
Son Fran.
Total.
%
%
Federal Reserve Notes-^
148960000 51,440,000 53,280,000 56,720,000 60.020,000
,880,000| 526,160,000 92.440,000 81,000,000 59,700.000 58,980,000
11,252,000
9.6SO.OOO 4,856,000 7,457,000 8,223,000 10,366,000
Comptr'r 15,002,000 105.6S3.000 13,997,000 7,612,000 13,943,000
Rec'd from Comptrol* » 75
Returned
to
1
Chargeable to F. R. Agt
In hands of F. R. Agent
Issued to F. R. Bank.
39,189,000 109569S000
144101000 43,983.000 45,057,000 46.354,000 48,768,000
60,878.000 420,477,000 78,443,000 73,388.000 45,757,000 49,300.000
220,420,000
27,420,000 3,650.000 5,570,000 9,780.000 7,810,000
11,600,000 115,520,000 16,540,000 14,340,000 3,480,000 4,110,000
40,958,000 39,189,000 875,278,000
45,190,000 116688000 40,333,000 39,437,000 36,574,000
19,278,000 304,957,000 61,903,000 5S,44S,000 42,277,000
Held by F. R. Agent—
Gold coin and ctfs
28,209.000 196,482,000
Gold redemption fun<1
2,799,000
With Fed.
10,475,000
2.000,000
Res. Board
Commercial
paper
16,270,000
98,ob"o"po6
4,220.000 17,496.000
delivered to F. R. Agt
rw;
F. R. notes outstanding
F
R. notes held by banks
16,389,000 107,194,000 20,643.000 18,008,000 16,455.000
R, notes
In act.clrc'n 46.188,000 279,523,000158,184,000
7,041,000 25,703,090 13.256,000) 6,228,000
282,351,000
2,270.000 14,480.000
044,000
31,604,000
,441.000 304,872,000
,704.000 256,451,000
3p ,189,000
875,278,000
9,536,000 16,777,000 12,955,000 270,185,000
39.
.189,000 875,278,000
116684000 40.333,000 39.487,000 36,574,000 40,958.000
49,278,000 304,957.000 61,903,000 58,448,000 42,277,000 45,190.000
423,000 6,074,000 60,068,000
8,233,000 3,729,000 1.106,000 3,130.000
3,090.000 25,434,000 3,719.000 2,576,000 1,153,000 1,401,000
'W,
F
2,513.000 13,102,000
2,952,000
Amt. of commerc'l papei
1
3,579.000
496.000 1,513,000
1,039,000 1,523,000 2,165,000
774,000 2,630,000
90.928.000 23,060,000 19,500,000 23,360,000 7,674,000
33,939,000 20.000.000 26.000,000 32.970,000
5,796,000 9,421,000 16,639,000
25,260.000 13,247,000
20,600,000 18,000.000 15,503,000 6.011,000
3,144,000
40,958,000
45,190,000 116684 000 40,333,000 39,487,000 36,574,000
49,278,000 30 4.957,b00 61,903.000 58,448,000 42,277,000
Total
,460,000 1309040000
,271,000 213,342,000
55,872.000141.124, OOOU3.7S9,000103451000!36,604.000 38,381.00033,444,000,40.535.00033.115,000IS15,210.000
Oct. 27 1917.]
THE
CHRONICLE
1689
Statement of New York
City Clearing House Banks and Trust
shows the condition of the New
York
separate banks
Companies.—The following detailed statement
City Clearing House members for the week ending Oct. 20.
The figures for the
daily results. In the case of the totals, actual figures at end of the week are also
the averages of the
are
given.
NEW
CLEARING HOU8E
MEMBERS.
Oct
WEEKLY
CLEARING
HOUSE
RETURN.
National
Net
Capital,
Week
YORK
Loans,
JNat. Banks Sept. 11
\State Banks Sept.
8
Tenders
2,000.000
5,243,900
41,695,000
Merchants'Nat. Bank.
2,000,000
Mech. & Metals Nat...
National City Bank...
24,560,000
6,000,000
2,555,900
10,328,700
Average.
Bank
Demand
Time
Circula¬
Deposi¬
taries.
taries.
Average.
t
S
Average.
Average.
t
Average.
Average.
t
I
S
243,000
169,000
94,000
191,000
152,000
360,000
69,000
183,000
4,562,000
1,313,000
933,000
673,000
69,000
217,000
440.000
54,000
55,000
28,000
8,000
Depositt
National
Deposits.
Average.
1,423,000
-795.000
1,332,000
993,000
719,000
1,357,000
335,000
126,000
32,000
846,000
46,000
373,000
327,000
1,880,000
11,578,000
5,438,000
108,392,000
62,000
2,355,000
234,000
496,000
401,000
20,312,000
134,000
19,000
351,000
371,000
42,000
582,000
2,254,000
21,944,000
15,157,000
1,064,000
406,000
663,000
545,000
1,443,000
1,858,000
812,000
208,000
2,390,800
16,924,700
2,683,200
1,000,000
2,149.000
10,803,000
Corn Exchange Bank..
294,000
50,000
3,500,000
7,244,700
111,699,000
1,747,000
Importers'& Trad. Nat.
495,000
1,500,000
7,756,700
35,414,000
Bank......
5,000,000
166,654,000
East River Nat. Bank.
Second Nat. Bank
1,083,000
791,000
250.000
15,000
29,000
1,000,000
17,134,600
76,000
3,679,900
123,000
893,000
10,000.000
27,094,100
307,361,000
88,182,000
9,017,000
277,711,000
16,470,000
10,542,000
6,720,000
45,724,000
181,000
2,434,000
93,000
588,000
1,221,000
1,145,000
320,000
3,698,000
936,000
139,000
1,668,000
272,000
170,000
77,000
3,602,000
1,169,000
681,000
567,000
145,000
580,000
2,460,000
46,000
231,000
84,000
484,000
201,000
38,000
172,000
Nat. Bank
Irving Nat. Bank
4,000,000
4,770,200
500,000
N. Y. County Nat....
Chase Nat. Bank
373,500
12,623,800
Llncqln Nat. Bank
10,000,000
1,000,000
Garfield Nat. Bank
1,000,000
Fifth Nat. Bank
Seaboard Nat. Bank...
1,985,800
1,329,300
429,800
3,316,500
4,221,300
877,900
1,184,100
28,867,200
1,150,500
1,152,800
250,000
Liberty Nat. Bank
1,000,000
3,000,000
Coal Ac Iron Nat. Bank.
Union Exch. Nat. Bank
1,000,000
1,000,000
Guaranty Trust Co
Nassau Nat., Brooklyn
Broadway Trust Co...
Avge. for week k
25,000,000
1,000,000
1,500,000
20.-.
54,000
81,939,000
10,922,000
273,000
State Banks.
6
Not
Mem hers
of
148,000
4,168,000
50,000
347,000
446,390,000
12,304,000
24,835,000
Fed eral
2,050,000
5,212,100
1,500.000
6,706,200.
1,344,000
Greenwich
Bank
Pacific Bank
32,000
503,000
118,000
332,000
75,000
195,000i
...^
10,947,000
188,000
136,000
540,000
157,000
573,000
679,000
22,000
47.3,000
673,000
500,000
500,000
Reserve
...
....
....
17,695,00oj23,201,000 11,539,000 457,772,000
2,712,000
-288,000
288,000
629,000
26,000
478,000
449,000
282,000
6,000
915,000
134,000
1,416,000
345,000
665,000
597,000
86,000
113.000
226,000
190,000
38,000
222,000
70,000
403,000
321,000
261,000
4,118,000
18,160,000
23,105,000
Trust Companies.
Not
Brooklyn Trust Co
1,500,000
of
5,000.000
12,134.000
1,000.000
,«
4,000,000
5,000,000
Peoples Trust Co
1,000.000
New
3,000.000
York Trust Co...
Franklin Trust Co
1,000,000
Lincoln Trust Co
1,000,000
Metropolitan Trust Co.
2.000,000
Totals, avge. for week
37,750,000
Totals, actual Condition Oct.
350,000
2,891,000
238,000
135,000
.
3,961,000
....
6,364,000
....
13.
—
17,000
20,566,000
123,000
-
18,559,000
-
5,353,000
6,461,000
...
561,000
1,545,000
2,000
14,515,000
4,062,000
19,713,000
25,906,000
32,000
5,177,000
2,989,000
23,536,000
4,612,000
225,530,000
2,539,000
22,797,000
4,629,000
5,393,000
3,538,000
2,382,000
226,730,000
2,556,000
227,307,000
231,069,000
2,178,000
228.775,000
2,192,000
4,187,000
5,295,000
5,124,000
3,914,000
3,853,000
5,327,000
5,660.000
-
2,972,000
3,045,000
2,781,000
2,474.000
24,637,000
27,280.000
25,515,000
172,000
—-
2,147,000
...
-
Bank.
34,163,000
255,994,000
64,976,000
41,553,000
1,146,000
222.000
8,658,000
1,975,000
698,000
24,598,000
85,488,000
24,161,000
,631,000
5,344,000
525,000
3,804,000
518,000
902,000
1,465,000
53,649,000
1,367.000
1,941,000
636,000
236,000
23,560,000
5,616,000
4,233,000
100,000
.302,000
77.000
71,000
183,000
253,000
324,000
132.000
196,000
173,000
10,778.000
76,184,000
18,853,000
13,848,000
233,000
236,000
110,000
1,685,000
54,000
32,000
101,000
108,000
736,000
445,000
1,312,000
430,000
850,000
3,428,000
363,000
326.000
66,000
37,000
347,000
243,000
87,000
267,000
115,000
263,000
67.000
76,000
262,000
1,245,000
642,000
.262,000
3,363,000
666,000
1,497,000
662,000
111,000
5,711,000
6,815,000
1,618,000
5,581,000
27,335,000 4,447,000
215,737,000 34,254,000
52,334,000 11,878,000
26,238,000
8,620,000
...
...
1,166,000
906,000
17,000,000
501,000
68,553,000 17,842,000
22,366,000
1,562,000
915,000
305,000
349,000
13,247,000
1,194,000
50,381,000
........
68,325,000 12,083,000
17,653.000
1,658,000
3,955.000
66,450,200 k704,245,000 27,351,000 kl,948,000 k'2,618,000 k3,114,000 k52,736,000 19,632,000 k577,789,000
91,446,000
20
Totals, actual condition Oct.
20,000
17,000
1,007,000
4,282,000
Reserve
886,000
'
u-.
....
871,000
244,000
561,000
4,494,600
50,000
2,000,000
1,275,000
1,185,000
4,299,000
6,512,800
1,253,300
11,230,000
1,187,300
553,300
70,000
499,000
413,000
398,000
128312000 32,729,000
35,000
195,000
374,000
87,000
562,000
1,197,400
5.104,300
Columbia Trust Co
79,000
394,000
117,000
645,000
Fed eral
2,952,700
15,383,900
4,452,600
Fidelity Trust Co
Lawyers Title & Tr. Co.
357,000
239,000
1,109,000
2,249,000
219,781,000 14,306,000
217,413,000 15,034,000
Members
11,250,000
81,000
219,114,000 14,616,000
218,240,000 14,481,000
2,000,000
Bankers Trust Co
U.S. Mtge.A Trust Co.
Title Ouar. & Trust Co.
26,000
216,939,000 14,744,000
Totals, actual condition Oct. 20...
Totals, actual condition Oct.
13....
Totals, actual cooditinn Oct..
6
Totals, actual condition Sept. 29...
399,000
248,000
130505000 32,448,000
80.782,000 32,276,000
75,155,000 32,029,000
29,897,000
13,241,000
9,590,000
4,000
26,107,700
894,000
16,000
44,451,000
3,355,000
794,000
959,000
12,275,600
199,000
1,200,000
2,733,000
494,000
10,270,000
83,000
Totals, avge. for week
62,061,000
10,306,000
98,000
120,000
4,333,000
6,451,000
17,211,000
5,486,000
6,423,000
15,341,000
418,000
640,000
....
326,000
369,000
641,000
173,000
1,500,000
50,000
5,772,000
49,977,000
283,000
1,577,000
325,600
206,000
399,000
102,000
1,000,000
,
830,000
0,353,000
356,000
333,000
1,000,000
Bank of the Metropolis.
1,130.000
926,000
116,000
West Side Bank
51,000
3,550,000
201,000
586,000
N. Y. Produce Exch...
State Bank
101,000
3,828,000
919,000
49,000
761,300
2,302,200
64,400
980,800
200,000
250,000
2,258,000
324,000
400,000
1,019,000
2,847,886,000 128409000 32,648,000
71,000
Germanla Bank
1,712,000
390,000
30,905,000
154,860,000
2,812,244,000
2,852,510,000
2,366,789,000
2,370,276,000
465,000
200.000
6,908,000
12,081,000
450,000
355,600,000 45,200,000
10,320,000
488,000
25,164,000
1,569,000
51,523,000
1,361,000
3,316,000
1,020,000
339,000
383,000
1,373,000
German Exchange Bank
49,000
9,905,000
8,521,000
3,167,000
817,200
803,300
9,813,000
150,000
93,683,000
21,163,000
2,320,700
818,800
4,959,000
255,150,000 23,902,000
17,591,000
15,000
9,551,000
'200,000
486,500
100.000
9,203,000
2,946,000
2,055,200
250,000
750.000
442,000
14,791,000
2,162,000
16,824,000
176,906,000
........
200,000
Fifth Avenue Bank
3,778,000
1,782,000
Bank.
38,957,000
31,814,000
12,689,000
1,017,000
6,465,000
8,629,000
2,490,000
727,000
151,619,000
30,622,000
2,000,000
Bank
Metropolitan Bank
Bowery Bank
German-American Bank
1,839,000
264,715,000
61,933,000
1,372,000
1,672,000
251,000
1,031,000
86,340,000
........
10,648,000
51,000
249,000
773,000
18,119,000
165,879,000
3,142,777,000 45,296,000 17,724,000 23,920,000 11.208,000 426,206,000
3,134,633,000 48,787,000 f7,141,000 22,080,000 11,797,000 465,633,000
2,633,534,000 42,6.53,000 16,319,000 21,423,000 9,787,000 367,035,000
2,621,211,000 36,724,000 16.219,000 21,809,000
9,930,000 366,481,000
13
Totals, actual condition Sept. 29.
Bank of Manhattan Co.
Bank of America.:
450,000
807,000
150,850,000 252,098,900 3,150,246,000 48,379,000
____
Totals, actual condition Oct.
Totals, actual condition Oct.
Totals, actual condition Oct.
People's
2,488,000
19,183,000
1,946,000
547,986,000
47,786,000
8,056,000
84,000
........
1,447,000
786,000
461,000
36,687,000
1,521,000
41,369,000
First
$
11,353,000
2,256,000
96,688,000
320,299,000
2,550,000
Park
Average.
$
7,586,000
303,000
Citizens' Nat. Bank...
Market & Fulton Nat..
Nat.
Average.
$
65,721,000
5,571,300
20,864,400
3,144,000
271,000
25,000,000
3,000,000
tion.
5,939,000
2,507,000
33,388,000
115,241,000
7,352,000
2,763,000
387,000
15,162,000
34,903,000
7,450,000
23,351,000
4,653,000
Bank of Comm..
Chat. & Phenlx Nat._.
Hanover Nat. Bank...
3,500,000
Deposits
36,769,000
77,500
5,000,000
Net
Leoal
Deposi¬
191,000
150,437,000
7,095,000
505,609,000 11,101,000
54,346,000
251,000
13,840.000
156,000
2,334,000
28,000
872,200
300,000
Nat.
Net
Legal
142,643,000
1,000,000
American Exch. Nat...
Average.
$
25,000,000 c48,277,400
3,000,000
8,885,200
Chemical Nat. Bank...
Atlantic Nat. Bank
Nat. Butchers & Drov.
with
Federal
Silver
Ac.
$
with
Legal
Members of Federal
Reserve Bank.
Bank of N. Y., N.B.A.
$
Reserve
and
Reserve
Discounts,
Investments,
29 1917.
Additional
Bank
Notet.
Profits
Ending
.....
....
........
k706.086.000 19,541.000 kl,826,000 k2,502,000 k3,138,000 k70,702,000 12,223,000 k580,797,000 89,834,000
kl,960,000 k2,629,000 k2,863,000 k47,778.000 21,7551000 k571,280.000 91,121,000
1,105.053,000 36,835,000 2,186,000 3,117.000
3,300,000 108,057,000 21,975,000
924,200.000 128580000
1,103,645,000 56.919,000 2,189,000 2,915,000 3,570,000 84,456,000 20,513,000
936,559.000 125568000
k 700,933,000 31,400,000
Tcfa!s, actual condition Oct.
6
Totals, actual condition Sept. 29...
Grand aggregate, avge. 200,875,600
344,662,800 +4071430000 90.474,000 23,942.000 30h996/)00
Comparison pre v. week
+
f7,642,000 534,044.000 24,244,000 a3651205,000
81,815,000j-3,010.000 +1308000 +1143000 ^542,000 +8,117,000 -4,409,000 +64,725,000
222394000 32,648,000
+5021000
+255,000
condition"
Grand aggregate, actual
Oct.
20...
47067.077.000
13...
4,053,806,000 94,668,000 23,383,000 29,833,000 17,705,000 538,048,000 27,148,000 03651097,000 223804000 32,448,000
Comparison prev. week
79.453.000
+14,171,000 -15215000
Grand aggregate, actual
2TJ377000 377897.000 I7^18d)00 519,7057)00
+354,000
+1974000
16,852,000
—387,000 -18,343,000 -10296000
b361977l7o00
220702000 32,729,000
—31,326.000-3,102,000
+281,000
condition
Oct.
Grand aggregate, actual
Grand aggregate, actual
condition
Grand aggregate, actual
condition
Oct.
6... 3,958,638,000 03,884,000 22,419,000 29.807,000 15,958,000 502,372,000
25,513,000 b3522058,000 2U 5090t)0 32,276,000
Sept. 29... 3,942,269,000 108677000 22„261,000 30.384,000 15,974,000 476,452,000 22,895,000 03535610000
202915000 32,029,000
Sept. 22... 3,895,979,000 108249000 23,184,000 30,397,000'14,706,000 473,369,000
38,358,000 b3501390,000 204081000 31,866,000
a
condition
XT. S. flepogtta deducted, $191,989,000.
Trust Co.'« figure*
Reserve Bank and
are
b U. 8. deposits deducted, 8227,442.000.
included with those of
other members of
c
Includes capital stt aside for foreign
the Federal Reserve Bank.
This change heavily Increased
STATEMENTS
OF
RESERVE
Cash
in
in
Members Federal
Total Oct
29
Total Oct.
•
a
$
Reserve
Bur plus
Required
Reserve.
$
$
457,772,000457,772,000 374,077,450
23,536.000
50,745,0001 40,595,400
Dec
from
Previous Week.
$
—4,212,810
10,140,600
+617,400
94,942,800:
65,489,000.525,927,000591,416,000492,779,340 98,636.660
84.856,000492.790,000577,640,000494.734,990 82,911.010
92,944,000 463,154,000 556.098,000490.092,970
e
or
83,694.550
35,031,000j 52,736,000j 87,767,000; 86,668,350 1,098,650
62,240,000534,044,000'596,284,000'501,341,200
6...
Sept.29
Reserve
$
•
c
Inc.
Total
Depositaries
27,209,000
Total Oct. 13...
Tntal
Vault
S
Reserve bank...
Trust Companies*.
Actual
Reserve
Reserve
banks*
Guaranty
66,005,030
Cash
Reserve
in
Vault
Figures.
Reserve
in
Depositaries
Inc.
Total
Reserve
Reserve
Surplus
Required
Reserve.
e
$'8
d
27,070.000
8
$
I
$
420,206,000426,206,000369,441,0«0! 56,764,920
22,797,000
49,867,000
40,811,400j
or
Dec
from
PrevioutWuk
8
—34,126,630
9,055,600
—1,598,140
—98,450 27,097,000 70,702,000 97,799,000j 87,119,550 10,679,450
+9,741,450
—3,693,860' 54,167,000519,705,000573,872,000497,372,030j 76,499,970 —25,983,320
+15,725,650 65.784.000538.048,000603,832,000501,348,710:102,483,290
+18,493,740
+10,905.980
—19,318,990
71,946,000502,372,000574,318,000 490,328,450
83,089,550
+ 6,977,430
92.614,000476,452.000 569.Q66.00Q492.053.8801
77,012,120
—5,742,40a
Not members of Federal Reserve Bank.
This is the
also amount of
reserve
reserve
required
required
on net demand
on net
deposits In the
time deposits, which was
case
as
of State banks and trust companies, but In the case 'of members of the Federal Reserve
Bank Includes
Oct. 20, 83,852,270: Oct. 13, $3,787,020: Oct. 6, $2,403,330: Sept. 29
follows:
b This is the reserve required on net demand deposits In the case of Slate banks and trust
companies, but In the case of members of
also amount of reserve required on net time deposits, which was as follows:
c
k The
totals of the members of the Federal
POSITION
Averages
State
branches, 16,000,000.
the
correspondingly decreased the aggregates for the trust- companies.
Amount of cash
In vault, which Is no longer oounted
Oct. 0, $86,955,000: Sept. 29, $83,898,000.
d Amount of eash lu vault, wulch Is no longer counted
Oct. 0, $90,182,000: Sept. 29, $84,682,000.
as reserve
,
as reserve
$2,276,430.
the Federal Reserve Bank Includes
Oct. 20, $3,849,360: Oct. 13, $3,915,150: Oct. 6, $2,423,460: Sept. 29,
$2,254,654.
for members of the Federal Reserve Bank.was as follows: Oct. 20,
$100,814,000: Oct. 13, $97,012,000:
.'
'
for members of the Federal Reserve Bank, was as follows:
Oct. 20, $98,148,000;
Oct. 13, $99,805,000;
(.Figures Furnished by
bank notes
from F. R. Bank of New York
Currency and
Inc.
Deposits eliminating amounts
positaries and from other banks and trust com¬
panies in N. Y. City, exchanges and U. S. deposits
Reserve on deposits
904,200
Inc.
12,033,300
Ihc.
873,169,400
13,382,300
The
23.9%.
Percentage of reserve,
RESERVE.
17,306,900
$153,451,900
25.90%
23.63%
STATE
Total
Cash in
and
Ended—
Deposits.
Tenders.
Specie.
Vault.
12,488,000
15,164,946
17,526,400
431,983,000
+ 1,845,800
1,890^098,700
186,647,700
308,926,800
+ 29,504,100
—676,700
—1,301,900
26,819,200
+ 407,700
82,676,400
—4,263,700
and bank notes.
last week.
20,296,200
14,871,600
+ 431,400
+420,900
F.R.Bk of N.Y.
Change from last week.
taries.
26,107,600
—2,417,600
87,167,200
—2,427,100
and Investments..
Bp6Cl6
-
„
-
50.081.6
322.326.3
253.147.1
42.216.7
295.363.8
251.205.2
245.643.8
42.943.0
294.148.2
42.498.6
42,127.9
43.419.1
288.142.4
281,906,7
13...
4,722,059,0
4.739.736.5
4.795.665.9
4,827,878,5
20
4.918.137.4
4 524.374.4
Aug.
11...
Aug.
4,701,610,7
4,665.195,5
4.698.954.2
4.692.376.4
4.645.698.3
18...
Aug.
25...
Sept.
1...
Sept.
8...
Sept. 15...
Sept. 22...
Sept. 29...
6...
Oct.
Oot.
Oct.
..■
43,859,5
253.693.5
546,135,3
45,759,5
252.160.7
575.446,1
44,614,0
246.539.6
592.168,7
191.423.1
44,260,0
42.630.2
241.279.8
234.053.3
606.777.5
180.862.3
44.885.7
178.469.4
47.878,0
225,748,0
226.347.4
201,925,6
197,019,8
banks and trust cos. but not
RETURN OF NON-MEMBER
Capital.
204,949,800
+ 3,786,800
+ 250,400
110,272,300
343,118,600
39,879,200
+ 1,583,000
—5,044,100
37,226,200
+4,198,800
25.3%
21.0%
21.6%
16.3%
25.0%
21.3%
19.6%
16.0%
last week.
+ 18,980,700
deposits.....
last week.
Change from
636,841,0
P, C. reserve to deposits.
Percentage last week..
643,019,0
Reserve notes
members.
last week.
+ Increase over
Cold.
5
Bank
Demand
Time
Circula¬
taries.
taries.
Deposits.
Deposits.
tion.
Aver age,
Average.
Average.
Average.
Average.
5,799,000
705,600
6,336,000
5,748,000
50,000
850,000
338,000
316,000
844,000
4,233,000
916,000
15,000
262,000
687,000
599,000
3,931,000
6,822,000
36,000
90,000
18,000
104,000
250.,000
780,800
79.000
Hudson Co. Nat., Jersey City
5,982,000
5,422,000
678,300
7,002,000
48,000
13,000
59,000
137,000
220,000
125,000
308,600
5,476.000
59,000
32,000
69,000
100,000
Colontnl Bunk..
500,000
458,200
933,200
673,000
125,500
499,300
378,000
529,000
1,323,700
Bank of Washington Heights.
5,142,000
5,696,000
17,000
611,900
400,000
550,000
572,000
509,000
800,000
2,873,000
31,000
127,000
300,000
41,765,000
192,000
291,000
112,000
85,000
55,000
395,000
Brooklyn....
Brooklyn...
First Nat. Bank, Jersey City
300,000
Nat. City Bank,
4,870,800
51,000
720,000
552,000
First Nat. Bank,
1.995,000
5,977,000
5,279,000
1,084,000
122,000
15,000
51,000
189,000
%
$
$
111,000
168,000
24,000
44,000
461,900
Legal
with
$
%
%
%
$
'22,000
Net
Deposi¬
Average.
Average.
Average.
Average.
$
Net
Deposi¬
Silver.
Battery Park Nat. Bank
Total
National
Deposits
Legal
Reserve.
Notes.
dc.
Average.
Hoboken
Additional
with
400,000
Second Nat. Bank, Hoboken.
by clearing
dt Federal
Legal
Tenders.
1017. fNat. banks Sept. 11\
[State banks Sept. 8J
$
+260,900
Decrease from last week.
Reserve
Bank
Loans,
Discounts,
Investments,
Federal Reserve Bank
First Nat. Bank,
—
National
Net
Members of
•
Reserve on
674,456,3
319,513,600
567,114,600 2,180,812,700
+ 20,843,400
.i
Change from
the report made to the Clearing House
House return" on the preceding page:
INSTITUTIONS OF NEW YORK CLEARING HOUSE.
Profits.
'.
CLEARING
Week Ending Oct. 20
Deposits
and Trust Companies.—Following is
which are not included in the "Clearing
Non-Member Banks
non-member institutions
NON-MEMBERS.
v r »*
Due from
580.079.3
578.289.4
223,683,8
209.834.0
206.401.2
*
Change from
668.014.9
267.102.9
239,778,8
Tenders" are national bank notes and Fed.
those held by Fed. Reserve
t Included with "Legal
held by State
Currency
622,761,8
677.656.8
644.247.2
272.244.7
4...
week.
last week.
Change from
4,414.094,9
4,421,443.0
4.434.759.0
4.370.867.2
4,375,602,6
4.425.359.4
3,877,888,8
4.374.901.1
4.347.960.5
4,376,818,1
4.402.615.3
4,446,267,1
4,619,359,2
4,586,150,2
4.628.044.8
28...
Aug.
20
Change from last
%
July
19.606.700
89,550,000
Deposi¬
Demand
Investments
Week
Y
178,822,000
Loans
in
Reserve
t
outside of
Greater N.
Y
Greater N.
41,732,300
Surplus as of June
YORK.
ciphers in all these figures.
Legal
Trust Cos
outside of
"
24,050,000
Capital as of June 20
GREATER NEW
Loans
in
Greater N.Y
N.Y
Greater
/
Stale Banks
Trust Cos.
in
20.
Week ended Oct.
of the New York City Clearing House banks
and trust companies, combined with those for the State banks
and trust companies in Greater New York City outside of the
Clearing House, compare as follows for a series of weeks past:
COMBINED RESULTS OF BANKS AND TRUST COMPANIES IN
COMPANIES
BANKS AND TRUST
State Banks
The averages
We omit two
1045).
(V. 98, p.
1914
9.51%
14.12%
14.77%
..$30,355,500
Total
$61,783,800
91,668,100
11.13%
Deposits in banks and trust cos
Companies—
-Trust
Banks
Stale
$13,018,600
Cash in vaults
made
are
952,600
Dec.
183,807,400
up, see "Chronicle," V. 98, p. 1661.
provisions of the law governing the reserve require¬
ments of State banking institutions as amended May 22 1917
were published in the "Chronicle" May 19 1917 (V. 104, p.
1975).
The regulations relating to calculating the amount
of deposits and what deductions are permitted in the com¬
putation of the reserves were given in the "Chronicle" April 4
495,900
578,100
Inc.
Dec.
6,025,000
,1,009,857,900
due from reserve de¬
Total deposits
$8,443,900
Inc.
56,999,400
11,803,000
Specie
Due
statement covering all the institutions of this class
in 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:
For definitions and rules under which the various items
■previous week.
Oct. 20.
$846,707,400
investments
and
y
presents a
NOT INCLUDED IN
NEW YORK,
House" furnished
Department also
Eanies inState York City not in the Clearing
New Banking Department, the
the
and trust companies
House, and these are
BANKS AND TRUST COMPANIES IN GREATER
CLEARING HOUSE STATEMENT.
State Banking Department.)
Differences from
SUMMARY OF STATE
banks and trust com-
the returns of "State
In addition to
weekly figures
Banking Department repents
The State
showing the condition of State banks
in New York City not in the Clearing
shown in the following table:
Loans
[Vol. 105
THE CHRONICLE
1690
.
591,000
118,000
385,000
459",000
197,000
2,919,000
3,476,000
218,000
2,846,000
2,361,000
100,000
32,092,000
7,448,000
1,501,000
State Banks.
Not Members of
the
Federal Reserve Bank.
Columbia
International
Mutual
300,000
Bank.
500,000
Bank
200,000
Bank
2,067,000
40,000
2,268,000
147,000
5,000
64,000
190,000
503,000
137,000
124,000
597,000
622,000
9,949,000
592,000
466,000
9,061,000
383,000
10,379,000
317,000
4,219,000
*
807,000
21,000
141,000
296,000
4,366,000
304,000
3,000
27,000
180,000
272,000
8,106,000
4,095,000
656,000
49,000
221,000
99,000
431,000
238,000
55,000
191,000
4,370,000
301 000
2,000
10,755,000
'
237*660
211,000
8,448,000
225,000
89,000
4,185,000
329.000
150,000
105,000
133,000
914,000
2,325,000
294,000
1,841,000
7,617,000
.
,
200,000
500,000
100,000
200,100
544,100
6,974,000
524.000
Mechanics' Bank, Brooklyn..
1,600,000
21,578,000
900,000
Brooklyn..
200,000
774,700
182,400
4,229,000
233,000
4,200,000
5,003,600
75,802,000
4,702.000
Hamilton Trust Co.. Brooklyn
500.000
200,000
1,033,600
333,200
9,261,000
6,507,000
551,000
Mechanics' Tr. Co., Bayonne
73,000
700.000
1,366,800
15,768,000
624,000
69,000
"110,000
108,000
2,192,000
+ 239,000
8,993,000 12,270.000
+ 62,000 + 1717000
—429,000
—11.000
1,953,000
1,851,000
1,825,000
15,881,000
8,931,000 10,553,000 al 18,720,000
15,826.000
9,045,000 11,972,000 al 18,459.000
15,603,000
8,979,000 11,246.000 all8,888,000
1,512,000
New Netherland
Bank
W. R. Grace & Co.'a
...
Bank.
..
Yorkvlile Bank
North Side Bank,
Total
013,100
16,000
85,000
284,000
111",000
705,000
404,000
1,338,000
22,071,000
123,000
117,000
1,324,000
218,000
14,000
268,000
354,000
4,005,000
400,000
46,000
2,259,000
1,485,000
4,420.000
4,328,000
74,781,000
3,582,000
724,000
17,000
47,000
352,000
821,000
7,054,000
1,428,000
19,000
93,000
61,000
290,000
299,000
3,622,000
2.994,000
50,000
•
457,000
642,000
1,120,000
10,676,000
4,422,000
„
Trust Companies.
Not Members of the
Federal Reserve Bank.
■
Total
Grand aggregate.
........
Comparison previous week
Excess
reserve.
Oraijri aggregate Oct.
13___.
6
Sept. 29
aggregate Sept. 22
aggregate Sept. 15
6,845.00(1 11.241.209 135,083,000
6.796,000 11.375.300 135,527,000
6.795.000 11.375.31K' 135,301,000
6.795.OOO 11,375,300 136.634,000
Grand aggregate
Grand
5,835,000
1,365.000
2,919,000
+ 34,000
—29,000
—95,000
5324,100 increase
Grand aggregate Oct.
Grand
6,895,000 11,241,200 133,335,000
—1,748,000
6
795.0O0 11.375,300 136.445.000
5,801,000
5,539,000
1,394,000
5,731,000
5,709,000
1,273,000
5.916.000
1,315.000
1.347,000
1,428.000
3,014,000
2,935,000
2,930.000
2.869,000
2,952.000
1.702,000
1,824.000
al
17,549.000 15,452,000
—1,171,000
18,024.000 14,697.000
8.921,000 11,970,000
14.862.000
8,925,000 10,805,000 all8,376,000
al
1,501,000
1,516,000
1,517,000
1,519,000
1,522,000
.
oU. 8. deposits deducted,
$2,495,000.
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
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.
basis of 10% reserve
HOUSE MEMBERS
Week eniing Oct.
20 1917.
Oct.
Oct. 20
1917.
Change from
previous week.
Oct
13
1917.
Oct.
6
Two
ciphers
(00)
omitted.
Nat. Banks Trust
1917.
$5,495,000 Dec.
$6,000 $5,501,000 $5,496,000
6,895,000 449,806,000 449,145.000
394,376,000 Inc. 21,964,000 372,412,000 368,959.000
Individual deposits, lncl.U.S.
144,914,000 Inc. 10,680,000 134.234,000 129,724,000
Due to banks
29,813,000 Dec.
761,000 30,574.000 30,692,000
Time deposits
20,874,000 Inc.
4,267,000 16.607.000 16,518,000
Exchanges for Clear. House105,922,000 Inc. 15,886,000 90,036.000 82,662.000
Due from other banks
60,671.000 Inc.
2,036,000 58,635,000 59,463,000
Cash In bank & In F. R. Bank
1
Reserve excess in bank and
18,527,000 Inc.
810,000 17,717.000 18,588,000
Federal Reserve Bank
Circulation
Loans, disc'ts & investments- 456.701,000 Inc.
Bank deposits
Time
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
deposits...
Bk.
,
*
$31,475,0
81,262,0'
572,694,0
81,257,0
81,194,0
574,220,0
569.995,0
25,593.01
23,462,0
24,835,0
143,056,0
125,645,0
126.919,0
184,613,0!
172,433,0
173,813,0
494,296,0
491,217,0
23,345,0
2,248.0
2,702,0
3,472.0
364,168,0
131,490,0
495,658,0.
3,749.0
3,905.0
4,100,0
134.962,0
684,b20,0
670,634,0
669,130,0
12,260.0
11.130,0
10,992,0
47,387,0
U.S.deposita(not Included)
Res've with Fed. Res.
held.
required
Excess res.
1917.
$31,475,0
531,475,0
$11,000,0
33,875,0
153,377.0
$20,475,0
549,058,0
Total deposits.
Reserve
Oct. 6
13
1917.
419,317,0
3,749.0
deposits
Total reserve & cash
Total
181,141,0
Due from banks
Individual
Cot.
140,354,0
Capital
Surplus and profits.
Loans, disc't8 & investm'ts
Exchanges for Clear .House
Cash in vault
■
A cash 1n vault
43.705.0
14,911,0
58,616,0
59.501.0
60,248,0
18.156.01
25,512,0
24,275,0'
22,860,0
61,861,0
7,356.0
22,267,0
84,128,0
83,776,0*
83,108,0
38,273,0!
19,501,0
57,774,0
58.565.01
58,179,0
?6.7.<u,n
25.91
r.0!
?4.oqq 0
23.5«8.0
2.766.0'
Cash In vault Is not counted aa reserve
for F. R. Baaft members.
Oct. 27 1917.]
THE
ankzvs*
CHRONICLE
2 to 7
&2jcttjc.
points.
by day,
The
Money
and
much attention has been
Liberty Loan
Street, Friday Night, Oct. 26 1917.
Market
Financial
usually regarded in Wall Street
more
less neglected.
or
scribing
received
only passing notice,
The latter is due in part,
railway
news
of
new
matters,
from
business
has
the Stock
at
however, to current reports of
and net earnings, which, like those preceding,
the strongest possible evidence of the absolute
necessity
are
gross
laboring.
Atchison system, which shows
net revenue.
decrease of $850,000 in
a
Happily, this matter is
now
It
announced
was
man
loan
war
early in the week that the seventh Ger¬
reached
a
total
of
$3,107,500,000, which
points
closed
are
It is
second loan of
000 is
well known that
our own
not
yet lacking there.
$3,000,000,-
substantially oversubscribed.
"
Foreign Exchange.—Sterling exchange remains quiet and
without appreciable change in rates.
tal
The neutral continen¬
exchanges have ruled firm owing to the absence of
mercial bills consequent upon the embargo upon
The belligerent exchanges have been firm, with the
com¬
exports.
Baldwin
For
exchange
Rome.
on
Francs
reflecting the French military
particularly
were
strong,
progress.
To-day's (Friday's) actual rates for sterling exchange were 4 71 @4 71%
for sixty days, 4 75 3-16 for checks and 4 76 7-16 for cables.
Commercial
on
Locomotive
banks, sight 4 74%@4 75, sixty days 4 70>£, ninety days 4 68%, and
Cotton for payment, 4 74%
documents for payment (sixty days) 4 70%.
@4 75, and grain for payment, 4 74% @4 75.
day i
To-day's (Friday's) actual rates for Paris bankers' francs were 5 80
@5 82% for long and 5 75% @5 77% for short.
Germany bankers' marks
were not quoted for sight, nominal for
long and nominal for short.
Am¬
sterdam bankers' guilders were 43 1-16 for
long and 43 3-16 for short.
Exchange at Paris on London, 27.18 francs; week's range, 27.18 francs
high and also 27.18 francs low.
1
Exchange at Berlin on London, not quotable.
The range for foreign exchange for the week follows:
Sterling, Actual—
Checks.
Cables.
Sixty Days.
High for the week
4 71%
4 75%
4 76 7-16
Low for the week
4 71
Paris Hankers' Francs—
4 75 3-16
High for the week
5
80%
5 75
Low for the week
5
85%
5
represented in
our
STOCKS.
Sales
Shipbuilding.. 100
42
Exchange.—Chicago,
10c.
and
per
Bonds.—Sales
of
State
bonds at
limited to $16,000 New York 4s,
1962, at
$ per share.
$ per share.
Lowest..
Highest
$ per share
$ per share.
90
Oct 26
Oct 26
90
Oct
100
98
Oct 24
98
Oct 24
98
100
83
Oct 24
S3
Oct 24
80
Oct 104%
Oct 98
Associated Oil
.100
400
50%
Oct 24
59
Oct 22
56%
Oct
& Atl.100
100
10
Oct 23
10
Oct 23
10
Oct
Atlanta Birm
90
90
Oct
78%
17%
Barrett, preferred... 100
10 103
Batopilas Mining
20"
700
1
Beth Steel pf rets full pd 15,800
99%
Bklyn Union Gas... 100
500 89
1%
Oct 24
Oct 24 101%
Oct 22 91
Oct 22
93%
2%
Oct 101%
Oct 20
89
Oct 129
Oct 26
Oct 26 103
Oct 26
Terml.__100
800
7
Oct 20
Buffalo Itoeh & Pitts 100
Burns Bros
..100
50
72
Oct 23
Oct 26 100
7%
72
Oct 117
6%
2Gl
99%
Oct 20 104
38
Oct 25
38
Oct 25
30
Aug
300
66%
Oct 26
67
Oct 22
65
Oct
30
Oct 25
30
Oct 25
9
Oct 22
9%
Oct 20
Oct 22
33%
Oct 22
200 102
Oct 23
103%
24
Oct 20
Central
Foundry
100
100
Chicago & Alton.... 100
Computing Tab Rec 100
ConsG.EL&P (Bait) 100
200
Elk Horn Coal
275
100
50
33%
Oct
89
25%
Aug
84% May
36% Aug
Oct
21
Jan
Oct
46
Jan
Oct 126%
Jan
Oct 38% June
22
Federal M & S pref.,100
200
38
Oct 24
39
Jan
Fisher Body Corp, pflOO
G aston W&WInc.no par
54%
100
81
Oct 26
81
v
Oct 26
81
Oct
95
1,800
33%
Oct 20
35%
Oct 25
28
Feb
41%
1,000
31%
Oct 26
32
Oct 22
31
Oct
40
par
Int Harvest N J pref. 100
Int Harvester Corp.. 100
700
International Salt... 100
100
59%
59%
Laclede Gas
250
80
100 110
..100
Liggett & Myers pref 100
Lorillard (P) pref... 100
National
Oct 22 110
Oct 25
63
Oct 24
Oct, 24
59%
Oct 24
Oct 22
200 105
37
Oct 22 110
80%
Oct 25 103%
640 103
100
Acme.__.__50
88
60
Oct 25
80
Oct 103%
Jan
Oct 22
102
Oct 125%
Oct 120%
Jan
Jan
Jan
Oct 25 106%
Oct 22
102
104%
Oct 22
103%
50%
Oct 26
Oct 25 101
30%
Jan
Jan
Oct
Oct 25
1,500
Oct 20
31
Oct 23
62%
49%
Oct 25
29%
Oct 129%
Sept
66%
Mar
Jan
Oct
July
Natl Cloak & Suit... 100
100
62%
Oct 22
Oct 22
62%
800 100%
100 22
Oct 25 102
Oct 23
100%
Oct 22
22
Oct 22
Norfolk Southern... 100
Nova Scotia S & C..100
Pacific Tel & Tel.... 100
100
21
Oct 26
21
Oct
21
300
78
35%
15% June
26
84
Oct
36%
28%
Oct
Oct 23
80
Oct 22
78
100
21
Oct 23
21
Oct 23
20
Oct
100
91
Oct 24
91
Oct 24
89
Juno
200
18
Oct 25
18
Oct 25
18
Oct
300
24
Oct 23
27
Oct 26
24
200
65
Oct 20
66
Oct 20
58
10s! 117%
•
4,300
37
Oct 125
Tan
Aug
Jan
Jan
34%
Jan
98
Jan
26%
Aug
42
Jan
Oct 108
June
Oct
Oct 20 120
38%
Oct
Oct 23 117%
Oct 22 *32
Oct 23 117%
Oct 23
100 131
Jan
Oct 112%
Pan Am Pet <& T pf.100
Oct 20 120
Oct
Oct 107%
101
Preferred
100
N O Texas & Mex vtc
40 120
Aug
Oct
Oct 26
400 101
Mar
June
59 %
59%
100
50%
July
Oct 121
375 103%
Manhat'n (Elev) Ry 100
May Dept Stores... 100
Preferred
Oct 23
Apr
42%
Sept
8
33%
Oct 23
Jan
Jan 125%
Oct 25 102
25
Jan
14% June
95
400t
3,400
Sept
Oct
Oct
no par
Calif Packing
Jan
Apr
Oct
72
Oct 23
Apr
June
Feb
% June
Calumet & Arizona. „-10
Oct 119%
Apr
Oct 51% June
Oct 26 131
Oct 26 131
127%
Jan
Oct 167%.
Jan
.100
800
67
Oct 23
69
Oct 22
67
Oct
80
Feb
100
78
Oct 23
78
Oct 23
75
Oct
91
Jan
100
20
Oct 20
20
Oct 20
20
Sept
Western Pacific.....100
300
14%
Oct 22
15
Oct 23
12%
Drug
general tone
was
limits.
narrow
railway and industrial bonds has been dull
generally weak, owing to absorbing interest in the
Government loan of $3,000,000,000 4 per cents,
as
new
noted
above..
was ex¬
listless fashion.
The
weak, but changes for the most part
Aetna
.
Explosives
advancing from 5 to 6%.
ture,
a
33% May
18% May
Apr
Outside Market.—The "curb" market this week
tremely quiet, with prices moving in
within
100%.
Range since Jan. 1.
Highest.
Second preferred.. 100
United Paperboard
43
42 9-16
The market for
shares not
the pages which follow:
Range for Week.
100
Southern Pacific tr ctfs
$1,000 discount.
Boston,
par.
St. Louis, 10c. per $1,000
discpunt bid, par asked.
San Francisco,
par.
Montreal. $4 3750 to $5 00 discount per $1,000.
Minneapolis,
5c. per $1,000 premium.
Cincinnati, par.
100 to
on
Savage Arms- Corp.. 100
Sears, Roehuck, pref 100
5 73%
5 77%
79%
43 1-16
are
1700.
pref100
High for the week
Low for the week
the "Board
while
Am Sumatra Tob pf.100
United
Railroad
see page
Lowest.
Par. Shares
Superior Steel..
100
Tex Pac Land Trust. 100
and
General Electric
for
Week.
Amer Snuff
dis¬
nearly 4 points higher.
detailed list
Week ending Oct. 26.
a
than last week,
following sales have occurred this week of
Low for the week
Amsterdam Banker«* Guilders—
State
drop.
Pond Creek Coal.....10
St L San Fran pref A. 100
4 76 7-16
Germany Bankers' Marks—
High for the week
Domestic
is
daily volume of business
The
Amer
the
6 points lower
over
of
Crucible Steel declined
Haskell&narkerC.tto
exception
of
and recovered half
to-day
pfd. has been
on rumors
Brunswick
shows that the "sinews of war"
now
advance of 7 points
an
beginning to be
recognized by the Inter-State Commerce Commission, and
there is, therefore, hope that relief will soon be
granted.
124%
St. Paul
of 4% points, Reading 5, New Haven 4
range
tribution of accumulated dividends.
increase of gross earnings
an
for September of $1,253,000 and
Union Pac. fell from
Of the industrial list International M. M.
for relief under which the
railways of the country are now
A good illustration of these reports is that of the
a
conspicuous for
7
negative character.
a
the lowest.
near
116%, but has recovered nearly half the loss.
has covered
cases.
by Can. Pac., which dropped from 151 to
and others from 2 to 4.
Europe, de¬
events of the war,
while
Exchange has been restricted and
other
important, have been
as
Even the
of the most dramatic
some
that
success
to
led
was
144 and closes
Situation.—So
given this week to making the
unqualified
an
The market has, however, been irregular day
and extreme quotations modified in most
The decline
Wall
1691
was
Motor stocks
a
were
strong fea¬
as a
rule
were
lower, Chevrolet Motor dropping 7 points to 73, with the
close
to-day at 74.
United Motors declined from 20% to
19 % and ends the week at 20.
Wright-Martin Aircraft
A few of the former have been sufficiently active
to maintain a market, however, and
prices held
fluctuated between 8% and &l/$, finishing to-day at the low
steady.
figure.
unusually
A list of these includes Atchison, Burlington &
Quincy, St. Louis & San Francisco, Union Pacific, Balti¬
more
& Ohio, Chesapeake & Ohio, New York
Central,
to 31.
vice
Curtiss Aeroplane & Motor
com.
rose
2
lost about 3 points
com.
Air Reduction receded from 85
com.
to
78.
Cities Ser¬
points to 221, then fell to 207%, recovering
Central Leather, U. S. Rubber and U. S. Steel, four of which
finally to 211.
have
ing between 3 % and 3 %, with the close to-day at 3 %.
Sub¬
marine Boat after
16 %,
fractionally declined,
three advanced and
three
are
unchanged.
The usual offerings of
issues
have
been
foreign government and municipal
absorbed
without
noteworthy change in
States Bonds.—Sales of Government bonds at
the Board include L. L. 3%s at 99.70 to
99.94, $5,000 4s
coup,
at
at 105 to 105%, $2,000 3s coup, at 99, $2,000 2s coup,
97, and $23,000 2s reg. at 97%.
the
different issues and for week's
For to-day's prices of all
range see
third
page
following.
Railroad and Miscellaneous Stocks.—The stock market
responded in
above.
below
The
the
decided
a
volume
recent
some
been downward..
railway issues,
an
of
fashion
a
to
business
average,
Monday, when for
strength in
an
dropped back to 15%.
lower.
Of
the
Oil stocks
Standard
and,
conditions
has
been
mentioned
considerably
since the early hours
brief time only there
was
a
on
display of
issues, the tendency of prices has generally
This tendency was most conspicuous in
important list of which have declined from
was
west
firm spot, mov¬
15 %
to
quiet and generally
Standard Oil (Calif.)
Standard Oil of N. J. moved up
Standard Oil of N. Y.,
early advance from 252 to 259, sank to 247 and
an
covered
were
Oil group,
from 542 to 565 and reacted to 547.
after
was a
early advance from
sold down from 242 to 233.
quotations.
United
Inter-Lube Chemical
finally to 249.
conspicuous for
Oil
a
re¬
Of the other oil shares, Merritt Oil
loss of
over
4 points to 31%.
Mid«*
improved from 1.40 to 1.45, weakened
com.
1.36 and closed
to
to-day at 1.40.
an
Midwest Refining after
advance from 140 to 143, moved down to 137 and ends the
week at 138.
with the close
Northwestern Oil
to-day at 85c.
was off from 93c. to
84c.,
Activity in mining shares was
confined
to the low-priced issues.
A heavy business was
reported in Canadian Government 5s between 93% and 94 %,
the close to-day being at the
high figure.
A
complete record of "curb" market transactions for the
week will be found
on
page
1700.
>
■
pege.
preceding
usually Inactive. •••
wmmk of stock*
of ■«!•• during the
Por record
Weekly and Yearly
Exchange—Stock Record, Daily,
OCCUPYING TWO PAGES.
York Stock
,e
AN
H
lay
Oct.
fiare
>
i
9334
94
93
92
91
91
91
103
103
*
.03
►60%
57
52%
8%
23%
49%
46%
90%
92%
*734
23%
45%
90
142
144%
50
50%
8
22%
4634
8813
90
99% 100
100
24
45%
88
88
20%
22%
22%
67%
22%
68%
21%
59%
57%
58%
57
47%
50
50
49%
49%
*49
50
35
►24
35
38
*24
36
70
►63
*24
72
*63
4834
35
*24
23%
*23%
25
"23%
♦47
52
*47
52
*46
52
*46
50
50
*40
50
*40
48
*40
100
100
100
100
*190
195
102%
188% 194%
►6
9%
195
9
*6
26%
26%
*20%
99%
99
99%
9834
9934
28%
2734
29
2734
28%
8,674
10034 10034 *100% 103
7%
734
7%
7%
47
47
46%
4034
4,900
10,000
98'%
29%
100% 100%
7%
7%
28%
99
28%
29%
18%
26%
2134
22
18%
18
18
101% 101%
7%
7%
46%
44%
18%
*17%
51
50
51
*50
101%
8%
50
46
50%
18%
18%
19
2734
*17%
18%
*17
*50
51
*4934
12
*10
12
*10
11
*10
*18
25
*18
25
*18
59%
59%
58
58
*38
44
44
►38
*11
95
►92
*
"5%
123
Dec
134%
§165
Apr
176
38%June26
84% Apr 14
47
Oct 15
51
Jan
16
38
Apr
80
Jan 29
70
Feb
86
20
Feb 10
30
Jan
2434
Apr
37
46
Oct
17
57% Jan
41
95
Sept25
Sept18
151%Jan
193
17
Jan
41
Jan
15
Mar
1734 Oct 16
3484 Jan
32
Apr
25
Oct
15
46
Dec
20
Oct
15
39% Jan
40
Dec
98% Oct 17
118%Jan
115
Dec
32
Dec
Oct
Oct
Jan
59% Jan
54% Jan
127% Jan
5084 Jan
23%
Apr
100
56% Dec
10
May
23
Oct 16
1,800
100
Lehigh Valley
...50
Long Island certfs of deposit.
57
Oct
39
May28
1,500
Louisville a Nashville—-100
100
Do
100
Mlnneap a St L (new)
Minn St Paul ASS M
Do
"loo
114
34
Jan
27
27%
49
49
74
72%
72%
7234
7034
7134
2734
7234
28%
21*2
70»4
28%
74
29
20%
Do pref (or tnc bonds) do—
1,100
100
17,000 New York Central
24%
2734
25%
27%
12,700
20%
20%
700
106% 106%
3,300
20%
20%
10534 10684
106
108
85
82
82
95%
51%
94%
95%
95%
96%
94%
50%
50%
51
50%
16%
16%
50%
17
17
50%
26%
100
*57%
77%
25%
2434
25
24%
25
56%
57%
56
56
55%
55%
72%
74
72%
74
71%
73%
76^2
*74%
*37
*37
39
*35
40
37
40
37
37%
25
26
59%
*25%
60
19,670
39%
37
37
*36%
17
28
*25
28
*25
28
*25
*36
44
*36
44
*36
44
*36
1634
10%
10%
*2034
90
8834
28%
27%
62%
62%
17
*12%
19%
81
75%
7%
8%
17
22%
*15
27%
*39%
14% Sept24
53%Mayl2
Oct
37
3
98%Mar24
-33% Jan
3
70% Jan 30
19% Jan
4
48% Jan
2
100
100
May 9
23
...100
12% Oct 16
17% Mayl5
*77
80
200
Twin City Rapid Transit-. 100
76
*77
81
16%
*21%
15%
*24
*21%
„
Do
900
2,700
Do
22%
*15%
16%
900
*25
Do
1,000
16
29
29
10%
Do
"Y,666
*20%
21
300
600
Wisconsin
Advance
23
*39
41
40
40
*39%
41
10%
♦9
12
§10
10
*9
10
150
23%
*22
23
*22
23
22
22
60
*60
61%
Do
200
60
100
(new) .100
—100
Central
&
*9
24
23%
60
60
"4"
.
334
3
22
22%
76
74%
75%
3%
2034
21%
21%
75%
*73
75%
600
*78%
85
*78
82
100
95
*93
95
*80%
<
75 %
95
*90
95
*93
77
*7534
77
76
76%
93
«
I
92
13% Oet 16
23% Jan
69
~40%
41%
"41%
43%
"41%
98
*95
97
*95%
98
*96
67%
67
67%
~
90
29%
'
't-
—
12
11%
53%
52
30
29%
31
58
20% Oct 15
30% Jan
15% Oct 10
Sept 7
23
41
22% Jan
13
"11%
12%
in"
12%
54
*50
54
•50
53
27% Deo
58% Deo
Apr
66% July
9% Oct 16
18% Jan
14
Aug
2I84 Deo
30%
63
13
*1034
13
44%
*40
44%
13
*1034
13
*1034
♦40
45
♦41
45
*40
57
5834
*56
58
24%
24
24
60%
59
98%
*98
62
*60%
56.
59
2334
6134
58%
62
59
24%
2384
24%
5834
59
98%
60%
100
.
56%
98%
*97
*13
62
60
6034
15%
58
59
98%
59%
100
98»4
*13
15
15%
*13
1584
*13
15%
6434
*6234
63%
62
62%
62%
62%
61%
61%
94%
89%
*93
95%
*95
98
96
96
95%
96
85%
87
84
84%
*103% 105% *103% 105%
61%
61%
62%
62%
105
104
103% 105
104% 10534
103% 105%
*109% 112
*109% 112
►109% 112
*109% 112
59
59%
58%
6034
59%
5934 *58%
59%
114
114
114%
112% 114
11334 114% 114
86%
88%
10334 104
63%
*62%
105
63%
107
115
59%
115%
189
184
100
184
99%
44%
43%
8534
*24
14%
100
65%
♦98~
186
•97
21,950
100
3,060
96
100
*24
27
100
14
2,700
49
1,600
27
*24
27
14
13%
14
13%
45
45
46
46
*42%
63%
6284
105
107%
*68
60%
61%
61%
63%
60
63%
62%
103% 109
60%
62
700
45
14
59%
5,920
100
93
59%
12~§6o
44%
4434
93
59
3,550
*92%
100
44%
96
*24
14%
46%
44%
64
62%
10334 106
107
*180
44%
'
50%
300
700
44%
27
15%
300
1,100
1,500
*92%
94
27
300
63
*98
4434
*92%
3,300
11,200
104
190
62%
63%
47,550
100% 105%
59,200
62
*58
58%
60
pref
96"
94
1
ao
sales
94
*92%
on
this day.
96
*92%
96
t Ex-rights,
*92%
200
6034 100,900
951s
100
100
pref
Do
pref
pref
—100
American Locomotive
100
Do
100
100
Do
pre/...
100
Amer 8melters Sec pre/ B. 100
Do
pref Ser A stamped..
Amer Smelting A Refining. 100
Do
pref
100
American Steel Foundry—100
American Sugar Refining- -100
Do
pref
100
Am Sumatra Tobaooo
100
Amer Telephone A Teleg—100
American Tobacco
—100
Do
pref (new)
100
Am Woolen of Mass
100
Do
pref
100
Am Writing Paper pref—100
Am Zinc Lead A S..
-.25
Do
pref
25
Anaconda Copper
.50
At! Gulf A W188 Line Ct/S 100
Do
pref eertfs—-----100
Baldwin Looomotlve
100
pre/
American Malting
Do
Do
i and
100
—-..100
100
American Ice (new)—
100
Do
pre/(new)
100
2,600 Amer International Corp. 100
,..100
10,200 American Linseed
*62
*180
£
pref
100
American Hide A Leather. 100
1,000
104
99%
96
86%
pref.;
100
100
100
100
100
Do
"3",100
200
f Less t-h*n 100 shares,
Barrstt
a
a——100
pref...
Oo (The)
32% Dec
Mar27
10% Oct 16
Apr
Apr
26
60% Deo
25
Dec
10
American Cotton Oil
90
Jan
Sep
41% Mar
Jan
Dec
American Car A Foundry. 100
Do
*50
*10S4
62
"*766
*11%
11
61
"V,400
30%
17
13%
15% Jan
8% Oct 16
Oct 15
40'
33
—.60
American Can
67
12%
53%
58%
24%
*29
f
90
44%
24
~
Sep
Jan
Jan
46
preferred v t 0
pref
3934
Sep
21
pref
32",166
Do
21%
2
100
100
American Beet Sugar
Do
84%
17
Miscellaneous
"Y,300
1
t
90
42«4
*107%
*107%
*2934
29%
Do
Oct
Sep
11% Jan
2
2
Amer Agricultural Cbem._
100
66
68
66
67
107%
30
Do
Jan 24
153%
*80
2
Apr
784 May
149% Jan
85
68% June
99
June
129«4
116% Oct 25
75
Oct 26
6% Feb
1
Mar
54% Jan
Alaska Juneau Gold Mln'g.10
92
92
42
*93
•
76
7584
76%
I
93
21%
"46%
42%
97
80%
21«4 Deo
Nov
94
20
Oct 17
Rumely—
AJax Rubber Ino
2,000
*74
80%
22%
*74
86
*90
87%
95
3%
Feb
6%
48
Jan
38
Allls-Chalmers Mfg v t c._ 100
3«4
3%
22%
75%
73% Deo
50% Jan
3%
334
Apr
Oct 18
Alaska Gold Mines
3%
3
2<$%
400
4
56
19% Dec
21
2,300
3,500
334
*3%
334
3%
60
*58%
334
3%
Do
3684 Deo
32% Deo
57
Deo
100
preferred..—
Industrial
Apr
95
Oct 11
•
10
Jan
18
30% Dec
May
100
100
Wheeling A Lake E Ry
22
*21
_
2d pref
*21
*10%
B
pref
10%
11%
100
Western Maryland
51% Mayl5
100
—
pref A
11
*10%
100
Wabash
3,100
22
22%
100
pre/
834
42%
16
1534
29
100
United Railways Invest—.100
42%
*25
22%
—;
70,600 Union Pacific
Do •
pre/
1,300
16%
*1512
9
42%
..100
pre/...
884
9
42%
9%
43
Oot
104%
Feb
May
16
39% Jan
16
85% Oct 15
52
15% May
26% Jan
June26
20% Oct
Third Avenue (New York) 100
Texas A Pacific..
1,000
42%
Apr
Jan
2,800
8
Apr
94%
18
16%
*7
34%
8% Oct 15
20
7%
Apr
Jan
*18
75%
14
53
*13
75
Sep
32
17
16%
117% 119%
37%
3
Oct
20
116% 119%
75%
75%
7%
7%
16%
16%
4
3
Feb
62%
77
40
Aug 23
62
79%
Feb
Feb
14
*19
Do
115%
41%
39
*13
400
Jan
41%
16
2
25
100
11,300 Southern Pacific Co
13,020 Southern Railway
3,400
75%
29
100
pref
Sep
3
Jan
45
100
100
Dec
45% Jan
104% Jan
16
-100
new
Dec
Junel5
68
53% Apr 17
85
73% Deo
Feb
55
35%June 1
20% Apr 16
7034 Oct
38% Deo
72
Mar
84%
108
8
Jan
57
4
Sep
3684 Dec
May
114
3
3
57%Jan 25
36% Jan
2
73%Jan 17
110% Jan
9384 Oct 26
49% Sept 5
Oct
Jan
34% Deo
147% Oct
89% May
118% Jan
60
Oct
26
89% Feb
19
42%
41
77%
35
pref
pref..
Do
800
62%
49% Dec
29%Jan
2
138% Jan 24
13
22
*21
61%
52% Jan
62
10%
10%
27%
114%
27%
7%
29
27
Apr
2/%
77
17
*24
40%
87%
16%
17
.
87
*834
29
22
88%
17
8%
43%
11%
87%
8%
.43%
22%
17
9
44
23
89
II734 120%
75%
8%
75%
2d
1,400 Seaboard Air Line
10%
21%
79%
120% 123%
124%
10%
*20%
17%
80
*77
10%
20%
13
18%
17%
10%
20%
62
90
27%
62%
16%
1034
21
Sep
100%
Oct 15
Oct 15
pref
St Louis Southwestern
Do
27%
21%
60
50
50
2,600 St Louis A San Fran
17%
16%
2034
87%
10%
21%
17
1st
Do
500
44
♦10
Do
100
27%
43
Preferred Interim ctfs—100
700
37
*16%
*36%
*16%
37%
17%
*25
17%
;
3,128 Plttsb A W Va Interim ctfs 100
28
42
100
60
Fere Marquette v t c._._.100
Do
prior pre! v t 0
100
Do
pre/vtc....
100
Pennsylvania
41,400 Reading
40
*35
47%
4
2
103% Oct 16
80
SeptlS
Northern Pacific
64% Deo
3
100
A Western
Deo
38%
Sep
22%
Jan
15
19% 8ept 6
adjustment pref—.100
13%
24% Deo
103% Jan
Oct
21% Septll
Do
Jan
Deo
Sep
Apr
10
70% Oct 11
46
100
Norfolk
900
39%
23«4 May 9
N Y Ontario A Western—.100
N Y N H A Hartford
8,050
95%
17
50%
9334
49%
16%
97
Missouri Pacific (new)
200
85
*80
137
2
61
pref
10
27%
48
*80
Oct
Oct
Sep
3%
100
wbenlss.
12
*8
27
48
*20%
36
130
4
11
20%
Oct
Oct
Dec
128%
Apr 13
Jan
2
11
49
IO634 107%
*80
85
127
20% Jan
28%
85
2
7% Oct 16
►8
13I00
Jan
Aug
*140"
26
116
3
119
4% 8eptl3
49
50
Mar
55% Nov
87% Oct
Jan
*121%
Dec
30
Apr
74%
3
2
43% Apr 14
133% Jan
4
32%Jan 29
Oct 17
90
100
pref
32
79% Jan
Missouri Kansas A Texas. 100
Do
27%
53% Jan
11
113% Septl2
11
8entl3
100
99®4
106%Jan
17
_
"
5
97% Oct
prel
2734
22
Oct
Jan
Jan
Jan
64% Jan
58%Jau 30
25% Jan
3
10
L07%
38% Mar
52%
45%
25% Jail
28%
27%
49% Jan
26% Oct 15
23%
8% Mar
6
10
Southern
pre!
49%
*8
Oct
Nov
242
238
17
116
27
Mar
Oct. 17
Oct
*90
*48
5784 June
156
12
pre/..
Kansas City
200
-
Mar
216
Mar24
Oct
62%
Apr
40
148% Dec
19
5% May25
12
July 13
100
Central
Do
200
"*4%
46
9
Marl7
46
June
Oct
16% Oct 16
11%
*
4
49% Oct
95
5
Oct
62%
63% Oct 22
100
100
100
*11
116
Apr.14
71
Oct 17
30
77%
32%
12
95
16
21%
Illinois
200
58
58
Oct
109%
44
"5"
19
172% Feb 16
19% Oct 15
55
Oct 15
Apr
119
►
115%
124%Jan
140% Oct 16
Dec
118
"5%
*4%
136%
15% Dec
*38
*90
102%
Dec
Jan
92
69
44
96
*90
96
47%
Dec
15
17% Jan
119
*10%
Apr
89
Oct
72% Jan
118
12
*10%
12
12
5834
5734
Dec
Oct
Jan
Jan
Jan
Deo
7% Oct 23
*38
117% 118%
118% 118%
16%
44% Oct 24
25
44
Oct
Apr
Interbor Con Corp, vtc No par
12
23
71
11%
33
properties.-Wo par
Lake Erie A Western
10
23
59%
pre/
Do
16
Apr
100
100
100
pref
Iron Ore
51
25
120
1st
Great Northern pre/
600
18
51
5,700
Jan
58
3
14%Jan 10
41% Jan
2
123
pre/
2d
Do
300
22
88% June
18334
100
11,800 Erie!
Do
1,200
18%
26%
*2034
18%
100%
♦21%
L00%
16
*15
16
*15
2734
*20%
18%
27%
98%
97%
*18884 194
*6
9%
9%
2d
80
*162% Mar
4
1st pre/
Do
193
*6
9%
19%
27%
22%
19%
28%
22
Do
97% 100
193
15
15
16
►15
17
23%
23%
96
Dec
98
pre/
100
100
-100
100
5,800 Delaware a Hudson
500 Delaware Lack a Western..50
100
1,000 Denver a Rio Grande
Do
pre/
100
800
48
23%
Dec
Aug
Nov
Jan
Jao
125%Jan 29
Colorado a Southern
300
50
►40
Feb
120
65%Jan
44% Oct 25
—100
iY,66o Chic Rock hsi a Pac (new) w 1
7% pre/erred when Issued._
3,700
6% preferred when Issued.900
Clev Cln Chlo a St Louis.-100
Do
pre/
100
"loo
23%
52
23%
102
86% Oct 15
21
-
76
*63
70
56%
4834
57%
23
21%
5534
21%
108%
Apr
4
7% Oct 18
25,800 Chicago Milw A St Paul,-100
Do
p ret
100
2,300
2,800 Chicago & Northwestern--100
Do
17
167% Mar23
49% Oct 15
100
prof
18
Jan
Apr
Deo
81
Jan
76% Jan
82
52% Oct 24
Oct 26
-
99% 100
145
2138
Do
700
44%
85
Oct
100%
*98%
106%
81%
72%
4
142
100
7,600 Chesapeake A Ohio
500 Chicago Great Western—100
8
*22
8
*7%
22%
44%
90
100
100%
140
*
50%
8%
23%
47
4934
53%
Jan
Oct 16
60
pre/
Highest
$ per share
8
1
119
54% Oct 16
Baltimore a Ohio
Do
53
52%
14734 149%
too
03
52%
14334 149%
49%
50%
51%
8%
23%
48
92
*7%
23%
A5
54%
150
51%
52%
61%
52%
56%
149
151
*60%
64
64
100
100
"7,366 Brooklyn Rapid Transit—100
'--100
50,600 Canadian Pacific
600
Lowest
share
per
107%Jan
100% Feb
90% Oct 18
100% Oct 16
6,400
63
*61
63
pre/
100
Atlantic Coast Line Kit—.100
Do
800
57%
56%
57
56%
*61
5,600 Atch Topeka a Baata Fe—100
105
*101
101% 102
57
5634
90%
s
Previcms
1916
$ per share
Highest
Lowest
s per share
92
Oct 15
Par
Railroads
9234
9012
92%
92
*90
102% 102%
58%
57%
58
93
92%
93%
91
Year
EXCHANGE
Week
$ per share
$ per share
$ per share
share
per
94i 2
Range for
Range Since Jan. 1
basis of 100-share lots
Shares.
26.
Oct.
Oct. 25.
24
Oct.
23
On
STOCK
NEW YORK
the
Friday
Thursday
Wednesday
Tuesday
20
STOCKS
Salesfor
not pee cent.
prices—per shake,
share
per
per share
..
Ex-div. and rights,
.
..100
x
22
Oct 26
37%Jan
9
5
54
Oct 15
80
Jan
5
3% Oct 18
Septl1
2
16
18% Oct
74
Oct 16
76% Oct 15
96
Oct
3
69% Oct 16
90
Sept 7
36
Feb
3
10% Dec
11% Jan
4
8% Mar26
684
19
32%May31
86% MarlO
95% May 2
103% Jan 24
102% Feb 15
Jan
53
Oct
July
70% July
63
Apr
90
Mar
6I84
Apr
44
May28
Feb
93
24
98
Oct
July
Apr
43
89% Deo
Jan
Jan
26%
10%
92
Nov
Nov
102
Nov
38
Deo
103%
108% Nov
102
June
Sep
Sep
Dec
68%
94% Oct 17
57
Feb
3
lll%June 6
80% June26
107% Dec
52
July
115%
107% Oct 17
29
Oct 17
118% May28
115% Aug
119% Mar
5
9
17%Mar29
75
Jan
4
48% Dec
92
10
MaylO
Feb
2
48% Oct 18
8% July
9
43% Oct 18
46
Oct 11
15*4
Feb
3
48
Feb
3
52
Oct 15
97
Oct
18
8% May 14
53
June 4
60% May25
92% Oct 15
83% Oct 16
102
Oct 17
52
Feb
3
50% Jan
98
101% Jan
884 June
45
Mar
Oct
58%
102
Mar
20%
Oct
84% Deo
6
16% Aug
55
Jan
78% Deo
Julyll
9
7
6
82% Jan
4
106% Jan 20
19% Mar30
71% July28
99% Jan 31
102% MarlO
112% June 2
62% Aug
29% Aug
64% Aug
117% Jan
19
Dec
27% Nov
38% Mar
62*4 Nov
17
.
July
9912 July
58
8412 July
9184 July
88%
109%
Apr
Apr
98% Nov
NOV
109
97% Nov
Nov
102
122% NOV
118%
Oct
73
Deo
June 7
44
Apr
15
120% June 9
104
Dec
125%
Oct
114% Septl9
121% Jan 25
115% May
123%
Oct
May26
19
128% Jan 24
*123% Dee *13412
Sep
103
30
Oct
112% Oct 26
176% Oct 16
98
Oct 16
75
61% Oct
220
Marl2
37% Feb
3
93
Oct 16
10984 Jan 18
58% June 9
100
June 9
Oct 16
54% MarlO
13% Oct 25
44% Oct 23
*61% Oct 19
41% Jan 26
87% Septl3
64
Feb
8
43
Feb
3
121% Jan 22
95'4 Oct 18
102% Jan
89% Septl 2
136
25
Ex-dividend.
72% Jan 26
87
May26
66
Jan
4
76% July 2
Jan
15
2
188
Feb
105%
Apr
37
Jan
11
*'
Dec
92
Jan
29% July
59% July
229% Nov
113
Sep
58% Nov
Mar
102
76% Nov
97%
87
Apr
Nov
Apr
105% Nov
July
60% Dec
147*4 Deo
73»4 Nov
77
66
62
Dec
98%
Dec
al27% Deo
118%
110
Jan
May
1671# De«
6 Before payment of first Installment.
New York Stock
'or r*oord of
HIGH
AND
LOW
8ALB
PRICES—PER SHARE,
Monday
Oct.
Tuesday
Oct.
Oct.
$ per share
88
85%
*93
86
87%
*93
87%
*93
♦37%
40%
76%
78%
75%
78%
102
102
32
102
72
73
16%
43
16%
44%
39
40
34%
72
71
72
16%
15%
43%
38%
33%
16
90
92
*91
98
97
110
30%
91
67%
*91%
28%
30
80'
80
160
81%
97%
79
39
99
*92
*101
427g
43%
42%
43%
39
38
34%
34%
33%
87
91
38%
34%
89%
95%
*90
97
*90
96
*100
110
*100
.
93
*80
39%
40
*100
101
31%
25
10034
74
*70%
75
*71
75
*36%
3934
*38
3934
*93
96
93%
95
*93
*102
104
*88
160
160
96
12
*11
39%
*38%
38%
106% 106% *105
107%
26%
27%
26%
28
88%
91%
90%
93
30% 31%
30%
3034
*23
24% 24%
25
110
28
90%
31%
25%
4434
45%
44%
12%
40
45
*11
39%
160
*10%
12%
300
44%
105
*10
45%
12%
38
57
57
57
58
*56
57
43%
56%
44
55%
56
44
44
44%
44%
44%
32%
1,700
33%
33
81%
33%
83%
82
33%
84
81
32%
33%
81%
80
80
16
81
16
81%
80
15
81
1512
*15%
16%
*15%
5,900
500
76
*74
80
*74
80
*58
*74%
77%
*74
77
*59
*75"
61
*59
61
*59
63
*59
63
*59
*32
*32
32%
64%
*18
$32%
*64
66
*17%
20%
85
87%
*91
32%
65%
86%
32
32
65%
64%
6434
20%
*18
32%
*17%
86%
88%
89%
47%
74
75
*107
-
74
74%
110
*107
110
100
*96
"30%
31%
4534
74
*72
74
*72
100
24
24%
43%
24%
43%
44%
100
*45%
*94
*107
110
*107
110
100
*70
4478
25%
18
*50
*94
*46
48
47
18%
119
*4978
*116
119
62
49%
49%
41%
39%
40%
39
5%
5%
*24%
*4%
*24%
34
39
47%
83
26
5
48%
46
46%
58
58
100
*95
100
*95
113
113
*101
140% 140%
42
42%
140
140
139
*95
♦96
22%
79
98
42%
98
23%
81%
98%
57%
42%
98
22%
79%
98%
23%
81%
98%
*9%
10
20
35
9
160
20
35
■
*37%
13%
39%
*92
*9%
*66
41%
95%
80%
98%
66%
66
8
20%
35%
41
90
*87
46
*37%
46
46
*37%
14
13%
144% 147%
-54%
56%
40
151
55%
57%
90%
90%
40
39
39
22%
79%
80%
22%
79%
98%
98%
98%
66%
7%
153%
2034
20%
33%
34%
*37
39%
66%
7%
153
40
39%
41%
66
31,000
98%
66%
7
7%
151% 152
21
21
34
40%
38%
34%
40%
39%
96
*87
96
*87
96
*37%
13%
46
*37%
46
*37%
13%
144% 145%
55
55
•
13%
13%
142% 146
54%
56%
13%
141
54%
13%
143
55%
200
"MOO
97
*90
96
39
39
*38
40
*38
40
500
96
94
94
*92
95
200
*9%
10%
11%
*9%
10%
*9%
500
75
*65
75
*68
75
*65
75
*39%
40%
*39%
40%
40
40
93%
94%
94
94.
94%
96:
*92
*104
115
115
*104
124
120
120
115
*104
115
122% 123
123
123
♦14
14%
53
15
117% 118
118
120%
*94
13%
99
99
59%
101
59%
*100
49
*47%
105% 107
115% 115%
15%
84%
15%
32
32
*98
104
•
52
53%
.
13%
*50
53
*13
*50
118% 118%
60%
117% 118
*94
*94
*58%
60
97
53%
*58
59
101% 101% *100
102
102
51%
51%
49
*47%
48%
104% 106
104% 107%
114% 114%
80%
84%
113% 114
79
*5134
*477g
52
49
104% 105%
*113
81%
114%
79%
797*
*15
"31%
*100
123% 123%
*13
53
*50
99
*104
1378
17%
*15
17%
32
*30
32
*31
32
105
*100
105
100
105
.
14
53
118% 118%
98%
98%
*65
39%
13%
75
39%
93
13%
*50
31
89%
43%
*88~
117%
99
43
3,200
44
1,100
745", 000
41%
65
41
24
23
24
23%
zr2134
22%
23%
22%
*
"57%
57%
57%
57%
*116
120
*118
122
*119
120
*119
41%
*56
57
119% 119% *117
66%
•
*51
86%
41%
39%
21%
39%
38%
22%
21%
56*
56
54%
88
42%
65
106%Jan 10
9778June 8
10
43% Apr 30
42% Oct 10
69% Oct 11
67%June
109%Jan 25
Oct
27
1,100
15,900
100
105%
68% Mar
1147g Deo
117% Mar28
109
Jan
117% Nov
122% Jan
118
Sep
May
127
124
June
131% Oct
129% May
Feb
3
39
Jan
Junel4
46% Oct
16% Oct 16
114
Jan
112
Oct
15
47
Oct
10
723gMar2l
31% Oct 10
143% Apr 19
4% Oct
16
18
Feb
3
37
Oct
23
156
7% 8ept21
30t2 June27
106%Jan 18
29% Oct 15
42
43
64% 8ept26
90
Aug 16
83% Jan 26
Oct
15
100
80% Oct 16
52% Oct 17
100
98% Oct 15 zl07
Jan
Jan
4
31
113
100
129% Septl2
100
37% Oct 16
58
100
95% Oct 19
101
2134 Oct 16
32% Apr
3
94% June 7
105% May26
Do
pref
pref
100
Ariz
Sinclair Oil A
Copper
Ref'g_..JVo
10
par
Sloss-Sheffield Steel A Iron 100
Do
pref
100
Stutz Motor of Am Inc.iVo
par
Tennessee Copper A Cbem w 1
Do
pref
...100
TransueA Williams Steel No par
Oct
10
60
Feb
1
90
Feb
1
59
May 9
7
Oct
26
131
167%Jan 26
70
Oct
Jan
4
18% Oct 16
3034 Oct 10
2934 Mar 9
37% Oct 15
36% Oct 17
89
Oct
8
31%June29
11% Oct 15
136
Oct
10
47
Oct
15
90
Oct
17
38% Oct 15
19% June20
243
Jan
10
80% Aug 21
105
Marl2
Aug 20
15% Mar22
Jan
22
90
Oct
109
Oct
3
127% Aug 14
120*4 Marl 4
120
Oct
15
154% Jan 22
100
12% Oct 17
50
Septl2
100% Apr 21
24%June26
pref
.100
100
16
100
97% Apr "28
50% Feb
9
100
97% Oct
...100
1st preferred
U 8 Smelting Ref A M
Do
pref
United States Steel
60
17
49% Oct 16
....60
48
Oct
11
100
99
Feb
I
Do
pref...
Western UdIod Telegraph. 100
Westlnghouse Elec A Mfg..60
Do
1st preferred
60
98
Oct
10
46
Feb
3
85% Oct 11
40
63
Oct
10
Oct 22
38
Nov
31
Aug
118
Oct
48
Deo
June
42% July
88% Nov
97
July
108
Nov
Jan
137
159% May
177
Sep
Sep
32
Apr
95% Mar
61*4 Nov
103% Nov
20
June
37
Nov
42
June
93
Nov
101
Dec
117
Nov
6378
Dec
168% Mar
22
Dec
84*4
233
8ep
Nov
40%
Feb
37
July
100% Deo
108% Sep
48% Dec
I684 Dec
177% June
48% 8ep
93% Nov
167
Jan
14
Mar
79% Sep
19% Dec
24Uz Nov
69% Deo
99
July
109% Mar
86~
Jan
lio" "Oct
4% May
87% Oct
18%
129
Oct
Nov
49% June 2
100
100
6% Nov
11*4 Jan
100%May
186
7578 Deo
124% Dec
11% Jan
48%June 6
107
.100
pref
Fruit
United States Rubber
Do
8'^ Aug 31
Oct
Sep
Oct
34% Nov
59% Mar29
74%Mar30
110% Jan 17
108% Jan 20
5334 Jan 26
112
May 3
75
Nov
74%
117%
8
68
64% Oct 16
39% Oct 17
Do
22
238%Jan 22
92
United
Junell
146% Oct 10
Underwood Typewriter... 100
Union Bag A Paper..
100
No par
Jan
Jan
July
65% Apr
36% Deo
100
114
Public Serv Corp of N J... 100
Pullman
Company
Railway Steel Spring
Jan
49% Nov
Aug
63
Jan
29
171%Junel3
106
Junel4
67
Aug 14
114%Jan
3
67% Jan
62% Jan
4
3
46
May31
112%Jan 26
77
Mar30
99% Jan
19
66
May28
70% Jan
4
69
Feb
105% Aug
611% Feb
136% Jan
15% Jan
48% Feb
94i 2 Dec
169% June
28% Nov
07% Nov
170% Apr
99% July
4734 Mar
106% Feb
70% Dec
115% Dec
120
114
Aug
Jan
57
Dec
81% Nov
50
June
63% .Tune
129% Nov
*79*4 Mar
115
May
74% July
16% June
36
108
Apr
Apr
41
July
87
Mar
51% Dec
70
123
Nov
130
Nov
27% Dec
61
Jan
114% Dec
72% Nov
105% Oct
71% Mar
Apr
79
White Motor
60
38% Oct
17
62%Jan
18
45
Deo
Willys-Overland (The)
59%
25
21% Oct 26
38%Jan
18
34
Dec n325
June
94
"2", 400
Do pref sub recta full pd 100
Wilson A Co, Inc, ▼ t 0
100
MarlO
Dec
June
56
400
120
117
117
117
120
120
*119
120
*119
120
*119
600
120
33
*31
32
*31
32
*91
*30
95
33
*91
95
*91
95
*91
95
54
54
*91
54
95
*53
55
*51
55
*51
55
*51
55
I Less than 100 shares,
89% June
33
Oct 26
20% Oct 10
24
88% June
6078 June
129% Jan
17,320
39%
22%
*32
Dec
Dec
Do
pref
100
Virginia Iron C A C......10O
'119
day.
65
32
29% Oct 15
33
this
Oct
18
20
Jan
100
120
on
30
74%Jan
Virginia-Carolina Cbem
*31%
Bid and asked prices; no sales
cates of deposit.
* Ex-divldend.
Jan
Dec
40
700
31%
•
Sep
93
Julyl8
30%
96
31%
68*4 June
99
Pittsburgh Coal of Pa
100
Feb
6478 Dec
44
30%
*56
91
Apr
17
118*4 May25
24*4 Jan 22
42%
56% June
78
15
77% Oct 18
16
Sept 6
89
25% Dec
67%Jan
People's G L A C (Chic).. 100
Philadelphia Co (PIHab)_._60
pref
Nov
107
61%Jan
111% Oct 16
65
Sep
64% Nov
85%
28% Septll
;
10
85
~56~
2
100
90
~56%
Jan
89% Feb 17
100
100
4084
30
118
pref
Sep
17
Utah Copper
Utah Securities vto
100
*40
Dec
Dec
Mar21
Do
Jan
75% Nov
May
200
88.600
60
*56
40
64
16
108
65
50% May26
103% June13
16
100
42%
56
22
Oct
Jan
74
9% Mar
4
16%
*57
41
Oct
2978
77%June 6
64% Jan
31
60
41%
15
4
74*4 Nov
Jan
3,000
104
*39
49%Jan
16
136% May31
121%Jan 19
104
*56
Oct
15
300
*57
63
51
263s Junell
U 8 Industrial Alcohol
*87
41
20% Oct 15
Deo
100
89
63
Jan
111%
"4",bob
60
*40
Sep
t>61% Mar 0125%
3878 Dec
56%
15
U 8 Cast I Pipe A Fdy
Do
pref
*87
41
r507g
Oct
300
*56
63
Feb
100
Do
88%
*40
12678 Nov
100
Nevada Consol Copper.
5
New York Air Brake.....
100
North American Co
..100
Ohio Cities Gas (The)
25
13,600
"2,700
58%
*56
Jau
Dec
United Alloy Steel..
88%
89
Dec
57
United Cigar Stores
58%
89%
42%
Aug
63% Mar23
500
53
115
*94
59
59
57%
58%
101% 101% *100% 101%
51%
*51
51%
52
49
*47%
*48
49
104% 106%
103% 105%
113% 113%
113% 113%
79%
80%
79%
81%
*15%
11
37
108%
ol33g
12
99%Julyl2
115
123
*105
96%
Oct
5
21% May22
35% Feb
5
60% July23
103% Oct 17 '123
Jan
2
19% Feb
36% Mar23
62% Feb
95% Mar24
28% Oct 16
473sMar21
Union Bag A Paper (new). 100
10%
42
94%
Apr
15
100
Nov
42%
Oct
8,100 Texas Company (The)
100
14,800 Tobacco Products Corp... 100
*90%
66% Nov
193
66%Junell
44
11,200 Studebaker Corp (The)...100
*92
96
42% Oct 17
90% May 9
Sbattuck
96
40%
Nov
Nov
2
100
Ontario Silver Mining.... 100
Pacific Mall..
5
Apr
Nov
120
190
117% Feb
100
800
46
Jan 26
19*4 Apr
90% Dec
Royal Dutch Co ctfs dep...
Saxon Motor Car
Corp...100
Sears, Roebuck A Co.....100
9,475
1,200
47
80
11634 Mar
May
Stamp'g.__l00
925
1,400
110% Dec
80
July
72
...
800
1,400
49% Dec
4
17
Oct
115
17% Oct 16
80% Oct 17
29% Oct 17
Do
l"o", 000
19
Jan
9238jan
112
Ray Consolidated Copper.. 10
Republic Iron A Steel
1C0
3,400
1,500
22%
61%Jan
88%
May
May
69
Do
80
*40
*94
80%
22%
98%
6534
40
*91
*38
56
*47%
42
Deo
4
Feb 10
Do
Pressed Steel Car
""206
93
Jan
117
60
300
1,200
Dec
74% Oct 16
98
♦65
*50
52%
42
*96
98
*87
95
*9%
118
132% 135%
797g
;
81%
1,500
Deo
June
100
100
*112
800
200
<
56
*95
75
115
101
81%
56
,
1,500
5,300
34
47
41%
96%
126
59
40
*30
57%
100
*96
15434 154%
2034
2034
35
34%
39%
96
*93
"*9% "ll
56
*95
40
95
108
59
100
40%
39%
13%
96
125
*50
42
*57
8
158
41
*105
*13%
84
4%
41
46
227g
23
79
90
11
8234
*82
30%
22%
79%
*98%
*65%.
22%
10
147
47
98
40
.
*45%
*95
41
145% 149%
55%
56%
*93
47
100
25,000
135
71
112
60
Dec
Marl6
34
Do
pref
^.....100
Nat Conduit A Cable No
par
Nat Enam'g A
39%
29%
187%
Feb
Apr
120
93
87
93
300
Dec
159
125
Apr
3
107
100
64i2
Jan
pref ....100
Do
pref
National Lead
Do
pref
Sep
Juno
Dec
18
Junel3
100
4,100
110
24
137
100
18%
100% Deo
9
110
....100
""650
Jan
Deo
3
Do
pref...
National Biscuit
45%
152
Deo
99% Mar
16
100
9,700
113%
124%
Oct
Mid vale Steel A Ordnance.. 50
"7", 000
June
50% Dec
Sep
Dec
Feb
100
11,000
85
29*4
88
100
,
7
1
114
102
900
23%
40%
107% Aug
44i4 Oct
2434 Jan
Oct 24
99% Oct 26
70% Oct 22
34% Oct 16
Power
26%
39%
98
98%
155% 155% ♦153
20%
20%
*19%
35%
35%
34%
13%
34
*45,
*25
40
42%
42%
13%
4%
25%
113% 113% *112
118
138% 139
135
138
41%
41%
4134
42%
90
39%
38%
♦
'
-
40
'
Apr 16
Feb
13% Aug
171%Jan 26
10
131% Oct 26
86% Septl2
174% Oct 15
Montana
123
*49%
38%
4%
40%
25%
39%
*30%
*95
139%
*95
66%
*155
58%
42%
18%
60
39%
26%
38%
82 34
116
53%
♦49
40
7% Oct
600
108
*114
60
.
38
100
116
18%
Oct
Oct
205
ll%Mayl0
100
5^800
23", 400
100
§45%
4%
84
58
18%
*30%
31
*95
*94
*101
434
39
31
*82
46
*24%
26%
37
31%
84
"23%
*40%
100
76%
100%
26978
97
44%
46
Dec
91% Dec
110
2334
434
41
31%
48%
*83%
93
*100% 108
18%
*49
40%
40%
*103
*114% 123
5%
.25%
40%
•
18%
40%
♦31
*81%
121
18%
25%
39%
4%
46%
18
107
100
43
3
1st pref stk tr ctfs. 100
2d pref stk tr ctfs. 100
Mexican Petroleum
100
Do
pref
100
Miami Copper
5
~
75
43
100% 100% *100% 108
18%
*72
2234
47
47
108
86%
75
*94
700
Jan
4
16
Maxwell Motor Inc tr ctfs. 100
Sep
Dec
55% Jan
93% Oct
100
pref
Nov
Nov
Nov
94%Jan
5
Do
31%
45%
*97
100
47
46%
350
47% Apr
4
134%Jan 18
16
Oct
40% Oct 10
31% Oct 17
70% Feb
Do
91
31%
4478
197
23<%
43%
100
*100
60
23%
43%
43%
45%
*90
3134
'77
20
85%
92
30%
97%
*94
47
18%
123
123
25
23%
43%
45
97%
64%
87S4
*90
100
108
*100
•
86
92
110
*94
20
31%
46%
31
45%
*97
*18
8634
47%
*104
*64%
86%
31%
45%
65
*18
32%
66
20
6434
19%
*91
"3l"
31%
32
*97
92
31
46%
32
"
7
June
Jan
15
Kelly-Springfield Tire
25
Kennecott Copper
No par
Lackawanna Steel
100
Lee Rubber & Tire
No par
63
62%
32%
stamped
June
131
88% Apr
19% July
39%
74
46% July
38% Apr
63%
30% Sep
53%
129*4 Dec 144*4
75% Jan *111
108%
Oct
Mackay Companies
19,300
16%
*74
.
Do
Jan
Feb 20
104%Mar20
25% Oct 16
Intern Nickel (The) v t 0..25
1,600
44%
34%
56%
44%
327S
56%
44%
33%
44%
35
Jan
Nov
3
100
Paper.....
80%
117%Jan
95
Oct
International
42%
106
2
78
*22
105% Mar
103% June30
Feb
89
Oct. 15
50% Feb
2
.100
ctfs
Nov
112% Feb
7
37% July 11
1123gJan
2
91% July 2
...100
tr
Nov
186
July
41% Dec
3
18
Internat Agrlcul Corp
100
Do
pref.:
100
Intern Harvester of N J.. 100
43%
33%-
23
82% Feb
Inspiration Cons'Copper...20
13,900
41
700
126
102% Septl9
100
pref
Oct
140
300
24
15
100
31%
9434
Oct
100
23
8934
3078
22%
117% Nov
31% Oct 16
Int Mercantile Marine
100
Do
pref...
.....100
28%
Jan
83
No par
13,400
300
108%
58
103% 105
900
26% 28
76,300
90%
94% 244,600
28% 30%
16,600
2638
56%
2d
123
34% Oct 15
-.100
pref
Do
Apr
41% Oct 17
Greene Cananea Copper.. 100
Gulf States Steel tr ctfs...l00
Do
1st pref tr ctfs
100
160
*37
38
105
700
94
*88
45%
*37
39%
94
49
27% Marl2
63% Mar 7
100
Granby Cons M 8 <fe P
200
June
June
31
100
pref...
Do
500
76
15
40
5
preftemctfs
Goodrich Co (B F)
*101% 104
44%
12%
38%
1,500
25
100
Do
200
*72
*10178 104
*88
77%
40% 40%
99% 100
40%
41
*90
95%
26
62% Jan 25
101% Junell
115% Jan 25
68% Septl5
14% Oct 16
60,400 Distillers' Securities Corp. 100
2,800 Dome Mines, Ltd
10
10,600 General Electric......... 100
22,100 General Motors tern ctfS-.lOO
7%
'131% 136%
*76
*70
*101% 104
38%
52% Jan
30%Jan
4
25
pref
Do
7%
91%
78
100
37
96
*38
12
39%
137
40%
47%
*105
778
94%
40
*93% 109
5
100% Oct 26
100
Cuban-American Sugar
500
Jan
1
No par
Cuba Cane Sugar
Do
pref....
1,900
Junell
135
Feb
Do
pref___.
100
Corn Products
Refining... 100
Do
pref.
..100
30", 100
81%
170
Jan
156
5
70
100
Consolidated Gas (N Y)..100
Do
$ per share.
515
Oct
17% Oct lb
11% Oct 15
1,800
72,700 Crucible Steel of America. 100
93
31
Highest
% per share
415
Jan
84
16
Continental Can
Previous
1916
Lowest
share
per
for
Year
70% Oct 16
69% Oct 16
Oct
Colorado Fuel A Iron
Columbia Gas&Elec
87,000
$
36
Chile Copper
Chlno Copper
400
91%
81
*75
1,800
6,825
6,600
2,400
3,500
19,700
66%
Range
Highest
share
per
...100
Leather
pre!
Cerro de Pasco Cop
Chandler Motor Car
2,100
30%
*150
40%
136
78
43
99
27%
26%
90%
87%
32
•31%
25
25%
82
77g
137% 137%
94%
95
45%
110
26%
88%
31
29%
91%
64%
*90%
30%
170
39
8%
*76
78
67%
93
*93% 109
12%
40
*105
65%
*160
*93% 109
*7%
91%
30%
*80%
8134
170
39
31%
91%
*90%
31
87%
30%
66%
,
30%
48
*11%
*38%
*36
$
100
Do
110
*100% 103
160
45%
16
pre!
Central
33,500
32
71%
16
110
*150
42%
104
*87
160
71
16%
*91
81
78
39%
*101% 104
71%
30%
91%
160
160
31%
71
2978
*90%
65%
*93% 100
39%
40%
7%
7%
136% 138
94% 95%
32
Do
400
800
*1534
33%
*100
3234
80%
165
*42% 43
*100% 103
70%
72
73
*90
31
1,200
39%
73%
72%
100% 101
32
93
*90%
79
38i2
*95
93
14
*37%
73%
77
100% 100%
31%
91%
67%
66
69%
33%
95
103
38
91%
138% 139%
43
*71
110
30%
*93% 103
39%
41%
7%
8%
138% 138%
95
97%
*77%
79
*100
*100
31%
91%
80%
160
*93% 103
39%
4C%
8%
8%
*42
110
14
1434
100
Steel
Do
ciaes B common
100
Do
pre!
100
Butte <fe Superior Copper... 10
California Petroleum v t c.100
"2,700
19%
Par
Bethlehem
1,100
97
19%
38
Lowest
SHARE
PER
1
basis of 100-share lots
EXCHANGE
84% 280,800
*91
SHARE
Range Since Jan.
On
Industrial&Misc.(Con.)
87
83%
19
73
33%
85%
9434
98
96
38
16%
43%
38%
*36
86
*95
29%
91%
66%
*90%
30%
69%
93
160
83
97
*100
29%
91
91%
857g
19
*84
87%
43%
.*70
35
83%
♦14
75
16
44%
38%
35%
$ per share
84%
*88
~31% "32"
32
44%
35
$ per share
38%
38%
74%
16
40
Shares
19%
14%
102
32
Oct. 26
84%
1693
prec«dln«.
STOCKS
NEW YORK STOCK
Week
84%
*14
p*««
PER
Sales/or
Friday
Oct. 25
96
19%
43%
38%
35%
85%
*100
14%
39%
76%
102
32%
82%
*91
19%
*38%
73%
102
72
84%
100
14
15
32
32%
iccond
«e«
CENT.
24.
$ per share
*83
85%
19
19%
14%
Oct.
85
82%
100
39
14
23.
84%
19%
14%
39%
19%
NOT PER
in*ctiw«
Thursday
Wednesday
$ per share
88
82%
100
19%
22.
$ per share
88
»' atock* aatial'v
the
Saturday
20.
Record—Concluded—Page 2
during th«
""20b
Woolworth (F W)__
Do
pref.
Wortblngton P A M
Do
""ibb
t Ex-rights,
pref Art
Do
oref B v
a
.100
100
v t e.100
85
Oct
15
53
Oct
16
114% Sept 6
120% Oct
8
9
23% Feb
0
100
91
t c
100
50
Ex-dlv. and rights,
Apr 16
May 9
b Par $10 per share,
100
117
Mar
Oct
84% Mar30
118
jan
17
123
June
37*8 Junel6
25
July
97% Junel1
95
63
52
July
July
151
Jan 22
126% Jan
n
Junel J
Par $100 per share,
141%
126
86%
100
06%
s
Oct
Noy
Sep
Sep
Sep
Certlf1"
In Jan. 1909
the Exchange
*9
Friday
Oct. 26.
If. Y. 8TOCK EXCHANGE
Week ending Oct. 26.
Week's
Range or
Last Sale
II. S.
Government.
0 8 3He Liberty
Loan (w
U 8
U 8
D 8
U 9
0 8
0 S
0 8
U 8
U 8
Atner Foreign
F
1919
8ecur 6s
-
Mexico—Exter loan £ 5s of
Gold debt 4s of 1904
Paris, City of, 5-year 6s
97%
84
60
80%
*54
93
*17
65
98% Oct '17
Oct '17
97
97
86%
93
94%
96%
79
88
88%
33
87% Sale
87%
88
22
77% Sale
77%
77%
5
74
75
2
73%
89% Sale
89*4
89%
41
88%
M-N
90
Sale
8934
90
27
89*4
90'4 Sale
90 Mi
93%
117
99%
99Mi
250
98% Sale
98%
9834
344
98
98% Sept'17
97%
98%
101% 101% 101%
93%
9334
110*4
1956
...1957
New 4,<4s
1917
4)4 % Corporate stocky..1967
8)4% Corporate stock... 1954
94%
94%
94%
94
94
101
82
♦
1961
1961
Canal Improvement 4s.__1962
Canal Improvement 4s
1960
Canal Improvement 4 )4s. 1964
Canal Improvement 4 Hs_ 1965
Highway Improv't 4)4s..l983
Highway Improv't 4%s..l905
Virginia funded debt 2-3S...1991
y State—4s...
100%
Sale
108
Iio"%
103
104% 103
10934 Oct '17
Sept'17
105"
103
Sept'17
50% June'17
78
79%
50
6s deferred Brown Bros ctfs—.
S1995
1995
1995
51995
__A1995
.51995
1955
4nn Arbor 1st g 4s
Atch Top A S Fe gen g
4s—
Registered
Adjustment gold 4s
Registered
Stamped.
0onvgold4s
.
Sinking fund deb 5s
Trans Con Short L 1st 4s.
83
83
93
Oct
'17
79
88%
78
85% Nov* 16
78
78
89
95
1933
►telund A gen 5s Series A.
Pitts Juno 1st gold 6s
--
94
107
91
99
80% Oct *17
93% May'17
80%
9934 July'17
99*4 104%
Sale
81
8434
83
81
81
82
81%
87%
75
78
79
94%
98
89% Sale
89%
90
90% Sept'17
89
9284 Mar'17
81%
82%
"81% Safe"
112
87%
Jan
88
'12
88
Oct
'17
8734 Sale
98%
.
....
J
-
J
J
J
1946 J Cen RR A B of Ga col g 5s.. 1937 M-N
Cent of N J gen'l gold 5s
1987 J - J
Mobile Dlv 1st g 58
51987
Am Dock A Imp gu 5s
1921
Leh A Hud Rlv gen gu g 5s.'20
N Y A Long Br gen g 4s.. 1941
Registered
Cent Vermont 1st gu g 4s..«1920
QJ J MQ
J
-
J
J
J
*
F
J
1939 M-N
Registered
1939 M-N
Qenerai gold 4Ms..
1992 M- S
Registered
1992 M- S
20-year convertible 4)4s.. 1930 F - A
Cheea A O fund A lmpt 5s.. 1929
100
30-year oonv secured 5s.. 1946
Craig Valley 1st g 5s
•No prioe Friday;
A-O
- D
J -D
1940 J - J
Coal River Ry 1st gu 4s.. 1945
92
Sept'17
102%
A-O
104% Oct
~99% l04%
A-O
"95% 103*
a-o
*92
49
"79"
*94%
78
90
84
94%
99%
99%
107"
107
"'
101% 111%
99
102%
97
85
105%
92
100*4 110
1959
80
J
83
J
-
....
96%
90*4
May 17
70
90
July'15
Mar'11
Ian
17
98
96
62% Oct
'17
84%
62%
81%
87
843$
101
83%
100% 101
83%
87
Feb '17
81%
83% Mar'17
70
79
79
81
73
74% July'17
74%
73% June" 17
84
Nov'16
73i2
833$
73%
101% 105% 102% Oct 17
85% Aug '17
81
88
88% May'15
100%
102"%
~91~% III-
102% 102%
62%
m-n
*1936 Q- F
*19.36 Q- F
103
101
68%
71%
62
-
C C C A I gen cons g 6s..
104% 104%
77
90
96
63
84%
62%
1940 M- S
J
1940 J
103
65*4
6534
J
-
Dlv 1st gold 4s
1939 J - J
Cln W A M Dlv 1st g 4s.. 1991 J - J
St L Dlv 1st coll tr g 4s.. 1990 M-N
104% Apr '17
63
May'17
88
1993 J -D
103
108
105
105
"
~ "82~
82
25
1931
78
101% 104
90
20-year deb 4)4s
4s...1
9534 103
118%
111
Ncv'16
105
J
-
J
1st gold
91%
J
J
C IStL AC consol 6s.... 1920
91
I7i„__
90
Day A Mich 1st cons 4 His. 1931
Clev Cln Ch A St L gen 48.1993 J -D
W W Val Dlv 1st g 4s
118*4
105% Nov* 16
82
Jan
17
105% 107
66
Sale
75
62%
109
102% July'17
....
M-N
78
Feb
17
84
85%
Ind B A W 1st pref 4s_...
Mar'17
97% June'17
97%
90
97%
105
105
120%
106
105%
100
104%
Registered
Cln S A CI cons 1st g 5s.. 1923 J
O Ind A W 1st pref 5s
90
100
Aug '17
Oct
'17
70
Sept'17
70
91
Aug '17
90
94%
9934
99s4
99*4
99
108%
Oct *17
8334 Mar* 17
79%
104% 10412
"'17
46
12%
12% Oct
93
93
1961
1947
J
5%
0%
17
Sept'17
5%
5%
12%
94%
A
82^2
83%
Refund A Ext 4%s
1935 M-N
Ft W A Den C 1st g 6s...1921 J -O
A-O
Conn A Pas Rlvs 1st g 4s...1943
7634
77%
95%
993i
-
Colorado A Sou 1st g 4s
1929 F
73*4
79%
86%
94*4
84
87
April. «Due May.
3)48.2000
Y Lack A W 1st 6s
1921
Morris A Ess 1st gu
N
-
J
-
J
erm
gug3)4s—2000
fDue Jane, h Due July. * Due Aug. •
M-N
f- A
Due Oct.
6
5
81
76*4
11
2%
'17
2
Oct '17
81
Oct
76*4
UKK July'17
75
30
102*4
17*4
11*4
96
76*4 87*4
100% 10518
84
86%
J
J -D
f- A
A Improve
?onstructlon 5« 4s.... 1923
... 1923
Warren 1st ref
51
5%
Del Lack A Western—
80%
Apr '17
85% Nov'16
96% Feb '16
J
Cuba RR 1st 50-year 5s g..l952 J
74
84
Cleve Short L 1st ga 4 Ks
92
7934
Oct
10%
94
7384
46*
106% 110%
July'08
9334
86*4
Sale
94
Apr
78
"73"% "74"
—
A-O
Income 4s
Trust Co certlfs of deposit
89%
78
102%
Peoria A East 1st cons 48.1940 a-o
Col Midland 1st gold 4s
68
104% Jan *17
J
-
1934 J - J
1940 A-O
41938 Q- J
17
107% Aug *17
102% Jan
1990
118
81
87%
60
m-n
Spr A Col Dlv lstg 4s
T7{.
9534 Oct '17
June'17
J
-
Apr
95*4
103
100
CI11 DAI 1st gu g 5s.... 1941
103
....
80
91
.
118
J
-
Oct
62
55
62%
62%
111
Cairo
103% 10934
.
90%
S
-
97%
16
'17
4ug
109
J
General 5s Series B
106
"7978 "82"
1952 J
1937 J
19,59 J
guaranteed 4s
50
112
78%
C Find A Ft W 1st gu 4s g.1923
99% 107%
99*4 Oot
...
109
1919 A-O
1st A refunding 4s
Cln HAD21 gold 4)4s
100
97%
m-n
1st
100
June'13
97% 101% 100
92
100% Jan '13
40
4s
96% 102%
97% June'17
62% Sale
A
M-
74%
96% Sept'17
97% July'15
Superior Short L 1st 5s g_p!930
Chic T H A So-East 1 st 5s.. 1960 J - D
Chic A West Tud gen g 6s..$1932 Q-M
Consol 50-year
64
"55" "60
69...1930 J -D
North Wisconsin 1st 6s... 1930
84
98%
63% Oct '17
9734 Oct '17
95
J
m-n
St P A S City 1st g 6s
78%
9734
63%
9734
96%
Ch St PA Minn 1st g 6s..
97%
85*4
96% 100
94%
87% 101%
90
85%
66%
70
59
92%
81%
108%
7634
Sept'17
95%
Consol gold 5s
1952
Keok A Des Moines 1st 5s. 1923 A-O
-
94*4
98
13
71
J
A- O
J
84
27
67
66%
71
1934 a-o
1918
97% 10434
15
Mar'17
87
74%
Sale
67
88
107%
>vT6
77
7634
76*4 Sale
*
88.
102""
86% Sept'17
98
Oct '17
85
99%
80
105
100
111 % N
J
112% 118%
'77
Oct
111% Dee
72%
-
-
*99% 103%
97% Oct *17
97% 100
J
F
"
102
100%
1988 J - J
1934 a-o
lst4)4s'41
102%
10
100%
91
105
95%
lof" III.
198'8
-
105%
ldd"
101% Oot '16
113% 112% Aug 17
88
lan
17
87
65
J
-
"97%
'16
97% 104% June 10
m-n
-
104% 111
100% Sept'17
98
93%
101% 118
8ept'17
100
102% Oct
100
a-o
m-n
27
'17
109% A.u<
16
104
Sept'17
103% Apr
A-O
95%
86
80
102
A-O
863g
"86" "98%
104%
90
97%
75
102% Sale
Cons 0s reduced to 3 )4s.. 1930 J -D
Debenture 5s..
.1930 IVI- S
90%
87
M-N
Registered
Refunding gold 4s
cons
86%
81% Dot '16
89
Aug'17
79
82
Railway general gold 4s...
Chic 8t P M A O
"88% ~98%
M-N
Choc Okla A G gen g 5s. .«1919 J
96%
95%
89%
75%
J
96
latest this week, a Due Jan: d Due
29
"97%101%
102% Dec
82%
-
St Paul A KCSh L
100% 101%
100
104%
16
Deo
88%
*
105
88%
86%
86%
76
Oct '17
95
88%
72
95%
77%
104% 104%
97% July'17
l«
95
92
M-N
CR I F A N W 1st gu 5s.. 1921
118%
98% 104%
100
July'17
100% Sept'17
92
J
.
76% 10234
9934 IO384
102
10612
10034 100%
107
94%
79
50
17
Aug
98%
107%
72% 82%
86% 105%
98%
98%
77% Sept'17
Ido" IIII
Coll trust Series P 4s
115
102
"98%
98
J
95%
105
86
102
-
1944 J
Big Sandy 1st 4s
...
101%
86
1st consol gold 5s..
...
J
-
J
Burl C R A N—1st g 5s..
84
Oct '17
106% 100
104% Sept'17
100% 108
1948
R I Ark A Louis 1st 4
71%
25
100
J
-
1918 m-n
1934 IVI- S
93*4
28
78*4
76%
85
1932 J
"77% *89'
"38
81
80
80% Sale
.
1947 J
97%
J
-
20-year debenture 5s
99% Deo *16
.
Mid Ga A Atl Dlv 5s
93
J
.
96
78
"80% "96%
99-% Oct '17
96%
July'15
PLEA W VaSysref 4s.. 1941
-Mac A Nor Dlv 1st g 5s.. 1946
79
97%
J
-
"32
'17
Oct
71% 76
76% Sale
80
100% 107%
July'17
105
93*4
100
85
78
J
82
25
'17
Oct
110% 115
1925 M-
91
129% Aug *15
112%
--
87% Sale
J
St L Peo A N W 1st gu 5s.
Chicago Rock Is) A Pac—
86
78
100% Aug'17
85
Sept'17
9934
85%
81%
Oct '17
87% 88
N
Oct *17
78
78% 78
M-N
Oct '17
84
8434 87
Bouthw Dlv 1st gold 3)^s 1925 J - J
100
Apr '17
94%
Cent Ohio R 1st c g 4)4s._ 1930 M- S
99% June'17
94
100
CI Lor A W con 1st g 5s... 1933 A-O
101% Nov'16
9934
Monon River 1st gu g 5s.. 1919 F - A
99% Oct '17
98%
OUlo River RR 1st g 5s
1936 J - D
107% Nov'16
90
95
Genera! gold 5s
1937 A - O
107
Feb '17
100%
Pitts Clev ATol 1st g6s._ 1922 A-O
9834 107% 101% Oct '17
Buffalo RAP gen g 5s
1937 M- S
99% Oct '17
99
Consol 4Ha
1957 M-N
97
Nov'16
All A West 1st g 4s gu
1998 A-O
106% "II 103% Feb '16
Clear A Mah 1st gu g 5S..1943 J - J
106% Deo *16
103
108
Rocb A Pitts 1st gold 6s. .1921 F - A
104 ' 107i2 103% Sept* 17
Consol 1st g 6s
1922 J - D
97
97
97
Sale
Canada Sou cons gu A 5s...1982 A-O
85
May'17
84
Oar Clinch A Ohio 1st 30-yr 5s '38 J - G
100%
101
100%
Central of Ga 1st gold 5s._pl945 F - A
Sept'17
I 93% 97
Consol gold 5s
1945 M- N
78
Aug '17
79
Chatt Dlv pur money g 4s 1951 J -D
t'Junc A M Dlv 1st g 3)4s
92% 106%
Oct '17
103
1995 J -G
1922 J - J
J
-
.1941
m- 8
.1921
Ext A Imp s f gold 5s... 1929 F-A
Ashland Dlv 1st g 0s...1925 m- S
Mich Dlv 1st gold 6s.. 1924 J - J
Mil Spar A N W 1st gu 4s. 1947 m- b
91% Oct *17
78
Aug* 17
95%
Cal-Arls 1st A ref
20-yr conv 4mb
94
93%
93%
95
....
80%
M- 8
M- S
M- 8
J -D
M- N
J - J
J - J
M-N
A-O
A-O
8» no Oca A G gu g 4s..._ 1918 J - J
Bait A Ohio prior 3)4s
1925 J - J
Reglsterod
51925 Q- J
1st 50-year gold 4s
51948 A-O
Registered
51948 Q- J
-
J -D
Mil L 8 A West 1st g 6s.
68
4>4s"A"1902
B Fe Pres A Ph 1st g 5s... 1942
At! Coast L 1st gold 4s
51952
Gen unified 4)4s
1964
Ala Mid 1st gu gold 5s
1928
Bruns A W 1st gu gold 4s. 1938
Charles A Sav 1st gold 7s. 1938
L A N coll gold 4s
..01952
Sav FA W 1st gold 68.... 1934
lBt gold 58
1934
7234
Mllw AS L 1st gu 3)4s._
79
93
J
1958 J -
97
91
1928 W* 6
Rocky Mtn Dlv 1st 4s... 1965 J - J
J
76
73%
93
J -D
-G
1960 J
Donv 4s Issue of 1910
84% Sale
a
107
"79*4
East Okla Dlv 1st g 4s...
16
82
72%
84%
853s
72% Aug 17
87%
89%
80%
717g
71%
70-%
-
-
-
96%
19
79
79
f
J
85%
92% Feb
Frem Elk A Mo V 1st 6s.. 1933 A-O
ManG B AN W 1st 3^8.1941 J - J
Bale
78
M-N
'17
97% Dec T«
Sale
79
-O
A
84%
"OO"
N or'16
70
~80% Sale"
m- 8
85
""
100% Apr
84% Apr
J
1921
1933
„...1933
4)4sL947
57
8534
85% Sale
17
17
100% 100*4
~92~" "94"
J
1921
Registered
86
Sept'17
58
58
58
57
112% 115%
96% Jan
-D
J
1987
Registered
Q- J
A-O
A-O
Nov
Nov
62%
Mar'17
72
J -D
4)4s
Debenture 5s...
61%
50
73%
62%
J
1925
4)4s._..a2014
o2014
Des PlaioesVal 1st gu
Railroad.
41
62
J
1987
5sstamped......1987
Sinking fund 6s
1879-1929
Registered
1879-1929
81nk!ng fund 5s
.1879-1929
Registered
...1879-1929
109% 117%
108% 110
87%
78
110% Sept'17
108% Mar'17
108
32
Mar'17
32
112%
62%
65
J
Stamped 4s
103
103
90
25
02
J
General
99% 106%
107% 117%
100% Sept* 17
100
90
76
100% 105
75
78
J
-
75
July'17
9734 Feb ' 13
J
el9S9
General 4s
100*4 108%
102%
100
__
100
106
101
100% 101
100% July'17
100
100
100
Canal Improvement 4s...
-
M- S
J
Sept'17
76
51
A
J
75
-
101*4 110%
84
91%
Sept'17
July'17
84
83%
-
-
110%
100
101%
IOD4
100% 100% July'17
101% 101*$ 10134 Oct '17
F
June'17
75
1919
J
1921
J
Wis Valley Dlv 1st 6s
1920
-D
Milw A No 1st ext 4HS..1934
-D
Cons extended 4)4s
1934
f- a
Chic A Nor West Ex 4s 1886-1920
f-a
Registered ..1
1886-1926
M-N
General gold 3Hs
1987
Registered....
pi 087 q- f
9334 102%
90
80*4
87
90
Wis A Minn Dlv g 5s
97% Jan '10
35
107%
100
'17
Oct
100
84%
La Crosse A D 1st 5s
9334 102%
99
93%
101% Sale
4)48
8epfl7
101
33
30%
27%
July'17
30
*
-
94
4% Corporate stock
100
"84% "97%
14
84%
-
33
22%
J
-
30%
29%
1934
1932
Chic A L Sup Dlv g 5s... 1921
Chic A, Mo Rlv Dlv 5s... 1926
Chic A P W 1st g 5s.
1921
C M A Paget 3d 1st gu 48.1949
Dubuque Dlv 1st 8 f 6s...1920
Fargo A Sou assum g 0S..1924
9334 102%
92%
84%
84% Sale
M- 8
25-year debenture 4s.....
111
101
Oct '17
94
9334
101
101%
101%
101% 101% 101%
J
Gen'l gold 3 4s Ser B
*1989
J
General 4 )4s Series C_..el939
J
97% 106
99
July'16
M- S
J
97% 104%
97
10534
98
997$
92
'17
Oct
98
98
1958
1955
Gen ref conv Ser B 5s
Convertible
98
9714
Gen A ref Ser A
94%
93
•
100% Oct '17
98% Bept'17
92
89
86
100% 102%
99% June'15
coal 5s.. 1942
5s... 1936
Registered
95%
99% Sale
97% 100
Permanent 4s..
98%
98%
92*4 98%
98
100%
98% 101%
75%
194
9434
93 % Sale
stock.1960
4Xs Corporate stock....1964
4 H s Corporate stock
1966
4Xs Corporate stock
1965
1Mb Corporate stock
1963
4% Corporate stock..
1959
4% Corporate stock
1958
4% Corporate stock
1957
80%
1
374
95
98Mi
9434 8ale
N Y City—4He Corp
97
98%
76
76
98% Hale
Sale
50
39%
76%
5
98
4s...1956
Chic Ind A Sou 56-yr 4s
1956
Chic L S A East 1st 4)4s
1969
Chicago Milwaukee A St Paul—
Gen'l gold 4s Series A
«1989
90
80%
M-N
Ind A Loulsv 1st gu
35
71
90%
76%f '"4
86
92 %
100
99
76%
Sale
53%
38
20
Sept'17
1927
1921
Co ctfs of dep..
40%
49% July'17
35
Aug '17
98
86
.1959
Chic Ihd A Loulsv—Ref 6s. 1947
Refunding gold 5s
1947
Refunding 4s Series C
1917
97
State and City Securities.
J
Chic A IndC Ry 1st
82
78%
M-N
Sale
-
Chicago Great West 1st 4s.
76%
97%
76
J
82*4
58%
40
38
100
77
76%
1919
—...
Purch money 1st
100%
95*4 101
81
8884
80% 88%
93
108
96
M- S
J
Guar Tr Co ctfs of dep
Mi 100%
94% 100
93
Sale
48
-
1934
General consol 1st 5s
1937
U S Mtg A Tr Co ctfs of dep
97
86
4
24
35
J
1st consol gold 6s
92%
86
86
Sale
56%
89% Sale
99
100
J
-
F-A
92%
U S Mtg A Tr
100
15
58% Oct *17
96%
Southwestern Dlv 4s
72%
Oct
65
Sale
75
88% Sept'16
A-O
J
81*4
71
'17
Oct
71
High
"80% ~88%
113% *>b
99%
General 4s
96%
Sale
82
A-O
Chic A E 111 ref A Imp 4s g..
89*4
96
1912
M- S
.1918
M-N
3-year 5)4 temp notes
1919
M-N
5-year 5 >4 temp notes
1921
Temporary notes 6>4a
1918
Temporary notes 5)4s
1919
$5 lot
XThese are price* on the basis of
*
90%
590
93
88
71
A-O
Registered
93%
95*4
93
4S
95
93% 93 Mi
93
94% Oct '17
91
J
8
See Great North
M-N
Nebraska Extension 4s—1927
90
89%
86%
"93"
•
M-N
ref g 3s... 1949
Sinking fund 4s...
92
97
80% 8ept'17
Joint bonds.
95%
99
95%
84*4 Jan
82
M-
.
Feb *15
80% Oct *17
67%
V 1st g
80
75
J
1989
WsV
70
J
4s_l940
5s_. 1941
Since
13
J
-
gu g
Range
Jan.1.
Low
No.
High
Ask Low
-
J
SHfs..—1950
Chic B A Q Denver Dlv 4s. 1922
Illinois Dlv 3)4*
1949
Illinois Dlv 4s...:
....1949
Iowa Dlv sinking fund 58.1919
102%
85
91%
Sale
90
0 K of Gt Brit & I 2-yr 6s.
New
Warm Springs
35
J
1946
Railway 1st lien
104% 111%
94%
95% Sale
9178 Sale
80% 82%
1st
Chic A Alton RR
98% 101%
104*4 110
85% Oct *17
100
A
»9%
Greenbrier Ry
98% Oct *16
97
July* 15
1899 Q- J
J -D
1954
A-O
1921
Tokyo City—5s loan of
"~2
99
105% 105% Oct *17
105
105*4
Sale
97
M- 8
1919
6s. .1919
Marseilles (City of) 3-yr
99
105
Argentine—Internal 5s ol 1909..
M-N
Bordeaux (City of) 3-yr 68.1919
J rD
Chinese (HukuangRy)—5s of '11
m- s
Cuba—External debt 5s of 1904.
F-A
Exter dt 6a of *14 ser A
1949
F- A
External loan 4)48
1949
A-O
Dominion of Canada g 5s... 1921
Do
do
1920 A - O
A-O
Do
do
1931
French Repub 5)4s secured loan.
f* -k
Japanese Govt—£ loan 4)4 s_ 1925
Beoond series 4)48-1925 J - J
Do
do
"German stamp".
y- j
Sterling loan 4s___
1931
Lyons (City of) 3-yr 6s
98% Oct '17
Sale
105
A -O
Anglo-French 5-yr 5s Exter loan.
100'
99
Q-M
Q- F
Government.
Foreign
99
99*4
99*4
90%
2
4fl._.
2d consol gold 4a
97
98%
97
R A A Dlv 1st con g
100.30
99
23
97%
5
© 00
Range or
Last Sale
Bid
(Con)—
1st 4s....
Potts Creek Br
97
Oct. 26.
Chesapeake A Ohio
High
Low
Week's
Friday
Oct. 26.
3
Week ending
Jan. 1.
Ho.
97%
9712
96^4
96%
N. Y.
Since
99.94 27423
99.70
99.92 Sale
1)1947 J -D
Q- J
G- J
Q- F
Q- F
Q- F
Q- F
Q- F
Q -N
registered—dl930
2g consul coupon
d1930
3s registered
*1913
33 coupon
*1918
4s reglsterod
1925
4s coupon
1925
Pan Canal 10-30-yr 2s.*193G
Pan Canal 10-30-yr 2s_.1938
Panama Canal 3s g
1961
Philippine Island 4a.l914r-34
O S 2s consul
-
aa
High
Ask Low
Bid
5
Price
BONOS
M
Range
Price
interest"—except for income and defaulted bond*.
"5
H
15
STOCK EXCHANGE
prices are nou>—'and
method of looting bonds toa* changed and
5*
BONDS
Weekly and Yearly
Exchange—Bond Record, Friday,
New York Stock
1694
94
Feh '16
Sept'17
88% 78
J 03*4 Sept'17
103% 106
9912
.99%
98%
99%
94% Sept'17
92%
96
77%
74%
85%
78
88%
103*4 107%
99% 102%
94%
99%
102% Feb '03
pDue Nov 1 Due Dec
s Optloo sale
Oct. 27 1917.]
New York Bond
BONDS
Price
tr
*. Y. STOCK EXCHANGE
Week ending Oct. 20.
Week's
Range
Friday
Range or
Oct. 26.
Last Sale
Bid
Ask Low
BONDS
Since
N. Y. STOCK EXCHANGE
Week ending Oot. 26.
O
High
05
Jan. l.
No.
Low
HO-year
Alb A
9412
96
9534 Oct *17
1943 M-N
—
J
85%
86*8
86is Oct
-
1935 A
o
-
1940 A - O
Renss A Saratoga 1st 78—1921 M-N
Denv 4RGr 1st
92% 9314
757s Sale
3 Ha
conv
48—1936 1
-
Conaol gold 4Hs
1936 J
-
J
J
Improvement gold 5s
iBt A refunding 5s
1928 J
-
102i2
cons g
1955 F
Rio Gr J unc 1st gu g 5s—. 1939 J
Rio Gr Sou 1st gold 4s_ —1940 J
67i2 Sale
75
79
75
52%
54%
54
95
37
D
J
I
57
82
81%
75i2
84
83i2
1051s
9934 103
67
76
O
-
69i4
54%
98i2
Det Riv Tun—Ter Tun
4Hsl96i M-N
Dul Misaabe A Nor gen 5s.. 1941 J - J
1937 A
69
50
95
101
91
106i2
—
IIII ~90~
3d ext gold 4Ha
4tb ext gold 5a..
1920 A
cons g
Registered
4a prior... 1996 I
1996 J
-
I
-
73
45
85'2
Sale
45
45
Sale
45
46%
45%
53
Sale
5238
54
IIII 106'
O
111
8078
2d gold 4Hs
—.1937 F - A
General gold 5s
...1940 F - A
Terminal 1st gold 5s... 1943 M -N
Mid of N J 1st ext 5a
Wilk A Eaat 1st
I
6s... 1926 J
-
1921 J
-
1942 A
-
1st gold 6s—.1923 A
-
arv A Ind lat cons gu
g
Evansv A T H lat cons 0a
lat general gold 5a
...
Mt Vernon
Bull Co Branch 1st
g 58—1930 A
Florida E Coast lat 4Ha... 1959 I
67
"97" 101"
J
108
92
Galv Hous A Hen 1st 5s
1933 A
Great NorCBAQooll 48—1921 J
Registered
-
-
I
9378 Sale
A—.1961 I
-
933s
Registered
1961 J
-
J
.1933 J
-
I
"89"^ "95"
1933 J
St Paul M A Man 4a
-
I
IO6I4 120
103
114
1st consol gold 6a
Registered
1933
Reduced to gold 4 H b. 1933
Registered .......1933
Mont ext 1st gold 4s._.1937
Registered
I
-
J
-
I
90
J
-
I
I
-
D
80V
89
101
108% Jan
10878
113
I
-
Registered
1937'J - I
1st guar gold 58—...1937 J - J
Will ASF 1st gold 50..1938 I -D
GReen Bay A W deb ctfa "A"
Feb
Debenture otfs "B"..
Qulf A 8 I lat ref A t
g 58-51952 J
Hocking Val i8r eona g 4 H«-1999 J
28^2
Pacific Ext 1st gold 6s
1st consol gold 6s
23%
97
102
'17
June'17
"99% IIII
9912
.
"89" "96"
99i2 Oct '17
79l2
9i8
131
93-%
16
9338
95
"99*%
9%
15%
80
80
93%
88
»
-
~
.95
—
97
96%
92
Sept'17
92
92
78
Sept'17
78
85%
Vov'15
J
92
93
-
J
73%
90
-
J
Extended 1st gold 3Hs— .1951 A-O
Registered
1951 A-O
80
June'17
80
1951 I
"
1951 J
Registered
1951 I
1st gold
3s sterling
Registered
Collateral trust
gold
1
1
1951 M- 8
4s... 1952 A - O
~76~
0
«
*
1
1952 A
-
1
J
75%
92
80
'17
78%
"95"
85% Jan '17
85%
85%
74% Sale
84
75
84
D
89
Litchfield Dlv 1st gold 3s. 1951 I
-
J
74
Apr .'17
Feb *14
Loutirv Dlv A Term g 3
Ha 1953 J
-
I
-
A
~
74% „89%
"
72% Jan
J
65
-
J
80
-
I
g 3
He—-1951 I
-
J
-
Sell-v A Car 1st 0s
D
1923 I
Garb A Shaw let gold 48—1932 M- 8
Chic 8t I. A N O gold 5a-1951 I -D
Sept'17
65
"783I IIII
87%
*17
90
'17
100
Feb'11
-D
90
1951
J
Registered
—
St Louis Sou 1st gu g 4s
Ind 111 A Iowa lat g 4s
lot A Great Nor 1st g 6s
.
1951 J
-
1951 J
-
1931 M- S
Ref A lmpt 5s
Apr 1950 J
Kansas
City Terra 1st 4s....1960 J
Lake Erie A West 1st g 59—1937 J
2d gold 5s
1941 J
-
-
J
88
81
June'17
89
Apr '17
95
71%
00
82% June'17
60%
60%
63
J
80
79
80
80
60
96% Aug '17
95
81
92
-
J
99
95%
92
84%
91
89
mm
mmmm
mm
m,
-.mm
93%
87
94
*No price Friday; latest bid and asked this week.
Sept'17
89
M- N
1929; J
-
I
1929 J
92
94%
98%
62
94% Aug '17
Dec '16
95
62%
62%
25
37
30
2738 Oct '17
26%
78%
54%
31
49
49% Sept'17
4958
69%
3234
30
30
45
31
40
69%
69% Apr '17
68
70%
6
37
,
30
50
Nov'16
"69% "69"%
56% Sale
99% 100%
-
1926
M- 8
40%
79
72%
85
60%
80
Deo '16
"45% "49"
91%
14
8934
Oct
21
90%
56%
"416
99%
100%
9
July'17
00% Apr '17
82
Apr '17
88
99%
98%
88
'17
56%
100
71
42
*17
60
85
95
55-%
68%
9934 106%
55%
60
00
61
80
82
Feb '13
77% Deo '13
60%
92% Dec '10
80
88% 100
94% Sale
"73"" "76%
j
1933 M-N
Mar117
Oct
91%
89%
88
37
10034 Apr '17
100% 101%
94
103%
94%
95
102
July'14
73
73
~73~ "86"
■
80% Oct '17
73
74
78
90%
"69% ~84~
71% Oct '17
Sep
'15
114~%
1927 J -D
—/> 1927 Q- J
101
105% 10434 Aug '17
101
106
109
Feb *16
J938 M- S
55
68
July'17
F -A
85
93
July'17
93
,93
-D
85
90
Aug *17
90
90
82
Sept'1.7
82
...
g 5s.
1947
1927 J
-
J
78%
—
85
-
....
30
"26" IIII
J
30
_68~ ~7858
91%
101% 108
Oot
59
Deo '16
70
58%
"30" "30
May'17
35
Aug'16
96% Feb '13
30
J
-
104%
102
Oct '17
95%
100% 104% 110% Mar'17
1951 A-O
July'17
*10
68
72
99%
50%
97
973s
107
1935 M-N
1998 F
A..'
-
A
97% Sale
97
113%
77%
77% Sept'17
70
88%
89
....
2013 A-O
4Ha "A"
1997 J
1997 J
-
Registered
89% Oct *17
89
98%
74% Oct '17
74
Sept'17
79%
80
74%
74
86%
85%
79%
94%
101
90
102
88
1998
F
1998 F
Registered
74%
-
I
73%
80%
83
-
-
A
A
-
74
92
-
A
67% Sale
66
Bat tie Cr a Stur 1st gu 3b. 1989 j
Beech Creek 1st gu g 4s.. 1936
5s
67%
43
>7G"" "81
66
67'% Sept'17
Sept'17
65
80
69
69
80%
J—-
75
75
80
96%
97
Mar'17
■
-o
-
1936
„
2d guar gold
67%
Dec '16
69
A
.1998 F
Registered
-
1936
-
J
85%
95%
J
J
J
Registered
1936
Beech Cr Ext lat g 3H8.&195I A-O
1981 J -D
"88% IIII
96% Apr '17
95% Nov'16
May'16
104
-
58.1942
Moh A Mel 1st gu g 48—.1991
N J June R guar 1st 48—1986
83% July'17
95% 102
N
a Due
73
Mich Cent col! gold 3 H»- -1998 F
99%
b Due Feb
I
; 1934 M-N
Cart A Ad 1st gu g 4s
Gouv A Oswe 1st gu g
83
-
1934 M-N
Debenture gold 4s
N Y A Harlem g 3Ha
aDaeJan.
92
1945 M- S
4s
101%
83%
91%
July'17
'17
35
90%
80%
89%
92
Jan
93
71%
80
94
m,
97
92
Arefconv58_—_——.1959 M- S
Registered
J
J
63
85
8
"79% "9l"
J
80% Feb '17
89% Mar'17
42
*17
'17
2
*00
793.1
-
Lehigh Val (Pa) cons g 48..2003 M-N
General cons 4 Ha.
2003 M-N
Oct
*17
Oct
93
89
94%
94% 100
82% 93
79%
Oct
88
37
msr "95%
84
80
45
88%
9134 Sale
88%
8934
87i2 90
1923
1926
..1905
Registered
95%
60% Sale
86
45
36
88
72%
"78%
85%
93
92% 102%
88
-
North Ohio 1st guar g 58—1945 A-O
Leh Val N Y lat gu g 4H8-1940 J
Registered
1940 J
refunding 5s
Guar 3Ha
94
Kansas City 8ou 1st gold 3s. 1950 A -O
Registered
1950 A-O
83" "95"
80
42
80
45% Feb '17
Lake Shore coll g 3 Ha—.
James Frank A Clear 1st 4s. 1959 J -D
45
New York Cent & Hud Riv—
92% Oct '17
95
Oct
64
61%
Feb '15
39%
Ref a Imp
90
"82 * ~90~
June'17
38
D
1950 J • I
1919 M-N
44%
45
94%
'09
Apr '17
80"" *91%
45
60
51%
91%
108
'16
80% Sept'17
44%
51
*
72%
Sale
45
Consol 4s Series
94
D
45
108
93
-D
Joint 1st ref 5s Series A. 1963 J -D
g 48...
Oct
81%
37
100
I
103%
-D
90
Oct
1951
103% Oot
"74" "79%
91%
S opt'17
56%
Conv deb 6*
Jan
Gold
79
Non-cum Income 5s A....1935 A-O
New York Central RR—
90
114
iioo
72% Sept'17
50%
50%
N O Tex A Mexico 1st 6s... 1925 J
84%
100
-D
108
106
42
1st conso! 4a
805s Nov'16
I
98% 109
60
N O Mob a Chic 1st ref 5s.. I960 j
New Orleans Term 1st 4s... 1953 J
107'% 117% Map'10
~S9%
99
64
Jasper Branch 1st g 0s... 1923 j
June'16
84% May'17
92
Ncv'lP
79%
813s
100
97% May'16
10834 Nov'16
40
Nat Rys of Mex pr lien 4Hs. 1957 J - J
Guaranteed general 4s
1977 A-O
Nat of Mex prior Ucn 4H»--1926 J - J
71
69
1951
Memph Dlv lat
Registered
~83 "
77% Aug '17
65
98
37
St L A Cairo guar g 4s
1931 J - J
Nashv Chatt A 8t L 1st 5s.. 1928 A-O
72%
Registered
3 Ha
76%
72%
80
Western lines 1st g 4a.... 1951 F- A
Registered
.1951 F - A
'17
80%
Nov'10
"30"
Montgomery Dlv lat
June'10
***
**
85%
94
Feb '05
98% Oct *17
91% June'17
62%
St Louis Dlv 5s
"89 ' "94%
Aug '12
100% 192
1951 J
Registered
76% May'17
83
100
-..1951 J
Geld 3H8
Sprlngf Dlv 1st
"78%
1
A
94
813s May'17
75
01990
1 st ext gold 6s
General gold 4s
May'14
-
Registered
1953! J
Middle Dlv reg 6s
.1921 Y
Omaha Dlv 1st gold 3s...1951 F
St Louis Dlv A Term g 3s. 1951 J
70
7478
1950 J
Cairo Bridge gold 4s
105%
Mat'10
62%
..1990
Riv a G Dfv 1st g 4s..
Verdi V I A W 1st g 58..
Mob a Ohio new gold 6s
95% Sep *12
Oct
74
Aug '17
77
"27"%
gold 4s
Registered
NO
78
J
-
"so" "so"
74%
...1955 M- N
3Hs-I.—1952
L N O A Texas gold 48.2.1953 M- N
Registered
.....1953 M- N
94
73%
91%
96% 10834
'
94
Unified A ref gold 4s...
"76 " Oct"'17
J
-
2d extended gold 6s
1938 J - J
8t L Ir M A 8 gen con g 58.1931 A-O
Gen con stamp gu g 5s_. 1931 A-O
1
loo
105
'17
96%
Apr '17
93%
1
•
67%
Registered
let refunding 4fl
Purchased lines
1
1951 M- 8
60
81
10S34 10834
Aug '17
8934
July'09
lat gold 3 Hs
mm
mm
Oct
79
J
1st
99%
-
Registered
m*
J
3d 7s extended at 4%
1938 M- N
Boonv St L A 8 1st 5s gu.1951 F - A
Cent Rr U P 1st g 4s—.1948 I -D
Pac R of Mo 1st ext g 4e__ 1938 F - A
"96" *90%
Sept'17
95
-
74
96%
103
1003s 106
'17
70
J
40-year gold loan
"82% "88%
84
'mm
J
j
94
114%
104% 104%.
89%
90%
'17
99
9G34 105
102% 100
A-O
Missouri Pac 1st cons g 6s.. 1920
Nov*16
90is Apr '17
84%
103% 104
1941 M-N
f 4s
s
1st A refunding 5s
1st A refunding 5s
General 4s
86%
Oct
9834 Jan '14
82i4 Aug'17
101%
-
1st A
June'17
-
Oct
95
Sher Sh A So 1st gu g 5s.. 1942 J -D
Texas A Okla 1st gu g 5s.. 1943 M- S
Missouri Pacific (reorg Co)
115%
81
-
SI
Kan City A Pac 1st g 4s—1990 F-A
80
-
106
Feb '17
Mo K A E 1st gu g 5s
1942 A-O
M K A Okla 1st
guar 5s.. 1942 M-N
M K A T of T 1st gu
g 5s. 1942 M- S
98
10838 108%
113
124%
80
87%
78%
94
Gen sinking fund
4Hs...1936 J - J
St Louis Div 1st ref
g 4s..2001 A-O
Dal) A Waco 1st gu
g 5s.. 1940 M-N
86%
82i2
•
96
1st ext gold 5s..
1944 M-N
1st. A refunding 4s.._—_.20O4 M- S
"89% "98%
81
—' *•'
-D
1951 M- S
2d gold 4s
105%
72%
tm
1033s 103%
105% Aug '17
-
1st
J
82%
July'17
Sept'17
10834 Jan
97
D
1927
Mississippi Centra) 1st 5a...1949
Missouri Kansas A Texas—
99
J
67%
—
M SS M A A Istg 4s lnt
gu.'26 J
J
97
99
-
:«i
..
MStPA8SMcong4slntgu.l938
89% 101%
89%
-
1921
■
1st Chic Term
912 Oct *17
'17
f g 58.1925 J
Refunding gold 4s
"66% "69%
69% Deo '16
8
gold 7a—
s
Des M A Ft D 1st gu 4s__ 1935 I - J
Iowa Central 1st gold 5s—1938 J -D
'
10934 Aug '16
.
70
-
..1934 M-N
1st A refunding gold 4s...
1949 M- 8
Ref A ext 50-yr 5s Ser A—1962 Q- F
——
-
Registered
.....1999 J - I
Col A H V 1st ext
g 4s... 1948 A-O
Col A To! 1st ext 4e
A
1955 V
Houston Belt A Term 1st
5a.l937|J - j
Illinois Central 1st gold 48—1951
1st
13614 May'06
Feb
_
81
95'«2 Mar'10
Mont C 1st gu g «s
1937 J
60
118
86U July'17
82
4s.. 1977 M- S
1977 M- S
Stamped guaranteed
85% Nov'15
~82~ IIII
78
94%
Minneapolis A St Louis—
118
Pacific ext guar 4s £...1940 J - I
E Minn Nor Div 1st
g 4b. 1948 A-O
Minn Union 1st g 6a... —1922!J - I
O
Midland Terra—1st
Apr '17
8912 Aug '17
-
108
10212 May'10
90
50-year 5s. 1963 A
107
121
'17
A
A
106% 108
111
Oct
I
-
5s...
g
June'16
95
cons gu
-
1936jF
cons gu g
85
110% 113%
102% 107
85% 9734
965s
96%
100% 10634
77
83
90% Apr *17
100% 101&8 1003s
100%
56% 60%
60% May'17
_
A
-
* 103%
96% 103
103
Aug *17
....
j
..
1937 F
L & Jeff Bdge Co gu
g 4o._.1945 M- S.
Manila RR—Sou lines 4s
1936 M-N
Mex Internat 1st cons
ioq%
895s Sept'17
Aug '17
118
9278
81
-D
1937 J
Oct '17
111
86i2
I
94
,93%
90
96
9052
89
J
Gen
102% 106%
102%
Aug '10
935S
9314
A1921 Q- J
1st A ref 4 Hs Series
BAN Ala
851* June'16
87
A1952 q-
g 4 H8-1945 J
Pensac A Atl 1st gu g 6h..1921|F
100
82%
f g 6s..1931
s
Registered
101
5612 Oct '17
es
O
J
N Fla A S 1st gu
g 5s
N A C Bdge gen gu
8978 Aug'17
93
-
103
June'12
56" li¬
.
1930 J
103%
98
98%
106
100% 106
96%
104%
88%
Nov'11
95
O
-D
Port St U D Co 1st g
4Hs—1941 J - J
Ft Worth A Rio Gr lat
g 4a 1928 J - I
■
J
90%
*11
100% 100% July'17
105%
92%
98%
81
79%
10934 10258 May'17
87% 8834
88%
88%
905ft Jan '17
LAN AM A M 1st g
4Hs 1945 M- S
L A N-South M Joint 4s.. 1952 J - J
*17
'17
Oct
-
78%
100
84
52%
99% 109
106% 106%
'17
97
84
110
89
95
79%
Jan
90
85%
103% Apr '17
96% Aug '17
Aug'16
93% 100
88
86
July'17
112% 110% Sept'17
79
851s June'17
O
O
90
90
104%
100
*17
Oct
60
92
96
Jan '17
28i2 Jan
D
J
gu g 5a.. 1942
Jan
1930 J
79%
95
92%
71
NoV17
108
J
-
79
105
Mar 17
108
"87i2 "94"
1940 A-O
...1940 j
....
M- S
82% Aug* 17
74
89
Kentucky Central gold 4s. 1987 J - J
Lex A East J st 50-yr 5s gu 1965 A-O
100U Deo *06
IIII ~6834
85
Hender Bdge 1st
102% July'17
1021a
90
68%
68%
107%
112% 112%
87
106
90
100
93%
..1937 M-N
1940 J - J
Atl Knox A Cin Dlv 4s... 1955 M-N
Atl Knox A Nor 1st g 58—1946 J -D
109
102% 106%
'13
87
45
June'17
"95" IIII
5a
Paducah A Mem Div 4s.. 1946 F-A
St Louis Div 1st gold 63—1921 M- S
2d gold 3s
„
1980 M- S
103
Oot
100
45
10678 Jan *17
July'17
103% Aug '17
113
Apr '17
88
103
100
80
19
180
HIqTv
100% 114
9334 105
100% Sept'17
81%
94% June'16
72% 85%
85% Feb '17
90
9S34
July'17
99% Oot *06
IIII ~80 ~ 89 May'17
96%
95% Feb *17
78% Oct '17
78%
35
88-% Sept'17
10358 10334 Aug '17
115
1123» Aug *17
....
58.1935 A-O
NOAM 1st gold 03
2d gold 0s
"51% "73%
10012 Oct '17
99*2 101
g
E H A Nash 1st g 6s
1919 J -D
L Cin A Lex gold
4Hs—1931 M- N
87%
Low
113
105
Collateral trust gold 5s„ .1931 M-N
June'IB
73
Coal A RR 1st cur gu 6s. 1922 M-N
Dock A Impt 1st ext 5a.. 1943 J - I
N Y A Green L
gu g 5s.. 1946 M-N
N Y Susq A W lat ref 58.1937 J - J
76%
5334
.
con
.
77i2
77i2
84
Deo *16
52'8
1934 J -D
Registered
99%
99
9434 Nov'15
10058 101% I07i2 Deo '16
J
-
July'17
1949 M- S
Unified gold 4s
975s 100%
99% 102%
52*8 Sale
4s
Louisville A Nashv gen 6s__1930 J -D
104
97i2 June'17
77%
J
-D
1938
1932 J -D
10478 109%
98%
99i2
A1931 Q-
1922 M- S
Gold
*10f" IIII
72%
N Y A R B 1st gold 58
1927 M- S
Nor Sh B 1st con g gu 58.01932 Q- J
Louisiana A Ark 1st g 5s...1927 M- S
84
J
-
104
98'2 Oct '17
95%
Gen conv 4s Series D... 1953 A-O
Cblc A Erie 1st gold 5a—.1982 M-N
Clev A Mahon Vail g 5a.. 1938 I ■ I
,
101
94" "94"
100
94
Penn coll trust gold 48—1951 F - A
conv 4s Series A 1953 A-O
do
SerieaB-....1953 A-O
I
95
Mar'08
99
97%
60-year
-
104% 105%
98%
J
Erie A Jersey 1st s f 6s... 1955 J
Geneaeee River lat s f 68—1957 J
Long Dock consol g 0s._. 1935 A
Feb '17
Sept'17
No.
1945 M- S
N Y B A M B 1st
'17
J
1996 I
Registered
92
Mar'17
J
1st consol gen lien g 4a. 1996
84
July'16
High
Mar'17
86%
20-year temp dob 5s
1937 M-N
Guar refunding gold 4s... 1949 m- s
Registered
1949 M- S
Deo '16
Aug'17
98i2
J
-
98%
Since
Jan. 1.
113
J
gold 5s. _h 1931 q- j
cons
Unified gold 4s
Debenture gold 5s
74i2
Sept'17
5tb ext gold 43
.—1928 3 -D
N Y L E A W 1st g fd 79-1920 M- S
Erie lat
38
98i2
O
-
38
Range
05
100% Oct '17
J
Gold
"17
1923 M- S
Registered
Si
Range or
Ask Low
100%
1945 M- S
Leh ANY 1st guar g 4s
84%
Jan
-
Ferry gold 4Hs
55
105
-
1933
1st consol gold 4s
General gold 4s
98
104
1933
1st lnt reduced to 4s
68
6712
102
J
-
Registered
Long Isld 1st
'17
1005a 105
A-O
1941 A-O
Leh Val Coal Co 1st gu g 58.1933
90
49i2
6914
Jan
99
91
Mar'17
Oct
94
N Y A Erie 1st ext
g 4s...1947 M-N
2d ext gold 5a
1919 M- S
" "86"
77
5418
Aug '17
Registered
89%
75
79
79
6S5s
Dm Molnea Un Ry lat
g 5a. 1917 M- n
Det A Mack—lat lien g 4s_. 1995 J - D
Gold 4a
1995 I -D
Registered
1937 A - O
Dul Sou Shore A Atlg 5a—.1937 i - J
Elgin Jollet A Eaat 1st g 5a. 1941 M-N
Erie 1st consol gold 7s
.1920 M- S
67
Sept'17
6U4 Apr 'A I
38
July'17
Guaranteed.
1940 J Rio Gr West lat gold 4a.. 1939 J - I
Mtge A coll trust 4a A ..1949 A-O
Dul A IronRange 1st 58
75
68
67
73%
76i2
A
-
'17
93U
7578
7578
11278 Deo '16
92t2
D
-
95i2 101U
8512 99i2
92i2 107
Week's
Last Sale
Bid
Leh V Term Ry lat gu g 5s.. 1941
1922 J
conv 5a
Suaq
Price
Friday
20.
Oct.
High
Delaware & Hudson—
let Hon equip g 4Hs
1st & ref 4a
1695
Record—Continued—Page 2
Y A Northern 1st g
June.
A Due July
70%
89
Nov'10
76%
94
Mar*16
75
89% Feb '16
80
May'17
J -D
M
S
F
A
2000 M-N
58.1923 A
Due Oct.
-
O
"99% IIII
eOptlon sale..
101
June'17
80
101
81%'
102%.
New York Bond
1696
BONDS
Price
Week's
Friday
Range or
Since
Ask Low
Bid
ZJ Y Cent 4HRRB (Con.)
N Y A Pu 1st cons gu g 4s 1993 A
O
113
100%
RWiO con 1st ext 5S..A1922 A- 0
Pine Creek reg guar
08——1932
RWAOTR 1st gug 58-1918
M
1941
OgALCham 1st gu 4s g 1948
RutrC'anada 1st gu g 48-1949
8t Lawr A Adtr let g 6s-- -1996
2d gold 6s.—
1996
Dtica A Blk RlV gu « 48-1922
Lako Shore gold 3>48
1997
Registered
---——-1997
Debenture gold 4a
1928
25-year gold 4s
-..1931
J
1
J
J
1
J
70
N
.
1931
...
101
Nov'16
S
"88 " *88%
M -N
87%
87%
-
—1934 J
McKees A B V lnt g
68.1918
~
J
Registered
~
1931 M
1931 Q
4>a
J
J
-—-—-........
92
-M
III
101%
J L A S 1st gold
3Hs
*84% "84%
84
95%
'89
88
80
79%
93%
93
....
100% 100%
98% 100%
90%
99%
56%
48
S A & A Pass lat gug
J
-
J
8F&NP lstsk fd
J
-
110%
79
85%
84
'17
50
79% Apr
16
Ga Car A No 1st gu g 5s._ 1929 J
1st 5s......1920 J
20-year
conv 4s
88% Apr '17
74
Apr '17
88%
88%
20-year
conv
74%
72
78%
Cent Pac 1st ref gu g 4s
105% May'15
87
July'14
88
Aug'13
41
13
42%
107
Sale
41
70
"do"
W A Con East 1st 4>$S—1943 1 N Y O A W ref 1st g 4s_...01992 MRegistered $5,000 only..01992 M-
60%
Sept'17
70
70
57
57
67
00
——
-
Provldeuce Term 1st 48—1956 M-
83% Feb '14
80
~
~
~
66% Oct '17
92% J uno'12
1
I
79
74
77" "so"
Aug '17
98
96% Aug '17
<
Morgan's La A
83
-
F
Norf A Sou 1st gold 5s.——.1941
M-
85
1931 MImprovement A ext g 68—1934 F New River 1st gold 6s
1932 AN A W Ry 1st oons g'4S—1996 A~
106
-
1996 A-
Dlv'I 1st Ilpn A gen g 48.1944 J
10-25-year conv 4a
1932 J
-
conv 48—.—1932 Mconv 4
1938 Mr
Registered
General Hen gold 3a
Registered
-
O2047 Q-
Registered certificates. .1923 QF
1968 J
1st consol gold 4a
85
99%
St Paul-Duluth Dlv g 48—1996 J St P A N P gen gold 6a...1923 F-
St Paul A Duluth 1st 58.-1931
105" IIII
115
-
,'..1997 Qa2047 Q-
....
-
-
Wasb Cent 1st gold 4a
1948 QNor Pac Terra Co 1st g 68—1933 J -
Oregon-Wash lat A ref 4a...1961 J
Pacific Coast Co lat g 5s.
1946 J
Padueah A Ills 1st 8 f 4)48—1955 J
80%
-
102%
—
100% IIII
—. —
M-
1943
Consol gold 48—
1948 M-
Consol
1960 F
4)48—.
1905 J
General 4
-
Alleg Val gen guar g 48—_ 1942 M
DR RRAB'ge 1st gu 4a g. 1936 F
Pblla Bait A W 1st g4s...1943 M-
Guar 1st gold 4t$s
1921 J Guar3 4800I! trust reg A. 1937 M
61
07%
106
Sept'17
103% Sept'17
107
Guar 15-25-year gold 48—1931
1935
lnt reduced to 3
48—1942
76%
Apr '17
93%
Feb
99
74
'17
July'17
99%
'98% 101% 101% July'17
Aug '17
91% 93% 93
92 % Oct '17
91%
92
99%
100%
99% 99%
2d
4s
Atl A Yad 1st g guar 4s
E T Va A Ga Dlv g 5s...
Con
-
J
-
1st gold 5s.:_
-
J
J
-
1930 J - J
1956 M-N
99
99%
1938 M- S
1940 A-O
J - J
J - J
Mob A Blr prior lien g 5s. 1945 J - J
Mortgage gold 4s
1945 J - J
Rich A Dan deb 5sstmpd-1927 A-O
1948 M- N
1919 M-N
Rich A Meek 1st gu 4s
So Car A Ga 1st g 5s
89%
97%
92"" IOO""
1936 M-N
I
Va A So'w'u 1st gu 5s_.2003 J - J
lat cons 50-year 5s...1958 A-O
1924 F-A
W O A W. 1st cy gu 4s
Spokane Ioternat IsLg 58—.1955 J
'93
-
Sale
67
57
"6l" "63"
72%
72%
47% Sale
59
60
87
80
86%
La Dlv B L lstgSs
81%
81%
87% Deo '18
89
Aug *17
....
86
"89" ~97"
....
92%
87
91
96% 100%
Apr '17
104
Deo
93
84%
96% May'17
102
102
102
15
90%
lot '12
88% Feb '17
89%
Apr '17
88
88
90%
83
88%
88
76%
....1935 J
Western Div 1st g 5a..
—
-
-
J
Tol PAW 1st gold 4s
1917 J
-
J
July'12
99" "99"
3448_1925 J - J
50-year gold 4s
1950 A-O
Coll tr 4s g Ser A—
1917 F - A
Tor Ham A Buff 1st g 48—A1946 J - D
Ulster A Del 1st con g 5s
1928 J -D
1st refund g 4s
—1952 A-O
Union Pacific 1st g 4a
1947 J - J
98% Apr '17
98%
1st A ref 4a
98
99% Feb '17
88% Sept'17
97% Aug '17
99%
Ore RR A Nav con g 4a..l946
Series E 3 jaguar gold. 1949 F
-
89
Series Fguar 4s gold—.1953 J
-
Registered
May'10
99%
98
99
June'17
99
99%
95% Oot '16
95
91%
•No price Friday; lateat bid and aaked. aDUe
78
100% 100%
78
72%
46%
47%
59% Oct *17
86%
80
23
Mar'17
87
Oct
'17
82%
68
70%
87
88
99%
6
82%
72%
46%
59%
May'17
72%
99%
Dec '15
10334 Dec '16
97
Aug*17
97
102
97
102%
95
Sept'17
97
90
100%
Feb '14
80
81%
92% Sale
92%
94%
65'
1 loi
80% Sale
89%
80%
8034
24!
87% Sept'16
"so" ~so%
88%
87
73%
70
101
97
97
91
1st consoi g 5a
refund
"90% "97"
92
89%
$
"96*
95%
89%
95% May'17
95%
1929 J
Vandalia
cons g
-D
-
J
1933 J
-
J
-
A
F
1957 M- N
Oct '17
100
87%
100% 102
100
95
"99%
106%
90%
'i6
Oot
103
91%
91%
102%
"
91%
99% Apr '17
100% 101% Deo '16
100%
100%
100% Sale
10434 10434 July'16
Jan
16
105% 105
100% 100%
102% 102%
102%
102%
102%
96%
100% 107%
96%
96%
107% Sept'16
92%
— —
80
84 >4
93
Sale
"o234
Sale
96% 101%
*93"% "96"
93% Aug "17
80
80
95
75
84
8434
79%
89%
83%
~95~
33
10234
Nov'16
84
93
94
1
34
29
100% Aug '16
90%
----
71
99% 104
69%
63
62%
58
62
'W~4 "77"
107
Oct *17
58
90% Aug '17
70
~gg ""
66%
90
"98% "98%
96
96%
75
83% Jan
90
July'17
96
70
80
,
97% 101
~60% IIII
106
102
101
101%
80
96%
'17
9534 103%
83%
84
81% Mar'16
75
Feb '17
"75" "75 "
100
100
July'17
96% Sept'17
99
.100
84
102% Sep *16
"95%
~98% "99%
78%
90% 101%
Oct '17
98% Apr '17
'
65
105
96% 108
99
July'17
May'17
64
101%
65
101% Sept'17
101% 107
103% June'17
106
Sept* 16
102
72
70
103
100
1 0934
70" "74"
May'17
73
Sep *12
62%
"97" "99"
Sept'17
100
*97%
98
97%
10434
101%
192% June'll
103% Aug '16
104% Dec '10
97% 100%
91
"95"
9534
106%
90%
93%
Mar'17
91%
93%
95
17
Feb
93% Mar'17
96
99%
93% Sept'17
03% 101%
99
94% Oct '17
86
Mar'17
9412 102
86
101%
95% July'17
95% 100
Sale
91
82
91
105
105
7.1
.
82%
99*4 108
9934 Sept* 17
Mar'17
100
92
70
90
102
64
60
Oct v'17
60
89
Apr '17
89
Nov'04
70%
89%.
"90%
104%
100
100
87
90
78
90% Oct '17
Jan *17
96% 100
92
90
Feb *17
'8
July'17
80%
96%
90%
88%
91
91
106%
70
50
34
92%
Aug '17
93
9734
52
Aug '17
52
62
80
79% Oct '17
79%
83%
48
45
93
59
50
48
48
60
'17
Oct
18% Mar'06
87
Anr '17
80
90
87%
100%
58
Sept'17
Sept'17
90
63
91
80
94%
58
58
Sale
89%
J
1926 J
4s Ser A.i_.1955
Consol 48 Series B
May. pDue June. ftDue July.
4s
75
'17
109% Nov' 15
80%
4s
"84% "9178
88
Oct
76
103% Aug *17
"85%
Utah A Nor gold 58
92% 104%
93%
80
100% Feb '17
100
J
8
-
88
"so" _8834
100% Jan '10
99%
89
89%
J -D
6s... 1922 F - A
1946 J - J
1927 J
Ore Short Line 1st g
Guar
-
02008 M
1st extended
89%
Jan. ft Due Feb.
1947 J
...
20-year conv 4s
9S%
99%
88%
88%
97% 103%
98
102%
July'17
98
91%
65
86%
1935 J -D
1990 A-O
1927 J - J
95
92%
92%
71%
61
101
.1935 A-O
Kan A M 1st gu g 4s
2d 20-year 5s
91
"92% "ml
72
Oct '17
90%
J
General gold 5s
93%
1942 M-
65%
60
99% JuneT7
Tol St L A W pr Hen g
96% Feb '12
~76~% IIII
1931 J
Tol A O C 1st gu 5s
92% Apr '17
87%
57
"2
61
80
W Min W A N W 1st gu 5s 1930 F-A
89%
80
61
75
*95%
87
81% July'17
80
65
Sept'17
98% Jan '14
80
98%
St L M Bridge Ter gu g 5s 1930 A-O
Tex A Puc 1st gold 5s
2000 J - D
2d gold !nc 5s
.02000 Mar
Aug '17
85%
79%
90
*12'
100% Feo '17
IIII "75%
111%
67%
88
61
60
56%
102
July'17
60
94%
Feb '17
85%
1
67
76
*90" "90"
3
67%
July'17
66%
88%
112%
96% 104
106
67%
71%
'
111
May'17
103
64
62
"93%
81
86
4
98%
May' 16
"60 " ~61
1939 A-O
4^3
87
'
98%
88
85
1st con gold 5s......1894-1944 F-A
Geu refund s f g 4s. .1
1953 J - J
92%
68%
65
58%
76%
Apr '17
78
Sale
103
J
102%
81%
111
90
99
98%
99%
Ter A of St L 1st g
99%
Pitts Y A Ash lat cons 58.1927 M-
Series D 4s guar
104
General 5s
102%
78
A
101
99%
97
71
.1945 M-
44
10134
99
93
M
18
S
Tol W V A O gu 44s A...1931 J
Series B 4 4s
1933 J
;_1942
46
8
93
Series C guar
44%
8
Sept'17
-
A-
46
M-
Mar'17
PCCAStLgu44s A...1940
Series B guar
1942
45
1931
May'14
Series C 4 s
60
1926 M-
Oct '17
91%
-
35
D 4-5s.._ 1921 M-
99
93
-
76%
6134
ser
97
76
40
61%
91% 104%
99% Mar'17
A-
J
■
~82"
65%
59
76%
Series F 5s
Virginia Mid
97%
-
1943 M-
97
61%
Series E 5s..
99%
91% 101
99
—
17
95
87
60%
J
1949 A-O
93
1st. gu g 4 4a. 1941
88%
5834
76%
58% Sale
J
J
90%
ex
4
88
-
91% 100
Gr R A I
Ohio Connect 1st gu 4s.
"59% ~6578 *65% Oct"
99% 107%
84% Sep '10
92
Aug '17
Jan
87%
101
95
92%
89% Oct '17
85
110%
101% 102%
91%
91% Sale
89% 91%
75
Erie A Pitts go g 34b B._ 1940 J
8eriesO
...1940 J
"87% "96%
38;
75
-
10*9"%
74
99%
-
(VI
88%
87% Oct '17
76
Ga Pac Ry 1st g 6s...... 1922
Knox A Ohio 181 g 0s....1925
95
70
-
SO
88%
75
1944 J
J
J
"68"" "88%
Sept'17
77
99% 100%
76
A
88
Sale
1948 J
'
E Ten reo Hen g 5s
Ga Midland 1st 3s
90
-
1948 M'
1950 F -
34a
Series C 34s
.
102% 109% 110% Oct '17
-
CI A P gen gu 4 48 ser A— 1942 J
Series B.
1942 A
Series C
.
'10
68
F
40-year guar 4s ctfs Her K_ 1952 MCln Leb A Nor gu 4s g
1942 MCI A Mar 1st gu g 4 48...
Oct
917g
104%' 110%
103% 103%
91%
86% Deo '16
J
Guar 34s trust, ct.fa O——1942
Guar 3 4s trust etfs D....1944 J
91%
87%
75
-
98
1921
Registered
Guar 34* coll trust, sor B. 1941
1918
Ala Gt Sou 1st cons A 5s.. 1943
61%
79%
93
1951
61% June'17
91% May'17
837g
"84% IIII
ON J RR A Can gen 4s.. 1944 M
fennsylvanla Co—
St Louis dlv 1st g 4s
Ala Cen 1st g 6s
Atl A Char A L 1st A 4^8
102
8odus Bay A 8ou lat g 58.1924
Sunbury A Lewis 1st g 48.1936
88%
88% Sale
9f
A-O
M- S
J - J
J: J
J - J
J - D
1st 30-yr 5a ser B
1944
AtlADanv 1st g 4s......1948
75
84%
Mob A Ohio coll tr g 4a...1938
Mem Div 1st g 4^ 8-58... 1996
93
99%
Consol gold 4b
Nov'11
95
A-O
J - J
M- N
J - J
A - O
J - J
J - J
J - J
1994 J
69%
70
74%
1994
5s
4s 8er A...1956
gen
96%
92%
.1919 M-
" ~92~"
cons g
Registered
Develop A
60
84%
Oct
60%
71%
-
Pennsylvania RR 1st g 4a... 1923 M
80 Pac RR 1st ref 4a.....1955
83
83
60% Sale
58%....
82% 8934
80
.
'17
84
84% Sale
_
Southern—1st
'17
Oct
No of Cal guar g 5s
.1938
Ore A Cal 1st guar g 5s.
1927
So Pac of Cal—Gu g 5s.—1937
107%
78% ~93%
118% 134
117% 136%
117% 135
84%
94
117% May'17
117% Sept'17
84% Sept* 17
103. Sept 16
...
Consol gold 6s
84
78% Oct '17
80
87
80%
J
1920 J
97%
107"%
86%
94% Deo *10
"78% "80 "
84
Sclo VANE 1st gu g 48..1989 MNor Pacific prior Hen g 48—1997, Q-
113
77«4
Sale
J - J
M-N
M-N
M-N
J - J
A-O
M-N
J - J
1st 6s._..1921 J - J
T 1st 7s.. 1918 A-O
So Pac Coast 1st gu 4s g__ 1937
San Fran Terml 1st 4s... 1950
Tex A N O con gold 5s__.1943
Nov'16
107% Oct '17
-
123% May'17
10-20-year
Pocah C A C Joint 4s... 1941 J
J
-
8734
-
10-25-year
C,C A T 1st guar gold 5a.. 1922
•
Sept'17
122
108%
106%
86%
109
82%
74
96% 101
108% 122
'
m + mm
...1949
1st gold 6a
Mar 17
75*4
1
65%
01929
1934
1949
5s
Loulaiana West
~
67%
« « 1 1 "66"
Norfolk Sou 1st A ref A 58—1961
Registered
90%
'17
97%
1931
Gila V G A N 1st gu g 5s..1924
HouaE A WT let g 6a...1933
1st guar 5s red....
1933
H A T <3 1st g 5a lntgu
1937
Gen gold 4s lnt guar
1921
Waco A N W div 1st g 6s '30
A A N W lat gu g 5s
1941
75%
Apr '16
99% Deo '14
70%
-
Norf A West gen gold 6s
Jau
2d exten 5s guar
Aug'09
377g
~83%
-
109
109
95
M-N
92
Boston Terminal 1st 48... 1939 A-
1955 J
42
109
99
-
Mort guar gold 3>*S—*1929
Through St L 1st gu 48.1954
77%
84
N Y Prov A Boston 4s.-.1942 A
NYW'chesAB Istser I4H8'46 J N H A Derby cons cy 5s. .1918 M-
General 4s
95
81
65
42
-
OH ASA M A P 1st 58-1931
£1949
77% Aug '17
(VI-
J
36
'17
Feb '17
90
-
D
J - D
M- 8
J -D
F - A
F - A
J - D
A-O
Registered
Consol 48..
1945
Providence Secur deb 4s. .1957 M-
83%
42
Southern Pacific Co—
Registered
03
A
-
..1959 A-O
4s
78
Housatonlc R cons g 5s.—1937 M-
-
;._cl949 F
Gold 4s (Cent Pac coll)—*1949
55
A-O
A-O
Seab A Roan
■
BANYAIr Lino 1st 48-1955 FCent New Eng 1st gu 4b.. .1961 J Hartford St Ry 1st 48—-.1930 M»
Prov A Springfield 1st 6s. 1922
4s...-1943
5s
1919
4s_
.1950
...1950
Ga & Ala Ry 1st con 5s„ol945 J
12
1945
Mar'16
82%
Oct
J
g
Seaboard Air Line g
Gold 48 stamped
«4
Oct
71%
J
-
Gray's Pt Ter 1st gu g 5s. 1947 J -D
75%
52
91% Jau
Non-conv deben 48
1956 J Harlem R-Pt Cbes 1st 48.1954 M-
New England cons 5s
..-1952 J
Atl Birm 30-yr 1st g 48—el933 M- S
Car Cent 1st con g 4s
1949 J - J
Fla Cent A Pen lstgSs.—1918 J - J
1st land gr ext g 5a
.1930 J Consol gold 5s..
1943 J -
57
84
J
08
50
Sale
-
50
-
Non-conv deben 4s
1955 I
Non-conv deben 4a——1955 A
97
65
cone g
1st terml & unlf 5s
17
52
80
J
50
Sept'17
-
F
J
Refunding
-
1948 J
-
56
57
Sale
57
49
J
54
50
Deo
54
Oct
50
Sept'17
68
55
56%
1
50
50
51
1954 J
High
90%
50
J
A -O
J - J
4s. -1996
58...1947 A-O
08—1928 M-N
K C Ft S A M Ry ref g 43.1936 A-O
K C & M R & B 1st gu 58.1929 A-O
St L 9 W 1st g 4s bond ctfs... 1989 M-N
2d g 4s Income bond ctfa.pl989 J - J
Consol gold 4s
1932 J -D
94
79%
79%
100% Jan '17
98% July'17
92% Sept'17
49
1930
Low
No
83%
70
65%
Soutbw Dlv 1st g
82%
81
A
Cons Ry non-conv 4b
■
91%
79i2 Sale
M
Conv debenture 6s
1954
83
84
June'17
86
62%
56i2
Non-conv deben 4a
Naugatuck RR lat 4a
797g
80%
79% July'17
Sept'17
82
62% Sept'17
81
81%
1955 J
1956 M-
Non eonv deben 4s
Feb '14
84
Genera! gold 5s
Adjustment 5s
1947
J954
A1955
.51960
6s. 1931
1931
J
-
K C Ft S & M cons g
64
Sale
62%
J
Non-conv deben 3^s
Non-(?onv deben 3 >48
—.1950
B 5s
ser
at L A S F RR
June'08
88
82'4
1947 M
Conv debenture 3
83
Sale
A
Ndn-conv deben 4a
Non-conv deben 4a
Prior Hen
1950 J
...1950 J
4s
ser A
Income series A 6s.
"99% "99%
N
F
-
Cum adjust aer A 6a
J
Equip trust 4 H%--1917-1925 J
87
83
-
.......
High
92% 103%
100% 103%
101%
101%
100
June'17 —j100
100
51921
Ser A 5a 1956
1956
Philippine Ry 1st 30-yr 814a 1937 J - J
Pitta Sb & L E 1st g 08—...1940 A-O
J
1st consol gold 5s
...1943 J
J
Reading Co gen gold 4s
1997 J
J
Registered
.1997 J
A-O
Jersey Central coll g 48—1951
Atlantic City guar 4e g—. 1951 J - J
J
St Jos & Gr la! 1st g 4a__...1947 J
103%
J
-
-
If Y C Lines eq tr 5a.. 1916-22 M
NY Connect 1st gu4J4sA—1953
N Y N H A Hartford—
103
17
70
721*
81
-
J
101%
-
July'16
98% 105
84% Sept" 17
90
o
Registered .-—--.,.1937 A
Debenture 4s.
-1931 fV* -N
2361 J
A-O
4^9
I Prior Lien
85
87
H Y Chic A St L lat g la. .1937 A -O
.2361
OS—1932
Range
92%
92%
92% Oct '17
Peoria & Pekin Un 1st 69 g—1921 Q- F
M-N
2d gold
'09
"98% IIII "99% Aug"
....
_.—-
Registered
91%
92%
Pere Marquette 1st
1st Series B 4s
123% Mar'12
S
-
cone g
Ask Low
Bid
M-N
F-A
St Louis & San Fran gen
1951
1st gold 3 H 81952 M ■N
20-year debenture 4e._.1929 A -O
West Shore lBt 4b guar._
88%
97%
96%
Nov'16
130% Jan
100%
82
M
88%
88%
88%
88»4 Oct *17
104% Deo '15
103
May'17
...
1940 J
Registered
87%
87
J
S
-
C 8t L A P lat
Week's
St Louis A San Fran (reorg Co)—
1940 J
Michigan Central 5a
75%
78
J
-
J
97i2 July'16
75ig Oct '17
July'17
95
M -N
Jan. 1.
-
78
1
Mabon C'l lift lat 68— —1934 j
Pitta A L Erie 2d g 5«...al928 A -O
2d guaranteed 68
78%
D
-
PlttaMcK A Y 1st gu 68-1932
97
77
D
J
92%
J
J
K& A A G ft let gu c 58- -1938 J
70%
Nov'16
103
J
M
90
Juxte'09
J
A
80%
70%
Since
Last Sale
1957
1963
Series G 4b guar
94
98% 104%
100% 100%
Range or
Oct. 26.
P C C & St L (Con.)
High
Series I cone gu 4J^s...
98%
O
J
-
Registered
70%
Low
76%
100% Feb '17
80'g Aug *17
70% Ayr '17
92
Week ending Oct.
May'15
93%
9814
98i2
73I2
62i2
Rutland 1st con g 4
No.
High
76% Aug'17
68%
D
J
Price
Friday
EXCHANGE
20.
N. Y. STOCK
Jan. 1.
Last Sale
n
•Sift.
BONDS
Range
N. Y. STOCK EXCHANGE
Week ending Oct. 26.
Oct. 20.
[Vol. 105.
Record—Continued—Page 3
Sale
80% Sale
90%
91
85%
91%
June'17
"85%
90
85%
95%
81
18
80
95%
80
86
Oct
104
Oct
'17
100
Oct
85%
'17
104
'17
85%
80
95
97% Aug *17
92% 100 ~
88%
82
90
80
*Due Aug. cDue Oct. yDue
92
98%
27!
84
Sale
89% 100
87
103
103
59
—
100
13
95
j 103% 108t2
108%
8.5%
94%
97%
98
Apr '16
88% Apr '17
81% June'17
Nov. f Due Deo.
IBS* "92"
81%
92
tOptlon sale.
'
Oct. 27 1917.]
New York Bond
31
bonds
n. y. stock exchange
Wee* ending Oct. 26.
Price
Range
Range or
Last Sale
=8
bonds
Since
Week's
Friday
Oct. 26.
n. y. stock exchange
Jan. 1.
No.
Low
30
35
35
35
92t2 Sale
92%
92%
"~~7
92
100%
Wabash 1st gold 5s
97i2 Sale
8934 92
97%
89%
98%
16
89%
6
1939 m-n
Ask Low
2d gold 5s...
1939 f
-
a
Debenture Series b
193h, j
-
j
80
1st lien equip s fd g 5s
1921 m- a
99
1st lien 50-yr g term 48...1954 j
Det a ch Ext 1st g 5a
1941 j
Dos Moines Dlv 1st g 4s. .1939 j
Oin Div 1st g 3v*a__
Tol a Ch Dlv 1st g 4s
-
j
-
j
1941 m- s
f
-
a
.1945 f
-
a
1952 a
-
1937 j
-
80
76%
7134
80
64
104*8 101
July'17
86
Mar'17
37
Oct
pi943 fNov
Oct
'17
46
s
83l2
Wheeling a l e 1st g 6s
1926 a-o
Wheel Dlv let gold 5s....1928 j - j
"86"
a 5s... 1946 1*1
ser
-
ex ten a Ixnpt gold 5s
~84%
Trust
co
Winston-Salem s b 1st 4s..1960
j"-'i
Wla.Cent 50-yr 1st
gen 4s... 1949 j - j
Sup a Dul dlv a term 1st 4s *36 m-n
Street
conv
6-year secured
notes 5s... 1918 j
-
j
72%
71
88%
88%
83%
91
89
89% Oct '17
65
67
89% 101%
67
77%
96% 101%
94
101%
Bklyn q Co a s 1st 5s....1941 j - j
Bklyn Un El 1st g 4-5s.__1950 f-a
Stamped guar 4-5s
1950 f-a
Kings County e 1st g 4s. .1949 f-a
Stamped guar 4a
1949 f-a
Nassau Elec guar gold 4s. 1951 j
Chicago Rye 1st 5s
1927
-
f
95
94
Oct
90
80
-
Conn Ry a List a refg 4^81951 j
a
j
Stamped guar 4 Vis
1951 j - j
Det United 1st cons g 4 vis. .1932 j
-j
FtSmlth Lt a Tr 1st g 5s... 1936 m- s
Hud a Manhat 5s Ser a
1957 f - a
Adjust Income 5a
1957
n y a Jersey 1st 5s
Stamped tax-exempt
1990 a-o
Metropolitan Street ry—
Bway a 7th av 1st 0 g 5s. 1943 j -d
Col a 9th av 1st gu g 5s.. 1993 m- s
Lex av a p f 1st gu g 58. 1993 m- s
Met w s el (Chic) 1st g 4s. .1938 f-a
Mllw Eleo Ry a Lt cons g 5s 1926 f-a
Refunding a exten 4 vis. .1931 j - j
Mlnneap St 1st cons g 6s...1919 j - j
.
Montreal Tram 1st a ref 58.1941 j
-
New on Ry a Lt gen 4 Vis. .1935 j
-
j
St Paul City Cab cons g 5s.. 1937 j
Third Ave 1st ref 4s
1960 j
-
j
o1960 a-o
Adj inc 5s
Third Ave Ry 1st g 5s
s
1933 j
-
j
Income 6s
.1948
Union Elev (Chic) 1st g 5s.. 1949 a-o
United Rys Inv 5s Pitts lss. 1926 m-n
United Rys St l 1st g 4s
1934 j - j
1924 a
St Louis Transit gu 5s
United rrs San Fr s f 4s
-
"92"
101%
92
and
Electric
Sept'17
73
77%
78
July'17
77%
69
70
Aug '17
70
8634
87
74%
"75" Sale"
84
"54" Sale"
14
cons 1st g
....
12%
25%
100%
100
53%
73%
99%
81%
94
88
83
Oct
81
94%
'17
94
May'17
94
100
95
May'17
95
100
30
Mar'14
"87% iii-
88
Oct
93
Nov'16
75
88
80
87%
80
79
20%
"
Purchase money
0s—
Ed el 111 Bkn 1st
con g
95
"go" "62%
n ygelh a Pg5s
62%
85%
87%
35
90%
90%
100
62%
30
80%
73%
33
100
103
90
60
60
63%
Oct
70
79%
*08
"70 " ~70"
Mar'17
76
84
84%
88%
93
94%
"98%
103%
*17
84%
89%
89%
1)3% Jan *14
96
Safe
100%
102
95%
97
106%
June'13
"97% 101"
91
75%
101%
465
Aug *17
Oct
99
100
101%
e i du Pont Powder 4Vis__„1936 j
90% Dec '16
1935 j
1st 5a
96% 105%
98% Sept'17
conv s
f g 58......1935 j
5a
1951
1st lien a ref 6a series c—1921
95
90
1952 m-n
98
Latrobe Plant 1st 8f
interocean
78
96% Aug '17
92
93%
92% Oct '17
83
83%
83
83
92% 101
93%
82%
98
96% Oct
89
89%
Oct
99
sep
'03
95
100
*17
96
115
'17
89% 102%
Jan
-
96
96
Sept'17
"90"" 103%
-
97% 100
Apr '17
100
101%
89
89
Mar'17
89
92
Mu Fuel Gas 1st gu g 5s.. 1947 mPhiladelphia Co conv 5s
1919 f -
94
94
July'17
94
101%
97%
99% n ov'16
Sept'17
92%! 92
9''% 100% July'17
102
97% May'17
87
85
95
—97*8
Refunding a extension 5s. 193311*1-
iiii ~93"
-
85%
100%
87
do
_
July'17
98% Oct '17
92% Sept'17
101% Nov'16
99
80
97
Sale
99%
....
98%
'17
113
94%
94
94
114
98% 100%
94%
128
94% 103
94%
105
129
104%
112
114
105
104%111
104% Oct '17
99% June'17
Oct
104% 110%
98
98
102
'17
90
92
98%
90
98
103
101% 106
102
98
99
94
102
99
Sept'17
99
99
93% 98
99% Sale
1947
j
-
j
j
-
j
-
d
-
....
j
-
j
1922 j
West Electric 1st 5a Dec
Coal
Iron
Beth Steel lat ext
-
Susq Iron
88% May'17
98%
97%
j
98
98
98%
.98
48
93% 101
99% 106%
8134
93%
88%
49
'2
215
90%
64
101
1043a
8034 "92»4
1
109
101
1
94
23
5
100
a -o
julyg?
ioo84
97% 103
97
10234
100
101%
& Stool
a
a
1926 j
f 5s
-
99
o
a
-
96%
91%
91
93%
85
98%
75
75'%
"so" "90~
Apr '17
Dec '14
86
75
Sept'17
7534
73
"87% "89"
91
104
86% 102
Mar'14
81
80
95
84
84
94,
98
80
75
97% 103%
80
9938 Feb *14
"go" "94
94%
Mar'16
83%
85
84
98
93%
or%
99
J
"97% "97%
July *15
'97% 101"%
97%
97%
92%
88%
92%
93
92
107%
88
88%
88
95
-
J
86%
91
87
'17
87
9534
-
o
-
J
-
J
Repub i a 8 10-30-yr 5a 8 f. 1940 a
st l Rock Mt a p 58 stmpd. 1955 J
Tenn Coal i a rr gen 58—1951 J
Corp—icoup
95
8S%
m~
Pocab Con Collier 1st 8 f 58.1957 J
i0-60-yr Safreg
86%
July'17
f 5sl936 M-S
1950
8
95
101
a -o
1923 a-o
lat qons 6a Series a
Mldvale Steel a o conv
98
86%
96
-D
Cons Coal of Md ilatAref 5s_ 1950 J -D
Continental Coal 1st g 58... 1952 f-a
J
98%
90
80
1932 J -D
Cons Ind Coal Me lat 58.-1935 J
98%
86%
87%
j
1942 M-N
f 5a
Col f a i Co gen s f 5s
1943 f-a
Co) Indus 1st a coll 5s gu.__1934 f-a
s f
89%
93% Sept'17
99%
100%
82% Aug '17
51
Oct '17
50% 52
102% 103% 102%
102%
81% ^alf;,
81%
"8134
101
101% 101% 101
95
95
94% 97%
u s Smelt Ref a m conv 0s. 1926 f - a
v-Car Chem lat 15-yr 5s„ .1923 j -d
Conv deb 6s
el924 a-o
100% 104%
'17
90
1930 m-n
deb 0a. .1931 j
conv
104% Oct '17
94
without warrants attach
s
.-<11963 M-N
dim M-N
Victor Fuel 1st a f 58—.
1953 J
-
J
Aug '17
86
Tolophono
Am Telep a Tel coll tr 4a... 1929 j - j
Convertible 4s
1936 m- s
Telegraph
92
96% Sale
87
Oct
97
96%
80
Apr '17
9534 Sept'17
90%
101
100% sad 100%
198
103
' Aug "17
75
80
Den '16
87
85% Oct '17
83
83%
95
83%
91%
91%
95%
96%
96
96
10
97
201
96% 101%
84%
80
95
103%
9934 107%
10334 107
60
85
" "90"
&
1933
30-yr temp coll tr 5a
..1946
Cent Dlst Tel 1st 30-yr 58—1943
j
-d
j
-
Cumb t a t 1st a gen 5a... 1937 j
89"" "94"%
100
102
5s... 1924
1920
Mich State Teleph lat
84
n y a n j Telephone 5s g..
98% 101%
98
9234
n y Telep 1st
a gen
f
f 4 Vis. 1939
Pac Tel a Tel 1st 5a
96%
86
j
f
-
103
Aug '17
96
101
Nofthweet Tel gu
1105
Mar'17
102
95%
July'17
96
97
98
83% 92%
91% 101
96
io6s4
95
101%
100
"9334 Sale"
-
j
93
j
92%
-
j
92
n
90
Sale
94%
9334
97
95
101%
"99%
Apr '16
9934
9034
38,
91
101%
101%
101%
100%
13
93
102
Sale
91
Oct
'17
91
Oct
'17
98
93
103
"fi9~ "69"
98
89%
-
Mut Un Tel gu ext 58
98
69
3
Sept'17
73
20
Nov'16
99*4 Sale
j
1941 m-n
4vis g—1934 j - j
101
90%
73
97
68%
a
m- n
85
100
....
m-n
Weet Union coll tr cur 5s...1938! j
Fd and real eat g 4 vis
1950 m
June'17
Sale
99
68%
1937 j
South Bel! Tel a t lat a f 5s 1941
98"" 101"%
-
97
d
Keystone Telephone lat 5a.. 1935 j - j
Metropol Te! a te! 1st 8 f 58 1918 m-n
97% 101
87%
8
m
Commercial Cable lat g 48—2397 q- j
Registered ....
2397 q- j
101
99%
—
84
117
'17
Oct
Oct
20-yr convertible 4 vis
Ind Nat Gas a oh 30-yr 581936 m-
-
99% 102
Oct
113
95
100
Sale
106%
98
Va Iron CoalACoke let g 58.1949 m- s
*17
July'17
99
"71% "79%
98
Lackaw Steel 1st g 5s
"96% 101"
23
'13
94
Kan a h c a c 1st s f g 68-1951
97% 105«4
77%
88
105%
"78 " "81%
98% Oct *17
98% 101%
'17
Oct
103
98
1952 M- N
98
76%
102
9734
Indiana Steel 1st 5s
95% 102%
90
93%
59
104%
76
103% 104%
100
666
99
119
99%
"12
j
-
'17
95%
99
96%
99%
Oct
81
90%
1931 a-o
5a—.1921 j
p 1st s f 5a
Sinclair Oil a Refining—
1st 8 f 7s 1920 warr'nts attch
1$40
June'17
""II
Railway Steel Spring—
iii Steel deb 4 Vis..
95%
99
85
9434 103
81
78% Aug *17
101% 102% 102
n y Air Brake 1st conv 8s. .1928 m-n
GrRiv Coal ac latg 0s...ftl91O
90
53
95%
71% Oct '17
100
100% 100
102% 105
j
-
110
11
Sale
94% Sale
105
-d
1930 j
116%
104% apr '17
96-%
100
a-o
Nat Enara a Stpg 1st 5s... 1929 j
Nat 8tarcb 20-yr deb 5s
National Tube lat 5a
110
99%
85
Mar* 17
100
f-a
105
89%
100% 104%
"70% "72%
6a a 1921 a-o
con
Juoe'17
98%
88
-
June'17
Oct
81%
j
110
76
-
-
105
107
99
1952 m- s
5s
Ingeraoll-Rand
78
Debenture 5s....
al926 M- 8
CahabaC m Co 1st gu 68... 1922 J - D
95%
103%
98
'17
Aug '17
90%
92
83
83
85
97% Oct '17
97%
100% 100% 100%
10038
75
76
7534
76
—; 103% 104
May'17
90
85% Mar'16
-d
102
90%
95% Sept'17
9834 Oct '17
83
88
General Baking 1st 25-yr 68.1936 j -d
Gen Electric deb g 3 Vis
1942 f - a
Buff a
Feb *13
98
84
105% 100% Oct
96%
105%
95
96
9534 96
100% 100% May' 15
99
—
"99"
96%
82
Sept'17
83% Apr '17
97%
1st a ref 5a guar a
99
8934
9634
119
96%
100% 129"
101% 108%
97
'17
89
105
92% 9734
99% 104%
87%
92%
95% 99%
119
119%
83% 85
99%
96%
Westlngh'ae e a m cotes 5s, 1917
Feb *15
93
99%
1931 m-n
1st a ref 5s series a
77
97
97% 104%
93%
94%
Union Bag a Paper 1st 58.. 1930 j
Stamped...
...1930 j
77
77
Sale
98
Sept'17
81
42
93%
Sept'15
98%
93
81
80
97
-
84
72
31%
100
91
1947 m...1947 m-
Utlca Gas a Flee ref
09
94%
June'17
95% Sale
Sept'17
Peop Gas a c 1st cons g 6s.. 1943 a
-
90
84
1951 f-a
Consol Tobacco g 4s
Corn Prod Ref 81 g 5s
Oct '17
97%
83
101
Cent Foundry 1st e f 6s...1931 f - a
Cent Leather 20-year g 58—1925 a-o
80
64
9634
....1951 f-a
Am Writ Paper lat 8 f 5a
1919 j - j
Baldw Loco Works lat 5a
1940 m-n
The Texas Co
95
*
87%
95
97%
93%
89
Gold 4a.
V S Steel
Utlca Elec l a p 1st g 58... 1950 j
'89% "94%
87%
Aug '17
119
Standard Milling 1st 5s
97% Oct *17
89
Utah Power a Lt 1st 5s....1944; f
75%
103
91
99% 100
j"-"j
53
100
93
94%
9334
93
93
1
92% ioi84
93
93
2
93
103%
90
90
13
90
0984
101% 101% Sept'17
108
•No prioe Friday: latest bid and asked, a Dua Jan. d Due April, e Due
1919
61%
105% June'17
-
97
89% Oct
89%
g 6a— .1944 a-o
40-year
5734
'17
90
wfwfphoo'pr t t<? prim
Am Thread 1st coll tr 4s
50
78
1949 m
*17
'16
87%
93% Sale
Am Hide & l 1st a f g 68——1919 m- s
Am 3m & r 1st 30-yr 5s serA d'47
Oct
97% Sept'17
98
Union Elec Lt a p 1st g 5s—193,2,m-
73
Oct
98%
m-n
June'17
100
5s...__1957;j
Conv deben 5s...
Am Cot Oil debenture 58—.1931
58
97
93
-
Sept'17
97
97% Sale
1928 a-o
1924 f-a
Am Ag Chem 1st c 5s
37
58%
iiii "33
j
95
1922 m
93%
Industrial
&
50
5734
97
Cb g-l a Coke 1st gu g 5s 1937 j
Con g Co of Ch 1st gu g 5sl 936 j
10034
90
105% Oct
"9834 Sale"
Wilson & Co 1st 25-yr s f 6s.l941 a-
Manufacturing
Mexican Petrol Ltd
9634 101
98% Sale
-
90
93%
84%
89% Sale
115
82
76
-
91% 102%
96%
88
22
93%
86%
84
-
1944 a-o
July'17
98
6s...19361j
Pub Serv Corp n j gen 5s.. 1959 a
81
Lorillard Co (p) 7a
5a.
Sept'17
Aug *17
Pac Po w a Lt i sr a ref 20-yr
5s International Series... 1930 f Pat a Pacsalo g a ei 5s
1949 m-
—
1945 m-
86%
Aug '17
iiii ~69
98
Pacific g a e gen a ref 5s—1942 j
Trenton g a el 1st g 5s„.
Ontario Transmission 5s
94
82
99%
Corp unifying a ref 5s... 1937 m-
Syracuse Lighting 1st g 58—1951 j
Syracuse Light a Power 5a.. 1954 j
-
.1951 f-a
101
5s.. 1995 j
6s.. 1926 j
-
1943 f
47%
84
—
con g 5s 1930 f
Pacific o a el co—Cal g a e
10984
197
73
99%
102
99
85
.1949 f
Conv deben gold 5s
Nor States Power 25-yr 5s a 1941 a
Ontario Power n f 1st 5s
114
102% 102%
63%
73
nyaq el l a p 1st
f
95
-
j
64%
60
1948!j
Purchase money g 4s
s
72%
96%
-
Liggett & Myera Tobao 78—1944 a-o
98
96%
1948'j
United Fuel Gas 1st
j
—_al932 a
4.
79%
104
80%
19271m
conv s f
1951 f-
Niagara Falls Power 1st 53—1932
7134
95
July'17
33
Sale
34
"93% "95"
48.1939! j
Milwaukee Gas l 1st 4s
Stand Gas a el
n y Dock 50-yr 1st g 4s
-
~72% "78%
102% Mar'17
100
.1925 m
Newark Con Gas g 5s
Registered
1932 j
-
75
72% July'17
90% Feb 17
100
93%
Lac Gas l of St l 1st g 5s._el919<q
Ref anti ext 1st g 5s
1934 a
Refunding gold 5s
j
20
21%
77% Aug'17
90%
"iii
6s...—v1997 a
87%
98% 109%
100
June'16
Consol
53
88% Nov'16
cons g
Convertible deb
83
'17
94
88%
101
87
July'17
%is„._ 1939
Int Agricul Corp 1st 20-yr 5s 1932 m-n
Int Paper Co 1st con g 6a...1918 f-a
97%
101% Oct '10
Kings Co ei l a p g 58—.—1937 a
91% Oct
132
8134
Apr '14
f 4
50%
21
5s 1918 f
Hudson Co Gas 1st g 5s
1949 m
Kan City (Mo) Gits 1st g 5s.
1922\ a
92% 101%
102
'17
83
s
79
Aug'17
21
iiii "75"
100%
5a._1932;m
Gas a Elec Berg Co c g 5s.. 1949! j
Havana Elec consol g 5s
1952! f
Oct
90
Debenture
"98%
May'17
-50
74
103
98%
89%
97% July'17
Sale
50
99%
~88 "
'17
99
....
80
Sept'17
9834 Aug'17
98%
97
—,a1940|m
"95
101
1st 25-year s f 5a
1934 m-n
Cuban-Am Sugar coll tr 68—1918 a-o
Distil Sec Cor conv lat g 58.1927 a-o
84%
Sept* 17
84%
80
84%
82%
.85
"75"
75%
Detroit EdJaon 1st coll tr 5s. 1933; j
cons g
"54" "69%
57
53%
19%
ConsGasE lap of Bait 5-yr5s'21 mDetroit City Gas gold 5a... 1923 j
Ed Elec 111 1st
86%
84
96
1927 j
101
87
Am Tobacco
55%
13%
13%
Feb '17
100
100
101%
75
'14
Jan
54
53% Sale
8434 Sale
....
Columbus Gas 1st gold 6s.. 1932 j
Consol Gas conv deb 6s
1920 q
1st a ref 5s ser a
100
75
75
103
58.1945 m
Columbia o a e 1st 5s
Eq g l n y 1st
100% Feb '17
100% Apr *17
86%
1947 J
cone g
93
106
105%
92% Oct '17
91%
u s Realty a i conv deb g 50 1924 j
u s Rubber 10-yr col tr 6b__1918 j
Buffalo City Gas 1st g 58...1947 a
Cincln Gas a Elec 1st Aref 5s 1950 a
Detroit Gas Co
87%
87%
87% Sale
87% 9734
101% 101%
Light
Atlanta g l co 1st g 5s
Bklyn Un Gas 1st
-
Sale
80%
90%
104% 118
101%
73
o
1927 a-o
Va Ry a Pow 1st a ref 58—1934 j
93%
80% Sept*17
94
_
92% Oct '17
1937 j - j
f 5s.. 1923 a-o
Undergr of London 4 Vis
89
8634
87
82
90
-
Tennessee Cop tst conv 6s_ 1925 mWash Water Power 1st 58—1939 j -
75
j
-
80
96
n y State Rys 1st cons 4 Vis.1962 m-n
Portland Ry 1st a ref 5s
1930 m-n
Portld Ry Lt a p 1st ref 58.1942 f-a
Portland Gen Elec 1st 58.1935 j - j
St Jos rylhap 1st g 5s.. 1937 m-n
80
92%
j
n y Munlclp Ry 1st s f 5s a 1966 j - j
n y Rys 1st r e a ref 4s... 1942 j - j
30-year adj inc 5s
01942 a-o
'17
92%
13
Interboro Rap Tran 1st 5s.. 1966 j - j
Manhat Ry (n y) cons g 4s. 1990 a-o
98
86
88
Ref a gen 6s
May'13
99% 101
93
92%
92%
1932 f-a
Interboro-Metrop coll 4 Vis. 1950 a-o
22
May'17
j
-
'17
93
92
91
85
May'17
97
94
'17
Sept'17
Aug "17
92% Sale
10-20-yr 5s series 3
83% July'17
96%
92
Oct
90%
82
72
96% Sale
Apr '17
86
1943 j
Morris & Co 1st
85
Oct
"17
92
85
Mtge Bond (n y) 4a ser 2.. 1966 a-
76
_
89%
1941 a-
82
74%
.
Tri-Clty Ry a Lt 1st
91%
f 58—1940 m-
s
77
74%
—
94%
88%
Montana Power 1st 5s a
99%
70
11
98
Nlag Lock <fe o Pow 1st 5s... 1954 m-
5s.. 1945 a- o
gold 4s...2002 j - j
88%
Sale
Int Mercan Marine a f 6s
100
76
July'17
92%
1928 m-
99%
71
g
Bk City 1st con 4s. .1916-1941 j - j
Bk q Co a 8 con gu g 5s. 1941 !*i-n
Ga>
Great Falls Pow 1st
100
Railway
Breoklyn Rapid Tran
1st refund
Granby
Stamped
71
62%
84%
86%
79
-
s f 6s—1941 j Cons m s & p con 6s a '28 m-
100% 103
80
ctfs of deposit.
75
Computing-Tab-Rec
~82~% ~87%
76
76
58
"92" "93"
-
77
70
1949 m- s
85
'17
105
104% Sale 104
83%
84%
83%
84
Oct '17
93% 87
83
84
Sept'17
100
Oct '17
98% 100
'10534
85% 86
10034 Apr *17
Feb *17
99*8 100
99% Mar'17
rr 1st consol 4s
58
Oct
94
s f 6s
1926 aBraden Cop m coll tr s f 6s. 1931 f 1952 a-
..1955 j
84%
Sept'17
58
Chile Copper 10-yr conv 7s. 1923 mColl tr (feconv 6s ser a part pd aado
do
full paid
99
98%
-
89
Bush Terminal 1st 4s
5s
66%
58
106
84%
99
a
1930 f
Refunding 4%a series a.. 1966 m- s
High
Low
58
-
Bldgs 5s guar.tax ex.....i960 a
2
58
Cerro de Pasco Copp env 6s 1925 mChlcUn Stat'u 1st gu 4 Vis a 1963 j -
'16
84
84
No.
67
"(34 ~ ""75%
64%
j
High
67
84%
75341 86%
76% Aug '17
91% Aug '15
64
Since
Jan. 1.
67
Booth Fisheries deb
Consol
"73 " "77*"
Apr '17
84% Jan '17
65
1943 a -o
Income 5s..
99% 105%
75
Ask Low
66
1926 m-
Conv deb 6s series b
80
78
99% Sept'17
80
Aug '12
7434
o
1945
West Maryland 1st g 4s
West n y a Pa 1st g 5s
Gen gold 4s
97% 106%
89% 101
"99"" ioo%
Sept'17
ca
Miscellaneous
Adams Ex coll tr g 4s
1948 mAlaska Gold m deb 6s a—— 1925 mArmour & Co 1st real est 4Vis'39 j
May'17
80
96*4
1941 a- o
Wash Terml 1st gu 3
1st 40-yr guar 4s.
Western Pac 1st
99
j?
Range or
Last Sale
Bid
High
'16
Oct
78
j
-
105
High
Sept' 17
Range
Week's
Price
Friday
Oct. 26.
Week ending Oct. 26.
Vera Crua & p 1st gu 4Vis._1934 j - j
Virginian 1st 5s Series a
1902 m-n
Bid
1697
Record—Concluded—Page 4
May.
g Due
June. A Due July. *Due Aug. ©Due Oot
94
pDue Nov.
101% 101%
Nov/16
Due Deo.
$ Option Bale.
BOSTON STOCK EXCHANGE-Stock Record
1698
SHARE
PRICES—NOT
PER
CENTUM
Tuesday
Wednesd/iy
Thursday
Oct 20
Oct 22
Oct 23
Oct 24
Oct. 25
Range for
Year
EXCHANGE
Week
Friday
Oct. 20
STOCK
B08TON
of the
Monday
Range Since Jan. 1
STOCKS
Sales
PRICES.
Saturday
[vol. 105.
Next Pag*
fe«
Lowest
Shares
Lowest
Highest
Railroads
*1^2
144
45
45
43
*90
94
*90
143
142
142
142
40
94
144
*142
144
40
40
41
42
93
22
22*2
1; Boston & Lowell
95!Boston «fc Maine
2*3"
*22
23
*22
*160
162
*160
162
*2
5
*2
5
*2
*15
30
*15
30
*15
30
*15
*-.--
ii.
*150"
*
23
5
5
34
34
i*-
98
"52"
*
*51"
52
124
124
125*8
*83*2
91
*3
3*2
*28*4
¥184
3*2
*3
17
17
28
17*8
29
28
100
*97% 102
98
*20
17
39
*51
17
¥9"
1678 *_.._
"27*4
io¥"
*97*2
|
...
*98
100
*....
June28
Aug 31
i
RyAUS Y...100
-
45
Marl6
Jan
Do
34
2212
20
20
*91
97
*91
97
40
38
39
*38
39
*38
39
38*2
38*2
51
51
51
*50*2
51
*50*2
51
50*2
50*2
...
120
30
3
33
Feb
5
42
Feb
150
Oct
5
150
Jan
5
Oct
5
108
Jan
27
140
Mar2S
Mar
102*2 Apr
123
Sept
69% Sept
JunelS
133
17
122
June
90
Oct 25
...100
3
May 8
92% Jan
9
100% Mar 7
6% June26
z86
100
31% July 3
52-% Jan
2
26
Oct
9
2
78*2 Mar22
Jan
16% Oct 18
21% Sept 11
Aug 28
97% Oct
8
105
Apr
135
Jan
20
96*
Oct 24
110
50
38
Oct
100
50
Sept26
95
100
......100
pref
147 West End Street.........
pref.™
Sept?8
Dec
97
Jan
134% Dec
20
15
Jan
Dec
.50
84% Feb 13
9
Jan
Sept
4*2 Dec
6
100
Hartford.
Jan
98
3
100
stamped
Colony.
Do
Jan
Junel2
50
Vermont A Massachusetts. 100
24
Dec
83
Northern New Hampshire. 100
Oct'17
Last Sale 96
Aug
4*2 Feb
122
Mass Electric Cos
Old
Aug
200
30
100
(..
Maine Central
"~4
Dec
July 3
July 2
Elec stampdlOO
pref
Do pref
Dec
65% Apr
119
100
1 Georgia Ry A
20 Rutland,
*20
98
150
95
100
River..
36 FJtchburg pref.
121
22*2
20
Septl7
Oct
172
Mar22
4
—
pref
787 NYNH&
-
—
pref
Do
Aug'17
51
52
9
30
pref
27
26
*39
.
3
1678
27*2!
Last Sale 95
*98
213
July 3
Connecticut
Oct'17
1678 *
25
27*4
*90
9
2
Do
"l5
Last Sale 3*2
3*2
♦
*90
90
22
Oct'17
*95
100
39
*3
28*4
90
92
19
160
Do
June'17
*20
22l2
*95
*90
11
Jan
100
15 Cblc June
)
Last Sale 95
•
3*2
2734
*90
*90
150
Jar
79
133
-.100
Boston A Providence
Aug'17
Last Salei 125
175
4
Boston A Wore Electric Cos..
52
*51*4
5034
52 1
52*2 52*2
*124*4 125*8 *124*4 125*$! *124*4.125*8
Last Sale S^H
*83*2
84*2
Oct'17
¥2"
*90
*3
92
*90
150
98
140
Oct
Nov'16
Last Sale 30
153
*150
*
140
Oct 23
90
Sept* 17
Sept'17
Last Sale]30
Last Sale\4h
5
98
_
62
*51
52
125*8*
„
30
Oct 22
40
Boston Suburban Elec Cos—
Oct'17
Last Sale 2
34
153
♦
140
22
22
Last Sale 162
"¥"
34
■
*150"
98
—
!*
*22
5
'
*
153
*150
153
140
*
"23*"
*160
~~5~
142
142
142
100
439! Boston Elevated
93
*90
*90
*2
22 i2
*160
100
100
22 Boston 4 Albany
*142
42
44u
May
100% Aug
56*2 Marl7
x55
Sept
6
69
July
9434 May 2
103% Jan 27
2% Jan
9
04
74
Jan
Miscellaneous
80
_
*1*4
*10
*80
85
*80
85
*80
94
94
*94
95
95
95
*1*4
1*2
10
107
110
10
107
*1*4
1*4
1*4
*10
*10
11
106
106
112
112
44
*44
45
43
43
*44
45
94
94
94
9334
*63*2
94
93*4
*63*2
94
*42»4
93*2
66
*64
66
64
64
87
*85
87
*85
87
*8*2
102*4 107
104.
*13*2
13*2
*734
*177
14
15
*784
8»4
177
139
*13
8
170
84
8*2
100% 10534
*59%
60
15
15
15
169
169*2
137% 137%
133
135
98
99
*97*2
84l2
84
84
83
*68
70
70
70
*08
70
*68
70
69
69
69
*144
145
*144
145
*144
145
*144
146
85*4
85*2
85*4
2
2
*.80
*.75
8334
69
Last Sale 145
2
Oct'17
*87*2
*93
*87*2
89
120
105*4
82
121
80
140
*337s
*12*4
35
13
*12*4
140
.
29
*2834
122
124*2 125
43*2
25*2
13
*120
80
29
78*2
25*2
2534
2834
44
2534
*114
114*2
*114*2 115
6
6*4
6*2
6*2
100
Do
Oct
Oct 22
Do
40
pref
64
12
100
169
Oct 23
133
Oct
2834
29
123*2 124
44
44
6
6
136% 137%
50
50
I20"
1*2¥"
45
6
44
44*2
25*4
2534
10378 105%
113% 113%
6
5*2
6
Dec
Apr
,58
June 8
100*4 June 9
42
Aug
92
Jan
75
26
Mar
114% Mar
66
226
Jan
22
Jan
18
83
Oct
16
Oct
11
81
July20
169
159% Apr
95
June
100*2 Mar23
69
143
Dec
225
16
Jan
102
Jan
8*4 Dec
4
170%Jan
Jan
42
tc8% Apr
20%June22
10
July
27
4
Jan
Jan
98
Julyl7
6
7
i21%Jan 22
66
Dec
123
97% Jan
11 s4 Aug
97% Oct 19
pref!
.....100
Mergenthaler Linotypei_-I00
Mexican Telephone..10
Mississippi River Power.. 100
Do
pref...100
67 New Eng Cotton Yarn....100
7
106
Sept12
...100
Electric..
4 McElwaln (W H) 1st pref. 100
192 Massachusetts Gas Cos.. .100
*4 Dec
8
14
7*2 Apr 13
10
Apr
95% Mar
126% June 9
121%Jan 24
128*4 Jan 25
15
Sept 13
55*2 Feb
9
10
149 Edison Electric Ilium
Do
Oct 25
88
100
pref
120 Cuban Port Cement
12
Oct
8%Mayl6
5,419 At! Gulf A W I 8 S Lines.. 100
35 General
1
84
10
Metal Coni-truc Inc
Do
Feb
92% Oct 19
.100
191 Amoskeag Manufacturing..-.
75
15
112% Oct 26
pref...
80 Art
2
104
2 American Woolen of Mass.100
113
9
110
Sept
Sept
May
79
Mar30
78
31
155
Jan
1
Mar 16
11
June! 5
11
Junel5
10
Dec
32% June26
...
40
Jan
17
35
Nov
% N ov
1*4 July 16
3u
Jan
9
95
100
60
Jan
10
176 New England Telephone.. 100
20 Nipe Bay Company
100
105
Sept19
124% MarlO
118
Oct
147
Jan
IS
102% Jan
Oct 23
112
Jan
11
102
Septl3
106% Jao 25
46
Jan
3
Do
pref
137 Nova Scotia Steel A C....100
133*2 133*2
3378
337g
50
2534
25*2
2534
104*4 105*8
104% 106
II434 115*4 *113*2 114
6*8
6*8
50
1234
137*2 139
51
4.3*2
253l
25*2
25*4
104*2 10534
114*8 114*2
10434 1073g
105*8 1067g
34
29
*2834
12234 124
2834
44
4378
5,588 Amer Telep A Teleg
Aug'17
105*2 106
78*2
139
3378
.*12*4
138*4
50
51
123*2 123*2
125*2
43*2
44
13
138
139*4
50
...
125
139
35"
'
138
140*2
50
....
Oct 22
1*8 Apr
8*4 Jan
*
*106
121
7834 *75
139*2 *138*2
35
*3378
12*2
12*2
*12*4
50
50
89
Last Sale 92%
fo¥~
10534
*120
78
*34
35
50
*2834
121
July'17
*88
139*2 139*2 *138
*33
13934 139*4
50
88
*93
i"o¥
105
*120
82
82
*138
l"o¥«4
*120
120
88
*93
*93
...
105*2 106
89
89
89
Sept'17
June'17
Last Sale 33
*.75
2
Last Sale I
Last Sale II
*.75
pref....
86 Amer Sugar Refining...-.100
Do
pref....
.100
30 East Boston Land
7*2
169*2 169*2
99
99
8%
60
7*2
1375s 1375g
*136*4 137*4
*97*2
84
84*2
85*2
'
*97*2
*58
15
169
■
177
139
179
*138*2 139*2
*97*2
60
*7
734
734
169
170
8*2
84
9
*8*2
104*2 109
*14*2
15
59
Do
94
50
188
52
64
84
*59
60
59
*14'
85
9
*8*2
105*4 106*2
106
*59
60
*59
*812
66
85
9
9
*8*2
103*2 107
9
78% Oct 17
Chemical--. 100
pref.-...--..—.100
Do
30
160 Amer Pneumatic Service..
100
104*2 104*2
110*2
112% 114*4
43% 43%
9334
94
110
111*2 112
114
11412
1145*8
94
1*2
...
104*2 105
114
44
•
*10*2
11578
94
*85
11
10412 105
110*2 110*2
114*2 11434
t 94*2
*1*4
1*2
Amer Agrlcul
Oct'17
94
95
*1*4
115
*43
*64
95
1*2
110*4 110*4
111*2
115*2
115
1*2
*106
10*4
*106
Last Sale 78*4
85
95
*77
♦
78
23 Pullman Company-„_._.100
130
225 Punta Allegre Sugar...
5 Reece Button-Hole
30
50
Feb
16
15
100
133
552 Torrlngton...
43
Do
pref...
25
50
28
100
43
25
...
,356 U 8 Steel Corporation
11978 Oct 16
25
866 United Shoe Macb Corp..
428
Do
pref
25*4 Septl9
993$ Feb
3
100
25
Do
pref
..100
,510 Ventura Coneol Oil Fields.
5
Oct
15
11278 Oct 16
Dec
158*2 Apr
35% Dec
Mar29
15
125
Feb
7
35
Jan
28
Jan
10
Aug 20
25
630 United Fruit
3
Jan
50
12034 Dec
10278 Apr 10
Oct 20
Feb
23% July
7
92% Aug
12% Oct 10
10
742 Swift A Co....
Mar26
68
June
35
May 28
155% Jan 22
136*2 Jan
AUg 30
1
Oct 26
4% Jan
25
86
28*2 Jan
79®4 Mar
115% Feb
878 Jan 26
25
June
50
58% Jan
3
30*8 Mar 8
135
May28
121
Jan 27
5
Feb
6% Sept
Mining
*1*4
1*2
1*2
m
1*4
1*2
1*8
1*4
1^6
1
1*8
■
lVit
,095 Adventure Con
•
*92
57
37g
3*2
3*2
.60
.60
15*2
50
9
500
13*2
*44
49*8
*17s
15*2
14'
14
14
45
45
*18*2
*434
*9*8
934
67
66
500
500
485
13*2
4434
*13*4
44*2
50*4
49*2
2*4
*134
14*2
49*2
4934
*134
2
4
4*4
10*4
434
434
75.
*70
71
39
*39*4
40
9
2
*85
87
*85
*7
20*2
434
2*2
734
*27
*3
4
*434
5
7
7
*llo
2
*1*2
26*2
434
*1*2
■
9%
".55
*65*2
14
*42%
49
2
4
*134
5%
73
40*2
*70%
*39
10
*9*2
*1
87
*85
27.
9%
*1
1*2
*54
*85
49*4
1%
4%
74
87
49
2
10%
40*2
1*2
50
4*s
10
*71
1*4
'86*2
Last Sale 85
Oct'17
<
5
*458
5
478
*1*2
2
*1*2
2
Last Sale 2
7
6
6*2
3*4
2%
278
5
Last Sale 5
678
634
2
Last Sale 1%
5
2*2
*634
*3
7*4
3*4
*434
5
*434
6%
7
7
.
3
»278
5
*434
•7
3
26*2
7
7*$
6*2
1*4
Oct'17
26*2
*1*2
10
10
Last Sale 59
27
*458
39%
58
*4%
28
5*2
74
39*2
1*4
4*8
10*2
5*2
9%
17S
678
*26*2
28
*26%
5
5
28
5
6*8
3
3*2
Oct'17
'
2
•
2
71
*18
134
70
71
•
2
*10*2
134
1834
*18
2*4
12
*10*2
2
13.
■72
1834
*1*2
*
i®4
2
*184
*134
6934
71
2*4
*18
2
*10*2
2*2
12
.
*134
2*4
69
71
69
1838
18
18
*18
*2*4
2*o
*10*2
12."
21
k
8
*773
8*8
12*2
,13*2
13*2
.60
.60
8
*.50
*13&
40*2
"6434
*23
2
41*2
6434
*13s
41
63*2
.2
4138
8*2
*-.'._
8*2
.14
*8*s
14
14
2
12
73
8*2
Aug
70
8%
*.60
.70
14
lwe
6
*1934
*2*2
*638
7
6
3*4
6*2
234
3
3
3
*2*2
21
.75
434
43.1
1*8
40
63
64
18*2
18%
71
.95
•
7% Jan
16
9*2 Oct 16
4*4 Oct 16
100
100
Oct
Lake
165 La Salle Copper:
Mason Valley Mine
6
Sept
Jan
36
Jan
18
25
July
18
Oct
15
Feb
9
6% Oct 10
0
Aug 22
3% Mar
234 Feb
9% July
Jan
2
5
Jan
16
8% Aug
1*4 Oct 10
1% Aug 20
.3
25
25
67*4 Oct 18
98
17
26*2 Mar 7
338 New Arcadian Copper
50 New idna Quicksilver
25
2
5
11
Oct
2
100
100
22
Jau
25
30
70
Oct
26
2
9% Sept2G
6
Mar
11®4 Oct 18
24% Mar28
20
July
~~~B
Mayflower-Old
Colony.__
Michigan
pref
;
155 Nlpisslng Mlues
,145 North Butte
140 North Lake..
*800
5
New "River Company
Do
15
25
...
......
Old Dominion Co,
274 Osceola
18
18*4
70
70
835 Pond Creek Coal
138 Quincy
25
!
10
1.
.50
15
July 9
Oct
4
1% Aug 28
25
25
Oct
o34 July
5
Ojibway Mining
64
25
40
Oct
16
z60% Oct 18
17% Oct 10
May23
5% Mar24
6
Jan
9
Mar20
20
92% Mar20
77
2»4 Jan
27gJan
95
Mar 12
28% Junel8
91% Feb 21
17
2
Jan
2
10
Jan
5
*19*2
3*4
*2*2
6
6*4
3
3*8
*534
27g
4**>
5
1We
1*4
434
6
*20
*5
3
27g
6
3*4
Oct'17
*534
6
3
434
434
3
Mar'17
1*8
1*4
*1*4
1%
*434
1*4
*51*2
47*4
5214
51
52 %
51
51
48
48
48
47%
48
5
25g
2*2
13
1234
1234
12*2
12*2
81
123s
*7938
5
1*4
2%
80*8
80*8
3*2
3*2
2
3*2
2*8
3*4
*2*8
334
2*2
2*2
2
2
*2
2*2
3
37
*36
,
.75
358
2*2
*2
80
*80
13
81%
3*2
3*2
3*->
3%
2*o
*2%
3%
*2%
234
2%
2
2
*35*2
36*4
*75
.90
a Ex-divldend and
8034
1278
*81
3%
*35*o
Copper..
Last Salel 2%
3*4
6
*2%
.95
22
rtghtt
*.75
2
2
36*4
35*2
35*2
.90
*.60
.80
« Assessment
paid,
South
Lake
....
10
21
Superior.
,560 Superior A Boston Copper.
Tamarack
400 Trinity
,475 Tuolumne Copper
Oct
18
47
Feb
2
1
Mayl2
50
497gOct 16
50
47
5
Oct
15
178 Mar28
5
12
Oct
16
32 Utah
Copper Co.
405 Utah Metal A Tunnel
10
7734 Oct 18
1
3*8 Oct 18
40 Victoria
415 Winona
2
103 Wolverine
100 Wyandott
ft Ex-rigbta
*
Oct 22
25
2
Oct
8
25
33
Oct
13
25
...
Ex-dtvldend.
2
w
Half-paid
.15 Aug 23
3
89*4 Mar 0
Dec
Dec
1*« July
.
59
Dec
70
July
11% Mar
81
July
2034 June
61*2 Jan
1% July
f
July
30% MarlO
6% Jan
2
2434 July
16% Mar
0
8% Jan
6
12% July
1*2 Jan
60
3*4 May 16
1
,521 Utah-Apex Mining
,005 Utah Consolidated
32*8 Apr
2% Oct 18
10
25
925 U S Smelt Refin A Mln
260
Do
pref
10
6
25
25
Oct 22
2% Oct
25
....
"70
18
July
.50June
3
12
67®4 Marl2
18
.95
*57$
18
Jan
434July
Oct
6
Oct
15
2
5% Oct
.95
21
66
77% July
3
Jan
17*2 Apr
.95
*578
*19
25
1*2 Jan
3
10
.95
6
21
10
326 Mohawk...
100 Nevada Consolidated
*120
10
1
*573
3% July
1% Aug
July
2
15% Jan 17
145 Shannon
50 Shattuck-Arizona
*.95
July
434 Jan 27
18
Oct
6
10% June
Oct
4
2134 Oct 16
21
June
79
July
3434 June
2
278Mayl6
5
25
3
19
88
2
4*4 Apr
9
1*4 June 8
25
...
Consol.
6
17
Apr 28
125
6
11% July
94
85
5
Jan
20% Jan
*
434 Dec
3
6
46% Jan
July
Sept26
1
25
25
Copper..
Mar
2
42
Jan
25
Lake Copper Go...
92
Jan
July
54% July
Mar22
68
«
9
July
76*2 Junel8
1
pref.
75 Isle Royale Copper
16
17
8*2 Oct 18
1*4 Oct 26
25
Do
17
39% Oct 26
25
125 Indiana Mining.
Island Creek Coal
Mass
70
'
Oct
53
25$
4
10
25
10
3
Bid and asked prloes.
10
Copper
Copper MIn...
25
.95
*5*4
*20
*.50
12
25 Ray Consolidated
Copper.
13
.75!
17
Jan
45 St Mary's Mineral Land..
300 Santa Fe Gold A
*2%
35*2
Jan
3
59
s034
.75
68
23
12%
*80*8
35*2
17
46
*57
4778
190
,OCt
l%Apr 23
Dec
14
7
*22%
47*2
38
48
10
58
48
*.75
25
20
Mar
23
4778
*36
63
58
48
*2
27% Jan
15
68%
*22%
48
*2
18
Oct
58*2
52
1234
Oct
2234
51&s
1234
8034
3*2
12
10 Greene Cananea....
320 Hancock Consolidated
*455
June
43
10 Granby Consolidated
Keweenaw
Dec
60
510
5
545 Franklin
7% July
1% Aug
85%Jan 26
590
Feb 20
Oct
25
819 Davis-Daly
July
42
Jan
470
18
Dec
60
26
52
*22*4
434
13s
5334
2*
10
25
...
Dec
29% July
3
15% Junell
2% Jan 26
Sept27
Aug
*4 May
26
*57
51
2*2
18*4 Oct 16
63*2 Oct 18
Jan
58
53*2
2 "4
40
.40
10
Copper
905 East Butte
8*2 Oct 17
5
10
Mar
227$
*57
5214
2*2
73
,867 CoppCr Range Cons Co...
.315 Daly-West
Oct'17
40*2
Last Sale 59*2
*n;
41% Jan
43% Oct 26
"573
'17
70
*8
62
18*2
68*4
2278
40
70
58
3*4
63
63
18
21
4*"
1834
2
Last Sale 1%
41
*62
70
23
5'8
*40
18*2
58
21
.75
2
4034
40
70
*22*4
*.90
*1*4
.75
18*4
19
70
578
2
*13$
*.60
61*4
19
We lWe
.75
64
70
58
5'8
14
13*4
73"
2
70
r
2334
58
8*4
8*1
*.60
19*2
70
I
1334
70
*19
73*
75
7
12
2*2
*12
Last Sale 22
75
13% Oct 25
25
_
Oct'17
*1*2
70
*18
1834
*2*8
12
2*4
70
*634
6,34
56
25
590 Arizona Commercial.
170 Kerr
0
70
850 Butte-Balaklava Copper.
Butte A Sup Cop (Ltd)...
*355
10
54% Oct 18
....
Oct'17
6%
91
2
2
25
996 Amer Zinc, Lead A Smelt.
262
Do
pref
10 Chino
2
25
Allouee
134Feb
Jan
11%Jhd
l%Jan
108
Mining
105 Centennial
14*2
4334
17
;
Algomah
"201
Oct
3% SeptlO
*4 Septl2
10
Calumet A Arizona.
206 Calumet A Hecla
*43
5
*39
67*4
.....
,.j
48434 48434
*14
*4
*70*2
58
*66
14*2
10
5
Oct'17
45
4*s
70*2
*55
oei2
480
10*8
5
40
*1
1*2
13%
43*2
93s
50
'
*10
58
58
13*2
43*2
.*45
5
9% : 10
10
1*2
*55
*56
14
50
9%
14
*134
4*4
57
.50
4414
49
1038
4*8
10*4
*434
70*2
*39*2
*56
Last Sale 18*4
479
55 Ahmeek
310 Alaska Gold
Sept'17
9%
490
14
2
334
.50
6638
*43*2
51
13*4
*45
59
90
334
9*2
*480
4414
10*8
11
66«4
490
90
378
.50
66
*4334
*70
11
*55
20
*18*s
*133.1
13*2
44*2
• 4*4
o
9*4
.50
.55
20
*18*2
67
*38
*1*2
9*2
*.50
.55
20
90
Last Sale .25
45
10*4
4*4
*10
*3*2
14
45
<*.50
|
68*2
485
50%
50
9*2
9*4
67
96*2
55
90
37s
.60
15*2
,
.55
20
55
59*4
92
*3*2
*.25
.60
47*4
1634
50
*.50
4-
*.25
55
*89
92
*3*2
*.25
59*2
*19
*89
92
90
95
*3*2
*.25
2
Jao
15
8*2 Julyll
2
4
Aug
35
Aug
4% July
9
.15 Jan
6734 Jan
4
54% Jan
52*2 Jan
4
49
Jan
378 Sept27
21% Feb 20
1183s May26
0%Jan
6
16
Jan
2
5*8 J3n
25
53*2 Mar 0
2% Jan
3
Feb
27g Dec
12*2 Jan
75
*
June
5% Dec
234 Jan
334 Mar
45
Oct
1** Aug
Previous
1916
OCT. 27 1917.]
THE
CHRONICLE
Baltimore
Outside Stock Exchanges
WWW*
Boston Bond
ton Stock
— — ~
~ — "i- -*t -*>~i*-i~i-»-fc—I~I —.-»~ii~ ** -i ~i*i
1699
Stock
Exchange.—Complete record of the
transactions at the Baltimore Stock Exchange from
~~i~M~i~i~k~ii~iririririr\ru~i-r>jxrij
i,
L
Record.-—Transactions in bonds at Bos¬
Oct. 26, both inclusive, compiled from the
to
lists, is given below.
share, not
Exchange Oct. 20 to Oct. 26, both inclusive:
Prices for stocks
are
all dollars per
For bonds the quotations are per cent
cent.
per
Oct. 20
official sales
of par value.
Friday
Last
.
Week's Range
Sale
Bonds—
U S
of Prices.
Price.
Liberty Loan 3 %s 1947
Low.
Sales
for
I Week.
99.50
93%
93 4
Last
Low.
99.92 851,700
94
8.000'
83%
85
5s temporary receipts
Atl G &WISSL 5s..1959
96*4
99
Mass
Gas4%s
4%s
2,000,
83%
Aug,
954
93%
944
90
904
84%
86
684
634
11,000]
1,000!
93%
954
93%
95
95
904
914
90
1931
_
Miss River Power 53..1951
N E Telephone 5s
1932
Swift & Co 1st 5s
1944
"63%
United Fruit 4%s
1923
Western Tel & Tel 58.1932
91%
104
Oct
95%
76%
95%
4,000:
8.000'
<
Oct!
68
Sept i
93
Oct!
2,000j
95
Oct
1,000)
93
Sept
2,000
90
Jan
Mar
Jan
Jan
Feb
Mar
78
100%
102%
98%
100%
Oct,
Alabama Co.
for
Week.
Low.
Price.
Mar
Jan
High.
Range since Jan. 1.
Low.
Shares
High.
50
15
44
60
61
30
47
32%
50
32%
5%
502
93%
15
Atlantic Petroleum..
4
Baltimore Tube pref...100
Consol Gas E L & Pow.100
93%
9%
Mar
Oct
93%
109
Jan
107
1,115
Oct
127
Jan
95
90
94%
Oct
114
Jan
"~8~~
102
4
Houston Oil trust ctfs. .100
8
"l9%
84
3,976
7%
Oct
18%
3%
Cosden Gas preferred.. ..5
Davison Chemical.No par
4%
620
3%
Oct
5%
Jan
Jan
Jan
29
Oct
20
1,073
12
Oct
59
150
55
Oct
44%
23%
67%
16
50
16
Oct
16
14
14
133
13
Mar
19
Jan
64%
14
29
16
100
160
57%
Preferred trust ctfs..100
30
15%
Monon Vail Trac new..25
v t r
Jan
Oct
4
39%
95
5
MtV-Woodb Mills
June
Oct
103
1054
Consolidation Coal....100
Cosden fit Co
,
June
65
Sept
32%
100
67
Oct
50
Arundel Sand & Gravel 100
Jan
Jan
...100
Second preferred
Jan
Jan
99%
98%
95%
Oct,
84%
%
85%
102%
July)
1,000!
t
92
OCt;
93%
Jan
•
102
Oct
90
Par.
of Prices.
100.14 Sept
Oct!
13,000).
77
1
9,000]
954
l,000j
76 %
..1929
—
July;
Stocks—
Week's Range
Sale
High.
|
93%
96%
Chic June & U S Y 5s .1940
Gt Nor-C B & Q 4s..1921
1
Sales
Friday
Range since Jan. 1.
High.
99.80
Amer Agric Choni 5s. .1924
Am Tel fit Tel 4s._-_.1929
*
64%
41
60%
Mar
73
July
95
79
Jan
Apr
Jan
Oct
'
Preferred
Northern
Chicago
Stock Exchange.—Record of transactions at
Chicago Oct. 20
to Oct. 26,
compiled from official sales lists:
Sales
Friday
Week's Range
Last
Sale
Stocks—
Par
292
rvauiittur..-- 1UU
Amer
Shipbuilding..,.100
Booth
Fisheries,
90%
955
22
83
84
53
53%
18
18
18
Hart.Shaff&Marx
_
94
200
49
Mar
75
18
Oct
180
4mm
1%
118
3 100%
»
30
49
M
.
100
:
Oct
78
June
Oct
25
Jan
1
Apr
2
Feb
Oct
220%
142%
129%
100%
Feb
Oct
127
m
108
Feb
Feb
96%
Lindsay Light.
30
Aug
116
205
110
Oct
132%
Mar
49
10
49
Oct
78%
Jan
28
Pub Serv of No 111
com.100
Quaker Oats Co pref.. 100
Sears-Roebuck
160
64
Sept
179
110
Oct
28%
282
16%
Feb
50%
60
598
50%
Oct
41
1,657
37
Oct
100
118
412
155%
June
83%
Aug
Jan
100
Oct
77
-
99
83
157
77
Oct
114
2G1
98
Oct
115
239
1,148 Cl46%
69%
86
50
Feb
74
July
60%
284
53
Oct
101
FeD
165% May
136
141
128
126
51
51
mm
m
148
4,004
126
Oct
210
Apr
58
256
51
Oct
58
Oct
19%
Oct
20
125
100
110
50
55
58
310
54
Oct
100
100
160
98
Oct
$5,000
89
•
110
m m
'
55
100
132%
.
105
105
"
m m m
3,466
20
mm
100
"25%
Sept
89
103
68%
Oct
84
5%
300
5%
Oct
6%
160
6
Aug
25
Oct
25%
26
399
23
23%
295
41
41
3%
3
5
1939
.
100
100
100
Chicago Ry 1st 5s
1927
City fit Suburb 1st 58.1922
Chicago Rys 5s......1927
Chic Rys 4s series "B"__
Chic Ry Ad Inc 4s. .1927
Chicago Telephone 5s. 1923
105
Oct
Sept
1108%
89
89%
"91%
91%
92
5,000
59
59
5,000
59
Oct
"87%
87%
88
2,000
87^
Oct
34%
Jan
134% May
117%
Jan
"
mm
58.1943
Loan 3%s...
Metr W Side El 1st 4s
1938
Pub Serv Co 1st ref
g 5s '56
Soutb Side Elev
4%s.l924
Swift & Co 1st g 5s...1944
Wilson & Co 1st 6s...
1941
x
Ex-dividend,
b
94%
99.80
Mar
.80
58%
59
3,000
58%
Oct
30%
8,000
30
Oct
98%
7,000
98%
Oct
96%
13,000
95%
Oct
99.56
99.80
79,750
99.40
Oct
lOO.lOJune
60
87%
83%
2,000
60
87%
6,000
3,000
29,000
4,000
■"95%
95%
83%
95%
98%
98%
98%
Ex-50% stock div.
Jan
Jan
Jan
Feb
Jan
Sept
70%
87%
Oct
96%
Jan
82%
Aug
89%
Jan
Jan
95
Oct
102
Jan
98%
Oct
103%
Jan
c
Ex-25%
'
•
■.
.
stock
dlv.
a
Ex-rights.
'
'
'
•
/'
'
transactions at the Pittsburgh Stock Exchange from Oct. 20
to,Oct. 26, both inclusive, compiled from the official sales
lists, is given below.
Prices for stocks are all dollars per
per cent.
For bonds the quotations are per cent
of par value.
Par.
Week's Range
of Prices.
Price.
100
Amer Wind Glass pf—100
Columbia Gas fit Elec.. 100
Crucible Steel, com
Diana Mines
Preferred
10
69
100
123
3
2%
15
13%
109
70
123
3%
15
109
97%
98
56%
4%
58%
4%
11%
47%
48
27
28%
35
35
2,700
10
930
160
Jan
88
Oct
96%
Feb
85%
97%
85%
2,000
85%
Oct
Jan
97%
Aug
95%
5,800
95
Oct
83
82%
83
4,000
82%
Oct
93%
98%
107%
95%
Mar
103
2,500
110
Mar
103
87%
98
28%
Peop Nat Gas & Pipeage 25
com...50
Pittsb-Jerome Copper
4%
3%
5%
Oct
93
Oct
124%
102
Oct
110
62
Jan
5.000
95
Aug
23,000
80
Oct
97%
Aug
4,000
97
101%
Jan
99%
99%
4,000
99%
5s. 1945
99%
96%
Sept
Sept
96%
1,000
96
Sept
Ga Car fit Nor 1st 5s..1929
97%
97%
3,000
97%
Sept
107%
103%
103%
,Jan
101% 101%
9.000
101%
Sept
106%
Georgia fit Ala
cons
83%
Georgia Pacific 1st 6s. 1922
Kirby Lumber Cont 6s.'23
United Ry fit E 4s
1,000
96
Oct
100
Jan
96
2,000
95
Sept
102%
Jan
Oct
106%
Feb
77
100%
77%
27,0d0
77
Oct
69
•
«»
rn'mmrn'm
59%
3,000
58%
Oct
67%
Jan
1.000
100%
Oct
108%
Mar
transactions
the
at
sales
per
share, not
cent of par
Prices for stocks
value.
Stocks—
Par.
Alliance
Insurance
American Gas of N J. .100
American
High.
Baldwin
Buff & Susq Corp v t c.100
Cambria
Iron
64%
480
60
60
43%
116
50
53"
43%
116
37%
July
49
July
15
2
Feb
76
54% June
43% May
66
46
Mar
163
June
1
100
Feb
50
Oct
17
Oct
236
18%
145
58
17
10
25
25%
60
11
11
5
Oct
24% July
11
May
57%
67%
29%
70%
27%
Jan
Jan
Jan
,
Jan
Feb
14
;Jan
Mar
13%
13%
14%
2,155
11
Oct
24
50
67%
65
69%
1,383
65
Oct
85
Lehigh Valley
.....50
Mjdvale Steel fit. Ord...50
58%
58%
45%
60
66
57% '
Oct
79%
Jan
45%
92%
25
44
Oct
67%
June
31
91
Sept
50
Oct
57%
Oct
43
1,465
33%
25%
Oct
34%
Jan
4,021
22%
Oct
34%
Jan
Penna
Salt Mfg.
92%
50
50
50%
50%
51
3,644
(cumulative 6%) 50
35%
36
130
27
35%
26%
27
26%
Pennsylvania.
100
Jan
June
Jan
Philadelphia Co (Pitts)Pref
Philadelphia Electric...25
Phila Rap Tran v t r
50
Philadelphia Traction..50
Reading
50
...
1
50
Wm
.
.50
"41%
104%
100
Oct
103%
Jan
3%
Oct
5
Aug
5%
40%
42
206% 206%
1,245
5%
Oct
72%
104
74%
107%
233
40
5
205
Oct
226
71 %
Oct
21,225
99%
Oct
91%
134%
160 8 15-16
9
9
9
47
47
19
47
78
78
10
73%
77
79%
78%
Oct
7%
47%
1,889
47
Coal.... 50
Cramp fit Sons
Oct
71 %
5%
"73%
84
72
770
1,059
,
100
Impt..
50
U S Steel Corporation. 100
58
Jan
4%
73%
71%
4% 3 15-16
Mining.......1
Gas
27%
27%
72
77%
72
72
615
Jan
Mar
Jan
Jan
Mar
May
Jan
Sopt
9%
Oct
53%
Jan
80
Feb
92
Apr
Sept
66
Feb
99
.Aug
Bonds—
Bethlehem Steel p m 6s '98
Baldwin Locom 1st 5s.1940
99.88
99.50
•88.%
89
99.92 623,850
89
2,000
88%
Oct
3%
Jan
Cons Trac N J 1 St 5s.. 1932
"97"
8
June
17%
Jan
Elec & Peoples tr ctfs 4s '45
74%
100% 100%
1,000
100
119
100%
1%
119
5,000
118%
97
97
2,000
97
Oct
74%
74%
6,000
74%
Oct
100
71%
Feb
120
Aug
90
90%
Jan
100
Sept
56%
Oct
73%
Apr
Inter-State Rvs coll 4s 1943
48%
48%
110
4%
Sept
Jan
Keystone Telep 1st 5s 1935
93
93
11%
Oct
7%
17%
Jan
43%
26%
Jan
56
Jan
98%
96%
Aug
30
Aug
Lehigh Val Coal 1st 5s 1933
35
Feb
37
Oct
Sept
100.5 June
97%-
104%
Jan
Jan
124
Jan
102%
Jan
84
Jan
Lehigh Coal fit Nav—
583
745
10
2,694
1% June
300
205
3,600
4% May
118
9c
Apr
Oct
do
small
75
1945
EquitI Gas L5s
.1928
Consol 4%s._
1954
Feb
Oct
PennsylvRR 5s
17%
135
28c
Mar
Mar
Jan
104% 106%
750
102
Feb
104
103
101
344
101
Oct
136% May
157%
Feb
42
41
44
290
40
Oct
58% May
General
96%
101
Consol
do
1.000
86
Aug
107
Jan
Oct
57
Feb
92
Oct
99
Jan
96%
Oct
103
Jan
106%
Jan
100
1921
*66
1997
Spanish Am Iron 6s.. 1927
4,000
101
Oct
52
1,500
52
Oct
100
1,000
100
Oct
92
113,000
,
100
"87%
97
97
97%
98%
97%
97
98%
small..... 1966
Reading gen 4s.
101
100
87%
7,000
7,000
91%
100
97
Oct
Sept
July
41,000
97%
Oct
98
5.700
97%
Oct
89
32,000
87%
2,000
100%
100% 100%
Standard G & E 6s... 1926
99
99
United Rys gold tr ctf 4s'49
SI,000
16.000
Aug
48%
100
92
1960
_..
(new) 5s
3,000
70.
103
92
101
"loo"
1965
4%s.
P W fit B ctfs 4s.
Phil Elec 1st
700
13,000
27,000
52
..1919
4%s
75
103% 103%
Nat'l Properties 4-6s
5%
104%
98%
Apr
.Feb
Oct
53%
Insurance Co of N A
121
Oct
33%
17
52
22
99%
58
Mar
Jan
43
High.
May
50
100
Asphalt..
Preferred
130
Jan
98%
Low.
20
24
100
Elec Storage Battery. .100
General
129
60%
60
.....50
Cambria Steel.
Jan
1.20
43
Range since Jan. 1.
Shares
20%
20%
99% 100
33%
33%
99%
June
1.55
Week.
Low.
Stores...no par
Locomotive.. 100
1
Oct
10c
Price.
for
of Prices.
.10
Oct
May
Q/t
are per
Sales
Week's Range
Sale
Amer Gas & Elec 5s—2007
47c
6%
6%
119% 120
all dollars
-
U S Liberty L'n 3%s.l947
122
are
For bonds the quotations
cent.
per
July
Apr
37c
98%
Jan
84%
inclusive, compiled from the official
lists, is given below.
90%
5,470
1931
100%
Philadelphia Stock Exchange from
Oct. 20 to Oct. 26, both
Apr
10,200
Indep Brewing 6s....1955
2,000
Jan
39c
Pittsb Coal deb 5s
Jan
96
Philadelphia Stock Exchange.—The complete record
of
Jan
54c
West'h'se El fit Mfg.com.50
Bonds.
Jan
100% 100%
"77%
1949
1935
Jan
95%
100%
1940
Income 4s
Wil fir. Weldon 5s
Oct
79%
96
.
"95%
Minn St fit St P C jt 5s 1928
Sav Fla & W 1st 5s...1934
Apr
50c
10c
Jan
85%
47%
37c
*
Sept
83%
Oct
51c
120
102
Aug
98
32%
59%
37c
Pittsburgh Plate Glass. 100
,
Jan
84%
6o
►
1
Ross Mining fit Milling
1
U S. Steel Corp, com... 100
West'house Air Brake. .50
38,000
97
97%
W Jersey & Sea Shore.
Pitts & Mt Shasta Copp.
1
Pittsb Oil & Gas
100
.
1,000
98
685
11%
25
Oklahoma Gas, new....25
High.
44%
10
190
50
50
Jan
1.000
—........
Warwick Iron & Steel. .10
Low.
600
35%
50
Supply
Pittsb Brewing,
93
102
7c
Fireproofing, com..50
Ohio Fuel
Range since Jan. 1.
67
__1
La Belle Iron Wks.com.100
Lone Star Gas..
100
Mfrs Light fit Heat
47
93
50
com
Preferred
Nat
Shares
High.
for
34
Harb-Walk Refr,com..l00
Indep Brewing,
Lota.
102
100
104%
88
Cosden fit Co series A 6s...
Series B 6s.
Westmoreland
34
Sept
102%
Elkhorn Coal Covp 6s. 1925
Elkhorn Fuel 5s
1918
United
Week.
46
D Preferred
100
Oct
1923
United Cos of N J
Stocks—
$2,000
95%
Union Traction....
Sales
Friday
Amer Wind Glass MachlOO
Jan
Oct
"97%
Convertible 6s
Tonopah
Last
5
Oct
1950
Tono-Bclmont Devcl
Sale
42%
Sept
87%
99%
...
Lehigh Navigation..
Pittsburgh Stock Exchange.—The complete record of
share, not
June
3
88
Notes 6s
Notes 5s
Consol Coal ref 5s
Keystone Telephone
50
Lake Superior Corp;—100
"
:
June
39
Jan
97%
70%
44%
102%
103%
60
87%
June
15
15
100
1,000
Consol Gas gen 4%s_.1954
Cons Gas E L & P 4%s.'35
Jan
99%
30
«.
30"
Commonw-Edisop
Liberty
Oct
Aug
90%
95%
m m
Jan
35%
23%
84% May
107% May
98%
4
Sept
100
87%
Last
4%s...l939
Chicago City Ry 5s._1927
Chic City & Con
Ry 5s.'27
Oct
7
100
87%
Friday
Bonds—
Armour & Co
Jan
5%
Jan
136
m
United Ry & Elec......50
Wash Bait & Annap com..
Preferred
50
Jan
156
57%
100
69
5%
6%
Aug
68%
.....
79
68%
5%
Feb
Oct
152
152%
79
"69"
Jan
99%
100
Preferred
35
98
102
Union Carbide Co
100
U Carbide fit Carb
WT&A.
United Paper Bd com. 100
U S Steel com...
Ward, Montg, & Co pref..
Wilson & Co
common. .100
!M[ar
106
.
58
.
Jan
37
27%
com 100
—
90
U814
"
Shaw W W common... 100
Swift & Co....
Jan
39%
com... 100
Stewart-Warner Sp
65
110
34
50%
National Carbon new.....
Peoples Gas Lt & Coke. 100
Prest-O-Lite Co Inc..
Apr
Aug
27
64
T -
Jan
30
110
com.
57% June
35%
Jan
188
580
100
Aug
July
Apr
105%
4,189
117
•
%
9%"
10
190
105% 111%
112
-
55
10
1%
188
Preferred
,
Feb
100%
100
Corporation._
81
240
Diamond Match...... 100
Hartman
78
118
.100
com.
25
11
«.
100
com..
Deere & Co pref
Edmunds & Jones
Oct
57
«.
-
50
_
Atlanta Consol St 5s.
Feb
95
21
10
106%
445
580
55
Trust.100
M-m
..
Bonds—
High.
June
Feb
U
'L,
•
39
65
Commonwealth-Edison 100
Cudahy Pack Co
90%
21%
83
—
&
156 6275
295
89
22
com..new
Preferred
100
Cal & Chic Canal & D.100
Chic City & C Ry pt sh
pref
Chic Pneumatic Tool..
100
Chic Rys part ctf *'2".___
Chic Rys part ctf "4".__.
Chicago Title
Low.
Shares
High.
292
Central
-
Pennsyl Wat & Power. 100
Robinson Oil & Gas......
Preferred _!
Wayland Oil & Gas
Range since Jan. 1,
for
tr.__—.100
Week.
of Prices.
Low.
Price.
v
73
73%
68
Jan
Jan
100% June
Jan
104%
107%
99%
Jan
Jan
102
Oct
Apr
102% May
Jan
96%
Oct
102%
1,000
99
Aug
36,000
70
Apr
74%
74
36
Apr
50%
Jan
United Rvs Invest 5s. 1926
65
66
2,000
65
Oct
98%
Oct
100%
Mar
West NYAPa 1st 5s 1937
101
101
1.000
101
Oct
102
105%
Mar
Apr
Aug
Jan
Jan
[Vol. 105.
CHRONICLE
THE
1700
Sales
Friday
Last
Week's Range
Sale.
Volume of Business at Stock Exchanges
(Concluded) Par.
Stocks
5
United Motors.r._ (no par)
U 8 Aeroplane Corp_r__„5
U S Steamship
10
World Film Corp vtc...5
Wright-Martin Alrc.r.. (t)
Price
YORK STOCK EXCHANGE
TRANSACTIONS AT THE NEW
WEEKLY
DAILY.
United
Railroad,
&c..
Oct. 26 1917.
Slate, Mun.
& Foreign
States
Bonds.
Stocks.
Week ending
YEARLY'.
AND
Bonds.
Bonds.
Par Value.
4%
4
3
June
22%
5,400
16
Sept
4%
2,675
2
Oct
7%
July
4
6,310
3%
Oct
6%
Mar
%
Apr
1
Jan
4% May
17
July
3%
*~8%
High.
955
4%
19%
3%
20
Low.
Shares.
8%
400
%
8%
16,700
18%
4,250
%
July
5%
Jan
49
Oil
Standard
Former
High
3%
United E Aeroplane r
Range since Jan. 1,
for
Week.
of Prices.
Low.
Subsidiaries
Anglo-Amer Oil
Saturday
Monday—.—.,
439,200
702,400
*40,516.000;
$656,000
$227,000
$1,712,000
85,978,000!
1,885,000
389,000
4,782,000
Tuesday
643,814
50,900.900
1,094,000
747,000
5,136,000
Wednesday
225,850
20,989,0001
654,000
209,000
4,488,000
Thursday
556,680
53,106,500!
937,000
310,000
6,478,000
4,227,000
.
470,413
•43,314,800!
$274,805,2001
466,000
1,029,000
2,938.357
$6,055,000
£1
Feb
21
June
Ohio
Shares.
25
327
332
11
303
Oct
435
Jan
(Calif) —.100
225
242
90
233
Oct
445
Jan
Standard Oil of N J—.100
542
565
400
480
Oct
800
Jan
Standard Oil of N Y— .100
246
259
563
222
Oct
345
Jan
2
2,900
1%
Oct
2
5 Oct
8,100
6,900
7-16
Oct
1%
Aug
4%
2,200
53,500
10%
Oct
10%
Oil
Standard Oil
18%
225
17%
Other Oil Stocks
Acme Oil
r
1%
_.
...
9-16
Va
1%
Bethlehem Oil & Gas.r. 10
1%
10%
10%
1%
10%
Boston-Wyoming Oil.r.. 1
Friday
33c
33c
360
Allen Oil.r
_.
Barnett Oil & Gas.r——1
Total
$2,348,000 $26,823,000
■
Week
Sales at
Jan. 1 to Oct. 26.
26.
ending Oct.
Preferred
Bank shares, par
$209,100
$106,600
$300
$11,000
Bonds.
Government bonds...
$26,823,000
$9,500
$166,985,750
$745,950
State, mun., &c., bondB
2,348,000
12,976,600
255,006.000
249,778.000
6,055,000
25,475,000
406,078,500
665,493,500
RR. and misc. bonds.
Total bonds
$916,017,450
$828,070,250
$38,461,000
$35,226,000
...
AT
TRANSACTIONS
Bond Sales.
9.087
$24,300
103,700
6,935
$43,500
2,034
2,571
26,700
9,873
300,850
1,058
25,500
148,050
3,609
107,700
750
23,800
191,600
6,658
194,650
1,737
10,000
8,558
Thursday
162,150
6,432
12,070
Tuesday
Wednesday......
287,000
9,289
270,500
1,206
47,000
Friday
9,356
$978,000
42,241
$916,800
55,655
Total
$182,500
Mar
%
July
3%
3%
3%
4,100
3
Friars Oil
r
Glenrock Oil
9,100
10
16
15%
16%
100
20
19
r
2%
3%
2,800
Internat Petroleum r_._£l
12%
12%
13%
3,950
11-16
10,300
Kansas-Utah Cons Oil
r
1
1 1-16
r.
Oct. 26, both
to
security market from Oct. 20
inclusive. 'It
day afternoon:
covers
.
.
the week ending Fri¬
7
.
It should be understood that.no such
to transactions
the "Curb"
on
\
.
.
reliability attaches
to those on the
as
regularly
bers of the
Exchange
Exchange, for instance, only mem¬
in business, and they are
permitted to deal only in securities regularly listed—that is,
securities
where
the
companies responsible for them have
oomplied with certain stringent requirements before being
admitted
to
to insure that
Every
dealings.
precaution,
quotations coming
over
In the official list at the end of the
too,
day,
are
Any security
meet there and make
in,
restrictions
be dealt in and ahy
one can
prices and have them included in the
lists of those who make it
the transactions.
may
taken
or
On the "Curb," on the other hand, there are no
whatever.
is
reported
authentic.
the "tape,"
a
business to furnish
daily records of
possibility that fictitious transactions
that dealings in spurious securities
may
creep
may
be included, should, hence, always be kept in mind,
particularly
as
or
even
regards mining shares.
It Is out of the
In the circumstances,
to vouch for the absolute
any one
trustworthiness of this record of "Curb" transactions, and
we
give it for what It
may
Last
Sale.
Stocks—
Par
Price.
Sales
Week's
Range
of Prices,
Range since Jan. 1.
for
Shares.
Oct
%
9%
Jan
Sept
Oct
1%
June
31%
35%
11%
Jan
42%
%
31%
%
%
1
138"
85c
.1
r
1
—_.
July
13,000
S6c
Jan
1 %
Sept
2,050
6%
5
6%
41%
27,000
2
8
1 5-32
July
16c
35c
12,000
26C
Oct
7%
8%
18c
20c
10%
Mar
3,830
5%
Oct
6%
Aug
12,200
12%
Aug
12%
Aug
Red Rock Oil & Gas r...l
65c
63c
73c
52c
Sept
69c
7%
7%
•
1
5-32
Sapulpa Refining r_ —.5
Sequoyah Oil & Ref—— .1
9%
15-16
8%
7,700
10%
1,600
50c
%
1
%
7-16
%
United Western Oil
r
1
7-16
7-16
%
r
10
4%
stk
new
West States Petrol
—
Atlanta Mines.r_
Big Ledge Copper Co
Booth'r.
Bradshaw Copper
Brant Mines
Oct
11%
%
Oct
1 3-16
Apr
4%
Aug
7%
Sept
32c
30c
1%
Copper
Cash Boy
9-16
1%
27,300
19,000
5c
47c
55c
55c
'
8%
16c
5
_1
Josevig-Kennecott
Cop__ 1
Extension
.1
Lake.
5
I.
5%c
10c
Sept
Copper
5
Valley..
July
St Nicholas ZIne Ext
63
Aug
SIlverKingCons of Utah
102
July
Sliver Pick Cons
Feb
96
Feb;
2%
314
1,100
400
10
10
214
8
Oct-
Sept;
5%
13
2%
Oct'
400
12%
Sept!
18
May
100
250
85
Sept;
105
.100
108
108
108
50
108
May:
108
May
May
Preferred
Lake Torp B't com r
10
Lukens Steel 1st pref r.100
Manhattan
Transit
4%
1,520
4
Octj
101 J* 101%
25
96
Feb!
4%
20
%
Marconi Wlrel Tel of Am.5
Maxim Munitions r
10
214
North Am Pulo & Paper(f)
Prudential Pictures r
.5
St Joseph Lead.r
Smith Motor Truck
Steel Alloys Corp r.
10
r
10
v t c.5
10%
104
Feb
Juno
Mar
1,800
%
Feb
2,300
%
3
2%
June
3%
June
1
1%
3
Mar
77c
77c
Mar
1
Aug
3-16
Tonop Belmont Dev
Oct
July
Jan
4,625
13%
Sept
1,000
11-16
Oct
6%
614
200
15 H
15 %
16%
1%
1
Jan
9%
35
314
Jan
May
Jan
June
%
Jan
39"
Oct
59%
14,000
75c
Apr
1
18,250
7c
Oct
23c
44
%
7c
500
8%c
5
4%
75c
%
34c
%
8c
75c
1-16
%
35c
31%c
%
4
Oct
900
46c
Apr
1000
1,100
60c
%
28c
1-16
3,500
%
6c
8c
60.800
6c
30c
40c
54,000
25c.
12
12
12
8%
8%
200
8%
77c
84c
14c
14c
15-16
1
%
%
600
6%
52,200
25c
200
14c
6.600
%
88c
Mar
%
%
1,300
%
,
46c
1%
Aug
Oct
76c
June
Oct
16%
Jan
July
July
9%
Sept
Sept
1 1-32
Oct
Feb
%, Mar
1% June
Apr
1 9-16
Feb
r
1
3%
15c
7-16
45C
4,700
38c
Oct
72e
8c
1,500
7c
Oct
5—16
Jan
1,000
3%
4%
Feb
3%
3%
16C
11c
7-16
%
9-32
15c
1%
r._
1%
4
(t)
4
13,200
6c
Oct
26c
3,100
%
Sept
Sept
3,100
Va
Apr
11-16
Oct
60c
15,200
1,000
300
10c
1
Aug
Aug
%
Troy-Arizona
1
r
15c
15c
3%
Eastern
r..
White Caps Mining
1
10c
15C
.....
93c
3%
22c
3%
15,500
1.755
6,800
800
15c
3%
*18c
2%
Oct
Oct
7
Feb
Mar
62c
5%
Feb
28c
Jan
4
Jan
Mar
Jan
Sept,
July/
1
20,500
65c
Apr
14c
18c
13,700
14e
Oct
30c
June
20c
24c
II,300
15c
Oct
33c
Sept
7%
July
1
1 5-16
32,800
34c
Jan
22c
21c
26c
26,900
14c
July
35c
Sept
16c
15%C
19c
41,100
lie
Oct
60c
Mar
10c
Wllbert Mining
Yerrington Mt Cop..'
3
1
r
r
Caps Exten
20c
1
..5
16c
Jan
1 %
4%
1%
Jan
Jan
July
5
Oct
2%
May
Oct
May
*3%
14
Oct
Feb
White
Jan
30c
%
Utica Mines
Jan
Apr
Oct
'
12
Oct
Apr
Aug
Sept
Oct
25 %c July
8%
75c
Jan
12,500
21,000
Mar
June
5%
Utah Nat Mines
8
9
43c
100
"m
21
2,900
58c
1
Unity Gold Mines
Oct
June
% May
700
U S Tungsten
Jan
1%
%
42
42
Oct
Oct
%
7-16
%
%
4,700
Jan
May
Feb
6,100
2,000
%
United
Aug
Mar
Sept
%
5%
Feb
14
6%
25C
Oct
Oct
%
2%
9%
4
7c
6%
%
4%
16%
49c
July
5%
Oct
1,200
9-16
Sept
Oct
3%
1 15-16
/Oct
12,000
2,000
13c
1
Mi
1%
500
5
2%
16%
%
3,500
12,100
Tri-Bullion S <& D
200
2,450
8
69c
7c
Tonopah Extension Min
9,000
714
5
%
Tonopah Mining
%
%
21c
5
13c
2%
16
3-16
%
16c
7-16
r
Va
16
80c
8
20c
.....
1
Superior Cop (prosp't)
2Va
.7%
15-16
15c
Oct
6c
2%
%
%
5
Submarine Boat..(no par)
Triangle Film Corp
314
5,850
Oct
r._
r
Success Mining
14,600
13 J*
88
3%
10c
Oct
Jan
July
Sept
Jan
41c
Oct
314
12 %
85
Feb
13-16
Stewart Mining
13%
3%
,.
Standard Silver-Lead
88
5
10c
1
67,000
5,000
1
r
Jan
Keystone Tire & Rubber 10
r
r
Jan
Kresge (SS), com
3%c Oct
1%
Rochester
Aug
40
Jan
1
80c
Nixon Nevada...
62%
100
Inter-Lube Chemical
_.l5
25
250
10
Mines
1,110
99
*77c
1 1-10
1
49
Oct
Oct
31C
Oct
1
99
Intercontinental Rubb.100
r.
NY & Honduras Rosario 10
North Butte Devel
47
Hupp Motor Car Corp. .10
National Zinc & Lead
Red Warrior
16
17%
34c
1
Ohio Copper new r_„
Holly Sugar Corp com (t)
100
National Leasing r
1
Oct
20%
.
r
Jan
800
Preferred
Nancy Hanks-Montana
Aug
34
b
1
r
85
22%
Aug
Aug
5
225
31
31
Oct
16%
1
8c
Oct:
22%
Curtiss Aerop & M com(t)
44c
.2,000
13-16
77%
Everett Heaney & Co.r.20
Oct
Aug
51.800
1
207%
146
12,800
7,000
Oct
2
12c
*%
1
r.._.
.65
Oct;
Feb;
Apr!
I,200
9-16
2%
1
r
3.025
SO
221
78
10c
10c
2,040
73
207
78%
2,300
15,400
%
1%
1
5
Consol
2,913
74
211
100
Jan
1%
1
1
78%
100
com. r... 100
Jan
3%
4c
2
1
Jan
r
2%
45C
Jerome Verde, Cop
Jim Butler r
109'
Oct
45,400
2%
33c
2%
Oct
10
Aug
Mar
Jan
43c
11-16
72
Oct
Oct
4% June
9%
77
10
1,700
1,300
16c
5%
16c
Oct
77
200
Oct
Aug
5%
Jan
10
6%
2%
10,695
r„
Mar
12%
%
7%
6%
21
10
16c
Feb
17%
10c
Nipissing
3
Oct
5%
Oct
Mar
June
Feb
5,%
15%
July
Jan
'
Apr
25e
17%
May
2%
1%
1%
4c
1 %
r—
Mar
Sept
2%
16
11
Jan
2
2%
78'c
Jan
Oct
16
14
Oct
Oct
Brit-Amor Tob ord bear £1
Oct
Apr
Aug
Sept
17%
.1
Oct
%
%
June
%
17%
1.1
5
14%
9-16
r
*9
58c
Oct
48c
Oct
Oct
Oct
7%
54c
5,800
r
800
2%
% May
5,650
Mining
1,900
July
2
Mother Lode
1,000
82c
11-16
Monster Chief
3
Oct
%
International Mines
Jumbo
Jan
46c
3
43c
Jerome-Prescott Cop r
Kerr
12c
11-16
Mining
Blossom
13,000
Jan
Oct
900
15,875
Jan
6%
5C
9,700
17,800
Mar
20c
Oct
Sept
Mining.50c
Green Monster
Iron
1,000
%
Sept
1 1-16
2%
•
Hccla
32,400
7,000
7c
1%
7,800
40c
5%c
1
r
1,000
14,500
2,000
42c
.10
Consolidated. 10
5-16
.
Sept
8;soo
,
1
Mogul
Preferred
Oct
2%
6,900
16c
5
1
—
Goldfield Merger
1%
5c
5
6%
1 11-16 1%
8%
9
Cresson Con Gold M&M.l
Aug
Cities Service
33c
Oct
Apr
11-16
5
Consoi Copper Mines
.5
Consol-Homestead
r_'__.l
MeKinley-Darragli-Sav.. 1
5
1 9-16
4%c
1 13-16
Goldfield
%
60e
1 15-16 2
5
Gila Copper r__
7-16
%
52c
1%
.1
r___—
8%
%
%
52c
Coco River Mining r
Emma Copper
58c
8%
8%
Consol Arizona Smelt
First Nat Copper
Fortuna Cons r
2%
55c
55c
1
July
10
1%
%
Aug
Chevrolet Motor
■
13-16 June
13,600
9%c
1%
Marsh Mining
5
1%
16,500
8c
1
...
2%
5c
Caledonia Mining
.1
Calumet & Jerome Cop r 1
Canada Copper Co Ltd--5
Mar
5%
18c
19,300
7-16
%
Butte-Detroit Cop & Z..1
Butte & N Y
40
Feb
33c
9c
....1
r
99%
2%
Jan
4%
Butte Cop & Zinc v t c...5
44%
9%
1%
3,600
2 7-16
1
r
Mar
2%
Oct
Aug
June
42c
1 %
4,090
1,500
1
,Feb
10
Jan
Oct
%
1%
June
"~2 %
2%
50c
Oct
5
.5
14%
10
Oct
6%
1
25
25
%
7A
5
Alaska-Brit Cob Metals.. 1
65
Chalmers Mot Corp r__(t)
New preferred r__
Mar
4%
'%
Acme Cop Hill Mines r.10
65
Carwen Steel Tool
12%
"~5%
1
r
Wyoming Un Oil new r (f)
Wyoming Wonder Oil r.Tl
350
Car Ltg & Power.r._
Feb
May
34c
14,500
—
475
25
11-16
27,710
—
Oct
Oct
8%
■
38,300
1
r
Oct
%
22,000
1
40c
7%
31,000
13-16
r—
5,200
3rl6
%
9%
Rice Oil
85
'
Jan
5%
32
Carbon Steel, com.r_.100
Jan
12%
78
4,700
Jan
'75c
Oct
5%
32
40%
"78"~
17c
Jan
1
14%
Oct
12%
32
(no par)
7%
7,400
6,500
Sept
5%
Amer & Brit Mfg pref. .100
Air Reduction Co
Aug
July
6C
12%
5
r
Penn-Kentucky OH r——5
Magma
High.
Apr
188
May
48c
37,000
Perm Ohio Oil & Gas r__10
Osage-Homlny OH
Mason
Aetna Explosives r (Ho par)
Preferred r
100
115
22,500
8c
26c
18c
1.80
92c
6%c
7%
5
Omar Oil & Gas
Jan
Jan
6,300
143
84c
30c
Oklahoma Prod & Ref
4%
55c
1%
137
7c
Aug
May
29,500
1
1.36
1%
1
11,300
1.45
13-16
1.40
;
Magnate Copper
Low.
1 3-16
July
com r
Magma Chief
Week
.
High.
Sept
8%
La Ro3e Consolidated
Low.
1
Mar
Sept
3-16
50
Louisiana
Week ending Oct. 26.
.15%
3-16
—
r
Kewanas.r
be worth.
Friday
Oct
Jan
5,200
.
question for
Apr
3%
11
56,800
1,800
Great Verde Ext Cop r 25c
The
24
%
Boston & Montana Dev..5
can engage
19%
Aug
Sept
Oct
2%
9-32
———„
organized stock exchanges.
On the New York Stock
Sept
Sept
Mining Stocks
-.7
:
Mar
%
%
Victoria Oil
the transactions in the outside
record of
a
6%
Aug
8%
Ya
Somerset Oil
give
3
1
r
Northwestern Oil r——_.l
Preferred
Feb
Oct
(f)
Oil
Tuxpam Star Oil.r..
New York "Curb" Market.—Below we
15
650
3%
Humble Goose Cr O&R
Sept
Oct
%
10%
5,500
20%
1
Houston Oil, com r
Oklahoma Oil
$25,000
79,300
5,897
11,054
8,454
Saturday..
Monday.........
Bond Sales.
Shares.
14%
..5
Preferred rT.._.
Midwest Refining r
Baltimore.
Bond Sales.
Shares.
Jan
Sept
7%
%
%
10
Metropolitan Petroleum 25
Philadelphia.
Boston.
Shares.
11,300
14,700
%
Jan
Aug
1%
4,100
r
Oct
July
11-16
Federal Oil
75c
Oct
Apr
Sept
June
%
%
8%
Oct
13%
5%
Oct
3%
22c
7-16
Merrltt OH Corp r
Week ending
175
9,300
52c
Aug
23,050
%
Midwest OH
Oct. 26 1917.
1%
8%
7%
8,900
1%
July
3-16
r
Lost City Oil
EXCHANGES,
BALTIMORE STOCK
4%
28c
1%
8%
15c
Esmeralda Oil Corp r....l
Elkland Oil & Gas
Kentucky Petrol Prod
PHILADELPHIA AND
BOSTON.
THE
4
23c
1%
Elk Basin Petroleum r_..5
Kenova
DAILY
4
r
Cumberland Prod & Ref r 1
162,187,299
154,831,948
7,177,130
$274,805,200 $647,497,6.50 $14,260,751,355 $14,057,921,440
;
8%
22C
5
r
Crosby Petroleum
1916.
.
2,938,357
Stocks—No, shares...
Par value
1917.
1916.
1917.
Exchange.
8
8%
Cosden & Co.r—.
New York Slock
16
1
2% fMar
OCT. 27 1917.]
CHRONICLE
THE
1701
Friday
Last
Week's Range
of Prices.
Sale.
Bonds—
Low.
Price.
Beth Steel 5% notes.. 1919
97%
Canada (Domof) 5S..1919
General Elec 6% notes '20
"94#
*
Odd lota,
change tilts
Unlisted,
Ex-rights,
V
z
Low.
97% $19,000
94% 1299000
101# 22,000
Sept
98#
Feb
93#
97#
Aug
100
72
27,000
70
Oct
63
16,000
61
Oct
98
98
2,000
97
Sept
102
City Realty and Surety Companies
Bid
97 #
61
Aug
Ask
70
77
110
120
Bond A M G
200
220
100
stock
When Issued,
w
...'
CURRENT
more
Jan
Jan
Casualty Co
City Invest g
99
Feb
Preferred..
....
x
13
16
55
NOTICE.
85
fiscal
new
Price,
Issued by Poor's Manual Co., New York.
certificates of the Republic of Prance 5%
announce
National Load (1916)
can now
requested to deposit their temporary certificates at the office
are
205
75
----
WesABronx
175
160
Title AM G
Par
Bid.
*18
18l2
840
400
425
*78
82
340
365
new.
Atlantic Refining
Borne-Sorymser Co
100
Buckeye Pipe Line Co... 50
Chesebrough Mfg new
100
Colonial Oil
Co., 59 Wall St., this city, not later than 12 o'clock
60
500
60
*35
135
200
210
Galena-Signal Oil
com... 100
135
140
Preferred100
Illinois Pipe Line.......100
Indiana Pipe Line Co.... 60
125
135
200
*87
205
International Petroleum.
145
5.20
5.20
5.50
6.75
5.60
6.10
5.20
6.10
5.20
6.75
...
Equipment 4#s
Chicago & Alton 4s—
Chicago A Eastern III 6#s_.
38
Cumberland Pipe Line.. 100
Eureka Pipe Line Co
100
Central of Georgia 5s
5.70
5.70
Caro Clinch field & Ohio 5s..
525
5.60 5.00
0.25
Equipment 4s—
Canadian Paoifio 4^8.,.
70
100
..
Baltimore A Ohio 4Mb
Buff Roch & Pittsburgh 4#a
870
100
Continental Oil
RR. Equipments—PerCt, Basis
Bid. ASh.
Alt.
£1
..100
Anglo-American Oil
Crescent Pipe Line Co
that the temporary
be exchanged for the Definitive Rentes with Nov. 16 1917 coupon attached.
of Brown Brothers &
80
65
Mtge
Standard Oil Stocks Per Share
for the
This work, containing 1,200 pages of text,
—Brown Brothers & Co. and A. Iselin & Co.
Holders
90
195
USTltleGAI
Quotations for Sundry Securities
Ex-dividend.
should be found very useful by brokers and financial institutions.
copy.
196
80
All bond price* ere "and Interest" except where marked "F
important companies, issued
been revised to the latest date.
a
190
(Brooklyn)
U S Casualty
■
period in accordance with the requirements of the Inter-State Commerce
Commission.
Bond statements, income accounts, and balance sheets have
$7 50
Realty Assoc,
98
as a prospect.
I Listed on the Stock Ex¬
transactions will be found,
o New stock,
dividends,
Ex-stock dividend.
of the
115
93
N Y Title A
98#
94#
-—"Poor's Intermediate Manual of Railroads," just issued, gives revised
statements
Ask
105
Lawyers Mtg
Mtge Bond.
Nat Surety.
Ask
Bid
Bid
Alliance Rty
Amer Surety
i Listed
additional
and
New York
High.
Oct
July
101
...
where
Ex-cash
u
Range since Jan. 1.
for
71
f No par value,
week,
93 #
101#
Russian Govt 6#s r_1919
5#s r__
1921
Southern Ry 5% notesl919
r
Sales
Week.
High.
1
6.75
6.50
5.50
0.50
Equipment 444a.—
Chio Ind & Loulsv 444s.....
Chic St Louis A,N O 5s
5.50
5.75 5.00
5.00
5.50
Chicago & N W 444s
Chicago RIA Pac 444s...—
90
6.60
5.50
5.25 5.00
£1
*12
13
Colorado & Southern 5s...
6.25
5.25
National Transit Co.-.. 12.50
*13
14
Erie 5s.
6.00
5.20
New York Transit Co... 100
190
200
6.00
5.20
and San Francisco, announce that R. G. Jones, formerly associated with
Northern Pipe Line Co..100
97
Ohio Oil Co..
25 *315
102
the credit department of the Continental & Commercial National Bank,
Penn-Mex
Chicago, and lately with the credit department of the Liberty National
Pierce Oil Corporation
Prairie Oil & Gas..
noon
of each business
day.
—W. O. Gay & Co., dealers in commercial paper, in
Bank of New York, has been
New York, Boston
appointed to the managership of their Chicago
office.
,
—S. W. Strauss & Co.,
Chicago,
150 Broadway, this city, and Straus Building,
offering at par and accrued interest $165,000 Racine Terminal
are
Building first mortgage 6% serial bonds.
columns.
See advertisement in advertising
Write the firm for circular No. K-716.
—To yield 5.10 to 6.20%, Freeman & Co.,
rities, 34 Pine St., this city,
are
offering
a
.
specialists in
car trust seen
list of railroad equipment bonds
FuplCo—. 25
25
100
Prairie Pipe Line..—...100
Solar Refining...
100
Southern Pipe Line Co. .100
South Penn Oil..
100
Southwest Pa Pipe Lines. 100
Standard Oil (California) 100
Standard Oil (Indiana).. 100
Standard Oil (Kansas)
too
Standard Oil (Kentuoky) 100
Standard Oil (Nebraska) 100
*37
...
Equipment 444s
Equipment 4s
Hooking Valley 4s——
Equipment 5s
325
42
8.00 5.20
...
0.00 6.00
...
*9*2 1012
450
440
253
247
310
290
5.00
6.00
Illinois Central 5s
5.50 5.00
5.50 6.00
Equipment 444s
Kanawha A Michigan 4#s.
Louisville A Nashville 5s....
6.00
5.00
5.25
5.00
190
260
200
Michigan Central 5s
5.40
6.00
270
Minn StP A SSM 4#s
6.50 5.25
103
225
660
490
340
450
107
Missouri Kansas A Texas 5s.
6.50 5.50
230
Missouri Paoifio 5s
670
Mobile A Ohio 5s
.....
Equipment 444s.—....
350
New York Central Lines 6s.
500
6.30 5.50
0.26
...
510
5.50
6.25
5.50
6.00 5.35
List of offerings will be mailed upon application.
TREASURY CURRENCY HOLDINGS.—The
following
compilation, made up from the daily Government state¬
ments* shows the currency holdings of the Treasury at the
beginning of business on the first of July, August, Sep¬
tember and October 1917.
Holdings in
1
July
•
Sub-Treasuries.
1917. Aug.
1
1
196,370,317
20,978,581
3,002,855
69,710
4,494,741
2,647,187
257,204,202
246,642,537
152,979,026
152,979,026
249,391.909
152,979,026
188,163,487
26,301.333
10,429,162
10,546,308
Net national bank notes..
16,787.619
'2,658,745
Net Fed. Res. bank notes
90,585
Net subsidiary silver....
4,417,785
2,312,286
—
545
N Y Ontario A West 4#s_.
6.25
243
Norfolk & Western 444s....
5.25
5.75
4.95
Standard Oil (Ohio)..... 100
SwanA Flroh—.....
100
445
455
Equipment 4s.
Pennsylvania RR 4#s_—
Equipment 4s
6.25
4.75
5.25
4.75
0.50 5.50
20,908,736
5,797,485
17,7.15,276
5,148,900
73,610
1,982,226
1,395,359
Less gold reserve fund.
261,588,982
152,979,026
*108,609,956
*103,225,176
93,663,511
96,412,883
235,009,000
405,191,915
104,250
Liberty Loan deposits.
560,602,218
Cash in Fed. Res. banks.
340
350
St Louis Iron Mt A Sou 6s..
10
*30
35
St Louis A San Franclsoo 5s.
6.75
5.50
Seaboard Air Line 5s.._.
6.50
5.25
6.50
5.25
305,743.527
.....
PerCent.
•
75
Equipment 444s—
78
Southern Paoifio Co 444 8—
Southern Railway 444s
42
10
6,25
Tobacco Stocks—Per Sha re.
36
Par
155
160
American Cigar common. 100
100
97
99
Baboock & Wilcox......100
110
113
60 *400
450
Preferred...
....100
Atlas Powder common
100
Preferred
Bliss (E W) Co common.
50
*75
160
75
100
84
Patent Fire
55
95
80
00
*15
'Ordinary,
Conley Foil
bearer......£1
*16
19
100
Johnson Tin Foil A Met. 100
92
....100
65
J
2d preferred
200
250
100
130
190
200
100
—
MaoAndrews & Forbes.. 100
..100
96
100
425
550
103
107
130
150
105
110
Preferred
.—100
duPont (E I) de Nemours
71
75
100
280
283
Preferred
10012
Short-Term
—
Preferred
...100
Young (J S) Co—
Debenture stock—.... 100
95
100
100
...100
Notes—Per
53
Amer Cot Oil 5s 1917rMAN
Amer Tel A Tel 444e 1918—
100
72
77
Balto A Ohio 5s 1918
10O
259
201
100
111
114
Beth Steel 5s 1919—FAA 15
Niles-BementrPond com. 100
45,858,327
To credit disb. officers.
6,739,731
125
130
Canadian Pao 6s 1924.MA8 2
Total.....
40,703,766
54,830,530
Empire Steel A Iron com. 100
38,819,974
6,539,668
$5,389,456
7,485,826
35,864,470
Hercules Powder
52,598,058
45,359,642
42.875,282
5,171,775
Cash in Philippine Isl'ds.
5,755,075
3,250,496
6,971,017
42,835,487
3,991,809
1,186,964,534
621,167,359
122,878,284
Available cash balance. 1,064,086,250
Deduct current liabilities-
'.
com
Preferred..—
100,!
Preferred.......
.48
100
58 1919
107
Chio A West Ind 8s*
18.MAS
130,389,797
632,258,063
127,372,996
603,366,874
132,830,744
490,777,562
504,885,067
Penn Seaboard Steel (no par)
*44
47
Phelps-Dodge Corp..... 100
Scovlll Manufacturing... 100
Net cash in banks, Sub-
Treasuries
—100
216,751,008
Preferred..
To credit Treas. U. S._
280
300
Erie RR 5S 1919-
480
500
General Rubber 6s 1918. JAD
26
35
Thomas Iron
60
Del. & Hudson 5a 1920
700
Iron. —...100
.A-O
Gen Eleo 6s 1920
470,536,130
Winchester Repeat Arms. 100
62
Woodward
18
Reynolds (R J) Tobacco. 100
Arms
Eastern Steel....
Ash.
103
Britlsh-Amer Tobao ord—£1
85
Coifs
97
Amer Machine A Fdry„ 100
170
—
Bid.
90
Preferred
83
Canada Fdys A Forglngs. 100
Carbon 8tee) common...100
Preferred
5.25
45
5
25
5.45 5.00
6.00 5.30
Toledo A Ohio Central 4s—
Ordnance Stocks—Per Share.
339,756,032
127,071,434
Cash in national banks:
4.95
93
Co common
154,179.000
5.25
105
..
Bonds.
Dep. In special depos'rles:
Account certs, of indebt
...
95
90
Washington Oil
Mfg
Cash balance in Sub-Treas
—
....100
Vacuum Oil
1st preferred
Total cash In Sub-Treas
Equipment 4#s—
100
Union Tank Line Co
Aetna Explosives pref—100
American A British Mfg. 100
183,441,694
20,467,431
6,641,049
•21,366,953
2,801,345
127,670
3,761,213
2,035,182
202,325,168
22,567,632
i
1917
S
Net United States notes..
Minor coin, Ac...
1917. Oct.
1917. Sept.- 1
Net silver coin and bullion
Net Fed. Re&ferve notes..
5.35
535
238
Pierce Oil Corp conv 6s. 1924
$
Net gold coin and bullion.
6.00
Standard Oil of New Jer.100
Standard Oil of New Y'k 100
maturing 1918-1932.
JAJ
Great Nor 5s 1920—...M&S
Hocking Valley 6s 1918
Int Hary 5s Feb 15 T8.F-A
K C Rys 544 s 1918
JAJ
Public Utilities
Cent.
9978 IOOIr
997g
99i8 993s
97i8 »73g
9734
9958 100*s
98i4
97^
9834
9778
94
95*2
97t4
97'4
10078 101#
98i8 983$
9834 99U
Oct.
$5,527,522 84 silver bullion ahd
&o., not included in statement "Stock of Money."
1,
$1,395,359 11 minor coin
100
96
"97*2
60
*97
101
50
*43
44
Amer Lt A Trao com.... 100
♦Includes
210
217
...100
99
102
53
56
MorganAWright 5s Deo 1 *18
IOII4
78
81
N Y Central 4#sl918.MAN
99
28
NYNHAH 5s. Apr 15 1918
Penn Co 444s 1921—JAD 15
87*2
97
97*2
97*2
99
Amer Gas A Eleo com...
Preferred—
Preferred
Hew York City Banks and Trust
Banks-.V.Y.
Bid
Ask
Banks.
Bid
Ask
America*
635
650
Manhattan *
315
325
Amer
238
Companies
Co's.
Trust
Ask
Bid
New York
Exch.
230
Mark A Fult
240
Atlantic....
175
182
Mech A Met
300
310
B'way Tfust
165
Battery Park
Bowery *
175
185
Merchants..
250
300
CentralTrust
735
760
Metropolis*.
285
295
Columbia I—
265
275
Commercial.
100
Bankers ,Tr.
250
395
385
~
^
m
400
''»
Bronx Boro*
150
200
Bronx Nat..
150
Mutual*..!
376
Empire
290
300
BryantPark* tl55
New Neth*.
215
225
Equitable Tr
320
330
150
190
Farm L & Tr
...
-
Metropol'n * J75
185
»»
90
100
NewYorkCo
400
430
...
325
340
New York-
400
Fidelity
195
205
Chat A Phen
200
210
Pacific *
270
Fulton
200
270
115
Park
...
450
460
Guaranty Tr
317
325
375
385
People's*...
200
220
Hudson
135
142
Butch A Dr.
Chase
Chelsea Ex *
Chemical
—
•
Prod Exch*.
205
215
200
«►1-
City
420
430
Public*
230
240
Coal A Iron.
205
215
Seaboard
440
*•"<»
Citizens
Second
320
'
Commerce.. tl62»2 1163*2
320
310
Corn Exch*.
4Q0
120
State*—..
100
110
115
130
180
Ward*.
95
Union Exch.
150
65
75
Unit States*
500
Fifth A ve*- 4200
4700
Wash H'ts*.
Fifth
215
230
Westeh Ave*
160
First—
950
975
West
Side*.
200
Garfield
180
190
Yorkvflle*—
540
_
Gertn-Amer*
German Ex*
144
138
395
Germania*..
A
-
200
Greenwich*.
350"
175
175
Union
Trust
375
385
220
USMtgATr
420
435
(TnitedState8
940
975
ISO
Green point
-
Brooklyn.
Brooklyn Tr
165
585
600
110
120
Franklin..—
245
255
115
Hamilton
265
275
Kings Co.—
625
650
Manufact'rs.
140
280
Imp A Trad.
500
515
Mechanics' * *111
-
«
-
'
Montauk*..
210
90
105
375
400"
Nassau—..
199
205
People's....
290
315
Nation'ICity
265
275
Queens Co..
NorthSIde*.
175
People's
130
n«nks marked with a (*) are State banks
this
week
<
New stock,
v
Ex-rights
200
140
100
......
Amer Public Utilities comlOO
24
100
58
212
99
95
98
97
98
1921
Mich Cent 5s 1918
215
Preferred
97
JAJ
Laclede Gas L 6s 1919..F&A
444s
62
Cities Service Co com...100
99
99*4
"0914
90
78i2
Pub Ser Corp N J 5s '19.MAS
Rem Arms U.M.C.5s'19FAA
85
88
Ry A L.100
40
43
Southern Ry 5s 1919—M-8 2
973g
100
71
74
United Fruit 5s 1918...M-N
0958
Elec Bond & Share pref—100
Federal Light A Traction. 100
90
95
Utah Seo Corp 6s '22.M-S 15
Winches Rep ArrasSs' 18 .MAS
89
9784
9978
eoi2
9684
9712
....—100
Preferred-
Cora'w'lth Pow
Preferred
7712
6
10
100
33
42
Great West Pow 5s 1946.JAJ
81
84
Preferred
....
Industrial
and
Miscellaneous
Brass
7
11
American
34
6812
38
American Chicle com.---100
100
70
71
.100
91
93
Mississippi Riv Pow com. 100
Preferred
100
First Mtge 5s 1951—.JAJ
North'n States Pow
com.
Preferred...
70i2
100
Preferred
245
45
67
70
Am Graphophone com...100
72
74
90
94
Preferred
100
55
American Hardware.....100
.100
73
77
Amer
38
39
.100
85
86
Tr L A P com. 100
18
18
100
54
58
Republic Ry A Light—100
North Texas Eiec Co com 100
Preferred
1st
preferred.
PugetSd
Preferred—
51
25
27
100
63
65
South Calif Edison com. .100
84
88
Preferred
Preferred
100
100
100
47
100
Pacific Gas A Elec com.. 100
Ty pefoundera com. 100
Preferred..
......100
Borden's Cond Milk com. 100
.
131
"35"
85
39
89
94
98
.100
98
100
Celluloid Company.....100
Havana Tobacco Co....100
155
160
Preferred
Preferred
100
*4
3i2
y
1st g 5s June 1 1922—J-D
Interconttnen Rubb com. 100
/48
63
9
11
Internat Banking Co..-.100
160
Southwest Pow A L pref. 100'
n95
Standard Gas A El (Del).
Preferred...
50|
*7
8
International Salt
100
55
60"
50
*29
31
1st gold 5s 1951
.'.A-O
74
76
L A P com 100
3
4
Internationa! Silver pref. 100
91
96
..100
12
22
Iron Steamboat
....10
*2
.3
7
1st 5s 1932
AAO
90
95
50
60
Genl 4s 1932
AAO
25
40
Lehigh Valley Coal Sales. 50
Otis Elevator common...100
Preferred..
100
*64
70
....
Tennessee Ry
Preferred
150
Homestead *
Preferred
T8.MAN
United Gas A Eleo Corp. 100
140
130
270
140
Hillside *—
change
Transatlan *c
255
...
265
•
590
305
First
t6S0
Lincoln—
960
575
Coney IsI'd*
255
.Liberty
940
290
-»
Westchester.
Hanover— t657
...
Trust—
135
Harriman...
Irving
.
125
N Y-Trust—
125
Flatbush
335
.
115
TltleGu ATr
••••«.
Brooklyn.
220"
200
Gotham
•
105
385
N Y Life Ins
565
85
East River.
95
370
chester)
350
Cosmopol'n*
105.
95
Lincoln Tr..i
130
23d
Law Tlt&Tr
Metropolitan
Mufl (West¬
425
Sherman
1400
Colonial*
Columbia*..
V
Amer Power A Lt com... 100
K C Term Ry 444s
290
preferred
2d
preferred
United Lt A Rys
100
1st
1st
100
10O:
10O1
Power common. 100 j
com
preferred
Western
Preferred
...100
5
10
30
34
63
65
10
12
50
80
preferred
Royal Baking Pow
1
share,
/Flat price,
o
b Basis,
Nominal.
Ex-dividend.
y Ex-rights.
77
12
13
65
42
45
100
125
135
100
00
94
com..
d Purchaser also pays accrued dividend.
x
50
73
62
Preferred
•Per
46
.....100
...
2d
/
f Sale at auction or at Stock Ex¬
Remington TypewriterCommon
..100
1st preferred.........100
4
e
New itocs
[VOL. 105.
CHRONICLE
THE
1702
Juucstwctrl matk JJaiXnsaE %utdl%Qmt£<
GROSS
RAILROAD
The
oan
following table shows the
be obtained.
columns the
gross
EARNINGS.
monthly returns
and the last two
earnings of various STEAM roads from which regular weekly or
earnings for the latest week or month,
The first two columns of figures give the gross
earnings for the
period from Jan. 1 to and including the latest week or month.
We add a supplementary state¬
with January, but covers some other period.
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 39, 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.
ment to show fiscal year
totals of those road3 whose fiscal year does not begin
It should be noted that
our
^
Latest Gross Earnings.
.
Week
Current
Current
Year.
Year.
Year.
i
S
Ala N O & Tex Pac-.
Ala & Vicksburg. September
September
_
.
New Orl Great Nor. August
NO Tex&Mex Lines August
j New York Central August
Boston & Albany August
n
Lake Erie& W_ August
Michigan Central August
Cleve C C & St L August
Cincinnati North. August
1,242,962
1,122,754
77,723,433
Oct
...
...
...
...
...
Chic R I & Gulf... August
...
dOhic StPM&Om July
Chic Terre H & S E August
...
189,421
218,323
283,116
10500802
10672933
189,730
7.519.819
298,963
1,829,950
344,096
138,421
Midland. August
wk Oct
6 Colorado & South. 2d
416,256
Cuba Railroad.... August
839,815
Delaware <fc Hudson August
2,946,281
Del Lack & West.. August
5.097,696
Denv & Rio Grande 3d wk Oct
670,700
...
...
...
...
August
Detroit & Mackinac 2d
wk
Detroit Tol & Iront August
Det & Tol Shore L_ August
Dul & Iron Range.. August
Dul Missabe & Nor August
Dul Sou Shore & Atl 2d
wk
Duluth Winn & Pac August
Elgin Joliet & East- August
El Paso & So West. August
Erie..
August
Railroad.. August
—
—
Norfolk & Western- August
...
Northern Pacific— August
—
:
1,190,030
1,044,596
1,760.706
1,252,705
4,423,645
980.381
...
...
...
...
Oct
...
...
...
...
...
...
...
...
Illinois
Central.... September
Internal & Grt Nor August
...
September
August
August
August
August
Louisiana & Arkan. August...
Louisiana Ry & Nav August
/Louisville & Nash. 2d wk Oct
Maine Central
August
Maryland & Penn__ August
...
...
_
...
...
...
...
Midland Valley
Mineral Ranges
August
2d
wk
...
Oct
Minneap & St Louis 2d wk Oct
Minn St P & S S M. 2d wk Oct
8,933,556
1,520,330
1,168,241
4,633,254
8,641,419
3,400,476
1,445,916
2,934,178
1,275,597
1,169,411 10,583,461
1,188,357
9,300,262
51,927,631
5,864,947
710,328
2,405,639
4,083,583
52,306,815
38,590,725
7,103,956
2,471,931
64,709,415
1,495,002
1,430,772
6,841,351
64,277,185
7,563,734
9,901,323
208,521
1,520,403
242,622
2,405,005
4,435,645 35,261,606
992,725 8,342,635
134,297
1,048,426
186,368
1,487,274
9,377,774
7,926,288
49,117,491
5,769,689
672,411
2,097,904
3,455,781
47,885,639
34,410,167
6,960,115
2,483,346
59,580,534
1,380,597
1,320,956
5,207,840
53,558,586
6,301,629
8,115,155
1,425,533
1,942,907
31,884,496
7,726,751
1,074,051
1,325,808
1,345,170 58,717,213
1,185,226 9,329,582
42,191
342,091
179,189
1,863,796
23,950
931,941
258,413
8,522,473
693,684 26,766,618
78,767
525,713
910,849 33,461,589
136,815
1,246,418
6,324,428 50,978,116
1,212,040 9,615,384
12,869
285,370
49,870,705
8,286,331
304,062
1,303,540
852,508
8,517,207
27.080,700
548,524
28,128,632
968,948
43,747,952
8,668,783
296,583
263,302
212,478
159,358
130,147
1,128,59.9
978,030
2,518,205 2,083,452
76,727
143,147
76.636
162,606
1,498,266
957,037
7.194,028
475,858
,103.023
371,885
209,780
1,254,304
1,541,312
216,718
70,661
8,331,642
247,723
246,739
1,093,533
7,570,142
1,037,152
1,222,446
221,485
360,302
4,866,856
1,043,699
162,74£
220,602
1,562,890
1,292,510
49,601
270,673
27,156
238,166
6,697,727
587.636
92,813
277,888
141,182
1,200,044
1,503,475
211,195
81,732
8,072,261
184,102
178,912
815,692
6,461,004
859,097
974,790
679,753
Mississippi Central. August
106,369
(/Mo Kan & Texas. 3d wk Oct
961,873
Mo Okla <fc Gulf
August
164,821
h Missouri Pacific.
August
6,894,566
Nashv Chatt <fc S't L August
1,305,209
Nevada-Cal-Oregon 2d wk Oct
11,780
...
...
_
19,950,183
1,344,172
24,093
Great North System September
Gulf Mobile & Nor. August
Lehigh & Hud Riv.
Lehigh & New Eng.
Lehigh Valley
Los Angeles & S L.
17,623,081
33,786,463
194,888
Grand Trk West- 4th wk Sep
Det G II & Milw. 4th wk Sep
Kansas City South.
12,224,268
5,405,216
25,949
...
...
.
Pennsylvania RR. August
Bait Ches & Atlan August
Cumberland Vail. August
August
Long Island
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
/Pitts CC& St L August
...
__
1,516,240
1,821,771
70,501,320
64,336,085
1,117,889
48,866,107
2,103,084
11,436,351
1,744,265
990,965
230,785
Grand Trunk Pac.. 4th wk Sep
Ship Island. August
Hocking Valley
August
—
Norfolk Southern.. August
6,556,620
...
Grand Trunk Syst. 3d wk Oct
Grand Trunk Ry 4th wk Sep
Gulf &
168,870 7,335,280
219,493
1,779,922
238,113 2,152,290
10021194 72,978,913
9,624,148 71,522,105
157,053 1,397,047
7,230,707-54,790,107
330,002 2,421,284
1,647,960 11,954,831
247,430 2,409,211
189,178
902,883
352,353 14,111,200
558,327
4,869,772
2,354,162 19,630,590
4,349,331 37,775,422
577,600 22,504,432
Oct
Florida East Coast. August ...
Fonda Johns & Glov August...
Georgia
—
—
p
Cine Ind & West... August
Denver & Salt Lake
—
N Y Ont & Western August
...
Colorado
—
NYNH& Hartf- August
...
Chic Peoria & St L. August
Chic Rock Isl & Pac August
—
Northwest'n Pacific August
Pacific Coast Co
August
...
wk
1,213,911
3,691,698
132888184
—
...
Louisv. 3d
1,226,652
4,227.290
140496252
Kanawha & Mich August
...
Chicago June RR_. August
Chic Milw & St P.. August
dCbic & North West August
170,182
627,804
18078121
Tot all lines above August
2,030.962
8,322,731
22,903,666
3,396,734
2,954,086
Ches & Ohio Linos. 3d wk^Oct 1,109,617
999,530 43,011,730 39,924,761
1,910,441 1,628,690 13,421,541 11,286,102
Chicago & Alton... August
Chic Burl & Quincy August
10956606 10216369 79,935,815 68,594,720
6 Chicago & East 111 August
1,856,104 1,487,715 13,716,771 10,823,703
2d wk Oct
359,144
362,084 12,751,214 12,375,185
c Chic Great West.
Chic Ind &
197.226
476,883
N Y Chic & St Louis August
...
Total
—
...
—
2,093,719 1,879,706 14,810,190 14,077,233
724,957
660,5981 5,421,1701 4,772,851
4,643,172 4,072,693 33,889,492 29.832,645
5,014,064 4,251,508 34,054,367 30,248,902
1,561,579 1,246,246
189,288
237,490
2,470,518 2,203,467 16,659,945 15,745,455
5,032,098 3,964,380
831.227
617,993
364,174
337,065 2,329,338 2.443.820
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
6,107,362
6,181,345
969,811
1,113,635
304,100 2,823,746, 2,791,154
390,658
458,725
3,578.526! 3,176,636
411,977
6,021,972 5,343,013 42,645,801 39,330,192
7,533,664 7.041,003 57,340,415 50,311,867
506,676 3,117,9141 2,967,250
501,636
4,873,778
764,626
3,018,163
497,110
23626103 20664 931 1689463481 151948 923
792,788
811,673
189,732
172,930
2,358,006
311,410 3,197,183
441,218
1,993,966 1,606,940 10,928,222 9,994,916
586,954
641,760
131,698
117,130
536,310
437,847 3,585,624 3,475,823
3,096,550 2,205,431 20,535,388 16,574,378
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
3,853,285
4,324,650
585,143
676,300
6,557,430 5,673,548 48,657,920 41,559,511
lines—
East Pitts & Erie August
...
West Pitts & Erie August
All East & West. August
Pere
S
19540579
—
& West.. August
Year.
9
—
Tol & Ohio Cent. August
N Y Susq
Year.
—
—
Pitts & Lake Erie August
1,228,403
2,550,235
7,236,282
814,163
36,331,284
10,341,691
1,258,347
29,325,200
109307630
Previous
Year.
Month.
1,295,336
1,242,005
2,136,027
104495158
2,367,032
916,158
24,250,229
Current
Current
or
$
■$
192,477
141,278 1,515,208
197,379
152,350 1,513,595
Ann Arbor.
1st wk Oct
54,993
62,115 2,357,017
Atch Topeka & S P. September
14021780 12768861 120899740
Atlanta Birm & Ati 1st wk Oct
82,06?
73,602 2,939,961
Atlanta & West Ft. August
160,037
114,706
1,088,739
Atlantic Coast Line August
3,355,674 2,605,923 28,618,673
Chariest & W Car August
205.559
135,069
1,464,027
Lou Hend dc St L August
203,304
150,741
1,435,639
12869706 11559807 85,960,497
a Baltimore & Ohio.; August
B & O Ch Ter RR August
183,488
159,008 1,335,126
297,103
257,396 2,932,004
Bangor & Aroostook August
Bessemer & L Erie.;August
1,524,038 1,372,459 7.942,890
93,316
90,973
851,108
Birmingham South.iSeptember
Boston & Maine
5,599,912 5,170,366 38,867,209
August
Buff Roch & Pitts ...3d wk Oct
328,751
280,201 11,986,045
Buffalo & Susq RR. September
148,495
142,012 1,293,271
Canadian Nor Syst. 3d wk Oct
872,300
839,700 32,796,400
Canadian Pacific.. 3d wk Oct 3,429,000 2,932,000 118705174
Caro Clinchf & Ohio August
1 405,5311 156,926 2,816,956
Central of Georgia
August
1,318,030 1,115,293 9,837,343
Cent of New Jersey August
3,542,241 2,995,446 24,946.634
Cent New England. August
490,707
515,848 3,635,058
Central Vermont
August...
401,200
401,618 2,904,583
Vicks Shrev & P.
to Latest Date.
Previous
Year.
%
Week
Previous
Year.
or
Month.
Previous
Jan. 1
Latest Gross Earnings.
Jan. 1 to Latest Date
,
ROADS.
31661996 27008399 217219410 193833906
15125460 13761829 105765549 96,425,532
46787456 40770228 322984958 290259437
2,087,351 1,951,947 15,403,002 14,435,871
1,589.543
824,203
103,381
206,065
Marquette..'. August
Pitts Shawmut & N August
Reading Co—
Phila & Reading- August
Coal & Iron Co.. August
Total both cos... August
6,128,297 5,121,384 44,675,046
4,480,447 2,948,567 31,533,939
10608744 8,069,951 76,208,985
396,995
283,137 3,167,557
Rich Fred & Potom August
468,513
12,976
12,907
2d wk Oct
Rio Grande South.
353,180 2,843,225
403,450
Rutland
August
165,792
1,542,068
194,524
St Jos &' Grand Isl. August
269,606
430,665
2,583,843
St L Brownsv & M_ August
5,459,959 4,859,906 38,128,408
St Louis-San Fran. August
348,000 12.969,568
404,000
St Louis Southwest- 2d wk Oct
2,293,844 1,969,095 19,447,605
Seaboard Air Line.
August
—
39,812,351
25,194,782
65,007,133
2,512,829
428,058,
_
...
___
_
August
Southern Pacific
k Southern Ry Syst- 2d wk Oct
Ala Great South. August
CHn N O & Tex P. August
New Orl & N E._ August
2d
Mobile & Ohio
wk
Oct
Georgia Sou & Fla 2d wk. Oct
Spok Port & Seattle August
Tenn Ala & Georgia 2d wk Oct
Tennessee Central
August
.
Term RR
Assn.St L August
:
StLMB Term.. August
3d wk Oct
Texas & Pacific
Toledo Peor & West September
wk Oct
Toledo St L & West 2d
Trin & Brazos Vall- August
Union Pacific Syst- September
Virginian
August
Wabash
August
Western Maryland- 3d wk Oct
Western Pacific
August
Western Ry of Ala- August
Wheel & Lake Erie- September
Yazoo & Miss Vall_ September
2,652,366
1,320,867
2,167,344
33,655,970
10,100,955
16,703,610
16716324 15163 482 123872 769 102016187
2,339,138 2,053,916 87,416,038 75,258,123
3,873,524
631,833
494,686 4,518,444
1,163,125
975,328 8,590,038 7,747,822
2.537.821
395,237
3,062,407
326,163
9,425,535
267,539
226,755 10,668,154
1,976,351
57,419
55,866 2,168,435
3,294,259
655,778
4,421,754
508,234
94,268
2,108
98,274
2,279
1,098,686
165,349
150,270
1,158,514
2,364",813
322,033
264,368 2.574,876
1,604,493
267,463
238,137 2,011,829
501,180
565,182 17,298,110 15,702,501
884,894
952,647
109,380
107,450
155,549
140,965 5,485,335 4,626,777
544,527
76,918
608,629
74,255
11863 258 10984 592 92.589.605 81,703,373
1,013,483
759,146 7,330,110 5,666,103
3,526.218 3.249,927 26,179,858 24,101,861
9,501,848
265,222
261,521 10.707.606
5,097,048
1,002,908
806,657
6,270,576
846,367
166,799
102,455
1,038,514
7,631,541
1,076,312
932,626 8,025,716
1,541,265 1,333,439 12,682,666 10,135,371
.
Precious
Current
Period.
Various Fiscal Years.
July 1
Canadian Northern
Duluth South Shore-& Atlantic- July 1
July 1
Mineral Range
July 1
Pacific Coast
July 1
St Louis-San Francisco
July 1
Southern Railway System.
July 1
Alabama Great Southern
Cine New Orleans & Tex Pac. July 1
New Orleans & Nor Eastern._ July 1
July 1
Mobile & Ohio
Georgia Southern & Florida._ July 1
to
to
Oct
21 13,183,200
14
1,340,630
Oct
to
Oct
14
to
31
to
Aug
Aug
to
Oct
14 34,394,067
to
31
to
Aug
Aug
Aug
to
Oct
14
to
Oct
14
...
to
Year.
Year.
345,105
917,907
31 10,496,587
31
31
1,237,580
2,276,552
767,532
4,025,869
808,142
13,251,800
1,198,336
329,940
1,509,054
9,291,520
28,040,533
942,756
1,881,798
635,124'
3,413,473
743,791
AGGREGATES OF GROSS EARNINGS—Weekly and Monthly.
Current
Weekly Summaries.
Previous
Year.
Year.
Increase
1st
week Aug
week Aug
3d
(30
(29
(29
(30
Sept (31
Sept (31
Sept (29
Sept (28
Oct
(30
week Aug
4th week Aug
1st
week
2d
week
3d
week
4th week
1st
week
2d
week Oct
roads).
roads).
roads).
roads).
roads).
roads).
roads).
roads).
roads).
(29 roads).
♦
Cur.
14,103,978
14,337,363
14,914,035
21,985,612
14,328,835
15,332,610
15,562,006
20,008,991
15,173.499
16,197,889
13,505,346
13,500,148
13,934,648
20,309,805
13,228,250
13,885,132
14,146,523!
18,822,876
14.570,110
14,870,725
+598.632 4.47
+837.215 6.20 i
+979,387! 7.03
+ 1,675,8071 8.18 i
8.32 !
+ 1,100,585
+1,447,478 10.42
+ 1,415,483 10.00
+ 1,186,120 6.31 i
+603,389 4.13
8.93
+1,32/.164
December
_
Yr. Prev.
Yr.
Previous
Year.
Monthly Summaries
Mileage,
$
2d
current
or
Decrease.
Year.
$
%
215,669 262 .171,169 242,064 .235
-216.811
increase
or
Decrease.
+20 ,106.934
%
8.31
247.327 307 .961.074 267.115 .289) +40 ,845.785 15.29
0.69
,655.684
.248,477
February.. -249.795
March
.248,185
Jandary
248.738 271 ,928,066 269,272 ,382|
May
-248,312
+2
247,317|321 .317,560:294,068 3451+27 ,249.215 9.27
24%, 120 326 .560.2871288,740 .6531 +37 ,819.634 13.10
247.842 353 .825,032 308.132 .969! +45 ,692.063: 14-82
June
-242.111
241.550,351 ,001.045 301,304 ,803; +49 ,696.242 16.49
April
.^248.723
244,921 353 .219,982 306,891 ,957; +46 ,328,025 15.09
246,190 373 ,326,711 333,555 ,1361+39 ,771,575 11.92
8.9 4
+6 ,819,844
81,514' 83 ,126,235 76,306 ,391
.245,699
July
-247,099
August
82,776
September
_
a Includes Cleveland Lorain &
Wheeling Ry. and Cincinnati Hamilton
Fort Dodge and the Wisconsin Minnesota & Pacific,
d Includes not only
& Dayton,
b Includes Evansville & Terre Haute,
c Includes Mason City &
operating revenue, but also all other receipts,
e Does not include earnings of
/Includes Louisville & Atlantic and the Frankfort & Cincinnati,
g Includes the Texas Central and the
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 Orleans & Texas Pacific,
New Orleans & Northeastern and the Northern Alabama.
I Includes Vandalia RR.^n Includes Northern OhiojRR.
Includes Northerq CentralColorado
♦
We
no
Springs & Cripple Creek District Ry.
longer incIudeiMexican roads in
anv
of
nnr
|
~
... ......
Oct. 27
1917.]
THE
CHRONICLE
Latest Gross Earnings
by Weeks.—In the table which
follows we sum up
separately the earnings for the second week
of October.
The table covers 29 roads and shows
8.93%
increase in the aggregate over the same week last
1703
Latest Gross Earnings.
Name of Road
or
Company.
Week
or
Month.
Current
Year.
Jan. 1 to latest date.
Previous
Year.
Current
Previous
Year.
Year.
year:
Second week of October.
Buffalo Rochester &
Canadian Northern
Canadian Pacific
1917.
$
339.205
Pittsburgh
960.600
3,333,000
1,132,862
Chesapeake & Ohio__
Chicago Great Western
Chicago Ind & Louisville., i
359,144
193,312
416,256
636,500
25,949
76,636
57,419
Colorado & Southern.
Denver & Rio Grande
Detroit & Mackinac
Duluth South Shore & Atlantic__
:
Georgia Southern & Florida..
Crraud Trunk of Canada
Louisville & Nashville
Mineral Range
Minneapolis & St Louis..
$
■
■
2,940
31,537
63,903
59,800
1,856
352,353
576,700
24,093
76.727
55,866
•91
1,553
1,345,170
23,950
258,413
217,720
3,206
693,684
20,247
13,931
871.253
47,781
226,755
12,869
12,907
348,000
40,784
—
...
_
„
_
_
1,089
69
56,000
285,222
2,053,916
2,279
-
561,589
140,965
-
—
—
__
171
*
—
96,751
14,584
8,053
261,521
...
Total (29 roads)__;
Net increase (8.93%).
16,197,889 14,870,725 1,462,384
1,327,164
135,220
Earnings
Monthly to Latest Dates.—The table
gross and net earnings with charges and
surplus of STEAM railroads reported this week:
following shows the
-Gross Earnings
Previous
——Net
Current
Roads.
Year.
Earnings
Current
Previous
Year.
Year.
Year.
AtchTopeka&SF.b—Sep 14,021,780 12,768,861 j5,056,210 15,365,650
Jan 1 to Sep 30.
120,899,740 104495,158;44,320,830^39,997,802
City Southern.b_.Sept 1,222,446
Jan 1 to Sept 30.
9,901,323
510,477
3,927,444
974,790
8,115,155
Pacific.a.......Sept 11,863,258 10,984,592
1
to
Sept 30
1,076,312
932,626
7,631,541
8,025,716
378,565
3,180,542
4,277,550
5,078,570
30,326,303 31,581,937
92,589,605 81,703,373
Wheel & Lake Erie.b-_.Sept
Jan 1 to Sept 30__—_
' 355,968
2,968,877
377,428
2,641,391
__
_
Gross
Net after
Other
Gross
Taxes &c.
Income.
Income.
$
S
S
8
Fixed
Balance,
Surplus.
Charges.
$
.
$
Buffalo Roch & Pittsb—
Sept *17
1,371,263
'16
1,184,737
295,209
55,372
9 mos'17 10,987,642
2,068,161
2,453,581
958,178
'16
9,501,088
247,847
97,160
807,264
■
345,007
350,641
185,136
176,80G
1,628,763
173,835
1,397,576
1,582,897
3,026,339
3,260,825
159,871
1,077,928
Sept'17
9
18,863
142,012
33,207
*17
1,293,271
200,323
514,893
715,216
211,203
'16
,
143,495
*16
1,253,347
299,972
376,469
676,441
219,103
mos
ELECTRIC
RAILWAY
75,470
56,607
44,583
AND
23,343
77,790
.
PUBLIC
.
Week
Current
or
Month.
Year.
.
£
Previous
Year.
,604,013
457,338
COS.
Current
Adirond El Pow Corp August
Atlantic Shore Ry
September
Bangor Ry & Electric August
Baton Rouge Elec Co August
BeltLRyCorp(NYC) July
Berkshire Street Ry_ August
__.
...
Brazilian Trac, L & P August
Brock & Plym St Iiy. August
_
.
...
___
_
—
___
August
Honolulu R T & Land August
Houghton Co Tr Co. August
b Hudson & Manhat. September
Illinois Traction
August
Interboro Rap Tran. September
Jacksonville Trac Co. August
Keokuk Electric Co_ August
August
Key West Electric.
Lake Shore Elec Ry. August
Lehigh Valley Transit September
Lewist Aug & Waterv August
Long Island Electric. July
Louisville Railway.
September
MilwEl Ry & Lt Co. August
Milw Lt. Ht & Tr Co August
_
_
_
100,762
15,509
July
August
August
August
Cities Service Co...
September
Gleve Painesv & East August
g Columbia Gas & El- September
Columbus (Ga) El Co August
Colum (O) Ry, P & L August
Com'w'th P Ry & Lt
September
Connecticut Co
August
Consum Pow (Mich)
September
Cumb Co (Me) P & L August
g Dallas Electric Co. July
Dayton Pow & Light September
a Detroit Edison
September
Detroit United Lines. August
D D E B & Batt (Rec) July
Duluth-Superior Trac September
East St Louis & Sub. August
Eastern Texas Elec.. August
El Paso Electric Co.. August
42d St M & St N Ave July
g Federal Lt & Trac.. August
Galv-Hous Elec Co.. August
Grand Rapids Ry Co August
Great West Pow Syst August
Harrisburg Railways August
Ry, L & P
122,040
36,528
198,215
74,805
17,352
62,913
/8064000 /7405000
Bklyn Rap Tran Syst
Cape Breton Elec Co
Cent Miss V El Prop.
Chattanooga Ry & Lt
Havana El
133,795
18,378
217.103
78,486
18,122
57,140
—
2929,413
39,683
26,688
142,801
1594,961
56,718
732,727
92,681
15,934
2715,702
35,264
24,196
100.238
722,055
46,304
606,751
74,428
290,082
46,833
447,502
671,861
334,444
587,475
49,237
109.480
44,823
69,892
90,413
16,415
699.481
44,221
74,194
325,619
849,967
249,004
481,231
88,718
44,640
21,076
255,825
545,124
51,674
80,580
30,149
79,321
355,682
848,478
282,352
574,338
179,669
62,814
26,413
328,947
672,500
77,980
85,437
32,204
Gross
Companies.
Year.
1,047,973
•
195,788
1,435,994
566,221
150,812
402,303
728,150
f60505,000
85,684
17,808,736
292,146
200,491
956,571
14,147,730
356,811
7,882,742
689,872
2,574,148
14,141,271
6,733,371
4,141,414
4
977,409
281,071
1,354,072
530,942
137,013
465,077
656,818
/56013.000
82,858
333,849
1695,725 1434,201
977,472
910,439
491,698
383,138
*3,372,684.
324,901
306,679 2,040,455
1,869,410
163,708
144,236
1.239,782
1,090,282
148,534
127,369
1,311,891
1,138,388
7 <056,249
921,871
781,994
8,698,234
1589,199 1478,987 11,903,357 10,645,163
'40.061
41,597
259,406
288,968119,382
1,179,972
137.104
1,023,445
317,838
251,981
2,376,534
1,920,131
79,889
71,088
622,288
532,463
105,941
84,157
851,088
696,237
159,616
164,707
1,032,302
1,144,180
230,227
203,228
1,798,732
1,657,124
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
508,219 475,988 4,618,891
4,331.854
1114,511
971,934
8.677,624
7,832.640
3073,471 3007,107 29,752,929 27,448,579
49.422
53,176
453,0.54
416,723
21,480
19,795
160,525
157,721
12,405
10,161
92,071
76,352
180,006
167,567
1.165,163
1,054,483
269,787 234,155 2,148,439
1,860,5.53
100,579
87,115
599,295
527,668
31,669
144,534
29,348
139,149
302,040 266,330 2,389,872 2,297,435
609,745
541,150 5,107,470 4,515,782
205,708
177,507
1,438,220
1,190,524
288,107
3,577,697
5,180,552
2,930,648
3,885,362
234,284
888,343
311,314
528,491
502,310
128,046
5.428,852
190,782
633,118
2,406,765
6,740,241
1,704,818
4,326,527
677,495
317,030162,737
2,137,046
4,581,573
440,984
710,657
220,801
Bell
Telephone (Pa)
.Sept 7,126,462
1 to Sept 30..
10,333,320
Jan
•
358,143
3,154,600
—Net Earnings-
"
Previous
Year.
Current
Previous
Year.
Year.
1,064,203
9,328,480
267,116
2,598,597
312,240'
2,754,595
326,077
2,851,353
105,682
968,904
107,138
^880,644
352,829
3,790,133
468,160
4,190,876
Chicago Telephone
.Sept' 1,786,930
1,654,158
Jan 1 to Sept 30-:..
16,109,355 14,561,491
Philadelphia CompanyNatural gas dept.... Sept
671,411
553,048
Apr 1 to Sept 30—
4,510,098
3,705,291
280,285
2,216,527
234,226
1,929,005
'
Oil department.
Sept
Apr 1 to Sept 30—
74,613
310,720
Coal
department
Sept
Apr 1 (to Sept 30—
142,864
911,846
Elec light & pow dent- Sept
786,539
4,299,507
538,323
3,165,681
217,878
1,229,420
226,844
1,390,130
1,178,205
7,234,248
1,104,493
6,853,636
298,478
2,075,871
381,388
2,300,706
Apr 1 to Sept 30—
Street railway dept.. Sept
Apr 1 to Sept 30..
Utah
21,146
56,764
245,951
•
153,100
6,122
104,777
76,671
560,104
Securities
Corp (subsidiary cos. only)
.Sept
561,220
Jan 1 to Sept 30—
4,782,955
Western States Gas & El .Sept
118,052
1,355,484
Octj 1 to Sept 30—
478,476
4,046,543
306,652
2,557,317
102,899
267,647
2,219,282
54,363
635,148
49,926
584,929
,
1,224,932
Gross
Net after
Fixed
Earnings.
Taxes.
Charges.
Aug'17
133,795
9,691
122,040
28,009
1,047,973
294,211
'16
977,409
409,439
Clev Paines & East.Aug '17
56,718
25,534
'16
46,304
21,478
8 mos'17
356,811
139,528
'16
307,896
137,054
Columbia Gas & El.Sept '17
732,727
332,398
'16
606,751 '
269,645
9 mos'17
7,882,742
3,997,638
'16
6,508,647
3,292,251
Duluth-Super Tr_.Sept '17
137,104
34,424
'16
119,382
.36,341
9 mos'17
1,179,972
353,871
'16-1,023,445
314,422
Federal Lt.& Tr Co.Aug'17
230,227
61,300
'16
203,228
73,967
"8 mos '17
1,798,732
550,421
'16
1,657,124
540,269
Sept '17
508,219
266,875
Hud & Manhat. {
'16
475,988
257,143
.(allsources)_.
9 mos'17
4,618,891
2,437,283
'16
4,331,854
2,412,207
Interboro Rap Tran Sept'17
3,073,471
1,262,487
'16
3,007,107
1,557,130
3 mos *17
8,909,808
3,707,778
'16
8,390,088
4,107,742
LakeShoreElRySys.Aug *17
180,006
65,575
'j6
167,567
77,768
8 mos'17
1,165,163
379,426
'16
1,054,483
390,506
N Y State Rys
Sept '17
723,434
222,365
'16
696,541
233,415
9 mos'17
6,434,832
1,783,284
*16
6,217,278
2,003,547
Niagara Falls Pow Co and Canadian Niagara Pow Co
3 mos to Sept 30 '17
845,199
529,494
,
AdirondackPow
El
Corp
'16
8 mos'17
...
16,859,553
248,207
192,518
807.248
6.088,224
307,896
6,508,647
547,505
2,286,563
12,260,280
,6.338.487
318,207
3,880,236
5,910,905
3,469,738
4,035,508
261,855
992,581
318,381
616,608
481,375
127,933
5,051,965
204,776
672,895
2,420,229
6,882,600
1,707,423
4,795,808
934,843
316,364
167,004
2,861,500
5,663,526
465,724
771,398
228,010
Earnings
Year.
Ches & Potomac Tel... .Sept
Jan 1 to Sept 30.. ......
.
112,516
...
55,775
505,552
774,847
426,250
595,686
53,795
123,742
51,390
86,570
88,616
21,210
606,752
48,021
133.028
3,828,086
1,465,566 1,217,498
83,278
82,358
13,333,085 12,536,375
198,994
204,121
226,042
186,745
21,990,126 20,013,194
Electric Railway and Other Public Utility Net Earn¬
ings.—The following table gives the returns of ELECTRIC
railway and other public utility gross and net earnings with
charges and surplus reported this week:
Previous
Year.
'%
cAur Elgin & Chic Ry August
32,200
1662,202 1494,400.
23,298
26,158'
34,399
24,399
2419,584 2226,060
976,448
1,553,246
678,628
422,730
234,703
92,864
845,879
9,033,988
253,997
352,261
companies.
53,778
Jan. 1 to latest date.
Name of Road
Company.
52,127
.
UTILITY
Latest Gross Earnings.
or
24,012
16,295
452,325
155,378
1,840,955
1,601,532
809,291
433,280
239,812
92,429
693,665
8,337,544
282,402
371,161
141,537
4,804,703
Represents Income from all sources.
c These figures are for consolldated company,
/Earnings now given In milreis.
g Includes constituent)
Buffalo <fc Susquehanna—
\
.
560,563
210,459
32,874
KJU
"*
Current
b Net earnings here given are before deducting taxes.
j For September taxes and uncollectible railway revenue amounted to
$1,122,749, against $581,756 in 1916; after deducting which net for Septem¬
ber 1917 was $3,933,459, against $4,783,895 last year.
P'rom Jan. 1 to
Sept. 30 taxes, &c., were $6,795,386 in 1917, against $4,902,091 in 1916.
The return on property investment was
6.86% for the 12 months ending
Sept. 30 1917, against 6-42% in 1916.
Earnings.
53,406
47,557
19,911
123,427
199,574
100,876
54,178
41,041
15,447
139,789
1101,557
40,814
46,028
6
Net earnings here given are after deducting taxes,
a
16,768
105,322
1136,769
...
...
Maryland.______j
295,410
200,686
130,285
62,570
42,381
...
12,410
919,034
267,539
11,780
12,976
404,000
2,339,138
2,108
464,838
155,549
269,574
...
Jan
...
...
679,753
\
Southern Railway..
Tennessee Alabama & Georgia.
Texas & Pacific
Toledo St Louis & Western
Union
August
August
August
July
N Y & Long Island.
July
N Y & North Shore.
July
N Y & Queens Co
July
New York Railways. August
N Y & Stamford Ry.
August
N Y Westches & Bost August
Northampton Trac.. August
Nor Ohio Elec Corp. September
North Texas Electric August
Ocean Electric (L I). July
Pacific Gas & Elect.. August
p.Paducah Tr & Lt Co August
Pensacola Electric Co August
Phila Rapid Transit.
September
Phila & Western Ry. July
Port (Ore) Ry.L&PCio. August
g Puget Sd Tr, L & P. August
^Republic Ry & Light September
Rhode Island Co
August
Richmond Lt & RR. July.
St Jos Ry, L, H & P. August
Santiago El L & Trac July
Savannah Electric Co August
Second Ave (Rec)
July
Southern Boulevard- July
Southern Cal Edison. August
Staten Isl'd Midland- July.
Tampa Electric Co.. August
Third Avenue
July
Twin City Rap Tran. August
Union Ry Co of NYC July
Virginia Ry & Power. September
Wash Bait & Annap. September
Westchester Electric. July.
Westcbester St RR__ August
g West Penn Power
September
g West Penn Rys Co. September
Yonkers Railroad
July
York Railways.
September
Youngstown & Ohio. August
_
1,300,095
M__
Rio Grande Southern
St Louis Southwestern
Kan
$
Monongahela Vail Tr
Nashville Ry & Light
Newp N&HRyG&E
N Y City Interboro__
_
299,000
147,002
1,562,890
27,156
238,166
Missouri Kansas & Texas.
Mobile & Ohio
N evada-C alifornia-Oregon
Net
$
59,004
112,900
___/
Minneapolis St Paul & S S
Western
S
280,201
847,700
3,034,000
985,860
362,084
161,775
1,312,505
____
Central
Increase. Decrease.
...
Grand Trunk Western
Detroit Grand Hav & Milw.
Canada Atlantic
Iowa
1916.
Pacific Tel & Tel
3
mos
'16'
774,312
561,152
(month of Sept '17 estimated)—
to Sept 30 '17
'16
Puget SdTrLt& P.Aug'17
*16
8 mos'17
'16
West Penn Power
Sep '17
'16
9 mos'17
'16
West Penn Rys...Sep'17
*16
9 mos'17
,
'16
6,580,000
5,517,788
774,847
671,861
5,910,905
5,180,552
328,947
255,825
2,861,500
2,137,046
672,500
545,124
5,663,526
4,581,573
1,260,000
1,188,719
283,977
250,194
2,252,589
1,789,407
104,413
109,355
950,998
970,780
275,884
245,313
2,303,892
2,200,840
Balance,
Surplus.
$
$
21,103
defl 1,412
21,009
7,000
170,447
123,764
171,776
237,663
11,574
13,960
11,467
10.011
93,582
45,946
91,098
45,956
348,590
*146,292
345,523 *def24,260
3,151,044 *2,301,964
3,065,050
*626,670
14,445
*21,864
13,803
*23,904
131,582
*239,418
128,044
*198,134
49,663
11,637
48,296
25,671
392,126
158,295
389,228
151,041
218,018
48,857
214,391
42,752
1,956,263
481,020
1,934,776
477,431
849,552
455,207
978,404
619,582
2,476,235
1,356,192
2,933,042
1,295,348
35,175
30,400
36,455
41,313
276,338
103,088.
290,972
99,534
102,134
/120,231
( 113,498
119,917
3,073,867
709,417
1,028,938
974,600
*
,
.
249,285
248,935
*324,300
*351,127
740,000
616,775
196,691
184,963
1,536,023
1,473,822
49,341
38,343
360,347
341,607
156,671
173,052
1,467,196
1,529,634
520,000
571,944
87,286
65,231
716,564
315,585
55,072
71.012
590,651
629,173
119,213
72,261
836,696
671,206
Gross
Net
Fixed Chgs.
Earnings.
Earnings.
$
s
& Taxes.
8
Brooklyn Rapid Trans—
3 mos to Sept 30 *17
Balance,
Surplus.
(40th Annual Report—Year ended June 30 1917.)
3,795,140
3,543,727
2,143,776 xl ,758,534
1.941.616 xl ,727,821
Sept'17 1,695,725
1,434,201
'16
9 mos '17 14,141,271
'16 12,260,282
728,633
709,558
6,313,031
6,295,428
533,455
495,710
4,734,059
4,440,037
195,178
213,848
1,578,972
1,855,391
102,533
102,245
852,108
871,817
59,827
254,729
253,151
10 mos'17
-16
269,787
234,155
2,369,920
2,046,128
.Sept '17
302,040
'16
266,330
2,389,872
2,297,435
142,372
129,655
1,131,107
1,122,857
78,812
76,812
698,313
691,313
193,107
148,394
(
ent cos)
Lehigh Val Trans..Sept '17
'16
Louisville
Ry
9
mos
'17
\6
mos
211,502
207,746
1,854,144
1,907,518
120,976
90,526
109,774
1,099.821
1.029.617
97,972
754,323
179,669
88,718
934,843
677,495
109,900
42,867
458,257
305,162
34,496
277,852
217,464
2226,922
293,493
'16
.
Wash Bait & Annap Sept '17
9
mos
97,824
73,777
885,614
508,651
560,563
452,325
4,804,703
3,828,086
9 mos *17
•
282,361
272,486
2564,734
2561,550
,
95,283
74,617
876,413
679,774
Nor Ohio El Corp..Sept *17
*16
.
2377,673
2389,652
•
1,762,027
1,186,425
426,222
304,761
'16
9
68,474
587,702
595,927
.
'17 .3,533,141
'16
2,538,193
N Y Dock Co.....Sept '17
'17
'16
After allowing for other income
x
Alabama Great Southern Railroad.
$
8,180,337
7,719,324
'16
Commonwealth f
Pow Ry & Ltl
(and constitu-j
York
New
.
27,315
received.
Street
Net Earnings
Previous
Year.
Current
Year.
297,024
2,346,941
cl56,580
1,292,940
cl50,683
1,266,834
(Sub).a.July 1,494,917
31.......13,051,877
Interboro R T
1,317,912
11,739,064
714,977
7,406,685
7,271,906
Jan 1 to July
714,574
553,619
1,333,034
503,190
4,523,776
9,970,422
4,388,405
1,268,193
Total Interbor R T.a-July 2,911,302
2,650,996
1,218,167
Jan 1 to July 31
23.754,423 21,709,488 11,785,090 11,795,682
Interboro R T (Elev).a-July 1,416,384
Jan 1 to July 31.
10,702,546
Brooklyn Rap Trans.a.July 2,929,413
2,715,702
Jan 1 to July 31
17,808,736 16,8.59,553
5,890,144
1,048,020
5,699,773
1,153,926
New York Railways.a.July 1,100,230
Jan 1 to July 31
7,200,775
1,163,783
7,932,431
301,251
1,686,871
369,659
2,380,419
Belt Line.a.-.
...July
Jan 1 to July 31
57,140
402,303
62,913
465,077
10,174
33,584
115,493
.July
88,616
481,375
90,413
502,310
29,932
66,150
99,397
July
355,682
31....... 2,420,229
325,619
2,408,765
129,630
851.208
990,895
Second Ave.a-
—
Jan 1 to July 31
Third Ave.a.
Jan 1 to July
16,131
32,605
114,087
Dry Dock E B & Batt a. July
Jan 1 to July 31...
40,081
41,597
259,406
288,968
1,5,116
Compared with the previous high marks, which
the preceding year, there was an increase of 12.35% in
while in balance of income over charges there was an in¬
crease of 37.32%.
The larger volume of passenger, freight and express
traffic, and increased car and train loading and other operating economies,
together with an extraordinary credit balance in the hire of equipment
account, combined to produce this result, despite the higher prices of ma¬
terials and increased wages of employees.
Operating expenses required 64.92 cents of each dollar of revenue, against
66.67 cents in 1915-16.
Transportation expenses increased $200,618, but
the ratio to gross revenues was unchanged (28.75%).
The tonnage of
revenue freight increased 10.67%, while the freight train mileage increased
less than 1%.
The average freight train load was 598.27 tons, an increase
of 6.80%.
The passenger mileage increased 27.96%, while the passenger
train mileage increased only 2.19%.
The average number of passengers
per train and per car increased 25-22% and 19.96%, respectively.
There was a net increase of $768,948 in the profit and loss surplus as a
result of the year's business.
were
gross
reached
159,616
1,032,302
164,707
1,144,182
51,839
361,032
68,392
499,658
NY City Interboro. a.-July
Jan 1 to July 31—
62,570
433,280
54,178
422,730
13,243
102,642
15,780
147,326
Southern Boulevard.a.. July
Jan 1 to July 31
—
21,210
127,933
16,415
128,046
24,792
3,442
31,048
Union Ry of N YC.a--July
Jan 1 to July 31
282,352
1,707,423
1,704,818
70,345
432,018
466,924
62,814
316,364
44,640
317,030
18,380
.46,949
10,897
70,052
Capital Accounts.—Investment in road was increased .$1,285,824, notably
$364,841 for second main track and $562,947 for the cost of the Waubeen transferred to this account from
companies," upon the transfer to the
company of title to that property by
Investment in equipment increased
Elec.a
July
Jan 1 to July 31——
Westchester
5,047
4,959
249,004
.80,256
July
77,980
465,724
51,674
440,984
17,542'
110,845
Long Island EIec_a—July
Jan 1 to July 31
31,669
144.534
29,348
139,149
10,521
12,584
N Y & Long Is Tr.a
July
42,381
239,381
41,041
234.703
8,064
17,174
22,610
N Y& North Shore.a-.July
Jan 1 to July 31—.—
16,768
92,429
15,447
92,864
4,699
19,988
5,521
28,441
Yonkers.a
'
Jan 1 to July 31
...
Jan 1 to
July 31.
N Y & Queens_a-.---.July
Jan 1 to July 31
Ocean Elec (L I)_a
Jan 1 to July 31
Richmond Lt &
105,322
the improvement program
RR.a.July
Isl Midland-a--July
Jan 1 to July
a
c
31
9,703
replace worn 75-lb. rail in 18.93 miles of track;
widened; the old Central depot at Chattanooga was
of the
struction
were
offices, and work was commenced upon the recon¬
Warrior River Bridge near Eutaw, Ala., involving the
use
as
with
placed in service: 4 locomotives, 8 steel
passenger coaches, 3 steel baggage-express cars, 2 steel dining cars, 960 box
cars and 5 caboose cars.
[The new rolling stock cost $1,346,048, offset as to
$305,049 by equipment retired, viz., 6 locomotives and 320 cars.J
Dividends.—Dividends at the same rates as those paid in the preceding
year were declared, viz.: 6% and 1% extra on the preferred stock and 5%
and 2% extra on the ordinary stock, making a total distribution for the
year of 7% on each class of stock, requiring $784,725.
The dividends paid
on the ordinary stock since, the organization of the company now total
4434%, an average of about 1 1-10% per year.
The following new equipment was
STATISTICS FOR
GENERAL
1913-14.
309
1,018,229
Passengers carried 1 mile 68,007,528
53,146,919
47,018,019
60.630,774
2.11 cts.
2.14 cts.
2.20 cts.
2.14 cts.
4,618,491
4,173,304
3,584,063
3,742,414
No. of tons carried 1 m.716,032,590 659,556.493 552,136,962 575,047,141
Rate per pass, per
Tons of
rev.
milei
frt. carried.
cts.
0.62 cts.
0.60 cts.
581.06
539.28
450.51
421.67
$20,296
$18,203
$15,438
$17,537
Rate per ton per mile0.61
of freight in each
train
(revenue)
Gross earnings per mile.
INCOME ACCOUNT FOR
operating
_
revenues
24,103
Traffic
55.725
Transportation
14,856
9,066
General expenses.
Miscellaneous operations
expenses
expenses
__
.
— _
Page.
&c
Operating income.
Hire of equipment (balance)
___
Industrials (Concluded)—
Page.
—1414
1304 Citizens Telep. Co. of Grand Rapids.1312
1418 Columbia Gas & Elec. Co. (9 mos.). .1620
1516
...1522 Colorado Fuel & Iron Co
Chicago Indianap. & Louisville Ry__1305 Conaol.,Gas, Elec. Lt. & Power Co.
Canadian Northern Ry. System....
Central Argentine Ry
Chicago & Alton RR
..
1309
1305
Cuba Railroad
Duluth South Shore & Atlantic Ry._
..1415
Grand Trunk Pac. Branch Lines Co.1415
1303
Maine Central RR
N. Y. New Haven & Hartford RR..1413
J 613
months) —.1310
1515
Pacific Great Eastern Ry...
Pere Marquette Ry. (5
Electric
_
_
Roads—
Cos—1305
Boston & Worcester Electric
California Ry. & Power
Cities Service Co.
1416
Co.,
(9 months)1620
1306
New York Railways Co—
Quebec Ry., L., H. & P. Co., Ltd-1618
Third Avenue Ry. Co. (N. Y.)
1515
United Light & Railways Co__
1421
United RRs. of San Francisco
1310
United Railways Investment Co
Industrials—
1516
....
1306
1525
General Chemical Co. (9 months)
1620
General Petroleum Corporation
1520
American Tel. & Tel .Co. (9 months) 1619
Water-Works
Co
&
$553,628
1,149,707
156,042
1,694,659
109,044
35,381
$498,852
1,341,320
160,321
1,621,708
107,001
36,211
$660,312
1,287,028
187,755
1,822,,324
135,168
35,683
Cr.4,028
Cr.44,727
$3,761,383
$1,880,019
198,718
$3,653,734
$1,122,896
178,633
$1,969,274
508,983
$1,681,301
203,111
180,804
K
$944,263
104,108
136,326
$2,673,585
$2,065,216
$1,184,696
$267,762
368,756
31,679
1,686
$250,468
$234,088
287,736
36,698
-(7%)548,100
_(7%)236,625
(7)548",100
(7)236,625
(5)391,500
(6)202,821
$1,454,608
$1,218,977
$1,389,583
$675,633
$1,152,843
$31,853
equipment obligations-
on
Additions
a
—
ana
betterments
Dividends on ordinary..:
b Dividends on
preferred stock
Total deductions
Balance, surplus
330,345
24,045
1517
Electric
a The company deducts the common stock dividends from the profit and
loss surplus; they are deducted here for the sake of simplicity, and includes
in 1916-17 and 1915-16 extra dividends of 2% each ($156,600).
b Includes
in 1916-17 and 1915-16, in addition to the regular payments, a reserve for
1% extra dividend amounting to $33,804.
Granby Consol Mining, Smelting &
Power Co-, Ltd
.1615
Gulf States Steel Co.
(3
months)
International Agricultural Corp
1307
Kerr Lake Mining Co.
1526
1424
Lackawanna Steel Co.
(9 months).. 1526
(11 months)
GENERAL
1313
1526
International Salt Co
Liabilities—
8
1916.
S
Ordinary stock
7,830 000
7,830,000
Inv. in affil. cos.—
Preferred stock
3.380,350
3,380,350
Notes
Advances.
1,895,843
Mortgage bonds..
9,534,442
8,184,442
481
480
Equip, trust oblig.
1.240.000
1,468,701
299,807
Stocks—.
Bonds
Massachusetts Lighting Co
S
1917.
1916.
S
Assets—r
Road & equipm't.23,165,715 20,838.892
Lake of the Woods Milling Co..—1526
1615
1526
BALANCE SHEET JUNE 30.
1917.
Massachusetts Gas Companies
295,557
Govt, grants
41,410
584,772
1,546,557
Traffic, &c., bals.
1,500
125,926
92", 3 66
478,992
Maxwell Motor Co., Inc
1417
Other investments
251,181
1,313,970
Vouchers & wages.
442.118
Ogilvie Flour Mills Co., Ltd.
Pacific Coast Co..
1621
Misc. phys. prop.
18,938
24,832
Matured int., Ac.
179,430
79,423
1,197,712
'574,393
Miscell. accounts-
166,362
164,109
220,752
162,373
1,304,617
364,840
493,100
Interest,
dividends, &c_.
Pennsylvania Salt Mfg .Co
Pittsburgh Steel Co
Plymouth Cordage Co
.
Alaska, Gold Mines Co
American
of Baltimore
Ford Motor Co. of Canada, Ltd
Iron Steamboat Co,
Southern Railway
$4,776,630
....
—
Grand Trunk Pacifie Ry...
77,755
$5,641,402
Deductions—
Citizens' Gas Co. of Ind. (6 mos.).. 1423
Boston & Maine RR.~-
329,218
195,328
Total gross income
Interest
Central Agulrre Sugar Co..... — .1614
Chandler Motor Car Co. (Bal.Sheet) 1312
Ry—1613
443,079
deb.38,552
Cr. 13,595
Total operating expenses.
Net operating revenue...-.
Miscellaneous, rents, &c
Interest on funded debt...
Steam Railroads—
$3,336,119
1,033,538
$4,114,675
$2,223,248
253,974
Transportation for investment.
Taxes accrued,
Atlantic Coast Lint Co. of Conn.... 1613
$4,100,575
1,136,300
„
Income from investments,&c
Atchison Topeka & Santa Fe
1914-15.
$4,401,650
1,434,269
529,046
deb.27,011
Operating Expenses—
13,754
2,801
figures indicate reports publishedjat length.
1915-16.
$6,337,924
FreightPassenger
Mail, express and miscellaneous
Incidentals, &c
Total
JUNE 30.
1916-17.
reports in to-day's "Chronicle."
Pullman
_
Company
..1417
1520
1527
1425
1516
Republic Iron & Steel Co. (9 mos.).. 1622
St. LoulS Rocky Mtn. & Pacific Co..1516
1518
Standard Milling Co—
1519
1619
(The) Street^ Co., Chicago
Amer. Window Glass Machine Co..1311
Union Oil Co. of California.
Utah Apex Mining Co. (3
-
Accrued
165,677
176,613
321,808
Accrued taxes....
121,975
88,124
Agents & conduo.
Materials & supp.
83,176
59,128
Accrued deprec'n.
1,494,927
390,888
240,124
Unadj., &'c..accts.
623,464
1,441,993
312,751
Miscell.
accounts.
445,348
283,045
Addn's to
Unadj., &c., accts.
413,443
253,602
prop'ty
thro.inc.&sur.
26,393
1614
Amoskeag Manufacturing Co......1421
Cash
Special deposits..
Time deposits
Traffic, &c., bais.
1521
1308,
American Window Glass Co...
,
YEARS ENDING
Operating Revenues—
annual and other reports of steam railroads, street railways
and miscellaneous companies published since Sept. 22.
This index, which is given monthly, does not include
Full-face
0.64 cts.
Tons
25,777
49,122
index to all
"
1914-15.
309
785,786
49,237
234,284
an
JUNE 30.
1915-16.
310
837,223
Maintenance of way and structure
Maintenance of equipment_i.
Annual, &c., Reports.—The following is
YEARS ENDING
1916-17.
312
934,944
Operations—
Average miles operatedPassengers carried
21,131
21,622
REPORTS
to comply
a vertical lift span for the existing swing span
Governmental requirements.
substitution of
20,957
26,869
Net earnings here given are after deducting taxes.
Other income amounted to $82,246 in July 1917, agst. $81,151 in 1916.
ANNUAL
and fills
44,221
190,782
'
48,021
204,776
1044, 951.).
New 85-lb. rail was laid to
remodeled for
32,200
82,358
53,795
261,855
p.
'
many cuts
17,226
3,975
def2,734
(V, 104,
Additions, Improvements, &c.—The double track now in service aggre¬
gates 69.90 miles.
The construction of second main track is under way on
the 21.73 miles between Burstall and Vance, Ala., and on the 6.72 miles
between Toornsuba and Russell, Miss.
7,439
def416
845,879 deflOS,871
32,874
83,278
—
Jan 1 to July 31
Staten
139,789
693,665
July
deed dated Feb. 2 1917.
$1,040,999, represented in large part
Bonds Issued.—During the year $1,350,000 First Consols were issued and
sold, $350,000 to reimburse the treasury cash in part for the cost of the
Wauhatchie extension and $1,000,000 to provide additional funds to carry
5,524
122,082
a.
in
revenues,
hatchie extension, such cost having
the account "advances to affiliated
6,002
25,684
July
Jan 1 to July 31.——
42d St Man & 3 N Av
the revenue side of the income account
records during a year of great commercial activity and ex¬
of the items on
new
panding railroad traffic.
on
332,415
2.539,761
Hudson & Manhat.a.-July
Jan 1 to July 31
in substance:
President Fairfax Harrison, Oct. 3, wrote
Results.—All
established
by charges to this account of the cost of equipment acquired through series
"E" Trust of June 1 1916, made as equipment was received during year.
Railways.
Gross Earnings
Previous
Year.
Year.
Current
Companies.
877,901
250,441
232,214
[Vol. 105.
CHRONICLE
THE
1704
Atlantic Gulf & West Indies Steam¬
ship Lines (7 months)
_■
1019
months)..1528
Western Union Teleg. Co. (9 mos.).1528
Westlnghouse Air Brake Co
1517
Blackstone Val. (R.IAGas & El.Co.1520
Wolverine Copper Mining Co..;
Canadian Westlnghouse Co., Ltd...1520
Wright-Martin Aircraft Corpor
.-1521
tion.1516
Profit and los3.__x4,412,301'
Total
29.744.S65 27,341,918
Total
3,644,053
29,744,865 27,341,918
x After deducting S344;232 net difference between book value and selling
price of securities sold; $102,121 discount on securities charged off during
and $4,375 net sundry debits.—V. 104, p. 2450, 2009. '
the year
Oct. 27 1917.]
THE
CHRONICLE
Winston-Salem (S. C.) Southbound
Railway.
(7th Annual Report—Year ended Dec. 31 1916.)
Pres.
Henry E. Fries, Winston-Salem, May 1, wrote in sub.:
Road and Equipment.—The
expenditures for road and equipment aggre¬
gate $53,277, principally items for ballast, additional side
track facilities
and miscellaneous betterments to the
property, viz.:
11,560 cu. yds. of
rock ballast and 3,600 cu,
yds. of rock
screenings
during the
were put
under tracks
year and 6,242 ft. of sidings and other tracks were
constructed,&c.
A mortgage has been executed
by the Union Station Co. to secure an
issue of $250,000 50-year
5% gold bonds bearing the endorsed guarantee of
the Norfolk & Western
Ry., the Southern Ry. and the Winston-Salem
Southbound Ry., and these bonds have been sold to
provide for the con¬
struction
of the union station, which is
expected to be completed and
ready for use late in 1917 (V. 103, p. 240).
Among the new local industries are the following: Five manufactories of
lumber products; seven manufactories of farm
products.
General.—The plant of the Southern Aluminum Co. at
Whitney, N. C.,
has been sold and transferred to the Aluminum
Co. of America and the
offices moved to Badin, N. C.
The railroad connecting Whitney and
Badin is owned by the Tallahassee Power Co. and has been
leased and is
now being operated
jointly by the Winston-Salem Southbound Ry. and the
Yadkin RR.—a company owned by the Southern
Ry.
Extensive changes
have been made in the Aluminum Co. of America's
plans, and a large dam
is now being completed.
The plant at Badin is in
operation and its products
are now being
shipped; electric power for the present is being furnished by
the Southern Power Co.
When the proposed power plant of the Aluminum
Co. of America is completed it wili flood an immense
acreage and will be
the largest water power development in this section.
The total develop¬
ment at Badin will be approximately
100,000 h.p.
It is expected that the
completion of this plant will be instrumental in locating a number of
collateral industries along the line of
your company's road.
INCOME ACCOUNT
{Aver, miles operated Dec. 31 1916, 96).
Dec. 31'16. June 30'16. June 30 '15.
$679,722
$526,303
$389,710
91,514
71,569
60,456
19,100
12,121
10,923
Years ending—
Freight revenues
Passenger revenues
Mail, express, &c
Total
■
operating
revenues
$790,336
$37,424V
.«
Maintenance of way and structures.
Maintenance of equipment
Traffic expenses
$461,089
$67,642
39,418
26,029
151,852
17,558
54,775
46,925
33,455
184,478
16,593
29,567
158,062
13,653
$433,610
28,792
$300,740
Transportation expenses
General, &c., expenses
Net earnings
Taxes, &c
$609,993
$61,048
$.
Operating income
$404,818
25,459.
Other income
$158,591
22,777
24,015
$276,725
$430,277
$49,380
_
Deduct—Hire of equipment,
Interest on funded debt
Amortiz'n of disc't
on
&c....
Balance, surplus or deficit
BALANCE SHEET,
250,644
7,000
7,000
_._sur.$126,622
DEC. 31
1916
sur.$12,235def.$112,843
AND
JUNE 30
Dec.31'16. June?,0'16
Assets-
§
CaSh-'.
Special
5,652,538
91,407
102,020
Traffic,
$
$3,000,000)
—
&c., bal
Agents & conductors
8,100
6,596
46,439
49,774
7,5.28
Non-negotiable
14,070
Traffic,
Materials & supplies
Disc't on funded dt.
Other
13,049
308.000
2,917
July 1
125,000
2.101
&c.,
..5,000,000 5,000,000
debt
cos...1,145,000
1,185.000
bal...
90,757
54,999
Accounts and wages.
unadjusted,
35,387
45,533
Miscellaneous......
debits
&c.,
1960
to affiliated
12,090
301,500
125,000
,—„
1,837
1,180
Int. matured unpaid
104,620
i02,020
30,291
52,311
Accrued interest
Tax
*
liability..
19,000
10,000
Accrued deprec'n...
45.001
40,944
Oth.unadj. ,&c. ,cred.
13,797
6,520
Add'ns to prop. thro,
income & surplus:
197
......
Profit and loss, .deb.324.972db.40r5.646
Total
-V.
6,276,916 6,217,861
—
Total
6,276,916
6.217,861
105, p. 1421.
Light, Heat
Power Co.,
Rodolphe Forget, M. P.-,
earnings
gross
The stock and bonds of the Great Lakes & St. Lawrence
Transportation
owned by the company were sold at a net advance of
$262,530 over
The sales of othersecuritiesrealized
Co.
book value.
$22,770
from
operation for
the
says
of purchase not to exceed the
prevailing
of standard ship steel was fixed at prices
market prices and the valuation
recently paid by the U. S. Navy
Department, namely, $2 90 per cwt. for ship plate and $2 50 per cwt .for
shapes, angles and bars f. o". b. Pittsburgh.
Earnings.—While the net earnings for the year are satisfactory they do
not represent our maximum earning
A considerable part of the
capacity.
earnings of the current year came through the early and advantageous
purchase of material.
The scarcity of labor and materials, unusually bad
weather conditions, embargoes, rising costs and other
contingencies, have
prevented us from obtaining maximum results.
Conditions are better
than at any time in the past and prospects for future business are favorable.
Outlook.—Years
of combined efforts of the world's
shipbuilding plants
replace the large ocean tonnage destroyed througn war
Without doubt the several departments and agencies of the
Government will encourage and assist American
shipbuilders in every
reasonable way and this attitude will be met with
patriotic response.
will be necessary to
operations.
The comparative income account and balance sheet
published in V. 105, p. 814, 821, 1211, 1619.
year
$1,832,032,
were
an
Increase of $100,299, and after adding miscellaneous income of
$230,851,
revenue from all sources was $2,032,883, or an increase of
$94,281.
The operating and maintenance expenses were $1,155)969, an increase of
$126,218.
The fixed charges and taxes amount to $706,326, leaving a net
surplus of $200,587.
After making provision for obsolete cars on Mont¬
morency and City Street Railway divisions, discount account, &c., there
remains a total at credit of surplus account, J.une 30 1917, $684,572.
During the year there was expended on maintenance of properties and
plant of the company and its various subsidiary companies, $226,366, and
on capital account, $302,664.
INCOME ACCOUNT
YEAR ENDING
1916-17.
The company's fiscal year, heretofore ending June
30, has been changed
to the calendar year.
The movement of express traffic during these
periods is without prece¬
dent, especially in heavy traffic which formerly moved by freight train.
Indeed, the demands made upon the express facilities have been so extra¬
ordinary as to overtax both the railroads and the express in terminals and
supply, particularly thrpughout the East.
The difficulties encountered the previous year in maintaining our standard
and control of operating expenses have been correspondingl
of service
increased, and on Oct. 11 nave bocome acute, due to loks of many ex¬
perienced employees who have entered Government and other service,
constant
increase in
wages,
and in
the cost
supplies, as well as'extreme shortage of
car
pi equipment and all other
equipment and terminal facilities.
In December last the directors authorized a special
payment equal to one
month's wages to all employees who had been in service for a yearor more on
Dec .311916, and were receiving a compensation of $2,000 and less per annum.
was made in recognition of the increased cost of living and
the period extending from Oct. 1 1916 to Sept. 30 1917, being
This allowance
covered
disbursed quarterly. Additional wage readjustments to employees receiving
the lower scale of wages were also found necessary.
Of these increased
payments aggregating over $1,000,000, one-quarter is included in the above
statement for the fiscal year ending Dec. 31 1916, while one-half is included
in the statement for the first six months'of 1917.
The next report will bo for the fiscal year ending Dec. 31 1917.
The number of stockholders
on
Dec: 31 1916
Gross earnings
......$1,832,032 $1,731,732
1,155,969
1,029,751
expenses
....
Total
Deduct—Fixed, &.c., charges-
Years end. Dec. 31-
1917.
1916.
Not Stated
1915.
191.6.
■
f
81,788
82,869
for
24,202
32,747
6 months
I
9,184
9,142
Employes (excl. & joint)!
periods.
30,884
27,263
Charges for transport'n_$28,020,216 $22,555,937 $50,387,016 $41,833,917
Express privileges (Dr.) 14,707,798
11,626,542
25,854,219
21,7)06,698
:
,
Rev. from
transports._$13,312,418
671.654
Other than transports.
$1^929^395
$24,532,797 $20)327,219
1,191,926
935,023
561,102
Total bper. rovenues.$T^84,072 SHM90.497 $25,724,723 $21,262,242
Operating expenses ....$13,254,793 $10„020,822 $22,212,797 $18,479,062
Express taxes
272,232
208,189
468,532
397,684
express
$457,047
39,395
$1,261,486
31,616
$3,043,394
79,573
35,077
$496,442
427,964
$1,293,101
557,722
$3,122,967
1,166,772
.$2,420,572
1,033,230
$924,405
$1,850,823
719,022
719,022
$4,289,739
1,438,044
$3,453,802
1,438,044
$205,383
income
$1,131,801
$2,851,695
$2,015,758
$2,385,495
1913-14.
$1,548,096 $1,531,221
924,817
913,102
$676,063
230,851
Add—Misceli. income
{Compare Y.103, p.1507).
Total agencies
Other
1914-15.
5,047.
was
—6 Mos. end. Dec. 31—
Operating income....
JUNE 30.
1915-16.
were
Wells Fargo & Company, New York.
(Report for Fiscal Year ending Dec. 31 1916.)
Pres. B. D. Caldwell, N. Y., Oct. 11, wrote in substance:
Mileage operated (rail).'
do
do
(other)
in substance:
book value.
over
Liabilities.—There are no encumbrances on
any of our properties and no
known contingent liabilities.
The purchase money mortgage bonds of the
Buffalo Drydock Co. were retired'on June 30 1917.
Inventories.—These were taken on a basis of actual net costs at the time
Statistics-
the total
Operating
contract.
Plants, &c.—On Oct. 28 1916 the machine and fabricating shops of the
Chicago Shipbuilding Co. were destroyed by fire, delaying operations of
that plant several weeks.
The direct loss was covered by insurance, the
company receiving $125,374 indemnities.
During the year appropriations for additional buildings, equipments and
other
improvements amounting to $1,083,000 were authorized.
There was
expended $15,000 for lands adjoining the Lorain plant and $555,778 for
buildings, equipment and other improvements.
Interests Sola.—During the current business
year the stockholdings In
the Western Drydock &
Shipbuilding Co., Ltd., of Port Arthur, Ont., were
sold at a net advance of $242,000 over book
value; an account amounting
to $365,168 due this company was
paid in full, releasing it from all commit¬
ments for the benefit of the Western
Drydock & Shipbuilding Co., Ltd.
now owned by Port Arthur
Shipbuilding Co., Ltd.—See V. 104, p. 3671.
Income Account—*
Ltd.
(Report for Fiscal Year ending June 30 1917.
The
under
INCOME ACCT.,&c., PERIODS END. DEC.31.
Quebec Railway,
President Sir
43 ships with a total carrying
capacity of about 160,000 gross tons
are now
car
1st Mtge. bonds due
Miscellaneous
—'
$
,
Common stock (auth.
77,215
104,620
deposits
1916.
Dec.31'16. June30T6
Liabilities-**'
$
Road & equipment. .5,691,813
$165,594
$24,359
247,079
7,000
$31,539
247,275
funded debt.
proportion of the business offered, limited only to its ability to procur®
materials and labor.
While fairly satisfactory results have been obtained,
our maximum of
production has not been reached.
During the current fiscal year 31 ships with a total capacity of about
161.000 gross tons have been completed and delivered to owners.
There
$135,813
29,781
24,693
$3017419"
__
Gross income
1705
$701,981
236,869
$623,279
$906,914
706,326
$938,850
723,447
$859,257
739,482
$618,119
235,777
235,978
$853,896
Gross (incl. express)..
Total
Total net income
xDividends (6% p.a.)_.
Balance, surplus
•
773,512
Dividends inserted by editor, not shown in financial statement.
In January 1917 an extra dividend of 33 1-3% was
paid out of surplus.
See Y. 104. p. 78.
x
Balance, surplus
—
$200,587
$215,403
BALANCE SHEET JUNE
$119,775
1916.
1917,.
19,181,389
1, 611,800
1,742,700
Bonds
forconstr.,&c._
1, 581,656
General construc'n
528,821
1,165,251
623,413
Sundry loans—
Stores & supplies.
Cash
170,883
155,319
127,073
Acc'ts& bills rec..
437,260
21,054
Deferred, &c., int.
297,633 Suspense accts.,&c.
12,039 Surplus....
—
Prepaid expenses.
Capital stock
9 999,500
9,999,500
....10 ,797,000
a
10,797,000
Bills payable
Adv. control'd cos.
$
Acc'ts pay'le,
221,486
Accrued int., &c._
167,457
...
175,493
601,090
412,222
489,947
&e.
495,294
172,208
665,298
177,012
;
548,818
60,245
82,018
684,572
562,903
Total ..--.-.23.6711.347
23,250 257
Total
23,671.347 23,250,257
Includes bonds authorized, $14,600,000; less $3,659,000 in escrow to
redeem bonds of subsidiary companies, and $144,000 canceled;
balance,
a
$10,797.000.—-V. 105,
p.
1618, 998.
,
Dec. 31'16
^
Assets'*****
Real
prop.&equip.ll,110,563 10,550.164
Inv. in affil. cos..
10.000
127,360
193,748
hand, &c. 12,860.265
Stocks other cos.. 5,533,438
7,588,464
on
Ship Building Co.,
(Results for Fiscal Year ending June 30 1917.)
The official statement made to the N. Y. Stock
upon
the listing of the company's $7,900,000 7%
lative stock
and $7,600,000
common
stock will
be
found
length on subsequent pages of this issue of the M Chroni¬
cle," giving full information regarding the properties, its
at
operations, finances, <&c.
Pres. M. E. Farr, at the
City
on
annual meeting held in Jersey
Oct. 10, said in substance:
v
•
Operations.—The past year has been one of great activity In new con¬
and your company has been favored with a fair
struction and repair work
accounts
3,448,345
.,
3,851.069
18,439
18,100
Unpaid money or¬
Notes other cos...
ders, checks, &c. 3,734,777
Express privileges. 3,204,629
3,254,035
Loans & notes rec.
69,000
wages
Traffic bale. due..
102,777
111,000
142,427
Agts. & messengers
1,569,965
1,219,731
Unmat. int., rents
845,297
487,404
and dividends-
Miscellaneous
Material & supp—
228,992
197,459
280,980
352,701
Unmat. int., rents
divs., &c._
,203,514
—
Miscellaneous
1,206,666
308,262
50,743,811 47,045,091
2,428,245
47,031
Taxes accrued
Operating
1,166,666.
Total
non-cumu¬
and
17,048,226
1,524,066
2,095,400
—V.
Exchange
Audited
Bonds other cos.. 15,115.897
UnadJ'd<fcc.,acc'ta
O.
10.000
Mat.int.,rents,&c.
and
Cleveland,
JuneSO'lG
$
8
Stock outstanding.23,967,400 23,967,400
Traffic bale. due..
145,223
162,004
5,533,438
Advance paym'ts.
American
Dec. 31 '16
Liabilities—
Physical property.
Cash
<
/tme30'16
^
..
,.19 193,018
_.
1916.
S
Liabilities—
Treasury bonds
BALANCE SHEET.
1917.
Assets—
Investments
$80,384
30.
'56,338
8,703,155
719,022
305,133
279,517
reserves
313,279
224,362
Accrued deprec'n.
Oth. unadj. acc'ts.
2,364.294
2,217,374
09,237
74,465
Profit and loss
4,020,094
10,195,884
.-.50,748,811
47,045,091
Total
105, p. 78.
American
Window Glass Co., Pittsburgh.
(Report for Fiscal Year ending Aug. 31 1917.)
President M. K. MeMullin says
in substance:
Results.—The. operations of the past year show very
gratifying results.
It has been the most successful year the
company has ever had; not only
from a manufacturing standpoint, but also from a financial
standpoint.
We were hampered in our operations through shortage of labor
and fuel
and the impossibility of getting supplies, but nevertheless the
average pro¬
duction per machine per shift was the highest the
exceeding the preceding
company has ever made,
year
by
over
8%.
-
.
THE
1706
[Vol,. 105.
CHRONICLE
Improvements.—During the past year we expended large sums of money
upon
improvements at our Arnold factory, which makes It our most
up-to-date plant.
When similar improvements have been installed at all of
our factories it will be possible for us to produce a much larger quantity
of glass than ever before, with considerable saving in operating costs.
Sales.—Our high-grade picture glass, known as "16-oz. glass," has won
such a place with the trade that the import of foreign-made picture glass
after the war will probably be a negligible quantity.
In the production of our heavy glass we have also made considerable
progress.
New uses are being found for this kind of glass constantly.
Its
gales show a very gratifying increase over the preceding year.
In the production of our photo glass we have also made very great ad¬
vances, and are able to obtain a larger percentage of first quality glass than
ever before, and in all the various thicknesses that the trade requires.
The production of common window glass was not quite as great as during
the preceding year, the total production thereof, in 50-ft. boxes, being
2,434,198 single strength and 609,635 double strength, a total of 3,043,833,
against 3,100,458 in year 1915-16.
Market Conditions.—The total export trade of the country in common
window glass shows a very great falling off from the year before, amounting
to approximately 66 2-3%.
This was partly due to the fact tbat consider¬
able Belgian glass found its way into the English and South American
markets.
It was partly due also to the increased prices which American
manufacturers were obliged to ask, on account of their greatly increased
cost of production, due to the increased cost of raw materials and wages of
labor.
A very great part of this falling off, however, can be directly traced
to the shortage of vessels.
Moreover, on account of the embargo on the
railroads, we were often obliged to hold glaas for over six months after it
was ready for shipment.
Naturally, this greatly discouraged orders.
In the carrying out of our sales policy, we feel that we received the best
prices possible for our glass.
By refusing to book long time contracts, we
were able to get the full benefit of the advances in the market price that were
a-
and Towns Served by the Above Companies.—Adams, Arlington,
Belmont, Brookfield, Cheshire, Clarksburg, Clinton, Gloucester,
Hopedale, Lancaster, Leicester, Leominster, Lexington, Lunen¬
burg, Milford, Monson, North Adams, Northampton, North Brookfield,
Palmer, Spencer, Warren, West Brookfield, Williamsburg, Williamstown
Cities
Ayer,
Harvard,
and Winchester.
MASS.
LTG.
COS.—TRUSTEES'
INCOME ACCT.
1914-15.
$305,779
72,814
572
____$403,142
$369,116
$379,165
Trustees' expenses
$9,422
$9,519
Taxes
15,118
4,397
11,413
18,095
15,870
$367,189
$337,106
$344,305
Miscellaneous income
—
Total Income of trustees—
_
Interest
paid by trustees.,.
Balance
...
(see below)
Litiqation.—During the year we brought a number of additional
infringement of our patents.
Our suits against the Con¬
Window Glass
Co. and the
Brookville Glass &
Tile Co.
been tried and the matter is now before the United States Court in this
district for decision.
All the testimony has been taken in the
suit
against the Okmulgee Window Glass Co., and the case will be called very
shortly.
We also expect to take up the trial of some other patent suits
pending in this district, and have in preparation suits against some addi¬
tional companies for infringements.
Western Pennsylvania Natural Gas ■ Co.—This company Is'continuing to
develop our gas fields at Kane and Jeannette.
While we have not brought
in any large wells in either of the fields, we have a considerable quantity
of gas available for our Jeannette and Kane factories, which, in connection
witn our other sources of fuel supply, we think will be more than sufficient
to keep those factories in operation throughout the winter.
The opera¬
tions of this company continue to show a profit.
for
PRODUCTION AND INCOME ACCOUNT.
Aug. 31 '17.
Year ending—
Boxes
Aug. 25 *16. Aug. 27 '15. Aug. 28 ]14.
window glass:
com.
•
78,876
1,900,069
723,258
$2,053,454
114,133
$1,864,101
34,039
$5,011,769
304,139
[,517,731
180,536
$2,167,587
193,971
$1,898,140
187,714
$4,707,630
1,541,180
$3,337,195
1,380,861
$1,973,616
862,295
$1,710,426
97.5,674
$3,166,450
$279,650
$1,956,334
$739,075
$1,111,321
$1,957,550
$734,752
$1,080,000
Other income
Total income
i
Deductions
Net income
....
Royalties
_
Balance, surplus....
Preferred dividends...
.
.
BALANCE
1916-17.
June 30 Years—
P
ipJQ
17,539,998
Pl'tfl, good-w„ &c. 17,537,523
Materials & supp. 1,743,339
1,148,016
85,421
5,000
115,448
5,000
Cash,note3,&c.,reo. 2,204,432
Discount on bonds
187,73,3
1,787,442
Investments
Treasury stock...
30,466
Profit and loss...
Total
41,273
47,948
43,369
121,650
1,298,316
25,097,555
Preferred stock...
1st mtge.
4,000,000
13,000.000
4,000,000
and col¬
lateral bonds.
.
.
Accts,, notes pay¬
able, &c_.......
1,364,000
.597,690
1,664,000
391,894
-
Royalty accounts. 3,633,330
Res'vod for repairs
653,461
5,528,792
483,619
24,152
29,249
4,185,116
23,272,039
Repairs, &c.
Prepaid in3ur.,&c.
U.S. Liberty bonds
-V.
230,100
Common stock... 13,000,000
Miscellaneous....
$420,363
$401,726
89,005
52,899
$340,656
87,305
337,122
$454,625
89,769
310,526
$427,961
119,541
306,633
•>$63,860
367,189
$54,329
337,106
$1,787
344,305
$431,049
320,986
46,144
$391,435
290,814
46,169
$346,092
284,289
46,169
Non-operating income (net).
Total net income..
.
Massachusetts
..J..23,272,639 25,037,555
Total
.
Lighting Companies, Boston.
Childs, President of the board of trustees under
(dated Oct. 1 1903), Boston, Sept. 20,
substance:
by your trustees, show substantial increases
The aggregate gross sales in the gas and elec¬
tric departments of all the companies Increased $176,271 over the sales of
1915-16 and the total net income increased $54,743.
In other words, the in¬
crease in the cost of labor and materials was entirely taken care of by secur¬
ing additional business and over $54,000 additional was earned for interest
and dividends.
In fact, the increased cost of coal and the difficulty in secur¬
ing it has resulted in an increased demand for gas for cooking and heating
and for electricity for power, especially from the small manufacturers.
whose capital stocks are owned
in both gross and net earnings.
Annual Sales
Year.
1917
(Excluding
Electric'
Miles
Sales(kwh.)
Wire.
1915
12,615,560
10,195,869
8,701,232
1914
8,571,212
1913
8,084,805
1916
1,783
1,645
1,467
1,376
1,265
income account above>-
Balance, surplus.......
$63,918
$54,452
$15,634
a Includes $27,362 in 1917 and $23,848 in 1916, spent
for development
b Each old common share prior to Nov. 16 1916 received
the same dividend as one preferred and one new common share.
of new business,
BALANCE SHEET JUNE 30.
1917.
Inter-Co. Sales), Number of Customers,
Electric
Customers.
&c.
Connected
Gas Sales
Mlies
Gas
Load(kw).
Cu. ft.
Mains.
Customers.
398
29,116
391
27,136
10.965
18,984
9,603
16,703
552.357,401
4911853,000
8,165
14,768
458,624,000
383
7,100
12,300
456 010,809
377
25,206
23,466'
6,359
9,854
425,615,900
364
22,208
The several properties are in good condition, $145,022 having been
charged to repairs, renewals and depreciation during the year.
Use of Hydro-Electric Power.—An additional gas holder of capacity of
100,000 feet, has been completed by the Spencer Gas Co.
The Leominster
Electric Light & Power Co. has erected a 3000 k.w. transformer station,
which enables it to purchase its electricity from the New England Power
Co., with which it has a contract-for the supply of its requirements at
favorable rates.
The erection of the transmission lines and installation of
equipment to enable the Northampton Electric Lighting Co. to purchase
electricity generated by the Turners Falls Power & Electric Co. and the
Milford Electric Light & Power Co. to purchase electricity from the New
England Power Co. have been completed and both systems are now in
successful operation.
This leaves only the North Adams Gas Light Co.
buying coal with which to generate electricity, but a connection is now
being completed with the New England Power Co.'s system which will
effect substantial economies at the North Adams plant.
Additional Preferred Stock.—The trustees, on Oct. 6 1916, offered holders
S
(at cost)
4,777,368 4,714,869
Notes receivable.._. 1,041,548
817,548
71,966
100,547
240,851
156,470
75,468
74,729
Cash
Acc'ts receivable
Accr'd int. & divs...
a
operating companies such funds as are necessary in their business.
Old Common Shares.—On June 30 1917, all but 32 of the old common
shares had been exchanged for new common and preferred shares and of
this number 21 shares have since been exchanged.
Companies Whose Capital Stock is Owned by the Mass. Ltg. Cos.—Adams
Gas Light Co., Arlington Gas Light Co., Ayer Electric Light Co., Clinton
Gas Light Co., Gas & Electric Improv. Co., Gloucester Gas Light Co.,
Harvard Gas & El. Co., Leominster El. Lt. & Pow. Co., Leominster Gas
Lt. Co., Lexington Gas Co., Milford El. Lt. & Pow. Co., Milford Gas
Lt. Co., Mill River El. Lt. Co., North Adams Gas Lt. Co., Northampton
Ltg.
Co.jNorthampton Gas Lt. Co., Spencer Gas Co., Lt., Heat <Ss
POW, Corp., WiRiamstown Gas Co., Worcester County Gas Co,
x5,464,700 4,946,900
Notes payable..
240,000
410,000
Dividend, July.
93,457
85,746
Acc'ts payable, &c_.
15,216
2,505
Surplus
y393,828
419,012
...6,207,201
Electric
Edison
v
Illuminating
Company
of
Boston.
(Report for Fiscal Year ending June 30 1917.)
President Charles L. Edgar on Oct. 9 said in substance:
Connected Load.—The total kilowatts connected June
30 1917 amounted
against 243,337 in 1916 and 219,440 in 1915i
The increase
has again broken all records, not only in the absolute
number of kilowatts connected,
but in percentage, being nearly 25,000
to 278,051,
for the current year
k. w., or over 500,000 incandescent lamps, or their equivalent.
have been made during
Earnings.—No changes in the schedule of rates
the past year, although the change which was made just before June 30.
1916 has reduced this year's increase in gross income
by about $100,000.
Notwithstanding this, the undivided profits are practically $50,000
than in
the
previous
year.
more
„
new
work of any considerable size has been under¬
taken this year.
The Chauncy Street sub-station and the extension
L Street generating station are still in process of construction.
It is
are
of the
hoped
The
Dorchester
sub-station
and
Beacon
St.
sub-station
Channel
and
Fort Point
the
completed and in successful operation.
The submarine
conduits
under
Channel have been completed
and
Reserved
the
are
being equipped with "their comple¬
ment Of cables.
'
Contracts.—During the year your company has combined with the New
Board for the
a
joint contract with the Metropolitan Water
jmrchase of the hydro-electric energy generated at the Clinton
The Water Board has agreed to connect the sub-station at
the Clin¬
ton dam with the one at the Sudbury dam, the output of which is already
being purchased by your company.
The completion of this construction
will make it possible to transfer from the lines of the New England Power
Co. to the lines of your company, or vice versa, approximately
5,000
kilowatts, which will, in case of emergency, be of very great value to either
dam.
(see map, &c., New England Co., "Railway & Industrial" Sec¬
company
tion, p. 180, 181).
Arrangements have also been made for connecting the lines of your com¬
pany with those of the Suburban Gas & Electric Co. at Revere, which lat¬
ter company has connection with the Maiden Electric Co. and the Salem
Electric Lighting Co.
Note Issue.—A special meeting"of the stockholders was called for Nov. 10
1916 to authorize the issue of 22,528 shares of new capital stock (V. 103,
p.
1983), but, owing to the decline in market price of the stock, it was
proceed with the increase, and an issue of $10,000,000
deemed unwise to
5-year 5% coupon notes was therefore sold at a price which netted the
company somewhat more than par.—(V. 104, p. 456, 563).
"^STATEMENT.'OF~OPERAT IONS
1916-17.
Kilowratts
connected
278,051
YEARS
ENDING
1915-16.
.
JUNE
1914-15.
243,337
30.
1913-14.
219.440
$9,235,778
4,384,312
$8,302,814
3,625,417
$7,429,124
3,426,832
$7,008[ 288
Expenses (excl. deprec:)
Net from operations,_
Miscellaneous profits...
$4,851,466
197,967
$4,677,397
124,051
$4,002,292
118,910
$3,855,017
57,134
$5,049,434
$1,022,565
$4,121,202
$843,450
371,475
2,457,174
$3,912,151
$785,713
399,615
2,252,319
$3,672,099
$449,103
$3,437,647
$474,504
Gross
earnings
Total
(12%)
2,703,066
$4,801,448
$954,760
276,235
2,702,184
deductions
$4,132,690
$916,744
$3,933,179
$868,269
Taxes.
Interest
407,059
Dividends
Total
Undivided
profits.
3,153,271
BALANCE SHEET JUNE 30.
1917.
Assefs—
Installation
S
and
Liabilities—
Capital
47,437,523 45,622,091
property
1917.
1916.
S
With the proceeds the trustees have paid
portion of their notes payable, made loans to the several operating
companies to enable the latter to make necessary additions to plants, and
purchased at par, 625 shares of the capital stock of the Milford Elec. Light
& Power Co.
The trustees have continued the practice of loaning to the
El.
$
Share capital..
5,864,163}
Total ...........6,207,201 5,804,163
x Share capital in 1917 includes $3,200 old common shares
(par $100),
46,137 shares of new common stock at no expressed value, and 5,461,500
pref. shares (par $100) at value stated in certificates.
y Includes $328,114 paid-in surplus and $65,714 earned surplus.
Trustees.—William M. Butler, Arthur E. Childs, Chauncey D. Parker,
Percy Parker and Bowen Tufts.
V. 105, p. 1526.
Total
preferred shares the right to subscribe for additional preferred shares at
par in the ratio of one new share for each ten preferred shares then held:
off
1916.
§
Liabilities—
Stock
of
shares were so taken and issued.
1917.
1916.
$
A. SS€tSm^m
England Power Co. in making
Results.—The annual reports of the several gas and electric companies,
June 30
per
material.
the declaration of trust
wrote in
as
that they will be ready for operation for the winter load, although this is
somewhat problematical, due to the great delay in getting apparatus and
(15th Annual Report—For Fiscal Year ending June 30 1917.)
Arthur E
Balance
New Construction.—No
105, p. 1619, 500.
$1,148,125
807,469
72,056/
Taxes
Aug.31'17. A^.25'16,
$
$..." '
Liabilities—
@
i
851,252
1914-15.
1915-16.
$1,251,678
777,8951
..$1,427,949
a919,867
SHEET
Aug.Zl '17. Aug.25'IC.
A
1,724,898
2,431,193
669,265
$3,461,978
55,753
Single strength
2,434,198
Double strength—__ '
609,635
Net profits
$4,932,893
[$18,990
J
CONSOLIDATED OPERATING ACCOUNTS OF COS. WHOSE SHARES
ARE OWNED BY THE MASS. LIGHTING COS.
Patent
solidated
YEARS.
30
1915-16.
$310,005
58,906
205
*
made from time to time.
suits
JUNE
1916-17.
$336,556
66,256
330
June 30 Years—
Dividends on stocks owned
Interest received
instal¬
S
1916.
S
W2,528,000 22,518,200
stock
Premium on stock 17,919,158
17,906,897
152,000
155,000
3
1009,900
954,239
Consol. bonds
1,250,000
1,250,000
Cash in banks
3
1,702,610
4S9.3S8
Coupon notes
10,021,500
28,500
Stock on hand
1
1,370,496
905,707
Accounts
115,610
Notes payable
268,897
2,257,000
4,980,000
Unfinished
lation
First mtge. bonds.
Miscellaneous....
Notes
&
In
862,173
739,653
'sinking
fund
20.69S
21,018
Accr'd int., &c._.
Dividends
339,504
129,281
675,840
675,546
840,044
862,854
151,458
155,012
Replacem't
-
56,403,401 48,847,706
■N, 105, Pt'1212.
Total
19,783
acc't.
Profit and loss
Total
166,634
Reserve for depr_.
accounts
receivable
Cash
payable.
^-.56,403,401 48,847,706
Oct. 27
1917.]
Otto Eisenlohr &
THE
CHRONICLE
Bros., Inc., Philadelphia, Cigar Mfrs.
(Official Statement Reported to Phila. Stock Exchange—
May 15 1917.)
In connection with the
listing of the $2,970,000 7% cum.
pref. stock and $6,000,000 com. stock, the company reports to
the Phila. Stock Exchange in substance as follows:
Organization.—Incorporated in Pennsylvania on Feb. 13 1911 as Ellis
Tobacco Co.
Name as above on Feb. 4 1916 and authorized
capital stock
increased from $5,000 (par $100) to
$10,000,000. consisting of $6,000,000
com. and $4,000,000
pref.
Of this stock the $6,000,000 com. and
$3,000,-
1707
INCOME ACCOUNT FOR
Total profits
dividends
Pref.
Common
partnership; $30,000 of the $3,000,000 pref.
leaving $2,970,000 outstanding.
The firm named was established about
1850, and since Dec. 1914 the
management has been entirely in the hands of Louis H. and Charles J.
Eisenlohr.
Dividends.—On the pref. stock at the rate of 1 % % were
paid April 1
1916, and quarterly thereafter, and on the common stock dividends were
paid at the rate of 1% on Feb. 15 1917 and May 15 1917.
Preferred Stock.—The holders of the Preferred Stock are entitled to receive,
and the corporation is bound to
pay, when and as declared, from the net
earnings, fixed yearly (cumulative) dividends accruing from Jan. 1 1916 at
the rate of 7% per annum (1 % % Q-J.).
Pref. as to assets and dividends.
Entitled to benefit of sinking fund beginning on or before
July 1 1917,
sufficient to retire each year by purchase or call at least $60,000 of the
pref
stock yearly (or $80,000 when the full
$4,000,000 pref. has been issued) out
of the surplus profits remaining after
payment of all cumulative dividends
as aforesaid.
Subject to call at 115 and accumulated dividends either as
an entire issue or pro rata or when drawn
by lot.
No voting rights except
while two pref. divs. or the sinking fund payments are in arrears or the value
of the net assets other than goodwill and trade marks become less than the
par amount of the pref. stock outstanding.
Consent of 66 2-3% of the outstanding pref. stock is necessary to the
creation of any mortgage (other than
purchase money mortgage), or other
lien or encumbrance upon the real or personal
property, or to the issuance
or guaranty of
any bonds, notes or other evidences of indebtedness maturing
later than one year from date of issue, or to an increase of the authorized
amount of pref. stock above $4,000,000.
The remaining $1,000,000 pref.
stock can be issued only in case the amount of pref. stock, when increased,
will not exceed 75% of the total net assets of the
company, exclusive of
trade marks and goodwill.
LIST
OF
PROPERTIES
(ALL IN PENN.) AND THEIR
CAPACITY FOR MANUFACTURING CIGARS.
Buildings
Floor Space
\
Buildings Rented
Ann. Cap.
Owned—
Gq.ft.).
No.Cigars
_________/38.800 27,500,000
115,000 strip, tob.)
York
Reading
___________
Pennsburg
43,300 24,000,000
13,000
6,000,000
Buildings Rented—
Red
8,500
Gieenville
17.500
Coopersburg
5,000,000
7,000,000
24,300
25,600
7,000,000
22,400
Windsor
10,000,000
12,800
____
18,000,000
4,000,000
17,600
Llttlestown__
Manheim
Hill_____
3,600,000
11.400
Spinnerstown
14,000,000
5,000,000
Richland town
8,000,000
Dallastown
12,000
3,600
_____
17,500
16,250
600,000
Boyertown
The
12,000,000
Seliersville
18,500
Philadelphia.
Souderton
Red Lion
9,800
6,000,000
18,500 10,000,000
Seliersville
Trumbaueraville
INCOME
____
14,250
Net sales
&
/Leaf
Wisc.own.&rent_123,800l
FOR
YEAR
$6,434,595
5,266,845
Gross operating profits.____$1,167,750
Selling expenses.
$225,643
Administration, &c., expenses.
240,155
ENDING
31
-.$701,952
56,953
_
for Federal income tax
on
$758,905
__.
Preferred dividends (7%)______$210,000
For pref. stock retirement.
30,000
_____
$518,905
deducting $15,440
earnings for the calendar year 1916 and
adding sundry credits, $582.
BALANCE
SHEET DECEMBER 31.
1916.
1915.
$
$
Assets—
Real estate, &c. (book
value)
519,550
531,824
5,000,000
Goodwill
1917.
Liabilities—
Preferred
5,000,000
1916.
$
.
$
stock____,»2,800,000 3 ,000,000
Common stock.:
6,000,000
Accrued taxes.
Cash
786,484
525,606
Depreciation
Accounts receivable.
440,425
387,364
6 ,000,000
29,139
Miscellaneous
reserve
7,691
Tobacco, cigars, <fcc.2,572,635 2,523.141
For pref. stk. retired
30,000
Investments
Surplus
Deferred
10,021
8,473
Items.53,039
4,862
23,592
Total
$449,944
$774,270
140,000
(12)300,000
$1,519,593
140,000
(8)200,000
$449,944
140,000
(8)200,000
BALANCE
1917.
Assets—
$
1917.
$
S
2,000,000
2,000,000
1
1
Common stock___
2,500,000
2,500,000
259,072
486,407
First mtge. bond3.
2,350,000
2,350,000
617,278
hand, &c_
Bills receivable
429,217
Accts. payable, &c
2,171,961
1,628,612
Accts.rec. (less res.
for
Reserved for bond
contingencies)
1,667,868
1,291,102
Materials & supp_
2,637,010
1,460,873
Stable, plant, &c_
35,200
27,375
593,904
Investments
Pension
1.148,084
fund____
int. & dividends
507,750
220,250
Contingent acct__ 2,500,000
1,250,000
Pension fund
143,977
115,000
190,178
846,331
12,363,866
10,910,192
_____
Profit and loss.___
111,064
Total _________12,363,866
Total
10,910,192
Includes real estate, water powers and mill plants in Montreal, Winni¬
peg, Fort William and Medicine Hat; elevators in Manitoba, Alberta and
x
Saskatchewan; property in St. John, N. B.f and Ottawa, less depreciation.
105, p. 1621, 1215.
—V.
GENERAL INVESTMENT NEWS
RAILROADS, INCLUDING ELECTRIC ROADS.
Boston & Maine RR.—Strike Averted.—
The impending strike for a wage advance of the freight yard and station
service employees, set for Oct. 25, was averted by an agreement to submit
the dispute to arbitration.
Compare V. 105, p. 1616, 1522.
County
Street
Ry.—Foreclosure
Sale.—
This company's property is advertised to be sold at
See V. 101, p. 1884.
public auction
Brooklyn (N. Y.) Rapid Transit System.—Earnings for
Quarter ending Sept. 30.—1
.
3 Mos. to Sept.
Gross
30—
1917.
___$8,180,338
expenses.____ 4,385,197
585,408
earnings
Operating
Taxes
Operating incomeOther
1916.
1915.
$7,719,324
- 4,175,597
539,779
-
___9,382,153 9,000,000
*
After deducting $30,000 retired and $170,000 reacquired and held for
sinking fund purposes.
There is a contingent liability of $1,123,830 in respect of contracts for
purchase of tobacco outstanding as at Dec. 31 1916.
Directors.—Charles J. Eisenlohr (Pres.), Loiiis II. Eisenlohr (V.-Pres.),
Percy M. Chandler, George S. Graham and C. Harry Eimerbrink, all of
Philadelphia, Pa.; Harry Dietsch is Treas., and Robert G. CunuingMrn,
Sec.
See also V. 102, p. 714, 525—V. 105, p. 1525.
Ogilvie Flour Mills Co., Ltd., Montreal.
(Report for Fiscal Year ended Aug. 31 1917.)
President Chas. R. Hosmer says
1914.
$7,301,318
3,862,167
431,931
$7,239,787
3,837,865
434,870
.$3,209,732
107,170
125,709
$3,007,219
129,535
$2,967,051
115,707
.$3,316,902
1,558,368
$3,129,657
1,401,837
$3,136,754
1,162,362
$3,082,758
1,162,535
$1,758,534
income
$3,003,948
$1,727,820
$1,974,392
$1,920,223
.
.
Balance, surplus
A director is quoted as saying: "The new Broadway subway,
running to
the Battery, will be completed by Jan. 15 next.
This subway will add
more
than $9,000 a daV to B. R. TVs gross.'
In connection Avith the proposed extension of the company's lines into
Long Island City, agreements have been reached by which the proposed
line would begin at 2d Ave. and 59th St., Manhattan, cross the
Queensboro
Bridge, pass through the Dutch Kills industrial basin and by way of the
Greenpomt Ave. bridge reach Manhattan Ave., Brooklyn, extending to
Bedford Ave. and thence to the Brooklyn plaza of the Williamsburg
Bridge.
This route would give a crosstown line between Long Island City
and Manhattan and a direct route to uptown Manhattan and Brooklyn's
eastern district.—V. 105, p. 1616, 1308.
Carolina Clinchfield & Ohio
June 30
Gross
Year—
Earnings.
$3,681,555
3,101,444
2,260,776
1616.
1916-17
1915-16
1914-15.
—V.
105,
p.
Net, after
Taxes.
$1,463,702
1,405,356
904,200
Ry.—Earnings.Other
Income.
$519,349
409,822
'232,573
Interest,
Rentals, &c.
$1,277,887
1,254,940
988,967
Balance.
Surplus.
$705,164
560,239
147,806
510,461
_
Total
on
Nov. 28 at Attleboro, Mass.
Central RR. of New Jerszy.—Consolidation of
9,382,153 9,000,000
1916.
$
Preferred^tock...
Good-will,tr.mk8.,&c.
on
31.
Liabilities—
6,526,752
Plant,realest.,&c_x5,888,290
Cash
SHEET AUG.
1916.
1916.
Net operating profit
Other income
Total income.
$459,780
1,059,813
$593,847
$334,270
$1,179,593
$ 109,944
of $1,250,000 was transferred to contingent account, absorbing
$593,847 and reducing the total profit and loss surplus to $190,178
Gross income
Income charges._
DEC.
Net operating profit._-.___
$701,952
Balance, surplus
The total surplus Dec. 31 1916 was $510,461, after
reserve
stor.
1913-14.
$774,270
$1,358,847
140,000
(25)625,000
(7%)__
houses.
7,000,000
ACCOUNT
Cost of sales___
Other bldgs. in Penn.
8,000,000
10,000,000
31.
sum
45,200 23,500,000
16,500
Perkasie
AUG.
1914-15.
Balance, surplus
the above
Bristol
Ft.Space
Ann.Cap.
(sq.ft.). No.Cigars.
(Continued)—
Finland (frame)
East
ANNUAL
ENDING
1915-16.
$721,038
637,809
dividends
000 of the pref. was then issued in order to
acquire the property and assets
of Otto Eisenlohr & Bros., a
has since been redeemed,
YEARS
1916-17.
Trading profits aft. bond
int.&prov.forwartax
Other profits
approved
merger
with this
in substance:
company
of following subsidiaries:
The merged companies are:
Buena Vista RR., Carteret & Sewaren RR.,
Carteret Extension RR., Cumberland & Maurice River RR., Cumberland
& Maurice River Exten. RR., Elizabeth Exten. RR., Freehold & Atlantic
Highlands RR., Manufacturers' Extension RR., Middle Brook RR., New
Jersey Terminal RR., New Jersey Southern RR., Navesink RR., Passaic
River Extension RR., Raritan North Shore RR., Sound Shore RR., Toms
River RR., Toms River & Barnegat RR., Vineland RR., Vineland Branch
Ry., West Side Connecting RR., Lafayette RR. and the West End RR.
All the stock properties and franchises of the subsidiary companies will
be merged into the consolidated company which will cause the cancelation
of all bonds (about $3.000,000 in all) and capital stock of the subsidiaries.—
V. 105,p. 1308, 997.
.
Charleston Consol.
The surplus profits for the year, with a sum taken from the profit and
account, have been transferred to the contingent account, which now
Controlled
Cos.—The N.J. Board of Public Utility Commissioners has
Ry.,Gas & Elec. Go.-^-New V.P.—
Theodore W, PassailaigUe has been elected Vice-President and director,
to succeed J. G.
Bradley, resigned.—V. 98,
p.
999.
■
•
oss
stands at $2,500,000.
The company's
'
_
properties have been in continuous operation at maxi¬
capacity during the year, wjpeh has deferred the usual .overhauling;
provision has, however, been made for this purpose.
The usual quarterly dividends were paid during the year on the pre¬
ferred shares, and four quarterly dividends of 2*4% were paid on the com¬
mon shares, together with a bonus of
15%, which was paid Oct. 1 1917.
mum
.
Statement by
W. A. Black, Vice-President and Managing Director.
We have passed through a very trying year.
The wheat market was
most erratic and reached a level that had never been previously touched.
Chattanooga Ry. & Light Co .-—Strike.—
The employees of this company's street railway system who recently
returned to work after a strike lasting for several weeks over the "separate
struck again, the causes for this second walkout
being alleged dissatisfaction with the new employment contract with the
company and the company's methods of enforcement. V. 105,p. 1522,1208.
contract" controversy, have
Cities Service Co.—Offering
See
of Sub. Company Bonds.—
Empire Refining Co. under "Industrials" below.—V. 105,
p.
1617.
Colorado Kansas & Oklahoma RR.—Counties May Buy .
Tlje quality of the wheat was very irregular, and to get a satisfactory
quality of flour required more than usual care and consideration, but
notwithstanding this, we were able to turn out the largest amount of flour
in any year in the history of the business.
Our cereal mills have also been
kept running steadily up to capacity, and the grain handled outside of
wheat for milling was unusually large and very profitable, owing to the
steadily advancing markets.
This year we have shown the earnings, other than those from flour
milling, separately, as the profits have been unusually large, and the im¬
pression prevails with some that an unduly large profit has been made on
flour, which is not the ease.
Nearly half the profits came from sources
while expenses were
other than flour.
ger rate from
'
Judge John C. Pollock, in the U. S. District Court at Topeka, Kan., has
authorized the counties of Scott and Logan, Kan., to vote on the issuance
of $250,000 in bonds for the purchase of the property of this company, now
in the hands of Ben Allen, as receiver, and thus save the road from
torn up
and sold
as
being
junk to satisfy the creditors.
This company's property extends almost north and south from Winona
to Scott City, Kan., 50.76 miles, and was built some five years
ago by
interests associated with the Commonwealth Trust Co. of St. Louis, Mo.
Press reports state that operating receipts last year were about $23,000,
double that amount.
An effort to increase the passen¬
2 cents to 5 cents per mile failed.—V. 98, p. 689t
Our contribution to the business tax this year will exceed the dividends
paid to the holders of our common stock, so that while we have done well
for our shareholders, we have also contributed very largely from our suc¬
cess
Dallas
Railway Co.—General Manager.—
Richard Meriwether has been appointed Gen. Mgr.-
towards the necessities of the Government.
The demand for flour has been so urgent this year that we have not been
able to give our mills the general overhauling that they should receive, but
depreciation has been made, and the work will be done as soon as
business permits.
While our wheat crop this year will not yield as much
as we had hoped for at one time, it will be very near the average, and of
Detroit & Mackinac Ry.-
V.105.P.1617,1522.
New Fiscal Year.—
The company will not issue
a report for the year ended June 30 1917,
having been changed to end Dec. 31.—V. 104, p. 2343.
proper
the fiscal year
most superior quality.
It will go farther than the wheat of last year,
yielding a greater anj,ount of excellent flour.
Our mills are all running full
time, and we have sufficient business on our books to keep them going
Control of 40% of Stock by General Gas & Electric Co.—
for some time to come.
,
'
'
Eastern
Power
&
Light
Co.—Purchase—Stock
See General Gas & Electric Co. under
fnno
A n?
1 ttA
Sale—
"Industrials" below.—V. lf)5
n
THE
1708
Grand Trunk Pacific Ry.—Improved Condition of West¬
Lines.—At the annual meeting of the company on Oct, 17.
ern
Chairman Alfred W. Smithers said in substance:
It jus gratifying to note an improvement in results, although much remains
accomplished before the property can be on a self-sustaining basis.
This condition, however, can only be the natural result of constructing lines
to be
transportation through hitherto unsettled and undeveloped country,
and is the history of all other transportation lines.
It is therefore encourag¬
ing to note marked improvement in these conditions from year to year as
the advent of the railway has made possible the discovery and opening of
almost unlimited natural resources.
Notwithstanding the stopping of
foreign immigration during the war, a very considerable immigration From
the United States, well equipped financially for farming and other pursuits,
has continued to go into the new country, and in addition to the increased
acreage taken up, a number of lumber mills along the Fraser River, in Brit¬
ish Columbia, nave been built to supply the increasing demand for lumber
on the prairies, all of which has made traffic for the railway.
W. P. Hinton has been elected Vice-Pres. & Gen. Mgr., to succeed
M. Donaldson.
John A. Clutton-Brock and Sir Wm, Lawrence Young
have been elected directors.—V. 105, p. 1617, 1415.
of
The stock of the Louisville Traction Co.
is $3,500,000 pref. and prac¬
tically $11,889,700 common.
If such an arrangement is made, it will be at once seen that while the stock
of the Louisville Ry. Co. owned by the traction company will, as to preferred
be the same—that is, $3,500,000 of each, the common stock of the railway
company owned by the traction company will be only $8,32*.790, as against
$11,889,700.
It is
jolders of the Louisville Traction Co.
share for share of
mon
on
the 4% guaranteed and preference stocks
of the company.
Notwithstanding the utmost exertions, the
has been unable up to the present to obtain the
sanction of the Railway Commission to an increase of rates.
Last year, interim dividends at the full rates were paid on
the guaranteed and first preference stocks.
The "London Statist" of Oct. 6 says in substance:
company
The
reason
ascribed for this absence of dividends at the moment is the
great increase in working expenses owing to war conditions, and no reference
is made to the company's possible liability regarding thje Grand Trunk
Pacific (V. 105, p. 1415).
This is the first occasion since the end of 1897
that the guaranteed stock has had to go without an interim dividend.
In
this interval the dividend has been regularly paid, with the exception of
the Dec. half of 1914, when, owing to the abnormal conditions that then pre¬
vailed and the great fall in profits, the final dividend was 1 y2 %.
The announcement of this week does not necessarily mean that the
guaranteed stockholders will have to forego a dividend in respect of 1917.
It would rather seem to indicate that the directors are acting cautiously,
and before deciding upon any distribution of profits will await the full
year's figures, when they may know better how they stand with regard to
the Grand Trunk Pacific, and by which time, too, it is to be hoped some
concession will have been granted to the compnay to raise freight rates.
At the present time gross receipts appear to be running about 5H%
ahead of those for last year, and if they continue to do so the gross receipts
for the whole year will come out at about £10,850,000.
Expenses in recent
months have absorbed about 78.7% of gross receipts, and should this prove
"to be the ratio for the last four months of this year, expenses and taxes will
amount roughly to £8,550,000.
This would leave approximately £2,300,000 for net earnings.
.
The net earnings of the Detroit & Grand Haven line are also showing
appreciable shrinkage, and allowing for further diminution in that direc¬
tion, for interest charges on the same basis as for 1916, and for a deficit
of £52,000 in operating Grand Trunk Western Ry. during the year to
June 30 1917, it Is not impossible the net profit for this year may amount
to about £570,000, or less than one-half of that earned for 1916.
Out of
the net profits of 1916, Amounting to £1,202,000, full dividends were paid
on the 4% guaranteed and the 5% first and second preference stocks and
the £400,000 was set aside to reserve for contingencies.
From the esti¬
mated profits of £570,000 for the current year It would appear that the full
4% dividend on the guaranteed stock and the 2% for the year on the 5%
first preference could be paid, but everything depends upon the decision
as regards allocation to reserves [on account of any deferred maintenance
charges, &c.—Ed. "Chronicle."].
Status of
V. 105, p.
Grand Trunk Pacific Ry.—Seq■ that co. above.—
1522, 1419.
Central RR.—Earnings—New Equipment.—We
officially informed that this company's net earnings
applicable to dividends for the nine months' period ending
Sept. 30 last amounted to $11,675,000, being at the rate of
14% per annum on the outstanding stock.
Last week the
company declared an extra dividend of 1 % on the $109,281,822 stock in addition to the regular quarterly 1^%, both
payable Dec. 1 to holders of record Nov. 5.
Illinois
are
For the eight months ended Aug. 31 the net earnings applicable to divi¬
dends aggregated $10,400,000, while for the month of September the sum
available was apparently $1,275,000, or practically the same as the average'
(SL297.200) for the nine months' period ended on Sept. 30.
We also learn that the company has just placed an order with the Pull¬
Company for 45 passenger cars, including 25 coaches, 15 baggage and
5 combination and coach cars, and is negotiating for 75 locomotives and
2,000 freight cars.—V. 105. p. 1617, 1309.
man
Lehigh & Hudson River Ry.—New Fiscal Year.
The fiscal year of th
the company has been changed to end Dec. 31.
hr
report will be Issued for the year ending June 30 1917.—V. 105, p. 716.
"
Lexington & Eastern Ry.
Sec
Louisville
No
-Bonds Listed.—
& Nashville RR. below.—V. 104, p. 1489.
Louisville & Nashville RR.—Lex. & East. Bonds Listed.
The N. Y. Stock Exchange has listed an additional $150,000 First Mtge.
60-year 5% guaranteed coupon bonds of the Lexington & Eastern Ry, (a
subsidiary of the,L. & N. RR.) . making a total listed of $7,650,000.
The
L. & N. RR. assumed the due and punctual payment of the principal and
interest
of all the
bonds.
J
'
The $150,000 bonds listed were Issued for extension or line,up Rockhou.se
Creek and Caudill Branch, about 3H miles.
Earnings.—Of the Louisville & Nashville RR. for 7 months
ending July 31 1917 and calendar year 1916:
7 mos. '17.
Year 1916.
$
$
Int.
Gross earns> >42,472,814 64,928,121
Net,aft. taxes 10,969,429 20,439,866
Other Income- 3,722,494
8,727.160
Gross
-V.
inc.>14,691,924 29,167,026
105. P. 993, 29.
on
7 mos. *17.
funded
$
Year 1916.
$
7,626,626
1,100,534
(3^)2,520,000(7)5,040,000
debt, &c—_ 4,388,616
Rents, &c>
648,114
—>
Divs
Bal.,
surp—
7,135,194 11,922,811
Louisville Ry.—Extinction of Holding Co.—In furtherance
of the plan to do away with the Louisville Traction Co. (the
holding co.), the Louisville Ry. Co. on Oct. 20 at Frankfort,
Ky., filed an amendment to its articles of incorporation in¬
creasing its authorized capital stock by $4,000,000.
This
move, it is believed, will effect a very considerable saving in
the matter of taxes, both State and Federal.
#
The official circular sent to the stockholders of the Louis¬
ville Traction Co., dated Sept. 26, says in part:
The Louisville Traction Co. Is a New Jersey corporation.
Its only asset
consists of its ownership of the stock of the Louisville Ry. Co.
It owns all
Traction Co.
so
that it would
own
$3,500,000 pref. and $8,322,790 common.
share of common stock in
stock in the railway company for every one
the traction company.
Of course, this procedure would in no way decrease
the amount of dividends to be received by the stockholders.—V. 105,p.l419.
Mahoning & Shenango Ry. & Light Co —Bonds.—
Press reports state that this company h is applied to the Ohio P. U. Com¬
mission for authority to issue $3,700,000 7% bonds at not less than 90,
the
proceeds to be used for improvements and paying off obligations.—
V. 105, p; 819, 290,
Nashville-Gallatin Inter urban Ry.—Successor Co.—
See Union Traction Co., Nashville, Tenn.,
New
decided, in view .of the great increase in working expenses
owing to war conditions, that it is inadvisable to declare any
proposed to dissolve the Louisville Traction Co. and to have that
distribute the stock it owns in the Louisville Ry. Co. to the stockThis could be accomplished by giving
pref. stock and by giving seven-tenths of a share of com¬
company
Grand Trunk Ry. of Canada.—No Interim Dividend.—
This company announces in London that the directors have
interim dividend
[VOL. 105.
CHRONICLE
Mexico
below.—V. 105,
p.
1618, 389.
Central RB.—Sale.—
The Federal Export Corp. of N. Y.
has arranged to purchase the $2,000,-*
000 outstanding First Mtge. bonds of this company, due 1941, and unless
some other purchaser outbids them they will shortly bid in the co's. prop¬
erty, a 116-mile line, Which Is said to reach recently opened oil develop¬
The line runs frdm Santa Fe, N. M., where it joins the main line
Topeka & Santa Fe RR., south and southeast to Willard
(80 miles) where it crosses the southern branch of the Atchison Topeka &
Santa Fe road and thence to Torrance, where it connects with the El Paso
ments.
of the Atchison
& Southwestern
New
Ry.—V. 105,
York
New
p.
1618.
Haven
&
Hartford
RR.—Pref. Stock
by a vote of
1,202,832 to 6,565, duly approved the proposition to create
an
issue of $45,000,000 7% cumulative preferred stock
for the purpose of retiring the floating debt now repre¬
sented by notes to the amount of $45,000,000, collateral for
which to the amount of $96,512,516 (book value) is nowpledged.
Compare full statement in V. 105, p. 1413, 1420.
Voted.—The
Issue
shareholders
on
Oct.
24,
The meeting a|so, by a vote of 1,208,463 to 434, agreed to accept charter
amendments granted by the legislatures of Massachusetts, Rhode Island
and Connecticut, under which amendments the company will have the
right to issue pref. stock subject to approval of stockholders.
Howard Elliott reviewed at some length the financial condition of the
property, supplementing the analysis made earlier in the day by President
Pearson.
Mr. Elliott said that the public, and, he thought, the Govern¬
ment, was more favorably inclined toward the company.
He replied to
Mr, Nixon, Mr. Berenson and others who had offered criticism, and sug-
!rested that the affairs of the company, and that instead he should of seven
nvestigate Mr. Amster give up his idea of having a committee labor to
get better freight rates for the company, which would ipean a
tion of present troubles.
The
pref. stock is described
new
as
partial solu¬
follows:
The 450,000 shares are entitled to 7% cumulative
liquidation
or
dividends.
In case of
dissolution of the company the stock is to be preferred as to
assets 4s well as to dividends.
The stock is
holders of the
to be offered at not less than par, proprotionately to the
common stock and
to the holders of the company's 6%
convertible debentures, due Jan. 15 1948, convertible into stock between
Jan. 15 1923 and Jan. 15 1948.
>
Pref. stock is subject to call for redemption on any dividend date, on
,
30 days' notice, at $110 per share and all accrued dividends.
If less than
aH the Issue is called for redemption, the purchase will be pro rata from each
holder.
At least three-fourths of the cash proceeds which may be received by the
New Haven from sale of securities under decree of the Federal Court shall
be applied to retirement of pref. shares in amounts of not less than 10,000
shares, either by call for redemption or by purchase from the lowest bidder.
The directors have full power to determine the time, manner and condi¬
tions of issue, sale and retirement of the preferred stock.
[No effort, it is said, has been made as yet to underwrite the proposed
Issue, but this matter, it is supposed, will be taken up later.]
Equip. Trust.-—The agreement entered into between this co.
Phila., as trustee, as of
Aug. 1 1917, provides for issuance of $1,160,000 equipment
trust certificates, Series "DD," due semi-annually beginning
Feb. 1 1918 and ending Aug. 1 1927.
Shares, $1000, c*.
and the Commercial Trust Co. of
These certificates are secured by the following equipment, viz.: Sixty
all-steel passenger coaches, 15 all-steel 64 ft. 9 in. baggage cars, and 25 ail
steel 74 ft. 9 in. baggage cars.—V. 105, p. 1420, 1618.
New York &
Pennsylvania RR.—Operations Suspended.
This company gives notice that it will suspend
all operations
on
and after
Dec. 1, due especially to the lack of men and coal.—V. 103, p. 1119.
New York State Rys.—Wage Advance.—Six Cent Fare
Sought.—A statement put out on Oct. 18 by J. F. Hamilton,
Gen. Mgr. of the co.'s Rochester (N. Y.) lines, says in subst.:
This company believes it unfair for its employees in Rochester to be
receiving a lower rate of wages than is paid in the cities of Syracuse and
Utica.
Notwithstanding that a number of the men have decided not to
accept an increase in pay recently offered, the company believes that men
are entitled to it and has therefore arranged for its payment.
The increase in question is that provided under the contract with the
employees effective May 1, 1918, Drought forward to Sept. 1 1917. Em¬
ployees affected can receive back pay covered by this increase at the various
receivers' offices on Tuesday, Oct. 23.
It means approximately $5,100
a month more wages in Rochester.
This company believes that employees are aware (a) that the
company,
with the same fixed income of the past, paying more than double for its
supplies and materials, has been forced to cease paying dividends; and (b)
that it Is impossible to accrue or borrow money for necessary betterments,.
for after paying wages, operating cost and fixed charges there is nothing
left for the investor.
This company is now completing the appraisal of the property preparatory
placing its case before the P. S. Commission, asking for a 6-cent fare.
Provided the Commission grants the 6-cent fare, the company will give a
further increase of 2 cents per hour, as previously offered.—V. 105, p. 1105.
to
Pennsylvania RR.—Lease.—
See
Philadelphia Baltimore & Wash. RR. below.—V. 105,
p.
1523,1420.
Peoria
Railway Terminal Co.—Guaranty.—George H.
Crosby, Vice-Pres. Chicago Rock Island & Pacific Ry.,
replying to an inquiry, writes:
The Chicago & Alton RR. Co. assumed payment of a portion of the
on the Peoria Co.'s First Mtge. 4% bonds on July 1
1915, since which date the Peoria Co. has itself taken care of all interest
interest that fell due
payments.
There is no change in the status of the guaranty of the bonds.
Compare V. 105, p. 1310.
Petaluma & Santa Rosa
The Cal.
(Electric) Ry.—Rate Increases.
RR. Commission has authorized this company to revise
pas¬
fares rates
that the minimum charge between any two points
outside the limits of Petaluma, Sebastopol and Santa Rosa will be 10 cents
instead of 5 cents; that the sale of $5 worth of transportation for $4.25 will
be entirely discontinued and that the scrip book representing $10 worth of
transportation heretofore sold for $7.50 will be Increased to $9.
The pro¬
posed increases in freight rates are nominal, a class scale making material
reductions over those prpposedbrftheco. being authorized.—V.105,p.il618.
senger
so
Oct. 27
1917.]
THE
CHRONICLE
Philadelphia Baltimore & Washington RR.—Lease.—
The shareholders will vote Nov. 7 oil
ratifying the proposed
lease of the
property and franchises of the
company
Pennsylvania RR. for 999
years, from Jan. 1 1918, at
rental, providing a dividend of 6% a year
stook, the same rate that is now being paid.
annual
to the
fixed
a
on
the
RR.—V. 105, p. 1311.
Company,
Pittsburgh.—Bonds
Stamped
undert Sinking Fund and Redemption Contract.—-The Phila¬
delphia Stock Exchange has listed the bonds "stamped"
under the Sinking Fund and
Redemption contract of July 10
1917 (V. 104, p. 953) as follows:
"Stamped Bonds" Now Listed—
First Mtge. & Collateral Trust 5s, due 1949
Consol. Mtge. & Collateral Trust 5s, due 1951
Stamped.
Total Iss'd$5,614,000
$6,500,000
13,740,000
1 5,148,000
The assenting bonds (and
coupons) are stamped as being bound by the
provisions of, and entitled to the benefits of, the aforesaid Sinking Fund
and Redemption agreement executed between the
company and the mort¬
gage trustee as of July 10 1917, the first mortgage stamped bonds being
callable at 107H and int., the consols at
10243 and int., at any time on
not less than 30 days' notice, either as a
whole, or, when drawn by lot, in
part for the sinking fund.—V. 105, p. 1618, 1105.
The
The
Portland (Ore.) Ry. Light & Power
schedule of
with a rate
Co.—Wages.—
The platform, shop and barn men in the employ of this
company have
For carmen in service (a) less than one year, 38 cents an hour; (5) more
one year and less than two
years, 40 cents an hour; (c) more than two
than
years, 45 cents an hour.
A provision for overtime is also made on a time
and a half over eight and one-half, hours' basis.
The old wage schedule
28 to 34 cents, with no overtime arrangement.—V. 105, p.
Public Service Corp. of N. J.—Stricken from
The
1618.
List.—
of $38,000 Gen. Mtge. 5% sinking fund 50-year gold bonds, due
1959, have been stricken from the Phila. Stock Exchange list, leav¬
ing the amount listed as of Oct. 16 $36,171,000, excepting $1,090,000 listed
bonds purchased and held in the sinking fund.
This makes $1,329,000 of
said bonds held in the sinking fund as of Oct. 2 1917.—V. 105, p. 1618,1310.
sum
Oct. 1
Rates .—Eastern
Roads'
press
Ry. Co. is contemplating the purchase of the. Air Line
$350,000
which expires March 31 1919,
a
In addition, it pays on
a year.
a
the Wabash pays a rental of
wheelage basis what amounts to
and freight agents and other
a52u.t Jo% of the^salaries of the Joint station
officials required in joint
operation of theline.
This amounts to $100,000
a month,
or approximately
$1,200,000 a year.
The Wabash also has a
payroll of $30,600 monthly, for Its own officials and train crews.
These
figures go to show that what may be called
the rental charges paid by the
^
^bash amount to
more than $1,500,000
a year
(V. 66,
p.
812).
.The Grand Trunk in the past few years has given over the use of the Air
Line almost entirely to the Wabash.
It operates only a few local
passenger
freight trains over the line.
It is very doubtful if the lease under the
present terms will be renewed.
t
and
.
to
There is also talk of the Wabash quitting the
Buffalo
the Nickel
over
Canadian field and running
Plate.
.
been granted wage increases along the following schedule:
was
Wabash
Division of the Grand Trunk
Ry., in southwestern Ontario, which it is at
present using, and negotiations to this end will
shortly be started.
Under
the present lease, which is
supposed to be favorable to the Grand Trunk
Wage Advance.—
■' ■
F-.;
1
The company has granted an Increase of
10% in the wages of its tele¬
graphers, the advance affecting about 600 men.—V.
104, p. 1265, 2337.
.
Washington Baltimore
&
Annapolis RR .—Initial
Dividend.—An initial dividend of
3% has been declared on
the $3,000,000
Western
by the Commission beginning Nov. 5, in New York.
Other hearings an¬
are Nov.
12 at Chicago and Nov. 21 at Portland, Ore.
The
hearings will be held "in order that the Commission may determine whetheror not the rates proposed are in compliance with the order of the Commis¬
sion dated June 30 last and to receive evidence upon the reasonableness and
propriety of the increased rates proposed." Compare V. 105, p. 1618,1310
Maryland
Ry.—Sale
of
Interests.—"Daily Financial America"
Notes
Rockefeller
to
says:
It is authoritatively stated that the
report that John D. Rockefeller and
closely allied interests have agreed to take the $5,000,000 3-yr.
7% Western
Maryland Ry. notes authorized by the stockholders last week, is correct.
It is understood that these notes will be
issued largely in payment of loans
made to the company by Mr. Rockefeller and his associates.
It
was
pointed
out that the 7% rate of interest
might be regarded as high, even under
better conditions, but that it was decided
by the directors to make the rate
7 % and to sell the notes at par rather than to make it 6
% and be
obliged
to
dispose of them at a discount of several points.
An application is now
before the P. S. Commission of
Maryland for authority to issue the notes.
[It has been suggested on the street; presumably a mere guess that the
above action may have something to do with a deal
by which the Rockefeller
interests who control the Western
Maryland and a short time
ago purchased
control of the Wheeling & Lake Erie
(V. 104, p. 1802). may establish a
through route from Baltimore and Pittsburgh to Chicago by a working
arrangement with the.Pittsburgh & West Virginia RR.and theN. Y.Chic.
& St. Louis RR.] Compare
Pittsburgh & West Va. Ry. in V. 104, p. 2553.
Hearings, &c.—
The application of the Eastern railroads to the I.-S. C. Commission for
increases in rates will be disposed of before the end of the year, according
to a press dispatch from Washington.
»
Informal hearings upon the railroads' application to increase trans¬
continental rates and to adjust rates to intermediate points will be held
stock, payable Oct. 31 to holders
104, p. 1265.
common
of record Oct. 25.—V.
Pine Bluff (Ark.) Co .—Increase in Wages.—
trainmen in the employ of this company, under a new
wages, will receive from 20 to 27 cents per hour, as compared
heretofore of from 20 to 25 cents.—V. 104, p. 664.
Railway.—Status of Line to Buffalo.—A
report from St .Thomas, Ont., says:
eocnnnA1
The shareholders will also vote Nov. 7 on
purchasing all its franchises,
corporate property, rights, &c., of the following subsidiary companies, viz.*
Chester RR., Baltimore &
Sparrows Point RR. and Pomeroy & Newark
Philadelphia
Wabash
1709
Board
of Directors.—The board of directors
now
includes:
E. D. Adams, H. E. Cooper, Bertram
Cutler, Lawrence Greer, E. L.
Marston, A. W. Krech and E. H. Smith, N. Y.; M. C. Byers and C. R.
Gray, Baltimore; F. T. Gates, Montclair, N. J.; W. A. Wilbur, South
Bethlehem, Pa., and J. N. Willys, Toledo, O.—V. 105, p. 1619, 1421.
nounced
Rochester Ry.
& Light Co.—Acquisition.—
The New York P. S. Commission has authorized the company to issue
$750,000 additional capital stock to the Mohawk Valley Co. In connection
with the proposed merger with the Canandaigua (N. Y.) Gas Light Co.,
the Despatch Heat, Light & Power Co. of East Rochester, the Eastern
Monroe Electric Light & Power Co. and the Ontario Light & Traction Co.
of Canandaigua.—V. 105, p. 1310.
Seaboard Air Line Ry.—Extension
INDUSTRIAL
Operated.—
MISCELLANEOUS.
Merger.—
This company is not included in the companies which will be
acquired
at this time by the new Union Carbide & Carbon
Corp., but it is understood
that.the plan to acquire the Air Reduction properties was not definitely
abandoned and may be carried out within a
year.—("Chicago Economist. )
—V. 105, p. 911, 717.
Allis-Chalmers Mfg. Co.—Earns. 3 & 9 Mos. to
Sales Billed—
1917.
1916.
■
Month of-
This company on Oct. 15 took over operation of the Charleston-Savannah
line 86 miles long and will run freight service every other day in each direc¬
AND
Air Reduction Co.—Not in
January
February
Net
Sept. 30*
Profit
1917.
1916.
____$1,690,627
1,615,009
1,878,081
March
$1,366,203
1,367,736
1,640,901
$301,467
273,164
326,042
$219,734
232,085
288,518
.$5,183,717
$2,035,293
2,176,752
2,229,530
....
$4,374,840
$1,434,779
1,733,015
1,938,336
$900,673
$340,425
356,624
305,407
$740,337
$291,486
327,912
331,363
$6,441,575
$1,973,977
2,184,239'
2,128,848
$5,106,130
$1,291,694
1,311,903
1,614,263
$1,002,456
$304,342
$950,761
$163,567
142,405
239,227
tion.
Passenger service will be inaugurated at a later date.
The Jefferson
Construction Co. has been operating the line. Compare V. 105, p. 1310.
Southern
Ry.-—Wage Increase.—
This company has advanced 10% the salaries of the clerical staff in
Washington, affecting over 1,000 employees.—V. 105, p. 1618, 1529.
Tennessee
Central
RR.—Sale
Texas & Pacific Ry.—Extension
An
agreement
on
of Notes at 7% Interest
Oct. 22 ratified the following:
between this
company,
June
Second quarter
Adjourned.—
There being no bidders for this company's property when offered for sale
on Oct. 22, the sale was adjourned to Nov. 30.—V. 105, p. 181, 73.
Shareholders
First quarter....
April...
May
July
August
September—
•
—
quarter
Total nine months
Unfilled orders
the Trans-Mississippi Terminal
RR. Co., the Missouri Pacific RR., J. L. Lancaster and Pearl Wight, as
Receivers of The Texas & Pacific Ry. Co., the holders of the 6% 3-year gold
of the Trans-Mississippi Terminal and The Equitable Trust Co.
Y., Trustee, extending and guaranteeing jointly and severally with
the Missouri Pacific RR. and J. L. Lancaster and Pearl Wight, Receivers
of The Texas & Pacific Ry., as to principal and interest, $4,166,000 of the
3-year gold notes of the Trans-Mississippi Terminal Co. for three years
from the date of their maturity, Nov. 1 1917 to Nov. 1 1920.
The new notes
will bear 7% interest.—V. 105, p. 1523.
Trans-Mississippi Terminal RR.—Note Extension.—
See Texas & Pacific Ry.
Trenton & Mercer
above.—V. 105, p) 1523.
County Traction Corp.—Appeal.—
Following the denial of the New Jersey P. U. Commission of permission
for this company to abolish reduced rate strip tickets in favor of the straight
five-cent fare, an appeal to the Court of Errors and Appeals has been filed
setting forth 51 contentions why the P. U. Commissioners' decision is not
in accordance with the law.—v. 105, p. 608.
3 Mos.to Sept.30
schedule the men will
first,
now
second and third
Union
Traction
receive 28, 29 and 33
years,
respectively.—-V.
cents
hour for the
820.
per
105, p.
Co.,
Nashville, Tenn.—Mortgage.—
This company, incorporated under the laws of Tenn. on
Oct. 8sas successor of the Nashville-Gallatin Interurban Ry.,
has made a mortgage to the Nashville Trust Co. securing
an issue of $300,000 Thirty-Year 6% First Mtge. gold bonds,
issued at the rate of 810,000 per mile.
The bonds are dated Dec. 1 1917, due after 30 years, but callable after
and int. in amounts of $5,000.
Denom. $500.
Interest at
6% per annum is payable J. & D. at Nashville.
The company pays all
taxes.
There are no
prior liens outstanding.
Auth.
capital stock,
$300,000; par, $100.
The line extends from Nashville to Gallatin, Tenn.,
30 miles, and no new construction is contemplated.
H. H. Corson is Pres.
and Guilford Dudley is Sec. & Treas.—V. 105, p. 1618.
3 years at 105
United
Light & Railways Co.—New Franchise.—
This company reports that the Fort Dodge Gas & Electric Co., one of its
subsidiary companies, has obtained a new 25-year electric franchise by a
vote of the electors, three-quarters of whom voted favorably.
also reports that a comparison of earnings for the 12 mos.
the earnings for July, Aug. and Sept. indicate a favor¬
upward trend in the recent months as compared to the past year as a
whole.
For the 12 mos. ended SeptW 30 net earnings
of subsidiaries
showed an increase amounting to 2.7%.
On the other hand, the net
earnings for July were 6.6%; for Aug., 9%, and for Sept., 5.3%.—V. 105,
p. 1421, 820.
The company
ended Sept. 30 and
able
for Sept. Quar.
1917.
1916.
1917.
1916.
$276,087 Interest on sinking
$65,340
fund bonds
$67,735
$62,535
37,500
37,500 Balance, surplus.$323,887 $110,712
*
Net earnings...$489,262
Bond interest
$60,140
Sinking fund.....
*
After charging replacements and renewals and interest on loans.
Net current assets Sept. 30 1917, $12,812,232.
$3,424,000.
Pres.
Theodore
S.
Haight
and
Bonds in hands of public
Treas. Geo. A. Hill say:
"Attention is drawn to the fact that
the leather business, as is well known,
is subject to wide fluctuations, and that the effect of such fluctuation is
naturally liable to be more pronounced in quarterly statements than In
covering a more extended period.
statements
The
following published statement has been confirmed:
Business is running at a
future
was
never
better.
business in the six months
Leather
Tri-City Ry. & Lt. Co., Davenport, Iowa.—Wages.—
Trainmen employed by this company have received a wage advance of
one cent per hour, the company thereby anticipating a clause in the con¬
tract with the men calling for the increase on June 1 1918.
Under the new
on
310,424
.$6,287,065
$4,217,860
$919,404
$545,199
$17,912,357 $13,698,830
$2,822,533
$2,236,297
hand Sept. 30 1917, $17,306,433.—V. 105, p. 999.
American Hide & Leather Co .—Earnings
notes
of N.
...
Third
304,639
Co.
hides
•
highly satisfactory rate and the outlook for the
We shall probably do $15,000,000 of gross
period ending Dec. 31, 1917.
American Hide &
the
was
fortunate
enough to purchase
a
substantial amount of
slump that took place a month or two ago.
Working capital
While bills payable amount at present to about $4,000,000,
as compared with $3,600,000 as of June 30, 1917, there has been more than
a
corresponding increase in quick assets.
Government business should
show a margin of profit of around 8% or more.—V. 105, p. 999, 813.
on
has increased.
American Malting
Aug. 31 1917.—
Co.,
N.
Y.—Earnings Year ending
(malted deliveries),'$12,079,448; less cost of pro¬
(incl. all expenses), $11,137,520; balance
Net income
ducts
Total gross income (including "other income," $48,839)...
Bond interest, $54,534; bonus paid bonds extended, $9,765; total
Less—Reserve for depreciation
Divs. on first and second preferred stocks
Balance, surplus, for year ended Aug. 31 1916
Total surplus balance Aug. 31 1917
—V. 105, p.
$941,928
$990,767
64,299
256,850
324,044
$345,574
—
$2,392,173
1311. 911.
American Pipe & Construction Co.—Permanent Receiver.
Judge Dickinson in the United States District Court at Phila. on Oct. 22
appointed Pres. Robert Wetherill as permanent receiver, the stockholders'
objection having been withdrawn. Compare V. 105, p. 1619, 1421.
American Rolling Mill Co.
(111.)—Successor Company.—
This company was incorporated In Illinois on Oct. 22 with $21,000,000.
of the Ohio co. with the same name.
V. 105, p. 999, 718.
as successor
American
Ship Building Co., Cleveland.—Listed.—
particulars regarding the company's property, its opera¬
tions, finances, &c., will be found on subsequent pages in
the statement made to the N. Y. Stock Exchange, in connec-
Full
1710
THE
tion with the
listing of the company's preferred and
CHRONICLE
to
common
[Vol. 105.
The 1,000,000
£3,000,000.
new
shares of £1 each will
stock.
then be offered forthwith
The New York Stock Exchange has authorized the listing* of
$7,900,000
7% non-cum. pref. stock and $7,600,000 com. stock, on official notice of
issuance of permanent engraved, interchangeable certificates in
exchange for
in the proportion of one new share for every two
by them in the present capital.
The sub¬
scription price to be $7 50 in the United States of America
and £1 lis 6d in the United Kingdom.
An adv. says in
Report, Operations, &c.—See "Annual Reports" above.—
Inasmuch
a
previous
page.—V, 105, p. 1524, 1421.
The authorized amount of capital stock is
Issued and outstanding (heretofore listed)
$500,000,000, viz.:
$396,497,200
Reserved
to cover conversion of $2,856,000 4% convertible
bonds and $13,194,300 4convertible bonds, about
Amount now to be lLsted on the N. Y. Stock Exchange
Total
•_
Shares {at Par Value)—
Par.
New England Telephone & Teleg. Co—$100
do
do
do
do
e
2,268,000
1
100
do
b 39,980,400
50,557,600
d 34,462,000
Bell Telephone Co. of Pennsylvania
100
Chicago Telephone Co
Cleveland Telephone Co
100
Michigan State Telephone Co., preferred 100
do
were:
Unpledged.
$17,416,700
do
Providence Telephone Co,,,
New York Telephone Co
do
15,474,600
39,550,600
holdings Sept. 30
Pledged.
a $.5,527,000
d 10,900,000
do
do
common
b 29,000,000
a
6,352,900
2,627,200
1,819,200
5,994,798
4,469,400
3,371,700
100
Wisconsin Telephone Co
do
do
100
a
Southern Bell Tcleph. & Teleg. Co
Cumberland Telephone & Teleg. Co
Northwestern Telephone Ex. Co......
100
d 12,208,700
9,191,300
50
100
100
100
100
100
100
a
4,348,100
11,101,900
8,800,000
12,500,000
20,500,000
11,622,900
9,200
9,350,800
11,997,600
3,653,000
b
Nebraska Telephone Co
Iowa Telephone Co
___
Southwestern Bell Teleph. Co.
Southwest. Tel. & Teleg. Co.
(Mo.)__
(N. Y.)
Teleph. & Teleg. Co_
Pacific Telephone & Teleg. Co., pref..
Mountain States
do
do
do
com..
Southern New England Telephone Co..
...
i
d 23,377,000
b 23,821,300
d 13,600,000
100
100
Cincinnati & Suburban Bell
Central Union
3,332,600
2,189,600
__
Teleph. Co. 1 50
Telephone Co...
100"
Atlantic & Pacific Tel. & Tel. Co
Bell Telephone Co. of Canada—
Western Electric Co., Inc., pref...
b
2,484,750
100
do
do
......
—
Co., pref.
........
100
pref.
do
do
com.
do
do
com.
195 Broadway Corporation.
950
6,944,300
29,244,700
No par value
128,300
f
380
100
115,500
f
—
380
100
2,100,000
^
$208,603,150
2.
$234,244,185
Bonds—
New England Telephone & Telegraph Co
c
$100,000
$481,000
Summary {at Par Value).
a Stock pledged to secure collateral trust bonds,
1932, West¬
ern Telephone & Telegraph Co
$16,579,400
b Stocks pledged to secure collateral trust bonds, 1929
97,476,050
c Bonds pledged to secure collateral trust bonds, 1929
100,000
(Value of collateral "b" and "c" under terms of trust deed,
$118,328,052). '
'
d Stocks pledged to secure collateral trust bonds, 1946, (value
of this collateral under terras of trust deed
$107,000,000).
94,547,700
Stocks unpledged
»
234,244,185
Bonds unpledged..
*
481,000
e
50% installment paid on 45,360 shares, f 10% installment paid on
38 shares.—V. 105, p. 1619.
..
.
....
American Tobacco
been
Co.—Sales, &c.—The following has
officially confirmed:
The sales for the month of Sept. 1917 increased $1,600,000 over
The company is receiving orders for 55,000,000 cigarettes a
much
Sept. 1916,
day.
Inas¬
as
the company's capacity is less than 35,000,000 a day, it has been
found necessary to take steps toward an increase in
plant capacity.
The company is also manufacturing 175,000,000 cigarettes
monthly for
the British-American Tobacco Co.
This is over and above the orders for
55.000,000 cigarettes now reported as the daily average.
Probably the most remarkable sales record ever established for a new
cigarette goes to the credit of the American Tobacco Co.
Only last Febru¬
ary this company brought out the "Lucky Strike" cigarette.
The company
is manufacturing 13,000,000 of these cigarettes
daily (or at an annual rate
of 4,000,000,000 cigarettes), although its orders are
considerably above this
amount.
This brand is second among the cigarette brands
of the country,
although it has been in existence less than a year.—V. 105, p. 1106, 608.
American Transportation
Co.—Equipments Called.—
All the outstanding Marine Equipment Trust certificates, dated
May 1
1912 have bqen called for payment Nov. 1 at Girard Trust
Co., Phila.,
at the
following prices, with interest:fCertificates maturing in 1918 and 1919,
103; 1921, 104; 1922, 105; and 1923, 106.
We are advised
securities will be issued to replace these.—V. 74, p. 97.
102H; 1920,
that
no new
American Water Works & Elec. Co.—Sub. Co. Bonds.—
See Merchants Coal Co.
of Penna. below.—V.
shares included in his share warrants, and to have scrip certificates for such
new share warrants issued to him forthwith.
A suspense account will be opened by the company in which there will
be carried to the credit of each holder of share warrants believed to be resi,
dent in the United Kingdom the amount of the dividends, if any, that would
from time to time have been declared in respect of his ratable proportion of
share capital if already Issued and paid for, such amounts to bear simple
interest at 6% p. a., and there will be debited to each such holder the
price
of such new share capital with simple interest at 6% p. a. as from the time
the offer for subscription to the members resident in the United States of
America shall expire until such time as the directors shall prescribe.
prescribed time the holder of each scrip certificate will have the
right either to call for, or not call for, the share warrants answering
scrip certificate and to receive the same on payment by him of the
debit balance, if any, due from him on such suspense account as aforeaid,
or if the balance is in his favor to receive such balance, together with the
share warrant aaswering to his scrip certificate but no holder of any scrip
certificate will be bound to take any share warrants unless he shall think
fit to do so, but may surrender his scrip certificate instead.
Compare
V. 105. p. 1211. 821.
At the
absolute
to such
Anglo-Amer. Corp. of So. Africa, Ltd.—New Project.—
This
new enterprise has
recently been incorporated in Jonannesburg,
South Africa, with an auth. capital stock of $5,000,000, and has
organized by electing the following directors; Ernest Oppenheimer, formerly
Mayor of Kimberly, Chairman of the company.
Other directors are:
Charles H. Sabin, William B. Thompson and W. L. Honnold, of New York,
and H. Crawford and II. C. Hull, of London.
The company has been organized for the purpose of developing gold
mining properties in the Far Eastern Rand district.
The mines controlled by the Consolidated Mines Selection Co., with
which the new company is said to be affiliated, represent a valuation on the
basis of existing market prices of over $60,000,000.
Under the arrange¬
ments entered into, the Consolidated Mines Selection Co. and interests
identified with it would provide one-half of the new capital called for, and
the ,AnKlo-American Corp. the balance.
The new company has already
acquired large interests in operating mines of the Mines Selection group,
and contemplated taking a leading part in future financial activities of
British
South
105, p. 1518, 1311.
Andrews Building, Detroit, Mich.—Serial Bonds
—S. W. Straus & Co., Inc., are offering, at par and
Offered.
int., to
6%_, $45,000 First Mtge. 6% Serial bonds dated Oct. 1
1917, due serially.
Int. A. & O. at any of the offices of S. W.
Straus & Cov, Inc.
A circular shows:
These bonds may be redeemed at 103 and int. in reverse of their numeri¬
order on any interest date after the second year on giving 60
cal
days'
Trustees, S. J. T. Straus
$100, $500 and $1,000 c*.
$37,500 1923.
Mortgagor, William J. Andrews and wife.
The building, now in the course
of construction and its completion free and clear of all mechanics'
liens, is
unconditionally guaranteed to the bondholders by S. W. Straus & Co.
Security.—The bonds are a direct closed first mortgage on the land in fee
and on the three-story and basement apartment structure of brick and
stone,
containing 27 apartments.
The building is handsomely designed and fin¬
ished throughout in hardwood.
Steam-heating is provided throughout.
The lot fronts 96Vi ft. on Seward Ave. and 175 ft. on Merrill Ave. in an
exclusive end modern residential section of the city.
The property, build¬
ing and land, is appraised at $95,000.
Fire insurance is carried in the
amount of $60,000.
Income.—Estimated normal earnings based on rentals now being obtained
in the neighborhood, show total gross annual rental of
$12,000 and a total
and
Present normal Federal tax of 2% paid.
Harry C.
Bulkley, of Detroit.
Denom.
Maturities $1,500 Oct. 1 1919-1920; $2,000 1921; $2,500 1922;
net annual income after allowing!for
expenses, including
and onpratin? cost,, with a liberal allowance for
repairs,
taxes, insurance
etc., $8,000. trS5.CS
¥* Anglo-American Oil Co., Lim.—£1,000,000 (50%) Of
New Stock to be Offered.—The shareholders will vote in Lon¬
don Nov. 21 on increasing the capital stock from
£2,000,000
(Ala.) Steel Products Co.—Merger Co. Incorp.
This company has been incorporated in Delaware with $4,000,000 auth.
capital stock to take over and operate the properties of the Anniston Steel
Co., the Anniston Metallurgical Co., the Southern Munitions Corp. and the
Southern Manganese Corp,
It is proposed for the new company to pur¬
chase the property of the Anniston Ordinance Co., and pay for it by
giving
each shareholder one share of pref. stock in the new company.
The new company proposes to secure from, the Illinois Car &
Equipment
Co. the property now being used Jby the Anniston Steel Co. and to take over
all outstanding leases of the Southern Car & Foundry Co., as well as the
other companies which have had control of the property since its establish¬
ment years
ago.
*
Appalachian Corporation, Orchards, Tallulah Park,
Ga.—Securities Offered.—This corporation is receiving sub¬
scriptions, on the basis of par and int., for its bonds with a
bonus of 20% in common stock and 20% in preferred, all
stock being full-paid and non-assessable, to $2,000,000
6%
20-year gold mortgage bonds and $400,000 each of 7% cumu¬
lative pref. stock and common stock.
A circular shows:
The bonds, which are a mortgage on all property now owned or hereafter
acquired, are dated Jan. 1 1917,, due Jan. 1 1937.
Interest J. & J. at the
Trust Co. of N. Y., trustee.
Redeemable on any interest date
at 105 and interest upon prior notice.
Denom. $100 and $1,000 c*.
Central
Capitalization—
Common
Authorized. Present Issue. Future Use.
stock
Preferred
stock..
$2,500,000
$2,100,000
$400,000
2,000,000
1,600,000
400,000
Twenty-year bonds..
—;
10,000,000
3,000,000
7,000,000
Property.—This at present consists of upwards of 6,000 acres of orchard
and farming land situated in Habersham and Rabun counties,
Georgia,
and Macon, Missouri, on which are located valuable timber, limestone
deposits and water power sites.
The corporation's orchards contain
77,400 apple trees, with warehouses, buildings and machinery.
The cor¬
poration also controls through its ownership of the entire capital'stock of
the Appalachian Corp., Inc., of La., a subsidiary organized in
La., an ex¬
tensive warehouse in New Orleans, now in successful operation.
A. part
of this warehouse will be converted into a cold storage plant.
V
Business.—The plans of the management include the production of
ap¬
ples, peaches, truck crops and other farming and dairy products on a large
scale, and the storage and marketing of the produce of the company through
its own agencies.'
The advisability of taking immediate advantage of the
unprecedented and world-wide demand for foodstuffs now existing has in¬
fluenced the management to undertake an important extension of the cor¬
porate operations, and, in order to finance the same, to offer $2,000,000
of the corporation's bonds for sale, in addition to the
$1,000,000 already
outstanding.
The funds received from this sale will be deposited with
the mortgage trustee and will be disbursed in the
development of the cor¬
porate business and acquisition of other properties in the manner defined
by the mortgage.
Earnings.—The corporation is an established, going concern.
Esti¬
mates prepared by experts justify the expectation that
earnings will increase
.
at
a
progr&ssive rate.
•
The financial statement of the corporation as of Feb. 8 1917 showed the
following: (a) Fixed assets, net. $3,654,997; (6)' current assets, $114,013;
and (c) current liabilities, $13,579.
net
notice.
Africa.
Anniston
250,000
.•
100
.com
Lima Telephone & Telegraph
do
do
Treasury object
5,227,177
*
100
the Lords Commissioners of his Majesty's
new
,.$451,522.400
Securities Owned.—The company's
as
scription by the holders of share warrants resident in the United Kingdom
until such time as shall be prescribed in view of the requirements of the afore¬
said Commissioners.
Meanwhile each such English holder will be invited
to present his share warrants at the company's office and to have them
stamped as carrying the right to one new snare at £1 lis. 6d. for every two
Telephone & Telegraph Co.—Capital Stock
Listed.—The N. Y. Stock Exchange has authorized the list¬
ing of the additional $39,550,600 capital stock on official
notice of issuance and payment in full, offered at par to share¬
holders of record Dec. 11 1916 (V. 103, p. 1982).
do
com¬
to the issue of any of the new capital in the United Kingdom during the war,
the ratable proportion of the new share capital will be reserved for the sub¬
American
1.
the
substance:
Sugar Refining Co.—Sugar Contract.—
on
shareholders of
pany,
V. 105, p. 1619, 1211, 821.
See Editorial columns
the
whole shares held
present outstanding certificates.
American
to
Estimated Results for a Period of 20 Years from 1918 to 1937.
'
Total gross receipts from all sources.:
Balance to profit after all operating costs and fixed
charges
$57,271,197
$21,133,242
Reserve fund for the redemption of bonds..
3,000,000
Dividends of 7% p. an. for 20 years on $2,000,000 of pref. stock.
2,800,000
Net
earns, on
$2,500,000
com.
stock (equiv. to 30.66% p. a.)..$15,333,242
Directors.—Louis B. Magid, President of the corporation
(N. Y. office
115 Broadway); James L. Wright, Pres. Bankers' Loan & Securities
Co.,
New Orleans; J. B. Hockaday, V.-Pres. Southern
Express Co.; director
Lowry Nat. Bank, Atlanta: Wilbur N. Jordan, director Amer. Trust Co.,
W. H. Douglass, director Whitney-Central Nat.
Bank, New Or¬
S. Erwin, attorney, Clarksville, Ga.—V. 105, p. 391.
Boston:
leans; W.
Associate Owners, N. Y.—Increase in Stock.—
The
shareholders
of this
company
will vote Nov.
1
on
increasing the
authorized
capital stock from $250,000 par $100 to $400,000 par $100,
of which $200,000 shall be common stock par $100 and
$200,000 6% cumu¬
lative pref. (a.& d.) stock, redeemable at 105 and div. on two months'
notice.
Divs. M. & N. Pref. stock shall be without right to vote unless default
of
30 days shall be made in payment of such dividend.
William H. Harris is President and Howard S.
Cullman is
Secretary.
Office, 258 Broadway, N. Y.
Aurora Automatic
Machinery Co.—Dividends.—
This company has increased its dividends for the fourth time this
year.
On Jan. 15 the company paid a quarterly dividend of
% of 1 %, an Increase
of X%.
On April. 15 the rate was raised to 1% and on
increase
was
made to 134%.
July 15 another
At the last meeting of the directors the rate
Oct. 27
was
1917.]
THE
raised to
1M%. payable Oct. 23.
running at_ the rate of about 35% per
CHRONICLE
Its net before taxes is said to be
annum
on
Bordens Condensed Milk Co —Strike Settled
the $5,000,000 stock.
of the drivers
employed by this company's distributing sub¬
sidiary, the Bordens Farm Products Co., which
began last week, was ended
Oct. 21 by the signing of an
agreement by the terms of which the teamsters'
Bartlett-Hayward Co.—Note Payment.—
This company on
Oct.
union
15 paid off through the Fidelity Trust Co.
of
issue of First Mtge. 5% gold notes,
issue of $1,850,000, $500,000 were paid off
Compare offering in V. 102,
p.
1899.
See Bordens Milk Co. above.—V.
Boston
Bethlehem Steel Co.—Bonds Listed.—The N. Y. Stock
passed beyond control of the
V.
105, p. 912, 1620.
See Liberty Ordnance Co. below.
British-American Tobacco Co., Ltd., London.—Pro¬
posed Distribution of Ordinary Shares of Imperial Tobacco Co.
of Canada, Ltd.—In a letter addressed to the shareholders
under date of Oct. 8 1917, A. M.
preventing the distribution of any shares of a company incorporated abroad
(as the Imperial Tobacco Co. of Canada, Ltd., was) to any shareholders
outside the United Kingdom, or to the sending of any certificates or
trans¬
fers of shares outside the country, and that the Lords
Commissioners of His
Majesty's Treasury had been approached as to whether the proposed dis¬
tribution would be permitted, and they had intimated that
they were then
unable to sanction the distribution but application might later be
renewed.
The directors have had this question constantly before them and are
satisfied that the consent of the Treasury would not be
likely to be given
during the war. They have, therefore, decided to abandon the distribution.
An important point which has determined them in
coming to this con¬
clusion is the fact that in consequence of the enormous increase in the cost
of leaf tobacco (in many cases at least double the
price of a year ago) it is
absolutely necessary in order to purchase the necessary supplies to employ
:
and the proceeds
advanced to the Penn Mary Co. to enable it to
acquire the assets of the
Pennsylvania Steel Co.. consisting chiefly of its plants at Steelton and
Lebanon, Pa., the interest of said company in the Cornwall ore banks and
the stock held by said
company in the Lebanon Water Co. and
in the
Lebanon County Light, Heat & Fuel
Co.; the assets of Maryland Steel Co,
of Baltimore
County, consisting chiefly of plants at Sparrows Point, Balti¬
more County, Md.; and the assets of
Penasylvania Steel Co., of N. J.
(except the stock held by said company in said the Pennsylvania Steel Co.,
of Pennsylvania, and Maryland Steel Co. of Baltimore
County), consisting
chiefly of the stock held by said company in the Spanish-American Iron Co.,
Penn Mary Coal Co., Possum
Glory Water Co., and Pine Township Water
millions of additional working
capital.
The directors have, therefore, agreed to sell out of the
holding of the
some
'
company 1,000,000 ordinary shares of the Imperial Tobacco Co. of Canada,
Ltd., to a well-known London financial house.
The Treasury have inti¬
mated that they raise no objection to the sale under certain conditions.
The
mortgage covers all the real estate and plants so acquired by the
Penn Mary Co.
It is a first lien upon about 430 acres of land at Steelton,
Pa., on which are located the Steelton bridge and construction department
shops and offices, frog and switch department shops and offices, SemetSolvay coke ovens and offices, about 150 dwelling houses, the general office
building, and certain other structures, and the limestone quarries-from which
the Steelton plant obtains its
supply of this material, and also is a first lien
upon about 660 acres of land at Sparrows Point, Md., adjacent to the land
It should be stated for the information of the shareholders that whilst the
factories of the company in England are largely and
increasingly employed
in
Sept. 30.—V. 105,
of the
7
Mos.
to
1,073,929
1,982,336
4,219,999
13,800,825
See "y"
$4,510,084 $15,783,757 $41,814,801 $32,792,349
The profit and loss surplus for the 7 months to
July 31 1917 was $32,7
739,849 after adding $90,000 dividends received and deducting $142,500
inter-company general expenses.
•
Assets (Total $285,161,768)—
.
'
•
Property account Jan. 1 1917, $150,382,459; additions during
year, $42,262,682; total, $192,645,141; less reserve fbr de¬
preciation, exhaustion of minerals, re-lining furnaces, &c.,
$46,009,764; balance..
......$146,635,377
Special funds in hands of trustees for redemption of mtges
407,108
Contingent and depreciation funds assets
412,828
Raw materials and supplies on hand and in transit
x21,284,266
Burns Bros.—Common Stock Listed.—
issuance
(V. 105, p. 1620), making the
to Aug. 31
mos.
Tonnage
5
total amount
1917 and
year
Net
Sold.
Sales.
ending
»
Net,after
Other
Depr., %c. Income.
Net
Income.
$484,134
1,289,784
California-Oregon Power Co.—Plant Completion.—
This company's hydro-electric plant at
Copco, Cal., representing an in¬
$2,000,000, will be opened for operations about Dec. 1.
capacity of the project will be 25,000 hi p., increased
to 50,000 h. p. by a.subsidiary station nearby.
Power from this plant will
be used in part in bringing the Southern Pacific trains over the Siskiyou
Mountains.—V. 103, p. 146.
vestment of about
The initial generating
Canada Foundries & Forgings Co .—Acquisition.—
See De Laney Forge & Iron Co.,
Canadian Explosives
below.—V. 105,
p.
1524, 1422.
Co.—Explosion.—
A press dispatch from Montreal dated Oct. 26 says that this company's
plant at Vaudreuil. near Montreal, was blown up to-day with an estimated
damage of $1,600,000.—V. 105, p. 60,9.
Canton
■
See
Sheet Steel Co.—Sale.—
(O.)
Hydraulic Pressed Steel Co. below.—V. 105, p. 912.
Central Leather Co.—Earns, for
33,079,662
1916.
Nine Months
1917.
1916.
$4,658,390 $17,485,503 $13,198,676
^-$3,462,106
properties)*
3 & 9 Mos. end. Sept. 30.
Months
1917.
notes
issued
Gross
Profits.
*17-1,201,739 $7,336,736 $1,739,979 $362,677 $121,458
1916-17
3,009,632 15,235,910
3,565,079
921,374
368,410
—V. 105, p. 1620, 1422.
mos.
Three
—
ties
stock dividend
x23,860,356
...
receivable, public, $28,816,908; B. S.
Corp. and sub. cos., $4,262,754.
Investments: Pledged as part security for 2-year notes,
$27,600,000; other investments, $7,652,911; tojtal
Cash: Pledged as part security for 2-year gold notes,
$10,000,000; in hand and bank, subject to check, $11,919,7571
Deferred charges, mainly discount to be amortized, on securi¬
.
a
Earnings.—For 5
Worked materials and contracts in progress, less bills rendered
and
as
authorized to be listed, $9,208,500.
>_
Accounts
Compare
The New York Stock Exchange has authorized the listing of an additional
common stock on and after Nov.
15 1917, on official notice of
Consolidated Balance Sheet July 31 1917 (Bethlehem Steel Co. and Sub.
Cos.),
account...
12.
,
$70,200
1,379,484
Balance
on
3 X years ago.
some
.
All the outstanding 6% serial gold bonds, dated Aug. 2 1915, have been
Period—
31
$8,128,802 $22,379,162 $59,867,867 $37,649,736
$2,104,498
$2,375,405
$4,252,241
$4,857,387
1,514,220
.
March 31 1917:
1916.
July 31 '17.
Manufacturing profits.. $7,897,155 $21,305,233 $57,885,531 $36,270,252
Interest, &c,, charges..
Provision for deprecia'n,
depletion, &c._
paid with interest
was
called for payment on or before Nov. 22 at 101 and int. at the office of
A. II. Bull & Co., 17 Battery Place, N. Y.—V. 104, p. 1389.
fios.}.—Years ending Dec. 31
Years ending Dec.
1914.
1915.
231,647
Bonds.—
on
(A. H.) Bull Steamship Co.—Bonds Called.—
Steel-Maryland Steel Co. (Nos. 5 to 8 in said list of Oct. 13), and $2,573,000
1st M. 6s of Spahish-American Iron Co. and
$1,482,000 1st M. 5s of PennMary Coal Co. (Nos. 13 and 14 in said list)
income...
principal of the bonds
.
Township Water Co., total, $2,050.
Total income....
1000.
The property was sold under foreclosure proceedings Sept.
V. 105, p. 1106. 821. 609.
i
:
Mary Coal Co. (of Penn.), total issue, $100,000, par $100; (c) $33,200 stock
of Lebanon (Pa.) Water Co., total issue,
$33,500, subject to Penn. Steel Co.
mortgage of 1"902: (d) $19,500 stock of Lebanon County Lt., Ht. & Fuel Co.,
total issue, $20,000; (e) $98,800 stock of
Pennsylvania Steel Co. (of Del.),
now known
as Bethlehem Steel Bridge
Corporation, total issue $100,000;
(/) $800 stock of Possum Glory Water Co., total issue $1,000; (g) $1,850
Other
moderate
a
Joseph J. O'Donohue Jr., and Seymour L. Husted Jr., as trustees, will
pay, on presentation to the U. S. Mtge. & Trust Co., N. Y., the balance
of principal (6%%) and int. to Oct. 15 1917 to holders of this
company's
First Mtge. 6% bonds, less 1% for expenses.
We are advised that 933^%
The mortgage
Penn Mary Co.
following stocks owned by the
Results (Beth Steel Co. & Sub.
and 7 months to July 31 1917:
p.
Brooklyn & New York Ferry Co —Payment
Penn Mary Steel Co., these
being in each case the entire amount issued
other than shares held by
directors, viz.: (a) $2,399,940 stock of SpanishAmerican Iron Co. of a total issue of $2,400,000;
(b) $90,200 stock of Penn-
stock of Pine
supplies of tobacco and cigarettes for the troops abroad at
profit, the output in the United States, as a result of steps taken by the
directors early in the war, has been very largely increased
during the last
two years. The directors have every reason to believe that the shareholders
will not be dissatisfied with the result of the
operations for the year ending
on which the
Sparrows Point Steel plant and shipbuilding plant are located;
ana the mortgage is a lien
subject only to the underlying liens upon other
real estate and plants of the Penn Mary Co.,
including the remainder of the
Steelton plant, at Steelton, Pa.; the Lebanon
plant at Lebanon, Pa., and
the plants at Sparrows Point, Md,
The mortgage Ls also a lien upon all
additions and betterments to be made to
any of said
Parts of the properties covered by the
mortgage are subject to the prior
lien of six issues of underlying bonds mentioned in "Chronicle" of Oct.
13,
p. 1524, viz.: (a) four issues, aggregating $12,233,000, of Pennsylvania
says:
to the
The official statement
says that the $31,942,000 of said bonds heretofore
issued have been sold by the Bethlehem Co. for cash at
plants.
Rickards, Sec'y,
The directors beg to refer to the circular letter issued
by the company
ordinary shareholders on Feb. 26 last, in which it was explained that
on Jan.
24 an Order-in-Council had been issued which had the
effect of
trust, dated July 1 1916, made by Penn Mary Steel Co. (a
subsidiary of the Bethlehem Steel Co.) and the Bethlehem
further constitutes a lien upon the
54.16% interest of the
in the Cornwall ore banks.
"
The bonds are also secured by pledge of the
Belting Corp.—Successor Company Incorporated.
Bridgeport Projectile Co.—Acquisition.—
The bonds of said issue are direct
obligations of the Beth¬
lehem Steel Co. and are secured
by a mortgage and deed of
,
—
500.
13 with $1,000,000 au¬
reorganization plan and as
to the Boston
Belting Company, for details of which see V. 105.
912.
The stock of the the new corporation consists of
10,000shares of
6% cumulative pref. shares, par $50, and 5,000 shares of common
stock,
par $100.
Directors: Walter F. Lawton (Pres.), Hermann A.
Dolbeare,
Boston (Treas.), and J.
Sidney Stone.
See plan,
Aug. 31 1917.
Arrangements to dispose
>of the balance
($10,259,000), it is said, were recently effected
(Compare V. 103, p. 1793, 2157; Y. 105, p. 1619.)
Co.
p.
successor
on
par
105,
P-
company, an
Steel Co. to Bankers Trust Co., trustee.
employed in the
This company was incorporated in Mass.
Oct.
thorized capital stock in accordance with the
additional $10,209,000 of said bonds, making the total
$32,942,000. ' Of the bonds in question, $22,653,000 were held
by the public
to be
are
arbitration.—V. 105, p. 1619, 1422.
Bordens Farm Products Co.—Strike Settlement
Exchange has listed $22,733,000 (of the auth. issue of
$60,000,000) Purchase Money & Impt. Mtge. 5% 20-Year
Sinking Fund Gold Bonds of 1916, with authority to add to
the list on or before
July 1 1918, on official notice that they
have been sold and
is recognized and
only organization men
The wage question was left to
future.
the
April UHast and $500,000 July 15.
—
The strike
[Data furnished by E. T. Konsberg &
Co., Chicago.]
Baltimore, the last $850,000 of
dated April 15 1916. Of the total
1711
35,252,912
Lecos?,Xfxcfptin't?on bcfs1!
21,919,757
--$2,370,496
Add inc. from invest'ts__
3,039
$3,698,187 $14,126,i78 $10,212,910
-.-$2,373,536
1st M. 5s
$459,552
$3,607,087 $14,148,070 $10,244,357
$459,552
$1,378,656
$1,378,656
582,733
582,733
1,748,197
1,748,197
(2)794,018(7^)3076819 (5)1,985,045
Balance
1,060,203
1,091,610
...
8,900
3,359,325
2,985,766
21,892
31,446
•
2,309,502
(Total $285,161,768)—
Capital stock, 300.000 shares of $50 each, all auth. & issued
$15,000,000
Funded debt: Bonds,
$80,755,000;, 2-year notes, maturing
Feb. 15 1919, $50.000,000...
130,755,000
Notes payable
3,913,928
Accounts payable- Public, incl.
advance payments on con¬
tracts, pay-rolls and accruing liabilities, $43,461,330; Beth.
Steel Corp. and sub. cos., $2,295,616
45,756,947
Bond interest accrued, $551,537; divs. declared not yet due,
»
$525,000; total
1,076,537
Contingent and miscellaneous operating funds..
2,709,388
Appropriated for and invested in add'ns to prop. & working cap. 48,800,000
Unappropriated surplus, y$4,410,119; profit and loss surplus
(see above), $32,739,849
37,149,968
Liabilities
Total
_
Deduct—-Int.
on
Pref. divs. (7% P. a.)-
Common divs.
.
-
(3 X %)1,290,279
—
*
$7,944,399
$5,132,459
earnings are stated after deducting expenses incident to
operations, including those for repairs and maintenance, approximately
$600,426 for the quarter and $1,619,023 for the nine months.
Total surplus Sept. 30 1917, $28,328,065.
Total
net
Death
of
The death on
Vice
Oct.
President.—
20 of Walter
rector, Is announced.—V. 105, p.
G.
Garritt,
Vice-President
and,a di¬
1312, 391.
At book
values, subject to adjustment to values shown by actual in¬
ventories when taken at the close of the fiscal year,
y No deduction has
been made from the earnings to date this year for depreciation, which will
be adjusted at the close of the fiscal year Dec. 31.
x
$1,770,785
Surplus for period-$40,972
The entire
capital stock of the Bethlehem Steel Co. is
by the Bethlehem Steel Corporation.
Compare Y.
105, p. 1524.—V. 105, p. 1619, 1524, 1422.
Chicago Lumber & Coal Co.—Bonds Called.—
Eighty-three ($83,000) First Mtge. 6% bonds of the Gulf Lumber Co.
dated May 1 1907 have been called for payment on Nov. 1 at 103 and int.
at Guaranty Trust Co., N. Y.
These bonds are guaranteed, prin. and int.,
by Chicago Lumber & Coal Co.—V. 104, p. 1492.
owned
Citizens'
Bethlehem
Steel
Corp.—Status—Sub.
•
••
'
'
in Terre Haute, Ind., by 5 cents
per
1,000
ft., the Indiana P. U. Commission in its findings says: The company
is authorized to file with the Commission on or before Nov. 1 1917, effective
Dec. 1 1917, the following schedule of rates, tolls and charges, in lieu of the
Company.—
See Bethlehem Steel Co. above.—V. 105, p» 1619, 1524.
/
Gas & Fuel Co., Terre Haute.—Rates.—
In reducing the rates for gas
cu.
"
'
•'
schedule of rates established June 9 1916, viz.:
first 3,000; 70c. for next 7,000; COc. for next
of
80c. net per 1,000 cu. ft. for
10,000; 50c. for all in excess
20,000.—V. 93, p. 1791.
Decrease.1
1917—9 Mos.—1916.
744,000 60,742,000
29,356,385
is under the management of Henry
The company
For complete data
tion of properties,
Copper Co.—Copper Production {in Pounds).—
Chile
1917—Sept.—1916.
3,294,000
4,038,000
—V. 105, p. 1211, 1106.
[Vol. 105.
CHRONICLE
THE
1712
Increase.
21,385,615
L. Doherty & Co.
regarding the original offering of these bonds, descrip¬
1706.—V. 105, p. 75.
&c., see V. 104, p. 365,
Federal Chemical Co., Louisville, Ky.—New Plant.—
state that this company, manufacturers of commercial
with plants at Louisville, Ky., Nashville and Mt. Pleasant
Tenn,, &c., will soon commence construction of a sulphuric acid plant at
Columbus, Ohio, to cost approximately $300,000.
The new plant will
adjoin the present mixing plant commenced last spring and now completed
Press'•reports
fertilizers
Clinchfield Coal Corporation. N. Y.—Dividends.—
quarterly dividend (No. 2) of 1 % has been declared on the §15,000,000
stock, along with the regular quarterly \% % on the pref. stock,
both payable Nov. 1 to holders of record Oct. 26.
The initial dividend of
1% on the common was paid in Aug. last.—V. 105, p. 292.
at a cost
of $200,000.—V,. 104, p.
260.
A
Colorado Fuel & Iron Co.
1917.
1916.
receipts...$10,441,420 $8,035,862
Net earnings
$1,615,323 $1,432,756
Other income
173,789
162,435
Z Mos.to Sept.SO—
Gro3S
-Earnings-
Sept. 30.
3 Mos. to
1917.
1916.
.$1,789,112 $1,595,191
Bd. int., taxes,&c.
711,639
685,966
Balance, surplus..$l ,077,473
$909,225
Total income
New Vice-President.—
J. B. McKennan has been elected
V. 105, p. 1516, 1211.
Vice-President and General Manager.—
Consolidated Gas Co., N. Y.
City.—Rehearing Sought.—■;
asks for a
heat unit
letter to the P. S. Commission,
decision Of the Commission changing the
Pres. Geo. B. Cortelyou, in a
rehearing from the
standard of gas.
!► The P. S. Comm. has adopted an order providing the method by which
the gas companies operating in New York City may change the standard
under which gas is furnished from the 22-candle-power basis, established by
law, to a heat-unit basis. The order, however, is tentative and will remain
in effect only for the duration of the war and for three months thereafter,
at which time the companies will revert to the candle-power basis unless the
Commission in the meantime determines upon the heat-unit standard as
a permanent fixture.
The order, it is explained, was issued at this time in order that the gas
companies might begin providing the U. S. Govt, with certain gas residuals,
notably toluol and other chemicals needed in the manufacture of munitions.
The order provides that all companies operating under the order, in the
event that the number of heat units per cubic foot of gas furnished to con¬
sumers is less than the average number now furnished under the candlepower standard, must
—V. 104, p. 2447.
bills.
make a corresponding discount in consumers
Consolidated Gas, Electric Light & Power Co., Bait.—
it is understood, has reduced the subscription price of
level of SI 10 per share and has raised the inter¬
est rate on payments from 6% to 7H% to conform with the present divi¬
dend rate or 8% which the company is paying to adjust to the purchase price
of $110 per share.'—V. 105, p. 1306, 501.
This company,
Its stock to consumers to the
Corn Products Refin.
prof.$12,182,390 $4,989,581
Bond interest,
depr'n,
1917.
1916.
$1,565,912 $1,118,509
1916.
1917.
Current
Co.—Earns. 9 Mos. end. Sept. 30.
&c.#3,590,696
2,254,731
Pref. divs.
Rate per cent.
®K%)
$2,616,341
(5H%)
Balance, surp.$7,035,781
Cromwell Steel Co., Lorain,
Ohio.—Note Issue.—
This Ohio corporation, which recently increased its authorized common
capital stock from $2,000,000 to $3,500,000, par $100, has also created
an issue of $1,500,000 First Mtge. 7% notes, maturing in one, two and
three years.
The notes are dated Oct. 1 1917.
Interest at 7% per annum
is payable quarterly at Cleveland, O.
Trustee, First Trust & Savings
Bank, Cleveland. O.
For more complete data see V. 105, p. 1312.
(Tex.) Automatic Telephone Co .—Franchise.—
The telephone franchise recently granted by the Pallas City Commission
on Oct. 9 transferred to this company, in accordance with a proposal
was
the Automatic company and the Southwestern (Bell) Telephone &
Telegraph Co.
This merger, however, cannot be carried out until the valu¬
ation of the Southwestern company is completed, which is expected to be
done shortly.
Compare V. 105, p. 822.
to merge
Davis Mills Corp.,
Fall River.—Dividend Increased.—
A quarterly dividend of 5% has been declared on the $1,875,000 stock,
payable Dec. 22 to holders of record Dec. 8.
This compares with 3% quar¬
terly in March, June and Sept. 1917 and 1 ^ % quarterly in 1915 and 1916,
with 2% extra in Dec. 1916.—V. 104, p. 2346, 1594.
Forge & Iron Co.—Incorporated.—
incorporated under the laws of New York on Oct. 13
presumably to operate the plant of
of Buffalo, N. Y., which has been
purchased by the Canada Foundries & Forgings Co.
Directors of thq new
company are John T. Dillon and John M. Hull, each of Buffalo, N. Y., and
De Laney
This company was
last with $750,000 auth. capital stock,
the old De Laney Iron & Forgings Co.
John L. Emerson.
Dome Mines
Titusville. Pa.
Co., Ltd., Toronto.
ending Sept. 30 1917.—
$694,541
7,269
Returns from bullion
Other
income
Gross
_
income..
Net earnings......
..$701,810
$167,234
697,051
Surplus, Mar. 31 1917
—V. 105, p. 610.
Total
-Earnings, Six Months
$864,285
surplus....
Depreciation of plant
$141,164
War tax on profits (1916-17)—
27,415
100,000
Dividends paid-(2H%)
$595,706
Profit and loss surplus
Drexel Motor Car Co,—Sale.—
plan satisfactory to the creditors' committee for the refinancing of this
not having been forthcoming from the shareholders, the property
was sold at auction Oct. 24 at an upset price pf $102,000.
A
company
Water Co., Oakland, Cal.—Dividend
East Bay
A dividend of 1H%
—
has been declared on the Class "A" pref.
quarter ended Sept. 30
Oct. 15.—V: 105, p. 292, 75,
the
stock for
1917, payable Oct. 25 to holders of record
Empire Refining Co.—Bonds Offered.—Montgomery &
Co., Kissel, Kinnicutt & Co. and Henry L. Dokerty & Co.
are offering a block of this company's First Mtge. & Collat¬
eral Trust 10-year Sinking Fund 6% gold bonds of 1917, due
Feb. 1 1927.
A circular dated Oct. 1917 shows in part! „
The company owns either directly or through the ownership of substan¬
tially all securities six refineries, five of which are situated in Okla. and one
in Texas, and the Empire Pipeline Co., operating in Kansas and Oklahoma.
Capitalization—
Authorized. Outstanding.
First Mortgage gold bonds
$10,000,000
$6,650,000
Capital stock
10,000,000
10,000,000
The company owns directly the following Oklahoma properties:
Ameri¬
can
Refining Co.. Okmulgee; Ponca Refining Co., Ponca City; Cushing
Refining Co., Cusning; Peerless Refining Co.. Cushing; Oklahoma Refining
Co., Oklahoma City.
In addition, the company owns, through the own¬
ership of substantially all securities, the Producers Refining Co. of Gaines¬
ville, Tex.; Empire Pipeline Co. of Kansas and Oklahoma and Empire
-
Refineries, Inc.
Combined Earns, of Properties
July 31 '17.
$8,397,883
6,783,836
fund
$1,614,047
$6,650,000 bonds out
$1,414,547
said, controls practically all of the oil
business in the U. S. of Cities Service Co.'s
of the company for the year ended July 31
Net accruing to company
Balance after 1199,500 interest on
Gas & Fuel Co., it is
production and natural gas
subsidiaries.
The earnings
1917 were as follows:
Net accruing to the Empire Gas & Fuel Co
Balance after,interest and sinking fund on First
M. 6s
Of this amount 60% must be reinvested in fixed property
ment of the Empire Gas & Fuel Co. funded debt.
I
If bought by the reorganization
committee named last week, it will
reorganized per plan dated Oct. 9 1917. ^
>
Property.—The receivers report: 21,192 acres inside leveed district unsold
not subject to contract; 49,229 acres outside leveed district, of an
estimated value of $5 per acre; 2,893 acres railroad and canal lands; 3,811
Fellsmere town lots; 1,059 Broadmoor town lots.
Deferred payments on
acreage under contract (approixmately 9,729 acres) of a book value as of
March 1 1917 of $318,378 (reduced by payments made subsequently) of an
estimated present value of $200,000; about $30,000 of accounts and notes
receivable, present estimated value, $10,000; cash, about $10,000; stock
of the corporation owning the railroad of a doubtful value; buildings,
machinery, material and supplies, unappraised.
Outlook.—The receiver says in substance: If approximately $90,000
working capital is made available, all of the property within the leveed
district can be sold, and the purchase price (realizable within eight years),
together with receipts from present contract holders, will produce a sum
sufficient to pay all costs of operation and improvements and to leave avail¬
able for paying the debts of the company, and for distribution to its stock¬
holders, approximately $685,000.
This estimate excludes possible receipts
from the sale of 49,229 acres outside leveed area, which should bring $5 per
acre, and from sundry accounts receivable, estimated at $10,000.
I have
no doubt the
property can be liquidated to the extent of the present and
contemplated investment of the First mtge. bondholders within four years.
Cash Requirements.—The cash requirements of carrying out the proposed
plan will probably be about $160,000, including: (a) payment of receivers',
certificates, $20,750; (5) cost of acquiring property and organization of new
company, $49,250; and (c) new capital, $90,000.
1
There are available in the sinking fund moneys which under the terms of
the decree belong to and are distributable among the bondholders (approxi¬
mately), $50,000; cash in hands of receiver, $11,000; balance, new money
required, $99,000.
The committee has endeavored to negotiate a loan on
the properties, but under existing financial conditions it has been unable
to do so.
The success of the plan is, therefore, dependent on the depositing
bondholders' subscribing to $99,000 of the proposed issue of $100,000 7%
be
and
notes.
-
Securities
to
the New Company.
by
Created
Be
notes, $99,000 to be subscribed for at
and issued as the money is required
$100,000
Common Stock (or v. t. c.) authorized$1,000,000
To the holders of present $330,000 first mtge. 6s at rate
of $1,500 stock (or v. t. c.), for each $1,000 bond-__.$495,000
To the subscribers for new notes at rate of $500 stock
Unsecured Five-Year 7%
.
par
(or v. t. c.), for each subscription of $100
495,000'
(with $1,000 of. new 7% notes)
10,000
Subscriptions for the new notes will be payable 10% Nov. 15 1917, 10%
Dec. 15 1917, 10% Jan. 15 1918, 20% Feb. 15 1918, and the balance there¬
after, if and as called prior to Jan. 1 1919, at intervals of not less than 30
days, but not over 20% on any one call.
In the discretion of the committee the total common stock may be de¬
posited in a voting trust for "not exceeding five years with authority to sell
the property for $330,000 (plus
a
sum equal to the indebtedness of the
company) or for a less sum, subject to approval by a majority in interest
of the depositing shareholders.
Compare V. 105, p. 1525; V. 101, p. 134.
Co.—Offering of Pre}.
recently offered at
102 and div. $200,000 7% cumulative First Pref. (a. & d.)
stock of this Massachusetts corporation, successor of the
Flintkote Mfg. Co. of N. J., manufacturers of asphalt
Flintkote
10,310,807
$8,743,299
or the retire¬
„
(Roofing Materials)
Stock.—Geo. A, Fernald & Co., Boston,
A circular shows:
shingles, &c.
The First Pref. stock is redeemable, all or part,
at $110 per share.
Divi¬
dends Q.-J. 15.
The First Pref. stock is entitled to $110 and div. in case
of dissolution or liquidation.
No mortgage or other lien prior to the First
Pref. stock can be issued without the consent of two-thirds of the First
Pref. stockholders.
Unless the net quick assets are at least 1times the
outstanding First Pref. stock, 25% or the annual net earnings must
in reserve before paying more than 5% on the common stock.
Data from Letter of William J.
be held
Smith, Treasurer, Boston, June 30.
Company.—The business was established in 1901.
The Flintkote
a reincorporation of and successor to the Flintkote Mfg.
The company manufactures asphalt shingles in a variety of
types, roll roofing and waterproof plastics.
Products are distributed
throughout the U.S. and all parts of the world.
Asphalt shingles are the
logical successor to wood shingles and, being fire resisting and reducing in¬
surance cost, have longer life and are sold at practically the same price.
The
Co. of Mass. is
Co. of N. J.
Issued.
Authorized.
Capitalization (No Mortgage or Funded Debt)—
$250,000
$225,000
140,000
140,000
Common stock
410,000
334,000
Plant.—This is at Rutherford, N. J., and advantageously located; mainly
brick and concrete construction, with a complete modern sprinkler system.
The present output is about 150 tons per day, running only one shift.
The
company carries fire insurance on its mill and contents in excess of $260,000;
First Preferred Stock
Second Preferred Stock
also
use
and occupancy insurance.
Condensed Balance Sheet as of May
„
1 1917, Adjusted to First Pref. Stock.
Liabilities (Total $941,104)(Total, $941,104)—
$225,000
Real estate, machinery, &c_$163,456 First pref. stock
140,000
Cash and accts. receivable. 340,046 Second pref. stock
334,000
Finished goods & raw mat'ls 176,767 Common stock-.
Patents & royalty contracts 260,835 Accounts & notes payable._ 242,104
By the above net quick assets equal $122 per share of 1st pref. stock issued
and net tangible assets $194 per share.
Earnings.—Annual net earnings for 15 years have averaged about four
times the dividend requirements on the $225,000 First Pref. stock now
issued.
For the five months to June 1 1917 the net earnings were $33,395.
Assets
For the year ending Oct. 31 1917 it is estimated that total net earnings,
including royalties, will be five to six times the First Pref. dividend.
In
addition to the manufacturing profits, the company has an increasing source
of income from royalties on patents, which are being paid from 17 licensees.
Management.—Pres., Reginald W. Bird; C. E. Rahr, and Treas., Wil¬
V.-Pres. & Mfg. Mgr. is F. C. Overbury. of
liam J. Smith, all of Boston;
Hillsdale, N. J.
1
Ford Motor Co. of Canada,
Accts. receivable
Stores account
Total
6,185,925 4,302,387
1
Cash
..
....
..
1916.
s
$
7,000,000 7,000,000
3.52,494
Pur. creditors, &c._ 1,019,476
132.585
165,867
Accr'd acct's, &c__
334,329
593,932
Contract resvs., &c.
716,136
935,443
Bus. prof, tax res..
Capital st'k issued.
1
2,066,456
Patents
July 31.
1917.
$
....
Balance Sheet
Liabilities—
Plant accounts, less
depreciation
Ltd.-
1916.
1917.
Assets—
Deferred charges
Owned and Sub. Cos. for 6 Mos. end.
Gross * earnings
Operating expenses, taxes and contingency
The Empire
foreclosure of 6% IstM.
was defaulted July 1
This property is to be sold Nov. 5 1917 under
1915 ($330,000 outstanding), interest on which
1916.
•
T
Dallas
of
To be held in treasury
1620, 1423.
—V. 105, p.
(Fla.) Farms Co.*—Property—Plan.—
Fellemere
common
486,655
1,838,864
3,859,214 3,077,334
67,222
90,710
1,307,825
.12,510,131
Other reserves
Profit and loss
9,762,464
Total—
350,272
187,797
2,445,140 1,039,123
12,510,131 9.762,464
profits for the year ending July 31 1917 were $2,322,647 and after
deducting business profits taxes $935,443 ($785.18 In 1917 and $150,262 in
'1916), the surplus ror 1916-17 was $1,387,204.—V. 105, p. 1525.
The
Fort
Smith
Spelter Co.—Purchase.—
Pres. D. W. Kerr and associates have
purchased the building and equip¬
mill plant at Greencastie, Ind., and, it is reported, will
develop a 10-mill sheet zinc plant that will furnish the Fort Smith company
with zinc slabs.
A new corporation to have $1.000,000 authorized capital
stock, $600,000 common and $400,000 preferred, is being organized to
own the new mill.
Compare Y. 104, p. 2346.
ment of a rolling
Oct. 27 1917.]
THE
CHRONICLE
Foundation Co., N. Y.—Initial Common Dividend.—
An initial quarterly dividend of $1
per share and an extra of $3 per share
has been declared on the 16,000 shares of common stock of no
par value,
payable Jan. 15 to holders of record Dec.
1.
The regular quarterly 2%
15 to holders of
has also been declared on the
pref. stock, payable Nov.
record Nov. 8.—V. 101, p. 2074.
General Electric
General Gas & Electric Co.—Sale of Common Stock of
Pennsylvania Utilities Co.—Large Interest Acquired in Eastern
Power & Light Corp.—Ceneral Status—Dividend Prospects.—
Pres. W. S. Barstow in circular of Oct. 17 says in substance:
A transaction has just been completed by which the common stock of
the Pennsylvania Utilities Co. (Y. 105, p. 1425) formerly owned by the
General Gas & Electric Co. has been acquired by the Metropolitan Edison
Co. (V. 105, p. 1425), which supplies electric light and power to Reading
and Lebanon, Pa.
The stock of the Metropolitan Edison Co.
the Reading Transit & Light Co. (V. 105, p. 1420), which
Is owned by
controls the
traction lines in
Reading, Lebanon, Norristown and the Wissahickon
district of Phila. and a system of interurban lines serving the whole district.
This was part of the refinancing of the Reading system, involving the
sale of a total of $6,600,000 securities of different issues to the Guaranty
Trust Co. of N. Y., Reilly, Brock & Co. of Phila. and Bonbright & Co. of
N. Y.
The General Gas & Electric Co. retains its preferred stock and cer¬
tain other securities of the Pennsylvania Utilities Co. from which it will
receive an annual income of approximately $70,000 as soon as the earnings
permit, before any payments are made.out of earnings to the new owners
common
stock.
Through this transaction and the increase of the outstanding common
$3,500,000 to $4,500,000, the
General Gas & Electric Co. becomes the owner of $2,500,000, or about 40%
of the common stock of the Eastern Power & Light Corp.
The last-named
company owns all the common stock and almost all the preferred stock of
the Reading Transit
& Light Co. (now controlling the Pennsylvania
Utilities Co.) and in addition controls the West Virginia Traction & Elec¬
tric Co. of Wheeling and Morgantown, W. Va., the Colonial Power & Light
Co., Claremont Power Co. and Claremont Ry. & Lighting Co., supplying
Claremont, New Hampshire, Springfield and other towns in Vermont.
Combined annual gross earnings of all of the properties now controlled
by the Eastern Power & Light Corp. are in excess of $5,000,000.
Both gross
and net earnings are increasing rapidly, even under present adverse conditioas
for
the latter.
The properties serve communities which give
unusual opportunities for growth in business.
[See also V. 105, p. 1208, and
p. 107 of "Electric Railway Section."]
It is not expected that dividends can be paid on the securities of the
Pennsylvania
Utilities Co. still
retained, for some months to come.
This company, in common with other companies similarly situated, has
suffered severely from the high cost of coal (now more than twice as much
as a year ago), increases in other operating costs, and pressure of more busi¬
ness than the company could properly handle.
Operating conditions of
this company have been improved by the installation of another turbo¬
generator unit with corresponding* boiler capacity, and various drastic
economies in operating expenses.
The Vermont properties get their power entirely from water, and for
more than half of the year the
Sandusky company gets its power from
stock of the General Gas & Electric Co. from
natural
gas.
p.
See British-American Tobacco
Co., Ltd., above.—V. 104, p. 168, 162.
Indian
(B. F.) Goodrich (Rubber) Co., Akron, O.—Note Issue.
of $15,000,000 of
The issue will be
in serial form at three months'time and will provide for the
required renewals, it being in effect a consolidation of out¬
standing short-term indebtedness.
The issue is dated Nov. 8
and the 6 % interest is discounted each three months in ad¬
vance, as is usual with commercial paper.
The purpose of the issue is to facilitate the carrying of
unusually large inventories of raw materials made necessary
by reason of the war and consequent uncertainty of shipping
International Harvester
The
Central
International
Accumulated
Greene-Cananea Copper Co.-—New Director.—
Robert M. Raymond has been elected a director to succeed P. L. Foster,
who resigned to become
V. 105, p. 392, 71.
Captain in the Signal Corps of the U. S. Army.-—
to the Marlin &
ment work.
The plant now employs about 1,200.
See V.105, p. 1621,1214.
Hydraulic Pressed Steel Co.—Acquisition.—This com¬
has acquired control of the Canton (Ohio)1 Sheet Steel
Co. (V. 100, p. 1920; V. 105, p. 912) for an amount said to
be $4,000,000, of which it is understood $2,000,000 was paid
in cash.
The "Iron Age" of New York says:
pany
By the purchase of the Canton plant the Hydraulic company has secured
own source of supply for raw material.
The Canton plant has a capacity
its
of about 90,000 tons in black and galvanized sheets per year and the com¬
pany is installing a steel plant to manufacture its own sheet bars.
This
consists of three open-hearth furnaces and a continuous sheet bar and billet
plant will be ready for operation in about three
Cleveland subsidiary, the Cleve¬
Mfg. Co., expects eventually to consume the entire output
of the Canton plant with the exception of the galvanized sheets.
However,
as long as it has a surplus product it will be disposed of in the market.
The product of the Hydraulic Pressed Steel Co. includes heavy pressed
steel work, automobile frames, stampings, pressed steel concrete structural
forms and steel barrels.
This company also has a large shell department
and has been engaged since the outbreak of the war in making shell forgings.
and is now doing a large amount of this work for the United States Govern¬
ment.
The products of the plant of the Cleveland Weldipg & Mfg. Co.
include automobile rims, truck tire bases and welded steel tubing.
The reorganization of the Canton Sheet Steel Co. has been affected by
the election of J. H. Foster, A. W. Ellenberger, H. P. Mcintosh Jr., S. H.
Tolles and E.. I. Heinsohn as directors, who succeed a majority of the old
board.
The following Canton men remain on the board: C. A. Irwin,
W. W. Irwin and H. S. Renkert.
J. H. Foster, Pres. of the Hydraulic Co.,
will be President of the Canton Co.; C. A. Irwin, First V.-Pres.; H. S. Renmid.
weeks.
The open-hearth
The Hydraulic company, with its
land Welding &
Co —Plan
to Fund
have
We appointed a committee of three directors to consider the
question of
now in arrears on the pref. stock, and this
committee has been
instructed to report back to the full board at an
early date.
As soon as the board has received the recommendation of the
committee
it will act promptly upon the matter.
No plan was discussed at to-day's meeting, but I believe that the
matter
will be speedily adjusted and that a definite
arrangement will be made at
early date.
an
The
"Journal of Commerce & Commercial Bulletin,"
of
New York, on Oct. 26 said:
It is believed in
quarters that the directors will make an announce¬
ment regarding the much-talked-of back dividend
plan at their meeting
scheduled to take place on Nov. 1.
A current rumor
some
under
consideration
notes,
payable serially in one to ten
calls
and other investments.
$3,000,000 U. S.
for
the payment
says that the plan
in cash, 40% in 6%
of 20%
years, and the balance in Liberty bonds
The statement is made that the company owns
Liberty 3K% bonds.
Another report says that the plan embraces the payment of
15% In cash,
35% in 6% notes payable serially and 50% in common stock.
Such an
arrangement would necessarily mean that the stockholders would have to
additional common shares.
Some persons who claim to be
familiar with the facts in the case say that no serious objection would
likely
authorize
be raised by common stockholders to the plan,
notwithstanding that it
would increase the outstanding junior shares, because of the fact that the
plan would place the common stock at once in line for dividends.
The
company is known to have a large amount of cash on hand, although
efforts to obtain official information as to the exact total were unsuccesful.
In
reply to
question
a
on
the subject, Chairman Franklin merely said: "I
have nothing to say."—V. 105, p. 1313, 1214.
International Nickel
6 Months to
Sept. 30—
Gross earnings
Other income
Co.—Report for 6 Mos. end. Sept. 30.
1917.
.
1916. '
--
1915.
*$7,641,849
134,427
$7,775,145
137,628
$6,667,755
102,953
$7,776,276
$297,233
1,741,140
-
,
$7,912,773
$6,770,708
$452,126
Total income—
Admin, and general expenses
Reserve for U. S. taxes
$563,896
Net earnings
I'
$5,737,903
$7,348,877
$6,318,582
Depreciation and mineral exhaustion.
986,128
1,004,630
751,163
(3%)
267,378
* 267,378
267,378
Common dividends
_..(6%)2,510,076 (6)2,510,076 (6)1,901,575
do
do
Red Cross
(1%)
418,346
Preferred dividends
....
Balance, surplus
*
Includes
$1,555,974
earnings of constituent
$3,566,793
-
$3,398,466
companies after deducting reserve
for Canadian taxes.
Balance Sheet Sept. 30.
.
,; v.
1917.
1916.
Ao3Ct3
,
Cash...
Inventories
2,485,502
6,978,644
2,421,815
Loans
on
call
515,000
Certfs. of deposit-
Profit and loss...
Total
515,000
3,530,000
$
8,912,600
7,833,078
8,912,600
Common stock
41,834,600 41,834,600
Acc'ts payable._. 5,414,021
1,951,255
Preferred dividend
133,689
133,689
Accident, &c., f'd.
199,119
224,556
2,045,156
receivable.
1916.
$
Preferred stock.__
2,081,110
4,773,758
Acc'ts
1917.
'■
Liabilities—
§>
Property account-47,388,849 44,193,831
Investments
1,032,735
2,003,396
4,280,000
Total
........:64,352,546 59,892,251
6,860,988
,...64,352,546 59,892,251
1621, 1526.
Jewel Tea Co., Inc.—Sales 4 and 40 Weeks to Oct. 6.—
1917—4
Increase.
Weeks—-1916.
Kansas
to
]
,
1917—40 Weeks—1916.
$141,009($11,669,124
$1,177,727
$1,036,718
—V. 103, p. 1313, 914.
$9,007,922
Increase.
$2,661,202
City (Kan.) Gas Co.—Bond Issue Sought.—
This company has applied to the Kansas P. U. Commission for authority
issue $332,000 In bonds, the proceeds to be used to rebuild and equip
the company's gas plant
natural and artificial gas
in order that the old plant rehabilitated
in supplying the city.
may
mix
City (Mo.) Light & Power Co.—New Plant.—
Preparations are under way for the construction of a new plant to cost
approximately $4,000,000 on the company's new 25-acre site, on the
Missouri River.—V. 105, p. 1526, 1214.
Rockwell Arms Co. of New Haven, who will enlarge the
Eresentfigure than the original contract called for contract at a somewhat
plant, complete the Belgian Government and undertake Govern¬
igher
Marine
directors
dividends
Kansas
Hopkins & Allen Arms Co.—-Sold.—
The Belgian Government on Oct. 24 purchased this company's property
at public auction at Norwich, Conn. •
It is understood that within a short time the plant will be turned over
Mercantile
Dividends—[The
appointed a
special committee of three to consider ways and means for
paying off the accumulated dividends now amounting to
about 88% on the $51,725,500 6%
preferred stock.
P. A. S. Franklin, Chairman of the
Board, was quoted
Oct. 25 as saying:
Trust
Co., Chase Securities Corporation,
Goldman, Sachs & Co., and Lehman Bros., are the bankers
handling the issue and they are reported to have arranged for
the disposition of these notes among leading banking in¬
stitutions (V. 105, p. 392).
Co.—Litigation.—
The Supreme Court of the United States on
Oct. 16, by agreement, post¬
poned this company's anti-trust case until after the case of the U. S. Steel
Corp. is heard, probably in January next.—V. 105, p. 1526.
-V. 105, p.
intercourse with the Far East.
Refining Co .—Notes Called.—
One hundred seventy-five
7% 2d mtge. notes, of $1,000 each, 16 of $500
each, and 83 of $100 each, due May 1 1918
(outstanding $970,100), have
been drawn for redemption on Nov. 1 at
par and int. at the Guaranty
Trust Co., N. Y.—V. 105, p. 816, 719.
*
—This company has sold privately an issue
its notes to cover a period of two years.
2347.
Imperial Tobacco Co. of Canada, Ltd.—Proposed Dis¬
tribution of Ordinary Shares.—
,
Substantial progress has been made in securing better rates, and in the
of other operating problems.
Financial needs have been taken
care of so far as lies in our power, but in common with other similar com¬
panies, we face the new problem of inability to sell securities, and therefore
are
obliged to meet the necessary construction requirements through
earnings or short time financing.
The resumption of full dividends on the cumulative pref. stock of the
General Gas & Electric Co. will depend upon (a) the restoration of normal
financial conditions, so that securities may be sold to take care of the
construction needs of the companies controlled, permitting distribution of
earnings, and (6) improvement in the net earnings of the various proper¬
ties controlled.
Gross earnings are increasing, however, and new construc¬
tion, completed and under way, as well as economies recently introduced,
will, we believe, result in increased net earnings.
See V. 105, p. 1620,1423.
solution
1713
2d
V.-Pres ; H. P. Mcintosh
Jr., Treas., and S. H. Tolles, Sec.
W. W. Irwin, who organized the Canton
Co.. and has been at its head,
remams as General
Manager.—V. 104,
Co.—Definitive Notes.'—
The Bankers Trust Co., N. Y., announces that the definitive 3-year 6%
gold notes are now ready for delivery in exchange for temporary notes.
—V. 105. p. 1108, 913.
,
•
of the
kert,
Kentucky Securities Corporation.—Earnings.■—
{Incl. Kg. Trac. & Term., Ky. Ice Co. and Lex. XJtil Co. inter-co. chgs. excl.)
June 30
1916-17,
Years—
1915-16.
1916-17.
Gross earnings
$912,540 8850,695
Gross Income
Net
$432,275 $412,522
1915-16.
....$471,564
$441,728
264,496
245,576
Fixed chges., &c
Bal. for dividends
earnings..—,
Other Income..
—V.
..
.
39,289
29,206
$207,068 $196,152
105, p. 389.
Laurel Lake Mills.—Dividend Increased.—
A
quarterly-dividend of 4% has been declared on the $600,000 stock, pay¬
1 to holders of record Oct. 16.
This compares with 3% quar¬
able Nov.
terly since Nov. 1916.—V. 99, p. 1217.
Lehigh Coal & Navigation Co —New Stock.—The Board
having authorized the purchase of $3,000,000, Liberty Bonds
has decided: "That for the purpose of providing the working
capital necessary to avoid any curtailment of the company's
efforts to increase its output of anthracite coal, or any inter¬
ruption in the development and enlargement of its mines and
.other properties," shareholders of record at 3 p. m. Oc.t 31
should be allowed to subscribe at par, $50 a share, on or be¬
fore Nov. 30 for $2,655,795 (or 10%) of new stock.
whole shares will be payable at office of Treasurer,
Philadelphia, as follows: (a) $10 per share between
both Jncl.; (b) $20 between Dec. 24 and 29 1917, both
incl.; (r) $20 between Jan. 21 and 26 1918, both Incl.
Thereupon the new
certificates will be issued.
Subscription warrants will be Issued about
Subscriptions for
437
Chestnut
St..
Nov. 19 and 30 1917,
Nov. 10.
Subscribers will
also have the privilege of anticipating the payment of
upon payment In full stock certificates will be
days thereafter.
deferred installments, and
issued within two
In either case the new
stock will be entitled„to all dividends declared an
paid subsequent to Nov. 30 1917.
Subscriptions for fractional shares must be paid for in full at the time of
subscribing therefor, which must be between Nov. 19 and Nov. 30 1917,
both inclusive.
No interest will accrue on payments represented by frac¬
tional receipts, nor will such receipts participate in dividends until converted
into stock, which may be done between Dec. 1 1917 and Dec. 31 1917 in
amounts aggregating one share or any multiple thereof.
After Dec. 311917
fractional receipts will not be converted into stock, but will be redeemed in
cash at the office of the Treasurer, at rate of $50 per whole share.
In this connection the authorized capital stock will be increased from
$26,587,650 to $29,243,400 and the outstanding issue, it appears,from
$26,557,950 to $29,213,745.—V. 105, p. 720, 293.
(The) Liberty Ordnance Co.—Successor Company.—
This company was
auth.
incorporated about Oct. 10 in Connecticut with an
Projectile Co.
capital stock of $4,000,000 to take over the Bridgeport
The new company has placed its property at the
President Kenneth W. McNeil of Bridgeport
disposal of the U. S. Gov't.
is quoted as saying: "The
Liberty Ordnance Co. has taken possession of the entire plant, equipment,
&c., of the Bridgeport Projectile Co., and it is the purpose of the new com¬
pany to offer the entire output and production
ment and its Alii®?.
Our present daily capacity
of most
out 300
five-inch 50-calibre navy guns with breech mechanism complete per annum.
The new company has unreservedly placed itself at the disposition of the
War and Navy Department."
„
Lima Locomotive
Works, Inc.—Earnings.—
In connection with the semi-annual pref.
dividend of 3
% recently de¬
"Chronicle," V. 105, p. 1621), it ts understood that
earnings of the company for the period covered by the dividend were
about five times the dividend requirement, leaving a balance for the com¬
mon stock at the annual rate of about 17 %.
It is likewise understood that
business now on the books of the company aggregate nearly $21,000,000.
—V. 105, p. 1621.
clared (see last week's
the
Lincoln Mfg. Co., Fall River.—Dividend Increased.—
A quarterly dividend of 3% has been declared on the $1,250,000 stock,
payable Nov. 1 to holders of record Oct. 18. This compares with
In Feb., May and Aug. 1917 and 1^% quarterly from Nov. 1915 to
Nov.
1916.—V. 104, p. 1902, 1595.
1
Louisville (*as &
The
new
Electric Co.—New Generator.—
this company was placed in
This makes the total generating capacity of tne Louis¬
15,000 k.w. turbine generator for
operation Oct. 3.
ville company 32,500 k.w.
Plans
another 15,000 k.w. unit, which has
—V. 102, p. 613.
Manhattan
are under way
for the installation of
been ordered for delivery in Aug. 1918.
Supply
Electrical
property not deemed necessary for the business may also be released upon
pay ment of the proceeds of sale to the trustee to be applied by it to pay cost
of improvements and additions to the mortgaged property, or, at the re¬
quest of company, to retirement fof bonds.
Sinking fund to cancel bonds, six cents per ton of 2,000 lbs. on all coal
Co.,
to provide that the new company shall expend
prior to May 1 1920, or deposit with the trustee for like subsequent expendi¬
ture, at least $500,000, derived from sources other than cash paid to the
trustee in consideration of the release of mortgaged property, upon the
income")
...
386,979
Deduct: Dividends paid for 6 mos. to June 30 1917, $128,250, and
.accrued quarter ended Sept. 30 1917, $64,125
-192,375
mortgage was also
Said
improvement and development
Merchants' Coal Corporation.—New Bonds, &c.—
See Merchants'
be redeemed at 102 and int. in reverse of their numerical
int. date after the second year on giving 60 days' notice.
income tax paid.
Trustee, S. J. T. Straus.
Denom.
$100, $500, $1,000 c*.
Maturities $3,500 M. & S. 1919-1920; $4,000 M. &
8. 1921-1925 incl.; $4,500 M. & 8. 1926, and $107,000 Sept. 18 1927.
The
building is practically completed.
Its construction, free and clear of all
These bonds may
order
on
any
Federal
Normal
Total surplus Sept.
—V. 105, p. 393.
.
30 1917 (subj. to adjustment Dec. 31
363,861
1917)-$558,465
liens, is
Metropolitan Realty Co.
Security.—The bonds are a direct closed first mortgage On the land in
fee and on the fireproof apartment building of Spanish style, four stories
high, containing 35 apartments of from 4 to 9 rooms each.
The building
is constructed of reinforced concrete with gypsum fireproof partitions.
The land fronts 187 ft. on 37th St. by 165 ft. on Jones St., and is in the
heart of the best close-in residential section of Omaha.
This property,
building and land, is appraised at $300,000.
Income.—Total yearly gross income, it is estimated, will be $41,688, and
the total net income, after expenses, inel. taxes, insurance and operating
cost, with a liberal allowance for repairs, etc., of $12,000, will be $29,688.
Merchants Coal Co. of
Penna.—Reorg'n.—New Bonds.—
"The plan
promulgated May 9 1917 under which the property
1917 and reorganized
as the Merchants' Coal Corporation {of Penna.) (incorp. April 27,
1917), whose entire capital is owned by the United Coal Cor¬
poration, affords the following information regarding the
bond issue of the new company and the purposes to which
the proceeds are being applied:
was
sold under foreclosure on June 12
There were deposited with the committee constituted by the bondholders'
deposit agreement, dated Feb. 13 1914, $2,713,000 of the old General Mtge.
bonds out of a total
amount outstanding of ($2,714,000; of the certifi¬
cates of deposit representing these deposited bonds the United Coal Cor¬
poration had acquired $1,355,000.
As a result of extended negotiations
a contract was entered into dated April 27 1917 (forming part of the plan)
by which the properties of the company having been sold under foreclosure
were conveyed to the
new corporation,
whose entire capital stock to
such an amount as might be agreed upon between the committee and the
United Coal Corporation was then turned over to the last-named company
in return for its holding of $1,355,000 Gen. Mtge. bonds.
The new company also authorized an issue of 5% 20-year sinkingfund
gold bonds, the authorized aggregate amount of such issue to be $2,600,000, applicable as follows:
New 5%
Bonds—$2,600,000 Authorized—$1,700,000 Initial Issue.
of deposit of Gen. Mtge. bonds, other
surrendered for cancelation by the United Coal
To holders of certificates
than
those
*
Corporation
(100%) $1,358,000
undeposited Gen. Mtge. bond
claims
To holders of gen'l indebtedness (abt. $1,250,000) not over (10%)
Sold to United Coal Corporation at par to provide cash necessary
for reorganization.
— — - —
Sold to United Coal Corporation at par to provide working capital
To holder of one
To holders of mechanics' lien
for
new
company
...
—
Bonds reserved in hands
of trustee (see below)
1,000
15,000
125,000
outstanding 10-year 6% gold notes dated Dec. 20 1913 have been
payment Dec. 1 at Guaranty Trust Co., N. Y., at par and int.
The proceedings for the dissolution of this company have been consum¬
mated.
See V. 105, p. 1424.
Montgomery Light &
151,000
the operation
..$900,000
Denom. of new bonds, $100, $500 and $1,000.)
reserved bonds are to be issuable from time to time at rate
actually expended for improvement upon the propertias
subject to the mortgage or for additional contiguous coal lands situate in the
Orenda fields.
The "improvements" shall include all opening of new
mines and the construction of railroad connection subject to the mortgage,
but not including replacements of existing machinery or equipment or devel¬
opment work in any existing mine or mines on the Tunnelton and Elk Lick
properties, or in Orenda mines Nos. 1 and 2, or developments through the
present Jerome mines of the corporation.
Description of Bonds.—Sinking Fund Mortgage gold bonds, total author¬
ized amount, $2,600,000; dated May 1 1917, due May 1 1937; interest pay¬
able M. & N.
Subject to call and redemption, all or part, by lot on any
interest day on four weeks' notice at 105% and interest.
Union Trust
of $ for $ for cash
Both principal and interest payable without
and all taxes authorized or required by any present or
paid by the new company, including the nor¬
the same.
A first lien on all the properties
of the Merchants' Coal Co., which were by the decrees of foreclosure held
to be subject to lien of old General Mtge. bonds and such other coal as may
be vested in the new company by the exercise of rights acquired from the
committee; subject only as to the property embraced therein to the lien
of the mortgage securing the issue of bonds aggregating $1,000,000 joint
5% bonds of the Merchants' Coal Co., due March 1 1924 (V. 80, p. 716),
whereof approximately $475,000 are out in the hands of the public.
deduction for any
future law, to be deducted and
mal Federal income tax upon
The
new
company
will be entitled to have the Tunnelton mines and the
Three Forks coal field in "West
may
Co.—Stock Increase.—
increased its authorized capital stock from $1,000,000
$1,500,000 and gave all the shareholders until Oct.
subscribe to $250,000 of the hew stock at par, $25,
20 last the right to
subscriptions being
payable at the office of the company.
England Power Co.—Contract.—
See Edison Electric
Illuminating Co. and Massachusetts Lighting
panies under "Reports"
New
England Teleph. & Teleg. Co.—New
Francis H. Dewey of Worcester
Niagara Falls Power Co.—Combined
$845,200
$529,494
44,100
income
$600,063
248,935
(2)115,154
249,285
(2) 115,154
charges
paid
surplus..-'--
Balance,
$774,313
$561,153
38,910
$573,595
Other income (net)
Fixed
Income Account.
9 mos. to Sept. 30
1917.
1916.
-3 mos. to Sept. 30
1917.
1916.
Net earnings....
Dividends
Director.—
has been elected amember of the executive
late Moses G. Parker.—V. 105, p. 824.
(Niag. Falls P. Co. and
Can. Niag. Poio. Co.)
Gross earnings
Total
Com¬
above.—V. 105, p. 1615, 612.
committee to succeed the
$2,048,642
$1,633,952
125,817
$2,227,357
$1,600,887
$1,759,769'
747,155
(6)345,462
$1,707,055
746,805
(6)345,462
$667,152
$614,788
$235,974-
$209,156
106,168
Sale.—
Aug. last sold all its holdings of Tonawanda Power Co.
the purchase price of the majority shares (1,260 shares)
under the first mtge of the Niagara Falls
Power Co.—V. 105, p. 915, 824.
This company in
stock and deposited
with Central Trust Co., trustee,
Norfolk & New Brunswick Hosiery Co.—Sale.—
of this company's property as a going concern
being received by the receivers.
The mill manufactures underwear,
sweaters, &c., and.has a daily capacity of about 800 dozen.
It also has
facilitias for making about 2,000 blankets per week of a character desired
by the U.S. Government.
The company has a large amount of orders for
underwear and sweaters for army and navy use and is offered a contract
for blankets for similar use.
Edward E. Grosscup, Trenton, N. J., and
Edmund Wright, 38 East 25th St., N. Y.f are receivers.
Offers for the purchase
are
Ontario Power Co. of Niagara Falls.—Notes Paid Off.—
6% secured gold notes, due Nov. 1, will be paid off either
Bankers Trust Co., N. Y., or the Bankers Trust Co., Buffalp, at
The $700,000
par
and interest.
stock and indebtedness as
Stock authorized
1st M.
the company will have outstanding
follows:
$15,000,000; outstanding-
--$10,000,000
5% bonds of 1903. due Feb. 1 1943 ($12,000,000 auth.)—
of 1906, due July 1 1921 ($3,000,000 auth.)
Gold 6% debentures
In
1917
June
the
Ontario
9,834,000
2,844,000
Hydro-Electric Commission contracted to
purchase the property (see V. 104, p. 2348), giving for each share (par
$100) of the $10,000,000 capital stock deposited with Bankers' Trust Co.,
Buffalo, on or before June 15, $80 par value 4% 40-year,gold debentures
of the Hydro-Electric Power Commission of Ontario, guaranteed by the
Province of Ontario.
The transfer of the property took place Aug. 1917.
In addition, the shareholders were required to participate pro rata in the
purchase of $3,004,700 par amount of the capital stock of the Niagara
Lockport & Ontario Power Co. (held by Ontario Power Co.) on a basis
stated in V. 104, p. 2348.—V. 105, p. 613.
Pittsburgh (Pa.) Steel Co. (and Sub.
Cos.).—Earnings;
1916-17.
1915-16.
1914-15.
1913-14.
$33,066,083 $21,848,036 $11,649,864 $11,024,694
$1,713,298
$2,220,155
$5,739,169
Gross profits on oper'n_$ll,428,387
1,373,640 ($1,168,299
1,194,260
Selling exp., taxes, &c. \
1,053,587
I
201,720
Interest charges (net)-/
Provision for exting't of
mine property
543,939
Other deductions
216,922
Prov. for war profits tax
1,823,548
June 30 Years—
Total sales
$4,544,909
19,158
$846,515
11,645
$4,564,067
dividends..(7%)$735,000(14)1470,000
$858,160
$7,790,390
21,054
Balance
Other
Net
income
profits, all sources $7,811,444
Preferred
bonds is coinciamount, if any,
Common
have been expended for the improvement of said properties out of
bonds reserved for improvement I and development work.
Any further
as
Britain Machine
This company has
has
for
1593.
to
Virginia released from the operation of said
mortgage, provided the total authorized issue of the new
dently reduced by $600,000, together with such additional
of the company's line.—V. 103, p.
With these securities out of the way,
50,000
other purposes.
The $900,000
of Pittsburgh, trustee.
Traction Co.—Strike Called Off.—
employees of this company for union recognition
the management having built up a new organization
The strike of the
been called off,
at the
[There are now, we learn, $1,800,000 of the bonds issued or about to be
issued; the remaining $800,000 are raserved to replace at or before maturity
the old 1st Mtge. bonds said to aggregate in all some $600,000, and for
Co.
Inc.—Notes Called.—
Milliken Bros.,
All the
called for
New
Maritime Telegraph & Telephone Co.—Bonds Offered.
This company, it is announced, has issued $100,000 additional of its
bonds, which are being offered at par.—V. 97, p. 1026.
unconditionally guaranteed by 8. W. Straus & Co.,
mechanics'
mortgagor,
$194,604
500 shares
Coal Co. of Pennsylvania above.
Metropolitan Apartments, Omaha, Neb.—Serial Bonds
Offered.—S. W. Straus & Co., Inc., are offering at par and
int., to net 6%, $170,000 First Mtge. 6% serial bonds dated
Sept. 18 1917, due serially.
Int. M. & S. 18 at any office of
S. W. Straus & Co., Inc.
A circular shows:
New
Balance, surplus, 9 months ending Sept. 30 1917..
Surplus Jan. 1 1917, $411,637; less retirement of
first preferred stock, $47,776
of the Orenda coal field, situated in Somerset
County, Penna. aside from any betterment and development of the present
Orenda mines Nos. 1 and 2 for the purpose of increasing the production
from said coal field.
In case the new company shall construct a railroad
to reach any such new mine or mines not exceeding $100,000 may be counted
toward making up said $500,000, provided, however, that such railroadbe made subject to the lien of this mortgage.
Committee: James H. Beal, Chairman; William Frew, Secretary; Geo.
W. Atkinson, Harry W. Atkinson and Wm. J. Jones, with Union Trust Go.
of Pittsburgh as deppsitary.—V. 104, p. 2122.
$377,120
Net earnings for 9 mos. to Sept. 30 1917
Estimated net income (including $9,860 "other
$50,000 annually.
than
Inc.—^Estimated
Earnings, 9 Months ending Sept. 30 1917.—
Sales, lass returns, discounts and rebates, $3,767,425; less cost of
sales, $2,896,156; balance....
$871,269
Selling, administrative and general expenses
.
— 494,149
mortgaged property on and after May 1 1920, but not less
mined from the
to the American Govern¬
is 30,000 three-inch, 5,000
4.7-inch and 3,000 six-inch shells.
The new gun plant, which is
modern construction, is now complete, and we are able to turn
[Vol. 105.
CHRONICLE
THE
1714
dividends.(28%) 1,960,000
Balance, sur.
—'V. 105. p.
(4)280,000
$343,279
73,272
$416,551
(7)1735,000
(2)140,000
of def.sr.$5,116,444sr.$2,814,067sur.$858,160def.$458,449
1527.
Oct. 27 1917.]
THE
CHRONICLE
1715
Standard Oil Co. of N. J.—Sub. Co. Stock Increase.—
Page Steel & Wire Co.—Name Changed.—
See Page Woven Wire Fence Co. below.
Shareholders of the Standard Oil Co. of Louisiana, all or substantially
of whose capital stock is held by the New
Jersey company, will vote
Nov. 21 on increasingthe authorized capital stcok from $5,000,000 to $10,all
Page Woven Wire Fence Co.—New Name.'—
This
—V.
p.
changed its name to the Page Steel & Wire Co.
has
company
105,
000,000.
Pennsylvania Utilities Co.—Sale of Common Stock.—
See General Gas & Electric Co. above.—V. 105, p.
Piatt Iron Works Co.—Exchange of
1425, 613.
stock issued
under the agreement dated Oct. 1 1912 (V. 94, p. 1702), are notified that
upon surrender to the Central Trust Co. of N. Y. of their certificates, there
will be delivered in exchange therefor certificates
Portland (Ore.) Gas & Coke
for an investigation
opinion confirming
This company's allied enterprise, the Midland Securities Co., has pur¬
chased for about $263,000, about 37,000 acres around theHoskins Mound
in Brazoria County, Tex., where active operations have been going on for
time.
A press
dispatch from Texas says: The
land was encumbered
by
a first mortgage of $150,000, the bonds being distributed among a num¬
ber of persons.
The Midland Securities Co. held a second mortgage of
$50,000.
The property was bid in for $175,600, the purchasing company
also agreeing to pay attorneys' fees aggregating $65,000, and taxes amount¬
ing to $23,000.
This, with the $50,000 mortgage held on the land, brought
the total price up to $263,600.
The Producers Oil Co. is controlled by
the Texas Company through stock ownership.—V. 104, p. 1596.
Rhode Island Perkins Horse Shoe Co.—Liquidation.—
The trustees
on
Oct. 18 declared the first distribution
company, amounting to $10 per
—V. 105, p. 613, 295.
share
Riordan Pulp & Paper
on
the pref. stock, payable Nov. 1.
Co., Ltd.—Extra Dividend.—
295, 179.
Co., Ponce, P. R.—Earns. Yr. end. May 31 '17.
of,the
South
Porto
Rico
See the latter company's
Sugar Co.
earnings below.
Sagamore Mfg. Co.—Dividend Increased.—
San Francisco Breweries,
Ltd.—Deferred Interest.— *
An English journal says:
The directors' report for the year ending April
30 1917 states that after charging interest on debenture and loan capital,
rent losses on unprofitable leases, &c., a loss of £32,266 is shown, which,
added to the debit balance of £75,661 brought forward, gives a total debit
balance of £107,927 to be carried forward.
The directors do not consider it
practicable to propose at the present time any scheme of reorganization,
and, after conferring with the trustees of the debenture stockholders, they
have decided that the only course to take is to ask the debenture stock¬
holders to continue to receive, until the expiration of six months from the
conclusion of peace, deferred interest warrants in satisfaction of interest as
it becomes due.
A meeting of debenture holders was called to be held on
Oct. 10 to obtain their assent to this proposal.
Last year, loss of £35,278.
—V. 81, p. 563.
Savage Arms Co., Utica, N. Y.—Sale.—Improvements.—
press report states that this company has sold to the U.S. Gov't several
guns, a surplus from the company's British order.
hundred Lewis machine
It is understood that these guns will be used for instruction purposes inas¬
much
as they are rifled for the foreign ammunition.
Improvements under way and plant extensions to take care of increasing
are understood to aggregate in cost about $3,000,000.—V. 105, p.503.
orders,
to
Savannah Sugar Refining Co.—Plant Shut Down, Due
Raw Sugar Shortage.—In connection with the closing of
this
company's plant, owing to the inability to obtain
sugar,
Pres. B. A. Oxnard
raw
Schwarzenbach Huber
Co.
(Silks).—Stock Increase.—
This company has filed a certificate with the Secretary of State of New
Jersey increasing its authorized capital stock from $6,000,000 to $9,500,000,
divided as follows: 10,000 shares 5% cum. pref., 30,000 shares 6% non-cum.
pref. and 55,000 shares common, par all snares $100.
The company was originally incorporated on May 25
stock and in August 1914 increased it to $4,500,000.
The shareholders
on
Sept. 10 authorized
an
A
pro rata
ported
Shove Cotton Mills
Corporation.—Dividend Increased.
A quarterly dividend of 2%
or record Oct. 20.
has been declared on stock, payable Nov. 1
This compares with 1 V>% quarterly since
to holders
May 1916.—Y.
104,
p.
The company also pro¬
a large percentage of all mop handles and heads used in America,
a full line of gasoline engines and has recently devel¬
oil engine of the semi-Diesel type.
castings,
It also manufactures
oped
an
Authorized.
Issued.
__$1,500,000 $1,300,000
Capitalization—
7% cumulative preferred stock
The stocks
and rtone
1,500,000
__
1,300,000
tax-exempt in Illinois.
The company has no bonded debt
be created unless with consent of 75% of the pref. stock out¬
are
can
standing.
Beginning Jan. 1 1918 a sinking fund of 3% per annum of the
outstanding pref. stock becomes operative to retire the pref. stock at not
to exceed 110 and divs., at which it is subject to redemption.
No d ividends
be paid on the common stock unless net surplus, exclusive of sinking
fund, after payment of dividends on the common stock, is equal to at least
twice the annual dividend requirements on the pref. stock then outstand¬
ing.
The company has already put Into surplus account from profits more
than sufficient to pay two years dividends on the pref. stock.
Dividends.—7% per annum has been paid on the pref. stock, Q.-F. since
issued.
No dividends on the common stock have been paid since consoli¬
may
dation in May 1916.
Both corporations as
dends uninterruptedly for many years.
separate organizations paid divi¬
Earnings.—Net profits (after depreciation) for the eight months ended
Dec. 31 1916 were $281,684, which, after allowing for a special reserve fund
of $35,000 for contingencies, left a balance of $246,684.
The surplus earn¬
ings for this period, after payment of the pref. dividends, were $186,018.
Average net earnings for five years prior to 1916 were about $342,000,
which, after allowing for depreciation and 7% on the present outstanding
pref. stock, equaled about 20% per annum on the common stock now out¬
standing.
Sales for the first eight months of 1917 were more than 50%
greater than the corresponding period of 1916.
Conclusions.—The pref. stock is secured by net tangible assets of $177
per share and by annual net earnings of at least $32 per share on the pref.
stock.
This stock is now selling at $100, yielding 7% on the investment.
The common stock has a book value, exclusive of good-will, of $77 per share
earning on the basis of $21 50 per share per annum; at the present
price of this stock the earnings are on a basis of approximately
30% per annum.
and is
market
Corporation.—Financial Status.—The "Bos¬
on Oct. 16 last said in substance:
Bureau"
ton News
There has been some
improvement in the company's financial position
since July 1.
At that timq the company had notes payable of $13,231,500,
an increase of $9,231,000 oVer the note debt at the end of 1916.
On July 1
It is
cash balance was slightly less than $2,800,000.
last the company's
understood that on Oct.
1 the company
had reduced its floating debt to
about $10,500,000, a cut of better tnan $2,500,000.
It is expected that with further sales and liquidation
of inventory the
In fact it is not impossible that by the end
have succeeded in reducing its bank loans to a
and $6,000,000.
The company is keeping in fairly strong cash position.
In fact, despite
the $2,500,000 cut in floating debt the cash balance on Oct. 1 was $100,000
or more larger than on July 1.
It is understood that the company expects to
clean up its stock of unsold cars and to wind up the fiscal year on Dec. 31
with practically a clean slate in this important respect.
It is this, of course,
which will enable it to pay off its notes.—V. 105, p. 1110, 613.
debt
can
be materially reduced.
of this year Studebaker will
total of between $5,000,000
.
Superior Steel Corporation, Carnegie, Pa.—Earnings
Eight Months to Aug. 31 1917.—
Gross manufacturing
Miscellaneous income
for
Reserved
Net
449,300
Unci.
Aug.31 '17.
Assets—
x
Sheet
and
U.S. Liberty bonds
Steel Corp.
577,947
.$1,106,409
Steel
Superior
and
Liabilities--
Mar.31'17.
Co.).
Mar. 31'17.
Aug.31 '17.
Convert, pref. stk.:
1st pref.
equipment.51,967,765 $1,988,250
300,350
840,747
Cash...
155,000
profits tax.
Balance, surplus
Superior
Land, buildings
Treasury stook—
Good will......L.
$260,016
divi¬
....
Reserve for excess
52,099,372
Balance
common
dends
.52,548,672
income
Consolidated
$2,099,372
profit...52,508,960 Net income...
39,712 Preferred dividends—...
2,500,000
1,676,066
2,500,000
1,475,562
stock..$3,500,000 $3,500,000
2,000,000
'2,000,000
2d pref. stock..
Common stk. (60,
000 shares,
val.
accordance with
299,700
Va. laws).:
767,455
1,250,515
1,250,515
560,993
receiv.1,026,923
Inventories
.
797,178
Insurance fund...
48,869
1,049,862
46,356
Accounts payable.
23,510
20,895
Accrued taxes....
577,946
Com. stk. div. res.
155,000
Bills & accts.
Miscellaneous
509,367
69,662
Acer, wages (not due)
57,728
Surplus
1915-16.
$8,396,562
Net earnings
$2,617,957 $3,687,200
Res.for work. cap.
600,000
(y)
Co.—Consolidated Earnings.'
Pref. divs.
(8%). A
1,136,620/
Com. dlvs. (cash)*/
do
(stock)
x
298,900
\al,378,327
z606,840
1,136,304
761,459
Total
..$9,180,759
$8,148,731
$9,180,759 $8,148,731
Total
1915-16.
1916-17.
1916-17.
Total receipts...$10,690,741
After deducting depreciation reserve.
Pres. E. W.
saying:
Harrison, following a meeting of the directors, is quoted as
"The company has sufficient cash not only to provide for payment
profits, corporation and income taxes but also to
of all of its taxes, excess
Income
& profit taxes..
300,000
Depreciation
$466,668x51,181,243
Balance, surplus $114,670
$221,890
Wx Includes also reserve for working capital, new machinery, &c.
y See
foot-note "x."
type of windmill being most popular.
duces feed mills, alfalfa comminuters, ensilage cutters, pump jacks, &c.,
besides builders' hardware, shelf hardware, gray iron, brass and aluminum
1708.
South Porto Rico Sugar
Sept. 30 Yrs.—
& Engine Co.,
Mfg.
Organization.—Incorporated in 111. in April 1916, acquiring business of
Stover Mfg. Co. and Stover Engine Works, with plants at Freeport, 111.,
occupying 30 acres.
Business established in 1882.
The company is the
largest and most successful manufacturer of windmills in the world, its
of
newly authorized issue of the capital stock.
Of the original issue
13,000 shares remain, making with the new issue of 50,000 shares a total of
63,000 shares now open to subscription.
This will give to each stock¬
holder the right to subscribe to an amount equal to 1 1-10 times his present
holdings.
Inasmuch as no fractional shares will be issued, each stockholder
entitled to subscribe to a fractional share may subscribe to an additional
full share of stock.—V. 105, p. 1110, 915.
for
Freeport, 111.—Pref. and
and N. Y.,
recommending this company's stock, report in subst.:
are
Stockholders are
to all of the unissued shares of the original issue as well as all
its
Common Stock.—John Burnham & Co., Chicago
Selling expenses, deprec'n, &c_
privilege of subscribing at $8 per share on or before Nov. 1
on
excellent.—V. 105, p. 395.
as
Stover
Gross income.
the
Res've
Chicago paper states that the company has paid off $100,000
indebtedness, leaving a balance of $600,000 outstanding.
It is also under¬
a like amount will be paid in the near future.
Business is re¬
stood that
increase of the capital stock
from 70,000 shares without par value to 120,000 shares.
1916.
.
1910 with $3,000,000
Scripps-Booth Corporation.—New Stock.—
accorded the
Speedometer Co., Chic.—Earns, &c.
Payment of Notes.—
Studebaker
help the situation materially.
The only remaining alternative,
therefore, is to shut down over the period of adjustment.
This has been
done by several refineries in the North, and others will probably follow as
soon as they have melted raw sugars already bought.
Sugars will not be in
ample supply again until the turn of the year, when new Cuban and West
Indian crops begin to be harvested.
■
•
•
Domestic beet sugar crop, which Is expected to relieve the prevailing
stringency, is about two weeks later than usual, and it is not likely that
any of this sugar will reach the Eastern seaboard until late in November.
In the meantime stocks east of Pittsburgh will be reduced to practically
nothing.
For sugar contract between the American Sugar Refining Co. and the
Louisiana sugar refiners, see Editorial columns
on a previous page.—
V. 105, p. 1622, 1110.
vacancy.—V.105,p.825.
$1,880,000
The net profits for the quarter ended Sept. 301917, after deducting 6% in¬
come tax, but not allowing for war tax, were $640,485, and for the 9 months
ended Sept. 30 1917, $1,840,390 (before allowing for war taxes, which
see
above.).
to close.
cannot
a
9 Months ending Sept. 30—
1917.
Net profits after deducting 6% income tax in 1917,
agst. 2 % In 1916 and $ 190,000 est. war taxes in' 17 $1,650,000
"
says:
With the world swept clear of raw sugar, the only thing we could do was
The few remaining tons of unsold Cuban sugar amount to only
about half a week's meltings for New York refiners alone, so that they
director to fill
Sref. 722. all payable Nov. 8 to holders of record Oct. 31.—V. 105, p.
25. stock,
Common stock
A quarterly dividend of 10% has been declared on the $1,800,000 stock,
payable Nov. 1 to holders of record Oct. 24.
In Aug. last 5% was paid on
the increased stock.—V. 87, p. 1360.
» -
a
Sanitary Mfg. Co.—Extra Dividend.—
An extra dividend of 1 % has been declared on the common stock in addi¬
tion to the regular quarterly 1H % on the common stock and 1 % % on the
"Samson"
Russell &
A
Standard
who
Sales (cane sugar, &c.)
52,752,7301 Reserved for working capital
$442,885
Net profits........:
■*.
5948,3851Payable to partners
...
5505,500
The profits of the above company are distributable to the common stock¬
holders
L. I. Thomas has been elected
of the assets of this
An extra dividend of 1% has been declared on the common stock in
addition to the regular quarterly 1}4%, both payable Nov. 15 to holders
of record Nov. 8.
A like amount was paid in May and Aug. last.—V. 105,
p.
Standard Oil Co. of New York.—New Director.—
Stewart-Warner
Tex.—Sub. Co. Purchase.—
marketing company in the Southern
States."—V. 105, p. 1528, 503.
of stock,—V. 104, p. 1903.
the validity of the franchises under which the company operates.
The
franchises are broad enough "to include territory annexed to Portland
since" the date the franchises were granted.—V. 104, p. 2122.
Producers Oil Co., Houston,
seller of oil to Standard Oil of Ky., a
Co.—Franchise Valid—
The Portland (Ore.) City Council, following an order
into the company's franchise status, has rendered an
"The Louisiana company has
a
the
Certificates.—
Holders of the voting trust certificates for pref. and com.
press report says:
rapid progress In the last few years.
Its refinery at Baton Rouge
capacity of about 50,000 barrels of crude oil a day.
It is supplied by
company's extensive pipe line system from the mid-continent and
Gulf coast fields.
Most of the company's business is supplying export oil
for the New Jersey company, but its domestic business in the last year or so
has mcreased in Louisiana, Arkansas and
Mississippi.
It also is a large
has
some
An unconfirmed
t
made
721.
*J20%.
a
40%.
g
18%.—V.
Standard Milling Co.—Dividends.—
the last
stocks and still
been
prosperous
and plenty of opportunities have
been offered for
have been conservative and not over-reached ourselves.
few years
be for taxes, working
W The directors have declared a dividend of 8% on the common stock out
of the surplus and net profits for the fiscal year ending Aug. 31 1917, pay
able 1% in cash and 1% in common stock at par on Nov. 30 1917, Feb. 28,
in
large tonnages, we
We are now in a position to meet current demands for cash, whether they
105, p. 78.
May 31 and Aug. 31 1918 to holders of record Nov. 19J1917
May and'Aug. 21 1918, respectively.—V. .105, p. 1519.,
pay for the coming dividends on preferred and common
have a substantial balance.
While the steel business has
and Feb. 18,
Texas
capital or dividend payments."—V. 105, p. 1315, 825.
Co.—Allied Company Purchase.—
See Producers' Oil Co. above.—V.
For
Other
Investment
News,
105, p. 907, 613.
see
page
1718.
[Vol. 105.
CHRONICLE
THE
1716
jepxrrts vox& JOnturajmls.
THE
AMERICAN
(A holding and
an
SHIP
COMPANY
BUILDING
Jersey.)
operating company organized under the laws of New
WITH THE LISTING
AND COMMON STOCK.
OFFICIAL STATEMENT TO THE NEW YORK STOCK EXCHANGE IN CONNECTION
STOCK
OF ITS SEVEN PER CENT NON-CUMULATIVE PREFERRED
New York, October 18 1917.
Application is hereby made by the American Ship Building
Company to have listed on the New York Stock Exchange
$7,900,000 (of an authorized issue of $15,000,000) Seven
Per Cent Non-Cumulative Preferred Stock, consisting of
79,000 shares of the par value of $100 each and $7,600,000
(of an authorized issue of $15,000,000) Common Stock,
consisting of 76,000^shares of the par value of $100 each,
on
official notice of issuance of permanent
engraved certifi-
cates in
exchange for present outstanding certificates.
All
of said stock is fully paid, non-assessable, and no personal
liability attaches to ownership.
The American Ship Building Company was incorporated
March 16 1899 under the laws of the State of New Jersey
with
authorized capital stock consisting, of
Per
Cent Non-Cumulative Preferred
an
Seven
$15,000,000 Common Stock.
$15,000,000
Three dry docks,
acquisition of the plants, properties, equipment,
The Globe Iron Works
Co., Cleveland, Ohio,
•
The Ship Owners' Dry Dock Co., Cleveland, Ohio,
The Cleveland Shipbuilding Co., Cleveland and Lorain, Ohio,
F. W. Wheeler yards at West Bay City, Mich, (since dis¬
mantled and sold),
1
#
v
No. 3 dock: Timber dock with wood gate 392
CHICAGO SHIP BUILDING CO., CHICAGO, ILL.
Twenty-eight acres located at 101st Street and Calumet River, one mile
from harbor entrance, with 1,450 feet river frontage.
Two building berths: No. 1—600 feet; No. 2—300 feet.
Each equipped
with traveling cranes.
Buildings: Machine shop, punch shop, blacksmith shop and other build¬
six-tenths acres, sixty-two per cent
ings, with a total floor area or three and
of which is of concrete, brick and steel
Two dry docks, viz.:
acquisition of all of the capital stock, except direc¬
tors' qualifying shares, of the following:
——Cavilallzation—
Where
Name of Company. Incorporated.
Duration.
Date.
Issued.
$100,000
450,000
1,450,000 1,428,000
100
413,000
413,000
100
100,000
100,000
Par.
Buffalo Dry Dock Co. West Va.
.
Sept. 14 1899 50 years
$100
Chicago Shlpblg. Co.Illlnois
Detroit Shlpblg. Co.Mlchlgan
Nov. 25 1889 99 years
100
10
Milwaukee D.D. Co.Wisconsin
Superior Shlpblg. Co.West Va.
Mar. 31 1899
30 years
Nov.
2 1891 Perpetual
Mar. 13 1899 50 years
Author'd.
$100,000
450,000
and $1,520,000 cash which was turned into the treasury as
working capital.
The plants of all of
the^e companies are situated on the
Great Lakes.
The American Ship Building Company is
to all intents and purposes the operating company and the
Income Account given below includes the operations of the
,
subsidiaries.
construction.
No. 1 dock: Concrete dock with steel gate 737 ft. over all, 90
No. 2 dock: Timber dock with steel gate 572 ft. over all, 71
DETROIT
ft. wide at gate.
ft. wide at gate.
CO., DETROIT, MICH.
SHIP BUILDING
Fifteen acres, located at the foot of Orleans Street on Detroit River,
one mile from the centre of the city of Detroit, with 903 feet river
about
frontage.
Buildings: Pattern shop, foundry, machine shop, forge shop, boiler shop
and other buildings, with a total floor area of four and eight-tenths acres,
eighty-five per cent of which is of concrete, brick and steel construction.
One dry dock, 371 feet over all, 74 feet wide at gate.
190325476 19234
BUILDING
SHIP
MICH.
WYANDOTTE,
CO.,
Twenty-four acres, located on Detroit River, with 1,406 feet river
frontage.
Two building berths, each 600 feet in length, equipped with traveling
crane.
Punch shop, forge shop and other buildings, with a total floor
twenty-five hundredths acres, sixty-three per cent of which
construction.
Buildings:
area
of two and
is of concrete, brick and steel
MILWAUKEE
and in the
ft. over all, 61 ft. wide at gate.
all, 81 ft. wide at gate.
ft. over all, 47 ft. wide at gate.
No. 2 dock: Timber dock with steel gate 615 ft. over
DETROIT
contracts and franchises of
viz.:
No. 1 dock: Timber dock with steel gate 454
and
Stock
Duration of charter perpetual.
The Company is aholding and an operating company and
is engaged in the construction and repair of ships.
The preferred and common stock of the Company was is¬
sued in the
One building berth 402 feet in length, equipped with four mechanically
operated hoisting poles.
Buildings: Machine shop, punch shop, blacksmith shop and other build¬
ings, with a total floor area of two and two-tenths acres, twenty-seven per
cent of which is of concrete, brick and steel construction.
DRY
DOCK
MILWAUKEE,
CO.,
WIS.
South Yard.
foot of Mineral Street on Kinnikinnick River, about onequarter mile from harbor entrance.
Buddings: Punch shop, machine shop and other buildings, fully equipped
for repair work.
•
One dry dock, timber dock with wood gate, 455 feet over all, 61 feet
wide at gate.
Eight
acres,
West Yard.
Four
acres
located
Canal
on
Street and Menominee River,
mile from harbor entrance.
about one
'
Buildings: Shops fully equipped for wood repairs; total floor area of shops
in both yards one and twenty-rfour hundredths acres.
One dry dock, timber dock with wood gate, 312 feet over all, 45 feet
wide at gate.
SUPERIOR
SHIP
BUILDING
CO.,
Thirty-eight acres located on Lamborn
SUPERIOR.
WIS.
Land is divided by
Avenue.
Howard's Pocket and lies about one-half mile from harbor entrance.
Two building
berths, each 600 feet in length, equipped with traveling
cranes.
The charter
"The Preferred
provides that:
Stock shall be
entitled, out of
any
and all surplus net
Srofits, wheneverrate of, but not exceeding, seven per centnon-cumulative
declared by the Board of Directors, to per annum for
ividends at the
the fiscal year beginning on the first day of July A. D.
and
1899, and for each
every fiscal year thereafter, payable in preference and priority to any
payment of any dividend on the Common Stock for such fiscal year.
In
addition thereto, in the event of the dissolution of the Corporation, the
holders of the Preferred Stock shall be entitled to receive the par value of
their Preferred shares out of the
surplus funds of the Corporation, before
anything shall be paid therefrom to the holders of the Common Stock.
"The Common Stock shall be subject to the
prior rights of the holders
Preferred Stock, as herein declared.
Ir, after providing for the
payment of full dividends for any fiscal year on the Preferred Stock, there
of the
shall remain any surplus net
profits of such year, any and all such surplus
net profits of such year and of any other fiscal year for which full dividends
shall have been paid on the Preferred Stock, shall be applicable to dividends
the Common Stock, when and as, from time to time, the same shall
be declared by the Board of Directors, and out of any such surplus net
profits, after the close of any fiscal year, the Board of Directors may pay
dividends upon the Common Stock of the Corporation for such fiscal year,
but not until after the dividends upon the Preferred Stock for such fiscal
year shall have been actually paid or provided and set apart."
upon
Each share of stock of $100 par
at stockholders'
value is entitled to
one
vote
meetings.
Neither the Company nor any of its subsidiaries have any
funded
mortgage,
or
other
debt.
The
and its subsidiaries are
interest bearing
various properties of the Company
owned in fee, unencumbered.
The properties owned and controlled
consist of the fol¬
lowing:
THE
AMERICAN
SHIP
BUILDING
CO.,
CLEVELAND,
OHIO.
Buildings: Punch shop, machine shop, blacksmith shop and other build¬
ings, with a total floor area of two and eighty-six hundredths acres, sixty
per cent of which is of concrete, brick and steel construction.
Two dry docks, viz.:
'
No. 1 dock: Timber dock with steel gate, 587 ft. over all, 66 ft. wide at gate.
No. 2 dock: Timber dock with steel gate, 649 ft. over all, 66 ft. 6 inches wide
at
gate.
acres in seven
parcels, the main plant or division located
foot of West 54th Street, fronting 2,100 feet on old Cuyahoga River Chan¬
nel, one-half mile from main river.
Two building berths, aggregating six hundred feet in length with two
traveling cranes operating on double and single leg runways adjoining full
equipped punch shop.
,
Buildings: Pattern shop, foundry, machine shop, forge shop, boiler shop
and other buildings with a total floor area of nine and three-tenths acres,
fifty-nine per cent of which is of concrete, brick and steel construction.
Three dry docks, viz.:
No. 1 dock: Timber dock with wood gate 552 ft. over all, 65 ft. wide at gate.
No. 2 dock: Timber dock with wood gate 450 ft. over all, 48 ft. wide at gate.
No. 3 dock: Timber dock with wood gate 360 ft. over all, 50 ft. wide at gate.
The last'mentioned is located at corner Elm and Spruce Streets.
THE
T
AMERICAN
Forty-seven
acres
SHIP
located
on
BUILDING
Black
CO.,
River about
LORAIN,
one
OHIO.
mile from harbor
entrance, with 2,530 feet river frontage.
Four building berths,
aggregating 2,412 feet in length with four traveling
cranes .one to each berth.
Vessels can be accommodated at these berths
up to /00 feet in length.
Buildings: Machine shop, punch shop, boiler shop, forge shop for heavy
forge work and other buildings with a total floor area of five and eight-tenths
ac^s'
Two
? p?r cent of which is of concrete, brick and steel construction.
dry docks, viz.:
No. 1 dock: Timber dock with steel
gate 560 ft. over all, 66 ft. wide at gate.
No. 2 dock: Timber dock with steel
gate 764 ft. over all, 80 ft. wide at gate.
BUFFALO DRY DOCK CO., BUFFALO, N. Y.
Twelve
acres
located
Ganson Street and Buffalo River about one and
one-half miles from entrance to harbor, with 774 feet river
frontage.
on
,
principal business of the Company has been the con¬
struction and repairing of freight and passenger steamships
for Lake traffic.
During the war it has also constructed
steam cargo ships for ocean transportation of a size adapted
to pass through the locks of the Welland Canal.
It now has
in process of construction forty-two ships for ocean service
of an aggregate tonnage of about 135,000 tons dead-weight
capacity.
As of August 3 1917 the United States Shipping
Board, Emergency Fleet Corporation, advised the Company
that all power-driven, cargo-carrying and passenger ships
above 2,500 tons dead-weight capacity, under construction
in its yards, and certain materials, machinery, equipment
and outfit necessary for their completion, were requisitioned
by the United States.
The Company employs about 5,700
men.
.
..
The number of vessels built has been
Year ending
June 30th.
1900————
1901.
_
Twenty-three
•
The
1908.1
1909
—
-
.
Number.
29
40
41
29
36
20
.30
25
23
10
1910------
23
22
12
14
16
1
4
31
179,000
191,000
198,500
166,000
206,000
164,400
261,500
234,000
168,000
60,500
153,500
54,000
26,000
50,800
83,100
10,000
37,000
161,000
as
follows:
.
1
'
Tonnage.
net tons carrying capacity, 18
net tons carrying capacity, 18
net tons carrying capacity, 18
net tons carrying capacity, 18
net tons carrying capacity, 18
net tons carrying capacity, 19
net tons carrying capacity, 19
net tons carrying capacity, 19
net tons carrying capacity, 19
net tons carrying capacity, 19
net tons carrying capacity, 19
net tons carrying capacity, 19
net tons carrying capacity, 19
net toas carrying capacity, 19
net toas carrying capacity, 19
net toas carrying capacity, 19
gross tons carrying capacity
gross tons carrying capacity
feet
feet
feet
feet
feet
feet
feet
feet
feet
feet
feet
feet
feet
feet
feet
feet
draft
draft
draft
draft
draft
draft
draft
draft
draft
draft
draft
draft
draft
draft
draft
draft
The following dividends have been paid on the outstand¬
ing $7,900,000 Preferred Stock and the outstanding $7,600,-
000 Common Stock:
Divs. Paid—Preferred.
1899
1900.
1901.
1902.
1903.
1904.
1905.
1906.
1907.
-3H%
-7%
-7%
.7%
-7%
-7%
-7%
-7%
-7%
Common.
Divs.
Paid—Preferred.
1908.
1909
1910—
11
II
1911.
1915—
1916
7%
7%
7%
7%
7%
7%
1H%
Common.
3%>
2%
6%
4%
t8M%
1917.1.5#% (to date) *7 % (to date)
t Of which 7% for fiscal year 1916 and 1 % % for fiscal year 1917.
*
Of which 1%' for Red Cross.
5%
Oct. 27
1917.]
THE
CHRONICLE
On
September 26 1917 dividends of one and three-quarters
preferred and one and one-half per cent on
the common were declared
payable November 1st to stock¬
per cent on the
1
1717
LIABILITIES.
„
,
Capital Stock:
Preferred 7% Non-Accumulative:
Authorized
$15,000,000 00
7,100,000 00
Less—Unissued
holders of record October loth.
$7,900,000 00
Common:
INCOME
ACCOUNT FOR THE
LAST
FIVE
YEARS
OF
THE
AMERICAN SHIP BUILDING COMPANY AND SUBSIDIARY
Authorized..
$15,000,000 00
7,400,000 00
Less—Unissued
COMPANIES.
Year ending June 30.
1913.
1914.
7,600,000 00
1917.
1916.
1915.
Earnings
before
de¬
ducting maintenance
and depreciation...$849,874 $712,062
$175,770 $1,267,585 $4,901,956
Maintenance
243,400
192,757
170,365
362,805
750,876
Reserve for mainten'ce
Depreciation
Reserve for
its
325,472
;
$723 682 79
228,715 34
21 800 00
chased.
603,040
Customers
25,969 15
credit balances
6.830 60
Personal.
400,000
...
etc
Unpaid pay roll
Unpaid subscriptions to Liberty Bonds.
Employees' deposits on Liberty Bonds pur¬
prof¬
excess
tax
For purchases, expense,
240,000
...
15,500,000 00
Current accounts payable:
3,456 11
Miscellaneous
Total deductions...$243,400 $432,757
$170,365
Net earnings
606,474
279,305
$688,278 $1,753,916
579,307
3,148,040
276,500
829,500
532,000
5,406
Preferred dividends...
Common dividends
553,000
276,500
-
Taxes—Real,
1,011,017 81
personal
and
Federal
(estimated)
...
,
553 82
Accrued and deferred:
income
$164,599 94
Liability insurance
Surplus
$53,474
$2,805
,
CONSOLIDATED INCOME ACCOUNT FOR 1917 OF THE AMERI¬
CAN
SHIP
BUILDING
CO.
AND
SUBSIDIARY COMPANIES
ENDING JUNE 30TH 1917.
YEAR
Earnings of all properties:
After deducting manufacturing
487 50
J
Advances received
Reserves-
199,468 04
x
construction contracts
on
10,573,595 00
,
For fire insurance
For construction
$148,751 76
contingencies, scrap adjust-
ment, etc...
For excess profits taxes—Estimated
$4,866,011 56
expenses
Other income:
Dividends received from outside investments
and interest earned
Sale of sundry securities during year*
34,380 60
Miscellaneous
$302,807 $1,786,540
$5,406
....
Dividends—Payable (since paid)
*
Surplus June 30 1916—as shown by report
$3,361,023 77
Net profit for fiscal year ended June 30 1917,
$188,891 91
527,300 05
Miscellaneous earnings and sundry profit and
transferred
loss items—Net
35,781 49
from
General
Profit
3,148,040 21
$6,509,063 98
Total income
Administrative and general expenses:
$5,617,985 01
Dividends declared:
Preferred
including traveling and
legal expense, salaries, insurance, etc
„
Common
.....
$829,500 00
532,000 00
$424,309 57
1,361,500 00
Other deductions:
Taxes,
real and per¬
sonal..
$150,110 24
Federal stock and in¬
come
673,347 75
556,250 00
<
Loss
and
Account...
751,973 45
General office expense
124,595 99
400,000 00
-
Surplus June 30 1917
122,307 56
...
5,147,563 98
$33,661,242158
'
$272,417 80
Maintenance
of
machinery
Maintenance
637,224 12
of
building
113,652 23
603,039 56
year
bonds of Buffalo Dry
Dock Co. and notes payable
on
19,301 52
1,645,635 23
2,069.944 80
Net profit for fiscal year
Less: Special allowance for
months—Estimated
excess
$3,548,040 21
profits' taxes for past six
400,000 00
$3,148,040 21
*
Profit above book value
securities of Western Dry Dock & Ship¬
building Co., Ltd., and of Great Lakes and St. Lawrence Transportation
Co., etc., previously acquired and now disposed of.
on
CONSOLIDATED
BALANCE
SHEET
THE
BUILDING COMPANY AND SUBSIDIARY
THE
CLOSE
OF
BUSINESS
JUNE
AMERICAN
COMPANIES
30 1917.
SHIP
AT
ASSETS.
Permanent:
Land, buildings and equipment, as valued on the books of
the Company
..$9,635,298 09
Good will, as valued on the books of
Company
5,489,515 57
Investments:
400
*
-
shares
Canada
Steamship
Lines,
Ltd.
value
$12,000 00
550,000 00
562.000 00
Current:
On hand
On deposit (current amounts)
Interest bearing certificates
of deposit
submit to the stock¬
days in advance of the annual meeting
of the corporation, a statement of its physical and financial
condition, and a consolidated income account covering the
previous fiscal year, and a consolidated balance sheet show¬
ing assets and liabilities at the end of the year.
To maintain a transfer office or agency in the Borough of
Manhattan, City of New York, where all listed securities
holders at least fifteen
shall be
directly transferable, and the principal of all listed
securities with interest
or dividends thereon shall be
payable;
registry office in the Borough of Manhattan, City of
New York, other than its transfer office or agency in said
city, where all listed securities shall be registered.
Not to make any change of a transfer agency or of a regis¬
a
stock, nor of a trustee of its bonds or other securi¬
ties, without the approval of the Committee on Stock List,
$13,421 56
1,531,334 16
.
and will not select
•
S. Treasury Certificates of
Indebtedness
Interest accrued,to June 301917
$8,194,755 72
$500,000 00
2,336 19
502,336 19
1,426 81
1,091,176 81
Notes receivable:
Customers'
notes
maturing
prior to Dec. 31 1917
Accrued
$24,375 00
interest
921 25
25,296 25
Accounts receivable:
Customers
$834,212 18
Day work char¬
521,138 22 '
;——$1,355,350 40
ges
Less—Allowance for discounts
5,100 00
$1,350,250 40
.
tt
Unpaid balances
tion of
on construc¬
ships completed and
delivered (since paid)
for any purpose.
The fiscal year
240,510 00
1,590,760 40
The annual
Inventory (at" cost or less):
Materials
and
supplies
Inprocess..
—m—.
1,693,441 10
Construction work in process:
Customers'
payments on
chinery purchases
-
Interest
accrued
cates of
Personal
$10,000 00
ma¬
30,000 00
certifi¬
deposit
and
accounts
on
miscellaneous
receivable, etc
29,802 87
24,118 34
93,921 21
17,874,803 37
Dsfcrrod*
Royalties
advanced
Commissions paid on sale of boats under con¬
struction—as specified In contracts—/.
Prepaid taxes, insurance, etc
or
director of the
ends June 30th.
meeting is held
on
the-second Wednesday in
Company of New
$37,581 48
35,190 00
26,854 07
99,625 55
$33,661,242 58
.
1
.
principal office of the Company for the transaction of
Cleveland, Ohio.
The Directors, elected annually, are: M. E. Farr, Detroit,
Mich.; Jas. E. Davidson, Bay City, Mich.; Starr J. Mur¬
phy, Montclair, N. J.; Morrell W. Gaines, New York City,
N. Y.; H. H. Porter, Hugh McBirney Johnston, and Kellogg
Fair bank, all of Chicago, 111.; G. A. Tomlinson, Duluth,
Minn.; R. G. Hutchins Jr., New York City,N. Y.; L. M.
Bowers, Binghamton, N. Y.; Samuel Mather, J. H. Wade
Jr., Robert L. Ireland, David Z. Norton, and A, G, Smith,
all of Cleveland, O.
The Executive Committee is: L. M. Bowers, H. H. Por¬
ter, G. A.
Tomlinson, M. E. Farr, Robert L. Ireland,
Morrell W. Gaines, James E. Davidson.
The Officers are: President, M. E. Farr, Detroit, Mich.;
First Vice-Presidept, Jas. E. Davidson, Bay City, Mich.;
business is foot of West 54th Street, N. W.,
Other convertible assets:
notes
maturing
subsequent to Jan. 1 1918.
officer
The
Ships and machinery in couise of construc¬
tion—cost to date
I
4,683,115 69
Advance
an
Jersey City, with The Corporation Trust
Jersey as agent.
1,542,684 45
' 150,756 65
/
+{
trustee
October of each year, at the registered office of the Corpora¬
tion in the State of" New Jersey, No. 15 Exchange Place,
.$1,483,803 65
58,880 80
Material In transit
a
•
Subscriptions to Liberty Bonds.$1,089,750 00
Interest accrued to June 30 1917
as
Company.
To notify the Stock Exchange in the event of the issuance
of any rights or subscriptions to or allotments of its securities
and afford the holders of listed securities a proper period
within which to record their interests, and that all rights,
subscriptions or allotments shall be transferable, payable and
deliverable in the Borough of Manhattan, City of New York.
To notify the Stock Exchange of the issuance of additional
amounts of listed securities and make immediate application
for the listing thereof.
To publish promptly to bond and stockholders any action
in respect to dividends on shares, interest on bonds, or allot¬
ment of rights for subscription to securities, notices thereof to
be sent to the Stock Exchange; and to give to the Stock
Exchange at least ten days' notice in advance of the closing
of the transfer books or the taking of a record of stockholders
6,650,000 00
U.
^
stock of the constituent company.
To publish at least once a year and
trar of its
Cash—
'
Ship Building Company agrees with the
Exchange:
That it will not dispose of its stock interest in any con¬
stituent company, except where any constituent or subsidiary
company shall purchase its own stock for the purpose of
retirement and cancellation, or allow any of said companies
to dispose of its stock interest in other companies^other than
to this Company, except under existing authority or on direct
authorization of stockholders of the company holding the
also
(par value $40,000)-..
The Scott Steamship entire capital stock, par
American
New York Stock
and
docks..
Depreciation for
Interest
The
and
equipment.
Fish, Cleveland, Ohio; Secre¬
Fish, Cleveland, Ohio; Treasurer, J. S. Gorman,
Second Vice-President, 0. J.
tary, 0. J.
preferred and common stock are inter¬
changeable between New York, Chicago and Cleveland.
Transfer Agents: New York, Columbia Trust Company;
Chicago, Northern Trust Company; Cleveland, The Citi¬
zens Savings & Trust Company.
Registrars: New York, The Equitable Trust Company of
New York; Chicago, First Trust & Savings Bank; Cleve¬
land, The First Trust & Savings Company.
SHIP
AMERICAN
BUILDING
COMPANY,
By M. E. FARR, President.
that the above-mentioned
This Committee recommends
$7,900,000 Seven Per Cent Non-Cumulative Preferred Stock
and $7,600,000 Common Stock be admitted to the list on
official notice of issuance of permanent engraved, inter¬
changeable certificates in exchange for present outstanding
certificates, in accordance with the terms of this application.
WM. W. HEATON, Chairman.
GEORGE W. ELY, Secretary.
Ticonderoga Pulp & Paper Co.—Dividend.—
A dividend of
10% has been declared on stock, payable Dec. 1 to holders
An initial dividend of a like amount was paid in June
179,
of record Nov. 30.
last.—V.
105. p.
Union Carbide & Carbon
Corporation.—
105, p. 1426.
See Air Reduction Co. above.—V.
Stores Co. of America (N. J.).—Merger.—
This New Jersey corporation on Oct. 22 filed a certificate of
dissolution with the.Secretary of State at Trenton, N. J.,
United Cigar
having been taken over by the United Cigar Co.
incorp. in Delaware on May 31 1917.
This
last named company also took over the property of two sub¬
sidiaries, the United Cigar Co. of 111. and the United Stores
Realty Corp.
The United Cigar Co., R. I., was merged
in 1916.—V. 105, p. 722.
its property
of America,
Coal
United
"Pittsburgh.—Acquisition.—
Corp.,
of Penna. above.—V. 105, p. 1528.
See Merchants Coal Co.
United Motors Corp.,
N. Y.—First Annual Report—Year
ending June 30 1917.—The report, which
another week, says in part:
The net
will be cited fully
operating income of the corporation for the year was
$7,621,743.
represents 23% on the net safes and is after deducting the 2%
income tax and charging off as depreciation $868,465.
In the above
statement there is no allowance for excess profits tax.
In addition to the
This
normal
depreciation, there has been absorbed as a part of the
of plant and property, $1,160,752.
lass beyond the controf of your directors have necessi¬
tated the absorption of its earnings as working capital.
The inventories as
of July 1 1916 were $8,717,300, and as of July 1 1917 were $14,387,734, an
Increase of 65%.
This is accounted for, partly, by the high cost of labor
and material, and, further, by the inventories of the additional properties
acquired.
Fully 75% of the corporation's inventories have been purchased
against merchandise sold, so that in the event of any unusual or
rapid
reduction in the cost of materials the loss to this corporation will be relatively
above allowance for
cost of sales for maintenance
Conditions
more or
small.
30 1917 Unci. Corp. & Subsid's.).
$7,758,389
$34,820,526 Net earnings
416,213
1,181,570 Other income
Consol. Income Account—Year end. June
Gross
sales.'
Returns, allowances, &c_
Gross income
$33,638,955
Net sales
Cost of
production...24,235,901 Taxes, interest, &c
Amort,
....$8,174,602
$552,858
of patents,
inven¬
tory adjustm'ts, & c_._.
Prof, on prod, goods sold $9,403,054
do
on pur. goods sold
166,913 Sub. companies'dividends
Royalties earned
589,963
236,595
80,927
(Commercial
'fixe
Cleveland, Ohio.
Certificates for
THE
[VOL. 105
CHRONICLE
THE
1718
Times,
COMMERCIAL EPITOME
Friday Night, Oct. 26 1917.
though the note of caution is still notice¬
Business is large,
able
It is due to high prices and a scarcity of
The coal situation has somewhat im¬
everywhere.
fuel, labor and cars.
proved, but obviously the demand exceeds the supply.
The
Loan agitation with a half holiday on the 24th
ins't., though attended with gratifying results, to a certain
great Liberty
outburst of
of
There has been
a
great
popular feeling all over the country with
a
view
interfered with general trade.
extent
making the loan a great success, and now the goal is
Some interference with the ordinary voca¬
was unavoidable.
Owing to a violent
the 24th inst., the Liberty Day parade took
$5,000,000,000.
tions of the
rainstorm
on
people
the following day, some 20,000 marching from
Washington Square up Fifth Ave. to 59th St.
As the case
stands, Governmental orders are large and of course have
first place in all the great industries of the country.
These
are crowded with orders.
Colder weather has helped retail
trade.
The flour business is in better shape, partly because
of the action of the Food Administration in buying large
quantities of Canadian wheat.
The production of Eastern
mills will be much increased and supplies in the Eastern
States correspondingly augmented.
The Commission has
also taken hold of the sugar question, buying 200,000,000 lbs.
of Louisiana sugar with a view of bringing down prices, which
had begun to rise, owing to the scarcity in this city, the sub¬
urbs and elsewhere.
The Chicago Board of Trade has re¬
stricted trading in corn futures to months beyond Decem¬
ber, except in the settling up of old contracts.
It is being
made plain that there is to be a check put on speculation and
exorbitant prices in the interests of the United States and the
Allies.
Meanwhile there can be no disguising the fact that
the labor situation is more or less disturbing.
Wages in
this, that and the other trade are being constantly advanced.
It all tends to increase the cost of living.
Owing to the
abnormal activity of industries in this country the demand
for labor,is greater than the supply.
It is said that in some
of the textile industries the hands are leaving to work at
munitions plants. 'Numerous shipyards are being con¬
structed, and these and steel mills and, as already intimated,
munitions plants, iare competing in the labor market.
So it
appears, are hundreds of new coal mines.
Under the cir¬
cumstances, it is pointed out that the true remedy is for the
American people to curtail consumption.
Meanwhile, a
high record acreage is being planted to winter wheat and
prospects have been improved by timely rains.
In some
cases, prices have advanced, even reaching new high records,
owing to the smallness of supplies and increasing costs of
production, taking into account labor and raw materials.
Cotton is moving very, slowly to market and unusually early
killing frosts have curtailed the yield.
This has lifted the
price at New York close to 30 cents per puond, the highest
price in many years.
Car shortage affects the cotton busi¬
place
ness
on
The drawback in more than one
it does others.
as
branch of business is the
$10,159,931
Gross earnings..
Balance,- surplus......$7,304,222
,
(Corporation and Subsidiaries) June 30 1917.
Plant, property & equip.*$13,275,785 Capital stock Un. Motors
Good will, patents.
Corp. (no par value)..$40,234,800
21,558,513
1,091,300
Stocks, bonds,
590,519 Preferred stock (sub.cos.)
Consolidated
Sheet
Balance
Cash
receivable
Notes
receivable
Accounts
Sundry
debtors,
royal¬
ties. &c
Miscellaneous
Inventory
1,802,423 Common stock (sub.cos.)
147,659 First mortgage bonds
3,896,986 Real estate pur. contract
Notes payable
484,613 Accounts payable
27,356 Patent purchase account
14,387,735 Accrued
._
157,100
300,000
312,000
3,223,928
2,620,689
318,750
436,741
accounts
&c
21,944
capital surplus
(minority interest)...
318,134
Total each side
7,304,223
$56,339,609 Profit, and loss, surplus..
*
-V. 105, p.I 916.
After deducting $2,024,036 reserve for depreciation.
168,019
Deferred debit items
Reserves,
Sub.
Vulcan Steel Products
co.
Co.—Reorgan ziation.—
This company was organized Aug.
1
1917 as successor to the Vulcan
$250,000 ($100,000 outstand¬
Products Co., with an auth. capital stock of
of doing a general commission business.
The balance sheet of Sept. 29 1917 shows assets of $606,121, viz.: Cash,
$78,030: bills and accounts receivable, $439,388; material
inventory,
$65,137; stocks owned, $6,000; furn. and fix., $16,341, printing equipt,,
$849; def. chges. $375. Offsets: Stock, $100,OOO; accounts and bills paya¬
ing), for the
purpose
ble, $372,697; reservas (a) for contingencies, $5,409; (b) income tax, $2,461;
(c) ocean freight, $45,292; (d) miscellaneous, $8,162: (d) profit and loss,
$72,099.
Officers: Pres., Otto Kafka; V.-Pres., Frank D. Hitchcock
Sec. &
Treas., R. D. Ward.
The directorate includes, the above-named officers
and L. D. Baldwin.
Office, 120 Broadway, N. Y.
Wages.—Settlement of Illinois, Indiana (Joal Strike.—
SeeEditorial columns
on a
previous page.—V. 104, p. 1708.
Westchester Fire Insurance Co.—Stock Increased.—
The shareholders
on
Oct. 25 authorized the proposed increase in capital
stock from $500,000 to $1,000,000The new
holders at $20 per share (par $10) on a basis of
held.
Compare V. 105, p. 1528, 1426.
stock will be offered to share¬
1 new share for each old share
from Washington for the construction of thirty
plant at Wilmerding, Pa.
airplane engines per day
An order for 3,500 airplane engines was
reported to have been taken by the Westinghouse Electric & Mfg. Co., but
this the manufacturing company has officially denied.—V.
105,
p.
Wright-Martin Aircraft Corp.—Government Order
1517.
—
This company, according to current reports, has received an order from
the U. S. Government for 500 150-h.p. and 4,000 220-h.p. Hispano-Suiza
airplane motors.
The current order for 450 motors of this design for the
French Government will, it is expected, be completed shortly.
See annual
report.—V. 105.
p.
1516, 1426.
finished, failures
smaller in number than for some years
are
past and despite some
admitted drawbacks, the feeling is
generally hopeful.
LARD higher; prime Western 24.70@24.80c.; refined Yo
the Continent, 26c.; South America, 26.25c.; Brazil, 27.25c.
Futures have sharply declined, then rallied.
There has been
more or less fear of Government regulation since the United
States authorities acted in the case of cottonseed oil, and it
looked as though corn might be taken in hand by Washington
authorities.
Hogs, pork, &c., declined and this also had a
depressing effect for a time.
Last week hog packing was
502,000, against 282,000 the'week before and 627,000 last
year.
Stock yards interests and shorts have bought.
To¬
day prices advanced and end higher for the week.
Offer¬
ings to-day were small.
The short side had been overdone.
Closing prices were as follows:
PRICES
FUTURES
IN CHICAGO.
Thurs.
Fri.
CLOSING
October
delivery._cts_23.60
23.80
23.37
23.90
24.15
24.90
January delivery..____21.60
fl21.65
21.27
21.60
21.70
22.25
Sat.
OF
LARD
DAILY
Wed.
Tues.
Mon.
$48@$48 50, clear $48@$52; beef prod¬
ucts firm; mess $31 @$32, extra India mess $50@$52.< Cut
meats firm; pickled hams, 10 to 20 lbs., 25^@27c.; pickled
PORK
quiet;
mess
bellies 32@34c. Prices of
pork at
time with falling prices for
one
the market
form, with buyers
Arrivals of all commodities
Westinghouse Air Brake Co.—Airplane Engines.—
This
company, according to press dispatches, is preparing to fill an order
at its
inability to get supplies as the Gov¬
ernment'needs naturally take priority over everything else.
On the other hand, price fixing seems to have been practically
are
Chicago declined heavily at
hogs.
Liverpool reported
anxious and offerings light.
moderate, with bacon,
hams
good request.
American clearances in¬
creasing, but holders are firm.
Argentine shipments will
be good.
Lard strong in Liverpool with scarcity of sup¬
plies and prices advancing.
To-day pork prices at Chicago
advanced ending at $41 75 for Oct. and $40 87 for January.
and
shoulders
Butter,
Eggs,
in
creamery,
45^@46J^c.
Cheese,
State,
23^c.
fresh, 45@46c.
Santos, 9^@9%c.;
Futures have continued
COFFEE lower; No. 7 Rio, 8c.; No. 4
fair to good Cueuta,
10^@103^c.
OCT. 27 1917.]
THE
CHRONICLE
to fluctuate within
very narrow limits and trading has been
very light.
Supplies, as is well known, are large.
There
has been
liquidation by Wall Street and Cotton Ex¬
change interests.
New Orleans sold September to some
extent, supposedly in hedging.
Some switching has been
done from December to
September at a difference of 72
points.
It is largely a waiting market pending further de¬
velopments.
Some think there can be no permanent or
come
material rise of prices until peace
closed 4 points lower to 1
higher.
are
is declared.
To-day prices
Net changes for the week
insignificant. Closing quotations
October..cts 7.04 @7.06 February
November __7.04@7.06 March
December
7.12(37.14 April
January
7.19@7.21
_
were
cts 7.26 @ 7.27
7.34 @7.36
.7.44(37.45
7.54(37.55
ay
as
follows:
June—., cts 7.62@7.63
_7.70@7.72
July
Aug
__7.78<37.80
September .7.86 @7.87
SUGAR steady;
the
1719
spot at 6124c., owing to the
uncertainty of supplies.
1,910 tons, afloat 4,300 tons.
London de¬
Spelter firm on the spot at 8>£@8&e. but dull.
Total arrivals
clined.
PIG IRON is in
increasing demand
for the first quarter
business is reported.
The trouble is,
so little iron
available, outside of
Government business.
The basis, of course, is $33 for basic
and No. 2 foundry.
Northern and Southern furnaces are
well sold ahead.
They are hard put to it to keep up with
their contracts.
At the same time it is difficult in some
Southern sections to move
iron, owing to car
of next year, and
some
however, that there is
shortage. The
things in the coke trade causes more or less uneasi¬
owing to extreme scarcity for prompt delivery.
It. is
feared that the sharp reduction in
prices has much to do with
the so-called scarcity.
state of
ness,
centrifugal, 96-degrees test, 6.90c.; mo¬
lasses, 89-degrees test, 6.02c.; granulated, 8.35c.
Order is
STEEL is scarce, so far as
regular business is concerned.
being brought out of confusion in the trade.
Refiners, whole¬ Government contracts
naturally have priority over every¬
salers and retailers have conferred and worked out a
plan thing else.
Mills are not in a position to tak^ new business.
for an equitable distribution of the available stocks and have
No steel is available, it
appears, at the new prices.
Mean¬
agreed as to<prices.
A sugar ration basis for this city will time, the trade is struggling against such drawbacks as the
continue until Jan. 1, by which time the new
sugar crops will
decreasing supply of labor, scarcity of cars, the congestion
have arrived and the present
shortage will, it is believed, be at terminal facilities and the
scarcity of coal, so that it is
ended.
This action was taken in accordance with.the policy
beginning to be feared that notwithstanding increased ca¬
of the Food Administration.
Economy is urged among
pacity, the production will not exceed that of last year, and
householders.
Refiners pledged their aid in stopping whole¬
some think it
may be 10 or 15% smaller.
salers from selling in excess of
agreed prices.
The refiners'
price in accordance with the agreement with the United States
Food Administration is to be $8 35 basis for bulk
granulated,
the wholesalers' price $8 60
COTTON
per 100 lbs. for bulk granulated
,
in the original packages to the retail trade.
The retailers'
Friday Night, Oct. 26 1917.
price for granulated sugar, 10c. to lip. per lb.; not to exceed
( THE MOVEMENT OF THE CROP, as indicated by our
lie. per lb. to the consumer.
There has been much com¬
For the
plaint in the city and suburban towns over the action of telegrams from the South to-night /is given below.
week ending this evening the total
many retailers in requiring householders to buy groceries to
receipts have reached
the amount of $1 to $2.when
they wanted supplies of sugar.
251,964 bales, against 235,539 bales last week and 207,029
Mr. Hoover has endeavored to
put a stop to this exaction of
bales the previous week, making the total
receipts since
retailers.
The Food Administration has
arranged, it is
Aug. 1 1917 1,798,288 bales, against 2,543,780 bales for the
stated, to obtain 200,000,000 lbs. of raw sugar from Louisi¬
same period of 1916,
ana to end the
showing a decrease since Aug. 1 1917
shortage in New York and other large Eastern
cities, and shipments will be started early next week.
The of 745,492 'bates.
deal involves $13,000,000.
It is stated that the prices will
enable refiners to sell sugar at a
steady reduction, starting
Sat.
Mon.
Tues.
Wed.
Thurs.
Fri.
Total.
from 8.35c. per lb. Eastern seaboard, and
reducing to 7.25c. Galveston
10,085
13,478
17,152
12,912
9,736
8,975 72,338
at about the close of the
year.
Under the agreement reached Texas City
2,115
2,115
it is said that the Louisiana sugar will be
103
103
supplied to retailers Pt. Arthur, &c__
New Orleans
6,178
9,631
16,180
13,671
11,343
13,287 70,290
at not more than 8.06c. per lb.
Confectioners are to econo¬ Mobile
30
1,549
1,557
677
1,821
1,308
6,942
mize 50%.
Pensacola
/■;/;
,
,
_
—
,
Jacksonville
OILS,-—Linseed higher; city, raw American seed, $1 12@
$1 14; Calcutta, $1 40.
Lard, prime, $2@$2 05; Cocoanut;
Cochin,
21@22c.; Ceylon,
1634@1 3^c.; Palm,
Lagos,
21c.; Soya bean,
15%@16c.; Cod,
domestic,
90@92c.
Spirits of turpentine, 54 @54 3^c.
Strained rosin, common to
gcod, $6 80@$6 85.
Cottonseed oil closed higher on the
spot at 19.99c.
Cottonseed oil prices have been irregular in
settling outside contracts.
Near months have been firm at
times, while, on the other hand, January has weakened
somewhat, owing to larger offerings, and the depression at
one time in lard. * The
closing prices are higher for the week,
with lard ending as follows:
.
October cts
@19.99 January ctsl8.00 @ 18.05 March.cts 17.85(318.05
N ovember. 18.4 5 @18.50 Feb
-17.90@18.05 May.
17.00@
—
Dec
-.18.05® 18.20
—
4,968
4,876
7,477
5,061
4,609
Charleston
2",673
2",361
"893
1,675
3",714
4,919
5,000
2,842
Wilmington
1,139
1,460
1,175
2,791
1,205
1,973
2",533
1,361
2,503
2,200
13",854
"50
1,581
5",930
156
638
168
746
Norfolk.
14,460
178
New York
Boston
31,910
5,000
14,158
5,555
675
N'port News, &c.
«...
438
178
""111
21,352
2,257
3,724
Baltimore
3,724
Philadelphia
Totals this week.
The
36,549
40,543
45,878
47,594
34,381
47,019 251,964
following shows the week's total receipts, the total
since Aug.
1 1917 and the stocks to-night, compared with
last year:
•
.
1917.
PETROLEUM
firm; refined in barrels $10 45@$11 45,
Naphtha, 73 to
76 degrees, in 100-gallon drums and
over, 4734c.
Gasoline
firm; motor gasoline, in steel barrels, to garages, 24c.; to
consumers 26c.; gasoline,
gas machine, steel, 41c.; 72 to 76
degrees 28@32e.
Difficulty in securing tank steamers and
a scarcity of coal have been factors.
Price fixing by Wash¬
ington is expected to be reached by voluntary agreement.
The Government, it appears, is to fix the
price of California
fuel oil at $1 32 per bbl., as against 50c. a
year ago.
Un¬
easiness is felt over the large exportation of
gasoline during
the last three months.
It is in good demand.
In the past
fortnight 11 oil wells have been developed in Wyoming with
a production of 5,675 bbls.
daily.
Tennessee is said to be
developing real oil territory.
Closing prices have been as
"1,582 *1,582
Savannah
Brunswick
1916.
Stock.
Receipts to
bulk $5 50@$6 50, cases $15 50@$16 50.
This
Oct. 26.
Since Aug
1 1917. i
Week.
Galveston
72,338
2,115
This
Since Aug
1916.
Week.
Philadelphia
629,171 103,414 1,007,390
96,519
4,661
22,793
274
9,697
3.300
519,965
332,002 91,084
3,103
47,826
37,341
1,155
6,705
13,950 "2", 668
23,396
448,448
393,694 35,063
58,000
3,000
44,500
75,942
6,926
80,346
35,217
6,653
58,189
73,065 21,792
172,956
8,515
1,385
9,080
63,937 "2",905
4,470
13,721
23,575
38,131
1,348
6.301
435
2,961
1,027
Totals—
251,964 1,798,288 305,928 2,543,780
Texas City
Port Arthur,
New
103
&c.
70,290
6,942
Orleans
Mobile
Pensacola.
Jacksonville,
"l",582
Savannah
31,910
5,000
14,158
5,555
14,460
Brunswick
Charleston
Wilmington
Norfolk
1
178
N'port News, &c.
New York
21,352
2,257
3,724
Boston
Baltimore
1917.
1916.
212,783
150
346,855
51,782
173",692
306*649
15,626
12,958
"9",800
"4",947
162,8(Ki
8,000
52,005
42,618
40,446
180,290
11,600
63,085
49,070
98", 557
94*658
8,708
27,616
6,842
6,095
2,263
2,762
59,400/
follows:
Pennsylvania dark $3 50 North Lima
$2 08 Illinois, above
2 08
degrees
30
2 57
Mercer black
2 23
Lima
Indiana
Crichton
1 50
Princeton
2 12
Corning
2 60
Somerset, 32deg__
P.agland
2 40 Caddo, La., light.
1 10 Caddo, La., heavy.
2 00
1 00
South
1 98 Kansas
and
$2 12
2 00
Wooster
2 38
Thrall-
2 00
Electra
2 00 Canada
Strawn
De Soto.
2 00
Moran
2 00 Healdton
2 48
120
1 90
Plymouth
2 03 Henrietta
2 00
'
TOBACCO
has been firm, with a moderate business.
especially firm.
The question of future supplies
of it is debated with some anxiety.
The embargo against
neutrals declared by the United States may, some think,
Sumatra is
cause
may
some
retaliation
on
the part of Holland.
Amsterdam
not ship Sumatra
mains to be
seen.
In order that
Okla¬
homa
859,6491,192,414
•
Cabell
as freely as usual, if at all.
That re¬
Cuban leaf has been in fair demand and
we
comparison
may
be made with other
years,
give below the totals at leading ports for six seasons:
Receipts at—
1917.
TexasCity,&c
New Orleans-
—
Brunswick—
Charleston,&c
Wilmington..
Norfolk
94,146
21,439
46,729
5,306
29,784
3,000
11,336
9,775
20,599
3,231
212
178
N'port N.,&c.
28,915
All others
1914.
1915.
11",826
6,942
31,910
5,000
14,158
5,555
14,460
Mobile
Savannah
1916.
103,414
23,067
91,084
3,103
35,063
3,000
6,926
6,653
21,792
72,338
2,218
70,290
Galveston
1913.
1912.
123,806
23,170
39,118
4,574
43,965
1,300
12,594
5,566
12,732
2,086
3,816
134,426
33,828
85,962
21,772
123,375
30,000
29,853
28,323
36,369
188,349
45,788
82,122
15,161
86,585
18,000
30,337
21,759
21,805
32,509
1,387
16,051
560,392
529,516
6,147
4
firm.
Total this frk.
251,964
305,928
245,558
272,727
COPPER
quiet; electrolytic, 23J^e.; for fourth quarter
electrolytic, 233^c., at the 2334-cent basis with no free metal
available.
The question as to the position of the jobber is
still
to
be settled.
<
Lead declined sharply
on
the spot to
534c. and is statistically weak, owing to over-production.
Government's wants
Fear is
are
said to have been overestimated.
expressed of Governmental control.
,Tin higher on
Since Aug.
1. 1,798,288 2.543,780 2,113,677 1,314,815 3,677,385 3,596,483
The exports
of
90,651
for the week ending this evening reach
bales, of which
to France and
for the week and since
63,058
were
27,593 to other destinations.
Aug. 1 1917
are as
a
total
to Great Britain,
follows:
Exports
From Aug. 1
26 1917.
Week ending Oct.
Exports
Other.
Britain. France.
Galveston..
Total.
Britain.
Other.
France.
26,755
68,972
349,180
13,679
5,492
189,533
21,367
2,017
1,008
38,917
9,658
7,509
238,108
21,367
1,929
13,700
13,700
42,732
53,751
169,765
68,423
92,919
lb",092
263,010
48,106
41,287
4.301
10,092
27,042
27,042
&c
Mobile
12,671
..
Savannah..
73,282
68,423
7,349
7,349
Brunswick.
Boston
383
383
...
York.
New
28,218
40,784
28,218
Wilmlngt'n
7,301
18,393
19,784
134,669
36,448
3/ ,869
4,301
25,694
....
Baltimore
Philadel 'la.
21,000
35,422
10,758
900
3,418
Fran.
San
5,584
Washington
5,584
956
956
Detroit..
Total—
27,593
63,058
90,651
847,506
203,802
268,769 1,320,077
826,394
529,206
245,709
519,3481,591,451
545,687'!,272,491
Total 1916. 151,109
32,367
66,053 249,529
59,865
14,548
63,544 137,957
Total 1915
197,598
telegrams to-night also
give us the following amounts of cotton on shipboard, not
cleared, at the ports named.
We add similar figures for
In addition to above exports, our
New York.
On
Shipboard, Not Cleared for—
Ger¬
Creat
Britain.
Oct. 26 at—
France.
7,380
1,467
Galveston
New Orleans..
Savannah
Other
Coast
many.
Cont't.
wise.
10,534
5,704
3,341
"6"66O
Charleston
8,800
Leaving
Stock.
182,728
30,055
7,181
166,511
8,000
154,806
—
500
10,000
12,000
York
Other ports
Total 1917
Total 1916—
Total 1915-
19,341
37,628
26,068
620
3,600
5,000
34,058
85.561
35,921
4.511
620
Norfolk
New
Total. '
10!
2,000!
800
3,211
Mobile
18,000
17,000
6,000
"""ioo
20,038
59,714
58,133
.
52,005
11.115
39,826
80,557
86,734
774,282
11,930 85,367
30,885 217,388
978,626
33,302 153,524 1,138,365
Speculation in cotton for future delivery has been fairly
rising prices, very general killing
frost, a squeeze in October which lifted it 150 points over
December, firmness of spot markets, lightness of the receipts
and expectations of bullish ginning report on Thursday, con¬
tributing to the result.
The report on that day gave the
total ginned up to Oct. 18 af 5,571,624 bales, against 7,303,183 at the same time last year, 5,708,730 in 1915, 7,619,747
1914,6,974,000 in 1913 and 6,873,000 in 1912. The guesses
on
the report previous to its issuance had ranged from
5,200,000 to 5,600,000 bales.
The stock at.New York has
continued small, and this has been one of.the strong factors
in the situation.
Futures, notwithstanding the recent rise,
in
kept below the parity of Southern spots.
Spots have
persistent demand for October and Novem¬
shipment coincident with a light movement of the crop.
It is unusually late.
The season started late and has con¬
tinued late.
Killing frost came earlier than usual.
Some
think, too, that the plant showed the effects of defective
fertilizers.
Much stress, too, is laid on the belief that this
is to be the third short crop in succession.
Also, it is con¬
tended that there is at least a possibility of peace being de¬
clared in 1918 with all that that implies in an increased
world's consumption, especially in the Central Empires.
It is assumed that supplies there are down to the vanishing
point and that Germany when the time comes will make
strenuous efforts to regain markets lost during the war
and
to
some
extent
appropriated by America and
Japan.
Japan
has
been
making
great
efforts
to
extend its markets particularly of late, it appears, in South
America.
Meanwhile, not a few crop estimates of late have
been around 11,000,000 to 11,200,000 bales, exclusive of
linters.
The unusually early killing frost over much of the
belt, following a very late start of the crop, is, naturally,
regarded by conservative interests as very regrettable.
been strong on a
ber
Meanwhile
cotton.
influence than
selling at
30-cent
was
a very
at
propaganda appears
one time supposed.
farmer could
high price and in some cases it is believed
pay the farmers' debts.
In others, the
a little of his cotton and hold the rest.
Latterly the price at New York reached practically $150 a
bale, whereas in parts of the South in the fall of 1914 it is
believed that 6 cents, or $30 a bale, or even less, was accepted
in the confusion of that time with all the exchanges closed
and no standardized criterion of prices.
Here is an advance
fully 400%.
Moreover, Mr. Hoover is quoted as saying
in a letter to Congressman Lever that cottonseed oil had been
regulated by the Government because it is a food, and that
the Food Administration had no intention of handling
cotton.
Not a few think that high prices must continue at
of
materially. Mills
of the high prices.
At any rate that is the common understanding, particularly
as regards certain kinds of goods.
And with vast armies in
the fields, many think the world's consumption must con¬
tinue to be large.
Exports, too, are not showing the decrease
that was expected, despite the fact that neutrals are excluded.
least until the crop movement increases
have been making big profits, regardless
A
rumor
that this Government
was
to seize
1,000,000 bales of
German-owned cotton in this country was considered improb¬
able
It is not generally believed that there is any such quan¬
.
the United States for German interests.
On the other hand, prices declined at one time owing to this
tity
held
this country
The Government would come into compe¬
that the regular export trade of
The Allies would naturally
dependent on the regular cotton markets of this
country.
On the 22nd inst. this for a time had some effect.
And although the quantity estimated looks to be exaggerated
beyond all reason, there are those who believe that there may
be some German owned cotton in this country which will
sooner or later come into competition with that held by the
be
less
regular trade. If that is so, it would of course reduce our ex¬
ports by just so much. And the exclusion of neutrals and the
reduction in the requirements of England and France are taken
to mean that in any case the total for this season will be less
by considerable than last season.
It is believed too that
when the crop movement increases as it is certain in the near
future to do there will be a considerable increase in hedge
selling.
Whether the market could handle a larger volume
hedge selling by the South is the question.
Speculation
though it has recently been more active has in reality kept
within rather narrow bounds as the generality of the outside
of
speculative public besides distrusting the stability of the
high price did not care to put up the abnormal margins re¬
quired to protect commission houses in these times of violent
fluctuations when ordinary margins are out of thequestion.
Besides some think that the crop is being underestimated
and at the same time that the consumption is overestimated.
Shortgage of labor and of coal it is
in
believed
curtail the
may
domestic consumption this season to say nothing of the high
cost of living.
Today prices were irregular, advancing at
one
December was especially firm
the near months are attracting atten¬
time distant months are being sold and
time and then declining.
and the
tion.
premiums
At the
on
same
they hang back.
New York and
Spot markets were generally
Savannah prices were reduced
steady but
somewhat.
attention is the increased
southern hedge selling of late.
Yet prices during the week
have reached a new high level on a light crop movement and
a
persistent demand.
Middling upland closed at 29.95c.
a rise of 30 points for the week.
The following averages of the differences between grades,
"as figured from the Oct. 25 quotations of the eleven markets,
designated by the Secretary of Agriculture, are the differ¬
ences from middling established for deliveries in the New
4
York market
Nov. 1:
on
off
off
off
off
off
off
off
off
off
off
"yellow"tinged_0.19
tinged
0.42
tinged
0.78
Strict middling
0.22 on Low middling "yellow" tinged.. 1.23
Strict low middling
0.29 off Good middling "yellow" stained.0.46
Low middling
0.73 off Strict middling "yellow" stained.0.70
0.96
Strict good ordinary
1.23 off Middling "yellow" stained
.0.50
Good ordinary
1.71 off Good middling "blue" stained
0.81
Strict good mid. "yellow" tlnged.0.28 on Strict middling "blue" stained
1.13
Good middling "yellow" tinged.0.02 on Middling "blue" stained...
0.84 on
0.61 on
0.43 on
Middling fair
Strict good middling
Good middling
Striot middling
Middling "yellow'
Strict low mid. "yellow"
quotation for middling upland cotton in the
day for the past week has been:
The official
New York market each
Sat.
Mon.
Tues.
Wed. Thurd.
28.65
28.45
29.50
29.90
Oct. 20 to Oct. 26—;
Middling uplands
NEWfYORK QUOTATIONS FOR 32
14.55
9.35
10.95
1906.
10.65
1905.
10.65
1904
10.05
1903——10.45
1902
8.70
1917_c___—28.95 1909.C
191618.75 1908
1915
12.10 1907
1914—
1913
14.50
1912
11.25
1911—— 9.40
1910
14.45
8.38
1901.
1900.
9.44
7.31
1899.
1898.
5.44
Fri.
28.95
29.05
"YEARS'.
8.19
8.31
8.38
10.12
10.50
9.81
9.62
9.25
1893.C
1892
1891
1890
1889
1888
1897.
6.06
1896.
7.94
1895.
8.62
1887
1894.
5.81
1886
~
MARKET ™ANb~SALES-AT~NEW~Y ORKTI
each day during the
week at New York are indicated in the following statement.
For the convenience of the reader we also add columns which
show at a glance how the market for spot and futures closed
The total sales of cotton on the spot
on
same
days.
SALES.
Futures
Spot Market
Saturday
Monday
Tuesday
Wednesday.
Thursday
Friday
Market
Closed.
to have more
Seed has been
alone would
sell
this
mean
suffer.
Southern farmers have been holding back
the
The
course
would
One feature which attracts some
active and in the main at
have
a
tition with the regular trade.
1,929
Pensacola..
Norfolk
Total.
253,453
Arthur,
Ft.
NewOrleans
seize
German-owned cotton in this country and
apportion it among the Allies.
If that were so it would of
24,262
24,262
that the United States Government was to
rumor
large quantity of
Great
Great
from—
1917 to Oct. 26 1917.
Exported to—
Exported to—
[Vol. 105.
CHRONICLE
THE
1720
Closed.
Quiet—
Quiet, 20 pts. dec..
Steady, 105 pts.adv.
Steady, 40 pts. adv.
Quiet, 85 pts. dec..
Quiet, 10 pts. dec..
— —
Spot.
Total
Contract
Steady
Very steady..
Steady
Barely steady.
Steady
Steady
200
200
Total.
200
200
QUOTATIONS FORMIDDLING COTTON AT OTHER
are the closing quotations of'middling
cotton at Southern and other principal cotton markets for
each day of the week.
MARKETS.—Below
Closing Quotations for Middling Cotton on—
Week ending
Oct. 26.
Saturday,
Monday.
Tuesday. Wed"day. Thursd'y.
Friday
27.75
27.50
27.65
27.50
27.60
27.50
27.75
27.75
27.75
27.25
27.50
28.00
28.00
28
27.75
27%
27%
27 %
27%
27%
27%
Norfolk
Galveston
27.45
New Orleans
27.50
Mobile
27.50
Savannah
27 %
Charleston
Wilmington
27.35
27%
27%
27%
27%
27%
27m
27~25
2 7 "63
28.50
28.3%
Baltimore
28.25
28.25
28.25
28.50
28.50
28.50
Philadelphia,
28.90
29.75
30.15
29.30
29.20
Augusta
Memphis
27.56
28.70
27.25
27.75
28.00
28.00
28.50
28.50
28.50
28.50
28.50
26.70
27.10
27.20
26.95
26.90
Houston
27.15
27.15
27.50
27.70
27.35
27.35
Little Rock
27.50
27.37
27.50
27.75
28.00
27.75
Dallas
Oct. 27
CHRONICLE
THE
1917.]
FUTURES.—The highest,
New York for the past
lowest and closing prices at
week have been as follows:
Oct. 20.
Oct. 22.
Tuesday, Wed'day, Thursd'y,
Friday,
Oct. 23.
Saturday, Monday,
Oct. 26.
Oct. 24.
Oct. 25.
Week.
1731
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
thecorresponding period of the previous year—is set out in
the
detail below.
October—
Range
27.60-/50
28.00 .20 27.60 .20 28.27 .21 29.00 .50 29.00 .20
Closing.-.. 28.15
28.15
—
—
29.10
—
Movement
to Oct.
26
1917.
Movement to Oct. 27 1916.
29.00-.30
November—
Towns.
Receipts.
Ship¬
ments.
Closing
27.69
27.67
—
—
28.14
—
28.50
—
28.13
—
28.02-.10
Week.
Season.
Oct..
Week.
Range
Stocks.
26.
Receipts.
December—
27.20-.60 26.65-.35 27.30-.73 27.60-.00 27.50-.12 27.45-.93 26.65-112
Range
Ala., Eufaula..
Range
Closing
26.93-.95 26.89-.95 27.22-.25 27.29-.32 26.94-.97 26.93-.96
3,5S9
Selma
26.79-.22 26.18-.95 26.85-.28 27.13-.45 26.79-.37 26.70-.13 26.18-/45
2,682
Montgomery..
27.29-.33 27.27-.30 27.64-.67 27.90-.95 27.63-.66 27.66-.70
Closing
January—
267
2,281
27,995
20,399
27.10
—
27.15
—
26.80
—
26.78
7,372
Ill
"i, 917
2,461
23,710
3,732
1,950
4,825
1,660
13,433
2,626
9,027
21,067
50,497
Ark., Helena..
4,903
13,271
493
12,931
3,764
24,778
44,180
7,932
15,665
101,202
32,783
2,036
7,770
54,434
12,320
5,848
Athens
—
8,801
35,619
1,500
14,942
7,500
Bluff
395
9\868
650
28,679
25,000
2,284
416
15,267
367
2,362
6,593
3,806
16,209
5,450
47,587
2,800
10,476
30,289
102,645
11,382
25,171 105,092
1,000 12,782
15,933
18,179
3,818
22,715
38,551
Ga., Albany.._
26.76
—
27.
360
Little Rock__
.
Pine
20.81
Oct.
Week.
Season.
2,421
17,469
—
February—
Range
Closing
Stocks
Ship¬
ments.
Week.
Range
26.55-.90 26.00-.70 26.63-.00 26.85-.14 26.42-.05 26.29-.70 26.00-./14
Augusta
Closing
26.69-.71 26.68-.70 26.94- .96 27.01-.02 26.57-.60 26.52-.55
Columbus
2,000
33,798
65,286
208,905
17,152
Macon
6,413
59,206
4,816
15,553
6,575
24,992
77,809
Rome
2,469
10,752
73,595
1,694
4,944
3,987
20,367
7,658
11,817
86,034
448
37,024
2,139
—
March—
j.
Atlanta
April—
Range
26.42
26.59
Closing
26.58
26.90
26.90
26.47
26.35
—
_
—
16,384
27,316
—
—
—
—
—
—
La., Shreveport
11,691
Miss.,Columbus
—
May—
438
3,484
34,905
1,983
35,618
4,000
1,646
27,963
6,000
32,604
4,000
22,000
5,935
52,671
3,146
11,215
921
8,943
1,248
23,169
2,719
9,977
2,450
7,361
22,174
3,064
5,164
4,632
883
5,457
670
2,500
15,166
137,376
Greenwood...
Meridian
Natchez
26.74
26.76
26.47-.50 26.18
26.50
Range
26.50-.60 25.90-.40 26.50-.77 26.58-.90 26.29-.78 26.04-.26 25.90-190
Closing
26.50-.51 26.46-.48 26.66-.68 26.76-.78 26.33-.35 26.16-.17
—
26.46
—
—
—
—
—
Vicksburg
Yazoo City
—
August—
25.90-.10
.—
Closing
25.90-
25.96
—
__
—
—
—
—
26.12
—
26.26
—
—
26.00
—
26.00
—
25.90
—
25.86
25.90-.10
—
——
—
——
j
128c.
27.c.
i 26c.
'
.
COTTON;to-night, as made
by cable and telegraph, is as followsForeign stocks,
the afloat, are
this week's returns, and consequently
all foreign figures are brought down to Thursday evening.
But to make the total the complete figures for to-night
(Friday), we add the item of exports from the United States,
including in it the exports of Friday only.
as
Stock at Manchester
Tota
Britain—1
Great
Stock at
Stock at Marseilles
-
Stock at Barcelona
.'
Stock at Genoa
Tota
397,000
448,000
160,184
452
1,044
Nashville
Stock in U. S. interior towns
774,783
U. S. exports to-day
1,734
Tex., Abilene..
Brenham
Clarksville...
Dallas..
3,408
9,073
3,172
Houston
23,495
1,105,079
11,948
994,688
2,374
820,382
7,450
18,938
53,500
32,682
85,191
....
4,843
783,869
21,065
1,138
16,069
4,000
28,201
5,410
1,227
16,843
17,107
3 340
7,347
14,000
3,329
6,791
43,509
3,899
25,528
2,176
1,114
5,870
374
22,694 110,365
61,375
visible supply
American—
*
creased
Continental stock
American afloat for
31,000
*330,000
282,436
695,002
820,382
7,450
18,000
*160,000
Europe
U. U. ports stocks.
stocks
U. S. interior
U. S. exports to-day
American.
128,000
21,000
7,000
*32,000
46,000
stock.
Manchester stock
Continental stock
India afloat for Europe.
Egypt, Brazil, &c., afloat
50,000
Stock in Alexandria, Egypt,
Stock in Bombay, India
Total East India, &c
Total American
149,000
*620,000
147,000
30,000
5,000
*88,000
46,000
47,000
112,000
336,000
243,000
18,000
*105,000
79,000
21,000
*110,000
470,000
*98,000
32,000
54,000
194,000
453,000
1,053,000
811,000 1,157,000 1,123,000
2,446,927 3,730,386 3,894,010 2,625,270
Total visible supply
.4,499,727 4,541,386 5,051,010 3,748,270
Middling Upland, Liverpool
4.85d.
20.42d.
Il.l4d.
■
7.02d.
Middling Upland, New York
28.95c.
19.00c.
12.30c.
Egypt, Good Brown, Liverpool..
32.80d.
17.75d.
lO.OOd.
7.60d~
Peruvian, Rough Good, Liverpool
8.75d.
27.50d.
14.00d.
lO.lOd.
Broach, Fine, Liverpool
4.35d.
20.45d.
10.50d.
6.65d.
Tinnevelly, Good, Liverpool
4.50d.
20.63d.
10.52d.
6.77d.
*
Estimated,
a
Revised.
4",000
10,000
20,476
668
2,152
same
are
time last year.
all towns have been 95,104 bales
to-night 330,296
The receipts at
smaller than the
week
same
OVERLAND
MOVEMENT
FOR
THE
WEEK
AND
SINCE AUG. 1.—We give below a statement showing the
overland movement for the week and since Aug. 1, as made
up from telegraphic reports Friday night.
The results for the
week and since Aug. 1 in the last two years are as follows:
1917
Since
Oct. 26.
Week.
Shipped—
-1916Since
Week.
Aug. 1.
24,939
..12,675
Via Mounds, &c
Via Rock Island
144,065
66,689
Aug. 1.
074,218
14,892
o250,003
50,557
1,431
23,940
13,598
130
495
44,6
2,335
...16,408
12,394
13,651
13,054
90,066
132,275
6,305
2,288
1,361
19,408
.70,852
460,295
118,918
477,671
.27,333
128,604
21,340
92,096
9,158
4,518
20,786
30,129
24,762
79,838'
___i
Via Cincinnati
1,971
Via Virginia points:
Via other routes, &c
Deduct Shipments—
Overland to N. Y., Bos;
Between interior towns.
1,318
.11,988
.
,
16,229
121,913
Total to be deducted..
.40,639
40,639
242,040
34,462
134,729
Leaving total net overland*
.30,213
30,213
218,255
84,456
342,942
298,000
21,000
70,000
13,000
43", 509
993
2,838
6,183
2,890
2,353
29,572
8,078
8,949 14,288
6,135
55,782
6,135 13,219
3,207
5,920
2,867
26,687
3,341
4,923
66,461 148,744 128,116 1,206,343 113,779 262,253
3,793
7,041
8,103
8,588
66,219
8,143
610
1,116
1,326
31,998
2,741
1,885
2,446,927 3,730,386 3,894,010 2,625,270
East Indian, Brazil, &c.—
Liverpool stock..
6,000
last year.
459,000
445,000
469
1,659
3,050
totals show that the interior stocks have in¬
Via Louisville
677,000
231,000
3,218
64,026 183,355
-
600
during the week 100,789 bales and
bales less than at the
follows:
29,000
42,000
*309,000
*350,000
380,000
637,945
536,059
8.58,649 1,192,414 1,291,889
774,783 1,105,079
994,688
23,495
11,948
2,374
bales.
Manchester stock
London
are as
■
Last year's figures are from Greenville.
The above
IP**-
Liverpool stock
Total
descriptions
-
3,928
•
Total, 41 towns 340,150 2,110,309 239,361 774,783 435,254 3,235,001 383,549 1105079
3,499,927 4,541,386 5,051,010 3,748,270
Of the above, totals of American and other
*
4,417
1,602
348,743
796
60
Via St. Louis
Tota
1,500
5,691
11,249
14,232
800
Honey Grove.
435,000
597,000 1,053,000 1,493,000 1,263,000
46,000
46,000
79,000
32,000
380,000
637,945
282,436
536,059
21,000
Egypt.Brazi ,&c.,afloat for Eur'pe
50,000
47,000
54,000
Stock in Alexandria, Egypt
*110,000
149,000
112,000
194,000
Stock in Bombay, India
*620,000
336,000
470,000
453,000
Stock in U. S. ports
695,002
859,649 1,192,414 1,291,889
European stocks.
India cotton afloat for Europe—
Amer. cotton afloat for Europe..
3,000
53,184
Tenn.,Memphis
828,000
*25,000
*140,000
208,000
3,000
22,000
19,000
192,000
Continental stocks
4,499
2,500
1,733
625
656,000 1,045,000
*1,000
*1,000
*1,000
*2,000
163,000
234,000
6,000
2,000
46,000
a57,000
179,000
151,000
*1,000
*1,000
Tota
28,261
3,736
_.
San Antonio..
*18.000
3,259
877
Greenwood.
Paris
;
8,900
8,652
5,500
1914.
9,000
—-
Stock at Trieste.'
7,126
11,220
1,017
4,399
8,815
25,996
758,000
21,000
49,000
124,000
5,000
54,000
Stock at Havrfe
493
8,723
281
18,914
1,198
11,734
1915.
405,000
975
4,633
550
6,317
1,656
920,000
70,000
55,000
Hamburg
1,604
74,218
256,877
27,820
4,296
30,469
2,877
1916.
Stock at Bremen
10,601
74,970
2,218
S.C., Greenville
3,752
8,420
14,813
7,628
2,024
2,664
7,811
2,800
6,393
9,286
10,674
...
592,000
30,000
34,000
21,000
25,000
l
827
l",666
...
1917.
ba es_
129
24,939
1,400
2,386
1,534
2,101
2,300
359,000
October 26—
Stock at Liverpool
Stock at London
"
2,127
32,845
12,050
12,720
3,150
HugO-.i
THE VISIBLE SUPPLY OF
well
1,557
614
Oklahoma
up
25,329
O., Cincinnati.
Okla., Ardmore
Chickasha
/29c.
as
..
Mo., St. Louis.
N.C.,Gr'nsboro
Raleigh
Range
148
—
—
7,388
34,939
1,548
21,000
27,734
2,770
42,307
221
26.58-.60 26.56-.58 26.84-.86 26.90-.93 26.45-.4S 26.33-.36
Closing
16,545
23,001
3,218
8,352
2,021
Clarksdale*
Closing
Range.....
1,825
6,181
953
26.48-.73 25.98-.58 26.54-.90 26.74-.06 26.38-.93 26.17-.50 25.98-.706
.,
8,037 134,420
11,701
Range
June—
218,916
*
Including movement by rail to Canada,
a
Revised.
The
foregoing shows the week's net overland movement
has been 30,213 bales, against 84,456 bales,for the week last
year, and that for the season to date the aggregate net over¬
land exhibits a decrease from a year ago of 124,687 bales.
-1917In Sight and
-1916Since
Spinners'
Takings.
Aug. 1.
Week.
*
Since
Week.
Aug. 1.
Receipts at ports to Oct. 26..—251,964
Oct. 26
30,213
Southern consumption to Oct. 26- 82,000
1,798,288
218,255
1,093,000
305,928
2,543,780
84,456
342,942
79,000 I
990,000
364,177
—100,789
3,109,543
419,841
469,384
51,705
Came into sight during week..464,966
Total in sight Oct. 26._
3,529,384
-----
4,628,067
378,104
117,449
"617,508
Net overland to
Total marketed
Interior stocks in excess
3,876,722
751,345
Continental
imports for past week have been 101,000 bales.
The above figures for 1917 show an increase over last week
of 194,949 Bales, a loss of 1,041,059 bales from 1916, a decrease
of 1,551,078 bales from 1915 and a decline of 248,343 bales
North, spinn's takings to
Oct. 20.
Oct. 22.
Friday,
Oct. 23.
October—
Range
27.24-.25 26.57-.82 27.00-.75 27.68-.00 27.40-.75
._
Closing
1913—Oct. 31
Oct. 26.
Oct. 25.
Bales.
437,512
---.-503,295
724,855
1915—Oct. 29—
1914—Oct. 30
Tuesday, Wed'day, Thursd'y,
Oct. 24.
sight in previous
Week—
ORLEANS CONTRACT MARKET.
Saturday, Monday,
Oct. 26- 47,977
Movement into
from 1914.
NEW
521,089
—
Bales'.
Since Aug. 1—
1915—Oct. 29
1914—Oct. 30
1913—Oct. 31
-
3,664,032
..--2,893,081
5,101,246
WEATHER REPORTS BY TELEGRAPH.—Advices to
by telegraph this evening indicate that with favoring
us
——
'
years:
—
weather
quite generally picking has been active and is draw¬
26.00-.30 25.50-.01 26.05-.52 26.43-.80 26.27-.87 26.22-.46
26.02-.07 25.98-.01 26.47-.49 26.62-.70 26.31-.37 26.33-.36
ing to
close in
25.77-. 10 25.30-.87 25.85-.34 26.05-.40 25.83-.42 25.73-.98
25.84-.88 25.85-.87 26.18-.20 26.26-.31 25-85-.90 25-87-.90
*
and
27.25
—
26.68
—
26.75
—
28.00
—
December—
Range
Closing
January—
Range
Closing
25.76-.04 25.29-.81 25.86-.24 26.04-.29 25.70-.29 25-5.5-.80
25.83-.88 25.78-.81 26.10-.15 26.18-.22 25-70-.74 25.68-.69
Range,
Closing
May—
...
25.77-.50 25.30-.73 25.77-.16 25-90-.23 25.61-.22 25-39-.70
25.76-.77 25.72-.74 26-06-.08 26.12-.15 25.61-.66 25.54-.55
Tone—
Spot
Options
some
sections.
Heavy to killing frosts have
occurred in Texas penetrating as far South as Central districts
damaging late cotton.
Galveston, Tex.—The weather has been generally favorable
March—
Range
Closing
a
—
Steady.
Steady.
Firm.
Steady.
Steady.
Steady.
Firm.
Steady.
Steady.
Steady.
Steady.
Steady.
for
gathering
crops
and picking has made good
progress.
Heavy to killing frosts occurred during the week penetrating
as
far south as central Texas and damaging late cotton.
We have had rain on one day the past week, the rainfall
being forty-six hundredths of an inch.
The thermometer has
averaged 64, the highest being 76 and the lowest 52.
Abilene, Tex.—Dry all the week.
The thermometer has
averaged 56, ranging from 34 to 78.
Brenham, Tex.—It has been dry all the week.
The
thermometer has ranged from 39 to 86, averaging 63.
Brownsville, Tex.—We have had,no rain during the week.
Average thermometer 65, highest 86, lowest 44.
Cuero, Tex.—We have had no rain during the week.
The thermometer has averaged 62, the highest being 90 and
OCT.
week.
78.
Worth, Tex.—We have had no rain during the week.
ranged from 34 to 80, averaging 57.
Huntsville, Tex.—Rain has fallen on one day of the week,
the rainfall being sixty hundredths of an inch.
Average
thermometer 57, highest 84, lowest 30.
/
Henrietta, Tex.—There has been no rain during the week.
The thermometer has averaged 53, the highest being 75 and
Fort
The thermometer has
.
the lowest 30.
amount of cotton ginned up to Oct. 1
growth of 1917, as follows, comparison being made
returns for the like period of the preceding years:
report on the
the
the
Lampasas, Tex.—We have had no rain during the week.
The thermometer has ranged from 29 to 88, averaging 59.
Longview, Tex.—Dry all the week.
Average thermometer
57, highest 82, lowest 32.
Luting, Tex.—There has been no rain the past week.
The
thermometer has averaged 62, the highest being 88 and the
lowest 36.
1916.
1915.
224,196
.i....—1,291
Arkansas
346,406
California II
6,119
Florida
27,502
Georgia
II
.....1,043,996
LouLiana"
346,349
292,808
593
673.366
6,852
32,167
1,217,903
319,698
375,078
448,504
10,608
151,858
Oklahoma..
341,776
South Carolina.————
580,381
Tennessee
41,072
Texas
2,072,467
Virginia
I.;
a1,368
All other'States
—
1,157
29,426
251,764
490,608
508,635
171,968
2,845,705
3,063
556,086
195
283,423
4,272
32,165
1,178,045
223,063
421,663
11,829
264,935
66,255
581,667
79,353
2,001,416
3,950
413
5,571,624
7,303,183
5,708,730
1917.
MisSssipp'fll..-
Palestine, Tex.—Dry all the week.
The thermometer has
ranged from 34 to 84, averaging 59.
Paris, Tex.—There has been no rain during the week.
Average thermometer 57, highest 80, lowest 33.,
San Antonio, Tex.—There has been no rain during the
week.
The thermometer has averaged 64, the highest being
88 and the lowest 40.
Weatherford, Tex.—Dry all the week.
The thermometer
averaged 54, ranging from 33 to 75.
Ardmore, Okla.—There has been no rain the past week.
The thermometer has ranged from 31 to 76, averaging 54.
Muskogee, Okla.—There has been rain on one day during
the week, the precipitation reaching three hundredths of an
inch.
Minimum thermometer 25, maximum 73, mean 49.
Eldorado, Ark—There has been rain on one day during
the week, the rainfall being one inch and thirty-eight hun¬
dredths.
The thermometer has averaged 52, the highest
being 78, and the lowest 26.
Little Rock, Ark.—Rain has fallen on one day of the week,
the precipitation reaching sixty hundredths of an inch.
The
thermometer has averaged 51, ranging from 32 to 70.
New Orleans, La —It has rained on two days of the week,
the rainfall reaching twenty-four hundredths of an inch.
Average thermometer 60.
Shreveport,r La.—We have had rain on one day of the
week, the precipitation being twenty-two hundredths of an
inch.
Mean thermometer 57, highest 79, lowest 35.
Columbus, Miss—There has been no rain the past week.
The thermometer has averaged 51, the highest being 74 and
has
the lowest 28.
"
:
-
States...
—
474,788
*
301,108
451,449
693,444
102,177
2,715,772
*
30,794
7,619,747
all other States.
The number of round bales included this year is 110,632 contrasted
with 136,880 bales in 1916 and 54,783 bales in 1915.
The number of Sea Island bales included is 43,691 compared with 65,040
bales in 1916 and 40,438 bales in 1915.
The distribution of Sea Island
cotton for 1917 by States is: Florida, 20,351 bales; Georgia, 22,364 bales,
and South Carolina, 976 bales.
The corrected statistics of the quantity of cotton ginned this season
*
Included
in
,
.
prior to Sept. 25 are
...
.
2,512,800 bales.
ANNUAL COTTON
HANDBOOK FOR DAILY CABLE
CROP, STATISTICS, &c—The fortyseventh annual issue of the "Hand-Book for Daily Cable
OF
RECORDS
issued by Comtelburo, Limited, of London,
Liverpool and New York, has reached us this week.
A
number of features of trade interest have been added to this
issue,
which are the Annual Exports of
Customs Districts; Monthly Cotton
among
Chinese
Cotton from
Imports into
Monthly Cotton Stocks in Russia; and Monthly
Spinning and Weaving Returns. The publication,
being of a very comprehensive character, is consequently a
very valuable book of reference.
It contains, of course, the
usual very full statistics of the American, East Indian,
Egyptian, Russian and Brazilian crops, the pages being so
arranged that the daily and weekly figures for this year as
received can be inserted side by side with those for the
Genoa;
Indian
previous year.
It will be found on sale at the office
telburo, Limited; 16 Beaver Street, New York.
MANUFAC¬
COTTON
OF
EXPORTS
DOMESTIC
of Com¬
TURES.—We give below a statement showing the exports
of domestic cotton manufactures for July and for the seven
July 31 1917, and, for purposes of compari¬
like figures for the corresponding periods of the previous
months ended
son,
year are
also presented:
Manufactures
'
Month
.
ending
July
31.
7 Mos. ending July
SI.
of
Cotton
yards
-.-value
Clothing, &c.—Knit goods.value
Clothing, &c. "All other__.value
goods.———
Piece
_
Waote cotton
—-—.
-
value
.value
—value
All other.———
1916.
1917..
46,234,050 405,440,272 333,301,412
$4,283,861 $46,188,868 $29,897,159
48,535,250
$6,015,124
goods--
Yarn
1916.
1917.
Exported.
Piece
Madison, Fla.—There has been no rain during the week.
averaged 63, the highest being 85 and
Total manufactures
1,895,001
1,045,863
525,838
558,690
7,882,284
13,687,682
7,430,132
379,127
4,168,369
2,922,546
8,765,471
2,471,312
3,552,365
1,369,146
.
1,809,530
11,339,213
14,167,854
1,056,231
692,981
1,088,456
the lowest 40.
of.. .value $10,601,065 $10,118,783 $79,931,412 $72,541,843
RECEIPTS FROM THE PLANTATIONS.—The
ing table indicates the actual movement each week
follow¬
from the
The figures do not include overland receipts
they are simply a statement of
the weekly movement from the plantations of that part of the
crop which finally reaches the market through the outports.
plantations.
Southern consumption;
nor
Slock at Interior Towns.
Receipts at Ports.
w*tk
Receipts from Plantations
ending
The thermometer has
1917.
1916.
1915.
1916.
1917.
1915
1917.
1916.
1915.
Sept.
Albany, Ga.-—We have had
Ga.—It
has
rain during the week.
The
ranging from 34 to 89. * '
no
thermometer has averaged 62,
been
dry
thermometer has ranged from 39 to 84,
all the week.
averaging 60.
The
Greenville, S. C.—There has been rain on one day during
the week, the precipitation being forty-one hundredths of
an inch.
The thermometer has averaged 52, the highest
being 77 and the lowest 26.
We have had
days during the week, the rainfall being thirtyeight hundredths of hh inch.
The thermometer has averaged
55, ranging frpm 31 to 79.
Charlotte, N. C.—Killing frost this week.
two
Memphis, Tenn.—We have had rain on one day during the
week, the rainfall being forty-nine hundredths of an inch.
The thermometer has ranged from 32 to 64, averaging 48.
The
following statement we have also received by tele¬
graph, showing the height of the rivers at the points named
at 8 a. m. of the dates given:
Oct.
i
New Orleans
Above
—
Nashville,
Shreveport
Vicksburg
zero
Above
zero
Above
zero
Below
zero
of gauge.
of gauge.
.Above
zero
of gauge.
of gaugeof gauge,
26
1917.
Feet.
4.1
3.2
11.1
4.9
3.1
Oct.
27
112,138 187 016 100,526
142,060 182 381 176,839
160,42i;230 375 284,998
185,4301285 ,561 306,456
253,166
325,618
261,941
287,143
411,183
542,558
454,818117,416 248,363 127,194
497,366450,836 267,946 219,387
575.202:185,622 361,750 362,834
355,449
693,690
650,579|253.736 436,69,3 381,833
12
208,398324 221282,775
207,029|322 ,759275,396
19
235,539340 497 277,910;
26
251,964305 928 245,558'
830,921
544,591! 964,982
693.9941,053,374
774,8731,105,079
7
14
21
28
Oct
5
Charleston, S. C.—We have had no rain the-past week.
Average thermometer 60, highest 81, lowest 39.
Memphis
10,123
397,251
6,156
43,313
1,367,916
225,274
.
Vicksburg, Miss.—We have had rain on one day during the
week, the rainfall being fifty-nine hundredths of an inch.
The thermometer has averaged 51, ranging from 35 to 72.
Mobilei, Ala.—Light frost has occurred.
Very little cotton
remains in the field.
There has been rain on one day of the
week, the rainfall reaching two hundredths of an inch.
The
thermometer has ranged from 40 to 72, averaging 57.
Selma, Ala.—We have had a trace of rain on one day of
the week.
Average thermometer 48, highest 65, lowest 31.
/-x
III-—II-—
Missouri
North Carolina
1914.
810,295
Records,"
29 to 84.
•xr
—
-
Nacogdoches, Tex.—We have had rain on one day during
the week, the rainfall being one inch and thirty-eight hun¬
dredths.
The thermometer has averaged 57, ranging from
on
of cotton ginned from the growth of 1917 prior to
comparative statistics to the corresponding date in 1916,
(counting round as half-bales).
1915 and 1914
United
from
with
of bales
Number
Oct. 18 1917 and
—
Kerrville, Tex.—There has been no rain during the week.
The thermometer has averaged 53, ranging from 25 to 81.
rain
18.—The Census Bureau issued on Oct. 25 its
Arizona
Dallas, Tex.—There has been no rain during the
The thermometer has averaged 57, ranging from 36 to
ON COTTON GINNING
CENSUS BUREAU REPORT
TO
Alabama
the lowest 34.
Savannah,
[Vol. 105.
CHRONICLE
THE
1122
1916.
Feet.
3.8
5.1
9,8
10.7
4.6
439,165
The above statement shows:
736,530292,114 461,452 368,756
834,620312,455 457,820 373.476
918,630 364,942 428,889 361,920
994,688352,753
357,0631321,616
1.—That the total receipts
plantations since Aug. 1 1917 are 2,218,129 bales;
3,294,125 bales, and in 1915 were 2,631,188
bales.
2.—That although the receipts at the outports the
past week were 251,964 bales, the actual movement from
plantations was 352,753 bales, the balance going to increase
stocks at interior towns.
Last year receipts from the
from
in
the
1916
were
plantations for the week were bales 357,063, and for 1915
they were 321,616 bales.
EGYPTIAN COTTON CROP.—The Alexander General
Produce Association
of information
on
on
Oct. 3d issued the following summary
the cotton
crop,
received during August: 4
Lower Egypt.—Owing to the favorable temperature which has prevailed
throughout the month, the crop has made satisfactory progress.
There
have been some light fogs in certain districts.
The ordinary boll worm
and to a greater extent the pink boll worm have been reported in greater
quantity than last month.
Watering has generally been effected normally;
in one or two districts it has been rather overdone, resulting in some boll
shedding.
The first picking, prospects of which seems more favorable than
those of last year, will become general about Sept. 15; it has already com¬
menced in some early-sown lands.
J
UmtJl
.
Oct. 27
THE
1917.]
CHRONICLE
Upper Egypt and Fayoum.—The temperature during the month has been
of great benefit to the crop, which has made up the backwardness previouslyrecorded.
The pink boll worm has been reported from almost everywhere,
but it is too early yet to estimate the extent of the damage.
First pickings
have commenced in most of the early lands and will be general in a few
days.
The actual condition of the crop assures a return per feddan su¬
perior to that of last
Liverpool market for spots and futures
day of the past week and the daily closing prices of
spot cotton have been
Spot.
Alexandria Cotton
Co., Ltd., of Boston, re eived the following: "Crop maturing
much better than expected, although much damaged bypink boll worm.
Estimate outturn about six and a quarter
million
The tone of the
each
year.
Under date of Alexandria, Oct. 15, the
cantars."
1733
Saturday.
Market,
Monday,
Tuesday.
Wednesday.
Thursday.
Friday.
Quiet.
Quiet.
Quiet.
Quiet.
(
12:15
(
Moderate
P. M.
i
demand.
Mid.Upl'ds
20.42
20.52
20.52
20.62
20.42
21.00
21.00
21.10
21.10
21.00
4,000
3,000
3,000
3,000
Good Mid.
Uplands
WORLD'S SUPPLY AND TAKINGS OF COTTON.
Sales
Futures.
Cotton Takings.
1916.
1917.
f
Steady
6@11 pts.
\
decline.
f
1
(
opened
Week.
Season.
4
4,308,733
3,304,978
Steady
Steady
Steady
23@26 pts. 161 @8 pts. 10@ 14pts.
,
advance.
advance.
advance.
Steady at
1@5 pts.
decline.
Season.
Market,
Visible supply Oct. 19
3,000
Easy
Market
Week and Season.
Week.
follows:
as
3",198",251
2,814^776
Visible supply Aug. 1
American in sight to Oct. 26
464",966
3,529,384
521", 089
Bombay receipts to Oct. 25---Other India ship'ts to Oct. 25-_
Alexandria receipts to Oct. 24_.
Other supply to Oct. 24*
68,000
62,000
626,000
61,000
194,000
27,000
140,000
29,000
22,000
3,000
40,000
2,000
4,628,067
149,000
61,000
185,000
34,000
3,806,944
6,734,160 4,896,822
3,499,927 4,541,386
4,541,386
Firm
at
2@4 pts.
8,255,318
3,499,927
P.M.
Steady
Barely st'y Steady! pt.
14@20 pts. 16@18 pts. 4@24 pts.
dec. to 4
Total supply
Deduct—
Visible supply Oct. 26Total takings to Oct. 26.a
Of which AmericanOf which other
3,713,932
2,984,932
729,000
43.000
1,093,000 bales in 1917 and 990,000 bales in 1916—takings not being avail¬
able—and the aggregate amounts taken by Northern and foreign spinners,
2,141,233 bales in 1917 and 2,723,932 bales in 1916, of which 1,509,233 bales
b Estimated.
receipts of
India cotton at Bombay for the week ending Oct. 4 and
for the season from Aug.l for three years have been as follows:
Oct. 20
Sat.
Oct. 26.
Mon.
12*4 12*4
1917.
January
February
d.
d.
Week.
Since
Week.
Aug. 1.
20 pts.
old.
new
old.
dec.
on
new
10 pts. 10 pts. dec.
old.
on
old.
on
are
given
d.
Tues.
'
-
March
•
•
12*4
4
Wed.
12*4
4
Thurs.
12 J4
4
Fri.
1234
4
d.
83
19
_
4
m. p.m. p.m. p.m. p.m. p.m. p.m. p.m. p.m. p.m.
19
__
56
19
d.
d.
d.
d.
d.
d.
d,
d
54
27
76
82
87
86
95
99
95
93
50
53
63
62
76
78
74
82
32
02
25
40
57
58
54
61
19
11
80
02
27
02
35
HOLI¬
14
20
39
39
36
42
DAY
April
May
18
90
60
79
76
88
00
22
21
19
23
52
Old Contract
19 42
Jan .-Feb-
Mar.-Apr
May-June
12
19
52
62
72
72
62
00
70
10
10
20
30
30
20
10
10
18 35
05
45
45
55
65
65
55
45
45
-
18
17
87
27
27
37
47
47
37
27
27
.
18
01
71
11
11
21
31
31
21
11
11
_
_
1915.
1916.
Since
1234
p.m. p.m. p.
52
52
BREADSTUFFS
Oct. 4.
Receipts at—
pts. adv. on adv.on
prices of futures at Liverpool for each day
October
MOVEMENT.—The
COTTON
40 pts.
on
on new
below.
Oct .-Nov
BOMBAY
adv.onnew adv.
old."
on
New Contr't
♦Embraces receipts in Europe from Brazil, Smyrna, West Indies, &c.
a This
embraces the" total estimated consumption by Southern mills,
and 1.994.932 bales American,
1
The
on new
40 pts..
to
355,436
312,436
3,234,233
2,602,233
632,000
307,017
284,017
23,000
:
dec.
Since
Week.
Aug. 1.
Aug. 1.
Friday Night, Oct. 26 1917.
following rather more normal lines of trade.
Certainly the severe shortage which prevailed for so long a
period, has been relieved.
The Food Administration at
Washington has arranged for large importations of Canadian
Flour has been
Bomvay
9,000
i_-__
ALEXANDRIA
RECEIPTS
COTTON.—The following
the week
ending
153,000
Oct. 3
248,000
SHIPMENTS
AND
OF
the receipts and shipments for
and for the corresponding week
are
of the two previous years:
Alexandria, Egypt,
34,000
109,000
10,000
'
1917.
1916.
1915.
137,365
478,211
-
240,546
227,338
596,219
Oct. 3.
Receipts (cantars)—
This
week-
-
Since.Aug. 1
617,133
Since
Week. Aug.
Exports (bales)—
To Liverpool
Since
Week. Aug. 1.
3,551
4,235
5,022
2,929
21,891
13,176
24,357
16,816
15,737
76,240
9,873
5,367
3,731
24,982
10,249
16,994
9,583
4,682
750
24,471
7,972
5,706
1,883
18,971
52,225
15,315
40,032
To Manchester
To Continent and India.
300
To America
Total
Since
Week. Aug. 1.
1.
exports
-
'
Note.—A cantar is 99 lbs.
Egyptian bales weigh about 750 lbs.
This statement shows that the receipts for the week endi ng Oct. 3
137,365 cantars and the foreign shipments 18,971 bales.
were
this
evening states that the market is strong and the turn
exceeds production.
We give prices for to-day below
and leave those for previous weeks of this and last year for
comparison:
over
1917.
1916.
8 H lbs. Shirt¬
Cot'n
32* Cop
ings, common
Mid.
Twist.
to finest.
Up's.
d. s.
Aug. d.
24
@
d.
d.
b.
d.
814 I&*. Shirt¬
d.
23*
@
21
24
@
28
2534
@
25J4 13 9 @17 10 X 17.25 14 X
25
13 6 @17
16.90 14*4
9
25 X 13714 @17 1014 17.82 14*4
26 *4 140
@18 014 18.62 1414
7
14
Cot'n
ings, common
32* Cop
Twist
Mid.
to
d. a.
finest.
d.
Up's.
d.
d.
b.
1514 8
8
@
1514 8
8
@10 6
@10 6
@
15*4 8
1514 8
8
@10 6
9.62
8
@10 6
'9.47
@
@
9.38
9.51
ucl
26H
@
28
14
15*4 9
0
27
@
14
6
@
@11
0
27
@
15
0
@19
0
20.52 1514
@
3.
@11
114 10.57
@
30
15
0
@19
114 20.42 15*4
@
16*4 9
1614 9
16*4 9
2
19
28 Yt
29
19.37 14*4
@18 6
@18 1014 20.07 14*4
@
12
5
@11
6
5
26
B8 34
3
SHIPPING NEWS.—In
9.93
@101034
10.11
11.14
harmony with the desire of the
Government to observe secrecy as to the destination of cotton
leaving United States ports our usual details of shipments
suspended until further notice.
,
COTTON
New York
are
FREIGHTS.—Current rates for cotton from
are as
follows, quotations being in cents
pound:
per
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, 9.00c.; 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:
Oct. 5.
Sales of the week
„
Oct. 12.
Oct. 19.
Oct. 26.
17,000
16,000
12,000
1,000
78,000
329,000
223,000
11,000
11,000
12,000
52,000
316,000
205,000
50,000
303,000
198,000
55,000
39,000
24,000
234,000
182,000
36,000
279,000
214,000
16,000
17,000
Of which speculators took
Of which exporters took
Sales, American
Actual export
_
Forwarded.
—.
Total stock
Of which American
Total imports of the week
Of which American
afloat
Of which American
Amount
141,000
-t_
116,000
185,000
135,000
36,000
359,000
231,000
109,000
76,000
•
'
-
--
Eastern mills.
The Northwestern mills
are
no
longer restricted to 60% of their capacity.
Yet Eastern
inills will now have an abundant supply of wheat.
That, of
course, means that in the near future the production at
Eastern points will be much increased.
Before long city; mills
are
expected to be operating at close to their maximum
capacity.
The East is becoming more independent of the
Northwest.
It is still obligatory, however, for North¬
western mills to use 25% of soft winter wheat and 10% of
Durum, where it is obtainable.
On the whole the weeks
developments have been cheering to the flour trade of this
section.
Northwestern mills have large (government orders
on hand, but it is supposed that within a week or so they will
be in a position to offer flour to Eastern markets.
It' is
believed that before long prices must feel the effect of the big
addition to the wheat supply from importations of Canadian
wheat.
It is pointed out, however, that since Sept. 1
American mills, spring and winter, have ground 800,000
bbls.
MANCHESTER MARKET—Our cable from Mancheste-
for
wheat
than
in
the
time
last
Liverpool
Mills there are
grinding slowly owing to small supplies of wheat but foreign
arrivals of flour are good and the quantity afloat is large.
The total output for the last week at Minneapolis, Duluth
and Milwaukee was 317,000 bbls., against 535,000 the
previous week and 429,00p for the same week last year.
The output at these three points from Sept. 1 to Oct. 20
was 3,153,000 against 2,733,000 last year.
Wheat shortage and also that of flour is expected to be
more
same
year.
reports a good demand, with prices very firm.
relieved
before
long by importations of Canadian wheat.
Moreover the
western flour
requirements that the production of North¬
mills be restricted to 60% of capacity has been
of itself is of hopeful augury.
The in¬
of flour is also a cheerful factor, although it is
a regrettable fact that the movement of American wheat to
market is still small.
Possibly there are good grounds for
the belief that considerable quantities of wheat are being
delivered to mills which do not appear in the daily stat stics
The Canadian crop is estimated at 231,730,200 bushels, as
against 212,000,000 bushels in 1916, 376,000,000 in 1915
and 161,000,000 in 1914, but the yield per acre this year is
given as only 15% bushels, against 17 last year.
Australian
rescinded.
This
creased output
and
Argentina wheat crops are large.
Unfortunately it is
hard for Europe to get at this wheat because of the shortage
ocean tonnage, the strike in Argentina ports, &c.
The
American crop movement though small shows some increase
over that of last week, principally, it is true, at Northwestern
of
What is wanted is a much larger movement in the
Southwest and also in the Middle West.
The United States
points.
increased only 116,000 bushels for the week,
bushels,
compared with 66,009,000 bushels a year ago.
The Cana¬
dian visible supply, however, increased 7,447,000 bushels,
compared with an increase of 497,000 last year, and total
visible supply
and the total stock in the United States is 9,712,000
stocks in Canada are 14,572,000 bushels,
against 16,814,Liverpool reports that foreign ar¬
rivals of grain are smaller, owing to scarcity of tonnage
and smaller world's clearances. Prices there have been steady.
There is a good Continental inquiry.
As regards the foreign
000 bushels
last year.
THE
1734
outlook, it is still regarded as in the main unfavor¬
In Russia the weather has been bad, being cool
and wet.
This has hindered the movement of the crop
and also fall sowing.
It is believed that the Russian
acreage will be small as labor
is scarce and the seed
obtainable is of inferior quality.
Farmers are said to be
discouraged, owing to what they term the poor marketing
of the last yield.
They found it hard to get the grain to
market and were dissatisfied with prices paid by the Russian
Government.
In Argentina there is much apprehension in
regard to the question of tonnage for moving new crops.
The supply of ships is very small.
What is more, rates are
rising, and to make matters worse, the storage capacity is
inadequate for the supplies of wheat, oats and linseed which
must be taken care of.
Argentina, it is stated, will appeal to
the American Government for aid in the matter of shipping.
In France, the weather has been too cool and wet.
It re¬
tards threshing and the movement of the crop.
Prices re¬
main high and the mills are offering slowly.
France prefers
to buy in America, owing to the shorter distance and the
grading.
It appears that French buyers are attracted
by
the
excellent
quality
of
the
present
crop
in
this
country.
Foreign
arrivals
are
increas¬
ing in France, and it is plainer than ever French
imports will have to be very large.
In Italy the weather
has been bad for farming interests.
There is ho doubt, too,
that the Italian crop is of very moderate size.
Stocks of
foreign wheat in Italy are light and moreover the native
grain is moving slowly.
There is great popular unrest in
Italy over the question of food and it is obvious that Italian
imports of foreign wheat will be large.
Even in Spain where
the crop is exceptiohally good and of fine quality foreign
purchases are authorized in order to maintain reserves.
In
Scandinavian countries harvesting is finished and the yield
and quality are both stated to be poor.
It is added that
the food question is very discouraging there.
In the United
Kingdom the crops are unsatisfactory and the quality only
fair.
In Australia the weather has been good and crops
are prospering.
Also the estimates of the yield there are
being increased.
But for the most part, as already inti¬
mated, the outlook for foreign crops is anything but cheer¬
ing.
And even in this country the New York State Food
Commission is advocating the use of potatoes instead of
wheat.
To-day the news about the wheat movement was
more cheerful.
It shows signs of increasing.
Fall plowing
is nearly done and farmers are beginning to haul grain to
country quarters.
Besides, the action of the Food Admin¬
istration in buying large quantities of wheat in Canada
seems
to have
brought some American farmers to their
crop
able.
.
^
senses.
.
:
v
!
^
DAILY CLOSING PRICES OF
WHEAT FUTURES IN NEW YORK.
2
red
No.
1
Fri.
Mon.
TueL
ctS-226
226
226
226
226
226
229
229
229
229
229
229
Sat.
No.
spring
;
[Vol. 105.
CHRONICLE
Wed. Thurs.
fair size, and No. 3 or better was sold, it is said, at $1
for the first half of November shipment.
DAILY CLOSING PRICES OF CORN IN NEW YORK.
Wed. Thurs.
Tues.
Mon.
Sat.
45
Fri.
cts_205
205M 207
210^211
218
CLOSING PRICES OF CORN FUTURES IN CHICAGO.
No. 2 yellow,
DAILY
-
Wed.
Thurs. Fri.
116?i llo% 116% 120
119
110H 110% 111H 113% 113%
109
May delivery in elevator—-
Tues.
Mon.
Sat.
elevator_cts_114M
December delivery in
fluctuated within very narrow bounds, so much
attaches to the changes from day to
Oats have
that little interest
so
There
Latterly the tone has been somewhat weaker.
demand, but the actual sales have been
Moreover, the action in the corn trade had a
more or less depressing effect on oats.
The lightness of the
movement tends to check short selling, to be sure, yet, on
the other hand, very few believe that big speculation or any
violent rise in prices would escape the attention of the Food
Administration at Washington or be permitted to go un¬
checked.
Meanwhile, however,'the crop movement con¬
tinues slow and the available stock in North America is
stated at only 23,087,000 bushels, as against 62,719,000 a
year ago.
The increase in North America last week was
only 1,112,000 bushels, or less than one-third what it
was in the same week last year, when it reached 3,451,000
bushels.
The
other
day
export
sales were
put at
300,000 bushels.
Country offerings of oats have been much
smaller than were expected. Cash prices have been firm both
and at the West.
Chicago shippers who recently made lib¬
eral sales to the seaboard, have at times been good buyers in
the sample market at Chicago.
No. 3 white has sold at
2 cents over December.
The Chicago stock is only 3,322,000
bushels, against about six times that amount a year ago.
In Liverpool prices have been steadier with smaller export
offerings.
Argentina is not shipping and American clear¬
ances
have been lighter.
Italy and France are buying
American oats.
The English crop is moving slowly, owing
to bad weather.
To-day prices at Chicago advanced and
then reacted with corn.
The ending is at a fractional rise
for the week, however.
Cash houses sold December oats at
Chicago.
Sample prices were rather easier.
No seaboard
demand was reported to-day.
Receipts are increasing.
day.
has been some export
moderate.
DAILY CLOSING PRICES
67
67
66
67
——
67%
Mon.
Sat.
Tues.
5834
6014
5814
6034
5914
closing quotations:
are
Wed. Thurs.
5814
5834
5914
May delivery in elevator
following
Fri.
67%
67
6734
6714
PRICES OF OATS FUTURES IN CHICAGO.
December delivery in elevator
The
Wed. Thurs.
Mon. Tues..
Sat.
DAILY CLOSING
NEW YORK.
OF OATS IN
-cts- 66%
66%
Standards-----No. 2 white
Fri.
5914
581
6014
60
.
FLOUR.
Spring, low grades.
Spr
Kansas straights, sacks-11 00@11 25
Winter, low grades.
Winter patents
Winter straights
Winter
Kansas clears,
10 45@10 75
clears
10 85@11 55
Spring patents
Spring straights
Spring clears.--
sacks.-_
Buckwheat flour
___
12 20
10 00@10 30
City patents
Rye flour
•
—
Graham flour
—
GRAIN.
within narrow limits, alter¬
It looked very much as though the
Government would regulate corn prices.
There has been
therefore general liquidation, it is said, of spread between
December and May.
The authorities of the Chicago Board
of Trade have announced their intention to conform to the
wishes of the Food Administration and at a meeting held on
the 23d inst. the directors, of the Board of Trade adopted a
resolution that until further notice members shall confine
all trades in contract grades for future delivery to months
beyond December.
No member shall make any purchases
of November or December, except in liquidation of existing
contracts.
It is clearly understood that undue speculation
and exorbitant prices will not be countenanced by the
Government
or
the
Chicago
Board of Trade itself.
These are times when practical business men are making
it perfectly plain that there is such a thing as putting the
country first and business seeondk Previous to this action
the December option went to a piWium over May of 6%
cents on the covering, of shorts and small offerings.
Very
many look for no very general increase in supplies, before
the new year.
Everybody has been afraid that there will
be just as slow marketing of corn as there has been of wheat
and oats.
Meanwhile however the short interest in May had
recently grown large on the knowledge that the crop was a
high-record one.
Latterly cash prices at the West have been
strong with good premiums obtainable for October and No¬
vember shipment.
Moreoever the weather has not been alto¬
gether favorable for moving the crop.
There is said to be not
Indian
corn
has been irregular
nately rising and falling.
a
little soft
corn
.
in the Southwest
as
shown by recent husk¬
In Liverpool prices have been firm owing to the smallness of American offerings.
Argentina clearances have been
light and prices there have been rather firmer. Liverpool re¬
gards the spot situation as everywhere firm and arrivals at
the ports of the United Kingdom are moderate.
Meanwhile
Wheat—per bushel—f. o. b.—
N. Spring, No. 1, new
$2 29
N.
In short British
large, while at the same time the world's
clearances are small.
In this country the available supply is
only 2,045,000 bushels, against 5,382,000 bushels a year ago.
To-day prices advanced for a time and then reacted, and
closed lower than yesterday.
For the week, however, there
import needs
is
some
are
net advance.
Old
corn
is very scarce
high prices. ' Buying of December
was
and sells at
due to wet weather
at the West and the forecast of rain or snow.
In fact there
considerable covering in both December and January.
St. Louis received about 25 cars of new corn, Kansas City
was
10 and Peoria 5.
Country offerings of
new corn were
of
a
No. 2 yellow kiln
No. 3 yellow
2 26
2 25
cts.
67
Hard winter, No. 2
Oats, per bushel, new—
Standard
b.
o.
New
York.
Western
____
$2 18
2 17
2 05
f. $1 88
1. f. 1 87
1 25@1 30
I.
c.
c.
Barley, malting—
Barley, feeding
6614
66
No. 4, white
f.
dried
Argentina
Rye, per bushel-
6714
No. 2, white
No. 3, white
PC
No. 3 mixed
Spring, No. 2
Red winter, No. 2, new
1 08
breadstuffs to market
The statement of the movement of
prepared by us from figures collected by
Exchange.
The receipts at Western
lake and river ports for the week ending last Saturday and
since Aug. 1 for each of the last three years have been:
indicated below
are
the New York Produce
Chicago
Rye.
1,081.000
930,000
18,000
276,000
191,000
"119",000
1,068,000
541,000
128,000
182,000
5,000
86,000
964,000
Milwaukee
Toledo
"27.660
--
'.i.-
"""6,666
Detroit
Cleveland
...
348,000
228,000
128,000
3,273,000
.
Duluth
81,000
6,000
12,000
5,000
'
4,000
78,000
7,000
75,000
71,000
188,000
541,000
48,000
24,000
6,000
175,000
403,000
94,000
5,000
668,000
119,000
431,000
407,000
Louis
353,000
694,000
847,000
271,000
35,000
Peoria
Kansas
Barley.
bbls.imbs. bush. 60 lbs. bush. 56 lbs. bush. 32 lbs. bush.48lbs. bushMlbs.
147,000
671,000
547.000
615,000
2,960,000
221,000
Minneapolis
St.
Oats.
Corn.
Wheat.
Flour.
Receipts; at—
City.
Omaha
Total wk.
'17
371,000
7,431,000
2,560,000
wk.
'16
441,000
6,539,000
9,917,000
1,813,000
Same
2,234,000
8,561,000
3,292,000
791,000
Same wk.
'15
480,000
17,236,000
2,031,000
7,895,000
3,399,000
754,000
1917..—
3*657,000
64,413,000
28,731,000
97,690,000 29,113,000
8,965,000
1916
4,455,000 134,974,000
41,991,000
40,691,000
94.873,000 30,322,000
70,532.000 26,765,000
8,452,00
4,373,000 140,825,000
Since Aug.l—
1915
ing.
the demand from British millers is urgent.
,
-
Total
7,306,000
receipts of flour and grain at the seaboard ports for
the week ended
Oct. 20
Flour.
Receipts at—
Barrels.
1917 follow:
Corn.
Oats.
Barley.
Rye.
Bushels.
Bushels.
Bushels.
Bushels.
Wheat.
Bushels.
188,000
213,000
160,000
1,420,000
44,000
49,000
19.000
672,000
10,000
801.000
36,000
Baltimore
60,000
237,000
27,000
512,000
461,000
N'port News.
49,000
New Orleans*
88,000
""l4",000
106",000
120,000
Montreal
16.000
1.350,000
3,000
66,000
Boston
48,O6O
3,000
2,000
51,000
440.000
3,696,000
New York
Philadelphia
.
.
Total wk. '17
Since Jan.1'17 17,361,000 166,029,000
Week 1916-.-
522,000'
5,892,000
Slnce Jan.1'16 21,705.000 327,570,000
on
through bills of lading.
1,098,000
"
122,000
710,000
310,000
2,697,000
192,000
46,434,000 123,574,000 15,179,000 10,412,000
1,135,000;
4,062,000
622,000
406,000
51,981.000; 156.605.000 24,270,000 10,563,000
Oct. 27
1917.]
THE
CHRONICLE
The exports from the several seaboard
ports for the week
ending Oct. 20
Wheat.
Corn,
Flour,
Oats,
bushels.
Exports from—
bushels.
barrels.
bushels.
Barley,
Rye.
.
488,971
30,871
16,356
Philadelphia
266,956 176,497 184,764
Baltimore
49",000
_
Total week
Week 1916_.
889,765
1,098,000
vails and few
30,871 141,356 1,687,348 415,617 184,764
379,052 284,237 2,875,149 122,386 406,995
~5~, 343
The destination of these exports for the week and
since
__
4,106,864
as a result business is
inactive.
Some classes of
in moderate demand, while others are
moving
In every division of the market conservatism
pre¬
are
slowly.
322",392 239", 120
400,794
Newport News
settled, and
goods
76,000
The
raw
below:
as
for
and
Wheat.
Corn.
Week
Since
Week
Since
Week
Since
Oct. 20
July 1
Oct. 20
July 1
Oct. 20
July 1
1917.
1917.
1917.
1917.
1917.
1917.
Barrels.
Barrels.
Bushels.
Bushels.
Bushels.
Bushels.
July 1 to—
United Kingdom.
Continent
87,642
53,714
,
will
705,996
154,487
909,672
90,876
735,278
So. & Cent. Amer.
West
113,166
4,177
14,941
2,652
19,606
"~~32~, 190
"""3",504
1,841,968
4,800,844
889,765
23,732,398
4,106.864 102,858,763
5,880,410
30,871
379,052 17,086,264
Indies
Brit.No. Am.Cols.
Other Countries..
12,944,340
10,748,121
30,871
3,315,016
2,419,621
3,570
127,428
N
Total
Total
141,356
1916
284,237
The world's shipments of wheat and corn for the week
ending Oct. 20 1917 and since July 1 1917 and 1916 are
shown in the following:
77 -7' 7v'7';'7
7,/:'
Exports.-
1917.
Week
Oct.
al916.
:
Since
20.
July
Bushels.
North Amer*
Corn.
1.
Week
July 1.
Bushels.
5,204,000
1917.
Since
Oct. 20.
Bushels:
Russia
July 1.
Bushels.
94,397,000 124,594,000
5,328,000
al916.
Since
Bushels.
256,000
10,640,000
Since
July
1.
Bushels.
16,508,000
Danube
Argentina
Australia
680,000
India
120,000
28,000
19,504",000
3,672,000
20,340,000
7,818,000
696,000
__
68", 000
.1,323,606
2",806"666
6,032,000 126,923,000 177,433,000
324,000
16,762,000
63,268,000
Oth .countr's
Total
*
4",799",000 43",954",000
13;280,000
13,563,000
1,164,000
North
Issuance
America.—The
of
both
Canadian
manifests
and
during the continuance of the
The
Government
exports
war.
a
quantity of wheat and
mentioned
was
follows:
as
until
has
after
ten
officially prohibited the
days.
This is effective
Revised.
corn
afloat for Europe on dates
v
Wheat.
Corn.
United
United
Continent.
Kingdom.
Bushels.
Oct. 20 1917Oct. 13 1917..
Oct. 21
Total.
Kingdom.
Bushels.
Bushels.
Bushels.
Continent.
Bushels.
Total.
Bushels.
Not avail able.,
Not avail able;
1916..
41,296.000
Oct. 23 1915-
35,944,000
21,095,000
31,092,000
visible
The
at
granary
supply of grain, comprising the stocks in
principal points of accumulation at lake and
seaboard ports Oct, 20 1917
was as
follows:
GRAIN STOCKS.
Wheat.
States—
United
New
bush,
Boston
4,000
Philadelphia
Newport
New
—
421,000
1,151,000
40,000
85,000
617,000
106,000
624,000
8,000
207,000
127,000
5.000
153.000
„
11,000
311,000
-.
Milwaukee
36,000
10,000
19,000
-
1,286,000
458,000
.
Minneapolis
..
Louis
«.
-
L,
3.322,000
525.000
205,000
1,710,000
210,000
IndianapoliB
Total Oct. 20 1917
Total
129,000
47,000
72,000
872,000 1,229,000
332,000
655,000
71,000
2,000
798,000
886,000
53,000
27,000
2,898.000
..
On Canal and River.....
Total Oct. 13 1917
61,000
53,000
32,000
140,000
476,000
318.000
..
Lakes
1,093,000.
5,000
262,000
_.
Omaha
812,000
16,000
11,000
__
4,000
631,000
._
City
Peoria
.*9.712,000
*9,596.000
60.178,000
Total Oct. 23 1915
r.20,613,000
40,000
240,000
36,000
pet. 21 1916
*
'
19,000
358,000
—
'
•»
•
•
-
-
m «
1,626,000 16,204,000 3,417,000 3,824,000
1,551,000 15,190,000 2,710,000 4,754,000
3,870,000 43,180,000 1,797,000 2,397,000
3,974,000 15,270,000 1,151,000 3,476,000
Including Canadian wheat, now duty-free.
Note.—Bonded
grain not Included above: Oats, 42,000 New York,
136,000
Duluth; total, 200,000 bushels, against 2,267,000 in 1916; and
barley, 240,000 In New York, 8,000 Baltimore, 29,000 Duluth, 69,000 Buffalo;
total,
346,000, against 334,000 in 1916.
Buffalo,
22,000
Canadian—
Montreal
2,692,000
Ft. William and Pt. Arthur.
8,765,000
Canadian..........
3,115,000
Other
29,000
224,000
1,000
323,000
3,041
231,000
Total Oct. 20 1917
14,572,000
29,000
1,000
323,000
13 1917
7,125,000
29,000
Total Oct. 21 1916*.....16,814.000
826,000
4,000
124,000
802,000
11,000
118,000
Total Oct.
Total Oct. 23 1915
*
18,066,000
3,496,000
3,521,000
12,862,000
9,000
2,046,000
12.000
Including Canadian at Buffalo and Duluth.
SummaryAmerican
9,712,000
Canadian
14,572,000
Total Oct. 20 1917
..24,284.000
Total Oct..13 1917
16,721,000
Total Oct. 21 1916
.76,992,000
Total Oct. 23 1915—....38,679,000
as
there is little likelihood of their
crop
regular
are
occurrence
"at- value"
basis.
with many lines
already placed on
Perhaps part of the inactivity which
prevails in the markets at present can be attributed to
the Liberty Loan, which has received the
attention of
every patriotic citizen, and large subscriptions have been re¬
ported from the dry goods trade.
Although mills are indiffer¬
ent as regards new
business, and are little disposed to enter
into new contracts, they continue to be
actively engaged in
turning out goods for the Government.
The high prices
and increased cost of
living in other directions have resulted
falling off in consumption on the part of the civilian
population, but some retail centres report a good trade
in
a
with business held in check
only by the shortage of supplies.
less quiet is generally looked
for at this time of the year just
prior to the holiday buying.
Preparations are said to be under way for a record holiday
trade, and sentiment generally appears to be very optimistic.
Mills are meeting with
increasing difficulties in keeping up
production, owing to the growing shortage of labor and are
falling behind with deliveries.
Export demand has also been
less active during the week, and in view of the
scarcity of
supplies and poor shipping facilities it is Lard to transact
business.
While foreign buyers are reported to have tendered
considerable business of late, merchants have been unable to
accept it.
Inquiry continues largely for colored cottons and
fancy ginghams.
DOMESTIC
more or
COTTON
GOODS.—Staple cottons have
quiet and firm.
Prices for most lines have
been marked up to higher levels, with several brands
showing
advances of one cent or more.
The supply of cotton cloths
is rapidly decreasing as the
majority of mills are diverting
their looms to the manufacture of goods for the
Government,
which business is receiving preference over
everything else.
Jobbers are in the market for supplies, but in view of the
high prices, in most cases are confining their purchases to
small quantities covering urgent needs.
There has been
quite a good demand for sheetings while fair sized sales of
twills have also been noted.
Good orders are being received
for wash goods from out-of-town sources, with
ginghams,
poplins and pongees selling particularly well.
In fact, fancy
ginghams are about the only novelties which are moving in a
large way, and generally speaking, it is said that advance
business so far booked in this class of goods exceeds that of
a year ago.
Gray goods have been quiet owing to the con¬
tinued strength of raw material, the firmness of sellers, and
the fact that buyers appear to have their immediate require¬
ments pretty well provided for.
Gray goods, 383^-inch
standard are quoted at UM cents.
continued to rule
WOOLEN
GOODS.—Prices
for
woolens
and
worsteds
continue to be
462,000
355.000
..
..
Chicago
1,000
31,000
willing to anticipate the future.
being watched closely and the
causing anxiety among manufac¬
■
1,435,000
10,000
...
_
28,000
660,000
446,000
Detroit
Kansas
3,000
7,000
66,000
Toledo
On
bush.
254,000
918,000
Galveston
St.
Barley.
bush.
510,000
'---
626,000
..
...
Buffalo
Rye.
bush:
2,033,000
431,000
News—
Orleans
Duluth
Oats.
bush.
384,000
..
Baltimore.-..
Corn.
402,000
York..
are
so,
According to reports,
Wheat.
are
prospects disappointing.
Prices
being revised upward in sympathy with
strength of raw material, and indications are that
they
go still higher.
New high levels are getting to be a
dry goods
the
Week
Since
high prices
turers, particularly
working lower with
Flour.
Exports for
buyers
material situation is
continued
July 1 1917 is
New York,
Friday Night, Oct. 26 1917.
throughout the dry goods trade continue un¬
Conditions
Peas,
bushels. bushels. bushels.
....
New York
THE DRY GOODS TRADE.
shown in the annexed statement:
are
1735
firmly maintained despite indications of some
relief in the raw material situation through shipments of wool
from Australia.
Demand for goods continues quiet although
clothing manufacturers have been endeavoring to purchase
supplies for immediate use, while they have also been inquir¬
ing for fabrics for* the next Spring season.
In many cases
clothiers underestimated their requirements, and are now
beginning to show concern as regards their ability to secure
sufficient goods to meet their demands.
Manipulated goods
are becoming more popular, and according to
present indica¬
tions, the next Summer season will find cottons substituted
for woolens on a large scale.
Shirting flannels for next Fall
have been opened by some agents at prices which are con¬
siderably higher than those of a year ago.
Demand for
dress goods is fairly active, notably nearby deliveries, but
inquiry for late shipment is quiet.
FOREIGN DRY GOODS.—Linen prices continue their
upwhrd tendency, and the situation as regards supplies is
growing more acute. A good demand is noted for various
fabrics, but orders are hard to fill.
Prominent importers
claim that the situation will steadily grow worse, and some
forecast an absolute scarcity of linens within the near future.
Shipments from abroad are becoming smaller, and those
arriving pass readily into consuming channels.
Orders are
very difficult to place with foreign mills, and further advices
received from abroad intimate that the British Government
still contemplates prohibiting the manufacture of linens for
civilian
use,
owing to the growing need
of goods for the
1,626,000 16,204,000 3,417,000 3,824,000
29,000
3,496,000
1,000
323,000
manufacture of aeroplanes.
Consequently demand for sub¬
stitutes is increasing.
There is a good inquiry for burlaps,
1,655,000 19,700.000 3,418.000 4,147,000
1,580,000 18,711,000 2,714,000 4,766.000
4,696,000 66,042.000 1,921,000 3,200,000
3,983,000 17,316,000 1,162,000 3,594,000
plies.
but business continues to be restricted
by the scarcity of sup¬
Prices rule firm with light weights quoted at 13.00c.
to 13.25c.
and heavy weights at 16.75c.
THE
1726
[Vol. 105.
CHRONICLE
137 of the Session Laws of 1915, be and the same is hereby amended to
as
follows:
Section 1380.
The mayor and council of any city
the second and third class are hereby authorized to issue bonds of
read
STATE W
CiTT Wtfmwtmo
of
such city in an
News
Items.
Relating to Limit of Indebted¬
Amended.—The Legislature in 1917 passed an Act (Chap.
Colorado (State of).—Law
ness
March 29) amending Section 11 of Chap. 137
1913 as amended in 1915, and also amending
relating to the computation of the
statutory rates making provision for fixing the limit of in¬
debtedness of any school district or incorporated town in the
State of Colorado. * We italicize the new matter added this
year and put in black-faced type and black-faced brackets
the portions eliminated.
114, approved
of the Laws of
Section 14 of the 1913 law,
AU statutory rates making
Sec. 11.
provision for fixing the limit of in
each year after 1913 the authority of all taxing bodies
school districts in providing for the payment of school dis¬
and interest thereon) shall be so limited as to prohibit
trict bonds
of
the levying
a
|rreater amount of revenue
than was levied the
P1"sec.d14f 'fhis'Act shalf in no way limit the amount of any levy necessary
to be made for the purpose of paying
any bonded Cdebt] indebtedness
[heretofore
lawfully issued; judgment or the interest thereon
against the State] lawfully incurred, or the interest on such judgment
against any county, city, town or school district, or the interest on such
judgment, or for special assessments for local improvements, in any town,
city or city and county.
Upheld.—-The U. S,
Colo.—Water Bond Issue
Denver,
Supreme Court on Oct. 15 declared valid the $8,000,000 bonds
voted some time ago by the city of Denver for the construction
of a municipal water plant, and upheld by the U. S. Court of
Appeals at St. Louis in February 1916. The Court refused
to issue a writ of review by supersedeas applied for by the
Denver Union Water Co. lawyers.
The case is known as
the Wheeler-Lusk suit, instituted by the water company and
Denver property owners, to test the validity of the bonds.
V. 102, p. 724.
'
■/'""'v.
East
Louis,
St.
111.—Commission
Form of Government
commission form of
will be submitted to the voters at the elec¬
Election.—The question of adopting the
Government
tion Nov. 6.
tional Loan,
preceding page of this week's issue Brown Brothers & Co.
that they are prepared to ex¬
a
and A. Iseiin & Co. announce
change their temporary certificates of the Republic of France
5% National Loan (1916), (particulars of which weregivenin
our editorial columns on Oct. 7 1916) for the Definitive Rentes
with Nov. 16 1917 coupon
attached.
Holders
are
present their temporary certificates at the office
Brothers & Co., 59 Wall Street, New York.
to
requested
of Brown
(State of).—Limited Suffrage Law Unconsti¬
State Supreme Court on Friday (Oct. 26)
unconstitutional the law enacted by the 1917
Indiana
tutional.—The
declared
Legislature (Chapter 31, approved Feb. 28) granting women
of Indiana the right to vote for Presidential Electors, dele¬
gates to the Constitutional Convention to be held next year,
State officers except Governor, Lieutenant-Governor, Secre-.
tary, Treasurer and Auditor, and all county, city and town¬
ship, officers. V. 104, p. 877.
The Legislature, the court
held, did not have the authority to confer upon women the
right to vote as the Indiana Constitution defines voters as
The Court said further that the right of
suffrage was not a natural or inherent right, but purely a
political privilege, and was a matter for the people to decide
in their capacity as [creators of the constitution or organic
'[male citizens."
law.
(State of).—Acts Passed by Legislature Regulating
of Bonds by Certain Cities, School Districts and
Kansas
Issuance
passed by the 1917 Legisla¬
school
townships throughout the State of Kansas.
The first of these (Chapter 110, approved Feb. 27) amends
Section 1380 of the General Statutes 1909, as amended by
Chapter 137, Laws of 1915, and authorizes third class cities
as well as second class, to issue bonds
to fund floating in¬
Townships.—Several Acts
were
ture relative to the issuance
of bonds by certain cities,
districts and
debtedness.
This
section
reads
as
follows.
All
matter
appearing herewith in italics is new, while the portions given
in black face type and black face brackets show matter in
the old law that has been eliminated:
Be it enacted
.
as
such fine and costs are
bp the Legislature of the State of Kansas:
That section 1380 of the General Statutes of Kansas, 1909,
amended by chapter 114 of the Session Laws of 1913, and chapter
Section 1.
Said bonds shall be issued in sums of not
paid.
and not more than $500 except that one bond may be for
less than $100
amount less than $500, and payable at any time within 20 years after
the date thereof as may be determined by the mayor and council, and
bear interest at a rate not exceeding 5% per annum, payable semi-annually,
any
principal and interest payablr at the fiscal agency of the state of
Said bonds shall be signed by the mayor and attested by the
seal of the city attached and when so issued shall be
registered as provided by law.
No limitation[s] as to the amount of
bonded indebtedness of cities of the second and third class shall apply so
as to prevent the lawful issue of bonds under this act, nor shall it be neces¬
sary for an election to be called and held to authorize the Issuing of bonds
as provided in this act; provided, such issue, hereby authorized, is for the
purpose only of funding indebtedness not heretofore funded by bond issue.
Such bonds shall be sold for not less than par and no commission shall be
allowed or paid for the negotiation, and the proceeds thereof shall be used
only in paying off the outstanding orders, warrants and scrip of such city,
and the mayor and
council shall levy annually upon all the taxable
property of such city a sum sufficient to pay the interest and also to pro¬
vide a sinking fund for the redemption at maturity of all bonds issued by
the authority bf this Act.
■
Sec. 2.
That section 1380 of the General Statutes of Kansas, 1909, as
amended by chapter 114 of the Session Laws of 1913 and Chapter 137 of
the Session Laws of 1915 be and the same is hereby repealed.
Sec. 3.
This Act shall take effect and be in force upon its publication
both
Kansas.
city clerk, with the
in the official State paper.
Chapter III, approved March 7 and published
in-full
below, provides for the issuance of bonds by cities of the
second class for the erection of public buildings up to 2%
of the assessed valuation:
Be it enacted
•
1.
Section
by the Legislature of the State of Kansas:
.
Any city of the second or third class may erect
a
public
building for the accommodation of its officers and the transaction of the
general business of the city, or for a public library, or for a public audi¬
torium, or for any two or more of these purposes combined, and may pro¬
cure the necessary site therefor, and for the purpose of paying for any such
building and site the bonds of said city may be issued in an amount not
exceeding 2% of the assessed valuation of said city as shown by the last
official assessment.
Sec. 2.
Before any bonds shall be issued under, the authority of this
Act, the mayor and council, or the mayor and commissioners shall adopt
a resolution, by a majority of the council or commissioners, declaring that
it will be for the best interests of the city that such building, describing the
.
bonds deemed necessary to be issued,
and city clerk to call an election for the purpose
the legally qualified electors of the city the proposition
of the erection of such building and the issuance of bonds deemed neces¬
sary to pay for the same and for the site therefor.
After said resolution
shall have been adopted the mayor and city clerk shall call an election to be
same,
be erected, and the amount of
and requesting the mayor
of submitting to
held in all respects as a general city election, and submit the proposition
of the erection of such building, and purchasing a site therefor and the is¬
suance of bonds to pay therefor in an amount to be stated on the ballot,
legally qualified electors of the city, and if a majority of those voting
proposition shall vote in favor of said proposition, such building may
and such bonds issued.
Notice of such election shall be given
for at least three consecutive weeks in some newspaper published in said
to the
on
the
be erected
city.
Whenever the mayor and council, or mayor and commissioners
Sec. 3.
been authorized to issue
ordinance providing for
issued
any amount not less than $100, nor more than $500, and shall bear interest
not more than 5% per annum, payable semi-annually, which interest shall
be evidenced by interest coupons attached to said bonds, and said bonds
shall be made payable at any time within 20 years from date of bonds.
Said bonds shall be signed by the mayor and attested by the city clerk
under the seal of the city, and the interest coupons shall be signed by the
mayor and attested by the city clerk; provided, that a facsimile signature
of said mayor and clerk may be printed on said bonds and when so printed
shall have the same effect as if signed by them.
After said bonds shall
have been signed they shall be registered by the city clerk, the county clerk
and the auditor of the state of Kansas.
Said bonds shall be delivered to
the purchaser for not less than par, and the money derived from the sale
thereof shall be held as a separate fund to be used only for the purpose for
of any city of the second or third class shall have
bonds as provided in this Act, they shall enact an
the
(Republic of).—Temporary Certificates of Na¬
1916, to be Exchanged.—In an advertisement on
France
the
for emergencies as herein provided, and any officer of such city who shall au¬
thorize the drawing or issuance of any order, warrant or scrip for the pay¬
ment of which there shall not be at the time a fund on hand or which the
authorized tax levy for the current year shall be inadequate to meet shall be
guilty of a misdemeanor, and upon conviction thereof shall be adjudged to
pay a fine equal in amount to such unauthorized order, warrant or scrip, to¬
gether with costs of prosecution, and be confined in the county jail until
increased; "Provided, however, that all such statutory rates affect¬
ing school districts shall not be so decreased but all limitations
upon the amount of indebtedness] of
any school district Cto which
such limitations apply] or incorporated town shall be computed upon
seventy per cent (70%) of the assessed valuation of such school district
or incorporated town, instead
of being computed upon the full assessed
valuation as provided in the various statutes fixing such limitations.
Except as herein otherwise provided, all statutory rates, making provision
for thb general [revenue] revenues of the State and State institutions,
schools, towns, cities and for all other purposes (except to provide for the
payment of bonds and interest thereon), are hereby so reduced as to
prohibit the levying of a greater amount of revenue Con the assessed
value of the year 1913, than was levied for the year 1912, plus 15%.
For each year after 1913 the tax rate shall be so limited as not to
levy a greater amount of revenue] for any year hereafter than was
levied the preceding year, plus 5%.
Except as herein otherwise provided, the exercise of the taxing power by
the General Assembly and by every, taxing body to which authority has
been delegated by the General Assembly to exercise the power of taxation
is hereby limited (except to provide for the payment of school district bonds
and interest thereon), so as to prohibit the levying of a greater amount of
revenue
Con the assessed value of 1913 than was levied on the as¬
sessed value of 1912, or the last preceding year when a levy was
made] for any year hereafter than was levied the preceding year, plus
CFor
(except
of such city: such bonds to be issued in the redemption
outstanding orders, warrants and scrip of such city, outstand¬
ing April 1 C1915] 1917: provided, that no bonds shall be valid under
this Act unless issued on or before August 1 CI915] 1917, except that
when property belonging to any city of the second and third class shall be
destroyed or damaged by accidents or by the elements, such city may is¬
sue its scrip to rebuild or repair such city property and may fund the in¬
debtedness due or to become due by reason thereof; provided, that it shall
be unlawful for any city which shall have funded its floating indebtedness
under the authority of this Act to create an additional floating debt, except
debtedness Care hereby decreased, in the same proportion as the
assessed valuation of the taxing districts to which they apply is
5%.
amount not to exceed the actual and legally existing float¬
ing indebtedness
of
of said
issuance
so
authorized, which bonds may be
bonds were issued.
said
which
bonds
Sec. 4.
The mayor and council or mayor and commissioners shall levy
each year on the taxable property of the city a sufficient amount to pay
the interest on said bonds as the same becomes due, and shall provide a
sinking fund to redeem said bonds at their maturity.
Sec. 5.
This Act shall take effect and be in force from and after its
lication in the official state paper.
Cities of the third class
are
pub¬
authorized by Chapter 115,
approved Feb. 16, to issue bonds to fund their floating in
debtedness
Be it enacted
Section
upon
1.
as
follows:
by the Legislature of the State of Kansas:
The mayor and councilmen of any city of
the third class
of such city are
not to ex¬
1917; said
and script
bonds issued under this act
petitidn signed by not less than 51% of the electors
hereby authorized to issue the bonds of said city in an amount
ceed the floating indebtedness of such city existing on Feb. 1
bonds to be used for the redemption of the legal orders, warrants
of such city outstanding at said date and no
shall be valid unless issued on or before July 1
1917.
than $100 nor more
and shall be payable on or before 20 years after the date
thereof, and payable at such time or times as the mayor and councilmen
may by ordinance provide, and bearing interest at a rate not to exceed
5% per annum, payable semi-annually, for which interest coupons shall
be attached to said bonds; both bonds and interest coupons shall be pay¬
able to bearer at the office of the state treasurer in Topeka. Kansas.
The
bonds issued under this Act shall be signed by the mayor and attested by
the city clerk under the seal of the city, and the interest coupons thereto
attached shall bear a facsimile of the signatures of the mayor and the city
Said bonds to be issued iu sums of not less
Sec. 2.
than $500 each,
clerk*
direction of the mayor and
than par value, nor shall any commis¬
and the proceeds thereof shall be
used in paying off the said outstanding orders, warrants and script of such
city, and for no other purposes.
Sec. 4.
The mayor and councilmen of such
city shall levy annally
upon the taxable property of such city a sum sufficient to pay the interest
on all bonds issued under the provisions of this act, and also to provide
a sinking fund for the redemption of such bonds at maturity.
Sec. 5.
This Act shall take effect and be in force from and after its pub¬
Sec. 3.
Said bonds shall be sold under the
councilmen of such city for not less
sions be allowed for the sale of the same,
.
lication
in
the
,
„
,
official state paper.
Counties ha"ving a floating
indebtedness at tbe time of
of this year's Act (Chapter 136, approved Feb.
9) to which previous reference was made in these columns on
April 28, are permitted to issue bonds to fund such floating
tbe passage
Oct. 27
1917.]
THE
indebtedness, provided the following provisions
plied
are
CHRONICLE
of bonds not in
build school
by the Legislature of the State of Kansas:
Section 1.
That the boards of county commissioners of the various
counties of the state of Kansas are
hereby authorized and empowered to
issue the bonds of the respective counties in amount sufficient to redeem
all floating indebtedness
existing against such counties at the times of the
passage of this act.
The bonds shall be known and be dominated as
"———
County
Funding Bonds" and shall be issued in
denominations of
not less than one hundred ($100) dollars nor more than
thousand ($1,000) dollars, with interest coupons attached, and shall
bear interest at a rate not greater than five
per cent (5%) per annum,
one
payable semi-annually the first days of January
and July in each year;
Srovided, however, that any county in lieu thereof not exceeding hereinefore provided for, may levy a tax not desiring to issue bonds
threetenths of
mill
a
Chaper 278, approved Feb. 27, provides for the voting
excess of
3% of the assessed valuatuion, to
buildings in school districts in Kansas having
com¬
with:
Be it enacted
on
the dollar of the taxable property in such county for the
purpose of redeeming its outstanding and floating indebtedness at the
time of the passage of this act, until a sufficient amount is raised to meet
said indebtedness; and provided further that any county is hereby au¬
or any part thereof, out of its general
fund, provided it has any surplus in said fund after paying its
general current expenses; and further provided, that such bonds are issued
or tax levied on or before
Sept. 1 1917.
Sec. 2.
That said bonds shall be payable at such time as the county
commissioners shall designate, in not more than ,30 years from the date
thereof in annual installments equal to the number of years the bonds are
to run, and shall be
payable at the office of the fiscal agency of the state of
Kansas at. such time within the period aforesaid as the board of county
commissioners shall designate.
Each bond shall bear on its face the amount
thereof, the rate of interest it bears, the number of such bonds, when is¬
sued, when and where payable, for what purpose issued and be payable
to bearer; which bonds
together with the coupons thereto attached shall
be signed by the chairman of the board and attested by the clerk of the
county and each bond shall have the impression of the seal of the county
thereon; provided that said bonds shall not be sold until registered in the
office of the county clerk and the office of the auditor of state and until a
showing is made to said auditor that the evidence of indebtedness is in
and
Sec. 3
will
be
cancelled.
That all Acts and all parts of acts in conflict herewith are hereby
repealed.
Sec.
This Act shall
4.
take
effect
and
force from
be in
publication in the official state paper.
and
after its
1
,
'
Chapter 268, approved March 7, amends Section7"9081
the General Statutes 1915, relating to the issuance of
bonds by Boards of Education in cities of the first class.
The law as amended provides that hereafter school districts
in cities of the first class having a population of 53,000 or
more and an assessed valuation of $65,000,000, may issue
bonds up to 2
of the value of the taxable property of
such city.
Previously the limit was placed at 1% of the
assessed value and applied only to Boards of Education in
cities of the first class having more than 70,000 population.
of
This section
Be it enacted
now
by the Legislature of the State of Kansas:
■
necessity and giving a statement of the estimated cost of such
school sites, repairs, additions, building or buildings, signed by the clerk
and countersigned by the president of the board, to issue a proclamation
for holding an election to vote bonds to the amount prayed for by the board;
and no bonds shall be issued unless a majority of the qualified electors of
the city school district voting at such election shall vote therefor; nor shall
the entire amount of such school bonds issued exceed in the aggregate,
including existing indebtedness Eone3 two and one-half per cent of the
Evalue3 valuation of Ethe3 taxible property of such city as ascertained
by the last assessment for state and county purposes previous to incurring
the proposed indebtedness.
Any member of a board of education, or offi¬
cer thereof, who shall vote for, counsel, consent to or in any wise assist
in the issue of any bond or bonds in excess of the per centum herein au¬
thorized shall be liable jointly and severally t'q the holder of any such bonds
for the amount due thereon, to be recovered in a civil action in any court
of competent
jurisdiction;
and
[judgment^
judgments
Erendered3
thereon may be collected and enforced in the same manner as other judg¬
ments are.collected and enforced; provided, EThat in cities of the first class
having more than 70,000 population, school bonds, may be issued to the
extent of not more than one and five-tenths per cent of such value of tax¬
able property .3 this act shall not apply to cities having a population
of 53,000
or more, and having an assessed valuation of $65,000,000.
$ec. 2.
That section 9081 of the General Statutes of Kansas for 1915 is
repealed.
a
That this Act shall take effect and be in force from and after its
Sec. 3.
publication in the official state paper.
Section "9147 of the
bonded
indebtedness
the second class
General
of
amended
was
Statutes
Boards
of
1915, limiting the
Education
of
cities
of
by Chapter 272, approved
March 6, so as to allow them to incur
an
indebtedness up
to
2^%, instead of 2\i%, of the authorized valuation of
the territory within the jurisdiction of said Board of Educa¬
tion.
This
Be it enacted
Section
section
as
amended
follows:
That
section
9147
of
the
General
valuation of not less than
$1,500,000 and not
This section reads:
$1,700,000.
Sec. 2.
This Act shall take effect and be in
force from and after itspub-
licationjn thejofficial State
The
lated
issuance
paper
--**4
^
,
,of bonds by high school districts is
regu-
by Chapter 282, approved March 12 which places the
1 % of the assessed valuation.
The provisions Tof
limit at
this
section
follows:
*
g|g
he it enacted Oy the Legislature of the"State
of Kansas: ~~
.
Section 1.
That any county in which a
county high school has hereto¬
fore been or may hereafter be established under
the
visions of
and
authority of the
pro¬
Chapter 147 of the Laws of 1886, and all Acts amendatory thereof
supplemental thereto, shall have authority to issue bonds of the
county
for the purpose of purchasing a site and
erecting buildings for such high
school in the manner as herein provided.
Sec. 2.
Whenever one-third of the number of
electors, as shown by
the next preceding vote for
secretary of state in any county having a county
high-school organized under the provisions of said chapter 147 of the Laws
of 1886, and all Acts
supplemental and
amendatory thereof, shall petition
the board of county commissioners of such
county to call an election for
the purpose of voting bonds for the
purchase of a site and the erection of
buildings for such county high school at the place named in said
petition,
said board shall cause a 20-day notice
previous to the next general
or previous to a special election called for the
purpose, that they
the
election,
will submit to the electors of said
county the question of issuing bonds of
the county in an amount not
exceeding the amount named in the petition
and for the purposes therein stated.
At said election the electors of the
county shall vote by ballot for or against the issuance of such
bonds, and
the notice of such election shall be
given as are all legal notices of a
general
or special election.
And the ballots shall be canvassed and other
proceed
ings had in the same manner as is provided in the case of elections for the
establishment of such county high school under the
provisions of Chapter
147 of the Laws of 1886 and Acts supplemental and
amendatory thereof.
If a majority of all the votes cast
upon the question of issuing bonds as
aforesaid, shall be in favor of the issuance of such bonds, the
county com¬
missioners shall issue and deliver to the board of trustees of
such county
high school, such bonds or such portion thereof as may be
necessary to
pay for the purchase of such site and erection of such buildings in accordance
with contracts that may be entered into
by said trustees under the pro¬
visions and authority of said Chapter 147 of the Laws of
1886 and Acts
amendatory thereto.
any county not having a county high school, but in
which an election may hereafter be held to vote
upon the question of estab¬
lishing a county high school under the said Chapter 147 of the Laws of 1886
and Acts supplemental and amendatory
thereto, the question of issuing
bonds for the purposes named in section 1 of this act
may be submitted by
supplemental
3.
and
In
case
the board of county commissioners at the same election and
upon the same
ballot
as
the question
of establishing said county high school; provided,
that the notice of election state that the question of
issuing bonds, as provided
in section 2 hereof, shall be submitted at said election.
If the petition re¬
questing the election for the purpose of voting upon the question of estab¬
lishing said high school
of electors,
or a separate petition, signed by an equal number
shall request that the question of issuing bonds be also sub¬
mitted at said
to submit such
establishing
Sec. 4.
in
excess
election, it shall be the duty of the county commissioners
question at the same election as the question in .regard to
high school.
said
No bonds provided for by this Act shall be issued In
of 1 % of the total assessed valuation of the
an
amount
property within the
Such bonds shall be in denominations of not over $1,000 and
less than $500, and shall not run for a term of more than 20
years,
county.
not
and shall draw interest not in
excess of 6%.
Said bonds may be issued in
addition to all other bonds of the county.
Sec. 5.
The board of trustees shall levy a tax in each year not exceed¬
ing two mills on the dollar on the assessed valuation of all the property in
the county to be used for the purpose of paying the interest on such bonds
and the creation of a sinking fund for the payment of the principal thereof.
Sec. 6.
This Act shall not
apply to counties having a population of more
than 8,000, nor to any county having a city of more than 1,000
population.
Sec. 7.
This Act shall take effect and be in force from and after its
pub¬
lication in the
official
state
paper.
Chapter 330, approved March 13, provides for the re¬
of funding indebtedness of townships and school
districts by the issuance of bonds or the levy of a tax.
This
tirement
section
follows:
Be it enacted by the Legislature of the Slate of Kansas:
Section 1.
Upon the presentation of a petition signed by 51 % of quali¬
fied electors of any township or school district, the board of township trus¬
tees of the various counties of the state of Kansas and the boards of educa¬
tion be and are hereby authorized and empowered to issue the bonds of
township in an amount sufficient to redeem and refund all outstand¬
ing floating indebtedness against such townships existing at the time of
the passage of this Act.
The bonds shall be known and deemed as "
such
Funding Bonds," and shall be issued in denominations in not less than
hundred ($100) dollars nor more than one thousand ($1.,000.) dollars,
by the Legislature of the State of Kansas:
1/
than
Be it enacted by the Legislature
of the State of Kansas:
Section 1.
That in all school districts within the
State of Kansas having
nnn'ssess<l^ya of 51
less than $1,500,000 and not more than $1,700,000 on petition
% of the legal voters thereof, the board of county com¬
missioners of the
county wherein such school district
may be located shall
^
?! e ec^®n f°r the purpose of voting bonds in a sum not in excess
of 3 % of the taxable value of the
property located in such school district
for the purpose of building school
buildings in such school districts, and the
said county commissioners shall be
governed by all the laws governing the
issuance of bonds as provided
by the statutes of the State of Kansas.
Sec.
reads:
Section 1.
That section 9081 of the General Statutes of Kansas for
1915 is hereby amended so as to read as follows:
Section 9081.
That it
shall be the duty of the mayor of such city of the first class within thirty
days after receiving a certified copy of the action of the board of education
showing
assessed
an
more
thorized to pay said indebtedness,
revenue
escrow
1737
one
Statutes
of
Kansas
for
with interest coupons attached and shall bear interest at a rate not greater
than six per cent (6%) per annum, payable semi-annually, the first days
1915 is hereby amended so as to read as follows:
Section 9147.
That
whenever it shall become necessary for the board of education of any city
of January, and
of the second class to
or
or
to erect
a
indebtedness
provide funds for the purchase of
a
school site
or
sites,
suitable building or buildings thereon, or to fund any bonded
or
any
floating indebtedness which
may at
the present exist
in the public schools of said cities of the second class, it shall be lawful for
the board of education of any such city of the second class, to borrow money,
for such purposes; and for such purpose or purposes the said board of edu¬
cation is hereby authorized and empowered to issue bonds bearing a rate
of interest not exceeding
5% per
annum,
payable annually
or
semi-annually
at such time and place as may be mentioned on the face of the bonds, which
shall be payable in not more than 20 years from their date, and the board
of education is hereby authorized and empowered to sell such bonds at not
less than their par value; provided, that no such bonds
except refunding
shall be issued
to a vote
female3
until the question of issuing the same shall be submitted
of the people, and a majority of the qualified electors Emale and
who shall vote on the question at any election called for that,
purpose shall have declared by their votes in favor of issuing bonds; pro¬
vided further, that the total indebtedness of the said board of education
shall not thereby be increased to an amount exceeding Etwo and one-
fourths
two and one-half per cent of the authorized valuation of the ter¬
ritory within the jurisdiction of said,board of education; provided further,
that the boards of education of cities of the second class may issue bonds
at any time without such election to pay outstanding warrants or floating
indebtedness which may exist at the passage of this act; and such Eboard3
boards of education may issue at any time a bond for a sum not greater
than $1.000 to raise money to pay for needful repairs on school buildings
or heating plants for the public school buildings, if the state school super¬
intendent shall approve in writiner such issue of bonds for floating indebted¬
ness and for the purposes in the above proviso; provided, it shall not at any
time exceed an aggregate amount of the
sum
of $5,000;
provided further,
that the right granted herein to boards of education to issue bonds without
such election shall not be construed to authorize an issue of bonds which,
with those of the sa^e kind already outstanding, shall exceed H of 1%
of the assessment for* taxation, as shown by the last finding and determi¬
nation of the proper board of education.
'
■
Sec. 2.
That section 9147 of the General Statutes of Kansas for 1915
is
repealed.
Sec
.
3.
-
That this Act shall take effect and be in force from and after its
publication in the statute book.
July in each
year;
provided, however, that
any
township
school district not desiring to issue bonds hereinbefore provided for may
a tax in lieu thereof, not exceeding three-tenths of a mill on the dollof the taxable property in such township or school district, for the
levy
purpose
of redeeming its outstanding and floating indebtedness.
Sec. 2.
That said bonds shall be payable in not more than 30 years
from the date thereof, and may be made payable in installments and shall
be payable at the office of the fiscal agency of the state of Kansas at such
time within the period aforesaid as the board of township trustees or boards
of education shall designate.
Each bond shall bear on its face the amount
thereof, the rate of interest it bears, the number of such bonds, when is¬
sued. when and where payable, for what purpose Issued, and be payable
which bonds together with the coupons thereto attached shall be
signed by the chairman of the board and attested by the clerk of the county
to bearer;
and each bond shall have the
impression of the seal of the county thereon:
provided, that said bonds shall not be sold until registered in the office of
the county clerk and the office of the auditor of state and shall not be sold
for less than par.
Sec. 3.
That all Acts and
all
parts of Acts in conflict therewith
are
hereby repealed.
This Act shall take effect and be in force from and after its pub¬
in tho official state paper.
Rec. 4.
lication
Approved
March
13
1917.
Published In official state paper March 26 1917.
Kentucky (State of).—Revenue and Taxation Measure*
by Special Session of Legislature.—Several Acts were
passed by the 1917 special session of the Kentucky Legisla¬
ture relating to revenue and taxation.
The first of these
(Chapter 1) creates a State Tax Commission of three mem¬
bers, which shall exercise all the powers and perform all
Passed
the duties with reference to the assessmient
or
equalization
of the assessment of property for purposes of taxation here¬
tofore exercised or performed by any State Board of Valua¬
tion and Assessment, by the Railroad Commission,
by the
THE
1728
Stat© Board of Equalization, or
Commission.
by
any
or
of
other
The
.
The
improvement or construction of the
that
public roads and bridges of
of
be
,
Washington, D. G .—Prohibition Lavj Upheld—The law
by Congress early in the year prohibiting the
manufacture or sale of intoxicating liquors, or the gift of
that year.
enacted
court shall also in the order
valorem tax to be levied each
20 cents on thejme hundred
!".• V-v'"';1"'
v,
-
,/
*
such
V
was
on
the special session (Chap¬
every person, firm or
corporation of the State of Kentucky having, on Sept. 1, a
deposit in any bank, trust company, combined .bank and
trust company, or in any national bank in the State, shall pay
fe- {Still another measure adopted at
ter 4, approved May 2) provides that
tax at the rate
a
on
the amount
follows:
.
[Tax on Bank Deposits].
of this State having, on the first day
.
[No Other Tax Assessed).
No other tax shall be assessed on.
against the depositor of said deposits by the State
city, town or other district.
Section 3. [Bank to Report and Pay Tax on Deposits].
Each bank,
trust company, and combined bank and trust company and national bank
doing business in this State, shall file, on or before the 21st day of Septem¬
ber in each year, with the Tax Commission a report setting forth the total
amount of its deposits as of September first of each year, which would be
taxable in the name of the depositor, but excluding therefrom such deposits
as are not taxable against the depositor under the laws of this State, and
shall, on or before the first day of December of each year, pay to the Auditor
one-tenth of one per cent of the amount of such deposits and may charge
to and deduct from the deposit of each depositor the amount of the tax
so paid for and on his behalf and a lien as of September first of each year
is hereby given to the banks and trust companies so paying the tax on the
funds belonging to each depositor, respectively, oh September first of each
year and on which the tax shall be so paid by them.
Any claim for taxes against the depositor charged to or otherwise asserted
against him by the bank paying the taxes shall be so charged or asserted
within six months after payment of the taxes to the Auditor, and all claims,
.demands or lien therefor shall be thereafter barred.
Section"4T [Penalty for Failure to Report].
Each bank and trust com¬
pany that wilfully fails to make the returns, or to pay the taxes for and on
behalf of its depositors provided for and in this Act shall forfeit an amount
equal to one-tenth of one per cent ,pf such deposits to the use of the State
for each month's delay in filing such return, or in paying such tax.
Such
tax and forfeitures may be recovered in an action on this statute commenced
by any county attorney in the county court of the county in which such
bank or trust company may be located, but i£.the Tax Commission, or the
court wherein such action is heard for the recovery of such acts, or for¬
feitures, becomes satisfied that such, failure was not wilful, said Tax Com¬
mission, or said court may, in its discretion, waive any part or all, of such
penalty.
•
"
Section 5. All laws or parts of laws in conflict herewith are hereby
repealed.
'
any county,
State.—Proposed Constitutional Amendments.—
proposed amendments are to be submitted to the voters
of this State at the'general election on Nov. 6.
Number one provides for the resubmission to the voters
of an amendment to Section 1 of Article 2 of the constitution
New York
Two
granting equal suffrage to women.
_
Number two amends Section 10 of Article 8 of the Constitu¬
of cities, &c.
provide that debts
incurred by any city of the first class after Jan. 1 1904 to pro¬
vide for the supply of water, shall not be included in ascer¬
taining the power of a city to become indebted.
As the law
now stands this section simply applies to New York City.
We published the full text of both amendments in our issue of
Sept. 15 (page 1121).5
tion in relation to the limitation of indebtedness
This section has been changed so as to
Ohio
"
;
.'
_
,
such deposits in bank or
or
.
Legislature of West Virginia:
Sec. 1. Whenever any county, district, school
district or independent
school district, municipality, or any other political division or divisions shall
create bonded indebtedness the payment whereof is made by taxation, the
bonds shall be submitted to the Attorney-General for his approval or dis-.
approval of the validity thereof, 'before being sold, advertised or offered
Be it enacted by the
Section*2.
It
Oct. 24.
1917,
Court
Virginia (State of).—Bonds Must be Approved by
State Attorney-General.—The 1917 Legislature of West Vir¬
ginia passed an Act (Chapter 57,^ approved February 16)
requiring that all bonds authorized by a vote of the
people of any county, district^ school district or in¬
dependent school district, municipality, or any other
political, division or divisions, shall be submitted to the
Attorney-General for his approval or disapproval of the
validity thereof. • The Act in full follows:
■
of one-tenth of one (1 %) per cent annually
of said deposit.
The full text of this law
General Assembly of the Commonwealth of Kentucky
Every person, firm or corporation
of September, a deposit in any bank,
trust company, or combined bank and trust company, organized under the
laws of this State; or in any national bank in this State, shall pay a tax to
the State which is hereby assessed at the rate of one-tenth of one (1 %)' per
cent annually, upon the amount of such deposit so held by such bank on
the first day of September, and no'deduction therefrom shall be made on
account of any indebtedness.
The taxes imposed by this section shall be
paid by such hank, trust company and combined bank and trust company,
or national bank, for and on behalf, and as agent, of the depositor therein
to the Auditor on or before the first day of December next following the
date whereon the report provided for in section 3 is required to be made.
liquors in the District of Columbia after Nov. 1
upheld as Constitutional in the local Supreme
West
Be it enacted by the
Section 1".
against the Secre¬
would, therefore, do them no good even if
granted. W"'.
■ if ■
' ;*r:*
v
■
There will also be submitted at the general election in
November a proposed amendment to the constitution, previ¬
ously referred to in these columns on Sept. 29, providing for
prohibition of the sale and manufacture for sale of intoxi¬
cating liquors as a beverage.
imposed, not exceeding 10 years, and shall also provide that no amount
in excess of the amount that can be raised by the levy in any one
year shall be expended in that year.
It may also borrow money in any
year in advance of the collection of the tax for that year, not exceeding
80% of the estimated tax, and issue bonds therefor, the amount of the tax
to be estimated, according to the assessment and collection of the preceding
year, but any money so borrowed shall be paid out of the money raised
from the tax in the year in which the money is borrowed.
So that all in-'
debtedness created in any one year shall be paid out of the fund raised in
*
period, and that a writ of mandamus
tary of State
to
of money
Section 2. [Amount of TaxJ.
The fiscal
calling the election specify the amount of ad
year, which shall be any sum not exceeding
dollars of assessed property.
hearing before the Secretary of State
their appeal on the last day before the expiration
of the
period in which a referendum petition can be over brown;
that the case was not submitted until after expir e on of
county in the State may submit to the voters at a
special election to be held for that purpose, the question of voting a tax
of any sum not exceeding 20 cents on the hundred dollars on all property
subject by law to local taxation, under Section 157a of the Constitution,
for the
a
that the anti-suffrage
of any
the county, either or both, as the fiscal court may direct.
The order
the fiscal court calling the election shall specify the amount of the tax
be levied each year and the number of years for which the tax may
given
they might introduce evidence in support of charges
petition for a referendum is 4'permeated
with fraud."
The Court, it is stated, dismissed the case on
Oct. 23 without passing upon the constitutionality of the
referendum law on the ground that the suffragists had filed.
that
AN ACT to provide revenue Dy taxatlcm"forTiielmprovement and con¬
struction of the public roads and bridges of the county.
\<
Be it enacted by the General Assembly of the Commonwealth of Ken-
''y 1 V '
; v^"'V '"
i. |Rbah"Tax—Order Calling Election—Issual of Bonds].
relating to registration shall
suffragists of Ohio filed suit in the State Supreme
the constitutionality of the referendum law
and asked to be
issuance
of, bonds therefor._ This section in part reads.
tucky:
Presidential elector and upon no
Court attacking
exceeding 80% of the estimated tax, and for the
i- Section
fiscal court
and
The provisions of this Chapter
apply to women upon whom the right to vote for member of the Board of
Education or Presidential elector is conferred by law, but the names of such
women may be placed on a separate list.
Approved Feb. 21, 1917.
1
'
in advance of the collection of the tax for that year,
any year
be entitled to vote and be voted for for
question.
Sec. 4940.
the question of voting a tax of not exceeding 20 cents
on,the $100 on all property subject by law to local taxation,
under Section 157a of the Constitution, for the improvement
of roads.
Provision is also made for borrowing money in
not
provided for men shall
member of the Board of Education
pose,
"
Every woman, born in the United States or who is the wife
daughter of a citizen of the United States, who is over twenty-one years
age and possesses the necessary qualifications in regard to residence
hereinafter
measure
vides that the fiscal court
mit to
105
Sec. 4862.
other State Board or
(Chapter 2, approved April 25) pro¬
of any county in the State may sub¬
the voters at a special election to be held for that pur¬
Another
[Vol
CHRONICLE
(State of.)—Limited'Suffrage Referendum to be Sub-
milled at General Election—The
people of the State of Ohio
general election in November on a referendum
permitting women to vote and be voted for for Presidential
for sale.
Within two weeks from the time the result of an election authorizing the
issuance of said bonds shall have been officially ascertained and certified as
provided by law, the authority so issuing such bonds shall transmit them to
the Attorney-General with a duly certified copy of all the orders, proclama¬
tions, notices, advertisements, affidavits and records and of all its proceed¬
ings connected with or pertaining to said bond issue.
The Attorney-General
shall thereupon either approve or disapprove the validity of said bonds
and attach to or stamp thereon his certificate to the effect that said bonds
have been approved or disapproved, as the case may be, by virtue of the
authority of this Act.
He shall keep on file in his office, all of the papers
pertaining to any bond issue submitted to him and shall record his findings
of approval or disapproval in a well bound book kept for that purpose in
his office, which shall be open to the inspection during business hours, of
any person in interest.
See. 2.
Upon approving or disapproving any such bonds the AttorneyGeneral shall immediately notify the public corporation, which authorized
the bond issue, of his action either by mail or telegram or both, and shall
as soon as can be done, notify the people in the political division subject
to taxation for the payment of said bonds, of his approval or disapproval
by notice publighed once a week for two Successive weeks in two newspapers
of opposite politics, if there be any, published therein, or if no newspaper
be published in said political division, then in some newspaper which is of
general circulation therein.
Sec. 3.
After tep days shall have;elapsed from the day of the last pub¬
lication of the notice to thfe taxpayers by the Attorney-General as pro¬
vided for in Section 2, the said bonds, the validity of which have been ap¬
proved by the Attorney-General, shall then become incontestable, and
shall be valid and binding obligations upon the authority issuing the-same
and upon the taxable property within the political division which author¬
ized the bonds by the vote of the people therein, and the validity thereof
shall not be contested thereafter in any court of law or equity; provided,
however, that any person in interest, or any taxpayer within said political
division, feeling aggrieved by the action of the Attorney-General in ap¬
proving or disapproving the validity of such bonds, may within ten days
after the date of the last publication of the notice to the taxpayers provided"
for in Section 2 (but not after said ten days) present his or its petition to
the Supreme Court of Appeals or to a judge thereof in vacation, praying
that the action of the Attorney-General in
approving or disapproving
as aforesaid, be reversed or modified; and if said court, or judge thereof in
vacation, be of the opinion to hear and determine the matters in said pe¬
tition set out, the case shall be proceeded with as in cases of original juris¬
diction; but the petitioner shall file with the clerk of the court a bond with
security to be approved by him, and in such sum as the court or judge may
fix, for the payment of such costs as may be awarded against him in said
court.
The clerk of the court shall forthwith notify the Attorney-General
of any action taken by the court or judge in vacation upon such petition
and for the hearing thereof the Attorney-General shall file with the clerk
of said court all papers', documents, evidence and records, or pertified
copies thereof, which were before him and on which he based his approval
or disapproval; and before the day fixed for final hearing he shall file with
the clerk of said court a written statement of his reasons for the approval
or disapproval of the bonds.
Upon the submission of the case, the court
shall decide
the matters in controversy and enter such order thereon as
to it may seem to be just; btit hearings upon such cases shall have prece¬
dence over those arising upon appeals and writs of error.
Sec. 4.
The costs of publishing the notice to taxpayers directed to be
made in Section 2, and the costs of certifying and copying all records,
papers, and proceedings to be used by the Attorney-General in passing
upon the validity of such bonds, and all necessary expense incurred by the
Attorney-General in connection with any bond issue shall be paid by the
authority issuing such bonds, and shall be charged by it as a part of the
expense of such bond issue, and paid by the authority issuing said bonds
out of the proceeds arising from the sale thereof, if the same be finally ap¬
proved; and if the same be finally disapproved, such expense shall be paid
out of the general funds of such authority.
will vote at the
elector
as
well
as
member of the Board of Education
This
privilege was granted by an Act adopted by the 1917 Gen¬
eral Assembly, amending Sections 4862 and 4940 of the
General Code, so as to read as follows, the portions added
this year being italicized:
,
Bond Calls and Redemptions.
Paris,
Lamar
County,
Texas.—BonS,
Call.—Payment
will be. made Jan. 10 1918 at the Mechanics and
Bank, N. Y. City, of 5% street improvement
Nos. 1 to 25, incl., for $1,000 each.
Metals Nat.
bonds, Series
OCT. 27
1917.]
THEICHRONICLE
Bond Proposals and Negotiations this week
as follows:
have been
ALBANY, N. Y
.—BOND
OFFERING—
Proposals will be received until
11 a. m. Nov. 8 by John M. Foil, City Comptroller, for the following 4% %
registered bonds, aggregating $340,500:
$214,000 street-impt. bonds.
Denom. $1,000 and $400.
Due $21,400
yrly. on Nov. 1 from 1918 to 1927 inclusive.
75,000 Delaware Ave. repaving bonds.
Denom. $1,000.
Due $5,000
yrly. on Nov. 1 from 1918 to 1932 inclusive.
24,000 Northern Boulevard repaving bonds.
Denom.
$1,600.
Due
$1,600 yrly. on Nov. 1 from 1918 to 1932 inclusive.
22,500 South Pearl St. repaving bonds.
Denom. $1,500.
Due $1,500
yrly. on Nov. 1 from 1918 to 1932 inclusive.
2,500 Kenwood Road impt. bonds.
Denom. $125.
Due3$125 yrly.
Nov.
on
:
C
1
from
1918 to
1937 inclusive.
2,500 Hudson Park impt. bonds.
Nov.
■
1
from
1918
to
Due $125 yrly. on
Dendm. $125.
1937
inclusive.
The
Comptroller will purchase the last two issues of bonds for the pension
funds.
Date Nov. 1 1917.
Int. M. & N.
Cert, check for 2% of the amt.
of bonds bid for, payable to Charles E. Walsh, City Treas., required.
Bonds to be delivered Nov. 10 1917 or as soon thereafter as possible.
The
legality of the bonds will be approved by Reed, McCook & Hoyt of N. Y.
and Arthur L. Andrews, Attorney of Albany.
Opinions as to legality will
be furnished purchasers.
Purchaser to pay accrued int.
The following
is a debt statement of Nov. 1 1917: General
debt, $7,116,884 53; water
debt, $1,698,550; cash and securities, $194,682 86; street impt. debt (assess¬
ment), $1,054,250; value of city property, $11,412,525.
Assessed valuation
real estate, $97,594,7l0t~i)ersonaf,
$6,931,800; special franchises, &c.,
$13,415,243 97.
Total assessed valuation, $117,941,753 97.
ALLEN
COUNTY
(P.
O.
Fort
Ind.—BOND SALE— On
Wayne),
Oct. 1 the six issues of 4K% road construction bonds, aggregating $95,120
—V. 105, p. 1224—were awarded to local banks and trust companies at par.
ALVARDTON, Williams County, Ohio.—BOND SALE.—The $3,100
6% improvement bonds offered on Sept. 11 (V. 105, p. 1015) were awarded
to W. L. Slayton & Co., of Toledo, at 101.33.
ARCHBOLD, Fulton County, Ohio.—BOND SALE.—An issue of
$5,000 5% refunding bonds has been awarded to the People's State Bank
100.10 and int.
Denom. $500.
Int. J. & D.
A similar issue of bonds was offered without success on June 4.—V. 104*
P.2472.
-v.;:.,■■
of Archbold at
BALDWIN
COUNTY
O.
Bay Minette), Ala.—BOND SALE.—
On Oct. 15 the $75,000 5% 30-yr. road and bridge bonds—V. 105, p. 1546—
were awarded to Sidney,
Hpitzer & Co., Toledo.
(P.
CLAY
BIG
LAKE
TOWNSHIP
(P.
O.
voting machine purchase bonds—
M. Bechtel & Co., of Davenport,
Big
Lake),
Sherburne
County,
Minn.—BOND SALE.—F. E. Magraw of St. Paul was awarded on Aug. 20
the$4,000 6% road and bridge bonds at par less $150 for expenses.
Denom.
$4,000.
Date Aug. 1 1917.
Int. F. & A. Due $1,000 Aug. 1 1920, 1922,
1924 and 1926.
SCHOOL TOWNSHIP
ques¬
.
"against."
to Geo. B. Gibbons &
Co., of N. Y., at 100.06 for 4.95s.
Kahler & Co., N. Y_„.
Isaac W. Sherrill & Co., Poughkeepsie
H. A.
Other bids were:
—100.08 for 5s
-.par
BONNER COUNTY (P. O. Sandpoint), Idaho.—BOND ELECTION.
on the proposition to issue $200,000
10-20-yr. (opt.) road apd bridge construction bonds at not exceeding 6% int.
—An election will be held Nov. 3 to vote
BOONE COUNTY
(P.SO. Boone), Iowa.—BONDS CARRIED.—'The
question of issuing the $95,000 county home building bonds (V. 105,
p. 1330) carried at the election held Oct. 15.
J. R. Curry, County Auditor.
BROOKVILLE VILLAGE SCHOOL DISTRICT
Montgomery County, Ohio.—BOND SALE.—We
CLOVES, Hamilton County, Ohio.—BOND SALE.—An issue of
5% refunding bonds was awarded on Sept. 27 to the Hamilton
County National Bank at par and interest.
..y['
° Toledo, bid $2,503.
This bid appears to be
higher than that of the purchaser, but is so reported
by the Village Clerk,
and presumably had some
qualifying condition which it was impossible to
accept.
CLOQUET INDEPENDENT SCHOOL DISTRICT NO. 7
(P. O.
Cloquet), Carlton County, Minn.—BOND OFFERING.—Sealed bids
will be received until 8 p. m. Nov. 5
by L. F.
Leach, Clerk Board of Educa$30,000 5% coupon building and equipment bonds.
Denom.
Date, optional.
Int. J. & J. at Cloquet.
Due .$5,000 yearly
J,uly i, om 1920 t0 1925- inclusive. Certified check for $500, payable to
the Clerk Board of Education,
required.
Bonded debt, excluding this
issue, $80,000.
Assessed valuation 1915, $2,950,581.
Si.OOO.
COLUMBUS
Int. M. & S.
Due $250 each six months from Mar. 1 1926 to Sept. 1 1935
i
.
are
•
COUNTY (P. O. Brownwood), Tex.—DESCRIPTION OF
BONDS.—The $85,000 6% court-house repair warrants awarded at par
on
May 14 to IIogan, Walker & Co.
of. Houston (V. 105, p. 1635)'
Int. Apr. and Oct.
serially on Apr. 10 from 1918 to 1944.
BRYAN, Williams County, Ohio.—BOND SALE.—The $15,000 5%
21 1-3 yr. aver, street impt. bonds offered on Sept. 10—V. 105, p. 835—
have been awarded to Durfee, Niles & Co., of Toledo, at par and int.
BRYAN,
Brazos
County, Tex.—BOND OFFERING.—Proposals will
be received until 8 p. m. Nov. 13 by J. W. Greer,- City Manager, for
$90,000 5% high-school-building bonds authorized by vote of 207 to 44 at
election held Oct.
18.
Denom. $500.
Int. semi-annual.
The bonds
to mature as follows: 40 years, optional after 10 years, or serially four or
five bonds yearly.
A deposit of $1,000 required.
Bonded debt, $132,000.
Total taxable values, 1917, $3,372,000.
Total tax rate (per $1,000), $14.50.
an
CALHOUN
COUNTY
(P. O. Blountstown), Fla.—DESCRIPTION
OF WARRANTS.—The $43,500 6% funding warrants awarded at 97.50 on
Oct. 10 to the State Board of Education—v. 105, p. 1635—are in the de¬
nom. of $500 and dated Sept. 3 1917.
Int. M. & S.
Due $23,500 Sept. 3
1927 and $20,000 Sept. 3, 1932.
CAMDEN SPECIAL SCHOOL DISTRICT (P.O. Camden), Ouachita
County, Ark.—r-BOND OFFERING.—Proposals will be received until 3 p.
Nov. 14 by G. R. Gordon, Pres. Board of Directors, it Is stated, for
$75,000 5% school bonds. Due serially on Aug. 15 from 1926 to 1949,incl.
The Board of Directors reserves the right to sell only $70,000 of toe., issue.
m.
CAMBRIDGE,
On Oct. 23
a
Middlesex County, Mass.—TEMPORARY LOAN.—
temporary loan of $500,000 issued in anticipation of revenue
maturing Nov. 26 1917 was awarded to the Harvard Trust Co. of
Cambridge at 4.59% discount.
Other bidders were;
Bond & Goodwin, Boston—
4.79% discount
Edmunds Bros., Boston...
4.83% discount
S. N. Bond & Co., New York
..4.95% discount
_
...
...
CAMERON COUNTY (P. O. Brownsville), Tex.—BOND ELECTION.
—An election will be held Nov. 3 to vote on the
proposition to issue $200,000
road bonds, it is reported.
COLUMBUS, Platte County, Neb.—BOND SALE.—The $30,000 5%
5-20-yr. (opt.) Paving Dist. No. 1 inter-section paving bonds offered on
Aug. 2—V. 105, p. 306—have been awarded to the First Nat., the German
Nat. and the State Banks, all of Columbus, at 100.10 and
int.
COUNCIL BLUFFS, Pottawattamie
County, Iowa.—BOND SALE.
issue of $10,000 5% 10-yr. funding bonds was awarded at
par on
April 1 to the Trustees of Dodge Soldiers Welfare Trust Fund.
Denom.
$1,000.
Date April 1 1917.
Int. Jan. & July.
Due July 1 1927.
—An
CROSS
Denom.
$1,000.
Date Oct. 15 1917.
Oct. 15 from 1918 to 1922, incl.
on
A.
&
O.
Due $2,000 yrly.
CUYAHOGA
FALLS,
Summit County,
Ohio.—BOND OFFERING.
—Sealed bids will be received until 12
m. Nov. 5 by W.'F. Williston, Vil.
Clerk, .for $25,000 5% water-works bonds.
Denom. $1,000.
Date Oct. 1
1917.
Prin. and semi-ann. int. payable at the
Cuyahoga Falls Savings
Bank.
Due $1,000 yrly. on Oct. 1 from 1918 to 1942, incl.
Cert, check
solvent bank in Ohio other than the one
making the bid for 10%
the amount of bonds bid for,
payable to the Vil. Treas., required.
Bonds to be delivered and paid for within 10
days from time of award.
Purchaser to pay accrued interest.
"
on
some
of
AUTHORIZED.—An
ordinance
$13,500 5% coupon cemetery bonds
Auth.
Sec.
3939 Gen.
and semi-ann.
int.
Code.
was
Denom.
providing for the issuance of
passed by the Vil. Council Oct. 4.
$500.
Date Nov. 1 1917.
Prin.
(A. & O.) payable at the Chagrin Falls Banking Co.
1919 to 1932, incl.
F. E. Lamson is Vil.
clerk.
DARKE COUNTY
(P.O.
Bids will be received until 11
for
Greenville), Ohio.—BOND OFFERING.—
a.
m.
Nov. 5 by G. II. .Garrison,
Co.
Aud,
$20,750 5% coupon ditch bonds.
Auth. Sec. 6492 and'6493 Gem Code.
Denoms. 41 for $500 and 1 for $250.
Date Nov. 5 1917.
Prin. and semiann. int. payable at the office of the Co. Treas.
Duo $15,000 Nov. 5 1918,
$3,250 Nov. 5 1919 and $2,500 Nov. 5 1920.
Cert, check or cash on a
Darke Co.,
Ohio, bank for $200, payable to the Bd. of Co.
Comrars,,
required.
Bids must be unconditional.
Purchaser to pay accrued int.
DAVENPORT,
Scott
County,
Iowa.—BOND' SALE.—Geo.
M.
Bechtel & Co. of Davenport have been awarded, it is stated, $142,000
5%
20-year storm-sewer bonds for $143,124, equal to 100.791.
DA'WSON
awarded to
COUNTY
SCHOOL
DISTRICT
.
NO.
85, Mont.—BOND
$1,500 6% 8-10-year (opt.) building bonds were
the State Board of Land Commissioners at par.
Denom. $100.
SALE.—On
Oct.
20
Interest semi-annual.
DE BACA COUNTY (P. O. Fort Sumner), N. Mex.—BONDS VOTED.
6 resulted in a vote of 237 to 55 in favor of the
—The election held Oct.
question of issuing $30,000 court house constr. and $7,500 jail constr. 5%
30-yr. bonds.
DE SOTO COUNTY (P. O. Arcadia), Fla.— WARRANTS PROPOSED.
—This county proposed to issue $20,000 6% 1-5-yr. serial Bridge Dist. Noi
1 warrants.
A. L. Durrance is Clerk Bd. of Co. Commrs.
DE
SOTO
COUNTY
(P. O. Arcadia),
Fla.—BONDS NOT SOLD.—
No sale has yet been made of the $35,000 6% coupon McCall Special Road
& Bridge Dist. road and bridge bldg. bonds offered on Sept. 4—V.
105,p.835j
DOUGLAS
COUNTY
(P.
O.
Lawrence),
Kans.—BOND
SALE.—
An issue of $25,000 4>£% funding bonds was recently purchased by local
banks at par and int.
Denom. $500.
Date July 1 1917.
Int. J. & J.
Due $8,500 July 1 1918 and 1919 and $8,000 July 1 1920.
DOUGLAS
COUNTY
(P.
O. Omaha), Neb.—BOND OFFERING.—
m. Nov. 1 by Frpnk Dewey, County
20-yr. coupon Trans-Mississippi Exposition
refunding bonds.
Auth. Art. 6, Chap. 8, Rev. Stat, of Neb. 1913. Denom.
$1,000.
Date Jan. 1 1918.
Int. J. & J. at the office of Kountze Bros., N.
Y., or fiscal agency of Nebraska, Lincoln.
Date Jan. 1 1938.
Cert, check
for $1,000, payable to the "County," required.
Bonded debt, excluding
this issue, Oct. 18 1917, $1,867,000.
Floating debt, $14,621 59.
Sinking
fund $240,890 44.
Assess, val. 1917, $53,659,000.
State & county tax
rate (per $1,000), $24 88.
Sealed bids will be received until 12
Clerk,
for
$100,000 4j^%
DOUGLAS AND GRAND COUNTIES JOINT SCHOOL DISTRICT
55, Wash.—BONDS REFUSED.—The State of Washington has
NO.
refused to accept
the $3,500 1-10-yr. (opt.) school bonds awarded to It
Sept. 1.—V. 105, p. 1122.
on
DURHAM, No. Caro.—BOND SALE.—On Oct. 23 the three issues of
5% bonds, aggregating $380,000 (V. 105, p. 1547), were awarded to Estabrook & Co., of Boston, at 101.33 and int.
Some of the other bidders were:
F. C. Hoehler & Co., Toledoi__$383,157[Union Trust Co.,
R.
M. Grant & Co., Chicago
EAST
bids
ORANGE,
were
on
Essex
383,1381
County,
Chicago
*
$382,073
J.—NOTES NOT SOLD.—No
received for the two issues of notes, aggregating $290,687 84,
Oct., 22.—V. 105, p. 1636.
i
N.
.
.
,
MAY, Cape May County, N. J.—BOND SALE.—On Oct. 23
4Yi% convention-hall bonds were awarded to the City Sinking
par.
Denom. $500.
Date Sept. 1 1917.
Int. M. & S.
Due
COUNTY (P. O. Goshen), Ind.—BOND OFFERING.—
a. m. Oct. 29 by W. II. Winship, Co.
Treas.,
4H% A. H. Beardsley road bonds of Concord Twp.
Denom.
$250.
Date Oct. 15 1917.
Int. M. & N.
Due $250 each six months
from May 15 1919 to Nov. 15 1938, incl.
Sept. 1 1937.
CASS
Int.
CURRY COUNTY (P. O. Gold Beach), Ore.—BONDS PROPOSED.—
We are advised that ..this county is
contemplating the issuance of road bonds.
offered
County,
bonds.
at
TOWNSHIP SCHOOL DISTRICT (P. O.
Rea),
County, Pa.—BOND SALE.—On Oct. 10 an issue of
school bldg. bonds was awarded to William Knox at 102.
5%
EDGEWATER, Bergen County, tf. J.—BOND SALE.—On Oct. 23
the $270,000 5% sewer bonds (V. 105, p. 1547) were awarded to J. S.
Rippel & Co., of Newark, at par and int.
There were no other bidders.
Stark
will be held Nov. 6 to vote on
CAPE
CREEK
Washington
$10,000
Ohio.—BOND ELECTION.—An election
the question of issuing $145,000 trunk-sewer
CANTON,
Fund
Village
Bonds to be delivered and paid for within ten
days from time of award.
Purchaser to pay accrued interest.
and
$12,000
Nov. 9 by Bert Sarber.
.
in the denom. of $1,000 and dated May 14 1917.
Due
m.
Clerk, for the following 4bi% bonds:
$3,750 refunding bonds.
Denom. $1,250.
Due Aug. 1 1922.
1,000 refunding bond.
Due Aug. 1 1922.
600 refunding bond.
Due Aug. 1 1922.
Date Aug. 1 1917.
Interest semi-annual.
Certified check for 5%' of
amount of bonds bid for, payable to the
Village Treasurer, required.
>
.
BROWN
and int.
GROVE, Putnam County, Ohio.—BOND OFFERING.
—Sealed bids will be received until 12
(P. O. Brookville),
advised that an
issue of $5,000 5% school bonds offered on Aug. 4 was awarded to the First
Nat. Bank of Brookville at 100.10.
Denom,. $250.
Date Sept. 1 1917.
are
Morgan County,
Due part each six months from
BOLIVER, Allegany County, N. Y.—BOND SALE.—On Oct. 23 the
$6,300 1-lQ-yr. serial street highway bonds—V. 105, p. 1437—were awarded
inclusive.
Brooklyn),
$2,o00
BONDS
BILOXI, Harrison County, Miss.—BONDS DEFEATED.—The
tion of issuing $17,000 motor-fire-truck-purchase bonds failed To carry, it is
stated, at an election held Oct. 16.
The vote was 43 "for" and 102
O.
(P.
Ind.—BOAD SALE.—On Oct. 6 the two
issues of 4Y$% school bonds ag¬
gregating $12,500—V. 105, p. 1225—were awarded to the
Clay Products
Co. of Indianapolis at 100.10.
BENTON COUNTY (P. O. Vinton), Iowa.—BOND SALE.—On Oct.
17 the $18,000 5% 1-18-yr. serial coupon
V. 105, p. 1437—were awarded to George
for $18,185 (101.027) and interest.
1739
COUNTY
(P.
O.
Lopransport), Ind.—BOND OFFERING.—
Reports state that proposals will be received until 10 a. m. Nov. 10 by
W. S. Hoffman, County Treasurer, for $3,803 60 5% 10-year ditch bonds.
CYxaTS?),
CHARCO INDEPENDENT SCHOOL DISTRICT (P. O.
Goliad County, Tex.—BONDS NOT SOLD.—W. A. Ross, Sec. of School
Board, advises us under date of Oct. 22 that no sale had been made of the
$10,000 5% coupon building bonds offered on Aug. 22 (V. 105, p. 518),
account of pending litigation affecting the issue.
on
CHARITON
COUNTY DRAINAGE DISTRICT NO.
15,
Mo.—
BOND SALE.—Lewis W. Thomson Co., of St. Louis, was awarded on Aug.
15, $22,000 5% 20-yr. drainage bonds at 97.50.
Denom. $1,000.
Date
Sept. 1 1917.
Int. M. &8.
,
■■
r
CHENEY, Spokane
County, Wash.—BONDS VOTED.—The"election
held Oct. 8 resulted, it is
street-impt. bonds.
stated, in favor of the question of issuing $20,000
The vote
was
154 to 65.
ELKHART
Bids will be received until 10
for $10,000
ELLSWORTH,
Ellsworth
County,
Kans.—BOND
Dunne & Co., of Wichita were awarded on Aug.
bonds
at
SALE.—D. E.
14 $30,000 4%% sewer
Int. Jan. & July.
Denom. $1,000.
Date Sept. 1 1917.
Due $3,000 yrly. Jan. 1 from 1918 to 1927, incl.
EL
par.
SEGUNDO, Los Angeles County, Calif.—BOND OFFERING.—
D. McCarthy, City Clerk, will receive bids until 8 p. m. Oct. 31
$54,000 5% gold municipal improvement bonds voted Oct. 1.
Denom. $500.
Date Nov. 1 1917.
Prin. and semi-ann. int. (M. &
N.)
payable at the City Treas. office, or, at the option of the holder, at the
fiscal agency of the city in N. Y.
Due $2,500 yrly. Nov. 1 from 1918 to
1929, incl., and $3,000 yrly. Nov. 1 from 1930 to 1937, incl.
Cert, check
for $500 required.
No check required from State of California.
The
proceedings leading up to the issuance of these bonds were conducted
under the supervision of Mason & Locke, attorneys at
law, and their
approving opinion will be given to the purchaser.
Victor
for
the
THE
1730
[VOL. 105.
CHRONICLE
COUNTY (P. O. Bellefontaine), Ohio.—BOND SALE.—
highway bonds was awarded, it Is stated,
Rudolph Kleybolte & Co., of Cincinnati, for $24,020, equal to 100.083.
LOGAN
ELY, St. Louis County, Minn.—BOND ELECTION.—The question
will
stated, on Nov. 6.
of issuing $180,000 5% 5-20-year (opt.) municipal improvement bonds
On Oct. 22 an issue of $24,000 5%
be submitted to a vote, it is
to
There
""FALLS
CITY, Richardson County, Neb.—BOND SALE.—The First
of Falls City has been awarded $10,000 5% inter-section
paving bonds at par.
Denom. $500.
Int. J. & J.
Due $1,000 yearly
from 1927 to 1936, inclusive.
LUCAS COUNTY (P. O. Toledo), Ohio.—BIDS.—The following bids
received for five issues of 5% bonds, aggregating $182,316 80, offered
FERGUSON, Marshall County, Iowa.—BONDS VOTED.—1The elec¬
6%
S-10-yr. (opt.) electric light plant purchase bonds.
The vote was 40 to 23.
were
tion held Oct. 15 resulted in favor of the question of issuing the $1,200
""FRANKLIN
SCHOOL
TOWNSHIP
Sewer.
Gospart Bank, of Gospart,
-
""eXLION VILLAGE SCHOOL DISTRICT (P. O. Gallon), Crawford
County, Ohio.—BOND OFFERING.—Bids will be received, it is stated,
m. Nov. 5 by C. C. Coyle, Clerk of the Board of Education, for
$55,000 5% 19-year average school bonds.
Interest semi-annual.
Certi¬
fied check for $500 required.
*
Pa.—BOND
BAY,
TO
Brown
County,
$50,000 re-
Wis .—BIDS REJECTED.—INTER¬
received for the $107,000 4H %
BE RAISED.—All bids
Washington County, Miss .—BOND
GREENVILLE,
OFFERING.—
Proposals will be received until Nov. 15 by Wm. Urquhart, City Clerk, for
Int. semi-annual in St. Louis, Chicago or New York,
$50,000 5% bonds.
to suit
Bids will be received on bonds to mature as follows:
purchaser.
$2,000 yearly or the whole issue to mature in 20, 25 or 30 year
The
ments
safter date.
official notice of this bond offering will be found among the advertise
elsewhere in this Department,
GUILFORD
COUNTY
(P. O. Greensboro), No.
Caro.—BOND
Oct. 15 the $250,000 5% 10-34-yr. serial site-purchase and
County,
Va.—BONDS NOT TO BE RE-
1916, $12.60.
SALE.—On
court-house erection bonds—V. 105, p.
Campbell
MADISON
RURAL SCHOOL DISTRICT (P. O. Madison), Lake
County, Ohio .—BOND OFFERING.—Sealed bids will be received until
12 m. Nov. 3 by Carl R. Kimball, Clerk Bd. of Ed., for $6,500 6% coupon
school bonds.
Auth. Sec. 7629, Gen. Code.
Denom. $500.
Date Sept. 1
1917.
Prin. and semi-ann. int. (M. & S.) payable at the Exchange Bank,
Madison.
Due $500 yrly. on Sept. 1 from 1919 to 1931 incl.
Cert, check
on an Exchange Bank of Madison for $150, payable to the Bd. of Ed.,
required.
Bonds to be delivered and paid for within 10 days from time of
award.
Purchaser to pay accrued int.
Official circular states that there
is no litigation pending or threatened and that the district has never de¬
faulted in the payment of principal or interest of any debt.
Bonded debt
(incl. this issue) Oct. 1 1917, $11,000.
No floating debt.
Assessed valu¬
ation
1917, $3,550,700; actual val., $5,000,000; tax rate (per $1,000)
Whitney school bldg. bonds offered on Oct. 10—V. 105. p. 1636—
rejected.
The interest rate on the issue will be raised to 5%.
coupon
were
59,733 80 29,238 00 8,020 00 37,076 00
59,725 92 29,222 29 8,005 90 37,085 301
MADDOCK,
Benson
County,
No.
Dak.—BOND
OFFERING.—
Sealed bids will be received until 8 p. m. Nov. 5 by E. A. Nelson, City
Auditor, for $7,000 5 % 20-yr. gold electric-light plant bonds.
Denom.
$500.
Date Nov. 5 1917.
Int. ann. at City Treas. office.
Cert, check
for $500, payable to the "City," required.
Bonded debt, incl. this Issue,
$10,000.
Floating debt, $2,554 05.
Sinking fund $1,017 90.
Assess,
valuation, $155,748.
Total tax rate (per $1,000), $58.
ELECTION.—-An
election will be held Nov. 6 to vote on the question of issuing
GREEN
1
,
59,733 60 29,231 60 8,014 40 37,103 60
Conditional bids.
LYNCHBURG,
paving and fire-apparatus bonds.
EST RATE
$
OFFERED.—John M. Otey, City Auditor, advises as that the $360,000
4Vi% .34-yr. non-taxable water bonds offered without success on Aug. 27 °
—V. 105, p. 1124—fwill not be placed on the market again.
GIRARD, Trumbull County, Ohio.—BONDS NOT SOLD.—No bids
were received for the $6,500 5% strcet-impt. bonds offered, on Oct. 20.—
V. 105, p. 1331.
County,
$
_
until 12
Allegheny
Road.
Road.
$
Halsey, Stuart & Co*__48,941 00
Prov. S. B. & Trust Co_48.818 72
Tillotson & Woleott Co.48,653 46
Cummings, Prudden &(
Co
48,736 08
Seasongood & Mayer.
Weil; Roth & Co
R. Kleybolte &Co*
48,737 00
Stacy & Braun___~
48,728 64
$37,000
Road.
$'
60,043 30 29,416 00 8,045 00 37,407 00
59,886 65 29,289 95 8,014 42 37,151 73
59,644 23 29,182 06 8,001 60 37,037 00
Sewer.
$
(P. O. Freedom), Owen County,
10-yr. school bonds—V.
$8,000
$59,566 80 $29,150
$48,600
Ind.—BOND SALE.—On Oct. 18 the $1,800 5%
GLASSPORT,
Oct. 19:
on
FLORA SCHOOL DISTRICT NO. 13 (P. O. Mobridjre), Walworth
County, So. Dak.—BOND SALE.—The $15,000 5% building bonds of¬
fered on Aug. 17 have been purchased by the State or South Dakota.
105, p. 1438—were awarded, it is stated, to the
at 100.840.
"
other bidders.
were no
LUCAS COUNTY (P. O. Chariton), Iowa.—BONDS DEFEATED.—
The proposition to issue hospital erection bonds failed to carry at an elec¬
tion held Oct. 15.
Bank
National
1331—were purchased, it is stated,
MARION COUNTY (P. O. Indianapolis), Ind.—BONDS NOT SOLD.
was made of the $38,500 4Vi% road bonds offered on Oct. 16
by local banks at par.
—No award
HARVARD, McHenry County, 111.-—BOND OFFERING.—Bids will be
received until 7 p. m. Oct. 29 for $8,000 5% impt. bonds, i Due $1,000
yrly. on July 1 from 1924 to 1931 inch
These bonds carried at an election
held Oct. 12 by a vote of 263 to 133.
—V. 105, p. 1439.
HIGHMORE, Hyde County, So. Dak.—BOND SALE.—The $10,000
electric-light-plant bonds voted. Sept. 27 have been disposed of.
MARION SCHOOL DISTRICT (P. O. Marion), Marion County,
Ohio.—BOND "ELECTION.—Reports state that an election will be held
6 to vote on the question of issuing $250,000 school bonds.—V.
105, p. 1439.
Fla.—BONDS NOT
SOLD.—Up to Oct. 22 no sale had been made of the two issues of 5% road
const, bonds, aggregating $130,000, offered on Aug. 14.—V. 105, p. 625.
HILLSBOROUGH
COUNTY
(P.
O.
Tampa),
HOLTON, Jackson County, Kan.—BOND SALE.—An issue of $50,Jan. 1 to the State
000 4 K% water-works refunding bonds was awarded on
School Fund at par.
Denom. $500.
Date Jan. 1 1917.
serially Jan. 1 from 1922 to 1937
Int. J. & J.
Due
inclusive.
HUDSON SCHOOL DISTRICT (P. O. Hudson), St. Croix County,
Wise.—-BOND SALE.—The $52,000 5% 15-year school bonds offered on
Sept. 10 (V. 105, p. 1016) were recently awarded to McCoy & Co., of
Chicago, at par, less $67 attorney's fees.
Denom. $1,000.
Date Aug. 1
1917.
Interest annually on Aug. 1,
IMOGENE, Fremont County, Iowa.-r-BONDS VOTED.—The ques¬
water-works-system bonds carried, it is stated, by a
election held Oct. 12.
tion of issuing $4,000
Nov.
MASSILLON,
JACKSON, Madison County, Tenn.—DESCRIPTION OF BONDS.—
bonds awarded on June 1 to the
int—V. 105, p. 1637—are in the
Stark
County, Ohio.—BOND OFFERING.—Sealed
m. Nov. 24 by R. J. Krisher, City Aud., for
tax-free storm-water-sewer bonds.
Auth. Sec. 3939,
Gen. Code.
Denom. $1,000.
Date Aug. 1 1917.
Prin. and semi-ann.
int. (A. & O.) payable at the State Bank, Massillon.
Due $4,000 yearly
on Oct. 1 from 1921 to 1925 incl. and $9,000 Oct. 1 1926.
Cert, check for
5% 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 int.
Bonded debt (excl. of this issue), Oct. 25
1917, $227,698; floating debt, $23,000; total debt, $251,698.
Sinking
fund, $27,873.
Assessed val. 1917, $24,000,000.
Tax rate (per $1,000),
$12.-50.
'
bids will be received until 12
$29,000 5%
vote of 57 to 10 at an
The $40,000 5% sewerage system constr.
Security Nat. Bank of Jackson at par and
denom. of $1,000 and dated June 1 1917.
.
MARINETTE, Marinette County, Wis .—DESCRIPTION OF BONDS.
—The $3,000
AV%% park-improvement bonds awarded at par on June 1
to local investors (V. 105, p. 1637), are in the denom. of $100 and dated
June 1 1917.
Int. J. & D.
Due June 1 1922.'
coupon
MERIDEN
(City), New Haven County, Conn.—BOND OFFERING.
—Sealed proposals will be received until 4 p. m. Oct. 31 by W. H. Russell,
City Treas., for $200,000 4 H % 2-11-year serial gold coupon street and
Due June 1 1937.
pave¬
JACKSON PARISH SCHOOL DISTRICT NO. 25 (P. O. Jonesboro),
La.—BONDS NOT SOLD.—No sale has yet been made of the $7,000 5%
20-yr. building bonds offered on Aug. 16—V. 105, p. 413.
Date Aug. 1 1917.
Int. F. & A.
These bonds will be sold
R. L. Dickerson is Secretary of Parish School Board.
Denom. $100.
at private sale.
JASPER COUNTY (P. O. Jasper), Tex.—BONDS VOTED.—By a vote
of issuing $500,000 5% road-construction bonds
15^
The vote was 871 to 216.
carried at the election held Oct.
KANSAS CITY, Wyandotte County, Kan.—BOND SALE.—The
Fidelity Trust Co. of Kansas City, Mo., was awarded on March 31 $70,000
4M% electric-light-plant-impt. and ext. bonds for $70,438 (100.625) and
int.
Denom. $1,000.
Date Mar. 1 1917.
Int. M. & S.
Due $14,000
yrly. Mar. 1 from 1924 to 1928 inclusive.
v
Knox
County,
Denom. $1,000.
payable at the Importers' & Traders' Nat. Bank of N. Y.
bonds bid for,
Tenn.—BOND OFFERING.—Sealed
30 by Kobt. P. Williams, City
Recorder, for $16,921 37 5% 5-year street-improvement (assess.) bonds.
Date Aug. 15 1917.
Prin. and semi-annual int. payable at the Hanover
Nat. Bank, N. Y.
Due Aug. 15 1922.
Certified or cashier's check on a
local bank for 5% of amount of bid required.
Purchaser, to print bonds
own
expense.
..
V"
LA CROSSE, La Crosse County, Wise .—BOND SALE.—On Oct. 10
$6,160 5% street-impt. (assess.) bonds were awarded to local investors.
Denom. $308.
Date Oct. 15 1917.
Prin. and semi-ann. int. (A. & O.)
payable at the City Treas. office.
Due $616 yearly Oct. 15 from 1918 to
"
1927 incl.
•.^r-
LANCASTER, Kittson County, Minn.—BOND OFFERING.—Sealed
bids will be received until Nov.
6 by T. W. Shogren, Village Clerk, for
Prin. and semi-ann.
Cert, check for 2% of
payable to the City Treas., required.
delivered at the office of the purchaser
be mutually agreed upon.
debt,
$275,000.
1916,
on
Water
ments
elsewhere
debt,
The bonds will be
Nov. 1 1917, or on such date
Bonded debt
(city), $10,000.
$21,887,063.
The official notice
Assess, val.
$290,000.
of city,
as
Floating
Nov.
28
»
of this bond offering will be found
in this
among
the advertise¬
Department.
MIAMI, Ottawa County, Okla.—DESCRIPTION OF BONDS.—The
$45,000 electric-light, $45,000 water-works, $10,000 fire-station, $80,000
and $20,000 sanitary-sewer 6% bonds recently sold to R. J.
Edwards of Oklahoma
City—V.
105,
p.
1637—are in the denom. of
$1,000 and dated Oct. 20 1917. Interest Apr. & Oct.
Due Oct. 201942.
storm-sewer
bids will be received until 7:30 p. m. Oct.
at
(J. & J.)
Date July 21 1917.
Due $2,000 yearly July 1 from 1919 to 1928 incl.
may
of 886 to 246 the question
KNOXV1LLE,
ment bonds.
int.
Int. J. & D.
.
MICHIGAN
SCHOOL
CITY
(P. O. Michigan City),
Laporte
County, Ind.—:B0ND SALE.—The $30,000 5% 8-10-year opt. schoolbuilding bonds offered on Aug. 29—V. 105, p. 734—have been awarded
to the Fletcher-American Nat. Bank of Indianapolis for $30,575, equal
to
,
101.916.
MISSOURI VALLEY INDEPENDENT SCHOOL DISTRICT (P. O.
Missouri Valley), Harrison County, Iowa.—DESCRIPTION OF BONDS
—The| $20,000 5% building bonds awarded
at 100.75 on Sept. 1 to J. N.
Casady Jr., Co. of Council Bluffs (V. 105, p. 1637) are in the denom. of
$1,000 and dated Sept. 1 1917.
Int. semi-ann.
Due Sept. 1 1937.
Taxa¬
ble value $801,675.
MITCHELL, Scotts Bluff County, Neb.—BOND SALE.—The $1.1,-
Due
000 5 % 5-20-yr. (opt.) coupon water-ext. bonds offered on Sept. 15—V. 105,
p. 837—have been awarded to the Lincoln Trust Co. of Lincoln at par.
Warren County, Ohio;—BID REJECTED.-—W. L. SlayCo., of Toledo, submitted the only bid for the $12,142 75 5% streetimprovement bonds offered on Oct. 22 (V. 105, p. 1332).
Their bid being
conditional, it was rejected.
The bonds will be re-advertised.
MOBILE, Mobile County, Ala*—BOND SALE.—The $600,000 5%
30-year coupon dock and railway-improvement bonds offered on Sept. 25—V. 105, p. 927-—were sold at par and int. on Oct. 15 to the First Nat. Bank,
thev People's Bank and the Merchants' Bank, all Of Mobile, through
I. B. Tigrett.
$8,000 5% municipal-electric-llght-plant bonds.
Int. semi-annual.
$500 vearly after 5 years, the last payment being $1,000.
LEBANON.
ton &
LEGGET CONSOLIDATED SCHOOL DISTRICT, Pike County,
Miss.—r^BOND SALE.—The $3,000 6% registered school bldg. bonds
offered on Oct. 1—V. 105, p. 1332—have been awarded to McColgan
Bros., of McComb, for $3,020 (100.666)
and interest.
LITTLE FERRY, Bergen County, 1ST.
«*-<-•
^
J.—BOND OFFERING.—Sealed
proposals will be received until 8 p. m. Nov. 1 by Geo. Zimmerman,
Borough Clerk, for $10,200 5% coupon or registered (purchaser's option)
funding bonds.
Denom. 1 for $710 and 13 for $730.
Date June 30 1917.
Principal and semi-annual interest (J. & D.) payable at the Hackensack
National Bank, Hackensack.
Due $710 Dec. 31 1918 and $730 yearly on
Dec. 31 from 1919 to 1931, Inclusive.
Certified check on an incorporated
bank
or
for 2% of the amount of bonds bid for required.
accrued interest.
The legality of these bonds will be
trust company
Purchaser
to pay
approved by John C. Thompson, of New York, whose
furnished purchaser.
opinion will.be
LOCKNEY, Floyd County, Tex.—BONDS TO BE OFFERED SHORT¬
LY.—This city will probably offer for sale about Nov. 15 an issue of $25,000
5% 20-40-yr. (opt.) water-works bonds.
J. R. Meriwether is Mayor.
LOCKPORT, Niagara County, N.Y.—BOND OFFERING.—Bids will
12 m. Oct. 30 by E. H. Boynton, City Treasurer, for
$10,000 registered hospital-impt.'bonds at not exceeding 5%.
Denom.
$500.
Date Oct. 23 1917.
Prin. and ann. int. payable at the office of the
City Treasurer.
Due $1,000 yearly on Jan. 2 from 1919 to 1928, incl.
Certified check on some solvent bank for 2% of the amount of bonds bid
for, payable to the City of Lockport, required.
be received until
MONROE TOWNSHIP RURAL SCHOOL DISTRICT (P. O. Belle¬
fontaine)^ Logan County, Ohio.—BOND ELECTION.—Reports state
an election will be held Nov.
6 to vote, on the question of issuing
than
$45,000 school
bonds.
MONTGOMERY
COUNTY
(P.
O.
Clarksville), Tenn.—BOND
SALE.—J. C. Mayer & Co. of Cincinnati were awarded on Sept. 7 $50,000
5% 30-year highway-improvement bonds at par and int., less $625 for ex¬
penses.
Denom. $500.
Date Sept. 1 1917.
Int. M. & S.
Due Sept. 1
1947.
MONTPELIER,
Williams
County,
bids
Ohio.—BIDS REJECTED.—All
aggregating $19,-
received for the two issues of 5% paving bonds,
on Oct. 22 were rejected.
BONDS NOT SOLD.—No bids were received for the
049 60, offered
funding bonds offered
on
$4,000 4J£%
re¬
Aug.28.—V. 105, p. 734.
MORGAN
COUNTY (P. O. Wartburg), Tenn.—DESCRIPTION OF
BONDS.—The $200,000 5% pike road bonds awarded on April 2 to James
E. Caldwell & Sons of Nashville at 100.025—V. 105, p. 1638—are in the
denom. of SI ,000 and dated April 2 1917.
in 20, 30 and 40 years.
V
Int. Jan. & July.
Due part
<
NAVARRO COUNTY (P. O.
Corsicana), Tex.—BOND OFFERING.—
Bids will be received until 2 p. m. Nov. 14 by H. E. Traylor, Co. Judge,
for $80,000 5% Road Dist. No. 12 road-const, bonds authorized by vote of "
124 to 53 at an election held Sept. 29.
Denom. $1,000.
Prin. and int.
payable at New York
or
Corsicana.
Due in 30 years, subject to call $3,000
*
Oct. 27 1917.J
THE
CHRONICLE
yfly-
Cert. check on a national or State bank for $500 required. This
district has no indebtedness.
Assess, val. real estate, $713,891; personal
property, $314,779; actual value, $1,857,340.
Population of Dist., 1,000.
ST. LOUIS SCHOOL DISTRICT
(P. O. St. Louis), Mo.—BOND
OFFERING POSTPONED.—The date of the
offering of the $2,000,000 4%
20-year school bonds has been changed from Nov. 13 to Dec. 11—V. 105,
p. 1639.
The bonds to be delivered Jan. 1 1918.
NEW MEXICO (State of).—PURCHASER OF CERTIFICATES.—The
purchaser of the $120,000 6% certificates of indebtedness awarded on
March 1 at par and int.—V. 105, p. 1638—was the First Nat. Bank of
ST. LUCIE COUNTY (P. O. Fort
Pierce), Fla— BOND OFFERING.
are at hand relative to the
offering on Nov. 6 of the $80,Fellsmere Road & Bridge Dist. No. 1 road and bridge bonds—
V. 105, p. 1639.
Proposals for these bonds will be received until 2 p. m.
on that day by P. C. Eldred, Clerk of the Circuit Court.
These bonds
were authorized by vote of 31 to 1 at an election held June
19.
Denom.
$1,000.
Date July 1 1917.
Prin. and semi-ann. int., payable at a bank¬
ing house in St. Lucie County or in New York.
Due on July 1 as follows:
$2,000 yearly from 1922 to 1932, incl.; $3,000 yearly from 1933 to 1937,
incl.; $5,000 1938 and 1939; $6,000 1940 and 1941; $7,000 1942, 1943 and
1944.
Certified check for $1,600 required.
The district has no indebted¬
—Further details
Santa Fe.
I*
000 6%
OCHEYEDAN, Osceola County, Iowa.—PURCHASER OF BONDS.—
The purchaser of the $5,000
5H% 15-year,water-works-ext. bonds recently
sold at 100.54 and int.—V.
105, p. 1638—-was Geo. M. Becbtel & Co. of
Davenport.
OKMULGEE,
dkmulgee
County, Okla.—BOND OFFERING—Pro¬
posals will be received until 5% p. m. Nov. 12 by R. H. Jenness, Commis¬
sioner of Finance, for
$20,000 5% garbage-disposal-plant bonds.
Denom.
$1,000.
Date Sept. 15 1917.
Due Sept. 15 1942.
Banking Co. has been
ment bonds at par.
% 1-4-year serial street-improve¬
Date Sept. 1 1917.
—V.
were:
Farson, Son & Co., N. Y_,__103.688 B. J. Van Ingen & Co., N. Y.102.89
Harris, Forbes & Co., N. Y.103.601 H. At Kahler & Co., N. Y___ 102.26
Isaac
W.
Cummings, Prudden & Co.,
Sherrili
&
Co.,
N. Y
103.358
Poughkeepsie
102.03
Hornblower & Weeks, N. Y.103.31Exchange Nat. Bank, 01ean__ 100.00
OMAHA SCHOOL DISTRICT (P. O. Omaha), Neb.—BOND ELEC¬
TION.—-The question of issuing $2,250,000 30-year site-purchase, building
equipment bonds at not exceeding 5% int. will be submitted to a vote,
it is stated, on Nov. 20.
ORANGE COUNTY (P. O. Orange), Tex.—BONDS VOTED.—The
election held Oct. 9 resulted in
a vote of 38 to 0 in favor of the proposition
$30,000 5% 10-40-year opt. road bonds in Precinct No. 4.
OSKALOOSA INDEPENDENT SCHOOL DISTRICT (P. O. Oskaloosa), Mahaska County, Iowa.—BONDS VOTED.—By a vote of 842
,
the question of issuing $55,000 high-school-building bonds carried
election held Oct. 10;
L. T. Shangle is Sec. of Board of Education.
tion will be held Nov. 6 to vote
on
elec¬
PAYETTE-OREGON SLOPE
IRRIGATION
DISTRICT
(P. O.
Payette), Ore— BOND SALE.—On Sept. 29 the $225,000 6% 5-20-year
refunding bonds
were
Denoms. $500 and $1,000.
awarded to G. E. Miller & Co. at 92.50 and int.
Date Oct. 1 1917.
Int. A. & O.
-aiatf
PINE COUNTY COMMON SCHOOL DISTRICT NO. 46
(P. O. Pine
City), Minn— BOND SALE.—Oil Oct. 15 the $2,500 6% building bonds
1917.
awarded to F. E. Magraw of St. Paul at par less $200.
Date Sept. 1
Int. ann. in Sept.
Due $500 yearly Sept. 1 from' 1925 to 1929, incl.
PIQUA,
PAUL,
(P. O. Snyder), Tex.—BONDS DEFEATED.—
road bonds failed to carry at the
COUNTY
SCURRY
The proposition to issue $100,000 5%
election held Oct. 13*
SALINA
SCHOOL
DISTRICT
(P.
O.
Salina),
Saline
County,
follows: $15,000 to Nat. Bank of America, Salina, and
$10,000 to Planters State Bank, Salina.
Denom. $500.
Date July 1 1917.
Int. J. & J.
Due $5,000 yrly. July 1 from 1933 to 1937, incl.
at par on
Aug. 1
County,
Ohio.-—BOND
OFFERING.—Sealed
prd-
Nov. 15 by G. F. Cron, City Auditor, for
m.
$172,310 10-year street-impt., $41,400 10-year sanitary-se>ver, $76,085
5-year storm-sewer and $15,075 5-year sidewalk 5% bonds.
Auth. Sees.
Gen. Code.
Date Sept. 15 1917.
Int.,semi-ann.
Certi¬
fied check for 2% of the amount of bonds bid for, payable to the
City
Treasurer, required.
Bonds to be delivered and paid for within 10 days
from time of award.
Purchaser to pay accrued int.
Using newspaper
reports we stated in V.105, p.1638—that these bonds were offered on Nov. 8.
3914 and 3821
Richland
County,
Ohio.—BOND
ELECTION PRO¬
POSED.—An election will be held in the near future, it is stated, to vote
on the question of issuing $18,000
water-filtration-plant bonds.,
POPLAR,
Sheridan County. Mont.,—BOND ELECTION—OFFER¬
ING.—W. E. Inglehart, Town Clerk, will offer for sale at public auction
at 8:30 p. m. Nov. 12 the $28,000 6% 15-20-year
opt. Water-supply bonds.
Denom. $500.
Date Nov. 1 1917,
Prin. and semi-annual int.—J. & J.—
payable at the Nat. Bank of Commerce, N. Y.
Certified check for $2,800,
payable to the Town Clerk, required.
These bonds are being offered sub¬
ject to the result of an election to be held Nov. 6.
PORTAGE COUNTY (P. O. Ravenna), Ohio.—BOND ELECTION.—
on the question of issuing
$50,000
5% county-hospital bonds.
Ah election will be held Nov. 6 to vote
as
SEDALIA, Pettis County, Mo.—BOND SALE.—William R, Compton
Co., of St. Louis, were awarded on July 2, $20,000 5% hospital erection
Denom. $500.
Date July 2 1917J
Int. J. & J.
Due
$1,000 yrly. July 2 from 1922 to 1929, incl., and $1,500 yrly. July 2 from
1930 to 1937, incl.
"V"
bonds at 100.805.
SELMA, Fresno County, Calif .—BONDS VOTED.—A favorabTTvom
was cast at a recent election, it is stated, on the question of issuing $10,000
park-improvement bonds.
SELMA GRADED SCHOOL DISTRICT (P. O. Selma), Johnston
County, No. Caro.—BOND SALE— On Oct. 18 the $22,000 5% 1-17-yr.
bonds—V. 105, p. 1549—were awarded to Sidney Spitzer &
Co., of-Toledo, for $21,100 (95.909) and int.
-
serial school
COUNTY SCHOOL DISTRICT NO. 18, Wash.—BOND
Sept. 15 $1,200 1-20-yr. (opt.) bldg. bonds were awarded to
for 5s.
Denom. $200.
SKAMINA
SALE.—On
Miami
posals will be received until 12
PLYMOUTH,
Oct. 13
Kans —BOND SALE— An issue of $25,000 4H % bldg. bonds was awarded
Bids will be received until 12 m. Nov. 5 by the Board of
County Com¬
missioners, A. J. Bunxside, Clerk, for $10,000 6% coupon Special Road &
Bridge Dist. No. 4 bonds.
Denom. $1,000.
Date Aug. 1 1917.
Prin.
and semi-annual int.—A. & O.—payable at the Bank of Pasco
County,
Dade City, or at the American State Bank, Zephyrhills, or at the Nat. Park
Bank, N. Y., at option of holder.
Due $1,000 yearly Aug. 1 from 1922 to
1931, incl.
Certified check for $100 required.
The district has no bonded
debt.
Warrant debt, $27,000.
Assessed val. of district, $421,527.
were
on
$1,000.
Date Nov. 1 1917.
Prin. and semi-ann. int. payable at St. Paul's
financiaTagency in N. Y. City.
Cert, check or cash, deposit for 2% of
amount bid required.
This city has never defaulted on its obligations and
the principal and interest on its bonds previously issued have always been
promptly paid at maturity.
Bonded debt, Oct. 1 1917, general city and
school, $8,788,000; water, $3,257,000.
Floating debt, $4,447,407.
Sink¬
ing fund, general city and school, $531,268; water, $262,668.
Assessed
valuation
1916, $123,903,567.
Moneys and credits (additional), $48,143,767.
City tax rate (per $1,000) 19^6, $30 45.
the question of issuing $10,000 motor
PASCO COUNTY (P. O. Dade City), Fla.—BOND OFFERING.—
serial
La.—BIDS RE¬
.
fire-truck bonds.
_
Martinsville),
Minn.—BOND OFFERING.—Proposals will be received
Nov. 15 by Jesse Foot, City Comptroller, for $600,000 4>£%
30-yr. coupon or reg. (purchaser's option) tax-free school bonds.
Denom.
371
PAINESVILLE, Lake County, Ohio.—BOND ELECTION,-r-An
.
St.
until 12 m.
and
an
O.
1228—were rejected, reports state.
105, P-
ST.
Wm.R.Compton&Co.,N.Y_103.26
to
(equalized), $888,413.
(P.
(P. O. Pleasant Mills), Adams
County, Ind.—BOND OFFERING.—Proposals will be received until
10 a. m. Nov. 1 by E. W. France, Twp. Trustee, for $6,000 5% coupon
school-building bonds.
Denom. $500.
Date Nov. 15 1917.
Int. ann. on
Aug. 1 at the First Nat. Bank of Decatur.
Due $500 each six months from
Aug. 1 1919 to Feb. 1 1925, incl.
Certified check for $500, payable to the
above Township Clerk, required.
Bonded debt (excl. this issue), Oct. 21
1917, $35,000. Assess, val., $1,175,440. Tax rate (per $1,000), $2 68.
8.ther bids
1638—were awarded to Geo. B. Gibbons & Co. of N. Y. at 104.261.
at
PARISH
ST. MARY'S SCHOOL TOWNSHIP
H OLEAN, Cattaraugus County, N. Y.—BOND SALE.—The $75,000
5% 1-25-year serial water-filtration-plant bonds offered on Oct. 22—V. 105,
to issue the
MARTIN
ST.
JECTED.—All bids received for the $300,000 road bonds offered
awarded $8,000 5H
Denom. $500.
Assessed valuation 1917
ness.
OKOLONA, Chickasaw County, Miss.—BOND SALE.—The Okolona
,
1731
the State of Washington at par
COUNTY
SNOHOMISH
BOND
SALE.—On
Oct.
SCHOOL DISTRICT NO. 64, Wash—
1-5-year (opt.) building bonds were
of Washington.
Other bids were (for
15 $10,000
awarded at par for 5s to the State
6% bonds):
Keeler Bros., Denver
"
$10,060 |Wm.D.Perkins&Co.;SeattIe_$10,011
LOAN.—A loan of $300,000
reported, with the Palmetto National Bankjo
CAROLINA.—TEMPORARY
SOUTH
has been negotiated, it is
Columbia, at 4% interest.
SCHOOL DISTRICT (P. O. Springfield), Clark
Ohio.—BOND ELECTION.—An election will be held Nov. 6
the question of issuing $160,000 school bonds.
SPRINGFIELD
County,
to
vote
on
Fairfield
STAMFORD,
County,
Conn.—BOND
posals will be received until 12 m. Nov.
Dec.
1
1917.
Certified check
The
Due
or
$2,000
OFFERING—Pro¬
12 by William N. Travis, City
Treasurer, for $50:000 43^% gold coupon bonds.
yearly on Nov.
1
Denom. $1,000.
from
bank draft for 2% of the amount of
1918 to
Date
1942, incl.
bonds bid for required.
official notice of this bond offering will be found among the advertise¬
ments elsewhere in
this Department.
„
PORT OF PORTLAND (P. 0.
Portland), Multnomah County, Ore.
—BOND SALE.—On Oct. 18 the $50,000 6% 10-year gold
coupon towage
and pilotage bonds, dated July 1 1908—V. 105,
p. 1440—were awarded
to the Dovereaux Mortgage Co. for $50,175 75-—100.351—and int.
The
Oregon Life Insurance Co. bid $50,050.
POUGHKEfiPSIE,
Oct. 22 the
Dutchess County, N.
$50,000 4M% school bonds (V. 105,
Cummings, Prudden & Co., of N.
keepsie Savings Bank bid par.
Y.—BOND
SALE.—On
p. 1639) were awarded to
Y., at 100.234 and int.
The Pough¬
(V.
105,
1549) were awarded to Townsend, Scott & Co. and
Baker, Watts & Co., both of Baltimore, at 106.52."
Other bids were:
First National Bank of South Maryland,'Upper Marlboro
103.16
A. S.. Barrett, Baltimore.
102.62
p.
Date Nov.
1
PULASKI
COUNTY
1917.
Int. M. &
(P.
O.
N.
'
Winamac),
Ind.—BOND
SALE.—On
Oct. 20 the $4,000 4 lA% 5^-year aver, road bonds (V. 105,
p. 1440) were
awarded to William Sable at 100.25 and int.
RICHLAND PARISH SCHOOL DISTRICT
(P. O. Rayville), La—
BOND SALE.—The $5,000 5% 2-11-year serial gold coupon school bonds
offered on Aug. 3—V. 105, p. 415—have been awarded to the
People's
Bank & Trust Co. of Lafayette at par and interest.
RICHLAND SCHOOL TOWNSHIP (P. O. Marion), Grant
County,
Ind.—BOND SALE —The $2,000 5% 2^-year aver, school bonds offered
on
Sept. 4—V.
105,
p:.
Bank of Sweetsers at par
i
928—have been awarded to the Farmers'
and interest.
RONAN, Missoula County, Mont.—BOND SALE.—Sweet, Causey,
& Co. of Denver were awarded on Sept. 24 at par and int. the
$16,800 6% 10-20-year opt. coupon water-works-system bonds—V. 105. p.
Denom.
$500 and $100.
Date Oct.
1
1917.
Int.
A.
&
O.
Due
1937, subject to call after Oct. 1 1927.
ROSEAU COUNTY
INDEPENDENT SCHOOL DISTRICT NO. 12
(P. O. Warroad), Minn.—BOND OFFERING.—K. C. McKenzie, Clerk
of School Board, will receive bids until 8 p. m. Nov. 2 for $50,000
6% 15year school bonds.
Denom. $1,000.
Date Sept. 1 1917.
Principal and
semi-annual interest (M. & S.) payable at the First National Bank, Chicago.
Due Sept. 1 1932.
Certified check for $1,000, payable to the Clerk of
School Board, required.
All bids must be unconditional.
The bonds have
been approved by Theodore
A similar issue of bonds
r
S. Chapman, Chicago.
was
recently reported sold to C.
H.
Coffin.
A Chicago (V. 104, p. 2574).
ST. CHARLES PARISH (P. O. HahnviHe), La .—BIDS REJECTED.
—All bids receivedofor the $70,000 5% coupon Road Dist. No. 2 road bonds
offered
on
Oct. 16—V. 105, p. 1228—were rejected.
previously offered on Sept. 5, but failed to receive any bids.—V. 105,
929.
'
were
p.
.
REGISTERED.—The following bonds have been
registered by the State Comptroller: "
Due.
Date Reg.
Amount.
Place and Purpose of Issue.
Rate.
10-20 yrs. (opt.)
$1,500 Parker County C. S. D. No. 65-5%
Oct. 17
10-20 yrs. (opt.) ,; Oct.
17
1,600 Parker County C. S. D. No. 35-5%
Oct.
5-20 yrs. (opt.)
17
700 Parker County C. S. D. No. 14.5%
Oct.
10-20 yrs. (opt.)
17
1,440 Bowie County C. S. D. No. 51.-5%
TEXAS .—BONDS
>
,
TIVERTON TOWNSHIP SCHOOL DISTRICT (P. O. Walhonding,
R. F. D. No. 2), Coshocton County, Ohio.—BOND SALE.—The $6,500
5% school bonds offered on Sept. 15—V. 105, p. 929-^havo been awarded
to the Farmers' & Merchants' Bank of Warsaw at par.
VAIL, Crawford County, Iowa.—BOND ELECTION PROPOSED.—
Reports state that petitions have been circulated asking the City Council
the question of issuing electric-light bonds.
to call an election to vote on
VAN BUREN
Foster
Oct. 1
TERRE HAUTE, Vigo County, Ind.—BOND SALE.—We are advised
434% 10-year funding bonds were awarded on Sept. 25 to
Breed, Elliott & llarrison, of Indianapolis, at par and int.
These bonds
State
.
ROCHESTER, N. Y.—NOTE SALE.—On Oct. 25 the four issued of
notes, aggregating $123,000—V. 105, p. 1639—were awarded to S. N. Bond
& Co. of N. Y. at 5.20%.int., plus, $5.50 premium.
Other bidders were:
Bernhard Scholle & Co., N.Y_5.42% | Goldman, Sachs & Co., N. Y
5.48%
(Geo. II. Burr & Co., N. Y
*5.75%
*Plus $5 premium.
627.
STORY CITY SCHOOL DISTRICT
(P. O. Story City), Story
County, Iowa.—BOND ELECTION.—An election will be held Nov. 12,
it is stated, to determine whether or not this district shall issue $50,000
building bonds.
that $40,000
PRINCE GEORGES COUNTY (P. O. Marlboro), Md— BOND SALE.
—On Oct. 23 the $35,000
5% 30-year coupon orregisteredschool-building
bonds
STEVENS COUNTY SCHOOL DISTRICT NO. 92, Wash.—BOND
SALE.—On Oct. 13 the $1,000 1-10-year opt. building bonds were awarded
Washington at par for 534s.
i
to the State of
COUNTY (P. O. Keosauqua), Iowa .—BONDS VOTED.
it is
question of issuing ■ the $40,000 county-home bonds carried,
stated, at an election held Oct. 15.
—The
WARREN, Trumbull County, Ohio.—BOND SALE.—On Oct. 20
5% 16-20-year (opt.) coupon (city's share) street-improvement
(V. 105, p. 1228) were awarded to Seasongood & Mayer, of Cin¬
cinnati at 101.932.
Other bidders were:
J. C. Mayer & Co., Cine..$25,387 50 Weil, Roth & Co., Cine..$25,320 00
Tillotson & Wolcott Co.,
Kaufman, Smith,
Emert
Cleveland
Investment Co., St. L.. 25,381 00
25,307 50
25,207 25
Rud. Kleybolte& Co.,Cin. 25,378 00 Stacy & Braun, Toledo
A. E. Aub & Co., Cine— 25,355 00 Otis & Co., Cleveland
25,101 00
C. W. McNear & Co.,Chic 25,327 50 Channer & Sawyer, Cine. 25,077 50
Blodgett & Co., Boston._ 25,325 00 F. C. Hoehler & Co., Tol. 25.077 50
WASHINGTON COUNTY (P. O. Salem), Ind.—BOND SALE.—Oil
Oct. 17 the $5,792 80 434% 5 1-3 yr. aver, highway impt. bonds—V. 105,
p. 1550—were awarded to the Farmers State Bank of Salem for $5,811 05
(100.315) and int.
The Bank of Salem bid $5,793 80.
WASHINGTON SCHOOL TOWNSHIP (P.
O. Fickle), Clinton
County, Ind.—BOND SALE.—The $10,000 4!4% 1-10-year serial schoolbldg. bonds offered on Aug. 30 (V. 105. p. 629) have been awarded to the
the $25,000
bonds
American Nat.
Bank of Frankfort at 100.10 and int.
WASHINGTON
TOWNSHIP
SCHOOL
DISTRICT
(P.W*BelIe~.
fontaine), Logan County, Ohio.—BOND ELECTION.—An election will
be held Nov. 6 to vote on the question of issuing „$15,000 school-impt.
bonds.
Olaf House is Clerk Board of Education.
WATERTOWN
SALE.-—We
COUNTY (P. O. Bryan), Ohio.—BOND SALE.—The
5% road bonds, aggregating $117,500, offered on Sept. 10
1019) were awarded on that day to the Ohio Industrial Commis¬
WILLIAMS
WASHTENAW COUNTY (P. O. Ann Arbor), Mich.—
OFFERJNG.—Proposals will be received until Oct. 30 by Edwin H. Smith, Co.
Clerk, for $100,000 4]/%% coupon Eastern Washtenaw Good Road Dist.
bonds.
Denom. $500.
Int. ann. In April.
Due part each year on April
1 from 1919 to 1928, incl.
Assessed val. 1916, $32,900,000.
BOND
[Vol. 105.
CHRONICLE
THE
1732
four issues of
(V. 105,
p.
sion at par.
WOODWARD,
Woodward County, Okla.—BONDS DEFEATED.—
The question of issuing $42,000 6% 10-25-yr, (opt.) light-plant, water-plant
and sewerage system impt. bonds failed to carry at a recent election.
FIRE DISTRICT,
Litchfield County, Conn.—
are advised that an
issue of $120,000 4^% serial
WOODWARD COUNTY
(P.
Okla.—BOND ELECe
will be held Nov. 19 to vote on th-
O. Woodward),
water-plant-purchase and extension bonds has been awarded to Frisbie &
Co., of Hartford, at 100.125 and int.
Denom. $1,000.
Date Aug .1 1917.
TION.—Reports state that an election
Int. F. & A.
proposition to issue $675,000 road bonds.
COUNTY
(P. O. Upper Sandusky), Ohio.—BOND
24 $11,300 5% road-impt. bonds were awarded to the
WYANDOT
WESSINGTON, Beadle County, So. Dak.—BONDS DEFEATED.—
issuing $2,500 bonds failed to carry at an election held
Oct.
SALE.—On
The question of
Oct. 9.
Citizens' Savings Bank of Sandusky for
First
Nat.
$11,301—1C0.008—and int.
The
Tillotson & Wolcott and
Sandusky bid par.
Bank of Upper
AUTHORIZED.—
Reports state that a resolution has been passed by the Common Council
providing for the issuance of $50,000 street-improvement bonds.
Seasongood & Mayer, both of Cincinnati, submitted bids for $10,000 of the
issue.
Denom. $565.
Date Oct. 1 1917.
Int. A. & O.
Due $565 each
six months from April 1 1918 to Oct. 1 1927, incl.
WEST BEND SCHOOL DISTRICT (P. O. Wert Bend), Palo Alto
County, Iowa.—BOND SALE.—The $15,000 5% school bonds offered
Aug. 1—V. 105, p. 417—were awarded on that day to Geo. M. Bechtel
& Co. of Davenport at 100.40.
Date Aug. 1 1917.
Int. M. & N.
Due
of the $2,500
WEST ALLIS, Milwaukee County, Wis.—BONDS
YELLOW CREEK TOWNSHIP ROAD DISTRICT (P. O. Wellsville),
Columbiana County,
on
March 1
1936.
WEST
FARMINGTON,
YORK COUNTY SCHOOL
County, Ohio.—BOND OFFER¬
Trumbull
ING.—Bids will be received until 12 m. to-day (Oct. 27) by Ross Little,
Vil. Clerk, for $2,000 6% street impt. bonds.
Denom. $500.
Date Sept.
1 1917.
Int. semi-ann.
Due $500 yrly. on' Sept. 1 from
Incl.
Cert, check for 5% of the amount of bonds bid for,
offeree^ on Aug. 18.—V. 105, p. 738.
DISTRICT NO. 12 (P. O. York), Neb.—
8 the $150,000 2-20-yr. (opt.) school bonds—V.
105, p. 522—were awarded to the First State Sav. Bank of York at par for
5s.
Denom. $1,000.
Date July 1 1917.
Int. J. & J.
Due July 1 1937,
subject to call at any interest-paying date after 2 years.
BOND SALE.—On Aug.
'
;
,
Ohio.-^BONDS NOT SOLD.—No award was made
5% road-impt. bonds
1918 to 1921,
payable to the
Bonds to be delivered on Nov. 1.
Vil. Treas., required.
Canada, its Provinces and municipalities.
WEST HOBOKEN, Hudson County, N. J.—BONDS TO BE TAKEN
FUND.—Reports state that $25,000 fire-apparatus and
$53,113 76 funding bonds will be purchased by the Sinking Lund Commis¬
sion.
;■
■
v./;":
"■
BY SINKING
BRAMPTON, Ont.—DEBENTURE OFFERING.—A. G. Davis, Town
Oct. 29, it is stated, for $60,000 6%
Clerk, will receive bids until 12 m.
1-30-year serial school bonds.
NEW YORK, Hudson County, N. J.—NOTE OFFERING.—
Charles Swenson, Town Clerk, will receive bids, it is stated, until 8 p. m.
WEST
CHATHAM, Ont.—DEBENTURE SALE.—Reports state that three
debentures, aggregating $131,000, have been sold over the
issues of 6%
13 for $140,000 3-months tax-anticipation notes.
Cert, check for
2% of amount of notes bid for, payable to the Town Clerk, required.
Nov.
WEST ORANGE,
counter.
RIVERHURST,
Int. J.
1917.
STRATFORD, Ont.—DEBENTURES VOTED.—'The question of issu¬
ing $15,000 storage-basin and water-works plant debentures carried, it is
stated, at a recent election.
SULLY SCHOOL DISTRICT NO. 3924,
—We
NEW
LOANS.
NEW
are
Great
W(pst Life Assurance Co. of Winnipeg.
WOLSELEY
SALE.—Robt.
.
NEW
LOANS
Improvement Bonds
PUBLIC
Parish, La.
BONDS
IMPROVEMENT
Sealed bids will be received by the undersigned
in
Louisiana, until noon SATURDAY,
NOVEMBER 10, 1917, for $49,500 Public Im¬
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
1925
1920
1,000
1931
1926
1,500
paid June 1, 1918, and ten bonds each year there¬
after' as numbered, except the last year, when
will be paid.
five bonds
Benton,
1941
1932
$95,000 00.
2.000
2.500
1942
1944
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
3,000
1945
1946
bids
are
sale commencing with the first
if two or more bidders offer
A certified check
national bank doing
business in the State of Louisiana or some solvent
bank chartered under the laws of said State for
4y2% SERIAL COUPON BONDS
the
take
same
bonds, then to bidder or bidders
pay therefor the highest additional
\
,
certified
The bonds will be dated the 1st day of Decem¬
payable in United States Gold Coin at the present
standard of weight and fineness at the Atlantic
National Bank, now at No. 257 Broadway, in
the City, County and State of New York.
Notice is hereby given that sealed proposals
will be received by the Treasurer of the City, of
Stamford
at
the
Stamford
National
Bank,
No. 303-307 Main Street. Stamford, Connecticutt, until twelve o'clock, NOVEMBER 12TH,
1917, for the said bonds.
No bid will be received
for
less than
par
and accrued interest:
The
right Is reserved-to reject any and all bids.
Each
bid must be accompanied by a certified check or
bank draft to the order of the City of Stamford
for two per cent of the amount of the bonds bid
for.
WILLIAM N. TRAVIS,
City Treasurer..
of
to
charge.
check to the order of the Village of Ridgewood, for
$200,000
CITY OF MERIDEN, CONN.,
•
The right to
reject
any
and all bids Is hereby
reserved.
2% of the amount of the bonds bid for, drawn on
an incorporated bank or fust company to secure
the Village against any loss resulting from the
failure of the bidder to comply with the terms of
v
,
R. B. HILL,
All
Free
Collector.
The
reserve
the
GEORGE
$242,085.06
Bergen
CITY
OF
Special Street Improvement Bonds
County,
New Jersey.
GREENVILLE,
Sealed bids will be received" by the Committee
Ways and Means of the City Council of the
City of Minneapolis, Minnesota, at the office of
the undersigned, WEDNESDAY, OCTOBER 31,
1917,
at
3:00 o'clock p. in., for $242,085 06
Special Street Improvement Bonds, dated Sep¬
tember 1st and November 1st, 1917; to become
due and payable one-twentieth each year there¬
after, the last one being payable September 1,
1937, and November 1, 1937, and no bid will be
on
MISS.,
entertained for said bonds for
5% BONDS
Council
of
Greenville,
Mississippi,
W.
less than the
value of the bonds bid for and accrued inter¬
date of delivery, and the rate of interest
by the purchaser and must not be in
excess of 5 per cent per annum, payable annually
or
semi-annually.
The right to reject any or all bids is hereby
City,
to be issued January 1st,
1918, bearing
interest at the rate of five per cent per annum,
payable semi-annually in St. Louis, Chicago or
New York, as may be preferred by the pur haser.
Said bonds will be issued serially, that is $2,000 00
thereof payable annually, or the whole issue to
mature in 20, 25 or 30 years after date.
Bids
invited for either class of bonds.
URQUHART, City Clerk,
Greenville, Miss.
a sum
purchase
II.
RUSSELL,
City Treasurer.
to
must be bid
'
will receive bids until NOVEMBER 15TH, 1917,
for an issue of $50,000 00 of the bonds of said
WM.
will be opened in public
Clerk, City Hall), for
of $200,000 street and pavement
bonds of the City of Meriden, Conn., of the
denomination of $1,000 each, dated July 2, 1917,
with interest payable semi-annually, at the rate
of
4^2%.
Principal and interest payable in
U. S. gold coin, $20,000 of this issue maturing
each year beginning July 1, 1919.
All proposals
should
be addressed
to
W. H. Russell, City
Treasurer, Meriden, Conn., with a certified check
for two per centum of the par value.
The bonds
will be sold to the highest bidder, but at not less
than par and accrued interest, and the right is
reserved to reject any and all bids.
the
par
est
City
will be received by the Treas¬
City of Meriden, Conn., until 4
M.,
WEDNESDAY, OCT. 31,
P.
1917, (at which time they
the office of the City
City of Minneapolis Minn.
>
U. WHITE,
$60,000
are
State of Connecticut tax.
at
.
Director of Revenue and Finance,
Ridgewood,
the
O'CLOCK
right to reject
.
of
urer
*
commissioners
and all bids.
Dated October 16, 1917.
any
The
from
Sealed proposals
bids must be endorsed "Bid for Improve¬
Bonds," and addressed to Wilbur Morris,
PAVEMENT BONDS.
STREET AND
Clerk,,
Police Jury of Bossier Parish.
his bid.
ment
first day
after the date of issue
paid.
BoRsfer
\
Each bid should bo accompanied by a
some
are
ber, 1917, in the denomination of $1,000.00 each,
said bonds must accompany all bids,
be made payable to the Treasurer of
Parish, Louisiana.
The approving legal
opinion of John C. Thomson, Esq., of New York
City, will be furnished to the purchaser without
value
same
amount of such
offering to
price.
on
of November in each year
until all
at least Two and One-Half Per Centum of the par
maturity and that,
to
CO., CONN.,
Two of the bonds will be paid on the
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
SEVENTH
DAY OF NOVEMBER, 1917, AT
EIGHT
O'CLOCK
IN
THE EVENING, for
the sale
of
ninetyrfive 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
Unless all
LOANS
STAMFORD, FAIRFIELD
is
The amount necessary to be raised is
v"
$50,000
Village of Ridgewood, N. J. Road Dist. No.3, Bossier
5%
SCHOOL
DISTRCT NO.
25, Sask.—DEBENTURE
Cann, of Wolseley, has purchased $2,300 school debentures
$49,500
$93,000
Notice
Sask.—DEBENTURE SALE.
the
advised that this district has sold $1,600 school debentures to
of this district
Due serially for ten years.
D.
&
Date June 1
Denom. $705.
par.
of $2,250
awarded to Nap. G.
SALEM, Wayne County, Ohio.—BOND SALE.—An issue of
street-improvement bonds has been awarded to the Citizens
at
issue
20-year debentures, offered on Sept. 4 (V. 105, p. 738), have been
Krionass at 95.
Denom. $1,000.
Int. M. & N.
6%
$8,500 5%
of Weoster
SALE.—An
McKinnon & Co., of Regina.
SHAWENEGEN FALLS, Que.—DEBENTURE SALE.—The $125,000
supervision of the U. S. Mtge. & Trust Co. of N. Y., who will certify as to
of the signatures of the town officials and the seal impressed
thereon and their legality will be approved by Caldwell & Masslich of N. Y.,
whose opinion will be furnished purchaser.
Bids to be made on forms fur¬
nished by the town.
Purchaser to pay accrued interest;
Bank
Sask.—DEBENTURE
debentures was awarded to W. L.
the genuineness
WEST
.
tion
proposals will be received until 8:15 p. m. Nov. 8 by Edward A.McGuirk,
Town Treasurer, for an issue of 5% coupon or registered (purchaser's op¬
tion) town-hall bonds not to exceed $23,000.
Denom, $1,000.
Date
July 1 1917.
Principal and semi-annual interest (J. & J.) payable at the
First National Bank, West Orange.
Due $1,000 yearly on July 1 from
1919 to 1941, inclusive.
Certified check on an incorporated bank or trust
company for 2% of the amount of bonds bid for, payable to the Town
Treasurer, required.
Bonds to be delivered at the U. S. Mortgage & Trust
Co. of N. Y. at 10 a. m. Nov. 9.
These bonds will be engraved under the
National
.
KASLO, B. C.—DEBENTURES VOTED.—Reports state that the ques¬
of issuing $1,500 water-works and $1,500 electric-light-plant deben¬
tures carried at an election held Sept. 26.
Essex County, N. J.—BOND OFFERING.—Sealed
reserved.
A certified check for Two Per Cent of the par
F. M. Chadbourne & Co.
value of the bonds bid for, made to C. A. Bloom!
quist, City Treasurer, must accompany each bid.
Circular
containing full particulars will
be
mailed upon application.
DAN C. BROWN,
'
City Comptroller,
Minneapolis, Minn.
\
Investment Securities
786
Broad St.
Newark, N. J.
Oct. 27 1917.]
THE
CHRONICLE
Cotton
John D. Herklotz
STntgi Companies
Chas. O. Corn
August Schierenberg
Paul Schwarz
Frank A. Kimball
The NEW
ENGLAND
Co.
MERCHANTS
Hospital Trust Company
BOSTON, MASS.
CAPITAL, §1,000,000
/
New York
Authorized to act
as
Providence, R. I.
SURPLUS, $2,000,000
.
Safe Deposit
15 William Street
Rhode Island
TRUST COMPANY
Herklotz, Corn &
COMMISSION
xxi
Vaults
capital-
Executor, and to receive and hold
-
.-.-$3,000,000
SURPLUS
in trust or on deposit from Courts of
Law or Equity, Executors, Administrators, Assignees,
Guardians, Trustees, Corporations and Individuals.
3,500,000 £
money or property
MEMBERS
OF
New York Cotton Exchange
Orleans Cotton Exchange
New York Produce Exchange
New York Coffee Exchange
Also acts as
New
Trusted under Mortgages and
~
Allowed
WILLIAM A. GAM WELL, V.-President
HENRY L. SLADER, V.-President
OFFICERS
Chicago Board of Trade
London Commercial Sale Rooms
(Coffee E.)
JAMES R. HOOPER, President
ARTHUR ADAMS, Vice-President
.
JOHN H. WELLS, Secretary
JOHN E. WILLIAMS, Asst. Secretary
G. A. HARRINGTON, Asst. Trust Officer
ALEXANDER COCHRANE, Vice-Pres.
Geo. H. M'.Fadden
Bro.,
FREDERICK P. FISH, Vice-President
121 Chestnut St.
GEORGE H. GAPRON, Asst. Secretary.
RALPH S. RICHARDS, Asst. Secretary.
EDWARD B. LADD, Asst. Treasurer
25 Broad St.
PHILADELPHIA
HENRY B. HAG AN, Asst; Secretary
ERNEST A. HARRIS, Asst. Secretary
FREDER'K W, ALLEN, Treasurer
HENRY N. MARR, Secretary
COTTON MERCHANTS
NEW YORK
RAYMOND MERRILL, Asst. Treas.
CHARLES E. NOTT, Asst. Secretary
ORRIN C. HART, Trust Officer
Edward D. Pearce,
ARTHUR F. THOMAS, Asst. Trust
Liverpool Correspondents:
Officer
GAGE, Manager Safe Deposit Vault
R. B.
FREDERIC ZEREGA & CO.,
Havre Correspondents:
SOCIETE
BOARD
,
dTMPORTATION et
de
COMMISSION
Alexandria Correspondents:
REINHART & CO., LTD.
DIRECTORS
George Wigglesworth, Chairman
Milan Correspondents:
McFADDEN & CO., LTD.
OF
Alfred Bowditch
J. D. Cameron
James R.
Hooper
COT
GWATHMEY &
20-24 EXCHANGE PLACE, NEW YORK
Ernest
George H. Davenport
NEW YORK COTTON EXCHANGE
Alfred K. Potter,
William L. Hodgman,
Frank
Royal C. Tajt,
H. Swan,
Rowland Hazard,
William
J.
C.
Arthur Atwood,
Dart.
Walworth Pierce
Francis
W.
Frederick
Henry H. Proctor
Fabyan
P.
Lovering
Edwin M. Richards
Fish
Gage
Morris Gray
Herbert M.
Sydney Harwood
MEMBERS
Goddard,
Isaac B. Merriman,
Charles C. Gardiner,
Howard O. Sturges,
Stephen O. Metcalf,
Walter R. Callender,
Robert A. Leeson
Alexander Cochrane
Henry D. Sharpe,
Benjamin M. Jackson,
Frank W. Matteson,
David P. Kimball
Bradley
S. Parker Bremer
Robt. H. I.
Herbert J. Wells,
Lyman B. Goff,
Edward Holbrook,
James E. Sullivan,
.
Franklin W. Hobbs
Arthur Adams
WELLS, President
HORATIO A. HUNT, Vice-President
PRESTON H. GARDNER, V.-P. & Trust Officer
THOMAS H. WEST JR., Vice-President
Deposits Subject to Check.
on
J
DIRECTORS.
HERBERT J.
Transfer
as
Agent and Registrar of Stocks and Bonds.
Interest
'
Henry
Frank
H.
Arthur R.
L.
1850
Sears
Sharp
Shattuck
1917
The United States Life
NEW YORK STOCK EXCHANGE
NEW YORK COFFEE EXCHANGE
Insurance Co.
NEW YORK PRODUCE EXCHANGE
CENTRAL
NEW ORLEANS COTTON EXCHANGE
ASSOCIATE MEMBERS
LIVERPOOL COTTON ASSOCIATION
IN THE CITY OF NEW YORK
TRUST COMPANY
Stephen M. Weld & Co.
MERCHANTS
COTTON
82-92 Beaver Street, New York
BOSTON,
PALL RIVER,
PROVIDENCE,
NEW* BEDFORD,
ROBERT
;
„
UTICA, N. Y„
WELD & CO.,
LIVERPOOL.
M.OORE &,
JOHN P. MUNN, M. D., PRESIDENT.
125 West Monroe
City
PHILADELPHIA
COT
Delmonico Building
Issues Guaranteed Contracts.
OF ILLINOIS
St., CHICAGO
Capital
Surplus & Profits
Deposits
-
Finance Committee.
CLARENCE H. KELSEY. Pres.Title Ou.& TrCo.
$6,000,000
WILLIAM H. PORTER, Banker.
ED. TOWNSEND, Pres. Imp. & Trad. Nat. Bant
2,500,000
50,000,000
Good men, whether experienced in life insurance
Accounts of banks and
or
bankers
56 Beaver Street, New York
COTTON
MERCHANTS
upon
favorable
terms
RAY
&.
sion,
"
COT
,
for
a
limited territory, if desired, and
secure
for themselves, in addition to first year's commis¬
Members New York Cotton Exchange
Asociate Members Liverpool Cotton Association.
WILLIAM
not, may make direct contracts with this Com¬
pany
received
Thoroughly equipped to handle all business
pertaining
to
banking,
and
invites
the
accounts of banks, corporations, firms and
a
renewal interest insuring
future.
an
income for the
Address the Company at its
Home Office
No. 277 Broadway, New York City.
individuals.
Successors to
GEO. COPE LAND
COTTON
25-26 Cotton
Orders for
on
& CO.,
BROKERS.
Exchange
CHARTERED 1853
New York
future delivery
contracts executed
the New York and Liverpool Cotton Exchanges
United States Trust Company of New York
Jfaciors
JAMES TALCOTT,
Capital,
Surplus and
IE
Founded 1854
Production
Milis
of
Sales Cashed With
Financed
or
Without
Guarantee
v
New York City
This Company acts as Executor, Administrator, Guardian, Trustee, Court
Depositary and in other recognized trust capacities.
EDWARD
WILLIAM
JOHN J
ROCKEFELLER
A.
--.t
.
STEWART, "Chairman of
.
the Board
PAYNE WHITNEYOGDEN
EDWARD W.
LYMAN
MILLS
CORNELIUS N
SHELDON
BLISS JB
CHAUNCEY KEEP
ARTHUR OURTISS JAMES
PHELPS
LEWISLjCASS LEDYARD
GAGE
HENRY W. de FOREST
WILLIAM VINCENT ASTOR
WILLIAM M. KINGSLEY
WILLIAM STEWART TOD
STILLMAN
LYMASy
CHARLES A. EDWARDS, 2d Asst. Secretary
TRUSTEES
JOHN
FTtATCTT
WILFRED J. WORCESTER, Secretary
Secretary
;.p
JAMES
SHELDON, President
W.
KINGSLEY, Vice President
WILLIAMSON PELL, Asst.
Member* of the
deposits.
holds, manages and invests money, securities and other property, real or
personal, for estates, corporations and individuals.
It
WILLIAM M.
^CKMIDT&(jALLAPIS
$2,000,000.00
$14,534,092.74
-
-
Undivided Profits,
It allows interest at current rates on
225 FOURTH AVE.
CHARLES F. HOFFMAN
WILLIAM SLCANF
1■
New York Stock Exchange
111
WALL STREET
45-47
■
.
-
1
Broadway
New York
L. F. DOMMCH & CO.
FINANCE
ACCOUNTS
OF MANUFACTURERS AND
MERCHANTS, DISCOUNT AND GUARANTEE SALES
GEO.
B,
EDWARDS
BR|OKER
Tribune Building, NEW YORK, N. Y.
General Offices, 254 Fourth Avenue
FOR SALE.—Timber, Coal, Iron, Ranch and
other properties.
i ■
Confidential
Negotiations,
NEW YORK
Investigations,
Settlements, Purchases of Property.
United
States,
West
Indies.
Canada.
Mexico*
«
Established
over
60 Years
1
1=3
[VOL. 105.
CHRONICLE
THE
XXII
^financial
^Financial
Jftnanctal
6%
C. W. McNEAR & COMPANY
Gold Bonds
MUNICIAPL BONDS
Kentucky & Indiana Term. 4J^s
INVESTMENT SECURITIES
Bruns.-Balke-Coll. 7% pfd. Stk.
Chicago Junction Railroad 4s
New Morrisson Hotel
Utah Power &
times
Light 7% Pf.Stk.
Chicago
AMES.EMERICH&CO,
Net7 Earnings
3
Light Co. 5s
Chicago.
76 West Monroe St.
of
Pacific Power &
Interest
105 So. La Salle St.
Powell, Garard & Co.
Charges
First Nat. Bank BIdg.
MILWAUKEE
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 &
Company
"
Negotiate and Issue Loans for Railroads
•nd Established Corporations.
Buy and Sell Bonds suitable for investment.
Wollenberger & Co.
Specialists
Bonds
U. S. Government
INVESTMENT BANKERS
CAPITAL, $500,000
134 So. La Salle Street
CHICAGO
CHICAGO
NEW YORK
CHICAGO
Of the Banks in
New York
NATIONAL
208 So. La Salle St.
PAPER
SAFETY
George La Monte & Son
31 Broadway
Successors to
Cotton
YARD
& TAYLOR
INVESTMENT BANKERS
105 South La Salle Street
New York
CHICAGO
Municipal, Railroad and Public
COMMISSION MERCHANTS
William Street, New York
Execute Orders for Future Delivery
COTTON
the New York, Liverpool and New Orleans
Also orders for
Dubuque Electric Co. 1st 5s
Nebraska Power Co. 7% Pref.
BANKERS
BOSTON,
HIGH-GRADE
MASS.
INVESTMENTS
Lehigh Pow. Sec. Corp. 6% Notes
Members of New York & Boston Stock Exchanges
GRAIN AND PROVISIONS
R. E, Wilsey & Company
At the Chicago Board of Trade, and
COTTON SEED OIL
111 West Monroe Street
CHICAGO
At the New York Produce Exchange.
Hubbard Bros. & Co.
COFFEE EXCHANGE BUILDING
W.G.SOUDERS&CO
SQUARE
INVESTMENT
BONDS
EMERY, PECK & R0CKW00D
NEW YORK
MILWAUKEE
DETROIT
COTTON MERCHANTS
109-412 Continental & Commercial
208 South
,
PRINCE & CO.
H.
Commonw. Lt. & Pow. Co. 1st 6s
COFFEE AND SUGAR
At the New York Coffee Exchange.
HANOVER
F.
Utility Bonds
1856.
Henry Hentz & Co.
Gotton Exchanges.
Borland Building
105 So, La Salle St.
TAYLOR, EWART & CO.
^
16 to 22
Broadway
City use
FOE THEIR CHECKS
Established In
120
Liberal Advances Made
on
COTTON
Salle
,
BONDS
INVESTMENT
KING, HOAGLAND & CO.
and
1
Successors to
COTTON-SEED OIL
Bank BIdg
Street
CHICAGO
Consignments.
Hopkins, Dwight & Co,
La
CHICAGO
Cotton
Allerton. Greene & King,
'
208 S.
COMMISSION MERCHANTS
{Established. 1863.1
/v
LaSalle Street,
.T. HATCH & SONS
CHICAGO, ILL.
Room 62, Cotton Exchange Building,
NEW
RAILROAD, MUNICIPAL AND
YORK.
LEHMAN, STERN & CO., Limited, New Orleans
LEHMAN
71
List
BROS.
on
MEMBERS OF
NEW
Application.
New York
Broadway,
CORPORATION BONDS
YORK
STOCK
EXCHANGE
Nos. 16-22 William Street, New York.
Members of the Slock, Cotton, Coffee
and
Produce Exchanges,
as
New
York.
Deyitt, Tremble & Co. Inc.
DominicK & Dominic!;
the above Exchanges, as well
In New Orleans, Chicago and foreign markets.
Drders executed
on
INVESTMENT BONDS
FIRST
NATIONAL
27
RICHMOND, VIRGINIA
Capital
and Surplus,
-
Established 1870
115
BANK
PINE STREET
$3,000,000
John M. Miller Jr., President
W. M. Addison, Vice Pres. & Cashier
Chas. R. Burnett, Vice Pres.
Dealers
NEW YORK
.
BROADWAY
in
INVESTMENT SECURITIES
Members New York Stock
CHICAGO
Exchange.
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" Bondfc
Yielding 4.10%
to 6%
ELECTRIC BONDS
*
Philadelphia
39 South
La
Milwaukee
Salle Street
CHICAGO
THE HANCHETI BOND CO.
39 South La Salle Street
CHICAGO
@FedFRASER